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Summary of Equity Bancshares (EQBK) M&A Announcement Company and Industry - **Company**: Equity Bancshares Inc. - **Industry**: Banking and Financial Services Key Points and Arguments 1. **Merger Announcement**: Equity Bancshares Inc. has entered into an agreement to merge with Frontier Holdings, the parent company of Frontier Bank, marking a significant step in the company's growth strategy [3][11]. 2. **Strategic Vision**: The merger is seen as the realization of a strategic vision pursued for over a decade, with Nebraska identified as a growth priority [3][4]. 3. **Market Expansion**: The merger expands Equity's footprint into key Nebraska markets including Omaha, Lincoln, Falls City, Pender, Madison, and Norfolk, which are characterized by vibrant customer bases and long-term growth potential [4][5]. 4. **Cultural Alignment**: The merger emphasizes cultural alignment, with both organizations sharing a commitment to community service and prudent growth. Frontier Bank is recognized for its conservative credit culture and strong asset quality [5][6]. 5. **Retention of Local Leadership**: All Frontier branches will be retained, and local leadership will remain in place to ensure continuity and local decision-making [6][11]. 6. **Financial Metrics**: The merger is expected to be approximately $0.34 accretive to earnings per share in 2026 and $0.45 in 2027, with a tangible book value earn-back projected at 2.8 years [15][16]. 7. **Cost Synergies**: Estimated synergistic cost savings of approximately 22.8% are expected, with 85% realized in 2026 and 100% in 2027 [16]. 8. **Loan Portfolio Review**: A comprehensive review of Frontier's loan portfolio confirmed strong performance and alignment with Equity's conservative credit culture, with 72% of exposures under $5 million [12][16]. 9. **Transaction Details**: Frontier Holdings shareholders will receive 2.22 million shares of Equity Bancshares stock and approximately $32.5 million in cash consideration [15][16]. 10. **Bond Portfolio Repositioning**: Equity announced a partial repositioning of its bond portfolio, selling $358.8 million of securities to redeploy into higher-yielding assets, expected to add $7.4 million in annual pre-tax earnings [16][17]. Other Important Content 1. **Future M&A Opportunities**: Equity Bancshares is open to future M&A opportunities, particularly in markets like Des Moines, Omaha, and Oklahoma City, while focusing on the integration of the current mergers [54][55]. 2. **Fee Income Growth**: There are opportunities to grow fee income, particularly in treasury management and wealth management services, leveraging Frontier's existing assets [20][22][23]. 3. **Ag Lending Strategy**: Equity plans to leverage its relationship-based lending approach in Nebraska's agricultural sector, which is characterized by stable returns and strong relationships [35][36]. 4. **Deposit Growth Focus**: The company aims to grow its deposit base in Nebraska and other core markets, viewing the merger as a strategic move to enhance asset growth [48][49]. 5. **Community Commitment**: The merger is framed as a commitment to community banking, emphasizing exceptional service for customers and sustainable returns for shareholders [18].

Transaction Overview - Equity Bancshares, Inc (EQBK) 将收购 Frontier Holdings, LLC[3, 10] - 总交易价值约为 1.228 亿美元[13] - Frontier Bank 在内布拉斯加州东部拥有 7 家分行，资产达 14 亿美元[6] Financial Impact - 预计 2027 年每股收益将增加 9.8%，成本节约约为 23%[6] - 有形账面价值回收期为 2.8 年[6, 8] - 预计 2026 年每股收益增长 7.7%[8] - 不良贷款信用评级为 1440 万美元，相当于总贷款的 1.1%[13] Pro Forma Financials - 合并后的总资产为 79 亿美元，总贷款为 56 亿美元，总存款为 63 亿美元[8] - 合并后有形普通股/有形资产比率为 8.7%[8] Strategic Rationale - 本次收购是 EQBK 自 2015 年以来宣布的第 14 次收购，也是 2025 年的第二次收购[6] - Frontier 的非利息支出预计可节省约 23%[14]

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents Equity Bancshares, Inc.'s unaudited condensed interim consolidated financial statements and accompanying notes for the periods ended June 30, 2025, and December 31, 2024 [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Summarizes Equity Bancshares, Inc.'s financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total Assets | $5,373,837 | $5,332,047 | | Total Liabilities | $4,738,201 | $4,739,129 | | Total Stockholders' Equity | $635,636 | $592,918 | | Loans, net | $3,555,458 | $3,457,549 | | Total Deposits | $4,234,918 | $4,374,789 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Details Equity Bancshares, Inc.'s revenues, expenses, and net income for the three and six months ended June 30, 2025, and 2024 Consolidated Statements of Income Highlights (in thousands, except per share) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total Interest and Dividend Income | $74,187 | $75,132 | $148,871 | $146,899 | | Total Interest Expense | $24,385 | $28,656 | $48,777 | $56,241 | | Net Interest Income | $49,802 | $46,476 | $100,094 | $90,658 | | Provision for Credit Losses | $19 | $265 | $2,741 | $1,265 | | Total Non-Interest Income | $8,589 | $8,958 | $18,919 | $20,689 | | Total Non-Interest Expense | $40,001 | $38,871 | $79,051 | $76,023 | | Net Income | $15,264 | $11,716 | $30,305 | $25,784 | | Diluted EPS | $0.86 | $0.76 | $1.72 | $1.67 | [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Presents Equity Bancshares, Inc.'s comprehensive income, including net income and other comprehensive income (loss), for the periods ended June 30, 2025, and 2024 Consolidated Statements of Comprehensive Income Highlights (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net Income | $15,264 | $11,716 | $30,305 | $25,784 | | Other