뱅크7(BSVN) 2026년 3분기 실적 발표 콘퍼런스 콜: 센추리 합병, 대출 성장 및 NIM

뱅크7(Bank7 Corp., NASDAQ: BSVN)은 2026년 3분기 실적 발표회(어닝콜)에서 견조한 자체 대출 실행, 엄격한 가격 책정, 그리고 진행 중인 센추리 파이낸셜(Century Financial) 인수로부터 기대되는 자금 조달 수혜를 강조했다. 경영진은 이번 분기 중 1억 3,000만 달러가 넘는 대출 상환이 이루어지면서 신규 대출의 견조한 실적이 가려졌다고 설명했다.

핵심 요약

• 3분기 대출 상환액이 1억 3,000만 달러를 넘어섰으나, 뱅크7은 해당 상환액을 메우며 대출 성장을 달성했다. 경영진은 4분기에도 추가적인 대출 자금 집행 기회가 있을 것으로 전망하고 있다.
• 뱅크7은 11월 1일 완료 예정인 센추리 파이낸셜 인수가 초기에는 순이자마진(NIM)에 중립적일 것으로 현재 예상하고 있다.
• 기존 뱅크7의 3분기 대출 베타는 60%에 근접한 반면, 예금 베타는 약 52%를 기록했다.
• 4분기에 금리 인상이 이뤄질 경우 경영진은 대출 베타가 65%~70%에 달할 것으로 예상하며, 예금 베타는 그보다 낮겠지만 예측하기는 더 어려울 것으로 보고 있다.
• 경영진은 시장 기여도 및 대출 상환 활동에 따라 전사 대출 성장률 목표를 한 자릿수 중반에서 10%대 초반 범위로 계속 유지하고 있다.
• 뱅크7은 계획된 인수합병(M&A) 비용 절감액의 약 75%~80%를 1분기에 실현하고, 나머지는 2분기 말까지 실현할 것으로 예상하고 있다.

핵심 재무 데이터

사업 및 영업 실적

경영진은 3분기 대출 성장의 원인으로 뱅커들의 견조한 영업 실적과 텍사스 및 오클라호마주의 양호한 경제 여건을 꼽았다. 회사는 대출 경쟁이 심화된 시장 상황 속에서도 대출 및 예금 금리 산정 시 엄격한 원칙을 유지하여 안정적인 순이자마진(NIM)을 뒷받침했다.

뱅크7은 이미 확정된 대출 약정을 이행하고 센추리 인수 관련 현금 수요에 대비하기 위해 이번 분기 동안 높은 수준의 유동성을 유지했다. 경영진은 2분기에 파악된 대출 파이프라인에서의 자금 집행이 대부분 이미 이루어졌음에도 불구하고, 대출 파이프라인은 여전히 견조하다고 밝혔다.

센추리 인수를 통해 산타페를 중심으로 한 뉴멕시코 지역에서 저비용 핵심 예금 기반이 확보될 것으로 기대된다. 뱅크7은 센추리의 기존 영업 지역에서 상업은행 활동을 확대하는 한편, 기업주, 창업가, 고액 자산가 고객에 대한 서비스를 지속해서 제공할 계획이다.

인수된 자금은 대출 증가율이 예금 증가율을 지속해서 상회해 온 뱅크7의 달라스 영업을 지원하는 데에도 활용될 수 있다. 경영진은 인수 첫날 센추리의 대출 포트폴리오를 대대적으로 정리할 계획은 없다고 밝혔다. 다만 뱅크7이 매입 참여 대출 전략을 추구하지 않기 때문에, 일부 매입 참여 대출 항목은 시간이 지남에 따라 만기 도래 후 해지되거나 정리되도록 둘 가능성이 높다.

경영진 가이던스

뱅크7은 현재 센추리 인수가 순이자마진(NIM)에 중립적일 것으로 보고 있다. 회사는 센추리의 채권 포트폴리오 일부 또는 전부를 매각할 계획이며, 이를 통해 상당한 규모의 현금을 확보할 수 있을 것으로 보인다. 최종적인 마진 영향은 채권 매각 시점과 매각 대금의 재투입 방식에 따라 달라질 것이다.

경영진은 센추리의 낮은 자금 조달 비용 덕분에 단기 및 중기적으로 마진 유지가 한결 수월해질 것으로 기대하고 있다. 그러나 유동성이 다소 수익률이 낮은 대출을 포함한 신규 대출로 집행됨에 따라 이러한 수혜는 점차 감소할 수 있다.

