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Equity Bancshares Inc (EQBK) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

Equity Bancshares, Inc.                                                                      EXHIBIT 99.1

PRESS RELEASE - 1/25/2018

 

Equity Bancshares, Inc. Expands Organically And With Mergers In 2017,

Announces Fourth Quarter Record Income Before Merger Expense And Taxes

Completes Three Mergers, Adds Oklahoma Markets, Announces Two 2018 Mergers

 

WICHITA, Kansas, January 25, 2018 (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 quarter and year ended December 31, 2017, including net income allocable to common stockholders for the year of $20.6 million, or $1.62 per diluted share, and $4.3 million or $0.31 per diluted share in the fourth quarter.

 

Brad Elliott, Chairman and CEO of Equity, said, “Our velocity continued throughout 2017, and our footprint has been strengthened by the addition of strong community banks in Oklahoma, including Ponca City, Newkirk, and Tulsa, as well as additional Western Kansas locations.  We have focused our sales and service teams on organic growth while integrating community banks within our network, and in 2017 our loans grew by 9.0% and core deposits grew by 9.6%, not including the addition of new markets.  In 2018, we will continue our strategy of building strong commercial and consumer relationships within our communities, while offering sophisticated banking services.  We continue to maintain an active merger pipeline, while serving customers in four states with our entrepreneurial spirit.”

 

Equity completed its merger of Prairie State Bancshares, Inc. (“Prairie”) of Hoxie, Kansas, on March 10, 2017. The merger added three bank locations in Western Kansas.  At merger, Prairie had assets of $153.1 million, net loans of $130.1 million and total deposits of $125.4 million. Results of operations of Prairie were included in Equity’s results of operations beginning March 11, 2017.

 

Equity also expanded into Oklahoma during 2017, completing mergers on November 10th with Eastman National Bancshares, Inc. (“Eastman”) of Ponca City, Oklahoma, and Cache Holdings, Inc. (“Cache”) of Tulsa, Oklahoma.  Equity now has five bank offices in Oklahoma, including bank locations in Newkirk, Ponca City, and Tulsa.  Results of operations of Eastman and Cache are included in Equity’s 2017 results subsequent to each merger.  At the time of merger, Eastman had assets of $259.7 million, net loans of $177.9 million and total deposits of $224.6 million.  Cache had assets of $324.6 million, net loans of $287.2 million and total deposits of $278.7 million.

 

Notable Items:

 

 

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Income before taxes for the fourth quarter of 2017 was $7.5 million, or $0.50 per diluted share, compared to $981 thousand, or $0.08 per diluted share, for the same time period in 2016.  Income before taxes, adjusted to exclude merger expense, was a record $10.7 million, or $0.72 per diluted share, for the fourth quarter of 2017, compared to $6.0 million, or $0.51 per diluted share, for the fourth quarter of 2016.

 

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Stated diluted earnings per share in the fourth quarter of 2017 were $0.31.  Merger expenses, adjusted for estimated income tax, were $2.1 million in the fourth quarter of 2017, or $0.15 per diluted share.  

 

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The impact on earnings in the fourth quarter for the Tax Cuts and Jobs Act (Tax Reform) resulted in additional income tax expense of $1.2 million, or $0.09 per diluted share.  

 

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Net income allocable to common stockholders, adjusted for these two items, was a record $7.6 million, or $0.55 per diluted share in the fourth quarter of 2017, compared to 2016 fourth quarter net income allocable to common stockholders, adjusted for merger expenses of $4.1 million, or $0.41 per diluted share.

 

Highlights of Equity’s growth include:

 

 

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Total loans held for investment of $2.10 billion at December 31, 2017, as compared to total loans held for investment of $1.38 billion at December 31, 2016.  The increase of $719.7 million includes organic growth of $124.5 million, or 9.0%, $130.1 million of loans added in the Prairie merger, $177.9 million of loans added in the Eastman merger, and $287.2 million of loans added in the Cache merger.

 

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Total deposits were $2.38 billion at December 31, 2017, and $1.63 billion at December 31, 2016.  Signature Deposits, or core deposits comprised of checking accounts, savings accounts, and money market accounts,

1

 


The following information was filed by Equity Bancshares Inc (EQBK) on Thursday, January 25, 2018 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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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
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)
Condensed Financial Information (parent Company Only)
Condensed Financial Information (parent Company Only) (tables)
Condensed Financial Information (parent Company Only) - Condensed Balance Sheet (detail)
Condensed Financial Information (parent Company Only) - Condensed Statement Of Cash Flows (detail)
Condensed Financial Information (parent Company Only) - Condensed Statement Of Income (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)
Pending Mergers
Pending Mergers - Additional Information (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 Changes In Company's Non-vested Rsus (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)
Ticker: EQBK
CIK: 1227500
Form Type: 10-K Annual Report
Accession Number: 0001564590-18-006075
Submitted to the SEC: Fri Mar 16 2018 4:48:10 PM EST
Accepted by the SEC: Fri Mar 16 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

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