[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)

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 ...

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 ...

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 September 30, 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) (State or other jurisdiction of ...

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 June 30, 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) (State or other jurisdiction of incor ...

July 19, 2023 ✓Opened branches in Lees Summit & Overland Park, Kansas ✓Launched Equity Trust & Wealth Management Start-Up: 2002 - 2007 Scale: 2017-2023 Robust Funding Capacity, Anchored by a Diverse, Low-Cost Deposit Base Exhibit 99.2 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 ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed interim consolidated financial statements, including balance sheets, income statements, cash flows, and detailed notes [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) | ASSETS (in thousands) | March 31, 2023 | December 31, 2022 | | :---------------------- | :------------- | :---------------- | | Cash and cash equivalents | $250,366 | $104,428 | | Available-for-sale securities | $1,183,247 | $1,184,390 | | Loans, net | $3,285,515 | $3,265,701 | | Total assets | $5,156,716 | $4,981,651 | | LIABILITIES AND STOCKHOLDERS' EQUITY (in thousands) | March 31, 2023 | December 31, 2022 | | :-------------------------------------------------- | :------------- | :---------------- | | Total deposits | $4,286,933 | $4,241,807 | | Federal Reserve Bank borrowings | $140,000 | — | | Total liabilities | $4,731,593 | $4,571,593 | | Total stockholders' equity | $425,123 | $410,058 | | Total liabilities and stockholders' equity | $5,156,716 | $4,981,651 | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) | (Dollar amounts in thousands, except per share data) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--------------------------------------------------- | :-------------------------------- | :-------------------------------- | | Total interest and dividend income | $56,123 | $42,652 | | Total interest expense | $17,013 | $3,363 | | Net interest income | $39,110 | $39,289 | | Provision (reversal) for credit losses | $(366) | $(412) | | Total non-interest income | $9,089 | $9,022 | | Total non-interest expense | $33,718 | $29,459 | | Net income (loss) | $12,323 | $15,650 | | Basic earnings (loss) per share | $0.78 | $0.94 | | Diluted earnings (loss) per share | $0.77 | $0.93 | [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) | (Dollar amounts in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :---------------------------- | :-------------------------------- | :-------------------------------- | | Net income | $12,323 | $15,650 |\ | Other comprehensive income (loss), net of tax | $12,273 | $(51,788) | | Comprehensive income (loss) | $24,596 | $(36,138) | [Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) | (Dollar amounts in thousands) | Balance at January 1, 2023 | Net Income | Other Comprehensive Income (Loss), net of tax effects | Cash Dividends - Common Stock | Treasury Stock Purchases | Balance at March 31, 2023 | | :---------------------------- | :------------------------- | :--------- | :---------------------------------------------------- | :---------------------------- | :----------------------- | :------------------------ | | Total Stockholders' Equity | $410,058 | $12,323 | $12,273 | $(1,573) | $(9,593) | $425,123 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | (Dollar amounts in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :---------------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $19,132 | $7,804 | | Net cash (used in) provided by investing activities | $(18,244) | $(165,912) | | Net cash (used in) provided by financing activities | $145,050 | $(11,796) | | Net change in cash and cash equivalents | $145,938 | $(169,904) | | Ending cash and cash equivalents | $250,366 | $90,050 | [Condensed Notes to Interim Consolidated Financial Statements](index=13&type=section&id=Condensed%20Notes%20to%20Interim%20Consolidated%20Financial%20Statements) [NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=13&type=section&id=NOTE%201%20%E2%80%93%20BASIS%20OF%20PRESENTATION%20AND%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) - The interim consolidated financial statements are prepared in accordance with GAAP for interim financial information and SEC guidance, and include Equity Bancshares, Inc. and its consolidated subsidiaries. Management makes estimates and assumptions that affect reported amounts, and actual results may differ[30](index=30&type=chunk)[31](index=31&type=chunk) - Recent high-profile bank failures have negatively impacted customer confidence in regional banks, potentially affecting Equity Bank's liquidity, loan funding capacity, net interest margin, capital, and results of operations. Equity Bank pledged additional investments to the FRB for liquidity but did not experience significant deposit runoff[33](index=33&type=chunk)[302](index=302&type=chunk) - The Company adopted ASU 2022-02, eliminating