Back in July, I rated Equity Bancshares, Inc. (NYSE: EQBK ), based in Wichita, Kansas, which has branches in Kansas, Missouri, Oklahoma, and Arkansas, as a Buy, saying the stock was beingI focus on producing objective, data-driven research, mostly about small- to mid-cap companies, as these tend to be overlooked by many investors. From time to time, though, I also look at large-cap names, just to give a fuller sense of the broader equity markets.Analyst’s Disclosure:I/we have a beneficial long position in t ...

Back in July, I rated Equity Bancshares, Inc. (NYSE: EQBK ), based in Wichita, Kansas, which has branches in Kansas, Missouri, Oklahoma, and Arkansas, as a Buy, saying the stock was beingI focus on producing objective, data-driven research, mostly about small- to mid-cap companies, as these tend to be overlooked by many investors. From time to time, though, I also look at large-cap names, just to give a fuller sense of the broader equity markets.Analyst’s Disclosure:I/we have a beneficial long position in t ...

Core Insights - The company has successfully completed two mergers, enhancing its market presence and operational scale in Oklahoma and Nebraska [2][4][19] - The recent merger with NBC added significant assets, including $665 million in loans and $808 million in deposits, which are expected to drive growth [3][19] - The company reported a net loss of $29.7 million for the quarter, primarily due to a bond portfolio repositioning that resulted in a realized loss of $53.4 million [7][8] Financial Performance - Net interest income for the period was $62.5 million, an increase of $12.7 million from the previous quarter, with a margin improvement to 4.45% [8][15] - Non-interest income, excluding the impact of the portfolio repositioning, was $8.9 million, reflecting a $300,000 increase from Q2 [8][9] - Non-interest expenses for the quarter were $49.1 million, adjusted to exclude M&A charges, showing an 8.3% increase due to the NBC acquisition [10][11] Growth Strategy - The company has a strategic roadmap to enter both Oklahoma City and Omaha by 2025, following the recent capital raise [2][6] - Total deposits increased by approximately $860 million during the quarter, with organic deposit growth of about $37 million [22] - Loan production in the quarter was $243 million, representing a 23% increase linked quarter, indicating strong growth potential [20] Asset Quality and Credit Environment - Non-accrual loans closed the quarter at $48.6 million, with classified assets at $82.8 million, reflecting a stable credit environment [13][14] - The company maintains a strong allowance for credit losses (ACL) coverage, sufficient to absorb more than ten years of current period annualized losses [11][14] - Management remains positive about the credit environment and expects stable trends despite broader economic uncertainties [14] Future Outlook - The company anticipates a net interest margin in the range of 4.4% to 4.5% for the fourth quarter, factoring in the impacts of the investment portfolio repositioning [17] - The Frontier acquisition is progressing through the approval process, with expectations to close in 2025 [17][18] - Management is optimistic about growth opportunities in the newly acquired markets and plans to continue expanding its footprint [6][23]

Financial Data and Key Metrics Changes - The company reported a net loss of $29.7 million, or $1.57 per diluted share for the quarter, impacted by a bond portfolio repositioning that resulted in a realized loss of $53.4 million [8][9] - Net interest income for the period was $62.5 million, an increase of $12.7 million linked quarter, with a margin improvement to 4.45%, up 28 basis points from the previous quarter [9][10] - Non-interest expenses for the quarter were $49.1 million, adjusted to exclude M&A charges, reflecting an increase of 8.3% due to the NBC Oklahoma acquisition [9][10] Business Line Data and Key Metrics Changes - The merger with NBC Oklahoma added $665 million in loans and $808 million in deposits, enhancing the company's footprint in Oklahoma [3][4] - Non-interest income, excluding the impact of the portfolio repositioning, was $8.9 million, driven by improvements in customer service charge line items [9] - Loan production in the quarter was $243 million, up 23% linked quarter, with an average rate of 7.14% [19] Market Data and Key Metrics Changes - Total deposits increased approximately $860 million during the quarter, with organic deposit growth of approximately $37 million [21] - Non-interest-bearing accounts closed the quarter at 22.52% of total deposits, up from 21.56% at the end of Q2 [21] - The company anticipates closing the Frontier Holdings transaction in 2025, which will further expand its market presence [17] Company Strategy and Development Direction - The company aims to grow through strategic mergers, having successfully integrated NBC Oklahoma and planning to enter Nebraska through Frontier Holdings [4][5] - Management expressed confidence in executing growth strategies and achieving a projected earnings per share of $5 by 2026 [23] - The company is focused on enhancing its community banking model while expanding its footprint and asset generation capabilities [22] Management's Comments on Operating Environment and Future Outlook - Management remains positive about the credit environment, noting stable credit quality trends across the portfolio despite broader economic uncertainties [14] - The company is closely monitoring consumer behavior and potential inflation impacts, with no significant strain observed in its loan portfolio [36] - Management expects to leverage its capital for growth while maintaining a strong return for shareholders [23] Other Important Information - The company completed a system conversion in late August, with associated expenses primarily impacting the fourth quarter [10] - The ending reserve ratio closed the quarter at 1.36%, reflecting the addition of non-PCE credit marks from NBC Oklahoma [10] Q&A Session Summary Question: Could you discuss your deposit pricing strategy? - Management indicated a consistent approach to adjusting deposit rates in line with FOMC rate changes, with no significant competitive shifts observed [25][26] Question: How is business sentiment in your operating footprint? - Management reported strong business sentiment with no significant impacts from tariffs, remaining bullish on market conditions [28] Question: What is the outlook for loan growth? - Management expects loan production to continue improving, supported by new market entries and a strong pipeline [34] Question: Are there areas of strain in your portfolio? - Management is monitoring various sectors, including agriculture and consumer loans, but currently sees no significant issues [36] Question: What is the outlook for M&A activity? - Management remains optimistic about M&A opportunities, focusing on strategic fit and integration potential [63]