Comprehensive Income (Loss), net of tax | $4,696 | ($1,217) | $14,912 | ($4,085) | | Comprehensive Income (Loss) | $19,960 | $10,499 | $45,217 | $21,699 | [Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Outlines changes in Equity Bancshares, Inc.'s stockholders' equity, including common stock, retained earnings, and comprehensive income, for the periods ended June 30, 2025, and January 1, 2025 Consolidated Statements of Stockholders' Equity Highlights (in thousands) | Metric | Balance at June 30, 2025 | Balance at January 1, 2025 | | :-------------------- | :----------------------- | :------------------------- | | Common Stock | $231 | $230 | | Additional Paid-In Capital | $587,547 | $584,424 | | Retained Earnings | $219,876 | $194,920 | | Accumulated Other Comprehensive Income (Loss) | ($40,269) | ($55,181) | | Treasury Stock | ($131,749) | ($131,475) | | Total Stockholders' Equity | $635,636 | $592,918 | - Cash dividends paid on common stock for the six months ended June 30, 2025, totaled **$5,260 thousand**, at **$0.30 per share**[22](index=22&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Reports Equity Bancshares, Inc.'s cash flows from operating, investing, and financing activities for the six months ended June 30, 2025, and 2024 Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | | Net Cash Provided by Operating Activities | $49,943 | $28,669 | | Net Cash (Used in) Provided by Investing Activities | ($47,428) | $28,870 | | Net Cash (Used in) Provided by Financing Activities | ($20,058) | ($176,372) | | Net Change in Cash and Cash Equivalents | ($17,543) | ($118,833) | | Ending Cash and Cash Equivalents | $366,204 | $260,266 | - Investing activities included significant purchases of available-for-sale securities (**$78,940 thousand**) and government guaranteed loans (**$61,987 thousand**), offset by proceeds from sales/maturities of available-for-sale securities (**$131,214 thousand**)[25](index=25&type=chunk) - Financing activities were impacted by a decrease in deposits (**$139,927 thousand**) and principal payments on subordinated debt (**$75,000 thousand**), partially offset by FHLB advances (**$205,603 thousand** net)[26](index=26&type=chunk) [Condensed Notes to Interim Consolidated Financial Statements](index=12&type=section&id=Condensed%20Notes%20to%20Interim%20Consolidated%20Financial%20Statements) Provides detailed disclosures on significant accounting policies, financial instruments, loans, and other financial matters for the interim periods - The financial statements are prepared in accordance with GAAP for interim financial information and SEC guidance, and do not include all footnotes required for complete annual financial statements[29](index=29&type=chunk) - Recent accounting pronouncements (ASU 2023-09, ASU 2024-03, ASU 2025-01) will impact financial statement disclosures but not the Company's financial condition, results of operations, or cash flows[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) Available-for-Sale Securities Fair Value (in thousands) | Security Type | June 30, 2025 | December 31, 2024 | | :------------ | :------------ | :---------------- | | U.S. Government-sponsored entities | $66,423 | $65,094 | | U.S. Treasury securities | $43,710 | $86,563 | | Mortgage-backed securities | $701,301 | $690,174 | | Corporate | $51,535 | $58,652 | | SBA loan pools | $39,281 | $29,928 | | State and political subdivisions | $71,152 | $74,044 | | **Total Available-for-Sale Securities** | **$973,402** | **$1,004,455** | - Unrealized losses on available-for-sale and held-to-maturity securities have not been recognized into income due to high credit quality of issuers, management's intent not to sell, and expectation of recovery as securities approach maturity[42](index=42&type=chunk) Loan Categories (in thousands) | Loan Category | June 30, 2025 | December 31, 2024 | | :------------ | :------------ | :---------------- | | Commercial real estate | $1,854,294 | $1,830,514 | | Commercial and industrial | $753,339 | $658,865 | | Residential real estate | $565,755 | $566,766 | | Agricultural real estate | $226,125 | $267,248 | | Agricultural | $94,981 | $87,339 | | Consumer | $106,234 | $90,084 | | **Total Loans** | **$3,600,728** | **$3,500,816** | | Allowance for credit losses | ($45,270) | ($43,267) | | **Net Loans** | **$3,555,458** | **$3,457,549** | - The Company purchased **$61,987 thousand** in government-guaranteed loans during the six months ended June 30, 2025, compared to **$6,907 thousand** in the same period of 2024[62](index=62&type=chunk) Allowance for Credit Losses Activity (in thousands) - Six Months Ended June 30 | Metric | 2025 | 2024 | | :----- | :--- | :--- | | Beginning balance | $43,267 | $43,520 | | Provision for credit losses | $2,741 | $1,265 | | Loans charged-off | ($2,257) | ($2,262) | | Recoveries | $1,519 | $368 | | **Total ending allowance balance** | **$45,270** | **$43,487** | - Non-accrual loans totaled **$50,242 thousand** at June 30, 2025, up from **$35,404 thousand** at December 31, 2024[69](index=69&type=chunk)[70](index=70&type=chunk) - Loans modified to borrowers experiencing financial difficulty totaled **$3,958 thousand** for the six months ended June 30, 2025, compared to **$4,301 thousand** in the prior year[90](index=90&type=chunk) - The Company uses interest rate swaps for fair value hedges (commercial real estate loans) and cash flow hedges (subordinated debt, FHLB advances, adjustable rate loans)[101](index=101&type=chunk)[102](index=102&type=chunk) Notional Balances and Fair Values of Derivatives (in thousands) | Derivative Type | Notional