Bank7 Corp. Announces 4Q and Full Year 2019 Earnings

OKLAHOMA CITY, Jan. 30, 2020 /PRNewswire/ -- Bank7 Corp. BSVN ("the Company"), the parent company of Oklahoma City-based Bank7 (the "Bank"), today reported unaudited results for the fiscal quarter and year ended December 31, 2019.  "The fourth quarter was another good quarter for Bank7 and we are particularly pleased with our robust loan growth, the continuation of excellent credit quality, and our ability to maintain a strong net interest margin, especially in a declining interest rate environment," said Thomas L. Travis, President and CEO of the Company.  "Additionally, for the full year, we are very pleased that our pro forma pre-tax income increased by $1 million, or 4.05%.  This was achieved in spite of incurring costs associated with launching into two new markets and modernizing our Oklahoma City branch and headquarters."

Bank7 Logo (PRNewsfoto/Bank7 Corp.)

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 recorded as a one-time, non-cash expense; however, because the shares were simultaneously contributed to 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 $20.0 million and for the year ending December 31, 2019.  Illustrated below is a reconciliation of pro forma net income through the year ended December 31, 2019.





For the Year Ended

December 31,



















2019





2018





$ Change





% Change



(Dollars in thousands)

























Pro Forma Net Income

























Total Interest Income



$

51,709





$

46,800





$

4,909







10.49

%

Total Interest Expense





9,516







7,169







2,347







32.73

%

Net Interest Margin





42,193







39,631







2,562







6.47

%

Provision for Loan Losses



$

-





$

200





$

(200)











Total Noninterest Income



$

1,284





$

1,331





$

(47)







(3.51)

%



































Total Noninterest Expense



$

28,432





$

14,966





$

13,466







89.98

%

Stock Transfer Compensation Expense (1)





(11,796)







-







(11,796)











Pro Forma Noninterest Expense





16,636







14,966







1,670







11.16

%



































Pro Forma Pre-Tax Income



$

26,842





$

25,796





$

1,046







4.05

%



































Pro Forma Income Tax Expense



$

6,836





$

5,719





$

1,117







19.53

%



































Pro Forma Net After-Tax Income



$

20,006





$

20,077





$

(71)







(0.36)

%



(1)

 Compensation expense includes $168,000 in payroll taxes.

Additional Highlights

For the three months ended December 31, 2019 compared to three months ended December 31, 2018:

  • Interest income on loans, including loan fee income, totaled $12.3 million, a 4.33% increase
  • Average loans of $692.3 million, a 15.3% increase

For the year ended December 31, 2019 compared to the year ended December 31, 2018:

  • Yield on average earning assets, including loan fee income, of 6.55%, an increase of 1.10%
  • Interest income on loans, including loan fee income, totaled $48.2 million, a 8.86% increase
  • Average loans of $636.3 million, a 8.98% increase
  • Total loans of  699.5 million, a 18.14 increase
  • Core deposits of $678.1 million, a 10.24% 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 December 31, 2019 the Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 11.65%, 14.28%, and 15.42% respectively for the Bank.  At December 31, 2019 the Tier 1 leverage ratio, Tier 1 risk based capital ratio, and total risk-based capital ratios were 11.49%, 14.06%, and 15.20% 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 45.5% and 22.2% in 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

December 31,





For the Year ended

December 31,



(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



$

12,299





$

11,789





$

48,200





$

44,279



Loan fee income





(944)







(1,229)







(4,443)







(5,121)



Loan interest income excluding loan fee income



$

11,355





$

10,560





$

43,757





$

39,158





































Average total loans



$

692,286





$

600,400





$

636,274





$

583,821



Yield on loans (including loan fee income)





7.05

%





7.79

%





7.58

%





7.58

%

Yield on loans (excluding loan fee income)





6.51

%





6.98

%





6.88

%





6.71

%



































Net interest margin (excluding loan fees)

































Net interest income



$

10,658





$

10,530





$

43,193





$

39,631



Loan fee income





(944)







(1,229)







(4,443)







(5,121)



Net interest income excluding loan fees



$

9,714





$

9,301





$

37,750





$

34,510





































Average earning assets



$

837,252





$

760,869





$

789,009





$

721,935



Net interest margin (including loan fee income)





5.05







5.49

%





5.35

%





5.49

%

Net interest margin (excluding loan fee income)





4.60







4.85

%





4.78

%





4.78

%



































Pre-tax, pre-provision net earnings

































Net income before income taxes



$

6,358





$

6,753





$

15,045





$

25,797



Plus: Provision (reversal of) for loan losses





-







(100)







