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AFTER HRS · 18:20 ET
Market ClerkRecap
Wed Oct 21 · after hours2 signals today106 insider buys this week · $305.5MCIRO short report next: Oct 31The week ahead

BSVN

Bank7 Corp.
NASDAQ · FINANCIALS · STATE COMMERCIAL BANKS
57.64
+0.15 +0.26%
USD · close Oct 21
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Work order
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FLAG · shorts 0
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no disclosures naming it
Big money
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none of the tracked funds disclose it
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nobody we score has called it yet
MKT CAP $549.1MP/E 13.2DIV YIELD 1.87%FCF YIELD 8.01%REV TTM —NET INCOME $42M −5.3%NET CASH $128.1M52W 38.29 – 58.14SEC XBRL · TTM TO Invalid Date

How BSVN rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
37%
of sentences unchanged
Added
343
new sentences
Dropped
346
sentences removed
Length
+2,499
words, now 32,522

New in FY2025

  • Table of Contents The following tables show the contractual maturities of our gross loans as of the periods below: As of December 31, 2025 Due after One Year Due after Five Years Due in One Year or Less Through Five Years Through Fifteen Years Due after Fifteen Years Fixed Adjustable Fixed Adjustable Fixed Adjustable Fixed Adjustable Total Rate Rate Rate Rate Rate Rate Rate Rate (Dollars in thousands) Construction & development $ $ 116,658 $ 10,497 $ 95,444 $ - $ $ $ - $ 224,566 1-4 family real estate 7,281 21,031 32,503 56,599 5,533 2,400 - 126,122 Commercial real estate - other 22,817 41,301 66,266 412,436 38,515 6,123 - 587,597 Total commercial real estate 30,736 178,990 109,266 564,479 44,447 9,453 - 938,285 Commercial & industrial 47,266 293,406 14,097 173,586 38,246 - 567,280 Agricultural 31,633 10,926 6,560 37,162 - 3,253 1,374 - 90,908 Consumer 1,747 4,866 3,714 1,501 - 12,894 Gross loans $ 111,382 $ 483,324 $ 134,789 $ 775,485 $ 1,827 $ 89,660 $ 12,900 $ - $ 1,609,367 As of December 31, 2024 Due after One Year Due after Five Years Due in One Year or Less Through Five Years Through Fifteen Years Due after Fifteen Years Fixed Adjustable Fixed Adjustable Fixed Adjustable Fixed Adjustable Total Rate Rate Rate Rate Rate Rate Rate Rate (Dollars in thousands) Construction & development $ 9,378 $ 76,709 $ 2,050 $ 78,786 $ - $ $ $ - $ 167,685 1-4 family real estate 15,426 20,085 43,558 31,566 4,826 4,622 - 121,047 Commercial real estate - other 47,737 61,482 103,484 271,156 18,303 8,989 - 511,304 Total commercial real estate 72,541 158,276 149,092 381,508 1,117 23,693 13,809 - 800,036 Commercial & industrial 36,062 263,026 13,639 175,729 8,232 9,738 - 507,023 Agricultural 22,768 8,991 16,581 26,677 - 1,054 1,851 - 77,922 Consumer 1,661 5,641 3,570 2,664 - 14,312 Gross loans $ 133,032 $ 430,297 $ 184,953 $ 584,084 $ 9,951 $ 38,055 $ 18,921 $ - $ 1,399,293 As of December 31, 2023 Due after One Year Due after Five Years Due in One Year or Less Through Five Years Through Fifteen Years Due after Fifteen Years Fixed Adjustable Fixed Adjustable Fixed Adjustable Fixed Adjustable Total Rate Rate Rate Rate Rate Rate Rate Rate (Dollars in thousands) Construction & development $ 11,431 $ 70,040 $ 8,970 $ 44,935 $ - $ 1,438 $ $ - $ 137,206 1-4 family real estate 13,628 13,015 41,602 21,451 5,443 5,411 - 100,576 Commercial real estate - other 50,251 65,120 152,250 219,260 21,283 10,329 - 518,622 Total real estate 75,310 148,175 202,822 285,646 28,164 16,132 - 756,404 Commercial & industrial 20,389 263,564 41,520 186,776 3,276 10,041 - 526,185 Agricultural 13,250 22,615 13,935 13,032 - 2,853 - 66,495 Consumer 2,170 5,490 3,604 2,523 - 14,517 Gross loans $ 111,119 $ 434,368 $ 263,767 $ 485,575 $ 4,026 $ 42,619 $ 22,127 $ - $ 1,363,601 Table of Contents Allowance for Credit Losses The allowance is based on management’s estimate of probable losses in the loan portfolio.
  • In addition to the segment evaluations, substandard loans with a balance of $250,000 or more are individually evaluated based on facts and circumstances of the loan to determine if a specific allowance amount may be necessary.
  • The allowance was $19.4 million at December 31, 2025, $17.9 million at December 31, 2024 and $19.7 million at December 31, 2023.
  • See the 2025 Overview for further discussion regarding management’s ongoing assessment of the adequacy of the allowance.
