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]

Core Viewpoint - Analysts project that Equity Bancshares (EQBK) will report quarterly earnings of $1.22 per share, reflecting a year-over-year increase of 10.9% and revenues of $71.75 million, which is a 23.1% increase from the same quarter last year [1] Earnings Projections - Over the last 30 days, there has been a 0.4% upward revision in the consensus EPS estimate for the quarter, indicating a collective reassessment by covering analysts [2] - Changes in earnings projections are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate trends and short-term stock price movements [3] Key Metrics Estimates - The consensus for 'Net Interest Margin' is projected to be 4.4%, up from 4.2% reported in the same quarter last year [5] - Analysts predict an 'Efficiency ratio' of 59.7%, improved from 63.0% in the same quarter last year [5] - 'Total Non-Interest Income' is expected to reach $9.05 million, compared to $8.82 million in the same quarter last year [6] - 'Net Interest Income' is estimated at $62.70 million, significantly higher than the year-ago figure of $49.47 million [6] Market Performance - Shares of Equity Bancshares have shown a return of -1.6% over the past month, contrasting with the Zacks S&P 500 composite's +1.6% change, but EQBK holds a Zacks Rank 2 (Buy), indicating expectations to outperform the market in the near future [6]

Core Viewpoint - Equity Bancshares (EQBK) is anticipated to report a year-over-year increase in earnings driven by higher revenues for the quarter ending December 2025, with the consensus outlook suggesting a positive earnings picture [1] Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $1.22 per share, reflecting a year-over-year increase of +10.9% [3] - Revenues are projected to reach $71.75 million, which is a 23.1% increase compared to the same quarter last year [3] Estimate Revisions - The consensus EPS estimate has been revised 0.42% higher in the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate for Equity Bancshares is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -4.66%, suggesting a bearish outlook from analysts [12] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the deviation of actual earnings from consensus estimates, with a strong predictor being a positive Earnings ESP combined with a Zacks Rank of 1, 2, or 3 [10] - Equity Bancshares currently holds a Zacks Rank of 2, but the negative Earnings ESP complicates the prediction of an earnings beat [12] Historical Performance - In the last reported quarter, Equity Bancshares exceeded the expected earnings of $0.99 per share by delivering $1.21, resulting in a surprise of +22.22% [13] - The company has successfully beaten consensus EPS estimates in the last four quarters [14] Industry Context - In the Zacks Banks - Northeast industry, Bank OZK is expected to report earnings of $1.56 per share for the same quarter, with revenues projected at $432.57 million, reflecting a 4.9% increase year-over-year [18] - Bank OZK has an Earnings ESP of +0.11% and a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [20]