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Equity Bank(EQBK) - 2024 Q2 - Earnings Call Presentation
2024-07-17 09:30
Exhibit 99.2 For discussion of these and other risks that may cause actual results to differ from expectations, please refer to "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in Equity's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2024, and any updates to those risk factors set forth in Equity's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertaintie ...
Equity Bancshares (EQBK) Surpasses Q2 Earnings and Revenue Estimates
ZACKS· 2024-07-16 23:01
This quarterly report represents an earnings surprise of 7.61%. A quarter ago, it was expected that this bank holding company would post earnings of $0.85 per share when it actually produced earnings of $1.03, delivering a surprise of 21.18%. Equity Bancshares shares have added about 13.4% since the beginning of the year versus the S&P 500's gain of 18.1%. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only ...
Equity Bank(EQBK) - 2024 Q2 - Quarterly Results
2024-07-16 20:45
```markdown [Second Quarter 2024 Financial Performance](index=1&type=section&id=Second%20Quarter%202024%20Financial%20Performance) [Performance Highlights](index=1&type=section&id=Performance%20Highlights) Equity Bancshares reported a strong second quarter with **record** net interest income of **$46.5 million** and an **expanded** net interest margin of **3.94%**, achieving adjusted net income of **$15.3 million** (**$0.99** per diluted share) while strategically integrating acquisitions and repurchasing shares Q2 2024 Key Financial Results | Metric | GAAP | Adjusted (Non-GAAP) | | :--- | :--- | :--- | | **Net Income** | $11.7 million | $15.3 million | | **Diluted EPS** | $0.76 | $0.99 | - Net interest income reached a company **record** of **$46.5 million**, with the net interest margin **expanding** to **3.94%**[1](index=1&type=chunk)[22](index=22&type=chunk)[24](index=24&type=chunk) - The company was active in M&A, integrating the Rockhold Bancorp merger and closing the acquisition of KansasLand Bancshares, Inc. on July 1, 2024[2](index=2&type=chunk)[22](index=22&type=chunk) - Actively repurchased **152,982** shares at a weighted average price of **$33.35** during the quarter[22](index=22&type=chunk) [Detailed Financial Analysis](index=1&type=section&id=Detailed%20Financial%20Analysis) The company's financial performance was driven by a **28 basis point** increase in the yield on interest-earning assets to **6.37%**, with non-interest income at **$9.0 million** and non-interest expenses rising to **$38.9 million** due to acquisitions, while asset quality remained stable and capital ratios strong [Net Interest Income](index=1&type=section&id=Net%20Interest%20Income) Net interest income increased to **$46.5 million** in Q2 2024, driven by a significant expansion in net interest margin to **3.94%** and a **28 basis point** rise in the yield on interest-earning assets to **6.37%**, while deposit costs remained stable Net Interest Margin and Yields (Q2 2024 vs Q1 2024) | Metric | Q2 2024 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Net Interest Income** | $46.5 M | $44.2 M | +$2.3 M | | **Net Interest Margin** | 3.94% | 3.75% | +19 bps | | **Yield on Earning Assets** | 6.37% | 6.09% | +28 bps | | **Cost of Int-Bearing Deposits** | 2.78% | 2.77% | +1 bp | [Provision for Credit Losses](index=2&type=section&id=Provision%20for%20Credit%20Losses) The provision for credit losses decreased to **$265** thousand from **$1.0 million** in the prior quarter, primarily due to realized charge-offs, with net charge-offs increasing to **$1.2 million** from **$667** thousand - Provision for credit losses was **$265** thousand, down from **$1.0 million** in Q1 2024[5](index=5&type=chunk) - Net charge-offs for the quarter were **$1.2 million**, compared to **$667** thousand in the previous quarter[5](index=5&type=chunk) [Non-Interest Income and