BSVN 10-Q Quarterly Report Sept. 30, 2025 | Alphaminr
ALPHAMINR

BSVN 10-Q Quarter ended Sept. 30, 2025

Balance Sheet
Cash Flow
Income Statement
Debt
BANK7 CORP.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
​
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-38656
​
BANK7 CORP.
(Exact name of registrant as specified in its charter)
Oklahoma
​
20-0763496
(State or other jurisdiction of incorporation or organization)
​
(I.R.S. Employer Identification Number)

1039 N.W. 63 rd Street , Oklahoma City , Oklahoma
​
73116-7361
(Address of principal executive offices)
​
(Zip Code)
Registrant’s telephone number, including area code: ( 405 ) 810-8600
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which
registered
Common Stock, $0.01 par value per Share
BSVN
The NASDAQ Global Select Market System
​Securities registered pursuant to Section 12(g) of the Act: None
​
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒   No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an “emerging growth company”. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
☐
Accelerated filer
☒
Non-accelerated filer
☐
Smaller reporting company
☒
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of November 7, 2025, the registrant had 9,453,390 shares of common stock, par value $0.01, outstanding.

TABLE OF CONTENTS
Page
PART I.
FINANCIAL INFORMATION
Item 1.
Financial Statements
2
3
4
5
6
Item 2.
35
Item 3.
54
Item 4.
55
PART II.
56
Item 1.
56
Item 1A.
56
Item 2.
56
Item 3.
56
Item 4.
56
Item 5.
56
Item 6.
57
57
Forward-Looking Statements
This Form 10-Q contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in (or conveyed orally regarding) this presentation may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this presentation should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on its current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause such differences are discussed in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, and may be discussed from time to time in our other SEC filings, including our Quarterly Reports.  If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as may be required by law. All forward-looking statements herein are qualified by these cautionary statements.
Bank7 Corp.
Unaudited Condensed Consolidated Balance Sheets
(Dollar amounts in thousands, except par value and share data)

Assets
September 30,
2025
(unaudited)
December 31,
2024
Cash and due from banks
$
241,768
$
234,196
Interest-bearing time deposits in other banks
14,935
6,719
Available-for-sale debt securities (amortized cost of $ 58,771 and  $ 66,445 at September 30, 2025 and December 31, 2024, respectively)
54,858
59,941
Loans, net of allowance for credit losses of $ 19,405 and $ 17,918 at September 30, 2025 and December 31, 2024, respectively
1,514,822
1,379,465
Loans held for sale
1,883
-
Premises and equipment, net
21,057
18,137
Nonmarketable equity securities
1,169
1,283
Core deposit intangibles
784
878
Goodwill
11,208
8,458
Interest receivable and other assets
28,951
30,731
Total assets
$
1,891,435
$
1,739,808
Liabilities and Shareholders’ Equity
Deposits
Noninterest-bearing
$
340,985
$
313,258
Interest-bearing
1,295,842
1,202,213
Total deposits
1,636,827
1,515,471
Income taxes payable
146
77
Interest payable and other liabilities
12,726
11,047
Total liabilities
1,649,699
1,526,595
Shareholders’ equity
Common stock, $ 0.01 par value; 50,000,000 shares authorized; shares issued and outstanding: 9,451,979 and 9,390,211 at September 30, 2025 and December 31, 2024, respectively
95
94
Additional paid-in capital
103,184
101,809
Retained earnings
141,478
116,281
Accumulated other comprehensive loss
( 3,021
)
( 4,971
)
Total shareholders’ equity
241,736
213,213
Total liabilities and shareholders’ equity
$
1,891,435
$
1,739,808

See accompanying notes to Condensed Consolidated Financial Statements
2
Bank7 Corp.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Dollar amounts in thousands, except share and per share data)

Three months ended
September 30,
Nine months ended
September 30,
2025
2024
2025
2024
Interest Income
Loans, including fees
$
30,914
$
30,791
$
87,207
$
89,834
Interest-bearing time deposits in other banks
160
177
406
675
Debt securities, taxable
266
303
827
2,266
Debt securities, tax-exempt
60
69
187
214
Other interest and dividend income
2,317
2,148
7,315
6,221
Total interest income
33,717
33,488
95,942
99,210
Interest Expense
Deposits
10,691
12,271
30,334
34,752
Total interest expense
10,691
12,271
30,334
34,752
Net Interest Income
23,026
21,217
65,608
64,458
Provision for Credit Losses
700
-
700
-
Net Interest Income After Provision for Credit Losses
22,326
21,217
64,908
64,458
Noninterest Income
Mortgage lending income
391
103
1,000
233
Loss on sales, prepayments, and calls of available-for-sale debt securities
( 10
)
( 4
)
( 10
)
( 4
)
Service charges on deposit accounts
248
233
697
742
Other
1,581
3,345
4,976
7,881
Total noninterest income
2,210
3,677
6,663
8,852
Noninterest Expense
Salaries and employee benefits
5,829
5,333
16,829
15,740
Furniture and equipment
342
258
954
813
Occupancy
668
711
1,890
1,985
Data and item processing
515
498
1,615
1,437
Accounting, marketing and legal fees
221
218
484
582
Regulatory assessments
248
261
545
984
Advertising and public relations
212
129
629
358
Travel, lodging and entertainment
112
87
289
270
Other
2,203
1,903
5,729
5,507
Total noninterest expense
10,350
9,398
28,964
27,676
Income Before Taxes
14,186
15,496
42,607
45,634
Income tax expense
3,342
3,719
10,322
11,045
Net Income
$
10,844
$
11,777
$
32,285
$
34,589
Earnings per common share - basic
$
1.15
$
1.26
$
3.42
$
3.73
Earnings per common share - diluted
1.13
1.24
3.38
3.68
Weighted average common shares outstanding - basic
9,450,984
9,323,622
9,440,655
9,264,616
Weighted average common shares outstanding - diluted
9,597,914
9,498,318
9,565,726
9,402,214
Other Comprehensive Income

Unrealized gains on securities, net of tax expense of $ 223 and $ 515 for the three months ended September 30, 2025 and 2024, respectively; net of tax expense of $ 642 and $ 638 for the nine months ended September 30, 2025 and 2024, respectively
$
713
$
1,628
$
1,942
$
2,025
Reclassification adjustment for realized losses included in net income net of tax of $ 2 and $ 1 for the three months ended September 30, 2025, and 2024, respectively; $ 2 and $ 1 for the nine months ended September 30, 2025 and 2024, respectively
8
3
8
3
Other comprehensive income
$
721
$
1,631
$
1,950
$
2,028
Comprehensive Income
$
11,565
$
13,408
$
34,235
$
36,617

See accompanying notes to Condensed Consolidated Financial Statements
3
Bank7 Corp.
Unaudited Condensed Consolidated Statements of Shareholders’ Equity
(Dollar amounts in thousands, except share and per share data)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Common Stock  (Shares)
Balance at beginning of period
9,449,319
9,253,038
9,390,211
9,197,696
Exercise of employee stock options
1,250
87,819
9,313
106,820
Shares issued for restricted stock units
1,625
625
76,088
52,261
Shares acquired and retired
( 215
)
( 215
)
( 23,633
)
( 15,510
)
Balance at end of period
9,451,979
9,341,267
9,451,979
9,341,267
Common Stock (Amount)
Balance at beginning of period
$
94
$
93
$
94
$
92
Net shares purchased and retired for restricted stock units and issued for stock options
1
-
1
1
Balance at end of period
$
95
$
93
$
95
$
93
Additional Paid-in Capital
Balance at beginning of period
$
102,321
$
98,570
$
101,809
$
97,417
Shares purchased and retired for restricted stock units
( 9
)
( 7
)
( 1,026
)
( 425
)
Exercise of stock options
30
1,576
145
1,906
Stock-based compensation expense
842
621
2,256
1,862
Balance at end of period
$
103,184
$
100,760
$
103,184
$
100,760
Retained Earnings
Balance at beginning of period
$
133,186
$
97,891
$
116,281
$
78,962
Net income
10,844
11,777
32,285
34,589
Cash dividends declared ($ 0.27 and $ 0.24 per share for the three months ended September 30, 2025 and 2024, respectively; $ 0.75 and $ 0.66 per share for the nine months ended September 30, 2025 and 2024, respectively)
( 2,552
)
( 2,242
)
( 7,088
)
( 6,125
)
Balance at end of period
$
141,478
$
107,426
$
141,478
$
107,426
Accumulated Other Comprehensive Loss
Balance at beginning of period
$
( 3,742
)
$
( 5,748
)
$
( 4,971
)
$
( 6,145
)
Comprehensive income
721
1,631
1,950
2,028
Balance at end of period
$
( 3,021
)
$
( 4,117
)
$
( 3,021
)
$
( 4,117
)
Total Shareholders' equity
$
241,736
$
204,162
$
241,736
$
204,162
See accompanying notes to Condensed Consolidated Financial Statements
4
Bank7 Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
(Dollar Amounts in thousands)

Nine Months Ended
September 30,
2025
2024
Operating Activities
Net income
$
32,285
$
34,589
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization
830
811
Provision for credit losses
700
-
Amortization (Accretion) of premiums and discounts on securities
153
( 866
)
Gain on sales of loans held for sale
( 1,000
)
( 233
)
Net loss on sale of available-for-sale debt securities
10
4
Stock-based compensation expense
2,256
1,862
Gain on sale of premises and equipment
-
( 123
)
Cash receipts from the sale of loans originated for sale
40,298
13,994
Cash disbursements for loans originated for sale
( 41,181
)
( 13,043
)
Deferred income tax expense
25
111
Changes in
Interest receivable and other assets
1,251
3,043
Interest payable and other liabilities
1,450
1,805
Net cash provided by operating activities
37,077
41,954
Investing Activities
Net cash paid for acquisition
( 2,750
)
-
Maturities of interest-bearing time deposits in other banks
7,213
15,223
Purchases of interest-bearing time deposits in other banks
( 15,429
)
( 6,259
)
Maturities, prepayments and calls of available-for-sale debt securities
7,512
191,732
Purchases of available-for-sale debt securities
( 40
)
( 83,877
)
Net change in loans
( 136,195
)
( 78,844
)
Purchases of premises and equipment
( 3,656
)
( 2,891
)
Proceeds from sale of premises and equipment
-
143
Change in nonmarketable equity securities
154
5
Net cash (used in) provided by investing activities
( 143,191
)
35,232
Financing Activities
Net change in deposits
121,356
( 67,175
)
Cash dividends paid
( 6,790
)
( 5,815
)
Shares purchased and retired for restricted stock units
( 1,026
)
( 425
)
Net settlement of stock options
145
1,906
Common stock issued for restricted stock units
1
1
Net cash provided by (used in) financing activities
113,686
( 71,508
)
Net Increase in Cash and Due from Banks
7,572
5,678
Cash and Due from Banks, Beginning of Period
234,196
181,042
Cash and Due from Banks, End of Period
$
241,768
$
186,720
Supplemental Disclosure of Cash Flows Information
Interest paid
$
30,345
$
34,701
Income taxes paid
$
10,419
$
10,872
Dividends declared and not paid
$
2,552
$
2,242

See accompanying notes to Condensed Consolidated Financial Statements
5
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements

Note 1: Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations
Bank7 Corp. (the “Company”) is a bank holding company whose principal activity is the ownership and management of its wholly owned subsidiary, Bank7 (the “Bank”).  The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers located in Oklahoma, Texas, and Kansas.  The Bank is subject to competition from other financial institutions.  The Company is subject to the regulation of certain federal agencies and undergoes periodic examinations by those regulatory authorities.
Basis of Presentation
The accompanying unaudited interim condensed consolidated financial statements contained herein reflect all adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position, results of operations, and cash flows of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. There have been no significant changes in the accounting policies of the Company since December 31, 2024, the date of the most recent annual report.  The condensed consolidated balance sheet of the Company as of December 31, 2024 has been derived from the audited consolidated balance sheet of the Company as of that date. Certain information and notes normally included in the Company’s annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The information contained in the financial statements and footnotes included in Company’s annual report for the year ended December 31, 2024, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company, the Bank and its three subsidiaries, 1039 NW 63 rd , LLC, which holds real estate utilized by the Bank, Giddings Production, LLC, which is engaged in the production of oil, natural gas and natural liquid (“NGL”) reserves in Texas, and First American Mortgage LLC, which is a provider of residential mortgages lending services. All significant intercompany accounts and transactions have been eliminated in consolidation.
Segments
The Company continues to operate as a single reportable segment, the Bank, as described in Note 1 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.  The Chief Executive Officer, who is the Company’s chief operating decision-maker (“CODM”), manages the Company and evaluates financial performance on a company-wide basis. The Company's net income and total assets are the key measures used by the CODM.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, income taxes, goodwill and intangibles and fair values of financial instruments.

