Equity Bancshares (NYSE: EQBK) shows asset growth, EPS and TBV gains
Rhea-AI Filing Summary
Equity Bancshares, Inc. furnished an investor presentation while meeting institutional investors, outlining rapid growth, profitability and capital strength. The bank reports $7.7 billion in total assets, $5.4 billion in loans and $6.3 billion in deposits, with a market capitalization of about $1.0 billion.
Tangible common equity to tangible assets stands at 8.99%, with common equity tier 1 of 11.54% and total risk-based capital of 14.36%. Tangible book value per share is $32.58, up from $15.97 at IPO, reflecting a 7.20% CAGR.
Since its IPO, core earnings per share have compounded at 10.98%, while total assets have grown at a 16.62% CAGR, driven by organic growth and 15 acquisitions, including the Frontier Bank merger completed on January 1, 2026. For the quarter ended March 31, 2026, core ROAA was 1.52% and core ROATCE was 16.10%, with an efficiency ratio of 56.68%, highlighting operating leverage from scale and integration.
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Insights
Deck shows strong growth, solid capital and M&A-driven scale.
Equity Bancshares highlights a business model built on organic expansion plus acquisitions. Since its IPO, total assets have compounded at 16.62% annually to $7.7B, while core earnings per share compounded at 10.98%, indicating sustained earnings growth alongside balance sheet expansion.
Capital levels appear robust, with tangible common equity to tangible assets at 8.99%, common equity tier 1 of 11.54% and total risk-based capital of 14.36%. Recent deals, including the $1.4B Frontier Bank and $900M NBC Oklahoma transactions, plus a $92M capital raise and $75M subordinated debt, underpin this strategy.
Profitability metrics such as core ROAA of 1.52%, core ROATCE of 16.10% and a 56.68% efficiency ratio for Q1 2026 compare favorably to many regional peers. Execution risks remain around integration, credit quality and deposit competition, as reflected in the forward-looking risk factors, but the presentation portrays a scaled franchise with multiple growth engines.
8-K Event Classification
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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).
Emerging growth company
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. ☐
Item 7.01 Regulation FD Disclosure.
The Company will be meeting with certain institutional investors on June 17, 2026. The investor presentation to be used in these meetings is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 7.01 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 of 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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99.1 |
Equity Bancshares, Inc. Investor Presentation |
104 |
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 hereunto duly authorized.
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Equity Bancshares, Inc. |
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June 17, 2026 |
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/s/ Chris M. Navratil |
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Chris M. Navratil |
Exhibit 99.1
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; 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 presentation 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
Agenda 1 WELCOME & INTRODUCTION Brad Elliott — Chairman & CEO, Equity Bancshares, Inc. 2 PROFITABILITY Chris Navratil — CFO 3 TANGIBLE BOOK VALUE Chris Navratil — CFO 4 ORGANIC GROWTH Rick Sems — CEO, Equity Bank 5 MERGERS & ACQUISITIONS Brad Elliott — Chairman & CEO, Equity Bancshares, Inc. 6 7 TEAM MEMBERS WHO THINK LIKE OWNERS Rick Sems — CEO, Equity Bank 8 CREDIT QUALITY & DIVERSIFICATION Rick Sems — CEO, Equity Bank 9 LOW-COST CORE DEPOSITS Rick Sems — CEO, Equity Bank 10 STRONG CAPITAL Brad Elliott — Chairman & CEO, Equity Bancshares, Inc. 11 SHAREHOLDER RETURNS Brad Elliott — Chairman & CEO, Equity Bancshares, Inc. TECH FOCUSED OPERATING EFFECTIVENESS Julie Huber — COO, Equity Bank
Chairman & CEO, Equity Bancshares, Inc.
