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Equity Bancshares Inc (EQBK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

SEC Filings

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

Exhibit 99.1

 

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Equity Bancshares, Inc. Reports Record Earnings Of $10.1 Million For 2015

WICHITA, Kansas, January 28, 2016 (GLOBE NEWSWIRE) – Equity Bancshares, Inc. (NASDAQ:EQBK), (“Equity”), the Wichita-based holding company of Equity Bank, reported unaudited results for the year ended December 31, 2015, including record net income allocable to common stockholders of $10.1 million.

Brad Elliott, Chairman and CEO of Equity, said, “Our financial results and net income for 2015 indicate the diligent, hard work of our many company associates. We will continue to focus on delivering loan and deposit services and products tailored to the many needs of our community and metro customers, while managing our expenses. We also welcomed a new group of bankers, communities, and customers to our company in the fourth quarter, and we are focused on continuing to grow business and relationships in our new Southeast Kansas communities, along with all of the markets we serve.”

Highlights of Equity’s performance include:

 

    Net income allocable to common stockholders of $10.1 million for the year ended December 31, 2015, compared to $8.3 million for the previous year ended December 31, 2014, a 22 percent increase.

 

    Earnings per diluted share of $1.54 for the year ended December 31, 2015, compared to $1.30 for the year ended December 31, 2014, an 18 percent increase.

 

    Total loans held for investment of $960 million at December 31, 2015, an increase of $234 million as compared to December 31, 2014.

 

    Total deposits of $1.2 billion at December 31, 2015, an increase of $235 million as compared to December 31, 2014.

 

    Total assets of $1.6 billion at December 31, 2015, an increase of $411 million as compared to December 31, 2014.

 

    Book value per common share of $18.37 and tangible book value per common share of $15.97 at December 31, 2015.

Equity completed its initial public offering on November 16, 2015 with the issue of 1,941,000 shares of Class A common stock at a price to the public of $22.50 per share. The shares began trading on the NASDAQ Global Select Market on November 11, 2015 under the ticker symbol “EQBK.”

Equity also completed its acquisition of First Independence Corporation (“First Independence”), and its wholly-owned subsidiary, First Federal Savings & Loan of Independence, Kansas on October 9, 2015. First Independence had consolidated total assets of $134 million, net loans of $90 million, and total deposits of $87 million. Equity now operates the former First Independence offices in Coffeyville, Independence, Neodesha, and Pittsburg, Kansas, as Equity Bank branches.

Financial Results For Year and Quarter Ended December 31, 2015

Net income allocable to common stockholders was $10.1 million, or $1.54 per diluted share, for the year ended December 31, 2015, as compared to $8.3 million, or $1.30 per diluted share for the year ended December 31, 2014. Net interest income for the current year was $46.3 million as compared to $41.4 million for the prior year. The increase in net interest income was primarily driven by growth in loan and securities balances, partially offset by an increase in interest expense as Equity funded the increase in earning assets with increased deposits and borrowings. The net interest margin was 3.65% and 3.92% for the years ended December 31, 2015 and 2014. The net interest margin for 2015 includes the utilization of our “leverage” or “spread” opportunity, as more fully discussed in our IPO Prospectus. Our net interest margin excluding this opportunity was approximately 3.75% for the year ended December 31, 2015.

 

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The following information was filed by Equity Bancshares Inc (EQBK) on Thursday, January 28, 2016 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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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 (detail)
Borrowings - Schedule Of Federal Funds Purchased And Retail Repurchase Agreements (detail)
Borrowings - Summary Of Fixed Rate Term Advances From Federal Home Loan Bank (detail)
Borrowings - Summary Of Future Principal Repayments (detail)
Business Combination And Branch Sales
Business Combination And Branch Sales (tables)
Business Combination And Branch Sales - Additional Information (detail)
Business Combination And Branch Sales - Carrying Value Of Loans Acquired In Transfer (detail)
Business Combination And Branch Sales - Information About Loans Acquired In Transfer (detail)
Business Combination And Branch Sales - Summary Of The Consideration Paid And The Amounts Of The Assets Acquired And Liabilities Assumed Recognized At The 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 Statement Of Cash Flows (detail)
Condensed Financial Information (parent Company Only) - Condensed Statement Of Income (detail)
Condensed Financial Information (parent Company Only) - Consolidated Balance Sheet (detail)
Contractual Obligations
Contractual Obligations - Additional Information (detail)
Deposits
Deposits (tables)
Deposits - Additional Information (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 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 (losses) On Derivatives And Related Hedged Items In Fair Value Hedging Relationships (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (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 Amount 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
Legal Matters - Additional Information (detail)
Loans And Allowance For Loan Losses
Loans And Allowance For Loan Losses (tables)
Loans And Allowance For Loan Losses - Additional Information (detail)
Loans And Allowance For Loan Losses - Categories Of Loans (detail)
Loans And Allowance For Loan Losses - Impaired Loans, Segregated By Class Of Loans (detail)
Loans And Allowance For Loan Losses - Schedule Of Aging Of The Recorded Investment (detail)
Loans And Allowance For Loan Losses - Schedule Of Allowance For Loan Losses (detail)
Loans And Allowance For Loan Losses - Schedule Of Loans Evaluated For Impairment (detail)
Loans And Allowance For Loan Losses - Schedule Of Recorded Investments In Purchased Credit Impaired Loans (detail)
Loans And Allowance For Loan Losses - Schedule Of Risk Category Of Loans By Class Of Loans (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 Future Minimum Operating Lease Payments (detail)
Premises And Equipment - Schedule Of Premises And Equipment (detail)
Qualified Affordable Housing Project Investments
Qualified Affordable Housing Project Investments- Additional Information (detail)
Regulatory Matters
Regulatory Matters (tables)
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)
Securities
Securities (tables)
Securities - Additional Information (detail)
Securities - Amortized Cost And Fair Value Of Securities Available-for-sale (detail)
Securities - Amortized Cost And Fair Value Of Securities Held-to-maturity (detail)
Securities - Fair Value And Amortized Cost Of Debt Securities By Contractual Maturity (detail)
Securities - Proceeds From Sales And Associated Gains And Losses Reclassified From Other Comprehensive Income To Income (detail)
Securities - Summary Of Gross Unrealized Losses And Fair Value Of Securities (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 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 Debentures
Subordinated Debentures (tables)
Subordinated Debentures - Additional Information (detail)
Subordinated Debentures - Summary Of Contractual Balance And Unamortized Fair Value Adjustment (detail)
Ticker: EQBK
CIK: 1227500
Form Type: 10-K Annual Report
Accession Number: 0001193125-16-508569
Submitted to the SEC: Thu Mar 17 2016 4:05:11 PM EST
Accepted by the SEC: Thu Mar 17 2016
Period: Thursday, December 31, 2015
Industry: State Commercial Banks

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