[8-K] EQUITY BANCSHARES INC Reports Material Event
Rhea-AI Filing Summary
Equity Bancshares, Inc. reported first quarter 2026 net income of $17.0 million, or $0.80 per diluted share, with core diluted earnings of $1.32 after excluding merger-related items. Net interest income rose to $73.7 million and the net interest margin was 4.33% as average interest‑earning assets expanded to $6.9 billion.
The Company closed its Frontier Holdings acquisition on January 1, 2026, adding about $1.3 billion of loans and $1.1 billion of deposits and helping drive total assets to $7.7 billion, up 41% year over year. Loans reached $5.4 billion and deposits $6.3 billion, while core return on average tangible common equity was a robust 16.10%.
Asset quality remained controlled, with annualized net charge‑offs of 0.10% of average loans and nonperforming assets at 0.76% of total assets. Capital ratios declined but stayed strong following the merger and share repurchases, with common equity tier 1 at 11.54% and tangible common equity to tangible assets at 8.99%. The Company declared a quarterly dividend of $0.18 per share and repurchased 500,000 shares at a weighted average price of $44.74.
Positive
- None.
Negative
- None.
Insights
Frontier acquisition drives scale and strong core returns despite merger noise.
Equity Bancshares delivered Q1 2026 core diluted EPS of $1.32 versus GAAP $0.80, reflecting sizable one‑time merger and reserve costs tied to the $1.3B loan and $1.1B deposit acquisition of Frontier.
Balance sheet scale increased sharply, with total assets at $7.7B, loans at $5.4B, and deposits at $6.3B. Despite modest margin dilution to a 4.33% net interest margin, core profitability was strong: core ROAA of 1.52% and core ROATCE of 16.10% for the quarter.
Credit metrics remained solid with net charge‑offs at 0.10% of average loans and ACL at 1.18% of loans (or 1.77% including discounts). Capital ratios stepped down but stayed comfortably above regulatory minimums, with CET1 at 11.54% as of March 31, 2026. Subsequent filings may provide further detail on integration progress and realized cost synergies.
8-K Event Classification
Key Figures
Key Terms
net interest margin financial
allowance for credit losses financial
tangible common equity financial
efficiency ratio financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code:
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
1
Item 2.02 Results of Operations and Financial Condition.
On April 14, 2026, Equity Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 and is incorporated by reference herein.
The information in this Item 2.02, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.
Item 7.01 Regulation FD Disclosure.
The Company intends to hold an investor call and webcast to discuss its financial results for the first quarter ended March 31, 2026, on Wednesday, April 15, 2026, at 9:00 a.m. Central Time. The Company’s presentation to analysts and investors contains additional information about the Company’s financial results for the first quarter ended March 31, 2026, and is furnished as Exhibit 99.2 and is incorporated by reference herein.
The information in this Item 7.01, including Exhibit 99.2, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
99.1 |
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Earnings Press Release, Dated April 14, 2026 |
99.2 |
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Investor Presentation |
104 |
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Cover Page Interactive Data File |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Equity Bancshares, Inc. |
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Date: April 14, 2026 |
By: /s/ Chris M. Navratil |
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Chris M. Navratil |
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Executive Vice President and Chief Financial Officer |
2
Equity Bancshares, Inc. Exhibit 99.1
PRESS RELEASE
Equity Bancshares, Inc. First Quarter Results Highlighted by Record Revenue and An Expanding Franchise
Company Closed its Acquisition of Frontier Holdings on January 1, 2026, Entering Nebraska
WICHITA, Kansas, April 14, 2026 (BUSINESSWIRE) – Equity Bancshares, Inc. (NYSE: EQBK), (“Equity”, “the Company,” “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, reported net income of $17.0 million or $0.80 per diluted share for the quarter ended March 31, 2026. Adjusting for pre-tax expenses associated with our merger, including provisioning for the acquired loan assets, with Frontier Holdings ("Frontier"), tax effected at 23%, net income was $26.3 million, or $1.23 per diluted share.
“2026 is off to a promising start for our Company, as we formally welcomed the customers and talented team members from Frontier in January," said Brad S. Elliott, Chairman and CEO of Equity. “Nebraska is an ideal expansion market for our Company and we are excited to begin contributing to the communities we are honored to serve.”
“I couldn’t be more proud of our exceptional team members. In the past nine months, we have grown the balance sheet by more than 40% and meaningfully expanded the Equity franchise while positioning the Company to recognize record earnings,” Mr. Elliott continued. “We are motivated to continue to execute on our dual pronged growth strategy which would not be possible without the committed contributions of this group.”
Notable Items:
Equity Bancshares, Inc.
PRESS RELEASE
Financial Results for the Quarter Ended March 31, 2026
Net income was $17.0 million, or $0.80 per diluted share, as compared to $22.1 million, or $1.15 per diluted share in the prior quarter. Excluding pre-tax merger and acquisition expenses of $5.7 million and provisioning of $6.1 million, realized in closing our transaction with Frontier, pre-tax income was $34.4 million for the quarter. Tax effected at 23%, adjusted net income was $26.3 million, or $1.23 per diluted share.
The drivers of the periodic change are discussed in detail in the following sections.
Net Interest Income
Net interest income was $73.7 million for the period, as compared to $63.5 million in the previous quarter. Net interest margin for the period was 4.33% down from 4.47%. The expected margin decline from the integration of Frontier’s balance sheet was partially offset by higher than expected purchase accounting accretion of $3.3 million. Expected accretion for the period was $2.5 million, adjusting for the difference in actual versus expected would yield net interest margin of 4.29%
Average interest-earning assets increased 22.2% during the quarter to $6.9 billion. The yield on interest-earning assets decreased 4 basis points while the cost of interest bearing liabilities increased by 5 basis points. Interest-bearing liabilities were 76.4% of interest-earning assets for the period, up modestly compared to the previous quarter. Results were influenced both by the merger of Frontier’s balance sheet which carried higher cost liabilities, as well as market interest rate change.
Provision for Credit Losses
During the quarter, the Company recognized a provision for loan loss of $6.0 million which was attributable to the integration of Frontier balances into our reserve framework. Exclusive of the balance sheet growth through the transaction, no provisioning would have been required for the period.
During the quarter, the bank realized net charge-offs of $1.4 million as compared to $697 thousand in the preceding quarter, realizing an annualized ratio of charge-offs to average loans of 10 basis points.
At the close of the quarter, the ratio of ACL to gross loans held for investment was 1.18% and the ratio of ACL plus purchase discounts to gross loans held for investment was 1.77%. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by trade policy, elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses.
Non-Interest Income
Total non-interest income for the quarter was $9.5 million, flat quarter-over-quarter. Customer service charges, including account management, treasury, debit card, credit card, trust and wealth, mortgage and insurance were $7.3 million, up from $6.9 million, or 6.0% linked quarter. These positive trends were offset by declining contributions from fee income realized on the origination of interest rate swaps as well as losses realized on security transactions.
Non-Interest Expense
Total non-interest expense for the quarter was $55.0 million as compared to $46.6 million for the previous quarter. Adjusting for merger expenses in both periods, non-interest expense was $49.2 million compared to $45.1 million, an increase of $4.1 million, or 9.0%. The increase during the period is primarily attributable to the integration of Frontier’s footprint and team members at the beginning of the period.
Equity Bancshares, Inc.
PRESS RELEASE
Income Tax Expense
At March 31, 2026, the effective tax rate for the quarter was 23.7% as compared to 16.5% for the quarter ended December 31, 2025. The periodic increase was driven by higher forecasted full‑year earnings for 2026 which reduced the relative impact of full‑year tax benefits. Additionally, there was an increase in state tax expense as a result of decreased apportionment and the remeasurement of deferred tax assets at a lower state tax rate. While the detriment related to the remeasurement of the deferred state tax assets is required to be reported in the current quarter, corresponding reductions in the statutory tax rate may not result in a reduction to current state tax expense until periods ending after 2026. The year-to-date tax rate is 23.7% as compared to 20.2% at March 31, 2025.
Loans, Total Assets and Funding
Loans held for investment were $5.4 billion at period end, increasing $1.2 billion during the quarter. Total assets closed the quarter at $7.7 billion, a $1.3 billion increase from prior quarter end.
Total deposit balances closed the quarter at $6.3 billion increasing $1.2 billion from the previous quarter end. Brokered deposits closed the quarter at 5.7% of total deposits up from 1.4% at prior quarter end.
Asset Quality
Nonperforming assets were $58.4 million, or 0.8% of total assets, compared to $46.7 million as of the end of the previous quarter, or 0.7% of total assets. Non-accrual loans were $52.4 million, as compared to $40.3 million at the end of the previous quarter. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $96.9 million, or 12.0% of regulatory capital, up from $83.4 million, or 12.1% of regulatory capital as of the end of the previous quarter. The periodic increase in nonperforming and classified assets is primarily attributable to the addition of Frontier’s portfolio in the quarter.
Capital
Quarter over quarter, book capital increased $85.6 million to $817.6 million. The increase is reflective of equity issued to facilitate the Frontier merger and earnings partially offset by reduction in unrealized gains on the investment portfolio, dividends and share repurchases in the quarter. Tangible book value and Tangible book value per share closed the quarter at $676.5 million and $32.58, compared to $622.6 million and $32.86 at prior quarter end.
The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 11.5%, the total capital to risk-weighted assets was 14.4% and the total leverage ratio was 9.5% at March 31, 2026. At December 31, 2025, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 13.1%, the total capital to risk-weighted assets ratio was 16.3% and the total leverage ratio was 10.6%.
Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 12.7%, total capital to risk-weighted assets was 13.8% and the total leverage ratio was 10.2% at March 31, 2026. At December 31, 2025, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 13.6%, the ratio of total capital to risk-weighted assets was 14.8% and the total leverage ratio was 10.6%.
Equity Bancshares, Inc.