  • The following table provides an analysis of the activity in our allowance for the periods indicated: As of December 31, 2025 2024 2023 (Dollars in thousands) Balance at beginning of the period $ 17,918 $ 19,691 $ 14,734 Impact of CECL adoption - - Provision for credit losses for loans - 21,181 Charge-offs: Construction & development - - - 1-4 family real estate - - - Commercial real estate - other (197 ) (275 ) - Commercial & industrial - (2,000 ) (16,500 ) Agricultural - - (7 ) Consumer (3 ) - (17 ) Total charge-offs (200 ) (2,275 ) (16,524 ) Recoveries: Construction & development - - - 1-4 family real estate - - - Commercial real estate - other - - Commercial & industrial Agricultural Consumer - Total recoveries Net recoveries (charge-offs) (1,773 ) (16,474 ) Balance at end of the period $ 19,407 $ 17,918 $ 19,691 Net recoveries (charge-offs) to average loans 0.05 % -0.13 % -1.25 % Table of Contents While the entire allowance is available to absorb losses from any and all loans, the following table represents management’s allocation of the allowance by loan category, and the percentage of allowance in each category, for the periods indicated: As of December 31, 2025 2024 2023 Amount Percent Amount Percent Amount Percent (Dollars in thousands) Construction & development $ 1,222 6.3 % $ 1,223 6.8 % $ 1,417 7.2 % 1-4 family real estate 5.0 % 1,313 7.3 % 1,271 6.5 % Commercial real estate - other 6,855 35.3 % 6,992 39.0 % 6,889 35.0 % Commercial & industrial 9,369 48.2 % 6,797 38.0 % 9,237 46.8 % Agricultural 3.2 % 1,106 6.2 % 3.2 % Consumer 2.0 % 2.7 % 1.3 % Total $ 19,407 100.0 % $ 17,918 100.0 % $ 19,691 100.0 % Table of Contents Nonaccrual Loans and Nonperforming Assets Loans are considered delinquent when principal or interest payments are past due 30 days or more.
  • Loans accounted for on a nonaccrual basis were $6.5 million as of December 31, 2025, $7.2 million as of December 31, 2024, and $18.9 million as of December 31, 2023.
  • OREO was $461,000, $321,000, and $0 as of December 31, 2025, December 31, 2024, and December 31, 2023, respectively.
  • The following table presents information regarding nonperforming assets as of the dates indicated: As of December 31, 2025 2024 2023 (Dollars in thousands) Nonaccrual loans (1) $ 6,460 $ 7,170 $ 18,941 Accruing loans 90 or more days past due - - 10,026 Total nonperforming assets (2) $ 6,460 $ 7,170 $ 28,967 Ratio of nonperforming loans to total loans 0.40 % 0.51 % 2.13 % Ratio of nonaccrual loans to total loans 0.40 % 0.51 % 1.39 % Ratio of allowance for credit losses to total loans 1.21 % 1.28 % 1.45 % Ratio of allowance for credit losses to nonaccrual loans 300.42 % 249.90 % 103.96 % Ratio of nonperforming assets to total assets 0.33 % 0.41 % 1.64 % (1) There are no loans modified to borrowers experiencing financial difficulty included in nonaccrual loans as of December 31, 2025 and December 31, 2024, respectively.
  • (2) Excludes OREO of $461,000, $321,000, and $0 as of December 31, 2025, 2024, and 2023, respectively, as the balances are not considered material for separate disclosure.
  • Table of Contents The following tables present an aging analysis of loans as of the dates indicated.
  • As of December 31, 2025 Loans 30-59 days past due Loans 60-89 days past due Loans 90+ days past due Loans 90+ days past due and accruing Total past due loans Current Gross loans (Dollars in thousands) Construction & development $ $ - $ - $ - $ $ 224,487 $ 224,566 1-4 family real estate - - - 126,075 126,122 Commercial real estate - other - 1,423 - - 1,423 586,174 587,597 Commercial & industrial 1,702 3,429 - 5,211 562,069 567,280 Agricultural - - - - - 90,908 90,908 Consumer - - - 12,864 12,894 Total $ 1,858 $ 1,503 $ 3,429 $ - $ 6,790 $ 1,602,577 $ 1,609,367 As of December 31, 2024 Loans 30-59 days past due Loans 60-89 days past due Loans 90+ days past due Loans 90+ days past due and accruing Total Past Due Loans Current Gross loans (Dollars in thousands) Construction & development $ - $ - $ - $ - $ - $ 167,685 $ 167,685 1-4 family real estate - - - - - 121,047 121,047 Commercial real estate - other - 3,426 - 3,529 507,775 511,304 Commercial & industrial - - 506,615 507,023 Agricultural - - - - - 77,922 77,922 Consumer - - - 14,215 14,312 Total $ $ $ 3,426 $ - $ 4,034 $ 1,395,259 $ 1,399,293 As of December 31, 2023 Loans 30-59 days past due Loans 60-89 days past due Loans 90+ days past due Loans 90+ days past due and accruing Total Past Due Loans Current Gross loans (Dollars in thousands) Construction & development $ - $ - $ - $ - $ - $ 137,206 $ 137,206 1-4 family commercial - - - - - 100,576 100,576 Commercial real estate - other - - - - - 518,622 518,622 Commercial & industrial 10,969 9,946 9,946 21,387 504,798 526,185 Agricultural - - - - - 66,495 66,495 Consumer - 14,410 14,517 Total $ $ 10,996 $ 10,026 $ 10,026 $ 21,494 $ 1,342,107 $ 1,363,601 In addition to the past due and nonaccrual criteria, the Company also evaluates loans according to its internal risk grading system.
  • Table of Contents Substandard loans totaled $7.9 million as of December 31, 2025, a decrease of $7.3 million compared to December 31, 2024.
  • The total net decrease in substandard loans in 2025 as compared to 2024, is comprised of a net decrease in commercial and industrial substandard loans primarily related to one note totaling $3.9 million with no specific reserve, and a net decrease in commercial real estate primarily related to one note totaling $3.0 million with a $0.2 million specific reserve.
