eqbk-8k_20201020.htm

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): October 20, 2020

EQUITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Kansas	001-37624	72-1532188
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

7701 East Kellogg Drive, Suite 300 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

Class A, Common Stock, par value $0.01 per share

Trading Symbol

EQBK

Name of each exchange on which registered

The Nasdaq Stock Market LLC

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 2.02Results of Operations and Financial Condition.

On October 20, 2020, Equity Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2020. 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 7.01Regulation FD Disclosure.

The Company intends to hold an investor call and webcast to discuss its financial results for the third quarter ended September 30, 2020 on Wednesday, October 21, 2020, 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 third quarter ended September 30, 2020 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 9.01Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Earnings Press Release, dated October 20, 2020
99.2		Equity Bancshares, Inc. 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: October 20, 2020	By: /s/ Eric R. Newell
	Eric R. Newell
	Executive Vice President and Chief Financial Officer

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020

Equity Bancshares, Inc. Reports Third Quarter Results

Equity continues stakeholder support programs during pandemic,

while deferring approximately 1% of total loans, maintains Tier 1 Capital ratio of 13.3%

and adds $2.97 tangible book per share year-to-date in 2020

WICHITA, Kansas, October 20, 2020 (GLOBE NEWSWIRE) – Equity Bancshares, Inc. (NASDAQ: EQBK), (“Equity”, “the Company”, “we”, “us”, “our”), the Wichita-based holding company of Equity Bank, reported its unaudited results for the third quarter ended September 30, 2020.

Equity recorded a $104.8 million impairment in the value of goodwill and a resulting net loss of $90.4 million or $6.01 per diluted share in the quarter ended September 30, 2020, while maintaining a Tier 1 capital ratio of 13.3%, growing tangible book value by $2.43 per share and continuing to grow core deposits and relationships. Net income, adjusted to exclude the impairment charge on goodwill, was $9.1 million, or $0.60 per diluted share.

“I’m very proud of our relationship bankers in each of our markets for their continued collaboration and support of our communities. As a result of our collaborative approach with our customers, we currently have approximately 1% of loans on deferral as of September 30, 2020, down from approximately 24% on June 30, 2020. We continue to be positioned for loan opportunities in all regional pipelines,” said Brad Elliott, Chairman and CEO of Equity.

“Despite the non-recurring impact of goodwill impairment on our earnings during the third quarter, our regulatory capital ratios and tangible book value, which grew to $23.72 during the third quarter, are the highest levels we’ve reported as a publicly-traded company and are indicative of a safe and sound bank under the regulatory capital framework. Our capital levels position Equity to support continued growth, long-term stability and core earnings. We continue to support our small business, commercial and family customers and we are confident that our leadership during the pandemic crisis indicates the resolve and importance of community banking and will be a key component of our Equity story.”

Through September 30, 2020, Equity reported net growth of more than 3,389 new consumer core deposit customers and $279.9 million in core deposit growth. Equity’s digital adoption among core banking customers through September 30, 2020, was 48.4% compared to 42.4% at September 30, 2019, with online bill payment and mobile deposit totals of $30.1 million, an 11.0% increase compared to the nine-month period ended September 30, 2019.

“We continue to be responsive and adaptive to our changing customer bases and upgrades to our online banking platform have resulted in continued customer satisfaction, as well as increased treasury service relationships and Equity Trust and Wealth Management customers,” said Mr. Elliott. “Our mission is to deliver sophisticated banking products to customers throughout a diverse range of markets. Upgraded online tools and savvy relationship bankers have helped us provide value to small businesses in our regions as well as consumers accessing their money in new and different ways.

Equity received two local honors for work within our regions and collaboration by our team members. The Company earned the honor of Leaders in Diversity and Inclusion 2020, its second straight year and third overall earning the honor from the Wichita Business Journal. Companies recognized are leading efforts to develop inclusive working environments, products and delivery that are impactful to their communities. Equity was also recognized as one of the Top Innovative Companies in Wichita in 2020, also awarded by the Wichita Business Journal, for its improvement in processes and outcomes for customers, including its digital upgrades and PPP implementation.

Notable Items:

•

Tangible book value per common share was $23.72 at September 30, 2020, as compared to $20.75 at December 31, 2019, representing an increase of 14.3% or $2.97. During the quarter ended September 30, 2020, the Company repurchased 383,523 shares at a weighted average cost of $15.48, totaling $5.9 million

•

At September 30, 2020, $40.2 million of loans were under deferment in connection to the COVID-19 crisis, as compared to $673.9 million, or 24.0% of total loans, under deferment at June 30, 2020.

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020

Equity’s Balance Sheet Highlights:

•

Total loans held for investment of $2.73 billion at September 30, 2020, as compared to total loans held for investment of $2.56 billion at December 31, 2019.

•

Total deposits of $3.13 billion at September 30, 2020, as compared to $3.06 billion at December 31, 2019. Signature deposits, including core deposits comprised of checking, savings and money market accounts, were $2.51 billion at September 30, 2020, relative to $2.23 billion at December 31, 2019.

•

Total assets were $3.87 billion at September 30, 2020, as compared to $3.95 billion at December 31, 2019.

Financial Results for the Quarter Ended September 30, 2020

Net loss allocable to common stockholders was $90.4 million, or $6.01 per diluted share, for the three months ended September 30, 2020, as compared to net income allocable to common stockholders of $1.7 million, or $0.11 per diluted share, for the three months ended June 30, 2020, a decrease of $92.1 million. This decrease was primarily attributable to a goodwill impairment charge of $104.8 million taken during the quarter. Net income, excluding the goodwill impairment, using a projected 22.5% effective tax rate, for the quarter ended September 30, 2020 totaled $9.1 million, or $0.60 per diluted share.

Net Interest Income

Net interest income was $32.1 million for the three months ended September 30, 2020, as compared to $32.9 million for the three months ended June 30, 2020, a $784 thousand, or 2.4% decrease. The decrease in net interest income was driven by a decrease in net interest margin of two basis points, declining to 3.47% for the three months ended September 30, 2020 from 3.49% for the three months ended June 30, 2020. The yield on earning assets declined two basis points to 4.01% for the quarter ended September 30, 2020 from 4.03% from the previous quarter. The cost of interest-bearing liabilities declined to 0.70% or one basis point for the quarter ended September 30, 2020 from 0.71% in the quarter ended June 30, 2020. The cost of interest-bearing deposits declined 13 basis points to 0.50% for the three months ended September 30, 2020 from 0.63% in the previous quarter primarily attributed to the decline in the cost of time deposits, which declined 28 basis points between the quarters. The cost of other borrowings increased to 4.45% in the three months ended September 30, 2020 from 2.09% from the quarter ended June 30, 2020, due the addition of subordinated debt issued by the Company in late June and late July, cumulatively adding $75 million of debt with a coupon of 7.0%.

Provision for Loan Losses

The provision for loan losses was $815 thousand for the three months ended September 30, 2020, as compared to $12.5 million for the three months ended June 30, 2020. For the three months ended September 30, 2020, we had net charge-offs of $806 thousand as compared to $337 thousand for three months ended June 30, 2020.

Non-Interest Income

Total non-interest income was $6.5 million for the three months ended September 30, 2020 increasing $753 thousand from the $5.7 million reported for the three months ended June 30, 2020. Service charges and fees were $1.7 million representing an increase of $341 thousand, or 25.0%, from the quarter ended June 30, 2020. The most significant driver of the increase was an improvement in overdraft fees. Debit card income totaled $2.5 million in the quarter ended September 30, 2020, increasing $290 thousand, or 13.2%, from the quarter ended June 30, 2020. Debit card transaction volume increased approximately 12% in the third quarter as compared to the second quarter of 2020.

Non-Interest Expense

Total non-interest expense for the quarter ended September 30, 2020 was $130.8 million; when the goodwill impairment charge of $104.8 million is excluded, pro-forma non-interest expense totals $26.0 million, compared to $23.9 million in the previous quarter. The $2.1 million increase is primarily attributed to a $1.2 million increase in salaries and employee benefits. The most significant contributor to the increase in salaries and benefits was a $791 thousand unfavorable

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020

change, due to the effect of salaries and benefits deferred as loan origination costs recognized in the three months ended June 30, 2020, related to PPP loan originations.

Asset Quality

As of September 30, 2020, Equity’s allowance for loan losses to total loans was 1.25%, as compared to 0.48% at December 31, 2019. Total reserves, including purchase discounts, to total loans were approximately 1.61% as of September 30, 2020, as compared to 0.85% at December 31, 2019. Nonperforming assets were $61.7 million as of September 30, 2020, or 1.60% of total assets. Nonperforming assets were $46.9 million at December 31, 2019, or 1.19% of total assets.

Regulatory Capital

The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 12.8%, the total capital to risk-weighted assets was 17.4% and the total leverage ratio was 8.8% at September 30, 2020. At December 31, 2019, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 11.6%, the total capital to risk-weighted assets ratio was 12.6% and the total leverage ratio was 9.0%. The Company’s subsidiary, Equity Bank, had a ratio of common equity tier 1 capital to risk-weighted assets of 14.2%, a ratio of total capital to risk-weighted assets of 15.4% and a total leverage ratio of 9.3% at September 30, 2020. At December 31, 2019, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 12.0%, their ratio of total capital to risk-weighted assets was 12.5% and their total leverage ratio was 8.9%.