PRESS RELEASE
Non-GAAP Financial Measures
In addition to evaluating the Company’s results of operations in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial condition and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company’s GAAP financial information.
The efficiency ratio is a common comparable metric used by banks to understand the expense structure relative to total revenue. In other words, for every dollar of total revenue recognized, how much of that dollar is expended. To improve the comparability of the ratio to our peers, non-core items are excluded. To improve transparency and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.
Core income calculations are a non-GAAP measure that management believes is an effective alternative measure of how efficiently the company utilizes its asset base. Core income is calculated by adjusting GAAP income by non-core gains and losses and excluding non-core expenses, net of tax, as outlined in the table below. We calculate (a) core net income (loss) allocable to common stockholders plus merger expenses, tax effected non-core items, goodwill impairment and BOLI tax adjustment, less gain (loss) from securities transactions; (b) adjusted operating net income as net income (loss) allocable to common stockholders plus adjusted non-core items, tax effected non-core items and BOLI tax adjustments.
Core return on average assets before income tax provision and provision for loan losses is a measure that the Company uses to understand fundamental operating performance before these expenses. Used as a ratio relative to average assets, we believe it demonstrates “core” performance and can be viewed as an alternative measure of how efficiently the Company services its asset base. Used as a ratio relative to average equity, it can function as an alternative measure of the Company’s earnings performance in relationship to its equity.
Core return on average equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate by taking core net income allocable to common stockholders divided by a simple average of net income and core net income plus average stockholders' equity. For return on average equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.
Core earnings per share is a non-GAAP financial measures we calculate by taking GAAP net income less non-core impacts to net income to arrive at core net income and core diluted earnings per share. This financial measure is used by financial statement users to evaluate the core financial performance of the Company
Tangible common equity and related measures are non-GAAP financial measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These financial measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors.
The Company believes that disclosing these non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 6 in the following press release tables.
Equity Bancshares, Inc.
PRESS RELEASE
Conference Call and Webcast
Equity’s Chairman and Chief Executive Officer, Brad Elliott, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast to discuss first quarter results on Wednesday, April 15, 2026, at 10 a.m. eastern time or 9 a.m. central time.
Those wishing to participate in the conference call should call the applicable number below and reference the Access Code below.
United States (Local): +1 646 307 1951
United States (Toll-Free): +1 888 500 3691
Global Dial-In Numbers
Access Code: 35767
To eliminate wait times, conference call participants may pre-register using this registration link. After registering, a confirmation with access details will be sent via email.
A replay of the call and webcast will be available two hours following the close of the call until April 30, 2026, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/419906025
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the New York Stock Exchange. under the symbol “EQBK.” Learn more at www.equitybank.com.
Special Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “positioned,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; the possibility that the expected benefits related to the proposed transaction with Frontier Bank (“Frontier”) may not materialize as expected; and the ability to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; and similar variables. The foregoing list of factors is not exhaustive.
Equity Bancshares, Inc.
PRESS RELEASE
For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2025, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue.
Investor Contact:
Brian J. Katzfey
VP, Director of Corporate Development and Investor Relations
Equity Bancshares, Inc.
(316) 858-3128
bkatzfey@equitybank.com
Media Contact:
Russell Colburn
Public Relations and Communication Manager
Equity Bancshares, Inc.
(913) 583-8011
rcolburn@equitybank.com
Equity Bancshares, Inc.
PRESS RELEASE
Unaudited Financial Tables
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 1. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
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(Dollars in thousands, except per share data) |
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As of and for the Three Months Ended |
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March 31, |
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December 31, |
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September 30, |
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June 30, |
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March 31, |
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Interest and dividend income |
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Loans, including fees |
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$ |
91,462 |
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$ |
74,362 |
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$ |
76,911 |
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$ |
62,868 |
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$ |
62,997 |
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Securities, taxable |
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13,659 |
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11,450 |
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9,416 |
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8,821 |
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9,114 |
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Securities, nontaxable |
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222 |
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179 |
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307 |
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358 |
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377 |
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Federal funds sold and other |
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2,681 |
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4,875 |
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4,464 |
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2,140 |
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2,196 |
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Total interest and dividend income |
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108,024 |
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90,866 |
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91,098 |
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74,187 |
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74,684 |
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Interest expense |
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Deposits |
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30,478 |
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23,998 |
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24,990 |
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20,090 |
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19,377 |
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Federal funds purchased and retail repurchase agreements |
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192 |
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206 |
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263 |
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219 |
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248 |
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Federal Home Loan Bank advances |
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1,886 |
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1,327 |
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1,741 |
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2,224 |
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2,916 |
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Bank stock loan |
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4 |
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— |
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— |
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— |
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— |
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Subordinated debt |
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1,800 |
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1,833 |
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1,619 |
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1,852 |
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1,851 |
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Total interest expense |
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34,360 |
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27,364 |
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28,613 |
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24,385 |
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24,392 |
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Net interest income |
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73,664 |
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63,502 |
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62,485 |
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49,802 |
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50,292 |
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Provision (reversal) for credit losses |
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5,955 |
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(16 |
) |
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6,228 |
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19 |
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2,722 |
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Net interest income after provision (reversal) for credit losses |
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67,709 |
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63,518 |
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56,257 |
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49,783 |
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47,570 |
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Non-interest income |
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Service charges and fees |
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2,493 |
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2,558 |
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2,522 |
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2,177 |
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2,064 |
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Debit card income |
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3,117 |
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2,905 |
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2,953 |
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3,052 |
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2,504 |
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Mortgage banking |
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348 |
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187 |
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62 |
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212 |
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106 |
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Increase in value of bank-owned life insurance |
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1,398 |
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1,410 |
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1,393 |
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1,321 |
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3,593 |
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Net gains (losses) from securities transactions |
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(108 |
) |
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154 |
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(53,352 |
) |
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12 |
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12 |
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Other |
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2,239 |
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2,318 |
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1,943 |
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1,815 |
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2,051 |
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Total non-interest income |
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9,487 |
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9,532 |
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(44,479 |
) |
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8,589 |
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10,330 |
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Non-interest expense |
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Salaries and employee benefits |
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26,255 |
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22,324 |
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22,773 |
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19,735 |
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19,954 |
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Net occupancy and equipment |
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4,789 |
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4,327 |
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4,317 |
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3,482 |
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3,675 |
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Data processing |
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5,388 |
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5,251 |
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4,887 |
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5,055 |
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5,086 |
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Professional fees |
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1,768 |
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|
1,909 |
|
|
|
1,670 |
|
|
|
1,361 |
|
|
|
1,527 |
|
Advertising and business development |
|
|
1,666 |
|
|
|
1,371 |
|
|
|
1,305 |
|
|
|
1,208 |
|
|
|
1,344 |
|
Telecommunications |
|
|
690 |
|
|
|
657 |
|
|
|
630 |
|
|
|
588 |
|
|
|
587 |
|
FDIC insurance |
|
|
765 |
|
|
|
832 |
|
|
|
653 |
|
|
|
464 |
|
|
|
630 |
|
Courier and postage |
|
|
645 |
|
|
|
858 |
|
|
|
744 |
|
|
|
834 |
|
|
|
799 |
|
Free nationwide ATM cost |
|
|
566 |
|
|
|
562 |
|
|
|
582 |
|
|
|
547 |
|
|
|
513 |
|
Amortization of core deposit intangibles |
|
|
1,928 |
|
|
|
1,260 |
|
|
|
1,182 |
|
|
|
1,016 |
|
|
|
1,045 |
|
Loan expense |
|
|
498 |
|
|
|
150 |
|
|
|
330 |
|
|
|
281 |
|
|
|
129 |
|
Other real estate owned and repossessed assets, net |
|
|
91 |
|
|
|
28 |
|
|
|
797 |
|
|
|
103 |
|
|
|
101 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,361 |
|
|
|
— |
|
Merger expenses |
|
|
5,725 |
|
|
|
1,481 |
|
|
|
6,163 |
|
|
|
355 |
|
|
|
66 |
|
Other |
|
|
4,195 |
|
|
|
5,577 |
|
|
|
3,049 |
|
|
|
3,611 |
|
|
|
3,594 |
|
Total non-interest expense |
|
|
54,969 |
|
|
|
46,587 |
|
|
|
49,082 |
|
|
|
40,001 |
|
|
|
39,050 |
|
Income (loss) before income tax |
|
|
22,227 |
|
|
|
26,463 |
|
|
|
(37,304 |
) |
|
|
18,371 |
|
|
|
18,850 |
|
Provision for income taxes (benefit) |
|
|
5,261 |
|
|
|
4,379 |
|
|
|
(7,641 |
) |
|
|
3,107 |
|
|
|
3,809 |
|
Net income (loss) and net income (loss) allocable to common stockholders |
|
$ |
16,966 |
|
|
$ |
22,084 |
|
|
$ |
(29,663 |
) |
|
$ |
15,264 |
|
|
$ |
15,041 |
|
Basic earnings (loss) per share |
|
$ |
0.81 |
|
|
$ |
1.16 |
|
|
$ |
(1.55 |
) |
|
$ |
0.87 |
|
|
$ |
0.86 |
|
Equity Bancshares, Inc.
