Exhibit 99.1
Equity Bancshares, Inc.
PRESS RELEASE
Equity Bancshares, Inc. Reports First Quarter Results; Exhibiting Stability of Deposits and Continued Improvement in Asset Quality
Strong Tangible and Regulatory Capital Ratios; Granular Depositor Base With a High Level of Insured Deposits
WICHITA, Kansas, April 18, 2023 (GLOBE NEWSWIRE) – Equity Bancshares, Inc. (NASDAQ: EQBK), (“Equity”, “the Company”, “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, reported net income of $12.3 million and $0.77 earnings per diluted share for the quarter ended March 31, 2023.
"Equity positioned itself to capture deposits to ensure balance sheet stability by adhering to previously established risk management guidelines in our loan and investment portfolios. During the quarter, Equity experienced steady deposits and have used that stability as a catalyst to grow and increase relationships with commercial customers” said Brad S. Elliott, Chairman and CEO, Equity Bancshares, Inc. “Equity is positioned to take advantage of opportunities through the potential economic downturn. We have high levels of regulatory and tangible capital, excellent credit quality, and expertise in mergers and acquisitions. We will look to be the partner of choice in our footprint.”
Mr. Elliott continued, “As a strong community bank, we have a conservative risk management philosophy toward managing concentrations across industries and geographies. As a result, we have a diversified, stable deposit base due to the same granularity we exhibit in our loan portfolio. Our balance sheet risk remains attractive, exhibited by our loan to deposit ratio of 77.7%. We have not taken outsized risks or over leveraged the balance sheet to artificially boost earnings in the short term. We will continue to be a stable and reliable financial expert to our customers and grow our tangible book value through prudent capital management.”
Notable Items:
•Total deposits increased $46.1 million during the quarter or 4.4% linked quarter annualized while the Loan to Deposit ratio held flat at 77.7% as compared to 78.1% as of December 31, 2022.
•Cash and cash equivalents increased $145.9 million during the quarter growing as a percentage of Total Assets to 4.9% in the first quarter as compared to 2.1% linked quarter.
•Equity repurchased $9.6 million of common stock representing 2.0% of shares outstanding as of the end of the first quarter.
•The Company’s loan growth, excluding PPP and branch sales, was $19.1 million, or 2.4% linked quarter annualized including 6.4% annualized growth within the commercial and commercial real estate portfolios.
•Book Value per Common Share increased $1.29 linked quarter to $27.03, while Tangible Book Value per Common Share increased $1.29 to $22.96.
•The ratio of non-performing assets to total assets improved 4bps linked quarter to 0.3%, and the ratio of Classified Assets to Bank Regulatory Capital remained relatively constant at 10.1% from 10.0%.
Financial Results for the Quarter Ended March 31, 2023
Net income allocable to common stockholders was $12.3 million, or $0.77 per diluted share, for the three months ended March 31, 2023, as compared to $11.6 million, or $0.72 per diluted share, for the three months ended December 31, 2022.
Equity Bancshares, Inc.
PRESS RELEASE
The increase during the quarter was primarily driven by an increase in non-interest income of $760 thousand and a decrease in income tax expense of $1.1 million.
Net Interest Income
Net interest income was $39.1 million for the three months ended March 31, 2023, as compared to $42.0 million for the three months ended December 31, 2022, a decrease of $2.9 million, or 6.9%. The yield on interest-earning assets increased 27 basis points to 4.94%. The cost of interest-bearing deposits increased by 68 basis points during the quarter, moving from 1.05% at December 31, 2022, to 1.73% at March 31, 2023.
During the quarter, the Company enhanced its overall liquidity position by adding on-balance sheet cash, resulting in a three basis point adverse impact to net interest margin due to the increase in average earning assets and negligible impact to net interest income.
Average interest-bearing deposits moved up slightly during the quarter as the Company experienced a continued compositional shift from noninterest-bearing deposits into interest bearing categories. At March 31, 2023, non-interest bearing deposits declined $85.2 million from December 31, 2022 and $243.1 million from March 31, 2022. The majority of the decline over the last 12 months has been related to average balance declines primarily associated with spending excess liquidity from pandemic governmental support programs.
Provision for Credit Losses
During the three months ended March 31, 2023, there was a net release of $366 thousand compared to a net release of $151 thousand in the previous quarter. The release of provision for the quarter is the result of continued positive credit trends without realization of meaningful losses. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayments rates and continued market disruption caused by elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses. For the three months ended March 31, 2023, we had net charge-offs of $377 thousand as compared to $501 thousand for the three months ended December 31, 2022.
Non-Interest Income
Total non-interest income was $9.1 million for the three months ended March 31, 2023, as compared to $8.3 million for the three months ended December 31, 2022, or an increase of 9.1%, quarter-over-quarter. The $760 thousand increase was primarily due to increases in bank owned life insurance of $825 thousand and other non-interest income of $530 thousand primarily consisting of asset quality improvements on previously acquired loan relationships, partially offset by decreases in gain on acquisition and branch sales of $422.
Non-Interest Expense
Total non-interest expense for the quarter ended March 31, 2023, was $33.7 million as compared to $35.2 million for the quarter ended December 31, 2022. The $1.5 million change was primarily due to decreases in advertising and business development of $744 thousand, data processing of $418 thousand and other non-interest expense of $308 thousand, partially offset by an increase in salaries and employee benefits of $579 thousand.
Income Tax Expense
At March 31, 2023, the effective tax rate for the quarter was 17.0% as compared to an annual rate of 17.9% in 2022. The reduction as compared to 2022 is associated with an increase in tax benefits related to the implementation of tax planning initiatives and associated reductions in state income tax expense offset by a reduction to tax credits when taken as a percentage of pre-tax income.
Equity Bancshares, Inc.
PRESS RELEASE
Loans, Total Assets and Funding
Loans held for investment were $3.33 billion at March 31, 2023, increasing $19.1 million or 2.3% annualized, from December 31, 2022. Excluding the impact of PPP loans and loans sold in branch transactions, balances have increased $19.1 million, or 2.4% year-over-year. Included in the annual growth, is $36.3 million within the commercial and industrial and commercial real estate portfolios, or 6.4%. Total assets were $5.16 billion as of March 31, 2023 increasing $172.7 million or 3.4% from December 31, 2022.