STRATEGIC EXECUTION OF ACQUISITIONS EQBK Growth Since 2010 OVERVIEW $7.7B TOTAL ASSETS $5.4B TOTAL LOANS $6.3B TOTAL DEPOSITS $1.0B MARKET CAPITALIZATION1 8.99% TANGIBLE COMMON EQUITY / TANGIBLE ASSETS2 11.54% COMMON EQUITY TIER 1 14.36% TOTAL RISK-BASED CAPITAL $32.58 TANGIBLE BOOK VALUE PER SHARE2 Most Recent Acquisition: Frontier Bank Merger Closed on January 1, 2026 Equity Bancshares, Inc.| NYSE: EQBK Market Capitalization as of 6/12/2026 Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Compound Annual Growth Rate since 2010 # of acquisitions based on date of completion. # of Acquisitions4 EQBK Total Assets ($M) 1 1 1 3 3 1 1 1 2 1 Total Asset – CAGR +19.7% Total Acquisitions 15 Avg. TBV Earnback 2 YEARS Avg. EPS Accretion 8%
Equity Bancshares, Inc.| Markets Source: S&P Capital IQ, FDIC 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 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 NEBRASK #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
Equity Bancshares, Inc.| Leadership Team NYSE: EQBK Brad Elliott Chairman & CEO Equity Bancshares, Inc. Founded Equity Bank in 2002 and has led the organization to nearly $8B in assets through disciplined organic growth and over a dozen strategic acquisitions. Named a 2018 EY Entrepreneur of the Year National Finalist and recognized as Most Influential CEO by the Wichita Business Journal in 2014. Rick Sems Chief Executive Officer Equity Bank Equity Bank CEO since May 2024, having joined as President in May 2023. Prior to Equity, Rick served as Chief Banking Officer of First Bank in St. Louis and as President & CEO of Reliance Bank, bringing deep commercial banking leadership to the organization. Chris Navratil Chief Financial Officer Chief Financial Officer since August 2023. Previously served as Bank CFO and spent seven years within the Financial Institution Audit Practice at Crowe LLP, bringing rigorous financial reporting and regulatory expertise to the executive team. Julie Huber Chief Operating Officer Chief Operating Officer since May 2024. Held a variety of senior leadership roles at Equity Bank overseeing operations, HR, compliance, and sales and training. Served as the primary integration lead for each of the bank's acquisitions. Brett Reber General Counsel Prior to joining Equity Bank, served as Managing Member of Wise & Reber, L.C. Brett has practiced corporate and business law for more than 30 years, providing legal counsel across the full spectrum of the bank's corporate, regulatory, and transactional matters. Krzysztof Slupkowski Chief Credit Officer Chief Credit Officer since September 2023. Previously served as Metro Market CCO at Equity Bank since 2018 and held various credit leadership roles at Commerce Bancshares, bringing strong portfolio risk discipline to the organization. David Pass Chief Information Officer Previously served in senior IT leadership positions at UMB Financial Corporation and CoBiz Financial, overseeing technology strategy, core systems, and digital infrastructure across complex multi-bank organizations.