-







(200)



Pre-tax, pre-provision net earnings



$

6,358





$

6,853





$

15,045





$

25,997





































Adjusted provision for income tax

































Net income before income taxes



$

6,358





$

6,753





$

15,045





$

25,797



Total effective adjusted tax rate





29.6

%





17.7

%





45.5

%





22.2

%

Adjusted provision for income taxes



$

1,879





$

1,192





$

6,844





$

5,720





































Tax-adjusted net income

































Net income before income taxes



$

6,358





$

6,753





$

15,045





$

25,797



Adjusted provision for income taxes





1,879







1,192







6,844







5,720



Tax-adjusted net income



$

4,479





$

5,561





$

8,201





$

20,077





































Tax-adjusted ratios and per share data

































Tax-adjusted net income (numerator)



$

4,479





$

5,561





$

8,201





$

20,077





































Average assets (denominator)



$

845,510





$

769,170





$

798,528





$

730,564



Tax-adjusted return on average assets





2.10

%





2.87

%





1.03

%





2.75

%



































Average shareholders' equity (denominator)



$

102,691





$

85,790





$

97,430





$

78,148



Tax-adjusted return on average shareholders' equity





17.31

%





25.72

%





8.42

%





25.69

%



































Average tangible common equity (denominator)



$

100,872





$

83,763





$

95,537





$

76,046



Tax-adjusted return on average tangible common equity





17.62

%





26.34

%





8.58

%





26.40

%



































Weighted average common shares outstanding basic (denominator)





10,057,506







10,187,500







10,145,032







8,105,856



Tax-adjusted net income per common share--basic



$

0.45





$

0.55





$

0.81





$

2.48





































Weighted average common shares outstanding diluted (denominator)





10,059,208







10,322,193







10,147,311







8,237,638



Tax-adjusted net income per common share--diluted



$

0.45





$

0.54





$

0.81





$

2.44



Pro forma weighted average common shares outstanding basic (denominator)





10,206,931















10,192,930











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



$

0.46













$

1.96













































Pro forma weighted average common shares outstanding diluted (denominator)





10,205,229















10,192,930











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



$

0.46













$

1.96













































Tangible assets

































Total assets



$

866,392





$

770,511



















Less: Goodwill and intangibles





(1,789)







(1,995)



















Tangible assets



$

864,603





$

768,516





















































Tangible shareholders' equity

































Total shareholders' equity



$

100,126





$

88,467



















Less: Goodwill and intangibles





(1,789)







(1,995)



















Tangible shareholders' equity



$

98,337





$

86,472





















































Tangible shareholders' equity

































Tangible shareholders' equity (numerator)



$

98,337





$

86,472



















Tangible assets (denominator)



$

864,603





$

768,516



















Tangible common equity to tangible assets





11.37

%





11.25

%



















































End of period common shares outstanding





10,057,506







10,187,500



















Book value per share



$

9.96





$

8.68



















Tangible book value per share



$

9.78





$

8.49



















Total shareholders' equity to total assets





11.56

%





11.48

%

















 





Net Interest Margin Excluding Loan Fee Income







For the Three Months Ended December 3,1







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)



$

143,604





$

674







1.86

%



$

159,215





$

795







1.98

%

Investment securities(2)





1,073







23







8.50







1,055













0.00



Loans held for sale





289













0.00







199













0.00



Total loans(3)





692,286







11,355







6.51







600,400







10,560







6.98



Total interest-earning assets





837,252







12,052







5.71







760,869







11,355







5.92



Noninterest-earning assets





8,258























8,301



















Total assets



$

845,510





















$

769,170





































































Funding sources:

















































Interest-bearing liabilities:

















































Deposits:

















































Transaction accounts



$

314,106







1,133







1.43

%



$

259,614







1,155







1.77

%

Time deposits





213,716







1,205







2.24







196,696







899







1.81



Total interest-bearing deposits





527,822







2,338







1.76







456,310







2,054







1.79



Other borrowings

















0.00





















Total interest-bearing liabilities





527,822







2,338







1.76







456,310







2,054







1.79





















































Noninterest-bearing liabilities:

















































Noninterest-bearing deposits





210,986























221,716



















Other noninterest-bearing liabilities





4,011























5,354



















Total noninterest-bearing liabilities





214,997























227,070



















Shareholders' equity





102,691























85,790



















Total liabilities and shareholders' equity



$

845,510





















$

769,170





































































Net interest income including loan fee income











$

9,714





















$

9,301











Net interest spread including loan fee income(4)





