accounting guidance for Troubled Debt Restructurings (TDRs) and enhancing disclosure requirements for loan restructurings. This implementation did not have a material financial impact but affected loan disclosures[37](index=37&type=chunk) [NOTE 2 – INVESTMENTS](index=15&type=section&id=NOTE%202%20%E2%80%93%20INVESTMENTS) | Available-for-sale securities (in thousands) | March 31, 2023 | December 31, 2022 | | :------------------------------------------ | :------------- | :---------------- | | Amortized Cost | $1,315,258 | $1,332,419 | | Fair Value | $1,183,247 | $1,184,390 | | Gross Unrealized Losses | $(132,183) | $(148,101) | - Unrealized losses on securities have not been recognized into income because issuers are high credit quality, management does not intend to sell, and it is likely the Company will not be required to sell prior to recovery. The decline in fair value is largely due to interest rate changes[48](index=48&type=chunk) - The Company's available-for-sale investments with credit risk include private label residential mortgage-backed securities, corporate securities, and state and political subdivisions securities. No credit losses are anticipated in these portfolios[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[54](index=54&type=chunk) [NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES](index=20&type=section&id=NOTE%203%20%E2%80%93%20LOANS%20AND%20ALLOWANCE%20FOR%20CREDIT%20LOSSES) | Loan Categories (in thousands) | March 31, 2023 | December 31, 2022 | | :----------------------------- | :------------- | :---------------- | | Commercial real estate | $1,746,834 | $1,721,268 | | Commercial and industrial | $605,576 | $594,863 | | Residential real estate | $563,791 | $570,550 | | Agricultural real estate | $202,274 | $199,189 | | Agricultural | $106,169 | $120,003 | | Consumer | $105,974 | $105,675 | | Total loans | $3,330,618 | $3,311,548 | | Allowance for credit losses | $(45,103) | $(45,847) | | Net loans | $3,285,515 | $3,265,701 | | Allowance for Credit Losses Activity (in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :-------------------------------------------------- | :-------------------------------- | :-------------------------------- | | Beginning balance | $45,847 | $48,365 | | Provision for credit losses | $(366) | $(412) | | Loans charged-off | $(638) | $(534) | | Recoveries | $260 | $171 | | Total ending allowance balance | $45,103 | $47,590 | - Total nonaccrual loans decreased from **$17.6 million** at December 31, 2022, to **$16.55 million** at March 31, 2023. The allowance for credit losses on off-balance-sheet credit exposures increased from **$1,353 thousand** to **$1,485 thousand**[70](index=70&type=chunk)[94](index=94&type=chunk) [NOTE 4 – DERIVATIVE FINANCIAL INSTRUMENTS](index=30&type=section&id=NOTE%204%20%E2%80%93%20DERIVATIVE%20FINANCIAL%20INSTRUMENTS) - The Company uses interest rate swaps and caps/floors to manage interest rate risk, designating them as fair value hedges (for commercial real estate loans) or cash flow hedges (for subordinated notes interest expense and prime rate adjustable rate loans interest income)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) | Derivative Notional Balances (in thousands) | March 31, 2023 | December 31, 2022 | | :------------------------------------------ | :------------- | :---------------- | | Derivatives designated as hedging instruments | $271,092 | $179,028 | | Derivatives not designated as hedging instruments | $197,178 | $184,277 | | Total | $468,270 | $363,305 | | Net Gains (Losses) on Derivatives (in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :----------------------------------------------- | :-------------------------------- | :-------------------------------- | | Derivatives designated as hedging instruments | $8 | $38 | | Derivatives not designated as hedging instruments | $(3) | $675 | | Net gains (losses) on derivatives and hedging activities | $5 | $713 | [NOTE 5 – LEASE OBLIGATIONS](index=33&type=section&id=NOTE%205%20%E2%80%93%20LEASE%20OBLIGATIONS) | Operating Leases (in thousands) | March 31, 2023 | December 31, 2022 | | :------------------------------ | :------------- | :---------------- | | Right-of-Use Asset | $5,090 | $5,256 | | Lease Liability | $5,062 | $5,294 | | Weighted Average Lease Term (Years) | 13.1 | 13.2 | | Weighted Average Discount Rate | 2.32% | 2.32% | | Operating Lease Costs (in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Total operating lease cost | $210 | $220 | [NOTE 6 – BORROWINGS](index=34&type=section&id=NOTE%206%20%E2%80%93%20BORROWINGS) | Borrowings (in thousands) | March 31, 2023 | December 31, 2022 | | :------------------------ | :------------- | :---------------- | | Retail repurchase agreements | $45,098 | $46,478 | | Federal Home Loan Bank advances | $111,222 | $138,864 | | Federal Reserve Bank borrowings | $140,000 | — | | Subordinated debt | $96,522 | $96,392 | - The Company had a borrowing capacity of **$452.8 million** with the Federal Reserve Bank at March 31, 2023, and borrowed **$140 million** under the Bank Term Funding Program at a rate of **4.38%** with a one-year term[122](index=122&type=chunk) - The bank