Bank7 Corp. Announces 3Q 2019 Earnings

OKLAHOMA CITY, Oct. 30, 2019 /PRNewswire/ -- Bank7 Corp. (NASDAQ: 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.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.