Amount (June 30, 2025) | Derivative Assets (June 30, 2025) | Derivative Liabilities (June 30, 2025) | Notional Amount (Dec 31, 2024) | Derivative Assets (Dec 31, 2024) | Derivative Liabilities (Dec 31, 2024) | | :-------------- | :------------------------------ | :-------------------------------- | :----------------------------------- | :----------------------------- | :------------------------------- | :------------------------------------ | | Hedging Instruments | $13,903 | $1,072 | $0 | $14,503 | $1,465 | $0 | | Cash Flow Hedges | $107,500 | $2,180 | $0 | $107,500 | $2,753 | $0 | | Non-Hedging Instruments | $179,113 | $3,039 | $2,898 | $143,831 | $3,837 | $3,546 | | **Total** | **$300,516** | **$6,291** | **$2,898** | **$265,834** | **$8,055** | **$3,546** | Recorded Investment in OREO and Repossessed Assets (in thousands) | Asset Type | June 30, 2025 | December 31, 2024 | | :--------- | :------------ | :---------------- | | Other Real Estate Owned | $4,621 | $4,773 | | Other Repossessed Assets | $187 | $4,811 | | **Total** | **$4,808** | **$9,584** | - Total operating lease liability was **$3,580 thousand** at June 30, 2025, with a weighted average lease term of **12.6 years** and a discount rate of **3.30%**[123](index=123&type=chunk) Borrowings (in thousands) | Borrowing Type | June 30, 2025 | December 31, 2024 | | :------------- | :------------ | :---------------- | | Federal funds purchased and retail repurchase agreements | $36,420 | $37,246 | | Federal Home Loan Bank advances | $383,676 | $178,073 | | Subordinated debt | $24,125 | $97,477 | | **Total** | **$444,221** | **$312,796** | - The Company executed an early redemption on subordinated notes on June 30, 2025, realizing a loss of **$1,361 thousand** from the write-off of debt issue costs[150](index=150&type=chunk) - The Board authorized a share repurchase plan for up to **1,000,000 shares** of common stock, effective October 1, 2024, and concluding September 30, 2025. As of June 30, 2025, **7,500 shares** were repurchased under this program[159](index=159&type=chunk) Accumulated Other Comprehensive Income (Loss) (in thousands) | Component | June 30, 2025 | December 31, 2024 | | :-------- | :------------ | :---------------- | | Net unrealized or unamortized gains (losses) | ($52,929) | ($72,724) | | Tax effect | $12,660 | $17,543 | | **Total** | **($40,269)** | **($55,181)** | - Equity Bank was categorized as "**well capitalized**" under regulatory frameworks as of June 30, 2025, meeting all minimum regulatory capital ratios[165](index=165&type=chunk) Capital Ratios (Equity Bancshares, Inc.) | Capital Ratio | June 30, 2025 | December 31, 2024 | Minimum Required (Basel III) | | :------------ | :------------ | :---------------- | :--------------------------- | | Total Capital to Risk Weighted Assets | 16.84% | 18.07% | 10.50% | | Tier 1 Capital to Risk Weighted Assets | 15.67% | 15.11% | 8.50% | | Common Equity Tier 1 Capital to Risk Weighted Assets | 15.07% | 14.51% | 7.00% | | Tier 1 Leverage to Average Assets | 12.07% | 11.67% | 4.00% | Basic and Diluted EPS | EPS Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Basic EPS | $0.87 | $0.77 | $1.73 | $1.68 | | Diluted EPS | $0.86 | $0.76 | $1.72 | $1.67 | - The Company uses Level 1 and Level 2 inputs for recurring fair value measurements of available-for-sale securities and derivatives, and Level 3 inputs for non-recurring measurements of individually evaluated loans and OREO[178](index=178&type=chunk)[179](index=179&type=chunk)[184](index=184&type=chunk) Commitments to Originate Loans and Unused Lines of Credit (in thousands) | Commitment Type | June 30, 2025 Fixed Rate | June 30, 2025 Variable Rate | Dec 31, 2024 Fixed Rate | Dec 31, 2024 Variable Rate | | :-------------- | :----------------------- | :-------------------------- | :---------------------- | :------------------------- | | Commitments to make loans | $39,584 | $313,401 | $28,758 | $389,370 | | Unused lines of credit | $165,155 | $419,052 | $162,753 | $377,091 | - Standby letters of credit totaled **$45,010 thousand** at June 30, 2025, compared to **$42,796 thousand** at December 31, 2024[200](index=200&type=chunk) - Equity Bank is party to three class action lawsuits alleging improperly collected overdraft fees, with the Company intending to vigorously defend against the claims and currently unable to reasonably estimate loss amounts[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) - The majority of the Company's revenue comes from interest income on financial instruments, with ASC 606-scoped revenues (service charges, debit card income, etc.) recognized in non-interest income[205](index=205&type=chunk) Non-Interest Income (in thousands) | Non-Interest Income | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Service charges and fees | $2,177 | $2,541 | $4,241 | $5,110 | | Debit card income | $3,052 | $2,621 | $5,556 | $5,068 | | Mortgage banking | $212 | $245 | $318 | $433 | | Increase in value of bank-owned life insurance | $1,321 | $911 | $4,914 | $1,739 | | Other | $1,815 | $2,607 | $3,866 | $7,023 | | **Total Non-Interest Income** | **$8,589** | **$8,958** | **$18,919** | **$20,689** | - On April 2, 2025, the Company entered into an agreement to acquire NBC Corp. of Oklahoma, with the merger closing on July 2, 2025. Acquisition-related costs for Q2 2025 were **$356 thousand**[208](index=208&type=chunk)[219](index=219&type=chunk) - The Company operates as a single operating segment for financial reporting purposes, focusing on loan and deposit products[209](index=209&type=chunk) - On July 17, 2025, the Company completed an