EQBK Equity Bancshares Inc

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): January 22, 2025

 

EQUITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Kansas	001-37624	72-1532188
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
7701 East Kellogg Drive, Suite 300 Wichita, KS		67207
(Address of principal executive offices)		(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:

Title of each class Class A, Common Stock, par value $0.01 per share	Trading Symbol EQBK	Name of each exchange on which registered New York Stock Exchange

 

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.

 

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Item 2.02 Results of Operations and Financial Condition.

 

On January 22, 2025, Equity Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2024. 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 fourth quarter ended December 31, 2024, on Thursday, January 23, 2025, 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 fourth quarter ended December 31, 2024, and is furnished as Exhibit 99.2 and is incorporated by reference herein.

 

The information in this Item 7.01, including Exhibit 99.2, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.		Description
99.1		Earnings Press Release, Dated January 22, 2025
99.2		Investor Presentation
104		Cover Page Interactive Data File

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Equity Bancshares, Inc.
Date: January 22, 2025	By: /s/ Chris M. Navratil
	Chris M. Navratil
	Executive Vice President and Chief Financial Officer

 

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Equity Bancshares, Inc. Fourth Quarter Results Include Net Interest Margin Expansion and Close of Common Equity Capital Raise

Reports Net Interest Margin of 4.17%, Closes the Quarter with a Tangible Common Equity Ratio of 9.95%

 

WICHITA, Kansas, January 22, 2025 (BUSINESSWIRE) – Equity Bancshares, Inc. (NYSE: EQBK), (“Equity”, “the Company,” “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, reported net income of $17.0 million or $1.04 earnings per diluted share for the quarter ended December 31, 2024.

 

“Our Company had an excellent year as we realized expansion of our footprint, our balance sheet and our ownership group," said Brad S. Elliott, Chairman and CEO of Equity. “Our team remains committed to generating value for our customers, our employees and our shareholders and enters 2025 positioned to execute."

"During the quarter, we were able to successfully bolster our capital through a common stock raise," Mr. Elliott continued. "The additive equity positions our Company to be opportunistic in delivering on our two-prong growth strategy of organic production and strategic acquisition. We continue to be optimistic about opportunities to deploy these in the markets in which we operate."

 

Notable Items:

 

 

The Company is also pleased to announce the return of Greg Kossover to the executive management team. Mr. Kossover will be returning to the team in February and will lead our Capital Markets division while also retaining his role as a director of the Company and Equity Bank.

 

“Greg’s expertise, strategic vision, and commitment to excellence will be instrumental as we continue to drive growth and deliver exceptional value to our shareholders,” said Rick Sems, Equity Bank President & CEO. “We look forward to the positive impact Greg will undoubtedly have as we move forward together."

 

 

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Financial Results for the Quarter Ended December 31, 2024

 

Net income allocable to common stockholders was $17.0 million, or $1.04 per diluted share. Excluding merger expenses and gains or losses on security transactions, net income was $20.3 million, or $1.31 per diluted share in the previous quarter. The drivers of the periodic change are discussed in detail in the following sections.

Net Interest Income

 

Net interest income was $49.5 million for the period, as compared to $46.0 million for previous quarter. Adjusting the stated number for non-recurring nonaccrual reversals and excess prepayment fee realization of $1.5 million, net interest income was $48.0 for the quarter. The periodic increase primarily was driven by downward re-pricing of liabilities which outpaced the downward re-pricing of assets in an environment that saw multiple interest rate cuts by the FOMC. For the quarter, cost of interest bearing liabilities were 2.80% for the quarter down 31 basis points from 3.11% while yield on interest earning assets was 6.32% up 2 basis points from 6.30%. Excluding the previously discussed non-recurring items, yield on interest earning assets would have been 6.20%.

Total earning assets declined slightly during the quarter as higher loan balances were offset by declining cash and security positions as excess cash flows were used to payoff debt and brokered funding versus reinvestment.

 

Provision for Credit Losses

 

During the quarter, there was a provision of $98 thousand compared to a provision of $1.2 million in the previous quarter. The level of provision was primarily attributable to charge-offs during the quarter offset by declining loan balances. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses. During the quarter, we realized net charge-offs of $322 thousand as compared to $1.6 million for the previous quarter.

 

Non-Interest Income

 

Total non-interest income was $8.8 million for the quarter, as compared to $9.3 million linked quarter. Excluding the $831 thousand gain on acquisition from linked quarter results, non-interest income was up $330 thousand.

 

Non-Interest Expense

 

Total non-interest expense for the quarter was $37.8 million as compared to $30.3 million for the previous quarter. Prior quarter results included $8.5 million in benefit from a borrower’s repurchase of our preferred equity interest offset by a $742 thousand write-down on a previous bank location and $618 thousand in merger expense. Adjusting for these items, non-interest expense in the prior quarter would have been $37.4 million.

 

Income Tax Expense

The effective tax rate for the quarter ending, December 31, 2024, was 16.7% which remains consistent with the 16.7% reported for the prior quarter. The year-to-date effective tax rate is 20.0% as compared to 21.2% at September 30, 2024. The decrease in the year-to-date tax rate is associated with a decrease in the impact of tax rate reconciling items recognized as a percent of pre-tax book income, reductions in the effective state tax rate to align with state tax filings, and excess tax benefits related to stock compensation recognized in the quarter.

 

Loans, Total Assets and Funding

Loans held for investment were $3.5 billion at December 31, 2024, decreasing $100.1 million during the quarter. Total assets were $5.3 billion as of the end of the period, decreasing $23.2 million during the quarter.

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Total deposits were $4.4 billion at December 31, 2024, increasing $11.9 million from the previous quarter end. Of the total deposit balance, non-interest-bearing accounts comprise approximately 21.8%. Total Federal Home Loan Bank borrowings were $178.1 million as of the end of the quarter, down $117.9 million from previous quarter end.

 

Asset Quality

 

As of December 31, 2024, Equity’s allowance for credit losses to total loans was 1.2% up 3 basis points as compared to previous quarter end. Nonperforming assets were $34.7 million as of December 31, 2024, or 0.7% of total assets, compared to $32.4 million at September 30, 2024, or 0.6% of total assets. The increase was driven by one Main Street Lending Program loan which was foreclosed and is held in Other Real Estate Owned at its gross balance. Reducing this to reflect only the Bank’s portion (5%) would result in ending non-performing assets of $31.0 million. Non-accrual loans were $27.1 million at December 31, 2024, as compared to $31.3 million at September 30, 2024. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $73.5 million, or 12.1% of regulatory capital, up from $48.9 million, or 8.3% of regulatory capital as of September 30, 2024.

 

Capital

 

Quarter over quarter, book capital increased $88.9 million to $592.9 million and tangible capital increased $90.0 million to $523.9 million. Tangible book value per share closed the quarter at $30.07, increasing 6.0% compared to prior quarter. The increase in capital is primarily due to completion of a common stock capital raise in December through which the Company issued 2,067,240 shares at a price of $44.50. After accounting for costs to issue, the raise added $87.0 million in common equity capital. The remaining change to book and tangible capital during the quarter was attributable to earnings offset by an increase in unrealized losses reflected in AOCI.