PRESS RELEASE
Diluted earnings (loss) per share |
|
$ |
0.80 |
|
|
$ |
1.15 |
|
|
$ |
(1.55 |
) |
|
$ |
0.86 |
|
|
$ |
0.85 |
|
Weighted average common shares |
|
|
21,035,899 |
|
|
|
19,021,327 |
|
|
|
19,129,726 |
|
|
|
17,524,296 |
|
|
|
17,490,062 |
|
Weighted average diluted common shares |
|
|
21,262,009 |
|
|
|
19,235,412 |
|
|
|
19,129,726 |
|
|
|
17,651,298 |
|
|
|
17,666,834 |
|
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 2. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and due from banks |
|
$ |
563,766 |
|
|
$ |
607,562 |
|
|
$ |
699,165 |
|
|
$ |
365,957 |
|
|
$ |
431,131 |
|
Federal funds sold |
|
|
399 |
|
|
|
255 |
|
|
|
245 |
|
|
|
247 |
|
|
|
251 |
|
Cash and cash equivalents |
|
|
564,165 |
|
|
|
607,817 |
|
|
|
699,410 |
|
|
|
366,204 |
|
|
|
431,382 |
|
Interest-bearing time deposits in other banks |
|
|
932 |
|
|
|
575 |
|
|
|
574 |
|
|
|
— |
|
|
|
— |
|
Available-for-sale securities |
|
|
1,125,162 |
|
|
|
1,030,568 |
|
|
|
903,858 |
|
|
|
973,402 |
|
|
|
950,453 |
|
Held-to-maturity securities |
|
|
5,254 |
|
|
|
5,248 |
|
|
|
5,243 |
|
|
|
5,236 |
|
|
|
5,226 |
|
Loans held for sale |
|
|
7,631 |
|
|
|
1,392 |
|
|
|
617 |
|
|
|
217 |
|
|
|
338 |
|
Loans, net of allowance for credit losses(1) |
|
|
5,364,030 |
|
|
|
4,145,424 |
|
|
|
4,215,118 |
|
|
|
3,555,458 |
|
|
|
3,585,804 |
|
Other real estate owned, net |
|
|
5,026 |
|
|
|
5,388 |
|
|
|
3,147 |
|
|
|
4,621 |
|
|
|
4,464 |
|
Premises and equipment, net |
|
|
140,648 |
|
|
|
136,720 |
|
|
|
132,857 |
|
|
|
117,533 |
|
|
|
117,041 |
|
Bank-owned life insurance |
|
|
149,699 |
|
|
|
148,301 |
|
|
|
146,891 |
|
|
|
133,638 |
|
|
|
132,317 |
|
Federal Reserve Bank and Federal Home Loan Bank stock |
|
|
38,806 |
|
|
|
34,053 |
|
|
|
33,713 |
|
|
|
34,835 |
|
|
|
31,960 |
|
Interest receivable |
|
|
39,966 |
|
|
|
33,322 |
|
|
|
34,751 |
|
|
|
26,243 |
|
|
|
26,791 |
|
Goodwill |
|
|
104,958 |
|
|
|
82,101 |
|
|
|
77,573 |
|
|
|
53,101 |
|
|
|
53,101 |
|
Core deposit intangibles, net |
|
|
30,536 |
|
|
|
21,634 |
|
|
|
22,895 |
|
|
|
12,908 |
|
|
|
13,924 |
|
Other |
|
|
90,557 |
|
|
|
120,629 |
|
|
|
88,984 |
|
|
|
90,441 |
|
|
|
93,299 |
|
Total assets |
|
$ |
7,667,370 |
|
|
$ |
6,373,172 |
|
|
$ |
6,365,631 |
|
|
$ |
5,373,837 |
|
|
$ |
5,446,100 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Demand |
|
$ |
1,274,533 |
|
|
$ |
1,148,409 |
|
|
$ |
1,147,201 |
|
|
$ |
912,898 |
|
|
$ |
949,791 |
|
Total non-interest-bearing deposits |
|
|
1,274,533 |
|
|
|
1,148,409 |
|
|
|
1,147,201 |
|
|
|
912,898 |
|
|
|
949,791 |
|
Demand, savings and money market |
|
|
3,504,698 |
|
|
|
3,004,987 |
|
|
|
2,882,625 |
|
|
|
2,494,285 |
|
|
|
2,614,110 |
|
Time |
|
|
1,521,679 |
|
|
|
984,868 |
|
|
|
1,064,943 |
|
|
|
827,735 |
|
|
|
841,463 |
|
Total interest-bearing deposits |
|
|
5,026,377 |
|
|
|
3,989,855 |
|
|
|
3,947,568 |
|
|
|
3,322,020 |
|
|
|
3,455,573 |
|
Total deposits |
|
|
6,300,910 |
|
|
|
5,138,264 |
|
|
|
5,094,769 |
|
|
|
4,234,918 |
|
|
|
4,405,364 |
|
Federal funds purchased and retail repurchase agreements |
|
|
39,009 |
|
|
|
39,864 |
|
|
|
42,220 |
|
|
|
36,420 |
|
|
|
36,772 |
|
Federal Home Loan Bank advances and Federal Reserve Bank borrowings |
|
|
347,660 |
|
|
|
300,000 |
|
|
|
341,378 |
|
|
|
383,676 |
|
|
|
236,734 |
|
Subordinated debt |
|
|
98,263 |
|
|
|
98,145 |
|
|
|
98,174 |
|
|
|
24,125 |
|
|
|
97,620 |
|
Contractual obligations |
|
|
9,678 |
|
|
|
10,208 |
|
|
|
16,664 |
|
|
|
17,289 |
|
|
|
9,398 |
|
Interest payable and other liabilities |
|
|
54,240 |
|
|
|
54,637 |
|
|
|
60,534 |
|
|
|
41,773 |
|
|
|
42,888 |
|
Total liabilities |
|
|
6,849,760 |
|
|
|
5,641,118 |
|
|
|
5,653,739 |
|
|
|
4,738,201 |
|
|
|
4,828,776 |
|
Commitments and contingent liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock |
|
|
273 |
|
|
|
249 |
|
|
|
249 |
|
|
|
231 |
|
|
|
231 |
|
Additional paid-in capital |
|
|
766,016 |
|
|
|
664,906 |
|
|
|
658,481 |
|
|
|
587,547 |
|
|
|
586,251 |
|
Retained earnings |
|
|
218,534 |
|
|
|
205,328 |
|
|
|
186,718 |
|
|
|
219,876 |
|
|
|
207,282 |
|
Accumulated other comprehensive income (loss), net of tax |
|
|
930 |
|
|
|
7,032 |
|
|
|
4,720 |
|
|
|
(40,269 |
) |
|
|
(44,965 |
) |
Treasury stock |
|
|
(168,143 |
) |
|
|
(145,461 |
) |
|
|
(138,276 |
) |
|
|
(131,749 |
) |
|
|
(131,475 |
) |
Total stockholders’ equity |
|
|
817,610 |
|
|
|
732,054 |
|
|
|
711,892 |
|
|
|
635,636 |
|
|
|
617,324 |
|
Total liabilities and stockholders’ equity |
|
$ |
7,667,370 |
|
|
$ |
6,373,172 |
|
|
$ |
6,365,631 |
|
|
$ |
5,373,837 |
|
|
$ |
5,446,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
(1) Allowance for credit losses |
|
$ |
64,245 |
|
|
$ |
52,756 |
|
|
$ |
53,469 |
|
|
$ |
45,270 |
|
|
$ |
45,824 |
|
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 3. SELECTED FINANCIAL HIGHLIGHTS (Unaudited) |
|
|||||||||||||||||||
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
As of and for the Three Months Ended |
|
|||||||||||||||||
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|||||
Loans Held For Investment by Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial real estate |
|
$ |
2,958,263 |
|
|
$ |
2,226,348 |
|
|
$ |
2,216,180 |
|
|
$ |
1,854,294 |
|
|
$ |
1,863,200 |
|
Commercial and industrial |
|
|
967,049 |
|
|
|
816,885 |
|
|
|
907,439 |
|
|
|
753,339 |
|
|
|
762,906 |
|
Residential real estate |
|
|
720,441 |
|
|
|
582,145 |
|
|
|
590,598 |
|
|
|
565,755 |
|
|
|
563,954 |
|
Agricultural real estate |
|
|
431,308 |
|
|
|
278,927 |
|
|
|
272,087 |
|
|
|
226,125 |
|
|
|
260,683 |
|
Agricultural |
|
|
249,053 |
|
|
|
188,475 |
|
|
|
174,517 |
|
|
|
94,981 |
|
|
|
94,199 |
|
Consumer |
|
|
102,161 |
|
|
|
105,400 |
|
|
|
107,766 |
|
|
|
106,234 |
|
|
|
86,686 |
|
Total loans held-for-investment |
|
|
5,428,275 |
|
|
|
4,198,180 |
|
|
|
4,268,587 |
|
|
|
3,600,728 |
|
|
|
3,631,628 |
|
Allowance for credit losses |
|
|
(64,245 |
) |
|
|
(52,756 |
) |
|
|
(53,469 |
) |
|
|
(45,270 |
) |
|
|
(45,824 |
) |
Net loans held for investment |
|
$ |
5,364,030 |
|
|
$ |
4,145,424 |
|
|
$ |
4,215,118 |
|
|
$ |
3,555,458 |
|
|
$ |
3,585,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for credit losses on loans to total loans |
|
|
1.18 |
% |
|
|
1.26 |
% |
|
|
1.25 |
% |
|
|
1.26 |
% |
|
|
1.26 |
% |
Allowance for credit losses and discounts on loans to |
|
|
1.77 |
% |
|
|
1.67 |
% |
|
|
1.71 |
% |
|
|
1.44 |
% |
|
|
1.46 |
% |
Past due or nonaccrual loans to total loans |
|
|
1.86 |
% |
|
|
1.53 |
% |
|
|
1.55 |
% |
|
|
1.65 |
% |
|
|
1.17 |
% |
Nonperforming assets to total assets |
|
|
0.76 |
% |
|
|
0.73 |
% |
|
|
0.83 |
% |
|
|
0.85 |
% |
|
|
0.51 |
% |
Nonperforming assets to total loans plus other |
|
|
1.07 |
% |
|
|
1.11 |
% |
|
|
1.23 |
% |
|
|
1.27 |
% |
|
|
0.77 |
% |
Classified assets to bank total regulatory capital |
|
|
12.00 |
% |
|
|
12.06 |
% |
|
|
12.37 |
% |
|
|
11.39 |
% |
|
|
10.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selected Average Balance Sheet Data (QTD Average) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment securities |
|
$ |
1,126,252 |
|
|
$ |
937,277 |
|
|
$ |
915,928 |
|
|
$ |
961,869 |
|
|
$ |
993,836 |
|
Total gross loans receivable |
|
|
5,454,281 |
|
|
|
4,209,562 |
|
|
|
4,247,338 |
|
|
|
3,630,981 |
|
|
|
3,575,230 |
|
Interest-earning assets |
|
|
6,896,216 |
|
|
|
5,642,066 |
|
|
|
5,574,815 |
|
|
|
4,791,664 |
|
|
|
4,771,972 |
|
Total assets |
|
|
7,451,709 |
|
|
|
6,141,284 |
|
|
|
6,084,961 |
|
|
|
5,206,950 |
|
|
|
5,212,417 |
|
Interest-bearing deposits |
|
|
4,921,946 |
|
|
|
3,918,343 |
|
|
|
3,838,731 |
|
|
|
3,264,599 |
|
|