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 used as a common measure by banks as a comparable metric to understand the Company’s expense structure relative to its total revenue; in other words, for every dollar of total revenue we recognize, how much of that dollar is expended. In order to improve the comparability of the ratio to our peers, we remove non-core items. 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, provision for loan losses and goodwill impairment 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 the “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 we believe it can be used 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

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020

measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 8 in the following press release tables.

Conference Call and Webcast

Equity Chairman and Chief Executive Officer, Brad Elliott, and Executive Vice President and Chief Financial Officer, Eric Newell, will hold a conference call and webcast to discuss third quarter 2020 results on Wednesday, October 21, 2020, at 10:00 a.m. eastern time, 9:00 a.m. central time.

Investors, news media and other participants should register for the call or audio webcast at. On Wednesday, October 21, 2020, participants may also dial into the call toll-free at (844) 534-7311 from anywhere in the U.S. or (574) 990-1419 internationally, using conference ID no. 4668766.

Participants are encouraged to dial into the call or access the webcast approximately 10 minutes prior to the start time. Presentation slides to pair with the call or webcast will be posted one hour prior to the call at investor.equitybank.com.

A replay of the call and webcast will be available two hours following the close of the call until October 27, 2020, accessible at (855) 859-2056 with conference ID no. 4668766 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,” “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 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 10, 2020, 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

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020

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. New risks and uncertainties arise from time to time, such as COVID-19, 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.

(816) 505-4063

[email protected]

Unaudited Financial Tables

•

Table 1. Consolidated Statements of Operations

•

Table 2. Quarterly Consolidated Statements of Operations

•

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 - 10/20/2020

TABLE 1. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Dollars in thousands, except per share data)

	Three months ended September 30,						Nine months ended September 30,
	2020			2019			2020			2019
Interest and dividend income
Loans, including fees	$	32,278		$	38,051		$	99,281		$	112,611
Securities, taxable		3,476			4,673			12,113			14,724
Securities, nontaxable		923			1,045			2,769			3,143
Federal funds sold and other		405			780			1,409			2,037
Total interest and dividend income		37,082			44,549			115,572			132,515
Interest expense
Deposits		3,064			10,507			13,827			32,381
Federal funds purchased and retail repurchase agreements		25			50			80			116
Federal Home Loan Bank advances		471			1,957			2,198			5,103
Federal Reserve Bank discount window		—			—			6			—
Bank stock loan		—			198			415			507
Subordinated debentures		1,415			311			1,953			955
Total interest expense		4,975			13,023			18,479			39,062

Net interest income		32,107			31,526			97,093			93,453
Provision for loan losses		815			679			23,255			17,299
Net interest income after provision for loan losses		31,292			30,847			73,838			76,154
Non-interest income
Service charges and fees		1,706			2,268			5,097			6,431
Debit card income		2,491			2,205			6,735			6,129
Mortgage banking		877			820			2,298			1,699
Increase in value of bank-owned life insurance		489			507			1,452			1,494
Net gains from securities transactions		—			4			12			17
Other		922			768			1,929			2,577
Total non-interest income		6,485			6,572			17,523			18,347
Non-interest expense
Salaries and employee benefits		13,877			13,039			40,076			40,204
Net occupancy and equipment		2,224			2,177			6,578			6,332
Data processing		2,817			2,673			8,243			7,436
Professional fees		877			991			3,187			3,375
Advertising and business development		598			806			1,697			2,174
Telecommunications		486			523			1,363			1,593
FDIC insurance		360			111			1,291			1,119
Courier and postage		366			352			1,103			1,020
Free nationwide ATM cost		439			459			1,186			1,240
Amortization of core deposit intangibles		1,030			784			2,806			2,348
Loan expense		107			165			628			608
Other real estate owned		133			(88	)		710			326
Merger expenses		—			—			—			915
Goodwill impairment		104,831			—			104,831			—
Other		2,690			2,231			6,831			6,099
Total non-interest expense		130,835			24,223			180,530			74,789
Income (loss) before income tax		(93,058	)		13,196			(89,169	)		19,712
Provision for income taxes (benefit)		(2,653	)		2,790			(1,711	)		4,147
Net income (loss) and net income (loss) allocable to common stockholders	$	(90,405	)	$	10,406		$	(87,458	)	$	15,565
Basic earnings (loss) per share	$	(6.01	)	$	0.67		$	(5.75	)	$	0.99
Diluted earnings (loss) per share	$	(6.01	)	$	0.66		$	(5.75	)	$	0.98
Weighted average common shares		15,040,407			15,514,042			15,211,901			15,679,556
Weighted average diluted common shares		15,040,407			15,708,038			15,211,901			15,896,605

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020

TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Dollars in thousands, except per share data)

	As of and for the three months ended
	September 30, 2020			June 30, 2020		March 31, 2020		December 31, 2019			September 30, 2019
Interest and dividend income
Loans, including fees	$	32,278		$	32,627	$	34,376	$	36,687		$	38,051
Securities, taxable		3,476			4,017		4,620		4,615			4,673
Securities, nontaxable		923			880		966		1,037			1,045
Federal funds sold and other		405			409		595		645			780
Total interest and dividend income		37,082			37,933		40,557		42,984			44,549
Interest expense
Deposits		3,064			3,899		6,864		8,533			10,507
Federal funds purchased and retail repurchase agreements		25			24		31		39			50
Federal Home Loan Bank advances		471			552		1,175		1,564			1,957
Federal Reserve Bank discount window		—			6		—		—			—
Bank stock loan		—			306		109		147			198
Subordinated debentures		1,415			255		283		296			311
Total interest expense		4,975			5,042		8,462		10,579			13,023

Net interest income		32,107			32,891		32,095		32,405			31,526
Provision for loan losses		815			12,500		9,940		1,055			679
Net interest income after provision for loan losses		31,292			20,391		22,155		31,350			30,847
Non-interest income
Service charges and fees		1,706			1,365		2,026		2,241			2,268
Debit card income		2,491			2,201		2,043		2,101			2,205
Mortgage banking		877			831		590		769			820
Increase in value of bank-owned life insurance		489			481		482		504			507
Net gains (losses) from securities transactions		—			4		8		(3	)		4
Other		922			850		157		1,029			768
Total non-interest income		6,485			5,732		5,306		6,641			6,572
Non-interest expense
Salaries and employee benefits		13,877			12,695		13,504		11,918			13,039
Net occupancy and equipment		2,224			2,119		2,235		2,342			2,177
Data processing		2,817			2,763		2,663		2,688			2,673
Professional fees		877			943		1,367		1,359			991
Advertising and business development		598			403		696		901			806
Telecommunications		486			390		487		486			523
FDIC insurance		360			414		517		109			111
Courier and postage		366			353		384		328			352
Free nationwide ATM cost		439			327		420		440			459
Amortization of core deposit intangibles		1,030			974		802		820			784
Loan expense		107			287		234		267			165
Other real estate owned		133			269		308		381			(88	)
Goodwill impairment		104,831			—		—		—			—
Other		2,690			2,000		2,141		2,807			2,231
Total non-interest expense		130,835			23,937		25,758		24,846			24,223
Income (loss) before income tax		(93,058	)		2,186		1,703		13,145			13,196
Provision for income taxes (benefit)		(2,653	)		497		445		3,131			2,790
Net income (loss) and net income (loss) allocable to common stockholders	$	(90,405	)	$	1,689	$	1,258	$	10,014		$	10,406
Basic earnings (loss) per share	$	(6.01	)	$	0.11	$	0.08	$	0.65		$	0.67
Diluted earnings (loss) per share	$	(6.01	)	$	0.11	$	0.08	$	0.64		$	0.66
Weighted average common shares		15,040,407			15,209,483		15,387,697		15,442,841			15,514,042
Weighted average diluted common shares		15,040,407			15,304,009		15,595,024		15,684,673			15,708,038

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020

TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands)

	September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019
ASSETS
Cash and due from banks	$	65,534		$	178,045		$	141,989		$	88,973		$	167,895
Federal funds sold		305			245			263			318			158
Cash and cash equivalents		65,839			178,290			142,252			89,291			168,053
Interest-bearing time deposits in other banks		499			2,248			2,498			2,498			3,497
Available-for-sale securities		798,576			177,228			187,812			142,067			152,680
Held-to-maturity securities⁽¹⁾		—			662,522			721,992			769,059			764,163
Loans held for sale		9,053			4,802			6,494			5,933			8,784
Loans, net of allowance for loan losses⁽²⁾		2,691,626			2,772,256			2,485,208			2,544,420			2,583,049
Other real estate owned, net		8,727			7,374			5,870			8,293			5,944
Premises and equipment, net		86,087			87,055			84,732			84,478			84,481
Bank-owned life insurance		76,555			76,066			75,585			75,103			74,599
Federal Reserve Bank and Federal Home Loan Bank stock		32,545			31,832			31,662			31,137			31,710
Interest receivable		18,110			19,598			15,549			15,738			16,994
Goodwill		31,601			136,432			136,432			136,432			136,432
Core deposit intangibles, net		17,101			18,131			19,105			19,907			20,727
Other		29,252			31,435			28,641			25,222			23,550
Total assets	$	3,865,571		$	4,205,269		$	3,943,832		$	3,949,578		$	4,074,663
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand	$	693,967		$	756,613		$	508,441		$	481,298		$	488,214
Total non-interest-bearing deposits		693,967			756,613			508,441			481,298			488,214
Savings, NOW and money market		1,816,307			1,800,132			1,668,145			1,749,048			1,689,606
Time		623,344			690,522			783,811			833,170			929,109
Total interest-bearing deposits		2,439,651			2,490,654			2,451,956			2,582,218			2,618,715
Total deposits		3,133,618			3,247,267			2,960,397			3,063,516			3,106,929
Federal funds purchased and retail repurchase agreements		46,295			51,557			37,113			35,708			40,652
Federal Home Loan Bank advances		167,862			344,900			389,620			324,373			410,093
Bank stock loan		—			—			40,000			8,990			14,770
Subordinated debentures		87,537			55,575			14,638			14,561			14,485
Contractual obligations		5,478			5,571			5,781			5,836			3,744
Interest payable and other liabilities		22,609			20,633			18,932			18,534			16,940
Total liabilities		3,463,399			3,725,503			3,466,481			3,471,518			3,607,613
Commitments and contingent liabilities
Stockholders’ equity
Common stock		174			174			174			174			174
Additional paid-in capital		386,016			384,955			383,850			382,731			382,155
Retained earnings		38,300			128,704			127,015			125,757			115,743
Accumulated other comprehensive income (loss)		21,074			3,390			3,769			(3	)		(423	)
Employee stock loans		(43	)		(43	)		(43	)		(77	)		(77	)
Treasury stock		(43,349	)		(37,414	)		(37,414	)		(30,522	)		(30,522	)
Total stockholders’ equity		402,172			479,766			477,351			478,060			467,050
Total liabilities and stockholders’ equity	$	3,865,571		$	4,205,269		$	3,943,832		$	3,949,578		$	4,074,663

