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Equity Bancshares Inc (EQBK) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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    10-K Annual Report March 2019
    10-K Annual Report March 2018
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Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

 

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE – 1/26/2022

Equity Bancshares, Inc. Results Include Strong Organic Growth

While Expanding Kansas Franchise

 

Company’s fourth quarter includes full quarter results from American State Bank & Trust merger, successful assumption of three branches in the St. Joseph, Missouri market

 

WICHITA, Kansas, January 26, 2022 (GLOBE NEWSWIRE) – Equity Bancshares, Inc. (NASDAQ: EQBK), (“Equity”, “the Company”, “we”, “us”, “our”), the Wichita-based holding company of Equity Bank, reported net income of $10.5 million and $0.61 earnings per diluted share for the quarter ended December 31, 2021.  Equity’s results include a full quarter contribution from American State Bancshares, Inc. as a result of the completion of its acquisition on October 1, 2021, by Equity and an increased average outstanding share count.

 

“As we review 2021, we reached milestones for Equity Bank for our customers, teams, and shareholders,” said Brad Elliott, Chairman and CEO. “We issued the first common stock dividend in our company’s history and we completed and successfully integrated the largest merger in our bank’s history, welcoming American State Bank & Trust teammates into the Equity Bank family. Our teams followed that up with the addition of three branch locations in St. Joseph, Missouri, adding a new market to our Missouri footprint.”

 

Equity customers successfully had $51.3 million of Paycheck Protection Program (“PPP”) loans forgiven during the quarter, resulting in the recognition of fee income totaling $1.7 million in the three-month period ended December 31, 2021.  At December 31, 2021, the total unrecognized fee income associated with PPP loans was $1.3 million.

 

“Equity was founded on entrepreneurial spirit, and that teamwork and collaboration exists in every new initiative we take on as a company, and I’m thankful to our customer service and operational teams for their hard work assisting a diverse range of customers,” said Mr. Elliott. “In 2022, we expect to continue to strengthen our customer delivery options including online and mobile banking, while continuing to offer the personal approach our customers expect from their community bank.”

 

 

Notable Items:

 

 

Diluted earnings per share of $0.61, adjusted to reflect core operating results, was $0.82 per diluted share.  The adjustment to earnings was comprised of the exclusion of merger expenses of $4.6 million.

 

The Company authorized a third stock repurchase program in the third quarter of 2021 totaling 1,000,000 shares.  During the quarter ended December 31, 2021, the Company repurchased 132,873 shares at a weighted average cost of $32.99 per share, totaling $4.4 million from this plan as well as 719 shares from the previous authorization that expired on October 29, 2021.  At the end of the quarter, capacity of 867,127 shares remained under the current repurchase program.  

 

Non-accrual loans declined $35.6 million to $29.4 million for the quarter ended December 31, 2021, as compared to the quarter ended September 30, 2021, representing 0.93% non-accrual loans to total loans at December 31, 2021, the lowest level reported since 2016.