The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 14.5%, the total capital to risk-weighted assets was 18.1% and the total leverage ratio was 11.7% at December 31, 2024. At September 30, 2024, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 11.4%, the total capital to risk-weighted assets ratio was 14.8% and the total leverage ratio was 9.6%.

Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 14.1%, total capital to risk-weighted assets was 15.3% and the total leverage ratio was 10.9% at December 31, 2024. At September 30, 2024, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 13.0%, the ratio of total capital to risk-weighted assets was 14.1% and the total leverage ratio was 10.4%.

 

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

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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 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 fourth quarter results on Thursday, January 23, 2025, 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 following the close of the call 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 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

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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 7, 2024, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue.

 

Investor Contact:

 

Brian J. Katzfey

VP, Director of Corporate Development and Investor Relations

Equity Bancshares, Inc.

(316) 858-3128

bkatzfey@equitybank.com

 

Media Contact:

 

Russell Colburn

Public Relations and Communication Manager

Equity Bancshares, Inc.

(913) 583-8011

rcolburn@equitybank.com

 

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Unaudited Financial Tables

 

 

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TABLE 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
		Three months ended December 31,								Year ended December 31,
		2024				2023				2024				2023
Interest and dividend income
Loans, including fees		$	63,379			$	54,932			$	245,815			$	211,213
Securities, taxable			9,229				6,417				39,091				23,873
Securities, nontaxable			387				354				1,579				1,960
Federal funds sold and other			1,984				2,591				10,358				9,666
Total interest and dividend income			74,979				64,294				296,843				246,712
Interest expense
Deposits			21,213				20,074				90,409				70,473
Federal funds purchased and retail repurchase agreements			258				298				1,151				931
Federal Home Loan Bank advances			2,158				1,005				10,180				3,944
Federal Reserve Bank borrowings			—				1,546				1,361				4,755
Subordinated debt			1,877				1,904				7,580				7,591
Total interest expense			25,506				24,827				110,681				87,694
Net interest income			49,473				39,467				186,162				159,018
Provision (reversal) for credit losses			98				711				2,546				1,873
Net interest income after provision (reversal) for credit losses			49,375				38,756				183,616				157,145
Non-interest income
Service charges and fees			2,296				2,299				9,830				10,187
Debit card income			2,513				2,524				10,246				10,322
Mortgage banking			141				125				861				652
Increase in value of bank-owned life insurance			1,883				925				4,966				4,059
Net gain on acquisition and branch sales			—				—				2,131				—
Net gains (losses) from securities transactions			(2	)			(50,618	)			220				(51,909	)
Other			1,985				1,331				10,568				7,560
Total non-interest income			8,816				(43,414	)			38,822				(19,129	)
Non-interest expense
Salaries and employee benefits			18,368				16,598				72,786				64,384
Net occupancy and equipment			3,571				3,244				14,371				12,325
Data processing			4,988				4,471				20,004				17,433
Professional fees			1,846				1,413				6,503				5,754
Advertising and business development			1,469				1,598				5,366				5,425
Telecommunications			614				460				2,501				1,963
FDIC insurance			662				660				2,483				2,195
Courier and postage			687				577				2,599				2,046
Free nationwide ATM cost			558				508				2,127				2,073
Amortization of core deposit intangibles			1,060				739				4,289				3,374
Loan expense			154				155				601				540
Other real estate owned and repossessed assets, net			133				274				(7,525	)			617
Merger expenses			—				297				4,461				297
Other			3,696				4,004				13,591				17,175
Total non-interest expense			37,806				34,998				144,157				135,601
Income (loss) before income tax			20,385				(39,656	)			78,281				2,415
Provision for income taxes (benefit)			3,399				(11,357	)			15,660				(5,406	)
Net income (loss) and net income (loss) allocable to common stockholders		$	16,986			$	(28,299	)		$	62,621			$	7,821
Basic earnings (loss) per share		$	1.06			$	(1.84	)		$	4.04			$	0.50
Diluted earnings (loss) per share		$	1.04			$	(1.84	)		$	4.00			$	0.50

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Weighted average common shares			16,020,938				15,417,200				15,489,370				15,535,772
Weighted average diluted common shares			16,262,965				15,417,200				15,671,674				15,648,842

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TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
		As of and for the three months ended
		December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2023
Interest and dividend income
Loans, including fees		$	63,379			$	62,089			$	61,518			$	58,829			$	54,932
Securities, taxable			9,229				9,809				10,176				9,877				6,417
Securities, nontaxable			387				400				401				391				354
Federal funds sold and other			1,984				2,667				3,037				2,670				2,591
Total interest and dividend income			74,979				74,965				75,132				71,767				64,294
Interest expense
Deposits			21,213				23,679				22,662				22,855				20,074
Federal funds purchased and retail repurchase agreements			258				261				306				326				298
Federal Home Loan Bank advances			2,158				3,089				3,789				1,144				1,005
Federal Reserve Bank borrowings			—				—				—				1,361				1,546
Subordinated debt			1,877				1,905				1,899				1,899				1,904
Total interest expense			25,506				28,934				28,656				27,585				24,827
Net interest income			49,473				46,031				46,476				44,182				39,467
Provision (reversal) for credit losses			98				1,183				265				1,000				711
Net interest income after provision (reversal) for credit losses			49,375				44,848				46,211				43,182				38,756
Non-interest income
Service charges and fees			2,296				2,424				2,541				2,569				2,299
Debit card income			2,513				2,665				2,621				2,447				2,524
Mortgage banking			141				287				245				188				125
Increase in value of bank-owned life insurance			1,883				1,344				911				828				925
Net gain on acquisition and branch sales			—				831				60				1,240				—
Net gains (losses) from securities transactions			(2	)			206				(27	)			43				(50,618	)
Other			1,985				1,560				2,607				4,416				1,331
Total non-interest income			8,816				9,317				8,958				11,731				(43,414	)
Non-interest expense
Salaries and employee benefits			18,368				18,494				17,827				18,097				16,598
Net occupancy and equipment			3,571				3,478				3,787				3,535				3,244
Data processing			4,988				5,152				5,036				4,828				4,471
Professional fees			1,846				1,487				1,778				1,392				1,413
Advertising and business development			1,469				1,368				1,291				1,238				1,598
Telecommunications			614				660				572				655				460
FDIC insurance			662				660				590				571				660
Courier and postage			687				686				620				606				577
Free nationwide ATM cost			558				544				531				494				508
Amortization of core deposit intangibles			1,060				1,112				1,218				899				739
Loan expense			154				143				195				109				155
Other real estate owned and repossessed assets, net			133				(7,667	)			50				(41	)			274
Merger expenses			—				618				2,287				1,556				297
Other			3,696				3,593				3,089				3,213				4,004
Total non-interest expense			37,806				30,328				38,871				37,152				34,998
Income (loss) before income tax			20,385				23,837				16,298				17,761				(39,656	)
Provision for income taxes (benefit)			3,399				3,986				4,582				3,693				(11,357	)
Net income (loss) and net income (loss) allocable to common stockholders		$	16,986			$	19,851			$	11,716			$	14,068			$	(28,299	)
Basic earnings (loss) per share		$	1.06			$	1.30			$	0.77			$	0.91			$	(1.84	)
Diluted earnings (loss) per share		$	1.04			$	1.28			$	0.76			$	0.90			$	(1.84	)
Weighted average common shares			16,020,938				15,258,822				15,248,703				15,425,709				15,417,200
Weighted average diluted common shares			16,262,965				15,451,545				15,377,980				15,569,225				15,417,200