뱅크7은 인수합병 비용 절감액의 약 75%~80%가 1분기에 달성되고, 나머지 절감액은 2분기 말까지 단계적으로 실현될 것으로 예상하고 있다. 전산 시스템 통합은 현재 7월로 예정되어 있다. 경영진은 통합 시너지 효과가 본격화됨에 따라 2027년 하반기 수익성이 상반기보다 더 높아질 것이라고 전했다.

회사는 예대율이 일반적으로 80% 이상을 유지할 것으로 예상하지만, 자본, 유동성, 대출 만기 및 자금 조달 여건에 따라 95%에 근접할 수도 있다. 경영진은 예대율을 상단에 가깝게 운용하려면 익일 조달이 가능한 충분한 유동성 조달 원천이 필요할 것이라고 설명했다.

리스크 및 주시 항목

• 규모가 크고 비정기적인 대출 상환은 기저의 대출 실행 실적을 가리고 분기별 발표 대출 성장률의 변동성을 유발할 수 있다.
• 센추리의 저비용 예금에 따른 마진 수혜는 잉여 유동성이 재투자됨에 따라 줄어들 수 있다.
• 뱅크7이 속한 전 시장에 걸쳐 대출 경쟁이 지속해서 치열하게 유지되고 있어 지속적인 금리 산정 원칙이 요구된다.
• 전산 시스템 제공업체의 일정 문제로 예상 전산 전환 시점이 7월로 미루어지면서 목표로 한 효율성 개선의 마지막 20%~25% 달성이 연기되었다.
• 경영진은 금리 변동이 인수회계 평가액 및 기타 가치 평가 항목에 영향을 미칠 수 있어 센추리의 영업권 잔액을 확정하기에는 아직 이르다고 밝혔다.
• 예대율이 상승하면 시장 전반의 자금 조달 차질이 발생할 때 은행을 보호할 수 있는 신뢰할 수 있는 비상 유동성이 필요하다.

애널리스트 Q&A 주요 내용

애널리스트들은 뱅크7이 센추리의 예금과 채권 매각 대금을 어떻게 운용할 것인지에 집중했다. 경영진은 마진 보존과 더 빠른 대출 성장 사이의 균형을 맞추며 체계적으로 진행할 것이라고 답했다. 센추리의 조달 자금은 현지 예금 생성보다 대출 수요가 더 강한 달라스 및 기타 시장으로 투입될 수 있다.

대출 성장에 대해 경영진은 뱅크7의 기존 상업은행 모델을 실질적으로 변경할 계획이 없음을 재확인했다. 회사는 불필요한 신용 위험이나 과도한 금리 양보를 피하면서 전사 성장률을 한 자릿수 중반에서 10%대 초반 수준으로 전망하고 있다.

통합 과정과 관련해 경영진은 2027년을 단순한 통합의 해로 보내기보다는 비용 절감의 대부분이 초기에 이루어질 것으로 예상하고 있다. 남은 효율화 작업은 7월 전산 전환 완료 여부에 부분적으로 좌우될 것이다.

실적 발표회(어닝콜) 전체 녹취록

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Thank you. Welcome to the Bank7 Corp. Third Quarter 2026 Earnings Call. Before we get started, I'd like to highlight the legal information and disclaimer on page 25 of the Investor's Presentation. For those who do not have access to the presentation, management is going to discuss certain topics that contain forward-looking information, which is based on management's beliefs as well as assumptions made by and information currently available to management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will be proved to be correct. Such statements are subject to certain risks, uncertainties, and assumptions including, among other things, the direct and indirect effect of economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of the banking regulators. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, financial results may vary materially from those expected. Also, please note that this conference call contains references to non-GAAP financial measures.

You can find reconciliations of these non-GAAP financial measures to GAAP financial measures in an 8-K that was filed this morning by the company. Representing the company on today's call, we have William B. Haines, Chairman, Thomas L. Travis, President and CEO, John T. Phillips, Senior Executive Vice President and Chief Operating Officer, Jason Estes, President and Chief Credit Officer, Kelly Harris, Executive VP and CFO, Paul Timmons, Director of Accounting. With that, I'll turn the call over to Thomas L. Travis. Thank you and welcome to the call. First and foremost, what a great company we have here at Bank7.