|
3,221,130 |
|
Borrowings |
|
|
348,714 |
|
|
|
276,531 |
|
|
|
300,402 |
|
|
|
350,747 |
|
|
|
418,138 |
|
Total interest-bearing liabilities |
|
|
5,270,660 |
|
|
|
4,194,874 |
|
|
|
4,139,133 |
|
|
|
3,615,346 |
|
|
|
3,639,268 |
|
Total deposits |
|
|
6,193,296 |
|
|
|
5,073,696 |
|
|
|
5,004,830 |
|
|
|
4,183,473 |
|
|
|
4,143,151 |
|
Total liabilities |
|
|
6,609,629 |
|
|
|
5,415,628 |
|
|
|
5,369,642 |
|
|
|
4,579,847 |
|
|
|
4,606,500 |
|
Total stockholders' equity |
|
|
841,838 |
|
|
|
725,651 |
|
|
|
715,319 |
|
|
|
627,103 |
|
|
|
605,917 |
|
Tangible common equity* |
|
|
617,131 |
|
|
|
616,872 |
|
|
|
620,273 |
|
|
|
554,697 |
|
|
|
533,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Performance ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on average assets (ROAA) annualized |
|
|
0.92 |
% |
|
|
1.43 |
% |
|
|
(1.93 |
)% |
|
|
1.18 |
% |
|
|
1.17 |
% |
Return on average equity (ROAE) annualized |
|
|
8.17 |
% |
|
|
12.07 |
% |
|
|
(16.45 |
)% |
|
|
9.76 |
% |
|
|
10.07 |
% |
Return on average tangible common equity |
|
|
10.77 |
% |
|
|
14.91 |
% |
|
|
(18.31 |
)% |
|
|
11.69 |
% |
|
|
12.12 |
% |
Yield on loans annualized |
|
|
6.80 |
% |
|
|
7.01 |
% |
|
|
7.18 |
% |
|
|
6.94 |
% |
|
|
7.15 |
% |
Cost of interest-bearing deposits annualized |
|
|
2.51 |
% |
|
|
2.43 |
% |
|
|
2.58 |
% |
|
|
2.47 |
% |
|
|
2.44 |
% |
Cost of total deposits annualized |
|
|
2.00 |
% |
|
|
1.88 |
% |
|
|
1.98 |
% |
|
|
1.93 |
% |
|
|
1.90 |
% |
Net interest margin annualized |
|
|
4.33 |
% |
|
|
4.47 |
% |
|
|
4.45 |
% |
|
|
4.17 |
% |
|
|
4.27 |
% |
Efficiency ratio* |
|
|
56.68 |
% |
|
|
59.98 |
% |
|
|
58.31 |
% |
|
|
63.62 |
% |
|
|
62.43 |
% |
Non-interest income / average assets |
|
|
0.52 |
% |
|
|
0.62 |
% |
|
|
(2.90 |
)% |
|
|
0.66 |
% |
|
|
0.80 |
% |
Non-interest expense / average assets |
|
|
2.99 |
% |
|
|
3.01 |
% |
|
|
3.20 |
% |
|
|
3.08 |
% |
|
|
3.04 |
% |
Dividend payout ratio |
|
|
22.03 |
% |
|
|
15.73 |
% |
|
|
(11.78 |
)% |
|
|
17.49 |
% |
|
|
17.81 |
% |
Performance ratios - Core |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Core earnings per diluted share* |
|
$ |
1.32 |
|
|
$ |
1.26 |
|
|
$ |
1.21 |
|
|
$ |
0.99 |
|
|
$ |
0.90 |
|
Core return on average assets* |
|
|
1.52 |
% |
|
|
1.57 |
% |
|
|
1.51 |
% |
|
|
1.35 |
% |
|
|
1.24 |
% |
Core return on average equity* |
|
|
13.41 |
% |
|
|
13.23 |
% |
|
|
12.47 |
% |
|
|
11.18 |
% |
|
|
10.69 |
% |
Equity Bancshares, Inc.
PRESS RELEASE
Core return on average tangible common equity* |
|
|
16.10 |
% |
|
|
15.56 |
% |
|
|
14.30 |
% |
|
|
12.64 |
% |
|
|
12.14 |
% |
Core non-interest expense / average assets* |
|
|
2.57 |
% |
|
|
2.82 |
% |
|
|
2.71 |
% |
|
|
2.86 |
% |
|
|
2.94 |
% |
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tier 1 Leverage Ratio |
|
|
9.49 |
% |
|
|
10.64 |
% |
|
|
10.41 |
% |
|
|
12.07 |
% |
|
|
11.76 |
% |
Common Equity Tier 1 Capital Ratio |
|
|
11.54 |
% |
|
|
13.08 |
% |
|
|
12.84 |
% |
|
|
15.07 |
% |
|
|
14.70 |
% |
Tier 1 Risk Based Capital Ratio |
|
|
11.96 |
% |
|
|
13.59 |
% |
|
|
13.35 |
% |
|
|
15.67 |
% |
|
|
15.30 |
% |
Total Risk Based Capital Ratio |
|
|
14.36 |
% |
|
|
16.31 |
% |
|
|
16.09 |
% |
|
|
16.84 |
% |
|
|
18.32 |
% |
Total stockholders' equity to total assets |
|
|
10.66 |
% |
|
|
11.49 |
% |
|
|
11.18 |
% |
|
|
11.83 |
% |
|
|
11.34 |
% |
Tangible common equity to tangible assets* |
|
|
8.99 |
% |
|
|
9.94 |
% |
|
|
9.68 |
% |
|
|
10.63 |
% |
|
|
10.13 |
% |
Book value per common share |
|
$ |
39.37 |
|
|
$ |
38.64 |
|
|
$ |
37.25 |
|
|
$ |
36.27 |
|
|
$ |
35.23 |
|
Tangible book value per common share* |
|
$ |
32.58 |
|
|
$ |
32.86 |
|
|
$ |
31.69 |
|
|
$ |
32.17 |
|
|
$ |
31.07 |
|
Tangible book value per diluted common share* |
|
$ |
32.23 |
|
|
$ |
32.43 |
|
|
$ |
31.41 |
|
|
$ |
31.89 |
|
|
$ |
30.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 8. Non-GAAP Financial Measures. |
|
|||||||||||||||||||
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 4. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
|
For the Three Months Ended |
|
|
For the Three Months Ended |
|
||||||||||||||||||
|
March 31, 2026 |
|
|
March 31, 2025 |
|
||||||||||||||||||
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average |
|
||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial |
|
989,469 |
|
|
$ |
17,698 |
|
|
|
7.25 |
% |
|
$ |
690,124 |
|
|
$ |
14,322 |
|
|
|
8.42 |
% |
Commercial real estate |
|
2,266,995 |
|
|
|
37,977 |
|
|
|
6.79 |
% |
|
|
1,424,110 |
|
|
|
24,591 |
|
|
|
7.00 |
% |
Real estate construction |
|
672,347 |
|
|
|
11,931 |
|
|
|
7.20 |
% |
|
|
457,910 |
|
|
|
8,802 |
|
|
|
7.80 |
% |
Residential real estate |
|
718,633 |
|
|
|
9,653 |
|
|
|
5.45 |
% |
|
|
565,672 |
|
|
|
6,715 |
|
|
|
4.81 |
% |
Agricultural real estate |
|
424,055 |
|
|
|
7,714 |
|
|
|
7.38 |
% |
|
|
264,100 |
|
|
|
5,415 |
|
|
|
8.32 |
% |
Agricultural |
|
264,213 |
|
|
|
4,780 |
|
|
|
7.34 |
% |
|
|
84,901 |
|
|
|
1,667 |
|
|
|
7.96 |
% |
Consumer |
|
118,569 |
|
|
|
1,709 |
|
|
|
5.85 |
% |
|
|
88,413 |
|
|
|
1,485 |
|
|
|
6.81 |
% |
Total loans |
|
5,454,281 |
|
|
|
91,462 |
|
|
|
6.80 |
% |
|
|
3,575,230 |
|
|
|
62,997 |
|
|
|
7.15 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable securities |
|
1,102,263 |
|
|
|
13,659 |
|
|
|
5.03 |
% |
|
|
937,021 |
|
|
|
9,114 |
|
|
|
3.94 |
% |
Nontaxable securities |
|
23,989 |
|
|
|
222 |
|
|
|
3.76 |
% |
|
|
56,815 |
|
|
|
377 |
|
|
|
2.69 |
% |
Total securities |
|
1,126,252 |
|
|
|
13,881 |
|
|
|
5.00 |
% |
|
|
993,836 |
|
|
|
9,491 |
|
|
|
3.87 |
% |
Federal funds sold and other |
|
315,683 |
|
|
|
2,681 |
|
|
|
3.44 |
% |
|
|
202,906 |
|
|
|
2,196 |
|
|
|
4.39 |
% |
Total interest-earning assets |
$ |
6,896,216 |
|
|
|
108,024 |
|
|
|
6.35 |
% |
|
$ |
4,771,972 |
|
|
|
74,684 |
|
|
|
6.35 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Demand, savings and money market deposits |
$ |
3,425,976 |
|
|
|
17,445 |
|
|
|
2.07 |
% |
|
$ |
2,527,784 |
|
|
|
13,581 |
|
|
|
2.18 |
% |
Time deposits |
|
1,495,970 |
|
|
|
13,033 |
|
|
|
3.53 |
% |
|
|
693,346 |
|
|
|
5,796 |
|
|
|
3.39 |
% |
Total interest-bearing deposits |
|
4,921,946 |
|
|
|
30,478 |
|
|
|
2.51 |
% |
|
|
3,221,130 |
|
|
|
19,377 |
|
|
|
2.44 |
% |
FHLB advances |
|
202,439 |
|
|
|
1,886 |
|
|
|
3.78 |
% |
|
|
274,385 |
|
|
|
2,916 |
|
|
|
4.31 |
% |
Other borrowings |
|
146,275 |
|
|
|
1,996 |
|
|
|
5.53 |
% |
|
|
143,753 |
|
|
|
2,099 |
|
|
|
5.92 |
% |
Total interest-bearing liabilities |
$ |
5,270,660 |
|
|
|
34,360 |
|
|
|
2.64 |
% |
|
$ |
3,639,268 |
|
|
|
24,392 |
|
|
|
2.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income |
|
|
|
$ |
73,664 |
|
|
|
|
|
|
|
|
$ |
50,292 |
|
|
|
|
||||
Interest rate spread |
|
|
|
|
|
|
|
3.71 |
% |
|
|
|
|
|
|
|
|
3.63 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest margin (2) |
|
|
|
|
|
|
|
4.33 |
% |
|
|
|
|
|
|
|
|
4.27 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) Average loan balances include nonaccrual loans. |
|
||||||||||||||||||||||
(2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period. |
|
||||||||||||||||||||||
(3) Tax exempt income is not included in the above table on a tax-equivalent basis. |
|
||||||||||||||||||||||
(4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts. |
|
||||||||||||||||||||||
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 5. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
|
For the Three Months Ended |
|
|
For the Three Months Ended |
|
||||||||||||||||||
|
March 31, 2026 |
|
|
December 31, 2025 |
|
||||||||||||||||||
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average |