Expense](index=2&type=section&id=Non-Interest%20Income%20and%20Expense) Total non-interest income was **$9.0 million**, down from **$11.7 million** due to prior non-recurring gains, while total non-interest expense rose to **$38.9 million** primarily due to the Bank of Kirksville acquisition - Non-interest income was **$9.0 million**, a decrease from **$11.7 million** in Q1 2024, which had included **$1.2 million** in acquisition gains and **$2.3 million** in special asset resolution gains[6](index=6&type=chunk) - Non-interest expense increased by **$1.8 million** to **$38.9 million**, primarily due to the addition of Bank of Kirksville operations[7](index=7&type=chunk) [Balance Sheet and Asset Quality](index=2&type=section&id=Balance%20Sheet%20and%20Asset%20Quality) As of June 30, 2024, total assets were **$5.2 billion**, with loans at **$3.5 billion** and deposits at **$4.3 billion**, while asset quality remained stable with the allowance for credit losses at **1.3%** and nonperforming assets at **0.5%** Key Balance Sheet Figures (as of June 30, 2024) | Metric | Value | | :--- | :--- | | **Total Assets** | $5.2 billion | | **Loans Held for Investment** | $3.5 billion | | **Total Deposits** | $4.3 billion | Asset Quality Metrics (as of June 30, 2024) | Metric | Value | | :--- | :--- | | **Allowance for Credit Losses / Total Loans** | 1.3% | | **Nonperforming Assets / Total Assets** | 0.5% | | **Classified Assets / Regulatory Capital** | 8.47% | [Capital Position](index=3&type=section&id=Capital%20Position) The company's capital ratios remained stable and strong as of June 30, 2024, with a Common Equity Tier 1 (CET1) ratio of **11.1%**, total capital to risk-weighted assets of **14.6%**, and a total leverage ratio of **9.1%** Company Capital Ratios (as of June 30, 2024) | Ratio | Value | | :--- | :--- | | **Common Equity Tier 1 (CET1)** | 11.1% | | **Total Capital to RWA** | 14.6% | | **Total Leverage Ratio** | 9.1% | Equity Bank Capital Ratios (as of June 30, 2024) | Ratio | Value | | :--- | :--- | | **Common Equity Tier 1 (CET1)** | 12.9% | | **Total Capital to RWA** | 14.0% | | **Total Leverage Ratio** | 10.1% | [Unaudited Financial Tables](index=8&type=section&id=Unaudited%20Financial%20Tables) [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) For Q2 2024, the company reported net income of **$11.7 million** (**$0.76** per diluted share), an increase from Q2 2023, driven by higher net interest income of **$46.5 million** Q2 2024 vs Q2 2023 Income Statement Highlights | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | **Net Interest Income** | $46.5 M | $39.4 M | | **Total Non-interest Income** | $9.0 M | $7.0 M | | **Total Non-interest Expense** | $38.9 M | $33.1 M | | **Net Income** | $11.7 M | $11.5 M | | **Diluted EPS** | $0.76 | $0.74 | Quarterly Income Statement Trend | Metric | Q2 2024 | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | **Net Interest Income** | $46.5 M | $44.2 M | $39.5 M | | **Net Income (Loss)** | $11.7 M | $14.1 M | ($28.3 M) | | **Diluted EPS** | $0.76 | $0.90 | ($1.84) | [Consolidated Balance Sheets](index=14&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets were **$5.25 billion**, with total deposits at **$4.34 billion** and total stockholders' equity increasing to **$461.4 million** Balance Sheet Summary (as of June 30, 2024) | Account | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | $5,245.5 M | $5,239.0 M | | **Net Loans** | $3,410.9 M | $3,437.7 M | | **Total Deposits** | $4,341.4 M | $4,371.0 M | | **Total Stockholders' Equity** | $461.4 M | $456.8 M | [Selected Financial Highlights](index=16&type=section&id=Selected%20Financial%20Highlights) Key performance ratios for Q2 2024 include a net interest margin of **3.94%**, ROAA of **0.91%**, and ROATCE of **13.31%**, with asset quality remaining stable and tangible book value per common share increasing to **$25.70** Q2 2024 Performance Ratios | Ratio | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | **Net Interest Margin** | 3.94% | 3.75% | | **ROAA (annualized)** | 0.91% | 1.10% | | **ROATCE (annualized)*** | 13.31% | 14.96% | | **Efficiency Ratio*** | 66.03% | 65.16% | Book Value Per Share | Metric | June 30, 2024 | March 31, 2024 | | :--- | :--- | :--- | | **Book Value per Common Share** | $30.36 | $29.80 | | **Tangible Book Value per Common Share*** | $25.70 | $25.10 | [Net Interest Income Analysis](index=19&type=section&id=Net%20Interest%20Income%20Analysis) The quarter-over-quarter increase in net interest income was driven by a **28 basis point** rise in the yield on total interest-earning assets to **6.37%** and a **30 basis point** increase in average loan yield to **7.15%**, contributing to an interest rate spread expansion to **3.28%** Q2 2024 vs Q1 2024 Yield/Cost Analysis | Metric | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | **Yield on Total Loans** | 7.15% | 6.85% | | **Yield on Total Interest-Earning Assets** | 6.37% | 6.09% | | **Cost of Total Interest-Bearing Deposits** | 2.78% | 2.77% | | **Cost of Total Interest-Bearing Liabilities** | 3.09% | 2.99% | | **Interest Rate Spread** | 3.28% | 3.10% | [Non-GAAP Financial Measures](index=22&type=section&id=Non-GAAP%20Financial%20Measures) The company's Q2 2024 adjusted operating net income was **$15.3 million** (**$0.99** per diluted share), after removing **$2.3 million** in merger expenses and a **$1.7 million** BOLI tax adjustment, resulting in an adjusted efficiency ratio of **66.03%** and adjusted operating ROAA of **1.18%** Reconciliation of Net Income and EPS (Q2 2024) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | **Net Income** | $11.7 M | +$3.6 M | $15.3 M | | **Diluted EPS** | $0.76 | +$0.23 | $0.99 | - Key adjustments include adding back **$2.3 million** in merger expenses and a **$1.7 million** BOLI tax adjustment[76](index=76&type=chunk) Key Adjusted Performance Ratios (Q2 2024) | Ratio | Value | | :--- | :--- | | **Adjusted Operating ROAA** | 1.18% | | **Return on Average Tangible Common Equity (ROATCE)** | 13.31% | | **Efficiency Ratio** | 66.03% | [Other Information](index=5&type=section&id=Other%20Information) [Conference Call and Webcast](index=5&type=section&id=Conference%20Call%20and%20Webcast) Equity Bancshares will host a conference call and webcast on July 17, 2024, at 10 a.m. ET to discuss Q2 2024 results, with a replay available on their investor relations website - A conference call is scheduled for July 17, 2024, at 10 a.m. ET (9 a.m. CT) to discuss the results[15](index=15&type=chunk) - A live webcast and replay will be accessible on the company's website at investor.equitybank.com[36](index=36&type=chunk)[56](index=56&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements subject to various risks and uncertainties, including competition and economic fluctuations, which could cause actual results to differ materially, and the company undertakes no obligation to update them - The report includes forward-looking statements that are not guarantees of future performance and are subject to various risks and uncertainties[16](index=16&type=chunk) - Key risk factors include competition, monetary and fiscal policy changes, interest rate fluctuations, and challenges with acquisition integration[16](index=16&type=chunk)[58](index=58&type=chunk) ```
Equity Bancshares (EQBK) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
ZACKS· 2024-07-09 15:00
The consensus EPS estimate for FB Financial has been revised 0.3% higher over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -2.31%. This Earnings ESP, combined with its Zacks Rank #2 (Buy), makes it difficult to conclusively predict that FB Financial will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times. Stay on top of upcoming earnings announcements with the Zacks Earni ...
Equity Bank(EQBK) - 2024 Q1 - Quarterly Report
2024-05-09 20:46
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 001-37624 EQUITY BANCSHARES, INC. (Exact name of registrant as specified in its charter) | Kansas | 72-1532188 | | --- | --- ...
