Bank7 Corp., a bank holding company based in Oklahoma City, reported significant financial performance improvements in its 2024 fiscal year, as detailed in its recent 10-K filing. The company recorded total assets of $1.74 billion, total loans of $1.40 billion, and total deposits of $1.52 billion as of December 31, 2024. Pre-tax net income surged to $60.4 million, reflecting a 62.1% increase from the previous year's $37.2 million. The return on average assets and return on average equity also improved, reaching 3.50% and 31.41%, respectively, compared to 2.21% and 23.47% in 2023.
In terms of operational changes, Bank7 Corp. experienced a decrease in total deposits by $75.9 million, or 4.8%, from the previous year. This decline was attributed to competitive pressures in the banking sector, which have led to increased interest rates on deposits. The company also reported a significant reduction in its provision for credit losses, which fell to zero from $21.1 million in 2023, largely due to the resolution of a single large loan that had previously impacted its financials.
Strategically, Bank7 Corp. expanded its portfolio through the acquisition of oil and natural gas properties from HB2 Origination, LLC, for $15.1 million in cash. This acquisition, which closed in November 2023, included nine wells across four counties in Texas and is expected to enhance the company's revenue streams from oil and gas operations. The company also continues to focus on organic growth, particularly in its existing markets in Oklahoma, Texas, and Kansas, while enhancing its digital banking capabilities.
As of December 31, 2024, Bank7 Corp. employed 124 full-time staff, maintaining a focus on efficiency and cost discipline. The company operates twelve full-service branches and has plans for selective expansion in key markets. Despite the competitive landscape, Bank7 Corp. aims to leverage its strong customer relationships and tailored banking solutions to sustain growth. Looking ahead, the company anticipates continued profitability and plans to maintain its dividend at $0.24 per share, reflecting its commitment to returning value to shareholders while navigating the challenges posed by fluctuating interest rates and economic conditions.
About Bank7 Corp.
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