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Loan Portfolio - Total loans as of December 31, 2025, amounted to $4.15 billion, representing 65.0% of total assets[32] - Commercial real estate loans constituted $2.23 billion, or 53.0% of total loans, while commercial and industrial loans were $816.9 million, or 19.5%[32] - The aggregate amount of loans to the ten largest borrowers was approximately $426.0 million, accounting for 10.2% of total loans[36] - The company's legal lending limit for a single borrower was $159.3 million, with an in-house limit of $25.0 million[42] - The company offers a variety of loans, including commercial, industrial, and residential mortgages, with specific underwriting guidelines[44][51] - Construction loans typically have terms ranging from six months to two years, with floating interest rates and collateralized by first liens on real estate[49] - The allowance for credit losses is deemed adequate to cover expected losses in the loan portfolio as of December 31, 2025[34] - Agricultural real estate loans amortize over periods not exceeding 20 years with a loan-to-value ratio under 80%[54] - Agricultural operating loans are typically originated for terms of up to 7 years, with a significant reliance on the borrower's cash flow for repayment[55] - Consumer loans are underwritten based on income, debt levels, credit history, and collateral value, with greater risks compared to residential real estate loans[57] Operational Infrastructure - The company has invested in technology and staff to build a scalable corporate infrastructure to support growth[33] - A culture committed to talent development and transparency has been established, with programs like "Equity University" for leadership development[33] - Strong risk management practices are emphasized, with a comprehensive risk management system in place to monitor key risks[33] - The company employs 909 full-time equivalent employees, with a commitment to attracting and retaining top talent through inclusive practices[73] - The company has made significant investments in information technology systems to enhance capabilities and support future growth and acquisitions[68] Regulatory Compliance - Equity Bank must maintain a minimum common equity Tier 1 (CET1) risk-based capital ratio of 4.5% and a total risk-based capital ratio of 8% under Basel III rules[88] - The Kansas Banking Code requires Equity Bank to transfer 25% of its net profits to its surplus fund before declaring dividends[106] - Equity Bank's ability to pay dividends is restricted by federal regulators' capital maintenance guidelines[107] - The Federal Reserve can impose civil money penalties of up to $1 million per day for unsafe banking practices[86] - Equity Bank is subject to limitations on dividend payments if its capital conservation buffer is less than or equal to 2.5%[88] - The Federal Reserve requires bank holding companies to obtain prior approval before acquiring more than 5% of a bank's voting shares[97] - The Change in Bank Control Act mandates notification to the Federal Reserve for any acquisition of control over a bank holding company[98] - The Federal Deposit Insurance Corporation Improvement Act requires prompt corrective action for undercapitalized institutions[95] - The Dodd-Frank Act permanently raised the standard maximum deposit insurance amount to $250,000[116] - The Community Reinvestment Act requires bank regulators to consider a bank's record in meeting the needs of its service area when evaluating applications for branch establishment or mergers[127] - The bank received an overall CRA rating of "satisfactory" on its most recent CRA examination[127] - The FDIC, Federal Reserve, and OCC adopted a final rule amending CRA regulations, effective April 1, 2024, with new requirements applicable from January 1, 2026[128] - Federal banking regulators have imposed cybersecurity-related notification rules requiring banks to notify regulators within 36 hours of significant cybersecurity incidents[130] - The SEC adopted rules requiring public companies to disclose material cybersecurity incidents and risk management strategies[131] - The bank is subject to various federal laws governing credit transactions and consumer protection, which can result in significant liabilities for violations[134] - The company is subject to extensive federal regulations that may limit operations and affect profitability, including lending practices and capital structure[226] - Compliance with regulations under the Dodd-Frank Act may require significant management resources, potentially impacting financial condition and results[227] - Changes in laws and regulations could impose additional costs, limit service offerings, and affect overall business operations[229] Financial Performance and Risks - Profitability is vulnerable to interest rate fluctuations, which significantly impact net interest income[160] - Interest rate spreads have narrowed in recent years, potentially adversely affecting financial condition and results of operations[161] - The company attempts to minimize adverse effects of interest rate changes by structuring asset-liability composition, but success is not guaranteed[162] - Financial instruments measured at fair value may increase earnings volatility and are subject to market risks[163] - The growth strategy includes organic growth and selective acquisitions, but execution challenges could negatively impact financial performance[165] - The company faces risks in identifying and acquiring other financial institutions, which are crucial for continued growth[166] - Acquisitions involve operational risks, including integration challenges and potential dilution of stockholder value[172] - The company relies heavily on key personnel, and unexpected loss of management could adversely affect operations[175] - Business operations are concentrated in Arkansas, Kansas, Missouri, and Oklahoma, making the company