8-K
Equity Bancshares Inc (EQBK)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 21, 2026
EQUITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
| Kansas | 001-37624 | 72-1532188 |
|---|---|---|
| (State or other jurisdiction of<br><br>incorporation or organization) | (Commission<br><br>File Number) | (I.R.S. Employer<br><br>Identification No.) |
| 7701 East Kellogg Drive, Suite 300<br><br>Wichita, KS | 67207 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: 316.612.6000
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class<br><br>Class A, Common Stock, par value $0.01 per share | Trading Symbol<br><br>EQBK | Name of each exchange on which registered<br><br>New York Stock Exchange |
|---|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On January 21, 2026, Equity Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 and is incorporated by reference herein.
The information in this Item 2.02, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.
Item 7.01 Regulation FD Disclosure.
The Company intends to hold an investor call and webcast to discuss its financial results for the year ended December 31, 2025, on Thursday, January 22, 2026, at 9:00 a.m. Central Time. The Company’s presentation to analysts and investors contains additional information about the Company’s financial results for the year ended December 31, 2026, and is furnished as Exhibit 99.2 and is incorporated by reference herein.
The information in this Item 7.01, including Exhibit 99.2, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
|---|---|
| 99.1 | Earnings Press Release, Dated January 21, 2026 |
| 99.2 | Investor Presentation |
| 104 | Cover Page Interactive Data File |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Equity Bancshares, Inc. | |
|---|---|
| Date: January 21, 2026 | By: /s/ Chris M. Navratil |
| Chris M. Navratil | |
| Executive Vice President and Chief Financial Officer |
EX-99.1
Equity Bancshares, Inc. Exhibit 99.1
PRESS RELEASE
Equity Bancshares, Inc. Fourth Quarter Results Highlighted by Earnings and Net Interest Margin Expansion
Company Closed its Acquisition of Frontier Holdings LLC on January 1, 2026, Entering Nebraska
WICHITA, Kansas, January 22, 2026 (BUSINESSWIRE) – Equity Bancshares, Inc. (NYSE: EQBK), (“Equity”, “the Company,” “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, reported net income of $22.1 million or $1.15 per diluted share for the quarter ended December 31, 2025. Adjusting for pre-tax expenses associated with our acquisitions of NBC Corp of Oklahoma (“NBC”) and Frontier Holdings LLC (“Frontier”), tax effected at 21%, net income was $23.2 million, or $1.21 per share.
“2025 has been a transformative year for our Company and the fourth quarter was no exception,” said Brad S. Elliott, Chairman and CEO of Equity. “Our teams continued to integrate our newly expanded Oklahoma footprint, worked to position the balance sheet, locations and operational teams for our acquisition of Frontier, which closed on January 1, 2026 marking our entry into the state of Nebraska, while also continuing to provide exceptional products and services to our customers and communities.”
“I couldn’t be more proud of our employees and partners. Years like these are not possible without excellent operators committing to accomplishing significant tasks,” Mr. Elliott continued. “Our teams are motivated to make Equity the premier community bank in the communities we serve, as well as the premier merger partner for like-minded organizations across our footprint.”
Notable Items:
- For the fourth quarter 2025, net interest margin was 4.47%, expanding 2 basis points over the linked quarter. Normalizing acquisition accounting accretion by 12 basis points and removing the benefit of nonaccrual loans, core margin was 4.36%.
- Full year net interest income was $226.1 million for 2025 compared to $186.2 million for 2024, an annual increase of 21.4%, benefiting from expanded margin and balance sheet growth.
- Total loan and deposit balances increased year-over-year by $697.4 million and $763.5 million, respectively, driven by the addition of NBC during the third quarter of 2025.
- Closed our transaction with Frontier on January 1, 2026, contributing additional loan balances of approximately $1.34 billion and deposit balances of $1.1 billion. Consideration for the Frontier transaction included $32.5 million in cash and the issuance of 2.22 million shares of common stock.
- During the quarter, book value per share increased to $38.64 from $37.25, while tangible book value per share increased to $32.86 from $31.69. Tangible common equity to tangible common assets closed the quarter at 9.94%.
- During the quarter, the Company realized net charge-offs of $697 thousand, or 0.07% annualized. Year to date net charge-offs were $2.5 million, or 0.06% annualized. Reserves closed the quarter at 1.26% of outstanding balances, materially consistent quarter over quarter.
- The Company announced a $0.18 dividend on outstanding common shares as of December 31, 2025. During the quarter, the Company repurchased 172,338 shares at a weighted average cost of $41.69 per share. Under the currently active repurchase plan, 827,662 additional shares are authorized for purchase.
Financial Results for the Quarter Ended December 31, 2025
Net income allocable to common stockholders was $22.1 million, or $1.15 per diluted share, as compared to net loss
Equity Bancshares, Inc.
PRESS RELEASE
allocable to common stockholders of $29.7 million, or $(1.55) per diluted share in the prior quarter. The drivers of the periodic change are discussed in detail in the following sections.
Net Interest Income
Net interest income was $63.5 million for the period, as compared to $62.5 million in the previous quarter. Purchase accounting accretion and benefits on previously non-accruing loans was materially flat quarter over quarter. Loan purchase accounting contributed 16 basis points to margin in the quarter.
Average interest-earning assets increased 1.20% during the quarter to $5.6 billion. The yield on interest-earning assets decreased 9 basis points while the cost of interest bearing liabilities declined by 15 basis points. The comparative improved performance in interest-earning asset yields was partially offset by a modest increase in interest-bearing liabilities as a percentage of interest-earning assets to 75.1%.
Provision for Credit Losses
During the quarter, there was not a material provision compared to $6.2 million in the previous quarter. In the previous quarter, provisioning was driven by the addition of NBC assets and the related reserve requirement.
During the quarter, we realized net charge-offs of $697 thousand as compared to $1.1 million, realizing an annualized ratio of charge-offs to average loans of 7 basis points. For the year, we realized net charge-offs of $2.5 million or 6 basis points of average loans on an annualized basis.
At the close of the quarter, the ratio of allowance for credit losses to gross loans held for investment was 1.26%. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by trade policy, elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses.
Non-Interest Income
Total non-interest income for the quarter was $9.5 million, as compared to $8.9 million for the linked quarter when adjusted to exclude a loss of $53.4 million on the sale of securities related to our repositioning during that period, an increase of $659 thousand, or 7.4%. The periodic change was driven by increased mortgage production and benefit from the resolution of a previously sold government guaranteed loan.
Non-Interest Expense
Total non-interest expense for the quarter was $46.6 million as compared to $49.1 million for the previous quarter. Adjusting for merger expenses in both periods, non-interest expense increased $2.2 million, or 5.1%. The increase during the period is primarily attributable to the recognition of a $1.0 million reserve for settlement costs related to ongoing overdraft litigation as well as a comparative change of $1.2 million in the reserve for unfunded commitments. Exclusive of merger expenses, the litigation accrual and provisioning for unfunded commitments in both periods annualized non-interest expense as a percentage of average assets declined 2 basis points, closing the quarter at 2.8%.
Income Tax Expense
At December 31, 2025, the effective tax rate for the quarter was 16.6% as compared to a rate of 20.5% for the quarter ended September 30, 2025. The full year tax rate at December 31, 2025, was 13.9%. The year-to-date tax rate at September 30, 2025, was not meaningful as the loss on the sale of bonds within the quarter resulted in a small year-to-date loss.
Equity Bancshares, Inc.
PRESS RELEASE
The change in the quarter over quarter tax rate is not meaningful as the third quarter tax rate was the result of loss recognized in the quarter related to the sale of bonds compared to net income recognized in the fourth quarter.
Loans, Total Assets and Funding
Loans held for investment were $4.2 billion at period end, decreasing $70.4 million during the quarter. Total assets closed the quarter at $6.4 billion, a $7.5 million decrease from prior quarter end.
Total deposit balances closed the quarter at $5.1 billion increasing $43.5 million from the previous quarter end. Brokered deposits declined $80 million and closed the quarter at 1.4% of total deposits down from 3.0% at prior quarter end.
Asset Quality
Nonperforming assets were $46.7 million, or 0.7% of total assets, compared to $52.6 million as of the end of the previous quarter, or 0.8% of total assets. Non-accrual loans were $40.3 million, as compared to $48.6 million at the end of the previous quarter. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $83.4 million, or 12.1% of regulatory capital, materially flat to the previous quarter. The periodic decline in nonaccrual and nonperforming assets is primarily driven by the resolution of one credit acquired through our merger with NBC.
Capital
Quarter over quarter, book capital increased $20.2 million to $732.1 million. The increase is reflective of earnings and improvement in unrealized gains on the bond portfolio partially offset by dividends and share repurchases processed in the quarter. Tangible book value and tangible book value per share closed the quarter at $622.6 million and $32.86, compared to $31.69 at prior quarter end.
The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 13.1%, the total capital to risk-weighted assets was 16.3% and the total leverage ratio was 10.6% at December 31, 2025. At September 30, 2025, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 12.9%, the total capital to risk-weighted assets ratio was 16.1% and the total leverage ratio was 10.4%.
Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 13.6%, total capital to risk-weighted assets was 14.8% and the total leverage ratio was 10.6% at December 31, 2025. At September 30, 2025, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 13.24%, the ratio of total capital to risk-weighted assets was 14.3% and the total leverage ratio was 10.3%.
Non-GAAP Financial Measures
In addition to evaluating the Company’s results of operations in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial condition and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company’s GAAP financial information.