6
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Recent Accounting Pronouncements
Standards Not Yet Adopted:
In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). This update provides targeted refinements to the scope of derivative accounting. The standard is effective for annual periods beginning after December 15, 2026. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). This update amends the accounting for costs capitalized for internal-use software. The Company utilizes third-party software primarily through service and subscription arrangements, and as such, does not capitalize significant costs related to internal-use software. Accordingly, the adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update provides a practical expedient allowing entities to assume that current economic conditions will remain unchanged for the life of short-term financial assets, such as trade receivables, that arise from contracts with customers. The standard is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of this new guidance, but does not expect its adoption to have a material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments are effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. The Company does not currently have any convertible debt instruments; therefore, the Company does not expect the adoption of this ASU to have a material impact on its consolidated financial position, results of operations, or disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures. This ASU requires public business entities to disclose disaggregated information about certain expense captions, including compensation costs, depreciation and amortization, advertising costs, shipping and handling costs, and research and development costs, in the notes to their financial statements. The amendments, as clarified by ASU 2025-01 in January 2025, are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial position, results of operations, or disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), primarily focused on income tax disclosures regarding effective tax rates and cash income taxes paid. ASU 2023-09 requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate). ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company has evaluated the impact of adopting ASU 2023-09 and concluded that the adoption impact is not material as it will primarily result in expanded income tax disclosures in the notes to the financial statements.
7
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 2: Recent Events, Including Mergers and Acquisitions
Acquisition
On October 31, 2023, the Company entered into an asset purchase and sale agreement, effective September 1, 2023 , to acquire proven oil and natural gas properties from HB2 Origination, LLC, which consisted of nine wells in formations in four counties in Texas for $ 15.4 million in cash. On November 17, 2023, the transaction closed for a total purchase price of $ 15.1 million, after closing adjustments. As a part of the purchase, the Company assumed asset retirement obligations of $ 0.4 million that were included in “interest payable and other liabilities” on the consolidated balance sheets as of December 31, 2023. The acquisition was considered an asset acquisition and did not meet the definition of a business under ASC 805, Business Combinations . Additionally, transaction costs of $ 1.4 million were capitalized into oil and gas properties related to this acquisition. The purchase price and related asset retirement obligations were allocated based on the relative fair values of the assets acquired and $ 1.7 million was allocated to proved leasehold costs while the remaining $ 15.4 million was allocated to “interest receivable and other assets” on the consolidated balance sheets.
The Company had oil and gas assets and related receivables included in “interest receivable and other assets” on the consolidated balance sheets of $ 9.8 million and $ 12.1 million, and assets retirement obligations and oil and gas related liabilities included in “interest payable and other liabilities” on the consolidated balance sheets of $ 0.9 million and $ 0.9 million as of September 30, 2025 and December 31, 2024, respectively.
The Company had oil and gas related revenues included in “Other” noninterest income on the consolidated statements of comprehensive income of $ 1.3 million and $ 2.9 million, and oil and gas related expenses included in “Other” noninterest expense on the consolidated statements of comprehensive income of $ 1.4 million and $ 1.2 million for the three months ended September 30, 2025 and September 30, 2024, respectively. The Company had oil and gas related revenues included in “Other” noninterest income on the consolidated statements of comprehensive income of $ 4.0 million and $ 6.7 million, and oil and gas related expenses included in “Other” noninterest expense on the consolidated statements of comprehensive income of $ 3.4 million and $ 3.5 million for the nine months ended September 30, 2025 and September 30, 2024, respectively.
8
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 3: Earnings per Share
Basic earnings per common share represents the amount of earnings for the period available to each share of common stock outstanding during the reporting period. Basic earnings per share (“EPS”) is computed based upon net income divided by the weighted average number of common shares outstanding during the period.
Diluted EPS represents the amount of earnings for the period available to each share of common stock outstanding including common stock that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during each reporting period. Diluted EPS is computed based upon net income divided by the weighted average number of common shares outstanding during each period, adjusted for the effect of dilutive potential common shares, such as restricted stock awards and nonqualified stock options, calculated using the treasury stock method.
The following table shows the computation of basic and diluted earnings per share:
As of and for the three months
ended September 30,
As of and for the nine months
ended September 30,
2025
2024
2025
2024
(Dollars in thousands, except share and per share amounts)
Numerator
Net income
$
10,844
$
11,777
$
32,285
$
34,589
Denominator
Weighted-average shares outstanding for basic earnings per share
9,450,984
9,323,622
9,440,655
9,264,616
Dilutive effect of stock compensation (1)
146,930
174,696
125,071
137,598
Denominator for diluted earnings per share
9,597,914
9,498,318
9,565,726
9,402,214
Earnings per common share
Basic
$
1.15
$
1.26
$
3.42
$
3.73
Diluted
$
1.13
$
1.24
$
3.38
$
3.68

(1) The following have not been included in diluted earnings per share because to do so would have been antidilutive for the periods presented: Nonqualified stock options outstanding of 0 and 0 for the three month periods ended September 30, 2025 and 2024, respectively, and 0 and 0 for the nine month periods ended September 30, 2025 and 2024, respectively; Restricted stock units of 0 and 0 for the three month periods ended September 30, 2025 and 2024, respectively, and 0 and 0 for the nine month periods ended September 30, 2025 and 2024, respectively.

9
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 4: Debt Securities
The following table summarizes the amortized cost and fair value of debt securities available-for-sale at September 30, 2025 and December 31, 2024 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss):
Gross Unrealized
Gross Unrealized
(in thousands)
Amortized Cost
Gains
Losses
Fair Value
Available-for-sale as of September 30, 2025
U.S. federal agencies
$
28
$
-
$
-
$
28
Mortgage-backed securities (1)(2)
28,487
-
( 2,150
)
26,337
State and political subdivisions
18,742
1
( 726
)
18,017
U.S. treasuries
6,014
-
( 452
)
5,562
Corporate debt securities
5,500
-
( 586
)
4,914
Total available-for-sale
58,771
1
( 3,914
)
54,858
Total debt securities
$
58,771
$
1
$
( 3,914
)
$
54,858

Gross Unrealized
Gross Unrealized
(in thousands)
Amortized Cost
Gains
Losses
Fair Value
Available-for-sale as of December 31, 2024
U.S. federal agencies
$
64
$
-
$
-
$
64
Mortgage-backed securities (1)(2)
33,704
-
( 3,508
)
30,196
State and political subdivisions
21,156
-
( 1,430
)
19,726
U.S. treasuries
6,021
-
( 695
)
5,326
Corporate debt securities
5,500
-
( 871
)
4,629
Total available-for-sale
66,445
-
( 6,504
)
59,941
Total debt securities
$
66,445
$
-
$
( 6,504
)
$
59,941

(1) All mortgage-backed securities and collateralized mortgage obligations are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored entities.
(2) Included in amortized cost of mortgage-backed securities is $ 19.70 million and $ 21.97 million of residential mortgage-backed securities and $ 8.79 million and $ 11.73 million of commercial mortgage-backed securities as of September 30, 2025 and December 31, 2024, respectively.

10
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
The amortized cost and estimated fair value of investment securities at September 30, 2025 and December 31, 2024, by contractual maturity, are shown below. The expected life of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay the underlying mortgage loans with or without call or prepayment penalties.
(in thousands)
Amortized Cost
Fair Value
Available-for-sale as of September 30, 2025
Due in one year or less
$
3,143
$
3,118
Due after one year through five years
14,809
14,202
Due after five years through ten years
12,332
11,201
Due after ten years
-
-
Mortgage-backed securities
28,487
26,337
Total available-for-sale
$
58,771
$
54,858

(in thousands)
Amortized Cost
Fair Value
Available-for-sale as of December 31, 2024
Due in one year or less
$
2,061
$
2,028
Due after one year through five years
16,345
15,315
Due after five years through ten years
14,335
12,402
Due after ten years
-
-
Mortgage-backed securities
33,704
30,196
Total available-for-sale
$
66,445
$
59,941

There were no holdings of securities of issuers in an amount greater than 10% of stockholders’ equity at September 30, 2025.

The following table presents a summary of realized gains and losses from the sale, prepayment and call of debt securities for the three and nine months ended September 30, 2025 and September 30, 2024.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
(in thousands)
Proceeds from sales, maturities, prepayments and calls
$
3,197
$
3,196
$
7,512
$
191,732
Gross realized gains on sales, prepayments and calls
-
-
-
-
Gross realized losses on sales, prepayments and calls
( 10
)
( 4
)
( 10
)
( 4
)
Total realized (losses), net
$
( 10
)
$
( 4
)
$
( 10
)
$
( 4
)
The following table details book value of pledged securities as of September 30, 2025 and December 31, 2024:
(in thousands)
September 30,
2025
December 31,
2024
Book value of pledged securities
$
17,389
$
19,071

11
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
The following table details gross unrealized losses and fair values of investment securities aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at September 30, 2025 and December 31, 2024. As of September 30, 2025, the Company had the ability and intent to hold the debt securities classified as available-for-sale for a period of time sufficient for a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying debt securities were purchased or acquired. The fair value of those debt securities having unrealized losses is expected to recover as the securities approach their maturity date or repricing date, or if market yields for such investments decline. Management has no intent or requirement to sell before the recovery of the unrealized loss; therefore, no impairment loss was realized in the Company’s consolidated statements of comprehensive income. As of September 30, 2025 and December 31, 2024, there was no allowance for credit losses recorded related to investment securities.
Less than Twelve Months
Twelve Months or Longer
Total
Number of
Gross Unrealized
Gross Unrealized
Gross Unrealized
Investments
Fair Value
Losses
Fair Value
Losses
Fair Value
Losses
(in thousands)
Available-for-sale as of September 30, 2025
U.S. federal agencies
1
$
-
$
-
$
2
$
-
$
2
$
-
Mortgage-backed securities
24
-
-
26,337
( 2,150
)
26,337
( 2,150
)
State and political subdivisions (1)
55
-
-
17,442
( 726
)
17,442
( 726
)
U.S. treasuries
6
-
-
5,562
( 452
)
5,562
( 452
)
Corporate debt securities (2)
4
-
-
4,914
( 586
)
4,914
( 586
)
Total available-for-sale
90
$
-
$
-
$
54,257
$
( 3,914
)
$
54,257
$
( 3,914
)

Less than Twelve Months
Twelve Months or Longer
Total
Number of
Gross Unrealized
Gross Unrealized
Gross Unrealized
Investments
Fair Value
Losses
Fair Value
Losses
Fair Value
Losses
(in thousands)
Available-for-sale as of December 31, 2024
U.S. federal agencies
2
$
-
$
-
$
64
$
-
$
64
$
-
Mortgage-backed securities
30
-
-
30,196
$
( 3,508
)
30,196
( 3,508
)
State and political subdivisions (1)
62
499
-
19,227
$
( 1,430
)
19,726
( 1,430
)
U.S. treasuries
6
-
-
5,326
$
( 695
)
5,326
( 695
)
Corporate debt securities (2)
4
-
-
4,629
$
( 871
)
4,629
( 871
)
Total available-for-sale
104
$
499
$
-
$
59,442
$
( 6,504
)
$
59,941
$
( 6,504
)

(1) The state and political subdivision securities, $ 16.57 million and $ 17.83 million are rated BBB+ or better and $ 1.45 million and $ 1.90 million are not rated as of September 30, 2025 and December 31, 2024, respectively.
(2) The corporate debt securities are not rated.

12
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 5: Loans and Allowance for Credit Losses
A summary of loans at September 30, 2025 and December 31, 2024, are as follows (dollars in thousands):
September 30,
2025
December 31,
2024
Construction & development
$
194,000
$
167,685
1 - 4 family real estate
119,318
121,047
Commercial real estate - other
557,587
511,304
Total commercial real estate
870,905
800,036
Commercial & industrial
575,530
507,023
Agricultural
76,337
77,922
Consumer
14,504
14,312
Gross loans
1,537,276
1,399,293
Less allowance for credit losses
( 19,405
)
( 17,918
)
Less deferred loan fees
( 3,049
)
( 1,910
)
Net loans
$
1,514,822
$
1,379,465

13
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
The following table presents, by portfolio segment, the activity in the allowance for credit losses for the three months ended September 30, 2025 and 2024 (dollars in thousands):
Construction &
1 - 4 Family
Commercial
Real Estate -
Commercial
Development
Real Estate
Other
& Industrial
Agricultural
Consumer
Total
September 30, 2025
Loans
Balance, beginning of period
$
1,276
$
1,099
$
7,403
$
7,011
$
951
$
482
$
18,222
Charge-offs
-
-
-
-
-
-
-
Recoveries
-
-
-
482
1
-
483
Net (charge-offs) recoveries
-
-
-
482
1
-
483
Provision (credit) for credit losses
( 73
)
( 123
)
( 258
)
1,232
( 25
)
( 53
)
700
Balance, end of period
$
1,203
$
976
$
7,145
$
8,725
$
927
$
429
$
19,405
Unfunded Commitments
Balance, beginning of period
$
200
$
6
$
47
$
166
$
42
$
3
$
464
Provision (credit) for credit losses
( 97
)
35
( 14
)
88
( 12
)
-
-
Balance, end of period
$
103
$
41
$
33
$
254
$
30
$
3
$
464
Total allowance for credit losses and reserve for unfunded commitments
$
1,306
$
1,017
$
7,178
$
8,979
$
957
$
432
$
19,869
Total provision (credit) for credit losses
$
( 170
)
$
( 88
)
$
( 272
)
$
1,320
$
( 37
)
$
( 53
)
$
700

Commercial
Construction &
1 - 4 Family
Real Estate -
Commercial
Development
Real Estate
Other
& Industrial
Agricultural
Consumer
Total
September 30, 2024
Loans
Balance, beginning of period
$
1,810
$
1,491
$
6,912
$
6,601
$
698
$
260
$
17,772
Charge-offs
-
-
-
-
-
-
-
Recoveries
-
-
-
98
3
-
101
Net (charge-offs) recoveries
-
-
-
98
3
-
101
Provision (credit) for credit losses
( 158
)
( 113
)
( 64
)
385
( 22
)
( 28
)
-
Balance, end of period
$
1,652
$
1,378
$
6,848
$
7,084
$
679
$
232
$
17,873
Unfunded Commitments
Balance, beginning of period
$
154
$
6
$
10
$
278
$
13
$
3
$
464
Provision (credit) for credit losses
23
( 2
)
( 4
)
( 19
)
2
-
-
Balance, end of period
$
177
$
4
$
6
$
259
$
15
$
3
$
464
Total allowance for credit losses and reserve for unfunded commitments
$
1,829
$
1,382
$
6,854
$
7,343
$
694
$
235
$
18,337
Total provision (credit) for credit losses
$
( 135
)
$
( 115
)
$
( 68
)
$
366
$
( 20
)
$
( 28
)
$
-

