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Equity Bancshares Inc (EQBK) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE - 10/19/2017

 

Equity Bancshares, Inc. Completes Robust Third Quarter,

Two Oklahoma Mergers Approved By Shareholders and Regulators

 

 

WICHITA, Kansas, October 19, 2017  – Equity Bancshares, Inc. (NASDAQ: EQBK), (“Equity”, “we”, “us”, “our”), the Wichita-based holding company of Equity Bank, reported its results for the third quarter ended September 30, 2017, including net income allocable to common stockholders of $5.2 million and diluted earnings per share of $0.41. Year-to-date 2017 net income allocable to common stockholders was $16.4 million and $1.33 per diluted share. Merger expenses accounted for $1.0 million ($748 thousand on an after-tax basis), or $0.06 per diluted share in the third quarter and $2.1 million ($1.4 million on an after-tax basis), or $0.11 per diluted share year-to-date.

 

Brad Elliott, Chairman and CEO of Equity, said, “Our focus continues to be organic growth and managing an active merger pipeline, while integrating strong community banks into our footprint within a compressed timeline. We do this not only to minimize disruption for customers, colleagues, and our new communities, but also to begin delivery of sophisticated products and services relatively soon after closing. During our third quarter, our operations and sales teams worked toward the goal of swiftly integrating the companies after merger. However, we also continue to concentrate on organic growth, and have enhanced our sales and leadership teams to manage our robust production pipeline while continuing to deliver products and services with capacity for continued growth among our markets.”

 

Equity announced mergers with Eastman National Bank of Newkirk, Oklahoma and Patriot Bank of Tulsa, Oklahoma on July 17, 2017, and on October 2, 2017 announced receipt of the necessary regulatory approvals to complete each merger. The respective shareholders of Eastman National Bancshares, Inc. (“Eastman”), parent company of Eastman National Bank, and Cache Holdings, Inc. (“Cache”), parent company of Patriot Bank also have approved the mergers. Equity expects each transaction to close on November 10, 2017.

 

After the mergers close, Equity will have completed 13 successful integrations in its first 15 years and five mergers since the Company’s initial public offering on November 11, 2015. The mergers with Eastman and Cache add Oklahoma to Equity’s Midwestern footprint, each with markets in close proximity to Equity’s corporate office in Wichita. Eastman’s corporate office in Ponca City is 55 miles from Wichita and Cache’s headquarters in Tulsa is 170 miles from Wichita. Following completion of the mergers, Equity will operate 42 Equity Bank offices across a four-state footprint of Arkansas, Kansas, Missouri and Oklahoma.

 

Equity also bolstered its leadership team in the third-quarter, adding John Blakeney as Executive Vice President and Chief Information Officer of Equity Bank. Mr. Blakeney will oversee information technology, systems support, and project management throughout Equity’s footprint across Kansas, Missouri, and Arkansas. Jennifer Johnson, Executive Vice President and Chief Operations Officer will continue to manage deposit operations, systems conversions, customer care and electronic services. Equity also added sales leadership, hiring Michael Mange as Senior Vice President and Director of Treasury Management of Equity Bank.

 

Equity completed its merger with Prairie State Bancshares, Inc. (“Prairie”) of Hoxie, Kansas, on Friday, March 10, 2017, and completed its merger with Community First Bancshares, Inc. (“Community”) of Harrison, Arkansas, on November 10, 2016. Results of operations of Prairie are included in Equity’s 2017 results subsequent to its merger, and results of Equity’s Arkansas locations are fully included in 2017 results.

 

Financial Results for Nine Months Ended September 30, 2017

 

Net income allocable to common stockholders was $16.4 million for the nine months ended September 30, 2017, as compared to $9.0 million for the nine months ended September 30, 2016, an increase of $7.4 million or 82.8%. Financial results reflect the merger of Community, beginning November 11, 2016, and the merger of Prairie beginning March 11, 2017. The merger of Community added five branch locations in northern Arkansas with total assets of $503.7 million and the merger of Prairie added three branch locations in western Kansas with total assets of

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The following information was filed by Equity Bancshares Inc (EQBK) on Thursday, October 19, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly 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)
Basis Of Presentation
Basis Of Presentation (policies)
Basis Of Presentation - Additional Information (detail)
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
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 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)
Derivative Financial Instruments
Derivative Financial Instruments (tables)
Derivative Financial Instruments - Additional Information (detail)
Derivative Financial Instruments - Summary Of Net Gains/ (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)
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)
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 Recorded Investment In Past Due Loans By Segment And Class Of Loans (detail)
Loans And Allowance For Loan Losses - Schedule Of Allowance For Loan Losses By Portfolio Segment Allowance (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 Purchase Credit Impaired Loans (detail)
Loans And Allowance For Loan Losses - Schedule Of Risk Category Of Loans By Class Of Loans (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)
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)
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)
Subsequent Events
Subsequent Events - Additional Information (detail)

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Equity Bancshares Inc provided additional information to their SEC Filing as exhibits

Ticker: EQBK
CIK: 1227500
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-17-023282
Submitted to the SEC: Thu Nov 09 2017 4:33:11 PM EST
Accepted by the SEC: Thu Nov 09 2017
Period: Saturday, September 30, 2017
Industry: State Commercial Banks

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