0001227500false00012275002023-10-172023-10-17
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
Date of Report (Date of earliest event reported): October 17, 2023
EQUITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
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Kansas |
001-37624 |
72-1532188 |
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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7701 East Kellogg Drive, Suite 300 Wichita, KS |
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67207 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: 316.612.6000
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:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class Class A, Common Stock, par value $0.01 per share |
Trading Symbol EQBK |
Name of each exchange on which registered NYSE National, Inc. |
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.
1
Item 2.02 Results of Operations and Financial Condition.
On October 17, 2023. Equity Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2023. 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 third quarter ended September 30, 2023, on Wednesday, October 18, 2023, 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 third quarter ended September 30, 2023, 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
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: October 17, 2023 |
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. Reports Third Quarter Results; Including Net Interest Margin Growth Driven by Core Deposit Base
Strong Tangible and Regulatory Capital Ratios and Positive Credit Quality Trends Continue
WICHITA, Kansas, October 17, 2023 (GLOBE NEWSWIRE) – Equity Bancshares, Inc. (NYSE: EQBK), (“Equity”, “the Company”, “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, reported net income of $12.3 million and $0.80 earnings per diluted share for the quarter ended September 30, 2023.
“Our Company's success is in large part due to our ability to adapt on behalf of our customers and teams no matter the banking environment. I’m pleased at our team’s ability to deliver unparalleled support and service to our customer base,” said Brad S. Elliott, Chairman and CEO of Equity. “Value creation is crucial for regional banks, and our ability to deliver sophisticated and customized solutions helps build our Company’s organic growth, sustainability, and competitive advantage.”
"During the third quarter our team continued to emphasize credit quality while meeting the needs of our customer base." Mr. Elliott said. "Our classified asset ratio is as low as it has ever been, while both capital and on balance sheet reserves remain high positioning Equity to be strategic as we assess both organic and acquisitive growth opportunities."
Notable Items:
•During the quarter, the Company realized linked period Net Interest Margin growth of 13 basis points, and Net Interest Income growth of $1.6 million.
•Pre-tax, pre-provision net income for the quarter was $15.5 million up $2.3 million linked quarter driven by growth in both net interest income and non-interest income.
•The Company continued to emphasize investor returns through share repurchase and quarterly dividends. The Company’s Board authorized a 20% increase in quarterly dividend to $0.12 per share, and authorized the repurchase of up to 1 million shares. During the quarter, the Company received non-objection from the Federal Reserve Bank of Kansas City related to the repurchase plan.
•Classified loans as a percentage of total risk-based capital at Equity Bank were 6.3%, down from 7.9% as of June 30, 2023, and 10.0% as of December 31, 2022.
During the third quarter, Equity announced two internal promotions to its executive management team. Chris Navratil was promoted to Chief Financial Officer and Krzysztof Slupkowski was promoted to Chief Credit Officer.
Financial Results for the Quarter Ended September 30, 2023
Net income allocable to common stockholders was $12.3 million, or $0.80 per diluted share, for the three months ended September 30, 2023, as compared to $11.5 million, or $0.74 per diluted share, for the three months ended June 30, 2023. The increase during the quarter was primarily driven by increases in interest income of $3.8 million and non-interest income of $1.8 million, partially offset by increases in interest expense of $2.2 million and non-interest expense of $1.1 million.
Net Interest Income
Net interest income was $41.0 million for the three months ended September 30, 2023, as compared to $39.4 million for the three months ended June 30, 2023, an increase of $1.6 million, or 4.01%. Net interest margin improved to 3.51% from 3.38% as the yield on interest-earning assets increased 32 basis points to 5.57% and the cost of interest-bearing deposits increased 26 basis points to 2.40%
Equity Bancshares, Inc.
PRESS RELEASE
The Company maintained an enhanced liquidity position in response to the first quarter market disruption by adding on-balance sheet cash, resulting in an adverse impact to net interest margin due to the increase in average earning assets and negligible impact to net interest income.
Average interest-bearing deposits declined slightly during the quarter and the Company continued to experience compositional shift from noninterest-bearing deposits into interest-bearing categories. At September 30, 2023, non-interest-bearing deposits declined $42.8 million from June 30, 2023 and $280.9 million from September 30, 2022. The majority of the decline over the last 12 months is due to deposits migrating to interest-bearing deposit accounts.
Provision for Credit Losses
During the three months ended September 30, 2023, there was a provision of $1.2 million compared to a provision of $298 thousand in the previous quarter. The provision for the quarter is the result of extended duration within the portfolio as well as realized charge-offs; however, overall we continue to experience positive credit trends. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayments rates and continued market disruption caused by elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses. For the three months ended September 30, 2023, we had net charge-offs of $1.6 million as compared to $857 thousand for the three months ended June 30, 2023.
Non-Interest Income
Total non-interest income was $8.7 million for the three months ended September 30, 2023, as compared to $7.0 million for the three months ended June 30, 2023, or an increase of 25.7%, quarter-over-quarter. The $1.8 million increase was primarily due to a decrease in losses on sales of available-for-sale securities of $1.3 million and an increase in other non-interest income of $439 thousand which was driven by increased insurance commission revenue.
Non-Interest Expense
Total non-interest expense for the quarter ended September 30, 2023, was $34.2 million as compared to $33.1 million for the quarter ended June 30, 2023, an increase of $1.1 million. The comparative increase was primarily due to salary and employee benefit expenses as the Company benefited from compensation reversals in the previous quarter which did not repeat.
Income Tax Expense
At September 30, 2023, the effective tax rate for the quarter was 13.5% as compared to 11.5% at June 30, 2023. The year-to-date tax rate is 14.1%. The increase in rate linked quarter is associated with the cumulative increase in federal and state tax benefits related to the implementation of tax planning initiatives taken in the second quarter versus the normal quarterly recognition of these tax planning initiatives taken in the third quarter offset by a return to provision adjustment related to the federal income tax return when taken as a percentage of pre-tax income. These initiatives were anticipated and incorporated in our forecasted full year estimated effective tax rate at June 30, 2023.
Loans, Total Assets and Funding
Loans held for investment were $3.28 billion at September 30, 2023, decreasing $40.6 million compared to the previous quarter. Excluding the impact of PPP loans, balances have increased $32.9 million, or 1.0% year-over-year. Included in the annual growth, is $49.3 million within the commercial and industrial and commercial real estate portfolios, or 2.9%. Total assets were $4.95 billion as of September 30, 2023 decreasing $149.6 million or 2.9% from June 30, 2023.
Total deposits were $4.08 billion at September 30, 2023, decreasing $148.8 million from the previous quarter end and decreasing $144.4 million from the same period end in 2022. During the third quarter, the Company reduced its brokered deposits by $50.0 million; improving the overall mix of the deposit portfolio during the third quarter. In addition to the
Equity Bancshares, Inc.
PRESS RELEASE
payoff of brokered funding, the Company also realized seasonal declines in our municipal deposit portfolio accounting for the remaining negative trend linked quarter. Of the total deposit balance, non-interest-bearing accounts comprise approximately 23.6%. Advances from the FHLB and borrowings from the Federal Reserve's Bank Term Funding Program remained unchanged from June 30, 2023.
Asset Quality
As of September 30, 2023, Equity’s allowance for credit losses to total loans remained materially consistent at 1.3% as compared to June 30, 2023. Nonperforming assets were $20.5 million as of September 30, 2023, or 0.4% of total assets, compared to $15.7 million at June 30, 2023, or 0.3% of total assets. Non-accrual loans were $19.4 million at September 30, 2023, as compared to $15.0 million at June 30, 2023. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $37.6 million, or 6.3% of regulatory capital, down from $47.1 million, or 7.9% of regulatory capital as of June 30, 2023.
Capital
Quarter over quarter, book and tangible capital as well as book and tangible capital per share were essentially flat. Dividends paid and increase in the unrealized loss position in our investment portfolio of $13.3 million, partially offset by unrealized gains on cash-flow derivatives of $1.5 million, were materially offset by net income in the period.
The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 12.7%, the total capital to risk-weighted assets was 16.4% and the total leverage ratio was 9.8% at September 30, 2023. At June 30, 2023, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 12.2%, the total capital to risk-weighted assets ratio was 16.0% and the total leverage ratio was 9.5%.
The Company’s subsidiary, Equity Bank, had a ratio of common equity tier 1 capital to risk-weighted assets of 14.7%, a ratio of total capital to risk-weighted assets of 15.9% and a total leverage ratio of 10.8% at September 30, 2023. At June 30, 2023, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 14.3%, the ratio of total capital to risk-weighted assets was 15.5% and the total leverage ratio was 10.7%.
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.
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.
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
Equity Bancshares, Inc.
PRESS RELEASE
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.
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 third quarter results on Wednesday, October 18, 2023, at 10 a.m. eastern time or 9 a.m. central time.
A live webcast of the call will be available on the Company’s website at investor.equitybank.com. To access the call by phone, please go to this registration link, and you will be provided with dial in details. Investors, news media, and other participants are encouraged to dial into the conference call ten minutes ahead of the scheduled start time.
A replay of the call and webcast will be available two hours following the close of the call until October 25, 2023, accessible at investor.equitybank.com.
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 NYSE National, Inc. 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 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.
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 9, 2023, 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 Bank
(316) 858-3128
bkatzfey@equitybank.com
Media Contact:
John J. Hanley
SVP, Senior Director of Marketing
Equity Bancshares, Inc.
(913) 583-8004
jhanley@equitybank.com
Equity Bancshares, Inc.