14
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
The following table presents, by portfolio segment, the activity in the allowance for credit losses for the nine months ended September 30, 2025 and 2024 (dollars in thousands):
Commercial
Construction &
1 - 4 Family
Real Estate -
Commercial
Development
Real Estate
Other
& Industrial
Agricultural
Consumer
Total
September 30, 2025
Loans
Balance, beginning of period
$
1,223
$
1,313
$
6,992
$
6,797
$
1,106
$
487
$
17,918
Charge-offs
-
-
( 197
)
-
-
( 3
)
( 200
)
Recoveries
-
-
17
963
4
3
987
Net (charge-offs) recoveries
-
-
( 180
)
963
4
-
787
Provision (credit) for credit losses
( 20
)
( 337
)
333
965
( 183
)
( 58
)
700
Balance, end of period
$
1,203
$
976
$
7,145
$
8,725
$
927
$
429
$
19,405
Unfunded Commitments
Balance, beginning of period
$
202
$
6
$
9
$
230
$
14
$
3
$
464
Provision (credit) for credit losses
( 99
)
35
24
24
16
-
-
Balance, end of period
$
103
$
41
$
33
$
254
$
30
$
3
$
464
Total allowance for credit losses and reserve for unfunded commitments
$
1,306
$
1,017
$
7,178
$
8,979
$
957
$
432
$
19,869
Total provision (credit) for credit losses
$
( 119
)
$
( 302
)
$
357
$
989
$
( 167
)
$
( 58
)
$
700

Commercial
Construction &
1 - 4 Family
Real Estate -
Commercial
Development
Real Estate
Other
& Industrial
Agricultural
Consumer
Total
September 30, 2024
Loans
Balance, beginning of period
$
1,417
$
1,271
$
6,889
$
9,237
$
628
$
249
$
19,691
Charge-offs
-
-
-
( 2,000
)
-
-
( 2,000
)
Recoveries
-
-
-
176
6
-
182
Net (charge-offs) recoveries
-
-
-
( 1,824
)
6
-
( 1,818
)
Provision (credit) for credit losses
235
107
( 41
)
( 329
)
45
( 17
)
-
Balance, end of period
$
1,652
$
1,378
$
6,848
$
7,084
$
679
$
232
$
17,873
Unfunded Commitments
Balance, beginning of period
$
158
$
4
$
8
$
280
$
11
$
3
$
464
Provision (credit) for credit losses
19
-
( 2
)
( 21
)
4
-
-
Balance, end of period
$
177
$
4
$
6
$
259
$
15
$
3
$
464

Total allowance for credit losses and reserve for unfunded commitments
$
1,829
$
1,382
$
6,854
$
7,343
$
694
$
235
$
18,337
Total provision (credit) for credit losses
$
254
$
107
$
( 43
)
$
( 350
)
$
49
$
( 17
)
$
-

15
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Internal Risk Categories
Each loan segment is made up of loan categories possessing similar risk characteristics.
Risk characteristics applicable to each segment of the loan portfolio are described as follows:
Real Estate – The real estate portfolio consists of residential and commercial properties loans.  Residential loans are generally secured by owner occupied 1–4 family residences.  Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers.  Credit risk in these loans can be impacted by economic conditions within the Company’s market areas that might impact either property values or a borrower’s personal income.  Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers.  Commercial real estate loans in this category typically involve larger principal amounts and are repaid primarily from the cash flow of a borrower’s principal business operation, the sale of the real estate or income independent of the loan purpose.  Credit risk in these loans is driven by the creditworthiness of a borrower, property values, the local economy and other economic conditions impacting a borrower’s business or personal income.
Commercial & Industrial – The commercial portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions.  The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation.  Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations.
Agricultural – Loans secured by agricultural assets are generally made for the purpose of acquiring land devoted to crop production, cattle or poultry or the operation of a similar type of business on the secured property.  Sources of repayment for these loans generally include income generated from operations of a business on the property, rental income or sales of the property.  Credit risk in these loans may be impacted by crop and commodity prices, the creditworthiness of a borrower, and changes in economic conditions which might affect underlying property values and the local economies in the Company’s market areas.
Consumer – The consumer loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes. Residential loans in this category are generally secured by owner occupied 1–4 family residences. Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose.  Credit risk is driven by consumer economic factors, such as unemployment and general economic conditions in the Company’s market area and the creditworthiness of a borrower.
16
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Loan grades are numbered 1 through 4.  Grade of 1, or Pass, is considered satisfactory. The grades of 2 and 3, or Watch and Special Mention, respectively, represent loans of lower quality and are considered criticized.  Grade of 4, or Substandard, refers to loans that are classified.

•
Grade 1 (Pass) – These loans generally conform to Bank policies, and are characterized by policy conforming advance rates on collateral, and have well-defined repayment sources. In addition, these credits are extended to borrowers and/or guarantors with a strong balance sheet and either substantial liquidity or a reliable income history.

•
Grade 2 (Watch) – These loans are still considered “Pass” credits; however, various factors such as industry stress, material changes in cash flow or financial conditions, or deficiencies in loan documentation, or other risk issues determined by the Lending Officer, Commercial Loan Committee, or Credit Quality Committee warrant a heightened sense and frequency of monitoring.

•
Grade 3 (Special Mention) – These loans must have observable weaknesses or evidence of imprudent handling or structural issues. The weaknesses require close attention and the remediation of those weaknesses is necessary. No risk of probable loss exists. Credits in this category are expected to quickly migrate to a “2” or a “4” as this is viewed as a transitory loan grade.

•
Grade 4 (Substandard) – These loans are not adequately protected by the sound worth and debt service capacity of the borrower, but may be well secured. They have defined weaknesses relative to cash flow, collateral, financial condition, or other factors that might jeopardize repayment of all of the principal and interest on a timely basis. There is the possibility that a future loss will occur if weaknesses are not remediated.
The Company evaluates the definitions of loan grades and the allowance for credit losses methodology on an ongoing basis.  No changes were made to either during the period ended September 30, 2025.
17
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
The following tables presents the amortized cost of the Company’s loan portfolio by year of origination based on internal rating category as of September 30, 2025 and December 31, 2024, respectively (dollars in thousands).
As of September 30, 2025
2025
2024
2023
2022
2021
Prior
Revolving
Loans
Amortized
Cost Basis
Total
Construction & development
Grade
1 (Pass)
$
31,181
$
24,395
$
767
$
126
$
222
$
104
$
135,239
$
192,034
2 (Watch)
-
-
-
-
-
-
-
-
3 (Special Mention)
-
1,323
-
-
-
-
-
1,323
4 (Substandard)
563
-
-
-
-
80
-
643
Total construction & development
31,744
25,718
767
126
222
184
135,239
194,000
1 - 4 family real estate
Grade
1 (Pass)
43,895
30,800
18,747
8,710
5,361
4,761
7,044
119,318
2 (Watch)
-
-
-
-
-
-
-
-
3 (Special Mention)
-
-
-
-
-
-
-
-
4 (Substandard)
-
-
-
-
-
-
-
-
Total 1 - 4 family real estate
43,895
30,800
18,747
8,710
5,361
4,761
7,044
119,318
Commercial real estate - other
Grade
1 (Pass)
187,985
91,338
78,075
96,728
16,673
10,292
49,347
530,438
2 (Watch)
-
-
18,199
-
-
-
-
18,199
3 (Special Mention)
-
7,449
-
-
-
-
-
7,449
4 (Substandard)
1,423
-
-
-
-
78
-
1,501
Total commercial real estate - other
189,408
98,787
96,274
96,728
16,673
10,370
49,347
557,587
Commercial and industrial
Grade
1 (Pass)
235,918
45,753
32,898
25,837
2,979
3,822
167,815
515,022
2 (Watch)
-
-
-
-
-
-
35,616
35,616
3 (Special Mention)
18,260
690
-
-
-
-
125
19,075
4 (Substandard)
2,297
3,520
-
-
-
-
-
5,817
Total commercial and industrial
256,475
49,963
32,898
25,837
2,979
3,822
203,556
575,530
Agricultural
Grade
1 (Pass)
15,140
20,716
4,566
4,119
4,812
1,805
20,997
72,155
2 (Watch)
-
-
-
-
-
-
-
-
3 (Special Mention)
2,452
150
-
-
625
-
955
4,182
4 (Substandard)
-
-
-
-
-
-
-
-
Total agricultural
17,592
20,866
4,566
4,119
5,437
1,805
21,952
76,337
Consumer
Grade
1 (Pass)
4,754
2,399
1,058
476
791
2,643
2,112
14,233
2 (Watch)
-
-
-
-
-
-
-
-
3 (Special Mention)
-
-
-
-
-
-
-
-
4 (Substandard)
-
-
-
-
271
-
-
271
Total consumer
4,754
2,399
1,058
476
1,062
2,643
2,112
14,504
Total loans
$
543,868
$
228,533
$
154,310
$
135,996
$
31,734
$
23,585
$
419,250
$
1,537,276

18
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
As of December 31, 2024
2024
2023
2022
2021
2020
Prior
Revolving
Loans
Amortized
Cost Basis
Total
Construction & development
Grade
1 (Pass)
$
40,129
$
6,197
$
2,042
$
370
$
104
$
111
$
116,910
$
165,863
2 (Watch)
-
-
-
-
-
-
-
-
3 (Special Mention)
1,259
-
-
-
-
-
-
1,259
4 (Substandard)
563
-
-
-
-
-
-
563
Total construction & development
41,951
6,197
2,042
370
104
111
116,910
167,685
1 - 4 family real estate
Grade
1 (Pass)
56,013
31,274
13,488
6,381
3,729
1,920
8,242
121,047
2 (Watch)
-
-
-
-
-
-
-
-
3 (Special Mention)
-
-
-
-
-
-
-
-
4 (Substandard)
-
-
-
-
-
-
-
-
Total 1 - 4 family real estate
56,013
31,274
13,488
6,381
3,729
1,920
8,242
121,047
Commercial real estate - other
Grade
1 (Pass)
124,421
141,303
137,497
18,352
14,589
5,323
57,350
498,835
2 (Watch)
-
-
-
-
-
-
-
-
3 (Special Mention)
7,493
-
-
-
-
-
-
7,493
4 (Substandard)
4,426
447
-
-
-
103
-
4,976
Total commercial real estate - other
136,340
141,750
137,497
18,352
14,589
5,426
57,350
511,304
Commercial and industrial
Grade
1 (Pass)
126,745
78,446
41,532
3,608
1,049
3,736
238,396
493,512
2 (Watch)
-
-
-
-
-
-
-
-
3 (Special Mention)
558
-
-
-
-
-
3,259
3,817
4 (Substandard)
9,417
-
-
-
-
-
277
9,694
Total commercial and industrial
136,720
78,446
41,532
3,608
1,049
3,736
241,932
507,023
Agricultural
Grade
1 (Pass)
31,491
6,308
4,741
6,135
1,823
1,140
23,258
74,896
2 (Watch)
-
-
-
-
-
-
-
-
3 (Special Mention)
201
-
-
-
1,831
-
994
3,026
4 (Substandard)
-
-
-
-
-
-
-
-
Total agricultural
31,692
6,308
4,741
6,135
3,654
1,140
24,252
77,922
Consumer
Grade
1 (Pass)
4,904
1,866
771
1,358
1,689
2,020
1,704
14,312
2 (Watch)
-
-
-
-
-
-
-
-
3 (Special Mention)
-
-
-
-
-
-
-
-
4 (Substandard)
-
-
-
-
-
-
-
-
Total consumer
4,904
1,866
771
1,358
1,689
2,020
1,704
14,312
Total loans
$
407,620
$
265,841
$
200,071
$
36,204
$
24,814
$
14,353
$
450,390
$
1,399,293

19
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
The following tables presents the gross charge-offs of the Company’s loan portfolio by year of origination based on internal rating category for the nine months ended September 30, 2025 and September 30, 2024, respectively (dollars in thousands).
For the nine months ended September 30, 2025
2025
2024
2023
2022
2021
Prior
Revolving
Loans
Amortized
Cost Basis
Total
Construction & development
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
1 - 4 family real estate
-
-
-
-
-
-
-
-
Commercial real estate - other
-
197
-
-
-
-
-
197
Commercial and industrial
-
-
-
-
-
-
-
-
Agricultural
-
-
-
-
-
-
-
-
Consumer
-
3
-
-
-
-
-
3
Total current-period gross charge-offs
$
-
$
200
$
-
$
-
$
-
$
-
$
-
$
200
For the nine months ended September 30, 2024
2024
2023
2022
2021
2020
Prior
Revolving
Loans
Amortized
Cost Basis
Total
Construction & development
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
1 - 4 family real estate
-
-
-
-
-
-
-
-
Commercial real estate - other
-
-
-
-
-
-
-
-
Commercial and industrial
-
2,000
-
-
-
-
-
2,000
Agricultural
-
-
-
-
-
-
-
-
Consumer
-
-
-
-
-
-
-
-
Total current-period gross charge-offs
$
-
$
2,000
$
-
$
-
$
-
$
-
$
-
$
2,000
20
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Aged Analysis of Past Due Loans Receivable
The following table presents the Company’s loan portfolio aging analysis of the recorded investment in loans as of September 30, 2025 and December 31, 2024 (dollars in thousands):
Past Due
Total Loans
30–59
60–89
Greater than
Total
> 90 Days &
Days
Days
90 Days
Total
Current
Loans
Accruing
September 30, 2025
Construction & development
$
-
$
80
$
-
$
80
$
193,920
$
194,000
$
-
1 - 4 family real estate
43
-
-
43
119,275
119,318
-
Commercial real estate - other
-
-
-
-
557,587
557,587
-
Commercial & industrial
19
-
3,457
3,476
572,054
575,530
-
Agricultural
240
-
-
240
76,097
76,337
-
Consumer
-
271
-
271
14,233
14,504
-
Total
$
302
$
351
$
3,457
$
4,110
$
1,533,166
$
1,537,276
$
-
December 31, 2024
Construction & development
$
-
$
-
$
-
$
-
$
167,685
$
167,685
$
-
1 - 4 family real estate
-
-
-
-
121,047
121,047
-
Commercial real estate - other
103
-
3,426
3,529
507,775
511,304
-
Commercial & industrial
403
5
-
408
506,615
507,023
-
Agricultural
-
-
-
-
77,922
77,922
-
Consumer
97
-
-
97
14,215
14,312
-
Total
$
603
$
5
$
3,426
$
4,034
$
1,395,259
$
1,399,293
$
-

