Equity Bancshares, Inc. Second Quarter Results Highlighted by Strong Earnings Momentum and Margin Expansion

View all news 07/14/2026 EPS of $1.27 and Core EPS of $1.41 Reflects Franchise Earning Power Equity Bancshares, Inc. (NYSE: EQBK), (“Equity”, “the Company,” “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, reported net income of $26.4 million or $1.27 per diluted share for the quarter ended June 30, 2026. Core earnings per diluted share for the quarter was $1.41. “This quarter demonstrates what we wanted to accomplish when we entered into and then closed the Frontier transaction on January 1. It has driven growth in both earnings and efficiency. Our ROATCE was 16.6% and our efficiency ratio was 53.4% both improving meaningfully. We have built the franchise to compete and continuously drive improving performance," said Brad S. Elliott, Chairman and CEO of Equity Bancshares. “The core conversion is complete, the integration work is largely behind us, and our team is focused on what we do best: growing relationships, serving customers, and producing results. The second half of 2026 is about execution and organic growth, and Rick Sems has done a great job working with the entire team, both old and new, to position them to have the ability to grow organically," Mr. Elliott continued. Notable Items: Net interest income was $73.8 million, up modestly quarter over quarter and 48.3% year over year. Margin expanded in the period from 4.33% to 4.36%. Loan purchase accounting accretion was $2.9 million in the quarter.Efficiency ratio for the period improved to 53.4% from 56.7% in the previous period. As compared to the same period in 2025, the ratio improved 10.2 percentage points, or 16.1%. Non-interest expense, adjusted for merger expenses and intangible amortization, as a percentage of average assets improved 14 basis points quarter over quarter and 54 basis points year over year.Return on average equity for the quarter was 12.9%, up from 8.2% in the previous quarter. Adjusting for merger costs and amortization of intangible assets in both periods, return on tangible common equity ("ROATCE") improved to 16.6% from 16.1% in the previous quarter. As compared to the same period in the prior year, return on tangible common equity improved 4.9%, from 11.7%. Core ROATCE was 17.2% for the quarter.Book value per share increased to $40.22 from $39.37 and tangible book value per share increased to $33.45 from $32.58. Tangible common equity to tangible common assets closed the quarter at 9.1%.During the quarter, the Company realized net charge-offs of $1.7 million. The allowance for credit losses (“ACL”) closed the quarter at 1.19% of outstanding balances, while ACL plus purchase discounts on loans closed the quarter at 1.73%.The Company announced an $0.18 dividend on outstanding common shares as of June 30, 2026. During the quarter, the Company repurchased 211,369 shares at a weighted average cost of $45.02 per share. Year to date the Company has repurchased 711,369 shares at a weighted average cost of $44.84. Under the currently active repurchase plan, 116,293 additional shares are authorized for purchase. Financial Results for the Quarter Ended June 30, 2026 Net income was $26.4 million, or $1.27 per diluted share, as compared to $17.0 million, or $0.80 per diluted share in the prior quarter. Core net income was $29.4 million or $1.41 per diluted share, demonstrating the underlying earnings power of the franchise. The drivers of the current period results are discussed in detail in the following sections. Net Interest Income Net interest income was $73.9 million for the period, as compared to $73.7 million in the previous quarter. Net interest margin was 4.36%, up 3 basis points from 4.33% in the prior quarter. The expansion was driven by a favorable shift in earning asset composition toward higher-yielding categories and increased discount accretion on bonds called during the quarter. Average interest-earning assets were $6.8 billion. The yield on interest-earning assets increased 1 basis point while cost of interest-bearing liabilities decreased by 5 basis points. Looking ahead, management anticipates a modestly lower margin of 4.25% to 4.35% for the remainder of 2026 as earning assets expand. Provision for Credit Losses During the quarter, the Company recognized a provision for loan losses of $1.3 million, decreasing significantly from the prior quarter which was elevated due to integration of Frontier balances