Exhibit 99.2 First Quarter Earnings Presentation April 20, 2022 Forward Looking Statements This press release 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 Equity's management with respect to, among other things, future events and Equity's financial performance. These statements are often, but not always, made t ...

Part I [Business Overview](index=3&type=section&id=Part%20I) This section provides an overview of Equity Bancshares, Inc.'s business, including its operations, growth strategies, competitive strengths, and regulatory environment [Our Company](index=5&type=section&id=Our%20Company) Equity Bancshares, Inc. is a bank holding company operating through its subsidiary, Equity Bank, across four states - Equity Bancshares, Inc. operates through Equity Bank, providing financial services via **69 branches** in AR, KS, MO, and OK as of December 31, 2021[14](index=14&type=chunk) Consolidated Financial Data (as of December 31, 2021) | Metric | Amount (Millions) | | :----------------- | :---------------- | | Total Assets | $5,140 | | Total Deposits | $4,420 | | Total Loans (net) | $3,110 | | Stockholders' Equity | $500.6 | [Our History and Growth](index=5&type=section&id=Our%20History%20and%20Growth) The company has a history of successful strategic acquisitions and focuses on improving loan and deposit mixes of acquired banks - Founded in November 2002, Equity Bancshares has a successful track record of strategic acquisitions, completing **18 transactions** between June 2003 and December 2021, expanding its branch network from two to **69** and increasing full-time equivalent employees from 19 to **702**[16](index=16&type=chunk)[17](index=17&type=chunk)[19](index=19&type=chunk)[21](index=21&type=chunk) - The company focuses on repositioning and improving the loan and deposit mix of acquired banks, disposing of problematic loans, and replacing them with higher-quality, organically generated loans, particularly in the commercial sector[20](index=20&type=chunk) [Our Strategies](index=6&type=section&id=Our%20Strategies) The company's core strategy involves strategic consolidation, organic growth in key markets, and enhancing acquired bank performance - The company's core strategy is the strategic consolidation of community banks to achieve economies of scale and improve efficiency, alongside organic growth in targeted Midwestern markets[22](index=22&type=chunk) - A key focus is on enhancing the performance of acquired banks by integrating them into existing operational platforms and realizing synergies in technology, data processing, compliance, and human resources[25](index=25&type=chunk) - Equity Bancshares aims to grow commercial loans in metropolitan markets (Kansas City, Wichita, Tulsa) funded by low-cost, stable core deposits from community markets, supported by opportunistic hiring of talented bankers[25](index=25&type=chunk)[27](index=27&type=chunk) Deposits and Loans by Market Type (as of December 31, 2021) | Market Type | Deposits (Thousands) | Deposits (%) | Loans (Thousands) | Loans (%) | | :------------------- | :------------------- | :----------- | :---------------- | :-------- | | Metropolitan Markets | $1,441,634 | 33% | $1,953,142 | 62% | | Community Markets | $2,978,369 | 67% | $1,202,485 | 38% | [Our Competitive Strengths](index=8&type=section&id=Our%20Competitive%20Strengths) The company leverages an experienced leadership team, a commercial banking focus, disciplined acquisitions, and scalable infrastructure - The company boasts an experienced leadership team with over **twenty years of experience** in financial institutions and M&A, fostering a transparent and entrepreneurial culture[28](index=28&type=chunk) - Equity Bancshares is primarily a commercial bank, with commercial loans comprising over **65.1% of its loan portfolio** as of December 31, 2021, and **72.4% of those being commercial real estate loans**[28](index=28&type=chunk) - A disciplined acquisition approach includes selective valuations, comprehensive due diligence, achievable cost savings estimates, and robust integration of credit procedures and risk management[28](index=28&type=chunk)[30](index=30&type=chunk) - The company has built an efficient and scalable corporate infrastructure through technology investments and outsourcing, supporting anticipated growth while controlling costs[30](index=30&type=chunk) [2021 Acquisitions](index=9&type=section&id=2021%20Acquisitions) In 2021, the company completed two key acquisitions, significantly expanding its assets, loans, and deposits - On October 1, 2021, Equity Bancshares acquired American State Bancshares, Inc. (ASBI), issuing **2,485,983 shares of Class A common stock** and paying **$8.4 million in cash**, adding **$777.6 million in total assets**, **$441.9 million in loans**, and **$668.8 million in deposits**[19](index=19&type=chunk)[31](index=31&type=chunk) - On December 6, 2021, the company acquired three branch locations from Security Bank of Kansas City, increasing deposits by **$75.1 million**, loans by **$1.4 million**, and total assets by **$75.8 million**[19](index=19&type=chunk)[33](index=33&type=chunk) [Our Banking Services](index=10&type=section&id=Our%20Banking%20Services) The company offers diverse commercial and consumer loans and deposit products, supported by conservative lending and digital solutions - The company offers a variety of commercial and consumer loans, with total loans (net of allowances) of **$3.11 billion** as of December 31, 2021, representing **60.5% of total assets**[36](index=36&type=chunk)[37](index=37&type=chunk) - Loan portfolio concentrations include commercial real estate (**47.1%**), commercial and industrial (**18%**), and residential real estate (**20.2%**), primarily in metropolitan Kansas City, Tulsa, and Wichita[37](index=37&type=chunk) - Lending activities are guided by conservative loan policies, consistent underwriting, ongoing credit monitoring, and a diversified portfolio approach, with a Chief Credit Officer providing company-wide oversight[41](index=41&type=chunk)[42](index=42&type=chunk) - Deposit products include demand, savings, money market, and time deposits, with strategies focused on core deposits and cross-selling to loan customers, supported by online and mobile banking solutions, treasury management, and wealth management services[66](index=66&type=chunk)[68](index=68&type=chunk)[71](index=71&type=chunk)[73](index=73&type=chunk) [Our Markets](index=14&type=section&id=Our%20Markets) The company operates 69 branches across four states, strategically balancing metropolitan and community markets with diverse industries - As of December 31, 2021, banking operations are conducted through **69 locations** in Arkansas, Kansas, Missouri, and Oklahoma, with a strategic split between growing metropolitan markets (Kansas City, Wichita, Tulsa) and stable community markets[74](index=74&type=chunk)[77](index=77&type=chunk) - The markets have experienced stable population growth and are home to diverse industries including manufacturing, trade, healthcare, consumer services, and technology, with expected household income growth of **9.22% from 2022-2027**[75](index=75&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [Information Technology Systems](index=15&type=section&id=Information%20Technology%20Systems) The company invests in IT systems and staff to support growth and customer experience, employing a layered cybersecurity model - The company invests significantly in IT systems and staff to support growth, enhance product capabilities, and improve customer experience, utilizing nationally recognized software vendors and third-party service providers for core systems and online banking[80](index=80&type=chunk)[81](index=81&type=chunk) - A layered cybersecurity model is employed to protect systems and data, though evolving threats necessitate continuous resource expenditure for protective measures and remediation[82](index=82&type=chunk) [Competition](index=15&type=section&id=Competition) The company faces intense competition from various financial institutions, leveraging personalized service and community involvement - The financial services industry is highly competitive, with rivals including other banks, internet-based banks, money market funds, and other financial services companies, many of whom have greater resources and broader offerings[84](index=84&type=chunk) - Equity Bancshares competes through personalized service, community involvement, and competitive pricing, aiming to leverage its comprehensive banking products against smaller banks and its relationship-based service against larger institutions[79](index=79&type=chunk)[86](index=86&type=chunk) [Human Capital](index=16&type=section&id=Human%20Capital) The company prioritizes attracting and retaining qualified employees, fostering an inclusive workplace, and investing in development programs - The company's success relies on attracting and retaining highly qualified employees, fostering an inclusive and supportive workplace, and investing in employee development through programs like 'Equity