21
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Nonaccrual Loans
The following table presents information regarding nonaccrual loans as of September 30, 2025 and December 31, 2024 (dollars in thousands):
With an
Allowance
No Allowance
Total Non-
Accrual
Loans
Related
Allowance
September 30, 2025
Construction & development
$
-
$
-
$
-
$
-
1 - 4 Family real estate
-
-
-
-
Commercial real estate - other
-
78
78
-
Commercial & industrial
63
5,176
5,239
63
Agricultural
-
-
-
-
Consumer
-
-
-
-
Total
$
63
$
5,254
$
5,317
$
63

With an
Allowance
No Allowance
Total Non-
Accrual
Loans
Related
Allowance
December 31, 2024
Construction & development
$
-
$
-
$
-
$
-
1 - 4 Family real estate
-
-
-
-
Commercial real estate - other
2,980
550
3,530
217
Commercial & industrial
83
3,557
3,640
83
Agricultural
-
-
-
-
Consumer
-
-
-
-
Total
$
3,063
$
4,107
$
7,170
$
300

22
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Collateral Dependent Loans
A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. During the three months ended September 30, 2025 and 2024, no material amount of interest income was recognized on collateral-dependent loans subsequent to their classification as collateral-dependent.  At a minimum, the estimated value of the collateral for loan equals the current book value.
The following table summarizes collateral-dependent gross loans held for investment by collateral type and the related specific allocation as follows (dollars in thousands):
Collateral Type
Real Estate
Business
Assets
Total
Specific Allocation
September 30, 2025
Construction & development
$
-
$
563
$
563
$
-
1 - 4 Family real estate
-
-
-
-
Commercial real estate - other
1,423
78
1,501
-
Commercial & industrial
-
5,754
5,754
-
Agricultural
-
-
-
-
Consumer
351
-
351
-
Total
$
1,774
$
6,395
$
8,169
$
-

Collateral Type
Real Estate
Business
Assets
Total
Specific Allocation
December 31, 2024
Construction & development
$
-
$
563
$
563
$
-
1 - 4 Family real estate
-
-
-
-
Commercial real estate - other
4,426
550
4,976
217
Commercial & industrial
-
9,609
9,609
-
Agricultural
-
-
-
-
Consumer
-
-
-
-
Total
$
4,426
$
10,722
$
15,148
$
217

23
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Loan Modifications to Borrowers Experiencing Financial Difficulty
As part of the Company’s ongoing risk management practices, the Company attempts to work with borrowers when necessary to extend or modify loan terms to better align with their current ability to repay. Modifications could include extension of the maturity date, reductions of the interest rate, reduction or forgiveness of accrued interest, or principal forgiveness. Combinations of these modifications may also be made for individual loans. Extensions and modifications to loans are made in accordance with internal policies and guidelines which conform to regulatory guidance. Principal reductions may be made in limited circumstances, typically for specific commercial loan workouts, and in the event of borrower bankruptcy. Each occurrence is unique to the borrower and is evaluated separately. A change to the allowance for credit losses is generally not recorded upon modification because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance methodology.

The assessment of whether a borrower is experiencing financial difficulty can be subjective in nature and management’s judgment may be required in making this determination. The Company may determine that a borrower is experiencing financial difficulty if the borrower is currently in default on any of its debt, or if it is probable that a borrower may default in the foreseeable future absent a modification. Many aspects of a borrower’s financial situation are assessed when determining whether they are experiencing financial difficulty.

During the three months ended September 30, 2025, the Company modified no loans to borrowers experiencing financial difficulty.

During the nine months ended September 30, 2025, the Company modified eight loans for borrowers experiencing financial difficulty. Six of these modifications were related to a single borrower relationship and consisted of one construction and development loan and five commercial and industrial loans, all of which received term extensions. The remaining two modifications involved one commercial real estate loan and one commercial and industrial loan, both of which received a term extension and a payment delay. As of September 30, 2025, the period-end amortized cost basis of these modified loans was as follows:

•
The modified construction and development loan had an amortized cost basis of $ 1.3 million, representing 0.7 % of the total construction and development loan portfolio.

•
The modified commercial real estate loan had an amortized cost basis of $ 2.7 million, representing 0.5 % of the total commercial real estate loan portfolio.

•
The modified commercial and industrial loans had a combined amortized cost basis of $ 4.3 million, representing 0.8 % of the total commercial and industrial loan portfolio.

The Company closely monitors the performance of loans modified for borrowers experiencing financial difficulty. There were no loans modified for borrowers experiencing financial difficulty that subsequently defaulted during the 12-month period ended September 30, 2025.

24
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 6: Shareholders’ Equity
On October 26, 2023, the Company adopted a Repurchase Plan (the “Plan”) authorizing the repurchase of up to 750,000 shares of the Company’s stock. On August 20, 2025, the Board of Directors approved the renewal of the Plan. Stock repurchases under the Plan take place pursuant to a Rule 10b5-1 Plan with pricing and purchasing parameters established by management. The Plan may be suspended or discontinued at any time. There were no share repurchases under the Plan during the period ending September 30, 2025.
A summary of the activity under the repurchase plan is as follows:
Nine Months Ended
September 30,
2025
2024
Number of shares repurchased
-
-
Average price of shares repurchased
$
-
$
-
Shares remaining to be repurchased
750,000
750,000

The Company and Bank are subject to risk-based capital guidelines issued by the federal banking agencies.  Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements.  Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under GAAP, regulatory reporting requirements and regulatory capital standards.  The Company’s and Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.  Furthermore, the Company’s and the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements.
Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios (set forth in the following table) of total, Tier I, and Common Equity capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier I capital (as defined) to average assets (as defined).  Management believes, as of September 30, 2025, that the Company and Bank meet all capital adequacy requirements to which it is subject and maintains capital conservation buffers that allow the Company and Bank to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to certain executive officers.
As of September 30, 2025, the most recent notification from the Federal Deposit Insurance Corporation (FDIC) categorized the Bank as well capitalized under the regulatory framework for prompt corrective action.  To be categorized as well capitalized, the Bank must maintain capital ratios as set forth in the table below.  There are no conditions or events since that notification that management believes have changed the Bank’s category.
25
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
The Company’s and Bank’s actual capital amounts and ratios are presented in the following table as of September 30, 2025 and December 31, 2024 (dollars in thousands):
Minimum
To Be Well Capitalized
Minimum
With Capital
Under Prompt
Actual
Capital Requirements
Conservation Buffer
Corrective Action
Amount
Ratio
Amount
Ratio
Amount
Ratio
Amount
Ratio
As of September 30, 2025

Total capital to risk-weighted assets
Company
$
252,632
15.43
%
$
130,948
8.00
%
$
171,870
10.50
%
N/A
N/A
Bank
252,591
15.44
%
130,867
8.00
%
171,763
10.50
%
$
163,584
10.00
%
Tier I capital to risk-weighted assets
Company
232,763
14.22
%
98,211
6.00
%
139,133
8.50
%
N/A
N/A
Bank
232,723
14.23
%
98,151
6.00
%
139,047
8.50
%
130,867
8.00
%

Common equity tier I capital to risk-weighted assets Company
232,763
14.22
%
73,658
4.50
%
114,580
7.00
%
N/A
N/A
Bank
232,723
14.23
%
73,613
4.50
%
114,509
7.00
%
106,330
6.50
%
Tier I capital to average assets
Company
232,763
12.71
%
73,244
4.00
%
N/A
N/A
N/A
N/A
Bank
232,723
12.71
%
73,244
4.00
%
N/A
N/A
91,555
5.00
%
As of December 31, 2024
Total capital to risk-weighted assets
Company
$
227,229
15.21
%
$
119,489
8.00
%
$
156,830
10.50
%
N/A
N/A
Bank
227,189
15.22
%
119,408
8.00
%
156,723
10.50
%
$
149,260
10.00
%
Tier I capital to risk-weighted assets
Company
208,847
13.98
%
89,617
6.00
%
126,957
8.50
%
N/A
N/A
Bank
208,807
13.99
%
89,556
6.00
%
126,871
8.50
%
119,408
8.00
%

Common equity tier I capital to risk-weighted assets Company
208,847
13.98
%
67,213
4.50
%
104,553
7.00
%
N/A
N/A
Bank
208,807
13.99
%
67,167
4.50
%
104,482
7.00
%
97,019
6.50
%
Tier I capital to average assets
Company
208,847
12.19
%
68,558
4.00
%
N/A
N/A
N/A
N/A
Bank
208,807
12.18
%
68,558
4.00
%
N/A
N/A
85,698
5.00
%

26
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
The federal banking agencies require that banking organizations meet several risk-based capital adequacy requirements. The current risk-based capital standards applicable to the Company and the Bank are based on the Basel III Capital Rules established by the Basel Committee on Banking Supervision (the “Basel Committee”). The Basel Committee is a committee of central banks and bank supervisors/regulators from the major industrialized countries that develops broad policy guidelines for use by each country’s supervisors in determining the supervisory policies they apply. The requirements are intended to ensure that banking organizations have adequate capital given the risk levels of assets and off-balance sheet financial instruments.
The Basel III Capital Rules require the Bank and the Company to comply with four minimum capital standards: a Tier 1 leverage ratio of at least 4.0%; a Common Equity Tier 1 (“CET1”) capital to risk-weighted assets of 4.5%; a Tier 1 capital to risk-weighted assets of at least 6.0%; and a total capital to risk-weighted assets of at least 8.0%. The calculation of all types of regulatory capital is subject to definitions, deductions and adjustments specified in the regulations.
The Basel III Capital Rules also require a “capital conservation buffer” of 2.5% above the regulatory minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress and effectively increases the minimum required risk-weighted capital ratios.  Banking institutions with a ratio of CET1 to risk-weighted assets below the effective minimum (4.5% plus the capital conservation buffer) are subject to limitations on certain activities, including payment of dividends, share repurchases and discretionary bonuses to executive officers based on the amount of the shortfall.
As of September 30, 2025, the Company’s and the Bank’s capital ratios exceeded the minimum capital adequacy guideline percentage requirements under the Basel III Capital Rules on a fully phased-in basis.
The Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval.  At September 30, 2025, approximately $ 84.0 million of retained earnings was available for dividend declaration from the Bank without prior regulatory approval.
Note 7: Related-Party Transactions
At September 30, 2025 and December 31, 2024, the Company had no loans outstanding to executive officers, directors, significant shareholders and their affiliates (related parties).
The Bank leases office and retail banking space in Oklahoma City and Woodward, Oklahoma from Central Park on Lincoln, LLC and Haines Realty Investments Company, LLC, respectively, both related parties of the Company.  Lease payments totaled $ 82,000 and $ 75,000 for the three months ended September 30, 2025 and 2024, respectively and $ 245,000 and $ 205,000 for the nine months ended September 30, 2025 and 2024, respectively. In addition, payroll and office sharing arrangements were in place between the Company and certain of its affiliates.
27
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 8: Employee Benefits
401(k) Savings Plan
The Company has a retirement savings 401(k) plan covering substantially all employees. Employees may contribute up to the maximum legal limit with the Company matching up to 5 % of the employee’s salary. Employer contributions charged to expense for the three months ended September 30, 2025 and 2024 totaled $ 89,000 and $ 98,000 , respectively. Employer contributions charged to expense for the nine months ended September 30, 2025 and 2024 totaled $ 338,000 and $ 331,000 , respectively.
Stock-Based Compensation
The Company adopted an equity incentive plan (the “Bank7 Corp. 2018 Equity Incentive Plan”) in September 2018. The Incentive Plan permits the grant of restricted stock units and nonqualified incentive stock options.  The Incentive Plan will terminate in September 2028, if not extended. Compensation expense related to the Incentive Plan for the three months ended September 30, 2025 and 2024 totaled $ 842,000 and $ 621,000 , respectively. Compensation expense related to the Incentive Plan for the nine months ended September 30, 2025 and 2024 totaled $ 2.3 million and $ 1.9 million, respectively There were 621,529 shares available for future grants as of September 30, 2025.
The Company grants to employees and directors restricted stock units (RSUs) which vest ratably over one , three , four, five , or eight years and stock options which vest ratably over four years .  All RSUs and stock options are granted at the fair value of the common stock at the time of the award.  The RSUs are considered fixed awards as the number of shares and fair value are known at the date of grant and the fair value at the grant date is amortized over the vesting and/or service period.
The Company uses newly issued shares for granting RSUs and stock options.
The following table is a summary of the stock option activity under the Bank7 Corp. 2018 Equity Incentive Plan (dollar amounts in thousands, except per share data):
Options
Wgtd. Avg.
Exercise Price
Wgtd. Avg.
Remaining
Contractual Term
Aggregate
Intrinsic
Value
Nine Months Ended September 30, 2025
Outstanding at December 31, 2024
75,688
$
16.79
Options granted
-
-
Options exercised
( 9,313
)
15.59
Options forfeited
-
-
Outstanding at September 30, 2025
66,375
16.96
4.21
$
1,945,590
Exercisable at September 30, 2025
64,625
$
16.76
4.14
$
1,906,950

Options
Wgtd. Avg.
Exercise Price
Wgtd. Avg.
Remaining
Contractual Term
Aggregate
Intrinsic
Value
Nine Months Ended September 30, 2024
Outstanding at December 31, 2023
220,939
$
17.52
Options granted
-
-
Options exercised
( 106,820
)
17.85
Options forfeited
-
-
Outstanding at September 30, 2024
114,119
17.21
5.06
$
2,312,535
Exercisable at September 30, 2024
92,305
$
17.57
4.72
$
1,836,558