A Year of Transformation Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Over the past twelve months, we have fundamentally reshaped the scale, scope and balance sheet of Equity Bank. Through a strategic acquisition strategy, we expanded our footprint and accelerated growth. At the same time, our core franchise continued to perform, as organic growth continued to contribute, validating the strength of our existing foundation. These numbers don't just reflect progress; they reflect transformation. TOTAL ASSETS 2025 Q1 – 2026Q1 COMMON SHARES OUTSTANDING 2025Q1 – 2026Q1 CORE EARNINGS PER SHARE1 2025 – 2026E FY 41% Growth 19% Growth 24% Growth
A Year of Transformation Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Over the past twelve months, we have fundamentally reshaped the scale, scope and balance sheet of Equity Bank. Through a strategic acquisition strategy, we expanded our footprint and accelerated growth. At the same time, our core franchise continued to perform, as organic growth continued to contribute, validating the strength of our existing foundation. These numbers don't just reflect progress; they reflect transformation. EARNINGS PER SHARE 2025 Q1 – 2026Q1 BOOK VALUE PER SHARE 2025 Q1 – 2026Q1 RETURN ON AVERAGE ASSETS 2025 Q1 – 2026Q1 RETURN ON AVERAGE EQUITY 2025 Q1 – 2026Q1 1 1 1 1
A Year of Transformation Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Over the past twelve months, we have fundamentally reshaped the scale, scope and balance sheet of Equity Bank. Through a strategic acquisition strategy, we expanded our footprint and accelerated growth. At the same time, our core franchise continued to perform, as organic growth continued to contribute, validating the strength of our existing foundation. These numbers don't just reflect progress; they reflect transformation. NET INTEREST MARGIN 2025 Q1 – 2026Q1 NONINTEREST EXPENSE / AVERAGE ASSETS 2025 Q1 – 2026Q1 EFFICIENCY RATIO 2025 Q1 – 2026Q1 1
SHARE PRICE $48.39 as of 6/12/2026 5-YEAR CHANGE 55.85% vs. 21.90% on KRX 3-YEAR CHANGE 92.94% vs. 52.57% on KRX MARKET CAP. $1.0B PRICE / 2026E EPS 9.58x PRICE / TBV 1.50x Historical Stock Performance Source: S&P Global Market Intelligence. Market Data as of 6/12/2026 .
PRICE TO 2026 EPS PRICE TO TANGIBLE BOOK VALUE Pricing Multiples vs Proxy Peer Group Source: S&P Capital IQ. Market Data as of 6/12/2026 .
Compounding Earnings Per Share through Strategic M&A and Organic Growth Past Results are not necessarily indicative of future performance. Figures presented represent forward looking statements and are not guarantees of future performance and are subject to certain risks, assumptions and uncertainties that are difficult to predict. Please see the forward-looking statements disclaimers at the beginning of the presentation. Non-GAAP Financial Measure. Source: S&P Global Market Intelligence. Core income, on a diluted per-share basis. Core income is net income after taxes and before extraordinary items, less net income attributable to noncontrolling interest, gain on the sale of held to maturity and available for sale securities, amortization of intangibles, goodwill and nonrecurring items. A proven 10.98% Compound Annual Growth Rate since IPO in 2015. Driven by strategic acquisitions and organic growth. CORE EARNINGS PER SHARE1 - 2015 – 2026E FY IPO CAGR 10.98% COMPOUND ANNUAL GROWTH RATE SINCE IPO