PRESS RELEASE
Unaudited Financial Tables
•Table 1. Consolidated Statements of Income
•Table 2. Quarterly Consolidated Statements of Income
•Table 3. Consolidated Balance Sheets
•Table 4. Selected Financial Highlights
•Table 5. Year-To-Date Net Interest Income Analysis
•Table 6. Quarter-To-Date Net Interest Income Analysis
•Table 7. Quarter-Over-Quarter Net Interest Income Analysis
•Table 8. Non-GAAP Financial Measures
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Interest and dividend income |
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Loans, including fees |
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$ |
55,152 |
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$ |
41,555 |
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$ |
156,281 |
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$ |
114,710 |
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Securities, taxable |
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5,696 |
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5,792 |
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17,456 |
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16,767 |
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Securities, nontaxable |
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369 |
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|
687 |
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1,606 |
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2,020 |
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Federal funds sold and other |
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3,822 |
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514 |
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7,075 |
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1,327 |
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Total interest and dividend income |
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65,039 |
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48,548 |
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182,418 |
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134,824 |
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Interest expense |
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Deposits |
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19,374 |
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4,403 |
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50,399 |
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8,308 |
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Federal funds purchased and retail repurchase agreements |
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246 |
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71 |
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633 |
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150 |
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Federal Home Loan Bank advances |
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968 |
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409 |
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2,939 |
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594 |
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Federal Reserve Bank borrowings |
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1,546 |
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— |
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3,209 |
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— |
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Subordinated debt |
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1,893 |
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1,721 |
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5,687 |
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4,973 |
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Total interest expense |
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24,027 |
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6,604 |
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62,867 |
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14,025 |
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Net interest income |
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41,012 |
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41,944 |
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119,551 |
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120,799 |
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Provision (reversal) for credit losses |
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1,230 |
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(136 |
) |
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1,162 |
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276 |
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Net interest income after provision (reversal) for credit losses |
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39,782 |
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42,080 |
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118,389 |
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120,523 |
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Non-interest income |
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Service charges and fees |
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2,690 |
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2,788 |
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7,888 |
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7,927 |
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Debit card income |
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2,591 |
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2,682 |
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7,798 |
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8,120 |
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Mortgage banking |
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226 |
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310 |
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527 |
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1,300 |
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Increase in value of bank-owned life insurance |
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794 |
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754 |
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3,134 |
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2,355 |
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Net gain on acquisition and branch sales |
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— |
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— |
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— |
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540 |
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Net gains (losses) from securities transactions |
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(1 |
) |
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(17 |
) |
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(1,291 |
) |
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(9 |
) |
Other |
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2,435 |
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2,452 |
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6,229 |
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7,395 |
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Total non-interest income |
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8,735 |
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8,969 |
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24,285 |
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27,628 |
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Non-interest expense |
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Salaries and employee benefits |
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15,857 |
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15,442 |
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47,786 |
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45,893 |
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Net occupancy and equipment |
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3,262 |
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3,127 |
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9,081 |
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9,304 |
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Data processing |
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4,553 |
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4,138 |
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12,962 |
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11,549 |
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Professional fees |
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1,312 |
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1,265 |
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4,341 |
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3,547 |
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Advertising and business development |
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1,419 |
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1,191 |
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3,827 |
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3,139 |
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Telecommunications |
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502 |
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487 |
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1,503 |
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1,399 |
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FDIC insurance |
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660 |
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340 |
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1,535 |
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|
780 |
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Courier and postage |
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548 |
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436 |
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1,469 |
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1,348 |
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Free nationwide ATM cost |
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|
516 |
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|
551 |
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1,565 |
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1,593 |
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Amortization of core deposit intangibles |
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799 |
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|
957 |
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2,635 |
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|
3,118 |
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Loan expense |
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132 |
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174 |
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|
385 |
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566 |
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Other real estate owned |
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128 |
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|
188 |
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|
318 |
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|
201 |
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Merger expenses |
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— |
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115 |
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— |
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526 |
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Other |
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4,556 |
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3,825 |
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13,196 |
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10,168 |
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Total non-interest expense |
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34,244 |
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32,236 |
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100,603 |
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93,131 |
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Income (loss) before income tax |
|
|
14,273 |
|
|
|
18,813 |
|
|
|
42,071 |
|
|
|
55,020 |
|
Provision for income taxes |
|
|
1,932 |
|
|
|
3,642 |
|
|
|
5,951 |
|
|
|
8,940 |
|
Net income (loss) and net income (loss) allocable to common stockholders |
|
$ |
12,341 |
|
|
$ |
15,171 |
|
|
$ |
36,120 |
|
|
$ |
46,080 |
|
Basic earnings (loss) per share |
|
$ |
0.80 |
|
|
$ |
0.94 |
|
|
$ |
2.32 |
|
|
$ |
2.83 |
|
Diluted earnings (loss) per share |
|
$ |
0.80 |
|
|
$ |
0.93 |
|
|
$ |
2.30 |
|
|
$ |
2.79 |
|
Weighted average common shares |
|
|
15,404,992 |
|
|
|
16,056,658 |
|
|
|
15,575,731 |
|
|
|
16,303,586 |
|
Weighted average diluted common shares |
|
|
15,507,172 |
|
|
|
16,273,231 |
|
|
|
15,692,305 |
|
|
|
16,516,787 |
|
Equity Bancshares, Inc.
PRESS RELEASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the three months ended |
|
|
|
September 30,
2023 |
|
|
June 30,
2023 |
|
|
March 31,
2023 |
|
|
December 31,
2022 |
|
|
September 30,
2022 |
|
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
55,152 |
|
|
$ |
52,748 |
|
|
$ |
48,381 |
|
|
$ |
46,149 |
|
|
$ |
41,555 |
|
Securities, taxable |
|
|
5,696 |
|
|
|
5,813 |
|
|
|
5,947 |
|
|
|
5,946 |
|
|
|
5,792 |
|
Securities, nontaxable |
|
|
369 |
|
|
|
568 |
|
|
|
669 |
|
|
|
678 |
|
|
|
687 |
|
Federal funds sold and other |
|
|
3,822 |
|
|
|
2,127 |
|
|
|
1,126 |
|
|
|
651 |
|
|
|
514 |
|
Total interest and dividend income |
|
|
65,039 |
|
|
|
61,256 |
|
|
|
56,123 |
|
|
|
53,424 |
|
|
|
48,548 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
19,374 |
|
|
|
17,204 |
|
|
|
13,821 |
|
|
|
8,013 |
|
|
|
4,403 |
|
Federal funds purchased and retail repurchase agreements |
|
|
246 |
|
|
|
192 |
|
|
|
195 |
|
|
|
82 |
|
|
|
71 |
|
Federal Home Loan Bank advances |
|
|
968 |
|
|
|
953 |
|
|
|
1,018 |
|
|
|
1,500 |
|
|
|
409 |
|
Federal Reserve Bank borrowings |
|
|
1,546 |
|
|
|
1,528 |
|
|
|
135 |
|
|
|
— |
|
|
|
— |
|
Subordinated debt |
|
|
1,893 |
|
|
|
1,950 |
|
|
|
1,844 |
|
|
|
1,798 |
|
|
|
1,721 |
|
Total interest expense |
|
|
24,027 |
|
|
|
21,827 |
|
|
|
17,013 |
|
|
|
11,393 |
|
|
|
6,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
41,012 |
|
|
|
39,429 |
|
|
|
39,110 |
|
|
|
42,031 |
|
|
|
41,944 |
|
Provision (reversal) for credit losses |
|
|
1,230 |
|
|
|
298 |
|
|
|
(366 |
) |
|
|
(151 |
) |
|
|
(136 |
) |
Net interest income after provision (reversal) for credit losses |
|
|
39,782 |
|
|
|
39,131 |
|
|
|
39,476 |
|
|
|
42,182 |
|
|
|
42,080 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
|
|
2,690 |
|
|
|
2,653 |
|
|
|
2,545 |
|
|
|
2,705 |
|
|
|
2,788 |
|
Debit card income |
|
|
2,591 |
|
|
|
2,653 |
|
|
|
2,554 |
|
|
|
2,557 |
|
|
|
2,682 |
|
Mortgage banking |
|
|
226 |
|
|
|
213 |
|
|
|
88 |
|
|
|
116 |
|
|
|
310 |
|
Increase in value of bank-owned life insurance |
|
|
794 |
|
|
|
757 |
|
|
|
1,583 |
|
|
|
758 |
|
|
|
754 |
|
Net gain on acquisition and branch sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
422 |
|
|
|
— |
|
Net gains (losses) from securities transactions |
|
|
(1 |
) |
|
|
(1,322 |
) |
|
|
32 |
|
|
|
14 |
|
|
|
(17 |
) |
Other |
|
|
2,435 |
|
|
|
1,996 |
|
|
|
1,798 |
|
|
|
1,757 |
|
|
|
2,452 |
|
Total non-interest income |
|
|
8,735 |
|
|
|
6,950 |
|
|
|
8,600 |
|
|
|
8,329 |
|
|
|
8,969 |
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
15,857 |
|
|
|
15,237 |
|
|
|
16,692 |
|
|
|
16,113 |
|
|
|
15,442 |
|
Net occupancy and equipment |
|
|
3,262 |
|
|
|
2,940 |
|
|
|
2,879 |
|
|
|
2,919 |
|
|
|
3,127 |
|
Data processing |
|
|
4,553 |
|
|
|
4,493 |
|
|
|
3,916 |
|
|
|
4,334 |
|
|
|
4,138 |
|
Professional fees |
|
|
1,312 |
|
|
|
1,645 |
|
|
|
1,384 |
|
|
|
1,404 |
|
|
|
1,265 |
|
Advertising and business development |
|
|
1,419 |
|
|
|
1,249 |
|
|
|
1,159 |
|
|
|
1,903 |
|
|
|
1,191 |
|
Telecommunications |
|
|
502 |
|
|
|
516 |
|
|
|
485 |
|
|
|
517 |
|
|
|
487 |
|
FDIC insurance |
|
|
660 |
|
|
|
515 |
|
|
|
360 |
|
|
|
360 |
|
|
|
340 |
|
Courier and postage |
|
|
548 |
|
|
|
463 |
|
|
|
458 |
|
|
|
533 |
|
|
|
436 |
|
Free nationwide ATM cost |
|
|
516 |
|
|
|
524 |
|
|
|
525 |
|
|
|
510 |
|
|
|
551 |
|
Amortization of core deposit intangibles |
|
|
799 |
|
|
|
918 |
|
|
|
918 |
|
|
|
924 |
|
|
|
957 |
|
Loan expense |
|
|
132 |
|
|
|
136 |
|
|
|
117 |
|
|
|
262 |
|
|
|
174 |
|
Other real estate owned |
|
|
128 |
|
|
|
71 |
|
|
|
119 |
|
|
|
388 |
|
|
|
188 |
|
Merger expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
68 |
|
|
|
115 |
|
Other |
|
|
4,556 |
|
|
|
4,423 |
|
|
|
4,217 |
|
|
|
5,014 |
|
|
|
3,825 |
|
Total non-interest expense |
|
|
34,244 |
|
|
|
33,130 |
|
|
|
33,229 |
|
|
|
35,249 |
|
|
|
32,236 |
|
Income (loss) before income tax |
|
|
14,273 |
|
|
|
12,951 |
|
|
|
14,847 |
|
|
|
15,262 |
|
|
|
18,813 |
|
Provision for income taxes (benefit) |
|
|
1,932 |
|
|
|
1,495 |
|
|
|
2,524 |
|
|
|
3,654 |
|
|
|
3,642 |
|
Net income (loss) and net income (loss) allocable to common stockholders |
|
$ |
12,341 |
|
|
$ |
11,456 |
|
|
$ |
12,323 |
|
|
$ |
11,608 |
|
|
$ |
15,171 |
|
Basic earnings (loss) per share |
|
$ |
0.80 |
|
|
$ |
0.74 |
|
|
$ |
0.78 |
|
|
$ |
0.73 |
|
|
$ |
0.94 |
|
Diluted earnings (loss) per share |
|
$ |
0.80 |
|
|
$ |
0.74 |
|
|
$ |
0.77 |
|
|
$ |
0.72 |
|
|
$ |
0.93 |
|
Weighted average common shares |
|
|
15,404,992 |
|
|
|
15,468,378 |
|
|
|
15,858,808 |
|
|
|
15,948,360 |
|
|
|
16,056,658 |
|
Weighted average diluted common shares |
|
|
15,507,172 |
|
|
|
15,554,255 |
|
|
|
16,028,051 |
|
|
|
16,204,185 |
|
|
|
16,273,231 |
|
Equity Bancshares, Inc.