  • Outstanding loan balances categorized by internal risk grades as of the periods indicated are summarized as follows: As of December 31, 2025 Pass Watch Special mention Substandard Total (Dollars in thousands) Construction & development $ 222,688 $ - $ 1,323 $ $ 224,566 1-4 family real estate 126,122 - - - 126,122 Commercial real estate - other 561,134 18,077 6,893 1,493 587,597 Commercial & industrial 505,252 37,285 18,908 5,835 567,280 Agricultural 87,129 - 3,779 - 90,908 Consumer 12,894 - - - 12,894 Total $ 1,515,219 $ 55,362 $ 30,903 $ 7,883 $ 1,609,367 As of December 31, 2024 Pass Watch Special mention Substandard Total (Dollars in thousands) Construction & development $ 165,863 $ - $ 1,259 $ $ 167,685 1-4 family real estate 121,047 - - - 121,047 Commercial real estate - other 498,835 - 7,493 4,976 511,304 Commercial & industrial 493,512 - 3,817 9,694 507,023 Agricultural 74,896 - 3,026 - 77,922 Consumer 14,312 - - - 14,312 Total $ 1,368,465 $ - $ 15,595 $ 15,233 $ 1,399,293 As of December 31, 2023 Pass Watch Special mention Substandard Total (Dollars in thousands) Construction & development $ 136,417 $ - $ $ - $ 137,206 1-4 family real estate 100,576 - - - 100,576 Commercial real estate - other 502,795 - 15,701 518,622 Commercial & industrial 485,433 4,094 5,767 30,891 526,185 Agricultural 66,495 - - - 66,495 Consumer 14,437 - - 14,517 Total $ 1,306,153 $ 4,094 $ 22,257 $ 31,097 $ 1,363,601 Table of Contents Deposits We gather deposits primarily through our twelve branch locations and online through our website.
  • Of our interest-bearing deposits, some were obtained through brokered transactions.
  • As of December 31, 2025, 2024, and 2023, brokered deposits were $205.6 million, $225.5 million, and $50.1 million, respectively.
  • To manage liquidity and provide insurance for customer funds, the Company participates in reciprocal deposit programs, such as CDARS and ICS.
  • At December 31, 2025, reciprocal deposits totaled $576.5 million.
  • Total uninsured deposits were $391.7 million and $354.2 million as of December 31, 2025 and December 31, 2024, respectively, as calculated per regulatory guidance.
  • This was approximately 23.2% and 23.4% of deposits as of December 31, 2025 and December 31, 2024, respectively.
  • Total deposits as of December 31, 2025, 2024, and 2023 were $1.70 billion, $1.52 billion and $1.59 billion, respectively.
  • For the Year Ended December 31, 2025 2024 2023 Amount Percentage of Total Amount Percentage of Total Amount Percentage of Total (Dollars in thousands) Noninterest-bearing demand $ 341,416 20.07 % $ 313,258 20.70 % $ 482,349 30.40 % Interest-bearing transaction deposits 1,023,325 60.17 % 889,679 58.70 % 702,150 44.10 % Savings deposits 92,604 5.44 % 73,379 4.80 % 150,116 9.40 % Time deposits (less than $250,000) 147,263 8.66 % 146,814 9.70 % 168,690 10.60 % Time deposits ($250,000 or more) 96,225 5.66 % 92,341 6.10 % 88,086 5.50 % Total interest-bearing deposits 1,359,417 79.9 % 1,202,213 79.3 % 1,109,042 69.6 % Total deposits $ 1,700,833 100.0 % $ 1,515,471 100.0 % $ 1,591,391 100.0 % The following table summarizes our average deposit balances and weighted average rates for the years ended December 31, 2025, 2024, and 2023: For the Year Ended December 31, 2025 2024 2023 Average Balance Weighted Average Rate Average Balance Weighted Average Rate Average Balance Weighted Average Rate (Dollars in thousands) Noninterest-bearing demand $ 317,743 0.00 % $ 381,660 0.00 % $ 433,603 0.00 % Interest-bearing transaction deposits 941,181 3.16 % 776,141 3.81 % 705,891 3.42 % Savings deposits 79,878 1.88 % 106,173 3.63 % 119,278 3.74 % Time deposits 237,548 3.99 % 254,057 4.69 % 256,672 4.06 % Total interest-bearing deposits 1,258,607 3.25 % 1,136,371 3.98 % 1,081,841 3.60 % Total deposits $ 1,576,350 2.59 % $ 1,518,031 2.99 % $ 1,515,444 2.57 % Table of Contents The following tables set forth the maturity of time deposits as of the dates indicated below: As of December 31, 2025 Maturity Within: Three Months Three to Six Months Six to 12 Months After 12 Months Total (Dollars in thousands) Time deposits (less than $250,000) $ 56,951 $ 45,791 $ 37,766 $ 6,755 $ 147,263 Time deposits ($250,000 or more) 37,413 21,015 20,278 17,519 96,225 Total time deposits $ 94,364 $ 66,806 $ 58,044 $ 24,274 $ 243,488 As of December 31, 2024 Maturity Within: Three Months Three to Six Months Six to 12 Months After 12 Months Total (Dollars in thousands) Time deposits (less than $250,000) $ 62,577 $ 38,514 $ 41,345 $ 4,378 $ 146,814 Time deposits ($250,000 or more) 45,667 25,552 18,055 3,067 92,341 Total time deposits $ 108,244 $ 64,066 $ 59,400 $ 7,445 $ 239,155 Liquidity Liquidity refers to the measure of our ability to meet the cash flow requirements of depositors and borrowers, while at the same time meeting our operating, capital and strategic cash flow needs, all at a reasonable cost.
  • As of December 31, 2025, we had no unsecured fed funds lines with correspondent depository institutions with no amounts advanced.
  • In addition, based on the values of loans pledged as collateral, we had borrowing availability with the FHLB of $213.8 million as of December 31, 2025 and $190.9 million as of December 31, 2024, and we had access to approximately $288.6 million in liquidity with the Federal Reserve Bank as of December 31, 2025 and $336.1 million as of December 31, 2024.
  • Table of Contents Capital Requirements The Bank is subject to various regulatory capital requirements administered by the federal and state banking regulators.
  • As of December 31, 2025, the FDIC categorized the Bank as “well-capitalized” under the prompt corrective action framework.
  • There have been no conditions or events since December 31, 2025 that management believes would change this classification.
