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InvestorRoom Demo Bank7 Corp. Announces 2Q 2021 Earnings OKLAHOMA CITY , July 29 , 2021 / 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 June 30 , 2021. " We are pleased to announce a record quarter of net income and EPS . Our strong loan growth and loan fee income , combined with our excellent efficiency ratio , continues to produce outstanding results . As we move forward , our goal is to continue to produce exceptional results through organic growth and the pursuit of strategic acquisitions , " said Thomas L. Travis , President and CEO of the Company . Three months ended June 30 , 2021 compared to three months ended June 30 , 2020 : • Pre - tax , pre - provision earnings of $ 9.4 million compared to $ 8.1 million , an increase of 15.6 % • Net income of $ 6.1 million compared to $ 5.0 million , an increase of 21.2 % • Interest income on loans , including loan fee income , totaled $ 14.4 million compared to $ 13.4 million , an increase of 9.5 % • Total assets of $ 1.1 billion compared to $ 1.0 billion , an increase of 12.8 % • Total loans of $ 932.0 million compared to $ 837.9 million , an increase of 11.2 % • Total deposits of $ 1.0 billion compared to $ 894.2 million , an increase of 12.8 % • Tangible book value per share of $ 12.76 compared to $ 10.83 , an increase of 17.8 % Average cost of funds of 0.34 % compared to 0.76 % , a decrease of 54.7 % • Earnings per share of $ 0.67 compared to $ 0.54 , an increase of 24.9 % • ROAA of 2.39 % compared to 2.09 % , an increase of 14.6 % • ROATCE of 21.90 % compared to 20.72 % , an increase of 5.7 % Six months ended June 30 , 2021 compared to six months ended June 30 , 2020 : • Pre - tax , pre - provision earnings of $ 17.5 million , compared to $ 15.5 million , an increase of 12.6 % • Net income of $ 11.2 million compared to $ 10.1 million , an increase of 11.1 % • Efficiency ratio of 35.02 % compared to 35.33 % , a decrease of 0.86 % • Average cost of funds of 0.37 % compared to 0.91 % , a decrease of 58.9 % • ROAA of 2.25 % compared to 2.20 % , an increase of 2.51 % • ROATCE of 20.63 % compared to 20.52 % , an increase of 0.54 % 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 . On June 30 , 2021 , the Bank's Tier 1 leverage ratio , Tier 1 risk based capital ratio , and total risk - based capital ratios were 11.28 % , 13.23 % , and 14.48 % , respectively . On June 30 , 2021 , on a consolidated basis , the Company's Tier 1 leverage ratio , Tier 1 risk based capital ratio , and total risk - based capital ratios were 11.26 % , 13.22 % , and 14.47 % , respectively . Designation as a well - capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators . Pre - tax , pre - provision earnings 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 . We calculate our tax - adjusted net income , return on average assets , and return on average equity , and per share amounts by using a combined effective tax rate for federal and state income taxes of 24.3 % and 24.9 % in the second quarter of 2021 and 2020 , respectively . 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 June 30 , Six months ended June 30 , ( Dollars in thousands , except per share data ) Loan interest income ( excluding loan fees ) 2021 2020 2021 2020 Total loan interest income , including loan fee income $ Loan fee income 14,357 ( 2,527 ) $ 13,385 ( 1,632 ) $ 27,450 ( 4,517 ) $ 26,491 ( 2,892 ) Loan interest income excluding loan fee income $ 11,830 $ 11,753 $ 22,933 $ 23,599 Average total loans $ Yield on loans ( including loan fee income ) 889,278 6.48 % $ 826,111 $ 868,526 $ 786,943 6.52 % Yield on loans ( excluding loan fee income ) 5.34 % 5.72 % 6.37 % 5.32 % 6.77 % 6.03 % Pre - tax , pre - provision net earnings Net income before income taxes $ 8,069 $ 6,707 $ 14,899 $ 13,466 Plus : Provision for loan losses 1,300 1,400 2,575 2,050 Pre - tax , pre - provision net earnings $ 9,369 $ 8,107 $ 17,474 $ 15,516 Adjusted provision for income tax Net income before income taxes $ 8,069 $ 6,707 $ 14,899 $ 13,466 Total effective adjusted tax rate Adjusted provision for income taxes 24.3 % 24.9 % 24.8 % 25.1 % $ 1,964 $ 1,671 $ 3,690 $ 3,379 Tax - adjusted net income Net income before income taxes $ 8,069 $ 6,707 $ 14,899 $ 13,466 Adjusted provision for income taxes 1,964 1,671 3,690 3,379 Tax - adjusted net income $ 6,105 $ 5,036 $ 11,209 $ 10,087 Tax - adjusted ratios and per share data Tax - adjusted net income ( numerator ) $ 6,105 $ 5,036 $ 11,209 $ 10,087