stock loan facility was renewed on February 10, 2023, with a new maturity date of February 10, 2024, maintaining a maximum borrowing amount of **$25 million**. There were no outstanding principal balances on this loan at March 31, 2023[126](index=126&type=chunk)[127](index=127&type=chunk) [NOTE 7 – STOCKHOLDERS' EQUITY](index=37&type=section&id=NOTE%207%20%E2%80%93%20STOCKHOLDERS'%20EQUITY) | Common Stock Shares | March 31, 2023 | December 31, 2022 | | :------------------ | :------------- | :---------------- | | Class A common stock – outstanding | 15,730,257 | 15,930,112 | | Class B common stock – outstanding | — | — | - The Company repurchased **320,050 shares** of common stock at an average price of **$29.97 per share** during the three months ended March 31, 2023, under a program authorized in September 2022. As of March 31, 2023, **459,488 shares** remained available for repurchase[148](index=148&type=chunk) | Accumulated Other Comprehensive Income (Loss) (in thousands) | March 31, 2023 | December 31, 2022 | | :----------------------------------------------------------- | :------------- | :---------------- | | Net unrealized or unamortized gains (losses) | $(134,075) | $(150,892) | | Tax effect | $32,837 | $37,381 | | Total | $(101,238) | $(113,511) | [NOTE 8 – REGULATORY MATTERS](index=38&type=section&id=NOTE%208%20%E2%80%93%20REGULATORY%20MATTERS) - Equity Bancshares, Inc. and Equity Bank meet all capital adequacy requirements, with Equity Bank categorized as **'well capitalized'** under prompt corrective action regulations as of March 31, 2023[152](index=152&type=chunk)[154](index=154&type=chunk)[309](index=309&type=chunk)[311](index=311&type=chunk) | Capital Ratios (March 31, 2023) | Actual Ratio | Minimum Required (Basel III) | To Be Well Capitalized | | :------------------------------ | :----------- | :--------------------------- | :--------------------- | | Total capital to risk weighted assets (Equity Bancshares, Inc.) | 15.98% | 10.50% | N/A | | Tier 1 capital to risk weighted assets (Equity Bancshares, Inc.) | 12.83% | 8.50% | N/A | | Common equity Tier 1 capital to risk weighted assets (Equity Bancshares, Inc.) | 12.21% | 7.00% | N/A | | Tier 1 leverage to average assets (Equity Bancshares, Inc.) | 9.60% | 4.00% | N/A | | Total capital to risk weighted assets (Equity Bank) | 15.66% | 10.50% | 10.00% | | Tier 1 capital to risk weighted assets (Equity Bank) | 14.43% | 8.50% | 8.00% | | Common equity Tier 1 capital to risk weighted assets (Equity Bank) | 14.43% | 7.00% | 6.50% | | Tier 1 leverage to average assets (Equity Bank) | 10.80% | 4.00% | 5.00% | [NOTE 9 – EARNINGS PER SHARE](index=39&type=section&id=NOTE%209%20%E2%80%93%20EARNINGS%20PER%20SHARE) | Earnings Per Share | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :----------------- | :-------------------------------- | :-------------------------------- | | Basic EPS | $0.78 | $0.94 | | Diluted EPS | $0.77 | $0.93 | | Antidilutive Shares | March 31, 2023 | March 31, 2022 | | :------------------ | :------------- | :------------- | | Stock options | 255,510 | 201,758 | | Restricted stock units | 9,980 | 3,505 | | Total antidilutive shares | 265,490 | 205,263 | [NOTE 10 – FAIR VALUE](index=41&type=section&id=NOTE%2010%20%E2%80%93%20FAIR%20VALUE) - The Company uses fair value measurements (Level 1, 2, and 3 inputs) for recurring adjustments to available-for-sale securities, equity securities, and derivatives, and non-recurring adjustments for individually assessed loans and other real estate owned[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[173](index=173&type=chunk) | Assets Measured at Fair Value (in thousands) | March 31, 2023 (Level 1) | March 31, 2023 (Level 2) | March 31, 2023 (Level 3) | | :------------------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Total assets | $232,604 | $952,682 | $— | | Total liabilities | $(3,758) | $6,510 | $— | - Individually evaluated loans and other real estate owned are classified as Level 3 due to significant judgment and unobservable inputs in their valuation, such as adjustments for differences in comparable sales[177](index=177&type=chunk)[179](index=179&type=chunk) [NOTE 11 – COMMITMENTS AND CREDIT RISK](index=47&type=section&id=NOTE%2011%20%E2%80%93%20COMMITMENTS%20AND%20CREDIT%20RISK) | Commitments (in thousands) | March 31, 2023 (Fixed Rate) | March 31, 2023 (Variable Rate) | December 31, 2022 (Fixed Rate) | December 31, 2022 (Variable Rate) | | :------------------------- | :-------------------------- | :----------------------------- | :----------------------------- | :-------------------------------- | | Commitments to make loans | $67,149 | $271,420 | $73,185 | $210,266 | | Unused lines of credit | $141,115 | $357,582 | $130,843 | $354,408 | | Standby letters of credit | $16,023 | $26,776 | $16,358 | $25,791 | - The Company extends credit for commercial real estate, residential mortgages, working capital, and consumer loans, evaluating creditworthiness on a case-by-case basis with collateral obtained as deemed necessary[184](index=184&type=chunk)[185](index=185&type=chunk) [NOTE 12 – LEGAL MATTERS](index=48&type=section&id=NOTE%2012%20%E2%80%93%20LEGAL%20MATTERS) - Equity