Per Share Long-Term Value Drivers Source: S&P Global Market Intelligence and FactSet. Note: Revenue and Core PTPP per share are based on last-twelve-month periods. Non-GAAP Financial Measure. Net interest income, on a fully tax-equivalent basis if available, fees and other noninterest income, net of non-credit-related expenses. Represents earnings capacity that can be applied to capital or loan losses. Proxy group as defined in DEF 14A on 3/12/26. Excludes Guaranty Bancshares, Inc and MidWestOne Financial Group, Inc. due to being acquired. Excludes one-time goodwill impairment in Q3’20 of $99.5 million. CORE PTPP EARNINGS PER SHARE CAGR1,2 EQBK 10 YEAR Peer EQBK Peer EQBK Peer EQBK Peer 5 YEAR 3 YEAR 1 YEAR REVENUE PER SHARE CAGR1,2 EQBK 10 YEAR Peer EQBK Peer EQBK Peer EQBK Peer 5 YEAR 3 YEAR 1 YEAR CORE EARNINGS PER SHARE CAGR IPO TO CURRENT 10.98% CORE EPS CAGR 3
Yields & Costs Source: S&P Global Market Intelligence. (1) Proxy group as defined in DEF 14A on 3/12/26. Excludes Guaranty Bancshares, Inc and MidWestOne Financial Group, Inc. due to being acquired. NET INTEREST MARGIN IPO TO CURRENT EQUITY BANCSHARES, INC. PROXY PEER MEDIAN COST OF INTEREST-BEARING DEPOSITS IPO TO CURRENT COST OF TOTAL DEPOSITS IPO TO CURRENT YIELD ON TOTAL LOANS IPO TO CURRENT YIELD ON INTEREST-EARNING ASSETS IPO TO CURRENT
Yields & Costs Source: S&P Global Market Intelligence. (1) Proxy group as defined in DEF 14A on 3/12/26. Excludes Guaranty Bancshares, Inc and MidWestOne Financial Group, Inc. due to being acquired. Trended since IPO COST OF INTEREST-BEARING DEPOSITS IPO TO CURRENT COST OF TOTAL DEPOSITS IPO TO CURRENT YIELD ON TOTAL LOANS IPO TO CURRENT YIELD ON INTEREST-EARNING ASSETS IPO TO CURRENT EQBK Peer Median
Compounding Tangible Book Value Per Share Tangible Book Value per common share. Non-GAAP Measure. For a reconciliation of Non-GAAP measures, please see appendix. Tangible Book Value per common share + Cumulative Dividend per share (DPS) + Cumulative Share Repurchased. Dividends are from 1/1/2016-3/31/2026. Shares Repurchased are starting from the 2019 repurchase plan. Shares repurchased is 4,831,023 @ $29.74. 3) Source: S&P Global Market Intelligence. Proxy group as defined in DEF 14A on 3/12/26. Excludes Guaranty Bancshares, Inc and MidWestOne Financial Group, Inc. due to being acquired. Since IPO, Tangible Book Value increased $16.61 from $15.97 to $32.58 TANGIBLE BOOK VALUE PER SHARE1 | IPO TO CURRENT 7.20% TBVPS CAGR TBVPS + DIVIDEND PER SHARE CAGR3 EQBK 10 YEAR Peer EQBK Peer EQBK Peer EQBK Peer 5 YEAR 3 YEAR 1 YEAR 9.90% TBVPS + DPS + SHARE REPURCHASED CAGR2
Organic Growth Strategy Deploy four organic growth engines simultaneously; Retail Banking, Commercial Banking, Fee Income, and Small Business. Each with dedicated leadership and clear execution milestones. Commercial asset generation markets: Kansas City · Tulsa · Wichita · Oklahoma City · Omaha · Lincoln · Des Moines + NW Arkansas. RETAIL BANKING COMMERCIAL BANKING FEE INCOME SMALL BUSINESS Providing products & services to Community Markets they may not have had before. Pricing discipline continues. Brilliant Bank platform enables bifurcated, market-by-market pricing. Optimizing our retail process through automation, AI, and data analytics. Build the type of bankers you find at an upmarket bank — consultative, active callers with pipeline discipline. New Market Presidents in Omaha, Lincoln, Wichita and OKC. Asset generation is commercial. Continuing to add bankers in Omaha, OKC and Lincoln. Targeted growth by line: TM (commercial) +10–15% Wealth +15–25% Mortgage +20% Wealth expanded into Arkansas. Adding in Nebraska and KC — Community Markets where competition is lighter and EQBK wins. Dedicated leader, team being built. Reimagined approval process — decisioning in minutes for the majority of clients. Deposit and TM-first, not credit-first. Metro and new markets focus — not a community market rollout. EXECUTION ✓ Checking account growth — DDA-first strategy ✓ Brilliant Bank platform — bifurcated pricing by market ✓ Data-driven marketing — cost of household acquisition declining ✓ Continued pricing discipline across all deposit products ► New products deployed into Community Markets ► Customer service metrics — leading indicator, F.I.R.S.T. priority ► Automated account opening — remaking the process ◆ AI + data-driven targeted calling & product offerings — supercharged EXECUTION ✓ New Market Presidents: Omaha · Lincoln · Wichita · OKC ✓ New bankers added — 17 hires across all markets YTD ✓ Des Moines LPO opened — Continue to build out team. ✓ Yield floors expanded + prepayment penalties on fixed-rate (3–5 yrs) ► Calling metrics enforced — activity + pipeline discipline ► Consultative banker model — upmarket capability standard ► Continuing to add bankers in Omaha · OKC · Lincoln ◆ NW Arkansas LPO — Bentonville/Springdale/Fayetteville corridor EXECUTION ✓ Head of Treasury Management hired & in seat ✓ TM officers added — 5 new TMOs across markets ✓ Wealth Management added in Arkansas — Community Market win ► TM (commercial) — target +10–15% growth ► Wealth Management — target +15–25% growth ► Mortgage — relationship-driven restart, +20% target ► Merchant Services — supercharging existing platform ◆ Wealth expanding into Nebraska & Kansas City markets EXECUTION ✓ Small Business leader hired — team being built ✓ Metro Market Focus: KC · Tulsa · Wichita · OKC · Omaha · Lincoln · Des Moines ► Approval process reimagined — majority decided in minutes ► Deposit & TM-first — not a credit-first business ► Merchant Services integration for small business clients ◆ NW Arkansas — LPO + new regional HQ building in development ✓ COMPLETE ► IN PROGRESS / 2026 ◆ 2027 & BEYOND
KIRKSVILLE MARKET – SINCE ACQUISITION Bank of Kirksville Kirksville absorbed post merger run-off and rebuilt within a 2-year window, while expanding loan-to-deposit spread
Kansas City + Wichita At a 10.0% CAGR since 2017, Kansas City and Wichita is the blueprint for what Oklahoma City and Omaha-Lincoln can become TOTAL LOANS KANSAS CITY + WICHITA MARKET 10.0% COMPOUND ANNUAL GROWTH RATE SINCE 2017
Metro Markets Source: S&P Global Market Intelligence and Claritas. Demographic data is provided by Claritas based primarily on US Census data. Niche, Forbes, US News & World Report, WalletHub. Equity Bank's metro markets pair nationally ranked livability with diverse, durable economies; spanning corporate headquarters, aerospace, energy, financial services, and capital-city employment anchors. KANSAS CITY WICHITA OMAHA LINCOLN OKLAHOMA CITY ~2.3M Market Population $89.5K Median HHI Income ~665K Market Population $73.1K Median HHI Income ~1M Market Population $91.3K Median HHI Income ~354K Market Population $79.5K Median HHI Income ~1.5M Market Population $76.7K Median HHI Income #10 #4 #1 #6 #2 Best Cities to Live In (Niche) Best Cities to Move To (Forbes) Best Cities to Move To (Forbes) Best State Capital to Live In (WalletHub) Best Big Cities to Live In (US News) COMPANIES HEADQUARTERED & LARGEST EMPLOYERS
