[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Equity Bancshares, Inc. reported a Q3 2025 net loss, but achieved adjusted net income, driven by strategic mergers, portfolio repositioning, and significant margin expansion [Third Quarter 2025 Performance Overview](index=1&type=section&id=Third%20Quarter%202025%20Performance%20Overview) Equity Bancshares, Inc. reported a net loss of $29.7 million, or $1.55 per diluted share, for Q3 2025. However, after adjusting for merger-related expenses, bond portfolio repositioning losses, and double-count provisioning for NBC loans, the adjusted net income was $22.5 million, or $1.17 per diluted share, reflecting continued execution and strategic integration efforts | Metric | Q3 2025 (GAAP) | Q3 2025 (Adjusted) | | :-------------------------------- | :------------- | :----------------- | | Net Income (Loss) | $(29.7) million | $22.5 million | | Diluted EPS | $(1.55) | $1.17 | - The Company successfully closed and integrated the merger with NBC, announced a definitive agreement with Frontier Holdings LLC, reissued subordinated debt, and repositioned its investment portfolio during the quarter[2](index=2&type=chunk) [Notable Items and Strategic Initiatives](index=1&type=section&id=Notable%20Items%20and%20Strategic%20Initiatives) Key highlights for Q3 2025 include a significant expansion in net interest margin, the successful acquisition and integration of NBC Oklahoma, a strategic repositioning of the securities portfolio, and an announced merger agreement with Frontier Holdings LLC, signaling further market expansion | Metric | Q3 2025 | Change (Linked Quarter) | | :-------------------------------- | :------ | :---------------------- | | Net Interest Margin | **4.45%** | **+28 basis points** | | Book Value Per Share | **$37.25** | **+$0.98** | | Tangible Book Value Per Share | **$31.69** | **-1.5%** | - The NBC merger contributed **$664.6 million** in loan balances and **$807.1 million** in deposit balances, resulting in **$24.5 million** in goodwill[3](index=3&type=chunk) - The Company sold **$436.3 million** in securities, realizing a pre-tax loss of **$53.4 million**, but improving the yield on underlying assets from approximately **2.20% to 5.00%**[3](index=3&type=chunk) - Loan balances increased by **18.5%** in the quarter and **21.9%** year-to-date, including NBC balances. Excluding NBC, loans grew **$3.3 million** in the quarter[3](index=3&type=chunk) - A **$0.18 dividend** was announced, representing a **20% increase** from the prior quarter, and the share repurchase program was renewed[3](index=3&type=chunk) - The Company announced a definitive merger agreement with Frontier Holdings LLC, which will add seven locations, **$1.3 billion** in loans, and **$1.1 billion** in deposits in the Nebraska market[4](index=4&type=chunk) [Financial Results for the Quarter Ended September 30, 2025](index=2&type=section&id=Financial%20Results%20for%20the%20Quarter%20Ended%20September%2030%2C%202025) This section details Equity Bancshares' Q3 2025 financial performance, covering net income, interest income, credit loss provisions, and non-interest revenues and expenses [Overall Financial Performance](index=2&type=section&id=Overall%20Financial%20Performance) Equity Bancshares reported a GAAP net loss of $29.7 million for Q3 2025, a significant shift from the prior quarter's net income. This loss was primarily driven by merger expenses, provisioning for acquired loans, and losses from bond portfolio repositioning. Adjusting for these non-core items, core net income was $22.5 million | Metric | Q3 2025 (GAAP) | Q2 2025 (GAAP) | Q3 2025 (Adjusted) | | :-------------------------------- | :------------- | :------------- | :----------------- | | Net Income (Loss) allocable to common stockholders | $(29.7) million | $15.3 million | $22.5 million | | Diluted EPS | $(1.55) | $0.86 | $1.17 | [Net Interest Income](index=2&type=section&id=Net%20Interest%20Income) Net interest income increased significantly to $62.5 million in Q3 2025, up from $49.8 million in the prior