⁽¹⁾ Fair market value of held-to-maturity securities	$	—		$	689,206		$	750,900		$	783,911		$	778,966
⁽²⁾ Allowance for loan losses		34,087			34,078			21,915			12,232			17,875

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020

TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)

(Dollars in thousands, except per share data)

	As of and for the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2020			2020			2020			2019			2019
Loans Held-For-Investment by Type
Commercial real estate	$	1,188,329		$	1,191,336		$	1,200,762		$	1,158,022		$	1,183,305
Commercial and industrial		857,244			883,355			542,571			592,052			585,797
Residential real estate		402,242			442,486			480,603			503,439			531,257
Agricultural real estate		127,349			129,080			130,795			141,868			143,718
Consumer		67,465			71,037			64,799			68,378			70,944
Agricultural		83,084			89,040			87,593			92,893			85,903
Total loans held-for-investment		2,725,713			2,806,334			2,507,123			2,556,652			2,600,924
Allowance for loan losses		(34,087	)		(34,078	)		(21,915	)		(12,232	)		(17,875	)
Net loans held-for-investment	$	2,691,626		$	2,772,256		$	2,485,208		$	2,544,420		$	2,583,049


Asset Quality Ratios
Allowance for loan losses to total loans		1.25	%		1.21	%		0.87	%		0.48	%		0.69	%
Past due or nonaccrual loans to total loans		2.12	%		1.88	%		2.47	%		1.66	%		2.23	%
Nonperforming assets to total assets		1.60	%		1.37	%		1.22	%		1.19	%		1.40	%
Nonperforming assets to total loans plus other real estate owned		2.26	%		2.05	%		1.92	%		1.83	%		2.19	%
Classified assets to bank total regulatory capital		18.85	%		20.81	%		19.50	%		21.24	%		29.79	%


Selected Average Balance Sheet Data (QTD Average)
Investment securities	$	802,525		$	877,308		$	907,910		$	911,923		$	926,839
Total gross loans receivable		2,758,680			2,806,865			2,525,344			2,568,301			2,646,454
Interest-earning assets		3,679,168			3,786,629			3,519,267			3,563,642			3,657,970
Total assets		4,041,187			4,159,336			3,888,205			3,932,909			4,030,606
Interest-bearing deposits		2,430,407			2,487,187			2,531,508			2,563,519			2,673,007
Borrowings		377,158			384,727			355,303			377,561			390,562
Total interest-bearing liabilities		2,807,565			2,871,914			2,886,811			2,941,080			3,063,569
Total deposits		3,145,810			3,257,631			3,021,181			3,055,275			3,152,785
Total liabilities		3,558,099			3,675,731			3,405,638			3,459,347			3,567,354
Total stockholders' equity		483,088			483,605			482,567			473,562			463,252
Tangible common equity^*		329,039			327,411			325,470			315,569			304,492


Performance ratios
Return on average assets (ROAA) annualized		(8.90	)%		0.16	%		0.13	%		1.01	%		1.02	%
Return on average assets before income tax, provision for loan losses and goodwill impairment*		1.24	%		1.42	%		1.20	%		1.43	%		1.37	%
Return on average equity (ROAE) annualized		(74.45	)%		1.40	%		1.05	%		8.39	%		8.91	%
Return on average equity before income tax, provision for loan losses and goodwill impairment*		10.37	%		12.21	%		9.70	%		11.90	%		11.88	%
Return on average tangible common equity (ROATCE) annualized^*		(108.31	)%		3.03	%		2.35	%		13.42	%		14.38	%
Return on average tangible common equity adjusted for goodwill impairment*		12.02	%		3.03	%		2.35	%		13.42	%		14.38	%
Yield on loans annualized		4.65	%		4.68	%		5.47	%		5.67	%		5.70	%
Cost of interest-bearing deposits annualized		0.50	%		0.63	%		1.09	%		1.32	%		1.56	%
Cost of total deposits annualized		0.39	%		0.48	%		0.91	%		1.11	%		1.32	%
Net interest margin annualized		3.47	%		3.49	%		3.67	%		3.61	%		3.42	%
Efficiency ratio^*		67.38	%		61.98	%		68.88	%		63.63	%		63.59	%
Non-interest income / average assets		0.64	%		0.55	%		0.55	%		0.67	%		0.65	%
Non-interest expense / average assets		12.88	%		2.31	%		2.66	%		2.51	%		2.38	%

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020

Capital Ratios
Tier 1 Leverage Ratio		8.76	%		8.52	%		9.02	%		9.02	%		8.49	%
Common Equity Tier 1 Capital Ratio		12.76	%		12.02	%		11.67	%		11.63	%		11.08	%
Tier 1 Risk Based Capital Ratio		13.32	%		12.57	%		12.20	%		12.15	%		11.59	%
Total Risk Based Capital Ratio		17.35	%		15.33	%		13.00	%		12.59	%		12.21	%
Total stockholders' equity to total assets		10.40	%		11.41	%		12.10	%		12.10	%		11.46	%
Tangible common equity to tangible assets^*		9.23	%		8.00	%		8.47	%		8.45	%		7.88	%
Book value per common share	$	27.08		$	31.53		$	31.41		$	30.95		$	30.25
Tangible book value per common share^*	$	23.72		$	21.29		$	21.10		$	20.75		$	19.99
Tangible book value per diluted common share^*	$	23.57		$	21.13		$	20.96		$	20.39		$	19.73

* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 6. Non-GAAP Financial Measures

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020

TABLE 5. YEAR-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

	For the nine months ended							For the nine months ended
	September 30, 2020							September 30, 2019
	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	$	757,772	$	26,788		4.72	%	$	566,658	$	28,221		6.66	%
Commercial real estate		942,478		36,533		5.18	%		1,035,634		41,401		5.34	%
Real estate construction		245,167		8,644		4.71	%		204,642		10,449		6.83	%
Residential real estate		464,340		14,528		4.18	%		518,110		18,192		4.69	%
Agricultural real estate		133,302		5,574		5.59	%		138,861		6,105		5.88	%
Consumer		67,255		3,461		6.87	%		70,529		4,060		7.70	%
Agricultural		86,874		3,753		5.77	%		86,463		4,183		6.47	%
Total loans		2,697,188		99,281		4.92	%		2,620,897		112,611		5.74	%
Securities
Taxable securities		737,010		12,113		2.20	%		780,813		14,724		2.52	%
Nontaxable securities		125,352		2,769		2.95	%		142,735		3,143		2.94	%
Total securities		862,362		14,882		2.31	%		923,548		17,867		2.59	%
Federal funds sold and other		102,202		1,409		1.84	%		84,045		2,037		3.24	%
Total interest-earning assets	$	3,661,752		115,572		4.22	%	$	3,628,490		132,515		4.88	%
Interest-bearing liabilities
Savings, NOW and money market deposits	$	1,754,759		4,923		0.37	%	$	1,705,612		16,914		1.33	%
Time deposits		728,083		8,904		1.63	%		997,270		15,467		2.07	%
Total interest-bearing deposits		2,482,842		13,827		0.74	%		2,702,882		32,381		1.60	%
FHLB advances		271,548		2,198		1.08	%		266,118		5,103		2.56	%
Other borrowings		100,864		2,454		3.25	%		70,044		1,578		3.01	%
Total interest-bearing liabilities	$	2,855,254		18,479		0.86	%	$	3,039,044		39,062		1.72	%

Net interest income			$	97,093						$	93,453
Interest rate spread						3.36	%						3.16	%