University'[87](index=87&type=chunk) - As of December 31, 2021, the company employed **702 full-time equivalent employees**, none of whom are represented by a collective bargaining unit[87](index=87&type=chunk) [Available Information](index=16&type=section&id=Available%20Information) The company provides SEC filings (10-K, 10-Q, 8-K) free of charge on its investor relations website - The company files reports with the SEC (10-K, 10-Q, 8-K) and makes them available free of charge on its investor relations website[88](index=88&type=chunk) [Supervision and Regulation](index=16&type=section&id=Supervision%20and%20Regulation) The company is subject to extensive regulation by federal and state authorities, ensuring a safe banking system and consumer protection - The company is subject to extensive regulation by authorities such as the Federal Reserve, FDIC, and Kansas OSBC, with primary goals of maintaining a safe banking system and sound monetary policy, primarily for the protection of depositors and the public[89](index=89&type=chunk)[90](index=90&type=chunk) - Key regulations include the Bank Holding Company Act (BHC Act), Basel III capital requirements (CET1, Tier 1, Total Risk-Based, Leverage ratios), FDICIA's prompt corrective action, and consumer protection laws like the Dodd-Frank Act and CRA[95](index=95&type=chunk)[104](index=104&type=chunk)[111](index=111&type=chunk)[119](index=119&type=chunk)[132](index=132&type=chunk)[139](index=139&type=chunk)[148](index=148&type=chunk) - Equity Bank, as a Kansas state-chartered bank, is subject to dividend restrictions under the Kansas Banking Code and federal capital guidelines, requiring regulatory approval under certain conditions[124](index=124&type=chunk)[125](index=125&type=chunk) - The company must comply with anti-money laundering laws (Patriot Act, Bank Secrecy Act) and privacy regulations, with non-compliance potentially leading to significant legal, reputational, and financial consequences[145](index=145&type=chunk)[146](index=146&type=chunk) Consolidated Financial Snapshot (as of December 31, 2021) | Metric | Amount (Millions) | | :----------------- | :---------------- | | Total Assets | $5,140 | | Total Deposits | $4,420 | | Total Loans (net) | $3,110 | | Stockholders' Equity | $500.6 | - The company's strategy involves strategic consolidation of community banks and organic growth, particularly by expanding its commercial customer base in metropolitan markets (Kansas City, Wichita, Tulsa) while leveraging stable, low-cost deposits from community markets[22](index=22&type=chunk)[25](index=25&type=chunk) Loan Portfolio Composition (as of December 31, 2021) | Loan Type | Amount (Millions) | Percentage of Total Loans | | :------------------------ | :---------------- | :------------------------ | | Commercial Real Estate | $1,490 | 47.1% | | Commercial and Industrial | $567.5 | 18.0% | | Residential Real Estate | $638.1 | 20.2% | - In 2021, Equity Bancshares acquired American State Bancshares, Inc. (ASBI) and three branches from Security Bank of Kansas City, significantly increasing deposits, loans, and total assets[19](index=19&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk) [Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including economic, credit, interest rate, strategic, operational, and regulatory factors - Economic risks include the potential for recessionary conditions leading to increased nonperforming loans and reduced demand for services, and adverse effects from changes in monetary policy, inflation, or commodity price volatility[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) - Credit and interest rate risks encompass the inability to effectively manage credit risk, potential losses from declining asset credit quality (especially real estate and commercial loans), and vulnerability to interest rate fluctuations, including the transition from LIBOR[167](index=167&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[174](index=174&type=chunk)[181](index=181&type=chunk)[184](index=184&type=chunk) - Strategic risks involve negative impacts from failing to execute growth strategies, difficulties in identifying and integrating acquisitions, and challenges associated with rapid growth or expansion into new markets[191](index=191&type=chunk)[192](index=192&type=chunk)[194](index=194&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk)[213](index=213&type=chunk) - Operational risks include heavy reliance on the management team, geographic concentration of business, technological changes, potential information system failures or cyber-attacks (including a November 2021 incident), dependence on third-party vendors, and risks from employee errors or fraud[202](index=202&type=chunk)[204](index=204&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[229](index=229&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk) - Regulatory risks stem from extensive industry regulation, potential changes in laws and monetary policy, banking agency examinations, higher FDIC insurance premiums, stringent capital requirements, and the Federal Reserve's 'source of strength' doctrine[240](index=240&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)[248](index=248&type=chunk)[256](index=256&type=chunk) - Risks related to common stock include market price fluctuations, dilution from future stock issuances for acquisitions or capital, significant influence by institutional investors and executive officers, and the fact that shares are not insured deposits[262](index=262&type=chunk)[274](index=274&type=chunk)[275](index=275&type=chunk)[276](index=276&type=chunk)[277](index=277&type=chunk)[279](index=279&type=chunk) [Unresolved Staff Comments](index=48&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company has no unresolved staff comments from the SEC - There are no unresolved staff comments[302](index=302&type=chunk) [Properties](index=48&type=section&id=Item%202.%20Properties) The company's principal executive offices are in Wichita, Kansas, operating **69 owned branches** across four states, suitable for operations - The company's principal executive offices are located at 7701 East Kellogg Drive, Wichita, Kansas 67207[304](index=304&type=chunk) - As of December 31, 2021, the company operated a total of **69 branches** across Arkansas, Kansas, Missouri, and Oklahoma[304](index=304&type=chunk) - Most of Equity Bank's branches are owned, equipped with automated teller machines and drive-through facilities, and are considered suitable for operational needs[304](index=304&type=chunk)[305](index=305&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk)[309](index=309&type=chunk)[311](index=311&type=chunk) [Legal Proceedings](index=54&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various litigation, including a class action lawsuit on overdraft fees dismissed in November 2021 after settlement - The company is party to various litigation matters in the ordinary course of business[313](index=313&type=chunk) - A lawsuit filed in November 2020 concerning improperly collected overdraft fees was dismissed with prejudice on November 29, 2021, following a settlement[898](index=898&type=chunk) [Mine Safety Disclosures](index=54&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable[314](index=314&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=55&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A common stock trades on NASDAQ, with **16.66 million shares outstanding**, a discretionary dividend policy, and share repurchase programs - The company's Class A common stock is listed on the NASDAQ Global Select Market under the symbol 'EQBK'[316](index=316&type=chunk) Common Stock Outstanding (as of February 28, 2022) | Class | Shares Outstanding | | :------------------- | :----------------- | | Class A Common Stock | 16,660,372 | | Class B Common Stock | 0 | - The dividend policy is discretionary, determined by the board of directors based on factors like earnings, capital, regulatory restrictions, and business strategy. Dividends are primarily dependent on distributions from Equity Bank, which are also subject to regulatory limits[317](index=317&type=chunk)[319](index=319&type=chunk) - The company authorized share repurchase programs, including up to **1,000,000 shares of Class A common stock** from October 30, 2021, to October 29, 2022. In Q4 2021, **132,873 shares were repurchased** at an average price of **$32.99**[327](index=327&type=chunk)[331](index=331&type=chunk) Equity Compensation Plan Data (as of December 31, 2021) | Plan Category | Number of Securities to be Issued Upon Exercise | Weighted Average Exercise Price | Number of Securities Remaining Available for Future Issuance | | :-------------------------------------------------------------------------- | :---------------------------------------------- | :------------------------------ | :----------------------------------------------------------- | | Equity compensation plans approved by security holders - stock options | 478,841 | $26.08 | * | | Equity compensation plans approved by security holders - restricted stock units | 287,737 | — | * | | Total Equity