Last10K.com

Equity Bancshares Inc (EQBK) SEC Filing 8-K Material Event for the period ending Tuesday, April 19, 2022

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

 

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE – 4/19/2022

Equity Bancshares, Inc. Reports First Quarter Results, Continued Organic Growth

 

Company’s expanding banking franchise earns net income of $15.7 million, sustains momentum following fourth quarter acquisitions

 

WICHITA, Kansas, April 19, 2022 (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 $15.7 million and $0.93 earnings per diluted share for the quarter ended March 31, 2022.

 

“I’m pleased with the entrepreneurial spirit of our bankers, including our market leaders, bank leaders and our support and operations teams for their collaboration and their continued focus on our customers,” said Brad Elliott, Chairman and CEO. “We began 2022 as a franchise of nearly 70 bank locations in our four-state network and we’ve continued to sustain momentum in our first quarter with customers by being responsive and open, and providing additional products and services to our new communities.”

 

“Our first quarter reflects our approach as a brand, providing sophisticated and innovative solutions delivered with trusted expertise of bankers dedicated to local communities,” said Mr. Elliott. “As we continue to review opportunities to expand our brand via merger, our service and sales teams continue to boost organic growth, by delivering new solutions each and every day to our customers.”

 

Notable Items:

 

 

During the first quarter, the Company realized period over period growth in loans held for investment of 14.53% excluding the impact of PPP assets, effectively deploying excess cash balances from the end of the year into higher yielding asset classes.

 

The Company realized economic benefit of $5.7 million from the American State Bancshares and Almena State Bank acquisitions during the quarter as specific credits saw improvement resulting in release of specific reserves generated against these assets.  In addition to the release of specific reserves, the Company also reversed repurchase obligations associated with certain of these assets further benefiting income by $500 thousand.

 

The Company continued to successfully manage our problem asset portfolio to positive outcomes for the Company and its shareholders.  As compared to December 31, 2021, all non-performing ratios have improved in excess of 30%, while classified assets to regulatory capital has fallen to 17.1%, its lowest level since December 31, 2015.

 

The Company continued to position itself in the event of the realization of losses following economic turmoil domestically due in part to inflation and monetary policy as well as geopolitical concerns arising from Russia’s actions in Ukraine.

 

The Company continued to emphasize investor returns through repurchase of 384,383 shares during the quarter, at an average price of $32.21, as well as the continuation of our quarterly dividend program at $0.08 per share.  Under the currently active repurchase program, the Company is authorized to purchase an additional 482,744 shares.

 


 

Equity Bancshares, Inc.

PRESS RELEASE – 4/19/2022

 

Financial Results for the Quarter Ended March 31, 2022

 

Net income allocable to common stockholders was $15.7 million, or $0.93 per diluted share, for the three months ended March 31, 2022, as compared to $10.5 million, or $0.61 per diluted share, for the three months ended December 31, 2021, an increase of $5.2 million.  The increase for the first quarter of 2022 is primarily due to increases in loan and investment security interest income of $1.4 million and $545 thousand, respectively, and decreases in non-interest expenses of $8.6 million.

 

Net Interest Income

 

Net interest income was $39.3 million for the three months ended March 31, 2022, as compared to $37.2 million for the three months ended December 31, 2021, an increase of $2.1 million, or 5.6%.  The increase was mainly due to increasing yields on interest-earning assets with relatively unchanged yields on interest-bearing liabilities.  Loans were responsible for the majority of the increase in interest income, with a $14.5 million increase in average balance and a 25 basis point increase in yield.  The cost of time deposits fell by 9 basis points during the quarter, moving from 0.56% at December 31, 2021 to 0.47% at March 31, 2022. Total yield on interest-earning assets increased 24 basis points, while total cost of interest-bearing liabilities decreased 2 basis points.

 

Provision for Credit Losses

 

During the three months ended March 31, 2022, there was a net release of $412 thousand from the allowance for credit losses recognized through the provision for credit losses as compared to a net release of $2.1 million from the allowance for credit losses for the three months ended December 31, 2021.  The net release of allowance for credit losses was mainly driven by decreases in specific reserves on purchased credit deteriorated loans due to improvement in credit quality during the quarter. Offsetting the reduction in allowance for loans specifically analyzed for impairment was an increase in general reserves driven by increasing loan balances as well as perceived risk associated with near term economic turmoil including significant inflation, supply chain concerns which are potentially exacerbated by geopolitical issues, and uncertainty around the impact of monetary policy on consumers and businesses.  For the three months ended March 31, 2022, we had net charge-offs of $362 thousand as compared to $7.9 million for the three months ended December 31, 2021.