Net interest margin ⁽²⁾						3.54	%						3.44	%

⁽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 - 10/20/2020

TABLE 6. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

	For the three months ended							For the three months ended
	September 30, 2020							September 30, 2019
	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	$	848,096	$	8,400		3.94	%	$	562,399	$	8,845		6.24	%
Commercial real estate		979,775		12,886		5.23	%		1,012,393		14,678		5.75	%
Real estate construction		214,775		2,233		4.14	%		211,235		3,191		6.00	%
Residential real estate		429,965		4,733		4.38	%		561,423		6,402		4.52	%
Agricultural real estate		131,725		1,718		5.19	%		140,693		2,115		5.96	%
Consumer		69,485		1,104		6.32	%		71,688		1,441		7.97	%
Agricultural		84,859		1,204		5.65	%		86,623		1,379		6.32	%
Total loans		2,758,680		32,278		4.65	%		2,646,454		38,051		5.70	%
Securities
Taxable securities		683,630		3,476		2.02	%		782,994		4,673		2.37	%
Nontaxable securities		118,895		923		3.09	%		143,845		1,045		2.88	%
Total securities		802,525		4,399		2.18	%		926,839		5,718		2.45	%
Federal funds sold and other		117,963		405		1.36	%		84,677		780		3.66	%
Total interest-earning assets	$	3,679,168		37,082		4.01	%	$	3,657,970		44,549		4.83	%
Interest-bearing liabilities
Savings, NOW and money market deposits	$	1,784,891		875		0.19	%	$	1,707,459		5,389		1.25	%
Time deposits		645,516		2,189		1.35	%		965,548		5,118		2.10	%
Total interest-bearing deposits		2,430,407		3,064		0.50	%		2,673,007		10,507		1.56	%
FHLB advances		248,437		471		0.75	%		320,528		1,957		2.42	%
Other borrowings		128,721		1,440		4.45	%		70,034		559		3.17	%
Total interest-bearing liabilities	$	2,807,565		4,975		0.70	%	$	3,063,569		13,023		1.69	%

Net interest income			$	32,107						$	31,526
Interest rate spread						3.31	%						3.14	%

Net interest margin ⁽²⁾						3.47	%						3.42	%

⁽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 - 10/20/2020

TABLE 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

	For the three months ended							For the three months ended
	September 30, 2020							June 30, 2020
	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	$	848,096	$	8,400		3.94	%	$	868,302	$	8,378		3.88	%
Commercial real estate		979,775		12,886		5.23	%		934,186		12,192		5.25	%
Real estate construction		214,775		2,233		4.14	%		253,672		2,837		4.50	%
Residential real estate		429,965		4,733		4.38	%		467,246		4,854		4.18	%
Agricultural real estate		131,725		1,718		5.19	%		130,533		1,955		6.02	%
Consumer		69,485		1,104		6.32	%		65,096		1,145		7.07	%
Agricultural		84,859		1,204		5.65	%		87,830		1,266		5.80	%
Total loans		2,758,680		32,278		4.65	%		2,806,865		32,627		4.68	%
Securities
Taxable securities		683,630		3,476		2.02	%		753,332		4,017		2.14	%
Nontaxable securities		118,895		923		3.09	%		123,976		880		2.86	%
Total securities		802,525		4,399		2.18	%		877,308		4,897		2.24	%
Federal funds sold and other		117,963		405		1.36	%		102,456		409		1.61	%
Total interest-earning assets	$	3,679,168		37,082		4.01	%	$	3,786,629		37,933		4.03	%
Interest-bearing liabilities
Savings, NOW and money market deposits	$	1,784,891		875		0.19	%	$	1,754,280		923		0.21	%
Time deposits		645,516		2,189		1.35	%		732,907		2,976		1.63	%
Total interest-bearing deposits		2,430,407		3,064		0.50	%		2,487,187		3,899		0.63	%
FHLB advances		248,437		471		0.75	%		270,785		552		0.82	%
Other borrowings		128,721		1,440		4.45	%		113,942		591		2.08	%
Total interest-bearing liabilities	$	2,807,565		4,975		0.70	%	$	2,871,914		5,042		0.71	%

Net interest income			$	32,107						$	32,891
Interest rate spread						3.31	%						3.32	%

Net interest margin ⁽²⁾						3.47	%						3.49	%

⁽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 - 10/20/2020

TABLE 8. NON-GAAP FINANCIAL MEASURES (Unaudited)

(Dollars in thousands, except per share data)

	As of and for the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2020			2020			2020			2019			2019

Income before income taxes	$	(93,058	)	$	2,186		$	1,703		$	13,145		$	13,196
Add: goodwill impairment		104,831			—			—			—			—
Less: tax effect		2,649			497			445			3,131			2,790
Adjusted income	$	9,124		$	1,689		$	1,258		$	10,014		$	10,406
Weighted average common shares outstanding		15,040,407			15,209,483			15,387,697			15,442,841			15,514,042
Effect of weighted average dilutive shares assuming positive net income		82,804			94,526			207,327			241,832			193,996
Weighted average diluted shares		15,123,211			15,304,009			15,595,024			15,684,673			15,708,038
Diluted earnings per share adjusted for goodwill impairment	$	0.60		$	0.11		$	0.08		$	0.64		$	0.66

Total stockholders' equity	$	402,172		$	479,766		$	477,351		$	478,060		$	467,050
Less: goodwill		31,601			136,432			136,432			136,432			136,432
Less: core deposit intangibles, net		17,101			18,131			19,105			19,907			20,727
Less: mortgage servicing asset, net		1			2			4			5			7
Less: naming rights, net		1,141			1,152			1,163			1,174			1,184
Tangible common equity	$	352,328		$	324,049		$	320,647		$	320,542		$	308,700
Common shares issued at period end		14,853,487			15,218,301			15,198,986			15,444,434			15,440,334
Diluted common shares outstanding at period end		14,945,282			15,333,977			15,297,319			15,719,810			15,647,456
Book value per common share	$	27.08		$	31.53		$	31.41		$	30.95		$	30.25
Tangible book value per common share	$	23.72		$	21.29		$	21.10		$	20.75		$	19.99
Tangible book value per diluted common share	$	23.57		$	21.13		$	20.96		$	20.39		$	19.73

Total assets	$	3,865,571		$	4,205,269		$	3,943,832		$	3,949,578		$	4,074,663
Less: goodwill		31,601			136,432			136,432			136,432			136,432
Less: core deposit intangibles, net		17,101			18,131			19,105			19,907			20,727
Less: mortgage servicing asset, net		1			2			4			5			7
Less: naming rights, net		1,141			1,152			1,163			1,174			1,184
Tangible assets	$	3,815,727		$	4,049,552		$	3,787,128		$	3,792,060		$	3,916,313
Total stockholders' equity to total assets		10.40	%		11.41	%		12.10	%		12.10	%		11.46	%
Tangible common equity to tangible assets		9.23	%		8.00	%		8.47	%		8.45	%		7.88	%

Total average stockholders' equity	$	483,088		$	483,605		$	482,567		$	473,562		$	463,252
Less: average intangible assets		154,049			156,194			157,097			157,993			158,760
Average tangible common equity	$	329,039		$	327,411		$	325,470		$	315,569		$	304,492
Net income (loss) allocable to common stockholders	$	(90,405	)	$	1,689		$	1,258		$	10,014		$	10,406
Add: goodwill impairment	$	104,831		$	—		$	—		$	—		$	—
Less: tax effect of goodwill impairment	$	5,305		$	—		$	—		$	—		$	—
Adjusted net income (loss) plus goodwill impairment	$	9,121		$	1,689		$	1,258		$	10,014		$	10,406
Amortization of intangible assets		1,043			986			814			833			797
Less: tax effect of intangible assets amortization		234			207			171			175			167
Adjusted net income (loss) allocable to common stockholders	$	9,930		$	2,468		$	1,901		$	10,672		$	11,036
Return on total average stockholders' equity (ROAE) annualized		(74.45	)%		1.40	%		1.05	%		8.39	%		8.91	%
Return on average tangible common equity (ROATCE) annualized		(108.31	)%		3.03	%		2.35	%		13.42	%		14.38	%
Adjusted return on average tangible common equity		12.01	%		3.03	%		2.35	%		13.42	%		14.38	%

Equity Bancshares, Inc.

PRESS RELEASE - 10/20/2020


Non-interest expense	$	130,835		$	23,937		$	25,758		$	24,846		$	24,223
Less: goodwill impairment		104,831			—			—			—			—
Non-interest expense, excluding goodwill impairment	$	26,004		$	23,937		$	25,758		$	24,846		$	24,223
Net interest income	$	32,107		$	32,891		$	32,095		$	32,405		$	31,526
Non-interest income		6,485			5,732			5,306			6,641			6,572
Less: net gains (losses) from securities transactions		—			4			8			(3	)		4
Non-interest income, excluding gains (losses) from securities transactions	$	6,485		$	5,728		$	5,298		$	6,644		$	6,568
Net interest income plus non-interest income, excluding net gains (losses) from securities transactions	$	38,592		$	38,619		$	37,393		$	39,049		$	38,094
Non-interest expense to net interest income plus non-interest income		339.02	%		61.98	%		68.87	%		63.63	%		63.58	%
Efficiency ratio		67.38	%		61.98	%		68.88	%		63.63	%		63.59	%
Net income (loss) allocable to common stockholders	$	(90,405	)	$	1,689		$	1,258		$	10,014		$	10,406
Add: income tax provision		(2,653	)		497			445			3,131			2,790
Add: provision for loan losses		815			12,500			9,940			1,055			679
Add: goodwill impairment		104,831			—			—			—			—
Adjusted net income	$	12,588		$	14,686		$	11,643		$	14,200		$	13,875
Total average assets	$	4,041,187		$	4,159,336		$	3,888,205		$	3,932,909		$	4,030,606
Total average stockholders' equity	$	483,088		$	483,605		$	482,567		$	473,562		$	463,252
Return on average assets (ROAA) annualized		(8.90	)%		0.16	%		0.13	%		1.01	%		1.02	%
Adjusted return on average assets		1.24	%		1.42	%		1.20	%		1.43	%		1.37	%
Adjusted return on average equity		10.37	%		12.21	%		9.70	%		11.90	%		11.88	%

Third Quarter 2020 Results Presentation October 21, 2020 Exhibit 99.2

Disclaimers Special Note Concerning Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These 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 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 10, 2020, 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. New risks and uncertainties arise from time to time, such as COVID-19, 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.