into the reserve framework. Net charge-offs were $1.7 million, or an annualized 12 basis points of average loans. At quarter end, ACL to gross loans held for investment was 1.19% and ACL plus purchase discounts was 1.73%. The Company continues to estimate the allowance with assumptions reflecting slower prepayment rates and continued disruption from trade policy, elevated inflation, and monetary policy pressures. Non-Interest Income Total non-interest income was $8.1 million, down $1.4 million from the prior quarter. Results were negatively impacted by losses on security transactions and the write-down of a fund investment of $2.2 million. Adjusted for these losses, non-interest income was $10.3 million, up $0.7 million linked quarter, reflecting growth in debit and credit card income along with expansion in mortgage and trust and wealth management revenue. Non-interest income for the second half of 2026 is expected in the range of $18 to $22 million. Non-Interest Expense Total non-interest expense was $46.9 million as compared to $55.0 million for the prior quarter. Excluding merger expenses in both periods, non-interest expense was $46.8 million versus $49.2 million, a decrease of $2.5 million or 5.1%. The improvement reflects ongoing operational efficiency gains and the impact of the core system conversion completed in the first quarter. Non-interest expense for the second half of 2026 is expected in the range of $94 to $98 million. Income Tax Expense At June 30, 2026, the effective tax rate for the quarter was 21.6% as compared to 23.7% for the quarter ended March 31, 2026. The decrease in the effective tax rate was primarily attributable to the nonrecurrence of state tax expense recognized in the first quarter related to the remeasurement of deferred tax assets, partially offset by lower tax benefits associated with restricted stock units in the second quarter. The first-quarter remeasurement was driven by decreased state apportionment, which resulted in certain deferred tax assets being measured at a lower state tax rate. The year-to-date tax rate is 22.4% as compared to 18.6% at June 30, 2025. Loans, Total Assets and Funding Loans held for investment were $5.4 billion at period end, decreasing $22.6 million during the quarter. Total assets closed the quarter at $7.7 billion, remaining consistent with the prior quarter end. Total deposit balances closed the quarter at $6.3 billion, remaining consistent with the previous quarter end. Brokered deposits closed the quarter at 8.0% of total deposits up from 5.7% at prior quarter end. Asset Quality Nonperforming assets were $66.3 million, or 0.86% of total assets, compared to $58.4 million or 0.76% at prior quarter end. The increase is primarily attributable to additions from the Frontier portfolio. Classified assets to regulatory capital remained stable at 11.9%. The Company continues to actively manage credit quality across all markets. Capital Book capital increased $9.6 million quarter over quarter to $827.3 million. Tangible book value per share closed at $33.45, up from $32.58 at prior quarter end. CET1 capital was 11.84%, total risk-based capital was 14.66%, and the leverage ratio was 9.97%. The Company has repurchased 711,369 shares year to date at a weighted average price of $44.84 per share. The dividend payout ratio year to date was 17.4%, within the Company's 10 to 20% target range. Non-GAAP Financial Measures In addition to evaluating the Company’s results of operations in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial condition and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company’s GAAP financial information. The efficiency ratio is a common comparable metric used by banks to understand the expense structure relative to total revenue. In other words, for every dollar of total revenue recognized, how much of that dollar is expended. To improve the comparability of the ratio to our peers, non-core items are excluded. To improve transparency and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure. Core income calculations are a non-GAAP measure that management believes is an effective alternative measure of how efficiently the company utilizes its asset base. Core income is calculated by adjusting GAAP income by non-core gains and losses and excluding non-core expenses, net of tax, as outlined in the table below. We calculate (a) core net income (loss) allocable to common stockholders plus merger expenses, tax effected