PRESS RELEASE
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2023 |
|
|
June 30,
2023 |
|
|
March 31,
2023 |
|
|
December 31,
2022 |
|
|
September 30,
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
183,404 |
|
|
$ |
262,604 |
|
|
$ |
249,982 |
|
|
$ |
104,013 |
|
|
$ |
155,039 |
|
Federal funds sold |
|
|
15,613 |
|
|
|
15,495 |
|
|
|
384 |
|
|
|
415 |
|
|
|
374 |
|
Cash and cash equivalents |
|
|
199,017 |
|
|
|
278,099 |
|
|
|
250,366 |
|
|
|
104,428 |
|
|
|
155,413 |
|
Available-for-sale securities |
|
|
1,057,009 |
|
|
|
1,094,748 |
|
|
|
1,183,247 |
|
|
|
1,184,390 |
|
|
|
1,198,962 |
|
Held-to-maturity securities |
|
|
2,212 |
|
|
|
2,216 |
|
|
|
1,944 |
|
|
|
1,948 |
|
|
|
— |
|
Loans held for sale |
|
|
627 |
|
|
|
2,456 |
|
|
|
648 |
|
|
|
349 |
|
|
|
1,518 |
|
Loans, net of allowance for credit losses(1) |
|
|
3,237,932 |
|
|
|
3,278,126 |
|
|
|
3,285,515 |
|
|
|
3,265,701 |
|
|
|
3,208,524 |
|
Other real estate owned, net |
|
|
3,369 |
|
|
|
4,362 |
|
|
|
4,171 |
|
|
|
4,409 |
|
|
|
10,412 |
|
Premises and equipment, net |
|
|
110,271 |
|
|
|
106,186 |
|
|
|
104,789 |
|
|
|
101,492 |
|
|
|
100,566 |
|
Bank-owned life insurance |
|
|
124,245 |
|
|
|
123,451 |
|
|
|
122,971 |
|
|
|
123,176 |
|
|
|
122,418 |
|
Federal Reserve Bank and Federal Home Loan Bank stock |
|
|
20,780 |
|
|
|
21,129 |
|
|
|
33,359 |
|
|
|
21,695 |
|
|
|
24,428 |
|
Interest receivable |
|
|
23,621 |
|
|
|
21,360 |
|
|
|
20,461 |
|
|
|
20,630 |
|
|
|
18,497 |
|
Goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
Core deposit intangibles, net |
|
|
7,961 |
|
|
|
8,760 |
|
|
|
9,678 |
|
|
|
10,596 |
|
|
|
11,598 |
|
Other |
|
|
105,122 |
|
|
|
100,889 |
|
|
|
86,466 |
|
|
|
89,736 |
|
|
|
94,978 |
|
Total assets |
|
$ |
4,945,267 |
|
|
$ |
5,094,883 |
|
|
$ |
5,156,716 |
|
|
$ |
4,981,651 |
|
|
$ |
5,000,415 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
936,217 |
|
|
$ |
978,968 |
|
|
$ |
1,012,671 |
|
|
$ |
1,097,899 |
|
|
$ |
1,217,094 |
|
Total non-interest-bearing deposits |
|
|
936,217 |
|
|
|
978,968 |
|
|
|
1,012,671 |
|
|
|
1,097,899 |
|
|
|
1,217,094 |
|
Demand, savings and money market |
|
|
2,397,003 |
|
|
|
2,397,524 |
|
|
|
2,334,463 |
|
|
|
2,329,584 |
|
|
|
2,335,847 |
|
Time |
|
|
748,950 |
|
|
|
854,458 |
|
|
|
939,799 |
|
|
|
814,324 |
|
|
|
673,670 |
|
Total interest-bearing deposits |
|
|
3,145,953 |
|
|
|
3,251,982 |
|
|
|
3,274,262 |
|
|
|
3,143,908 |
|
|
|
3,009,517 |
|
Total deposits |
|
|
4,082,170 |
|
|
|
4,230,950 |
|
|
|
4,286,933 |
|
|
|
4,241,807 |
|
|
|
4,226,611 |
|
Federal funds purchased and retail repurchase agreements |
|
|
39,701 |
|
|
|
44,770 |
|
|
|
45,098 |
|
|
|
46,478 |
|
|
|
47,443 |
|
Federal Home Loan Bank advances and Federal Reserve Bank borrowings |
|
|
240,000 |
|
|
|
240,000 |
|
|
|
251,222 |
|
|
|
138,864 |
|
|
|
186,001 |
|
Subordinated debt |
|
|
96,787 |
|
|
|
96,653 |
|
|
|
96,522 |
|
|
|
96,392 |
|
|
|
96,263 |
|
Contractual obligations |
|
|
29,019 |
|
|
|
29,608 |
|
|
|
19,372 |
|
|
|
15,218 |
|
|
|
15,562 |
|
Interest payable and other liabilities |
|
|
39,460 |
|
|
|
34,467 |
|
|
|
32,446 |
|
|
|
32,834 |
|
|
|
32,729 |
|
Total liabilities |
|
|
4,527,137 |
|
|
|
4,676,448 |
|
|
|
4,731,593 |
|
|
|
4,571,593 |
|
|
|
4,604,609 |
|
Commitments and contingent liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
207 |
|
|
|
207 |
|
|
|
206 |
|
|
|
205 |
|
|
|
204 |
|
Additional paid-in capital |
|
|
488,137 |
|
|
|
487,225 |
|
|
|
486,658 |
|
|
|
484,989 |
|
|
|
482,668 |
|
Retained earnings |
|
|
171,188 |
|
|
|
160,715 |
|
|
|
150,810 |
|
|
|
140,095 |
|
|
|
130,114 |
|
Accumulated other comprehensive income (loss), net of tax |
|
|
(122,047 |
) |
|
|
(110,225 |
) |
|
|
(101,238 |
) |
|
|
(113,511 |
) |
|
|
(120,918 |
) |
Treasury stock |
|
|
(119,355 |
) |
|
|
(119,487 |
) |
|
|
(111,313 |
) |
|
|
(101,720 |
) |
|
|
(96,262 |
) |
Total stockholders’ equity |
|
|
418,130 |
|
|
|
418,435 |
|
|
|
425,123 |
|
|
|
410,058 |
|
|
|
395,806 |
|
Total liabilities and stockholders’ equity |
|
$ |
4,945,267 |
|
|
$ |
5,094,883 |
|
|
$ |
5,156,716 |
|
|
$ |
4,981,651 |
|
|
$ |
5,000,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Allowance for credit losses |
|
$ |
44,186 |
|
|
$ |
44,544 |
|
|
$ |
45,103 |
|
|
$ |
45,847 |
|
|
$ |
46,499 |
|
Equity Bancshares, Inc.
