Equity Bancshare Stock Price, News & Analysis

Equity Bancshares has successfully acquired Almena State Bank, enhancing its presence in Norton County, Kansas. The transaction, facilitated by the FDIC, was finalized on October 23, 2020. Equity acquired nearly all assets of Almena State Bank, estimated at $66.5 million, at a 30% discount while securing $42.7 million in core deposits at a 1% premium. With this acquisition, Equity Bank now boasts a total of $3.94 billion in assets and a network of 51 branches across four states, providing seamless banking services to former Almena customers.

Equity Bancshares, Inc. (NASDAQ: EQBK) reported a net loss of $90.4 million, or $6.01 per diluted share, for Q3 2020, primarily due to a $104.8 million goodwill impairment. Despite this, the company maintained a robust Tier 1 capital ratio of 13.3% and achieved a tangible book value growth of $2.97 per share year-to-date. Core deposits increased significantly, with a net growth of 3,389 new customers, reflecting strong community support during the pandemic. The company also reported a decline in loans under deferral to about 1%, indicating improved loan performance.

Equity Bancshares, Inc. (NASDAQ:EQBK) will announce its third quarter 2020 results on October 20, 2020, following market close. A conference call and webcast to discuss these results will take place on October 21, 2020, at 10 a.m. ET. Investors can register for the call via the company's website. A replay will be available after the call until October 28, 2020. Equity Bancshares provides a range of financial solutions, including loans and wealth management, emphasizing community banking and customer service.

Equity Bancshares, Inc. (NASDAQ: EQBK) announced the issuance of $33 million in fixed-to-floating rate subordinated notes, maturing in 2030, as part of a private placement. This issuance is a continuation of a previous offering completed in June 2020, totaling $75 million raised to support customer services and facilitate growth. The notes will have a fixed interest rate of 7.00% until mid-2025, after which it will reset based on market rates. Egan-Jones assigned a BBB investment grade rating to these notes, qualifying them as Tier 2 capital.

Equity Bancshares (NASDAQ: EQBK) reported Q2 2020 net income of $1.7 million ($0.11 per diluted share) and year-to-date income of $2.9 million ($0.19 per diluted share), reflecting a significant decrease from $9.2 million and $5.2 million for the same periods in 2019. The bank's total assets grew to $4.21 billion, with total loans held for investment rising to $2.81 billion. Despite achieving a 4.9% increase in net interest income, the provision for loan losses surged to $22.4 million due to COVID-19 impacts. Equity has actively participated in federal relief programs, aiding over 90,000 employees in its service areas.

Equity Bancshares (NASDAQ: EQBK) is set to announce its second quarter 2020 results on July 21, 2020, with a press release scheduled after market close. A conference call with CEO Brad Elliott and CFO Greg Kossover will follow on July 22, 2020, at 10 a.m. ET, where they will discuss the results. Participants can register for the call at investor.equitybank.com. A replay will be available until July 29, 2020. Equity Bancshares serves as the holding company for Equity Bank, offering various financial services including commercial and consumer banking.

Equity Bancshares (NASDAQ: EQBK) announced the issuance of $42 million in fixed-to-floating rate subordinated notes, due 2030, as part of a private placement to institutional investors. The notes will initially yield 7% interest, becoming floating rate after June 30, 2025. Proceeds will be used to repay $40 million from a senior credit facility and for growth opportunities. The company also renewed its credit facility with ServisFirst Bank, now maturing on August 15, 2021, with a maximum commitment of $40 million. Egan-Jones Ratings assigned a BBB rating to the notes.