  • Table of Contents The table below also summarizes the capital requirements applicable to the Bank in order to be considered “well-capitalized” from a regulatory perspective, as well as the Bank’s capital ratios as of December 31, 2025, 2024, and 2023.
  • Actual With Capital Conservation Buffer Minimum to be “Well- Capitalized” Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2025 Total capital (to risk-weighted assets) Company $ 261,451 15.24 % $ 180,076 10.50 % N/A N/A Bank 261,411 15.25 % 179,970 10.50 % $ 171,400 10.00 % Tier 1 capital (to risk-weighted assets) Company 241,580 14.09 % 145,776 8.50 % N/A N/A Bank 241,540 14.09 % 145,690 8.50 % 137,120 8.00 % CET 1 capital (to risk-weighted assets) Company 241,580 14.09 % 120,051 7.00 % N/A N/A Bank 241,540 14.09 % 119,980 7.00 % 111,410 6.50 % Tier 1 capital (to average assets) Company 241,580 12.82 % N/A N/A N/A N/A Bank 241,540 12.82 % N/A N/A 94,213 5.00 % Actual With Capital Conservation Buffer Minimum to be “Well- Capitalized” Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2024 Total capital (to risk-weighted assets) Company $ 227,229 15.21 % $ 156,830 10.50 % N/A N/A Bank 227,189 15.22 % 156,723 10.50 % $ 149,260 10.00 % Tier 1 capital (to risk-weighted assets) Company 208,847 13.98 % 126,957 8.50 % N/A N/A Bank 208,807 13.99 % 126,871 8.50 % 119,408 8.00 % CET 1 capital (to risk-weighted assets) Company 208,847 13.98 % 104,553 7.00 % N/A N/A Bank 208,807 13.99 % 104,482 7.00 % 97,019 6.50 % Tier 1 capital (to average assets) Company 208,847 12.19 % N/A N/A N/A N/A Bank 208,807 12.18 % N/A N/A 85,698 5.00 % Actual With Capital Conservation Buffer Minimum to be “Well- Capitalized” Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2023 Total capital (to risk-weighted assets) Company $ 185,171 12.74 % $ 152,579 10.50 % N/A N/A Bank 185,118 12.75 % 152,472 10.50 % $ 145,211 10.00 % Tier 1 capital (to risk-weighted assets) Company 166,982 11.49 % 123,516 8.50 % N/A N/A Bank 166,942 11.50 % 123,429 8.50 % 116,169 8.00 % CET 1 capital (to risk-weighted assets) Company 166,982 11.49 % 101,719 7.00 % N/A N/A Bank 166,942 11.50 % 101,648 7.00 % 94,387 6.50 % Tier 1 capital (to average assets) Company 166,982 9.50 % N/A N/A N/A N/A Bank 166,942 9.50 % N/A N/A 87,897 5.00 % Table of Contents Shareholders’ equity provides a source of permanent funding, allows for future growth and provides a cushion to withstand unforeseen adverse developments.
  • Total shareholders’ equity increased to $251.0 million as of December 31, 2025, compared to $213.2 million as of December 31, 2024 and $170.3 million as of December 31, 2023.
  • Contractual Obligations The following tables contain supplemental information regarding our total contractual obligations as of December 31, 2025 and December 31, 2024: Payments Due as of December 31, 2025 Within One Year One to Three Years Three to Five Years After Five Years Total (Dollars in thousands) Deposits without a stated maturity $ 1,457,345 $ - $ - $ - $ 1,457,345 Time deposits 219,214 23,893 - 243,488 Operating lease commitments 2,146 Total contractual obligations $ 1,677,180 $ 24,691 $ $ $ 1,702,979 Payments Due as of December 31, 2024 Within One Year One to Three Years Three to Five Years After Five Years Total (Dollars in thousands) Deposits without a stated maturity $ 1,276,316 $ - $ - $ - $ 1,276,316 Time deposits 231,710 6,746 - 239,155 Operating lease commitments 1,874 Total contractual obligations $ 1,508,672 $ 7,262 $ $ $ 1,517,345 We believe that we will be able to meet our contractual obligations as they come due through the maintenance of adequate cash levels.
  • The following table summarizes commitments as of the dates presented: As of December 31, 2025 2024 2023 (Dollars in thousands) Commitments to extend credit $ 324,748 $ 272,261 $ 256,888 Standby letters of credit 19,540 11,333 4,247 Total $ 344,288 $ 283,594 $ 261,135 Table of Contents Critical Accounting Policies and Estimates Our accounting and reporting policies conform to GAAP and conform to general practices within the industry in which we operate.
  • Table of Contents On a quarterly basis, we run various simulation models including a static balance sheet and dynamic growth balance sheet.
  • Our internal policy regarding internal rate risk simulations currently specifies that for gradual parallel shifts of the yield curve, estimated net interest income at risk for the subsequent one-year period should not decline by more than 20% for a -200 basis point shift, 10% for a -100 basis point shift, 10% for a 100 basis point shift, 20% for a 200 basis point shift, 30% for a 300 basis point shift, and 30% for a 400 basis point shift.
  • The following table summarizes the simulated change in net interest income and fair value of equity over a 12-month horizon as of the dates indicated: As of December 31, 2025 2024 2023 Change in Interest Rates (Basis Points) Percent Change in Net Interest Income Percent Change in Fair Value of Equity Percent Change in Net Interest Income Percent Change in Fair Value of Equity Percent Change in Net Interest Income Percent Change in Fair Value of Equity +400 24.80 % 20.66 % 17.71 % 23.27 % 23.35 % 17.72 % +300 19.28 % 19.58 % 13.65 % 22.34 % 19.04 % 16.63 % +200 13.51 % 18.45 % 9.54 % 21.30 % 14.74 % 15.45 % +100 7.41 % 17.25 % 5.15 % 20.15 % 10.42 % 14.20 % Base 1.06 % 15.98 % 0.24 % 18.82 % 5.76 % 12.72 % -100 -4.27 % 14.84 % -4.92 % 17.37 % 0.73 % 11.22 % -200 -6.12 % 13.48 % -9.83 % 15.73 % -4.31 % 9.47 % The results are primarily due to behavior of demand, money market and savings deposits during such rate fluctuations.