offering of **$75,000 thousand** in **7.125%** fixed-to-floating rate subordinated notes due August 1, 2035[220](index=220&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes Equity Bancshares, Inc.'s financial condition and operating results, including net interest income, credit losses, non-interest income/expense, and capital, for Q2 2025 and 2024 [Overview](index=59&type=section&id=Overview) Provides a high-level summary of Equity Bancshares, Inc.'s financial performance and key metrics for the periods presented Key Financial Highlights (in millions) | Metric | June 30, 2025 | | :----- | :------------ | | Total Assets | $5,370 | | Total Loans (net of allowance) | $3,560 | | Total Deposits | $4,230 | | Total Stockholders' Equity | $635.6 | | Net Income (3 months) | $15.3 | | Net Income (6 months) | $30.3 | [Critical Accounting Policies](index=59&type=section&id=Critical%20Accounting%20Policies) Discusses key accounting policies, including the Allowance for Credit Losses and Goodwill impairment, and their impact on financial reporting - The Allowance for Credit Losses (ACL) is management's estimate of all expected credit losses over the expected life of the loan portfolio, considering historical loss experience, current and projected economic conditions, and asset quality trends[228](index=228&type=chunk) - Goodwill, resulting from business acquisitions, is assessed at least annually for impairment, with a qualitative assessment performed quarterly. No triggering event for impairment was identified for the quarter ended June 30, 2025[230](index=230&type=chunk) [Results of Operations](index=60&type=section&id=Results%20of%20Operations) Analyzes Equity Bancshares, Inc.'s net income, net interest income, provision for credit losses, non-interest income, and non-interest expense for the periods Net Income and Diluted EPS (YoY Change) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :----- | :--------------------------- | :--------------------------- | :----- | | Net Income (in thousands) | $15,264 | $11,716 | +$3,548 | | Diluted EPS | $0.86 | $0.76 | +$0.10 | | | | | | | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :----- | :--------------------------- | :--------------------------- | :----- | | Net Income (in thousands) | $30,305 | $25,784 | +$4,521 | | Diluted EPS | $1.72 | $1.67 | +$0.05 | Net Interest Income and Margin | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :----- | :--------------------------- | :--------------------------- | :----- | | Net Interest Income (in thousands) | $49,802 | $46,476 | +$3,326 | | Net Interest Margin (annualized) | 4.17% | 3.94% | +23 bp | | Net Interest Spread (annualized) | 3.50% | 3.28% | +22 bp | | | | | | | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :----- | :--------------------------- | :--------------------------- | :----- | | Net Interest Income (in thousands) | $100,094 | $90,658 | +$9,436 | | Net Interest Margin (annualized) | 4.22% | 3.84% | +38 bp | | Net Interest Spread (annualized) | 3.57% | 3.19% | +38 bp | - The increase in net interest income for the three months was driven by a **$3.1 million** volume increase, partially offset by a **$211 thousand** rate/yield decrease[244](index=244&type=chunk) - For the six months, net interest income increased due to a **$5.6 million** volume increase and a **$3.9 million** rate/yield increase[255](index=255&type=chunk) Provision for Credit Losses and Net Charge-offs (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :----- | :--------------------------- | :--------------------------- | :----- | | Provision for Credit Losses | $19 | $265 | -$246 | | Net Charge-offs | $573 | $1,227 | -$654 | | | | | | | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :----- | :--------------------------- | :--------------------------- | :----- | | Provision for Credit Losses | $2,741 | $1,265 | +$1,476 | | Net Charge-offs | $738 | $1,894 | -$1,156 | - The lower provision for Q2 2025 was due to decreased exposure in commercial and industrial and agricultural portfolios. The increase for the six months was primarily due to loan growth and a general decline in the economic outlook[260](index=260&type=chunk)[261](index=261&type=chunk) Non-Interest Income (in thousands) | Non-Interest Income | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :------------------ | :--------------------------- | :--------------------------- | :----- | | Service charges and fees | $2,177 | $2,541 | -$364 | | Debit card income | $3,052 | $2,621 | +$431 | | Increase in value of bank-owned life insurance | $1,321 | $911 | +$410 | | Recovery on zero-basis purchased loans | $1 | $1,028 | -$1,027 | | **Total Non-Interest Income** | **$8,589** | **$8,958** | **-$369** | | | | | | | Non-Interest Income | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :------------------ | :--------------------------- | :--------------------------- | :----- | | Service charges and fees | $4,241 | $5,110 | -$869 | | Debit card income | $5,556 | $5,068 | +$488 | | Increase in value of bank-owned life insurance | $4,914 | $1,739 | +$3,175 | | Recovery on zero-basis purchased loans | $3 | $4,373 | -$4,370 | | Net gain on acquisition and branch sales | $0 | $1,300 | -$1,300 | | **Total Non-Interest Income** | **$18,919** | **$20,689** | **-$1,770** | - The decrease in non-interest income was largely due to a reduction in recovery on zero-basis loans and a net decrease in gain on branch acquisition and sales, partially offset by an increase in the value of bank-owned life insurance[266](index=266&type=chunk)[268](index=268&type=chunk) Non-Interest Expense (in