quarter. This growth was primarily fueled by the assets acquired through the NBC merger, which closed in early July, and an improved yield on interest-earning assets | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :-------------------------- | :------ | :------ | :----------- | | Net Interest Income | **$62.5 million** | $49.8 million | **+$12.7 million** | | Yield on Interest Earning Assets | **+27 bps** | - | **+27 bps** | | Cost of Interest Bearing Liabilities | **+3 bps** | - | **+3 bps** | - The increase in net interest income was primarily driven by the addition of assets from the NBC merger[6](index=6&type=chunk) [Provision for Credit Losses](index=2&type=section&id=Provision%20for%20Credit%20Losses) The provision for credit losses saw a substantial increase to $6.2 million in Q3 2025, primarily due to the addition of non-purchased credit deteriorated loans from the NBC merger. Net charge-offs also increased, though the allowance for credit losses to gross loans remained materially consistent | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :------------------------------------------------ | :------ | :------ | :----------- | | Provision for Credit Losses | **$6.2 million** | $19 thousand | **+$6.181 million** | | Net Charge-offs | **$1.1 million** | $573 thousand | **+$527 thousand** | | Annualized Charge-offs to Average Loans | **0.10%** | - | - | | Allowance for Credit Losses to Gross Loans Held for Investment | **1.25%** | - | Materially consistent | | NBC non-PCD loans contributing to allowance | **$631.2 million** | - | - | [Non-Interest Income](index=2&type=section&id=Non-Interest%20Income) Total non-interest income for Q3 2025 was significantly impacted by a $53.4 million loss on the sale of securities. Excluding this, adjusted non-interest income increased by 3.3% linked quarter, driven by higher service revenues from the NBC acquisition | Metric | Q3 2025 (GAAP) | Q3 2025 (Adjusted) | Q2 2025 (Adjusted) | Change (QoQ, Adjusted) | | :-------------------------- | :------------- | :----------------- | :----------------- | :--------------------- | | Total Non-Interest Income | $(44.479) million | **$8.9 million** | $8.6 million | **+$284 thousand** | | Loss on Sale of Securities | $(53.4) million | - | - | - | - The increase in adjusted non-interest income was driven by the addition of NBC, realized in service revenues including treasury, debit card, credit card, mortgage, and trust and wealth management[11](index=11&type=chunk) [Non-Interest Expense](index=3&type=section&id=Non-Interest%20Expense) Total non-interest expense rose to $49.1 million in Q3 2025, up from $40.0 million in the previous quarter. Adjusting for merger expenses, non-interest expense increased by 8.3%, primarily due to the NBC acquisition. Despite the increase, annualized non-interest expense as a percentage of average assets declined | Metric | Q3 2025 (GAAP) | Q2 2025 (GAAP) | Q3 2025 (Adjusted) | Change (QoQ, Adjusted) | | :------------------------------------------------ | :------------- | :------------- | :----------------- | :--------------------- | | Total Non-Interest Expense | **$49.1 million** | $40.0 million | - | **+$3.3 million** | | Non-Interest Expense (excluding merger expenses) | - | - | - | **+8.3%** | | Annualized Non-Interest Expense as % of Average Assets (excluding merger expenses) | - | - | **2.8%** | **-20 bps** | - The increase in non-interest expense is primarily attributable to the addition of NBC at the beginning of the quarter, with system conversions completed at the end of August[12](index=12&type=chunk) - Non-interest expense also included **$777 thousand** in losses related to the disposition of other real estate owned[13](index=13&type=chunk) [Income Tax Expense](index=3&type=section&id=Income%20Tax%20Expense) The effective tax rate for Q3 2025 was 20.5%, an increase from 16.9% in the prior quarter. This rise, despite a pre-tax loss, was due to additional tax benefits from bond sales losses and the reversal of prior tax expenses, partially offset by return-to-provision