Thomas Travis

It doesn't happen by accident. Our team's been together a long time. We execute at a high level every day. We like to say it takes courage to be great and we're proud of our consistent top-tier results. Just a fantastic company and really good results, especially given all the things that we're having to do at the same time, closing our recent acquisition. So, a really great quarter. I would say that highlights would start out with very strong loan growth that is stronger than what it appears because we overcame substantial unscheduled paydowns from large customers. So our loan team, as usual, is functioning at a very high level, and we're very thankful for them. Then we discipline ourselves with our loan pricing and our deposit pricing, and we properly manage that balance sheet, which enables us to continue benefiting from that strong and consistent NIM.

We also benefit from the robust economy and the business-friendly markets down here in Texas and Oklahoma. And it's a real blessing, and we're mindful of that. For a long time, people on the call were asking us what we were going to do with the excess capital and it was tempting to distribute some of those funds while the calls were being made asking us what we were going to do. But we waited and we're glad we did and we're very excited about the pending merger with Century in New Mexico, and it's a really good example of discipline and patience and prudent use of capital, which really drives the metrics on how transformational and beneficial this transaction will be. Century is an outstanding deposit and banking franchise that is well entrenched in the communities in New Mexico, especially Santa Fe and its surrounding areas. And we really look forward to that merger, we look forward to continuing serving our existing communities and customers as well as theirs and coming together as one team. So we're well positioned for the future, looking forward to executing on our plans and with that we're here to answer any questions anyone might have.

Thank you.

Operator

We will now begin the question and answer session. [Operator Instructions] We will pause momentarily to assemble our roster. The first question today comes from Woody Lay with KBW. Please go ahead.

질의응답

Wood Lay

Hey, good morning, guys. Good morning. I wanted to start on the organic growth in the quarter and as you mentioned, you know it's impressive. It was very impressive considering all the things you were juggling inter-quarter. Maybe specifically on the deposit strategy. Deposits were up pretty significantly in the quarter and you're about to add a really good source of cheap core funding with Century Financial. So it's just curious what you sort of plan to do with the excess liquidity that's on the balance sheet? Is this a sign that the loan pipeline is pretty strong in your eyes?

Kelly Harris

Hey Woody, this is Kelly. Yes, during the quarter, you know, we experienced, as Thomas L. Travis mentioned, substantial loan paydown. We chose to be conservative from an excess liquidity, higher deposit balance because of the known loan fundings as well as the pending merger and some of that cash that goes out related to that. And so that's kind of the game plan going forward. You know, strong pipeline as well as closing this merger.

Wood Lay

Got it. And then, you know, I know the merger is closing November 1, so midway through the fourth quarter. But just any sort of NIM guidance you could provide, you know, pro forma with Century Financial plus, you know, the potential for an additional rate hike from here? I feel like that would be helpful.

Kelly Harris

Yes, I think from a deal perspective, we currently view the deal as neutral to our NIM. And we intend to sell some to all of Century's bonds. And depending on when those sales occur, it'll generate a meaningful amount of cash, and we will be methodical about how we deploy that cash. In some scenarios, it'll be more accretive to our margin. In other scenarios, it'll be more neutral to our margin. And from a Bank7 legacy perspective, the loan beta in the quarter was close to 60%. The deposit beta was around 52%. I think, you know, forward-looking, assuming a rate hike in Q4, we anticipate that loan beta being in the 65% to 70% range, and the deposit beta a little bit harder to project, but we assume less.

Thomas Travis

Yes, and I would add to that. That's really good, Kelly, and accurate. And I would add to that, if you could think of the word bias, or think of the word tendency, once the merger happens, we're going to have a bias or a tendency to be able to more easily maintain that margin due to the influx of a cheaper cost of funds. And that advantage will gradually dissipate over time as we redeploy our and some of it could be redeployed into slightly lower yielding loans. So, you think of a tradeoff between growing slower by maintaining existing pricing, compared with growing faster potentially on the loan book because you decide that you want to capitalize on slightly lower cost of funds, and therefore you can lower your loan rates. And so I don't think that's going to be a material thing.

It's not like you're going to see all of a sudden lower loan pricing. I'm just pointing out that we're going to have some flexibility in the near-term to medium-term because of that advantage of a slightly lower cost of funds.

Wood Lay

Yeah, got it. And then maybe just last for me, and you've kind of hit on it a little bit, you know, on the bond portfolio, but longer term with the acquisition of Century, it would feel like there's an opportunity on the balance sheet remix side to help that 25% plus accretion longer term. Do you think about remixing Century's loan portfolio over, you know, the medium to longer term?

