Welcome to our dedicated page for Equity Bancshare news (Ticker: EQBK), a resource for investors and traders seeking the latest updates and insights on Equity Bancshare stock.
Equity Bancshares, Inc. reports company developments for Equity Bank, a Wichita-based community bank holding company whose common stock trades on the NYSE under EQBK. Equity Bank offers commercial loans, consumer banking, mortgage loans, trust and wealth management, and treasury management services across full-service locations in Arkansas, Kansas, Missouri, Nebraska and Oklahoma, with a loan production office in Iowa.
Recurring news includes quarterly operating results, net interest income and margin trends, credit-quality measures, deposit and loan balances, capital levels and branch expansion through completed bank acquisitions. Updates also cover integration of acquired franchises, dividend and balance-sheet actions, and lending relationships involving Equity Bank.
Equity Bancshares, parent of Equity Bank, announced a merger with American State Bancshares, valued at approximately $73.6 million. This merger will add 17 locations in Kansas to Equity’s network, expanding its total to 42 locations in the state. The combined entity will have about $5.0 billion in assets, ranking it No. 7 in Kansas deposit market share. The deal is expected to be 15.9% accretive to 2022 EPS, with a strong internal rate of return exceeding 20%. The completion is anticipated in early October 2021.
Equity Bancshares reported a net income of $15.1 million for Q1 2021, up from $12.5 million in Q4 2020. Earnings per diluted share reached $1.02, driven by a 7.6% annualized growth in loans, excluding Paycheck Protection Program (PPP) loans. The company originated $233.6 million in new PPP loans and recognized $2.3 million in fee income from forgiven loans. However, net interest income declined by 10.7% to $31.8 million. As of March 31, total loans held for investment were $2.80 billion and total deposits reached $3.63 billion.
Equity Bancshares (NASDAQ: EQBK) is set to release its first quarter results on April 20, 2021, with a press release scheduled for after market close. CEO Brad Elliott and CFO Eric Newell will host a conference call on April 21, 2021, at 10 a.m. Eastern to discuss the results. Interested participants can register for the call or access the webcast via the company’s investor relations website. A replay will be available post-call until April 28, 2021. Additional details and presentation slides will also be available on the site.
Equity Bancshares, Inc. (EQBK) reported a fourth-quarter net income of $12.5 million, or $0.84 per diluted share, marking a significant recovery from a net loss of $90.4 million in Q3 2020. For 2020, the company faced a net loss of $75 million, influenced by a $104.8 million goodwill impairment. The acquisition of Almena State Bank contributed to a $2.1 million gain. Equity originated $282.1 million in Main Street Lending Program loans and saw $102.8 million in PPP loans forgiven, boosting fee income. Tangible book value rose 18.9% to $24.68 per share.
Equity Bancshares, Inc. (NASDAQ:EQBK) will release its fourth quarter 2020 financial results on January 25, 2021, followed by a conference call on January 26 at 10 a.m. ET. CEO Brad Elliott and CFO Eric Newell will discuss the results, and participants can register for the call via the company's investor website. A replay will be available until February 2, 2021. Equity Bancshares offers a range of financial services, including loans and wealth management. It operates under the ticker symbol EQBK.
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.