Financial Data and Key Metrics Changes - The company reported a net loss of $29.7 million, or $1.57 per diluted share for the quarter, impacted by a bond portfolio repositioning that resulted in a realized loss of $53.4 million [8][9] - Adjusted pre-tax earnings were $28.4 million, leading to a net income of $22.4 million, or $1.17 per diluted share after tax [8][9] - Net interest income increased to $62.5 million, up $12.7 million from the previous quarter, with a margin improvement to 4.45% [9][10] Business Line Data and Key Metrics Changes - Non-interest income, excluding the impact of the portfolio repositioning, was $8.9 million, reflecting an increase driven by improved customer service charges [9] - Non-interest expenses for the quarter were $49.1 million, with an adjusted figure of $42.9 million, marking an 8.3% increase due to the NBC Oklahoma acquisition [9][10] Market Data and Key Metrics Changes - The addition of NBC Oklahoma contributed $665 million in loans and $808 million in deposits, enhancing the company's market presence in Oklahoma [3][4] - Total deposits increased by approximately $860 million during the quarter, with organic deposit growth of about $37 million [21] Company Strategy and Development Direction - The company is focused on a dual growth model, with recent mergers aimed at expanding its footprint into Oklahoma and Nebraska [4][5] - Management expressed confidence in executing growth strategies and achieving a projected earnings target of $5 per share by 2026 [23] Management's Comments on Operating Environment and Future Outlook - Management remains positive about the credit environment, noting stable credit quality trends despite broader economic uncertainties [14] - The company anticipates continued growth in both loan and deposit portfolios, supported by strong production and pipeline activity [19][20] Other Important Information - The company completed a subordinated debt raise of $75 million to support ongoing growth initiatives [4] - The integration of NBC Oklahoma was completed, with associated expenses expected to taper off in the fourth quarter [10] Q&A Session Summary Question: Could you discuss your deposit pricing strategy? - Management indicated a consistent approach to adjusting deposit rates in line with Federal Open Market Committee (FOMC) rate changes, with no significant competitive shifts observed [25][26] Question: How is business sentiment in your operating footprint? - Management reported strong business sentiment, with no significant impacts from tariffs or economic conditions affecting local businesses [28] Question: What is the outlook for loan growth? - Management expressed confidence in loan production, citing improved consistency and the addition of new markets as factors supporting growth [33][34] Question: Are there areas of strain in your credit portfolio? - Management noted that while they are monitoring all areas closely, they do not see significant strain, particularly in sectors like agriculture and consumer lending [36][37] Question: What is the outlook for M&A activity? - Management stated that the environment for M&A remains favorable, with ongoing conversations and opportunities being evaluated strategically [63]