The efficiency ratio is a common comparable metric used by banks to understand the expense structure relative to total revenue. In other words, for every dollar of total revenue recognized, how much of that dollar is expended. To improve the comparability of the ratio to our peers, non-core items are excluded. To improve transparency and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.
Equity Bancshares, Inc.
PRESS RELEASE
Core income calculations are a non-GAAP measure that management believes is an effective alternative measure of how efficiently the company utilizes its asset base. Core income is calculated by adjusting GAAP income by non-core gains and losses and excluding non-core expenses, net of tax, as outlined in the table below. We calculate (a) core net income (loss) allocable to common stockholders plus merger expenses, tax effected non-core items, goodwill impairment and BOLI tax adjustment, less gain (loss) from securities transactions; (b) adjusted operating net income as net income (loss) allocable to common stockholders plus adjusted non-core items, tax effected non-core items and BOLI tax adjustments.
Core return on average assets before income tax provision and provision for loan losses is a measure that the Company uses to understand fundamental operating performance before these expenses. Used as a ratio relative to average assets, we believe it demonstrates “core” performance and can be viewed as an alternative measure of how efficiently the Company services its asset base. Used as a ratio relative to average equity, it can function as an alternative measure of the Company’s earnings performance in relationship to its equity.
Core return on average equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate by taking core net income allocable to common stockholders divided by a simple average of net income and core net income plus average stockholders' equity. For return on average equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.
Core earnings per share is a non-GAAP financial measures we calculate by taking GAAP net income less non-core impacts to net income to arrive at core net income and core diluted earnings per share. This financial measure is used by financial statement users to evaluate the core financial performance of the Company
Tangible common equity and related measures are non-GAAP financial measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These financial measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors.
The Company believes that disclosing these non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 6 in the following press release tables.
Conference Call and Webcast
Equity’s Chairman and Chief Executive Officer, Brad Elliott, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast to discuss third quarter results on Thursday, January 22, 2026, at 10 a.m. eastern time or 9 a.m. central time.
Those wishing to participate in the conference call should call the applicable number below and reference the Access Code below.
United States (Local): +1 646 844 6383
United States (Toll-Free): +1 833 470 1428
Global Dial-In Numbers
Access Code: 090340
To eliminate wait times, conference call participants may pre-register using this registration link. After registering, a confirmation with access details will be sent via email.
Equity Bancshares, Inc.
PRESS RELEASE
A replay of the call and webcast will be available two hours following the close of the call until February 5, 2026, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/528508490
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the New York Stock Exchange. under the symbol “EQBK.” Learn more at www.equitybank.com.
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 statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “positioned,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; the possibility that the expected benefits related to the proposed transaction with Frontier Bank (“Frontier”) may not materialize as expected; and the ability to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; and similar variables. The foregoing list of factors is not exhaustive.
For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2025, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue.
Equity Bancshares, Inc.
PRESS RELEASE
Investor Contact:
Brian J. Katzfey
VP, Director of Corporate Development and Investor Relations
Equity Bancshares, Inc.
(316) 858-3128
bkatzfey@equitybank.com
Media Contact:
Russell Colburn
Public Relations and Communication Manager
Equity Bancshares, Inc.
(913) 583-8011
rcolburn@equitybank.com
Equity Bancshares, Inc.
PRESS RELEASE
Unaudited Financial Tables
- Table 1. Consolidated Statements of Income
- Table 2. Quarterly Consolidated Statements of Income
- Table 3. Consolidated Balance Sheets
- Table 4. Selected Financial Highlights
- Table 5. Year-To-Date Net Interest Income Analysis
- Table 6. Quarter-To-Date Net Interest Income Analysis
- Table 7. Quarter-Over-Quarter Net Interest Income Analysis
- Table 8. Non-GAAP Financial Measures
Equity Bancshares, Inc.
PRESS RELEASE
| TABLE 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands, except per share data) | ||||||||||||
| Three Months Ended<br>December 31, | Twelve Months ended<br>December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Interest and dividend income | ||||||||||||
| Loans, including fees | $ | 74,362 | $ | 63,379 | $ | 277,138 | $ | 245,815 | ||||
| Securities, taxable | 11,450 | 9,229 | 38,801 | 39,091 | ||||||||
| Securities, nontaxable | 179 | 387 | 1,221 | 1,579 | ||||||||
| Federal funds sold and other | 4,875 | 1,984 | 13,675 | 10,358 | ||||||||
| Total interest and dividend income | 90,866 | 74,979 | 330,835 | 296,843 | ||||||||
| Interest expense | ||||||||||||
| Deposits | 23,998 | 21,213 | 88,455 | 90,409 | ||||||||
| Federal funds purchased and retail repurchase agreements | 206 | 258 | 936 | 1,151 | ||||||||
| Federal Home Loan Bank advances | 1,327 | 2,158 | 8,208 | 10,180 | ||||||||
| Federal Reserve Bank borrowings | — | — | — | 1,361 | ||||||||
| Subordinated debt | 1,833 | 1,877 | 7,155 | 7,580 | ||||||||
| Total interest expense | 27,364 | 25,506 | 104,754 | 110,681 | ||||||||
| Net interest income | 63,502 | 49,473 | 226,081 | 186,162 | ||||||||
| Provision (reversal) for credit losses | (16 | ) | 98 | 8,953 | 2,546 | |||||||
| Net interest income after provision (reversal) for credit losses | 63,518 | 49,375 | 217,128 | 183,616 | ||||||||
| Non-interest income | ||||||||||||
| Service charges and fees | 2,558 | 2,296 | 9,321 | 9,830 | ||||||||
| Debit card income | 2,905 | 2,513 | 11,414 | 10,246 | ||||||||
| Mortgage banking | 187 | 141 | 567 | 861 | ||||||||
| Increase in value of bank-owned life insurance | 1,410 | 1,883 | 7,717 | 4,966 | ||||||||
| Net gain on acquisition and branch sales | — | — | — | 2,131 | ||||||||
| Net gains (losses) from securities transactions | 154 | (2 | ) | (53,174 | ) | 220 | ||||||
| Other | 2,318 | 1,985 | 8,127 | 10,568 | ||||||||
| Total non-interest income | 9,532 | 8,816 | (16,028 | ) | 38,822 | |||||||
| Non-interest expense | ||||||||||||
| Salaries and employee benefits | 22,324 | 18,368 | 84,786 | 72,786 | ||||||||
| Net occupancy and equipment | 4,327 | 3,571 | 15,801 | 14,371 | ||||||||
| Data processing | 5,251 | 4,988 | 20,279 | 20,004 | ||||||||
| Professional fees | 1,909 | 1,846 | 6,467 | 6,503 | ||||||||
| Advertising and business development | 1,371 | 1,469 | 5,228 | 5,366 | ||||||||
| Telecommunications | 657 | 614 | 2,462 | 2,501 | ||||||||
| FDIC insurance | 832 | 662 | 2,579 | 2,483 | ||||||||
| Courier and postage | 858 | 687 | 3,235 | 2,599 | ||||||||
| Free nationwide ATM cost | 562 | 558 | 2,204 | 2,127 | ||||||||
| Amortization of core deposit intangibles | 1,260 | 1,060 | 4,503 | 4,289 | ||||||||
| Loan expense | 150 | 154 | 890 | 601 | ||||||||
| Other real estate owned and repossessed assets, net | 28 | 133 | 1,029 | (7,525 | ) | |||||||
| Loss on debt extinguishment | — | — | 1,361 | — | ||||||||
| Merger expenses | 1,481 | — | 8,065 | 4,461 | ||||||||
| Other | 5,577 | 3,696 | 15,831 | 13,591 | ||||||||
| Total non-interest expense | 46,587 | 37,806 | 174,720 | 144,157 | ||||||||
| Income (loss) before income tax | 26,463 | 20,385 | 26,380 | 78,281 | ||||||||
| Provision for income taxes (benefit) | 4,379 | 3,399 | 3,654 | 15,660 | ||||||||
| Net income (loss) and net income (loss) allocable to common stockholders | $ | 22,084 | $ | 16,986 | $ | 22,726 | $ | 62,621 | ||||
| Basic earnings (loss) per share | $ | 1.16 | $ | 1.06 | $ | 1.24 | $ | 4.04 |
Equity Bancshares, Inc.
PRESS RELEASE
| Diluted earnings (loss) per share | $ | 1.15 | $ | 1.04 | $ | 1.23 | $ | 4.00 |
|---|---|---|---|---|---|---|---|---|
| Weighted average common shares | 19,021,327 | 16,020,938 | 18,296,090 | 15,489,370 | ||||
| Weighted average diluted common shares | 19,235,412 | 16,262,965 | 18,456,676 | 15,671,674 |
Equity Bancshares, Inc.
