Bank7 (NASDAQ:BSVN) reports strong growth in Q1 2024 results
Bank7 Corp. (NASDAQ:BSVN), the parent company of Oklahoma City-based Bank7, today announced its unaudited financial results for the first quarter ended March 31, 2024, showcasing notable year-over-year improvements.
The company reported a net income of $11.3 million for the quarter, marking a significant increase of 17.50% compared to $9.6 million in the same period last year.
Earnings per share also rose to $1.21 from $1.04, reflecting a 16.35% increase.
Meanwhile, Bank7's total assets grew to $1.8 billion, up 6.89% from $1.7 billion, while total loans increased by 7.39% to $1.4 billion from $1.3 billion previously.
The bank also reported a 14.22% increase in property, plant, and equipment (PPE) investments, totaling $14.9 million up from $13 million.
Additionally, the bank's total interest income for the quarter was $33.3 million, a substantial rise of 21.57% from $27.4 million in the first quarter of 2023.
These strong financial metrics affirm Bank7's stable fiscal health and ongoing commitment to growth and profitability.
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