28
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model and is based on certain assumptions including risk-free rate of return, dividend yield, stock price volatility and the expected term.  The fair value of each option is expensed over its vesting period.
There were no new grants for the three months ended September 30, 2025 and 2024.
The following table summarizes share information about RSUs for the nine months ended September 30, 2025 and 2024:
Number of Shares
Wgtd. Avg.
Grant Date
Fair Value
Nine Months Ended September 30, 2025
Outstanding at December 31, 2024
236,239
$
27.54
Shares granted
108,803
44.33
Shares vested
( 76,088
)
27.13
Shares forfeited
-
-
End of the period balance
268,954
$
34.45

Number of Shares
Wgtd. Avg.
Grant Date
Fair Value
Nine Months Ended September 30, 2024
Outstanding at December 31, 2023
211,461
$
26.98
Shares granted
100,606
27.34
Shares vested
( 52,261
)
27.00
Shares forfeited
( 4,375
)
28.39
End of the period balance
255,431
$
27.10
As of September 30, 2025, there was approximately $ 7.3 million of unrecognized compensation expense related to 268,954 unvested RSUs and $ 9,000 of unrecognized compensation expense related to 66,375 unvested and/or unexercised stock options. The stock option expense is expected to be recognized over a weighted average period of 0.91 years, and the RSU expense is expected to be recognized over a weighted average period of 3.80 years.
As of September 30, 2024, there was approximately $ 5.4 million of unrecognized compensation expense related to 255,431 unvested RSUs and $ 52,000 of unrecognized compensation expense related to 114,119 unvested and/or unexercised stock options. The stock option expense is expected to be recognized over a weighted average period of 0.85 years, and the RSU expense is expected to be recognized over a weighted average period of 3.28 years.
29
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 9: Disclosures About Fair Value of Assets and Liabilities
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs.  There is a hierarchy of three levels of inputs that may be used to measure fair value:

Level 1
Quoted prices in active markets for identical assets or liabilities

Level 2
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

Level 3
Unobservable inputs supported by little or no market activity and significant to the fair value of the assets or liabilities
Recurring Measurements
Assets and liabilities measured at fair value on a recurring basis include the following:
Available-for-sale debt securities: Debt securities classified as available-for-sale, as discussed in Note 5, are reported at fair value utilizing Level 2 inputs. For those debt securities classified as Level 2, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U. S. Treasury yield curve, live trading levels, trade execution data for similar securities, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other things.
30
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Nonrecurring Measurements
There were no assets measured at fair value on a nonrecurring basis at September 30, 2025.
The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2024 (dollars in thousands):
Fair Value
(Level 1)
(Level 2)
(Level 3)
December 31, 2024
Collateral-dependent loans
$
3,209
$
-
$
-
$
3,209

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy.  For assets classified within Level 3 of the fair value hierarchy, the process used to develop the reported fair value is described below.
Collateral-Dependent Loans, Net of Allowance for Credit Losses
The estimated fair value of collateral-dependent loans is based on fair value, less estimated cost to sell.  Collateral-dependent loans are classified within Level 3 of the fair value hierarchy.
The Company considers appraisal analysis as the starting point for determining fair value and then considers other factors and events in the environment that may affect the fair value.  Values of the collateral underlying collateral-dependent loans are obtained when the loan is determined to be collateral-dependent and subsequently as deemed necessary by executive management and loan administration.  Values are reviewed for accuracy and consistency by executive management and loan administration.  The ultimate collateral values are reduced by discounts to consider lack of marketability and estimated cost to sell if repayment or satisfaction of the loan is dependent on the sale of the collateral.

31
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Unobservable (Level 3) Inputs
There were no assets measured at a Level 3 fair value at September 30, 2025.
The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at December 31, 2024 (dollars in thousands):
Valuation
Unobservable
Fair Value
Technique
Inputs
December 31, 2024
Collateral-dependent loans
$
3,209
Estimated cash to be received pending liquidation of collateral
Estimated cost to sell

The following table presents estimated fair values of the Company’s financial instruments not recorded at fair value at September 30, 2025 and December 31, 2024 (dollars in thousands):

Carrying
Fair Value Measurements
Amount
Level 1
Level 2
Level 3
Total
September 30, 2025
Financial Assets
Cash and due from banks
$
241,768
$
241,768
$
-
$
-
$
241,768
Interest-bearing time deposits in other banks
14,935
-
14,935
-
14,935
Loans, net
1,514,822
-
1,533,603
-
1,533,603
Loans held for sale
1,883
-
1,883
-
1,883
Nonmarketable equity securities
1,169
-
1,169
-
1,169
Interest receivable
9,097
-
9,097
-
9,097
Financial Liabilities
Deposits
$
1,636,827
$
-
$
1,636,553
$
-
$
1,636,553
Interest payable
1,174
-
1,174
-
1,174
December 31, 2024
Financial Assets
Cash and due from banks
$
234,196
$
234,196
$
-
$
-
$
234,196
Interest-bearing time deposits in other banks
6,719
-
6,719
-
6,719
Loans, net
1,379,465
-
1,392,299
3,209
1,395,508
Nonmarketable equity securities
1,283
-
1,283
-
1,283
Interest receivable
8,841
-
8,841
-
8,841
Financial Liabilities
Deposits
$
1,515,471
$
-
$
1,515,023
$
-
$
1,515,023
Interest payable
1,182
-
1,182
-
1,182

32
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value:

Cash and Due from Banks, Interest-Bearing Time Deposits in Other Banks, Nonmarketable Equity Securities, Interest Receivable and Other Assets and Interest Payable and Other Liabilities
The carrying amount approximates fair value.

Loans and Loans Held for Sale
The Company determines fair value of loans by using exit market assumptions including factors such as liquidity, credit quality and risk of nonperformance. The fair value is estimated by discounting the future cash flows using the market rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.  Loans with similar characteristics were aggregated for purposes of the calculations.

Deposits
Deposits include demand deposits, savings accounts, NOW accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities.

Commitments to Extend Credit, Lines of Credit and Standby Letters of Credit
The fair values of unfunded commitments are estimated using the fees currently charged to enter into similar agreements, considering the remaining terms of the agreements and the present creditworthiness of the counterparties. The fair values of standby letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The estimated fair values of the Company’s commitments to extend credit, lines of credit and standby letters of credit were not material at September 30, 2025 and December 31, 2024.

33
Bank7 Corp.
Notes to Unaudited Condensed Consolidated Financial Statements
Note 10: Financial Instruments with Off-Balance Sheet Risk
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers.  These financial instruments include commitments to extend credit and standby letters of credit.  Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the accompanying consolidated balance sheets. The following summarizes those financial instruments with contract amounts representing credit risk as of September 30, 2025 and December 31, 2024 (dollars in thousands):
September 30,
December 31,
2025
2024
Commitments to extend credit
$
311,383
$
272,261
Financial and performance standby letters of credit
13,507
11,333
$
324,890
$
283,594

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Each instrument generally has fixed expiration dates or other termination clauses.  Since many of the instruments are expected to expire without being drawn upon, total commitments to extend credit amounts do not necessarily represent future cash requirements.  The Company evaluates each customer’s creditworthiness on a case-by-case basis.  The amount of collateral obtained, if deemed necessary, by the Company upon extension of credit is based on management’s credit evaluation of the customer.  Standby letters of credit are irrevocable conditional commitments issued by the Company to guarantee the performance of a customer to a third party.  The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers.
The reserve for unfunded loan commitments totaled $ 464,000 at September 30, 2025 and December 31, 2024.

Note 11: Significant Estimates and Concentrations
GAAP requires disclosure of certain significant estimates and current vulnerabilities due to certain concentrations.  Estimates related to the allowance for credit losses are reflected in Note 6 regarding loans.  Current vulnerabilities due to off-balance sheet credit risk are discussed in Note 10 .
As of September 30, 2025, hospitality loans were 19 % of gross total loans with outstanding balances of $ 292.3 million and unfunded commitments of $ 2.3 million; energy loans were 11 % of gross total loans with outstanding balances of $ 168.5 million and unfunded commitments of $ 66.2 million.
The Company evaluates goodwill for potential goodwill impairment on an annual basis or more often based on consideration if any impairment indicators have occurred. A prolonged strain on the U.S. economy impacting the Company could result in goodwill being partially or fully impaired. At September 30, 2025, goodwill of $ 11.2 million was recorded on the consolidated balance sheet.

34
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Quarterly Report and in our Annual Report on Form 10-K for the year ended December 31, 2024.
Unless the context indicates otherwise, references in this management’s discussion and analysis to “we,” “our,” and “us,” refer to Bank7 Corp. and its consolidated subsidiaries.  All references to “the Bank” refer to Bank7, our wholly owned subsidiary.

General

We are Bank7 Corp., a bank holding company headquartered in Oklahoma City, Oklahoma. Through our wholly-owned subsidiary, Bank7, we operate twelve locations in Oklahoma, the Dallas/Fort Worth, Texas metropolitan area and Kansas. We are focused on serving business owners and entrepreneurs by delivering fast, consistent and well-designed loan and deposit products to meet their financing needs. We intend to grow organically by selectively opening additional branches in our target markets and pursuing strategic acquisitions.
As a bank holding company, we generate most of our revenue from interest income on loans and from short-term investments. The primary source of funding for our loans and short-term investments are deposits held by our subsidiary, Bank7. We measure our performance by our return on average equity, earnings per share, capital ratios, efficiency ratio (calculated by dividing noninterest expense by the sum of net interest income on a tax equivalent basis) and noninterest income.

Q3 2025 Overview

We reported total loans of $1.53 billion as of September 30, 2025, an increase of $96.7 million, or 6.7%, from September 30, 2024. Total deposits were $1.64 billion as of September 30, 2025, an increase of $112.6 million, or 7.4%, as compared to September 30, 2024.

Pre-tax net income was $14.2 million, a decrease of $1.3 million, or 8.5%, for the three months ended September 30, 2025 as compared to pre-tax net income of $15.5 million for the same period in 2024. Pre-tax net income was $42.6 million, a decrease of $3.0 million, or 6.6%, for the nine months ended September 30, 2025 as compared to pre-tax net income of $45.6 million for the same period in 2024.

Return on average assets and return on average equity was 2.33% and 18.11%, respectively for the three months ended September 30, 2025, as compared to 2.73% and 23.67%, respectively, for the same period in 2024. Return on average assets and return on average equity was 2.41% and 18.96%, respectively for the nine months ended September 30, 2025, as compared to 2.68% and 24.79%, respectively, for the same period in 2024. Our efficiency ratio for the three months ended September 30, 2025 was 41.12% as compared to 37.87% for the same period in 2024. Our efficiency ratio for the nine months ended September 30, 2025 was 39.94% as compared to 37.58% for the same period in 2024.

The provision for credit losses for the three months ended September 30, 2025 increased $0.7 million, or 100.0%, as compared to the same period in 2024. The provision for credit losses for the nine months ended September 30, 2025 increased $0.7 million, or 100.0%, as compared to the same period in 2024. The provision expense for the three and nine months ended September 30, 2025 was related to loan growth in the third quarter of 2025.

35
Results of Operations
Net Interest Income and Net Interest Margin. The following table presents, for the periods indicated, information about: (i) weighted average balances, the total dollar amount of interest income from interest-earning assets, and the resultant average yields; (ii) average balances, the total dollar amount of interest expense on interest-bearing liabilities, and the resultant average rates; (iii) net interest income; and (iv) the net interest margin.
Net Interest Margin
For the Three Months Ended September 30,
2025
2024
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
(Dollars in thousands)
Interest-earning assets:
Short-term investments
$
228,755
$
2,477
4.30
%
$
191,583
$
2,325
4.81
%
Debt securities, taxable
45,853
266
2.30
51,172
303
2.35
Debt securities, tax exempt (1)
11,972
60
1.99
16,889
69
1.62
Loans held for sale
1,780
-
-
250
-
-
Total loans (2)
1,512,147
30,914
8.11
1,418,512
30,791
8.61
Total interest-earning assets
1,800,507
$
33,717
7.43
1,678,406
$
33,488
7.92
Noninterest-earning assets
42,578
40,002
Total assets
$
1,843,085
$
1,718,408
Funding sources:
Interest-bearing liabilities:
Deposits:
Transaction accounts
$
1,040,322
$
8,388
3.20
%
$
922,117
$
9,237
3.97
%
Time deposits
233,433
2,303
3.91
253,640
3,034
4.75
Total interest-bearing deposits
1,273,755
10,691
3.33
1,175,757
12,271
4.14
Total interest-bearing liabilities
1,273,755
10,691
3.33
1,175,757
12,271
4.14
Noninterest-bearing liabilities:
Noninterest-bearing deposits
320,238
332,487
Other noninterest-bearing liabilities
11,501
12,221
Total noninterest-bearing liabilities
331,739
344,708
Shareholders' equity
237,591
197,943
Total liabilities and shareholders' equity
$
1,843,085
$
1,718,408
Net interest income
$
23,026
$
21,217
Net interest spread
4.10
%
3.78
%
Net interest margin
5.07
%
5.02
%

(1)
Taxable-equivalent yield of 2.60% as of September 30, 2025, applying a 23.6% effective tax rate.
(2)
Average loan balances include monthly average nonaccrual loans of $5.4 million and $7.4 million as of September 30, 2025 and September 30, 2024, respectively, are included in loans.
For the third quarter of 2025 compared to the third quarter of 2024:

-
Interest income on total loans totaled $30.9 million, an increase of $123,000 or 0.4%;

-
Yields on our interest-earning assets totaled 7.43%, a decrease of 49 basis points which was primarily attributable to lower loan yields of 50 basis points, and a decrease in yield on short-term investments of 51 basis points; and

-
Net interest margin was 5.07% compared to 5.02%.