Equity Bank(EQBK) - 2024 Q1 - Earnings Call Transcript
2024-04-17 16:29
Financial Data and Key Metrics Changes - Net income for the quarter was $14.9 million, or $0.90 per diluted share, adjusted for merger expenses to $16.1 million or $1.03 per diluted share [76] - Net interest income increased by $4.7 million linked quarter, with net interest margin improving from 3.49% to 3.75% [76][52] - Average loans increased at an annualized rate of 11.1%, excluding the impact of the Bank of Kirksville, which added $67.6 million in average balance [50] Business Line Data and Key Metrics Changes - Service revenues improved quarter-over-quarter, driven by contributions from card, trust and wealth management, service charges, and mortgage [59] - Non-interest income, adjusted for losses on repositioning investments, was up $4.5 million linked quarter, with service fee revenue improving by 5% [77] - The cost of interest-bearing deposits increased by 19 basis points to 2.77% [51] Market Data and Key Metrics Changes - Total deposits closed the quarter at $4.4 billion, with loans as a percentage of deposits at 79.7% [56] - The Bank of Kirksville transaction was accretive, contributing to the deposit growth and overall market expansion [58] Company Strategy and Development Direction - The company aims for mid- to high-single digit organic loan growth in 2024, focusing on both organic and acquisitive growth avenues [58] - The strategic directives for 2024 emphasize value creation through deepening customer relationships and enhancing service levels [62] - The company is actively pursuing M&A opportunities while maintaining a disciplined approach to assessing these opportunities [63] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the loan growth potential, particularly in light of competitors pulling back due to balance sheet constraints [8] - The company has not seen specific deterioration in any of its portfolios and continues to hold reserves for potential economic challenges [80][85] - Management highlighted the importance of proactive conversations with borrowers regarding upcoming loan maturities to mitigate risks [109] Other Important Information - The company successfully closed a merger transaction in 67 days, showcasing effective execution in a challenging environment [54] - The integration of systems following the Bank of Kirksville transaction is expected to be completed in Q2, with cost savings anticipated thereafter [91] Q&A Session Summary Question: How does the company view the higher for longer rate environment regarding deposit rates? - Management indicated that they are not factoring in changes in interest rates in their current forecast, expecting deposit rates to peak between 40% and 50% [5][15] Question: What is the outlook for loan growth and funding sources? - Management expressed optimism about loan growth coming from both client deposit growth and potential asset remixing [10][44] Question: Can you provide details on the credit quality and asset recovery efforts? - Management noted that problem assets are well reserved, and they do not foresee further losses or recoveries in that space [66][85] Question: What are the expectations for M&A activity and share buybacks? - Management confirmed that they will remain active in the buyback market while also pursuing M&A opportunities, balancing both strategies [123]
Equity Bancshares (EQBK) Q1 Earnings and Revenues Surpass Estimates
Zacks Investment Research· 2024-04-16 23:36
Equity Bancshares (EQBK) came out with quarterly earnings of $1.03 per share, beating the Zacks Consensus Estimate of $0.85 per share. This compares to earnings of $0.82 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 21.18%. A quarter ago, it was expected that this bank holding company would post earnings of $0.65 per share when it actually produced earnings of $0.77, delivering a surprise of 18.46%.Over the last four quarter ...
Equity Bank(EQBK) - 2024 Q1 - Quarterly Results
2024-04-16 21:09
[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Equity Bancshares reported a strong first quarter for 2024, highlighted by record net interest income of $44.2 million and significant net interest margin expansion to 3.75% Q1 2024 Key Financial Results | Metric | Value | Note | | :--- | :--- | :--- | | Net Income | $14.1 million | - | | Diluted EPS (GAAP) | $0.90 | - | | Diluted EPS (Adjusted) | $1.03 | Excludes $1.6 million merger expenses and $1.0 million provisioning | - Completed the all-cash acquisition of Rockhold Bancorp, adding eight locations, **$118.7 million** in loans, and **$349.6 million** in deposits. A gain on acquisition of **$1.2 million** was recorded[2](index=2&type=chunk)[3](index=3&type=chunk) - Net interest income reached an all-time high of **$44.2 million** for