Bank7(BSVN) - 2024 Q4 - Annual Results

Financial Performance - Net income for 2024 reached $45.7 million, a 61.62% increase from $28.3 million in 2023[5] - Earnings per share increased to $4.84, up 58.69% from $3.05 in the previous year[5] - Pre-provision pre-tax earnings (PPE) rose to $60.4 million, a 3.38% increase from $58.4 million in 2023[5] - The Company reported a comprehensive income of $46.9 million for the year, compared to $31.4 million in 2023[8] - For the year ended December 31, 2024, net interest income was $86,195 thousand, an increase from $82,546 thousand in 2023[9] - For the three months ended December 31, 2024, net interest income was $21,737 thousand, compared to $21,297 thousand in the same period of 2023[10] Asset and Liability Management - Total assets decreased to $1.7 billion, down 1.80% from $1.8 billion in 2023[5] - Total assets as of December 31, 2024, were $1,723,297 thousand, down from $1,770,052 thousand in 2023[10] - Total loans increased by 2.69% to $1.4 billion, compared to $1.4 billion in 2023[5] - Total loans increased to $1,391,552 thousand in 2024, with a yield of 8.56%, up from $1,315,578 thousand and a yield of 8.35% in 2023[9] - The Company’s total deposits decreased to $1.5 billion, down 4.77% from $1.6 billion in 2023[7] Capital and Ratios - The Bank's Tier 1 leverage ratio was 12.18% as of December 31, 2024, indicating strong capital levels[2] - Shareholders' equity increased to $213.2 million, up from $170.3 million in 2023[7] - The net interest margin improved to 5.11% in 2024 from 4.97% in 2023[9] - The net interest margin for the three months ended December 31, 2024, was 5.12%, an increase from 4.85% in 2023[10] Growth Strategy - The company plans to grow organically by selectively opening additional branches and pursuing strategic acquisitions[11] Future Outlook - Forward-looking statements indicate potential uncertainties related to interest rates and economic conditions affecting financial performance[13][14] - The conference call to discuss third quarter results is scheduled for January 16, 2025[12]