36
Net Interest Margin
For the Nine Months Ended September 30,
2025
2024
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
Average
Balance
Interest
Income/
Expense
Average
Yield/
Rate
(Dollars in thousands)
Interest-earning assets:
Short-term investments
$
238,118
$
7,721
4.34
%
$
180,426
$
6,896
5.09
%
Debt securities, taxable
47,248
827
2.34
103,507
2,266
2.92
Debt securities, tax exempt (1)
12,327
187
2.03
17,468
214
1.63
Loans held for sale
1,453
-
-
281
-
-
Total loans (2)
1,453,557
87,207
8.02
1,381,200
89,834
8.66
Total interest-earning assets
1,752,703
$
95,942
7.32
1,682,882
$
99,210
7.85
Noninterest-earning assets
41,871
39,499
Total assets
$
1,794,574
$
1,722,381
Funding sources:
Interest-bearing liabilities:
Deposits:
Transaction accounts
$
1,001,583
$
23,182
3.09
%
$
872,635
$
25,726
3.93
%
Time deposits
235,278
7,152
4.06
255,348
9,026
4.71
Total interest-bearing deposits
1,236,861
30,334
3.28
1,127,983
34,752
4.10
Total interest-bearing liabilities
1,236,861
30,334
3.28
1,127,983
34,752
4.10
Noninterest-bearing liabilities:
Noninterest-bearing deposits
319,346
395,822
Other noninterest-bearing liabilities
10,657
12,219
Total noninterest-bearing liabilities
330,003
408,041
Shareholders' equity
227,710
186,357
Total liabilities and shareholders' equity
$
1,794,574
$
1,722,381
Net interest income
$
65,608
$
64,458
Net interest spread
4.04
%
3.75
%
Net interest margin
5.00
%
5.10
%

(1)
Taxable-equivalent yield of 2.68% as of September 30, 2025, applying a 24.2% effective tax rate.
(2)
Average loan balances include monthly average nonaccrual loans of $5.9 million and $13.9 million as of September 30, 2025 and September 30, 2024, respectively, are included in loans.
For the first nine months of 2025 compared to the same period in 2024:

-
Interest income on total loans totaled $87.2 million, a decrease of $2.6 million or 2.9%, due to decreased loan yields as discussed below;

-
Yields on our interest-earning assets totaled 7.32%, a decrease of 53 basis points which was primarily attributable to lower loan yields of 64 basis points, and a decrease in yield on taxable debt securities of 58 basis points; and

-
Net interest margin was 5.00% compared to 5.10%.

37
Increases and decreases in interest income and interest expense result from changes in average balances, or volume, of interest-earning assets and interest-bearing liabilities, as well as changes in average interest rates. The following tables set forth the effects of changing rates and volumes on our net interest income during the period shown. Information is provided with respect to (i) effects on interest income attributable to changes in volume (change in volume multiplied by prior rate) and (ii) effects on interest income attributable to changes in rate (changes in rate multiplied by prior volume).
Analysis of Changes in Interest Income and Expenses
For the Three Months Ended
September 30, 2025 vs 2024
Change due to:
Volume (1)
Rate (1)
Interest
Variance
(Dollars in thousands)
Increase (decrease) in interest income:
Short-term investments
$
451
$
(299
)
$
152
Debt securities
(52
)
6
(46
)
Total loans
2,032
(1,909
)
123
Total increase (decrease) in interest income
2,431
(2,202
)
229
Increase (decrease) in interest expense:
Deposits:
Transaction accounts
1,183
(2,032
)
(849
)
Time deposits
(242
)
(489
)
(731
)
Total interest-bearing deposits
941
(2,521
)
(1,580
)
Total increase (decrease) in interest expense
941
(2,521
)
(1,580
)
Increase (Decrease) in net interest income
$
1,490
$
319
$
1,809

Analysis of Changes in Interest Income and Expenses
For the Nine Months Ended
September 30, 2025 vs 2024
Change due to:
Volume (1)
Rate (1)
Interest
Variance
(Dollars in thousands)
Increase (decrease) in interest income:
Short-term investments
$
2,196
$
(1,371
)
$
825
Debt securities
(1,292
)
(174
)
(1,466
)
Total loans
4,687
(7,314
)
(2,627
)
Total increase (decrease) in interest income
5,591
(8,859
)
(3,268
)
Increase (decrease) in interest expense:
Deposits:
Transaction accounts
3,790
(6,334
)
(2,544
)
Time deposits
(707
)
(1,167
)
(1,874
)
Total interest-bearing deposits
3,083
(7,501
)
(4,418
)
Total increase (decrease) in interest expense
3,083
(7,501
)
(4,418
)
Increase (Decrease) in net interest income
$
2,508
$
(1,358
)
$
1,150

(1)
Variances attributable to both volume and rate are allocated on a consistent basis between rate and volume based on the absolute value of the variances in each category.

38
Securities
Our investment portfolio consists entirely of securities classified as available-for-sale. As a result, the carrying values of our investment securities are adjusted for unrealized gain or loss, and any gain or loss is reported on an after-tax basis as a component of other comprehensive income in shareholders’ equity.

We evaluate our available-for-sale securities portfolio on a quarterly basis for potential credit-related losses. We assess potential credit losses by comparing the fair value of a debt security to its amortized cost basis. If the fair value of a debt security is greater than the amortized cost basis, no allowance for credit losses is recognized.  If the fair value is less than the amortized cost basis, we review the factors to determine if the impairment is credit-related or noncredit-related.  For debt securities we intend to sell or are more likely than not required to sell, before the recovery of their amortized cost basis, the difference between fair value and amortized cost is impaired and is recognized through earnings. For debt securities we do not intend to sell or are more likely than not required to sell, prior to expected recovery of amortized cost basis, the credit portion of the impairment is recognized through earnings, with a corresponding entry to an allowance for credit losses, and the noncredit portion is recognized through accumulated other comprehensive income.

The following table summarizes the maturity distribution schedule with corresponding weighted average taxable equivalent yields of the debt securities portfolio at September 30, 2025. The following table presents securities at their expected maturities, which may differ from contractual maturities. The Company manages its debt securities portfolio for liquidity, as a tool to execute its asset/liability management strategy, and for pledging requirements for public funds:
As of September 30, 2025
After One Year But
After Five Years But
Within One Year
Within Five Years
Within Ten Years
After Ten Years
Total
Amount
Yield *
Amount
Yield *
Amount
Yield *
Amount
Yield *
Amount
Yield *
Available-for-sale
(Dollars in thousands)
U.S. federal agencies
$
28
2.72
%
$
-
0.00
%
$
-
0.00
%
$
-
0.00
%
$
28
2.72
%
Mortgage-backed securities
906
1.50
7,551
1.36
-
-
17,880
1.69
26,337
1.59
State and political subdivisions
3,090
1.73
10,378
1.51
4,549
1.69
-
-
18,017
1.59
U.S. treasuries
-
-
3,824
1.05
1,738
1.12
-
-
5,562
1.08
Corporate debt securities
-
-
-
-
4,914
3.36
-
-
4,914
3.36
Total
$
4,024
1.68
%
$
21,753
1.38
%
$
11,201
2.34
%
$
17,880
1.69
%
$
54,858
1.71
%
Percentage of total
7.34
%
39.65
%
20.42
%
32.59
%
100.00
%

*
Yield is on a taxable-equivalent basis using 21% tax rate

Provision for Credit Losses

Credit risk is inherent in the business of making loans. We establish an Allowance for credit losses (“Allowance”) through charges to earnings, which are shown in the statements of comprehensive income as the provision for credit losses.  The provision for credit losses and level of Allowance for each period are dependent upon many factors, including loan growth, net charge-offs, changes in the composition of the loan portfolio, delinquencies, management’s assessment of the quality of the loan portfolio, and the valuation of problems and the general economic conditions in our market areas.
For the three months ended September 30, 2025 compared to the three months ended September 30, 2024:

-
The provision for credit losses increased from $0 to $0.7 million; and

-
The allowance as a percentage of total loans increased by 2 basis points to 1.26%.
For the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024:

-
The provision for credit losses increased from $0 to $0.7 million; and

-
The allowance as a percentage of total loans increased by 2 basis points to 1.26%.

39
Noninterest Income

The following tables set forth the major components of our noninterest income for the periods indicated:

For the Three Months Ended
September 30,
2025
2024
$ Increase
% Increase
(Decrease)
(Decrease)
(Dollars in thousands)
Noninterest income:
Mortgage lending income
$
391
$
103
$
288
279.61
%
Loss on sales of available-for-sale debt securities
(10
)
(4
)
(6
)
150.00
%
Service charges on deposit accounts
248
233
15
6.44
%
Other income and fees
1,581
3,345
(1,764
)
-52.74
%
Total noninterest income
$
2,210
$
3,677
$
(1,467
)
-39.90
%

Noninterest income for the three months ended September 30, 2025 was $2.2 m illion compared to $3.7 million for the same period in 2024, a decrease of $1.5 million, or 39.9%. The decrease was primarily attributable to a decrease in income related to operations of oil and gas assets, see Note 2 of the financial statements.

For the Nine Months Ended
September 30,
2025
2024
$ Increase
% Increase
(Decrease)
(Decrease)
(Dollars in thousands)
Noninterest income:
Mortgage lending income
$
1,000
$
233
$
767
329.18
%
Loss on sales of available-for-sale debt securities
(10
)
(4
)
(6
)
150.00
%
Service charges on deposit accounts
697
742
(45
)
-6.06
%
Other income and fees
4,976
7,881
(2,905
)
-36.86
%
Total noninterest income
$
6,663
$
8,852
$
(2,189
)
-24.73
%

Noninterest income for the nine months ended September 30, 2025 was $6.7 million compared to $8.9 million for the same period in 2024, a decrease of $2.2 million, or 24.7%. The decrease was primarily attributable to a decrease in income related to operations of oil and gas assets, see Note 2 of the financial statements.

40
Noninterest Expense
The following tables set forth the major components of our noninterest expense for the periods indicated:

For the Three Months Ended
September 30,
2025
2024
$ Increase
% Increase
(Decrease)
(Decrease)
(Dollars in thousands)
Noninterest expense:
Salaries and employee benefits
$
5,829
$
5,333
$
496
9.30
%
Furniture and equipment
342
258
84
32.56
%
Occupancy
668
711
(43
)
-6.05
%
Data and item processing
515
498
17
3.41
%
Accounting, marketing, and legal fees
221
218
3
1.38
%
Regulatory assessments
248
261
(13
)
-4.98
%
Advertising and public relations
212
129
83
64.34
%
Travel, lodging and entertainment
112
87
25
28.74
%
Other expense
2,203
1,903
300
15.76
%
Total noninterest expense
$
10,350
$
9,398
$
952
10.13
%

Noninterest expense for the three months ended September 30, 2025 was $10.4 million compared to $9.4 million for the same period in 2024, an increase of $1.0 million, or 10.1%.

For the Nine Months Ended
September 30,
2025
2024
$ Increase
% Increase
(Decrease)
(Decrease)
(Dollars in thousands)
Noninterest expense:
Salaries and employee benefits
$
16,829
$
15,740
$
1,089
6.92
%
Furniture and equipment
954
813
141
17.34
%
Occupancy
1,890
1,985
(95
)
-4.79
%
Data and item processing
1,615
1,437
178
12.39
%
Accounting, marketing, and legal fees
484
582
(98
)
-16.84
%
Regulatory assessments
545
984
(439
)
-44.61
%
Advertising and public relations
629
358
271
75.70
%
Travel, lodging and entertainment
289
270
19
7.04
%
Other expense
5,729
5,507
222
4.03
%
Total noninterest expense
$
28,964
$
27,676
$
1,288
4.65
%

Noninterest expense for the nine months ended September 30, 2025 was $29.0 million compared to $27.7 million for the same period in 2024, an increase of $ 1.3 million, or 4.7%.

41
Financial Condition

The following discussion of our financial condition compares September 30, 2025 and December 31, 2024.

Total Assets

Total assets increased $151.6 million , or 8.7%, to $1.89 billion as of September 30, 2025, compared to $1.74 billion as of December 31, 2024.

Loan Portfolio

The following table presents the balance and associated percentage of each major category in our loan portfolio as of September 30, 2025 and December 31, 2024:

As of September 30,
As of December 31,
2025
2024
Amount
% of Total
Amount
% of Total
(Dollars in thousands)
Construction & development
$
194,000
12.6
%
$
167,685
12.0
%
1-4 family real estate
119,318
7.8
%
121,047
8.7
%
Commercial real estate - other
557,587
36.3
%
511,304
36.5
%
Total commercial real estate
870,905
56.7
%
800,036
57.2
%
Commercial & industrial
575,530
37.4
%
507,023
36.2
%
Agricultural
76,337
5.0
%
77,922
5.6
%
Consumer
14,504
0.9
%
14,312
1.0
%
Gross loans
1,537,276
100.0
%
1,399,293
100.0
%
Less: unearned income, net
(3,049
)
(1,910
)
Total Loans, net of unearned income
1,534,227
1,397,383
Less: Allowance for credit losses
(19,405
)
(17,918
)
Net loans
$
1,514,822
$
1,379,465

Our loans represent the largest portion of our earning assets. The quality and diversification of the loan portfolio is an important consideration when reviewing our financial condition. As of September 30, 2025, and December 31, 2024, our gross loans were $1.54 billion and $1.40 billion, respectively.

We have established internal concentration limits in the loan portfolio for Commercial Real Estate (CRE) loans, hospitality loans, energy loans, and construction loans, among others. All loan types are within our established limits. We use underwriting guidelines to assess each borrower’s historical cash flow to determine debt service capabilities, and we further stress test the customer’s debt service capability under higher interest rate scenarios as well as other underlying macro-economic factors. Financial and performance covenants are used in commercial lending to allow us to react to a borrower’s deteriorating financial condition, should that occur.

