The Equity Bancshares, Inc. (NASDAQ: EQBK) Board of Directors
(“Board”) announced it has increased its quarterly cash dividend to
its stockholders by 25%.
The quarterly dividend of $0.10 per common share of Equity
Bancshares, Inc. (“Equity” or “Company”) Class A stock is payable
on October 14, 2022, to stockholders of record at the close of
business on September 30, 2022. Future dividends will be subject to
Board approval.
“We’re pleased to announce an expansion of our quarterly
dividend for the first time in our Company’s history. This 25%
increase is reflective of our Company’s continued success in
serving our customers and developing our team in order to enhance
the return for our stockholders,” said Brad Elliott, Chairman and
CEO of Equity. “We appreciate the support of our stockholders, and
the ongoing efforts of our Equity Bank teams throughout our
four-state footprint to continue to deliver expertise, innovation,
and localized service. We will continue to look for ways to
emphasize stockholder return while growing the Equity Bank brand
and business.”
The Board also authorized the repurchase of up to 1,000,000
shares of Equity’s outstanding common stock, par value $0.01 per
share, from time to time, beginning October 1, 2022, and concluding
September 30, 2023. The repurchase program does not obligate Equity
to acquire a specific dollar amount or number of shares, and it may
be extended, modified or discontinued at any time without notice.
Non-objection from the Federal Reserve Bank of Kansas City related
to this repurchase plan was received September 16, 2022.
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the parent company of Equity Bank,
offering a full range of financial solutions, including commercial
loans, consumer banking, mortgage loans, and treasury management
services. As of June 30, 2022, Equity had approximately $5 billion
in consolidated total assets, with full-service locations in
Kansas, Missouri, Arkansas and Oklahoma, including corporate
offices in Wichita.
Equity provides an enhanced banking experience for customers
through a suite of sophisticated banking products and services
tailored to their needs, while delivering the high-quality,
relationship-based customer service of a community bank. Equity’s
common stock is traded on the NASDAQ Global Select Market 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,” “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 COVID-19
related impacts; 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
acquisitions and integration of acquired businesses; 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 9, 2022, 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. New risks and uncertainties arise
from time to time, such as COVID-19, 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.
Media Contact:
John J. HanleySVP, Director of MarketingEquity Bancshares,
Inc.(913) 583-8004jhanley@equitybank.com
Investor Contact:
Chris NavratilSVP, FinanceEquity Bancshares, Inc.(316)
612-6014cnavratil@equitybank.com
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