Asset Growth Driven by Strategic M&A and Organic Growth Past Results are not necessarily indicative of future performance. Figures presented represent forward looking statements and are not guarantees of future performance and are subject to certain risks, assumptions and uncertainties that are difficult to predict. Please see the forward-looking statements disclaimers at the beginning of the presentation. A proven 16.62% Compound Annual Growth Rate since IPO in 2015. Driven by strategic acquisitions and organic growth. TOTAL ASSETS - 2015 – 2026Q1 IPO CAGR 16.62% COMPOUND ANNUAL GROWTH RATE SINCE IPO
Execution on M&A Strategy STRATEGIC EXECUTION OF ACQUISITIONS EQBK Growth Since 2010 Most Recent Acquisition: Frontier Bank Merger Closed on January 1, 2026 # of Acquisitions4 EQBK Total Assets ($M) 1 1 1 3 3 1 1 1 2 1 Total Asset – CAGR +19.7% Total Acquisitions 15 Avg. TBV Earnback 2 YEARS Avg. EPS Accretion 8% STRATEGIC ASSET GENERATION OPPORTUNISTIC STRATEGIC DEPOSIT PLAY Opportunity for long-term above-average asset growth with EQBK standard structures and pricing. In addition, Treasury Management fee income opportunities are embedded from day one, clients are onboarded to full operating relationships at acquisition. Strong, low-cost, sticky and steady deposit base acquired at below-market cost. Opportunity to slow-play fee income and enhance asset structure and pricing over time as the portfolio reprices to EQBK standards. Community franchise depth is the asset. Significant cost reductions and/or adding both assets and liabilities into existing markets. Ability to significantly improve underperforming banks that have the right franchise bones, market presence, core deposits, and relationships that EQBK can enhance. TARGET PROFILE Existing EQBK footprint markets In-market density bolt-ons Underperforming community banks DEAL EXAMPLE Bank of Kirksville Kansasland Bank TARGET MARKETS Omaha, NE Lincoln, NE Oklahoma City, OK DEAL EXAMPLES Frontier Bank NBC Oklahoma DEPOSIT FRANCHISE Community Nebraska Markets Community Oklahoma Markets Kirksville, MO DEAL EXAMPLE Frontier Bank NBC Oklahoma Bank of Kirksville
History of M&A Execution Note: Transaction impact assumes cost savings are fully realized. 1) FDIC deal closed on date of announcement. First Ind. Corp. Community First Bancshares Prairie State Bancshares Eastman National Bancshares Cache Holdings Kansas Bank Corporation Adams Dairy Bancshares City Bank & Trust Company Almena State Bank American State Bancshares Rockhold Bancorp. Kansasland Bancshares NBC Corp. of Oklahoma Frontier Holdings Total Assets ($m) $135 $463 $147 $261 $325 $322 $111 $157 $71 $781 $406 $52 $903 $1,400 Ann. Date 7/28/2015 7/14/2016 10/20/2016 7/17/2017 7/17/2017 12/18/2017 12/18/2017 6/12/2018 10/23/2020 5/17/2021 12/6/2023 4/22/2024 4/2/2025 9/2/2025 Days to Close 73 119 141 116 116 137 137 72 N/A1 137 65 70 90 120 Days to Convert At Close At Close At Close At Close At Close At Close At Close 54 85 At Close 92 54 52 44 Pricing Multiples P / TBV 1.05x 1.53x 1.40x 1.76x 1.77x 1.41x 1.53x 1.41x N/A 1.11x 1.27x NM 1.45x 1.23x Core Deposit Premium 0.8% 6.7% 6.6% 9.8% 11.0% 6.3% 7.7% 6.1% 1.0% 1.2% 2.8% NM 4.0% 2.9% Transaction Impact EPS Impact 11% 26% 5% 9% 7% 3% 1% 5% 2% 16% 12% 1% 4.6% 7.7% TBV Impact Accretive (9%) (1%) (3%) (2%) (2%) (1%) (3%) Accretive (4%) (4%) (0%) (5%) (4%) TBV Earnback Bargain Purchase 3.5 yrs 1.4 yrs 2.8 yrs 2.8 yrs 2.8 yrs 2.7 yrs 2.8 yrs Bargain Purchase 2.9 yrs 1.3 yrs 0.3 yrs 2.8 yrs 2.8 yrs Fourteen completed acquisitions since 2015, consistent pricing discipline, fast closes, and rapid core conversions.
