Bank7 posts $8.1 million second quarter earnings
Bank7 isn’t having any pandemic-related problems, yet.
The company, which recently issued its second quarter 2020 results, reported healthy earnings for the period.
The bank posted pre-provision earnings of $8.1 million for the quarter, 18.7% better than its second quarter of 2019 earnings of $6.83 million.
Per-share earnings, post-tax, shook out to 54 cents per share, compared to 50 cents per share the same quarter in 2019.
Bank7 reported that its second quarter 2020 Interest income compared to second quarter 2019 on loans, including fees, totaled $13.4 million, an increase of 10.61%.
Total assets grew to $1 billion, an increase of 25.75%, year-over-year, while the same comparison revealed a 32.7% increase in total loans to $837.9 million and an increase of about 28.5% on total deposits, which registered at $894.2 million at the end of the 2020 reporting period.
Meanwhile, officials stated the bank also is adding loan loss reserves as it prepares for possible pandemic related issues.
"We are happy to report strong second quarter earnings reflected by record pre-tax, pre-provision earnings and net income substantially in line with previous quarters,” Thomas L. Travis, Bank 7’s CEO, stated as part of the earnings release.
“Clearly, the future is uncertain and we are adding loan loss reserves to make sure we are prepared for possible exposures. Nonetheless, we continue to have confidence in our overall loan portfolio.
“In addition, our team continues to perform at a high level and because of that, we expect to be able to navigate through these difficult times," Travis said.