Bank7 Corp. Announces 3Q 2019 Earnings

OKLAHOMA CITY, Oct. 30, 2019 /PRNewswire/ -- Bank7 Corp. BSVN ("the Company"), the parent company of Oklahoma City-based Bank7 (the "Bank"), today reported unaudited results for the fiscal quarter ended September 30, 2019.  "This was another good quarter for Bank7 as we continued with our consistent loan growth, while maintaining excellent credit quality, and a strong net interest margin," said Thomas L. Travis, President and CEO of the Company.  "Although our third quarter earnings were impacted by a one-time non-cash executive stock transaction, we remain very pleased with our momentum and achievements.  It is because of this continued success that during the third quarter we declared a cash dividend of $0.10 per share which was paid October 16, 2019, and authorized a stock repurchase program to purchase up to 500,000 shares of common stock," continued Travis.

Bank7 Logo (PRNewsfoto/Bank7 Corp.)

We ended the quarter with a net loss of $6.5 million and net income of $3.7 million, respectively, for the three and nine month periods ending September 30, 2019. On September 5, 2019, our largest shareholders, the Haines Family Trusts, contributed approximately 6.5% of their shares to the Company.  Subsequently, the Company immediately issued those shares to certain executive officers, which was charged as compensation expense through the income statement of the Company. This previously announced transaction was a one-time, non-cash expense; however, because the shares were simultaneously contributed into the Company by the Haines Family Trusts, the transaction had a virtual net-zero impact to shareholders' equity.

Excluding the one-time, extraordinary expense related to the stock transfer outlined above, net income would have been $5.1 million and $15.4 million, respectively, for the three and nine month periods ending September 30, 2019.  Illustrated below is a reconciliation of pro forma net income through the nine months ended September 30, 2019.





For the Nine Months Ended

September 30,



















2019





2018





$ Change





% Change



(Dollars in thousands)

























Pro Forma Net Income

























Total Interest Income



$

38,714





$

34,216





$

4,498







13.14

%

Total Interest Expense





7,178







5,115







2,063







40.33



Net Interest Margin





31,536







29,101







2,435







8.37





































Total Noninterest Income



$

1,027





$

1,069





$

(42)







(3.89)

%



































Total Noninterest Expense



$

23.875





$

11,127





$

12,748







114.56

%

Stock Transfer Compensation Expense





(11,796)







-







(11,796)







100.00



Pro Forma Noninterest Expense





12,078







11,127







951







9.08





































Pro Forma Pre-Tax Income



$

20,485





$

19,043





$

1,442







7.57

%



































Pro Forma Income Tax Expense



$

5,107





$

4,764





$

343







7.21

%



































Pro Forma Net After-Tax Income



$

15,377





$

14,279





$

1,098







7.69

%

Additional Highlights

Three months ended September 30, 2019 compared to three months ended September 30, 2018:

  • Yield on average earning assets, including loan fee income, of 6.50%, an increase of 1.23%
  • Net interest margin, excluding loan fee income, of 4.85%, unchanged from Q3 2018
  • Interest income on loans, including loan fee income, totaled $12.2 million, a 9.90% increase
  • Average loans of $651.2 million, a 9.18% increase

Nine months ended September 30, 2019 compared to nine months ended September 30, 2018:

  • Yield on average earning assets, including loan fee income, of 6.69%, an increase of 3.94%
  • Interest income on loans, including loan fee income, totaled $35.9 million, a 10.50% increase
  • Average loans of $617.4 million, a 6.78% increase
  • Total loans of $666.8 million, a 14.65% increase
  • Core deposits of $624.1 million, a 4.38% increase

Both the Bank's and the Company's capital levels continue to be significantly above the minimum levels required to be designated as "well-capitalized" for regulatory purposes.  At September 30, 2019 the Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 12.27%, 15.07%, and 16.27% respectively for the Bank.  At September 30, 2019 the Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 12.25%, 15.05%, and 16.25% respectively for the Company on a consolidated basis.  Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.