adjustments | Metric | Q3 2025 | Q2 2025 | Change (QoQ) | | :---------------- | :------ | :------ | :----------- | | Effective Tax Rate | **20.5%** | 16.9% | **+3.6%** | - The increase in the tax rate (indicating a greater tax benefit with a pre-tax loss) resulted from additional tax benefits associated with the loss on the sale of bonds and the reversal of tax expense booked in previous quarters[15](index=15&type=chunk) - The anticipated tax rate for the full year, considering the bond sale loss, is expected to be between **17% and 19%**[15](index=15&type=chunk) [Balance Sheet and Asset Quality](index=3&type=section&id=Balance%20Sheet%20and%20Asset%20Quality) This section reviews Equity Bancshares' balance sheet, including significant growth in loans, assets, and deposits, alongside changes in asset quality and capital ratios [Loans, Total Assets and Funding](index=3&type=section&id=Loans%2C%20Total%20Assets%20and%20Funding) Total assets and loans held for investment significantly increased in Q3 2025, primarily driven by the NBC merger. Deposit balances also saw substantial growth, with organic growth contributing alongside the acquired NBC deposits | Metric | Q3 2025 End | Q2 2025 End | Change (QoQ) | | :-------------------------- | :---------- | :---------- | :----------- | | Loans Held for Investment | **$4.3 billion** | - | **+$667.9 million** | | Total Assets | **$6.4 billion** | - | **+$982.4 million** | | Total Deposit Balances | **$5.1 billion** | $4.2 billion | **+$859.9 million (+20.3%)** | | NBC Contribution to Loans | **$664.6 million** | - | - | | NBC Contribution to Deposits | **$808.0 million** | - | - | | Organic Deposit Growth | - | - | **+$37.3 million** | | Brokered Deposits as % of Total Deposits | **3.0%** | 3.3% | **-0.3%** | [Asset Quality](index=3&type=section&id=Asset%20Quality) Asset quality metrics showed an increase in nonperforming and classified assets in Q3 2025, largely attributable to the NBC acquisition. Despite this, nonperforming assets as a percentage of total assets slightly decreased | Metric | Q3 2025 End | Q2 2025 End | Change (QoQ) | | :------------------------------------------------ | :---------- | :---------- | :----------- | | Nonperforming Assets | **$52.6 million** | $45.7 million | **+$6.9 million** | | Nonperforming Assets as % of Total Assets | **0.8%** | 0.9% | **-0.1%** | | Non-accrual Loans | **$48.6 million** | $42.6 million | **+$6.0 million** | | Total Classified Assets | **$82.9 million** | $71.0 million | **+$11.9 million** | | Classified Assets as % of Regulatory Capital | **12.4%** | 11.4% | **+1.0%** | | NBC Contribution to Non-accrual Balances | **$7.0 million** | - | - | | NBC Contribution to Classified Assets | **$16.7 million** | - | - | [Capital](index=3&type=section&id=Capital) Book capital increased in Q3 2025, reflecting capital issued for the NBC transaction and current period earnings, excluding investment portfolio repositioning losses. However, tangible book value per share decreased due to the NBC transaction's impact. Regulatory capital ratios for both the Company and Equity Bank saw a decline linked quarter | Metric | Q3 2025 End | Q2 2025 End | Change (QoQ) | | :-------------------------------- | :---------- | :---------- | :----------- | | Book Capital | **$711.9 million** | - | **+$76.3 million** | | Tangible Book Value Per Share | **$31.69** | $32.17 | **$(0.48)** | | Company Common Equity Tier 1 Capital Ratio | **12.9%** | 15.0% | **-2.1%** | | Company Total Capital Ratio | **16.1%** | 16.8% | **-0.7%** | | Company Total Leverage Ratio | **10.4%** | 12.1% | **-1.7%** | | Equity Bank Common Equity Tier 1 Capital Ratio | **13.2%** | 14.4% | **-1.2%** | | Equity Bank Total Capital Ratio | **14.3%** | 15.6% | **-1.3%** | | Equity Bank Total Leverage Ratio | **10.3%** | 11.1% | **-0.8%** | [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) This section explains the use and reconciliation of non-GAAP financial measures to provide a clearer view of core operating performance and financial condition [Explanation of Non-GAAP