PRESS RELEASE
| TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands, except per share data) | |||||||||||||
| As of and for the Three Months Ended | |||||||||||||
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | |||||||||
| Interest and dividend income | |||||||||||||
| Loans, including fees | $ | 74,362 | $ | 76,911 | $ | 62,868 | $ | 62,997 | $ | 63,379 | |||
| Securities, taxable | 11,450 | 9,416 | 8,821 | 9,114 | 9,229 | ||||||||
| Securities, nontaxable | 179 | 307 | 358 | 377 | 387 | ||||||||
| Federal funds sold and other | 4,875 | 4,464 | 2,140 | 2,196 | 1,984 | ||||||||
| Total interest and dividend income | 90,866 | 91,098 | 74,187 | 74,684 | 74,979 | ||||||||
| Interest expense | |||||||||||||
| Deposits | 23,998 | 24,990 | 20,090 | 19,377 | 21,213 | ||||||||
| Federal funds purchased and retail repurchase agreements | 206 | 263 | 219 | 248 | 258 | ||||||||
| Federal Home Loan Bank advances | 1,327 | 1,741 | 2,224 | 2,916 | 2,158 | ||||||||
| Subordinated debt | 1,833 | 1,619 | 1,852 | 1,851 | 1,877 | ||||||||
| Total interest expense | 27,364 | 28,613 | 24,385 | 24,392 | 25,506 | ||||||||
| Net interest income | 63,502 | 62,485 | 49,802 | 50,292 | 49,473 | ||||||||
| Provision (reversal) for credit losses | (16 | ) | 6,228 | 19 | 2,722 | 98 | |||||||
| Net interest income after provision (reversal) for credit losses | 63,518 | 56,257 | 49,783 | 47,570 | 49,375 | ||||||||
| Non-interest income | |||||||||||||
| Service charges and fees | 2,558 | 2,522 | 2,177 | 2,064 | 2,296 | ||||||||
| Debit card income | 2,905 | 2,953 | 3,052 | 2,504 | 2,513 | ||||||||
| Mortgage banking | 187 | 62 | 212 | 106 | 141 | ||||||||
| Increase in value of bank-owned life insurance | 1,410 | 1,393 | 1,321 | 3,593 | 1,883 | ||||||||
| Net gains (losses) from securities transactions | 154 | (53,352 | ) | 12 | 12 | (2 | ) | ||||||
| Other | 2,318 | 1,943 | 1,815 | 2,051 | 1,985 | ||||||||
| Total non-interest income | 9,532 | (44,479 | ) | 8,589 | 10,330 | 8,816 | |||||||
| Non-interest expense | |||||||||||||
| Salaries and employee benefits | 22,324 | 22,773 | 19,735 | 19,954 | 18,368 | ||||||||
| Net occupancy and equipment | 4,327 | 4,317 | 3,482 | 3,675 | 3,571 | ||||||||
| Data processing | 5,251 | 4,887 | 5,055 | 5,086 | 4,988 | ||||||||
| Professional fees | 1,909 | 1,670 | 1,361 | 1,527 | 1,846 | ||||||||
| Advertising and business development | 1,371 | 1,305 | 1,208 | 1,344 | 1,469 | ||||||||
| Telecommunications | 657 | 630 | 588 | 587 | 614 | ||||||||
| FDIC insurance | 832 | 653 | 464 | 630 | 662 | ||||||||
| Courier and postage | 858 | 744 | 834 | 799 | 687 | ||||||||
| Free nationwide ATM cost | 562 | 582 | 547 | 513 | 558 | ||||||||
| Amortization of core deposit intangibles | 1,260 | 1,182 | 1,016 | 1,045 | 1,060 | ||||||||
| Loan expense | 150 | 330 | 281 | 129 | 154 | ||||||||
| Other real estate owned and repossessed assets, net | 28 | 797 | 103 | 101 | 133 | ||||||||
| Loss on debt extinguishment | — | — | 1,361 | — | — | ||||||||
| Merger expenses | 1,481 | 6,163 | 355 | 66 | — | ||||||||
| Other | 5,577 | 3,049 | 3,611 | 3,594 | 3,696 | ||||||||
| Total non-interest expense | 46,587 | 49,082 | 40,001 | 39,050 | 37,806 | ||||||||
| Income (loss) before income tax | 26,463 | (37,304 | ) | 18,371 | 18,850 | 20,385 | |||||||
| Provision for income taxes (benefit) | 4,379 | (7,641 | ) | 3,107 | 3,809 | 3,399 | |||||||
| Net income (loss) and net income (loss) allocable to common stockholders | $ | 22,084 | $ | (29,663 | ) | $ | 15,264 | $ | 15,041 | $ | 16,986 | ||
| Basic earnings (loss) per share | $ | 1.16 | $ | (1.55 | ) | $ | 0.87 | $ | 0.86 | $ | 1.06 | ||
| Diluted earnings (loss) per share | $ | 1.15 | $ | (1.55 | ) | $ | 0.86 | $ | 0.85 | $ | 1.04 |
Equity Bancshares, Inc.
PRESS RELEASE
| Weighted average common shares | 19,021,327 | 19,129,726 | 17,524,296 | 17,490,062 | 16,020,938 |
|---|---|---|---|---|---|
| Weighted average diluted common shares | 19,235,412 | 19,129,726 | 17,651,298 | 17,666,834 | 16,262,965 |
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
| December 31,<br> 2025 | September 30,<br> 2025 | June 30,<br> 2025 | March 31,<br> 2025 | December 31,<br> 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 607,562 | $ | 699,165 | $ | 365,957 | $ | 431,131 | $ | 383,503 | |||||
| Federal funds sold | 255 | 245 | 247 | 251 | 244 | ||||||||||
| Cash and cash equivalents | 607,817 | 699,410 | 366,204 | 431,382 | 383,747 | ||||||||||
| Interest-bearing time deposits in other banks | 575 | 574 | — | — | — | ||||||||||
| Available-for-sale securities | 1,030,568 | 903,858 | 973,402 | 950,453 | 1,004,455 | ||||||||||
| Held-to-maturity securities | 5,248 | 5,243 | 5,236 | 5,226 | 5,217 | ||||||||||
| Loans held for sale | 1,392 | 617 | 217 | 338 | 513 | ||||||||||
| Loans, net of allowance for credit losses(1) | 4,145,424 | 4,215,118 | 3,555,458 | 3,585,804 | 3,457,549 | ||||||||||
| Other real estate owned, net | 5,388 | 3,147 | 4,621 | 4,464 | 4,773 | ||||||||||
| Premises and equipment, net | 136,720 | 132,857 | 117,533 | 117,041 | 117,132 | ||||||||||
| Bank-owned life insurance | 148,301 | 146,891 | 133,638 | 132,317 | 133,032 | ||||||||||
| Federal Reserve Bank and Federal Home Loan Bank stock | 34,053 | 33,713 | 34,835 | 31,960 | 27,875 | ||||||||||
| Interest receivable | 33,322 | 34,751 | 26,243 | 26,791 | 28,913 | ||||||||||
| Goodwill | 82,101 | 77,573 | 53,101 | 53,101 | 53,101 | ||||||||||
| Core deposit intangibles, net | 21,634 | 22,895 | 12,908 | 13,924 | 14,969 | ||||||||||
| Other | 120,629 | 88,984 | 90,441 | 93,299 | 100,771 | ||||||||||
| Total assets | $ | 6,373,172 | $ | 6,365,631 | $ | 5,373,837 | $ | 5,446,100 | $ | 5,332,047 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
| Deposits | |||||||||||||||
| Demand | $ | 1,148,409 | $ | 1,147,201 | $ | 912,898 | $ | 949,791 | $ | 954,065 | |||||
| Total non-interest-bearing deposits | 1,148,409 | 1,147,201 | 912,898 | 949,791 | 954,065 | ||||||||||
| Demand, savings and money market | 3,004,987 | 2,882,625 | 2,494,285 | 2,614,110 | 2,684,197 | ||||||||||
| Time | 984,868 | 1,064,943 | 827,735 | 841,463 | 736,527 | ||||||||||
| Total interest-bearing deposits | 3,989,855 | 3,947,568 | 3,322,020 | 3,455,573 | 3,420,724 | ||||||||||
| Total deposits | 5,138,264 | 5,094,769 | 4,234,918 | 4,405,364 | 4,374,789 | ||||||||||
| Federal funds purchased and retail repurchase agreements | 39,864 | 42,220 | 36,420 | 36,772 | 37,246 | ||||||||||
| Federal Home Loan Bank advances and Federal Reserve Bank borrowings | 300,000 | 341,378 | 383,676 | 236,734 | 178,073 | ||||||||||
| Subordinated debt | 98,145 | 98,174 | 24,125 | 97,620 | 97,477 | ||||||||||
| Contractual obligations | 10,208 | 16,664 | 17,289 | 9,398 | 12,067 | ||||||||||
| Interest payable and other liabilities | 54,637 | 60,534 | 41,773 | 42,888 | 39,477 | ||||||||||
| Total liabilities | 5,641,118 | 5,653,739 | 4,738,201 | 4,828,776 | 4,739,129 | ||||||||||
| Commitments and contingent liabilities | |||||||||||||||
| Stockholders’ equity | |||||||||||||||
| Common stock | 249 | 249 | 231 | 231 | 230 | ||||||||||
| Additional paid-in capital | 664,906 | 658,481 | 587,547 | 586,251 | 584,424 | ||||||||||
| Retained earnings | 205,328 | 186,718 | 219,876 | 207,282 | 194,920 | ||||||||||
| Accumulated other comprehensive income (loss), net of tax | 7,032 | 4,720 | (40,269 | ) | (44,965 | ) | (55,181 | ) | |||||||
| Treasury stock | (145,461 | ) | (138,276 | ) | (131,749 | ) | (131,475 | ) | (131,475 | ) | |||||
| Total stockholders’ equity | 732,054 | 711,892 | 635,636 | 617,324 | 592,918 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 6,373,172 | $ | 6,365,631 | $ | 5,373,837 | $ | 5,446,100 | $ | 5,332,047 | |||||
| (1) Allowance for credit losses | $ | 52,756 | $ | 53,469 | $ | 45,270 | $ | 45,824 | $ | 43,267 |
Equity Bancshares, Inc.
