Bank7 reports results

Bank7 Corp., parent of Oklahoma Citybased Bank7, reported Wednesday it posted a net loss of $6.5 million, or 64 cents per share, for the third quarter of 2019.

The company attributed the loss to a one-time transaction involving its largest shareholder, the Haines Family Trusts, which contributed 6.5% of its shares to the bank. The company, in turn, issued those shares to certain executive officers, treating it as a compensatory, non-cash expense.

Were it not for that, officials stated the bank would have posted a net income of $5.1 million for the period.

“This was another good quarter for Bank7 as we continued with our consistent loan growth, while maintaining excellent credit quality and a strong net interest margin,” CEO Thomas L. Travis said. “Although our third quarter earnings were impacted ... we remain very pleased with our momentum and achievements. It is because of this continued success that during the third quarter we declared a cash dividend of 10 cents per share, which was paid Oct. 16, and authorized a stock repurchase program to purchase up to 500,000 shares of common stock.”

The company's thirdquarter net income in 2018 was about $6.7 million, or 88 cents per share.

A year-over-year comparison of third quarters shows the company boosted its yield on average earning assets by 1.23% and boosted its interest income on loans by 9.9%. Its loans average of $651 million in 2019's third quarter was 9.2% more than the same time a year ago, officials said.

Its stock, traded on Nasdaq under the ticker symbol BSVN, closed unchanged Wednesday at $18.20 a share.