Bank is involved in three class-action lawsuits filed in Kansas and Missouri District Courts, alleging improperly collected overdraft fees. The Company believes these lawsuits are without merit and intends to vigorously defend against the claims, but is currently unable to reasonably estimate potential loss amounts[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk) [NOTE 13 – REVENUE RECOGNITION](index=48&type=section&id=NOTE%2013%20%E2%80%93%20REVENUE%20RECOGNITION) - The majority of the Company's revenue comes from interest income on financial instruments, which are outside the scope of ASC 606. Services within ASC 606, such as service charges, debit card income, and insurance sales commissions, are recognized as non-interest income when obligations are satisfied[195](index=195&type=chunk) | Non-Interest Income (in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Service charges and fees | $2,545 | $2,522 | | Debit card income | $2,554 | $2,628 | | Mortgage banking | $88 | $562 | | Increase in value of bank-owned life insurance | $1,583 | $865 | | Total non-interest income | $9,089 | $9,022 | [NOTE 14 – BUSINESS COMBINATIONS AND BRANCH SALES](index=49&type=section&id=NOTE%2014%20%E2%80%93%20BUSINESS%20COMBINATIONS%20AND%20BRANCH%20SALES) - The Company sold three branch locations in Kansas to United Bank and Trust on June 24, 2022, and one branch location in Oklahoma to High Plains Bank on November 10, 2022. No related costs were incurred for these sales during the three months ended March 31, 2023[198](index=198&type=chunk)[199](index=199&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides management's perspective on financial condition and results, including operating results, financial position, liquidity, and capital [Overview](index=51&type=section&id=Overview) - Equity Bancshares, Inc. is a financial holding company headquartered in Wichita, Kansas, operating **64 full-service banking sites** across Arkansas, Kansas, Missouri, and Oklahoma[203](index=203&type=chunk) | Financial Highlights (in millions) | March 31, 2023 | December 31, 2022 | | :------------------------------- | :------------- | :---------------- | | Consolidated total assets | $5,160 | $4,980 | | Total loans held for investment, net | $3,280 | $3,270 | | Total deposits | $4,290 | $4,240 | | Total stockholders' equity | $425.1 | $410.1 | | Net income (Q1) | $12.3 | $11.6 (Q4) | [Critical Accounting Policies](index=52&type=section&id=Critical%20Accounting%20Policies) - Key critical accounting policies requiring complex management judgment include the Allowance for Credit Losses (ACL) and Goodwill. The ACL is management's estimate of expected credit losses over the loan portfolio's life, influenced by historical data, economic conditions, and asset quality trends. Goodwill is assessed annually for impairment, with no triggering events identified for Q1 2023[207](index=207&type=chunk)[209](index=209&type=chunk) - Significant changes in loan quality or economic conditions could materially impact the allowance for credit losses. Under the CECL methodology, the life-of-loan perspective can exacerbate periodic differences due to changing contractual or adjusted duration of assets[208](index=208&type=chunk) [Results of Operations](index=53&type=section&id=Results%20of%20Operations) [Net Income](index=53&type=section&id=Net%20Income) | Net Income (in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :------------------------ | :-------------------------------- | :-------------------------------- | | Net income allocable to common stockholders | $12,323 | $15,650 | | Diluted earnings per share | $0.77 | $0.93 | - The decrease in net income was primarily due to a **$4.3 million** increase in non-interest expense, partially offset by a **$1.1 million** decrease in income tax expense[214](index=214&type=chunk) [Net Interest Income and Net Interest Margin Analysis](index=53&type=section&id=Net%20Interest%20Income%20and%20Net%20Interest%20Margin%20Analysis) | Net Interest Analysis | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Net interest income | $39,110 | $39,289 | | Interest rate spread | 2.96% | 3.26% | | Net interest margin | 3.44% | 3.38% | - Interest income on interest-earning assets increased by **$13.5 million**, driven by higher yields on loans (up **133 bps**) and taxable securities (up **53 bps**). Interest expense on deposits increased by **$12.1 million** due to rising market interest rates, with the cost of interest-bearing deposits increasing from **0.22%** to **1.73%**[226](index=226&type=chunk)[227](index=227&type=chunk) - Net interest margin increased by **6 basis points**, while net interest spread decreased by **30 basis points**, as the re-pricing of interest-bearing liabilities and their increased average balance outpaced the re-pricing of interest-earning assets[228](index=228&type=chunk)[229](index=229&type=chunk) [Provision for Credit Losses](index=57&type=section&id=Provision%20for%20Credit%20Losses) | Credit Loss Activity (in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :---------------------------------- | :-------------------------------- | :-------------------------------- | | Provision (reversal) for credit losses | $(366) | $(412) | | Net charge-offs | $378 | $363 | | Gross charge-offs | $638 | $534 | | Gross recoveries | $260 | $171 | - The reversal for credit losses in Q1 2023 reflects continued positive credit trends without significant losses. The Company's allowance for credit losses calculation anticipates slowing prepayment rates and ongoing market disruption from inflation and monetary policy[231](index=231&type=chunk) [Non-Interest Income](index=57&type=section&id=Non-Interest%20Income) | Non-Interest Income (in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Change (2023 vs 2022) | | :--------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------- | | Service charges and fees | $2,545 | $2,522 | $23 (0.9%) | | Debit card income | $2,554 | $2,628 | $(74) (-2.8%) | | Mortgage banking | $88 | $562 | $(474) (-84.3%) | | Increase in value of bank-owned life insurance | $1,583 | $865 | $718 (83.0%) | | Total non-interest income | $9,089 | $9,022 | $67 (0.7%) | - The overall increase in non-interest income was primarily driven by a **$718 thousand** increase in bank-owned life insurance value, largely offset by a **$474 thousand** decrease in mortgage banking income due to reduced activity from higher mortgage interest rates[237](index=237&type=chunk) [Non-Interest Expense](index=58&type=section&id=Non-Interest%20Expense) | Non-Interest Expense (in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | Change (2023 vs 2022) | | :---------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------- | | Salaries and employee benefits | $16,692 | $15,068 | $1,624 (10.8%) | | FDIC insurance | $360 | $180 | $180 (100.0%) | | Other | $4,706 | $2,174 | $2,532 (116.5%) | | Total non-interest expense | $33,718 | $29,459 | $4,259 (14.5%) | - The **$4.3 million** increase in non-interest expense was mainly due to a **$1.6 million** rise in salaries and employee benefits (including **$824 thousand** in employee salaries and **$444 thousand** in share-based compensation) and a **$2.5 million** increase in 'Other' expenses, driven by higher provision for unfunded commitments, solar tax credit losses, and ERMI premium expense[240](index=240&type=chunk)[241](index=241&type=chunk) [Efficiency Ratio](index=58&type=section&id=Efficiency%20Ratio) | Efficiency Ratio | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--------------- | :-------------------------------- | :-------------------------------- | | Efficiency ratio | 70.0% | 60.4% | - The efficiency ratio increased to **70.0%** from **60.4%**, primarily due to higher non-interest expense and a decrease in net interest income, as the volume and cost of interest-bearing liabilities grew faster than the yield on interest-bearing assets[243](index=243&type=chunk) [Income Taxes](index=59&type=section&id=Income%20Taxes) | Income Tax | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--------- | :-------------------------------- | :-------------------------------- | | Effective income tax rate | 17.0% | 18.8% | - The effective income tax rate decreased to **17.0%** from **18.8%**, benefiting from a **$69 thousand** tax benefit from stock settlements and options exercise, and a **$686 thousand** benefit from federal tax credits[245](index=245&type=chunk) [Financial Condition](index=59&type=section&id=Financial%20Condition) [Loan Portfolio](index=59&type=section&id=Loan%20Portfolio) | Loan Portfolio Composition | March 31, 2023 (Amount) | March 31, 2023 (Percent) | December 31, 2022 (Amount) | December 31, 2022 (Percent) | Change (Amount) | Change (%) | | :------------------------- | :---------------------- | :----------------------- | :------------------------- | :-------------------------- | :-------------- | :--------- | | Commercial and industrial | $605,576 | 18.2% | $594,863 | 18.0% | $10,713 | 1.8% | | Commercial real estate | $1,746,834 | 52.4% | $1,721,268 | 52.0% | $25,566 | 1.5% | | Residential real estate | $563,791 | 16.9% | $570,550 | 17.2% | $(6,759) | -1.2% | | Agricultural | $106,169 | 3.2% | $120,003 | 3.6% | $(13,834) | -11.5% | | Total loans held for investment | $3,330,618 | 100.0% | $3,311,548 | 100.0% | $19,070 | 0.6% | - Gross total loans, including loans held for sale, were **77.7%** of deposits and **64.6%** of total assets at March 31, 2023, a slight decrease from December 31, 2022[250](index=250&type=chunk) | Loan Interest Rate Type (March 31, 2023) | Total (in thousands) | | :--------------------------------------- | :------------------- | | Loans with a predetermined fixed interest rate | $1,462,067 | | Loans with an adjustable/floating interest rate | $1,868,551 | | Total | $3,330,618 | [Credit Quality Indicators](index=62&type=section&id=Credit%20Quality%20Indicators) - Loans are categorized into risk categories (Pass, Special Mention, Substandard, Doubtful) based on borrower's ability to service debt, financial information, payment history, collateral, and economic trends. Consumer loans are generally 'Pass' unless downgraded by payment status[262](index=262&type=chunk) [Nonperforming Assets](index=62&type=section&id=Nonperforming%20Assets) | Nonperforming