the quarter[3](index=3&type=chunk) - Gross loans held-for-investment grew by **$149.3 million** in the quarter. Excluding the acquisition, organic loan growth was **$30.6 million**, representing a **3.70%** annualized rate[3](index=3&type=chunk) - The company repurchased **209,591 shares** at a weighted average cost of **$32.24**, with **790,409 shares** remaining available for purchase under the current plan[3](index=3&type=chunk) - Asset quality remains strong, with the classified asset ratio at a historically low **6.65%** of total risk-based capital and the allowance for credit losses at **1.28%** of total loans[3](index=3&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) This section analyzes key financial performance metrics including record net interest income, credit loss provisions, non-interest income, expenses, and effective tax rates [Net Interest Income](index=2&type=section&id=Net%20Interest%20Income) Net interest income reached a record $44.2 million in Q1 2024, a significant increase from $39.5 million in the previous quarter Net Interest Income and Margin (Q1 2024 vs. Q4 2023) | Metric | Q1 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $44.2 million | $39.5 million | +$4.7 million | | Net Interest Margin (NIM) | 3.75% | 3.49% | +26 bps | | Yield on Interest-Earning Assets | 6.09% | 5.69% | +40 bps | | Cost of Interest-Bearing Deposits | 2.77% | 2.58% | +19 bps | - Key drivers for the improved asset yield include the Bank's bond portfolio re-positioning, purchase accounting accretion from the acquisition, and improving loan coupons[5](index=5&type=chunk) [Provision for Credit Losses](index=2&type=section&id=Provision%20for%20Credit%20Losses) The company recorded a provision for credit losses of $1.0 million, an increase from $711 thousand in the prior quarter Credit Loss Provision and Net Charge-offs (Q1 2024 vs. Q4 2023) | Metric | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Provision for Credit Losses | $1.0 million | $711 thousand | | Net Charge-offs | $668 thousand | $1.4 million | - The entire provision for the quarter was for establishing reserves on loans acquired in the Rockhold Bancorp acquisition[6](index=6&type=chunk) [Non-Interest Income](index=2&type=section&id=Non-Interest%20Income) Total non-interest income was $11.7 million for Q1 2024, driven by positive resolutions of specific loan assets and a gain on the Rockhold acquisition Non-Interest Income (Q1 2024 vs. Q4 2023 Adjusted) | Period | Non-Interest Income (Reported) | Non-Interest Income (Adjusted) | | :--- | :--- | :--- | | Q1 2024 | $11.7 million | $10.4 million | | Q4 2023 | $(43.4) million | $7.3 million | - Adjusted non-interest income for Q1 2024 excludes a **$1.2 million** gain on acquisition and a **$43 thousand** gain on securities transactions, while Q4 2023 adjusted income excludes a **$50.7 million** loss on securities transactions[7](index=7&type=chunk)[40](index=40&type=chunk) - The increase was primarily driven by a **$3.0 million** gain on the resolution of specific loan assets and a **$1.2 million** gain on the acquisition, which was attributable to the improved fair value of Bank of Kirksville's bond portfolio[7](index=7&type=chunk)[8](index=8&type=chunk) [Non-Interest Expense](index=2&type=section&id=Non-Interest%20Expense) Non-interest expense increased to $37.1 million from $35.0 million in the prior quarter, primarily due to the newly acquired Bank of Kirksville and compensation adjustments Non-Interest Expense (Q1 2024 vs. Q4 2023) | Metric | Q1 2024 | Q4 2023 | | :--- | :--- | :--- | | Total Non-Interest Expense | $37.1 million | $35.0 million | | Merger Expenses | $1.6 million | $0.3 million | - The quarter-over-quarter increase was driven by the addition of Bank of Kirksville expenses, annual compensation adjustments, and early-year payroll tax dynamics[9](index=9&type=chunk) [Income Tax Expense](index=2&type=section&id=Income%20Tax%20Expense) The effective tax rate for Q1 2024 was 20.8%, an increase from the normalized rate of 7.5% in Q4 2023 - The effective tax rate was **20.8%** for Q1 2024, an increase from the normalized rate of **7.5%** in Q4 2023[10](index=10&type=chunk) - The rate increase was caused by a lower benefit from tax credit investments, offset by a tax benefit from the gain on the Rockhold acquisition[10](index=10&type=chunk) [Balance Sheet and Asset Quality](index=4&type=section&id=Balance%20Sheet%20and%20Asset%20Quality) This section details the company's balance sheet growth, including increases in total assets, loans, and deposits, alongside a review of stable asset quality metrics [Loans, Total Assets and Funding](index=4&type=section&id=Loans%2C%20Total%20Assets%20and%20Funding) As of March 31, 2024, total assets increased by 4.1% to $5.20 billion, with