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Equity Bancshares Inc (EQBK) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

SEC Filings

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

 

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE - 07/21/2020

Equity Bancshares, Inc. Announces Second Quarter Results, Reports Earnings

of $0.11 per Diluted Common Share and Net Income of $1.7 Million

Company strengthens local businesses, customers and communities during COVID-19 era,

positions capital and balance sheet for future growth

 

WICHITA, Kansas, July 21, 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 second quarter ended June 30, 2020, including net income allocable to common stockholders of $1.7 million, or $0.11 per diluted share.  Year-to-date 2020 net income allocable to common stockholders was $2.9 million, or $0.19 per diluted share.

 

“During the second quarter we continued to support our communities and customers, including small businesses,” said Brad Elliott, Chairman and CEO of Equity.  “We’ve been able to add new customers and clients through lending programs such as the Paycheck Protection Program and Main Street Lending Program, but notably, our Equity Bank teams have continued to work one-on-one with local businesses to evaluate credit needs and strategic planning in both the near-term and long-term future.  In addition, we’ve been able to strengthen our capital and build value for our stockholder base, all while prioritizing continued, uninterrupted service to our customers.”

 

As of June 30, 2020, Equity has completed 3,198 Small Business Administration (“SBA”) loan applications through the Paycheck Protection Program (“PPP”) as part of the U.S. Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) signed into law on March 27, 2020.  

 

The relief from Equity Bank-administered loans helped more than 90,000 employees working in small businesses throughout Equity’s regions in Kansas, Missouri, Oklahoma and Arkansas.  Equity also is participating in the Main Street Lending Program, designed to keep credit flowing to small and mid-sized businesses in good financial standing during the COVID-19 crisis.

 

On June 29, 2020, Equity issued $42 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2030 to certain institutional accredited investors and qualified institutional buyers in a private placement transaction.  Equity will use the net proceeds from the offering for general corporate purposes, including repayment of Equity’s senior debt, which occurred on June 30, 2020, and for opportunistic growth.  On June 30, 2020, Equity also renewed its senior credit facility with ServisFirst Bank.

 

As of May 2020, all of Equity’s bank locations were open to customers with social distancing measures in place, allowing full access for customer use.  During March and April, Equity adopted a “Branch Light, Drive Through First” model throughout its markets, optimizing customer service delivery by appointment, calling ahead, knocking or using drive through.  Equity continues to serve customers curbside and drive through but offers full lobby access during normal hours.  Equity’s digital products, including online banking and mobile deposit, have increased in active digital users by 10 percent during the six-month period ended June 30, 2020.

 

“We remain focused on our strategy to deliver sophisticated banking products and services to customers who value the dedication and support of a community bank and I’m proud of our Equity teams throughout our footprint for collaborating and supporting our communities,” said Mr. Elliott. “We did not close a single bank location in March, April or May, but simply modified service and solutions.  A strong community bank should step up and work directly with customers and we’ve been able to do just that.  Our business will continue to be rewarded, as a leader in our industry and region.  We have seen new business from both retail and commercial customers attracted to a bank that is innovative and open for business as usual.”

 

Notable Items:

 

 

Net income before taxes for the second quarter of 2020 was $2.2 million, or $0.14 per diluted share, compared to net income before taxes of $11.7 million, or $0.74 per diluted share, for the same time period in 2019.  Net income before taxes for the first six months of 2020 was $3.9 million, or $0.25 per diluted share.  There were no


The following information was filed by Equity Bancshares Inc (EQBK) on Tuesday, July 21, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Equity Bancshares Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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 (Tables)
Basis Of Presentation - Additional Information (Detail)
Basis Of Presentation - Schedule Of Categories Of Loans Under The Payment Deferral Program (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 - Schedule Of Subordinated Notes (Detail)
Borrowings - Schedule Of Total Subordinated Debt (Detail)
Borrowings - Summary Of Federal Home Loan Bank Advances (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 - 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)
Subsequent Events
Subsequent Events - Additional Information (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: 0001564590-20-034967
Submitted to the SEC: Thu Jul 30 2020 9:10:09 PM EST
Accepted by the SEC: Fri Jul 31 2020
Period: Tuesday, June 30, 2020
Industry: State Commercial Banks

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