Total deposits were $4.29 billion at March 31, 2023, increasing 4.3% annualized compared to previous quarter end. Of this balance, non-interest bearing accounts comprise approximately 23.6%. Advances from the FHLB declined $27.6 million to $111.2 million during the quarter, while borrowings from the Federal Reserve's Bank Term Funding Program increased to $140.0 million at March 31, 2023.
Asset Quality
As of March 31, 2023, Equity’s allowance for credit losses to total loans remained materially consistent at 1.4% as compared to December 31, 2022. Nonperforming assets were $17.1 million as of March 31, 2023, or 0.3% of total assets, compared to $18.2 million at December 31, 2022, or 0.4% of total assets. Non-accrual loans were $16.6 million at March 31, 2023, as compared to $17.6 million at December 31, 2022. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $59.9 million, or 10.1% of regulatory capital, up from $58.7 million, or 10.0% of regulatory capital as of December 31, 2022.
Capital
During the quarter, the Company realized expansion in both book and tangible capital, as well as book and tangible capital per share as dividends and costs incurred to repurchase shares were outpaced by earnings and partial recovery of the negative fair value mark on the investment portfolio.
The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 12.2%, the total capital to risk-weighted assets was 16.0% and the total leverage ratio was 9.6% at March 31, 2023. At December 31, 2022, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 12.3%, the total capital to risk-weighted assets ratio was 16.1% and the total leverage ratio was 9.6%.
The Company’s subsidiary, Equity Bank, had a ratio of common equity tier 1 capital to risk-weighted assets of 14.4%, a ratio of total capital to risk-weighted assets of 15.7% and a total leverage ratio of 10.8% at March 31, 2023. At December 31, 2022, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 14.5%, the ratio of total capital to risk-weighted assets was 15.7% and the total leverage ratio was 10.8%.
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
Equity Bancshares, Inc.
PRESS RELEASE
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.
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.
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, Eric Newell, will hold a conference call and webcast to discuss first quarter results on Wednesday, April 19, 2023, at 10 a.m. eastern time or 9 a.m. central time.
A live webcast of the call will be available on the Company’s website at investor.equitybank.com. To access the call by phone, please go to this registration link, and you will be provided with dial in details. Investors, news media, and other participants are encouraged to dial into the conference call ten minutes ahead of the scheduled start time.
A replay of the call and webcast will be available two hours following the close of the call until April 26, 2023, accessible at investor.equitybank.com.
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 NASDAQ Global Select Market 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
Equity Bancshares, Inc.
PRESS RELEASE
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 COVID-19 related impacts; 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; and acquisitions and integration of acquired businesses; 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 9, 2023, 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.
Investor Contact:
Chris Navratil
SVP, Finance
Equity Bancshares, Inc.
(316) 612-6014
[email protected]
Media Contact:
John J. Hanley
SVP, Senior Director of Marketing
Equity Bancshares, Inc.
(913) 583-8004
[email protected]
Equity Bancshares, Inc.
PRESS RELEASE
Unaudited Financial Tables
•Table 1. Quarterly Consolidated Statements of Income
•Table 2. Consolidated Balance Sheets
•Table 3. Selected Financial Highlights
•Table 4. Quarter-To-Date Net Interest Income Analysis
•Table 5. Quarter-Over-Quarter Net Interest Income Analysis
•Table 6. Non-GAAP Financial Measures
Equity Bancshares, Inc.
PRESS RELEASE
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TABLE 1. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
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(Dollars in thousands, except per share data) |
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As of and for the three months ended |
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March 31,
2023 |
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December 31,
2022 |
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September 30,
2022 |
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June 30,
2022 |
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March 31,
2022 |
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Interest and dividend income |
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Loans, including fees |
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$ |
48,381 |
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$ |
46,149 |
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$ |
41,555 |
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$ |
36,849 |
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$ |
36,306 |
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Securities, taxable |
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5,947 |
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5,946 |
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5,792 |
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5,584 |
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5,391 |
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Securities, nontaxable |
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669 |
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678 |
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|
687 |
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678 |
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|
655 |
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Federal funds sold and other |
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1,126 |
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651 |
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514 |
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513 |
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300 |
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Total interest and dividend income |
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56,123 |
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53,424 |
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48,548 |
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43,624 |
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42,652 |
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Interest expense |
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Deposits |
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13,821 |
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8,013 |
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4,403 |
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2,183 |
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1,722 |
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Federal funds purchased and retail repurchase agreements |
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195 |
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82 |
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71 |
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46 |
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33 |
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Federal Home Loan Bank advances |
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1,018 |
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1,500 |
