Bank7 Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bank7 Corp. has submitted its 2023 10-K annual report, detailing financial performance and position.</b>

AI Summary

Bank7 Corp. (BSVN) filed a Annual Report (10-K) with the SEC on March 25, 2024. Bank7 Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Oklahoma and operates under the SIC code 6022 for State Commercial Banks. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement components such as Common Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for these periods. The report references accounting standards updates, including ASU 2016-13, and specific balance sheet items like Core Deposits.

Why It Matters

For investors and stakeholders tracking Bank7 Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bank7 Corp.'s financial health and operational results for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial data, including balance sheet components and references to accounting standards, allows for a thorough analysis of the bank's financial stability, capital structure, and compliance.

Risk Assessment

Risk Level: low — Bank7 Corp. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative disclosures, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and footnotes within the 10-K to understand Bank7 Corp.'s asset quality, loan portfolio performance, and profitability trends for FY2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-03-25 — Filing Date (The date the 10-K was filed with the SEC.)
• 6022 — SIC Code (Standard Industrial Classification for State Commercial Banks.)
• OK — State of Incorporation (Oklahoma is the state where Bank7 Corp. is incorporated.)

Key Players & Entities

• Bank7 Corp. (company) — Filer of the 10-K report.
• Oklahoma (location) — State of incorporation for Bank7 Corp.
• 6022 (other) — Standard Industrial Classification code for State Commercial Banks.
• 2023-12-31 (date) — Fiscal year end date for the reported period.
• 2024-03-25 (date) — Filing date of the 10-K report.
• ASU 2016-13 (other) — Accounting Standards Update referenced in the filing.

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-25: 10-K Filing Date — The date Bank7 Corp. submitted its annual report to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial overview for Bank7 Corp.)

SIC Code

Standard Industrial Classification code used to classify businesses based on their primary activity. (Identifies Bank7 Corp.'s industry as State Commercial Banks (6022).)

ASU 2016-13

Accounting Standards Update related to Financial Instruments - Credit Losses (Current Expected Credit Losses - CECL). (Indicates the bank is accounting for credit losses under the new CECL methodology.)

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value BSVN The NASDAQ Global Se
• $0 — ,206 shares of common stock, par value $0.01, outstanding. DOCUMENTS INCOPORATED
• $1.77 b — cember 31, 2023, we had total assets of $1.77 billion, total loans of $1.36 billion, to
• $1.36 b — assets of $1.77 billion, total loans of $1.36 billion, total deposits of $1.59 billion
• $1.59 billion — ans of $1.36 billion, total deposits of $1.59 billion and total shareholders' equity of $170.
• $170.3 million — llion and total shareholders' equity of $170.3 million. Our website is: www.bank7.com. We mak

Filing Documents

• ef20015288_10k.htm (10-K) — 5231KB
• ef20015288_ex21.htm (EX-21) — 4KB
• ef20015288_ex23.htm (EX-23) — 3KB
• ef20015288_ex31-1.htm (EX-31.1) — 8KB
• ef20015288_ex31-2.htm (EX-31.2) — 8KB
• ef20015288_ex32.htm (EX-32) — 6KB
• ef20015288_ex97.htm (EX-97) — 32KB
• image0.jpg (GRAPHIC) — 307KB
• image01.jpg (GRAPHIC) — 12KB
• image1.jpg (GRAPHIC) — 275KB
• image02.jpg (GRAPHIC) — 2KB
• image2.jpg (GRAPHIC) — 319KB
• image03.jpg (GRAPHIC) — 6KB
• 0001140361-24-014984.txt (&nbsp;) — 25011KB
• bsvn-20231231.xsd (EX-101.SCH) — 99KB
• bsvn-20231231_cal.xml (EX-101.CAL) — 147KB
• bsvn-20231231_def.xml (EX-101.DEF) — 526KB
• bsvn-20231231_lab.xml (EX-101.LAB) — 1326KB
• bsvn-20231231_pre.xml (EX-101.PRE) — 846KB
• ef20015288_10k_htm.xml (XML) — 5307KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. [Reserved] 20 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 98 Item 9A.

Controls and Procedures

Controls and Procedures 98 Item 9B. Other Information 98 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 PART III. Item 10. Directors, Executive Officers and Corporate Governance 99 Item 11.

Executive Compensation

Executive Compensation 99 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99 Item 13. Certain Relationships and Related Transactions, and Director Independence 99 Item 14. Principal Accountant Fees and Services 99 PART IV. Item 15. Exhibits and Financial Statements Schedules 99 Item 16. Form 10-K Summary 101

Signatures

Signatures 102 Table of Contents

Business

Item 1. Business Company Overview We are Bank7 Corp., a bank holding company headquartered in Oklahoma City, Oklahoma. Through our wholly-owned subsidiary, Bank7, we operate twelve full-service branches in Oklahoma, Texas, and Kansas. We were formed in 2004 in connection with our acquisition of First National Bank of Medford, which was renamed Bank7 (the "Bank"). We are focused on serving business owners and entrepreneurs by delivering fast, consistent and well-designed banking solutions. As of December 31, 2023, we had total assets of $1.77 billion, total loans of $1.36 billion, total deposits of $1.59 billion and total shareholders' equity of $170.3 million. Our website is: www.bank7.com. We make available free of charge through our website, our annual report on Form 10-K, our quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after they have been electronically filed or furnished with the Securities and Exchange Commission. Information included on our website is not incorporated into this filing. Products and Services The Bank is a full-service commercial bank. We focus on the development of deep business relationships with our commercial customers and their principals. We also focus on providing customers with exceptional service and meeting their banking needs through a wide variety of commercial and retail financial services. The Bank has a particular focus in the following loan categories (i) commercial real estate lending, (ii) hospitality lending, (iii) energy lending, and (iv) commercial and industrial lending. Although it is a small segment of the Bank, we also provide consumer lending services to individuals for personal and household purposes, including secured and unsecured term loans and home improvement loans. Consumer lending services include (i) residential real estate loans and mortgage banking services, (ii) personal lines of credit, (iii) loans for the purchase o

View Full Filing

View this 10-K filing on SEC EDGAR