thousands) | Non-Interest Expense | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :------------------- | :--------------------------- | :--------------------------- | :----- | | Salaries and employee benefits | $19,735 | $17,827 | +$1,908 | | Loss on debt extinguishment | $1,361 | $0 | +$1,361 | | Merger expenses | $355 | $2,287 | -$1,932 | | **Total Non-Interest Expense** | **$40,001** | **$38,871** | **+$1,130** | | | | | | | Non-Interest Expense | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :------------------- | :--------------------------- | :--------------------------- | :----- | | Salaries and employee benefits | $39,689 | $35,924 | +$3,765 | | Courier and postage | $1,633 | $1,226 | +$407 | | Loss on debt extinguishment | $1,361 | $0 | +$1,361 | | Merger expenses | $421 | $3,843 | -$3,422 | | **Total Non-Interest Expense** | **$79,051** | **$76,023** | **+$3,028** | - The increase in non-interest expense was primarily due to higher salaries and employee benefits, and a **$1.4 million** loss on debt extinguishment, partially offset by a significant decrease in merger expenses[272](index=272&type=chunk)[273](index=273&type=chunk)[275](index=275&type=chunk)[278](index=278&type=chunk)[279](index=279&type=chunk)[281](index=281&type=chunk) Efficiency Ratio | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :----- | :--------------------------- | :--------------------------- | :----- | | Efficiency Ratio | 63.62% | 63.77% | -0.15% | | | | | | | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :----- | :--------------------------- | :--------------------------- | :----- | | Efficiency Ratio | 63.01% | 63.61% | -0.60% | - The efficiency ratio improved due to a greater percentage increase in interest and other income compared to the percentage increase in non-interest expenses (excluding merger and debt extinguishment costs)[283](index=283&type=chunk)[284](index=284&type=chunk) Effective Income Tax Rate | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change | | :----- | :--------------------------- | :--------------------------- | :----- | | Effective Income Tax Rate | 16.9% | 28.1% | -11.2% | | | | | | | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change | | :----- | :--------------------------- | :--------------------------- | :----- | | Effective Income Tax Rate | 18.6% | 24.3% | -5.7% | - The decrease in the effective tax rate for Q2 2025 was due to interest income from federal carry-back claims and increased tax benefits from a new solar tax investment, as well as non-recurrence of a prior year BOLI tax gain[287](index=287&type=chunk) [Financial Condition](index=69&type=section&id=Financial%20Condition) Examines Equity Bancshares, Inc.'s balance sheet components, including assets, liabilities, loan portfolio, and nonperforming assets, as of June 30, 2025, and December 31, 2024 Financial Condition Summary (in millions) | Metric | June 30, 2025 | December 31, 2024 | Change | | :----- | :------------ | :---------------- | :----- | | Total Assets | $5,370 | $5,332 | +$41.8 | | Total Liabilities | $4,738 | $4,739 | -$0.9 | | Total Stockholders' Equity | $635.6 | $592.9 | +$42.7 | - The increase in total assets was primarily due to a **$97.9 million** increase in loans held for investment, net of allowance, partially offset by a **$31.1 million** decrease in available-for-sale securities and a **$17.5 million** decrease in cash and cash equivalents[289](index=289&type=chunk) Loan Portfolio Composition (in thousands) | Loan Type | June 30, 2025 Amount | June 30, 2025 Percent | December 31, 2024 Amount | December 31, 2024 Percent | Change | % Change | | :-------- | :------------------- | :-------------------- | :----------------------- | :------------------------ | :----- | :------- | | Commercial and industrial | $753,339 | 20.9% | $658,865 | 18.8% | +$94,474 | 14.3% | | Commercial real estate | $1,854,294 | 51.5% | $1,830,514 | 52.3% | +$23,780 | 1.3% | | Residential real estate | $565,755 | 15.7% | $566,766 | 16.2% | -$1,011 | (0.2)% | | Agricultural real estate | $226,125 | 6.3% | $267,248 | 7.6% | -$41,123 | (15.4)% | | Agricultural | $94,981 | 2.6% | $87,339 | 2.5% | +$7,642 | 8.7% | | Consumer | $106,234 | 3.0% | $90,084 | 2.6% | +$16,150 | 17.9% | | **Total Loans Held for Investment** | **$3,600,728** | **100.0%** | **$3,500,816** | **100.0%** | **+$99,912** | **2.9%** | - Gross total loans, including loans held for sale, were **85.0%** of deposits and **67.0%** of total assets at June 30, 2025, up from **80.0%** of deposits and **65.7%** of total assets at December 31, 2024[295](index=295&type=chunk) Loan Maturity and Interest Rate Sensitivity (June 30, 2025, in thousands) | Maturity | Fixed Interest Rate | Adjustable/Floating Interest Rate | Total | | :------- | :------------------ | :-------------------------------- | :---- | | One year or less | $345,364 | $558,141 | $903,505 | | After one year through five years | $605,595 | $997,557 | $1,603,152 | | After five years through fifteen years | $102,759 | $390,518 | $493,277 | | After fifteen years | $281,376 | $319,418 | $600,794 | | **Total** | **$1,335,094** | **$2,265,634** | **$3,600,728** | Nonperforming Assets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :----- | :------------ | :---------------- | | Non-accrual loans | $42,598 | $27,050 | | Accruing loans 90 or more days past due | $482 | $181 | | OREO acquired through foreclosure, net | $2,480 | $2,632 | | Other repossessed assets | $187 | $4,812 | | **Total Nonperforming Assets** | **$45,747** | **$34,675** | | Nonperforming assets to total assets | 0.85% | 0.65% | - The