 

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TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands)

		December 31,  2024				September 30,  2024				June 30,  2024				March 31,  2024				December 31, 2023
ASSETS
Cash and due from banks		$	383,503			$	217,681			$	244,321			$	217,611			$	363,289
Federal funds sold			244				17,802				15,945				17,407				15,810
Cash and cash equivalents			383,747				235,483				260,266				235,018				379,099
Available-for-sale securities			1,004,455				1,041,000				1,042,176				1,091,717				919,648
Held-to-maturity securities			5,217				5,408				5,226				2,205				2,209
Loans held for sale			513				901				1,959				1,311				476
Loans, net of allowance for credit losses(1)			3,457,549				3,557,435				3,410,920				3,437,714				3,289,381
Other real estate owned, net			4,773				2,786				2,989				1,465				1,833
Premises and equipment, net			117,132				117,013				114,264				116,792				112,632
Bank-owned life insurance			133,032				131,670				130,326				125,693				124,865
Federal Reserve Bank and Federal Home Loan Bank stock			27,875				34,429				33,171				27,009				20,608
Interest receivable			28,913				28,398				27,381				27,082				25,497
Goodwill			53,101				53,101				53,101				53,101				53,101
Core deposit intangibles, net			14,969				16,029				16,636				17,854				7,222
Other			100,771				131,580				147,102				102,075				98,021
Total assets		$	5,332,047			$	5,355,233			$	5,245,517			$	5,239,036			$	5,034,592
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand		$	954,065			$	967,858			$	984,872			$	981,623			$	898,129
Total non-interest-bearing deposits			954,065				967,858				984,872				981,623				898,129
Demand, savings and money market			2,684,197				2,468,956				2,560,091				2,574,871				2,483,807
Time			736,527				926,130				796,474				814,532				763,519
Total interest-bearing deposits			3,420,724				3,395,086				3,356,565				3,389,403				3,247,326
Total deposits			4,374,789				4,362,944				4,341,437				4,371,026				4,145,455
Federal funds purchased and retail repurchase agreements			37,246				38,196				38,031				43,811				43,582
Federal Home Loan Bank advances and Federal Reserve Bank borrowings			178,073				295,997				250,306				219,931				240,000
Subordinated debt			97,477				97,336				97,196				97,058				96,921
Contractual obligations			12,067				19,683				23,770				18,493				19,315
Interest payable and other liabilities			39,477				37,039				33,342				31,941				36,459
Total liabilities			4,739,129				4,851,195				4,784,082				4,782,260				4,581,732
Commitments and contingent liabilities
Stockholders’ equity
Common stock			230				209				208				208				207
Additional paid-in capital			584,424				494,763				491,709				490,533				489,187
Retained earnings			194,920				180,588				163,068				153,201				141,006
Accumulated other comprehensive income (loss), net of tax			(55,181	)			(40,012	)			(62,005	)			(60,788	)			(57,920	)
Treasury stock			(131,475	)			(131,510	)			(131,545	)			(126,378	)			(119,620	)
Total stockholders’ equity			592,918				504,038				461,435				456,776				452,860
Total liabilities and stockholders’ equity		$	5,332,047			$	5,355,233			$	5,245,517			$	5,239,036			$	5,034,592
(1) Allowance for credit losses		$	43,267			$	43,490			$	43,487			$	44,449			$	43,520

 

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TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except per share data)
		As of and for the three months ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Loans Held For Investment by Type
Commercial real estate		$	1,830,514			$	1,916,863			$	1,793,544			$	1,797,192			$	1,759,855
Commercial and industrial			658,865				670,665				663,718				649,035				598,327
Residential real estate			566,766				567,063				572,523				581,988				556,328
Agricultural real estate			267,248				259,587				219,226				198,291				196,114
Agricultural			87,339				89,529				104,342				149,312				118,587
Consumer			90,084				97,218				101,054				106,345				103,690
Total loans held-for-investment			3,500,816				3,600,925				3,454,407				3,482,163				3,332,901
Allowance for credit losses			(43,267	)			(43,490	)			(43,487	)			(44,449	)			(43,520	)
Net loans held for investment		$	3,457,549			$	3,557,435			$	3,410,920			$	3,437,714			$	3,289,381
Asset Quality Ratios
Allowance for credit losses on loans to total loans			1.24	%			1.21	%			1.26	%			1.28	%			1.31	%
Past due or nonaccrual loans to total loans			1.14	%			1.17	%			1.15	%			1.10	%			1.10	%
Nonperforming assets to total assets			0.65	%			0.60	%			0.52	%			0.49	%			0.53	%
Nonperforming assets to total loans plus other     real estate owned			0.99	%			0.90	%			0.79	%			0.73	%			0.79	%
Classified assets to bank total regulatory capital			12.10	%			8.32	%			8.47	%			6.85	%			7.09	%
Selected Average Balance Sheet Data (QTD Average)
Investment securities		$	1,012,698			$	1,055,833			$	1,065,979			$	1,074,101			$	985,591
Total gross loans receivable			3,525,765				3,475,885				3,459,476				3,452,553				3,293,755
Interest-earning assets			4,716,295				4,731,927				4,745,713				4,742,200				4,480,279
Total assets			5,163,166				5,205,017				5,196,259				5,152,915				4,892,712
Interest-bearing deposits			3,280,592				3,309,202				3,275,765				3,319,907				3,092,637
Borrowings			340,042				395,190				450,178				390,166				391,691
Total interest-bearing liabilities			3,620,634				3,704,392				3,725,943				3,710,073				3,484,328
Total deposits			4,243,159				4,275,424				4,250,843				4,254,883				4,019,362
Total liabilities			4,629,939				4,719,549				4,740,937				4,692,671				4,469,505
Total stockholders' equity			533,227				485,468				455,322				460,244				423,207
Tangible common equity*			463,657				414,644				383,899				398,041				361,451
Performance ratios
Return on average assets (ROAA) annualized			1.31	%			1.52	%			0.91	%			1.10	%			(2.29	)%
Core return on average assets*			1.37	%			1.56	%			1.25	%			1.17	%			1.01	%
Core return on average assets before income tax and    provision for loan losses*			1.66	%			1.97	%			1.55	%			1.56	%			1.03	%
Return on average equity (ROAE) annualized			12.67	%			16.27	%			10.35	%			12.29	%			(26.53	)%
Core return on average equity*			13.29	%			16.73	%			14.25	%			13.11	%			11.21	%
Core return on average equity before income tax and    provision for loan losses*			16.01	%			20.97	%			17.57	%			17.34	%			11.40	%
Return on average tangible common equity    (ROATCE) annualized*			15.30	%			19.92	%			13.31	%			14.96	%			(30.39	)%
Core return on average tangible common equity*			15.29	%			19.58	%			16.89	%			15.16	%			13.02	%
Yield on loans annualized			7.15	%			7.11	%			7.15	%			6.85	%			6.62	%
Cost of interest-bearing deposits annualized			2.57	%			2.85	%			2.78	%			2.77	%			2.58	%
Cost of total deposits annualized			1.99	%			2.20	%			2.14	%			2.16	%			1.98	%
Net interest margin annualized			4.17	%			3.87	%			3.94	%			3.75	%			3.49	%
Efficiency ratio*			63.02	%			52.59	%			63.77	%			63.45	%			72.69	%
Non-interest income / average assets			0.68	%			0.71	%			0.69	%			0.92	%			(3.52	)%