Measures](index=5&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Management uses non-GAAP financial measures, such as efficiency ratio, core income, core return on average assets, core return on average equity, core earnings per share, and tangible common equity, to provide additional insights into operating results and financial condition. These measures are intended to supplement GAAP results, facilitate peer comparisons, and offer a clearer view of core performance by excluding non-core items - Non-GAAP measures are used to provide additional perspectives on operating results, financial condition, and performance trends, and to facilitate comparisons with other financial institutions[22](index=22&type=chunk) - The efficiency ratio helps understand the expense structure relative to total revenue, excluding non-core items for better comparability[23](index=23&type=chunk) - Core income calculations adjust GAAP income by non-core gains/losses and expenses to reflect fundamental operating performance[24](index=24&type=chunk) - Tangible common equity and related measures exclude intangible assets to consistently evaluate business performance, useful for understanding the efficient deployment of common equity[26](index=26&type=chunk)[27](index=27&type=chunk) [Corporate Information](index=6&type=section&id=Corporate%20Information) This section provides corporate details, including investor communications, company overview, forward-looking statements, and contact information [Conference Call and Webcast](index=6&type=section&id=Conference%20Call%20and%20Webcast) Equity Bancshares, Inc. will host a conference call and webcast on October 15, 2025, to discuss its third-quarter results. Details for participation and replay access are provided - A conference call and webcast will be held on Wednesday, October 15, 2025, at 10 a.m. eastern time (9 a.m. central time) to discuss third-quarter results[29](index=29&type=chunk) - Participants can pre-register via a provided link to eliminate wait times, and a replay will be available until October 31, 2025, at investor.equitybank.com[30](index=30&type=chunk)[31](index=31&type=chunk) [About Equity Bancshares, Inc.](index=6&type=section&id=About%20Equity%20Bancshares%2C%20Inc.) Equity Bancshares, Inc. is the holding company for Equity Bank, offering a comprehensive suite of financial solutions including commercial and mortgage loans, consumer banking, trust and wealth management, and treasury management services, emphasizing high-quality, relationship-based customer service - Equity Bancshares, Inc. is the holding company for Equity Bank, providing commercial loans, consumer banking, mortgage loans, trust and wealth management services, and treasury management services[31](index=31&type=chunk) - Equity's common stock is traded on the New York Stock Exchange under the symbol 'EQBK'[31](index=31&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section contains cautionary statements regarding forward-looking information, highlighting that actual results may differ materially from expectations due to various risks and uncertainties. These include competition, economic policies, loan demand, collateral values, inflation, and risks associated with the proposed Frontier Bank transaction - The press release contains forward-looking statements that are subject to risks, assumptions, and uncertainties, and actual results may differ materially from expectations[32](index=32&type=chunk) - Key risk factors include competition, changes in trade, monetary, and fiscal policies, fluctuations in loan demand and collateral values, inflation, and uncertainties related to the proposed merger with Frontier Bank[33](index=33&type=chunk) - Investors are advised not to place undue reliance on forward-looking statements, and the Company does not undertake to update them except as required by law[34](index=34&type=chunk) [Important Additional Information](index=8&type=section&id=Important%20Additional%20Information) In connection with the proposed merger with Frontier, Equity