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409 |
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176 |
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9 |
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Federal Reserve Bank borrowings |
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135 |
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— |
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— |
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— |
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— |
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Subordinated debt |
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1,844 |
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1,798 |
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1,721 |
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1,653 |
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1,599 |
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Total interest expense |
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17,013 |
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11,393 |
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6,604 |
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4,058 |
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3,363 |
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Net interest income |
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39,110 |
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42,031 |
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41,944 |
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39,566 |
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39,289 |
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Provision (reversal) for credit losses |
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(366 |
) |
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(151 |
) |
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(136 |
) |
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824 |
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(412 |
) |
Net interest income after provision (reversal) for credit losses |
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39,476 |
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42,182 |
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42,080 |
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38,742 |
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39,701 |
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Non-interest income |
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Service charges and fees |
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2,545 |
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2,705 |
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2,788 |
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2,617 |
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2,522 |
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Debit card income |
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2,554 |
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2,557 |
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2,682 |
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2,810 |
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2,628 |
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Mortgage banking |
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88 |
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116 |
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310 |
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428 |
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562 |
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Increase in value of bank-owned life insurance |
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1,583 |
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758 |
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754 |
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736 |
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865 |
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Net gain on acquisition and branch sales |
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— |
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422 |
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— |
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540 |
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— |
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Net gains (losses) from securities transactions |
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32 |
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14 |
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(17 |
) |
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(32 |
) |
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40 |
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Other |
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2,287 |
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1,757 |
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2,452 |
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2,538 |
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2,405 |
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Total non-interest income |
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9,089 |
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8,329 |
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8,969 |
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9,637 |
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9,022 |
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Non-interest expense |
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Salaries and employee benefits |
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16,692 |
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16,113 |
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15,442 |
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15,383 |
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15,068 |
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Net occupancy and equipment |
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2,879 |
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2,919 |
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3,127 |
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3,007 |
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3,170 |
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Data processing |
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3,916 |
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4,334 |
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4,138 |
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3,642 |
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3,769 |
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Professional fees |
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1,384 |
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1,404 |
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1,265 |
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1,111 |
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1,171 |
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Advertising and business development |
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1,159 |
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1,903 |
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1,191 |
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972 |
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|
976 |
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Telecommunications |
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485 |