Assets (in thousands) | March 31, 2023 | December 31, 2022 | | :---------------------------------- | :------------- | :---------------- | | Nonaccrual loans | $16,550 | $17,601 | | Accruing loans 90+ days past due | $23 | — | | OREO acquired through foreclosure, net | $420 | $600 | | Other repossessed assets | $57 | $47 | | Total nonperforming assets | $17,050 | $18,248 | | Nonperforming assets to total assets | 0.33% | 0.37% | - Nonperforming assets decreased from **$18.2 million** to **$17.1 million**, with nonaccrual loans decreasing from **$17.6 million** to **$16.55 million**. The Company had **172 non-performing credits** and **151 borrowers**, with **5 relationships** exceeding **$1.0 million**[266](index=266&type=chunk)[268](index=268&type=chunk) [Potential Problem Loans](index=64&type=section&id=Potential%20Problem%20Loans) | Potential Problem Loans (in millions) | March 31, 2023 | December 31, 2022 | | :------------------------------------ | :------------- | :---------------- | | Total potential problem loans | $40.1 | $37.6 | - Potential problem loans, classified as special mention or substandard, increased to **$40.1 million** from **$37.6 million**, indicating management concerns about borrowers' repayment ability despite current performance[270](index=270&type=chunk) [Allowance for Credit Losses](index=64&type=section&id=Allowance%20for%20Credit%20Losses) | Allowance for Credit Losses (ACL) | March 31, 2023 | December 31, 2022 | | :-------------------------------- | :------------- | :---------------- | | ACL to total loans | 1.4% | 1.4% | | ACL to non-accrual loans | 272.5% | 229.9% | - Management believes the ACL at March 31, 2023, was adequate to cover expected credit losses. The ACL on loans measured collectively totaled **$41.4 million** (**1.2%** of collective loans), up from **$40.9 million** (**1.2%**) at December 31, 2022[276](index=276&type=chunk)[277](index=277&type=chunk) [Securities](index=66&type=section&id=Securities) | Securities (in thousands) | March 31, 2023 | December 31, 2022 | | :------------------------ | :------------- | :---------------- | | Available-for-sale securities (Fair Value) | $1,183,247 | $1,184,390 | | Held-to-maturity securities (Amortized Cost) | $1,944 | $1,948 | | Securities as % of total assets | 23.0% | 23.8% | - The Company uses its securities portfolio for liquidity, return on funds, interest rate risk management, and regulatory requirements. Debt securities are classified as held-to-maturity or available-for-sale, with no securities purchased for trading[278](index=278&type=chunk)[279](index=279&type=chunk) - At March 31, 2023, **60.6%** of residential mortgage-backed securities had contractual maturities over ten years, with a weighted average life of **5.1 years** and a modified duration of **4.3 years**[289](index=289&type=chunk) [Goodwill Impairment Assessment](index=69&type=section&id=Goodwill%20Impairment%20Assessment) - An interim qualitative analysis at March 31, 2023, concluded no indications of goodwill impairment[290](index=290&type=chunk) [Deposits](index=69&type=section&id=Deposits) | Deposit Composition (in thousands) | March 31, 2023 | December 31, 2022 | | :--------------------------------- | :------------- | :---------------- | | Non-interest-bearing demand | $1,012,671 | $1,097,899 | | Interest-bearing demand | $992,736 | $1,061,264 | | Savings and money market | $1,341,727 | $1,268,320 | | Time | $939,799 | $814,324 | | Total deposits | $4,286,933 | $4,241,807 | - Total deposits increased by **$45.1 million** (**1.1%**) to **$4.29 billion** at March 31, 2023. The Company utilizes Insured Cash Sweep (ICS) and Certificate of Deposit Account Registry Service (CDARS) for large deposits, which are considered core funding[293](index=293&type=chunk)[294](index=294&type=chunk) | Reciprocal and Brokered Deposits (in thousands) | March 31, 2023 | December 31, 2022 | | :---------------------------------------------- | :------------- | :---------------- | | Total reciprocal and brokered deposits | $625,615 | $563,985 | [Other Borrowed Funds](index=70&type=section&id=Other%20Borrowed%20Funds) - The Company uses short-term and long-term borrowings, including federal funds purchased, retail repurchase agreements, FHLB advances, Federal Reserve Bank borrowings, a bank stock loan, and subordinated debt, to supplement deposits for funding lending and investing activities[299](index=299&type=chunk) [Liquidity and Capital Resources](index=70&type=section&id=Liquidity%20and%20Capital%20Resources) [Liquidity](index=70&type=section&id=Liquidity) - Liquidity is managed by meeting customer demands for funds at a reasonable cost. Recent banking sector issues have led to increased scrutiny on liquidity, prompting Equity Bank to pledge additional investments to the FRB and borrow **$140 million** under the Bank Term Funding Program as a precaution[300](index=300&type=chunk)[302](index=302&type=chunk) - Primary liquidity sources include core deposits, security and loan maturities, and amortizing portfolios. Other sources are federal funds purchased, brokered CDs, FHLB, and Federal Reserve Bank borrowings. Cash