Bancshares will file a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus. Investors are urged to review these documents for important information - Equity intends to file a registration statement on Form S-4 with the SEC for the proposed merger with Frontier, which will include a proxy statement/prospectus[35](index=35&type=chunk) - Investors and security holders are urged to read the registration statement and other relevant documents for important information about Equity, Frontier, and the proposed transaction[36](index=36&type=chunk) - Documents filed with the SEC can be obtained free of charge from Equity's investor relations website or the SEC's website[37](index=37&type=chunk) [No Offer or Solicitation](index=8&type=section&id=No%20Offer%20or%20Solicitation) This press release explicitly states that it does not constitute an offer to sell or a solicitation of an offer to buy securities, and any sale of securities will only occur in compliance with applicable laws and through a prospectus - This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities[38](index=38&type=chunk) - No sale of securities will occur in any jurisdiction where it would be unlawful prior to registration or qualification, and offers will only be made via a prospectus meeting Section 10 of the Securities Act of 1933[38](index=38&type=chunk) [Contact Information](index=10&type=section&id=Contact%20Information) Contact details for investor relations and media inquiries are provided for Equity Bancshares, Inc. - Investor Contact: Brian J. Katzfey, VP, Director of Corporate Development and Investor Relations, (316) 858-3128, bkatzfey@equitybank.com[39](index=39&type=chunk) - Media Contact: Russell Colburn, Public Relations and Communication Manager, (913) 583-8011, rcolburn@equitybank.com[39](index=39&type=chunk) [Unaudited Financial Tables](index=11&type=section&id=Unaudited%20Financial%20Tables) This section presents detailed unaudited financial tables, including statements of income, balance sheets, selected highlights, and net interest income analysis [Consolidated Statements of Income](index=12&type=section&id=Consolidated%20Statements%20of%20Income) This table presents the consolidated statements of income for Equity Bancshares, Inc. for the three and nine months ended September 30, 2025, and 2024, detailing interest income and expense, non-interest income and expense, and net income (loss) per share | Metric (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :------------------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Total interest and dividend income | $91,098 | $74,965 | $239,969 | $221,864 | | Total interest expense | $28,613 | $28,934 | $77,390 | $85,175 | | Net interest income | $62,485 | $46,031 | $162,579 | $136,689 | | Provision (reversal) for credit losses | $6,228 | $1,183 | $8,969 | $2,448 | | Total non-interest income | $(44,479) | $9,317 | $(25,560) | $30,006 | | Total non-interest expense | $49,082 | $30,328 | $128,133 | $106,351 | | Net income (loss) allocable to common stockholders | $(29,663) | $19,851 | $642 | $45,635 | | Basic earnings (loss) per share | $(1.55) | $1.30 | $0.04 | $2.98 | | Diluted earnings (loss) per share | $(1.55) | $1.28 | $0.04 | $2.95 | [Quarterly Consolidated Statements of Income](index=14&type=section&id=Quarterly%20Consolidated%20Statements%20of%20Income) This table provides a quarterly breakdown of the consolidated statements of income, allowing for a detailed comparison of financial performance across recent quarters, including Q3 2025, Q2 2025, Q1 2025, Q4 2024, and Q3 2024 | Metric (in thousands) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :------------------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Total interest and dividend income | $91,098 | $74,187 | $74,684 | $74,979 | $74,965 | | Total interest expense | $28,613 | $24,385 | $24,392 | $25,506 | $28,934 | | Net interest income | $62,485 | $49,802 | $50,292 | $49,473 | $46,031 | | Provision (reversal) for credit losses | $6,228 | $19 | $2,722 | $98 | $1,183 | | Total non-interest