EQBK’s Value Proposition Market Diversification and Strategy for Growth Conservative Credit Culture and Effective Risk Management and Mitigation Robust Funding Capacity, Anchored by a Diverse, Low-Cost Deposit Base Experienced and Invested Management Team Focus on Efficient Performance Throughout our Diversified Business Lines

Franchise Overview

Diverse Market Segments Source: S&P Market Intelligence. Equity Bancshares, Inc. operating market reported above includes all bank locations and counties in which Equity Bank operates. Diverse market segments with economies based on transportation, manufacturing and healthcare Top employers in the region operate in a diverse array of industries including telecommunications, professional services, aircraft manufacturing, OEM manufacturing and transportation. Equity Bancshares ranks in the Top 10 for market share in 22 of the 27 counties served and ranks in the Top 5 in 19 of those counties.

Continue Building Value via Strategic Execution 2009 $8.8MM of TARP issued Opened 2 branches in Overland Park, KS 2014 Repurchased 1.3mm shares Refinanced TARP with Loan Close/Sell 3 branches and opened branch at Waterfront 2012 First Community Bancshares (FCB) merger $20.4M Capital Raise 2011 Repaid TARP with SBLF Purchase of 4 branches from Citizens Bancshares (Topeka) 2003-2004 Acquisition of National Bank of Andover Rebrand as Equity Bank 2005 Purchase of 2 Wichita branches from Hillcrest Bancshares 2006 Charter of FNB of Sarcoxie, MO acquisition Acquisition of Mortgage Centre, LLC Opened 2 branches in MO 2008 Ellis State Bank acquisition (Ellis/Hays) Branch opened in Lee’s Summit, MO 2010 $20.0M Capital Raise to fund growth 2013 Integrate FCB and double earnings CFO and CRO roles filled Implement repositioning initiatives 2007 Signature Bank KC acquisition Phase I Phase II Phase III Start-Up 2003 - 2007 Growth 2008 - 2011 Leverage Infrastructure Profitably 2012 - 2016 2015 First Independence (FFSL) merger IPO 2016 Community First (CFBI) merger Completed $35.4M private placement capital raise (PIPE) Phase IV Platform for Best in Class 2017-present 2017 Closed Prairie State merger (March) Hired CIO: John Blakeney Closed Patriot Bank merger (November) Closed Eastman Bank merger (November) $2.2B Total Assets $287MM $610MM (1) (2) (3) $3.9B (4) 2018 Hired President: Craig Anderson, CCO: Craig Mayo Closed Kansas Bank Corporation merger (May) Closed Adams Dairy Bank merger (May) Closed City Bank and Trust merger (August) 2019 Hired Gaylyn McGregor, Director of Trust and Wealth Management Implemented Q2 digital banking platform Closed acquisition of three branches in Guymon and Cordell, Oklahoma from Mid-First Bank (February) 2020 Hire of Eric Newell as CFO, transition of Greg Kossover to COO and Craig Anderson to President. Consolidated three branches. Note:Gray shading indicates capital activity. (1)Data as of 12/31/2007. (2)Data as of 12/31/2011. (3)Data as of 12/31/2016. (4)As reported for the quarter ended 9/30/2020. Completed $75MM subordinated debt issuance, bolstering capital in uncertain times while not diluting current shareholders.

Proven Track Record of Executing on M&A Since July 2015, EQBK has closed and integrated 8 whole bank acquisitions First Independence Corp. Community First Bancshares Prairie State Bancshares Eastman National Bancshares Cache Holdings, Inc. Kansas Bank Corporation Adams Dairy Bancshares City Bank & Trust Company Total Assets ($mm) $134 $475 $149 $254 $320 $310 $127 $172 Ann. Date 7/28/2015 7/14/2016 10/20/2016 7/17/2017 7/17/2017 12/18/2017 12/18/2017 6/12/2018 Closing Date 10/9/2015 11/10/2016 3/10/2017 11/09/2017 11/09/2017 5/4/2018 5/4/2018 8/23/18 Days to Close 73 119 141 115 115 137 137 72 P / TBV (%) 105% 153% 140% 176% 176% 141% 153% 141% P / Earnings 31.5x 10.6x 12.0x 11.8x 12.6x 17.0x 16.7x 15.5x Core Deposit Premium (%) 0.8% 6.7% 6.6% 9.8% 11.0% 6.3% 7.4% 4.5% Pricing Multiples EPS Impact (%) Accr. 25% 6% 8% 6% 3% 2% 5% TBV Dil. (%) - (9%) (1%) (3%) (2%) (2%) (1%) (2.8%) TBV Earnback < 1 yr 3.5 yrs 1.3 yrs 2.8 yrs 2.8 yrs 2.8 yrs 2.7 yrs 2.8 yrs Transaction Impact

Uniquely Positioned for Growth There are over 500 banks with deposits less than $750MM in our operating market.

Diversified Loan Portfolio Diverse, experienced officer team throughout our footprint specializing in commercial lending across a variety of industries. Relationship driven approach to provide most value to our customers as well as the Bank. Conservative approach to underwriting best positioning our bank and our customers for future success. Loan Portfolio Rate Composition and Yield(1) Loans by Purpose(2,3) YTD yield as of 9/30/2020 excluding the impact of PPP loans. YTD yield including these assets was 4.92%. For financial statement reporting, management considers other factors in addition to purpose when assessing risk and identifying reporting classes. As such, the above is not intended to reconcile to the company’s loan disclosures within the applicable financial statement. September 30, 2020 composition percentages exclude the impact of PPP loans.

Conservative Credit Culture Annualized Net Charge-Offs (NCO)/ Average Loans ($ in millions) Total Reserve Ratio Classified Assets to Total Regulatory Capital(1) Credit quality is our primary focus ahead of profitability. Robust risk identification and mitigation processes in place to proactively address portfolio risks. Proactive provisioning in periods of enhanced stress. Loan portfolio is well diversified to reduce concentration risk. Excludes $2.0M of Bank owned branch assets classified as Other Real Estate Owned within the Statements of Condition. Excludes the impact of the specific credit loss ($15.2M) summarized in the Company’s first quarter 2020 Form 10-Q and realized in subsequent periods.

Bank Liquidity & Dividend Capacity Liquidity Analysis Using trailing 1 month CPR Note:Dollars in thousands Dividend Capacity from the Bank Amortized Cost Unrealized Gain / Loss Carrying Value Carrying Value Residential MBS $581,265 $23,605 $604,870 Private Label CMO 21,165 (81) 21,084 US GSE 995 34 1,029 Corporate Bonds 44,508 356 44,864 SBA Loan Pools 1,227 49 1,276 State & Political Subdivisions 121,262 4,191 125,453 Total $770,422 $28,154 $798,576 Portfolio Characteristics Weighted Average Life 2.8 Years Modified Duration 2.6 Years Cash & Due From Banks $63,450 Fed Funds Sold 305 Money Market 2,084 FHLB Capacity Remaining 568,848 FRB Discount Window Capacity 275,635 Securities Not Pledged 80,806 Investment CDs 499 Equity Securities 501 Other avail. Unsecured Fed Funds Lines 149,250 Other avail. Secured Fed Funds Lines 2,956 Primary Liquidity Subtotal 1,144,334 Less: Requirements 315 Total Primary Liquidity 1,144,019 Total Secondary Liquidity 866,211 Total Liquidity $2,010,230 Primary Liquidity / Total Liabilities (%) 33.44% Secondary Liquidity / Total Liabilities (%) 25.32% Total Liquidity / Total Liabilities (%) 58.75% Liquidity Analysis $ in thousands Amortized Cost Gain / Loss Fair Value Carrying Value Residential MBS - AFS Cash & Due From Banks $63,450 Residential MBS - HTM Fed Funds Sold 305 US GSEs Money Market 2084 Corporate Bonds FHLB Capacity Remaining 568848 SBA Loan Pools FRB Discount Window Capacity 275635 State & Political Subdivisions Securities Not Pledged 80806 Total $0 $0 $0 $0 Investment CDs 499 Equity Securities 501 Portfolio Characteristics Other avail. Unsecured Fed Funds Lines 149250 Weighted Average Life Other avail. Secured Fed Funds Lines 2956 Modified Duration Primary Liquidity Subtotal 1144334 Taxable Equivalent Yield1 Less: Requirements 315 Total Primary Liquidity 1144019 Total Secondary Liquidity 866211 Dividend Capacity from the Bank Total Liquidity $2,010,230 2020YTD 2019 2018 Total Primary Liquidity / Total Liabilities (%) 0.33439999999999998 Earnings $,-87,458 $28,978 $40,181 $,-18,299 Secondary Liquidity / Total Liabilities (%) 0.25319999999999998 Dividends 7500 23000 30500 61000 Total Liquidity / Total Liabilities (%) 0.58750000000000002 $,-94,958 $5,978 $9,681 $,-79,299 FHLB Capacity 785177000 FHLB Outstanding 216329000 FHLB Capacity Remaining 568848000 Total AFS Securities 798576 Pledged to FRB -68910 Pledged to Public Funds -588891 Pledged to Repo Agreements -51087 Pledged to BBOK secured Fed Funds -3284 Pledged to Other -5598 AFS Not Pledged 80806 Total HTM Securities Fair Market Value Adjustment HTM Securities Total Market Value HTM Securities FMV HTM pledged to FRB FMV HTM pledged to Public funds FMV HTM pledged to Repo agreements FMV HTM pledged to BBOK secured Fed Funds FMV HTM pledged to Other HTM Securities Not Pledged 0 Total Securities Not Pledged 80806 FRB Discount Window Line Outstanding Available FRB Discount Window 0

Tangible Book Value Tangible Book Value per Share(1) and Tangible Common Equity (1) TBV CAGR 2016 - 3Q 2020: 9.91% Non-GAAP financial measure. See the non-GAAP reconciliation at the end of this presentation.

