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Equity Bancshares Inc (EQBK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

SEC Filings

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

 

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE - 01/23/2020

Equity Bancshares, Inc. Announces Fourth Quarter Earnings of $0.64

per Diluted Common Share and Net Income of $10.0 Million

Company reports net interest margin expansion in fourth quarter and

successful year for non-interest expense and non-interest income initiatives

 

WICHITA, Kansas, January 23, 2020 (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 fourth quarter and year ended December 31, 2019, including net income allocable to common stockholders for the year of $25.6 million, or $1.61 per diluted share, and $10.0 million, or $0.64 per diluted share, in the fourth quarter.

 

“Our fourth quarter 2019 results indicate the collaborative effort of our retail and deposit teams to price our offerings and meet the needs of our diverse customer base in our regions,” said Brad Elliott, Chairman and CEO of Equity. “We have remained highly competitive for our customers in all areas while continuing to deliver shareholder value.”

 

“During many initiatives that have improved our customer experience, responsiveness and satisfaction, we operated with the entrepreneurial spirit that is one of our core values and differentiators,” said Mr. Elliott.  “As a result, our net interest margin and our non-performing asset ratios have shown improvement.  Our focus in 2020 includes continuing to offer the relationship-based customer service that our business clients and consumers value and providing innovative products that help us grow signature deposits, including checking, operating and savings accounts.  We continue to monitor and develop relationships for further business combinations and, as always, we prioritize cultural fit in addition to stockholder value.”

 

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”).

 

Notable Items:

 

 

Net income before taxes for the fourth quarter of 2019 was $13.1 million, or $0.84 per diluted share, compared to net income before taxes of $12.9 million, or $0.80 per diluted share, for the same time period in 2018.  Net income before taxes, adjusted to exclude merger expense was $13.8 million, or $0.86 per diluted share, for the fourth quarter of 2018.  There were no merger expenses in the fourth quarter of 2019.

 

Stated diluted income per share in the fourth quarter of 2019 was $0.64.  Stated diluted income per share for the year ended December 31, 2019 was $1.61.  Merger expenses, adjusted for estimated income tax, were $694 thousand for the year ended December 31, 2019, or $0.04 per diluted share.

 

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 December 31, 2019, a total of 421,016 shares have been repurchased under this authorization at an average price of $25.81.

 


The following information was filed by Equity Bancshares Inc (EQBK) on Thursday, January 23, 2020 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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Inside Equity Bancshares Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual 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)
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)
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 Gains Or 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 Or 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 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)
Loans And Allowance For Loan Losses - Schedule Of Troubled Debt Restructurings 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)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Additional Information (Detail)
Premises And Equipment - Schedule Of Maturity Analysis Of Operating Lease Liabilities And Reconciliation Of Undiscounted Cash Flows To Total Operating Lease Liability (Detail)
Premises And Equipment - Schedule Of Operating Lease Costs (Detail)
Premises And Equipment - Schedule Of Premises And Equipment (Detail)
Premises And Equipment - Schedule Of Right-Of-Use Asset And Lease Obligations By Type Of Property (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)
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)
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)
Subsequent Events
Ticker: EQBK
CIK: 1227500
Form Type: 10-K Annual Report
Accession Number: 0001564590-20-009774
Submitted to the SEC: Tue Mar 10 2020 4:43:08 PM EST
Accepted by the SEC: Tue Mar 10 2020
Period: Tuesday, December 31, 2019
Industry: State Commercial Banks

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