compensation plans available under the Amended and Restated 2013 Stock Incentive Plan | 766,578 | | 420,985 | | Equity compensation plans approved by security holders - employee stock purchase plan | — | — | 412,531 | | **Total** | **766,578** | **$26.08** | **833,516** | [Reserved](index=57&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=58&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes the company's financial condition and results for 2021, highlighting increased net income, asset growth, and the impact of acquisitions [Overview](index=62&type=section&id=Overview) Equity Bancshares, Inc. aims to increase stockholder value through organic growth and strategic acquisitions across its 69 branches - Equity Bancshares, Inc. is a bank holding company with **69 full-service branches** across Arkansas, Kansas, Missouri, and Oklahoma, aiming to increase stockholder value through organic growth and strategic acquisitions[340](index=340&type=chunk)[342](index=342&type=chunk) Key Financial Highlights (Year Ended December 31, 2021) | Metric | Amount (Millions) | YoY Change (%) | | :----------------------------------- | :---------------- | :------------- | | Net Interest Income | $142.6 | 7.5% | | Total Loans Held for Investment | $3,160 | 21.8% | | Total Deposits | $4,420 | 28.2% | | Total Assets | $5,140 | 28.0% | | Tangible Book Value per Common Share | $25.65 | 3.9% | - The company completed the acquisition of ASBI and three Security Bank branches in 2021, contributing to significant asset and deposit growth[344](index=344&type=chunk) - The COVID-19 pandemic continued to impact operations in 2021, leading to payment deferral programs for commercial clients (**$36.3 million in 20 loans**) and active participation in the Paycheck Protection Program (PPP), with **$44.8 million in outstanding PPP loans** as of December 31, 2021[345](index=345&type=chunk)[347](index=347&type=chunk)[355](index=355&type=chunk)[356](index=356&type=chunk) [Critical Accounting Policies](index=64&type=section&id=Critical%20Accounting%20Policies) The company adopted the CECL methodology in 2021 for credit losses and annually assesses goodwill for impairment - The company adopted the Current Expected Credit Loss (CECL) methodology on January 1, 2021, requiring estimation of expected credit losses over the contractual life of loans, considering historical default and loss experience, current and projected economic conditions, and qualitative factors[359](index=359&type=chunk)[360](index=360&type=chunk) - Goodwill, resulting from business acquisitions, is assessed annually for impairment. Following a **$104.8 million impairment charge in 2020**, no further impairment was warranted in 2021 due to improving market conditions and strong earnings[362](index=362&type=chunk) [Results of Operations](index=65&type=section&id=Results%20of%20Operations) Net income significantly increased in 2021 due to the absence of goodwill impairment and a decrease in loan loss provisions - Net income allocable to common stockholders increased by **$127.5 million to $52.5 million in 2021**, compared to a net loss of **$75.0 million in 2020**, primarily due to the absence of a goodwill impairment charge and a decrease in provision for loan losses[370](index=370&type=chunk) Net Interest Income and Margin Analysis (Years Ended December 31) | Metric | 2021 (Thousands) | 2020 (Thousands) | 2019 (Thousands) | | :------------------ | :--------------- | :--------------- | :--------------- | | Interest Income | $157,368 | $155,561 | $175,499 | | Interest Expense | $14,789 | $22,909 | $49,641 | | Net Interest Income | $142,579 | $132,652 | $125,858 | | Net Interest Margin | 3.44% | 3.63% | 3.48% | - Net interest income increased by **$9.9 million (7.5%) in 2021**, driven by increased volume of interest-earning assets (especially loans) and a decrease in average rates of interest-bearing liabilities, partially offset by lower yields on interest-earning assets[343](index=343&type=chunk)[380](index=380&type=chunk) - A reversal of provision for credit losses of **$8.5 million** occurred in 2021, compared to a **$24.3 million provision in 2020**, mainly due to reductions in reserves on specifically assessed assets and improving economic conditions, partially offset by CECL adoption impacts[386](index=386&type=chunk) Non-Interest Income (Years Ended December 31) | Category | 2021 (Thousands) | 2020 (Thousands) | Change (Thousands) | Change (%) | | :----------------------------- | :--------------- | :--------------- | :----------------- | :--------- | | Service Charges and Fees | $8,596 | $6,856 | $1,740 | 25.4% | | Debit Card Income | $10,236 | $9,136 | $1,100 | 12.0% | | Mortgage Banking | $3,306 | $3,153 | $153 | 4.9% | | Increase in Bank-Owned Life Insurance | $3,506 | $1,941 | $1,565 | 80.6% | | Other Non-Interest Income | $6,207 | $2,781 | $3,426 | 123.2% | | Net Gain on Acquisition | $585 | $2,145 | $(1,560) | (72.7)% | | Net Gain (Loss) from Securities Transactions | $406 | $11 | $395 | 3590.9% | | **Total Non-Interest Income** | **$32,842** | **$26,023** | **$6,819** | **26.2%** | - Total non-interest expense decreased by **$89.5 million (42.8%) in 2021**, primarily due to the **$104.8 million goodwill impairment charge in 2020**. Excluding this, expenses increased due to higher occupancy, data processing, and other non-interest expenses[397](index=397&type=chunk) Non-Interest Expense (Years Ended December 31) | Category | 2021 (Thousands) | 2020 (Thousands) | 2019 (Thousands) | | :------------------------------- | :--------------- | :--------------- | :--------------- | | Salaries and Employee Benefits | $54,198 | $54,129 | $52,122 | | Net Occupancy and Equipment | $10,137 | $8,784 | $8,674 | | Data Processing | $13,261 | $10,991 | $10,124 | | Professional Fees | $4,713 | $4,282 | $4,734 | | Merger Expenses | $9,189 | $299 | $915 | | Goodwill Impairment | $— | $104,831 | $— | | **Total Non-Interest Expense** | **$119,465** | **$208,990** | **$99,635** | [Financial Condition](index=73&type=section&id=Financial%20Condition) Total assets and loans grew significantly in 2021, while nonperforming assets increased, and the allowance for credit losses rose due to CECL adoption - Total assets increased by **$1.12 billion (28.0%) to $5.14 billion** at December 31, 2021, driven by increases in securities (**$455.6 million**), loans (**$549.3 million**), and other assets[412](index=412&type=chunk) - Gross loans held for investment increased by **$563.9 million (21.8%) to $3.16 billion** at December 31, 2021, with significant growth in commercial real estate and residential real estate, partially offset by a decrease in commercial and industrial loans[343](index=343&type=chunk)[413](index=413&type=chunk) Loan Portfolio Composition (as of December 31) | Loan Type | 2021 (Thousands) | 2020 (Thousands) | 2019 (Thousands) | | :------------------------ | :--------------- | :--------------- | :--------------- | | Commercial and Industrial | $567,497 | $734,495 | $592,052 | | Commercial Real Estate | $1,486,148 | $1,188,696 | $1,158,022 | | Residential Real Estate | $638,087 | $381,958 | $503,439 | | Agricultural Real Estate | $198,330 | $133,693 | $141,868 | | Agricultural | $166,975 | $94,322 | $92,893 | | Consumer | $98,590 | $58,532 | $68,378 | | **Total Loans** | **$3,155,627** | **$2,591,696** | **$2,556,652** | - Nonperforming assets increased to **$66.0 million** at December 31, 2021, from **$54.6 million in 2020**, with nonaccrual loans at **$29.4 million** and other repossessed assets at **$28.8 million**[432](index=432&type=chunk) Nonperforming Assets (as of December 31) | Metric | 2021 (Thousands) | 2020 (Thousands) | 2019 (Thousands) | | :----------------------------------- | :--------------- | :--------------- | :--------------- | | Nonaccrual Loans | $29,361 | $43,689 | $38,379 | | Accruing Loans 90+ Days Past Due | $256 | $143 | $— | | OREO Acquired Through Foreclosure, Net | $7,582 | $10,698 | $8,293 | | Other Repossessed Assets | $28,799 | $67 | $236 | | **Total Nonperforming Assets** | **$65,998** | **$54,597** | **$46,908** | | Nonperforming Assets to Total Assets | 1.28% | 1.36% | 1.19% | - The allowance for credit losses totaled **$48.4 million (1.53% of total loans)** at December 31, 2021, up from **$33.7 million (1.30% of total loans) in 2020**, primarily due to CECL adoption and increasing estimated exposure at default[444](index=444&type=chunk)[446](index=446&type=chunk) Available-for-Sale Securities (as of December 31, 2021) | Security Type | Amortized Cost (Thousands) | Fair Value (Thousands) | | :------------------------------------------ | :------------------------- | :--------------------- | | U.S. Government-sponsored entities | $124,898 | $123,407 | | U.S. Treasury securities | $157,289 | $155,602 | | Mortgage-backed securities | $835,301 | $836,575 | | Corporate | $52,555 | $53,777 | | Small Business Administration loan pools | $16,568 | $16,475 | | State and local subdivisions | $138,404 | $141,606 | | **Total Available-for-Sale Securities** | **$1,325,015** | **$1,327,442** | - Total deposits increased by **$972.4 million (28.2%) to $4.42 billion** at December 31, 2021, with non-interest-bearing demand deposits showing significant growth (**57.2% YoY**)[343](index=343&type=chunk)[468](index=468&type=chunk) Deposit Composition (as of December 31) | Deposit Type | 2021 (Thousands) | 2020 (Thousands) | 2019 (Thousands) | | :------------------------------- | :--------------- | :--------------- | :--------------- | | Non-interest-bearing Demand | $1,244,117 | $791,639 | $481,298 | | Interest-bearing Demand and NOW | $1,202,408 | $1,016,424 | $703,048 | | Savings and Money Market | $1,319,881 | $1,012,673 | $1,046,000 | | Time | $653,598 | $626,854 | $833,170 | | **Total Deposits** | **$4,420,004** | **$3,447,590** | **$3,063,516** | - The company utilizes various borrowings, including federal funds purchased, retail repurchase agreements, FHLB advances, and subordinated debt, to supplement deposits for funding lending and investing activities[478](index=478&type=chunk) [Liquidity and Capital Resources](index=84&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is primarily met by core deposits and asset maturities, supplemented by various borrowings, with the company maintaining strong capital ratios - Liquidity is primarily met by core deposits, security and loan maturities, and amortizing portfolios, supplemented by federal funds, retail repurchase agreements, brokered CDs, subordinated notes, and FHLB borrowings[488](index=488&type=chunk) - In 2021, operating and financing activities provided **$102.7 million** and **$191.9 million** in liquidity, respectively, while investing activities used **$315.3 million**, resulting in a **$20.7 million decrease in cash and cash equivalents**[491](index=491&type=chunk) - The company and Equity Bank maintained capital ratios in excess of all regulatory requirements at December 31, 2021, categorized as 'well capitalized' under prompt corrective action regulations[497](index=497&type=chunk)[499](index=499&type=chunk) - Stockholders' equity increased by **$93.0 million**, primarily due to the ASBI merger (**$84.7 million**) and comprehensive income (**$34.5 million**), partially offset by a CECL implementation adjustment and treasury stock purchases[500](index=500&type=chunk) [Non-GAAP Financial Measures](index=86&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP financial measures like Tangible Book Value per Share and Efficiency Ratio to provide additional performance insights - The company uses non-GAAP financial measures such as Tangible Book Value per Common Share, Tangible Common Equity to Tangible Assets, Return on Average Tangible Common Equity, and Efficiency Ratio to provide additional insights into performance, excluding the effects of intangible assets and certain non-recurring items[501](index=501&type=chunk)[503](index=503&type=chunk)[508](index=508&type=chunk)[512](index=512&type=chunk)[515](index=515&type=chunk)[516](index=516&type=chunk) Tangible Book Value per Share (as of December 31) | Metric | 2021 ($) | 2020 ($) | 2019 ($) | | :----------------------------------- | :------- | :------- | :------- | | Book Value per Common Share | 29.87 | 28.04 | 30.95 | | Tangible Book Value per Common Share | 25.65 | 24.68 | 20.75 | Tangible Common Equity to Tangible Assets (as of December 31) | Metric | 2021 (%) | 2020 (%) | 2019 (%) | | :----------------------------------- | :------- | :------- | :------- | | Equity / Assets | 9.74% | 10.16% | 12.10% | | Tangible Common Equity to Tangible Assets | 8.48% | 9.05% | 8.45% | Return on Average Tangible Common Equity (Years Ended December 31) | Metric | 2021 (%) | 2020 (%) | 2019 (%) | | :----------------------------------- | :------- | :------- | :------- | | Return on Average Equity (ROAE) | 11.75% | (16.14)% | 5.52% | | Return on Average Tangible Common Equity (ROATCE) | 14.10% | 8.27% | 9.22% | Efficiency Ratio (Years Ended December 31) | Metric | 2021 (%) | 2020 (%) | 2019 (%) | | :--------------- | :------- | :------- | :------- | | Efficiency Ratio | 63.01% | 66.36% | 65.45% | Selected Financial Data (Years Ended December 31, 2021 vs. 2020) | Metric | 2021 (Thousands) | 2020 (Thousands) | Change (Thousands) | Change (%) | | :----------------------------------- | :--------------- | :--------------- | :----------------- | :--------- | | Net Income (Loss) | $52,480 | $(74,970) | $127,450 | 170.0% |\ | Net Interest Income | $142,579 | $132,652 | $9,927 | 7.5% |\ | Total Loans Held for Investment | $3,155,627 | $2,591,696 | $563,931 | 21.8% |\ | Total Deposits | $4,420,004 | $3,447,590 | $972,414 | 28.2% |\ | Total Assets | $5,137,631 | $4,013,356 | $1,124,275 | 28.0% |\ | Tangible Book Value per Common Share | $25.65 | $24.68 | $0.97 | 3.9% | - The significant increase in net income in 2021 was primarily due to a **$104.8 million goodwill impairment charge in 2020**, a **$32.7 million decrease in provision for loan losses**, and increased net interest income[370](index=370&type=chunk) - The company adopted the Current Expected Credit Loss (CECL) methodology effective January 1, 2021, resulting in a **$15.7 million increase in the allowance for credit losses** on loans held for investment and a **$12.4 million decrease in retained earnings**[359](index=359&type=chunk)[445](index=445&type=chunk)[672](index=672&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=89&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company's primary market risk is interest rate volatility, managed by ALCO through balance sheet structuring and simulation analysis - The primary component of market risk is interest rate volatility, affecting income, expense, and market value of interest-earning assets and liabilities[521](index=521&type=chunk) - The Asset Liability Committee (ALCO) manages interest rate risk by structuring the balance sheet and using simulation analysis to monitor NII and EVE sensitivity to interest rate changes[523](index=523&type=chunk)[524](index=524&type=chunk) Simulated Immediate Change in Net Interest Income (12 Months) | Change in Prevailing Interest Rates | December 31, 2021 (%) | December 31, 2020 (%) | | :---------------------------------- | :-------------------- | :-------------------- | | +300 basis points | (4.4)% | (1.2)% | | +200 basis points | (2.4)% | 0.4% | | +100 basis points | (1.0)% | 1.0% | | 0 basis points | —% | —% | | -100 basis points | (4.4)% | (2.3)% | Simulated Immediate Change in Economic Value of Equity | Change in Prevailing Interest Rates | December 31, 2021 (%) | December 31, 2020 (%) | | :---------------------------------- | :-------------------- | :-------------------- | | +300 basis points | (2.8)% | 12.8% | | +200 basis points | 0.7% | 14.4% | | +100 basis points | 2.7% | 9.2% | | 0 basis points | —% | —% | | -100 basis points | (14.8)% | (21.2)% | [Financial Statements and Supplementary Data](index=91&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2021, 2020, and 2019, including the auditor's report and detailed notes [Report of Independent Registered Public Accounting Firm](index=99&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Crowe LLP provided an unqualified opinion on the financial statements and internal controls, highlighting CECL adoption as a critical audit matter - Crowe LLP provided an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting for Equity Bancshares, Inc. as of December 31, 2021[560](index=560&type=chunk)[561](index=561&type=chunk) - The adoption of ASC 326 (CECL) on January 1, 2021, for credit losses was highlighted as a critical audit matter due to the significant auditor judgment and effort required to evaluate management's subjective and complex judgments[562](index=562&type=chunk)[571](index=571&type=chunk)[573](index=573&type=chunk) [Consolidated Balance Sheets](index=103&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's consolidated balance sheets, detailing assets, liabilities, and stockholders' equity Consolidated Balance Sheet (as of December 31) | Asset/Liability/Equity | 2021 (Thousands) | 2020 (Thousands) | | :------------------------------- | :--------------- | :--------------- | | **ASSETS** | | | | Cash and Cash Equivalents | $259,954 | $280,698 | | Available-for-Sale Securities | $1,327,442 | $871,827 | | Loans, Net of Allowance | $3,107,262 | $2,557,987 | | Goodwill | $54,465 | $31,601 | | Total Assets | $5,137,631 | $4,013,356 | | **LIABILITIES** | | | | Total Deposits | $4,420,004 | $3,447,590 | | Subordinated Debt | $95,885 | $87,684 | | Total Liabilities | $4,637,000 | $3,605,707 | | **STOCKHOLDERS' EQUITY** | | | | Total Stockholders' Equity | $500,631 | $407,649 | [Consolidated Statements of Income](index=104&type=section&id=Consolidated%20Statements%20of%20Income) This section presents the company's consolidated statements of income, detailing revenues, expenses, and net income Consolidated Statements of Income (Years Ended December 31) | Income/Expense Item | 2021 (Thousands) | 2020 (Thousands) | 2019 (Thousands) | | :----------------------------------- | :--------------- | :--------------- | :--------------- | | Total Interest and Dividend Income | $157,368 | $155,561 | $175,499 | | Total Interest Expense | $14,789 | $22,909 | $49,641 | | Net Interest Income | $142,579 | $132,652 | $125,858 | | Provision (Reversal) for Credit Losses | $(8,480) | $24,255 | $18,354 | | Total Non-Interest Income | $32,842 | $26,023 | $24,988 | | Total Non-Interest Expense | $119,465 | $208,990 | $99,635 | | Income (Loss) Before Income Tax | $64,436 | $(74,570) | $32,857 | | Provision for Income Taxes | $11,956 | $400 | $7,278 | | Net Income (Loss) | $52,480 | $(74,970) | $25,579 | | Basic Earnings (Loss) per Share | $3.49 | $(4.97) | $1.64 | | Diluted Earnings (Loss) per Share | $3.43 | $(4.97) | $1.61 | [Consolidated Statements of Comprehensive Income](index=105&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the company's consolidated statements of comprehensive income, including net income and other comprehensive income Consolidated Statements of Comprehensive Income (Years Ended December 31) | Item | 2021 (Thousands) | 2020 (Thousands) | 2019 (Thousands) | | :----------------------------------------------------------------- | :--------------- | :--------------- | :--------------- | | Net Income (Loss) | $52,480 | $(74,970) | $25,579 | | Other Comprehensive Income (Loss), Net of Tax | $(18,005) | $19,784 | $4,864 | | **Comprehensive Income (Loss)** | **$34,475** | **$(55,186)** | **$30,443** | [Consolidated Statements of Stockholders' Equity](index=106&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) This section presents the company's consolidated statements of stockholders' equity, detailing changes in equity components Consolidated Statements of Stockholders' Equity (Years Ended December 31) | Item | Balance at Dec 31, 2018 (Thousands) | 2019 Changes (Thousands) | Balance at Dec 31, 2019 (Thousands) | 2020 Changes (Thousands) | Balance at Dec 31, 2020 (Thousands) | 2021 Changes (Thousands) | Balance at Dec 31, 2021 (Thousands) | | :--------------------------------- | :---------------------------------- | :----------------------- | :---------------------------------- | :----------------------- | :---------------------------------- | :----------------------- | :---------------------------------- | | Common Stock | $173 | $1 | $174 | $0 | $174 | $29 | $203 | | Additional Paid-In Capital | $379,085 | $3,650 | $382,731 | $4,089 | $386,820 | $92,042 | $478,862 | | Retained Earnings | $101,326 | $24,431 | $125,757 | $(74,970) | $50,787 | $37,537 | $88,324 | | Accumulated Other Comprehensive Income (Loss) | $(4,867) | $4,864 | $(3) | $19,784 | $19,781 | $(18,005) | $1,776 | | Treasury Stock | $(19,655) | $(10,867) | $(30,522) | $(19,348) | $(49,870) | $(18,664) | $(68,534) | | Employee Stock Loans | $(121) | $44 | $(77) | $34 | $(43) | $43 | $0 | | **Total Stockholders' Equity** | **$455,941** | **$22,123** | **$478,060** | **$(70,401)** | **$407,649** | **$92,982** | **$500,631** | [Consolidated Statements of Cash Flows](index=107&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section presents the company's consolidated statements of cash flows, detailing cash movements from operating, investing, and financing activities Consolidated Statements of Cash Flows (Years Ended December 31) | Cash Flow Activity | 2021 (Thousands) | 2020 (Thousands) | 2019 (Thousands) | | :--------------------------------- | :--------------- | :--------------- | :--------------- | | Net Cash Provided by Operating Activities | $102,698 | $43,621 | $48,521 | | Net Cash (Used in) Provided by Investing Activities | $(315,339) | $96,004 | $96,101 | | Net Cash Provided by (Used in) Financing Activities | $191,897 | $51,782 | $(248,149) |\ | Net Change in Cash and Cash Equivalents | $(20,744) | $191,407 | $(103,527) |\ | Ending Cash and Cash Equivalents | $259,954 | $280,698 | $89,291 | [Notes to Consolidated Financial Statements](index=109&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes explaining the company's accounting policies, business combinations, and financial instrument specifics [NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=109&type=section&id=NOTE%201%20%E2%80%93%20NATURE%20OF%20OPERATIONS%20AND%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note details the company's operations and significant accounting policies, including the adoption of CECL and ASU 2017-08 - Equity Bancshares, Inc. is a bank holding company operating through Equity Bank and EBAC, LLC, providing banking, mortgage banking, and financial services primarily in Arkansas, Kansas, Missouri, and Oklahoma[595](index=595&type=chunk)[597](index=597&type=chunk) - The company adopted ASU 2016-13 (CECL) effective January 1, 2021, changing the method for measuring credit losses for financial assets and off-balance-sheet exposures, resulting in a **$15.7 million increase in ACL on loans** and a **$12.4 million decrease in retained earnings**[672](index=672&type=chunk) - The CECL model utilizes a probability of default (PD) and loss given default (LGD) approach, incorporating macroeconomic factors and qualitative adjustments, with a **12-month reasonable and supportable forecast period**[626](index=626&type=chunk)[627](index=627&type=chunk) - The company also adopted ASU 2017-08, shortening the amortization period of certain callable debt securities held at a premium to the earliest call date, resulting in a **$1.148 million reduction in retained earnings**[674](index=674&type=chunk) [NOTE 2 – BUSINESS COMBINATIONS](index=119&type=section&id=NOTE%202%20%E2%80%93%20BUSINESS%20COMBINATIONS) This note details the company's business acquisitions, including ASBI and Security Bank branches in 2021, and Almena State Bank in 2020 - On October 1, 2021, the company acquired American State Bancshares, Inc. (ASBI) for **$8.4 million in cash** and **2,485,983 shares of Class A common stock**, resulting in **$22.2 million in goodwill**[682](index=682&type=chunk)[685](index=685&type=chunk) - On December 3, 2021, the company acquired three branches from Security Bank of Kansas City, resulting in **$0.7 million in goodwill**[687](index=687&type=chunk)[688](index=688&type=chunk) - On October 23, 2020, the company acquired assets and assumed deposits of Almena State Bank, resulting in a **gain on acquisition of $2.1 million**[689](index=689&type=chunk)[692](index=692&type=chunk) ASBI Acquisition: Assets Acquired and Liabilities Assumed (October 1, 2021) | Item | Amount (Thousands) | | :------------------------- | :----------------- | | Cash and Due from Banks | $97,724 | | Available-for-Sale Securities | $176,476 | | Loans | $441,884 | | Total Assets Acquired | $780,548 | | Deposits | $668,849 | | Total Liabilities Assumed | $709,557 | | Goodwill | $22,198 | [NOTE 3 – SECURITIES](index=123&type=section&id=NOTE%203%20%E2%80%93%20SECURITIES) This note details the company's available-for-sale securities portfolio, including unrealized losses and pledged securities Available-for-Sale Securities (as of December 31, 2021) | Security Type | Amortized Cost (Thousands) | Fair Value (Thousands) | | :------------------------------------------ | :------------------------- | :--------------------- | | U.S. Government-sponsored entities | $124,898 | $123,407 | | U.S. Treasury securities | $157,289 | $155,602 | | Mortgage-backed securities | $835,301 | $836,575 | | Corporate | $52,555 | $53,777 | | Small Business Administration loan pools | $16,568 | $16,475 | | State and political subdivisions | $138,404 | $141,606 | | **Total Available-for-Sale Securities** | **$1,325,015** | **$1,327,442** | - As of December 31, 2021, the company held **166 available-for-sale securities** in an unrealized loss position, but these losses were not recognized in income due to high credit quality, no intent to sell, and the expectation of recovery as securities approach maturity[700](index=700&type=chunk)[701](index=701&type=chunk) - The carrying value of securities pledged as collateral was approximately **$892.2 million** at December 31, 2021[697](index=697&type=chunk) [NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES](index=125&type=section&id=NOTE%204%20%E2%80%93%20LOANS%20AND%20ALLOWANCE%20FOR%20CREDIT%20LOSSES) This note details the loan portfolio composition, allowance for credit losses, nonaccrual loans, and COVID-19 payment deferral programs Loan Portfolio by Type (as of December 31) | Loan Type | 2021 (Thousands) | 2020 (Thousands) | | :------------------------ | :--------------- | :--------------- | | Commercial Real Estate | $1,486,148 | $1,188,696 | | Commercial and Industrial | $567,497 | $734,495 | | Residential Real Estate | $638,087 | $381,958 | | Agricultural Real Estate | $198,330 | $133,693 | | Agricultural | $166,975 | $94,322 | | Consumer | $98,590 | $58,532 | | **Total Loans** | **$3,155,627** | **$2,591,696** | | Allowance for Loan Losses | $(48,365) | $(33,709) |\ | **Net Loans** | **$3,107,262** | **$2,557,987** | - The allowance for credit losses totaled **$48.4 million (1.53% of total loans)** at December 31, 2021, reflecting the adoption of CECL and management's estimate of expected credit losses over the contractual life of the loan portfolio[710](index=710&type=chunk)[717](index=717&type=chunk)[720](index=720&type=chunk) - As