Unknown Speaker

I think you're going to see us continue to do what we've done in the past. And they have commercial banking talent that aligns philosophically with us. And so you'll see us kind of expanding into a couple of new markets there, but doing the same thing. The same thing that we've traditionally done, which is, you know, catering to business owners, entrepreneurs, high net worth individuals and really pursuing that commercial loan and it'll look similar to what we've done in our other markets. And it also gives us some more opportunity, specifically in our Dallas operation. You know, where we're constantly funding challenged there. A lot more loan growth than there is deposit growth. And so maybe we can share some of the newly acquired funds into our Dallas market.

Wood Lay

Got it. All right. Well, that's all for me.

Operator

The next question comes from Nathan Race with Piper Sandler. Please go ahead.

Nathan Race

Hey guys, good morning. Thanks for taking the questions. Um, just going back to one of the previous questions, you know, just thinking about, you know, any potential run off that you're anticipating at the Century loan portfolio and just maybe bigger picture, you know, how do you, you know, anticipate the addition of Century kind of impacting, you know, Bank7's historical kind of high single to double-digit loan trajectory that we've seen kind of longer term from you guys.

Unknown Speaker

I don't think there's any day 1 plan to specifically run off loan balances. I think you'll hopefully see a steady, similar to what we typically do, and as you just referenced, a 5% mid-single-digit to low double-digit company-wide growth, whichever markets are able to contribute to that consistently. And remember, we still run into these chunky periods of payoffs. And you can't see it in the numbers, but our payoffs this quarter were over $130 million. And so we backfilled that and were able to grow nicely over time. The prior, but that is a very atypical amount of payoffs followed on the heels of reasonably significant payoffs in Q2. But we knew going at least midway through Q2 that we were stacked with a big loan pipeline to fund throughout the rest of the year. And most of that funding has occurred, but we still have some clarity, some visibility to a little bit of additional funding in the fourth quarter.

So it's really, you know, go back to Thomas L. Travis's opening statement about the strong economies that we operate within. And we have a great team of bankers. They're out working and we are finding deals. And we're not going to stop, we're not going to change. I don't see, you know, a consistent move up or down. I want us to keep doing more of the same, right? Let's just be what we are. And if we run into a couple periods where we can grow a little faster because things are going well, then let's do it. Not going to take unnecessary risk and we're not going to give away our margin.

Thomas Travis

Yes, there's 1 minor addition I would say that Century did have a more aggressive use of buying loan participations. And it's certainly not the majority of the portfolio, but it's a healthy amount that we intend to, we're not going to pursue that in those areas. Those particular loan participations as they mature, as we have the opportunity to exit those, we would, which would then provide additional funding sources.

Nathan Race

Got it. That's really helpful. And just curious on the some competitive dynamics in your geographies these days, I think there's some growing competition across some of those markets. So just curious what you're seeing in terms of kind of new loan pricing these days. You know, it was great to see, I think, core loan yields ticked up 2 basis points quarter over quarter. So just curious kind of what you're seeing from a competitive perspective, particularly across some of the specialties that you guys operate within.

Unknown Speaker

I haven't seen any dynamic changes there, Nate. I mean, it's very consistent. We always have tough competition in all the markets where we're actively loaning money. I don't see that changing. I guess there was a period during COVID where there were some people that were not particularly aggressive in loaning out money, but it's been very consistent for the last 3 to 4 years. Lots of banks looking to deploy into loans and that's where the relationship bankers, you know, win the day.

Nathan Race

Got it. That's helpful. Maybe 1 more for Kelly just on the expense outlook. I think Century is running around $12 million a quarter over the last handful of quarters. In terms of overhead costs. So obviously it'll be noisy the next couple quarters, but just any sense in terms of as you get to kind of the 30% cost saves the timing around the systems conversion to, I imagine, realize the large majority of those cost saves.

Kelly Harris

Yes, I mean, I like to look at our previous deal with Cornerstone. I mean, you saw efficiency ratio creep up a couple hundred basis points initially. And then over time, we feel very confident that we can operate non-interest expense at or below where we currently operate ours. I think from the timing of systems conversions, is that more of a Q3?

Thomas Travis

Yes, I would say, we modeled when we sent that deck out, we talked about expected efficiencies and the numbers in there. And I've got 2 numbers that I'm looking at in my head. I don't know the percentage, but I would say that it's least 75% or 80% of the cost savings will occur immediately in the first quarter and then there'll be the remainder spread out between the end of the second quarter and the end of, I'm sorry, the end of the first quarter and the end of the second quarter. At 75%, 25%, 75% cost savings to be achieved right away. But back to Kelly's point, I think you can look at that. What are we at? 2.05% of non-interest expense? Is it close to that number? And so when you think about that number, Nate, we should be well south of 2% if you just look at, if you want to call it the Century standalone, because you always have heavier at the headquarters.