PRESS RELEASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited) |
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the three months ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
Loans Held For Investment by Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
1,721,761 |
|
|
$ |
1,764,460 |
|
|
$ |
1,746,834 |
|
|
$ |
1,721,269 |
|
|
$ |
1,655,646 |
|
Commercial and industrial |
|
|
585,129 |
|
|
|
583,664 |
|
|
|
605,576 |
|
|
|
594,862 |
|
|
|
607,722 |
|
Residential real estate |
|
|
558,188 |
|
|
|
560,389 |
|
|
|
563,791 |
|
|
|
570,550 |
|
|
|
573,431 |
|
Agricultural real estate |
|
|
205,865 |
|
|
|
202,317 |
|
|
|
202,274 |
|
|
|
199,189 |
|
|
|
200,415 |
|
Agricultural |
|
|
103,352 |
|
|
|
104,510 |
|
|
|
106,169 |
|
|
|
120,003 |
|
|
|
115,048 |
|
Consumer |
|
|
107,823 |
|
|
|
107,330 |
|
|
|
105,974 |
|
|
|
105,675 |
|
|
|
102,761 |
|
Total loans held-for-investment |
|
|
3,282,118 |
|
|
|
3,322,670 |
|
|
|
3,330,618 |
|
|
|
3,311,548 |
|
|
|
3,255,023 |
|
Allowance for credit losses |
|
|
(44,186 |
) |
|
|
(44,544 |
) |
|
|
(45,103 |
) |
|
|
(45,847 |
) |
|
|
(46,499 |
) |
Net loans held for investment |
|
$ |
3,237,932 |
|
|
$ |
3,278,126 |
|
|
$ |
3,285,515 |
|
|
$ |
3,265,701 |
|
|
$ |
3,208,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans to total loans |
|
|
1.35 |
% |
|
|
1.34 |
% |
|
|
1.35 |
% |
|
|
1.38 |
% |
|
|
1.43 |
% |
Past due or nonaccrual loans to total loans |
|
|
1.03 |
% |
|
|
0.78 |
% |
|
|
0.66 |
% |
|
|
0.72 |
% |
|
|
0.94 |
% |
Nonperforming assets to total assets |
|
|
0.41 |
% |
|
|
0.31 |
% |
|
|
0.33 |
% |
|
|
0.37 |
% |
|
|
0.59 |
% |
Nonperforming assets to total loans plus other
real estate owned |
|
|
0.62 |
% |
|
|
0.47 |
% |
|
|
0.51 |
% |
|
|
0.55 |
% |
|
|
0.91 |
% |
Classified assets to bank total regulatory capital |
|
|
6.27 |
% |
|
|
7.94 |
% |
|
|
10.09 |
% |
|
|
9.98 |
% |
|
|
11.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average Balance Sheet Data (QTD Average) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
$ |
1,085,905 |
|
|
$ |
1,155,971 |
|
|
$ |
1,185,482 |
|
|
$ |
1,184,452 |
|
|
$ |
1,272,414 |
|
Total gross loans receivable |
|
|
3,281,483 |
|
|
|
3,337,497 |
|
|
|
3,305,681 |
|
|
|
3,275,284 |
|
|
|
3,240,998 |
|
Interest-earning assets |
|
|
4,635,384 |
|
|
|
4,678,744 |
|
|
|
4,611,019 |
|
|
|
4,538,177 |
|
|
|
4,602,568 |
|
Total assets |
|
|
5,046,179 |
|
|
|
5,064,912 |
|
|
|
4,994,417 |
|
|
|
4,930,231 |
|
|
|
4,988,755 |
|
Interest-bearing deposits |
|
|
3,206,300 |
|
|
|
3,226,965 |
|
|
|
3,235,557 |
|
|
|
3,032,902 |
|
|
|
3,081,245 |
|
Borrowings |
|
|
385,125 |
|
|
|
385,504 |
|
|
|
247,932 |
|
|
|
299,191 |
|
|
|
221,514 |
|
Total interest-bearing liabilities |
|
|
3,591,425 |
|
|
|
3,612,469 |
|
|
|
3,483,489 |
|
|
|
3,335,557 |
|
|
|
3,302,759 |
|
Total deposits |
|
|
4,177,332 |
|
|
|
4,204,334 |
|
|
|
4,279,451 |
|
|
|
4,185,904 |
|
|
|
4,283,855 |
|
Total liabilities |
|
|
4,619,919 |
|
|
|
4,640,050 |
|
|
|
4,573,917 |
|
|
|
4,531,961 |
|
|
|
4,552,564 |
|
Total stockholders' equity |
|
|
426,260 |
|
|
|
424,862 |
|
|
|
420,500 |
|
|
|
398,270 |
|
|
|
436,191 |
|
Tangible common equity* |
|
|
363,625 |
|
|
|
361,409 |
|
|
|
356,053 |
|
|
|
332,820 |
|
|
|
369,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (ROAA) annualized |
|
|
0.97 |
% |
|
|
0.91 |
% |
|
|
1.00 |
% |
|
|
0.93 |
% |
|
|
1.21 |
% |
Return on average assets before income tax and
provision for loan losses* |
|
|
1.22 |
% |
|
|
1.05 |
% |
|
|
1.18 |
% |
|
|
1.22 |
% |
|
|
1.49 |
% |
Return on average equity (ROAE) annualized |
|
|
11.49 |
% |
|
|
10.82 |
% |
|
|
11.89 |
% |
|
|
11.57 |
% |
|
|
13.80 |
% |
Return on average equity before income tax and
provision for loan losses* |
|
|
14.43 |
% |
|
|
12.51 |
% |
|
|
13.97 |
% |
|
|
15.05 |
% |
|
|
16.99 |
% |
Return on average tangible common equity
(ROATCE) annualized* |
|
|
14.18 |
% |
|
|
13.55 |
% |
|
|
14.89 |
% |
|
|
14.74 |
% |
|
|
17.12 |
% |
Yield on loans annualized |
|
|
6.67 |
% |
|
|
6.34 |
% |
|
|
5.94 |
% |
|
|
5.59 |
% |
|
|
5.09 |
% |
Cost of interest-bearing deposits annualized |
|
|
2.40 |
% |
|
|
2.14 |
% |
|
|
1.73 |
% |
|
|
1.05 |
% |
|
|
0.57 |
% |
Cost of total deposits annualized |
|
|
1.84 |
% |
|
|
1.64 |
% |
|
|
1.31 |
% |
|
|
0.76 |
% |
|
|
0.41 |
% |
Net interest margin annualized |
|
|
3.51 |
% |
|
|
3.38 |
% |
|
|
3.44 |
% |
|
|
3.67 |
% |
|
|
3.62 |
% |
Efficiency ratio* |
|
|
68.83 |
% |
|
|
69.44 |
% |
|
|
70.00 |
% |
|
|
70.47 |
% |
|
|
63.07 |
% |
Non-interest income / average assets |
|
|
0.69 |
% |
|
|
0.55 |
% |
|
|
0.74 |
% |
|
|
0.67 |
% |
|
|
0.71 |
% |
Non-interest expense / average assets |
|
|
2.69 |
% |
|
|
2.62 |
% |
|
|
2.74 |
% |
|
|
2.84 |
% |
|
|
2.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
|
9.77 |
% |
|
|
9.54 |
% |
|
|
9.60 |
% |
|
|
9.61 |
% |
|
|
9.46 |
% |
Common Equity Tier 1 Capital Ratio |
|
|
12.65 |
% |
|
|
12.23 |
% |
|
|
12.21 |
% |
|
|
12.26 |
% |
|
|
12.15 |
% |
Tier 1 Risk Based Capital Ratio |
|
|
13.28 |
% |
|
|
12.84 |
% |
|
|
12.83 |
% |
|
|
12.88 |
% |
|
|
12.77 |
% |
Total Risk Based Capital Ratio |
|
|
16.42 |
% |
|
|
15.96 |
% |
|
|
15.98 |
% |
|
|
16.08 |
% |
|
|
15.99 |
% |
Equity Bancshares, Inc.
