FOR IMMEDIATE RELEASE: Bank7 Corp. Announces Q3 2023 Earnings

Oklahoma City, October 26, 2023 – Bank7 Corp. (NASDAQ: BSVN) ("the Company"), the parent company of Oklahoma City-based Bank7 (the "Bank"), today reported unaudited results for the quarter ended September 30, 2023. “We are pleased to report another quarter of record PPE and record interest income. Our success continues to be driven by our long-term and broad-based deposit relationships, our debt-free and liquid balance sheet, and our disciplined approach to cost controls. With the exception of one large credit, we continue to benefit from strong asset quality and remain confident that the overall portfolio is indicative of our historical low loan loss results,” said Thomas L. Travis, President and CEO of the Company.

For the three months ended September 30, 2023 compared to the three months ended September 30, 2022:

Net Income of $7.9 million compared to $8.0 million, a decrease of 2.3%

Earnings per share of $0.85 compared to $0.87, a decrease of 2.7%

Total assets of $1.8 billion compared to $1.6 billion, an increase of 12.11%

Total loans of $1.4 billion compared to $1.2 billion, an increase of 12.94%

PPE of $14.4 million compared to $12.8 million, an increase of 12.62%

Total interest income of $31.7 million compared to $21.7 million, an increase of 46.24%

Nine months ended September 30, 2023 compared to nine months ended September 30, 2022

Net Income of $27.2 million compared to $21.2 million, an increase of 28.03%

Earnings per share of $2.94 compared to $2.31, an increase of 27.11%

Total assets of $1.8 billion compared to $1.6 billion, an increase of 12.11%

Total loans of $1.4 billion compared to $1.2 billion, an increase of 12.94%

PPE of $41.3 million compared to $30.9 million, an increase of 33.88%

Total interest income of $89.1 million compared to $53.3 million, an increase of 67.29%

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 September 30, 2023, the Bank’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 9.75%, 11.39%, and 12.64%, respectively. On September 30, 2023, on a consolidated basis, the Company’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 9.76%, 11.39%, and 12.64%, respectively. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.

Bank7 Corp.

Consolidated Balance Sheets

Assets	September 30, 2023			December 31,
	(unaudited)			2022

Cash and due from banks	$	169,490		$	109,115
Interest-bearing time deposits in other banks		17,182			5,474
Available-for-sale debt securities		167,138			173,165
Loans, net of allowance for credit losses of $20,649 and $14,734 at September 30, 2023 and December 31, 2022, respectively		1,372,128			1,255,722
Loans held for sale, at fair value		1,143			-
Premises and equipment, net		14,963			13,106
Nonmarketable equity securities		1,251			1,209
Core deposit intangibles		1,107			1,336
Goodwill		8,458			8,603
Interest receivable and other assets		19,539			16,439

Total assets	$	1,772,399		$	1,584,169

Liabilities and Shareholders’ Equity

Deposits
Noninterest-bearing	$	480,827		$	439,409
Interest-bearing		1,112,745			989,891

Total deposits		1,593,572			1,429,300

Income taxes payable		419			1,054
Interest payable and other liabilities		10,501			9,715

Total liabilities		1,604,492			1,440,069

Shareholders’ equity
Common stock, $0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,184,975 and 9,131,973 at September 30, 2023 and December 31, 2022 respectively		92			91

Additional paid-in capital		97,068			95,263
Retained earnings		79,825			58,049
Accumulated other comprehensive income (loss)		(9,078	)		(9,303	)

Total shareholders’ equity		167,907			144,100

Total liabilities and shareholders’ equity	$	1,772,399		$	1,584,169

	Unaudited as of
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Interest Income
Loans, including fees	$	28,880		$	20,466		$	81,117		$	50,597
Interest-bearing time deposits in other banks		159			10			270			39
Debt securities, taxable		699			690			2,106			1,625
Debt securities, tax-exempt		81			90			253			273
Other interest and dividend income		1,903			435			5,398			754

Total interest income		31,722			21,691			89,144			53,288

Interest Expense
Deposits		10,976			2,646			27,894			4,241

Total interest expense		10,976			2,646			27,894			4,241

Net Interest Income		20,746			19,045			61,250			49,047

Provision for Credit Losses		4,159			2,348			5,645			2,843

Net Interest Income After Provision for Credit Losses		16,587			16,697			55,605			46,204

Noninterest Income
Secondary market income		6			134			172			395
Total noninterest income		(7	)		(10	)		(15	)		(127	)
Service charges on deposit accounts		213			210			647			678
Other		795			506			1,668			1,261

Total noninterest income		1,007			840			2,472			2,207

Noninterest Expense
Salaries and employee benefits		4,910			3,996			14,299			12,148
Furniture and equipment		254			390			755			1,134
Occupancy		662			614			1,980			1,736
Data and item processing		424			522			1,280			1,468
Accounting, marketing and legal fees		14			340			491			782
Regulatory assessments		279			551			1,013			973
Advertsing and public relations		74			83			273			314
Travel, lodging and entertainment		85			94			255			216
Other		688			543			2,068			1,745

Total noninterest expense		7,390			7,133			22,414			20,516

Income Before Taxes		10,204			10,404			35,663			27,895
Income tax expense		2,351			2,363			8,457			6,646
Net Income	$	7,853		$	8,041		$	27,206		$	21,249