|
||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial and industrial |
|
989,469 |
|
|
$ |
17,698 |
|
|
|
7.25 |
% |
|
|
812,003 |
|
|
$ |
14,919 |
|
|
|
7.29 |
% |
Commercial real estate |
|
2,266,995 |
|
|
|
37,977 |
|
|
|
6.79 |
% |
|
|
1,698,611 |
|
|
|
31,913 |
|
|
|
7.45 |
% |
Real estate construction |
|
672,347 |
|
|
|
11,931 |
|
|
|
7.20 |
% |
|
|
547,444 |
|
|
|
10,214 |
|
|
|
7.40 |
% |
Residential real estate |
|
718,633 |
|
|
|
9,653 |
|
|
|
5.45 |
% |
|
|
587,820 |
|
|
|
7,080 |
|
|
|
4.78 |
% |
Agricultural real estate |
|
424,055 |
|
|
|
7,714 |
|
|
|
7.38 |
% |
|
|
273,871 |
|
|
|
4,873 |
|
|
|
7.06 |
% |
Agricultural |
|
264,213 |
|
|
|
4,780 |
|
|
|
7.34 |
% |
|
|
182,511 |
|
|
|
3,603 |
|
|
|
7.83 |
% |
Consumer |
|
118,569 |
|
|
|
1,709 |
|
|
|
5.85 |
% |
|
|
107,302 |
|
|
|
1,760 |
|
|
|
6.51 |
% |
Total loans |
|
5,454,281 |
|
|
|
91,462 |
|
|
|
6.80 |
% |
|
|
4,209,562 |
|
|
|
74,362 |
|
|
|
7.01 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Taxable securities |
|
1,102,263 |
|
|
|
13,659 |
|
|
|
5.03 |
% |
|
|
915,665 |
|
|
|
11,450 |
|
|
|
4.96 |
% |
Nontaxable securities |
|
23,989 |
|
|
|
222 |
|
|
|
3.76 |
% |
|
|
21,612 |
|
|
|
179 |
|
|
|
3.29 |
% |
Total securities |
|
1,126,252 |
|
|
|
13,881 |
|
|
|
5.00 |
% |
|
|
937,277 |
|
|
|
11,629 |
|
|
|
4.92 |
% |
Federal funds sold and other |
|
315,683 |
|
|
|
2,681 |
|
|
|
3.44 |
% |
|
|
495,227 |
|
|
|
4,875 |
|
|
|
3.91 |
% |
Total interest-earning assets |
$ |
6,896,216 |
|
|
|
108,024 |
|
|
|
6.35 |
% |
|
$ |
5,642,066 |
|
|
|
90,866 |
|
|
|
6.39 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Demand savings and money market deposits |
$ |
3,425,976 |
|
|
|
17,445 |
|
|
|
2.07 |
% |
|
$ |
2,878,804 |
|
|
|
14,920 |
|
|
|
2.06 |
% |
Time deposits |
|
1,495,970 |
|
|
|
13,033 |
|
|
|
3.53 |
% |
|
|
1,039,539 |
|
|
|
9,078 |
|
|
|
3.46 |
% |
Total interest-bearing deposits |
|
4,921,946 |
|
|
|
30,478 |
|
|
|
2.51 |
% |
|
|
3,918,343 |
|
|
|
23,998 |
|
|
|
2.43 |
% |
FHLB advances |
|
202,439 |
|
|
|
1,886 |
|
|
|
3.78 |
% |
|
|
130,978 |
|
|
|
1,327 |
|
|
|
4.02 |
% |
Other borrowings |
|
146,275 |
|
|
|
1,996 |
|
|
|
5.53 |
% |
|
|
145,553 |
|
|
|
2,039 |
|
|
|
5.56 |
% |
Total interest-bearing liabilities |
$ |
5,270,660 |
|
|
|
34,360 |
|
|
|
2.64 |
% |
|
$ |
4,194,874 |
|
|
|
27,364 |
|
|
|
2.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income |
|
|
|
$ |
73,664 |
|
|
|
|
|
|
|
|
$ |
63,502 |
|
|
|
|
||||
Interest rate spread |
|
|
|
|
|
|
|
3.71 |
% |
|
|
|
|
|
|
|
|
3.80 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest margin (2) |
|
|
|
|
|
|
|
4.33 |
% |
|
|
|
|
|
|
|
|
4.47 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(1) Average loan balances include nonaccrual loans. |
|
||||||||||||||||||||||
(2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period. |
|
||||||||||||||||||||||
(3) Tax exempt income is not included in the above table on a tax-equivalent basis. |
|
||||||||||||||||||||||
(4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts. |
|
||||||||||||||||||||||
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 6. NON-GAAP FINANCIAL MEASURES (Unaudited) |
|
|||||||||||||||||||
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
As of and for the Three Months Ended |
|
|||||||||||||||||
|
|
March 31 |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|||||
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total stockholders' equity |
|
$ |
817,610 |
|
|
$ |
732,054 |
|
|
$ |
711,892 |
|
|
$ |
635,636 |
|
|
$ |
617,324 |
|
Goodwill |
|
|
(104,958 |
) |
|
|
(82,101 |
) |
|
|
(77,573 |
) |
|
|
(53,101 |
) |
|
|
(53,101 |
) |
Core deposit intangibles, net |
|
|
(30,536 |
) |
|
|
(21,634 |
) |
|
|
(22,895 |
) |
|
|
(12,908 |
) |
|
|
(13,924 |
) |
Naming rights, net |
|
|
(5,629 |
) |
|
|
(5,703 |
) |
|
|
(5,778 |
) |
|
|
(5,852 |
) |
|
|
(5,926 |
) |
Tangible common equity |
|
$ |
676,487 |
|
|
$ |
622,616 |
|
|
$ |
605,646 |
|
|
$ |
563,775 |
|
|
$ |
544,373 |
|
Common shares outstanding at period end |
|
|
20,767,023 |
|
|
|
18,944,987 |
|
|
|
19,111,084 |
|
|
|
17,527,191 |
|
|
|
17,522,994 |
|
Diluted common shares outstanding at period end |
|
|
20,946,924 |
|
|
|
19,196,160 |
|
|
|
19,279,741 |
|
|
|
17,680,489 |
|
|
|
17,652,110 |
|
Book value per common share |
|
$ |
39.37 |
|
|
$ |
38.64 |
|
|
$ |
37.25 |
|
|
$ |
36.27 |
|
|
$ |
35.23 |
|
Tangible book value per common share |
|
$ |
32.58 |
|
|
$ |
32.86 |
|
|
$ |
31.69 |
|
|
$ |
32.17 |
|
|
$ |
31.07 |
|
Tangible book value per diluted common share |
|
$ |
32.30 |
|
|
$ |
32.43 |
|
|
$ |
31.41 |
|
|
$ |
31.89 |
|
|
$ |
30.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total assets |
|
$ |
7,667,370 |
|
|
$ |
6,373,172 |
|
|
$ |
6,365,631 |
|
|
$ |
5,373,837 |
|
|
$ |
5,446,100 |
|
Goodwill |
|
|
(104,958 |
) |
|
|
(82,101 |
) |
|
|
(77,573 |
) |
|
|
(53,101 |
) |
|
|
(53,101 |
) |
Core deposit intangibles, net |
|
|
(30,536 |
) |
|
|
(21,634 |
) |
|
|
(22,895 |
) |
|
|
(12,908 |
) |
|
|
(13,924 |
) |
Naming rights, net |
|
|
(5,629 |
) |
|
|
(5,703 |
) |
|
|
(5,778 |
) |
|
|
(5,852 |
) |
|
|
(5,926 |
) |
Tangible assets |
|
$ |
7,526,247 |
|
|
$ |
6,263,734 |
|
|
$ |
6,259,385 |
|
|
$ |
5,301,976 |
|
|
$ |
5,373,149 |
|
Total stockholders' equity to total assets |
|
|
10.66 |
% |
|
|
11.49 |
% |
|
|
11.18 |
% |
|
|
11.83 |
% |
|
|
11.34 |
% |
Tangible common equity to tangible assets |
|
|
8.99 |
% |
|
|
9.94 |
% |
|
|
9.68 |
% |
|
|
10.63 |
% |
|
|
10.13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total average stockholders' equity |
|
$ |
841,838 |
|
|
$ |
725,651 |
|
|
$ |
715,319 |
|
|
$ |
627,103 |
|
|
$ |
605,917 |
|
Average intangible assets |
|
|
(141,742 |
) |
|
|
(108,779 |
) |
|
|
(95,046 |
) |
|
|
(72,406 |
) |
|
|
(72,389 |
) |
Average tangible common equity |
|
$ |
700,096 |
|
|
$ |
616,872 |
|
|
$ |
620,273 |
|
|
$ |
554,697 |
|
|
$ |
533,528 |
|
Net income (loss) allocable to common stockholders |
|
$ |
16,966 |
|
|
$ |
22,084 |
|
|
$ |
(29,663 |
) |
|
$ |
15,264 |
|
|
$ |
15,041 |
|
Net gain on acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net (gain) loss on securities transactions |
|
|
108 |
|
|
|
(154 |
) |
|
|
53,352 |
|
|
|
(12 |
) |
|
|
(12 |
) |
Merger expenses |
|
|
5,725 |
|
|
|
1,481 |
|
|
|
6,163 |
|
|
|
355 |
|
|
|
66 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,361 |
|
|
|
— |
|
Day 2 Merger provision |
|
|
6,099 |
|
|
|
— |
|
|
|
6,228 |
|
|
|
— |
|
|
|
— |
|
Amortization of intangible assets |
|
|
2,056 |
|
|
|
1,390 |
|
|
|
1,312 |
|
|
|
1,145 |
|
|
|
1,144 |
|
Tax effect of adjustments |
|
|
(2,937 |
) |
|
|
(571 |
) |
|
|
(14,082 |
) |
|
|
(598 |
) |
|
|
(252 |
) |
Core net income (loss) allocable to common |
|
$ |
28,017 |
|
|
$ |
24,230 |
|
|
$ |
23,310 |
|
|
$ |
17,515 |
|
|
$ |
15,987 |
|
Return on total average stockholders' equity |
|
|
8.17 |
% |
|
|
12.07 |
% |
|
|
(16.45 |
)% |
|
|
9.76 |
% |
|
|
10.07 |
% |
Average tangible common equity |
|
$ |
700,096 |
|
|
$ |
616,872 |
|
|
$ |
620,273 |
|
|
$ |
554,697 |
|
|
$ |
533,528 |
|
Average impact from core earnings adjustments |
|
|
2,476 |
|
|
|
1,073 |
|
|
|
26,487 |
|
|
|
1,126 |
|
|
|
473 |
|
Core average tangible common equity |
|
$ |
702,572 |
|
|
$ |
617,945 |
|
|
$ |
646,760 |
|
|
$ |
555,823 |
|
|
$ |
534,001 |
|
Return on average tangible common equity |
|
|
10.77 |
% |
|
|
14.91 |
% |
|
|
(18.31 |
)% |
|
|
11.69 |
% |
|
|
12.12 |
% |
Core return on average tangible common equity |
|
|
16.10 |
% |
|
|
15.56 |
% |
|
|
14.30 |
% |
|
|
12.64 |
% |
|
|
12.14 |
% |
Equity Bancshares, Inc.
PRESS RELEASE
