Cuộc họp công bố kết quả kinh doanh Quý 3/2026 của Bank7 (BSVN): Thương vụ sáp nhập Century, tăng trưởng tín dụng và NIM

Trong cuộc họp công bố kết quả kinh doanh quý 3/2026, Bank7 Corp. (NASDAQ: BSVN) đã nhấn mạnh hoạt động tăng trưởng dư nợ cho vay tự thân mạnh mẽ, chính sách định giá kỷ luật và lợi ích nguồn vốn dự kiến từ thương vụ thâu tóm Century Financial sắp tới. Ban lãnh đạo cho biết hơn 130 triệu USD khoản tất toán khoản vay trong quý đã che khuất sức mạnh của các khoản giải ngân mới.

Các điểm chính

• Các khoản tất toán khoản vay trong quý 3 đã vượt quá 130 triệu USD, nhưng Bank7 đã bù đắp được các khoản hoàn trả đó và vẫn đạt mức tăng trưởng dư nợ cho vay. Ban lãnh đạo cũng nhận thấy thêm các cơ hội tài trợ khoản vay trong quý 4.
• Bank7 hiện kỳ vọng thương vụ Century Financial, dự kiến hoàn tất vào ngày 1 tháng 11, ban đầu sẽ trung lập đối với biên lãi thuần.
• Hệ số beta tiền vay trong quý 3 của Bank7 hiện hữu gần đạt 60%, trong khi hệ số beta tiền gửi đạt khoảng 52%.
• Nếu đợt tăng lãi suất diễn ra trong quý 4, ban lãnh đạo kỳ vọng beta tiền vay sẽ đạt 65%–70%, với giả định beta tiền gửi sẽ thấp hơn nhưng khó dự báo hơn.
• Ban lãnh đạo tiếp tục đặt mục tiêu tăng trưởng dư nợ cho vay trên toàn công ty trong khoảng từ giữa một chữ số đến mức thấp của hai chữ số, tùy thuộc vào sự đóng góp của thị trường và hoạt động tất toán khoản vay.
• Bank7 dự kiến sẽ thực hiện được khoảng 75%–80% chi phí tiết kiệm kế hoạch từ sáp nhập trong quý đầu tiên, với phần còn lại dự kiến vào cuối quý thứ hai.

Dữ liệu tài chính cốt lõi

Kết quả kinh doanh và vận hành

Ban lãnh đạo cho rằng tăng trưởng dư nợ cho vay quý 3 là nhờ năng suất làm việc cao của đội ngũ chuyên viên ngân hàng và điều kiện kinh tế lành mạnh tại Texas và Oklahoma. Công ty đã duy trì tính kỷ luật trong việc định giá cả tiền vay lẫn tiền gửi, hỗ trợ duy trì biên lãi thuần ổn định dù thị trường cho vay cạnh tranh.

Bank7 đã nắm giữ thanh khoản cao hơn trong quý để tài trợ cho các cam kết cho vay đã xác định và chuẩn bị cho các yêu cầu tiền mặt liên quan đến giao dịch Century. Ban lãnh đạo cho biết danh mục khoản vay chờ giải ngân vẫn duy trì mạnh mẽ, mặc dù phần lớn hoạt động cấp vốn dự kiến từ danh mục được xác định trong quý 2 đã diễn ra.

Century dự kiến sẽ bổ sung cơ sở tiền gửi cốt lõi có chi phí thấp hơn ở New Mexico, đặc biệt là quanh khu vực Santa Fe. Bank7 có kế hoạch tiếp tục phục vụ các chủ doanh nghiệp, doanh nhân và khách hàng có giá trị tài sản ròng cao, đồng thời mở rộng hoạt động ngân hàng thương mại tại các thị trường của Century.

Nguồn vốn nhận thâu tóm cũng có thể hỗ trợ hoạt động của Bank7 tại Dallas, nơi tăng trưởng dư nợ cho vay liên tục vượt quá tăng trưởng tiền gửi. Ban lãnh đạo không có kế hoạch thoái vốn diện rộng ngay ngày đầu tiên đối với danh mục cho vay của Century. Tuy nhiên, một số khoản đồng tài trợ cho vay đã mua có khả năng sẽ được phép đáo hạn hoặc rút lui dần theo thời gian vì Bank7 không có ý định theo đuổi chiến lược đó.

