Bank7 (NASDAQ: BSVN) said its third-quarter performance was supported by strong loan growth, disciplined pricing and a solid operating environment in Texas and Oklahoma, despite loan payoffs of more than $130 million in the period. The company expects to close its merger with Century Financial in New Mexico on Nov. 1; management said Century's lower-cost deposits should help maintain margins, though the margin effect of selling some of Century's bond holdings depends on timing and use. Around 75% to 80% of expected merger savings should be realized in the first quarter after closing, with a systems conversion in the third quarter and about $16.2 million of one-time merger expenses expected in the fourth quarter. Bank7 does not intend to pursue Century's purchased loan participations and expects to exit them as opportunities arise. It generally would not operate materially below an 80% loan-to-deposit ratio, and at times could approach 95%.
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