Robust Acquisition Opportunities Source: S&P Global Market Intelligence ASSET SIZE <$300M $300M - $1B $1B - $2B Kansas 120 49 10 Missouri 100 64 18 Arkansas 28 28 10 Oklahoma 94 54 15 Nebraska 80 42 13 Iowa 132 70 15 Total 554 307 81 NUMBER OF BANKS < $2B IN ASSETS Over 940 banks with assets less than $2B in our operating footprint and potential markets of expansion NUMBER OF BANKS < $2B BY TRANCHE EQBK FOOTPRINT
A Disciplined, Repeatable Approach Effective execution at every layer, from strategic fit through integration Integration Planning & Execution A clear integration strategy, consistent and transparent communication, and disciplined change-management. Strong Regulatory Relationships Earned by being a reliable, consistent acquirer — supporting smoother approvals and a clean compliance record. Strategic Fit & Alignment Alignment with our long-term vision and strategic goals, strong cultural fit, and thorough due diligence. M&A
Deploying Technology & AI AI at scale: adopted, applied, and governed 120 708 AI-LICENSED USERS Live IN PRODUCTION · 1H 2026 ✓ Retail AI Assistant – internal use ✓ Human Resources AI Assistant ✓ Loan Review – streamlining production to focus effort on review and decisioning ✓ Third Party Risk Management – automate diligence review production and round-the-clock monitoring ✓ Financial crime initial reviews In Process BUILDING NOW ✓ Customer Care AI Assistant – internal use ✓ Operations AI Assistant ✓ Credit spread & narrative production for loan packets. Reduce time to produce and focus effort on review and decisioning. ✓ Acquired and Target loan portfolio review – automate line sheet documentation to focus effort on review and decisioning. Next Phase ON THE ROADMAP ✓ Small business loan process automation ✓ SAR narratives – streamline production and focus effort on review and validation AI GOVERNANCE COMMITTEE OTHER SOLUTIONS 35-40% FASTER LOAN REVIEW ON LEGACY EQUITY PORTFOLIO ~5 min INITIAL RISK REVIEW PRODUCTION THIRD PARTY RISK MANAGMENT ~$500K SAVINGS ON PLACEMENT FEE AI-ASSISTED, IN-HOUSE SOURCING OF TALENT Centralized oversight & control of how AI is built, deployed & used Reviews new use cases; validates the models & vendors behind them Approves all AI-generated output, a human in the loop at every step Captures efficiency gains with full risk & regulatory discipline ✓ ✓ ✓ ✓
Operating Efficiency 1) Non-GAAP Financial Measure. Noninterest expense excludes any non-recurring expenses including merger expenses, goodwill impairment and loss of debt extinguishment. CORE NONINTEREST EXPENSE / AVERAGE ASSETS1 IPO TO CURRENT EQUITY BANCSHARES, INC. PROXY PEER MEDIAN EFFICIENCY RATIO1 IPO TO CURRENT EQUITY BANCSHARES, INC. PROXY PEER MEDIAN
Employees Who Think Like Owners Creating a culture of ownership to improve client experience 275 PARTICIPANTS IN EMPLOYEE STOCK PURCHASE PLAN 34% OTHER AVENUES OF OWNERSHIP: Restricted Stock Units Performance Restricted Stock Units Non-qualified Stock Options Performance Stock Options 67% OF EMPLOYEES ARE OWNERS IN EQBK
Credit Concentration NOO-CRE MULTI-FAMILY NOO-CRE NOO-CRE NON-FARM / NON RESIDENTIAL NOO-CRE CONSTRUCTION
NON-PERFORMING ASSETS / AVERAGE ASSETs NET CHARGE-OFFS / AVERAGE LOANS Credit Quality