vulnerable to regional economic conditions[176] - Market conditions for financial products and services may lead to increased delinquencies and adversely affect business operations[177] - The company may incur losses in its loan portfolio due to inadequate underwriting and loan collection practices, which could exceed reserves set aside for credit losses[179] - Economic downturns may adversely affect small to medium-sized business clients, impacting their ability to repay loans and the company's financial condition[186] - Liquidity is essential for operations, and a lack of liquidity could negatively affect the company's ability to fund operations and meet obligations[187] - Increased competition for transactional and time deposit accounts could raise deposit costs, affecting overall funding expenses[189] - The company may face litigation risks that could result in significant legal liabilities and reputational damage[202] Cybersecurity and Technology Risks - The company is experiencing challenges in keeping up with technological advancements compared to competitors, which may hinder its ability to invest in necessary improvements[203] - There is a reliance on information systems for business operations, and any failures could impair customer relationship management and other critical functions[204] - Cybersecurity risks have increased, with threats from hacking and fraudulent activities potentially harming the company's reputation and customer retention[205] - The company is dependent on third-party vendors for processing and handling records, which poses risks if those vendors fail to maintain adequate controls[217] - Operational risks include potential fraud by employees or third parties, which could lead to significant financial losses and reputational damage[218] - The effectiveness of the company's enterprise risk management framework is crucial; failures could result in unexpected losses and adversely affect operations[219] Capital and Liquidity Management - The company maintains a "well capitalized" status but failure to do so could lead to restrictions on growth and negatively impact customer confidence[238] - Stringent capital requirements may compress earnings and limit the ability to pay dividends or repurchase shares[239] - The company may need to raise additional capital in the future, which could be dilutive to stockholders and dependent on market conditions[240] - The company faces limitations on liquidity at the holding company level, impacting its ability to declare and pay dividends[252] - The right to participate in the assets of its subsidiary bank during liquidation is subject to the claims of the bank's creditors, including depositors[253]

Financial Data and Key Metrics Changes - The company ended 2025 with $6.4 billion in assets, up from $5.3 billion at the beginning of the year, marking nearly 50% growth [3] - Net income for the quarter was reported at $22.1 million or $115 per diluted share, with adjusted earnings of $23.3 million or $121 per diluted share, compared to $22.4 million or $117 per diluted share in the previous quarter [7] - Net interest income for the quarter was $63.5 million, an increase of $1 million from the last quarter, with a margin improvement to 4.47% [7][8] - Non-interest expenses for the quarter were $46.6 million, with adjusted non-interest expenses increasing by 2.7% from the previous quarter [8] Business Line Data and Key Metrics Changes - Loan production for the quarter was $220 million, down from the previous quarter but up $100 million compared to the same period last year [17] - Total deposits increased by approximately $43.5 million during the quarter, with core deposit expansion of $123.5 million [18] - Non-interest bearing accounts represented 22.4% of total deposits at the end of the quarter [18] Market Data and Key Metrics Changes - The company anticipates loans as a percentage of average earning assets to be approximately 80% in Q1 2026, with a loan-to-deposit ratio of 88% [14] - The addition of Frontier's portfolio is expected to be accretive to net interest income but diluted to margin [14] Company Strategy and Development Direction - The company is focused on using technology to improve service and efficiency, with a strong emphasis on data utilization [4] - Management is committed to organic growth initiatives and is strategically positioned to leverage liquidity for growth in various markets [19] - The company aims to deliver mid-single-digit loan organic growth in 2026 [19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the credit environment and expects stable credit quality trends despite broader economic uncertainties [11] - The company is well-positioned to continue growing its balance sheet and increasing margins, with a strong focus on maintaining pricing discipline in a competitive environment [27][28] Other Important Information - The company completed the merger with Frontier, which is expected to add non-interest expenses of $23 million-$24 million and non-interest income of $2 million-$3 million [14] - The conversion of Frontier systems is scheduled for mid-February, with anticipated cost savings by the end of Q1 [15] Q&A Session Summary Question: Does the margin guide include expected accretion from Frontier? - Yes, the margin guide includes the accretion for Frontier into 2026 [24] Question: Are there any pressures on pricing or underwriting standards due to competition? - The company is seeing competitive pressures but has decided to maintain higher pricing standards [25][26] Question: What types of loans are available for pullback from Frontier? - The loans are a combination of various types, estimated at around $50 million [33] Question: What is the outlook for cost savings from the Frontier merger? - The company maintains a target of around 23% in cost savings, with potential for improvement as integration progresses [34][35] Question: What is the company's approach to capital management post-merger? - The company is open to both buybacks and M&A opportunities, depending on market conditions and capital needs [37][49]