The following information was filed by Equity Bancshares Inc (EQBK) on Wednesday, January 26, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Equity Bancshares Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Borrowings - Schedule Of Borrowing Usage And Interest Rate Information For Federal Funds Purchased And Retail Repurchase Agreements (Detail)
Borrowings - Schedule Of Federal Funds Purchased And Retail Repurchase Agreements (Detail)
Borrowings - Summary Of Federal Home Loan Bank Advances (Detail)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Detail)
Business Combinations - Carrying Value Of Loans Acquired (Detail)
Business Combinations - Information About Loans Acquired (Detail)
Business Combinations - Summary Of The Amounts Of Assets Acquired And Liabilities Assumed Recognized At The Merger/Acquisition Date (Detail)
Commitments And Credit Risk
Commitments And Credit Risk (Tables)
Commitments And Credit Risk - Additional Information (Detail)
Commitments And Credit Risk - Summary Of Contractual Amounts Of Commitments And Standby Letters Of Credit To Originate Loans And Available Lines Of Credit (Detail)
Condensed Financial Information (Parent Company Only)
Condensed Financial Information (Parent Company Only) (Tables)
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Detail)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Cash Flows (Detail)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Income (Detail)
Contractual Obligations
Contractual Obligations - Additional Information (Detail)
Deposits
Deposits (Tables)
Deposits - Additional Information (Detail)
Deposits - Summary Of Reciprocal And Brokered Deposits (Detail)
Deposits - Summary Of Scheduled Maturities Of Time Deposits (Detail)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Detail)
Derivative Financial Instruments - Summary Of Net Gains Or Losses On Derivatives And Hedging Activities (Detail)
Derivative Financial Instruments - Summary Of Notional Balance And Fair Values Of Derivatives Outstanding (Detail)
Derivative Financial Instruments - Summary Of Recorded Net Gains Or Losses On Derivatives And Related Hedged Items In Fair Value Hedging Relationships (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Average Shares Not Included In The Computation Of Diluted Earnings (Loss) Per Share (Detail)
Earnings Per Share - Schedule Of Dilutive Shares Not Included In The Computation Of Diluted Earnings (Loss) Per Share (Detail)
Earnings Per Share - Summary Of Earnings Per Share (Detail)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits - Additional Information (Detail)
Employee Benefits - Schedule Of Net Pension Cost And Funded Status (Detail)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Detail)
Fair Value - Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Fair Value - Carrying Amounts And Estimated Fair Values Of Financial Instrument (Detail)
Fair Value - Summary Of Additional Information About Unobservable Inputs Used In Fair Value Measurement (Detail)
Fair Value - Summary Of Assets Measured At Fair Value On Non-Recurring Basis (Detail)
Goodwill And Core Deposit Intangibles
Goodwill And Core Deposit Intangibles (Tables)
Goodwill And Core Deposit Intangibles - Additional Information (Detail)
Goodwill And Core Deposit Intangibles - Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense (Detail)
Goodwill And Core Deposit Intangibles - Schedule Of Intangible Assets And Goodwill (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Schedule Of Components Of Income Tax Expense (Detail)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Detail)
Legal Matters
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Additional Information (Detail)
Loans And Allowance For Credit Losses - Categories Of Loans (Detail)
Loans And Allowance For Credit Losses - Impaired Loans, Segregated By Class Of Loans (Detail)
Loans And Allowance For Credit Losses - Schedule Of Aging Of Recorded Investment In Past Due Loans By Segment And Class Of Loans (Detail)
Loans And Allowance For Credit Losses - Schedule Of Allowance For Credit Losses On Off-Balance Sheet Credit Exposures (Detail)
Loans And Allowance For Credit Losses - Schedule Of Allowance For Loan Losses By Portfolio Segment Allowance (Detail)
Loans And Allowance For Credit Losses - Schedule Of Categories Of Loans Under The Payment Deferral Program (Detail)
Loans And Allowance For Credit Losses - Schedule Of Credit Risk Classification Of Loans Participating In Payment Deferral Program (Detail)
Loans And Allowance For Credit Losses - Schedule Of Loans Evaluated For Impairment (Detail)
Loans And Allowance For Credit Losses - Schedule Of Recorded Investments In Purchase Credit Impaired Loans (Detail)
Loans And Allowance For Credit Losses - Schedule Of Risk Category Of Loans By Class Of Loans (Detail)
Loans And Allowance For Credit Losses - Schedule Of Troubled Debt Restructurings (Detail)
Loans And Allowance For Credit Losses - Schedule Of Troubled Debt Restructurings By Accrual Status (Detail)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies - Additional Information (Detail)
Other Real Estate Owned
Other Real Estate Owned (Tables)
Other Real Estate Owned - Additional Information (Detail)
Other Real Estate Owned - Schedule For Changes In Other Real Estate Owned (Detail)
Other Real Estate Owned - Summary Of Other Real Estate Owned Expense (Detail)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Additional Information (Detail)
Premises And Equipment - Schedule Of Maturity Analysis Of Operating Lease Liabilities And Reconciliation Of Undiscounted Cash Flows To Total Operating Lease Liability (Detail)
Premises And Equipment - Schedule Of Operating Lease Costs (Detail)
Premises And Equipment - Schedule Of Premises And Equipment (Detail)
Premises And Equipment - Schedule Of Right-Of-Use Asset And Lease Obligations By Type Of Property (Detail)
Qualified Affordable Housing Project Investments
Qualified Affordable Housing Project Investments- Additional Information (Detail)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Additional Information (Detail)
Regulatory Matters - Summary Of Company's And Equity Bank's Capital Amounts And Ratios (Detail)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Detail)
Related Party Transactions - Changes In Loans Outstanding To Related Parties (Detail)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Summary Of Company's Source Of Non-Interest Income (Detail)
Securities
Securities (Tables)
Securities - Additional Information (Detail)
Securities - Amortized Cost And Fair Value Of Securities Available-For-Sale (Detail)
Securities - Fair Value And Amortized Cost Of Debt Securities By Contractual Maturity (Detail)
Securities - Summary Of Gross Unrealized Losses And Fair Value Of Securities (Detail)
Securities - Summary Of Proceeds From Sales And Associated Gains And Losses (Detail)
Share-Based Payments
Share-Based Payments (Tables)
Share-Based Payments - Additional Information (Detail)
Share-Based Payments - Schedule Of Fair Values Of Options Granted (Detail)
Share-Based Payments - Summary Of Changes In Company's Non-Vested Rsus (Detail)
Share-Based Payments - Summary Of Offering Periods And Costs (Detail)
Share-Based Payments - Summary Of Stock Option Activity (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Components Of Accumulated Other Comprehensive Income (Detail)
Stockholders' Equity - Summary Of Shares Issued And Held In Treasury Or Outstanding (Detail)
Subordinated Debt
Subordinated Debt (Tables)
Subordinated Debt - Additional Information (Detail)
Subordinated Debt - Schedule Of Future Principal Repayments (Detail)
Subordinated Debt - Schedule Of Subordinated Notes (Detail)
Subordinated Debt - Schedule Of Total Subordinated Debt (Detail)
Subordinated Debt - Summary Of Contractual Balance And Unamortized Fair Value Adjustments (Detail)
Ticker: EQBK
CIK: 1227500
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-009338
Submitted to the SEC: Wed Mar 09 2022 5:07:23 PM EST
Accepted by the SEC: Wed Mar 09 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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