The market expects Equity Bancshares (EQBK) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be relea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 001-37624 EQUITY BANCSHARES, INC. (Exact name of registrant as specified in its charter) Kansas 72-1532188 (State or other ju ...

Financial Data and Key Metrics Changes - The company reported net income of $15 million, or $0.85 per diluted share, with tangible common equity earnings of $16 million, or $0.90 per diluted share [13] - Net interest income increased from $49.5 million to $50.3 million, driving net interest margin to 4.27% from 4.17% [14] - The tangible common equity (TCE) ratio improved to 10.13%, up 36% year-over-year, and tangible book value per share increased to $31.07, up 24% [11] Business Line Data and Key Metrics Changes - Loans increased by $131 million, reflecting an annualized growth rate of 15.5% [9] - Organic originations totaled $197 million, up 64% compared to the previous quarter, with total production at $254 million [30] - Non-interest income for the quarter was $10.3 million, up $1.5 million from the previous quarter, primarily due to a death benefit realized on bank-owned life insurance [15] Market Data and Key Metrics Changes - Non-accrual loans decreased by 10.3% to $24.2 million, while non-performing assets declined by 19.6% to $27.9 million [20] - Delinquency over 30 days increased to $18.2 million but remained low at approximately 50 basis points of total loans [22] - The company anticipates a positive credit outlook for 2025, with problem trends below historic norms [24] Company Strategy and Development Direction - The company announced a merger with NBC Corp, which is expected to add approximately $900 million to assets and expand its market presence in Oklahoma [6][7] - The management emphasized a dual strategy of organic growth and strategic mergers and acquisitions, with active conversations for potential deals [10][37] - The company aims to enhance its product offerings and customer experience through the integration of NBC's capabilities [72][74] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining margin and earnings growth despite economic uncertainties related to tariffs [43] - The company is focused on managing expenses and improving efficiency to offset potential revenue headwinds [92] - The management team is prepared for growth opportunities and remains disciplined in assessing M&A opportunities [38][37] Other Important Information - The company closed the quarter with a TCE ratio of 10.13% and a tangible book value per share of $31.07, indicating a strong balance sheet [11] - The company has retained approximately $67 million in capital from a common stock raise in December, ready for strategic growth [9] Q&A Session Summary Question: Impact of tariffs on commercial customers - Management noted that customers have provisions in contracts to pass on costs, and there is currently no indication of a slowdown [42] Question: Update on sales initiatives and loan growth - Management indicated they are in the early stages of sales initiatives, with significant contributions from Tulsa and Kansas City [45][46] Question: Expectations for loan purchases - Management clarified that recent loan purchases were a one-time deal and not part of a consistent strategy [53] Question: Community market activity and growth - Management sees significant opportunities in community markets and is focused on building relationships with local businesses [55] Question: M&A confidence amidst market volatility - Management believes there are still opportunities for deals, driven by age of ownership and management in potential target companies [59] Question: Expected deal accretion from NBC - Management expects about 50 cents in accretion for year two post-merger, with specific figures to be provided later [62] Question: Deposit market competition and cost of funds - Management noted a more rational competition in deposit markets and plans to mirror Fed moves regarding deposit costs [66] Question: Margin expectations with potential Fed rate cuts - Management indicated that while they can defend margins, there may be modest upside potential if rates are cut [90]