Định hướng của ban lãnh đạo

Bank7 hiện xem thương vụ thâu tóm Century là trung lập đối với biên lãi thuần. Công ty có kế hoạch bán một phần hoặc toàn bộ danh mục trái phiếu của Century, điều này có thể tạo ra một lượng tiền mặt đáng kể. Tác động cuối cùng đến biên lãi thuần sẽ phụ thuộc vào thời điểm thực hiện các đợt bán đó và cách số tiền thu được được tái sử dụng.

Ban lãnh đạo kỳ vọng chi phí vốn thấp hơn của Century sẽ giúp duy trì biên lãi thuần dễ dàng hơn trong ngắn đến trung hạn. Lợi ích đó có thể giảm dần khi thanh khoản được giải ngân vào các khoản vay mới, có khả năng bao gồm các khoản vay với lợi suất thấp hơn đôi chút.

Bank7 dự kiến sẽ đạt được khoảng 75%–80% chi phí tiết kiệm từ sáp nhập trong quý đầu tiên, với phần tiết kiệm còn lại được thực hiện theo giai đoạn cho đến cuối quý thứ hai. Việc chuyển đổi hệ thống hiện dự kiến diễn ra vào tháng 7. Ban lãnh đạo cho biết nửa sau năm 2027 sẽ thu được lợi nhuận cao hơn nửa đầu năm khi các lợi ích tích hợp được gia tăng.

Công ty dự kiến tỷ lệ dư nợ cho vay trên tiền gửi nhìn chung sẽ duy trì trên 80%, mặc dù có thể tiệm cận 95% tùy thuộc vào vốn, thanh khoản, thời hạn đáo hạn khoản vay và khả năng tiếp cận nguồn vốn. Ban lãnh đạo cho biết việc vận hành gần mức giới hạn trên sẽ đòi hỏi các nguồn vốn qua đêm dồi dào.

Rủi ro và các vấn đề cần theo dõi

• Các khoản tất toán khoản vay lớn và không thường xuyên có thể che khuất hoạt động giải ngân thực tế và gây ra sự biến động theo quý trong báo cáo tăng trưởng cho vay.
• Lợi ích về biên lãi thuần từ các khoản tiền gửi chi phí thấp hơn của Century có thể giảm bớt khi thanh khoản dư thừa được tái sử dụng.
• Cạnh tranh cho vay vẫn duy trì ở mức cao tại các thị trường của Bank7, đòi hỏi sự tiếp tục duy trì kỷ luật định giá.
• Lịch trình của nhà cung cấp hệ thống đã đẩy ngày chuyển đổi dự kiến sang tháng 7, làm chậm 20%–25% hiệu quả mục tiêu còn lại.
• Ban lãnh đạo cho biết còn quá sớm để xác nhận số dư lợi thế thương mại của Century vì những thay đổi về lãi suất có thể ảnh hưởng đến các điều chỉnh kế toán mua lại và các mục định giá khác.
• Tỷ lệ dư nợ cho vay trên tiền gửi cao hơn sẽ đòi hỏi nguồn thanh khoản dự phòng đáng tin cậy để bảo vệ ngân hàng trong các đợt gián đoạn nguồn vốn trên toàn thị trường có thể xảy ra.

Điểm tin Q&A với các chuyên gia phân tích

Các chuyên gia phân tích tập trung vào cách Bank7 sẽ sử dụng tiền gửi của Century và số tiền thu được từ việc bán trái phiếu. Ban lãnh đạo cho biết họ sẽ thực hiện một cách có phương pháp, cân bằng giữa tăng trưởng cho vay nhanh hơn với việc duy trì biên lãi thuần. Nguồn vốn của Century có thể được hướng tới Dallas và các thị trường khác có nhu cầu vay vốn mạnh hơn khả năng tạo tiền gửi tại địa phương.

Về tăng trưởng cho vay, ban lãnh đạo nhắc lại rằng họ không có kế hoạch thay đổi đáng kể mô hình ngân hàng thương mại hiện tại của Bank7. Công ty kỳ vọng mức tăng trưởng toàn công ty nằm trong khoảng từ giữa một chữ số đến mức thấp của hai chữ số, đồng thời tránh rủi ro tín dụng không cần thiết hoặc việc nhượng bộ định giá quá mức.

Về việc tích hợp, ban lãnh đạo kỳ vọng phần lớn việc cắt giảm chi phí sẽ diễn ra sớm thay vì biến năm 2027 hoàn toàn thành năm tích hợp. Các hiệu quả còn lại sẽ phụ thuộc một phần vào việc hoàn thành chuyển đổi hệ thống vào tháng 7.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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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