Pre-tax, pre-provision net income is defined as income before taxes and provision for loan losses.  We believe the most directly comparable GAAP financial measure is income before taxes.  Disclosure of this measure enables you to compare our operations to those of other banking companies before consideration of taxes and provision expense, which some investors may consider to be a more appropriate comparison given our S Corporation status prior to September 2018.  We calculate our tax-adjusted net income, return on average assets, and return on average equity, and per share amounts by using a combined C Corporation effective tax rate for federal and state income taxes of (31.4%) and (6.3%) in the third quarter of 2019 and 2018, respectively.  This calculation illustrates only the change from our status as a S Corporation into a C Corporation and does not give effect to any other transaction.  However, we acknowledge that our non-GAAP financial measures have a number of limitations.  As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other banking companies use.  Other banking companies may use names similar to those we use for non-GAAP financial measures we disclose, but may calculate them differently.  You should understand how we and other companies each calculate their non-GAAP financial measures when making comparisons.  The following reconciliation table provides a more detailed analysis of these non-GAAP financial measures:





Three months ended

September 30,





Nine months ended

September 30,



(Dollars in thousands, except per share data)



2019





2018





2019





2018



Loan interest income (excluding loan fees)

























Total loan interest income, including loan fee income



$

12,179





$

11,082





$

35,902





$

32,490



Loan fee income





(841)







(943)







(3,498)







(3,893)



Loan interest income excluding loan fee income



$

11,338





$

10,139





$

32,404





$

28,597





































Average total loans



$

651,186





$

596,450





$

617,398





$

578,205



Yield on loans (including loan fee income)





7.42

%





7.43

%





7.77

%





7.49

%

Yield on loans (excluding loan fee income)





6.91

%





6.80

%





7.02

%





6.59

%



































Net interest margin (excluding loan fees)

































Net interest income



$

10,600





$

9,801





$

31,536





$

29,101



Loan fee income





(841)







(943)







(3,498)







(3,893)



Net interest income excluding loan fees



$

9,759





$

8,858





$

28,038





$

25,208





































Average earning assets



$

797,667





$

731,140





$

773,752





$

708,875



Net interest margin (including loan fee income)





5.27

%





5.36

%





5.45

%





5.47

%

Net interest margin (excluding loan fee income)





4.85

%





4.85

%





4.84

%





4.74

%



































Pre-tax, pre-provision net earnings

































Net income before income taxes



$

(4,963)





$

6,315





$

8,688





$

19,043



Plus: Provision (reversal of) for loan losses





-







-







-







(100)



Pre-tax, pre-provision net earnings



$

(4,963)





$

6,315





$

8,688





$

19,143





































Adjusted provision for income tax

































Net income before income taxes



$

(4,963)





$

6,315





$

8,688





$

19,043



Total effective adjusted tax rate





-31.4

%





-6.3

%





57.2

%





-2.1

%

Adjusted provision for income taxes



$

1,556





$

(395)





$

4,965





$

(395)





































Tax-adjusted net income

































Net income before income taxes



$

(4,963)





$

6,315





$

8,688





$

19,043



Adjusted provision for income taxes





1,556







(395)







4,965







(395)



Tax-adjusted net income



$

(6,519)





$

6,710





$

3,723





$

19,438





































Tax-adjusted ratios and per share data

































Tax-adjusted net income (numerator)



$

(6,519)





$

6,710





$

3,723





$

19,438





































Average assets (denominator)



$

806,440





$

742,283





$

782,707





$

718,474



Tax-adjusted return on average assets





-3.21

%





3.59

%





0.64

%





3.62

%



































Average shareholders' equity (denominator)



$

100,012





$

80,064





$

95,655





$

75,710



Tax-adjusted return on average shareholders' equity





25.86

%





33.25

%





5.20

%





19.20

%



































Average tangible common equity (denominator)



$

98,145





$

77,986





$

93,736





$

73,582



Tax-adjusted return on average tangible common equity





-26.35

%





34.13

%





5.31

%





35.32

%



































Weighted average common shares outstanding basic (denominator)





10,149,007







7,634,239







10,174,528







7,404,350



Tax-adjusted net income per common share--basic



$

(0.64)





$

0.88





$

0.37





$

2.63





































Weighted average common shares outstanding diluted (denominator)





10,161,778







7,669,348







10,176,360







7,416,182



Tax-adjusted net income per common share--diluted



$

(0.64)