Non-interest expense |
|
$ |
54,969 |
|
|
$ |
46,587 |
|
|
$ |
49,082 |
|
|
$ |
40,001 |
|
|
$ |
39,050 |
|
Merger expense |
|
|
(5,725 |
) |
|
|
(1,481 |
) |
|
|
(6,163 |
) |
|
|
(355 |
) |
|
|
(66 |
) |
Amortization of intangible assets |
|
|
(2,056 |
) |
|
|
(1,390 |
) |
|
|
(1,312 |
) |
|
|
(1,145 |
) |
|
|
(1,144 |
) |
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,361 |
) |
|
|
— |
|
Adjusted non-interest expense |
|
$ |
47,188 |
|
|
$ |
43,716 |
|
|
$ |
41,607 |
|
|
$ |
37,140 |
|
|
$ |
37,840 |
|
Net interest income |
|
$ |
73,664 |
|
|
$ |
63,502 |
|
|
$ |
62,485 |
|
|
$ |
49,802 |
|
|
$ |
50,292 |
|
Non-interest income |
|
|
9,487 |
|
|
|
9,532 |
|
|
|
(44,479 |
) |
|
|
8,589 |
|
|
|
10,330 |
|
Net gains (losses) from securities transactions |
|
|
108 |
|
|
|
(154 |
) |
|
|
53,352 |
|
|
|
(12 |
) |
|
|
(12 |
) |
Adjusted non-interest income |
|
$ |
9,595 |
|
|
$ |
9,378 |
|
|
$ |
8,873 |
|
|
$ |
8,577 |
|
|
$ |
10,318 |
|
Net interest income plus adjusted non-interest income |
|
$ |
83,259 |
|
|
$ |
72,880 |
|
|
$ |
71,358 |
|
|
$ |
58,379 |
|
|
$ |
60,610 |
|
Non-interest expense to |
|
|
66.11 |
% |
|
|
63.79 |
% |
|
|
272.59 |
% |
|
|
68.51 |
% |
|
|
64.42 |
% |
Efficiency ratio |
|
|
56.68 |
% |
|
|
59.98 |
% |
|
|
58.31 |
% |
|
|
63.62 |
% |
|
|
62.43 |
% |
Total average assets |
|
|
7,451,709 |
|
|
|
6,141,284 |
|
|
$ |
6,085,064 |
|
|
|
5,206,950 |
|
|
|
5,212,417 |
|
Core non-interest expense to average assets |
|
|
2.57 |
% |
|
|
2.82 |
% |
|
|
2.71 |
% |
|
|
2.86 |
% |
|
|
2.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) allocable to common stockholders |
|
$ |
16,966 |
|
|
$ |
22,084 |
|
|
$ |
(29,663 |
) |
|
$ |
15,264 |
|
|
$ |
15,041 |
|
Amortization of intangible assets |
|
|
2,056 |
|
|
|
1,390 |
|
|
|
1,312 |
|
|
|
1,145 |
|
|
|
1,144 |
|
Tax effect of adjustments |
|
|
(432 |
) |
|
|
(292 |
) |
|
|
(276 |
) |
|
|
(240 |
) |
|
|
(240 |
) |
Adjusted net income (loss) allocable to common stockholders |
|
|
18,590 |
|
|
|
23,182 |
|
|
|
(28,627 |
) |
|
|
16,169 |
|
|
|
15,945 |
|
Net (gain) loss on securities transactions |
|
|
108 |
|
|
|
(154 |
) |
|
|
53,352 |
|
|
|
(12 |
) |
|
|
(12 |
) |
Merger expenses |
|
|
5,725 |
|
|
|
1,481 |
|
|
|
6,163 |
|
|
|
355 |
|
|
|
66 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,361 |
|
|
|
— |
|
Day 2 Merger provision |
|
|
6,099 |
|
|
|
— |
|
|
|
6,228 |
|
|
|
— |
|
|
|
— |
|
Tax effect of adjustments |
|
|
(2,505 |
) |
|
|
(279 |
) |
|
|
(13,806 |
) |
|
|
(358 |
) |
|
|
(12 |
) |
Core net income (loss) allocable to common |
|
$ |
28,017 |
|
|
$ |
24,230 |
|
|
$ |
23,310 |
|
|
$ |
17,515 |
|
|
$ |
15,987 |
|
Total average assets |
|
$ |
7,451,709 |
|
|
$ |
6,141,284 |
|
|
$ |
6,085,064 |
|
|
$ |
5,206,950 |
|
|
$ |
5,212,417 |
|
Total average stockholders' equity |
|
$ |
841,838 |
|
|
$ |
725,651 |
|
|
$ |
715,319 |
|
|
$ |
627,103 |
|
|
$ |
605,917 |
|
Weighted average diluted common shares |
|
|
21,262,009 |
|
|
|
19,235,412 |
|
|
|
19,129,726 |
|
|
|
17,651,298 |
|
|
|
17,666,834 |
|
Diluted earnings (loss) per share |
|
$ |
0.80 |
|
|
$ |
1.15 |
|
|
$ |
(1.55 |
) |
|
$ |
0.86 |
|
|
$ |
0.85 |
|
Core earnings per diluted share |
|
$ |
1.32 |
|
|
$ |
1.26 |
|
|
$ |
1.21 |
|
|
$ |
0.99 |
|
|
$ |
0.90 |
|
Return on average assets (ROAA) annualized |
|
|
0.92 |
% |
|
|
1.43 |
% |
|
|
(1.93 |
)% |
|
|
1.18 |
% |
|
|
1.17 |
% |
Core return on average assets |
|
|
1.52 |
% |
|
|
1.57 |
% |
|
|
1.51 |
% |
|
|
1.35 |
% |
|
|
1.24 |
% |
Return on average equity |
|
|
8.17 |
% |
|
|
12.07 |
% |
|
|
(16.45 |
)% |
|
|
9.76 |
% |
|
|
10.07 |
% |
Core return on average equity |
|
|
13.41 |
% |
|
|
13.23 |
% |
|
|
12.47 |
% |
|
|
11.18 |
% |
|
|
10.69 |
% |
Exhibit 99.2
This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of the management of Equity Bancshares, Inc. (“Equity,” “we,” “us,” “our,” “the company”) with respect to, among other things, future events, and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; the possibility that the expected benefits related to the completed transaction with Frontier Holdings, LLC (“Frontier”)may not materialize as expected; and the ability to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; and similar variables. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2026, as amended, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of this presentation. Numbers in the presentation may not sum due to rounding. Forward Looking Statements
Strategic Execution Of Acquisitions EQBK Growth Since 2010 Overview $7.7B Total Assets $5.4B Total Loans $6.3B Total Deposits $932M Market Capitalization1 8.99% Tangible Common Equity / Tangible Assets2 11.54% Common Equity Tier 1 14.36% Total Risk-Based Capital $32.58 Tangible Book Value Per Share2 Most Recent Acquisition: Frontier Bank Merger Closed on January 1, 2026 Equity Bancshares, Inc.| NYSE: EQBK # of Acquisitions4 EQBK Total Assets ($M) +19.7% Total Asset CAGR3 15 Total Acquisitions 2 Years Avg. Tangible Book Value Earnback 8% Avg. Earnings Per Share Accretion 1 1 1 3 3 1 1 1 2 Market Capitalization as of 3/31/2026 Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Compound Annual Growth Rate since 2010 # of acquisitions based on date of completion. 1
1st Quarter 2026 | Financial Highlights Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Excludes Day 2 Merger provision of $6.1M in Q1 2026 and $6.2M in Q3 2025 $28.0M Core Net Income1 $1.32 Core Earnings Per Share1 1.52% Core Return on Average Assets1 16.10% Core Return on Average Tangible Common Equity1 Key Performance Metrics Q1 2026 Q4 2025 Q3 2025 Earnings & Profitability Earnings Per Share | Core Earnings Per Share1 $0.80 | $1.32 $1.16 | $1.26 $(1.55) | $1.21 Book Value Per Share | TBV Per Share1 $39.37 | $32.58 $38.64 | $32.86 $37.25 | $31.69 Net Income | Core Net Income1 $17.0M | $28.0M $22.1M | $24.2M $(29.7)M | $23.3M Net Interest Margin 4.33% 4.47% 4.45% Efficiency Ratio1 56.68% 59.98% 58.31% ROAA | Core ROAA 1 0.92% | 1.52% 1.43% | 1.57% (1.93)% | 1.51% ROAE | Core ROATCE 1 8.17% | 16.10% 12.07% | 15.56% (16.45)% | 14.30% Balance Sheet & Capital Total Loans $5.4B $4.2B $4.3B Total Deposits $6.3B $5.1B $5.1B Total Equity / Total Assets | TCE / TA1 10.66% | 8.99% 11.49% | 9.94% 11.18% | 9.68% CET 1 Capital Ratio 11.54% 13.08% 12.84% Total Risk-based Capital Ratio 14.36% 16.31% 16.09% Asset Quality Provision for Credit Losses $(0.1)M2 $(0.0)M $0.0M2 NCOs / Avg. Loans 0.10% 0.07% 0.10% NPAs / Total Assets 0.76% 0.73% 0.83% Classified Assets / Regulatory Capital 12.00% 12.06% 12.37%
Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Core pre-tax pre-provision excludes the impact of merger expenses, net (gain) loss on securities transactions, provision for loan loss, and provision for unfunded commitments of 748K in Q1 2026 and (3.7)K in Q1 2025 A Year of Transformation 2025 Q1 2026 Q1 Change +/- Balance Sheet Total Assets $ 5.4B $ 7.7B 41% Total Loans $ 4.4B $ 5.4B 49% Total Deposits $ 3.6B $ 6.3B 43% Capital Common Shares Outstanding 17.52M 20.77M 19% Weighted Avg. Diluted Shares 17.67M 21.26M 20% TCE / TA1 (%) 10.13 8.99 (144) bps Common Equity Tier 1 (%) 14.70 11.54 (316) bps Total Risk-Based Capital Ratio (%) 18.32 14.36 (396) bps Earnings & Profitability Core Earnings Per Share1 $ 0.90 $ 1.32 46% Core PTPP Per Share2 $ 1.22 $ 1.63 34% Tangible Book Value Per Share1 $ 31.07 $ 32.58 5% Core ROAA1 (%) 1.24 1.52 28 bps Core ROATCE1 (%) 12.14 16.10 396 bps Net Interest Margin (%) 4.27 4.33 6 bps Efficiency Efficiency Ratio1 (%) 62.43 56.68 (575) bps Core NIE / Average Assets1 (%) 2.94 2.57 (37) bps Over the past twelve months, we have fundamentally reshaped the scale and scope of Equity Bank. Through a disciplined acquisition strategy, we expanded our footprint, brought new capabilities under our roof, and accelerated growth. At the same time, our core business didn't stand still, as organic growth continued to contribute, validating the strength of our existing foundation. The result is a company that should enter 2026 larger, stronger, and more competitive than ever before. These numbers don't just reflect progress; they reflect transformation.