and cash equivalents increased by **$145.9 million** to **$250.4 million** at March 31, 2023[303](index=303&type=chunk)[305](index=305&type=chunk) [Off-Balance-Sheet Items](index=71&type=section&id=Off-Balance-Sheet%20Items) - Off-balance-sheet items include commitments to extend credit and standby/commercial letters of credit, which carry credit and interest rate risk. The Company applies the same credit policies for these as for on-balance sheet instruments[306](index=306&type=chunk) [Capital Resources](index=71&type=section&id=Capital%20Resources) - The Company and Equity Bank are subject to federal bank regulatory capital requirements and maintain minimum capital relative to assets. Management believes both entities meet all capital adequacy requirements and Equity Bank is categorized as **'well capitalized'** under prompt corrective action regulations[308](index=308&type=chunk)[309](index=309&type=chunk)[311](index=311&type=chunk) [Non-GAAP Financial Measures](index=72&type=section&id=Non-GAAP%20Financial%20Measures) - The Company uses non-GAAP financial measures, such as tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, and efficiency ratio, to provide additional insights into financial performance, excluding the impact of intangible assets and certain non-recurring expenses[313](index=313&type=chunk)[315](index=315&type=chunk)[319](index=319&type=chunk)[323](index=323&type=chunk)[325](index=325&type=chunk) [Tangible Book Value Per Common Share and Tangible Book Value Per Diluted Common Share](index=72&type=section&id=Tangible%20Book%20Value%20Per%20Common%20Share%20and%20Tangible%20Book%20Value%20Per%20Diluted%20Common%20Share) | Tangible Book Value Per Share | March 31, 2023 | December 31, 2022 | | :---------------------------- | :------------- | :---------------- | | Book value per common share | $27.03 | $25.74 | | Tangible book value per common share | $22.96 | $21.67 | | Tangible book value per diluted common share | $22.83 | $21.35 | [Tangible Common Equity to Tangible Assets](index=72&type=section&id=Tangible%20Common%20Equity%20to%20Tangible%20Assets) | Tangible Common Equity to Tangible Assets | March 31, 2023 | December 31, 2022 | | :---------------------------------------- | :------------- | :---------------- | | Equity to assets | 8.24% | 8.23% | | Tangible common equity to tangible assets | 7.09% | 7.02% | [Return on Average Tangible Common Equity](index=73&type=section&id=Return%20on%20Average%20Tangible%20Common%20Equity) | Return on Average Equity | March 31, 2023 | December 31, 2022 | | :----------------------- | :------------- | :---------------- | | ROAE annualized | 11.89% | 11.57% | | ROATCE annualized | 14.89% | 14.74% | [Efficiency Ratio](index=74&type=section&id=Efficiency%20Ratio) | Efficiency Ratio (Non-GAAP) | March 31, 2023 | December 31, 2022 | | :-------------------------- | :------------- | :---------------- | | Efficiency Ratio | 70.00% | 70.47% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=75&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Discusses market risk, primarily interest rate volatility, and its management through balance sheet structuring and simulation analysis - The primary market risk is interest rate volatility, managed by the Asset Liability Committee (ALCO) through balance sheet structuring and simulation analysis (NII and EVE sensitivity). The Company does not have material exposure to leveraged derivatives, foreign exchange, or commodity price risk[328](index=328&type=chunk)[329](index=329&type=chunk)[330](index=330&type=chunk)[331](index=331&type=chunk)[332](index=332&type=chunk) | Impact on Net Interest Income (March 31, 2023) | Change in prevailing interest rates | | :--------------------------------------------- | :---------------------------------- | | +300 basis points | 8.8% | | +200 basis points | 5.8% | | +100 basis points | 2.9% | | -100 basis points | (2.7%) | | -200 basis points | (5.5%) | | Impact on Economic Value of Equity (March 31, 2023) | Change in prevailing interest rates | | :-------------------------------------------------- | :---------------------------------- | | +300 basis points | (11.3%) | | +200 basis points | (6.8%) | | +100 basis points | (3.4%) | | -100 basis points | 1.2% | | -200 basis points | 0.7% | [Item 4. Controls and Procedures](index=76&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes in internal control over financial reporting - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2023, providing reasonable assurance for information accumulation, communication, recording, processing, summarizing, and timely reporting[340](index=340&type=chunk) - There were no material changes in the Company's internal control over financial reporting during the quarter ended March 31, 2023[341](index=341&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=77&type=section&id=Item%201.%20Legal%20Proceedings) The Company is involved in various litigation matters in the ordinary course of business, with specific details referenced in Note 12 - The Company is party to various litigation matters incidental to the conduct of its business, as detailed in Note 12 of the Condensed Notes to Interim Consolidated Financial Statements[342](index=342&type=chunk) [Item 1A. Risk Factors](index=77&type=section&id=Item%201A.