non-core items, goodwill impairment and BOLI tax adjustment, less gain (loss) from securities transactions; (b) adjusted operating net income as net income (loss) allocable to common stockholders plus adjusted non-core items, tax effected non-core items and BOLI tax adjustments. Core return on average assets before income tax provision and provision for loan losses is a measure that the Company uses to understand fundamental operating performance before these expenses. Used as a ratio relative to average assets, we believe it demonstrates “core” performance and can be viewed as an alternative measure of how efficiently the Company services its asset base. Used as a ratio relative to average equity, it can function as an alternative measure of the Company’s earnings performance in relationship to its equity. Core return on average equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate by taking core net income allocable to common stockholders divided by a simple average of net income and core net income plus average stockholders' equity. For return on average equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity. Core earnings per share is a non-GAAP financial measure we calculate by taking GAAP net income less non-core impacts to net income to arrive at core net income and core diluted earnings per share. This financial measure is used by financial statement users to evaluate the core financial performance of the Company. Tangible common equity and related measures are non-GAAP financial measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These financial measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors. The Company believes that disclosing these non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 6 in the following press release tables. Conference Call and Webcast Equity's Chairman and Chief Executive Officer, Brad Elliott, Chief Executive Officer of Equity Bank, Rick Sems, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast on July 15, 2026 at 9:00 a.m. Central Time to discuss the Company's financial results. Those wishing to participate in the conference call should call the applicable number below and reference the Access Code below. United States (Local): +1 626 884 3620 United States (Toll-Free): +1 833 461 5787 Global Dial-In Numbers Access Code: 797391070 To eliminate wait times, conference call participants may pre-register using this registration link. After registering, a confirmation with access details will be sent via email. A replay of the call and webcast will be available two hours following the close of the call until July 31, 2026, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/797391070 About Equity Bancshares, Inc. Equity Bancshares, Inc. is a Wichita-based bank holding company. Equity Bank serves customers in Kansas, Missouri, Oklahoma, Arkansas, Nebraska, and Iowa, with total assets of $7.7 billion as of June 30, 2026. More information is available at equitybank.com. Special Note Concerning Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “positioned,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; the possibility that the expected benefits related to the proposed transaction with Frontier Bank (“Frontier”) may not materialize as expected; and the ability to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; and similar variables. The foregoing list of factors is not exhaustive. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2026, as amended, 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. Unaudited Financial Tables Table 1. Consolidated Statements of IncomeTable 2. Quarterly Consolidated Statements of IncomeTable 3. Consolidated Balance SheetsTable 4. Selected Financial HighlightsTable 5. Year-To-Date Net Interest Income AnalysisTable 6. Quarter-To-Date Net Interest Income AnalysisTable 7. Quarter-Over-Quarter Net Interest Income AnalysisTable 8. Non-GAAP Financial Measures TABLE 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share data) Three Months Ended June 30, Six Months ended June 30, 2026 2025 2026 2025 Interest and dividend income Loans, including fees $ 90,577 $ 62,868 $ 182,039 $ 125,865 Securities, taxable 14,878 8,821 28,537 17,935 Securities, nontaxable 207 358 429 735 Federal funds sold and other 2,162 2,140 4,843 4,336 Total interest and dividend income 107,824 74,187 215,848 148,871 Interest expense Deposits 30,143 20,090 60,621 39,467 Federal funds purchased and retail repurchase agreements 208 219 