Bank7 4Q Earnings Soar as Recovery From Bankrupt Loan Customer Continues

Dow Jones

Jan 16, 2025

By Owen Tucker-Smith

Bank7's fourth-quarter profit soared, as the bank continued its recovery after a loan customer declared bankruptcy in 2023.

The Oklahoma City-based company reported net income of $11.1 million, or $1.16 a share, compared with $1.1 million, or 12 cents a share, a year earlier. Analysts surveyed by FactSet had expected earnings of $1.09 a share.

Bank7's assets dropped to $1.74 billion from $1.77 billion a year ago. Analysts were expecting total assets of $1.77 billion. Available-for-sale debt securities dropped to $59.9 million from $169.5 million a year ago.

The bank's earnings were hurt throughout 2023 and 2024 due to a negative impact of a loan customer declaring bankruptcy. The year-ago quarter included a provision for credit losses of $15.5 million.

Bank7 noted in previous quarters that the fallout from the bankruptcy had been costly and led to significant litigation, weighing on its balance sheet, even while the rest of its business performed well.

Write to owen.tucker-smith@wsj.com

(END) Dow Jones Newswires

January 16, 2025 08:24 ET (13:24 GMT)

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