PRESS RELEASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to total assets |
|
|
8.46 |
% |
|
|
8.21 |
% |
|
|
8.24 |
% |
|
|
8.23 |
% |
|
|
7.92 |
% |
Tangible common equity to tangible assets* |
|
|
7.29 |
% |
|
|
7.06 |
% |
|
|
7.09 |
% |
|
|
7.02 |
% |
|
|
6.68 |
% |
Dividend payout ratio |
|
|
15.13 |
% |
|
|
13.53 |
% |
|
|
10.49 |
% |
|
|
14.01 |
% |
|
|
10.78 |
% |
Book value per common share |
|
$ |
27.13 |
|
|
$ |
27.18 |
|
|
$ |
27.03 |
|
|
$ |
25.74 |
|
|
$ |
24.71 |
|
Tangible book value per common share* |
|
$ |
23.09 |
|
|
$ |
23.08 |
|
|
$ |
22.96 |
|
|
$ |
21.67 |
|
|
$ |
20.59 |
|
Tangible book value per diluted common share* |
|
$ |
22.96 |
|
|
$ |
22.98 |
|
|
$ |
22.83 |
|
|
$ |
21.35 |
|
|
$ |
20.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GGAP financial measures, see Table 8. Non-GAAP Financial Measures. |
|
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 5. YEAR-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For nine months ended |
|
|
For nine months ended |
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
Yield/Rate(3)(4) |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
Yield/Rate(3)(4) |
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
580,359 |
|
|
$ |
31,503 |
|
|
|
7.26 |
% |
|
$ |
579,610 |
|
|
$ |
22,994 |
|
|
|
5.30 |
% |
Commercial real estate |
|
1,300,202 |
|
|
|
61,811 |
|
|
|
6.36 |
% |
|
|
1,236,282 |
|
|
|
45,995 |
|
|
|
4.97 |
% |
Real estate construction |
|
450,147 |
|
|
|
24,764 |
|
|
|
7.36 |
% |
|
|
362,543 |
|
|
|
12,443 |
|
|
|
4.59 |
% |
Residential real estate |
|
567,169 |
|
|
|
17,933 |
|
|
|
4.23 |
% |
|
|
604,218 |
|
|
|
16,336 |
|
|
|
3.61 |
% |
Agricultural real estate |
|
202,963 |
|
|
|
10,399 |
|
|
|
6.85 |
% |
|
|
201,566 |
|
|
|
8,046 |
|
|
|
5.34 |
% |
Agricultural |
|
100,450 |
|
|
|
5,039 |
|
|
|
6.71 |
% |
|
|
132,485 |
|
|
|
5,254 |
|
|
|
5.30 |
% |
Consumer |
|
106,841 |
|
|
|
4,832 |
|
|
|
6.05 |
% |
|
|
101,341 |
|
|
|
3,642 |
|
|
|
4.80 |
% |
Total loans |
|
3,308,131 |
|
|
|
156,281 |
|
|
|
6.32 |
% |
|
|
3,218,045 |
|
|
|
114,710 |
|
|
|
4.77 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
1,059,858 |
|
|
|
17,456 |
|
|
|
2.20 |
% |
|
|
1,220,045 |
|
|
|
16,767 |
|
|
|
1.84 |
% |
Nontaxable securities |
|
82,230 |
|
|
|
1,606 |
|
|
|
2.61 |
% |
|
|
109,142 |
|
|
|
2,020 |
|
|
|
2.47 |
% |
Total securities |
|
1,142,088 |
|
|
|
19,062 |
|
|
|
2.23 |
% |
|
|
1,329,187 |
|
|
|
18,787 |
|
|
|
1.89 |
% |
Federal funds sold and other |
|
191,585 |
|
|
|
7,075 |
|
|
|
4.94 |
% |
|
|
116,997 |
|
|
|
1,327 |
|
|
|
1.52 |
% |
Total interest-earning assets |
$ |
4,641,804 |
|
|
|
182,418 |
|
|
|
5.25 |
% |
|
$ |
4,664,229 |
|
|
|
134,824 |
|
|
|
3.86 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, savings and money market deposits |
$ |
2,365,972 |
|
|
|
32,288 |
|
|
|
1.82 |
% |
|
$ |
2,480,113 |
|
|
|
5,461 |
|
|
|
0.29 |
% |
Time deposits |
|
856,862 |
|
|
|
18,111 |
|
|
|
2.83 |
% |
|
|
638,692 |
|
|
|
2,847 |
|
|
|
0.60 |
% |
Total interest-bearing deposits |
|
3,222,834 |
|
|
|
50,399 |
|
|
|
2.09 |
% |
|
|
3,118,805 |
|
|
|
8,308 |
|
|
|
0.36 |
% |
FHLB advances |
|
97,014 |
|
|
|
2,939 |
|
|
|
4.05 |
% |
|
|
54,100 |
|
|
|
594 |
|
|
|
1.47 |
% |
Other borrowings |
|
243,007 |
|
|
|
9,529 |
|
|
|
5.24 |
% |
|
|
152,682 |
|
|
|
5,123 |
|
|
|
4.49 |
% |
Total interest-bearing liabilities |
$ |
3,562,855 |
|
|
|
62,867 |
|
|
|
2.36 |
% |
|
$ |
3,325,587 |
|
|
|
14,025 |
|
|
|
0.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
119,551 |
|
|
|
|
|
|
|
|
$ |
120,799 |
|
|
|
|
Interest rate spread |
|
|
|
|
|
|
|
2.89 |
% |
|
|
|
|
|
|
|
|
3.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
|
|
|
|
|
3.44 |
% |
|
|
|
|
|
|
|
|
3.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the three months ended |
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
Yield/Rate(3)(4) |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
Yield/Rate(3)(4) |
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
573,039 |
|
|
$ |
10,984 |
|
|
|
7.60 |
% |
|
$ |
575,149 |
|
|
$ |
7,750 |
|
|
|
5.35 |
% |
Commercial real estate |
|
1,253,362 |
|
|
|
20,824 |
|
|
|
6.59 |
% |
|
|
1,307,244 |
|
|
|
18,023 |
|
|
|
5.47 |
% |
Real estate construction |
|
480,355 |
|
|
|
9,838 |
|
|
|
8.13 |
% |
|
|
360,579 |
|
|
|
4,847 |
|
|
|
5.33 |
% |
Residential real estate |
|
564,138 |
|
|
|
6,085 |
|
|
|
4.28 |
% |
|
|
582,938 |
|
|
|
5,464 |
|
|
|
3.72 |
% |
Agricultural real estate |
|
203,399 |
|
|
|
3,898 |
|
|
|
7.60 |
% |
|
|
200,534 |
|
|
|
2,740 |
|
|
|
5.42 |
% |
Agricultural |
|
99,773 |
|
|
|
1,856 |
|
|
|
7.38 |
% |
|
|
113,351 |
|
|
|
1,406 |
|
|
|
4.92 |
% |
Consumer |
|
107,417 |
|
|
|
1,667 |
|
|
|
6.16 |
% |
|
|
101,203 |
|
|
|
1,325 |
|
|
|
5.20 |
% |
Total loans |
|
3,281,483 |
|
|
|
55,152 |
|
|
|
6.67 |
% |
|
|
3,240,998 |
|
|
|
41,555 |
|
|
|
5.09 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
1,027,889 |
|
|
|
5,696 |
|
|
|
2.20 |
% |
|
|
1,164,697 |
|
|
|
5,792 |
|
|
|
1.97 |
% |
Nontaxable securities |
|
58,016 |
|
|
|
369 |
|
|
|
2.52 |
% |
|
|
107,717 |
|
|
|
687 |
|
|
|
2.53 |
% |
Total securities |
|
1,085,905 |
|
|
|
6,065 |
|
|
|
2.22 |
% |
|
|
1,272,414 |
|
|
|
6,479 |
|
|
|
2.02 |
% |
Federal funds sold and other |
|
267,996 |
|
|
|
3,822 |
|
|
|
5.66 |
% |
|
|
89,156 |
|
|
|
514 |
|
|
|
2.29 |
% |
Total interest-earning assets |
$ |
4,635,384 |
|
|
|
65,039 |
|
|
|
5.57 |
% |
|
$ |
4,602,568 |
|
|
|
48,548 |
|
|
|
4.18 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, savings and money market deposits |
$ |
2,423,380 |
|
|
|
13,331 |
|
|
|
2.18 |
% |
|
$ |
2,425,824 |
|
|
|
3,118 |
|
|
|
0.51 |
% |
Time deposits |
|
782,920 |
|
|
|
6,043 |
|
|
|
3.06 |
% |
|
|
655,421 |
|
|
|
1,285 |
|
|
|
0.78 |
% |
Total interest-bearing deposits |
|
3,206,300 |
|
|
|
19,374 |
|
|
|
2.40 |
% |
|
|
3,081,245 |
|
|
|
4,403 |
|
|
|
0.57 |
% |
FHLB advances |
|
100,000 |
|
|
|
968 |
|
|
|
3.84 |
% |
|
|
71,415 |
|
|
|
409 |
|
|
|
2.27 |
% |
Other borrowings |
|
285,125 |
|
|
|
3,685 |
|
|
|
5.13 |
% |
|
|
150,099 |
|
|
|
1,792 |
|
|
|
4.74 |
% |
Total interest-bearing liabilities |
$ |
3,591,425 |
|
|
|
24,027 |
|
|
|
2.65 |
% |
|
$ |
3,302,759 |
|
|
|
6,604 |
|
|
|
0.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
41,012 |
|
|
|
|
|
|
|
|
$ |
41,944 |
|
|
|
|
Interest rate spread |
|
|
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
|
|
|
3.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
|
|
3.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the three months ended |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
Yield/Rate(3)(4) |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
Yield/Rate(3)(4) |
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
573,039 |
|
|
$ |
10,984 |
|
|
|
7.60 |
% |
|
$ |
590,634 |
|
|
$ |
10,885 |
|
|
|
7.39 |
% |
Commercial real estate |
|
1,253,362 |
|
|
|
20,824 |
|
|
|
6.59 |
% |
|
|
1,303,520 |
|
|
|
20,875 |
|
|
|
6.42 |
% |
Real estate construction |
|
480,355 |
|
|
|
9,838 |
|
|
|
8.13 |
% |
|
|
465,231 |
|
|
|
8,231 |
|
|
|
7.10 |
% |
Residential real estate |
|
564,138 |
|
|
|
6,085 |
|
|
|
4.28 |
% |
|
|
567,297 |
|
|
|
6,048 |
|
|
|
4.28 |
% |
Agricultural real estate |
|
203,399 |
|
|
|
3,898 |
|
|
|
7.60 |
% |
|
|
202,584 |
|
|
|
3,387 |
|
|
|
6.71 |