increase in nonperforming assets was primarily due to an increase in non-accrual loans[310](index=310&type=chunk) - Potential problem loans (special mention or substandard, but performing) totaled **$24.0 million** at June 30, 2025, down from **$35.4 million** at December 31, 2024[313](index=313&type=chunk) - Management believes the allowance for credit losses of **$45.27 million** at June 30, 2025, was adequate to cover current expected credit losses[318](index=318&type=chunk)[319](index=319&type=chunk) ACL to Total Loans and Non-accrual Loans | Metric | June 30, 2025 | December 31, 2024 | | :----- | :------------ | :---------------- | | ACL to total loans | 1.3% | 1.3% | | ACL to non-accrual loans | 106.3% | 163.8% | - Securities represented **18.2%** of total assets at June 30, 2025, a slight decrease from **18.9%** at December 31, 2024[321](index=321&type=chunk) Available-for-Sale Securities (in thousands) | Security Type | June 30, 2025 Fair Value | December 31, 2024 Fair Value | | :------------ | :----------------------- | :--------------------------- | | U.S. Government-sponsored entities | $66,423 | $65,094 | | U.S. Treasury securities | $43,710 | $86,563 | | Mortgage-backed securities | $701,301 | $690,174 | | Corporate | $51,535 | $58,652 | | SBA loan pools | $39,281 | $29,928 | | State and political subdivisions | $71,152 | $74,044 | | **Total** | **$973,402** | **$1,004,455** | - At June 30, 2025, **71.0%** of residential mortgage-backed securities had contractual final maturities of more than ten years, with a weighted average life of **4.8 years**[331](index=331&type=chunk) Composition of Deposits (in thousands) | Deposit Type | June 30, 2025 Amount | June 30, 2025 Percent | December 31, 2024 Amount | December 31, 2024 Percent | | :----------- | :------------------- | :-------------------- | :----------------------- | :------------------------ | | Non-interest-bearing demand | $912,898 | 21.6% | $954,065 | 21.8% | | Interest-bearing demand | $1,067,555 | 25.2% | $1,172,577 | 26.8% | | Savings and money market | $1,426,730 | 33.7% | $1,511,620 | 34.6% | | Time | $827,735 | 19.5% | $736,527 | 16.8% | | **Total Deposits** | **$4,234,918** | **100.0%** | **$4,374,789** | **100.0%** | - Total deposits decreased by **$139.9 million (3.2%)** from December 31, 2024, primarily due to decreases in savings and money market deposits and interest-bearing demand deposits, partially offset by an increase in time deposits[336](index=336&type=chunk) Reciprocal and Brokered Deposits (in thousands) | Deposit Type | June 30, 2025 | December 31, 2024 | | :----------- | :------------ | :---------------- | | Total reciprocal and brokered deposits | $609,490 | $730,653 | [Liquidity and Capital Resources](index=79&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses Equity Bancshares, Inc.'s liquidity position, funding sources, and regulatory capital compliance as of June 30, 2025 - Cash and cash equivalents decreased by **$17.5 million** to **$366.2 million** at June 30, 2025, driven by net cash used in investing (**$47.4 million**) and financing (**$20.1 million**) activities, offset by net cash provided by operating activities (**$49.9 million**)[350](index=350&type=chunk) - The Company's liquidity needs are primarily met by core deposits, security and loan maturities, and amortizing portfolios, supplemented by federal funds purchased, brokered CDs, and FHLB/Federal Reserve Bank borrowings[348](index=348&type=chunk) - As of June 30, 2025, both Equity Bancshares, Inc. and Equity Bank met all "**well capitalized**" regulatory capital requirements[355](index=355&type=chunk)[357](index=357&type=chunk) [Non-GAAP Financial Measures](index=80&type=section&id=Non-GAAP%20Financial%20Measures) Reconciles and presents non-GAAP financial measures such as tangible book value, core return on equity, and core earnings per share Tangible Book Value Per Share | Metric | June 30, 2025 | December 31, 2024 | | :----- | :------------ | :---------------- | | Book value per common share | $36.27 | $34.04 | | Tangible book value per common share | $32.17 | $30.07 | | Tangible book value per diluted common share | $31.89 | $29.70 | Tangible Common Equity to Tangible Assets | Metric | June 30, 2025 | December 31, 2024 | | :----- | :------------ | :---------------- | | Equity to assets | 11.83% | 11.12% | | Tangible common equity to tangible assets | 10.63% | 9.95% | Core Return on Average Equity & ROATCE (Annualized) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | | :----- | :--------------------------- | :--------------------------- | | Return on average equity (ROAE) | 9.76% | 10.35% | | Core return on average equity | 11.18% | 14.25% | | Return on average tangible common equity (ROATCE) | 11.69% | 13.31% | | Core return on average tangible common equity (CROATCE) | 12.64% | 16.89% | Core Net Income and EPS (in thousands, except per share) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | | :----- | :--------------------------- | :--------------------------- | | Net income (loss) allocable to common stockholders | $15,264 | $11,716 | | Adjusted operating net income | $17,515 | $16,217 | | GAAP earnings (loss) per diluted share | $0.86 | $0.76 | | Core earnings (loss) per diluted share | $0.99 | $1.05 | Efficiency Ratio | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | | :----- | :--------------------------- | :--------------------------- | | Efficiency Ratio | 63.62% | 63.77% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=85&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Identifies interest rate volatility as the