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517 |
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487 |
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|
442 |
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470 |
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FDIC insurance |
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|
360 |
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360 |
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|
340 |
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|
260 |
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|
180 |
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Courier and postage |
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|
458 |
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533 |
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|
436 |
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|
489 |
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|
423 |
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Free nationwide ATM cost |
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525 |
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510 |
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551 |
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541 |
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|
501 |
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Amortization of core deposit intangibles |
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918 |
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924 |
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957 |
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1,111 |
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1,050 |
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Loan expense |
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|
117 |
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|
262 |
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|
174 |
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|
207 |
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185 |
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Other real estate owned |
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119 |
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|
388 |
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|
188 |
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14 |
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(1 |
) |
Merger expenses |
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— |
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|
68 |
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|
115 |
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|
88 |
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323 |
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Other |
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4,706 |
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5,014 |
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3,825 |
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4,169 |
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2,174 |
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Total non-interest expense |
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33,718 |
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35,249 |
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32,236 |
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31,436 |
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29,459 |
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Income (loss) before income tax |
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14,847 |
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15,262 |
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18,813 |
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16,943 |
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19,264 |
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Provision for income taxes (benefit) |
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2,524 |
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3,654 |
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3,642 |
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1,684 |
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3,614 |
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Net income (loss) and net income (loss) allocable to common stockholders |
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$ |
12,323 |
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$ |
11,608 |
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$ |
15,171 |
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$ |
15,259 |
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$ |
15,650 |
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Basic earnings (loss) per share |
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$ |
0.78 |
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$ |
0.73 |
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$ |
0.94 |
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$ |
0.95 |
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$ |
0.94 |
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Diluted earnings (loss) per share |
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$ |
0.77 |
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$ |
0.72 |
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$ |
0.93 |
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$ |
0.94 |
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$ |
0.93 |
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Equity Bancshares, Inc.
PRESS RELEASE
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Weighted average common shares |
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15,858,808 |
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15,948,360 |
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16,056,658 |
|
|
|
16,206,978 |
|
|
|
16,652,556 |
|
Weighted average diluted common shares |
|
|
16,028,051 |
|
|
|
16,204,185 |
|
|
|
16,273,231 |
|
|
|
16,413,248 |
|
|
|
16,869,152 |
|
TABLE 2. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2023 |
|
|
December 31,
2022 |
|
|
September 30,
2022 |
|
|
June 30,
2022 |
|
|
March 31,
2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
249,982 |
|
|
$ |
104,013 |
|
|
$ |
155,039 |
|
|
$ |
103,126 |
|
|
$ |
89,764 |
|
Federal funds sold |
|
|
384 |
|
|
|
415 |
|
|
|
374 |
|
|
|
458 |
|
|
|
286 |
|
Cash and cash equivalents |
|
|
250,366 |
|
|
|
104,428 |
|
|
|
155,413 |
|
|
|
103,584 |
|
|
|
90,050 |
|
Available-for-sale securities |
|
|
1,183,247 |
|
|
|
1,184,390 |
|
|
|
1,198,962 |
|
|
|
1,288,180 |
|
|
|
1,352,894 |
|
Held-to-maturity securities |
|
|
1,944 |
|
|
|
1,948 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loans held for sale |
|
|
648 |
|
|
|
349 |
|
|
|
1,518 |
|
|
|
1,714 |
|
|
|
1,575 |
|
Loans, net of allowance for credit losses(1) |
|
|
3,285,515 |
|
|
|
3,265,701 |
|
|
|
3,208,524 |
|
|
|
3,175,208 |
|
|
|
3,194,987 |
|
Other real estate owned, net |
|
|
4,171 |
|
|
|
4,409 |
|
|
|
10,412 |
|
|
|
12,969 |
|
|
|
9,897 |
|
Premises and equipment, net |
|
|
104,789 |
|
|
|
101,492 |
|
|
|
100,566 |
|
|
|
101,212 |
|
|
|
103,168 |
|
Bank-owned life insurance |
|
|
122,971 |
|
|
|
123,176 |
|
|
|
122,418 |
|
|
|
121,665 |
|
|
|
120,928 |
|
Federal Reserve Bank and Federal Home Loan Bank stock |
|
|
33,359 |
|
|
|
21,695 |
|
|
|
24,428 |
|
|
|
21,479 |
|
|
|
19,890 |
|
Interest receivable |
|
|
20,461 |
|
|
|
20,630 |
|
|
|
18,497 |
|
|
|
16,519 |
|
|
|
16,923 |
|
Goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
54,465 |
|
Core deposit intangibles, net |
|
|
9,678 |
|
|
|
10,596 |
|
|
|