Fully integrated digital banking platform with an adoption rate of 48.4% among core banking customers Online bill payment and mobile deposit activity is up 11.0% year over year Strong Core Deposit Franchise Year-to-Date annualized cost. Includes interest and non-interest bearing deposits. Core deposits excludes time deposits > $100K. Dollars in thousands. Cost of Deposits: 0.62%(1) Deposit Composition Core Deposits / Total Deposits (2) Total Deposits & Loans to Deposit Ratio

Executive Leadership Founded Equity Bank in 2002 2018 EY Entrepreneur of the Year National Finalist 2014 Most Influential CEO, Wichita Business Journal Served as Regional President of Sunflower Bank prior to forming Equity Bank Previously served as Director of Sales and Marketing for Koch Industries Brad Elliott Chairman & CEO Years at Equity: 18 | Years in Banking: 31 Greg Kossover EVP, COO & CFO Became COO in April 2020 Served as CFO from 2013 to 2020 EQBK Board of Directors, 2011-current Previously served as president of Physicians Development Group Previously served as CEO of Value Place, LLC, growing the franchise to more than 150 locations in 25 states Greg Kossover Chief Operating Officer Years at Equity: 7 | Years in Banking: 20 Eric Newell Chief Financial Officer Years in Banking: 18 Craig Anderson President Years at Equity: 2 | Years in Banking: 38 Became President in April 2020 Served as COO from 2018 to 2020 Joined Equity Bank in March 2018 Previously served as President of UMBF Commercial Banking More than 38 years of banking experience, concentrated in commercial lending roles Joined Equity Bank in April 2020 Previously served as CFO at United Bank in Hartford, CT ($7.3bn assets) CFO and head of Treasury at Rockville Bank, Glastonbury, Conn. Analyst for AllianceBernstein and Fitch Began career as examiner with FDIC

Senior Leadership Team Team Member Role Years with EQBK Years in Banking Julie Huber EVP, Strategic Initiatives 17 26 Craig Mayo EVP, Chief Credit Officer 2 36 Brett Reber EVP, General Counsel 2 2 Mark Parman EVP, President - Kansas City and Director of Metro Banking 10 39 Gaylyn McGregor EVP, Director of Trust & Wealth Management 2 30 Patrick Harbert EVP, Community Markets, Sales & Service 17 25 John Blakeney EVP, Chief Information Officer 3 32 Tina Call SVP, Chief Risk Officer 4 31 John Hanley SVP, Senior Director of Marketing 7 15 Patrick Salmans SVP, Human Resources Director 8 24 Brad Daniel SVP, Chief Deposit Strategy Officer 1 26 Jeremy Allen SVP, Director of Operations 1 23 Thad VanHiel SVP, Director of Special Assets 1 23 David King SVP, Regional President - Wichita 8 20 Joshua Means SVP, Regional President - Western Missouri 2 17 Richard Lehrter SVP, President - Tulsa 1 35

Robust Growth Gross Loans ($Millions) Total Deposits ($Millions) Tangible Book Value per Share(1) Annualized Pre-Tax, Pre-Provision Net Revenue ($Thousands)(2) Non-GAAP financial measure. See the non-GAAP reconciliation at the end of this presentation. Excludes impact of goodwill impairment charge taken during the third quarter. Including the impairment, pre-tax, pre-provision revenue was (64,203) through 9/30/2020.

Interest Income & Net Interest Margin ($) Thousands (1) (1) (1) Excludes the impact of PPP loans for the second and third quarter 2020, as well as the 2020 YTD period. Including these balance the second and third quarter results would be 3.49% and 3.47%, respectively, while YTD results would be 3.54% Annual Results

Successfully Managing Profitability Does not include gains on sales and settlement of securities. See Non-GAAP reconciliation at the end of this presentation for detail on these items. Does not include merger expenses or effect of goodwill impairment. See Non-GAAP reconciliation at the end of this presentation for detail on these items. Dollar amounts in thousands. Non-Interest Income(1) Non-Interest Expense(2)

Loss per share of $(6.01) for 3Q 2020 Impairment charge on goodwill of $104.8 million was taken during the quarter, resulting in net loss to common stockholders of $90.4 million Net income adjusted for the goodwill impairment charge, net of tax impact, was $9.1 million, or $0.60 per diluted share EQBK Capital Ratios as of 9/30/2020: Leverage Ratio of 8.76%, or 9.68% adjusted to exclude PPP loans Total Risk-Based Capital Ratio of 17.35% Tangible Common Equity to Tangible Assets of 9.23%(1), or 10.24% adjusted to exclude PPP loans Tangible common book value per share of $23.72(1), an increase of 11.4% quarter over quarter Realized NIM expansion, adjusted for PPP loan impact, year over year to 3.60% for Q3 Completed a subordinated debt offering in the amount of $75M to bolster capital without diluting current shareholders Completed our share repurchase program originally authorized at a level of 1,100,000 shares 2020 Third Quarter Highlights Non-GAAP financial measure. See the non-GAAP reconciliation at the end of this presentation. Loans currently on a deferral plan, as a percent of gross loans, reduced from 24% to approximately 1% during the quarter. Raised protective and productive capital in a challenging environment without diluting current shareholders. Began the PPP forgiveness process between our borrowers and the SBA. Expect significant forgiveness to be realized in the fourth quarter.

Third Quarter Highlights - Continued Year-over-Year(1) Comparison Quarter-over-Quarter(1) Comparison Income Statement Balance Sheet Select Ratios Favorable (unfavorable) comparison to previous period. Year-over-Year is a comparison to comparable quarter end in previous year. Quarter-over-Quarter is a comparison to prior quarter end. Non-GAAP financial measure. See the non-GAAP reconciliation at the end of this presentation. Adjusted to exclude the impact of PPP loans. Including PPP, NIM was 3.49% and 3.47% for the second and third quarter, respectively. No adjustment for previous year results. Third quarter 2020 results exclude the impact of our goodwill charge and associated tax effects, as applicable. Refer to reconciliation of non-GAAP financial measures for additional detail. Diluted shares for the purpose of the calculation were 15,123,211 – the 82,804 in dilutive shares were not considered dilutive in non-adjusted EPS as the Company realized a loss for the period. 2020 Q3 Results $ % $ % Net interest income $32,107 $581 1.8% $-,784 -2.4% 32891 31526 Noninterest income 6,485 -87 -1.3% 753 0.13136775994417307 5732 6572 Operating revenue 38,592 494 1.3% -31 .1% $38,623 $38,098 Noninterest expense excluding goodwill impairment(2) 26,004 -1,781 -7.4% -2,067 -8.6% 23937 24223 Ajdusted pre-tax, pre-provision net revenue 12,588 -1,287 -9.3% -2,098 -0.14285714285714285 $14,686 $13,875 Non-cash goodwill impairment charge ,104,831 -,104,831 NM -,104,831 NM 0 0 Provision for loan losses 815 136 -0.20029455081001474 ,-11,685 0.93479999999999996 12500 679 Net income (loss) ,-90,405 -,100,811 NM ,-92,094 NM 1689 10406 Earnings (loss) per diluted share -6.01 -6.67 NM -6.12 NM 0.11 0.66 Adjusted net income(2) 9,121 -1,285 -0.12348645012492793 7,432 4.400236826524571 1689 10406 Adjusted earnings per share(2,4) 0.6 -6.0000000000000053E-2 -9.9% 0.49 4.4545454545454541 0.11 0.66 Investment securities $,798,576 $-,118,267 -0.12899373175123768 $,-41,174 -4.9% 839750 916843 Allowance for loan losses 34,087 16,212 0.906965034965035 9 264100005868889.3% 34078 17875 Total gross loans 2,725,713 ,124,789 4.8% ,-80,621 -2.9% 2806334 2600924 Total assets 3,865,571 -,209,092 -5.1% -,339,698 -8.8% 4205269 4074663 Deposits 3,133,618 26,689 .9% -,113,649 -3.5% 3247267 3106929 Equity ,402,172 ,-64,878 -0.1389101809228134 ,-77,594 -0.16173301150977767 479766 467050 Tangible common equity(2) ,352,328 43,628 0.14132815030774215 28,279 8.7% 324049 308700 Tangible book value per diluted share(2) 23.57 3.84 0.19462747085656359 2.4400000000000013 0.11547562707051592 21.13 19.73 NPAs / Total assets 1.6E-2 -2E-3 -0.14285714285714285 -2.3E-3 -0.16788321167883211 1.37E-2 1.4E-2 ALLL / Gross loans 1.2500000000000001E-2 5.6000000000000008E-3 0.81159420289855089 4.0000000000000105E-4 3.3% 1.21E-2 6.8999999999999999E-3 Net charge-offs / Avg loans (annualized) 1.1999999999999999E-3 -2.9999999999999997E-4 -5.2% -6.9999999999999999E-4 -0.20588235294117649 3.3999999999999998E-3 5.7999999999999996E-3 Efficiency ratio(2) 0.67379999999999995 -3.7899999999999934E-2 -5.9600566126749382 -5.3999999999999937E-2 -8.7% 0.61980000000000002 0.63590000000000002 Net interest margin(3) 3.5999999999999997E-2 1.799999999999996E-3 5.3% -5.0000000000000044E-4 -1.4% 3.6499999999999998E-2 3.4200000000000001E-2 TCE / TCA(2) 9.2299999999999993E-2 1.3499999999999998E-2 0.17131979695431471 1.2299999999999991E-2 0.15374999999999989 0.08 7.8799999999999995E-2