  • Financial Statements and Supplementary Data Consolidated Financial Statements Index Page Report of RSM US LLP, Independent Registered Public Accounting Firm for the year ended December 31, 2025 (PCAOB ID: 49 ) Report of Forvis Mazars, LLP, Independent Registered Public Accounting Firm for the years ended December 31, 2024 and 2023 (PCAOB ID: 686) Consolidated Financial Statements: Consolidated Balance Sheets at December 31, 2025 and 2024 Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2025 Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December 31, 2025 Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2025 Notes to Consolidated Financial Statements Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Bank7 Corp.
  • Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Bank7 Corp. and its subsidiaries (the Company) as of December 31, 2025, the related consolidated statements of comprehensive income, shareholders’ equity and cash flows for the year ended December 31, 2025, and the related notes to the consolidated financial statements (collectively, the financial statements).
  • In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
  • We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.
  • Our report dated March 16, 2026 expressed an opinion that the Company had not maintained effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

and 303 more.

Gone since FY2024

  • The following tables show the contractual maturities of our gross loans as of the periods below: As of December 31, 2024 Due after One Year Due after Five Years Due in One Year or Less Through Five Years Through Fifteen Years Due after Fifteen Years Fixed Adjustable Fixed Adjustable Fixed Adjustable Fixed Adjustable Total Rate Rate Rate Rate Rate Rate Rate Rate (Dollars in thousands) Construction & development $ 9,378 $ 76,709 $ 2,050 $ 78,786 $ - $ $ $ - $ 167,685 1-4 family real estate 15,426 20,085 43,558 31,566 4,826 4,622 - 121,047 Commercial real estate - other 47,737 61,482 103,484 271,156 18,303 8,989 - 511,304 Total commercial real estate 72,541 158,276 149,092 381,508 1,117 23,693 13,809 - 800,036 Commercial & industrial 36,062 263,026 13,639 175,729 8,232 9,738 - 507,023 Agricultural 22,768 8,991 16,581 26,677 - 1,054 1,851 - 77,922 Consumer 1,661 5,641 3,570 2,664 - 14,312 Gross loans $ 133,032 $ 430,297 $ 184,953 $ 584,084 $ 9,951 $ 38,055 $ 18,921 $ - $ 1,399,293 As of December 31, 2023 Due after One Year Due after Five Years Due in One Year or Less Through Five Years Through Fifteen Years Due after Fifteen Years Fixed Adjustable Fixed Adjustable Fixed Adjustable Fixed Adjustable Total Rate Rate Rate Rate Rate Rate Rate Rate (Dollars in thousands) Construction & development $ 11,431 $ 70,040 $ 8,970 $ 44,935 $ - $ 1,438 $ $ - $ 137,206 1-4 family real estate 13,628 13,015 41,602 21,451 5,443 5,411 - 100,576 Commercial real estate - other 50,251 65,120 152,250 219,260 21,283 10,329 - 518,622 Total commerical real estate 75,310 148,175 202,822 285,646 28,164 16,132 - 756,404 Commercial & industrial 20,389 263,564 41,520 186,776 3,276 10,041 - 526,185 Agricultural 13,250 22,615 13,935 13,032 - 2,853 - 66,495 Consumer 2,170 5,490 3,604 2,523 - 14,517 Gross loans $ 111,119 $ 434,368 $ 263,767 $ 485,575 $ 4,026 $ 42,619 $ 22,127 $ - $ 1,363,601 As of December 31, 2022 Due after One Year Due after Five Years Due in One Year or Less Through Five Years Through Fifteen Years Due after Fifteen Years Fixed Adjustable Fixed Adjustable Fixed Adjustable Fixed Adjustable Total Rate Rate Rate Rate Rate Rate Rate Rate (Dollars in thousands) Construction & development $ 11,749 $ 81,002 $ 7,556 $ 57,439 $ - $ 1,160 $ - $ 4,297 $ 163,203 1-4 family real estate 10,550 12,664 24,741 15,782 6,606 - 6,271 76,928 Commercial real estate - other 2,680 59,870 131,105 207,819 6,635 17,146 - 13,746 439,001 Total real estate 24,979 153,536 163,402 281,040 6,949 24,912 - 24,314 679,132 Commercial & industrial 43,823 234,573 60,275 159,571 3,745 10,390 - 513,011 Agricultural 1,798 17,514 8,767 33,270 3,207 66,145 Consumer 1,683 6,310 2,860 3,249 14,949 Gross loans $ 72,283 $ 405,645 $ 238,754 $ 474,037 $ 11,750 $ 39,142 $ $ 31,404 $ 1,273,237 Allowance for Credit Losses The allowance is based on management’s estimate of probable losses in the loan portfolio.
  • In addition to the segment evaluations, impaired loans with a balance of $250,000 or more are individually evaluated based on facts and circumstances of the loan to determine if a specific allowance amount may be necessary.
  • The allowance was $17.9 million at December 31, 2024, $19.7 million at December 31, 2023 and $14.7 million at December 31, 2022.
  • See the 2024 Overview for the discussion of the decrease in allowance in 2024.