400 467 Federal Home Loan Bank advances 1,786 2,224 3,672 5,140 Federal Reserve Bank borrowings — — — — Bank stock loan — — 4 — Subordinated debt 1,815 1,852 3,615 3,703 Total interest expense 33,952 24,385 68,312 48,777 Net interest income 73,872 49,802 147,536 100,094 Provision (reversal) for credit losses 1,304 19 7,259 2,741 Net interest income after provision (reversal) for credit losses 72,568 49,783 140,277 97,353 Non-interest income Service charges and fees 2,414 2,177 4,907 4,241 Debit card income 3,391 3,052 6,508 5,556 Mortgage banking 589 212 937 318 Increase in value of bank-owned life insurance 1,623 1,321 3,021 4,914 Net gain on acquisition and branch sales — — — — Net gains (losses) from securities transactions (1,213 ) 12 (1,321 ) 24 Other 1,254 1,815 3,493 3,866 Total non-interest income 8,058 8,589 17,545 18,919 Non-interest expense Salaries and employee benefits 24,594 19,735 50,849 39,689 Net occupancy and equipment 4,624 3,482 9,413 7,157 Data processing 5,190 5,055 10,578 10,141 Professional fees 1,400 1,361 3,168 2,888 Advertising and business development 1,547 1,208 3,213 2,552 Telecommunications 604 588 1,294 1,175 FDIC insurance 1,165 464 1,930 1,094 Courier and postage 518 834 1,163 1,633 Free nationwide ATM cost 595 547 1,161 1,060 Amortization of core deposit intangibles 2,240 1,016 4,168 2,061 Loan expense 546 281 1,044 410 Other real estate owned and repossessed assets, net 35 103 126 204 Loss on debt extinguishment — 1,361 — 1,361 Merger expenses 133 355 5,858 421 Other 3,694 3,611 7,889 7,205 Total non-interest expense 46,885 40,001 101,854 79,051 Income (loss) before income tax 33,741 18,371 55,968 37,221 Provision for income taxes (benefit) 7,302 3,107 12,563 6,916 Net income (loss) and net income (loss) allocable to common stockholders $ 26,439 $ 15,264 $ 43,405 $ 30,305 Basic earnings (loss) per share $ 1.28 $ 0.87 $ 2.08 $ 1.73 Diluted earnings (loss) per share $ 1.27 $ 0.86 $ 2.06 $ 1.72 Weighted average common shares 20,624,793 17,524,296 20,829,784 17,503,735 Weighted average diluted common shares 20,825,444 17,651,298 21,037,028 17,654,211 TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share data) As of and for the Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Interest and dividend income Loans, including fees $ 90,577 $ 91,462 $ 74,362 $ 76,911 $ 62,868 Securities, taxable 14,878 13,659 11,450 9,416 8,821 Securities, nontaxable 207 222 179 307 358 Federal funds sold and other 2,162 2,681 4,875 4,464 2,140 Total interest and dividend income 107,824 108,024 90,866 91,098 74,187 Interest expense Deposits 30,143 30,478 23,998 24,990 20,090 Federal funds purchased and retail repurchase agreements 208 192 206 263 219 Federal Home Loan Bank advances 1,786 1,886 1,327 1,741 2,224 Bank stock loan — 4 — — — Subordinated debt 1,815 1,800 1,833 1,619 1,852 Total interest expense 33,952 34,360 27,364 28,613 24,385 Net interest income 73,872 73,664 63,502 62,485 49,802 Provision (reversal) for credit losses 1,304 5,955 (16 ) 6,228 19 Net interest income after provision (reversal) for credit losses 72,568 67,709 63,518 56,257 49,783 Non-interest income Service charges and fees 2,414 2,493 2,558 2,522 2,177 Debit card income 3,391 3,117 2,905 2,953 3,052 Mortgage banking 589 348 187 62 212 Increase in value of bank-owned life insurance 1,623 1,398 1,410 1,393 1,321 Net gains (losses) from securities transactions (1,213 ) (108 ) 154 (53,352 ) 12 Other 1,254 2,239 2,318 1,943 1,815 Total non-interest income 8,058 9,487 9,532 (44,479 ) 8,589 Non-interest expense Salaries and employee benefits 24,594 26,255 22,324 22,773 19,735 Net occupancy and equipment 4,624 4,789 4,327 4,317 3,482 Data processing 5,190 5,388 5,251 4,887 5,055 Professional fees 1,400 1,768 1,909 1,670 1,361 Advertising and business development 1,547 1,666 1,371 1,305 1,208 Telecommunications 604 690 657 630 588 FDIC insurance 1,165 765 832 653 464 Courier and postage 518 645 858 744 834 Free nationwide ATM cost 595 566 562 582 547 Amortization of core deposit intangibles 2,240 1,928 1,260 1,182 1,016 Loan expense 546 498 150 330 281 Other real estate owned and repossessed assets, net 35 91 28 797 103 Loss on debt extinguishment — — — — 1,361 Merger expenses 133 5,725 1,481 6,163 355 Other 3,694 4,195 5,577 3,049 3,611 Total non-interest expense 46,885 54,969 46,587 49,082 40,001 Income (loss) before income tax 33,741 22,227 26,463 (37,304 ) 18,371 Provision for income taxes (benefit) 7,302 5,261 4,379 (7,641 ) 3,107 Net income (loss) and net income (loss) allocable to common stockholders $ 26,439 $ 16,966 $ 22,084 $ (29,663 ) $ 15,264 Basic earnings (loss) per share $ 1.28 $ 0.81 $ 1.16 $ (1.55 ) $ 0.87 Diluted earnings (loss) per share $ 1.27 $ 0.80 $ 1.15 $ (1.55 ) $ 0.86 Weighted average common shares 20,624,793 21,037,054 19,021,327 19,129,726 17,524,296 Weighted average diluted common shares 20,825,444 21,263,164 19,235,412 19,129,726 17,651,298 TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 ASSETS Cash and due from banks $ 546,129 $ 563,766 $ 607,562 $ 699,165 $ 365,957 Federal funds sold 402 399 255 245 247 Cash and cash equivalents 546,531 564,165 607,817 699,410 366,204 Interest-bearing time deposits in other banks 579 932 575 574 — Available-for-sale securities 1,229,692 1,125,162 1,030,568 903,858 973,402 Held-to-maturity securities 5,168 5,254 5,248 5,243 5,236 Loans held for sale 2,723 7,631 1,392 617 217 Loans, net of allowance for credit losses(1) 5,341,305 5,364,030 4,145,424 4,215,118 3,555,458 Other real estate owned, net 3,793 5,026 5,388 3,147 4,621 Premises and equipment, net 141,098 140,648 136,720 132,857 117,533 Bank-owned life insurance 150,514 149,699 148,301 146,891 133,638 Federal Reserve Bank and Federal Home Loan Bank stock 42,719 38,806 34,053 33,713 34,835 Interest receivable 37,730 39,966 33,322 34,751 26,243 Goodwill 105,356 104,958 82,101 77,573 53,101 Core deposit intangibles, net 28,296 30,536 21,634 22,895 12,908 Other 90,117 90,557 120,629 88,984 90,441 Total assets $ 7,725,621 $ 7,667,370 $ 6,373,172 $ 6,365,631 $ 5,373,837 LIABILITIES AND STOCKHOLDERS’ EQUITY Deposits Demand $ 1,174,903 $ 1,274,533 $ 1,148,409 $ 1,147,201 $ 912,898 Total non-interest-bearing deposits 1,174,903 1,274,533 1,148,409 1,147,201 912,898 Demand, savings and money market 3,445,538 3,504,698 3,004,987 2,882,625 2,494,285 Time 1,683,376 1,521,679 984,868 1,064,943 827,735 Total interest-bearing deposits 5,128,914 5,026,377 3,989,855 3,947,568 3,322,020 Total deposits 6,303,817 6,300,910 5,138,264 5,094,769 4,234,918 Federal funds purchased and retail repurchase agreements 42,826 39,009 39,864 42,220 36,420 Federal Home Loan Bank advances and Federal Reserve Bank borrowings 385,408 347,660 300,000 341,378 383,676 Subordinated debt 98,377 98,263 98,145 98,174 24,125 Contractual obligations 8,520 9,678 10,208 16,664 17,289 Interest payable and other liabilities 59,415 54,240 54,637 60,534 41,773 Total liabilities 6,898,363 6,849,760 5,641,118 5,653,739 4,738,201 Commitments and contingent liabilities Stockholders’ equity Common stock 273 273 249 249 231 Additional paid-in capital 767,608 766,016 664,906 658,481 587,547 Retained earnings 241,225 218,534 205,328 186,718 219,876 Accumulated other comprehensive income (loss), net of tax (3,820 ) 930 7,032 4,720 (40,269 ) Treasury stock (178,028 ) (168,143 ) (145,461 ) (138,276 ) (131,749 ) Total stockholders’ equity 827,258 817,610 732,054 711,892 635,636 Total liabilities and stockholders’ equity $ 7,725,621 $ 7,667,370 $ 6,373,172 $ 6,365,631 $ 5,373,837 (1) Allowance for credit losses $ 64,413 $ 64,245 $ 52,756 $ 53,469 $ 45,270 TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except per share data) As of and for the Three Months Ended June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 Loans Held For Investment by Type Commercial real estate $ 2,968,281 $ 2,958,263 $ 2,226,348 $ 2,216,180 $ 1,854,294 Commercial and industrial 955,380 967,049 816,885 907,439 753,339 Residential real estate 710,948 720,441 582,145 590,598 565,755 Agricultural real estate 419,830 431,308 278,927 272,087 226,125 Agricultural 247,327 249,053 188,475 174,517 94,981 Consumer 103,952 102,161 105,400 107,766 106,234 Total loans held-for-investment 5,405,718 5,428,275 4,198,180 4,268,587 3,600,728 Allowance for credit losses (64,413 ) (64,245 ) (52,756 ) (53,469 ) (45,270 ) Net loans held for investment $ 5,341,305 $ 5,364,030 $ 4,145,424 $ 4,215,118 $ 3,555,458 Asset Quality Ratios Allowance for credit losses on loans to total loans 1.19 % 1.18 % 1.26 % 1.25 % 1.26 % Allowance for credit losses and discounts on loans to total loans 1.73 % 1.77 % 1.67 % 1.71 % 1.44 % Past due or nonaccrual loans to total loans 1.56 % 1.86 % 1.53 % 1.55 % 1.65 % Nonperforming assets to total assets 0.86 % 0.76 % 0.73 % 0.83 % 0.85 % Nonperforming assets to total loans plus other real estate owned 1.23 % 1.07 % 1.11 % 1.23 % 1.27 % Classified assets to bank total regulatory