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

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Exhibit 99.2 2025 3rd Quarter Financial Results October 14, 2025 Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of the management of Equity Bancshares, Inc. ("Equity," "we," "us," "our," "the company") with respect to, among other things, future events, the expected benef ...

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

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

[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]