$

0.87





$

0.37





$

2.62



Pro forma weighted average common shares outstanding basic (denominator)





10,189,612















10,188,212











Pro Forma tax-adjusted net income per common share--basic



$

0.50













$

1.50













































Pro forma weighted average common shares outstanding diluted (denominator)





10,176,841















10,186,320











Pro forma tax-adjusted net income per common share--diluted



$

0.50













$

1.50













































Tangible assets

































Total assets



$

826,349





$

751,173



















Less: Goodwill and intangibles





(1,840)







(2,046)



















Tangible assets



$

824,509





$

749,127





















































Tangible shareholders' equity

































Total shareholders' equity



$

100,615





$

82,765



















Less: Goodwill and intangibles





(1,840)







(2,046)



















Tangible shareholders' equity



$

98,775





$

80,719





















































Tangible shareholders' equity

































Tangible shareholders' equity (numerator)



$

98,775





$

80,719



















Tangible assets (denominator)



$

824,509





$

749,127



















Tangible common equity to tangible assets





11.98

%





10.78

%



















































End of period common shares outstanding





10,057,506







10,187,500



















Book value per share



$

10.00





$

8.12



















Tangible book value per share



$

9.82





$

7.92



















Total shareholders' equity to total assets





12.18

%





11.02

%

















 





Net Interest Margin Excluding Loan Fee Income







For the Three Months Ended September 30,







2019





2018







Average

Balance





Interest

Income/

Expense





Average

Yield/

Rate





Average

Balance





Interest

Income/

Expense





Average

Yield/

Rate







(Dollars in thousands)



Interest-earning assets:





































Short-term investments(1)



$

145,147





$

884







2.43

%



$

133,322





$

657







1.97

%

Investment securities(2)





1,069







4







1.48







1,053













0.00



Loans held for sale





265













0.00







315













0.00



Total loans(3)





651,186







11,338







6.91







596,450







10,139







6.80



Total interest-earning assets





797,667







12,230







6.08







731,140







10,796







5.91



Noninterest-earning assets





8,773























11,143



















Total assets



$

806,440





















$

742,283





































































Funding sources:

















































Interest-bearing liabilities:

















































Deposits:

















































Transaction accounts



$

287,241







1,234







1.70

%



$

261,013







1,019







1.56

%

Time deposits





220,935







1,237







2.22







207,800







862







1.66



Total interest-bearing deposits





508,176







2,471







1.93







468,813







1,881







1.60



Other borrowings

















0.00







4,487







57







5.08



Total interest-bearing liabilities





508,176







2,471







1.93







473,300







1,938







1.64





















































Noninterest-bearing liabilities:

















































Noninterest-bearing deposits





193,785























184,994



















Other noninterest-bearing liabilities





4,467























3,925



















Total noninterest-bearing liabilities





198,252























188,919



















Shareholders' equity





100,012























80,064



















Total liabilities and shareholders' equity



$

806,440





















$

742,283





































































Net interest income excluding loan fee income











$

9,759





















$

8,858











Net interest spread excluding loan fee income(4)





















4.15

%





















4.27

%

Net interest margin excluding loan fee income





















4.85

%





















4.85

%





(1)

Includes income and average balances for fed funds sold, interest-earning deposits in banks and other miscellaneous interest-earning assets.





(2)

Includes income and average balances for FHLB and FRB stock.





(3)

Non-accrual loans are included in loans.





(4)

Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.

 





Net Interest Margin With Loan Fee Income







For the Three Months Ended September 30,







2019





2018







Average

Balance





Interest

Income/

Expense





Average

Yield/

Rate





Average

Balance





Interest

Income/

Expense





Average

Yield/

Rate







(Dollars in thousands)



Interest-earning assets:





































Short-term investments(1)



$

145,147





$

888







2.43

%



$

133,322





$

657







1.97

%

Investment securities(2)





1,069







4







1.48







1,053













0.00



Loans held for sale





265













0.00







315













0.00



Total loans(3)





651,186







12,179







7.42







596,450







11,082







7.43



Total interest-earning assets





797,667







13,071







6.50







731,140







11,739







6.42



Noninterest-earning assets





8,773























11,143



















Total assets



$

806,440





















$

742,283





































































Funding sources:

















