significant growth in loans and deposits driven by the Rockhold acquisition Key Balance Sheet Items (as of March 31, 2024) | Metric | Value | Quarterly Change | | :--- | :--- | :--- | | Total Assets | $5.20 billion | +$204.4 million | | Loans Held for Investment | $3.48 billion | +$149.3 million | | Total Deposits | $4.4 billion | +$225.6 million | - The company replaced a matured **$140.0 million** Federal Reserve Bank borrowing with borrowings from the Federal Home Loan Bank, increasing total FHLB borrowings to **$219.9 million**[13](index=13&type=chunk) [Asset Quality](index=4&type=section&id=Asset%20Quality) Asset quality remained strong and stable as of March 31, 2024, with consistent allowance for credit losses and improved classified asset ratios Asset Quality Ratios (Q1 2024 vs. Q4 2023) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Allowance for Credit Losses / Total Loans | 1.3% | 1.3% | | Nonperforming Assets / Total Assets | 0.5% | 0.5% | | Classified Assets / Regulatory Capital | 6.65% | 7.1% | - Non-accrual loans decreased to **$24.2 million** from **$25.0 million** at the end of the prior quarter[14](index=14&type=chunk) [Capital Management](index=1&type=section&id=Capital%20Management) This section reviews the company's capital position, including regulatory ratios and changes in book and tangible capital, alongside details of share repurchase activities [Capital Ratios and Position](index=4&type=section&id=Capital%20Ratios%20and%20Position) Book capital increased to $456.8 million, while tangible capital decreased due to acquisition-related intangibles, with all regulatory capital ratios remaining strong Company Capital Ratios (Q1 2024 vs. Q4 2023) | Ratio | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Common Equity Tier 1 (CET1) | 11.1% | 11.7% | | Total Capital to Risk-Weighted Assets | 14.7% | 15.5% | | Total Leverage Ratio | 9.1% | 9.5% | - The decrease in tangible capital was primarily due to the addition of **$11.5 million** in core deposit intangible assets associated with the acquisition[15](index=15&type=chunk) [Share Repurchase Activity](index=1&type=section&id=Share%20Repurchase%20Activity) During the first quarter, the company actively repurchased 209,591 shares at a weighted average price of $32.24, with 790,409 shares remaining available - Purchased **209,591 shares** at a weighted average cost of **$32.24** during Q1 2024[3](index=3&type=chunk) - **790,409 shares** remain available for purchase under the current repurchase plan[3](index=3&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP financial measures to supplement GAAP results, providing additional perspectives on operating performance and facilitating peer comparisons - The efficiency ratio is used to understand the expense structure relative to total revenue, excluding non-core items for better peer comparability[19](index=19&type=chunk) - Return on average assets before income tax and provision for loan losses is used to demonstrate 'core' operating performance before these specific expenses[20](index=20&type=chunk) - Tangible common equity and related measures (like ROATCE) are used to evaluate performance consistently by excluding the impact of intangible assets, whether acquired or internally developed[21](index=21&type=chunk) [Unaudited Financial Tables](index=8&type=section&id=Unaudited%20Financial%20Tables) This section provides a comprehensive set of unaudited financial tables detailing the company's financial position and performance for Q1 2024 and comparative periods - The report includes the following unaudited financial tables: - Table 1: Quarterly Consolidated Statements of Income - Table 2: Consolidated Balance Sheets - Table 3: Selected Financial Highlights - Table 4: Quarter-To-Date Net Interest Income Analysis - Table 5: Quarter-Over-Quarter Net Interest Income Analysis - Table 6: Non-GAAP Financial Measures[30](index=30&type=chunk)
Equity Bank(EQBK) - 2023 Q4 - Annual Report
2024-03-06 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37624 EQUITY BANCSHARES, INC. (Exact name of registrant as specified in its charter) Kansas 72-1532188 (State or other jurisdiction of incorpora ...
Equity Bancshares, Inc. Completes Merger with Rockhold BanCorp
Businesswire· 2024-02-12 14:00
WICHITA, Kan.--(BUSINESS WIRE)--Equity Bancshares, Inc. (NYSE: EQBK) (“Equity” or the “Company”), the Wichita-based holding company of Equity Bank, announced it completed its merger with Rockhold BanCorp (“Rockhold”), the parent company of the Bank of Kirksville in Kirksville, Missouri. “I’m grateful for the efforts of our Equity Bank team, including our new team members from Bank of Kirksville,” said Brad Elliott, Equity Chairman & CEO. “Our customers have grown to expect first-class service, and we’re ...