of December 31, 2021, **20 loans totaling $36.3 million** were participating in the COVID-19 payment deferral program, with all classified as unclassified (pass) credits[740](index=740&type=chunk)[741](index=741&type=chunk) Nonaccrual Loans (as of December 31, 2021) | Loan Type | Recorded Investment (Thousands) | Allowance for Loan Losses Allocated (Thousands) | | :------------------------ | :------------------------------ | :---------------------------------------------- | | Commercial Real Estate | $6,833 | $1,632 | | Commercial and Industrial | $4,593 | $1,800 | | Residential Real Estate | $4,646 | $888 | | Agricultural Real Estate | $2,738 | $637 | | Agricultural | $6,175 | $2,307 | | Consumer | $274 | $74 | | **Total** | **$29,361** | **$7,338** | [NOTE 5 – OTHER REAL ESTATE OWNED](index=133&type=section&id=NOTE%205%20%E2%80%93%20OTHER%20REAL%20ESTATE%20OWNED) This note details the activity and expenses related to other real estate owned, including transfers, sales, and valuation reserves Other Real Estate Owned Activity (Years Ended December 31) | Item | 2021 (Thousands) | 2020 (Thousands) | | :------------------------- | :--------------- | :--------------- | | Beginning Balance | $11,733 | $8,293 | | Transfers In | $2,222 | $10,729 | | Net (Loss) Gain on Sales | $462 | $835 | | Proceeds from Sales | $(4,732) | $(6,363) |\ | Additions to Valuation Reserve | $(162) | $(2,397) |\ | **Recorded Investment** | **$9,523** | **$11,733** | Other Real Estate Owned Expenses (Years Ended December 31) | Expense Item | 2021 (Thousands) | 2020 (Thousands) | 2019 (Thousands) | | :----------------------------------------- | :--------------- | :--------------- | :--------------- | | Net Loss (Gain) on Sales | $(462) | $(835) | $10 |\ | Provision for Unrealized Losses | $162 | $2,397 | $250 | | Operating Expenses, Net of Rental Income | $651 | $748 | $638 | | **Total Other Real Estate Owned Expenses** | **$(188)** | **$2,310** | **$707** | [NOTE 6 – PREMISES AND EQUIPMENT](index=134&type=section&id=NOTE%206%20%E2%80%93%20PREMISES%20AND%20EQUIPMENT) This note details the company's premises and equipment, net of depreciation, and operating lease liabilities and costs Premises and Equipment, Net (as of December 31) | Category | 2021 (Thousands) | 2020 (Thousands) | | :----------------------------- | :--------------- | :--------------- | | Land | $21,217 | $20,113 | | Buildings and Improvements | $86,324 | $71,923 | | Furniture, Fixtures and Equipment | $23,215 | $19,928 | | Less: Accumulated Depreciation | $(26,718) | $(22,552) |\ | **Premises and Equipment, Net** | **$104,038** | **$89,412** | - As of December 31, 2021, the company had operating lease liabilities of **$5.9 million** and corresponding right-of-use assets of **$6.0 million**, primarily for land and building leases[755](index=755&type=chunk) Operating Lease Costs (Years Ended December 31) | Cost Type | 2021 (Thousands) | 2020 (Thousands) | | :-------------------- | :--------------- | :--------------- | | Operating Lease Cost | $586 | $728 | | Variable Lease Cost | $35 | $34 | | **Total Operating Lease Cost** | **$621** | **$762** | [NOTE 7 – GOODWILL AND CORE DEPOSIT INTANGIBLES](index=135&type=section&id=NOTE%207%20%E2%80%93%20GOODWILL%20AND%20CORE%20DEPOSIT%20INTANGIBLES) This note details goodwill and core deposit intangibles, including the annual impairment assessment and the **$104.8 million** impairment charge in 2020 - Goodwill results from business acquisitions and represents the excess of purchase price over fair value of net assets. It is assessed annually for impairment[649](index=649&type=chunk)[762](index=762&type=chunk) - As of December 31, 2021, management concluded no goodwill impairment was warranted, following a **$104.8 million non-cash impairment charge** recorded on September 30, 2020, due to economic market disruption and stock price movement[762](index=762&type=chunk) Goodwill and Core Deposit Intangibles (as of December 31) | Item | 2021 (Thousands) | 2020 (Thousands) | | :--------------------------------- | :--------------- | :--------------- | | Goodwill | $54,465 | $31,601 | | Core Deposit Intangibles | $14,879 | $16,057 | | **Total Goodwill and Intangibles** | **$69,344** | **$47,658** | [NOTE 8 – QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS](index=136&type=section&id=NOTE%208%20%E2%80%93%20QUALIFIED%20AFFORDABLE%20HOUSING%20PROJECT%20INVESTMENTS) This note details the company's investments in qualified affordable housing projects, including balances, unfunded commitments, and recognized expenses - The company invests in qualified affordable housing projects, with balances of **$21.7 million** at December 31, 2021, and unfunded commitments totaling **$17.7 million**[766](index=766&type=chunk) - In 2021, the company recognized **$1.1 million in amortization expense** and **$0.6 million in tax credits** from these investments[767](index=767&type=chunk) [NOTE 9 – DERIVATIVE FINANCIAL INSTRUMENTS](index=136&type=section&id=NOTE%209%20%E2%80%93%20DERIVATIVE%20FINANCIAL%20INSTRUMENTS) This note details the company's use of interest rate swaps for hedging and stand-alone derivatives, including notional balances and fair values - The company uses interest rate swaps as fair value hedges for commercial real estate loans, cash flow hedges for subordinated debentures (acquired from ASBI), and stand-alone derivatives to offer long-term fixed-rate loans to borrowers[768](index=768&type=chunk)[769](index=769&type=chunk)[770](index=770&type=chunk) Derivative Notional Balances and Fair Values (as of December 31, 2021) | Derivative Type | Notional Amount (Thousands) | Derivative Assets (Thousands) | Derivative Liabilities (Thousands) | | :-------------------------------------------- | :-------------------------- | :---------------------------- | :--------------------------------- | | Interest Rate Swaps (Hedging Instruments) | $26,663 | $— | $369 | | Interest Rate Swaps (Cash Flow Hedges) | $7,500 | $602 | $— | | Interest Rate Swaps (Stand-Alone Derivatives) | $150,780 | $4,419 | $5,184 | | **Total** | **$184,943** | **$5,021** | **$5,553** | Net Gains (Losses) on Derivatives and Hedging Activities (Years Ended December 31) | Item | 2021 (Thousands) | 2020 (Thousands) | 2019 (Thousands) | | :---------------------------------------- | :--------------- | :--------------- | :--------------- | | Derivatives Designated as Hedging Instruments | $28 | $— | $— | | Derivatives Not Designated as Hedging Instruments | $757 | $254 | $307 | | **Total Net Gains (Losses)** | **$785** | **$254** | **$307** | [NOTE 10 – DEPOSITS](index=138&type=section&id=NOTE%2010%20%E2%80%93%20DEPOSITS) This note details the company's deposit composition, including time deposits exceeding FDIC limits and the use of ICS and CDARS programs Deposit Composition (as of December 31) | Deposit Type | 2021 (Thousands) | 2020 (Thousands) | | :------------------------------- | :--------------- | :--------------- | | Non-interest-bearing Demand | $1,244,117 | $791,639 | | Interest-bearing Demand and NOW | $1,202,408 | $1,016,424 | | Savings and Money Market | $1,319,881 | $1,012,673 | | Time | $653,598 | $626,854 | | **Total Deposits** | **$4,420,004** | **$3,447,590** | - Time deposits exceeding the FDIC insurance limit of **$250,000** totaled **$233.5 million** at December 31, 2021[779](index=779&type=chunk) - The company utilizes Insured Cash Sweep (ICS) and Certificate of Deposit Account Registry Service (CDARS) programs to manage large deposits and ensure FDIC insurance coverage, with total reciprocal and brokered deposits of **$373.5 million** at December 31, 2021[780](index=780&type=chunk)[781](index=781&type=chunk)[783](index=783&type=chunk) [NOTE 11 – BORROWINGS](index=139&type=section&id=NOTE%2011%20%E2%80%93%20BORROWINGS) This note details the company's borrowings, including federal funds, repurchase agreements, FHLB advances, and bank stock loan facilities Federal Funds Purchased and Retail Repurchase Agreements (as of December 31) | Item | 2021 (Thousands) | 2020 (Thousands) | | :------------------------------- | :--------------- | :--------------- | | Federal Funds Purchased | $— | $— | | Retail Repurchase Agreements | $56,006 | $36,029 | - The company had no FHLB advances outstanding at December 31, 2021, but maintained undisbursed advance commitments (letters of credit) of **$17.0 million**[790](index=790&type=chunk)[791](index=791&type=chunk) - A bank stock loan facility, secured by Equity Bank stock, had no outstanding balance at December 31, 2021, and was renewed in February 2022 with a decreased maximum borrowing amount of **$25.0 million**[793](index=793&type=chunk)[794](index=794&type=chunk)[795](index=795&type=chunk) [NOTE 12 – SUBORDINATED DEBT](index=140&type=

Exhibit 99.2 Fourth Quarter Earnings Presentation January 26, 2022 Forward Looking Statements This press release 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 Equity's management with respect to, among other things, future events and Equity's financial performance. These statements are often, but not always, mad ...