11,598 |
|
|
|
12,554 |
|
|
|
13,830 |
|
Other |
|
|
86,466 |
|
|
|
89,736 |
|
|
|
94,978 |
|
|
|
93,971 |
|
|
|
100,016 |
|
Total assets |
|
$ |
5,156,716 |
|
|
$ |
4,981,651 |
|
|
$ |
5,000,415 |
|
|
$ |
5,002,156 |
|
|
$ |
5,078,623 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
1,012,671 |
|
|
$ |
1,097,899 |
|
|
$ |
1,217,094 |
|
|
$ |
1,194,863 |
|
|
$ |
1,255,793 |
|
Total non-interest-bearing deposits |
|
|
1,012,671 |
|
|
|
1,097,899 |
|
|
|
1,217,094 |
|
|
|
1,194,863 |
|
|
|
1,255,793 |
|
Demand, savings and money market |
|
|
2,334,463 |
|
|
|
2,329,584 |
|
|
|
2,335,847 |
|
|
|
2,445,545 |
|
|
|
2,511,478 |
|
Time |
|
|
939,799 |
|
|
|
814,324 |
|
|
|
673,670 |
|
|
|
651,363 |
|
|
|
612,399 |
|
Total interest-bearing deposits |
|
|
3,274,262 |
|
|
|
3,143,908 |
|
|
|
3,009,517 |
|
|
|
3,096,908 |
|
|
|
3,123,877 |
|
Total deposits |
|
|
4,286,933 |
|
|
|
4,241,807 |
|
|
|
4,226,611 |
|
|
|
4,291,771 |
|
|
|
4,379,670 |
|
Federal funds purchased and retail repurchase agreements |
|
|
45,098 |
|
|
|
46,478 |
|
|
|
47,443 |
|
|
|
52,750 |
|
|
|
48,199 |
|
Federal Home Loan Bank advances and Federal Reserve Bank borrowings |
|
|
251,222 |
|
|
|
138,864 |
|
|
|
186,001 |
|
|
|
80,000 |
|
|
|
50,000 |
|
Subordinated debt |
|
|
96,522 |
|
|
|
96,392 |
|
|
|
96,263 |
|
|
|
96,135 |
|
|
|
96,010 |
|
Contractual obligations |
|
|
19,372 |
|
|
|
15,218 |
|
|
|
15,562 |
|
|
|
15,813 |
|
|
|
17,307 |
|
Interest payable and other liabilities |
|
|
32,446 |
|
|
|
32,834 |
|
|
|
32,729 |
|
|
|
37,572 |
|
|
|
35,422 |
|
Total liabilities |
|
|
4,731,593 |
|
|
|
4,571,593 |
|
|
|
4,604,609 |
|
|
|
4,574,041 |
|
|
|
4,626,608 |
|
Commitments and contingent liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
206 |
|
|
|
205 |
|
|
|
204 |
|
|
|
204 |
|
|
|
204 |
|
Additional paid-in capital |
|
|
486,658 |
|
|
|
484,989 |
|
|
|
482,668 |
|
|
|
480,897 |
|
|
|
480,106 |
|
Retained earnings |
|
|
150,810 |
|
|
|
140,095 |
|
|
|
130,114 |
|
|
|
116,576 |
|
|
|
102,632 |
|
Accumulated other comprehensive income (loss), net of tax |
|
|
(101,238 |
) |
|
|
(113,511 |
) |
|
|
(120,918 |
) |
|
|
(77,426 |
) |
|
|
(50,012 |
) |
Treasury stock |
|
|
(111,313 |
) |
|
|
(101,720 |
) |
|
|
(96,262 |
) |
|
|
(92,136 |
) |
|
|
(80,915 |
) |
Total stockholders’ equity |
|
|
425,123 |
|
|
|
410,058 |
|
|
|
395,806 |
|
|
|
428,115 |
|
|
|
452,015 |
|
Total liabilities and stockholders’ equity |
|
$ |
5,156,716 |
|
|
$ |
4,981,651 |
|
|
$ |
5,000,415 |
|
|
$ |
5,002,156 |
|
|
$ |
5,078,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Allowance for credit losses |
|
$ |
45,103 |
|
|
$ |
45,847 |
|
|
$ |
46,499 |
|
|
$ |
48,238 |
|
|
$ |
47,590 |
|
Equity Bancshares, Inc.
PRESS RELEASE
Equity Bancshares, Inc.
PRESS RELEASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 3. SELECTED FINANCIAL HIGHLIGHTS (Unaudited) |
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the three months ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
Loans Held For Investment by Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
1,746,834 |
|
|
$ |
1,721,269 |
|
|
$ |
1,655,646 |
|
|
$ |
1,643,068 |
|
|
$ |
1,552,134 |
|
Commercial and industrial |
|
|
605,576 |
|
|
|
594,862 |
|
|
|
607,722 |
|
|
|
578,899 |
|
|
|
629,181 |
|
Residential real estate |
|
|
563,791 |
|
|
|
570,550 |
|
|
|
573,431 |
|
|
|
578,936 |
|
|
|
613,928 |
|
Agricultural real estate |
|
|
202,274 |
|
|
|
199,189 |
|
|
|
200,415 |
|
|
|
197,938 |
|
|
|
198,844 |
|
Agricultural |
|
|
106,169 |
|
|
|
120,003 |
|
|
|
115,048 |
|
|
|
124,753 |
|
|
|
150,077 |
|
Consumer |
|
|
105,974 |
|
|
|
105,675 |
|
|
|
102,761 |
|
|
|
99,852 |
|
|
|
98,413 |
|
Total loans held-for-investment |
|
|
3,330,618 |
|
|
|
3,311,548 |
|
|
|
3,255,023 |
|
|
|
3,223,446 |
|
|
|
3,242,577 |
|
Allowance for credit losses |
|
|
(45,103 |
) |
|
|
(45,847 |
) |
|
|
(46,499 |
) |
|
|
(48,238 |
) |
|
|
(47,590 |
) |
Net loans held for investment |
|
$ |
3,285,515 |
|
|
$ |
3,265,701 |
|
|
$ |
3,208,524 |
|
|
$ |
3,175,208 |
|
|
$ |
3,194,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses on loans to total loans |
|
|
1.35 |
% |
|
|
1.38 |
% |
|
|
1.43 |
% |
|
|
1.50 |
% |
|
|
1.47 |
% |
Past due or nonaccrual loans to total loans |
|
|
0.66 |
% |
|
|
0.72 |
% |
|
|
0.94 |
% |
|
|
0.78 |
% |
|
|
0.82 |
% |
Nonperforming assets to total assets |
|
|
0.33 |
% |
|
|
0.37 |
% |
|
|
0.59 |
% |
|
|
0.74 |
% |
|
|
0.74 |
% |
Nonperforming assets to total loans plus other
real estate owned |
|
|
0.51 |
% |
|
|
0.55 |
% |
|
|
0.91 |
% |
|
|
1.14 |
% |
|
|
1.15 |
% |
Classified assets to bank total regulatory capital |
|
|
10.09 |
% |
|
|
9.98 |
% |
|
|
11.03 |
% |
|
|
13.08 |
% |
|
|
17.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Average Balance Sheet Data (QTD Average) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities |
|
$ |
1,185,482 |
|
|
$ |
1,184,452 |
|
|
$ |
1,272,414 |
|
|
$ |
1,319,099 |
|
|
$ |
1,397,421 |
|
Total gross loans receivable |
|
|
3,305,681 |
|
|
|
3,275,284 |
|
|
|
3,240,998 |
|
|
|
3,216,853 |
|
|
|
3,195,787 |
|
Interest-earning assets |
|
|
4,611,019 |
|
|
|
4,538,177 |
|
|
|
4,602,568 |
|
|
|
4,675,967 |
|
|
|
4,715,389 |
|
Total assets |
|
|
4,994,417 |
|
|
|
4,930,231 |
|
|
|
4,988,755 |
|
|
|
5,067,686 |
|
|
|
5,108,120 |
|
Interest-bearing deposits |
|
|
3,235,557 |
|
|
|
3,032,902 |
|
|
|
3,081,245 |
|
|
|
3,112,300 |
|
|
|
3,163,777 |
|
Borrowings |
|
|
247,932 |
|
|
|
299,191 |
|
|
|
221,514 |
|
|
|
238,062 |
|
|
|
160,094 |
|
Total interest-bearing liabilities |
|
|
3,483,489 |
|
|
|
3,335,557 |
|
|
|
3,302,759 |
|
|
|
3,350,362 |
|
|
|
3,323,871 |
|
Total deposits |
|
|
4,279,451 |
|
|
|
4,185,904 |
|
|
|
4,283,855 |
|
|
|
4,340,196 |
|
|
|
4,393,879 |
|
Total liabilities |
|
|
4,573,918 |
|
|
|
4,531,959 |
|
|
|
4,552,564 |
|
|
|
4,630,204 |
|
|
|
4,615,521 |
|
Total stockholders' equity |
|
|
420,500 |
|
|
|
398,270 |
|
|
|
436,191 |
|
|
|
437,483 |
|
|
|
492,599 |
|
Tangible common equity* |
|
|
356,053 |
|
|
|
332,820 |
|
|
|
369,746 |
|
|
|
368,505 |
|
|
|
422,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets (ROAA) annualized |
|
|
1.00 |
% |
|
|
0.93 |
% |
|
|
1.21 |
% |
|
|
1.21 |
% |
|
|
1.24 |
% |
Return on average assets before income tax and
provision for loan losses* |
|
|
1.18 |
% |
|
|
1.22 |
% |
|
|
1.49 |
% |
|
|
1.41 |
% |
|
|
1.50 |
% |
Return on average equity (ROAE) annualized |
|
|
11.89 |
% |
|
|
11.56 |
% |
|
|
13.80 |
% |
|
|
13.99 |
% |
|
|
12.88 |
% |
Return on average equity before income tax and
provision for loan losses* |
|
|
13.97 |
% |
|
|
15.05 |
% |
|
|
16.99 |
% |
|
|
16.29 |
% |
|
|
15.52 |
% |
Return on average tangible common equity
(ROATCE) annualized* |
|
|
14.89 |
% |
|
|
14.74 |
% |
|
|
17.12 |
% |
|
|
17.60 |
% |
|
|
15.85 |
% |
Yield on loans annualized |
|
|
5.94 |
% |
|
|
5.59 |
% |
|
|
5.09 |
% |
|
|
4.59 |
% |
|
|
4.61 |
% |
Cost of interest-bearing deposits annualized |
|
|
1.73 |
% |
|
|
1.05 |
% |
|
|
0.57 |
% |
|
|
0.28 |
% |
|
|
0.22 |
% |
Cost of total deposits annualized |
|
|
1.31 |
% |
|
|
0.76 |
% |
|
|
0.41 |
% |
|
|
0.20 |
% |
|
|
0.16 |
% |
Net interest margin annualized |
|
|
3.44 |
% |
|
|
3.67 |
% |
|
|
3.62 |
% |
|
|
3.39 |
% |
|
|
3.38 |
% |
Efficiency ratio* |
|
|
70.00 |
% |
|
|
70.47 |
% |
|
|
63.07 |
% |
|
|
64.38 |
% |
|
|
60.36 |
% |
Non-interest income / average assets |
|
|
0.74 |
% |
|
|
0.67 |
% |
|
|
0.71 |
% |
|
|
0.76 |
% |
|
|
0.72 |
% |
Non-interest expense / average assets |
|
|
2.74 |
% |
|
|
2.84 |
% |
|
|
2.56 |
% |
|
|
2.49 |
% |
|
|
2.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
|
9.60 |
% |
|
|
9.61 |
% |
|
|
9.46 |
% |
|
|
9.11 |
% |
|
|
9.07 |
% |
Common Equity Tier 1 Capital Ratio |
|
|
12.21 |
% |
|
|
12.26 |
% |
|
|
12.15 |
% |
|
|
12.08 |
% |
|
|
11.81 |
% |
Equity Bancshares, Inc.