  • The following table provides an analysis of the activity in our allowance for the periods indicated: For the Year Ended December 31, 2024 2023 2022 (Dollars in thousands) Balance at beginning of the period $ 19,691 $ 14,734 $ 10,316 Impact of CECL adoption - - Provision for credit losses for loans - 21,181 4,468 Charge-offs: Construction & development - - - 1-4 family real estate - - - Commercial real estate - other (275 ) - - Commercial & industrial (2,000 ) (16,500 ) (2 ) Agricultural - (7 ) (50 ) Consumer - (17 ) (22 ) Total charge-offs (2,275 ) (16,524 ) (74 ) Recoveries: Construction & development - - - 1-4 family real estate - - - Commercial real estate - other - - - Commercial & industrial Agricultural Consumer - Total recoveries Net recoveries (charge-offs) (1,773 ) (16,474 ) (50 ) Balance at end of the period $ 17,918 $ 19,691 $ 14,734 Net recoveries (charge-offs) to average loans -0.13 % 1.25 % 0.00 % While the entire allowance is available to absorb losses from any and all loans, the following table represents management’s allocation of the allowance by loan category, and the percentage of allowance in each category, for the periods indicated: As of December 31, 2024 2023 2022 Amount Percent Amount Percent Amount Percent (Dollars in thousands) Construction & development $ 1,223 6.8 % $ 1,417 7.2 % $ 1,889 12.8 % 1-4 family real estate 1,313 7.3 % 1,271 6.5 % 6.0 % Commercial real estate - other 6,992 39.0 % 6,889 35.0 % 5,080 34.5 % Commercial & industrial 6,797 38.0 % 9,237 46.8 % 5,937 40.3 % Agricultural 1,106 6.2 % 3.2 % 5.2 % Consumer 2.7 % 1.3 % 1.2 % Total $ 17,918 100.0 % $ 19,691 100.0 % $ 14,734 100.0 % Nonperforming Assets Loans are considered delinquent when principal or interest payments are past due 30 days or more.
  • Income from loans placed on nonaccrual status continues to be recognized to the extent cash is received and when the collectability of the loan’s principal balance is reasonably assured.
  • Loans accounted for on a nonaccrual basis were $7.2 million as of December 31, 2024, $18.9 million as of December 31, 2023 and $8.0 million as of December 31, 2022.
  • OREO was $321,000, $0, and $0 as of December 31, 2024, December 31, 2023, and December 31, 2022, respectively.
  • The following table presents information regarding nonperforming assets as of the dates indicated.
  • As of December 31, 2024 2023 2022 (Dollars in thousands) Nonaccrual loans (1) $ 7,170 $ 18,941 $ 8,039 Accruing loans 90 or more days past due - 10,026 9,941 Total nonperforming assets $ 7,170 $ 28,967 $ 17,980 Ratio of nonperforming loans to total loans 0.51 % 2.13 % 1.42 % Ratio of nonaccrual loans to total loans 0.51 % 1.39 % 0.63 % Ratio of allowance for credit losses to total loans 1.28 % 1.45 % 1.16 % Ratio of allowance for credit losses to nonaccrual loans 249.90 % 103.96 % 183.28 % Ratio of nonperforming assets to total assets 0.41 % 1.64 % 1.13 % (1) Included in the nonaccrual loans balance are $0 and $10.12 million of loans modified to borrowers experiencing financial difficulty as of December 31, 2024 and December 31, 2023, respectively.
  • The following tables present an aging analysis of loans as of the dates indicated.
  • As of December 31, 2024 Loans 30-59 days past due Loans 60-89 days past due Loans 90+ days past due Loans 90+ days past due and accruing Total past due loans Current Gross loans (Dollars in thousands) Construction & development $ - $ - $ - $ - $ - $ 167,685 $ 167,685 1-4 family real estate - - - - - 121,047 121,047 Commercial real estate - other - 3,426 - 3,529 507,775 511,304 Commercial & industrial - - 506,615 507,023 Agricultural - - - - - 77,922 77,922 Consumer - - - 14,215 14,312 Total $ $ $ 3,426 $ - $ 4,034 $ 1,395,259 $ 1,399,293 As of December 31, 2023 Loans 30-59 days past due Loans 60-89 days past due Loans 90+ days past due Loans 90+ days past due and accruing Total Past Due Loans Current Gross loans (Dollars in thousands) Construction & development $ - $ - $ - $ - $ - $ 137,206 $ 137,206 1-4 family real estate - - - - - 100,576 100,576 Commercial real estate - other - - - - - 518,622 518,622 Commercial & industrial 10,969 9,946 9,946 21,387 504,798 526,185 Agricultural - - - - - 66,495 66,495 Consumer - 14,410 14,517 Total $ $ 10,996 $ 10,026 $ 10,026 $ 21,494 $ 1,342,107 $ 1,363,601 As of December 31, 2022 Loans 30-59 days past due Loans 60-89 days past due Loans 90+ days past due Loans 90+ days past due and accruing Total Past Due Loans Current Gross loans (Dollars in thousands) Construction & development $ - $ - $ - $ - $ - $ 163,203 $ 163,203 1-4 family commerical - - - - - 76,928 76,928 Commercial real estate - other - - - 438,384 439,001 Commercial & industrial - 9,923 9,923 9,944 503,067 513,011 Agricultural - - - 66,141 66,145 Consumer 14,554 14,949 Total $ $ $ 9,945 $ 9,941 $ 10,960 $ 1,262,277 $ 1,273,237 In addition to the past due and nonaccrual criteria, the Company also evaluates loans according to its internal risk grading system.
  • Substandard loans totaled $31.1 million as of December 31, 2023, an increase of $10.1 million compared to December 31, 2022.
  • The total net decrease in substandard loans in 2024 as compared to 2023, is comprised of a net decrease in commercial and industrial substandard loans primarily related to a decrease in one relationship comprised of three notes totaling $18.4 million with a $2.0 million specific reserve, and a net increase in commercial real estate primarily related to two relationships comprised of one note totaling $3.0 million with a $0.2 million specific reserve, and one note totaling $1.45 million with no specific reserve.
