Equity Bancshares Inc (EQBK) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE - 10/21/2019

Equity Bancshares, Inc. Announces Third Quarter Earnings of $0.66

per Diluted Common Share and Net Income of $10.4 Million

Company continues focus on product delivery, full-service banking, noninterest

income growth, expense reduction and overall efficiency

WICHITA, Kansas, October 21, 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 September 30, 2019, including net income allocable to common stockholders of $10.4 million, or $0.66 per diluted share.  Year-to-date 2019 net income allocable to common stockholders was $15.6 million, or $0.98 per diluted share.

“I am pleased with our core earnings results in the third quarter, and two consecutive quarters of delivering growth in earnings per share to our stockholders,” said Brad Elliott, Chairman and CEO of Equity. “Our Company’s focus in reducing expenses, streamlining operations, and effectively evaluating our processes has helped us become more efficient as a four-state, 52-location bank, with positive results to stockholders.”

“Our initiatives in building our full-service banking platform have resulted in additional signature deposit customers in our regions, including key business and treasury management relationships, resulting in noninterest income growth and expansion for our Company,” said Mr. Elliott. “Our teams throughout our regions, including operations, customer service, credit administration and quality care, will continue to prioritize innovation within our products and services, efficient and effective delivery to our markets and to maintain our focus on high credit standards.”

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 (“MidFirst”) of Oklahoma City, Oklahoma (“the MidFirst acquisition”).  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.

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