% |
Agricultural |
|
99,773 |
|
|
|
1,856 |
|
|
|
7.38 |
% |
|
|
101,333 |
|
|
|
1,704 |
|
|
|
6.74 |
% |
Consumer |
|
107,417 |
|
|
|
1,667 |
|
|
|
6.16 |
% |
|
|
106,898 |
|
|
|
1,618 |
|
|
|
6.07 |
% |
Total loans |
|
3,281,483 |
|
|
|
55,152 |
|
|
|
6.67 |
% |
|
|
3,337,497 |
|
|
|
52,748 |
|
|
|
6.34 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
1,027,889 |
|
|
|
5,696 |
|
|
|
2.20 |
% |
|
|
1,068,653 |
|
|
|
5,813 |
|
|
|
2.18 |
% |
Nontaxable securities |
|
58,016 |
|
|
|
369 |
|
|
|
2.52 |
% |
|
|
87,318 |
|
|
|
568 |
|
|
|
2.61 |
% |
Total securities |
|
1,085,905 |
|
|
|
6,065 |
|
|
|
2.22 |
% |
|
|
1,155,971 |
|
|
|
6,381 |
|
|
|
2.21 |
% |
Federal funds sold and other |
|
267,996 |
|
|
|
3,822 |
|
|
|
5.66 |
% |
|
|
185,276 |
|
|
|
2,127 |
|
|
|
4.61 |
% |
Total interest-earning assets |
$ |
4,635,384 |
|
|
|
65,039 |
|
|
|
5.57 |
% |
|
$ |
4,678,744 |
|
|
|
61,256 |
|
|
|
5.25 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand savings and money market deposits |
$ |
2,423,380 |
|
|
|
13,331 |
|
|
|
2.18 |
% |
|
$ |
2,323,685 |
|
|
|
10,503 |
|
|
|
1.81 |
% |
Time deposits |
|
782,920 |
|
|
|
6,043 |
|
|
|
3.06 |
% |
|
|
903,280 |
|
|
|
6,701 |
|
|
|
2.98 |
% |
Total interest-bearing deposits |
|
3,206,300 |
|
|
|
19,374 |
|
|
|
2.40 |
% |
|
|
3,226,965 |
|
|
|
17,204 |
|
|
|
2.14 |
% |
FHLB advances |
|
100,000 |
|
|
|
968 |
|
|
|
3.84 |
% |
|
|
101,845 |
|
|
|
953 |
|
|
|
3.75 |
% |
Other borrowings |
|
285,125 |
|
|
|
3,685 |
|
|
|
5.13 |
% |
|
|
283,659 |
|
|
|
3,670 |
|
|
|
5.19 |
% |
Total interest-bearing liabilities |
$ |
3,591,425 |
|
|
|
24,027 |
|
|
|
2.65 |
% |
|
$ |
3,612,469 |
|
|
|
21,827 |
|
|
|
2.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
41,012 |
|
|
|
|
|
|
|
|
$ |
39,429 |
|
|
|
|
Interest rate spread |
|
|
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
|
|
|
2.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
|
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 8. NON-GAAP FINANCIAL MEASURES (Unaudited) |
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the three months ended |
|
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
418,130 |
|
|
$ |
418,435 |
|
|
$ |
425,123 |
|
|
$ |
410,058 |
|
|
$ |
395,806 |
|
Less: goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
Less: core deposit intangibles, net |
|
|
7,961 |
|
|
|
8,760 |
|
|
|
9,678 |
|
|
|
10,596 |
|
|
|
11,598 |
|
Less: mortgage servicing rights, net |
|
|
100 |
|
|
|
126 |
|
|
|
151 |
|
|
|
176 |
|
|
|
201 |
|
Less: naming rights, net |
|
|
1,011 |
|
|
|
1,022 |
|
|
|
1,033 |
|
|
|
1,044 |
|
|
|
1,054 |
|
Tangible common equity |
|
$ |
355,957 |
|
|
$ |
355,426 |
|
|
$ |
361,160 |
|
|
$ |
345,141 |
|
|
$ |
329,852 |
|
Common shares outstanding at period end |
|
|
15,413,064 |
|
|
|
15,396,739 |
|
|
|
15,730,257 |
|
|
|
15,930,112 |
|
|
|
16,017,834 |
|
Diluted common shares outstanding at period end |
|
|
15,500,749 |
|
|
|
15,468,319 |
|
|
|
15,822,536 |
|
|
|
16,163,253 |
|
|
|
16,225,591 |
|
Book value per common share |
|
$ |
27.13 |
|
|
$ |
27.18 |
|
|
$ |
27.03 |
|
|
$ |
25.74 |
|
|
$ |
24.71 |
|
Tangible book value per common share |
|
$ |
23.09 |
|
|
$ |
23.08 |
|
|
$ |
22.96 |
|
|
$ |
21.67 |
|
|
$ |
20.59 |
|
Tangible book value per diluted common share |
|
$ |
22.96 |
|
|
$ |
22.98 |
|
|
$ |
22.83 |
|
|
$ |
21.35 |
|
|
$ |
20.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,945,267 |
|
|
$ |
5,094,883 |
|
|
$ |
5,156,716 |
|
|
$ |
4,981,651 |
|
|
$ |
5,000,415 |
|
Less: goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
Less: core deposit intangibles, net |
|
|
7,961 |
|
|
|
8,760 |
|
|
|
9,678 |
|
|
|
10,596 |
|
|
|
11,598 |
|
Less: mortgage servicing rights, net |
|
|
100 |
|
|
|
126 |
|
|
|
151 |
|
|
|
176 |
|
|
|
201 |
|
Less: naming rights, net |
|
|
1,011 |
|
|
|
1,022 |
|
|
|
1,033 |
|
|
|
1,044 |
|
|
|
1,054 |
|
Tangible assets |
|
$ |
4,883,094 |
|
|
$ |
5,031,874 |
|
|
$ |
5,092,753 |
|
|
$ |
4,916,734 |
|
|
$ |
4,934,461 |
|
Total stockholders' equity to total assets |
|
|
8.46 |
% |
|
|
8.21 |
% |
|
|
8.24 |
% |
|
|
8.23 |
% |
|
|
7.92 |
% |
Tangible common equity to tangible assets |
|
|
7.29 |
% |
|
|
7.06 |
% |
|
|
7.09 |
% |
|
|
7.02 |
% |
|
|
6.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average stockholders' equity |
|
$ |
426,260 |
|
|
$ |
424,862 |
|
|
$ |
420,500 |
|
|
$ |
398,270 |
|
|
$ |
436,191 |
|
Less: average intangible assets |
|
|
62,635 |
|
|
|
63,453 |
|
|
|
64,447 |
|
|
|
65,450 |
|
|
|
66,445 |
|
Average tangible common equity |
|
$ |
363,625 |
|
|
$ |
361,409 |
|
|
$ |
356,053 |
|
|
$ |
332,820 |
|
|
$ |
369,746 |
|
Net income (loss) allocable to common stockholders |
|
$ |
12,341 |
|
|
$ |
11,456 |
|
|
$ |
12,323 |
|
|
$ |
11,608 |
|
|
$ |
15,171 |
|
Add: amortization of intangible assets |
|
|
835 |
|
|
|
954 |
|
|
|
954 |
|
|
|
961 |
|
|
|
992 |
|
Less: tax effect of intangible assets amortization |
|
|
175 |
|
|
|
200 |
|
|
|
200 |
|
|
|
202 |
|
|
|
208 |
|
Adjusted net income (loss) allocable to common
stockholders |
|
$ |
13,001 |
|
|
$ |
12,210 |
|
|
$ |
13,077 |
|
|
$ |
12,367 |
|
|
$ |
15,955 |
|
Return on total average stockholders' equity
(ROAE) annualized |
|
|
11.49 |
% |
|
|
10.82 |
% |
|
|
11.89 |
% |
|
|
11.56 |
% |
|
|
13.80 |
% |
Return on average tangible common equity
(ROATCE) annualized |
|
|
14.18 |
% |
|
|
13.55 |
% |
|
|
14.89 |
% |
|
|
14.74 |
% |
|
|
17.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
$ |
34,244 |
|
|
$ |
33,130 |
|
|
$ |
33,229 |
|
|
$ |
35,248 |
|
|
$ |
32,236 |
|
Less: merger expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
68 |
|
|
|
115 |
|
Adjusted non-interest expense |
|
$ |
34,244 |
|
|
$ |
33,130 |
|
|
$ |
33,229 |
|
|
$ |
35,180 |
|
|
$ |
32,121 |
|
Net interest income |
|
$ |
41,012 |
|
|
$ |
39,429 |
|
|
$ |
39,110 |
|
|
$ |
42,031 |
|
|
$ |
41,944 |
|
Non-interest income |
|
|
8,735 |
|
|
|
6,950 |
|
|
|
8,600 |
|
|
|
8,330 |
|
|
|
8,969 |
|
Less: net gain on acquisition and branch sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
422 |
|
|
|
— |
|
Less: net gains (losses) from securities transactions |
|
|
(1 |
) |
|
|
(1,322 |
) |
|
|
32 |
|
|
|
14 |
|
|
|
(17 |
) |
Adjusted non-interest income |
|
$ |
8,736 |
|
|
$ |
8,272 |
|
|
$ |
8,568 |
|
|
$ |
7,894 |
|
|
$ |
8,986 |
|
Net interest income plus adjusted non-interest income |
|
$ |
49,748 |
|
|
$ |
47,701 |
|
|
$ |
47,678 |
|
|
$ |
49,925 |
|
|
$ |
50,930 |
|
Non-interest expense to
net interest income plus non-interest income |
|
|
68.84 |
% |
|
|
71.43 |
% |
|
|
69.65 |
% |
|
|
69.99 |
% |
|
|
63.32 |
% |
Efficiency ratio |
|
|
68.83 |
% |
|
|
69.45 |
% |
|
|
69.69 |
% |
|
|
70.47 |
% |
|
|
63.07 |
% |
Net income (loss) allocable to common stockholders |
|
$ |
12,341 |
|
|
$ |
11,456 |
|
|
$ |
12,323 |
|
|
$ |
11,608 |
|
|
$ |
15,171 |
|
Add: income tax provision |
|
|
1,932 |
|
|
|
1,495 |
|
|
|
2,524 |
|
|
|
3,654 |
|
|
|
3,642 |
|
Add: provision (reversal) of credit losses |
|
|
1,230 |
|
|
|
298 |
|
|
|
(366 |
) |
|
|
(151 |
) |
|
|
(136 |
) |
Pre-tax, pre-provision income |
|
$ |
15,503 |
|
|
$ |
13,249 |
|
|
$ |
14,481 |
|
|
$ |
15,111 |
|
|
$ |
18,677 |
|
Total average assets |
|
$ |
5,046,179 |
|
|
$ |
5,064,912 |
|
|
$ |
4,994,417 |
|
|
$ |
4,930,231 |
|
|
$ |
4,988,755 |
|
Equity Bancshares, Inc.