Adjusted Operating Performance Trends – Quarter-over-Quarter(1) Adjusted Diluted Earnings Per Share (3) Efficiency Ratio(1,2) & Non-Interest Expense / Average Assets(3) Non-GAAP financial measure. See the non-GAAP reconciliation at the end of this presentation. Does not include gains on sales and settlement of securities or bargain purchase gains associated with acquisitions. Third quarter 2020 results exclude the impact of our goodwill charge and associated tax effects, as applicable. Refer to reconciliation of non-GAAP financial measures for additional detail. Diluted shares for the purpose of the calculation were 15,123,211 – the 82,804 in dilutive shares were not considered dilutive in non-adjusted EPS as the Company realized a loss for the period. Adjusted Net Income(1) Pre-Tax, Pre-Provision Net Revenue(3)

Interest Income & Net Interest Margin Exclusive of PPP loan impact margin was down 5 bps Q/Q driven by reduced loan volume and asset repricing. Y/Y adjusted NIM is up 18 bps. Stated NIM remained relatively stable at 3.47% as the repricing of liabilities continued to materially offset declining asset yields. (2) Second and third quarter 2020 excludes the impact of the PPP loans, including these assets interest earning asset yield would be 4.03% and 4.01%, respective. NIM would be 3.49% and 3.47%, respectively. Includes Non-interest bearing deposits. (1) (1) Performance Notes

Margin Dynamic – Adjusted to Exclude PPP Loans EQBK begins raising deposit rates, with a focus on locking in time deposits at fixed rates to get ahead of the curve. 6/30 – 12/31/18 – EQBK reduced exposure to FHLB advances by $275M from $600M to $325M as market rates continued to rise. Excludes PPP loans which are carried at a fixed rate of 1%.

Successfully Managing Profitability Does not include gains on sales and settlement of securities. See Non-GAAP reconciliation at the end of this presentation. Does not include merger expenses or goodwill impairment charge. See Non-GAAP reconciliation at the end of this presentation. Q/Q increases in all categories of non-interest income, including a 25% increase in the amount of service charge income associated with customer accounts. Continued growth both Q/Q and Y/Y in debit card fee revenue. Strongest single quarter results in this line item over the previous 5 quarters. Non-Interest Income(1) ($000s) Non-Interest Expense(2) ($000s) Primary driver of increase Q/Q and Y/Y is salary and benefits. As compared to the previous quarter, the increase is primarily due to the reclassification of expense in 2Q associated with the cost to originate PPP loans. Expense is primarily up Y/Y due to the addition of key management personnel. The remaining expense categories are relatively consistent period over period as the Company works to enhance the efficiency of our operational structure.

Capital Position Over Time Non-GAAP financial measure. See the non-GAAP reconciliation at the end of this presentation. (1)

Total Loans by Purpose(1, 2) Gross Total Loans ($000s) $2,575,408 $2,556,652 $1,383,605 $2,117,270 Year-to-Date Loan Yield 4.98% 5.43% 5.74% 5.73% For financial statement reporting, management considers other factors in addition to purpose when assessing risk and identifying reporting classes. As such, the above is not intended to reconcile to the company’s loan disclosures within the applicable financial statement. September 30, 2020 composition percentages exclude the impact of PPP loans. For the Year-to-Date period ended September 30, 2020 yield has been adjusted to exclude PPP loans, including these loans yield would be 4.92%. $2,725,713 5.22%(3)

Hotel Portfolio Note: Dollars in Thousands, except as otherwise indicated. Total exposure as of the end of the third quarter was $285M Focused on ‘Select-Service’ subcategory within the industry, which has historically shown superior through-cycle performance Minimal restaurant and conference facilities within the properties Higher margins resulting in greater flexibility No direct exposure to major event centers (sports venues and conference centers). Partner with experienced hoteliers with strong franchise flags and proven performance in both up and down markets. Conservative underwriting provides meaningful cash flow cushion, primary focus is loan-to-cost: Weighted average LTV of approximately 54% Sophisticated sponsors with significant invested equity and resources to support operations. Geographically diversified exposure in top national markets based on MSA rankings. Financial flexibility is maximized within our portfolio through deep industry experience, strong operating partners, and conservative underwriting structure.

C&I Manufacturing Portfolio Total exposure of $136M as of the end of the third quarter 2020. The aerospace industry has been adversely impacted by both the Boeing 737 Max grounding and the coronavirus pandemic. Our customer base is comprised of experienced management teams who, we believe, have proactively addressed each of their issues through balance sheet and liquidity management. Ownership teams are also believed to have access to additional capital if, and when, the need arises. The non-aerospace portfolio is well diversified with an average balance per loan of $400K. Note: Dollars in Thousands, except as otherwise indicated.

Asset Quality – Quarter-over-Quarter Nonperforming Assets NPAs / Assets 1.40% Net Charge-Offs (NCO)/ Average Loans $0.26 NCO in $ ($ in millions) Nonaccrual Detail Classified Assets to Total Bank Regulatory Capital $0.58 1.19% 1.37% $0.34 45.3% 62.5% 69.2% 1.22% $6.70 Adjusted to exclude impact of credit specifically identified in March 31, 2019 Form 10-Q. Charge-offs of $390K and $5M have been excluded from Q3 and Q4 2019, respectively. Includes loans 90+ days past due and other repossessed assets which are not highlighted in the table. Excludes $2.0M in Bank owned branch assets classified as Other Real Estate Owned within the Statements of Condition. 37.3% 45.7% $1.70 (1) (2,3) $0.19(1) 1.54% $0.81 (3) (3) Purchased impaired loans classified as non-accrual that are current

Total Deposits Total ($000s) $3,123,447 $3,063,516 $2,382,013 Year-to-Date Cost of Deposits* 0.68% 0.96% 1.30% * Includes interest and non-interest bearing deposits. $2,960,397 0.91% $3,133,618 0.62%

Appendix

Selected Income Statement Data Selected Income Statement Data ($000s) YTD 09/30/20 12/31/19 12/31/18 12/31/17 12/31/16 12/31/14 2013 Interest income $,115,572 $,175,499 $,161,556 $,102,693 $61,799 $46,794 $46,845 Interest expense 18479 49641 36758 16691 9202 5433 5610 Net interest income 97093 125858 124798 86002 52597 41361 41235 Provision for loan losses 23255 18354 3961 2953 2119 1200 2583 Net interest income after provision 73838 107504 120837 83049 50478 40161 38652 Other income 17523 24988 19725 15440 10466 8674 7892 Other expense 180530 99635 94387 67463 47075 35645 35137 Income (loss) before income taxes -89169 32857 46175 31026 13869 13190 11407 Income taxes -1711 7278 10350 10377 4495 4203 3534 Net income (loss) -87458 25579 35825 20649 9374 8987 7873 Less: dividends and discount accretion on preferred stock 0 0 0 0 1 708 978 Net income (loss) allocable to common stockholders $,-87,458 $25,579 $35,825 $20,649 $9,373 $8,279 $6,895

Selected Balance Sheet Data Demonstrating balance sheet strength Includes interest-bearing deposits in other banks. Includes Federal Reserve Bank and Federal Home Loan Bank stock. Includes loans held-for-sale. Selected Balance Sheet Data ($000s) ASSETS 12/31/14 09/30/20 12/31/19 12/31/18 12/31/17 12/31/16 Cash and cash equivalents (1) $37,702 $66,338 $91,789 $,197,809 $55,691 $38,845 Investment securities (2) 318314 798576 942263 946445 722107 578093 Net loans(3) 720810 2700679 2550353 2566926 2111125 1382003 Other assets 97689 299978 365173 350536 281586 193251 Total assets $1,174,515 $3,865,571 $3,949,578 $4,061,716 $3,170,509 $2,192,192 LIABILITIES & STOCKHOLDERS' EQUITY Deposits $,981,177 $3,133,618 $3,063,516 $3,123,447 $2,382,013 $1,630,451 Borrowings 70370 301694 383632 464676 401652 293909 Other liabilities 5239 28087 24370 17652 12700 9868 Total liabilities 1056786 3463399 3471518 3605775 2796365 1934228 Stockholders' Equity 117729 402172 478060 455941 374144 257964 Total liabilities and stockholders' equity $1,174,515 $3,865,571 $3,949,578 $4,061,716 $3,170,509 $2,192,192