3.95

%





















4.13

%

Net interest margin including loan fee income





















4.60

%





















4.85

%

 





Net Interest Margin With Loan Fee Income







For the Three Months Ended December 31,







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)



$

143,604





$

674







1.80

%



$

159,215





$

795







1.98

%

Investment securities(2)





1,073







23







8.50







1,055













0.00



Loans held for sale





289













0.00







199













0.00



Total loans(3)





692,286







12,299







7.05







600,400







11,789







7.79



Total interest-earning assets





837,252







12,996







6.16







760,869







12,584







6.56



Noninterest-earning assets





8,258























8,301



















Total assets



$

845,510





















$

769,170





































































Funding sources:

















































Interest-bearing liabilities:

















































Deposits:

















































Transaction accounts



$

314,106







1,133







1.43

%



$

259,614







1,155







1.77

%

Time deposits





213,716







1,205







2.24







196,696







899







1.81



Total interest-bearing deposits





527,822







2,338







1.76







456,310







2,054







1.79



Other borrowings

















0.00



















0.00



Total interest-bearing liabilities





527,822







2,338







1.76







456,310







2,054







1.79





















































Noninterest-bearing liabilities:

















































Noninterest-bearing deposits





210,986























221,716



















Other noninterest-bearing liabilities





4,011























5,354



















Total noninterest-bearing liabilities





214,997























227,070



















Shareholders' equity





102,691























85,790



















Total liabilities and shareholders' equity



$

845,510





















$

769,170





































































Net interest income excluding loan fee income











$

10,658





















$

10,530











Net interest spread excluding loan fee income(4)





















4.40

%





















4.78

%

Net interest margin excluding loan fee income





















5.05

%





















5.49

%



(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 Year Ended December 31,







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)



$

151,434





$

3,459







2.28

%



$

136,880





$

2,521







1.84

%

Investment securities(2)





1,065







50







4.69







1,052













0.00



Loans held for sale





236













0.00







182













0.00



Total loans(3)





636,274







43,757







6.88







583,821







39,158







6.71



Total interest-earning assets





789,009







47,266







5.99







721,935







41,679







5.77



Noninterest-earning assets





9,519























8,629



















Total assets



$

798,528





















$

730,564





































































Funding sources:

















































Interest-bearing liabilities:

















































Deposits:

















































Transaction accounts



$

295,576







5,057







1.71

%



$

240,881







3,584







1.49

%

Time deposits





208,375







4,459







2.14







220,023







3,410







1.55



Total interest-bearing deposits





503,951







9,516







1.89







460,904







6,994







1.52



Other borrowings

















0.00







3,652







175







4.79



Total interest-bearing liabilities





503,951







9,516







1.89







464,556







7,169







1.54





















































Noninterest-bearing liabilities:

















































Noninterest-bearing deposits





192,562























183,750



















Other noninterest-bearing liabilities





4,585























4,110



















Total noninterest-bearing liabilities





197,147























187,860



















Shareholders' equity





97,430























78,148



















Total liabilities and shareholders' equity



$

798,528





















$

730,564





































































Net interest income excluding loan fee income











$

37,750





















$

34,510











Net interest spread excluding loan fee income(4)





















4.10

%





















4.23

%

Net interest margin excluding loan fee income





















4.78

%





















4.78

%



(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 Year Ended December 31,







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)



$

151,434





$

3,459







2.28

%



$

136,880





$

2,521







1.84

%

Investment securities(2)





1,065







50







4.69







1,052













0.00



Loans held for sale





236













0.00







182













0.00



Total loans(3)





636,274







48,200







7.58







583,821







44,279







7.58



Total interest-earning assets





789,009







51,709







6.55







721,935







46,800







6.48



Noninterest-earning assets





9,519























8,629



















Total assets



$

798,528





















$

730,564





































































Funding sources:

















































Interest-bearing liabilities:

















































Deposits:

















































Transaction accounts



$

295,576







5,057







1.71

%



$

240,881







3,584







1.49

%

Time deposits





208,375







4,459







2.14







220,023







3,410







1.55



Total interest-bearing deposits





503,951







9,516







1.89







460,904







6,994







1.52



Other borrowings

















0.00







3,652







175







4.79



Total interest-bearing liabilities





503,951







9,516







1.89







464,556







7,169







1.54





















































Noninterest-bearing liabilities:

















































