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Bank7 Corp. (BSVN-1.24%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Bank7 Corp. had total assets of $1.74 billion as of December 31, 2024, a decrease from $1.77 billion at the end of 2023. The company operates twelve full-service branches across Oklahoma, Texas, and Kansas.
The company's net income for 2024 was $45.7 million, an increase from $28.3 million in 2023. This increase was attributed to higher net interest income and a decrease in the provision for credit losses.
Total loans increased to $1.40 billion, with commercial real estate loans making up 57.2% of the portfolio. The allowance for credit losses was $17.9 million, down from $19.7 million in the previous year.
Total deposits were $1.52 billion, down from $1.59 billion in 2023. The decrease was largely due to a reduction in noninterest-bearing demand deposits.
Bank7 Corp. reported a net interest income of $86.2 million, up from $82.5 million in 2023. The net interest margin increased to 5.11% from 4.97% in the prior year.
Noninterest income increased to $11.3 million, driven by income related to the operation of oil and gas assets acquired in late 2023.
Noninterest expense rose to $37.1 million, with increases in salaries and employee benefits being a significant factor.
The company's capital ratios exceeded regulatory requirements, with a total capital ratio of 15.21% and a CET1 ratio of 13.98% as of December 31, 2024.
The filing also details various regulatory and compliance matters, including the company's adoption of the CECL accounting standard for credit losses and the impact of recent acquisitions on its financial position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bank7 Corp. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.