42
The following tables show the contractual maturities of our gross loans as of the periods below:

As of September 30, 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
$
2,763
$
98,910
$
1,303
$
90,073
$
-
$
406
$
545
$
-
$
194,000
1-4 family real estate
6,832
23,347
33,135
47,066
801
4,696
3,441
-
119,318
Commercial real estate - other
24,853
46,114
68,268
376,121
142
34,652
7,437
-
557,587
Total commercial real estate
34,448
168,371
102,706
513,260
943
39,754
11,423
-
870,905
Commercial & industrial
52,763
296,749
14,627
178,534
45
32,235
577
-
575,530
Agricultural
24,842
7,925
10,621
29,935
-
1,632
1,382
-
76,337
Consumer
3,047
3
4,829
236
757
3,750
1,882
-
14,504
Gross loans
$
115,100
$
473,048
$
132,783
$
721,965
$
1,745
$
77,371
$
15,264
$
-
$
1,537,276

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
$
-
$
564
$
198
$
-
$
167,685
1-4 family real estate
15,426
20,085
43,558
31,566
964
4,826
4,622
-
121,047
Commercial real estate - other
47,737
61,482
103,484
271,156
153
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
597
-
507,023
Agricultural
22,768
8,991
16,581
26,677
-
1,054
1,851
-
77,922
Consumer
1,661
4
5,641
170
602
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

Allowance for Credit Losses

The allowance is based on management’s estimate of potential losses inherent in the loan portfolio. In the opinion of management, the allowance is adequate to absorb estimated losses in the portfolio as of each balance sheet date. While management uses available information to analyze losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance. In analyzing the adequacy of the allowance, a comprehensive loan grading system to determine risk potential in loans is utilized together with the results of internal credit reviews.

To determine the adequacy of the allowance, the loan portfolio is broken into segments based on loan type. Historical loss experience factors by segment, adjusted for changes in trends and conditions, are used to determine an indicated allowance for each portfolio segment. These factors are evaluated and updated based on the composition of the specific loan segment. Other considerations include volumes and trends of delinquencies, nonaccrual loans, levels of bankruptcies, criticized and classified loan trends, expected losses on real estate secured loans, new credit products and policies, economic conditions, concentrations of credit risk and the experience and abilities of our lending personnel.

The allowance was $19.4 million at September 30, 2025, compared to $17.9 million at December 31, 2024.

43
The following table provides an analysis of the activity in our allowance for the periods indicated:

For the Nine Months Ended
September 30,
2025
2024
(Dollars in thousands)
Balance at beginning of the period
$
17,918
$
19,691
Provision for credit losses for loans
700
-
Charge-offs:
Construction & development
-
-
1-4 family real estate
-
-
Commercial real estate - other
(197
)
-
Commercial & industrial
-
(2,000
)
Agricultural
-
-
Consumer
(3
)
-
Total charge-offs
(200
)
(2,000
)
Recoveries:
Construction & development
-
-
1-4 family real estate
-
-
Commercial real estate - other
17
-
Commercial & industrial
963
176
Agricultural
4
6
Consumer
3
-
Total recoveries
987
182
Net recoveries (charge-offs)
787
(1,818
)
Balance at end of the period
$
19,405
$
17,873
Net recoveries (charge-offs) to average loans
0.07
%
-0.18
%

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 September 30,
As of December 31,
2025
2024
Amount
Percent
Amount
Percent
(Dollars in thousands)
Construction & development
$
1,203
6.2
%
$
1,223
6.8
%
1-4 family real estate
976
5.0
%
1,313
7.3
%
Commercial real estate - other
7,145
36.8
%
6,992
39.0
%
Commercial & industrial
8,725
45.0
%
6,797
38.0
%
Agricultural
927
4.8
%
1,106
6.2
%
Consumer
429
2.2
%
487
2.7
%
Total
$
19,405
100.0
%
$
17,918
100.0
%

44
Nonperforming Assets

Loans are considered delinquent when principal or interest payments are past due 30 days or more. Delinquent loans may remain on accrual status between 30 days and 90 days past due. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. Typically, the accrual of interest on loans is discontinued when principal or interest payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability of the obligation. When loans are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on a nonaccrual loan is subsequently recognized only to the extent that cash is received and the loan’s principal balance is deemed collectible. Loans are restored to accrual status when loans become well-secured and management believes full collectability of principal and interest is probable.

Loans are evaluated for expected credit losses over their contractual term, reflecting management’s current estimate. Loans placed on nonaccrual status and loan modifications granted to borrowers experiencing financial difficulty are considered to have elevated credit risk and are carefully considered within our current expected credit loss methodology. 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. Depending on a particular loan’s risk characteristics, we estimate expected credit losses using methods such as present value of expected future cash flows discounted at the loan’s effective interest rate, observable market prices for similar assets if available, or the fair value of collateral less estimated costs to sell for collateral-dependent loans. A loan is considered collateral-dependent when the expected source of repayment is primarily the liquidation of the collateral. Fair value, where utilized, is determined by independent appraisals, typically on an annual basis. Between appraisal periods, the estimated fair value may be adjusted based on specific events, such as identified deterioration of collateral quality through our credit risk monitoring, or discussions with the borrower indicating the appraised value may no longer reflect current market conditions. The estimated credit losses are recognized as an allowance for credit losses, which is a valuation account. Changes in the allowance for credit losses, whether increases or decreases, are recorded in current period earnings as provision for credit losses.

Real estate we acquire as a result of foreclosure or by deed-in-lieu of foreclosure is classified as other real estate owned, or OREO, until sold, and is initially recorded at fair value less costs to sell when acquired, establishing a new cost basis.

The following table presents information regarding nonperforming assets as of the dates indicated.
As of
September 30,
2025
As of
December 31,
2024
(Dollars in thousands)
Nonaccrual loans (1)
$
5,317
$
7,170
Accruing loans 90 or more days past due
-
-
Total nonperforming assets
$
5,317
$
7,170
Ratio of nonperforming loans to total loans
0.35
%
0.51
%
Ratio of nonaccrual loans to total loans
0.35
%
0.51
%
Ratio of allowance for credit losses to total loans
1.26
%
1.28
%
Ratio of allowance for credit losses to nonaccrual loans
364.96
%
249.90
%
Ratio of nonperforming assets to total assets
0.28
%
0.41
%

(1)
There are no loans modified to borrowers experiencing financial difficulty included in nonaccrual loans as of September 30, 2025 and December 31, 2024, respectively.

45
The following tables present an aging analysis of loans as of the dates indicated.
As of September 30, 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
$
-
$
80
$
-
$
-
$
80
$
193,920
$
194,000
1-4 family real estate
43
-
-
-
43
119,275
119,318
Commercial real estate - other
-
-
-
-
-
557,587
557,587
Commercial & industrial
19
-
3,457
-
3,476
572,054
575,530
Agricultural
240
-
-
-
240
76,097
76,337
Consumer
-
271
-
-
271
14,233
14,504
Total
$
302
$
351
$
3,457
$
-
$
4,110
$
1,533,166
$
1,537,276

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
103
-
3,426
-
3,529
507,775
511,304
Commercial & industrial
403
5
-
-
408
506,615
507,023
Agricultural
-
-
-
-
-
77,922
77,922
Consumer
97
-
-
-
97
14,215
14,312
Total
$
603
$
5
$
3,426
$
-
$
4,034
$
1,395,259
$
1,399,293

46
In addition to the past due and nonaccrual criteria, we also evaluate loans according to our internal risk grading system. Loans are segregated between pass, watch, special mention, and substandard categories. The definitions of those categories are as follows:

Pass : These loans generally conform to Bank policies, are characterized by policy-conforming advance rates on collateral, and have well-defined repayment sources. In addition, these credits are extended to borrowers and guarantors with a strong balance sheet and either substantial liquidity or a reliable income history.

Watch : These loans are still considered “Pass” credits; however, various factors such as industry stress, material changes in cash flow or financial conditions, or deficiencies in loan documentation, or other risk issues determined by the lending officer, Commercial Loan Committee or Credit Quality Committee warrant a heightened sense and frequency of monitoring.

Special mention : These loans have observable weaknesses or evidence of imprudent handling or structural issues. The weaknesses require close attention, and the remediation of those weaknesses is necessary. No risk of probable loss exists. Credits in this category are expected to quickly migrate to “Watch” or “Substandard” as this is viewed as a transitory loan grade.

Substandard : These loans are not adequately protected by the sound worth and debt service capacity of the borrower, but may be well-secured. The loans have defined weaknesses relative to cash flow, collateral, financial condition or other factors that might jeopardize repayment of all of the principal and interest on a timely basis. There is the possibility that a future loss will occur if weaknesses are not remediated.

Outstanding loan balances categorized by internal risk grades as of the periods indicated are summarized as follows:

As of September 30, 2025
Pass
Watch
Special
mention
Substandard
Total
(Dollars in thousands)
Construction & development
$
192,034
$
-
$
1,323
$
643
$
194,000
1-4 family real estate
119,318
-
-
-
119,318
Commercial real estate - other
530,438
18,199
7,449
1,501
557,587
Commercial & industrial
515,022
35,616
19,075
5,817
575,530
Agricultural
72,155
-
4,182
-
76,337
Consumer
14,233
-
-
271
14,504
Total
$
1,443,200
$
53,815
$
32,029
$
8,232
$
1,537,276


As of December 31, 2024
Pass
Watch
Special
mention
Substandard
Total
(Dollars in thousands)
Construction & development
$
165,863
$
-
$
1,259
$
563
$
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

47
Deposits

We gather deposits primarily through our twelve branch locations and online through our website. We offer a variety of deposit products including demand deposit accounts and interest-bearing products, such as savings accounts and certificates of deposit. We put continued effort into gathering noninterest-bearing demand deposit accounts through loan production cross-selling, customer referrals, marketing efforts and various involvement with community networks. Some of our interest-bearing deposits are obtained through brokered transactions. We participate in the CDARS and ICS programs, where customer funds are placed into multiple deposit accounts, each in an amount under the standard FDIC insurance maximum of $250,000, and placed at a network of banks across the United States.

Total deposits as of September 30, 2025 and December 31, 2024 were $1.64 billion and $1.52 billion , respectively.

As of September 30, 2025, and December 31, 2024, brokered deposits were $387.6 million and $336.7 million , respectively.

Uninsured deposits are defined as the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit and amounts in any other uninsured investment or deposit account that are classified as deposits and are not subject to any federal or state deposit insurance regimes. Total uninsured deposits were $401.8 million and $354.2 million at September 30, 2025 and December 31, 2024, respectively, as calculated per regulatory guidance. These amounts were approximately 24.6% and 23.4% of deposits at September 30, 2025 and December 31, 2024, respectively.

The following table sets forth deposit balances by certain categories as of the dates indicated and the percentage of each deposit category to total deposits.


As of September 30,
As of December 31,
2025
2024
Amount
Percentage of
Total
Amount
Percentage of
Total
(Dollars in thousands)
Noninterest-bearing demand
$
340,985
20.84
%
$
313,258
20.70
%
Interest-bearing transaction deposits
972,674
59.42
%
889,679
58.70
%
Savings deposits
82,704
5.05
%
73,379
4.80
%
Time deposits (less than $250,000)
140,652
8.59
%
146,814
9.70
%
Time deposits ($250,000 or more)
99,812
6.10
%
92,341
6.10
%
Total interest-bearing deposits
1,295,842
79.16
%
1,202,213
79.30
%
Total deposits
$
1,636,827
100.00
%
$
1,515,471
100.00
%

The following tables set forth the maturity of time deposits as of the dates indicated below:


As of September 30, 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)
$
45,651
$
54,301
$
34,219
$
6,481
$
140,652
Time deposits ($250,000 or more)
25,846
37,085
19,183
17,698
99,812
Total time deposits
$
71,497
$
91,386
$
53,402
$
24,179
$
240,464

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

48
Liquidity

Liquidity refers to 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. We continuously monitor our liquidity position to ensure that assets and liabilities are managed in a manner that will meet all short-term and long-term cash requirements. We manage our liquidity position to meet the daily cash flow needs of customers, while maintaining an appropriate balance between assets and liabilities to meet the return on investment objectives of our shareholders.

Our liquidity position is supported by the management of liquid assets and access to alternative sources of funds. Our liquid assets include cash, interest-bearing deposits in correspondent banks and fed funds sold. Other available sources of liquidity include wholesale deposits and borrowings from correspondent banks and FHLB advances.

Our short-term and long-term liquidity requirements are primarily met through cash flow from operations, redeployment of prepaying and maturing balances in our loan portfolios, and increases in customer deposits. Other alternative sources of funds will supplement these primary sources to the extent necessary to meet additional liquidity requirements on either a short-term or long-term basis.

As of September 30, 2025, we had no unsecured fed funds lines with correspondent depository institutions, with no corresponding amounts advanced. In addition, based on the values of loans pledged as collateral, we had borrowing availability with the FHLB of $217.6 million as of September 30, 2025 and $190.9 million as of December 31, 2024, and we had access to approximately $298.4 million in liquidity with the Federal Reserve Bank as of September 30, 2025 and $336.1 million as of December 31, 2024.

Capital Requirements

The Bank is subject to various regulatory capital requirements administered by the federal and state banking regulators. Failure to meet regulatory capital requirements may result in certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for “prompt corrective action” (described below), We must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting policies. The capital amounts and classifications are subject to qualitative judgments by the federal banking regulators about components, risk weightings and other factors. Qualitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios of CET1 capital, Tier 1 capital, total capital to risk-weighted assets, and Tier 1 capital to average consolidated assets, referred to as the “leverage ratio.”

As of September 30, 2025, the Bank was in compliance with all applicable regulatory requirements and categorized as “well-capitalized” under the prompt corrective action frame work.  There have been no conditions or events since September 30, 2025 that management believes would change this classification. The table below presents our applicable capital requirements, as well as our capital ratios as of September 30, 2025 and December 31, 2024. The Company exceeded all regulatory capital requirements and the Bank was considered to be “well-capitalized” as of the dates reflected in the tables below.