  • Outstanding loan balances categorized by internal risk grades as of the periods indicated are summarized as follows: As of December 31, 2024 Pass Watch Special mention Substandard Total (Dollars in thousands) Construction & development $ 165,863 $ - $ 1,259 $ $ 167,685 1-4 family real estate 121,047 - - - 121,047 Commercial real estate - other 498,835 - 7,493 4,976 511,304 Commercial & industrial 493,512 - 3,817 9,694 507,023 Agricultural 74,896 - 3,026 - 77,922 Consumer 14,312 - - - 14,312 Total $ 1,368,465 $ - $ 15,595 $ 15,233 $ 1,399,293 As of December 31, 2023 Pass Watch Special mention Substandard Total (Dollars in thousands) Construction & development $ 136,417 $ - $ $ - $ 137,206 1-4 family real estate 100,576 - - - 100,576 Commercial real estate - other 502,795 - 15,701 518,622 Commercial & industrial 485,433 4,094 5,767 30,891 526,185 Agricultural 66,495 - - - 66,495 Consumer 14,437 - - 14,517 Total $ 1,306,153 $ 4,094 $ 22,257 $ 31,097 $ 1,363,601 As of December 31, 2022 Pass Watch Special mention Substandard Total (Dollars in thousands) Construction & development $ 163,203 $ - $ - $ - $ 163,203 1-4 family real estate 76,928 - - - 76,928 Commercial real estate - other 397,295 14,976 24,747 1,983 439,001 Commercial & industrial 493,412 - 19,015 513,011 Agricultural 65,857 - - 66,145 Consumer 14,927 - - 14,949 Total $ 1,211,622 $ 15,264 $ 25,331 $ 21,020 $ 1,273,237 Deposits We gather deposits primarily through our twelve branch locations and online though our website.
  • As of December 31, 2024, 2023, and 2022 brokered deposits were $336.7 million, $273.5 million, and $249.9 million, respectively.
  • Total uninsured deposits were $354.2 million and $448.7 million at December 31, 2024 and December 31, 2023, respectively, as calculated per regulatory guidance.
  • This was approximately 23.4% and 28.2% of deposits at December 31, 2024 and December 31, 2023, respectively.
  • Total deposits as of December 31, 2024, 2023, and 2022 were $1.52 billion, $1.59 billion and $1.43 billion, respectively.
  • As of December 31, 2024 2023 2022 Amount Percentage of Total Amount Percentage of Total Amount Percentage of Total (Dollars in thousands) Noninterest-bearing demand $ 313,258 20.7 % $ 482,349 30.4 % $ 441,509 30.9 % Interest-bearing transaction deposits 889,679 58.70 % 702,150 44.10 % 669,852 46.80 % Savings deposits 73,379 4.80 % 150,116 9.40 % 136,537 9.50 % Time deposits (less than $250,000) 146,814 9.70 % 168,690 10.60 % 140,929 9.80 % Time deposits ($250,000 or more) 92,341 6.10 % 88,086 5.50 % 42,573 3.00 % Total interest-bearing deposits 1,202,213 79.3 % 1,109,042 69.6 % 989,891 69.1 % Total deposits $ 1,515,471 100.0 % $ 1,591,391 100.0 % $ 1,431,400 100.0 % The following table summarizes our average deposit balances and weighted average rates for the years ended December 31, 2024, 2023, and 2022: For the Year Ended December 31, 2024 2023 2022 Average Balance Weighted Average Rate Average Balance Weighted Average Rate Average Balance Weighted Average Rate (Dollars in thousands) Noninterest-bearing demand $ 381,660 0.00 % $ 433,603 0.00 % $ 432,901 0.00 % Interest-bearing transaction deposits 776,141 3.81 % 705,891 3.42 % 613,799 1.11 % Savings deposits 106,173 3.63 % 119,278 3.74 % 110,818 0.92 % Time deposits 254,057 4.69 % 256,672 4.06 % 165,735 0.89 % Total interest-bearing deposits 1,136,371 3.98 % 1,081,841 3.60 % 890,352 1.05 % Total deposits $ 1,518,031 2.99 % $ 1,515,444 2.57 % $ 1,323,253 0.70 % The following tables set forth the maturity of time deposits as of the dates indicated below: As of December 31, 2024 Maturity Within: Three Months Three to Six Months Six to 12 Months After 12 Months Total (Dollars in thousands) Time deposits (less than $250,000) $ 62,577 $ 38,514 $ 41,345 $ 4,378 $ 146,814 Time deposits ($250,000 or more) 45,667 25,552 18,055 3,067 92,341 Total time deposits $ 108,244 $ 64,066 $ 59,400 $ 7,445 $ 239,155 As of December 31, 2023 Maturity Within: Three Months Three to Six Months Six to 12 Months After 12 Months Total (Dollars in thousands) Time deposits (less than $250,000) $ 52,423 $ 55,570 $ 50,047 $ 10,650 $ 168,690 Time deposits ($250,000 or more) 30,807 18,472 17,492 21,315 88,086 Total time deposits $ 83,230 $ 74,042 $ 67,539 $ 31,965 $ 256,776 Liquidity Liquidity refers to the measure of our ability to meet the cash flow requirements of depositors and borrowers, while at the same time meeting our operating, capital and strategic cash flow needs, all at a reasonable cost.
  • As of December 31, 2024, we had no unsecured fed funds lines with correspondent depository institutions with no amounts advanced.
  • In addition, based on the values of loans pledged as collateral, we had borrowing availability with the FHLB of $190.9 million as of December 31, 2024 and $159.2 million as of December 31, 2023, and we had access to approximately $336.1 million in liquidity with the Federal Reserve Bank as of December 31, 2024 and $0 as of December 31, 2023.
  • Capital Requirements The Bank is subject to various regulatory capital requirements administered by the federal and state banking regulators.
  • As of December 31, 2024, the FDIC categorized the Bank as “well-capitalized” under the prompt corrective action framework.
  • There have been no conditions or events since December 31, 2024 that management believes would change this classification.