PRESS RELEASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Risk Based Capital Ratio |
|
|
12.83 |
% |
|
|
12.88 |
% |
|
|
12.77 |
% |
|
|
12.71 |
% |
|
|
12.43 |
% |
Total Risk Based Capital Ratio |
|
|
16.00 |
% |
|
|
16.08 |
% |
|
|
15.99 |
% |
|
|
15.97 |
% |
|
|
15.66 |
% |
Total stockholders' equity to total assets |
|
|
8.24 |
% |
|
|
8.23 |
% |
|
|
7.92 |
% |
|
|
8.56 |
% |
|
|
8.90 |
% |
Tangible common equity to tangible assets* |
|
|
7.09 |
% |
|
|
7.02 |
% |
|
|
6.68 |
% |
|
|
7.32 |
% |
|
|
7.63 |
% |
Dividend payout ratio |
|
|
10.49 |
% |
|
|
14.01 |
% |
|
|
10.78 |
% |
|
|
8.61 |
% |
|
|
8.58 |
% |
Book value per common share |
|
$ |
27.03 |
|
|
$ |
25.74 |
|
|
$ |
24.71 |
|
|
$ |
26.58 |
|
|
$ |
27.47 |
|
Tangible book value per common share* |
|
$ |
22.96 |
|
|
$ |
21.67 |
|
|
$ |
20.59 |
|
|
$ |
22.42 |
|
|
$ |
23.24 |
|
Tangible book value per diluted common share* |
|
$ |
22.83 |
|
|
$ |
21.35 |
|
|
$ |
20.33 |
|
|
$ |
22.17 |
|
|
$ |
22.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The value noted is considered a Non-GAAP financial measure. For a reconciliaiton of Non-GGAP financial meaures, see Table 6. Non-GAAP Financial Measures. |
|
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 4. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the three months ended |
|
|
March 31, 2023 |
|
|
March 31, 2022 |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
Yield/Rate(3)(4) |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
Yield/Rate(3)(4) |
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
577,452 |
|
|
$ |
9,634 |
|
|
|
6.77 |
% |
|
$ |
575,563 |
|
|
$ |
7,761 |
|
|
|
5.47 |
% |
Commercial real estate |
|
1,344,727 |
|
|
|
20,112 |
|
|
|
6.07 |
% |
|
|
1,190,128 |
|
|
|
13,451 |
|
|
|
4.58 |
% |
Real estate construction |
|
404,016 |
|
|
|
6,695 |
|
|
|
6.72 |
% |
|
|
342,536 |
|
|
|
3,299 |
|
|
|
3.91 |
% |
Residential real estate |
|
570,139 |
|
|
|
5,802 |
|
|
|
4.13 |
% |
|
|
632,581 |
|
|
|
5,665 |
|
|
|
3.63 |
% |
Agricultural real estate |
|
202,901 |
|
|
|
3,114 |
|
|
|
6.22 |
% |
|
|
202,145 |
|
|
|
2,663 |
|
|
|
5.34 |
% |
Agricultural |
|
100,251 |
|
|
|
1,478 |
|
|
|
5.98 |
% |
|
|
149,676 |
|
|
|
2,316 |
|
|
|
6.28 |
% |
Consumer |
|
106,195 |
|
|
|
1,546 |
|
|
|
5.91 |
% |
|
|
103,158 |
|
|
|
1,151 |
|
|
|
4.53 |
% |
Total loans |
|
3,305,681 |
|
|
|
48,381 |
|
|
|
5.94 |
% |
|
|
3,195,787 |
|
|
|
36,306 |
|
|
|
4.61 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
1,083,645 |
|
|
|
5,947 |
|
|
|
2.23 |
% |
|
|
1,285,942 |
|
|
|
5,391 |
|
|
|
1.70 |
% |
Nontaxable securities |
|
101,837 |
|
|
|
669 |
|
|
|
2.67 |
% |
|
|
111,479 |
|
|
|
655 |
|
|
|
2.38 |
% |
Total securities |
|
1,185,482 |
|
|
|
6,616 |
|
|
|
2.26 |
% |
|
|
1,397,421 |
|
|
|
6,046 |
|
|
|
1.75 |
% |
Federal funds sold and other |
|
119,856 |
|
|
|
1,126 |
|
|
|
3.81 |
% |
|
|
122,181 |
|
|
|
300 |
|
|
|
1.00 |
% |
Total interest-earning assets |
$ |
4,611,019 |
|
|
|
56,123 |
|
|
|
4.94 |
% |
|
$ |
4,715,389 |
|
|
|
42,652 |
|
|
|
3.67 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, savings and money market deposits |
$ |
2,350,042 |
|
|
|
8,453 |
|
|
|
1.46 |
% |
|
$ |
2,534,102 |
|
|
|
996 |
|
|
|
0.16 |
% |
Time deposits |
|
885,515 |
|
|
|
5,368 |
|
|
|
2.46 |
% |
|
|
629,675 |
|
|
|
726 |
|
|
|
0.47 |
% |
Total interest-bearing deposits |
|
3,235,557 |
|
|
|
13,821 |
|
|
|
1.73 |
% |
|
|
3,163,777 |
|
|
|
1,722 |
|
|
|
0.22 |
% |
FHLB advances |
|
89,078 |
|
|
|
1,018 |
|
|
|
4.64 |
% |
|
|
9,943 |
|
|
|
9 |
|
|
|
0.38 |
% |
Other borrowings |
|
158,854 |
|
|
|
2,174 |
|
|
|
5.55 |
% |
|
|
150,151 |
|
|
|
1,632 |
|
|
|
4.41 |
% |
Total interest-bearing liabilities |
$ |
3,483,489 |
|
|
|
17,013 |
|
|
|
1.98 |
% |
|
$ |
3,323,871 |
|
|
|
3,363 |
|
|
|
0.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
39,110 |
|
|
|
|
|
|
|
|
$ |
39,289 |
|
|
|
|
Interest rate spread |
|
|
|
|
|
|
|
2.96 |
% |
|
|
|
|
|
|
|
|
3.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
|
|
|
|
|
3.44 |
% |
|
|
|
|
|
|
|
|
3.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
Equity Bancshares, Inc.
