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Equity Bancshares Inc (EQBK) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

 

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE - 04/22/2019

Equity Bancshares, Inc. Announces First Quarter Results,

Completes Acquisition of 3 Bank Locations, Revamps Online Banking Platform,

Announces Stock Repurchase Plan and Launches Equity Trust & Wealth Management with Officers in Kansas, Missouri and Oklahoma

 

WICHITA, Kansas, April 22, 2019 (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 ended March 31, 2019, including net loss allocable to common stockholders of $4.1 million, or $0.26 per diluted share.

 

“In the first quarter our teams deserve credit for successfully upgrading our footprint, our customer experience, and expanding our service capabilities,” said Brad Elliott, Chairman and CEO of Equity.  “We’re pleased to add additional markets in Oklahoma that supplement our Southwest Kansas and Guymon markets.  Our Equity Trust & Wealth Management brand provides another set of financial products that appeal to customers throughout our markets, and we believe our new Equity Bank online banking solution is best in class for banking.  Throughout 2019, these key additions and improvements to our platform will yield additional opportunities for organic growth, business banking, and community banking.  As we continue to review merger opportunities, upgrades and innovations will help us become the bank of choice throughout our four states and beyond.  

 

“In the first quarter, we recorded a $14.5 million provision for loss against a credit relationship.  We will discuss this on our earnings call Tuesday, April 23, 2019.  However, it is important for us to convey we do not believe this represents a systemic trend; rather an isolated individual relationship which is unique to our portfolio.”

 

On April 18, 2019, the Board of Directors of Equity Bancshares, Inc. authorized the repurchase of up to 1,100,000 shares of our Class A Voting Common Stock, par value $0.01 per share, from time to time, beginning April 29, 2019 and concluding October 30, 2020.  The repurchase program does not obligate us to acquire a specific dollar amount or number of shares and it may be extended, modified or discontinued at any time without notice and is subject to no objection from the Federal Reserve Bank.

 

On February 8, 2019, Equity completed its acquisition of two bank locations in Guymon, Oklahoma, and one bank location in Cordell, Oklahoma, from MidFirst Bank of Oklahoma City, Oklahoma (“MidFirst”).  The acquisition added total assets of $98.6 million, which included total loans of $6.5 million.  There were total deposits of $98.5 million assumed at the time of the acquisition.  Results of operations of the MidFirst acquisition are included in Equity’s 2019 results of operations subsequent to the acquisition.

 

Notable Items:

 

 

Net loss before taxes for the first quarter of 2019 was $5.2 million, or $0.33 per diluted share, compared to net income before taxes of $11.2 million, or $0.75 per diluted share, for the same time period in 2018.  Net loss before taxes, adjusted to exclude merger expense, was $4.6 million, or $0.29 per diluted share, for the first quarter of 2019, compared to net income before taxes, adjusted to exclude merger expense of $11.8 million, or $0.79 per diluted share, for the first quarter of 2018.

 

Stated diluted loss per share in the first quarter of 2019 was $0.26.  Merger expenses, adjusted for estimated income tax, were $487 thousand in the first quarter of 2019, or $0.03 per diluted share. 

 

Net loss allocable to common stockholders, adjusted for the identified specific provision, results in $7.2 million of net income allocable to common stockholders, or $0.45 per diluted share in the first quarter of 2019, compared to 2018 first quarter net income allocable to common stockholders of $8.7 million, or $0.58 per diluted share.

 

Net loss allocable to common stockholders, adjusted for identified specific provision and merger expense, results in $7.7 million of net income allocable to common stockholders, or $0.48 per diluted share in the first quarter of 2019, compared to 2018 first quarter net income allocable to common stockholders, adjusted for merger expenses of $9.1 million, or $0.61 per diluted share.


The following information was filed by Equity Bancshares Inc (EQBK) on Monday, April 22, 2019 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 Equity Bancshares Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

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 (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation - Additional Information (Detail)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Borrowings - Schedule Of Bank Stock Loan Advances (Detail)
Borrowings - Schedule Of Borrowing Usage And Interest Rate (Detail)
Borrowings - Schedule Of Federal Funds Purchased And Retail Repurchase Agreements (Detail)
Borrowings - Schedule Of Future Principal Repayments (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 Designated And Qualifying Hedged Items In Fair Value Hedges (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 (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Schedule Of Average Shares Not Included In The Computation Of Diluted Earnings (Loss) Per Share (Detail)
Earnings (Loss) Per Share - Summary Of Earnings (Loss) 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)
Lease Obligations
Lease Obligations (Tables)
Lease Obligations - Additional Information (Detail)
Lease Obligations - Schedule Of Maturity Analysis Of Operating Lease Liabilities And Reconciliation Of Undiscounted Cash Flows To Total Operating Lease Liability (Detail)
Lease Obligations - Schedule Of Operating Lease Costs (Detail)
Lease Obligations - Schedule Of Right-Of-Use Asset And Lease Obligations By Type Of Property (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)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Summary Of Company's Source Of Non-Interest Income (Detail)
Revenue Recognition - Summary Of Company's Source Of Non-Interest Income (Parenthetical) (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 - 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 (Loss) (Detail)
Stockholders' Equity - Summary Of Shares Issued And Held In Treasury Or Outstanding (Detail)

Material Contracts, Statements, Certifications & more

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

Ticker: EQBK
CIK: 1227500
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-019483
Submitted to the SEC: Wed May 15 2019 1:35:03 PM EST
Accepted by the SEC: Thu May 16 2019
Period: Sunday, March 31, 2019
Industry: State Commercial Banks

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