---

Non-interest expense / average assets			2.91	%			2.32	%			3.01	%			2.90	%			2.84	%
Core non-interest expense / average assets*			2.83	%			2.18	%			2.73	%			2.71	%			2.75	%
Capital Ratios
Tier 1 Leverage Ratio			11.67	%			9.55	%			9.14	%			9.10	%			9.46	%
Common Equity Tier 1 Capital Ratio			14.51	%			11.37	%			11.12	%			11.14	%			11.74	%
Tier 1 Risk Based Capital Ratio			15.11	%			11.94	%			11.70	%			11.73	%			12.36	%
Total Risk Based Capital Ratio			18.07	%			14.78	%			14.61	%			14.71	%			15.48	%
Total stockholders' equity to total assets			11.12	%			9.41	%			8.80	%			8.72	%			8.99	%
Tangible common equity to tangible assets*			9.95	%			8.21	%			7.55	%			7.45	%			7.87	%
Dividend payout ratio			15.62	%			11.74	%			15.79	%			13.31	%			(6.65	)%
Book value per common share		$	34.04			$	32.97			$	30.36			$	29.80			$	29.35
Tangible book value per common share*		$	30.07			$	28.38			$	25.70			$	25.10			$	25.37
Tangible book value per diluted common share*		$	29.70			$	28.00			$	25.44			$	24.87			$	25.05
Core earnings per diluted share*		$	1.10			$	1.32			$	1.05			$	0.96			$	0.81
Core pre-tax pre-provision earnings per diluted share*		$	1.33			$	1.67			$	1.31			$	1.28			$	0.83
* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 8. Non-GAAP Financial Measures.

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TABLE 5. YEAR-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

	For the year ended												For the year ended
	December 31, 2024												December 31, 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	$	635,881			$	51,188				8.05	%		$	580,451			$	42,901				7.39	%
Commercial real estate		1,400,661				99,316				7.09	%			1,302,568				83,441				6.41	%
Real estate construction		416,296				36,004				8.65	%			447,516				33,764				7.54	%
Residential real estate		563,176				26,505				4.71	%			565,711				23,799				4.21	%
Agricultural real estate		227,341				16,848				7.41	%			201,326				13,820				6.86	%
Agricultural		96,877				9,103				9.40	%			100,394				6,966				6.94	%
Consumer		100,995				6,851				6.78	%			106,542				6,522				6.12	%
Total loans		3,441,227				245,815				7.14	%			3,304,508				211,213				6.39	%
Securities
Taxable securities		979,926				39,091				3.99	%			1,027,726				23,873				2.32	%
Nontaxable securities		59,597				1,579				2.65	%			74,917				1,960				2.62	%
Total securities		1,039,523				40,670				3.91	%			1,102,643				25,833				2.34	%
Federal funds sold and other		195,378				10,358				5.30	%			193,941				9,666				4.98	%
Total interest-earning assets	$	4,676,128				296,843				6.35	%		$	4,601,092				246,712				5.36	%
Interest-bearing liabilities
Demand, savings and money market deposits	$	2,453,139				61,518				2.51	%		$	2,362,365				46,206				1.96	%
Time deposits		770,772				28,891				3.75	%			827,652				24,267				2.93	%
Total interest-bearing deposits		3,223,911				90,409				2.80	%			3,190,017				70,473				2.21	%
FHLB advances		216,012				10,180				4.71	%			98,380				3,944				4.01	%
Other borrowings		175,516				10,092				5.75	%			254,666				13,277				5.21	%
Total interest-bearing liabilities	$	3,615,439				110,681				3.06	%		$	3,543,063				87,694				2.48	%
Net interest income					$	186,162											$	159,018
Interest rate spread										3.29	%											2.88	%
Net interest margin (2)										3.98	%											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.

 

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TABLE 6. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

 

	For the three months ended												For the three months ended
	December 31, 2024												December 31, 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	$	651,733			$	12,780				7.80	%		$	580,726			$	11,397				7.79	%
Commercial real estate		1,402,966				25,978				7.37	%			1,309,588				21,630				6.55	%
Real estate construction		463,885				9,654				8.28	%			439,708				9,000				8.12	%
Residential real estate		567,123				6,571				4.61	%			561,382				5,866				4.15	%
Agricultural real estate		262,529				5,071				7.68	%			196,468				3,421				6.91	%
Agricultural		82,986				1,705				8.17	%			100,226				1,928				7.63	%
Consumer		94,543				1,620				6.82	%			105,657				1,690				6.35	%
Total loans		3,525,765				63,379				7.15	%			3,293,755				54,932				6.62	%
Securities
Taxable securities		953,627				9,229				3.85	%			932,376				6,417				2.73	%
Nontaxable securities		59,071				387				2.61	%			53,215				354				2.64	%
Total securities		1,012,698				9,616				3.78	%			985,591				6,771				2.73	%
Federal funds sold and other		177,832				1,984				4.44	%			200,933				2,591				5.12	%
Total interest-earning assets	$	4,716,295				74,979				6.32	%		$	4,480,279				64,294				5.69	%
Interest-bearing liabilities
Demand, savings and money market deposits	$	2,448,539				13,429				2.18	%		$	2,351,663				13,918				2.35	%
Time deposits		832,053				7,784				3.72	%			740,974				6,156				3.30	%
Total interest-bearing deposits		3,280,592				21,213				2.57	%			3,092,637				20,074				2.58	%
FHLB advances		194,914				2,158				4.41	%			102,432				1,005				3.89	%
Other borrowings		145,128				2,135				5.86	%			289,259				3,748				5.14	%
Total interest-bearing liabilities	$	3,620,634				25,506				2.80	%		$	3,484,328				24,827				2.83	%
Net interest income					$	49,473											$	39,467
Interest rate spread										3.52	%											2.86	%
Net interest margin (2)										4.17	%											3.49	%
(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.