capital 11.90 % 12.00 % 12.06 % 12.37 % 11.39 % Selected Average Balance Sheet Data (QTD Average) Investment securities $ 1,158,422 $ 1,126,252 $ 937,277 $ 915,928 $ 961,869 Total gross loans receivable 5,389,418 5,454,281 4,209,562 4,247,338 3,630,981 Interest-earning assets 6,795,426 6,896,216 5,642,066 5,574,815 4,791,664 Total assets 7,330,174 7,451,709 6,141,284 6,084,961 5,206,950 Interest-bearing deposits 4,916,741 4,921,946 3,918,343 3,838,731 3,264,599 Borrowings 333,556 348,714 276,531 300,402 350,747 Total interest-bearing liabilities 5,250,297 5,270,660 4,194,874 4,139,133 3,615,346 Total deposits 6,110,974 6,193,296 5,073,696 5,004,830 4,183,473 Total liabilities 6,505,540 6,609,629 5,415,628 5,369,642 4,579,847 Total stockholders' equity 824,633 841,838 725,651 715,319 627,103 Tangible common equity* 684,552 700,096 616,872 620,273 554,697 Performance ratios Return on average assets (ROAA) annualized 1.45 % 0.92 % 1.43 % (1.93 )% 1.18 % Return on average equity (ROAE) annualized 12.86 % 8.17 % 12.07 % (16.45 )% 9.76 % Return on average tangible common equity (ROATCE) annualized* 16.59 % 10.77 % 14.91 % (18.31 )% 11.69 % Yield on loans annualized 6.74 % 6.80 % 7.01 % 7.18 % 6.94 % Cost of interest-bearing deposits annualized 2.46 % 2.51 % 2.43 % 2.58 % 2.47 % Cost of total deposits annualized 1.98 % 2.00 % 1.88 % 1.98 % 1.93 % Net interest margin annualized 4.36 % 4.33 % 4.47 % 4.45 % 4.17 % Efficiency ratio* 53.38 % 56.68 % 59.98 % 58.31 % 63.62 % Non-interest income / average assets 0.44 % 0.52 % 0.62 % (2.90 )% 0.66 % Non-interest expense / average assets 2.57 % 2.99 % 3.01 % 3.20 % 3.08 % Dividend payout ratio 14.18 % 22.31 % 15.73 % (11.78 )% 17.49 % Performance ratios - Core Core earnings per diluted share* $ 1.41 $ 1.32 $ 1.26 $ 1.21 $ 0.99 Core return on average assets* 1.61 % 1.52 % 1.57 % 1.51 % 1.35 % Core return on average equity* 14.26 % 13.41 % 13.23 % 12.47 % 11.18 % Core return on average tangible common equity* 17.17 % 16.10 % 15.56 % 14.30 % 12.64 % Core non-interest expense / average assets* 2.43 % 2.57 % 2.82 % 2.71 % 2.86 % Capital Ratios Tier 1 Leverage Ratio 9.97 % 9.59 % 10.64 % 10.41 % 12.07 % Common Equity Tier 1 Capital Ratio 11.84 % 11.54 % 13.08 % 12.84 % 15.07 % Tier 1 Risk Based Capital Ratio 12.26 % 11.96 % 13.59 % 13.35 % 15.67 % Total Risk Based Capital Ratio 14.66 % 14.36 % 16.31 % 16.09 % 16.84 % Total stockholders' equity to total assets 10.71 % 10.66 % 11.49 % 11.18 % 11.83 % Tangible common equity to tangible assets* 9.07 % 8.99 % 9.94 % 9.68 % 10.63 % Book value per common share $ 40.22 $ 39.37 $ 38.64 $ 37.25 $ 36.27 Tangible book value per common share* $ 33.45 $ 32.58 $ 32.86 $ 31.69 $ 32.17 Tangible book value per diluted common share* $ 33.06 $ 32.30 $ 32.43 $ 31.41 $ 31.89 * The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 8. Non-GAAP Financial Measures. TABLE 5. YEAR-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited) (Dollars in thousands) For the Six Months Ended For the Six Months Ended June 30, 2026 June 30, 2025 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 $ 987,695 $ 34,457 7.04% $ 716,978 $ 28,244 7.94% Commercial real estate 2,321,071 75,232 6.54% 1,417,625 49,635 7.06% Real estate construction 729,453 25,771 7.12% 459,915 17,919 7.86% Residential real estate 727,132 18,677 5.18% 566,198 13,588 4.84% Agricultural real estate 445,654 15,361 6.95% 261,006 9,988 7.72% Agricultural 263,132 9,143 7.01% 89,244 3,398 7.68% Consumer 112,130 3,399 6.11% 92,293 3,093 6.76% Total loans 5,586,267 182,040 6.57% 3,603,259 125,865 7.04% Securities Taxable securities 1,119,658 28,537 5.14% 922,597 17,935 3.92% Nontaxable securities 22,768 429 3.80% 55,167 735 2.69% Total securities 1,142,426 28,966 5.11% 977,764 18,670 3.85% Federal funds sold and other 286,305 4,842 3.41% 200,849 4,336 4.35% Total interest-earning assets $ 7,014,998 $ 215,848 6.20% $ 4,781,872 148,871 6.28% Interest-bearing liabilities Demand, savings and money market deposits $ 3,483,424 $ 35,439 2.05% $ 2,500,379 26,759 2.16% Time deposits 1,563,547 25,182 3.25% 742,606 12,708 3.45% Total interest-bearing deposits 5,046,971 60,621 2.42% 3,242,985 39,467 2.45% FHLB advances 195,851 3,672 3.78% 242,127 5,140 4.28% Other borrowings 146,126 4,020 5.55% 142,130 4,170 5.92% Total interest-bearing liabilities $ 5,388,948 $ 68,313 2.56% $ 3,627,242 48,777 2.71% Net interest income $ 147,535 $ 100,094 Interest rate spread 3.64% 3.57% Net interest margin(2) 4.24% 4.22% (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. TABLE 6. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited) (Dollars in thousands) For the Three Months Ended For the Three Months Ended June 30, 2026 June 30, 2025 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 930,538 $ 16,759 7.22% $ 743,538 $ 13,922 7.51% Commercial real estate 2,202,740 37,254 6.78% 1,411,211 25,042 7.12% Real estate construction 785,932 13,840 7.06% 461,898 9,117 7.92% Residential real estate 695,937 9,024 5.20% 566,719 6,873 4.86% Agricultural real estate 434,041 7,647 7.07% 257,947 4,574 7.11% Agricultural 236,758 4,363 7.39% 93,539 1,732 7.43% Consumer 103,472 1,690 6.55% 96,129 1,608 6.71% Total loans 5,389,418 90,577 6.74% 3,630,981 62,868 6.94% Securities Taxable securities 1,136,862 14,879 5.25% 908,331 8,821 3.89% Nontaxable securities 21,560 207 3.85% 53,538 358 2.68% Total securities 1,158,422 15,086 5.22% 961,869 9,179 3.83% Federal funds sold and other 247,586 2,161 3.50% 198,814 2,140 4.32% Total interest-earning assets $ 6,795,426 107,824 6.36% $ 4,791,664 74,187 6.21% Interest-bearing liabilities Demand, savings and money market deposits $ 3,422,011 17,994 2.11% $ 2,473,274 13,177 2.14% Time deposits 1,494,730 12,148 3.26% 791,325 6,913 3.50% Total interest-bearing deposits 4,916,741 30,142 2.46% 3,264,599 20,090 2.47% FHLB advances 189,336 1,785 3.78% 210,224 2,224 4.24% Other borrowings 144,220 2,023 5.63% 140,523 2,071 5.91% Total interest-bearing liabilities $ 5,250,297 33,950 2.59% $ 3,615,346 24,385 2.71% Net interest income $ 73,874 $ 49,802 Interest rate spread 3.77% 3.50% Net interest margin(2) 4.36% 4.17% (1) Average loan balances include nonaccrual loans. (2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period. (3) Tax exempt income is not included in the above table on a tax-equivalent basis. (4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts. TABLE 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited) (Dollars in thousands) For the Three Months Ended For the Three Months Ended June 30, 2026 March 31, 2026 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 930,538 $ 16,759 7.22% 989,469 $ 17,698 7.25% Commercial real estate 2,202,740 37,254 6.78% 2,266,995 37,977 6.79% Real estate construction 785,932 13,840 7.06% 672,347 11,931 7.20% Residential real estate 695,937 9,024 5.20% 718,633 9,653 5.45% Agricultural real estate 434,041 7,647 7.07% 424,055 7,714 7.38% Agricultural 236,758 4,363 7.39% 264,213 4,780 7.34% Consumer 103,472 1,690 6.55% 118,569 1,709 5.85% Total loans 5,389,418 90,577 6.74% 5,454,281 91,462 6.80% Securities Taxable securities 1,136,862 14,879 5.25% 1,102,263 13,659 5.03% Nontaxable securities 21,560 207 3.85% 23,989 222 3.76% Total securities 1,158,422 15,086 5.22% 1,126,252 13,881 5.00% Federal funds sold and other 247,586 2,161 3.50% 315,683 2,681 3.44% Total interest-earning assets $ 6,795,426 107,824 6.36% $ 6,896,216 108,024 6.35% Interest-bearing liabilities Demand savings and money market deposits $ 3,422,011 17,994 2.11% $ 3,425,976 17,445 2.07% Time deposits 1,494,730 12,148 3.26% 1,495,970 13,033 3.53% Total interest-bearing deposits 4,916,741 30,142 2.46% 4,921,946 30,478 2.51% FHLB advances 189,336 1,785 3.78% 202,439 1,886 3.78% Other borrowings 144,220 2,023 5.63% 146,275 1,996 5.53% Total interest-bearing liabilities $ 5,250,297 33,950 2.59% $ 5,270,660 34,360 2.64% Net interest income $ 73,874 $ 73,664 Interest rate spread 3.77% 3.71% Net interest margin(2) 4.36% 4.33% (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. TABLE 8. NON-GAAP FINANCIAL MEASURES (Unaudited) (Dollars in thousands, except per share data) As of and for the Three Months Ended June 30, March 31 December 31, September 30, June 30, 2026 2026 2025 2025 2025 Total stockholders' equity $ 827,258 $ 817,610 $ 732,054 $ 711,892 $ 635,636 Goodwill (105,356 ) (104,958 ) (82,101 ) (77,573 ) (53,101 ) Core deposit intangibles, net (28,296 ) (30,536 ) (21,634 ) (22,895 ) (12,908 ) Naming rights, net (5,553 ) (5,629 ) (5,703 ) (5,778 ) (5,852 ) Tangible common equity $ 688,053 $ 676,487 $ 622,616 $ 605,646 $ 563,775 Common shares outstanding at period end 20,567,009 20,767,023 18,944,987 19,111,084 17,527,191 Diluted common shares outstanding at period end 20,811,448 20,946,924 19,196,160 19,279,741 17,680,489 Book value per common share $ 40.22 $ 39.37 $ 38.64 $ 37.25 $ 36.27 Tangible book value per common share $ 33.45 $ 32.58 $ 32.86 $ 31.69 $ 32.17 Tangible book