Core Insights - Equity Bancshares (EQBK) reported revenue of $60.62 million for Q1 2025, an 8.4% year-over-year increase, with an EPS of $0.90 compared to $1.03 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $55.94 million by 8.38%, while the EPS surpassed the consensus estimate of $0.82 by 9.76% [1] Financial Performance Metrics - Average Outstanding Balance of total interest-earning assets was $4.77 billion, slightly below the estimated $4.80 billion [4] - Net Interest Margin stood at 4.3%, exceeding the average estimate of 4% [4] - Efficiency ratio improved to 62.4%, better than the estimated 66.5% [4] - Total Non-Interest Income was reported at $10.33 million, surpassing the estimate of $8.35 million [4] - Net Interest Income reached $50.29 million, compared to the average estimate of $47.59 million [4] Stock Performance - Shares of Equity Bancshares have declined by 11% over the past month, while the Zacks S&P 500 composite decreased by 3.9% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Financial Performance - Net income for the quarter ended March 31, 2025, was $15.0 million, or $0.85 per diluted share, compared to $17.0 million, or $1.04 per diluted share in the prior quarter[3]. - Non-interest income for the quarter was $10.3 million, an increase from $8.8 million in the previous quarter, driven by a $1.7 million improvement in Bank Owned Life Insurance[9]. - Net income for the quarter was $15,041,000, down from $16,986,000 in the previous quarter, representing a decrease of about 11.5%[33]. - Adjusted net income allocable to common stockholders was $15,945 thousand for the latest quarter, down from $17,832 thousand in the previous quarter, a decrease of 10.5%[42]. - Core earnings per diluted share decreased to $0.90 for the quarter ended March 31, 2025, down from $1.10 in the previous quarter[36]. - Diluted earnings per share decreased to $0.85 from $1.04 in the previous quarter, a decline of 18.3%[42]. Interest Income and Margin - Net interest margin for the quarter was 4.27%, positively impacted by non-recurring nonaccrual reversals of approximately $2.3 million; excluding these items, the margin was 4.08%[4]. - Net interest income after provision for credit losses was $47,570,000, compared to $49,375,000 in the previous quarter, reflecting a decrease of approximately 3.6%[33]. - For the three months ended March 31, 2025, net interest income was $50,292,000, an increase from $44,182,000 for the same period in 2024, representing a growth of 7.5%[38]. - The net interest margin increased to 4.27% for the three months ended March 31, 2025, up from 3.75% in the same period last year[38]. - The interest rate spread improved to 3.63% for the three months ended March 31, 2025, compared to 3.10% for the same period in 2024[38]. Loan and Deposit Growth - Loan balances increased to $3.63 billion, reflecting linked quarter growth of $130.8 million, or 15.2% annualized[4]. - Total deposits were $4.4 billion, consistent with the prior quarter, with a decrease of $109.4 million in deposits excluding brokered balances due to seasonal outflows[4]. - Total loans held-for-investment increased to $3,631,628 thousand as of March 31, 2025, up from $3,500,816 thousand at December 31, 2024, representing a growth of 3.75%[36]. - Total deposits reached $4,405,364 thousand, up from $4,374,789 thousand, reflecting a growth of 0.7%[35]. - Time deposits increased to $841,463 thousand from $736,527 thousand, reflecting a growth of 14.2%[35]. Expenses and Provisions - Total non-interest expense was $39.1 million, up from $37.8 million in the previous quarter, primarily due to payroll dynamics and higher incentive accruals[10]. - The provision for credit losses was $2.7 million, compared to $98 thousand in the previous quarter, reflecting loan growth and economic uncertainty[7]. - Provision for credit losses was $2,722,000, compared to a reversal of $98,000 in the previous quarter, indicating a significant change in credit loss expectations[33]. Capital and Equity - Tangible common equity to tangible assets closed the period at 10.1%[4]. - The Company's ratio of common equity tier 1 capital to risk-weighted assets was 14.7% at March 31, 2025, up from 14.5% at the end of the previous quarter[17]. - Stockholders' equity increased to $617,324 thousand from $592,918 thousand, indicating a rise of 4.2%[35]. - Common Equity Tier 1 Capital Ratio improved to 14.70% as of March 31, 2025, compared to 14.51% at December 31, 2024[37]. - Total stockholders' equity to total assets ratio was 11.34% as of March 31, 2025, compared to 11.12% at December 31, 2024[37]. Mergers and Acquisitions - The Company announced a merger with NBC Corp. of Oklahoma, which has approximately $682 million in loans and $816 million in deposits, expected to close in Q3 2025[4]. - The company is currently facing uncertainties related to the proposed transaction with NBC Corp. of Oklahoma, which may impact future performance[29].

