Bank7 (BSVN) 2026 年第三季財報電話會議：Century 併購案、放款成長與淨利差 (NIM)

Bank7 Corp. (NASDAQ: BSVN) 在 2026 年第三季法說會上強調，強勁的自生性放款動能、嚴格的定價策略，以及待完成的 Century Financial 收購案預期帶來的資金效益。管理層表示，本季超過 1.3 億美元的貸款提前還款掩蓋了新承作放款的強勁表現。

重點摘要

• 第三季貸款提前還款金額超過 1.3 億美元，但 Bank7 補足了這些還款缺口，依然實現放款成長。管理層也看好第四季將有額外的貸款撥款機會。
• Bank7 目前預期，預計於 11 月 1 日完成交割的 Century Financial 交易案在初期對淨利息收益率 (NIM) 為中性影響。
• 原 Bank7 第三季的放款 Beta 值接近 60%，而存款 Beta 值約為 52%。
• 若第四季升息，管理層預期放款 Beta 值將達到 65%–70%，並假設存款 Beta 值較低，但預測難度較高。
• 管理層繼續以全公司放款成長率達到中個位數至低雙位數為目標，具體取決於市場貢獻與貸款提前還款狀況。
• Bank7 預計在第一季實現計畫中合併成本綜效的 75%–80%，其餘部分預計在第二季末前完成。

核心財務數據

業務與營運表現

管理層將第三季的放款成長歸因於專員強勁的業務能力以及德州與奧克拉荷馬州健全的經濟狀況。儘管放款市場競爭激烈，公司仍對放款與存款定價維持嚴格紀律，支撐了穩定的淨利息收益率。

Bank7 在本季維持較高的流動性，以支應已知的放款承諾，並為 Century 交易相關的資金需求做準備。管理層表示，放款管道依然強勁，儘管第二季所確認的預期撥款管道大部分已完成撥放。

預計 Century 將在新墨西哥州（特別是聖塔菲周邊）帶來成本較低的核心存款基礎。Bank7 計畫繼續服務企業主、創業家及高資產客戶，同時擴展 Century 所屬市場的商業銀行業務。

取得的資金也可支持 Bank7 在達拉斯的業務，該區域的放款成長歷來高於存款成長。管理層並未計畫在交割首日大幅處置 Century 的貸款組合。然而，某些購入的參貸（loan participations）可能會隨時間到期或退出，因為 Bank7 無意採用該營運策略。

管理層指引

Bank7 目前認為收購 Century 對淨利息收益率為中性影響。公司意圖出售 Century 部分或全部的債券組合，這可能會產生相當數量的現金。最終對收益率的影響將取決於這些出售的時間點以及所得資金如何重新配置。

管理層預計 Century 較低的資金成本將使中短期內的收益率更容易維持。隨著流動性被投入於新放款（可能包括收益率稍低的放款），該效益可能會逐漸遞減。

Bank7 預計合併成本節省效益的 75%–80% 將在第一季實現，其餘節省將在第二季末前逐步實現。系統轉換目前預計於 7 月進行。管理層表示，隨著整合效益顯現，2027 年下半年的獲利能力應會優於上半年。

公司預期其存放比（loan-to-deposit ratio）總體將維持在 80% 以上，但根據資本、流動性、放款到期情況及資金取得管道，可能會接近 95%。管理層表示，若營運接近該區間上限，將需要具備充足隔夜調度能力的資金來源。

風險與觀察重點

• 大額且不定期發生的放款提前還款可能會遮蔽潛在的新承作放款動能，並導致報告中季度放款成長率出現波動。
• 隨著過剩流動性重新配置，Century 低成本存款所帶來的收益率優勢可能會遞減。
• 在 Bank7 的各個市場中，放款競爭依然持續激烈，需要保持定價紀律。
• 由於系統供應商的時間安排，預期轉換日期已推遲至 7 月，從而延後了最後 20%–25% 目標效益的實現。
• 管理層表示，現在確認 Century 的商譽餘額還為時過早，因為利率變化可能會影響收購會計標價（purchase accounting marks）與其他估值項目。
• 較高的存放比將需要可靠的應變流動性，以在潛在的全市場資金中斷期間保護銀行。

分析師問答集錦

分析師關注 Bank7 將如何配置 Century 的存款與債券出售所得。管理層表示將有條不紊地推進，在加速放款成長與維持收益率之間取得平衡。Century 的資金可能會導向達拉斯及其他放款需求強於當地存款增長力的市場。

在放款成長方面，管理層重申不打算大幅改變 Bank7 現有的商業銀行模式。公司預計全公司成長率落在中個位數至低雙位數區間，同時避免不必要的信用風險或激進的定價讓步。

關於整合，管理層預計大部分成本削減將在早期實現，而不是將 2027 年單純視為整合年。其餘的效益將部分取決於 7 月系統轉換的完成。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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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