primary market risk and details its potential impact on net interest income and economic value of equity - The primary component of market risk is interest rate volatility, impacting net interest income (NII) and economic value of equity (EVE)[382](index=382&type=chunk) - The Asset Liability Committee (ALCO) manages interest rate risk by structuring the balance sheet and using simulation analysis to monitor NII and EVE sensitivity[384](index=384&type=chunk)[386](index=386&type=chunk) Impact on Net Interest Income from Interest Rate Shocks | Change in Prevailing Interest Rates | June 30, 2025 | December 31, 2024 | | :---------------------------------- | :------------ | :---------------- | | +300 basis points | 8.9% | 11.9% | | +200 basis points | 5.9% | 7.9% | | +100 basis points | 2.8% | 3.9% | | -100 basis points | (1.1)% | (2.4)% | | -200 basis points | (2.3)% | (4.9)% | | -300 basis points | (3.8)% | (8.1)% | Impact on Economic Value of Equity from Interest Rate Shocks | Change in Prevailing Interest Rates | June 30, 2025 | December 31, 2024 | | :---------------------------------- | :------------ | :---------------- | | +300 basis points | (8.4)% | (6.5)% | | +200 basis points | (5.7)% | (4.2)% | | +100 basis points | (3.1)% | (2.4)% | | -100 basis points | (0.2)% | 0.3% | | -200 basis points | (2.2)% | (1.5)% | | -300 basis points | (6.2)% | (5.1)% | [Item 4. Controls and Procedures](index=87&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of Equity Bancshares, Inc.'s disclosure controls and procedures and reports no material changes in internal control over financial reporting - Disclosure controls and procedures were deemed effective as of June 30, 2025, ensuring timely and accurate reporting of information[394](index=394&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[395](index=395&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=88&type=section&id=Item%201.%20Legal%20Proceedings) Details ongoing legal matters, including class action lawsuits regarding overdraft fees, and the Company's inability to estimate potential losses - Equity Bank is defending against three class action lawsuits concerning alleged improperly collected overdraft fees[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk)[396](index=396&type=chunk) - The Company is currently unable to reasonably estimate the loss amount for these legal proceedings[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) [Item 1A. Risk Factors](index=88&type=section&id=Item%201A.%20Risk%20Factors) States that no material changes to previously disclosed risk factors have occurred since the last annual report filing - No material changes to risk factors were reported compared to the Annual Report on Form 10-K filed March 7, 2025[397](index=397&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=88&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Reports on the Company's share repurchase program and the number of shares repurchased during the period - A share repurchase program for up to **1,000,000 shares** was authorized, effective October 1, 2024, and ending September 30, 2025[398](index=398&type=chunk) Common Stock Repurchases (April 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Number of Shares That May Yet Be Purchased | | :----- | :------------------------------- | :--------------------------- | :------------------------------------------------- | | April 1, 2025 through April 30, 2025 | 7,500 | $36.49 | 992,500 | [Item 3. Defaults Upon Senior Securities](index=88&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Confirms that no defaults on senior securities were reported by the Company during the specified period - No defaults upon senior securities were reported[400](index=400&type=chunk) [Item 4. Mine Safety Disclosures](index=88&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Indicates that this disclosure item is not applicable to Equity Bancshares, Inc.'s operations - Mine Safety Disclosures are not applicable[400](index=400&type=chunk) [Item 5. Other Information](index=88&type=section&id=Item%205.%20Other%20Information) Confirms that no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted, terminated, or modified by directors or officers - No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted, terminated, or modified by directors or officers during the period[401](index=401&type=chunk) [Item 6. Exhibits](index=88&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including acquisition agreements and regulatory certifications - Key exhibits include the Agreement and Plan of Reorganization with NBC Corp. of Oklahoma, CEO and CFO certifications (Rule 13a-14(a) and 18 U.S.C. Section 1350), and Inline XBRL documents[402](index=402&type=chunk)[405](index=405&type=chunk)

Core Viewpoint - Equity Bancshares (EQBK) has experienced a bearish trend, losing 12.9% over the past two weeks, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1][2]. Technical Analysis - The hammer chart pattern indicates a potential bottom in a downtrend, where the stock opens lower, makes a new low, but then finds support and closes near its opening price, signaling that bears may be losing control [4][5]. - Hammer candles can appear on various timeframes and are utilized by both short-term and long-term investors [5]. Fundamental Analysis - There has been a positive trend in earnings estimate revisions for EQBK, with a 2.4% increase in the consensus EPS estimate over the last 30 days, indicating that analysts expect better earnings than previously predicted [7][8]. - EQBK holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10].