Financial Data and Key Metrics Changes - The company reported net income of $10.5 million or $0.61 per diluted share for Q4 2021, with a decrease in net interest income to $37.2 million from $39 million in the linked quarter [8][16] - The allowance for credit losses (ACL) coverage to non-PPP loans decreased to 1.55% from 2.04% in the previous quarter, driven by specific analyzed loans [11][15] - Net charge-offs are expected to be between 5 to 10 basis points for the upcoming year, indicating a stable outlook for asset quality [28][29] Business Line Data and Key Metrics Changes - The company successfully executed a second round of the PPP program, adding $20.8 million of fee and interest income in 2021 [5] - Non-interest income contributions from American State Bank customers are expected to increase in Q1 2022 as the grace period for fee contributions ends [9][26] - The commercial credit card program has expanded, contributing new income monthly, with expectations for HSA card revenues to begin in 2022 [6][19] Market Data and Key Metrics Changes - Loan growth at December 31 was $470 million, with $400 million attributed to the acquisition of American State Bank & Trust [18] - Organic originated loans totaled $221 million in Q4 2021, with 85% being commercial and agricultural loans [18] - The company is focused on improving its loan-to-deposit ratio, which currently stands close to 70%, aiming to return to pre-COVID levels in the low-80s [22][32] Company Strategy and Development Direction - The company aims to improve operating performance and return on tangible equity in the mid-teens by reducing excess liquidity and increasing fee income [19][21] - Plans to roll out interactive teller machines (ITMs) to enhance customer service and operational efficiency [20] - The company is actively pursuing partnerships and acquisitions that align with its financial profitability goals while maintaining a focus on organic growth [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment, noting that rising rates could protect loan growth by reducing refinancing activity [44] - The company anticipates continued growth in fee income from various business lines, including treasury management and wealth management [26][27] - There is a focus on addressing uncertainties in the economic environment, including supply chain and labor market issues, which may impact loan demand [22] Other Important Information - The company introduced John Creech as the new Chief Credit Officer, bringing extensive credit experience to the team [16] - The company has maintained its share repurchase program and initiated a common stock dividend in Q3 2021 [6] Q&A Session Summary Question: Fee outlook and loan growth expectations - Management discussed expectations for non-interest income growth, highlighting contributions from American State Bank customers and ongoing focus on treasury management and wealth management services [24][26] Question: Long-term net charge-off targets - Management indicated a target of 5 to 10 basis points for net charge-offs, reflecting confidence in asset quality [28][29] Question: Asset sensitivity and margin reaction to rate changes - Management noted that the balance sheet is well-balanced regarding interest rate sensitivity, with future margin movements likely driven by earning asset rotation [34][35] Question: M&A outlook and geographic focus - The company is exploring opportunities in Oklahoma, Kansas, Western Missouri, and Central Arkansas, focusing on both bank acquisitions and fee income businesses [36]

Exhibit 99.2 Third Quarter 2021 Results Presentation October 19, 2021 Disclaimers Special Note Concerning Forward-Looking Statements This press release 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 Equity's management with respect to, among other things, future events and Equity's financial performance. These st ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class 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, 2021 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 72-15 ...

Financial Data and Key Metrics Changes - The company reported net income of $11.8 million or $0.80 per diluted share, with core earnings at $0.96 per diluted share, beating street consensus [10] - Net interest income totaled $39 million in Q3, increasing from $34.6 million in the previous quarter, representing a $4.3 million increase [15] - The provision for credit losses totaled $1 million, with specific reserves increasing by $4.8 million during the quarter [14][15] Business Line Data and Key Metrics Changes - Organic loan growth totaled $46.5 million, representing an annualized growth of 7% during the quarter [19] - PPP loans declined by $176 million due to forgiveness, with $16.6 million of fee income recognized from this activity year-to-date [20] - Organic originated loans totaled $217.6 million in Q3, down slightly from $261 million in Q2, with 80% in commercial, CRE, and agricultural loans [21] Market Data and Key Metrics Changes - The weighted coupon in the portfolio, excluding PPP, increased approximately 13 basis points during the third quarter [16] - The coverage of allowance for credit losses to non-PPP loans was 2.04%, unchanged from the previous quarter [15] Company Strategy and Development Direction - The company aims to improve its revenue mix, increase fee contributions, and drive positive operational leverage off its expense base [34] - The integration of the American State Bank & Trust balance sheet is a key focus, with expectations of adding $78 million in deposits from the upcoming branch acquisition [36] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the economic environment, citing supply chain issues, labor market challenges, and inflation as uncertainties affecting loan demand [34] - The company does not expect PPP income to influence its 2022 results significantly [35] Other Important Information - The company paid its first common stock dividend to shareholders, which is expected to broaden its investor base and serve as a capital management tool [36] - The company is actively pursuing additional acquisition opportunities, with several conversations ongoing [47] Q&A Session Summary Question: Clarification on Q4 and full year 2022 projections - The projections include the American State acquisition but not the Missouri Bank acquisition [38] Question: Fee income growth expectations - Fee income growth is expected to be driven by service charges, debit card interchange, and other initiatives in wealth management and treasury management products [40][42] Question: Impact of dividends on buyback strategy - The dividend will not affect the company's buyback strategy, which remains active [44] Question: Margin guidance and loan allocation assumptions - The company does not model changes in the yield curve but sees potential for improvement by reallocating cash and securities into loans [51][53] Question: Provision outlook for Q4 and 2022 - Management does not anticipate a meaningful provision in Q4 and expects the provision for 2022 to be lower than previously budgeted [68]

Cautionary Note Regarding Forward-Looking Statements This section cautions that the report contains forward-looking statements, subject to inherent risks and uncertainties, which the Company does not publicly update [Forward-Looking Statements Disclosure](index=3&type=section&id=Forward-Looking%20Statements%20Disclosure) This section highlights that the report contains forward-looking statements, which are not historical facts and are subject to various risks, assumptions, and uncertainties - Forward-looking statements are based on current expectations, estimates, and projections, but actual results may differ materially due to inherent uncertainties and risks, particularly those related to the COVID-19 pandemic[9](index=9&type=chunk) - Key risks include external economic and market factors (e.g., interest rates, inflation, demand for loans), credit quality deterioration, real estate market impacts, loss of major relationships, liquidity issues, technological advances, cybersecurity breaches, and regulatory changes[10](index=10&type=chunk) - The Company does not undertake any obligation to publicly update or review any forward-looking statement[12](index=12&type=chunk) Part I Financial Information [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed interim consolidated financial statements for Equity Bancshares, Inc., including detailed notes on significant accounting policies, securities, loans, and other financial matters [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) This section presents the Company's consolidated balance sheets, detailing assets, liabilities, and stockholders' equity at June 30, 2021, and December 31, 2020 | ASSETS (in thousands) | June 30, 2021 (Unaudited) | December 31, 2020 | | :-------------------- | :------------------------ | :---------------- | | Cash and cash equivalents | $139,321 | $280,698 | | Available-for-sale securities | $1,041,613 | $871,827 | | Loans, net of allowance