PRESS RELEASE
TABLE 5. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
For the three months ended |
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
Yield/Rate(3)(4) |
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
Yield/Rate(3)(4) |
|
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
577,452 |
|
|
$ |
9,634 |
|
|
|
6.77 |
% |
|
$ |
594,221 |
|
|
$ |
9,264 |
|
|
|
6.19 |
% |
Commercial real estate |
|
1,344,727 |
|
|
|
20,112 |
|
|
|
6.07 |
% |
|
|
1,327,438 |
|
|
|
19,127 |
|
|
|
5.72 |
% |
Real estate construction |
|
404,016 |
|
|
|
6,695 |
|
|
|
6.72 |
% |
|
|
367,935 |
|
|
|
5,827 |
|
|
|
6.28 |
% |
Residential real estate |
|
570,139 |
|
|
|
5,802 |
|
|
|
4.13 |
% |
|
|
576,357 |
|
|
|
5,667 |
|
|
|
3.90 |
% |
Agricultural real estate |
|
202,901 |
|
|
|
3,114 |
|
|
|
6.22 |
% |
|
|
200,492 |
|
|
|
3,353 |
|
|
|
6.64 |
% |
Agricultural |
|
100,251 |
|
|
|
1,478 |
|
|
|
5.98 |
% |
|
|
104,146 |
|
|
|
1,443 |
|
|
|
5.50 |
% |
Consumer |
|
106,195 |
|
|
|
1,546 |
|
|
|
5.91 |
% |
|
|
104,695 |
|
|
|
1,468 |
|
|
|
5.57 |
% |
Total loans |
|
3,305,681 |
|
|
|
48,381 |
|
|
|
5.94 |
% |
|
|
3,275,284 |
|
|
|
46,149 |
|
|
|
5.59 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable securities |
|
1,083,645 |
|
|
|
5,947 |
|
|
|
2.23 |
% |
|
|
1,083,986 |
|
|
|
5,946 |
|
|
|
2.18 |
% |
Nontaxable securities |
|
101,837 |
|
|
|
669 |
|
|
|
2.67 |
% |
|
|
100,466 |
|
|
|
678 |
|
|
|
2.68 |
% |
Total securities |
|
1,185,482 |
|
|
|
6,616 |
|
|
|
2.26 |
% |
|
|
1,184,452 |
|
|
|
6,624 |
|
|
|
2.22 |
% |
Federal funds sold and other |
|
119,856 |
|
|
|
1,126 |
|
|
|
3.81 |
% |
|
|
78,441 |
|
|
|
651 |
|
|
|
3.29 |
% |
Total interest-earning assets |
$ |
4,611,019 |
|
|
|
56,123 |
|
|
|
4.94 |
% |
|
$ |
4,538,177 |
|
|
|
53,424 |
|
|
|
4.67 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand savings and money market deposits |
$ |
2,350,042 |
|
|
|
8,453 |
|
|
|
1.46 |
% |
|
$ |
2,294,639 |
|
|
|
5,336 |
|
|
|
0.92 |
% |
Time deposits |
|
885,515 |
|
|
|
5,368 |
|
|
|
2.46 |
% |
|
|
738,263 |
|
|
|
2,677 |
|
|
|
1.44 |
% |
Total interest-bearing deposits |
|
3,235,557 |
|
|
|
13,821 |
|
|
|
1.73 |
% |
|
|
3,032,902 |
|
|
|
8,013 |
|
|
|
1.05 |
% |
FHLB advances |
|
89,078 |
|
|
|
1,018 |
|
|
|
4.64 |
% |
|
|
155,964 |
|
|
|
1,500 |
|
|
|
3.82 |
% |
Other borrowings |
|
158,854 |
|
|
|
2,174 |
|
|
|
5.55 |
% |
|
|
146,691 |
|
|
|
1,880 |
|
|
|
5.09 |
% |
Total interest-bearing liabilities |
$ |
3,483,489 |
|
|
|
17,013 |
|
|
|
1.98 |
% |
|
$ |
3,335,557 |
|
|
|
11,393 |
|
|
|
1.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
$ |
39,110 |
|
|
|
|
|
|
|
|
$ |
42,031 |
|
|
|
|
Interest rate spread |
|
|
|
|
|
|
|
2.96 |
% |
|
|
|
|
|
|
|
|
3.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (2) |
|
|
|
|
|
|
|
3.44 |
% |
|
|
|
|
|
|
|
|
3.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
Equity Bancshares, Inc.
PRESS RELEASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 6. NON-GAAP FINANCIAL MEASURES (Unaudited) |
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the three months ended |
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
425,123 |
|
|
$ |
410,058 |
|
|
$ |
395,806 |
|
|
$ |
428,115 |
|
|
$ |
452,015 |
|
Less: goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
54,465 |
|
Less: core deposit intangibles, net |
|
|
9,678 |
|
|
|
10,596 |
|
|
|
11,598 |
|
|
|
12,554 |
|
|
|
13,830 |
|
Less: mortgage servicing rights, net |
|
|
151 |
|
|
|
176 |
|
|
|
201 |
|
|
|
226 |
|
|
|
251 |
|
Less: naming rights, net |
|
|
1,033 |
|
|
|
1,044 |
|
|
|
1,054 |
|
|
|
1,065 |
|
|
|
1,076 |
|
Tangible common equity |
|
$ |
361,160 |
|
|
$ |
345,141 |
|
|
$ |
329,852 |
|
|
$ |
361,169 |
|
|
$ |
382,393 |
|
Common shares outstanding at period end |
|
|
15,730,257 |
|
|
|
15,930,112 |
|
|
|
16,017,834 |
|
|
|
16,106,818 |
|
|
|
16,454,966 |
|
Diluted common shares outstanding at period end |
|
|
15,822,536 |
|
|
|
16,163,253 |
|
|
|
16,225,591 |
|
|
|
16,289,635 |
|
|
|
16,662,779 |
|
Book value per common share |
|
$ |
27.03 |
|
|
$ |
25.74 |
|
|
$ |
24.71 |
|
|
$ |
26.58 |
|
|
$ |
27.47 |
|
Tangible book value per common share |
|
$ |
22.96 |
|
|
$ |
21.67 |
|
|
$ |
20.59 |
|
|
$ |
22.42 |
|
|
$ |
23.24 |
|
Tangible book value per diluted common share |
|
$ |
22.83 |
|
|
$ |
21.35 |
|
|
$ |
20.33 |
|
|
$ |
22.17 |
|
|
$ |
22.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
5,156,716 |
|
|
$ |
4,981,651 |