value per diluted common share $ 33.06 $ 32.30 $ 32.43 $ 31.41 $ 31.89 Total assets $ 7,725,621 $ 7,667,370 $ 6,373,172 $ 6,365,631 $ 5,373,837 Goodwill (105,356 ) (104,958 ) (82,101 ) (77,573 ) (53,101 ) Core deposit intangibles, net (28,296 ) (30,536 ) (21,634 ) (22,895 ) (12,908 ) Naming rights, net (5,553 ) (5,629 ) (5,703 ) (5,778 ) (5,852 ) Tangible assets $ 7,586,416 $ 7,526,247 $ 6,263,734 $ 6,259,385 $ 5,301,976 Total stockholders' equity to total assets 10.71 % 10.66 % 11.49 % 11.18 % 11.83 % Tangible common equity to tangible assets 9.07 % 8.99 % 9.94 % 9.68 % 10.63 % Total average stockholders' equity $ 824,633 $ 841,838 $ 725,651 $ 715,319 $ 627,103 Average intangible assets (140,081 ) (141,742 ) (108,779 ) (95,046 ) (72,406 ) Average tangible common equity $ 684,552 $ 700,096 $ 616,872 $ 620,273 $ 554,697 Net income (loss) allocable to common stockholders $ 26,439 $ 16,966 $ 22,084 $ (29,663 ) $ 15,264 Net gain on acquisition — — — — — Net (gain) loss on securities transactions 1,213 108 (154 ) 53,352 (12 ) Merger expenses 133 5,725 1,481 6,163 355 Loss on debt extinguishment — — — — 1,361 Day 2 Merger provision — 6,099 — 6,228 — Amortization of intangible assets 2,369 2,056 1,390 1,312 1,145 Tax effect of adjustments (780 ) (2,937 ) (571 ) (14,082 ) (598 ) Core net income (loss) allocable to common stockholders $ 29,374 $ 28,017 $ 24,230 $ 23,310 $ 17,515 Return on total average stockholders' equity (ROAE) annualized 12.86 % 8.17 % 12.07 % (16.45 )% 9.76 % Average tangible common equity $ 684,552 $ 700,096 $ 616,872 $ 620,273 $ 554,697 Average impact from core earnings adjustments 1,468 2,476 1,073 26,487 1,126 Core average tangible common equity $ 686,020 $ 702,572 $ 617,945 $ 646,760 $ 555,823 Return on average tangible common equity (ROATCE) annualized 16.59 % 10.77 % 14.91 % (18.31 )% 11.69 % Core return on average tangible common equity (CROATCE) annualized 17.17 % 16.10 % 15.56 % 14.30 % 12.64 % As of and for the Three Months Ended June 30, March 31 December 31, September 30, June 30, 2026 2026 2025 2025 2025 Non-interest expense $ 46,885 $ 54,969 $ 46,587 $ 49,082 $ 40,001 Merger expense (133 ) (5,725 ) (1,481 ) (6,163 ) (355 ) Amortization of intangible assets (2,369 ) (2,056 ) (1,390 ) (1,312 ) (1,145 ) Loss on debt extinguishment — — — — (1,361 ) Adjusted non-interest expense $ 44,383 $ 47,188 $ 43,716 $ 41,607 $ 37,140 Net interest income $ 73,872 $ 73,664 $ 63,502 $ 62,485 $ 49,802 Non-interest income 8,058 9,487 9,532 (44,479 ) 8,589 Net gains (losses) from securities transactions 1,213 108 (154 ) 53,352 (12 ) Adjusted non-interest income $ 9,271 $ 9,595 $ 9,378 $ 8,873 $ 8,577 Net interest income plus adjusted non-interest income $ 83,143 $ 83,259 $ 72,880 $ 71,358 $ 58,379 Non-interest expense to net interest income plus non-interest income 57.23 % 66.11 % 63.79 % 272.59 % 68.51 % Efficiency ratio 53.38 % 56.68 % 59.98 % 58.31 % 63.62 % Total average assets 7,330,174 7,451,709 6,141,284 $ 6,085,064 5,206,950 Core non-interest expense to average assets 2.43 % 2.57 % 2.82 % 2.71 % 2.86 % Net income (loss) allocable to common stockholders $ 26,439 $ 16,966 $ 22,084 $ (29,663 ) $ 15,264 Amortization of intangible assets 2,369 2,056 1,390 1,312 1,145 Tax effect of adjustments (497 ) (432 ) (292 ) (276 ) (240 ) Adjusted net income (loss) allocable to common stockholders 28,311 18,590 23,182 (28,627 ) 16,169 Net (gain) loss on securities transactions 1,213 108 (154 ) 53,352 (12 ) Merger expenses 133 5,725 1,481 6,163 355 Loss on debt extinguishment — — — — 1,361 Day 2 Merger provision — 6,099 — 6,228 — Tax effect of adjustments (283 ) (2,505 ) (279 ) (13,806 ) (358 ) Core net income (loss) allocable to common stockholders $ 29,374 $ 28,017 $ 24,230 $ 23,310 $ 17,515 Total average assets $ 7,330,174 $ 7,451,709 $ 6,141,284 $ 6,085,064 $ 5,206,950 Total average stockholders' equity $ 824,633 $ 841,838 $ 725,651 $ 715,319 $ 627,103 Weighted average diluted common shares 20,825,444 21,263,164 19,235,412 19,129,726 17,651,298 Diluted earnings (loss) per share $ 1.27 $ 0.80 $ 1.15 $ (1.55 ) $ 0.86 Core earnings per diluted share $ 1.41 $ 1.32 $ 1.26 $ 1.21 $ 0.99 Return on average assets (ROAA) annualized 1.45 % 0.92 % 1.43 % (1.93 )% 1.18 % Core return on average assets 1.61 % 1.52 % 1.57 % 1.51 % 1.35 % Return on average equity 12.86 % 8.17 % 12.07 % (16.45 )% 9.76 % Core return on average equity 14.26 % 13.41 % 13.23 % 12.47 % 11.18 % Source: Equity Bancshares Multimedia Files: View all news