PRESS RELEASE
| TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands, except per share data) | |||||||||||||||
| As of and for the Three Months Ended | |||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | |||||||||||
| Loans Held For Investment by Type | |||||||||||||||
| Commercial real estate | $ | 2,226,348 | $ | 2,216,180 | $ | 1,854,294 | $ | 1,863,200 | $ | 1,830,514 | |||||
| Commercial and industrial | 816,885 | 907,439 | 753,339 | 762,906 | 658,865 | ||||||||||
| Residential real estate | 582,145 | 590,598 | 565,755 | 563,954 | 566,766 | ||||||||||
| Agricultural real estate | 278,927 | 272,087 | 226,125 | 260,683 | 267,248 | ||||||||||
| Agricultural | 188,475 | 174,517 | 94,981 | 94,199 | 87,339 | ||||||||||
| Consumer | 105,400 | 107,766 | 106,234 | 86,686 | 90,084 | ||||||||||
| Total loans held-for-investment | 4,198,180 | 4,268,587 | 3,600,728 | 3,631,628 | 3,500,816 | ||||||||||
| Allowance for credit losses | (52,756 | ) | (53,469 | ) | (45,270 | ) | (45,824 | ) | (43,267 | ) | |||||
| Net loans held for investment | $ | 4,145,424 | $ | 4,215,118 | $ | 3,555,458 | $ | 3,585,804 | $ | 3,457,549 | |||||
| Asset Quality Ratios | |||||||||||||||
| Allowance for credit losses on loans to total loans | 1.26 | % | 1.25 | % | 1.26 | % | 1.26 | % | 1.24 | % | |||||
| Past due or nonaccrual loans to total loans | 1.53 | % | 1.55 | % | 1.65 | % | 1.17 | % | 1.14 | % | |||||
| Nonperforming assets to total assets | 0.73 | % | 0.83 | % | 0.85 | % | 0.51 | % | 0.65 | % | |||||
| Nonperforming assets to total loans plus other<br> real estate owned | 1.11 | % | 1.23 | % | 1.27 | % | 0.77 | % | 0.99 | % | |||||
| Classified assets to bank total regulatory capital | 12.06 | % | 12.37 | % | 11.39 | % | 10.24 | % | 12.00 | % | |||||
| Selected Average Balance Sheet Data (QTD Average) | |||||||||||||||
| Investment securities | $ | 937,277 | $ | 915,928 | $ | 961,869 | $ | 993,836 | $ | 1,012,698 | |||||
| Total gross loans receivable | 4,209,562 | 4,247,338 | 3,630,981 | 3,575,230 | 3,525,765 | ||||||||||
| Interest-earning assets | 5,642,066 | 5,574,815 | 4,791,664 | 4,771,972 | 4,716,295 | ||||||||||
| Total assets | 6,141,284 | 6,084,961 | 5,206,950 | 5,212,417 | 5,163,166 | ||||||||||
| Interest-bearing deposits | 3,918,343 | 3,838,731 | 3,264,599 | 3,221,130 | 3,280,592 | ||||||||||
| Borrowings | 276,531 | 300,402 | 350,747 | 418,138 | 340,042 | ||||||||||
| Total interest-bearing liabilities | 4,194,874 | 4,139,133 | 3,615,346 | 3,639,268 | 3,620,634 | ||||||||||
| Total deposits | 5,073,696 | 5,004,830 | 4,183,473 | 4,143,151 | 4,243,159 | ||||||||||
| Total liabilities | 5,415,628 | 5,369,642 | 4,579,847 | 4,606,500 | 4,629,939 | ||||||||||
| Total stockholders' equity | 725,651 | 715,319 | 627,103 | 605,917 | 533,227 | ||||||||||
| Tangible common equity* | 616,872 | 620,273 | 554,697 | 533,528 | 463,657 | ||||||||||
| Performance ratios | |||||||||||||||
| Return on average assets (ROAA) annualized | 1.43 | % | (1.93 | )% | 1.18 | % | 1.17 | % | 1.31 | % | |||||
| Return on average equity (ROAE) annualized | 12.07 | % | (16.45 | )% | 9.76 | % | 10.07 | % | 12.67 | % | |||||
| Return on average tangible common equity<br> (ROATCE) annualized* | 14.91 | % | (18.31 | )% | 11.69 | % | 12.12 | % | 15.30 | % | |||||
| Yield on loans annualized | 7.01 | % | 7.18 | % | 6.94 | % | 7.15 | % | 7.15 | % | |||||
| Cost of interest-bearing deposits annualized | 2.43 | % | 2.58 | % | 2.47 | % | 2.44 | % | 2.57 | % | |||||
| Cost of total deposits annualized | 1.88 | % | 1.98 | % | 1.93 | % | 1.90 | % | 1.99 | % | |||||
| Net interest margin annualized | 4.47 | % | 4.45 | % | 4.17 | % | 4.27 | % | 4.17 | % | |||||
| Efficiency ratio* | 59.98 | % | 58.31 | % | 63.62 | % | 62.43 | % | 63.02 | % | |||||
| Non-interest income / average assets | 0.62 | % | (2.90 | )% | 0.66 | % | 0.80 | % | 0.68 | % | |||||
| Non-interest expense / average assets | 3.01 | % | 3.20 | % | 3.08 | % | 3.04 | % | 2.91 | % | |||||
| Dividend payout ratio | 15.73 | % | (11.78 | )% | 17.49 | % | 17.81 | % | 15.62 | % | |||||
| Performance ratios - Core | |||||||||||||||
| Core earnings per diluted share* | $ | 1.26 | $ | 1.21 | $ | 0.99 | $ | 0.90 | $ | 1.10 | |||||
| Core return on average assets* | 1.57 | % | 1.51 | % | 1.35 | % | 1.24 | % | 1.37 | % | |||||
| Core return on average equity* | 13.23 | % | 12.47 | % | 11.18 | % | 10.69 | % | 13.29 | % | |||||
| Core return on average tangible common equity* | 15.56 | % | 14.30 | % | 12.64 | % | 12.14 | % | 15.29 | % | |||||
| Core non-interest expense / average assets* | 2.82 | % | 2.71 | % | 2.86 | % | 2.94 | % | 2.83 | % |
Equity Bancshares, Inc.
PRESS RELEASE
| Capital Ratios | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tier 1 Leverage Ratio | 10.64 | % | 10.41 | % | 12.07 | % | 11.76 | % | 11.67 | % | |||||
| Common Equity Tier 1 Capital Ratio | 13.08 | % | 12.84 | % | 15.07 | % | 14.70 | % | 14.51 | % | |||||
| Tier 1 Risk Based Capital Ratio | 13.59 | % | 13.35 | % | 15.67 | % | 15.30 | % | 15.11 | % | |||||
| Total Risk Based Capital Ratio | 16.31 | % | 16.09 | % | 16.84 | % | 18.32 | % | 18.07 | % | |||||
| Total stockholders' equity to total assets | 11.49 | % | 11.18 | % | 11.83 | % | 11.34 | % | 11.12 | % | |||||
| Tangible common equity to tangible assets* | 9.94 | % | 9.68 | % | 10.63 | % | 10.13 | % | 9.95 | % | |||||
| Book value per common share | $ | 38.64 | $ | 37.25 | $ | 36.27 | $ | 35.23 | $ | 34.04 | |||||
| Tangible book value per common share* | $ | 32.86 | $ | 31.69 | $ | 32.17 | $ | 31.07 | $ | 30.07 | |||||
| Tangible book value per diluted common share* | $ | 32.43 | $ | 31.41 | $ | 31.89 | $ | 30.80 | $ | 29.70 | |||||
| * The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 8. Non-GAAP Financial Measures. |
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 5. YEAR-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
| For the Twelve Months Ended | For the Twelve Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Average Outstanding Balance | Interest Income/ Expense | Average<br>Yield/Rate(3)(4) | Average Outstanding Balance | Interest Income/ Expense | Average<br>Yield/Rate(3)(4) | |||||||||
| Interest-earning assets | ||||||||||||||
| Loans (1) | ||||||||||||||
| Commercial and industrial | $ | 803,779 | $ | 61,397 | 7.64 | % | $ | 635,881 | $ | 51,188 | 8.05 | % | ||
| Commercial real estate | 1,583,020 | 113,277 | 7.16 | % | 1,400,661 | 99,316 | 7.09 | % | ||||||
| Real estate construction | 493,428 | 38,242 | 7.75 | % | 416,296 | 36,004 | 8.65 | % | ||||||
| Residential real estate | 573,952 | 27,517 | 4.79 | % | 563,176 | 26,505 | 4.71 | % | ||||||
| Agricultural real estate | 260,219 | 20,026 | 7.70 | % | 227,341 | 16,848 | 7.41 | % | ||||||
| Agricultural | 123,553 | 9,982 | 8.08 | % | 96,877 | 9,103 | 9.40 | % | ||||||
| Consumer | 100,409 | 6,697 | 6.67 | % | 100,995 | 6,851 | 6.78 | % | ||||||
| Total loans | 3,938,360 | 277,138 | 7.04 | % | 3,441,227 | 245,815 | 7.14 | % | ||||||
| Securities | ||||||||||||||
| Taxable securities | 909,082 | 38,801 | 4.27 | % | 980,664 | 39,091 | 3.99 | % | ||||||
| Nontaxable securities | 42,973 | 1,221 | 2.84 | % | 59,597 | 1,579 | 2.65 | % | ||||||