%20Risk%20Factors) Highlights new material risks from banking industry developments, impacting customer confidence, liquidity, and regulatory costs - Recent high-profile bank failures have eroded customer confidence in the banking system, leading to significant market volatility for regional banks. This could adversely impact Equity Bank's liquidity, loan funding capacity, net interest margin, capital, and results of operations[344](index=344&type=chunk) - Increased regulatory scrutiny and new requirements are anticipated for banks of similar size, potentially raising business costs and reducing profitability. There is an increased focus on deposit composition and uninsured deposits, with Equity Bank's uninsured deposits at **23.4%** of non-brokered deposits as of March 31, 2023[345](index=345&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=77&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details common stock repurchase programs, including shares repurchased and remaining authorization - The Board of Directors authorized a repurchase program in September 2022 for up to **1,000,000 shares**, concluding September 30, 2023. During Q1 2023, the Company repurchased **320,050 shares** at an average price of **$29.97 per share**[347](index=347&type=chunk)[349](index=349&type=chunk) | Common Stock Repurchases (Q1 2023) | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Shares Yet to Be Purchased | | :--------------------------------- | :------------------------------- | :--------------------------- | :--------------------------------- | | January 1 - January 31, 2023 | — | $— | 836,273 | | February 1 - February 28, 2023 | 218,700 | $30.77 | 617,573 | | March 1 - March 31, 2023 | 101,350 | $28.25 | 516,223 | | Total | 320,050 | $29.97 | 516,223 | [Item 3. Defaults Upon Senior Securities](index=78&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - No defaults upon senior securities were reported[350](index=350&type=chunk) [Item 4. Mine Safety Disclosures](index=78&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company - This item is not applicable[350](index=350&type=chunk) [Item 5. Other Information](index=78&type=section&id=Item%205.%20Other%20Information) Reports on significant personnel changes, including the hiring of Richard M. Sems and the resignation of Craig L. Anderson [Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.](index=78&type=section&id=Departure%20of%20Directors%20or%20Certain%20Officers%3B%20Election%20of%20Directors%3B%20Appointment%20of%20Certain%20Officers%3B%20Compensatory%20Arrangements%20of%20Certain%20Officers.) [Hire of Richard M. Sems as President of Equity Bank](index=78&type=section&id=Hire%20of%20Richard%20M.%20Sems%20as%20President%20of%20Equity%20Bank) - Richard M. Sems was hired as President of Equity Bank, effective May 15, 2023, and will also join the board of directors. His employment agreement includes a base salary of **$600,000**, a target annual incentive bonus of **65% of base salary**, and an annual equity award target of **55% of base salary**[350](index=350&type=chunk)[352](index=352&type=chunk) - Mr. Sems received an initial equity award of approximately **$500,000** in time-based stock options and a **$250,000** signing bonus, subject to repayment if employment terminates within three years[353](index=353&type=chunk) [Resignation of Craig L. Anderson as President of Equity Bank](index=79&type=section&id=Resignation%20of%20Craig%20L.%20Anderson%20as%20President%20of%20Equity%20Bank) - Craig L. Anderson resigned from his role as President of Equity Bank, effective June 2, 2023[358](index=358&type=chunk) [Item 6. Exhibits](index=80&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including loan agreements, employment agreements, and certifications - Key exhibits include the Sixth Amendment to Loan and Security Agreement with Servis First Bank (Exhibit 10.1) and the Employment Agreement with Richard M. Sems (Exhibit 10.2†*)[360](index=360&type=chunk)

Equity Bancshares, Inc. (NYSE:EQBK) Q1 2023 Earnings Conference Call April 19, 2023 10:00 AM ET Company Participants Chris Navratil - Investor Relations Brad Elliott - Founder, Chairman and Chief Executive Officer Eric Newell - Executive Vice President and Chief Financial Officer John Creech - Chief Credit Officer Craig Anderson - Executive Vice President and President-Equity Bank Conference Call Participants Jeff Rulis - D.A. Davidson Andrew Liesch - Piper Sandler Damon DelMonte - KBW Terry McEvoy - Stephe ...

Exhibit 99.2 4/19/2023 amended. These forward-looking statements reflect the current views of the management of Equity Bancshares, Inc. ("Equity", "we", "us", "our, "company") with respect to, among other things, future events and Equity's financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," or other comparable words of a future or forward-looking nature. These forward-looking statemen ...

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, 2022 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 jurisdictio ...