Earnings per common share - basic	$	0.86		$	0.88		$	2.97		$	2.34
Earnings per common share - diluted		0.85			0.87			2.94			2.31
Weighted average common shares outstanding - basic		9,158,027			9,100,789			9,152,788			9,095,724
Weighted average common shares outstanding - diluted		9,273,595			9,209,754			9,262,003			9,194,928

Other Comprehensive Income (Loss)
Unrealized gains(losses) on securities, net of (tax)tax benefit of $485 and $1.7 million for the three months ended September 30, 2023 and 2022, respectively; ($69) and $3.2 million for the nine months ended September 30, 2023 and 2022, respectively	$	(372	)	$	(2,674	)	$	214		$	(10,691	)
Reclassification adjustment for realized loss included in net income net of tax of $2 and $2 for the three months ended September 30, 2023 and 2022, respectively; $4 and $29 for the nine months ended September 30, 2023 and 2022, respectively		5			8			11			98
Other comprehensive income(loss)	$	(367	)	$	(2,666	)	$	225		$	(10,593	)
Comprehensive Income	$	7,486		$	5,375		$	27,431		$	10,656

	Net Interest Margin
	For the Nine Months Ended September 30,
	2023 (unaudited)							2022
	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	$	162,432	$	5,668		4.67	%	$	139,133	$	793		0.76	%
Debt securities, taxable-equivalent		152,702		2,106		1.84			142,913		1,625		1.52
Debt securities, tax exempt		19,828		253		1.71			22,087		273		1.65
Loans held for sale		115		-		-			686		-		-
Total loans(1)		1,299,754		81,117		8.34			1,103,114		50,597		6.13
Total interest-earning assets		1,634,831		89,144		7.29			1,407,933		53,288		5.06
Noninterest-earning assets		22,560							24,069
Total assets	$	1,657,391						$	1,432,002

Funding sources:
Interest-bearing liabilities:
Deposits:
Transaction accounts	$	823,331		20,346		3.35	%	$	699,670		3,351		0.64	%
Time deposits		292,235		7,548		3.92			168,608		890		0.71
Total interest-bearing deposits		1,115,566		27,894		3.48			868,278		4,241		0.65
Total interest-bearing liabilities		1,115,566		27,894		3.48			868,278		4,241		0.65

Noninterest-bearing liabilities:
Noninterest-bearing deposits		422,691							424,720
Other noninterest-bearing liabilities		11,649							7,128
Total noninterest-bearing liabilities		434,340							431,848
Shareholders' equity		107,485							131,876
Total liabilities and shareholders' equity	$	1,657,391						$	1,432,002

Net interest income			$	61,250						$	49,047
Net interest spread						3.81	%						4.41	%
Net interest margin						5.01	%						4.66	%

(1) Nonaccrual loans are included in total loans

	Net Interest Margin
	For the Three Months Ended September 30,
	2023 (unaudited)							2022
	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	$	176,589	$	2,062		4.63	%	$	99,751	$	445		1.77	%
Debt securities, taxable-equivalent		151,174		699		1.83			163,699		690		1.67
Debt securities, tax exempt		19,430		81		1.65			21,811		90		1.64
Loans held for sale		232		-		-			1,281		-		-
Total loans(1)		1,344,038		28,880		8.52			1,213,080		20,466		6.69
Total interest-earning assets		1,691,463		31,722		7.44			1,499,622		21,691		5.74
Noninterest-earning assets		23,407							23,197
Total assets	$	1,714,870						$	1,522,819

Funding sources:
Interest-bearing liabilities:
Deposits:
Transaction accounts	$	823,331		7,733		3.73	%	$	761,927		2,338		1.22	%
Time deposits		292,235		3,243		4.40			152,910		308		0.80
Total interest-bearing deposits		1,115,566		10,976		3.90			914,837		2,646		1.15
Total interest-bearing liabilities	$	1,115,566		10,976		3.90		$	914,837		2,646		1.15

Noninterest-bearing liabilities:
Noninterest-bearing deposits	$	422,691						$	463,882
Other noninterest-bearing liabilities		11,649							8,132
Total noninterest-bearing liabilities		434,340							472,014
Shareholders' equity		164,964							135,968
Total liabilities and shareholders' equity	$	1,714,870						$	1,522,819

Net interest income			$	20,746						$	19,045
Net interest spread						3.54	%						4.60	%
Net interest margin						4.87	%						5.04	%

(1) Nonaccrual loans are included in total loans

About Bank7 Corp.

We are Bank7 Corp., a bank holding company headquartered in Oklahoma City, Oklahoma. Through our wholly-owned subsidiary, Bank7, we operate twelve 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 results, which will be broadcast live over the Internet, on Thursday, October 26, 2023 at 9:00 a.m. central standard time. To participate in the call, dial 1-888-348-6421, or access it live over the Internet at https://app.webinar.net/o0Oqylxyz5k. For those not able to participate in the live call, an archive of the webcast will be available at https://app.webinar.net/o0Oqylxyz5k 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 impact of COVID-19 on the United States economy and our operations, 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.

Contact:

Thomas Travis

President & CEO

(405) 810-8600