Leadership Team Brad Elliott Equity Bancshares, Inc. Chairman & CEO Years in Banking: 37 Founded Equity Bank in 2002 2018 EY Entrepreneur of the Year National Finalist 2014 Most Influential CEO, Wichita Business Journal Chris Navratil Chief Financial Officer Years in Banking: 15 Chief Financial Officer since August 2023. Previously served as Bank CFO and prior to Equity, spent 7 years within the Financial Institution Audit Practice with Crowe LLP Brett Reber General Counsel Years in Law: 38 Prior to joining Equity Bank, he served as Managing Member of the Wise & Reber, L.C. law firm. Brett has practiced corporate and business law for over 30 years. David Pass Chief Information Officer Years in Banking: 25 Previously served in IT leadership positions at UMB Financial Corporation and CoBiz Financial. Rick Sems Equity Bank CEO Years in Banking: 26 Equity Bank CEO since May 2024. Joined Equity Bank as President in May 2023. Prior to joining, Rick served as Chief Banking Officer of First Bank in St. Louis and President & CEO of Reliance Bank Julie Huber Chief Operating Officer Years in Banking: 36 Chief Operating Officer since May 2024. Served in variety of leadership roles in her time at Equity Bank including overseeing our operations, HR, compliance functions and sales and training, and as managed the integration process for each acquisition. Kryzsztof Slupkowski Chief Credit Officer Years in Banking: 13 Chief Credit Officer since September 2023. Served as Metro Market CCO since 2018, previously served in various credit function at Commerce Bancshares.
Organic Growth Strategic Mergers & Acquisitions Disciplined Credit Standards Effective Balance Sheet & Capital Management EPS & Tangible Book Value Growth Our guiding principles and commitment to entrepreneurial spirit are part of our longstanding framework for delivering shareholder value Our Value Proposition
Tangible Book Value per common share. Non-GAAP Measure. For a reconciliation of Non-GAAP measures, please see appendix. Tangible Book Value Per Share | IPO to Current Tangible Book Value Per Share | Quarter over Quarter Walk During the quarter, Tangible Book Value decreased $0.28 from $32.86 to $32.58 Since IPO, Tangible Book Value increased $16.61 from $15.97 to $32.58 Tangible Book Value Per Share1 7.20% TBVPS CAGR Q4 2025 Q1 2026
Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Return On Average Tangible Common Equity - Core1 Return on Average Assets - Core1 Efficiency Ratio & Core NIE to Average Assets1 Tangible Common Equity / Tangible Assets1 Performance Metrics +396 bps YoY +28 bps YoY (575) bps YoY (37) bps YoY
Net Interest Income Noninterest Income Rate Protection Noninterest Expense Net interest income was $73.7 million, up 16.0% quarter over quarter and 46.5% year over year. The addition of Frontier’s assets and liabilities was dilutive to margin in the period, as we recognized 4.33% for the quarter. Loan purchase accounting accretion was $3.3 million in the quarter versus expectations of $2.5 million. Excluding the excess accretion, margin for the quarter would have been 4.29%. Total non-interest income for the quarter was $9.5 million flat quarter-over-quarter. Customer service charges, including account management, treasury, debit card, credit card, trust and wealth, mortgage and insurance were $7.3 million, up from $6.9 million, or 6.0% linked quarter. These positive trends were offset by declining contributions from fee income realized on the origination of interest rate swaps as well as losses realized on security transactions. Proactive effort to book variable rate assets subject to floor levels. Total non-interest expense for the quarter was $55.0 million as compared to $46.6 million for the previous quarter. Adjusting for merger expenses in both periods, non-interest expense was $49.2 million compared to $45.1 million, an increase of $4.1 million, or 9.0%. The increase during the period is primarily attributable to the integration of Frontier’s footprint and team members at the beginning of the period. Quarter over Quarter Walk Net Income Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. 1 2025 Q4 2026 Q1 1
Profitability Revenue Composition1 Profitability Ratios1 Noninterest income is adjusted to exclude and gain/(loss) on securities transactions 37% Increase YoY
Deposits Cost of Deposits Loan Yield Investment Yield Noninterest-bearing deposits constitute 20.2% of total deposits. Interest-bearing demand deposits, including money market and savings, decreased 2.9% from 58.5% to 55.6% of total deposits, QoQ. Time deposits increased 5.0% from 19.2% to 24.2% of total deposits, QoQ. Cost of total deposits increased 12bps to 2.00%, and cost of interest-bearing deposits increased 8bps to 2.51% during the quarter. The comparative increase was driven by the addition of Frontier. Loan yield decreased 17bps to 6.80% quarter-over-quarter, driven by lagged repricing from the Q4 rate cuts as well as the addition of Frontier. Investment yield increased 7bps to 4.99% quarter-over-quarter due to a shorter day count in Q1. Quarter over Quarter Walk Net Interest Margin Quarter over Quarter (14)bps Net Interest Income 4.47% Q4 4.33% Q1 Q4 2025 Q1 2026
$6.3B Total Deposits Deposit Composition Loan Composition Performance Highlights 86.15% Loan-to- Deposit Ratio 94.28% Core Dep. / Total Deposit 2.00% Cost of Total Deposits 2.51% Cost of Int-bearing Deposits 6.80% Yield on Total Loans 6.45% Loan Coupon Yield1 0.10% NCOs / Average Loans 12.00% Classified Assets / Reg. Capital Balance Sheet Loan Coupon exclusive of the impact of derivatives, purchase accounting, non-accrual, mortgage premium amort, and loan fees Noninterest- bearing Time < 100K Time > 100K Savings Money Market Interest- bearing Commercial Real-estate Commercial & Industrial Res. RE Ag. RE Ag. Consumer Trending Loan-to-Deposit Ratio $5.4B Total Loans
Yield / Cost Components Loan Coupon exclusive of the impact of derivatives, purchase accounting, non-accrual, mortgage premium amort, and loan fees Yield Analysis Cost Analysis Core Deposits / Total Deposits
Nonperforming Assets1,2 Asset Quality Trends Net Charge-offs / Average Loans Annual Quarterly Annual Quarterly
Asset Quality Trends Total Reserve Ratio Classified Assets Annual Quarterly Annual Quarterly
Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. EQBK Well Capitalized CAPITAL PRIORITIES Maintain well capitalized regulatory levels Capacity for organic growth Merger & acquisitions Dividend payout ratio targeted at 10-20% Common stock repurchases Dividends Declared Per Share & Dividend Payout Ratio Shares Repurchased & Weighted Avg. Price Per Share 1 Thousands Capital Management The Company’s capital ratios are well capitalized levels as of 3/31/2026