Deposit Franchise by Market Source: S&P Global Market Intelligence, Market Demographics (deposit data as of June 2025). Rank and market share are market-specific and not additive; the Other Markets and Total rows show only summable figures (branches, deposits, % of franchise). “Other Markets” comprises the 18 remaining MSAs plus 16 non-MSA community markets so the franchise reconciles to 100%. Excludes LPOs. Top 4 Markets account for 39.6% of EQBK Deposits WICHITA, KS OKLAHOMA CITY, OK KANSAS CITY, MO-KS OMAHA, NE-IA 16.5% % OF FRANCHISE Deposits $1.02B Branches 8 Rank #6 Mkt share 4.6% 8.4% % OF FRANCHISE Deposits $516M Branches 2 Rank #18 Mkt share 0.9% 7.4% % OF FRANCHISE Deposits $453M Branches 7 Rank #28 Mkt share 0.5% 7.3% % OF FRANCHISE Deposits $450M Branches 1 Rank #15 Mkt share 1.1% MARKET MARKET RANK BRANCHES DEPOSITS ($000) DEPOSIT MARKET SHARE % OF FRANCHISE Top 4 Markets (shown above) — 18 2,435,672 — 39.6% Kirksville, MO 1 4 246,789 28.1% 4.0% Ponca City, OK 3 5 234,741 17.9% 3.8% Lincoln, NE 15 2 228,449 1.5% 3.7% Salina, KS 5 2 214,658 9.5% 3.5% Liberal, KS 1 4 205,085 40.9% 3.3% Harrison, AR 3 2 163,814 12.0% 2.7% Other Markets (34 markets) — 49 2,422,483 — 39.4% Total Franchise — 86 6,151,691 — 100.0%
Low-Cost Core Deposits COST OF INTEREST-BEARING DEPOSITS IPO TO CURRENT EQUITY BANCSHARES, INC. PROXY PEER MEDIAN COST OF TOTAL DEPOSITS IPO TO CURRENT EQUITY BANCSHARES, INC. PROXY PEER MEDIAN
Kansas City + Wichita At a 5.9% CAGR since 2017, Kansas City and Wichita is the blueprint for what Oklahoma City and Omaha-Lincoln can become TOTAL DEPOSITS KANSAS CITY + WICHITA MARKET 5.9% COMPOUND ANNUAL GROWTH RATE SINCE 2017
Enhancing Profitability through Strategic Initiatives 1 Capital Priorities Maintain well capitalized regulatory levels Capacity for organic growth Merger & acquisitions Dividend payout ratio targeted at 10-20% Common stock repurchases CAPITAL RATIOS EQUITY BANCSHARES, INC. WELL CAPITALIZED DIVIDENDS DECLARED PER SHARE & DIVIDEND PAYOUT RATIO SHARES REPURCHASED (000s) WEIGHTED AVERAGE PRICE PER SHARE 1) Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation.
CAPITAL MARKETS ACQUISITIONS $92M Capital Raise December 2024 (deployed $50 million in subsequent acquisitions) $75M Subordinated Debt September 2025 (refinanced 2020 offering) $900M NBC Oklahoma July 2025 $1.4B Frontier Bank January 2026 Focused on Strategic Initiatives +12.4% +17.0% +23.6% INVESTMENT PORTFOLIO REPOSITIONING ORGANIC EXPANSION $359M Book Value Sold September 2025 Opened Loan Production Office in West Des Moines, Iowa STRATEGIC IMPACT ON 2026FY
Non-GAAP reconciliations Calculations of tangible common equity and related measures 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 $5,373,149 Total stockholders' equity to total assets 10.66% 11.49% 11.18% 11.83% 11.34% Tangible common equity to tangible assets 8.99% 9.94% 9.68% 10.63% 10.13% ($ in thousands, except per share data)
Non-GAAP reconciliations Calculations of return on average tangible common equity and efficiency ratio 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 $5,212,417 Core non-interest expense to average assets 2.57% 2.82% 2.71% 2.86% 2.94% ($ in thousands, except per share data)
Non-GAAP reconciliations Calculations of return on average assets, average equity and operating income 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 $0.90 Return on average assets (ROAA) annualized 0.92% 1.43% (1.93)% 1.18% 1.17% Core return on average assets annualized 1.52% 1.57% 1.51% 1.35% 1.24% Return on average equity (ROAE) 8.17% 12.07% (16.45)% 9.76% 10.07% Core return on average equity 13.41% 13.23% 12.47% 11.18% 10.69% ($ in thousands, except per share data)
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