PRESS RELEASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average stockholders' equity |
|
$ |
426,620 |
|
|
$ |
424,862 |
|
|
$ |
420,500 |
|
|
$ |
398,270 |
|
|
$ |
436,191 |
|
Return on average assets (ROAA) annualized |
|
|
0.97 |
% |
|
|
0.91 |
% |
|
|
1.00 |
% |
|
|
0.93 |
% |
|
|
1.21 |
% |
Adjusted return on average assets |
|
|
1.22 |
% |
|
|
1.05 |
% |
|
|
1.18 |
% |
|
|
1.22 |
% |
|
|
1.49 |
% |
Adjusted return on average equity |
|
|
14.43 |
% |
|
|
12.51 |
% |
|
|
13.97 |
% |
|
|
15.05 |
% |
|
|
16.99 |
% |
EARNINGS PRESENTATION 3rd QUARTER 2023 Exhibit 99.2
Equity Bancshares, Inc. NYSE: EQBK Start-Up: 2002 – 2007 Brad Elliott, Chairman and CEO, founded Equity Bancshares, Inc. in 2002 Completed 5 branch or whole bank acquisitions Opened 2 branches in Missouri Growth: 2008 – 2016 Opened branches in Lees Summit & Overland Park, Kansas Acquired Ellis State Bank $8.8MM of TARP issued and repaid with SBLF $20.0MM Capital Raise Purchased 4 branches from Citizens Bancshares (Topeka) $20.4MM Capital Raise Acquired First Community Bancshares Rationalized branch map, 3 closures, 1 opening Acquired First Independence and Community First $35.4MM private placement capital raise Scale: 2017-2023 Acquired Prairie State, Patriot Bank, and Eastman Acquired Kansas Bank Corporation, Adams Dairy Bank, and City Bank & Trust Launched Equity Trust & Wealth Management Completed $75MM subordinated debt issuance Acquired Almena State Bank, 3 branches from Security Bank, and American State Bancshares Originated $650 million of PPP Rationalized branch map, sold 4 branches COMMITTED TO OUR ENTREPRENUERIAL SPIRIT Our Company Equity Bank Footprint Corporate Snapshot 37 16 8 5 66 BANKING OFFICES $4.9 BILLION $5.2 Billion $3.3 BILLION $4.1 BILLION as of 9/30/2023 Founded In 2002, Wichita Headquartered, Midwest Franchise Seasoned Management Team Consistent Execution And Strategy Long-term Focused Key Highlights
MARKET DIVERSIFICATION AND STRATEGY FOR GROWTH EXPERIENCED AND INVESTED MANAGEMENT TEAM CONSERVATIVE CREDIT CULTURE AND EFFECTIVE RISK MANAGEMENT AND MITIGATION STRATEGIC & DISCIPLINED M&A PARTNER ROBUST FUNDING CAPACITY, ANCHORED BY A DIVERSE, LOW-COST DEPOSIT BASE FOCUS ON EFFICIENT PERFORMANCE THROUGHOUT OUR DIVERSIFIED BUSINESS LINES Our Value Proposition
Strong Senior Leadership Team Brad Elliott Chairman & CEO Years in Banking: 34 Rick Sems Chairman & CEO Years in Banking: 34 Founded Equity Bank in 2002 2018 EY Entrepreneur of the Year National Finalist 2014 Most Influential CEO, Wichita Business Journal Served as Chief Banking Officer of First Bank St. Louis Former President & CEO of Reliance Bank Chris Navratil Chief Financial Officer Years in Banking: 12 Chief Financial Officer Years in Banking: 12 Julie Huber EVP, Strategic Initiatives Years in Banking: 33 Promoted to Chief Financial Officer in August 2023. Previously served as Bank CFO and prior to Equity, spent 7 years within the Financial Institution Audit Practice, with Crowe LLP Served in variety of leadership roles in her time at Equity Bank Brett Reber EVP, General Counsel Years in Law: 35 Krzysztof Slupkowski EVP, Chief Credit Officer Years in Banking: 10 EVP, Chief Credit Officer Years in Banking: 10 Prior to joining Equity Bank, practiced law for 30 years with Wise & Reber, L.C. Promoted to Chief Credit Officer in September 2023. Served as Metro Market CCO since 2018, previously served in various credit function at Commerce Bancshares. Hetal Desai EVP, Chief Risk Officer Years in Banking: 23 Ann Knutson EVP, Chief HR Officer Years in Banking: 15 EVP, Chief HR Officer Years in Banking: 15 Previously served in a variety of risk management leadership positions for JP Morgan Chase, State Street Corporation and Santander Previously served in human resource leadership positions at Bank Five Nine and Summit Credit Union
Long Term Key Strategic Objectives Grow Tangible Book Value Maximize Risk Adjusted Return on Assets Efficiently grow core earnings Effectively deploy capital through share repurchases, dividends and whole bank M&A while maintaining strong capital ratios Re-mix cash flows into higher yielding instruments funded with low-cost core deposits Achieve 15% + ROATCE & 1.5% PTPP ROA Offer Best-in-Class Banking Products And Services Drive Organic Fee Income Generation Invest in people, systems, and technology Tailor products to meet customers needs Deliver services through high quality, relationship-based delivery channels Optimize revenue composition with 30% fee income to total revenue Explore diversification of earnings through strategic acquisitions of fee-based revenue businesses
Q3 2023 Financial Highlights NET INCOME $12.3 million DILUTED EPS $0.80 TOTAL DEPOSITS $4.1 billion GROSS LOANS $3.3 billion BALANCE SHEET STRENGTH AND EARNINGS CONSISTENCY THROUGH MARKET ADVERSITY NET INTEREST MARGIN 3.51% YIELD ON LOANS 6.67% COST OF DEPOSITS 1.84% DILUTED EPS $0.80 NET INCOME $12.3 MILLION TOTAL REVENUE $49.7 MILLION COMMON EQUITY TIER 1 CAPITAL 12.65% TIER 1 RISK BASED CAPITAL 13.28% TOTAL RISK BASED CAPITAL 16.42% ROAA 0.97% PTPP ROAA 1.22%(1) ROATCE 14.18%(1) TCE / TA 7.29%(1) TCE EXCLUDING AOCI / TA 9.55%(1) Non-GAAP financial measure. Refer to the non-GAAP reconciliation at the end of this presentation.
Net Income Drivers Net Interest Income Net interest income totaled $41.0 million in the third quarter, up $1.6 million from the second quarter, driven by an increase in net interest margin. Noninterest Income Noninterest income trended back in line to its normalized run rate after recognized loss of $1.3 million due to security portfolio repositioning during the second quarter. Insurance Commission and Fees saw a $235K increase quarter over quarter. Noninterest Expense Noninterest expenses totaled $34.2 million in the third quarter, up $1.1 million from the second quarter. Driven by increases in salary & benefits, occupancy & equipment, and advertising and business development expense. During the second quarter, salary expenses benefitted from the $600 thousand reversal of share-based compensation following the departure of tenured executives - this benefit was not expected to repeat in Q3. Drivers of Net Income Change Period over Period Net Income Walk
Return on Tangible Common Equity(1) Efficiency Ratio(1) Non-GAAP financial measure. Refer to the non-GAAP reconciliation at the end of this presentation. Pre-Tax, Pre-Provision ROAA(1) TCE / TA excluding AOCI(1) Performance Metrics
Quarterly Results Excludes the impact of net gain on acquisition and branch sales and net gain / (loss) on securities transactions. Including these balances in the second, third, fourth quarter 2022 and first, second quarter 2023 results would be $9,637, $8,969, $8,330, $8,600, and $6,950 respectively (1) Revenue Trends
Net Interest Income Period over Period NIM Period over Period Net Interest Income Key Net Interest Income Drivers Noninterest-Bearing Deposits Noninterest-bearing deposits constitute 23% of total deposits. Loan Yield Loan yield is up 33bps linked quarter, as we continue to originate higher yielding credits and benefit from repricing of adjustable rates. Rate Protection Proactive effort to book variable rate assets subject to floor levels. Repositioning of Investment Portfolio Cash Flow The Bank will continue to pursue re-mixing investment portfolio cash flows into higher yielding assets. Cost of Deposits Cost of interest-bearing deposits increased 26bps in the quarter. Excess Liquidity Excess on balance sheet liquidity was moderately accretive to net interest income but dilutive to net interest margin.
