Bank7 Corp. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Interest income rose to $33.5 million for Q3 2024, up from $31.7 million in Q3 2023, and for the nine months, it increased to $99.2 million from $89.1 million. Net interest income also saw growth, reaching $21.2 million in Q3 2024, compared to $20.7 million in Q3 2023, and $64.5 million for the nine months, up from $61.3 million.
The company’s net income for Q3 2024 was $11.8 million, a 50.5% increase from $7.9 million in Q3 2023. For the nine months, net income rose to $34.6 million from $27.2 million, reflecting a robust performance. Earnings per share increased to $1.26 for Q3 2024, compared to $0.86 in Q3 2023, and $3.73 for the nine months, up from $2.97.
Total noninterest income surged to $3.7 million in Q3 2024, a 265.1% increase from $1.0 million in Q3 2023, driven by higher fees and mortgage lending income. Noninterest expenses also increased to $9.4 million in Q3 2024 from $7.4 million, primarily due to costs associated with oil and gas assets acquired in late 2023.
The company’s total assets decreased slightly to $1.74 billion as of September 30, 2024, down from $1.77 billion at the end of 2023. Total loans increased to $1.44 billion, up from $1.36 billion, while total deposits fell to $1.52 billion from $1.59 billion, indicating a shift in the deposit base.
Bank7 Corp. completed the acquisition of oil and natural gas properties for $15.1 million in late 2023, which contributed to the increase in noninterest expenses and the reported oil and gas revenues of $2.9 million for Q3 2024. The company’s allowance for credit losses decreased to $17.9 million as of September 30, 2024, from $19.7 million at the end of 2023, reflecting improved asset quality.
The bank maintained a strong capital position, with total capital to risk-weighted assets at 14.11% as of September 30, 2024, up from 12.74% at the end of 2023. The bank remains categorized as "well-capitalized" under regulatory standards, with no significant changes in risk factors or legal proceedings reported.
About Bank7 Corp.
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