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Equity Bancshares Inc (EQBK) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

SEC Filings

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

 

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE - 07/19/2021

Equity Bancshares, Inc. Second Quarter Results Include Strong Organic Loan Growth, Company to Acquire St. Joseph Bank Locations, Expanding Missouri Network

 

Annualized organic non-PPP loan growth contributes to $1.03 per diluted share,

Company will acquire three Security Bank of KC branch locations in St. Joseph, Missouri

 

 

WICHITA, Kansas, July 19, 2021 (GLOBE NEWSWIRE) – Equity Bancshares, Inc. (NASDAQ: EQBK), (“Equity”, “the Company”, “we”, “us”, “our”), the Wichita-based holding company of Equity Bank, reported net income of $15.2 million and $1.03 per diluted share for the second quarter ended June 30, 2021.

 

“Our Equity Bank team had an excellent quarter serving our customers, expanding our delivery channels and adding shareholder value.  Exclusive of the Paycheck Protection Program, we organically grew gross loans by $81.8 million, an annualized rate of 14.75%, through the focused efforts of our sales and operational teams,” said Brad S. Elliott, Chairman and CEO of Equity.  “A key component of our results is growth in our core deposit customer base, with new banking products contributing to a $1.1 million increase in service fee revenue, as well as the continued addition of trust and wealth management customer relationships.”

 

Equity customers successfully had $99.7 million of Paycheck Protection Program (“PPP”) loans forgiven during the quarter, resulting in the recognition of fee income totaling $5.7 million in the three-month period ended June 30, 2021.  At June 30, 2021, the total unrecognized fee income associated with PPP loans was $10.7 million.  Through two rounds of PPP, Equity originated more than $610.0 million in PPP loans.

 

Further driving results this quarter was customer and relationship growth within Equity Trust and Wealth Management and Equity’s consumer deposit base, expansion of non-interest income with Equity’s debit card platform and increased transaction activity within our deposit customer base.

 

The Company has announced its expansion into St. Joseph, Missouri, with a definitive branch purchase and assumption agreement to acquire the assets and assume the deposits of three bank locations from Security Bank of Kansas City (“Security”), a subsidiary of Valley View Financial Co. (“Valley”) of Overland Park, Kansas.  Equity anticipates closing the transaction in the fourth quarter of 2021.

 

“We are pleased with the opportunity to offer Equity Bank products and services to customers in Northwest Missouri, and St. Joseph is a great fit within our network,” said Mr. Elliott.  “We have been able to grow loans, fee income and our core deposit base effectively in Western Missouri with a focus on local community banking and we believe this approach will serve customers well in our new St. Joseph region.”

 

“Our recent merger announcement with American State Bancshares, Inc. is a great cultural fit for us as well as an expansion of our Kansas market, and our teams have worked diligently alongside one another.  We remain on target for a closing and conversion of data systems in early October,” said Mr. Elliott.  “I thank everyone on both the Equity and American State Bancshares, Inc. teams for their collaboration and hard work to make sure we continue to deliver excellent customer service while increasing shareholder value.”

 

Notable Items:

 

 

Quarter over quarter, service fee revenue, including deposit services, mortgage banking, trust and wealth and insurance services increased to $6.4 million from $5.3 million, or 20.77%.

 

The Company authorized a second stock repurchase program in the third quarter of 2020 totaling 800,000 shares.  During the quarter ended June 30, 2021, the Company repurchased 73,070 shares at a weighted average cost of $28.94 per share, totaling $2.1 million.  At the end of the quarter, capacity of 180,687 shares remained under the current repurchase program.


The following information was filed by Equity Bancshares Inc (EQBK) on Monday, July 19, 2021 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
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Basis Of Presentation And Summary Of Significant Accounting Policies- Additional Information (Detail)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (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)
Business Combinations
Business Combinations - Additional Information (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
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Additional Information (Detail)
Loans And Allowance For Credit Losses - Categories Of Loans (Detail)
Loans And Allowance For Credit Losses - Impaired Loans, Segregated By Class Of Loans (Detail)
Loans And Allowance For Credit Losses - Schedule Of Aging Of Recorded Investment In Past Due Loans By Segment And Class Of Loans (Detail)
Loans And Allowance For Credit Losses - Schedule Of Allowance For Credit Losses On Off-Balance Sheet Credit Exposures (Detail)
Loans And Allowance For Credit Losses - Schedule Of Allowance For Loan Losses By Portfolio Segment Allowance (Detail)
Loans And Allowance For Credit Losses - Schedule Of Categories Of Loans Under The Payment Deferral Program (Detail)
Loans And Allowance For Credit Losses - Schedule Of Credit Risk Classification Of Loans Participating In Payment Deferral Program (Detail)
Loans And Allowance For Credit Losses - Schedule Of Loans Evaluated For Impairment (Detail)
Loans And Allowance For Credit Losses - Schedule Of Recorded Investments In Purchase Credit Impaired Loans (Detail)
Loans And Allowance For Credit Losses - Schedule Of Risk Category Of Loans By Class Of Loans (Detail)
Loans And Allowance For Credit Losses - Schedule Of Troubled Debt Restructurings By Accrual Status (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 - 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 Offering Periods And Costs (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: 0001564590-21-041668
Submitted to the SEC: Thu Aug 05 2021 4:46:11 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: State Commercial Banks

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