Financial Data and Key Metrics Changes - The company ended 2025 with $6.4 billion in assets, up from $5.3 billion at the beginning of the year, marking nearly 50% growth [3] - Net income for the quarter was reported at $22.1 million or $1.15 per diluted share, with adjusted earnings of $23.3 million or $1.21 per diluted share, compared to $22.4 million or $1.17 per diluted share in the previous quarter [7] - Net interest income for the quarter was $63.5 million, an increase of $1 million from the last quarter, with a margin improvement to 4.47% [7][12] - Non-interest expenses for the quarter were $46.6 million, with adjusted non-interest expenses increasing by 2.7% from the previous quarter [8] Business Line Data and Key Metrics Changes - Loan production for the quarter was $220 million, down from late quarter but up $100 million compared to the same period last year [17] - Total deposits increased by approximately $43.5 million during the quarter, with core deposit expansion of $123.5 million [18] - Non-interest bearing accounts constituted 22.4% of total deposits at the end of the quarter [18] Market Data and Key Metrics Changes - The company anticipates loans as a percentage of average earning assets to be approximately 80% in Q1 2026, with a loan-to-deposit ratio of 88% [14] - The addition of Frontier's portfolio is expected to be accretive to net interest income but diluted to margin, with anticipated margin for 2026 between 4.2% and 4.35% [14] Company Strategy and Development Direction - The company is focused on using technology to improve service and efficiency, with a strong emphasis on data utilization [4] - Management is committed to organic growth initiatives while also pursuing M&A opportunities, with a strategic approach to capital deployment [21] - The integration of Frontier and MBC is expected to enhance asset generation depth and provide funding opportunities [20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the credit environment and expects stable credit quality trends despite broader economic uncertainties [11] - The company aims to achieve more than $5 per share in earnings in 2026, supported by a strong balance sheet and strategic growth initiatives [3][20] - Management highlighted the importance of maintaining pricing discipline in a competitive environment [25] Other Important Information - The company repurchased 172,338 shares at a weighted average cost of $41.69 during the quarter, with 872,662 shares remaining under the repurchase authorization [9] - The conversion of Frontier systems is scheduled for mid-February, with anticipated cost savings by the end of Q1 [15] Q&A Session Summary Question: Does the margin guide include expected accretion from Frontier? - Yes, the margin guide includes the accretion for Frontier into 2026 [24] Question: Are there any competitive pressures on pricing or underwriting standards? - There is competition affecting pricing, but the company has decided to maintain higher pricing standards [25][26] Question: What types of loans are available for pullback from Frontier? - The loans are a combination of various types, estimated at around $50 million [33] Question: What is the outlook for cost savings from the Frontier merger? - The targeted cost savings of 23% remain a good baseline, with potential for improvement as operations progress [34][35] Question: What is the company's approach to capital management post-merger? - The company is open to both buybacks and M&A opportunities, depending on market conditions and capital needs [37][49]

Financial Data and Key Metrics Changes - The company ended 2025 with $6.4 billion in assets, up from $5.3 billion at the beginning of the year, marking nearly 50% growth [4] - Net income for the quarter was reported at $22.1 million or $115 per diluted share, with adjusted earnings of $23.3 million or $121 per diluted share, compared to $22.4 million or $117 per diluted share in the previous quarter [7] - Net interest income for the quarter was $63.5 million, an increase of $1 million from the last quarter, with a margin of 4.47%, up two basis points from 4.45% [7][8] Business Line Data and Key Metrics Changes - Non-interest income for the quarter was $9.5 million, up $400,000 from the previous quarter [7] - Non-interest expenses for the quarter were $46.6 million, with adjusted non-interest expenses at $44.1 million, an increase of 2.7% from the previous quarter [8] - Loan production in the quarter was $220 million, up $100 million compared to the same period last year, although it was down late in the quarter [18] Market Data and Key Metrics Changes - Total deposits increased by approximately $43.5 million during the quarter, with core deposit expansion of $123.5 million, offset by a decline in brokered deposits of $80 million [19] - Non-interest bearing accounts closed the quarter at 22.4% of total deposits [19] - The company anticipates loans as a percentage of average earning assets to be approximately 80% in Q1 2026 [14] Company Strategy and Development Direction - The company aims to earn more than $5 per share in 2026, focusing on creating opportunities for growth and rolling out new products [4][5] - The merger with Frontier is expected to add non-interest expenses of $23 million-$24 million and non-interest income of $2 million-$3 million [15] - The company is strategically focused on using technology to improve service and efficiency, with a strong emphasis on data utilization [5] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the credit environment and outlook for 2026, noting stable credit quality trends across the portfolio [11][12] - The company is well-positioned to grow throughout its markets, with expectations for realized growth in the balance sheet and non-interest revenue lines [20] - Management