Nathan Race

Maybe if I could just take 1 more. Obviously, it's a pretty transformational deal. I think Century is a large-scale acquisition history of the company. But just curious, is 2027 kind of more of a digest and integrate type of year for Bank7? Or do you guys maybe anticipate some additional M&A coming your way to the extent those opportunities are still there for you guys?

Thomas Travis

Nate, we're always in a shoot, move, communicate mode, and we would be disappointed as a group if we allowed much of the noise and expense to linger into far into 2027. And so with the exception of the burden that we have because the providers are always slow to give us conversion dates. I believe our conversion date is in July. And so we don't have any choice but to allow, call it that 20% to 25% of last cuts to the efficiencies to be realized. But we're not going to be slow. We're not going to take a casual approach to this. We're going to do what we always do and we're going to make those adjustments and create as many efficiencies as we can day 1.

And so, yes, the back half of the year will be more profitable than the front half of the year, but you're going to see us really achieve very, very meaningful results starting immediately.

Nathan Race

Yep, got you. Makes sense. Thanks for that, Thomas. If I could actually just make 1 housekeeping question for Kelly. On the goodwill number for Century, the slide deck indicated you're expecting a material write-up on some assets. Within some of the locations, any sense of what kind of all-in goodwill number we can anticipate for the fourth quarter once the deal closes?

Kelly Harris

Yes, Nate, I think it's too soon. I know that the increase in rates are going to impact some of the marks, and so I think, and then some of the valuation pieces. I think it's too soon to confirm that.

Nathan Race

Fair enough. I appreciate all the color, guys. Congrats on the great quarter again.

Thomas Travis

Thank you.

Kelly Harris

Thank you.

Operator

As a reminder, if you would like to ask a question, please press star then 1 to join the question queue. The next question comes from Jordan Ghent with Stephens. Please go ahead.

Jordan Ghent

Hey, good morning. Thanks for taking my question. I just wanted to kind of talk about the loan deposit ratio. I mean, historically, you guys have been operating with a higher loan deposit ratio kind of in the mid-90s. Kind of now with Century, where do you see that kind of going? Do you expect it to go? Go back up to the kind of mid-90s, towards 100%? Or do you expect to keep?

Thomas Travis

Keep it a little lower. Thanks. That's a function, as you well know, that's a function of a lot of different things, which include liquidity, capital, and debt instruments, and ability to capture liquidity if necessary. And so, you know, it also is impacted by the loan maturity distribution schedule. We have our loan portfolio. We have a high number of notes that mature during the year. And so it's much more complex, it's much more dynamic than a simple answer. I would just say that, similar to our NIM, you probably won't see us operate much below 80% in our in our world. There will be times, depending on all those various factors that I just mentioned, that we may sneak up to that 95% level. Um, and, and again, that would just depend on the circumstances as far as capital and liquidity and markets and all the things that we see. Generally speaking, 1 thing I will say is that if you see us operating in those higher ranges, we're going to be doing that only if we have tremendous sources of funding that are overnight capable sources to make darn sure that the bank is well positioned for any kind of a macro event, for any kind of liquidity scare like we saw in March of 2023.

And so, I know that's a long potential non-answer, but the fact is that we're comfortable operating in that band and those ranges depending on all those factors and circumstances.

Jordan Ghent

Got it. And then maybe just 1 more on the 1-time transaction expenses that you guys had in the IP of I think it was around $16 million. Has any of that been realized already and maybe what's remaining or how much of it is remaining, I guess?

Thomas Travis

Question. The sorry the 1-time merger expenses you guys had I think you said It was $16.2 million you guys put in the slide deck. Yes. Oh, those are, you've got, that's the catch-all. Investment banker fees, those are conversion fees, early contract termination, and then you've got the, you know, Yes, all those things that will be realized. It's just like any other M&A transaction.

Operator

Okay, thank you. This concludes our question and answer session. I would like to turn the conference back over to Thomas L. Travis for any closing remarks.

Thomas Travis

Thank you again for participating. We appreciate our investment partners and we appreciate the analysts covering us the way they do. If there's any of our team members that are on the call, we appreciate you a lot. And if there's anybody from Century that's on the call, we're super excited to be joining forces together and looking forward to the future together and onward and upward for more good results for our great company. So thank you very much.

Operator

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

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