  • The table below also summarizes the capital requirements applicable to the Bank in order to be considered “well-capitalized” from a regulatory perspective, as well as the Bank’s capital ratios as of December 31, 2024, 2023, and 2022.
  • Actual With Capital Conservation Buffer Minimum to be “Well- Capitalized” Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2024 Total capital (to risk-weighted assets) Company $ 227,229 15.21 % $ 156,830 10.50 % N/A N/A Bank 227,189 15.22 % 156,723 10.50 % $ 149,260 10.00 % Tier 1 capital (to risk-weighted assets) Company 208,847 13.98 % 126,957 8.50 % N/A N/A Bank 208,807 13.99 % 126,871 8.50 % 119,408 8.00 % CET 1 capital (to risk-weighted assets) Company 208,847 13.98 % 104,553 7.00 % N/A N/A Bank 208,807 13.99 % 104,482 7.00 % 97,019 6.50 % Tier 1 capital (to average assets) Company 208,847 12.19 % N/A N/A N/A N/A Bank 208,807 12.18 % N/A N/A 85,698 5.00 % Actual With Capital Conservation Buffer Minimum to be “Well- Capitalized” Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2023 Total capital (to risk-weighted assets) Company $ 185,171 12.74 % $ 152,579 10.50 % N/A N/A Bank 185,118 12.75 % 152,472 10.50 % $ 145,211 10.00 % Tier 1 capital (to risk-weighted assets) Company 166,982 11.49 % 123,516 8.50 % N/A N/A Bank 166,942 11.50 % 123,429 8.50 % 116,169 8.00 % CET 1 capital (to risk-weighted assets) Company 166,982 11.49 % 101,719 7.00 % N/A N/A Bank 166,942 11.50 % 101,648 7.00 % 94,387 6.50 % Tier 1 capital (to average assets) Company 166,982 9.50 % N/A N/A N/A N/A Bank 166,942 9.50 % N/A N/A 87,897 5.00 % Actual With Capital Conservation Buffer Minimum to be “Well- Capitalized” Under Prompt Corrective Action Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2022 Total capital (to risk-weighted assets) Bank7 Corp. $ 158,158 12.41 % $ 133,862 10.50 % N/A N/A Bank 158,158 12.42 % 133,756 10.50 % $ 127,387 10.00 % Tier 1 capital (to risk-weighted assets) Bank7 Corp. 143,424 11.25 % 108,365 8.50 % N/A N/A Bank 143,424 11.26 % 108,279 8.50 % 101,909 8.00 % CET 1 capital (to risk-weighted assets) Bank7 Corp. 143,424 11.25 % 89,241 7.00 % N/A N/A Bank 143,424 11.26 % 89,171 7.00 % 82,801 6.50 % Tier 1 capital (to average assets) Bank7 Corp. 143,424 9.19 % N/A N/A N/A N/A Bank 143,424 9.18 % N/A N/A 78,111 5.00 % Shareholders’ equity provides a source of permanent funding, allows for future growth and provides a cushion to withstand unforeseen adverse developments.
  • Total shareholders’ equity increased to $213.2 million as of December 31, 2024, compared to $170.3 million as of December 31, 2023 and $144.1 million as of December 31, 2022.
  • Contractual Obligations The following tables contain supplemental information regarding our total contractual obligations as of December 31, 2024 and December 31, 2023: Payments Due as of December 31, 2024 Within One Year One to Three Years Three to Five Years After Five Years Total (Dollars in thousands) Deposits without a stated maturity $ 1,276,316 $ - $ - $ - $ 1,276,316 Time deposits 231,710 6,746 - 239,155 Operating lease commitments 1,874 Total contractual obligations $ 1,508,672 $ 7,262 $ $ $ 1,517,345 Payments Due as of December 31, 2023 Within One Year One to Three Years Three to Five Years After Five Years Total (Dollars in thousands) Deposits without a stated maturity $ 1,334,615 $ - $ - $ - $ 1,334,615 Time deposits 224,811 31,345 - 256,776 Operating lease commitments 2,338 Total contractual obligations $ 1,559,979 $ 31,972 $ $ $ 1,593,729 We believe that we will be able to meet our contractual obligations as they come due through the maintenance of adequate cash levels.
  • The following table summarizes commitments as of the dates presented.
  • As of December 31, 2024 2023 2022 (Dollars in thousands) Commitments to extend credit $ 272,261 $ 256,888 $ 198,027 Standby letters of credit 11,333 4,247 1,043 Total $ 283,594 $ 261,135 $ 199,070 Critical Accounting Policies and Estimates Our accounting and reporting policies conform to GAAP and conform to general practices within the industry in which we operate.
  • Goodwill and Intangibles Intangible assets totaled $878,000 and goodwill, net of accumulated amortization totaled $8.5 million for the year ended December 31, 2024, compared to intangible assets of $1.0 million and goodwill, net of accumulated amortization of $8.5 million for the year ended December 31, 2023.
  • Goodwill is tested annually for impairment or more frequently if other impairment indicators are present.
  • Subsequent increases in goodwill value are not recognized in the accompanying consolidated financial statements.
  • Income Taxes The Company files a consolidated income tax return.
  • Deferred taxes are recognized under the balance sheet method based upon the future tax consequences of temporary differences between the carrying amounts and tax basis of assets and liabilities, using the tax rates expected to apply to taxable income in the periods when the related temporary differences are expected to be realized.
  • The amount of accrued current and deferred income taxes is based on estimates of taxes due or receivable from taxing authorities either currently or in the future.
  • Changes in these accruals are reported as tax expense, and involve estimates of the various components included in determining taxable income, tax credits, other taxes and temporary differences.
  • Changes periodically occur in the estimates due to changes in tax rates, tax laws and regulations and implementation of new tax planning strategies.
  • The process of determining the accruals for income taxes necessarily involves the exercise of considerable judgment and consideration of numerous subjective factors.

and 306 more.

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