Noninterest-bearing deposits





192,562























183,750



















Other noninterest-bearing liabilities





4,585























4,110



















Total noninterest-bearing liabilities





197,147























187,860



















Shareholders' equity





97,430























78,148



















Total liabilities and shareholders' equity



$

798,528





















$

730,564





































































Net interest income including loan fee income











$

42,193





















$

39,631











Net interest spread including loan fee income(4)





















4.67

%





















4.94

%

Net interest margin including loan fee income





















5.35

%





















5.49

%



(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



2019





December 31,







December 31





September 30





2018























Cash and due from banks



$

117,128





$

110,594





$

128,090



Interest-bearing time deposits in other banks





30,147







31,890







31,759



Loans, net





699,458







666,755







592,078



Loans held for sale





1,031







-







512



Premises and equipment, net





9,624







8,395







7,753



Nonmarketable equity securities





1,100







1,072







1,055



Foreclosed assets held for sale





-







77







110



Goodwill and intangibles





1,789







1,840







1,995



Interest receivable and other assets





6,115







6,198







7,159





























Total assets



$

866,392





$

826,821





$

770,511





























Liabilities and Shareholders' Equity



















































Deposits

























Noninterest-bearing



$

219,221





$

202,989





$

201,159



Interest-bearing





538,262







519,145







474,743





























Total deposits





757,483







722,134







675,902





























Income taxes payable





-







-







1,913



Interest payable and other liabilities





8,783







4,072







4,229





























Total liabilities





766,266







726,206







682,044





























Common stock





101







101







102



Additional paid-in capital





92,391







92,353







80,275



Retained earnings





7,610







8,161







8,090



Accumulated Other Comprehensive Income





24







-







-





























Total shareholders' equity





100,126







100,615







88,467





























Total liabilities and shareholders' equity



$

866,392





$

826,821





$

770,511



 

Bank7 Corp.

Consolidated Statements of Income







Unaudited as of













Quarter Ended





Year Ended







2019





2018





2019





2018



Dollars in thousands, except per share data



December 31





September 30





December 31





December 31





December 31



Interest Income































Loans, including fees



$

12,299





$

12,179





$

11,789





$

48,200





$

44,279



Interest-bearing time deposits in other banks





295







500







150







1,709







588



Interest-bearing deposits in other banks





402







392







645







1,800







1,933













































Total interest income





12,996







13,071







12,584







51,709







46,800













































Interest Expense









































Deposits





2,338







2,471







2,054







9,516







6,994



Other borrowings





-







-







-







-







175













































Total interest expense





2,338







2,471







2,054







9,516







7,169













































Net Interest Income





10,658







10,600







10,530







42,193







39,631













































Provision for Loan Losses





-







-







100







-







200













































Net Interest Income After Provision for Loan Losses





10,658







10,600







10,430







42,193







39,431













































Noninterest Income









































Secondary market income





18







69







39







164







212



Service charges on deposit accounts





113







110







86







392







347



Other





126







330







137







728







772













































Total noninterest income





257







509







262







1,284







1,331













































Noninterest Expense









































Salaries and employee benefits





2,473







14,256







2,035







21,265







8,113



Furniture and equipment





223







229







193







829







684



Occupancy





520







436







207







1,677







1,310



Data and item processing





264







276







250







1,078







966



Accounting, marketing and legal fees





250







218







87







757







305



Regulatory assessments





32







31







146







126







542



Advertising and public relations





239







71







140







588







553



Travel, lodging and entertainment





81







153







81







368







699



Other





475







402







800







1,744







1,793













































Total noninterest expense





4,557







16,072







3,939







28,432







14,965













































Income Before Taxes





6,358







(4,963)







6,753







15,045







25,797



Income tax expense





1,879







1,556







1,192







6,844







797



Net Income



$

4,479





$

(6,519)





$

5,561





$

8,201





$

25,000













































Earnings per common share - basic



$

0.45





$

(0.64)





$

0.55





$

0.81





$

3.08



Diluted earnings per common share





0.45







(0.64)







0.54







0.81







3.03



Weighted average common shares outstanding - basic





10,057,506







10,149,007







10,187,500







10,145,032







8,105,856



Weighted average common shares outstanding - diluted





10,059,208







10,161,778







10,322,193







10,147,311







8,237,638



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 fourth quarter and full year 2019 results, which will be broadcast live over the Internet, on Thursday, January 30 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://www.webcaster4.com/Webcast/Page/2179/32829. For those not able to participate in the live call, an archive of the webcast will be available at https://www.webcaster4.com/Webcast/Page/2179/32829 shortly after the call 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-4q-and-full-year-2019-earnings-300995922.html

SOURCE Bank7 Corp.

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