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Equity Bancshares Inc (EQBK) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

SEC Filings

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE - 1/26/2017

 

Equity Bancshares, Inc. Reports Results for Q4 and 2016

Active year includes a merger completion, merger announcement and private placement closing

 

WICHITA, Kansas, January 26, 2017 (GLOBE NEWSWIRE) – Equity Bancshares, Inc. (NASDAQ: EQBK), (“Equity”, “we”, “us”, “our”), the Wichita-based holding company of Equity Bank, reported its unaudited results for the year ended December 31, 2016, including net income allocable to common stockholders of $9.4 million.

 

Brad Elliott, Chairman and CEO of Equity, said, “Our Equity Bank markets and team members have grown during 2016 as a result of continued opportunities to expand into vibrant, diverse markets like our Ozark Mountain region in Arkansas, and upcoming additions to our Western Kansas market. Our results and success directly reflect talent, commitment, and collaboration of Equity Bank employees and their work to deliver the best banking experience to consumer, commercial, and community customers throughout our region. In 2017, we’ll continue to be innovative with our processes, products, and delivery to customers, and we’ll continue to search for partnerships that are a fit with our culture and communities.”

 

Equity announced today the 2017 relocation of its Equity Bank location at 225 West Central in Andover, Kansas, to a nearby facility serving Andover. Equity will break ground on the new bank location in the first quarter of 2017, and expects to complete construction late in 2017. Equity’s Andover branch was the first bank location in Equity’s three-state footprint. Following formation of Equity in 2002, the company acquired the National Bank of Andover in 2003 and renamed it Equity Bank.

 

Equity also received regulatory approval on January 5, 2017, for its definitive merger agreement to acquire all the common stock of Prairie State Bancshares, Inc. (“Prairie”), originally announced October 20, 2016. Following the consummation of the transaction in the first quarter of 2017, Equity Bank will operate branch locations in Hoxie, Grinnell and Quinter, Kansas, bringing its branch total to 37.

 

Equity closed a private placement of 770,000 shares of its Class A common stock at $32.50 per share on December 20, 2016. The net proceeds of $23.6 million, after offering costs of $1.4 million, were used to pay off Equity’s $6.0 million line of credit and will provide working capital for Equity’s continuing growth strategies.

 

Equity completed its acquisition of Community First Bancshares, Inc. (“Community”) of Harrison, Arkansas on November 10, 2016. The merger added five branch locations in Berryville, Eureka Springs, Harrison and Pea Ridge, Arkansas to the Equity footprint, and marked the company’s expansion into Arkansas. At acquisition, Community had assets of $462.9 million, net loans of $354.1 million, and total deposits of $375.4 million. Results of operations of Community were included in Equity’s results of operations beginning November 11, 2016.

 

Highlights of Equity’s growth include:

 

 

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Total loans held for investment of $1.38 billion at December 31, 2016, as compared to total loans held for investment of $960.4 million at December 31, 2015.  The increase of $423.3 million includes $354.1 million of loans added in the Community merger.

 

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Total deposits were $1.63 billion at December 31, 2016, and $1.22 billion at December 31, 2015.  Signature Deposits, or core deposits comprised of checking accounts, savings accounts, and money market accounts, were $1.08 billion at December 31, 2016, compared to $777.3 million at December 31, 2015.  The Community merger added total deposits of $375.4 million, including core deposits of $278.0 million.

 

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Total assets of $2.19 billion at December 31, 2016, compared to $1.59 billion at December 31, 2015.  The Community merger added total assets of $462.9 million.

 

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Private placement of 770,000 shares at $32.50 per share added $23.6 million, net of offering costs of $1.4 million, to total stockholders’ equity.

 

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Book value per common share of $22.09 at December 31, 2016 and $18.37 at December 31, 2015. Tangible book value per common share of $16.64 at December 31, 2016 and $15.97 at December 31, 2015.

 

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The following information was filed by Equity Bancshares Inc (EQBK) on Thursday, January 26, 2017 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 Federal Home Loan Bank Advances (detail)
Business Combinations And Branch Sales
Business Combinations And Branch Sales (tables)
Business Combinations And Branch Sales - Additional Information (detail)
Business Combinations And Branch Sales - Carrying Value Of Loans Acquired (detail)
Business Combinations And Branch Sales - Information About Loans Acquired (detail)
Business Combinations And Branch Sales - Summary Of The Consideration Paid And The Amounts Of Assets Acquired And Liabilities Assumed (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 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 - 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 Portfolio And 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 - 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)
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 Adjustments (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Ticker: EQBK
CIK: 1227500
Form Type: 10-K Annual Report
Accession Number: 0001564590-17-004644
Submitted to the SEC: Thu Mar 16 2017 4:43:01 PM EST
Accepted by the SEC: Thu Mar 16 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks

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