Interest-bearing liabilities:

















































Deposits:

















































Transaction accounts



$

287,241







1,234







1.70

%



$

261,013







1,019







1.56

%

Time deposits





220,935







1,237







2.22







207,800







862







1.66



Total interest-bearing deposits





508,176







2,471







1.93







468,813







1,881







1.60



Other borrowings

















0.00







4,487







57







5.08



Total interest-bearing liabilities





508,176







2,471







1.93







473,300







1,938







1.64





















































Noninterest-bearing liabilities:

















































Noninterest-bearing deposits





193,785























184,994



















Other noninterest-bearing liabilities





4,467























3,925



















Total noninterest-bearing liabilities





197,252























188,919



















Shareholders' equity





100,012























80,064



















Total liabilities and shareholders' equity



$

806,440





















$

742,283





































































Net interest income including loan fee income











$

10,600





















$

9,801











Net interest spread including loan fee income(4)





















4.57

%





















4.78

%

Net interest margin including loan fee income





















5.27

%





















5.36

%





(1)

Includes income and average balances for fed funds sold, interest-earning deposits in banks and other miscellaneous interest-earning assets.





(2)

Includes income and average balances for FHLB and FRB stock.





(3)

Non-accrual loans are included in loans.





(4)

Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.

 





Net Interest Margin Excluding Loan Fee Income







For the Nine Months Ended September 30,







2019





2018







Average

Balance





Interest

Income/

Expense





Average

Yield/

Rate





Average

Balance





Interest

Income/

Expense





Average

Yield/

Rate







(Dollars in thousands)









Interest-earning assets:





































Short-term investments(1)



$

155,073





$

2,758







2.40

%



$

129,413





$

1,726







1.78

%

Investment securities(2)





1,062







27







3.40







1,051













0.00



Loans held for sale





219













0.00







206













0.00



Total loans(3)





617,398







32,404







7.02







578,205







28,597







6.59



Total interest-earning assets





773,752







35,216







6.09







708,875







30,323







5.70



Noninterest-earning assets





8,942























9,599



















Total assets



$

782,694





















$

718,474





































































Funding sources:

















































Interest-bearing liabilities:

















































Deposits:

















































Transaction accounts



$

289,306







3,924







1.81

%



$

235,088







2,425







1.38

%

Time deposits





206,575







3,254







2.11







227,885







2,515







1.47



Total interest-bearing deposits





495,881







7,178







1.94







462,973







4,940







1.42



Other borrowings

















0.00







4,882







175







4.78



Total interest-bearing liabilities





495,881







7,178







1.94







467,855







5,115







1.46





















































Noninterest-bearing liabilities:

















































Noninterest-bearing deposits





186,379























171,185



















Other noninterest-bearing liabilities





4,779























3,724



















Total noninterest-bearing liabilities





191,158























174,909



















Shareholders' equity





95,655























75,710



















Total liabilities and shareholders' equity



$

782,694





















$

718,474





































































Net interest income excluding loan fee income











$

28,038





















$

25,208











Net interest spread excluding loan fee income(4)





















4.15

%





















4.25

%

Net interest margin excluding loan fee income





















4.84

%





















4.74

%





(1)

Includes income and average balances for fed funds sold, interest-earning deposits in banks and other miscellaneous interest-earning assets.





(2)

Includes income and average balances for FHLB and FRB stock.





(3)

Non-accrual loans are included in loans.





(4)

Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.

 





Net Interest Margin With Loan Fee Income







For the Nine Months Ended September 30,







2019





2018







Average

Balance





Interest

Income/

Expense





Average

Yield/

Rate





Average

Balance





Interest

Income/

Expense





Average

Yield/

Rate







(Dollars in thousands)



Interest-earning assets:





































Short-term investments(1)



$

155,073





$

2,785







2.40

%



$

129,413





$

1,726







1.78

%

Investment securities(2)





1,062







27







3.40







1,051













0.00



Loans held for sale





219













0.00







206













0.00



Total loans(3)