 

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TABLE 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

	For the three months ended												For the three months ended
	December 31, 2024												September 30, 2024
	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	$	651,733			$	12,780				7.80	%		$	659,697			$	13,213				7.97	%
Commercial real estate		1,402,966				25,978				7.37	%			1,351,407				24,196				7.12	%
Real estate construction		463,885				9,654				8.28	%			442,857				9,732				8.74	%
Residential real estate		567,123				6,571				4.61	%			578,702				6,912				4.75	%
Agricultural real estate		262,529				5,071				7.68	%			251,595				4,365				6.90	%
Agricultural		82,986				1,705				8.17	%			91,500				1,906				8.29	%
Consumer		94,543				1,620				6.82	%			100,127				1,765				7.01	%
Total loans		3,525,765				63,379				7.15	%			3,475,885				62,089				7.11	%
Securities
Taxable securities		953,627				9,229				3.85	%			995,713				9,809				3.92	%
Nontaxable securities		59,071				387				2.61	%			60,120				400				2.65	%
Total securities		1,012,698				9,616				3.78	%			1,055,833				10,209				3.85	%
Federal funds sold and other		177,832				1,984				4.44	%			200,209				2,667				5.30	%
Total interest-earning assets	$	4,716,295				74,979				6.32	%		$	4,731,927				74,965				6.30	%
Interest-bearing liabilities
Demand savings and money market deposits	$	2,448,539				13,429				2.18	%		$	2,555,916				16,484				2.57	%
Time deposits		832,053				7,784				3.72	%			753,286				7,195				3.80	%
Total interest-bearing deposits		3,280,592				21,213				2.57	%			3,309,202				23,679				2.85	%
FHLB advances		194,914				2,158				4.41	%			252,751				3,089				4.86	%
Other borrowings		145,128				2,135				5.86	%			142,439				2,166				6.05	%
Total interest-bearing liabilities	$	3,620,634				25,506				2.80	%		$	3,704,392				28,934				3.11	%
Net interest income					$	49,473											$	46,031
Interest rate spread										3.52	%											3.19	%
Net interest margin (2)										4.17	%											3.87	%
(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.

 

 

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TABLE 8. NON-GAAP FINANCIAL MEASURES (Unaudited)
(Dollars in thousands, except per share data)
		As of and for the three months ended
		December 31,				September 30,				June 30,				March 31,				December 31,
		2024				2024				2024				2024				2023
Total stockholders' equity		$	592,918			$	504,038			$	461,435			$	456,776			$	452,860
Less: goodwill			53,101				53,101				53,101				53,101				53,101
Less: core deposit intangibles, net			14,969				16,029				16,636				17,854				7,222
Less: mortgage servicing rights, net			—				—				25				50				75
Less: naming rights, net			957				968				979				989				1,000
Tangible common equity		$	523,891			$	433,940			$	390,694			$	384,782			$	391,462
Common shares outstanding at period end			17,419,858				15,288,309				15,200,194				15,327,799				15,428,251
Diluted common shares outstanding at period end			17,636,843				15,497,466				15,358,396				15,469,531				15,629,185
Book value per common share		$	34.04			$	32.97			$	30.36			$	29.80			$	29.35
Tangible book value per common share		$	30.07			$	28.38			$	25.70			$	25.10			$	25.37
Tangible book value per diluted common share		$	29.70			$	28.00			$	25.44			$	24.87			$	25.05
Total assets		$	5,332,047			$	5,355,233			$	5,245,517			$	5,239,036			$	5,034,592
Less: goodwill			53,101				53,101				53,101				53,101				53,101
Less: core deposit intangibles, net			14,969				16,029				16,636				17,854				7,222
Less: mortgage servicing rights, net			—				—				25				50				75
Less: naming rights, net			957				968				979				989				1,000
Tangible assets		$	5,263,020			$	5,285,135			$	5,174,776			$	5,167,042			$	4,973,194
Total stockholders' equity to total assets			11.12	%			9.41	%			8.80	%			8.72	%			8.99	%
Tangible common equity to tangible assets			9.95	%			8.21	%			7.55	%			7.45	%			7.87	%
Total average stockholders' equity		$	533,227			$	485,468			$	455,322			$	460,244			$	423,207
Less: average intangible assets			69,570				70,824				71,423				62,203				61,756
Average tangible common equity		$	463,657			$	414,644			$	383,899			$	398,041			$	361,451
Net income (loss) allocable to common stockholders		$	16,986			$	19,851			$	11,716			$	14,068			$	(28,299	)
Less: net gain on acquisition			—				831				60				1,240				—
Less: net gain (loss) on securities transactions			(2	)			206				(27	)			43				(50,618	)
Add: merger expenses			—				618				2,287				1,556				297
Add: BOLI tax expense			—				—				1,730				—				—
Add: amortization of intangible assets			1,071				1,148				1,254				935				775
Less: tax effect of pre-tax adjustments			225				153				737				254				10,855
Core net income (loss) allocable to common     stockholders		$	17,834			$	20,427			$	16,217			$	15,022			$	12,536
Return on total average stockholders' equity     (ROAE) annualized			12.67	%			16.27	%			10.35	%			12.29	%			(26.53	)%
Average tangible common equity		$	463,657			$	414,644			$	383,899			$	398,041			$	361,451
Average impact from core earnings adjustments			424				288				2,251				477				20,418
Core average tangible common equity		$	464,081			$	414,932			$	386,150			$	398,518			$	381,869
Return on average tangible common equity     (ROATCE) annualized			15.30	%			19.92	%			13.31	%			14.96	%			(30.39	)%
Core return on average tangible common equity     (CROATCE) annualized			15.29	%			19.58	%			16.89	%			15.16	%			13.02	%

 