highlighted the importance of maintaining pricing discipline in a competitive environment, opting not to lower rates excessively [25][27] Other Important Information - The company repurchased 172,338 shares at a weighted average cost of $41.69 during the quarter, with 872,662 shares remaining under the repurchase authorization [9] - The total capital ratio closed the quarter at 16.3%, with a common equity tier 1 (CET1) ratio of 13.1% [10] Q&A Session Summary Question: Does the margin guide include expected accretion from Frontier? - Yes, the margin guide does include the expected accretion from Frontier [24][25] Question: Are there any changes in competition regarding pricing or underwriting standards? - The company is seeing some pressure on pricing but has decided to maintain higher pricing standards [25][26] Question: What types of loans are available for pullback from Frontier? - The loans are a combination of various types, estimated at around $50 million [29][30] Question: What is the outlook for cost savings from the Frontier merger? - The company maintains a target of around 23% in cost savings, with potential for improvement as integration progresses [31][32] Question: What is the company's approach to capital management post-merger? - The company is open to both buybacks and M&A opportunities, depending on market conditions and capital needs [34][35] Question: How is deposit generation performing in new markets? - Deposit account gathering is positive, with the company focusing on disciplined pricing strategies [44][46] Question: Which markets are expected to outperform in loan growth? - Missouri and Oklahoma are highlighted as strong markets for potential growth [48][49]

Exhibit 99.2 2025 4th Quarter Financial Results 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, the expected benefits of the Frontier Holdings, LLC ("Frontier ...

Core Insights - Equity Bancshares (EQBK) reported a revenue of $73.03 million for the quarter ended December 2025, marking a year-over-year increase of 25.3% and exceeding the Zacks Consensus Estimate by 1.79% [1] - The earnings per share (EPS) for the same period was $1.26, compared to $1.10 a year ago, representing a surprise of 3.56% over the consensus estimate of $1.22 [1] Financial Performance Metrics - The net interest margin was reported at 4.5%, slightly above the estimated 4.4% by analysts [4] - The efficiency ratio was 60%, compared to the estimated 59.7% [4] - Total non-interest income reached $9.53 million, exceeding the estimate of $9.05 million [4] - Net interest income was reported at $63.5 million, surpassing the average estimate of $62.7 million [4] Stock Performance - Shares of Equity Bancshares have returned +2.4% over the past month, while the Zacks S&P 500 composite experienced a -0.4% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Viewpoint - Equity Bancshares (EQBK) reported quarterly earnings of $1.26 per share, exceeding the Zacks Consensus Estimate of $1.22 per share, and showing an increase from $1.1 per share a year ago, representing an earnings surprise of +3.56% [1] Financial Performance - The company posted revenues of $73.03 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.79%, compared to $58.29 million in the same quarter last year [2] - Over the last four quarters, Equity Bancshares has exceeded consensus EPS estimates four times and topped consensus revenue estimates three times [2] Stock Performance - Equity Bancshares shares have increased approximately 4.1% since the beginning of the year, while the S&P 500 has declined by 0.7% [3] Future Outlook - The company's earnings outlook is crucial for investors, including current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $1.19 on revenues of $81.7 million, and for the current fiscal year, it is $5.06 on revenues of $337.85 million [7] Industry Context - The Zacks Industry Rank for Banks - Northeast is currently in the top 34% of over 250 Zacks industries, indicating a favorable outlook for the sector [8]

Core Insights - Equity Bancshares, Inc. reported a net income of $22.1 million or $1.15 per diluted share for the quarter ended December 31, 2025, a significant recovery from a net loss of $29.7 million or $(1.55) per diluted share in the previous quarter [1][4]. Financial Performance - Net interest income for the quarter was $63.5 million, up from $62.5 million in the previous quarter, with loan purchase accounting contributing 16 basis points to margin [5][9]. - Average interest-earning assets increased by 1.20% to $5.6 billion, while the yield on these assets decreased by 9 basis points [6]. - The net interest margin expanded by 2 basis points to 4.47%, with a core margin of 4.36% after normalizing for acquisition accounting [9]. - Total non-interest income rose to $9.5 million, a 7.4% increase from the previous quarter, driven by higher mortgage production [11]. - Total non-interest expense decreased to $46.6 million from $49.1 million in the previous quarter, with a notable increase attributed to litigation reserves [12]. Asset Quality - Nonperforming assets decreased to $46.7 million, or 0.7% of total assets, down from $52.6 million or 0.8% in the previous quarter [16]. - Net charge-offs for the quarter were $697 thousand, with an annualized ratio of charge-offs to average loans at 7 basis points [8]. Capital and Dividends - Book value per share increased to $38.64 from $37.25, while tangible book value per share rose to $32.86 from $31.69 [9]. - The company announced a dividend of $0.18 on outstanding common shares as of December 31, 2025 [9]. Acquisitions and Growth - The company completed its acquisition of Frontier Holdings LLC on January 1, 2026, which is expected to add approximately $1.34 billion in loan balances and $1.1 billion in deposit balances [9]. - Total loan and deposit balances increased year-over-year by $697.4 million and $763.5 million, respectively, largely due to the addition of NBC assets [9].