617,398







35,902







7.77







578,205







32,490







7.49



Total interest-earning assets





773,752







38,714







6.69







708,875







34,216







6.44



Noninterest-earning assets





8,942























9,599



















Total assets



$

782,694





















$

718,474





































































Funding sources:

















































Interest-bearing liabilities:

















































Deposits:

















































Transaction accounts



$

289,306







3,924







1.81

%



$

235,088







2,425







1.38

%

Time deposits





206,575







3,254







2.11







227,885







2,515







1.47



Total interest-bearing deposits





495,881







7,178







1.94







462,973







4,940







1.42



Other borrowings

















0.00







4,882







175







4.78



Total interest-bearing liabilities





495,881







7,178







1.94







467,855







5,115







1.46





















































Noninterest-bearing liabilities:

















































Noninterest-bearing deposits





186,379























171,182



















Other noninterest-bearing liabilities





4,779























3,724



















Total noninterest-bearing liabilities





191,158























174,909



















Shareholders' equity





95,655























75,710



















Total liabilities and shareholders' equity



$

782,694





















$

718,474





































































Net interest income including loan fee income











$

31,536





















$

29,101











Net interest spread including loan fee income(4)





















4.75

%





















4.98

%

Net interest margin including loan fee income





















5.45

%





















5.47

%





(1)

Includes income and average balances for fed funds sold, interest-earning deposits in banks and other miscellaneous interest-earning assets.





(2)

Includes income and average balances for FHLB and FRB stock.





(3)

Non-accrual loans are included in loans.





(4)

Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.

 

Bank7 Corp.

Consolidated Balance Sheets



Dollars in thousands, except per share data



Unaudited as of









Assets



September 30,





September 30,





December 31,







2019





2018





2018























Cash and due from banks



$

110,594





$

127,248





$

128,090



Interest-bearing time deposits in other banks





31,890







29,767







31,759



Loans, net





666,755







577,111







592,078



Loans held for sale





-







-







512



Premises and equipment, net





8,395







7,767







7,753



Nonmarketable equity securities





1,072







1,055







1,055



Foreclosed assets held for sale





77







110







110



Goodwill and intangibles





1,840







2,046







1,995



Interest receivable and other assets





5,726







6,069







7,159





























Total assets



$

826,349





$

751,173





$

770,511





























Liabilities and Shareholders' Equity



















































Deposits

























Noninterest-bearing



$

202,989





$

222,675





$

201,159



Interest-bearing





519,145







441,638







474,743





























Total deposits





722,134







664,313







675,902





























Borrowings





-







-







-



Income taxes payable





(472)







-







1,913



Interest payable and other liabilities





4,072







4,095







4,229





























Total liabilities





725,734







668,408







682,044





























Common stock





101







102







102



Additional paid-in capital





92,353







80,136







80,275



Shares in Treasury





(2,645)







-











Retained earnings





10,806







2,527







8,090





























Total shareholders' equity





100,615







82,765







88,467





























Total liabilities and shareholders' equity



$

826,349





$

751,173





$

770,511



 

Bank7 Corp.

Consolidated Statements of Income







Unaudited as of







Three Months Ended





Nine Months Ended







September 30,





September 30,



Dollars in thousands, except per share data



2019





2018





2019





2018



Interest Income







Loans, including fees



$

12,179





$

11,082





$

35,902





$

32,490



Interest-bearing time deposits in other banks





500







147







1,414







438



Interest-bearing deposits in other banks





392







510







1,398







1,288





































Total interest income





13,071







11,739







38,714







34,216





































Interest Expense

































Deposits





2,471







1,881







7,178







4,940



Other borrowings





-







57







-







175





































Total interest expense





2,471







1,938







7,178







5,115





































Net Interest Income





10,600







9,801







31,536







29,101





































Provision for Loan Losses





-







-







-







100





































Net Interest Income After Provision for Loan Losses





10,600







9,801







31,536







29,001





































Noninterest Income

































Secondary market income





69







95







146







173



Service charges on deposit accounts





110







88







279







261



Other





330







136







602







635





































Total noninterest income





509







319







1,027







1,069





































Noninterest Expense

































Salaries and employee benefits





14,256







2,082







18,792







6,077



Furniture and equipment





229







182







606







491



Occupancy





436







319







1,157







898



Data and item processing





276







248







814







716



Accounting, marketing and legal fees





218







74







507







218



Regulatory assessments





31







145







94







396



Advertising and public relations





71







63







349







413



Travel, lodging and entertainment





153







260







287







618



Other





402







432







1,269







1,200





































Total noninterest expense





16,072







3,805







23,875







11,027





































Income Before Taxes





(4,963)