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Non-interest expense		$	37,806			$	30,328			$	38,871			$	37,152			$	34,998
Less: merger expense			—				618				2,287				1,556				297
Less: amortization of intangible assets			1,071				1,148				1,254				935				775
Adjusted non-interest expense		$	36,735			$	28,562			$	35,330			$	34,661			$	33,926
Net interest income		$	49,473			$	46,031			$	46,476			$	44,182			$	39,467
Non-interest income			8,816				9,317				8,958				11,731				(43,414	)
Less: net gain on acquisition and branch sales			—				831				60				1,240				—
Less: net gains (losses) from securities transactions			(2	)			206				(27	)			43				(50,618	)
Adjusted non-interest income		$	8,818			$	8,280			$	8,925			$	10,448			$	7,204
Net interest income plus adjusted non-interest income		$	58,291			$	54,311			$	55,401			$	54,630			$	46,671
Non-interest expense to     net interest income plus non-interest income			64.86	%			54.80	%			70.12	%			66.45	%			(886.70	)%
Efficiency ratio			63.02	%			52.59	%			63.77	%			63.45	%			72.69	%
Average assets			5,163,166				5,205,017				5,196,259				5,152,915				4,892,712
Core non-interest expense to average assets			2.83	%			2.18	%			2.73	%			2.71	%			2.75	%
Net income (loss) allocable to common stockholders		$	16,986			$	19,851			$	11,716			$	14,068			$	(28,299	)
Less: net gain on acquisition			—				831				60				1,240				—
Less: net gain (loss) on securities transactions			(2	)			206				(27	)			43				(50,618	)
Add: merger expenses			—				618				2,287				1,556				297
Add: BOLI tax expense			—				—				1,730				—				—
Add: amortization of intangible assets			1,071				1,148				1,254				935				775
Less: tax effect of intangible assets amortization			225				153				737				254				10,855
Core net income (loss) allocable to common     stockholders		$	17,834			$	20,427			$	16,217			$	15,022			$	12,536
Add: income tax provision			3,399				3,986				4,582				3,693				(11,357	)
Add: provision (reversal) of credit losses			98				1,183				265				1,000				711
Add: tax effect of pre-tax adjustments			225				153				737				254				10,855
Core pre-tax, pre-provision income		$	21,556			$	25,749			$	21,801			$	19,969			$	12,745
Total average assets		$	5,163,166			$	5,205,017			$	5,196,259			$	5,152,915			$	4,892,712
Total average stockholders' equity		$	533,227			$	485,468			$	455,322			$	460,244			$	423,207
Weighted average diluted common shares			16,262,965				15,451,545				15,377,980				15,569,225				15,417,200
Diluted earnings (loss) per share		$	1.04			$	1.28			$	0.76			$	0.90			$	(1.84	)
Core earnings per diluted share		$	1.10			$	1.32			$	1.05			$	0.96			$	0.81
Core pre-tax pre-provision earnings per diluted share		$	1.33			$	1.67			$	1.31			$	1.28			$	0.83
Return on average assets (ROAA) annualized			1.31	%			1.52	%			0.91	%			1.10	%			(2.29	)%
Core return on average assets			1.37	%			1.56	%			1.25	%			1.17	%			1.01	%
Return on average equity			12.67	%			16.27	%			10.35	%			12.29	%			(26.53	)%
Core return on average equity			13.29	%			16.73	%			14.25	%			13.11	%			11.21	%

 

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Exhibit 99.2

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This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements reflect the current views of the management of Equity Bancshares, Inc. (“Equity,” “we,” “us,” “our,” “the company”) with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature.  These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.  Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and 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 7, 2024, 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

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Equity Bancshares, Inc.| NYSE: EQBK Market Cap as of 1/21/2025 Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Compound Annual Growth Rate since EQBK was founded in 2002 Strategic Execution Of Acquisitions SCALE 12 Completed Bank Acquisitions SINCE IPO 2002 2008 2015 2024 START-UP 4 acquisitions GROWTH 4 acquisitions IPO $380M $5.3B 26.6% Compound Annual Growth Rate3 Company Overview $5.3B Assets $3.5B Loans $4.4B Deposits $748M Market Cap1 9.95% TCE/TA2 14.51% CET 1 18.07% TRBC WICHITA Headquarters $1.6B

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Leadership Team Brad Elliott Equity Bancshares, Inc. Chairman & CEO Years in Banking: 36 Founded Equity Bank in 2002 2018 EY Entrepreneur of the Year National Finalist 2014 Most Influential CEO, Wichita Business Journal Chris Navratil Chief Financial Officer Years in Banking: 14 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 Brett Reber General Counsel Years in Law: 37 Prior to joining Equity Bank, he served as Managing Member of the Wise & Reber, L.C. law firm. Brett has practiced corporate and business law for over 30 years. David Pass Chief Information Officer Years in Banking: 24 Previously served in IT leadership positions at UMB Financial Corporation and CoBiz Financial. Rick Sems Equity Bank CEO Years in Banking: 25 Announced as Equity Bank CEO in May 2024. Joined Equity Bank as President in May 2023. Prior to joining, Rick served as Chief Banking Officer of First Bank in St. Louis and President & CEO of Reliance Bank Julie Huber Chief Operating Officer Years in Banking: 35 Announced as Chief Operating Officer in May 2024. Served in variety of leadership roles in her time at Equity Bank including overseeing our operations, HR, compliance functions and sales and training, and as managed the integration process for each acquisition. Kryzsztof Slupkowski Chief Credit Officer Years in Banking: 12 Promoted to Chief Credit Officer in September 2023. Served as Metro Market CCO since 2018, previously served in various credit function at Commerce Bancshares. Ann Knutson Chief Human Resources Officer Years in Banking: 17 Previously served in human resource leadership positions at Bank Five Nine and Summit Credit Union

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Organic Growth Strategic Mergers & Acquisitions Disciplined Credit Standards Effective Balance Sheet & Capital Management EPS & Tangible Book Value Growth Our guiding principles and commitment to entrepreneurial spirit are part of our longstanding framework for delivering shareholder value Our Value Proposition

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Tangible Book Value per common share. Non-GAAP Measure. For a reconciliation of Non-GAAP measures, please see appendix. AOCI Impact TBVPS TBVPS Ex. AOCI Tangible Book Value | IPO Walk Tangible Book Value | Quarter over Quarter Walk 8.27% CAGR Ex. AOCI During the quarter, Tangible Book Value increased $2.68 in Q4 2024 to $28.38 Since IPO, Tangible Book Value increased has increased $14.10 to $30.07 Tangible Book Value Per Share1 Q3 Q4 Q4

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4th Quarter 2024 | Financial Highlights Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Earnings & Profitability2 FY 24 Q4 24 Q3 24 Q4 23 Core Earnings Per Share1 $4.43 $1.10 $1.32 $0.81 Tangible Book Value Per Share1 $30.07 $30.07 $28.38 $25.37 Core Net Income1 $69.5M $17.8M $20.4M $12.5M Net Interest Margin 3.98% 4.17% 3.87% 3.49% Efficiency Ratio1 62.75% 63.02% 52.59% 72.69% Core ROAA 1 1.37% 1.37% 1.56% 1.01% Core ROATCE 1 16.62% 15.29% 19.58% 13.02% Balance Sheet & Capital Total Loans $3.5B $3.5B $3.6B $3.3B Total Deposits $4.4B $4.4B $4.4B $4.1B Tangible Common Equity / Tangible Assets1 9.95% 9.95% 8.21% 7.87% CET 1 Capital Ratio 14.51% 14.51% 11.37% 11.74% Total Risk-based Capital Ratio 18.07% 18.07% 14.78% 15.48% Asset Quality Provision for Credit Losses $2.5 $0.0 $1.2 $0.7 NCOs / Avg. Loans 0.11% 0.04% 0.18% 0.17% NPAs / Total Assets 0.65% 0.65% 0.60% 0.53% Classified Assets / Regulatory Capital 12.10% 12.10% 8.32% 7.09% Highlights $17.8M Core Net Income1 $1.10 Core Earnings Per Share1 $4.4B Total Deposits $3.5B Gross Loans