Core deposits excludes time deposits > $100K. Dollars in millions. Current Deposit Composition Core Deposits(1) / Total Deposits Trending Deposit Composition & Loan to Deposit Ratio Strong Core Deposit Franchise
Cost Analysis Yield Analysis Cumulative Betas Q4 2021 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Average Fed Funds Rate 0.08% 3.65% 4.51% 4.99% 5.26% Loans 34% 36% 40% 45% Deposits 16% 25% 30% 32% Yield / Cost Components
Diversified Loan Portfolio For financial statement reporting, management considers other factors in addition to purpose when assessing risk and identifying reporting classes. As such, the above is not intended to reconcile to the Company’s loan disclosures within the applicable financial statement. Total Loans in billions. Total Loans & Yield on Loans Loan Mix TOTAL CLASSIFIED LOANS $37.6M TOTAL CLASSIFIED LOANS / TOTAL BANK REGULATORY CAPITAL 6.3% NET CHARGE-OFFS YTD 0.11%
Asset Quality Trends - Quarterly Includes loans 90+ days past due which are not highlighted in the table. Excludes Bank owned branch assets, totaling $4.2M, classified as Other Real Estate Owned within the Statements of Condition. (1) (2) Nonperforming Assets Net Charge-Offs (NCO) / Average Loans Total Reserve Ratio Classified Assets
Nonperforming Assets Asset Quality Trends – Annual Includes loans 90+ days past due which are not highlighted in the table. Excludes Bank owned branch assets, totaling $4.2M, classified as Other Real Estate Owned within the Statements of Condition. (1) (2) Net Charge-Offs (NCO) / Average Loans Total Reserve Ratio Classified Assets
Loan Classification ACL Loans ACL / Loans (%) Commercial Real Estate $13,696 $1,721,761 0.80% Commercial & Industrial $18,960 $585,129 3.24% Residential Real Estate $7,336 $558,188 1.31% Agricultural Real Estate $1,200 $205,865 0.58% Agricultural $1,324 $103,351 1.28% Consumer $1,670 $107,823 1.55% Total $44,186 $3,282,118 1.35% ACL Intra-Quarter Movement Allowance for Credit Loss (ACL)
Investment Portfolio Strategy Current Investment Portfolio Mix Investment Portfolio Thesis Environment Shift: 2020 -> 2023 As we began 2020, investment portfolio was over 80% Agency MBS and CMOs As rates collapsed, the majority of the portfolio prepaid, leaving the bank with hundreds of millions in cash needed to be reinvested in the worst rate environment in history Private Label Mortgage Portfolio Predominantly front cash flow tranches of 30-year mortgage pools. Modeled to have 6.5-year average life 14% of investment portfolio but 20% of cash flow Barbell Strategy Private label front-load is combined with longer bullet investments in the 8-to-10-year part of the curve, encouraged by low short to medium term yields with a steep curve in 2021 Provided similar yields to Agency MBS options without similar extension risk Agency MBS virtually uninvestable in 2021; choice between 1.5%-2.0% coupons or 2.5%+ coupons with prepayments outpacing amortization of premium We believe the structure in the portfolio outperforms peers through the cycle Portfolio average life is shorter than peer; effective duration equal to peer and hard final maturities of our bullet investments provide guaranteed cash flow Portfolio is fully extended; future cash flow expected to be little affected by higher rates Current weighted average life: 5.1 years; effective duration: 4.1 years
Non-GAAP financial measure. Refer to the non-GAAP reconciliation at the end of this presentation. Tangible book value per share(1) increased $0.01 in Q3 2023 Tangible Book Value
Capital Ratio Regulatory Well Capitalized Equity Bancshares, Inc Equity Bank Common Equity Tier 1 Ratio (CET 1) 7.0% 12.65% 14.67% Tier 1 Capital Ratio 8.5% 13.28% 14.67% Total Risk Based Capital Ratio 10.5% 16.42% 15.88% Leverage Ratio 5.0% 9.77% 10.80% Tangible Common Equity Ratio (non-GAAP)(1) ---- 7.29% --- Q1 2023 Dividend Declared - $0.10 per share Q2 2023 Dividend Declared - $0.10 per share Q3 2023 Dividend Declared - $0.12 per share Received Board approval and Regulatory non-objection for a 1 million share repurchase plan beginning 10/1/2023. Repurchased 320 thousand shares in the first quarter at a weighted average price of $29.97 Repurchase 349 thousand shares in the second quarter at weighted average price of $23.39 (1) As of September 30, 2023, the tangible common equity ratio is being negatively impacted by $122.0 million in accumulated other comprehensive income. Adjusting for this decline in fair value, which management views as temporary, would result in a Tangible Common Equity Ratio of 9.55%. The Company’s capital ratios are comfortably above well capitalized levels as of 9/30/2023 2023 Capital Management Actions Capital Management Capital Management Strategy Capital Targets EQBK establishes capital targets based on the following objectives: Maintain designation as a “well capitalized” institution under fully phased-in Basel III regulatory definitions Ensure capital levels are commensurate with the Company’s risk profile and strategic plan Capital Management Priorities Support organic growth Dividend payout ratio targeted at 10-20% Common stock repurchases Merger & acquisition activity Excess Capital Deployment EQBK’s Tangible Common Equity Ratio target is 8.5(1)%; TCE above 8.5% is considered excess capital assuming “well capitalized” regulatory capital ratios are maintained. Deployment of capital ideally has less than a 3-year tangible book value earnback using the crossover method; Excess capital can be deployed for: Share repurchases, Higher shareholder dividends, and/or Acquisitions
Continued uncertainty of inflation, supply chain disruption and input cost escalation. Focus on continued balance sheet strength and security while continuing to pursue growth. 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. Outlook excludes excess on balance sheet liquidity expected to be net interest income neutral Representative of year-to-date effective tax rate Key Driver Q3’23 Outlook Q3’23 Results Q4’23 Outlook FY’24 Outlook Average Deposits $4,200-4,300M $4,177M $4,100-4,200M $4,250-4,350M Average Loans $3,325-3,375M $3,280M $3,275-3,350M $3,425-$3,525M Average Earning Assets(1) $4,575-4,625M $4,635M $4,575-4,675M $4,650-$4,750M Net Interest Margin(1) 3.45-3.55% 3.51% 3.45-3.55% 3.45-3.55% Non-Interest Income $7.75-8.25M $8.74M $8-9M $32-36M Non-Interest Expense $32-35M $34.24M $32-35M $134-138M Effective Tax Rate(2) 14-16% 13.5% 14-16% 17-20% Consideration & Expectations Outlook on Key Business Drivers
Focus Variables for Outlook & Forecast Economic Environment Business activity creates opportunity for lending and deposit growth. Current macro-environment response and resolution will be a significant driver. Customer Needs Directly related to credit quality as well as trust in our business. Stimulus efforts and associated effect may have significant impact. Cost Of Funding Impacts rates on our product offerings and applies pressure to earnings. Must be able to manage cost and profit yields effectively. Competitive Market Providing customers with rates and services that are competitive with our peers. Irrational operators may have short term impact on opportunities. Investment Opportunities Growth strategy must be flexible to the other variables that affect our investment options. Political Environment U.S. politics affect banking regulations, international relationships, tax policies and more. Our outlook requires clarity around certain variables, including:
Source: S&P Market Intelligence. Equity Bancshares, Inc. pro forma operating market reported above includes all bank locations and counties in which Equity operates Kansas Missouri 21 counties 10 counties 37 branches 16 branches Rank Institution Deposits ($mm) Market Share ( % ) Branches Rank Institution Deposits ($mm) Market Share ( % ) Branches 1 Bank of America Corp. $6,902 11.36 21 1 UMB Financial Corp. $23,649 45.07 19 2 Capitol Federal Financial Inc. 5,184 8.53 38 2 Commerce Bancshares Inc. 8,017 15.28 21 3 INTRUST Financial Corp. 4,759 7.83 20 3 U.S. Bancorp 2.590 4.94 27 4 CrossFirst Bankshares Inc. 3,557 5.86 3 4 Bank of America Corp. 2,291 4.37 13 5 Commerce Bancshares Inc. 3,381 5.57 23 5 Central Banco. Inc. 2,099 4.00 29 6 U.S. Bancorp 2,568 4.23 18 6 NASB Financial Inc. 1,405 2.68 7 7 Equity Bancshares Inc. 2,466 4.06 37 7 Equity Bancshares Inc. 861 1.64 16 8 Fidelity Financial Corp. 2,338 3.85 12 8 Lead Bank 803 1.53 2 9 Emprise Financial Corp. 1,805 2.97 25 9 National Bank Holding Corp. 785 1.50 9 10 UMB Financial Corp. 1,551 2.55 12 10 Blue Ridge Bancshares Inc. 666 1.27 8 Top 10 Banks Top 10 Banks $34,513 56.81 209 $43,166 82.26 151 All Institutions in Market All Institutions in Market $60,747 100.0 627 $52,472 100.0 311 Our Markets
Oklahoma Arkansas Kay | Texas | Tulsa Benton | Boone | Carroll 9 branches 5 branches Rank Institution Deposits ($mm) Market Share ( % ) Branches Rank Institution Deposits ($mm) Market Share ( % ) Branches 1 BOK Financial Group $9,111 31.97 21 1 Arvest Bank Group Inc. $4,533 43.48 28 2 Arvest Bank Group, Inc. 2,409 7.77 22 2 First National Bancorp Inc. 577 5.54 6 3 Bank of America Corp 1,859 6.00 10 3 Bank of America Corp. 468 4.49 2 4 JPMorgan Chase & Co. 1,073 3.46 9 4 Bank OZK 420 4.03 10 5 Mabrey Bancorp. Inc. 1,067 3.44 7 5 Eureka Bancshares Inc. 356 3.41 5 6 BancFirst Corp. 998 3.22 11 6 Equity Bancshares Inc. 350 3.36 5 7 Midland Financial Co. 924 2.98 10 7 First Western Bancshares Inc. 332 3.19 5 8 First Oklahoma Holdings Inc. 911 2.94 2 8 First Security Bancorp 285 2.73 7 9 Prosperity Bancshares Inc. 892 2.88 9 9 First Carroll Bankshares 192 1.84 7 10 Equity Bancshares Inc. 570 1.84 9 10 First Community Bancshares 41 0.39 1 Top 10 Banks Top 10 Banks $20,614 66.50 110 $8,919 85.56 97 All Institutions in Market All Institutions in Market $30,997 100.0 226 $10,425 100.0 129 Our Markets Source: S&P Market Intelligence. Equity Bancshares, Inc. pro forma operating market reported above includes all bank locations and counties in which Equity operates
Non-GAAP reconciliations
Non-GAAP reconciliations Calculations of Tangible Common Equity and Related Measures ($ in thousands, except per share data)
Non-GAAP reconciliations Calculations of ROATCE and Efficiency Ratio ($ in thousands, except per share data)
Non-GAAP reconciliations Calculations of Return on Average Assets and Return on Average Equity ($ in thousands, except per share data)
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, “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 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, 2023, 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
investor.equitybank.com
v3.23.3
Document And Entity Information
|
Oct. 17, 2023 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Oct. 17, 2023
|
| Entity Registrant Name |
EQUITY BANCSHARES, INC.
|
| Entity Central Index Key |
0001227500
|
| Entity Emerging Growth Company |
false
|
| Securities Act File Number |
001-37624
|
| Entity Incorporation, State or Country Code |
KS
|
| Entity Tax Identification Number |
72-1532188
|
| Entity Address, Address Line One |
7701 East Kellogg Drive
|
| Entity Address, Address Line Two |
Suite 300
|
| Entity Address, City or Town |
Wichita
|
| Entity Address, State or Province |
KS
|
| Entity Address, Postal Zip Code |
67207
|
| City Area Code |
316
|
| Local Phone Number |
612.6000
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
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false
|
| Title of 12(b) Security |
Class A, Common Stock, par value $0.01 per share
|
| Trading Symbol |
EQBK
|
| Security Exchange Name |
NYSENAT
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Equity Bancshares (NYSE:EQBK)
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Equity Bancshares (NYSE:EQBK)
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