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

SEC Filings

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

 

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.

 

Notable Items:

 

 

Net income before taxes for the third quarter of 2019 was $13.2 million, or $0.84 per diluted share, compared to net income before taxes of $13.3 million, or $0.82 per diluted share, for the same time period in 2018.  Net income before taxes, adjusted to exclude merger expense, was $13.2 million, or $0.84 per diluted share, for the third quarter of 2019, compared to net income before taxes, adjusted to exclude merger expense of $14.0 million, or $0.87 per diluted share, for the third quarter of 2018.

 

Stated diluted income per share in the third quarter of 2019 was $0.66.  There were no merger expenses in the third quarter of 2019.  Stated diluted income per share for the first nine months of 2019 was $0.98.  Merger expenses, adjusted for estimated income tax, were $694 thousand in the first nine months of 2019, or $0.04 per diluted share.

 

During the third quarter, the reserve ratio of the Deposit Insurance Fund reached 1.40% resulting in the application of a credit to our quarterly assessments paid to the Federal Deposit Insurance Corporation.  Application of the credit reduced expense during the three and nine month periods ended September 30, 2019 by $505 thousand ($398 thousand after tax), a benefit of $0.03 per diluted share after tax.

 

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.  As of September 30, 2019, a total of 421,016 shares have been repurchased under this authorization at an average price of $25.81, including 143,210 shares during the third quarter at an average price of $25.55 per share.

 


The following information was filed by Equity Bancshares Inc (EQBK) on Monday, October 21, 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
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 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 - Schedule Of Subordinated Debentures (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 Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Average Shares Not Included In The Computation Of Diluted Earnings Per Share (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)
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)
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 (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: 0001564590-19-042973
Submitted to the SEC: Tue Nov 12 2019 11:37:45 AM EST
Accepted by the SEC: Tue Nov 12 2019
Period: Monday, September 30, 2019
Industry: State Commercial Banks

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