for credit losses | $2,763,227 | $2,557,987 | | Total assets | $4,268,216 | $4,013,356 | | LIABILITIES AND STOCKHOLDERS' EQUITY (in thousands) | | | | Deposits | $3,687,555 | $3,447,590 | | Total liabilities | $3,855,221 | $3,605,707 | | Total stockholders' equity | $412,995 | $407,649 | - Total assets increased by **$254,860 thousand (6.35%)** from December 31, 2020, to June 30, 2021[17](index=17&type=chunk) - Loans, net of allowance for credit losses, increased by **$205,240 thousand (8.02%)** over the same period[17](index=17&type=chunk) - Total deposits increased by **$239,965 thousand (6.96%)** from December 31, 2020, to June 30, 2021[17](index=17&type=chunk) [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) This section presents the Company's consolidated statements of income, detailing revenues, expenses, and net income for the three and six months ended June 30, 2021 and 2020 | (Dollar amounts in thousands) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :---------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total interest and dividend income | $38,318 | $37,933 | $74,130 | $78,490 | | Total interest expense | $3,688 | $5,042 | $7,741 | $13,504 | | Net interest income | $34,630 | $32,891 | $66,389 | $64,986 | | Provision (reversal) for credit losses | $(1,657) | $12,500 | $(7,413) | $22,440 | | Total non-interest income | $9,100 | $5,732 | $15,812 | $11,038 | | Total non-interest expense | $25,806 | $23,937 | $50,687 | $49,695 | | Net income | $15,166 | $1,689 | $30,241 | $2,947 | | Basic earnings per share | $1.06 | $0.11 | $2.10 | $0.19 | | Diluted earnings per share | $1.03 | $0.11 | $2.06 | $0.19 | - Net income for the three months ended June 30, 2021, increased significantly to **$15,166 thousand** from **$1,689 thousand** in the prior year, driven by a reversal in provision for credit losses and higher non-interest income[19](index=19&type=chunk) - Basic EPS for the three months ended June 30, 2021, rose to **$1.06** from **$0.11** in the prior year[19](index=19&type=chunk) - For the six months ended June 30, 2021, net income was **$30,241 thousand**, a substantial increase from **$2,947 thousand** in the same period of 2020, primarily due to a reversal in provision for credit losses[19](index=19&type=chunk) [Consolidated Statements of Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the Company's consolidated statements of comprehensive income, including net income and other comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020 | (Dollar amounts in thousands) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :---------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income | $15,166 | $1,689 | $30,241 | $2,947 | | Other comprehensive income (loss), net of tax | $1,431 | $(379) | $(6,331) | $3,393 | | Comprehensive income | $16,597 | $1,310 | $23,910 | $6,340 | - Comprehensive income for the three months ended June 30, 2021, was **$16,597 thousand**, up from **$1,310 thousand** in the prior year, benefiting from positive other comprehensive income[22](index=22&type=chunk) - For the six months ended June 30, 2021, comprehensive income was **$23,910 thousand**, significantly higher than **$6,340 thousand** in the same period of 2020, despite a negative other comprehensive income[22](index=22&type=chunk) [Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) This section details changes in the Company's consolidated stockholders' equity, including net income, other comprehensive income, stock-based compensation, and treasury stock transactions | (Dollar amounts in thousands, except share data) | Balance at April 1, 2021 | Net Income | Other Comprehensive Income (loss), net of tax effects | Stock-based Compensation | Common Stock Issued upon Exercise of Stock Options | Treasury Stock Purchases | Balance at June 30, 2021 | | :----------------------------------------------- | :----------------------- | :--------- | :---------------------------------------------------- | :----------------------- | :------------------------------------------------- | :----------------------- | :----------------------- | | Total Stockholders' Equity | $397,815 | $15,166 | $1,431 | $948 | $508 | $(2,873) | $412,995 | - Total stockholders' equity increased from **$407,649 thousand** at January 1, 2021, to **$412,995 thousand** at June 30, 2021, primarily due to net income, stock-based compensation, and common stock issuance, partially offset by treasury stock purchases[29](index=29&type=chunk) - Treasury stock purchases for the six months ended June 30, 2021, amounted to **$(8,780) thousand**[29](index=29&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section presents the Company's consolidated statements of cash flows, categorizing cash activities into operating, investing, and financing for the six months ended June 30, 2021 and 2020 | (Dollar amounts in thousands) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :---------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by (used in) operating activities | $47,236 | $24,646 | | Net cash provided by (used in) investing activities | $(430,235) | $(180,840) | | Net cash provided by (used in) financing activities | $241,62

Financial Data and Key Metrics Changes - The company reported a net income of $15.2 million for Q2 2021, the highest in its history, with core earnings of $0.86 per diluted share, up from $0.65 in Q1 2021 [5][6][10] - Net interest income increased to $34.6 million from $31.8 million in Q1 2021, a rise of $2.9 million [10] - Total fee income reached $9.1 million, an increase of $2.4 million from the previous quarter [27] Business Line Data and Key Metrics Changes - Organic loan growth totaled $83.9 million, representing an annualized growth rate of 15% during the quarter [16][25] - Origination fees from PPP loans increased significantly, with $5.7 million recognized in Q2 compared to $3.1 million in Q1 [11] - The commercial, commercial real estate, and agricultural loans accounted for 85% of the total loan originations in Q2 [17] Market Data and Key Metrics Changes - The company’s total pipeline reached approximately $600 million, indicating strong sales efforts and a growing pipeline [18] - Non-interest bearing deposits increased by $20.2 million from March 31, 2021, and $236 million from June 30, 2020 [31] Company Strategy and Development Direction - The company aims to increase total revenue tied to fee income to 30% versus traditional spread business, with a focus on improving efficiency ratios [6][27] - A merger with American State Bancshares is scheduled to close in October 2021, expected to enhance the company’s market presence and customer base [13][14] - The company is also expanding its HSA business and enhancing its trust and wealth management services [21][20] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty about the economic direction over the next 18 months due to high levels of fiscal stimulus [9] - The company remains conservative in its approach to the allowance for credit losses, maintaining a coverage ratio of 2.04% for non-PPP loans [9] - Management is optimistic about the credit quality of its portfolio, with total nonperforming loans down by 6.1% [33] Other Important Information - The company is considering establishing a common stock dividend as part of its capital management strategy [44][45] - The average balance of the most popular consumer DDA account increased by 5% year-over-year, indicating strong customer engagement [31] Q&A Session Summary Question: How is the company building relationships with new customers from the PPP program? - The company successfully encouraged PPP customers to open depository accounts, leading to significant cross-selling of products [50] Question: What is the outlook for lowering the cost of deposits? - The company is actively working to reduce costs on transaction accounts and expects improvements in the second half of the year [51] Question: How has competition from larger banks affected the company? - Larger banks remain closed for the next 60 days, providing the company with a competitive advantage in attracting new customers [53] Question: Why has the average growth guidance for the year not increased despite strong loan growth? - The company is taking a conservative approach despite strong performance, reflecting caution in the current economic environment [55] Question: What are the downside risks to fee income? - The primary risk to fee income is from the mortgage sector, which has unexpectedly remained strong [63] Question: What was the amount of purchased mortgages in the quarter? - The company purchased approximately $83 million in mortgages during the quarter, which was excluded from the reported organic growth [64]

Exhibit 99.2 Second Quarter 2021 Results Presentation July 19, 2021 Disclaimers Special Note Concerning Forward-Looking Statements This press release 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 Equity's management with respect to, among other things, future events and Equity's financial performance. These stat ...