income | $(44,479) | $8,589 | $10,330 | $8,816 | $9,317 | | Total non-interest expense | $49,082 | $40,001 | $39,050 | $37,806 | $30,328 | | Net income (loss) allocable to common stockholders | $(29,663) | $15,264 | $15,041 | $16,986 | $19,851 | | Basic earnings (loss) per share | $(1.55) | $0.87 | $0.86 | $1.06 | $1.30 | | Diluted earnings (loss) per share | $(1.55) | $0.86 | $0.85 | $1.04 | $1.28 | [Consolidated Balance Sheets](index=16&type=section&id=Consolidated%20Balance%20Sheets) This table presents the consolidated balance sheets for Equity Bancshares, Inc. as of September 30, 2025, and prior quarters, detailing assets, liabilities, and stockholders' equity | Metric (in thousands) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------------------- | :----------- | :----------- | :----------- | :----------- | :----------- | | Total assets | $6,356,187 | $5,373,837 | $5,446,100 | $5,332,047 | $5,355,233 | | Loans, net of allowance for credit losses | $4,215,118 | $3,555,458 | $3,585,804 | $3,457,549 | $3,557,435 | | Total deposits | $5,094,769 | $4,234,918 | $4,405,364 | $4,374,789 | $4,362,944 | | Total liabilities | $5,644,295 | $4,738,201 | $4,828,776 | $4,739,129 | $4,851,195 | | Total stockholders' equity | $711,892 | $635,636 | $617,324 | $592,918 | $504,038 | | Allowance for credit losses | $53,469 | $45,270 | $45,824 | $43,267 | $43,490 | [Selected Financial Highlights](index=17&type=section&id=Selected%20Financial%20Highlights) This table provides key financial highlights, including loan portfolio composition, asset quality ratios, selected average balance sheet data, performance ratios (GAAP and Core), and capital ratios, offering a comprehensive overview of the company's financial health and operational efficiency | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :------------------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Total loans held-for-investment (in thousands) | $4,268,587 | $3,600,728 | $3,631,628 | $3,500,816 | $3,600,925 | | Allowance for credit losses on loans to total loans | 1.25% | 1.26% | 1.26% | 1.24% | 1.21% | | Nonperforming assets to total assets | 0.83% | 0.85% | 0.51% | 0.65% | 0.60% | | Net interest margin annualized | 4.45% | 4.17% | 4.27% | 4.17% | 3.87% | | Return on average assets (ROAA) annualized | (1.93)% | 1.18% | 1.17% | 1.31% | 1.52% | | Core earnings per diluted share | $1.21 | $0.99 | $0.90 | $1.10 | $1.32 | | Common Equity Tier 1 Capital Ratio | 12.87% | 15.07% | 14.70% | 14.51% | 11.37% | | Book value per common share | $37.25 | $36.27 | $35.23 | $34.04 | $32.97 | | Tangible book value per common share | $31.69 | $32.17 | $31.07 | $30.07 | $28.38 | [Year-To-Date Net Interest Income Analysis](index=20&type=section&id=Year-To-Date%20Net%20Interest%20Income%20Analysis) This table provides a year-to-date analysis of net interest income for the nine months ended September 30, 2025, and 2024, detailing average outstanding balances, interest income/expense, and yields/rates for various interest-earning assets and interest-bearing liabilities | Metric (in thousands) | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Total interest-earning assets (Average Outstanding Balance) | $5,049,091 | $4,739,916 | | Total interest and dividend income | $239,969 | $221,864 | | Total interest-bearing liabilities (Average Outstanding Balance) | $3,799,746 | $3,713,436 | | Total interest expense | $77,390 | $85,175 | | Net interest income | $162,579 | $136,689 | | Net interest margin | 4.31% | 3.85% | [Quarter-To-Date Net Interest Income Analysis](index=21&type=section&id=Quarter-To-Date%20Net%20Interest%20Income%20Analysis) This table presents a quarter-to-date analysis of net interest income for the three months ended September 30, 2025, and 2024, breaking down average outstanding balances, interest income/expense, and yields/rates for different asset and liability categories | Metric (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | | :-------------------------------- | :------------------------------ | :------------------------------ | | Total interest-earning assets (Average Outstanding Balance) | $5,574,815 | $4,731,927 | | Total interest and dividend income | $91,098 | $74,965 | | Total interest-bearing liabilities (Average Outstanding Balance) | $4,139,133 | $3,704,392 | | Total interest expense | $28,613 | $28,934 | | Net interest income | $62,485 | $46,031 | | Net interest margin | 4.45% | 3.87% | [Quarter-Over-Quarter Net Interest Income Analysis](index=22&type=section&id=Quarter-Over-Quarter%20Net%20Interest%20Income%20Analysis) This table provides a quarter-over-quarter comparison of net interest income for the three months ended September 30, 2025, versus June 30, 2025, detailing changes in average outstanding balances, interest income/expense, and yields/rates for various interest-earning assets and interest-bearing liabilities | Metric (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Jun 30, 2025 | | :-------------------------------- | :------------------------------ | :------------------------------ | | Total interest-earning assets (Average Outstanding Balance) | $5,574,815 | $4,791,664 | | Total interest and dividend income | $91,098 | $74,187 | | Total interest-bearing liabilities (Average Outstanding Balance) | $4,139,133 | $3,615,346 | | Total interest expense | $28,613 | $24,385 | | Net interest income | $62,485 | $49,802 | | Net interest margin | 4.45% | 4.17% | [Non-GAAP Financial Measures Reconciliation](index=23&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This table provides a reconciliation of GAAP financial measures to non-GAAP measures, including tangible common equity, core net income, and various core performance ratios, for the three months ended September 30, 2025, and prior quarters | Metric (in thousands, except per share data) | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :------------------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Tangible common equity | $605,646 | $563,775 | $544,373 | $523,891 | $433,940 | | Tangible book value per common share | $31.69 | $32.17 | $31.07 | $30.07 | $28.38 | | Tangible common equity to tangible assets | 9.69% | 10.63% | 10.13% | 9.95% | 8.21% | | Core net income (loss) allocable to common stockholders | $23,310 | $17,515 | $15,987 | $17,834 | $20,427 | | Core earnings per diluted share | $1.21 | $0.99 | $0.90 | $1.10 | $1.32 | | Core return on average assets | 1.51% | 1.35% | 1.24% | 1.37% | 1.56% | | Core return on average equity | 12.47% | 11.18% | 10.69% | 13.29% | 16.73% | | Core return on average tangible common equity | 14.30% | 12.64% | 12.14% | 15.29% | 19.58% |

Core Viewpoint - Analysts have shown increased optimism about Equity Bancshares, Inc. (NASDAQ:EQBK), reflected in the rise of the consensus price target from $49.5 to $54, indicating positive sentiment regarding the company's future performance [1][6]. Financial Performance - EQBK reported quarterly earnings of $0.99 per share, surpassing the Zacks Consensus Estimate of $0.90, showcasing consistent earnings performance [2][6]. - The company achieved a net income of $15.3 million for Q2 2025, with adjusted earnings per diluted share increasing to $0.94 after accounting for merger-related expenses, demonstrating the company's ability to maintain momentum [3][6]. Analyst Sentiment - The consistent price target of $54 over the past month and quarter suggests stability in analysts' expectations, likely due to the company's solid financial performance [2]. - EQBK's recent upgrade to a Zacks Rank 2 (Buy) further underscores the positive sentiment surrounding the stock, with analysts revising their earnings estimates upwards [5]. Strategic Initiatives - The company's strategic initiatives and favorable market conditions may have contributed to the upward revision in the price target, indicating a proactive approach to growth [3][6]. Upcoming Events - Investors should monitor upcoming financial announcements, including the third-quarter results set for release on October 14, 2025, which will provide insights into the company's performance and future prospects [4].

