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Equity Bancshares, Inc. (NYSE: EQBK) is a prominent bank holding company with its corporate headquarters in Wichita, Kansas. The company operates under the banner of Equity Bank and is committed to providing a comprehensive range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services, as well as treasury management services. With a mission to offer the best banking experience, Equity Bank has established a strong presence with 28 banking offices spread across Kansas and Missouri, including key areas such as Kansas City, Topeka, Wichita, Hays, and several locations in Missouri.
Founded in 2002, Equity Bank has grown through a series of strategic mergers and acquisitions, enhancing its reach and service capabilities. As of September 30, 2023, the company reported consolidated total assets of $4.9 billion, total deposits of $4.1 billion, and gross loans of $3.3 billion. Following the recent merger agreement to acquire Rockhold Bancorp and Bank of Kirksville, Equity Bank's network will expand to 74 banking locations and total assets will rise to $5.4 billion, enhancing its footprint in North Central Missouri.
Equity Bank's business model focuses on generating revenues primarily through interest income from financial instruments including loans, leases, securities, and derivatives. Additionally, the company earns non-interest income from service charges and fees, debit card income, investment referral income, trust income, and insurance sales commissions.
In recent developments, Equity Bancshares has announced a strategic repositioning of its bond portfolio. The sale of approximately $442 million of available-for-sale investment securities is expected to improve balance sheet efficiency and generate additional annual interest income of $16.2 million, significantly boosting earnings per share in the coming years. The transaction, although resulting in an after-tax loss of $38.2 million, aims to redeploy assets into higher-yielding investments, projected to yield over 5%.
The company continues to demonstrate strong tangible and regulatory capital ratios along with positive credit quality trends. This financial robustness, combined with an enterprising approach to expansion and integration of community banks, positions Equity Bancshares for sustained growth and value creation for shareholders.
Equity Bancshares emphasizes community values and customer service, ensuring that its operations align with the needs of the regions it serves. Through its strategic initiatives and focused management, the company aims to maintain a stable and thriving banking network, offering sophisticated financial products tailored to both individual and business customers.
For more detailed financial updates and investor information, visit www.equitybank.com.
Equity Bancshares, Inc. (NYSE: EQBK) reported net income of $11.7 million or $0.76 earnings per diluted share for Q2 2024. Adjusted net income was $15.3 million or $0.99 per diluted share, excluding merger and BOLI repositioning costs. Key highlights:
- Record net interest income of $46.5 million
- Net interest margin expanded to 3.94% from 3.75% in Q1
- Total deposits were $4.3 billion, with 22.7% in non-interest-bearing accounts
- Allowance for credit losses at 1.3% of total loans
- Common equity tier 1 capital ratio at 11.1%
The company completed the integration of Rockhold Bancshares and announced the merger with KansasLand Bancshares. It also repurchased 152,982 shares at an average cost of $33.35.
Equity Bancshares, the holding company of Equity Bank, has completed its acquisition of KansasLand Bancshares, the parent company of KansasLand Bank. This merger expands Equity Bancshares' presence in Kansas, specifically into Americus and Quinter. The company's proforma consolidated assets now total approximately $5.3 billion, and it operates 74 locations across Kansas, Missouri, Arkansas, and Oklahoma. The integration of KansasLand's core and digital systems is expected late in the third quarter, solidifying Equity Bank's Kansas franchise with a total of 37 banks. This acquisition marks Equity's 23rd strategic transaction since its founding in 2002 and demonstrates its ongoing commitment to growth within its home state.
Equity Bancshares (NYSE: EQBK), the parent company of Equity Bank, will announce their second quarter 2024 financial results on July 16, 2024, after market close. The company will also hold a conference call and webcast on July 17, 2024, at 10 a.m. ET to discuss the results, led by Chairman and CEO Brad Elliott and CFO Chris Navratil. Interested parties can access the live webcast on the company's investor website or register for dial-in details. A replay of the call will be available until August 1, 2024. This announcement sets the stage for stakeholders to assess the company's financial performance and future outlook.
Equity Bancshares, Inc. announced the promotions of Richard Sems as CEO of Equity Bank and Julie Huber as COO. The company aims to align for future growth, with Brad Elliott continuing as Chairman & CEO. The company has focused on organic growth and mergers since its founding in 2002, completing 23 acquisitions. Sems and Huber bring extensive experience to their new roles, driving the company and bank to new heights.
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