6,315







8,688







19,043



Income tax expense





1,556







(395)







4,965







(395)



Net Income



$

(6,519)





$

6,710





$

3,723





$

19,438





































Earnings per common share - basic



$

(0.64)





$

0.88





$

0.37





$

2.63



Diluted earnings per common share





(0.64)







0.87







0.37







2.62



Weighted average common shares outstanding - basic





10,149,007







7,634,239







10,174,528







7,404,350



Weighted average common shares outstanding - diluted





10,161,778







7,669,348







10,176,360







7,416,182



About Bank7 Corp.

We are Bank7 Corp., a bank holding company headquartered in Oklahoma City, Oklahoma. Through our wholly-owned subsidiary, Bank7, we operate nine locations in Oklahoma, the Dallas/Fort Worth, Texas metropolitan area and Kansas. We are focused on serving business owners and entrepreneurs by delivering fast, consistent and well-designed loan and deposit products to meet their financing needs. We intend to grow organically by selectively opening additional branches in our target markets as well as pursue strategic acquisitions.

Conference call

Bank7 Corp. has scheduled a conference call to discuss its third quarter 2019 results, which will be broadcast live over the Internet, on Wednesday, October 30, 2019 at 4:30 p.m. Eastern Time. To participate in the call, dial 1-888-348-6421, or access it live over the Internet at https://services.choruscall.com/links/bsvn191030.html.  For those who cannot listen to the live call, a replay will be available through November 13, 2019 and may be accessed by dialing 1-877-344-7529 and using pass code 10136222. Also, an archive of the webcast will be available shortly after the call at https://services.choruscall.com/links/bsvn191030.html for 1 year.

Cautionary Statements Regarding Forward-Looking Information

This communication contains a number of forward-looking statements. These forward-looking statements reflect Bank7 Corp.'s current views with respect to, among other things, future events and Bank7 Corp.'s financial performance. Any statements about Bank7 Corp.'s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases. Any or all of the forward-looking statements in (or conveyed orally regarding) this presentation may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this presentation should not be regarded as a representation by Bank7 Corp. or any other person that the future plans, estimates or expectations contemplated by Bank7 Corp. will be achieved.

These forward-looking statements are subject to significant uncertainties because they are based upon:  the amount and timing of future changes in interest rates, market behavior, and other economic conditions; future laws, regulations, and accounting principles; changes in regulatory standards and examination policies, and a variety of other matters.  These other matters include, among other things, the direct and indirect effect of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators.  Bank7 Corp. has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that Bank7 Corp. believes may affect its financial condition, results of operations, business strategy and financial needs. Bank7 Corp.'s actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. If one or more events related to these or other risks or uncertainties materialize, or if Bank7 Corp.'s underlying assumptions prove to be incorrect, actual results may differ materially from what Bank7 Corp. anticipates. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made and Bank7 Corp. undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as may be required by law. All forward-looking statements herein are qualified by these cautionary statements.

About Non-GAAP Financial Measures

This communication includes certain non-GAAP financial measures, including tax-adjusted net income, tax-adjusted earnings per share, tax-adjusted return on average assets and tax-adjusted return on average shareholders' equity. These non-GAAP financial measures and any other non-GAAP financial measures that we discuss in this presentation should not be considered in isolation, and should be considered as additions to, and not substitutes for or superior to, measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Bank7 Corp.'s non-GAAP financial measures as tools for comparison. See the table above in this communication for a reconciliation of the non-GAAP financial measures used in (or conveyed orally during) this communication to their most directly comparable GAAP financial measures.

Contact:

Thomas Travis

President & CEO

(405) 810-8600

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/bank7-corp-announces-3q-2019-earnings-300948127.html

SOURCE Bank7 Corp.

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