Capitalization (1) Total common equity less goodwill and intangibles divided by shares outstanding as of period end. Non-GAAP financial measure. See the non-GAAP reconciliation at the end of this presentation. Maintaining a strong regulatory capital position Ratio 12/31/14 09/30/20 12/31/19 12/31/18 12/31/17 12/31/16 Leverage Ratio 9.6199999999999994E-2 8.7599999999999997E-2 9.0200000000000002E-2 8.5999999999999993E-2 0.1033 0.1181 Tier 1 Risk-Based Capital Ratio 0.13159999999999999 0.13320000000000001 0.1215 0.1145 0.12139999999999999 0.14280000000000001 Total Risk-Based Capital Ratio 0.1386 0.17349999999999999 0.12590000000000001 0.1186 0.12509999999999999 0.14710000000000001 Common Equity Tier 1 Capital to Risk Weighted Assets NA 0.12759999999999999 0.1163 0.1095 0.1153 0.1338 Tangible Book Value per Common Share(1) $13.54 $23.72 $20.75 $19.079999999999998 $17.61 $16.64

The subsequent tables present non-GAAP reconciliations of the following calculations: Tangible Common Equity (TCE) to Tangible Assets (TA) Ratio Tangible Book Value per Common Share Return on Average Tangible Common Equity (ROATCE) Efficiency Ratio

TCE to TA and Tangible Book Value per Share As of and for the years ended Non-GAAP Financial Measures (Unaudited) (Dollars in thousands, except per share data) YTD September 30, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 December 31,2012 Total stockholders’ equity $,402,172 $,478,060 $,455,941 $,374,144 $,257,964 $,138,169 Less: goodwill 31,601 ,136,432 ,131,712 ,104,907 58,874 18,130 Less: core deposit intangibles, net 17,101 19,907 21,725 10,738 4,715 1,957 Less: mortgage servicing asset, net 1 5 11 17 23 Less: naming rights, net 1,141 1,174 1,217 1,260 0 0 Tangible common equity $,352,328 $,320,542 $,301,276 $,257,222 $,194,352 $86,198 Common shares outstanding at period end (1) 14,853,487 15,444,434 15,793,095 14,605,607 11,680,308 7,431,513 Book value per common share (1) $27.075931732393883 $30.953546112470033 $28.869642080922077 $25.61646359511111 $22.085376515756259 $14.301932863469389 Tangible book value per common share (1) $23.720221386399029 $20.75453202105043 $19.076438152243114 $17.611181787925695 $16.639287251671785 $11.598983948490705 Total assets $3,865,571 $3,949,578 $4,061,716 $3,170,509 $2,192,192 $1,188,850 Less: goodwill 31,601 ,136,432 ,131,712 ,104,907 58,874 18,130 Less: core deposit intangibles, net 17,101 19,907 21,725 10,738 4,715 1,957 Less: mortgage servicing asset, net 1 5 11 17 23 Less: naming rights, net 1,141 1,174 1,217 1,260 0 0 Tangible assets $3,815,727 $3,792,060 $3,907,051 $3,053,587 $2,128,580 $1,168,763 Tangible common equity to tangible assets 9.233574624180399E-2 8.4529780646930688E-2 7.7110843958781192E-2 8.4236014890029326E-2 9.1305941049901806E-2 7.3751479127932701E-2 (1) Share and per share data includes Class A and Class B common stock issued and outstanding and vested, but unissued RSU shares. Non-GAAP Financial Measures, continued (Unaudited) As of and for the three months ended As of and for the three months ended As of and for the three months ended As of and for the three months ended (Dollars in thousands, except per share data) March 31, 2017 March 31, 2017 March 31, 2017 March 31, 2016 December 31,2012 Total average stockholders' equity $,264,736 $,264,736 $,264,736 $,153,929 $,102,032 Less: average intangible assets and preferred stock 65,185 65,185 65,185 20,616 33,653 Average tangible common equity (1) (3) $,199,551 $,199,551 $,199,551 $,133,313 $68,379 Net income allocable to common stockholders (1) 4,864 4,864 4,864 3,439 3,814 Amortization of core deposit intangible 218 218 218 87 192 Less: tax effect of amortization of core deposit intangible (2) -76 -76 -76 -30 -65 Adjusted net income allocable to common stockholders $5,006 $5,006 $5,006 $3,496 $3,941 Return on average tangible common equity (ROATCE) 0.10173895951967722 0.10173895951967722 0.10173895951967722 0.10547234826937482 5.7634653914213428E-2 Non-interest expense $15,226 $15,226 $15,226 $9,689 $22,900 Less: merger expenses 926 926 926 0 1,519 Less: loss on debt extinguishment 0 0 0 58 0 Non-interest expense, excluding merger expenses and loss on debt extinguishment $14,300 $14,300 $14,300 $9,631 $21,381 Net interest income $19,893 $19,893 $19,893 $12,758 $25,570 Non-interest income $3,339 $3,339 $3,339 $2,697 $4,826 Less: net gains on sales and settlement of securities 13 13 13 420 3 Less: net gain on acquisition 0 0 0 0 0 Non-interest income, excluding net gains on sales and settlement of securities and net gain on acquisition $3,326 $3,326 $3,326 $2,277 $4,823 Efficiency ratio 0.61587493001421245 0.61587493001421245 0.61587493001421245 0.64057199866977055 0.70348435495015305 ____________________ (1) Share and per share data includes Class A and Class B common stock issued and outstanding (2) Tax rates used in this calculation were 35% for 2015 and 2014 and 34% for 2013, 2012, and 2011 (3) All periods disclosed were calculated using a simple average of tangible common equity

ROATCE and Efficiency Ratio Non-GAAP Financial Measures (Unaudited) Years Ended December 31, (Dollars in thousands, except per share data) Mar. 2018 Mar. 2018 2017 2016 Total stockholders’ equity $,381,487 $,381,487 $,374,144 $,257,964 Less: preferred stock 0 0 0 0 Less: goodwill ,103,412 ,103,412 ,104,907 58,874 Less: core deposit intangibles, net 10,355 10,355 10,738 4,715 Less: mortgage servicing asset, net 16 16 17 23 Less: naming rights, net 1,249 1,249 1,260 0 Tangible common equity $,266,455 $,266,455 $,257,222 $,194,352 Common shares outstanding at period end (1) 14,621,258 14,621,258 14,605,607 11,680,308 Book value per common share $26.091256990335577 $26.091256990335577 $25.61646359511111 $22.085376515756259 Tangible book value per common share $18.223808101874681 $18.223808101874681 $17.611181787925695 $16.639287251671785 Total assets $3,176,062 $3,176,062 $3,170,509 $2,192,192 Less: goodwill ,103,412 ,103,412 ,104,907 58,874 Less: core deposit intangibles, net 10,355 10,355 10,738 4,715 Less: mortgage servicing asset, net 16 16 17 23 Less: naming rights, net 1,249 1,249 1,260 0 Tangible assets $3,061,030 $3,061,030 $3,053,587 $2,128,580 Tangible common equity to tangible assets 8.7047497084314751E-2 8.7047497084314751E-2 8.4236014890029326E-2 9.1305941049901806E-2 (1) Share and per share data includes Class A and Class B common stock issued and outsanding (2) Tax rates used in this calculation were 35% (3) All periods disclosed, except 2018, 2017 and 2016, were calculated using a simple average of tangible common equity Non-GAAP Financial Measures, continued (Unaudited) As of and for the years ended (Dollars in thousands, except per share data) QTD September 30, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 Total average stockholders' equity $,483,088 $,463,445 $,420,453 $,293,798 $,168,822 Less: average intangible assets and preferred stock ,154,049 ,158,410 ,139,131 76,320 25,883 Average tangible common equity $,329,039 $,305,035 $,281,322 $,217,478 $,142,939 Net income (loss) allocable to common stockholders $,-90,405 $25,579 $35,825 $20,649 $9,373 Goodwill impairment ,104,831 0 0 0 0 Less: tax effect 5,305 0 0 0 0 Adjusted net income 9,121 25,579 35,825 20,649 9,373 Amortization of intangibles 1,043 3,218 2,492 1,070 419 Less: tax effect 234 676 523 375 147 Adjusted net income excluding intangible amortization $9,930 $28,121 $37,794 $21,344 $9,645 Return on average tangible common equity (ROATCE) (2) 0.12005911285526218 9.2189420886127818E-2 0.13434427453238637 9.8143260467725466E-2 6.7476336059437939E-2 Non-interest expense $,130,835 $99,635 $94,387 $67,463 $47,075 Less: merger expenses 0 915 7,462 5,352 5,294 Less: goodwill impairment ,104,831 0 0 0 0 Less: loss on debt extinguishment 0 0 0 0 58 Adjusted non-interest expense $26,004 $98,720 $86,925 $62,111 $41,723 Net interest income $32,107 $,125,858 $,124,798 $86,002 $52,597 Non-interest income $6,485 $24,988 $19,725 $15,440 $10,466 Less: net gains (losses) from securities transactions 0 14 -9 271 479 Adjusted non-interest income $6,485 $24,974 $19,734 $15,169 $9,987 Efficiency ratio 0.67381840796019898 0.65450302323114462 0.60142390612459529 0.61392098526257521 0.66667199284162082 ____________________ (1) Tax rates used for 2020 were 22.5%, except actual for goodwill impairment. Tax rates used were 21% for 2019 and 35% for previous years. (2) Annualized

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