Basel III Capital Rules

Under the Basel III Capital Rules, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a capital conservation buffer composed of CET1 capital above its minimum risk-based capital requirements. As of September 30, 2025, the Company and the Bank met all capital adequacy requirements under the Basel III Capital Rules.
49
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 September 30, 2025
Total capital (to risk-weighted assets)
Company
$
252,632
15.43
%
$
171,870
10.50
%
N/A
N/A
Bank
252,591
15.44
%
171,763
10.50
%
$
163,584
10.00
%
Tier 1 capital (to risk-weighted assets)
Company
232,763
14.22
%
139,133
8.50
%
N/A
N/A
Bank
232,723
14.23
%
139,047
8.50
%
130,867
8.00
%
CET 1 capital (to risk-weighted assets)
Company
232,763
14.22
%
114,580
7.00
%
N/A
N/A
Bank
232,723
14.23
%
114,509
7.00
%
106,330
6.50
%
Tier 1 capital (to average assets)
Company
232,763
12.71
%
N/A
N/A
N/A
N/A
Bank
232,723
12.71
%
N/A
N/A
91,555
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
%

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 $28.5 million as of September 30, 2025 to $241.7 million, compared to $213.2 million as of December 31, 2024.

50
Contractual Obligations

The following tables contain supplemental information regarding our total contractual obligations as of September 30, 2025, and December 31, 2024:
Payments Due as of September 30, 2025
Within One
Year
One to Three Years
Three to Five Years
After Five
Years
Total
(Dollars in thousands)
Deposits without a stated maturity
$
1,396,363
$
-
$
-
$
-
$
1,396,363
Time deposits
216,285
23,800
379
-
240,464
Operating lease commitments
204
1,120
530
474
2,328
Total contractual obligations
$
1,612,852
$
24,920
$
909
$
474
$
1,639,155

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
699
-
239,155
Operating lease commitments
646
516
236
476
1,874
Total contractual obligations
$
1,508,672
$
7,262
$
935
$
476
$
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. We expect to maintain adequate cash levels through profitability, loan repayment and maturity activity and continued deposit gathering activities. We have in place various borrowing mechanisms for both short-term and long-term liquidity needs.

Off-Balance Sheet Arrangements

We are a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheet. The contractual or notional amounts of those instruments reflect the extent of involvement we have in particular classes of financial instruments. To control this credit risk, the Company uses the same underwriting standards as it uses for loans recorded on the balance sheet.

Loan commitments are agreements to lend to a customer, as long as there is no violation of any condition established in the contract. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of the customer to a third party. They are intended to be disbursed, subject to certain conditions, upon request of the borrower.

The following table summarizes commitments as of the dates presented.

September 30,
2025
December 31,
2024
(Dollars in thousands)
Commitments to extend credit
$
311,383
$
272,261
Standby letters of credit
13,507
11,333
Total
$
324,890
$
283,594

51
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. To prepare financial statements in conformity with GAAP, management makes estimates, assumptions and judgments based on available information. These estimates, assumptions and judgments affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions and judgments are based on information available as of the date of the financial statements and, as this information changes, actual results could differ from the estimates, assumptions and judgments reflected in the financial statement. In particular, management has identified several accounting policies that, due to the estimates, assumptions and judgments inherent in those policies, are critical in understanding our financial statements.

The following is a discussion of the critical accounting policies and significant estimates that we believe require us to make the most complex or subjective decisions or assessments.
Allowance for Credit Losses
The allowance is based on management’s estimate of probable losses inherent in the loan portfolio. In the opinion of management, the allowance is adequate to absorb estimated losses in the portfolio as of each balance sheet date. While management uses available information to analyze losses on loans, future additions to the allowance may be necessary based on changes in economic conditions and changes in the composition of the loan portfolio. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance. In analyzing the adequacy of the allowance, a comprehensive loan grading system to determine risk potential in loans is utilized together with the results of internal credit reviews.
To determine the adequacy of the allowance, the loan portfolio is broken into pools based on loan type and risk characteristics. Historical loss experience factors by pool, adjusted for changes in trends and conditions, are used to determine an indicated allowance for each portfolio pool. These factors are evaluated and updated based on the composition of the specific loan pool. Other considerations include volumes and trends of delinquencies, nonaccrual loans, levels of bankruptcies, criticized and classified loan trends, expected losses on real estate secured loans, new credit products and policies, economic conditions, concentrations of credit risk and the experience and abilities of our lending personnel. In addition to the pool evaluations, classified 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. Specific allowances may also be established for loans whose outstanding balances are below the $250,000 threshold when it is determined that the risk associated with the loan differs significantly from the risk factor amounts established for its loan pool.
52
Goodwill and Intangibles
Intangible assets totaled $784,000 and goodwill, net of accumulated amortization, totaled $11.2 million as of September 30, 2025, compared to intangible assets of $878,000 and goodwill of $8.5 million as of December 31, 2024.
Goodwill resulting from a business combination represents the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is tested annually for impairment or more frequently if other impairment indicators are present.  If the implied fair value of goodwill is lower than its carrying amount, a goodwill impairment is indicated and goodwill is written down to its implied fair value.  Subsequent increases in goodwill value are not recognized in the accompanying consolidated financial statements.
Other intangible assets consist of core deposit intangible assets and are amortized on a straight-line basis based on an estimated useful life of 10 years.  Such assets are periodically evaluated as to the recoverability of their carrying values.
Income Taxes
We file 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.
Management performs an analysis of our tax positions annually and believes it is more likely than not that all of its tax positions will be utilized in future years.

The Company’s effective tax rate was 23.6% for the third quarter of 2025, which was consistent with the rate of 24.2% for the same period in 2024. Our effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to the effect of state income taxes, tax-exempt income earned on certain loans and investments, and nondeductible expenses.

Fair Value of Financial Instruments

ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received to sell a financial asset or paid to transfer a financial liability in an orderly transaction between market participants at the measurement date. The degree of management judgment involved in determining the fair value of assets and liabilities is dependent upon the availability of quoted market prices or observable market parameters. For financial instruments that trade actively and have quoted market prices or observable market parameters, there is minimal subjectivity involved in measuring fair value. When observable market prices and parameters are not available, management judgment is necessary to estimate fair value. In addition, changes in market conditions may reduce the availability of quoted prices or the observable date. Debt securities that are being held for indefinite periods of time and are not intended to sell, are classified as available for sale and are stated at estimated fair value. Unrealized gains or losses on debt securities available for sale are reported as a component of stockholders’ equity and comprehensive income, net of income tax.

The Company reviews its portfolio of debt securities in an unrealized loss position at least quarterly. The Company first assesses whether it intends to sell, or it is more-likely-than-not that it will be required to sell, the securities before recovery of the amortized cost basis. If either of these criteria is met, the securities amortized cost basis is written down to fair value as a current period expense. If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making this assessment, the Company considers, among other things, the period of time the security has been in an unrealized loss position, and performance of any underlying collateral and adverse conditions specifically related to the security.

The estimates of fair values of debt securities and other financial instruments are based on a variety of factors. In some cases, fair values represent quoted market prices for identical or comparable instruments. In other cases, fair values have been estimated based on assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates reflecting varying degrees of risk. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of year-end or that will be realized in the future.

53
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Sensitivity and Market Risk

As a financial institution, our primary component of market risk is interest rate volatility. Our financial management policy provides management with the guidelines for effective funds management, and we have established a measurement system for monitoring our net interest rate sensitivity position. We have historically managed our sensitivity position within our established guidelines.
Fluctuations in interest rates will ultimately impact both the level of income and expense recorded on most of our assets and liabilities, and the market value of all interest-earning assets and interest-bearing liabilities, other than those which have a short term to maturity. Interest rate risk is the potential of economic losses due to future interest rate changes. These economic losses can be reflected as a loss of future net interest income and/or a loss of current fair market values. The objective is to measure the effect on net interest income and to adjust the balance sheet to minimize the inherent risk while at the same time maximizing income.

We manage our exposure to interest rates by structuring our balance sheet in the ordinary course of business. We do not enter into instruments such as leveraged derivatives, financial options or financial future contracts to mitigate interest rate risk from specific transactions. Based upon the nature of our operations, we are not subject to foreign exchange or commodity price risk. We do not own any trading assets.

Our exposure to interest rate risk is managed by the Asset/Liability Committee, or the ALCO Committee, in accordance with policies approved by our board of directors. The ALCO Committee formulates strategies based on appropriate levels of interest rate risk. In determining the appropriate level of interest rate risk, the ALCO Committee considers the impact on earnings and capital on the current outlook on interest rates, potential changes in interest rates, regional economies, liquidity, business strategies and other factors. The ALCO Committee meets regularly to review, among other things, the sensitivity of assets and liabilities to interest rate changes, the book and market values of assets and liabilities, commitments to originate loans and the maturities of investments and borrowings. Additionally, the ALCO Committee reviews liquidity, cash flow flexibility, maturities of deposits and consumer and commercial deposit activity. Management employs methodologies to manage interest rate risk, which include an analysis of relationships between interest-earning assets and interest-bearing liabilities and an interest rate shock simulation model.

We use interest rate risk simulation models and shock analyses to test the interest rate sensitivity of net interest income and fair value of equity, and the impact of changes in interest rates on other financial metrics. Contractual maturities and re-pricing opportunities of loans are incorporated in the model. The average lives of non-maturity deposit accounts are based on decay assumptions and are incorporated into the model. We utilize third-party experts to periodically evaluate the performance of our non-maturity deposit accounts to develop the decay assumptions. All of the assumptions used in our analyses are inherently uncertain and, as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions and the application and timing of various management strategies.

On a quarterly basis, we run various simulation models including a static balance sheet and dynamic growth balance sheet. These models test the impact on net interest income and fair value of equity from changes in market interest rates under various scenarios. Under the static model and dynamic growth models, rates are shocked instantaneously and ramped rates change over a 12-month and 24-month horizon based upon parallel and non-parallel yield curve shifts. Parallel shock scenarios assume instantaneous parallel movements in the yield curve compared to a flat yield curve scenario. Non-parallel simulation involves analysis of interest income and expense under various changes in the shape of the yield curve. 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 10% for a -100 basis point shift, 5% for a 100 basis point shift, 10% for a 200 basis point shift, 15% for a 300 basis point shift, and 20% for a 400 basis point shift.

54
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:

September 30,
2025
December 31,
2024
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
+400
23.29
%
22.51
%
17.71
%
23.27
%
+300
18.13
%
21.40
%
13.65
%
22.34
%
+200
12.82
%
20.20
%
9.54
%
21.30
%
+100
7.16
%
18.85
%
5.15
%
20.15
%
Base
1.27
%
16.99
%
0.24
%
18.82
%
-100
-4.72
%
15.66
%
-4.92
%
17.37
%
-200
-8.98
%
13.83
%
-9.83
%
15.73
%

The results are primarily due to behavior of demand, money market and savings deposits during such rate fluctuations. We have found that, historically, interest rates on these deposits change more slowly than changes in the discount and fed funds rates. This assumption is incorporated into the simulation model and is generally not fully reflected in a gap analysis. The assumptions incorporated into the model are inherently uncertain and, as a result, the model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions and the application and timing of various strategies.

Impact of Inflation

Our consolidated financial statements and related notes included elsewhere in this Form 10-Q have been prepared in accordance with GAAP. These require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative value of money over time due to inflation or recession.

Unlike many industrial companies, substantially all of our assets and liabilities are monetary in nature. As a result, interest rates have a more significant impact on our performance than the effects of general levels of inflation. Interest rates may not necessarily move in the same direction or in the same magnitude as the prices of goods and services. However, other operating expenses do reflect general levels of inflation.

ITEM 4. Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness as of September 30, 2025 of our disclosure controls and procedures, as defined Rules 13a-15(e) and 15d-15(e) under the Exchange Act.  In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management was required to apply judgment in evaluating its controls and procedures.  Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the fiscal quarter covered by this Form 10-Q.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, such controls.

55
PART II

ITEM 1. Legal Proceedings

From time to time, we are a party to legal actions that are routine and incidental to our business. Given the nature, scope and complexity of the extensive legal and regulatory landscape applicable to our business, including laws and regulations governing consumer protections, fair lending, fair labor, privacy, information security and anti-money laundering and anti-terrorism laws, we, like all banking organizations, are subject to heightened legal and regulatory compliance and litigation risk. However, based upon available information and in consultation with legal counsel, management is of the opinion that no proceedings exist, either individually or in the aggregate, which, if determined adversely, would have a material adverse effect on our financial statements.

ITEM 1A. Risk Factors

In addition to the other information set forth in this Report, we refer you to Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC. Other than the risk factors set forth below, there have been no material changes in the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

On October 30, 2023, the Company adopted a repurchase plan that authorizes the repurchase of up to 750,000 shares of the Company’s stock. The plan was renewed by the Board of Directors on August 20, 2025. Stock repurchases under the plan will take place pursuant to a Rule 10b5-1 Plan with pricing and purchasing parameters established by management. The Company may repurchase shares of common stock on the open market or through privately negotiated transactions at times and prices considered appropriate, at the discretion of the Company, and subject to its assessment of alternative uses of capital, stock trading price, general market conditions and regulatory factors. The stock repurchase plan does not obligate the Company to acquire any specific number of shares and will continue in effect until terminated by the Board of Directors of the Company. Shares of common stock repurchased under this plan will be retired subsequent to acquisition. During the nine months ended September 30, 2025, there were no shares purchased under the Company’s repurchase plan.

ITEM 3. Defaults Upon Senior Securities

None

ITEM 4. Mine Safety Disclosures

None

ITEM 5. Other Information

During the three months ended September 30, 2025, none of our officers or directors adopted or terminated a Rule 10b5-1 trading arrangement or a Non-Rule 10b5-1 trading arrangement, as each term is defined under Item 408(a) of Regulation S-K.

56
ITEM 6. Exhibits

Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS
XBRL Instance Document.
101.SCH
XBRL Taxonomy Extension Schema Document.
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB
XBRL Taxonomy Extension Label Linkbase Document.
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)

* This exhibit is furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BANK7 CORP.
DATED:
November 7, 2025
By: /s/ Thomas L. Travis
Thomas L. Travis
Vice Chairman and Chief Executive Officer
DATED:
November 7, 2025
By: /s/ Kelly J. Harris
Kelly J. Harris
Executive Vice President and Chief Financial Officer


57
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