Core Viewpoint - Equity Bancshares (EQBK) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts for the current and following years, highlighting the importance of earnings revisions in stock price movements [1][4]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, with institutional investors using these estimates to determine fair value, leading to significant trading activity that affects stock prices [4][6]. Company Performance and Outlook - The upgrade for Equity Bancshares suggests an improvement in the company's underlying business, which is expected to be recognized by investors through a potential increase in stock price [5][10]. - For the fiscal year ending December 2025, Equity Bancshares is projected to earn $3.68 per share, with a 2.9% increase in the Zacks Consensus Estimate over the past three months [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7][9]. - The upgrade to Zacks Rank 2 places Equity Bancshares in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Group 1 - The focus is on producing objective, data-driven research primarily about small- to mid-cap companies, which are often overlooked by many investors [1] - Occasionally, large-cap companies are analyzed to provide a broader perspective on the equity markets [1] Group 2 - There is no current stock, option, or similar derivative position in any of the companies mentioned, but there may be a potential beneficial long position initiated in EQBK within the next 72 hours [2] - The article expresses the author's own opinions and is not influenced by compensation from any company mentioned [2]

Financial Data and Key Metrics Changes - The company reported net income of $15.3 million or $0.86 per diluted share, with adjusted earnings of $16.6 million or $0.94 per diluted share [9] - Net interest income for the period was $49.8 million, an increase of $1.8 million linked quarter, with a margin of 4.17%, improving by 10 basis points compared to the previous quarter [9][10] - The tangible common equity (TCE) ratio closed at 10.63%, up 41% year-over-year, and tangible book value per share increased by 25% to $32.17 [7] Business Line Data and Key Metrics Changes - Loan balances year-to-date increased by $100 million, while deposits, excluding seasonal public funds, remained stable [6] - Non-interest income for the quarter was $8.6 million, up $500,000 from Q1, driven by improvements in customer service charge line items [10] - Production in the quarter totaled $197 million, in line with prior period organic production and double that of Q2 2024 [20] Market Data and Key Metrics Changes - Non-accrual loans increased to $42.6 million, up $18.3 million from the previous quarter, primarily due to a specific QSR relationship [14] - Total classified assets closed at $71 million, representing 11.4% of total bank regulatory capital, remaining below historical averages [14] - Delinquency over thirty days decreased to $16.8 million, with net charge-offs annualized at six basis points for the quarter [15] Company Strategy and Development Direction - The company successfully closed its merger with NBC Bank on July 2, 2025, enhancing its presence in Oklahoma [4][5] - The management emphasized a dual strategy of organic growth and strategic mergers and acquisitions (M&A) [7][25] - The company is focused on maintaining a disciplined approach to M&A opportunities, emphasizing value while controlling dilution [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining spread and improving earnings through repositioning of earning assets throughout 2025 [10] - The company has not seen significant concerns in its operating markets that would indicate economic challenges on the horizon [11] - Management remains positive on credit quality trends, with expectations for continued sound credit performance despite broader economic uncertainties [16] Other Important Information - The company plans to refinance its outstanding subordinated debt issue within the month [11] - The management team is focused on growing relationships and deepening wallet share, which is expected to benefit the company in the future [22] Q&A Session Summary Question: Plans for the NBC Bank bond portfolio - The NBC Bank bond portfolio was sold prior to acquisition, resulting in cash balances being brought over, with no immediate actions required [28] Question: Stress within the QSR portfolio - There are softer operating numbers from other borrowers in the QSR sector, but diversification within the portfolio mitigates risks [32] Question: Non-interest expenses decline - The decline in non-interest expenses is predominantly due to M&A savings from the NBC deal [35] Question: Loan growth outlook for the second half of the year - The company is optimistic about continued loan growth, with pipelines at their highest levels and strong activity in C&I lending [49] Question: Margin outlook and deposit growth - The core margin is expected to maintain around 4.17%, with continued opportunities for repricing in both loans and deposits [57] Question: Opportunities in Wichita and aircraft lending - The company's exposure to the aircraft industry is minimal, and there is no significant impact from the aviation sector on the overall business [62] Question: M&A target size range - The company is focusing on institutions between $250 million and $1.5 billion for potential acquisitions [69]

Financial Performance - Equity Bancshares reported core net income of $175 million for Q2 2025[21] - Core earnings per share reached $099 in Q2 2025[21] - The company's net interest margin stood at 417% for Q2 2025[22] - Return on average tangible common equity (ROATCE) was 1264% for Q2 2025[22] - Tangible book value per share increased to $3217 in Q2 2025[6, 18, 19] Balance Sheet - Total assets amounted to $54 billion[6] - Gross loans totaled $36 billion[6, 21] - Total deposits reached $42 billion[6, 21] - The loan to deposit ratio was 850%[54] Capital Management - The company's TCE/TA ratio was 1063%[6] - CET 1 Capital Ratio was 1507%[6] - Total Risk-based Capital Ratio was 1684%[6]

Group 1: Earnings Performance - Equity Bancshares reported quarterly earnings of $0.99 per share, exceeding the Zacks Consensus Estimate of $0.90 per share, with an earnings surprise of +10.00% [1] - The company has surpassed consensus EPS estimates in all four of the last quarters [2] - The revenues for the quarter ended June 2025 were $58.39 million, slightly missing the Zacks Consensus Estimate by 0.36%, compared to $55.43 million in the same quarter last year [2] Group 2: Stock Performance and Outlook - Equity Bancshares shares have increased by approximately 1.2% since the beginning of the year, while the S&P 500 has gained 6.4% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters [4] - The current consensus EPS estimate for the next quarter is $0.94 on revenues of $64.7 million, and for the current fiscal year, it is $3.68 on revenues of $253.7 million [7] Group 3: Industry Context - The Zacks Industry Rank for Banks - Northeast is in the top 34% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5] - The performance of Equity Bancshares may also be influenced by the overall outlook for the banking industry [8]