Core Insights - Analysts forecast that Equity Bancshares (EQBK) will report quarterly earnings of $0.82 per share, reflecting a year-over-year decline of 20.4% [1] - Expected revenues are projected to be $55.94 million, showing no change compared to the same quarter last year [1] Earnings Estimates - The consensus EPS estimate has been revised downward by 3.9% over the past 30 days, indicating a collective reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3] Key Metrics - Analysts estimate that the 'Average Outstanding Balance - Total interest-earning assets' will reach $4.80 billion, up from $4.74 billion in the same quarter last year [5] - The 'Net Interest Margin' is expected to be 4.0%, compared to 3.8% a year ago [5] - The 'Efficiency ratio' is forecasted to be 66.5%, slightly higher than the previous year's 65.2% [5] - 'Total Non-Interest Income' is estimated at $8.35 million, down from $11.73 million year-over-year [6] - 'Net Interest Income' is projected to be $47.59 million, an increase from $44.18 million in the prior year [6] Stock Performance - Equity Bancshares shares have decreased by 6.1% in the past month, compared to a 5.3% decline in the Zacks S&P 500 composite [7] - With a Zacks Rank 2 (Buy), EQBK is expected to outperform the overall market in the near term [7]

Core Viewpoint - Equity Bancshares (EQBK) is anticipated to report a year-over-year decline in earnings despite an increase in revenues for the quarter ended March 2025, with the actual results being crucial for its near-term stock price movement [1][2]. Earnings Expectations - The consensus estimate for Equity Bancshares is an earnings per share (EPS) of $0.82, reflecting a year-over-year decrease of 20.4%, while revenues are projected to be $55.94 million, a slight increase of 0.1% from the previous year [3]. - The earnings report is expected to be released on April 15, and the stock may react positively if the results exceed expectations, whereas a miss could lead to a decline [2]. Estimate Revisions - Over the past 30 days, the consensus EPS estimate has been revised down by 3.85%, indicating a bearish sentiment among analysts regarding the company's earnings prospects [4][10]. - The Most Accurate Estimate for Equity Bancshares is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -2.44%, which complicates the prediction of an earnings beat [10][11]. Earnings Surprise History - In the last reported quarter, Equity Bancshares had an EPS expectation of $0.92 but delivered $1.10, resulting in a positive surprise of 19.57% [12]. - The company has successfully beaten consensus EPS estimates in the last four quarters [13]. Industry Comparison - FB Financial (FBK), another player in the Zacks Banks - Northeast industry, is expected to report an EPS of $0.85, unchanged from the previous year, with revenues projected to increase by 23.5% to $132.69 million [17]. - FB Financial's consensus EPS estimate has remained stable, but a higher Most Accurate Estimate has led to an Earnings ESP of 0.78%, suggesting a likely earnings beat, supported by a Zacks Rank of 2 (Buy) [18].