| Total securities | 952,055 | 40,022 | 4.20 | % | 1,040,261 | 40,670 | 3.91 | % | ||||||
| Federal funds sold and other | 328,753 | 13,675 | 4.16 | % | 195,378 | 10,358 | 5.30 | % | ||||||
| Total interest-earning assets | $ | 5,219,168 | $ | 330,835 | 6.34 | % | $ | 4,676,866 | 296,843 | 6.35 | % | |||
| Interest-bearing liabilities | ||||||||||||||
| Demand, savings and money market deposits | $ | 2,701,835 | $ | 58,072 | 2.15 | % | $ | 2,453,139 | 61,518 | 2.51 | % | |||
| Time deposits | 877,296 | 30,383 | 3.46 | % | 770,772 | 28,891 | 3.75 | % | ||||||
| Total interest-bearing deposits | 3,579,131 | 88,455 | 2.47 | % | 3,223,911 | 90,409 | 2.80 | % | ||||||
| FHLB advances | 195,434 | 8,208 | 4.20 | % | 216,012 | 10,180 | 4.71 | % | ||||||
| Other borrowings | 140,671 | 8,091 | 5.75 | % | 175,516 | 10,092 | 5.75 | % | ||||||
| Total interest-bearing liabilities | $ | 3,915,236 | $ | 104,754 | 2.68 | % | $ | 3,615,439 | 110,681 | 3.06 | % | |||
| Net interest income | $ | 226,081 | $ | 186,162 | ||||||||||
| Interest rate spread | 3.66 | % | 3.29 | % | ||||||||||
| Net interest margin (2) | 4.33 | % | 3.98 | % | ||||||||||
| (1) Average loan balances include nonaccrual loans. | ||||||||||||||
| (2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period. | ||||||||||||||
| (3) Tax exempt income is not included in the above table on a tax-equivalent basis. | ||||||||||||||
| (4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts. |
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 6. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
| For the Three Months Ended | For the Three Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Average Outstanding Balance | Interest Income/ Expense | Average<br>Yield/Rate(3)(4) | Average Outstanding Balance | Interest Income/ Expense | Average<br>Yield/Rate(3)(4) | |||||||||
| Interest-earning assets | ||||||||||||||
| Loans (1) | ||||||||||||||
| Commercial and industrial | 812,003 | $ | 14,919 | 7.29 | % | $ | 651,733 | $ | 12,780 | 7.80 | % | |||
| Commercial real estate | 1,698,611 | 31,913 | 7.45 | % | 1,402,966 | 25,978 | 7.37 | % | ||||||
| Real estate construction | 547,444 | 10,214 | 7.40 | % | 463,885 | 9,654 | 8.28 | % | ||||||
| Residential real estate | 587,820 | 7,080 | 4.78 | % | 567,123 | 6,571 | 4.61 | % | ||||||
| Agricultural real estate | 273,871 | 4,873 | 7.06 | % | 262,529 | 5,071 | 7.68 | % | ||||||
| Agricultural | 182,511 | 3,603 | 7.83 | % | 82,986 | 1,705 | 8.17 | % | ||||||
| Consumer | 107,302 | 1,760 | 6.51 | % | 94,543 | 1,620 | 6.82 | % | ||||||
| Total loans | 4,209,562 | 74,362 | 7.01 | % | 3,525,765 | 63,379 | 7.15 | % | ||||||
| Securities | ||||||||||||||
| Taxable securities | 915,665 | 11,450 | 4.96 | % | 953,688 | 9,229 | 3.85 | % | ||||||
| Nontaxable securities | 21,612 | 179 | 3.29 | % | 59,071 | 387 | 2.61 | % | ||||||
| Total securities | 937,277 | 11,629 | 4.92 | % | 1,012,759 | 9,616 | 3.78 | % | ||||||
| Federal funds sold and other | 495,227 | 4,875 | 3.91 | % | 177,832 | 1,984 | 4.44 | % | ||||||
| Total interest-earning assets | $ | 5,642,066 | 90,866 | 6.39 | % | $ | 4,716,356 | 74,979 | 6.32 | % | ||||
| Interest-bearing liabilities | ||||||||||||||
| Demand, savings and money market deposits | $ | 2,878,804 | 14,920 | 2.06 | % | $ | 2,448,539 | 13,429 | 2.18 | % | ||||
| Time deposits | 1,039,539 | 9,078 | 3.46 | % | 832,053 | 7,784 | 3.72 | % | ||||||
| Total interest-bearing deposits | 3,918,343 | 23,998 | 2.43 | % | 3,280,592 | 21,213 | 2.57 | % | ||||||
| FHLB advances | 130,978 | 1,327 | 4.02 | % | 194,914 | 2,158 | 4.41 | % | ||||||
| Other borrowings | 145,553 | 2,039 | 5.56 | % | 145,128 | 2,135 | 5.86 | % | ||||||
| Total interest-bearing liabilities | $ | 4,194,874 | 27,364 | 2.59 | % | $ | 3,620,634 | 25,506 | 2.80 | % | ||||
| Net interest income | $ | 63,502 | $ | 49,473 | ||||||||||
| Interest rate spread | 3.80 | % | 3.52 | % | ||||||||||
| Net interest margin (2) | 4.47 | % | 4.17 | % | ||||||||||
| (1) Average loan balances include nonaccrual loans. | ||||||||||||||
| (2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period. | ||||||||||||||
| (3) Tax exempt income is not included in the above table on a tax-equivalent basis. | ||||||||||||||
| (4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts. |
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
| For the Three Months Ended | For the Three Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2025 | September 30, 2025 | |||||||||||||
| Average Outstanding Balance | Interest Income/ Expense | Average<br>Yield/Rate(3)(4) | Average Outstanding Balance | Interest Income/ Expense | Average<br>Yield/Rate(3)(4) | |||||||||
| Interest-earning assets | ||||||||||||||
| Loans (1) | ||||||||||||||
| Commercial and industrial | 812,003 | $ | 14,919 | 7.29 | % | $ | 934,768 | $ | 18,234 | 7.74 | % | |||
| Commercial real estate | 1,698,611 | 31,913 | 7.45 | % | 1,745,714 | 31,729 | 7.21 | % | ||||||
| Real estate construction | 547,444 | 10,214 | 7.40 | % | 505,345 | 10,109 | 7.94 | % | ||||||
| Residential real estate | 587,820 | 7,080 | 4.78 | % | 575,341 | 6,849 | 4.72 | % | ||||||
| Agricultural real estate | 273,871 | 4,873 | 7.06 | % | 245,017 | 5,165 | 8.36 | % | ||||||
| Agricultural | 182,511 | 3,603 | 7.83 | % | 132,095 | 2,981 | 8.95 | % | ||||||
| Consumer | 107,302 | 1,760 | 6.51 | % | 109,058 | 1,844 | 6.71 | % | ||||||
| Total loans | 4,209,562 | 74,362 | 7.01 | % | 4,247,338 | 76,911 | 7.18 | % | ||||||
| Securities | ||||||||||||||
| Taxable securities | 915,665 | 11,450 | 4.96 | % | 875,646 | 9,416 | 4.27 | % | ||||||
| Nontaxable securities | 21,612 | 179 | 3.29 | % | 40,342 | 307 | 3.02 | % | ||||||
| Total securities | 937,277 | 11,629 | 4.92 | % | 915,988 | 9,723 | 4.21 | % | ||||||
| Federal funds sold and other | 495,227 | 4,875 | 3.91 | % | 411,549 | 4,464 | 4.30 | % | ||||||
| Total interest-earning assets | $ | 5,642,066 | 90,866 | 6.39 | % | $ | 5,574,875 | 91,098 | 6.48 | % | ||||
| Interest-bearing liabilities | ||||||||||||||
| Demand savings and money market deposits | $ | 2,878,804 | 14,920 | 2.06 | % | $ | 2,876,118 | 16,394 | 2.26 | % | ||||
| Time deposits | 1,039,539 | 9,078 | 3.46 | % | 962,613 | 8,596 | 3.54 | % | ||||||
| Total interest-bearing deposits | 3,918,343 | 23,998 | 2.43 | % | 3,838,731 | 24,990 | 2.58 | % | ||||||
| FHLB advances | 130,978 | 1,327 | 4.02 | % | 168,011 | 1,741 | 4.11 | % | ||||||
| Other borrowings | 145,553 | 2,039 | 5.56 | % | 132,391 | 1,882 | 5.64 | % | ||||||
| Total interest-bearing liabilities | $ | 4,194,874 | 27,364 | 2.59 | % | $ | 4,139,133 | 28,613 | 2.74 | % | ||||
| Net interest income | $ | 63,502 | $ | 62,485 | ||||||||||
| Interest rate spread | 3.80 | % | 3.74 | % | ||||||||||
| Net interest margin (2) | 4.47 | % | 4.45 | % | ||||||||||
| (1) Average loan balances include nonaccrual loans. | ||||||||||||||
| (2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period. | ||||||||||||||
| (3) Tax exempt income is not included in the above table on a tax-equivalent basis. | ||||||||||||||
| (4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts. |
Equity Bancshares, Inc.