|
|
$ |
5,000,415 |
|
|
$ |
5,002,156 |
|
|
$ |
5,078,623 |
|
Less: goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
54,465 |
|
Less: core deposit intangibles, net |
|
|
9,678 |
|
|
|
10,596 |
|
|
|
11,598 |
|
|
|
12,554 |
|
|
|
13,830 |
|
Less: mortgage servicing rights, net |
|
|
151 |
|
|
|
176 |
|
|
|
201 |
|
|
|
226 |
|
|
|
251 |
|
Less: naming rights, net |
|
|
1,033 |
|
|
|
1,044 |
|
|
|
1,054 |
|
|
|
1,065 |
|
|
|
1,076 |
|
Tangible assets |
|
$ |
5,092,753 |
|
|
$ |
4,916,734 |
|
|
$ |
4,934,461 |
|
|
$ |
4,935,210 |
|
|
$ |
5,009,001 |
|
Total stockholders' equity to total assets |
|
|
8.24 |
% |
|
|
8.23 |
% |
|
|
7.92 |
% |
|
|
8.56 |
% |
|
|
8.90 |
% |
Tangible common equity to tangible assets |
|
|
7.09 |
% |
|
|
7.02 |
% |
|
|
6.68 |
% |
|
|
7.32 |
% |
|
|
7.63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average stockholders' equity |
|
$ |
420,500 |
|
|
$ |
398,270 |
|
|
$ |
436,191 |
|
|
$ |
437,483 |
|
|
$ |
492,599 |
|
Less: average intangible assets |
|
|
64,447 |
|
|
|
65,450 |
|
|
|
66,445 |
|
|
|
68,978 |
|
|
|
70,181 |
|
Average tangible common equity |
|
$ |
356,053 |
|
|
$ |
332,820 |
|
|
$ |
369,746 |
|
|
$ |
368,505 |
|
|
$ |
422,418 |
|
Net income (loss) allocable to common stockholders |
|
$ |
12,323 |
|
|
$ |
11,608 |
|
|
$ |
15,171 |
|
|
$ |
15,259 |
|
|
$ |
15,650 |
|
Add: amortization of intangible assets |
|
|
954 |
|
|
|
961 |
|
|
|
992 |
|
|
|
1,148 |
|
|
|
1,085 |
|
Less: tax effect of intangible assets amortization |
|
|
200 |
|
|
|
202 |
|
|
|
208 |
|
|
|
241 |
|
|
|
228 |
|
Adjusted net income (loss) allocable to common
stockholders |
|
$ |
13,077 |
|
|
$ |
12,367 |
|
|
$ |
15,955 |
|
|
$ |
16,166 |
|
|
$ |
16,507 |
|
Return on total average stockholders' equity
(ROAE) annualized |
|
|
11.89 |
% |
|
|
11.56 |
% |
|
|
13.80 |
% |
|
|
13.99 |
% |
|
|
12.88 |
% |
Return on average tangible common equity
(ROATCE) annualized |
|
|
14.89 |
% |
|
|
14.74 |
% |
|
|
17.12 |
% |
|
|
17.60 |
% |
|
|
15.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense |
|
$ |
33,718 |
|
|
$ |
35,248 |
|
|
$ |
32,236 |
|
|
$ |
31,436 |
|
|
$ |
29,459 |
|
Less: loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: merger expense |
|
|
— |
|
|
|
68 |
|
|
|
115 |
|
|
|
88 |
|
|
|
323 |
|
Adjusted non-interest expense |
|
$ |
33,718 |
|
|
$ |
35,180 |
|
|
$ |
32,121 |
|
|
$ |
31,348 |
|
|
$ |
29,136 |
|
Net interest income |
|
$ |
39,110 |
|
|
$ |
42,031 |
|
|
$ |
41,944 |
|
|
$ |
39,566 |
|
|
$ |
39,289 |
|
Non-interest income |
|
|
9,089 |
|
|
|
8,330 |
|
|
|
8,969 |
|
|
|
9,637 |
|
|
|
9,022 |
|
Less: net gain on acquisition and branch sales |
|
|
— |
|
|
|
422 |
|
|
|
— |
|
|
|
540 |
|
|
|
— |
|
Less: net gains (losses) from securities transactions |
|
|
32 |
|
|
|
14 |
|
|
|
(17 |
) |
|
|
(32 |
) |
|
|
40 |
|
Adjusted non-interest income |
|
$ |
9,057 |
|
|
$ |
7,894 |
|
|
$ |
8,986 |
|
|
$ |
9,129 |
|
|
$ |
8,982 |
|
Net interest income plus adjusted non-interest income |
|
$ |
48,167 |
|
|
$ |
49,925 |
|
|
$ |
50,930 |
|
|
$ |
48,695 |
|
|
$ |
48,271 |
|
Non-interest expense to
net interest income plus non-interest income |
|
|
69.96 |
% |
|
|
69.99 |
% |
|
|
63.32 |
% |
|
|
63.89 |
% |
|
|
60.98 |
% |
Efficiency ratio |
|
|
70.00 |
% |
|
|
70.47 |
% |
|
|
63.07 |
% |
|
|
64.38 |
% |
|
|
60.36 |
% |
Net income (loss) allocable to common stockholders |
|
$ |
12,323 |
|
|
$ |
11,608 |
|
|
$ |
15,171 |
|
|
$ |
15,259 |
|
|
$ |
15,650 |
|
Add: income tax provision |
|
|
2,524 |
|
|
|
3,654 |
|
|
|
3,642 |
|
|
|
1,684 |
|
|
|
3,614 |
|
Add: provision (reversal) of credit losses |
|
|
(366 |
) |
|
|
(151 |
) |
|
|
(136 |
) |
|
|
824 |
|
|
|
(412 |
) |
Equity Bancshares, Inc.
PRESS RELEASE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income |
|
$ |
14,481 |
|
|
$ |
15,111 |
|
|
$ |
18,677 |
|
|
$ |
17,767 |
|
|
$ |
18,852 |
|
Total average assets |
|
$ |
4,994,417 |
|
|
$ |
4,930,231 |
|
|
$ |
4,988,755 |
|
|
$ |
5,067,687 |
|
|
$ |
5,108,120 |
|
Total average stockholders' equity |
|
$ |
420,500 |
|
|
$ |
398,270 |
|
|
$ |
436,191 |
|
|
$ |
437,483 |
|
|
$ |
492,599 |
|
Return on average assets (ROAA) annualized |
|
|
1.00 |
% |
|
|
0.93 |
% |
|
|
1.21 |
% |
|
|
1.21 |
% |
|
|
1.24 |
% |
Adjusted return on average assets |
|
|
1.18 |
% |
|
|
1.22 |
% |
|
|
1.49 |
% |
|
|
1.41 |
% |
|
|
1.50 |
% |
Adjusted return on average equity |
|
|
13.97 |
% |
|
|
15.05 |
% |
|
|
16.99 |
% |
|
|
16.29 |
% |
|
|
15.52 |
% |