Loan Portfolio - As of December 31, 2024, total loans amounted to $3.46 billion, representing 64.8% of total assets[30] - Commercial real estate loans were $1.83 billion, constituting 52.3% of total loans, while commercial and industrial loans were $658.9 million (18.8%) and residential real estate loans were $566.8 million (16.2%) as of December 31, 2024[30] - The aggregate amount of loans to the ten largest borrowers was approximately $314.6 million, or 9.0% of total loans[32] - The bank's legal lending limit on loans to a single borrower was $151.9 million, with an in-house limit of $25.0 million[37] - The company offers a variety of loans, including commercial, industrial, residential, and agricultural loans, tailored to meet customer needs[39] - Agricultural real estate loans generally amortize over periods not exceeding 20 years and have a loan-to-value ratio under 80%[50] - Agricultural operating loans are typically originated for terms of up to 7 years, with fixed rates for loans secured by breeding livestock and/or farm equipment for up to 5 years[51] - Consumer loans are underwritten based on the borrower's income, current debt level, past credit history, and collateral value, with greater risk compared to residential real estate loans[52] Risk Management - The company emphasizes a disciplined approach to loan underwriting, with centralized credit policies and ongoing risk monitoring[33] - The company maintains strong risk management practices, overseen by experienced audit and risk committees, to ensure sound policies and procedures[30] - The effectiveness of the company's enterprise risk management framework is critical to avoid unexpected losses[201] - The company is exposed to risks from potential claims and litigation related to fiduciary responsibilities, which could result in significant financial liability[188] - Operational risks include potential fraud by employees and third parties, which could adversely affect business operations[200] Capital and 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[86] - As of December 31, 2024, Equity Bank exceeded the capital levels required to be deemed well capitalized[92] - The Kansas Banking Code requires Equity Bank to transfer 25% of its net profits to its surplus fund before declaring dividends[104] - Equity Bank's ability to pay dividends is restricted if its capital conservation buffer is less than or equal to 2.5%[86] - The Federal Reserve can impose civil money penalties for unsafe banking practices, which can be as high as $1 million per day[84] - Equity Bank is subject to regulatory capital requirements that may be higher for institutions making acquisitions or experiencing internal growth[87] - The bank's dividend policy is subject to the discretion of its board of directors, which considers various financial factors[106] - The company is required to maintain specific capital standards, and failure to do so could adversely affect customer confidence and result in regulatory restrictions[219] - The company may need to raise additional capital in the future due to potential increased minimum capital thresholds, which could be dilutive to stockholders[221] Competition and Market Conditions - The financial services industry is highly competitive, with the company focusing on competitive pricing, personalized service, and community involvement to retain and attract customers[67] - The company faces significant competition from larger financial institutions, which may offer more attractive interest rates and terms, impacting loan growth[171] - Competition for acquisition candidates is high, potentially hindering growth strategy[161] - The company’s operations are concentrated in Arkansas, Kansas, Missouri, and Oklahoma, making it vulnerable to regional economic conditions[168] - Difficult market conditions for financial products may lead to increased delinquencies and adversely affect business operations[170] Technology and Innovation - Significant investments are being made in information technology systems to enhance capabilities and support future growth and acquisitions[65] - The company offers a comprehensive suite of online banking solutions, including mobile banking and electronic delivery of customer statements[58] - The company utilizes a customized customer relationship management system, Equity Connect, to improve customer service and relationship management[30] Employee and Talent Development - The company has invested in talent development and leadership programs, such as "Equity University," to enhance employee capabilities[30] - As of December 31, 2024, the company employed 810 full-time equivalent employees, with no employees represented by collective bargaining units[70] Cybersecurity and Operational Risks - The company faces heightened risks from cyber threats, requiring significant capital and resources to protect against potential breaches[193] - Recent data breaches in the industry have led to increased operating costs for security improvements[194] - Cybersecurity risks have escalated due to the proliferation of new technologies and sophisticated attack methods[195] - The company invests in systems to detect and prevent breaches but acknowledges the challenges in fully mitigating risks[196] Financial Performance and Profitability - Company’s profitability is vulnerable to interest rate fluctuations, significantly impacting net interest income[155] - Interest rate spreads have narrowed in recent years, which could adversely affect financial condition and results of operations[156] - Company attempts to minimize adverse effects of interest rate changes by structuring asset-liability composition[157] - Financial instruments measured at fair value may increase earnings volatility and affect accumulated other comprehensive income (AOCI)[158] Legislative and Regulatory Environment - The company is subject to significant legislative changes that could impact its business, particularly in the financial services sector, with unclear prospects for major banking reform legislation[212] - The CFPB's enforcement actions may impose higher compliance standards on the company, affecting its operations and requiring significant adjustments[215] - Changes in laws and regulations may lead to increased costs and lower revenues for the company, affecting its operations and financial condition[210] Dividend and Stockholder Considerations - The ability to pay dividends is restricted by legal and regulatory limitations, impacting cash available for stockholder dividends[243] - The market price of Class A common stock may be subject to substantial fluctuations, making it difficult for stockholders to sell shares at desired prices[235] - Future acquisitions may involve issuing additional common stock, which could be dilutive to existing stockholders[247] - Significant institutional investors hold a large portion of outstanding equity, potentially conflicting with other stockholders' interests[249] - Directors and executive officers beneficially own a significant portion of Class A common stock, allowing them to exert substantial influence over company affairs[250]

Financial Data and Key Metrics Changes - The company reported record earnings per share of $4.04 for the year, indicating strong financial performance [6]. Business Line Data and Key Metrics Changes - The company experienced net interest margin expansion and strong earnings, contributing to overall financial growth [6]. Market Data and Key Metrics Changes - The company completed two M&A transactions, which contributed to franchise growth [6]. Company Strategy and Development Direction - The company is focused on capital raising through common stock and aims to continue its growth trajectory through strategic acquisitions [6]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's performance and highlighted the successful completion of the year with strong financial results [6]. Other Important Information - The call included a reminder about forward-looking statements and the associated risks [4]. Q&A Session Summary Question: What were the key drivers behind the record earnings? - Management attributed the record earnings to net interest margin expansion and successful capital raising efforts [6].

Exhibit 99.2 2024 4th Quarter Financial Results January 22, 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 and Equity's financ ...