PRESS RELEASE
| TABLE 8. NON-GAAP FINANCIAL MEASURES (Unaudited) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands, except per share data) | |||||||||||||||
| As of and for the Three Months Ended | |||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | |||||||||||
| Total stockholders' equity | $ | 732,054 | $ | 711,892 | $ | 635,636 | $ | 617,324 | $ | 592,918 | |||||
| Goodwill | (82,101 | ) | (77,573 | ) | (53,101 | ) | (53,101 | ) | (53,101 | ) | |||||
| Core deposit intangibles, net | (21,634 | ) | (22,895 | ) | (12,908 | ) | (13,924 | ) | (14,969 | ) | |||||
| Naming rights, net | (5,703 | ) | (5,778 | ) | (5,852 | ) | (5,926 | ) | (957 | ) | |||||
| Tangible common equity | $ | 622,616 | $ | 605,646 | $ | 563,775 | $ | 544,373 | $ | 523,891 | |||||
| Common shares outstanding at period end | 18,944,987 | 19,111,084 | 17,527,191 | 17,522,994 | 17,419,858 | ||||||||||
| Diluted common shares outstanding at period end | 19,196,160 | 19,279,741 | 17,680,489 | 17,673,132 | 17,636,843 | ||||||||||
| Book value per common share | $ | 38.64 | $ | 37.25 | $ | 36.27 | $ | 35.23 | $ | 34.04 | |||||
| Tangible book value per common share | $ | 32.86 | $ | 31.69 | $ | 32.17 | $ | 31.07 | $ | 30.07 | |||||
| Tangible book value per diluted common share | $ | 32.43 | $ | 31.41 | $ | 31.89 | $ | 30.80 | $ | 29.70 | |||||
| Total assets | $ | 6,373,172 | $ | 6,356,187 | $ | 5,373,837 | $ | 5,446,100 | $ | 5,332,047 | |||||
| Goodwill | (82,101 | ) | (77,573 | ) | (53,101 | ) | (53,101 | ) | (53,101 | ) | |||||
| Core deposit intangibles, net | (21,634 | ) | (22,895 | ) | (12,908 | ) | (13,924 | ) | (14,969 | ) | |||||
| Naming rights, net | (5,703 | ) | (5,778 | ) | (5,852 | ) | (5,926 | ) | (957 | ) | |||||
| Tangible assets | $ | 6,263,734 | $ | 6,249,941 | $ | 5,301,976 | $ | 5,373,149 | $ | 5,263,020 | |||||
| Total stockholders' equity to total assets | 11.49 | % | 11.18 | % | 11.83 | % | 11.34 | % | 11.12 | % | |||||
| Tangible common equity to tangible assets | 9.94 | % | 9.68 | % | 10.63 | % | 10.13 | % | 9.95 | % | |||||
| Total average stockholders' equity | $ | 725,651 | $ | 715,319 | $ | 627,103 | $ | 605,917 | $ | 533,227 | |||||
| Average intangible assets | (108,779 | ) | (95,046 | ) | (72,406 | ) | (72,389 | ) | (69,570 | ) | |||||
| Average tangible common equity | $ | 616,872 | $ | 620,273 | $ | 554,697 | $ | 533,528 | $ | 463,657 | |||||
| Net income (loss) allocable to common stockholders | $ | 22,084 | $ | (29,663 | ) | $ | 15,264 | $ | 15,041 | $ | 16,986 | ||||
| Net gain on acquisition | — | — | — | — | — | ||||||||||
| Net gain (loss) on securities transactions | (154 | ) | 53,352 | (12 | ) | (12 | ) | 2 | |||||||
| Merger expenses | 1,481 | 6,163 | 355 | 66 | — | ||||||||||
| Loss on debt extinguishment | — | — | 1,361 | — | — | ||||||||||
| Day 2 Merger provision | — | 6,228 | — | — | — | ||||||||||
| Amortization of intangible assets | 1,390 | 1,312 | 1,145 | 1,144 | 1,071 | ||||||||||
| Tax effect of adjustments | (571 | ) | (14,082 | ) | (598 | ) | (252 | ) | (225 | ) | |||||
| Core net income (loss) allocable to common<br> stockholders | $ | 24,230 | $ | 23,310 | $ | 17,515 | $ | 15,987 | $ | 17,834 | |||||
| Return on total average stockholders' equity<br> (ROAE) annualized | 12.07 | % | (16.45 | )% | 9.76 | % | 10.07 | % | 12.67 | % | |||||
| Average tangible common equity | $ | 616,872 | $ | 620,273 | $ | 554,697 | $ | 533,528 | $ | 463,657 | |||||
| Average impact from core earnings adjustments | 1,073 | 26,487 | 1,126 | 473 | 424 | ||||||||||
| Core average tangible common equity | $ | 617,945 | $ | 646,760 | $ | 555,823 | $ | 534,001 | $ | 464,081 | |||||
| Return on average tangible common equity<br> (ROATCE) annualized | 14.91 | % | (18.31 | )% | 11.69 | % | 12.12 | % | 15.30 | % | |||||
| Core return on average tangible common equity<br> (CROATCE) annualized | 15.56 | % | 14.30 | % | 12.64 | % | 12.14 | % | 15.29 | % |
Equity Bancshares, Inc.
PRESS RELEASE
| Non-interest expense | $ | 46,587 | $ | 49,082 | $ | 40,001 | $ | 39,050 | $ | 37,806 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Merger expense | (1,481 | ) | (6,163 | ) | (355 | ) | (66 | ) | — | ||||||
| Amortization of intangible assets | (1,390 | ) | (1,312 | ) | (1,145 | ) | (1,144 | ) | (1,071 | ) | |||||
| Loss on debt extinguishment | — | — | (1,361 | ) | — | — | |||||||||
| Adjusted non-interest expense | $ | 43,716 | $ | 41,607 | $ | 37,140 | $ | 37,840 | $ | 36,735 | |||||
| Net interest income | $ | 63,502 | $ | 62,485 | $ | 49,802 | $ | 50,292 | $ | 49,473 | |||||
| Non-interest income | 9,532 | (44,479 | ) | 8,589 | 10,330 | 8,816 | |||||||||
| Net gains (losses) from securities transactions | (154 | ) | 53,352 | (12 | ) | (12 | ) | 2 | |||||||
| Adjusted non-interest income | $ | 9,378 | $ | 8,873 | $ | 8,577 | $ | 10,318 | $ | 8,818 | |||||
| Net interest income plus adjusted non-interest income | $ | 72,880 | $ | 71,358 | $ | 58,379 | $ | 60,610 | $ | 58,291 | |||||
| Non-interest expense to<br> net interest income plus non-interest income | 63.79 | % | 272.59 | % | 68.51 | % | 64.42 | % | 64.86 | % | |||||
| Efficiency ratio | 59.98 | % | 58.31 | % | 63.62 | % | 62.43 | % | 63.02 | % | |||||
| Total average assets | 6,141,284 | 6,084,961 | 5,206,950 | 5,212,417 | 5,163,166 | ||||||||||
| Core non-interest expense to average assets | 2.82 | % | 2.71 | % | 2.86 | % | 2.94 | % | 2.83 | % | |||||
| Net income (loss) allocable to common stockholders | $ | 22,084 | $ | (29,663 | ) | $ | 15,264 | $ | 15,041 | $ | 16,986 | ||||
| Amortization of intangible assets | 1,390 | 1,312 | 1,145 | 1,144 | 1,071 | ||||||||||
| Tax effect of adjustments | (292 | ) | (276 | ) | (240 | ) | (240 | ) | (225 | ) | |||||
| Adjusted net income allocable to common stockholders | 23,182 | (28,627 | ) | 16,169 | 15,945 | 17,832 | |||||||||
| Net gain (loss) on securities transactions | (154 | ) | 53,352 | (12 | ) | (12 | ) | 2 | |||||||
| Merger expenses | 1,481 | 6,163 | 355 | 66 | — | ||||||||||
| Loss on debt extinguishment | — | — | 1,361 | — | — | ||||||||||
| Day 2 Merger provision | — | 6,228 | — | — | — | ||||||||||
| Tax effect of adjustments | (279 | ) | (13,806 | ) | (358 | ) | (12 | ) | — | ||||||
| Core net income (loss) allocable to common<br> stockholders | $ | 24,230 | $ | 23,310 | $ | 17,515 | $ | 15,987 | $ | 17,834 | |||||
| Total average assets | $ | 6,141,284 | $ | 6,085,064 | $ | 5,206,950 | $ | 5,212,417 | $ | 5,163,166 | |||||
| Total average stockholders' equity | $ | 725,651 | $ | 715,319 | $ | 627,103 | $ | 605,917 | $ | 533,227 | |||||
| Weighted average diluted common shares | 19,235,412 | 19,129,726 | 17,651,298 | 17,666,834 | 16,262,965 | ||||||||||
| Diluted earnings (loss) per share | $ | 1.15 | $ | (1.55 | ) | $ | 0.86 | $ | 0.85 | $ | 1.04 | ||||
| Core earnings per diluted share | $ | 1.26 | $ | 1.21 | $ | 0.99 | $ | 0.90 | $ | 1.10 | |||||
| Return on average assets (ROAA) annualized | 1.43 | % | (1.93 | )% | 1.18 | % | 1.17 | % | 1.31 | % | |||||
| Core return on average assets | 1.57 | % | 1.51 | % | 1.35 | % | 1.24 | % | 1.37 | % | |||||
| Return on average equity | 12.07 | % | (16.45 | )% | 9.76 | % | 10.07 | % | 12.67 | % | |||||
| Core return on average equity | 13.23 | % | 12.47 | % | 11.18 | % | 10.69 | % | 13.29 | % |
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 of Equity Bancshares, Inc. (“Equity,” “we,” “us,” “our,” “the company”) with respect to, among other things, future events, the expected benefits of the Frontier Holdings, LLC (“Frontier”) transaction, 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,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; the possibility that the expected benefits related to the proposed transaction Frontier and with the completed transaction with NBC Corp. of Oklahoma may not materialize as expected; the proposed transaction not being timely completed, if completed at all; prior to the completion of the proposed transaction, the business of Frontier experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities, difficulty retaining key employees; the ability to obtain regulatory approval of the Frontier transactions; and the ability to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; and similar variables. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2025, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of this presentation. Numbers in the presentation may not sum due to rounding. Forward Looking Statements
Strategic Execution Of Acquisitions EQBK Growth Since 2010 Overview $6.4B Total Assets $4.2B Total Loans $5.1B Total Deposits $851M Market Capitalization1 9.94% Tangible Common Equity / Tangible Assets2 13.08% Common Equity Tier 1 16.31% Total Risk-Based Capital $32.86 Tangible Book Value Per Share2 Most Recent Acquisition: Frontier Bank Merger Closed on January 1, 2026 Equity Bancshares, Inc.| NYSE: EQBK # of Acquisitions4 EQBK Total Assets ($M) +26.2% Asset CAGR including acquisitions3 15 Total Acquisitions 2 Years Avg. Tangible Book Value Earnback 8% Avg. Earnings Per Share Accretion 1 1 1 3 3 1 1 2 2 Market Capitalization as of 12/31/2025 Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Compound Annual Growth Rate since 2010 # of acquisitions based on date of completion. EQBK + Frontier Bank