Core Insights - Equity Bancshares (EQBK) is expected to report quarterly earnings of $0.99 per share, reflecting a decline of 24.4% year over year, while revenues are forecasted to increase by 25.3% to $69.35 million [1] Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised upward by 8.4%, indicating analysts' reassessment of their initial forecasts [2] - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [3] Key Metrics Forecast - Analysts project a 'Net Interest Margin' of 4.2%, up from 3.9% in the same quarter last year [5] - The 'Efficiency Ratio' is expected to be 63.7%, compared to 54.7% in the same quarter of the previous year [5] - 'Total Non-Interest Income' is estimated at $9.19 million, slightly down from $9.32 million year-over-year [6] - 'Net Interest Income' is projected to reach $60.16 million, up from $46.03 million in the same quarter last year [6] Stock Performance - Equity Bancshares shares have returned -2.4% over the past month, contrasting with a +3.5% change in the Zacks S&P 500 composite [6] - The company holds a Zacks Rank 1 (Strong Buy), suggesting it is expected to outperform the overall market in the near future [6]

Core Viewpoint - Equity Bancshares, Inc. will announce its third quarter financial results on October 14, 2025, followed by a conference call on October 15, 2025, to discuss the earnings [1][2]. Financial Results Announcement - The third quarter financial results will be released after market close on October 14, 2025 [1]. - A conference call will be held on October 15, 2025, at 10 a.m. Eastern Time to discuss the results [2]. Company Overview - Equity Bancshares, Inc. is the holding company for Equity Bank, providing a range of financial solutions including commercial loans, consumer banking, mortgage loans, and wealth management services [3]. - The company's common stock is traded on the New York Stock Exchange under the symbol "EQBK" [3]. Contact Information - Media Contact: Russell Colburn, Public Relations & Communications Manager, Equity Bancshares, Inc. [7] - Investor Contact: Brian J. Katzfey, VP, Director of Corporate Development and Investor Relations, Equity Bancshares, Inc. [7]

Core Insights - The article emphasizes the importance of efficiency ratios as indicators of a company's financial health and operational efficiency [1] Efficiency Ratios - **Receivables Turnover**: This ratio measures a company's ability to extend credit and collect debts, with a higher ratio indicating better performance [2] - **Asset Utilization**: This ratio assesses how effectively a company converts its assets into sales, with higher values suggesting greater efficiency [3] - **Inventory Turnover**: This ratio indicates a company's ability to manage inventory relative to its cost of goods sold, with higher values reflecting better inventory management [4] - **Operating Margin**: This ratio measures the efficiency of a company in controlling operating expenses relative to sales, with higher values indicating better expense management [5] Screening Process - A screening process was applied to identify stocks with efficiency ratios above industry averages, narrowing down from over 7,906 stocks to 18 [7] - The screening criteria included turnover ratios, asset utilization, and operating margin, along with a favorable Zacks Rank of 1 (Strong Buy) [6][8] Selected Companies - **Post Holdings (POST)**: A consumer-packaged goods holding company with a positive earnings surprise of 21.4% [7] - **BuildABear Workshop (BBW)**: A leading interactive retail-entertainment company with a positive earnings surprise of 21.3% [9] - **Equity Bancshares (EQBK)**: A financial services provider with a positive earnings surprise of 17.9% [10] - **Ardmore Shipping (ASC)**: Engaged in the ownership and operation of tankers, with a positive earnings surprise of 9.6% [11] - **Sally Beauty (SBH)**: An international retailer of beauty supplies with a positive earnings surprise of 8.3% [12]

Group 1: Trip.com Group Limited (TCOM) - Trip.com is a one-stop travel service company with a Zacks Rank 1 (Strong Buy) [1] - The Zacks Consensus Estimate for its current year earnings increased by 2.5% over the last 60 days [1] - Trip.com's shares gained 17.8% over the last three months, outperforming the S&P 500's gain of 9.4% [1] - The company has a Momentum Score of A [1] Group 2: Imperial Oil (IMO) - Imperial Oil is one of the largest integrated oil companies in Canada, engaged in oil and gas production, refining, and marketing [2] - The Zacks Consensus Estimate for its current year earnings increased by 2.7% over the last 60 days [2] - Imperial Oil's shares gained 20.6% over the last three months, also outperforming the S&P 500's gain of 9.4% [2] - The company possesses a Momentum Score of A [2] Group 3: Equity Bancshares (EQBK) - Equity Bancshares is a bank holding company providing financial services primarily to businesses and individuals [3] - The Zacks Consensus Estimate for its current year earnings increased by 5.8% over the last 60 days [3] - Equity Bancshares' shares gained 10.1% over the last three months, slightly outperforming the S&P 500's gain of 9.5% [3] - The company has a Momentum Score of A [3]

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].