Exclusive of Day 2 Provision from Merger Core Non-interest Income is exclusive of gain / (loss) on securities transactions Core Non-interest Expense is exclusive of merger expenses Forward Looking 2026FY $6,200 – 6,400M $5,500 – 5,600M $6,900 – 7,050M 4.20 – 4.35% $6 – 8M $38 – 42M $194 – 198M 22 – 23% Outlook on Key Business Drivers NOTE: Figures presented in this outlook represent forward-looking statements and are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Please see Special Note Concerning Forward-Looking Statements and Focus Variables for Outlook and Forecast 1st Quarter 2026 Results $6,193M Avg. Deposits $5,454M Avg. Loans $6,896M Avg. Earning Assets 4.33% Net Interest Margin $(0.1)M Provision For Credit Losses1 $9.6M Core Non-interest Income2 $49.2M Core Non-interest Expense3 23.7% Effective Tax Rate
Focus Variables for Outlook & Forecast Our outlook requires clarity around certain variables, including: Economic Environment Customer Needs Cost of Funding Competitive Market Investment Opportunities Political Environment Business activity creates opportunity for lending and deposit growth. Current macro-environment response and resolution will be a significant driver. Directly related to credit quality as well as trust in our business. Impacts rates on our product offerings and applies pressure to earnings. Must be able to manage cost and profit yields effectively. Providing customers with rates and services that are competitive with our peers. Irrational operators may have short term impact on opportunities. Growth strategy must be flexible to the other variables that affect our investment options. U.S. politics affect banking regulations, international relationships, tax policies and more.
Our Markets Source: S&P Capital IQ, Deposit Market data as of 6/30/25. Market rank is based on counties with a EQBK physical presence. 1) Iowa location: loan production office Market Share Kansas #6 Market Rank $2.5B Market Deposits 3.93% Market Share Oklahoma #10 Market Rank $1.3B Market Deposits 1.53% Market Share Missouri #8 Market Rank $1.0B Market Deposits 1.50% Market Share Nebraska – Entered Nebraska with Acquisition of Frontier Bank #9 Market Rank $1.1B Market Deposits 2.12% Market Share Arkansas #10 Market Rank $319M Market Deposits 2.56% Market Share Market Footprint1 Expansion into focus markets of Omaha and Lincoln, create a network that is both diverse and complementary to EQBK’s legacy franchise
Quarter Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Total stockholder's equity $817,610 $732,054 $711,892 $635,636 $617,324 Goodwill (104,958) (82,101) (77,573) (53,101) (53,101) Core deposit intangibles, net (30,536) (21,634) (22,895) (12,908) (13,924) Naming rights, net (5,629) (5,703) (5,778) (5,852) (5,926) Tangible Common Equity $676,487 $622,616 $605,646 $563,775 $544,373 Common shares outstanding at period end 20,767,023 18,944,987 19,111,084 17,527,191 17,522,994 Diluted common shares outstanding at period end 20,946,924 19,196,160 19,279,741 17,680,489 17,652,110 Book value per common share $39.37 $38.64 $37.25 $36.27 $35.23 Tangible book value per common share $32.58 $32.86 $31.69 $32.17 $31.07 Tangible book value per diluted common share $32.30 $32.43 $31.41 $31.89 $30.84 Total assets $7,667,370 $6,373,172 $6,365,631 $5,373,837 $5,446,100 Goodwill (104,958) (82,101) (77,573) (53,101) (53,101) Core deposit intangibles, net (30,536) (21,634) (22,895) (12,908) (13,924) Naming rights, net (5,629) (5,703) (5,778) (5,852) (5,926) Tangible assets $7,526,247 $6,263,734 $6,259,385 $5,301,976 $5,373,149 Total stockholders' equity to total assets 10.66% 11.49% 11.18% 11.83% 11.34% Tangible common equity to tangible assets 8.99% 9.94% 9.68% 10.63% 10.13% Non-GAAP reconciliations Calculations of tangible common equity and related measures ($ in thousands, except per share data)
Quarter Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Total average stockholders' equity $841,838 $725,651 $715,319 $627,103 $605,917 Average intangible assets (141,742) (108,779) (95,046) (72,406) (72,389) Average tangible common equity $700,096 $616,872 $620,273 $554,697 $533,528 Net income (loss) allocable to common stockholders 16,966 22,084 (29,663) 15,264 15,041 Net gain on acquisition - - - - - Net (gain) loss on securities transactions 108 (154) 53,352 (12) (12) Merger expenses 5,725 1,481 6,163 355 66 Loss on debt extinguishment - - - 1,361 - Day 2 Merger provision 6,099 - 6,228 - - Amortization of intangible assets 2,056 1,390 1,312 1,145 1,144 Tax effect of intangible assets amortization (2,937) (571) (14,082) (598) (252) Core net income (loss) allocable to common stockholders $28,017 $24,230 $23,310 $17,515 $15,987 Return on total average stockholders' equity (ROAE) annualized 8.17% 12.07% (16.45)% 9.76% 10.07% Average tangible common equity $700,096 $616,872 $620,273 $554,697 $533,528 Average impact from core earnings adjustments 2,476 1,073 26,487 1,126 473 Core average tangible common equity $702,572 $617,945 $646,760 $555,823 $534,001 Return on total average tangible common equity (ROATCE) annualized 10.77% 14.91% (18.31)% 11.69% 12.12% Core return on total average tangible common equity (CROATCE) annualized 16.10% 15.56% 14.30% 12.64% 12.14% Non-interest expense $54,969 $46,857 $49,082 $40,001 $39,050 Merger expense (5,725) (1,481) (6,163) (355) (66) Amortization of intangible assets (2,056) (1,390) (1,312) (1,145) (1,144) Loss on debt extinguishment - - - (1,361) 0 Adjusted non-interest expense $47,188 $43,716 $41,607 $37,140 $37,840 Net interest income $73,664 $63,502 $62,485 $49,802 $50,292 Non-interest income 9,487 9,532 (44,479) 8,589 10,330 Net gains (losses) from securities transactions 108 (154) 53,352 (12) (12) Adjusted non-interest income $9,595 $9,378 $8,873 $8,577 $10,318 Net interest income plus adjusted non-interest income $83,259 $72,880 $71,358 $58,379 $60,610 Non-interest expense to net interest income plus non-interest income 66.11% 63.79% 272.59% 68.51% 64.42% Efficiency ratio 56.68% 59.98% 58.31% 63.62% 62.43% Average Assets $7,451,709 $6,141,284 $6,084,961 $5,206,950 $5,212,417 Core non-interest expense to average assets 2.57% 2.82% 2.71% 2.86% 2.94% Non-GAAP reconciliations Calculations of return on average tangible common equity and efficiency ratio ($ in thousands, except per share data)
Quarter Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net income (loss) allocable to common stockholders 16,966 22,084 (29,663) 15,264 15,041 Amortization of intangible assets 2,056 1,390 1,312 1,145 1,144 Tax effect of adjustments (432) (292) (276) (240) (240) Adjusted net income allocable to common stockholders $18,590 $23,182 $(28,627) $16,169 $15,945 Net (gain) loss on securities transactions 108 (154) 52,352 (12) (12) Merger expenses 5,725 1,481 6,163 355 66 Loss on debt extinguishment - - - 1,361 - Day 2 Merger provision 6,099 - 6,228 - - Tax effect of adjustments (2,505) (279) (13,806) (358) (12) Core net income (loss) allocable to common stockholders $28,017 $24,230 $23,310 $17,515 $15,987 Total average assets $7,451,709 $6,141,284 $6,085,064 $5,206,950 $5,212,417 Total average stockholders' equity $841,838 $725,651 $715,319 $627,103 $605,917 Weighted Average Diluted Shares 21,262,009 19,235,412 19,129,726 17,651,298 17,666,834 Diluted earnings (loss) per share $0.80 $1.15 $(1.55) $0.86 $0.85 Core earnings (loss) per diluted share $1.32 $1.26 $1.21 $0.99 $0.90 Return on average assets (ROAA) annualized 0.92% 1.43% (1.93)% 1.18% 1.17% Core return on average assets annualized 1.52% 1.57% 1.51% 1.35% 1.24% Return on average equity (ROAE) 8.17% 12.07% (16.45)% 9.76% 10.07% Core return on average equity 13.41% 13.23% 12.47% 11.18% 10.69% Non-GAAP reconciliations Calculations of return on average assets, average equity and operating income ($ in thousands, except per share data)
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