Financial Data and Key Metrics Changes - The company reported a net loss of $29.7 million, or $1.57 per diluted share for the quarter, impacted by a bond portfolio repositioning that resulted in a realized loss of $53.4 million [8] - Net interest income for the period was $62.5 million, an increase of $12.7 million linked quarter, with a margin improvement of 28 basis points to 4.45% [9][15] - Non-interest expenses for the quarter were $49.1 million, adjusted to exclude M&A charges, reflecting an increase of 8.3% due to the NBC Oklahoma acquisition [9][10] Business Line Data and Key Metrics Changes - The merger with NBC Oklahoma added $665 million in loans and $808 million in deposits, enhancing the company's market presence in Oklahoma [3][4] - Loan production in the quarter was $243 million, up 23% linked quarter, with originations averaging a rate of 7.14% [19] - Total deposits increased approximately $860 million during the quarter, with organic deposit growth of approximately $37 million [20] Market Data and Key Metrics Changes - The company is expanding its footprint into Nebraska through a merger with Frontier Holdings, which is expected to add strong earning assets [4][5] - Non-interest-bearing accounts increased to 22.52% of total deposits, up from 21.56% at the end of Q2 [20] Company Strategy and Development Direction - The company aims to grow through strategic mergers, having successfully integrated NBC Oklahoma and planning to enter the Nebraska market [4][5] - Management expressed confidence in executing growth strategies and achieving a projected earnings per share of $5 in 2026 [22] Management's Comments on Operating Environment and Future Outlook - Management remains positive about the credit environment and expects stable credit quality trends despite broader economic uncertainties [13] - The company anticipates margin in a range of 4.4% to 4.5% for the fourth quarter, with expectations for continued growth in the balance sheet and non-interest revenue lines [16][22] Other Important Information - The company completed a subordinated debt raise of $75 million to support ongoing growth initiatives [4] - The ending reserve ratio closed the quarter at 1.36%, reflecting the addition of non-PCE credit marks from NBC Oklahoma [10] Q&A Session Summary Question: Could you discuss your deposit pricing strategy? - The company has consistently adjusted deposit rates in line with FOMC rate cuts, with no significant shifts observed in the market [24][25] Question: What is the sentiment in your operating footprint regarding loan growth? - Management reported strong business sentiment and does not see significant impacts from tariffs, remaining bullish on market conditions [25] Question: Was the increase in deposit costs linked to NBC Oklahoma? - The increase in deposit costs was entirely attributable to liabilities from the NBC Oklahoma transaction [27][28] Question: What are the expectations for loan payoffs? - Payoff activity is expected to normalize, with historical averages anticipated to return, contributing to loan growth [30][31] Question: How is the company monitoring potential strains in the credit portfolio? - Management is closely watching all areas, particularly consumer and agricultural sectors, but currently sees no significant strain [33][34] Question: What is the outlook for M&A activity? - The company continues to explore M&A opportunities, focusing on strategic fit and integration potential [55]

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Exhibit 99.2 2025 3rd Quarter Financial Results October 14, 2025 Forward Looking Statements 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 benef ...

Core Insights - Equity Bancshares (EQBK) reported a revenue of $71.36 million for the quarter ended September 2025, reflecting a year-over-year increase of 28.9% [1] - The earnings per share (EPS) for the quarter was $1.21, a decrease from $1.31 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate by 2.9%, while the EPS surpassed the consensus estimate by 22.22% [1] Financial Metrics - Net Interest Margin was reported at 4.5%, higher than the estimated 4.3% by analysts [4] - The Efficiency Ratio stood at 58.3%, significantly better than the average estimate of 63.7% [4] - Total Non-Interest Income was $8.87 million, below the average estimate of $9.19 million [4] - Net Interest Income reached $62.49 million, exceeding the average estimate of $60.16 million [4] Stock Performance - Over the past month, shares of Equity Bancshares have returned -1.3%, contrasting with the Zacks S&P 500 composite's increase of +1.1% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), suggesting potential outperformance against the broader market in the near term [3]

Group 1 - Equity Bancshares (EQBK) reported quarterly earnings of $1.21 per share, exceeding the Zacks Consensus Estimate of $0.99 per share, but down from $1.31 per share a year ago, representing an earnings surprise of +22.22% [1] - The company achieved revenues of $71.36 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.90% and increasing from $55.35 million year-over-year [2] - Over the last four quarters, Equity Bancshares has consistently surpassed consensus EPS estimates and topped revenue estimates three times [2] Group 2 - The stock has underperformed the market, losing about 4.6% since the beginning of the year, while the S&P 500 gained 13.1% [3] - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $1.16 for the coming quarter and $3.75 for the current fiscal year [7] - The Zacks Industry Rank for Banks - Northeast is in the top 30% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] Group 3 - The estimate revisions trend for Equity Bancshares was favorable ahead of the earnings release, resulting in a Zacks Rank 1 (Strong Buy) for the stock, suggesting expected outperformance in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - Another company in the same industry, Webster Financial (WBS), is expected to report quarterly earnings of $1.52 per share, reflecting a year-over-year change of +13.4% [9]