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Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Return On Average Tangible Common Equity - Core1 Return on Average Assets - Core1 Efficiency Ratio1 TCE / TA Excluding AOCI1 Performance Metrics

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Primary Drivers Net Interest Income Noninterest Income Rate Protection Noninterest Expense Net interest income totaled $49.5 million in the fourth quarter, up $3.4 million from the third quarter, driven by an increase in 30bp increase in net interest margin. Noninterest income totaled $8.8 million in the fourth quarter, down $500 thousand from the third quarter. Proactive effort to book variable rate assets subject to floor levels. Noninterest expense totaled $37.8 million in the third quarter, up $7.5 million from the third quarterly, mainly attributable to third quarter benefitting from the recognition of an $8.5 million recovery on a former problem asset. Quarter over Quarter Walk Q2 Q3 Net Income Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Q2 1 Q3

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Profitability Noninterest income is adjusted to exclude and gain/(loss) on securities transactions Revenue Composition1 Profitability Ratios1

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Primary Drivers Deposits Cost of Deposits Loan Yield Investment Yield Borrowings Noninterest-bearing deposits constitute 21.8% of total deposits. Cost of total deposits decreased 21bps and cost of interest-bearing deposits decreased 28bps in the quarter. Loan yield increased 4bps quarter-over-quarter, driven by purchase accounting and non-accrual impacts, offsetting 17bp lower coupon yield quarter-over-quarter Loan yield increased 4bps quarter-over-quarter, driven by purchase accounting and non-accrual impacts, offsetting 17bp lower coupon yield quarter-over-quarter Borrowing balances were down during the quarter, resulting in less expense and a lower overall cost as hedged positions made up a larger percentage of the whole. Quarter over Quarter Walk Net Interest Margin Quarter over Quarter +30bps Net Interest Income 3.87% Q3 4.17% Q4 Q2 Q3

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Current Deposit Composition Core Deposits excludes brokered & listing service deposits Trending Deposit Composition & Loan To Deposit Ratio Core Deposits1 / Total Deposits Strong Core Deposit Franchise

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Yield Analysis1 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Fed Rate Change Since Beginning of Rate Cycle – Q4 2021 5.25% 5.25% 5.25% 5.18% 4.57% Loans 50% 53% 58% 59% 67% Deposits 34% 38% 37% 39% 40% Yield / Cost Components Loan Coupon exclusive of the impact of derivatives, purchase accounting, non accrual, mortgage premium amort, and loan fees Cost Analysis Cumulative Betas

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Total Classified Assets $73.5M Total Classified Assets / Total Bank Regulatory Capital 12.10% Net Charge-offs YTD Annualized / Average Loans 0.11% Total Loans & Yield on Loans Diversified Loan Portfolio Current Loan Composition

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Nonperforming Assets1,2 Total Reserve Ratio OREO & Other Rep. Assets excludes Bank owned branch assets, totaling $1.1M, classified as Other Real Estate Owned within the Statements of Condition. NPAs / Assets Includes loans 90+ days past due which are not highlighted in the table. Net Charge-offs / Average Loans Classified Assets Asset Quality Trends | Quarterly

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OREO & Other Rep. Assets excludes Bank owned branch assets, totaling $1.1M, classified as Other Real Estate Owned within the Statements of Condition. NPAs / Assets Includes loans 90+ days past due which are not highlighted in the table. Net Charge-offs / Average Loans Classified Assets Nonperforming Assets1,2 Total Reserve Ratio Asset Quality Trends | Annual

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Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. THE COMPANY’S CAPITAL RATIOS ARE WELL CAPITALIZED LEVELS AS OF 12/31/2024 EQBK Well Capitalized CAPITAL PRIORITIES Maintain well capitalized regulatory levels Capacity for organic growth Merger & acquisitions Dividend payout ratio targeted at 10-20% Common stock repurchases Dividends Declared Per Share & Dividend Payout Ratio Shares Repurchased & Weighted Avg. Price Per Share 1 Thousands Capital Management

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NOTE: Figures presented in this outlook represent forward-looking statements and are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Please see Special Note Concerning Forward-Looking Statements and Focus Variables for Outlook and Forecast Core Non-interest Expense. Excludes merger expenses 4th QUARTER 2024 RESULTS ESTIMATES $4,243M $4,300 – 4,350M Avg. Deposits $3,525M $3,600 - 3,650M Avg. Loans $4,716M $4,775 - 4,850M Avg. Earning Assets 4.17% 3.85 - 3.95% Net Interest Margin $0.0M $0.5 – 1.5M Provision For Credit Losses $8.8M $8 – 9M Non-interest Income $37.8M $34 - 37M Non-interest Expense1 16.7% 20 - 22% Effective Tax Rate2 FORWARD LOOKING 1st QUARTER 2025 FY 2025E $4,300 – 4,350M $4,400 - 4,500M $3,525 - 3,600M $3,575 - 3,675M $4,750 - 4,850M $4,850 – 5,050M 3.95 – 4.05% 3.95 - 4.05% $0.5 – 1.5M $2 – 6M $8 – 9M $32 - 36M $36 - 39M $147 - 153M 20 - 22% 20 - 22% Outlook on Key Business Drivers

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Focus Variables for Outlook & Forecast OUR OUTLOOK REQUIRES CLARITY AROUND CERTAIN VARIABLES, INCLUDING: ECONOMIC ENVIRONMENT CUSTOMER NEEDS COST OF FUNDING COMPETITIVE MARKET INVESTMENT OPPORTUNITIES POLITICAL ENVIRONMENT Business activity creates opportunity for lending and deposit growth. Current macro-environment response and resolution will be a significant driver. Directly related to credit quality as well as trust in our business. Impacts rates on our product offerings and applies pressure to earnings. Must be able to manage cost and profit yields effectively. Providing customers with rates and services that are competitive with our peers. Irrational operators may have short term impact on opportunities. Growth strategy must be flexible to the other variables that affect our investment options. U.S. politics affect banking regulations, international relationships, tax policies and more.