Financial Performance - Net income for Q4 2025 was $22.1 million, or $1.15 per diluted share, with an adjusted net income of $23.2 million, or $1.21 per share after acquisition-related expenses[1][3] - Net income for Q4 2025 was $22,084,000, compared to $16,986,000 in Q4 2024, reflecting a growth of 30.9%[33] - Basic earnings per share for Q4 2025 was $1.16, an increase from $1.06 in Q4 2024[34] - Net income allocable to common stockholders was $22,084 thousand for the quarter, compared to a loss of $29,663 thousand in the prior quarter[45] - Diluted earnings per share improved to $1.15, recovering from a loss of $1.55 in the previous quarter[45] Interest Income and Margin - Total interest and dividend income for Q4 2025 was $90,866,000, an increase of 21% from $74,979,000 in Q4 2024[33] - Net interest income after provision for credit losses for the twelve months ended December 31, 2025, was $217,128,000, up from $183,616,000 in 2024, representing an increase of 18.2%[33] - Net interest income after provision for credit losses was $63,518,000 for the quarter, compared to $49,783,000 in the previous year, reflecting a 27.6% increase[35] - The net interest margin for the three months ended December 31, 2025, was 4.47%, an increase from 4.17% in the same quarter of 2024[41] - The interest rate spread for the three months ended December 31, 2025, was 3.80%, compared to 3.52% in the previous year[41] Loan and Deposit Growth - Total loan balances increased by $697.4 million year-over-year, while total deposit balances rose by $763.5 million, driven by the acquisition of NBC[3] - Total loans held-for-investment increased to $4,198,180 thousand as of December 31, 2025, compared to $3,500,816 thousand a year earlier, representing a growth of 19.93%[38] - Total deposits increased to $5,138,264,000 from $4,234,918,000 year-over-year, marking a growth of 21.3%[37] - Total deposits increased to $5,073,696 thousand from $4,243,159 thousand a year ago, representing a growth of 19.59%[38] Non-Interest Income and Expenses - Non-interest income for the quarter was $9.5 million, a 7.4% increase from the previous quarter[10] - Total non-interest income for the twelve months ended December 31, 2025, was $(16,028,000), a significant decrease from $38,822,000 in 2024[33] - Total non-interest expense decreased to $46.6 million from $49.1 million in the prior quarter, with a 5.1% increase when excluding merger expenses[11] - Total non-interest expense for the twelve months ended December 31, 2025, was $174,720,000, compared to $144,157,000 in 2024, indicating an increase of 21.2%[33] Asset Quality and Capital Ratios - Nonperforming assets decreased to $46.7 million, or 0.7% of total assets, compared to $52.6 million, or 0.8% of total assets, in the previous quarter[15] - The allowance for credit losses on loans to total loans ratio was 1.26%, consistent with the previous quarter and up from 1.24% a year ago[38] - Common Equity Tier 1 Capital Ratio rose to 13.08% from 12.84% in the previous quarter, indicating improved capital strength[39] - Total stockholders' equity to total assets ratio was 11.49%, up from 11.18% in the previous quarter, indicating a stronger equity position[39] Future Outlook - The company anticipates potential benefits from the proposed transaction with Frontier Bank, although actual results may vary due to various risks[30]