Leadership Team Brad Elliott Equity Bancshares, Inc. Chairman & CEO Years in Banking: 37 Founded Equity Bank in 2002 2018 EY Entrepreneur of the Year National Finalist 2014 Most Influential CEO, Wichita Business Journal Chris Navratil Chief Financial Officer Years in Banking: 15 Chief Financial Officer since August 2023. Previously served as Bank CFO and prior to Equity, spent 7 years within the Financial Institution Audit Practice with Crowe LLP Brett Reber General Counsel Years in Law: 38 Prior to joining Equity Bank, he served as Managing Member of the Wise & Reber, L.C. law firm. Brett has practiced corporate and business law for over 30 years. David Pass Chief Information Officer Years in Banking: 25 Previously served in IT leadership positions at UMB Financial Corporation and CoBiz Financial. Rick Sems Equity Bank CEO Years in Banking: 26 Equity Bank CEO since May 2024. Joined Equity Bank as President in May 2023. Prior to joining, Rick served as Chief Banking Officer of First Bank in St. Louis and President & CEO of Reliance Bank Julie Huber Chief Operating Officer Years in Banking: 36 Chief Operating Officer since May 2024. Served in variety of leadership roles in her time at Equity Bank including overseeing our operations, HR, compliance functions and sales and training, and as managed the integration process for each acquisition. Kryzsztof Slupkowski Chief Credit Officer Years in Banking: 13 Chief Credit Officer since September 2023. Served as Metro Market CCO since 2018, previously served in various credit function at Commerce Bancshares. Ann Knutson Chief Human Resources Officer Years in Banking: 18 Previously served in human resource leadership positions at Bank Five Nine and Summit Credit Union
Organic Growth Strategic Mergers & Acquisitions Disciplined Credit Standards Effective Balance Sheet & Capital Management EPS & Tangible Book Value Growth Our guiding principles and commitment to entrepreneurial spirit are part of our longstanding framework for delivering shareholder value Our Value Proposition
Tangible Book Value per common share. Non-GAAP Measure. For a reconciliation of Non-GAAP measures, please see appendix. Tangible Book Value Per Share | IPO to Current Tangible Book Value Per Share | Quarter over Quarter Walk During the quarter, Tangible Book Value increased $1.17 from $31.69 to $32.86 Since IPO, Tangible Book Value increased $16.89 from $15.97 to $32.86 Tangible Book Value Per Share1 7.48% TBVPS CAGR
4th Quarter 2025 | Financial Highlights Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Excludes Day 2 Merger provision of $6.2M $24.2M Core Net Income1 $1.26 Core Earnings Per Share1 $5.1B Total Deposits $4.2B Gross Loans Key Performance Metrics 4Q 2025 3Q 2025 2Q 2025 Earnings & Profitability Earnings Per Share | Core Earnings Per Share1 $1.16 | $1.26 $(1.55) | $1.21 $0.87 | $0.99 Book Value Per Share | TBV Per Share1 $38.64 | $32.86 $37.25 | $31.69 $36.27 | $32.17 Net Income | Core Net Income1 $22.1M | $24.2M $(29.7)M | $23.3M $15.3M | $17.5M Net Interest Margin 4.47% 4.45% 4.17% Efficiency Ratio1 59.98% 58.31% 63.62% ROAA | Core ROAA 1 1.43% | 1.57% (1.93)% | 1.51% 1.18% | 1.35% ROAE | Core ROATCE 1 12.07% | 15.56% (16.45)% | 14.30% 9.76% | 12.64% Balance Sheet & Capital Total Loans $4.2B $4.3B $3.6B Total Deposits $5.1B $5.1B $4.2B Total Equity / Total Assets | TCE / TA1 11.49% | 9.94% 11.18% | 9.68% 11.83% | 10.63% CET 1 Capital Ratio 13.08% 12.84% 15.07% Total Risk-based Capital Ratio 16.31% 16.09% 16.84% Asset Quality Provision for Credit Losses $(0.0)M $0.0M2 $0.0M NCOs / Avg. Loans 0.07% 0.10% 0.06% NPAs / Total Assets 0.73% 0.83% 0.85% Classified Assets / Regulatory Capital 12.06% 12.37% 11.39%
Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. Return On Average Tangible Common Equity - Core1 Return on Average Assets - Core1 Efficiency Ratio1 Tangible Common Equity / Tangible Assets1 Performance Metrics
Net Interest Income Noninterest Income Rate Protection Noninterest Expense Net interest income was $63.5 million for the period, as compared to $62.5 million in the previous quarter. The increase reflects a full quarter’s benefit from the investment portfolio repositioning executed during the third quarter. Net Interest Margin expanded during the quarter from 4.45% to 4.47%. Total non-interest income was $9.4 million for the period, as compared to $8.9 million in the previous quarter, excluding the impact of our securities repositioning. The periodic change was driven by increased mortgage production and benefit from the resolution of a previously sold government guaranteed loan. Proactive effort to book variable rate assets subject to floor levels. Excluding the impact of merger-related expenses, total non-interest expense for the quarter was $45.1 million, as compared to $42.9 million for the previous quarter. The increase during the period is primarily attributable the recognition of a $1.0 million reserve for settlement costs related to ongoing litigation as well as a comparative change of $1.2 million in the reserve for unfunded commitments. Quarter over Quarter Walk Q3 Q4 Net Income Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. 1 1
Profitability Revenue Composition1 Profitability Ratios1 Noninterest income is adjusted to exclude and gain/(loss) on securities transactions
Deposits Cost of Deposits Loan Yield Investment Yield Noninterest-bearing deposits constitute 22.4% of total deposits. Interest-bearing demand deposits, including money market and savings, increased 1.9% from 58.9% to 58.5% of total deposits, QoQ. Time deposits decreased 1.7% from 20.9% to 19.2% of total deposits, QoQ. Cost of total deposits decreased 10bps to 1.88%, and cost of interest-bearing deposits decreased 15 bps to 2.43% during the quarter. The comparative decrease was driven by rate cuts during the quarter. Loan yield decreased 17bps to 7.01% quarter-over-quarter, driven by rate cuts during the quarter. Investment yield increased 71bps to 4.92% quarter-over-quarter due to a full quarter impact of the portfolio repositioning that took place during the third quarter. Quarter over Quarter Walk Net Interest Margin Quarter over Quarter +2bps Net Interest Income 4.45% Q3 4.47% Q4 Q3 Q4
Performance Highlights 81.70% Loan-to- Deposit Ratio 98.60% Core Dep. / Total Deposit 1.88% Cost of Total Deposits 2.43% Cost of Int-bearing Deposits 7.01% Yield on Total Loans 6.62% Loan Coupon Yield1 0.07% NCOs / Average Loans 12.06% Classified Assets / Reg. Capital Balance Sheet Loan Coupon exclusive of the impact of derivatives, purchase accounting, non-accrual, mortgage premium amort, and loan fees Noninterest- bearing Time < 100K Time > 100K Savings Money Market Interest- bearing Commercial Real-estate Commercial & Industrial Res. RE Ag. RE Ag. Consumer Deposit Composition Loan Composition Trending Loan-to-Deposit Ratio $5.1B Total Deposits $4.2B Total Loans
Q3 2024 Q2 2025 Q3 2025 Q4 2025 Fed Funds Effective Rate 5.33% 4.33% 4.29% 3.90% Change Since Beginning of Rate Cycle – Sept 2024 -0.07% -1.00% -1.04% -1.43% Loan Coupon 20% 20% 27% IB Deposits 38% 26% 29% Total Deposits 27% 21% 22% Yield / Cost Components Loan Coupon exclusive of the impact of derivatives, purchase accounting, non-accrual, mortgage premium amort, and loan fees Yield Analysis Cumulative Betas Cost Analysis Core Deposits / Total Deposits
Nonperforming Assets1,2 Total Reserve Ratio OREO & Other Rep. Assets excludes Bank owned branch assets, totaling $1.1M, classified as Other Real Estate Owned within the Statements of Condition. NPAs / Assets Includes loans 90+ days past due which are not highlighted in the table. Asset Quality Trends | Quarterly Net Charge-offs / Average Loans Classified Assets
OREO & Other Rep. Assets excludes Bank owned branch assets, totaling $1.1M, classified as Other Real Estate Owned within the Statements of Condition. NPAs / Assets Includes loans 90+ days past due which are not highlighted in the table. Nonperforming Assets1,2 Total Reserve Ratio Asset Quality Trends | Annual Net Charge-offs / Average Loans Classified Assets
Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation. EQBK Well Capitalized CAPITAL PRIORITIES Maintain well capitalized regulatory levels Capacity for organic growth Merger & acquisitions Dividend payout ratio targeted at 10-20% Common stock repurchases Dividends Declared Per Share & Dividend Payout Ratio Shares Repurchased & Weighted Avg. Price Per Share 1 Thousands Capital Management The Company’s capital ratios are well capitalized levels as of 12/31/2025
Exclusive of Day 2 Provision from Merger Core Non-interest Income is exclusive of gain / (loss) on securities transactions Core Non-interest Expense is exclusive of merger expenses 4th Quarter 2025 Results Estimates $5,074M $5,000 – 5,100M Avg. Deposits $4,210M $4,250 – 4,300M Avg. Loans $5,642M $5,550 – 5,650M Avg. Earning Assets 4.47% 4.40 – 4.50% Net Interest Margin $(0.0)M $0.5 – 1.5M Provision For Credit Losses1 $9.4M $8.50 – 9.0M Core Non-interest Income2 $45.1M $42 – 44M Core Non-interest Expense3 16.6% 17 – 19% Effective Tax Rate Forward Looking 2026FY $6,200 – 6,300M $5,600 – 5,700M $6,900 – 7,050M 4.20 – 4.35% $6 – 8M $38 – 42M $194 – 198M 22 – 23% Outlook on Key Business Drivers NOTE: Figures presented in this outlook represent forward-looking statements and are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Please see Special Note Concerning Forward-Looking Statements and Focus Variables for Outlook and Forecast
Focus Variables for Outlook & Forecast Our outlook requires clarity around certain variables, including: Economic Environment Customer Needs Cost of Funding Competitive Market Investment Opportunities Political Environment Business activity creates opportunity for lending and deposit growth. Current macro-environment response and resolution will be a significant driver. Directly related to credit quality as well as trust in our business. Impacts rates on our product offerings and applies pressure to earnings. Must be able to manage cost and profit yields effectively. Providing customers with rates and services that are competitive with our peers. Irrational operators may have short term impact on opportunities. Growth strategy must be flexible to the other variables that affect our investment options. U.S. politics affect banking regulations, international relationships, tax policies and more.