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Our Markets Source: S&P Capital IQ, Deposit Market data as of 6/30/24. Market rank is based on counties with a EQBK physical presence. Kansas Market Rank #8 Deposits $2.5B Deposit Market Share 4.10% Missouri Market Rank #7 Deposits $1.1B Deposit Market Share 1.91% Oklahoma Market Rank #15 Deposits $536M Deposit Market Share 1.63% Arkansas Market Rank #9 Deposits $317M Deposit Market Share 2.72%

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Non-GAAP Reconciliations

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CALCULATIONS OF TANGIBLE COMMON EQUITY AND RELATED MEASURES ($ in thousands, except per share data) Quarter Ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Total stockholder's equity $592,918 $504,038 $461,435 $456,776 $452,860 Less: goodwill 53,101 53,101 53,101 53,101 53,101 Less: core deposit intangibles, net 14,969 16,029 16,636 17,854 7,222 Less: mortgage servicing rights, net 0 0 25 50 75 Less: naming rights, net 957 968 979 989 1,000 Tangible Common Equity $523,891 $433,940 $390,694 $384,782 $391,462             Common shares outstanding at period end 17,419,858 15,288,309 15,200,194 15,327,799 15,428,251 Diluted common shares outstanding at period end 17,636,843 15,497,446 15,358,396 15,469,531 15,629,185             Book value per common share $34.04 $32.97 $30.36 $29.80 $29.35 Tangible book value per common share $30.07 $28.38 $25.70 $25.10 $25.37 Tangible book value per diluted common share $29.70 $28.00 $25.44 $24.87 $25.05                         Total assets $5,332,047 $5,355,233 $5,245,517 $5,239,036 $5,034,592 Less: goodwill 53,101 53,101 53,101 53,101 53,101 Less: core deposit intangibles, net 14,969 16,029 16,636 17,854 7,222 Less: mortgage servicing rights, net 0 0 25 50 75 Less: naming rights, net 957 968 979 989 1,000 Tangible assets $5,263,020 $5,285,135 $5,174,776 $5,167,042 $4,973,194             Total stockholders' equity to total assets 11.12% 9.41% 8.80% 8.72% 8.99% Tangible common equity to tangible assets 9.95% 8.21% 7.55% 7.45% 7.87% Non-GAAP reconciliations

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CALCULATIONS OF RETURN ON AVERAGE TANGIBLE COMMON EQUITY AND EFFICIENCY RATIO ($ in thousands, except per share data) Quarter Ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Total average stockholders' equity $533,227 $485,468 $455,322 $460,244 $423,207 Less: average intangible assets 69,570 70,824 71,423 62,203 61,756 Average tangible common equity $463,657 $414,644 $383,899 $398,041 $361,451  Average impact from core earnings adjustments 424  288 2,251 477 20,418 Core average tangible common equity $464,081 $414,932 $386,150 $398,518 $381,869 Net income (loss) allocable to common stockholders 16,986 19,851 11,716 14,068 (28,299) Less: net gain on acquisition 0 831 60 1,240 0 Less: net gain (loss) on securities transactions (2) 206 (27) 43 (50,618) Add: merger expenses 0 618 2,287 1,556 297 Add: BOLI tax expense 0 0 1,730 0 0 Add: amortization of intangible assets 1,071 1,148 1,254 935 775 Less: tax effect of intangible assets amortization 225 153 737 254 10,855 Adjusted net income (loss) allocable to common stockholders $17,834 $20,427 $16,217 $15,022 $12,536             Return on total average stockholders' equity (ROAE) annualized 12.67% 16.27% 10.35% 12.29% -26.53% Return on total average tangible common equity (ROATCE) annualized 15.30% 19.92% 13.31% 14.96% -30.39% Core return on total average tangible common equity (CROATCE) annualized 15.29% 19.58% 16.89% 15.16% 13.02%                         Non-interest expense $37,806 $30,328 $38,871 $37,152 $34,998 Less: merger expense 0 618 2,287 1,556 297 Less: amortization of intangible assets 1,071 1,148 1,254 935 775 Adjusted non-interest expense $36,735 $28,562 $35,330 $34,661 $33,926 Net interest income $49,473 $46,031 $46,476 $44,182 $39,467 Non-interest income 8,816 9,317 8,958 11,731 (43,414) Less: net gain on acquisition and branch sales 0 831 60 1,240 0 Less: net gains (losses) from securities transactions (2) 206 (27) 43 (50,618) Adjusted non-interest income $8,818 $8,280 $8,925 $10,448 $7,204 Net interest income plus adjusted non-interest income $58,291 $54,311 $55,401 $54,630 $46,671             Non-interest expense to net interest income plus non-interest income 64.86% 54.80% 70.12% 66.45% -886.70% Efficiency ratio 63.02% 54.59% 63.77% 63.45% 72.69% Average Assets $5,163,166 $5,205,017 $5,196,258 $5,152,915 $4,892,712 Core non-interest expense to average assets 2.83% 2.18% 2.73% 2.71% 2.75% Non-GAAP reconciliations

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CALCULATIONS OF RETURN ON AVERAGE ASSETS, AVERAGE EQUITY AND OPERATING NET INCOME ($ in thousands, except per share data) Quarter Ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Net income (loss) allocable to common stockholders 16,986 19,851 11,716 14,068 (28,299) Less: net gain on acquisition 0 831 60 1,240 0 Less: net gain (loss) on securities transactions (2) 206 (27) 43 (50,618) Add: merger expenses 0 618 2,287 1,556 297 Add: BOLI tax expense 0 0 1,730 0 0 Add: amortization of intangible assets 1,071 1,148 1,254 935 775 Less: tax effect of intangible assets amortization 225 153 737 254 10,855 Core net income (loss) allocable to common stockholders $17,834 $20,427 $16,217 $15,022 $12,536 Add: income tax provision 3,399 3,986 4,582 3,693 (11,357) Add: provision (reversal) of credit losses 98 1,183 265 1,000 711 Add: tax effect of intangible assets amortization 225 153 737 254 10,885 Core pre-tax, pre-provision income $21,556 $25,749 $21,801 $19,969 $12,745             Total average assets $5,163,166 $5,205,017 $5,196,258 $5,152,915 $4,892,712 Total average stockholders' equity $533,227 $485,468 $455,322 $460,244 $423,207             Weighted Average Diluted Shares 16,262,965 15,451,545 15,377,980 15,569,225 15,417,200             Diluted earnings (loss) per share $1.04 $1.28 $0.76 $0.90 -$1.84 Core earnings (loss) per diluted share $1.10 $1.32 $1.05 $0.96 $0.81 Core pre-tax pre-provision earnings (loss) per diluted share $1.33 $1.67 $1.42 $1.28 $0.83 Return on average assets (ROAA) annualized 1.31% 1.52% 0.91% 1.10% -2.29% Core return on average assets annualized 1.37% 1.56% 1.25% 1.17% 1.01% Return on average equity (ROAE) 12.67% 16.27% 10.35% 12.29% -26.53% Core return on average equity 13.29% 16.73% 14.25% 13.11% 11.21% Non-GAAP reconciliations

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investor.equitybank.com

v3.24.4

Document And Entity Information	Jan. 22, 2025
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 22, 2025
Entity Registrant Name	EQUITY BANCSHARES, INC.
Entity Central Index Key	0001227500
Entity Emerging Growth Company	false
Entity 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
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A, Common Stock, par value $0.01 per share
Trading Symbol	EQBK
Security Exchange Name	NYSE

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