Our Markets Source: S&P Capital IQ, Deposit Market data as of 6/30/25. Market rank is based on counties with a EQBK physical presence. 1) Iowa location: loan production office Market Share Kansas #6 Market Rank $2.5B Market Deposits 3.93% Market Share Oklahoma #10 Market Rank $1.3B Market Deposits 1.53% Market Share Missouri #8 Market Rank $1.0B Market Deposits 1.50% Market Share Nebraska – Entered Nebraska with Acquisition of Frontier Bank #9 Market Rank $1.1B Market Deposits 2.12% Market Share Arkansas #10 Market Rank $319M Market Deposits 2.56% Market Share Market Footprint1 Expansion into focus markets of Omaha and Lincoln, create a network that is both diverse and complementary to EQBK’s legacy franchise
Quarter Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Total stockholder's equity $732,054 $711,892 $635,636 $617,324 $592,918 Goodwill (82,101) (77,573) (53,101) (53,101) (53,101) Core deposit intangibles, net (21,634) (22,895) (12,908) (13,924) (14,969) Naming rights, net (5,703) (5,778) (5,852) (5,926) (957) Tangible Common Equity $622,616 $605,646 $563,775 $544,373 $523,891 Common shares outstanding at period end 18,944,987 19,111,084 17,527,191 17,522,994 17,419,858 Diluted common shares outstanding at period end 19,196,160 19,279,741 17,680,489 17,673,132 17,636,843 Book value per common share $38.64 $37.25 $36.27 $35.23 $34.04 Tangible book value per common share $32.86 $31.69 $32.17 $31.07 $30.07 Tangible book value per diluted common share $32.43 $31.41 $31.89 $30.80 $29.70 Total assets $6,373,172 $6,356,187 $5,373,837 $5,446,100 $5,332,047 Goodwill (82,101) (77,573) (53,101) (53,101) (53,101) Core deposit intangibles, net (21,634) (22,895) (12,908) (13,924) (14,969) Naming rights, net (5,703) (5,778) (5,852) (5,926) (957) Tangible assets $6,263,734 $6,249,941 $5,301,976 $5,373,149 $5,263,020 Total stockholders' equity to total assets 11.49% 11.20% 11.83% 11.34% 11.12% Tangible common equity to tangible assets 9.94% 9.69% 10.63% 10.13% 9.95% Non-GAAP reconciliations Calculations of tangible common equity and related measures ($ in thousands, except per share data)
Quarter Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Total average stockholders' equity $725,651 $715,319 $627,103 $605,917 $533,227 Average intangible assets (108,779) (95,046) (72,406) (72,389) (69,570) Average tangible common equity $616,872 $620,273 $544,697 $533,528 $463,657 Net income (loss) allocable to common stockholders 22,084 (29,663) 15,264 15,041 16,986 Net gain on acquisition 0 0 0 0 0 Net gain (loss) on securities transactions (154) 53,352 (12) (12) 2 Merger expenses 1,481 6,163 355 66 0 Loss on debt extinguishment 0 0 1,361 0 0 Day 2 Merger provision 0 6,228 0 0 0 Amortization of intangible assets 1,390 1,312 1,145 1,144 1,071 Tax effect of intangible assets amortization (571) (14,082) (598) (252) (225) Core net income (loss) allocable to common stockholders $24,230 $23,310 $17,515 $15,987 $17,834 Return on total average stockholders' equity (ROAE) annualized 12.07% (16.45)% 9.76% 10.07% 12.67% Average tangible common equity $616,872 $620,273 $554,697 $533,528 $463,657 Average impact from core earnings adjustments 1,073 26,487 1,126 473 424 Core average tangible common equity $617,945 $646,760 $555,823 $534,001 $464,081 Return on total average tangible common equity (ROATCE) annualized 14.91% (18.31)% 11.69% 12.12% 15.30% Core return on total average tangible common equity (CROATCE) annualized 15.56% 14.30% 12.64% 12.14% 15.29% Non-interest expense $46,857 $49,082 $40,001 $39,050 $37,806 Merger expense (1,481) (6,163) (355) (66) 0 Amortization of intangible assets (1,390) (1,312) (1,145) (1,144) (1,071) Loss on debt extinguishment 0 0 (1,361) 0 0 Adjusted non-interest expense $43,716 $41,607 $37,140 $37,840 $36,735 Net interest income $63,502 $62,485 $49,802 $50,292 $49,473 Non-interest income 9,532 (44,479) 8,589 10,330 8,816 Net gains (losses) from securities transactions (154) 53,352 (12) (12) 2 Adjusted non-interest income $9,378 $8,873 $8,577 $10,318 $8,818 Net interest income plus adjusted non-interest income $72,880 $71,358 $58,379 $60,610 $58,291 Non-interest expense to net interest income plus non-interest income 63.79% 272.59% 68.51% 64.42% 64.86% Efficiency ratio 59.98% 58.31% 63.62% 62.43% 63.02% Average Assets $6,141,284 $6,084,961 $5,206,950 $5,212,417 $5,163,166 Core non-interest expense to average assets 2.82% 2.71% 2.86% 2.94% 2.83% Non-GAAP reconciliations Calculations of return on average tangible common equity and efficiency ratio ($ in thousands, except per share data)
Quarter Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net income (loss) allocable to common stockholders 22,084 (29,663) 15,264 15,041 16,986 Amortization of intangible assets 1,390 1,312 1,145 1,144 1,071 Tax effect of adjustments (292) (276) (240) (240) (225) Adjusted net income allocable to common stockholders $23,182 $(28,627) $16,169 $15,945 $17,832 Net gain (loss) on securities transactions (154) 52,352 (12) (12) 2 Merger expenses 1,481 6,163 355 66 0 Loss on debt extinguishment 0 0 1,361 0 0 Day 2 Merger provision 0 6,228 0 0 0 Tax effect of adjustments (279) (13,806) (358) (12) 0 Core net income (loss) allocable to common stockholders $24,230 $23,310 $17,515 $15,987 $17,834 Total average assets $6,141,284 $6,085,064 $5,206,950 $5,212,417 $5,163,166 Total average stockholders' equity $725,651 $715,319 $627,103 $605,917 $533,227 Weighted Average Diluted Shares 19,235,412 19,129,726 17,651,298 17,666,834 16,262,965 Diluted earnings (loss) per share $1.15 $(1.55) $0.86 $0.85 $1.04 Core earnings (loss) per diluted share $1.26 $1.21 $0.99 $0.90 $1.10 Return on average assets (ROAA) annualized 1.43% (1.93)% 1.18% 1.17% 1.31% Core return on average assets annualized 1.57% 1.51% 1.35% 1.24% 1.37% Return on average equity (ROAE) 12.07% (16.45)% 9.76% 10.07% 12.67% Core return on average equity 13.23% 12.47% 11.18% 10.69% 13.29% Non-GAAP reconciliations Calculations of return on average assets, average equity and operating income ($ in thousands, except per share data)
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