 

Non-Interest Income

 

Total non-interest income was $9.0 million for the three months ended March 31, 2022, as compared to $9.2 million for the three months ended December 31, 2021, or a decrease of 1.9%, quarter over quarter.  The decrease was due to decreased income from the valuation of bank-owned life insurance of $195 thousand, insurance commissions and fees of $157 thousand, and mortgage banking revenue of $160 thousand, partially offset by an increase in fee income and other of $152 thousand and an increase of $104 thousand of income related to derivative transactions in the quarter ending March 31, 2022.

 

Non-Interest Expense

 

Total non-interest expense for the quarter ended March 31, 2022, was $29.5 million as compared to $38.1 million for the quarter ended December 31, 2021. The $8.6 million change was primarily due to decreases in merger expenses of $4.2 million and other non-interest expense of $3.0 million. The comparative change in other non-interest expense was primarily driven by a release of reserve for unfunded commitments of $1.0 million and a reduction in the cost of our solar investments of an additional $900 thousand.

 

Asset Quality

 

As of March 31, 2022, Equity’s allowance for credit losses to total loans had remained constant at 1.5%, as compared to December 31, 2021.  Nonperforming assets were $37.5 million as of March 31, 2022, or 0.7% of total assets, compared to $66.0 million at December 31, 2021, or 1.3% of total assets.  Non-accrual loans were $20.7 million at March 31, 2022, as


 

Equity Bancshares, Inc.

PRESS RELEASE – 4/19/2022

compared to $29.4 million at December 31, 2021. Total classified assets, including loans rated special mention or worse, other real estate owned and other repossessed assets were $94.2 million, or 17.1% of regulatory capital, down from $138.5 million, or 25.3% of regulatory capital as of December 31, 2021.

 

During the quarter ended March 31, 2022, non-performing assets decreased $28.5 million due to decreases in non-accrual loans of $8.7 million and other repossessed assets of $20.0 million. The decrease in non-accrual loans was largely due to $8.2 million in loans upgraded to accrual status during the quarter due to repayment performance and improvements in specific credit concerns. The change in other repossessed assets was primarily due to the sale of a group of assets that were moved to other repossessed assets in the fourth quarter of 2021.

 

Regulatory Capital

 

The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 11.8%, the total capital to risk-weighted assets was 15.7% and the total leverage ratio was 9.1% at March 31, 2022.  At December 31, 2021, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 12.0%, the total capital to risk-weighted assets ratio was 16.0% and the total leverage ratio was 9.1%.

 

The Company’s subsidiary, Equity Bank, had a ratio of common equity tier 1 capital to risk-weighted assets of 13.7%, a ratio of total capital to risk-weighted assets of 14.9% and a total leverage ratio of 10.0% at March 31, 2022.  At December 31, 2021, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 14.0%, the ratio of total capital to risk-weighted assets was 15.3% and the total leverage ratio was 10.1%.

 

Non-GAAP Financial Measures

 

In addition to evaluating the Company’s results of operations in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial condition and performance trends, while facilitating comparisons with the performance of other financial institutions.  Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company’s GAAP financial information.

 

The efficiency ratio is a common comparable metric used by banks to understand the expense structure relative to total revenue. In other words, for every dollar of total revenue recognized, how much of that dollar is expended.  To improve the comparability of the ratio to our peers, non-core items are excluded.  To improve transparency and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.

 

Return on average assets before income tax provision and provision for loan losses is a measure that the Company uses to understand fundamental operating performance before these expenses.  Used as a ratio relative to average assets, we believe it demonstrates “core” performance and can be viewed as an alternative measure of how efficiently the Company services its asset base.  Used as a ratio relative to average equity, it can function as an alternative measure of the Company’s earnings performance in relationship to its equity.

 

Tangible common equity and related measures are non-GAAP financial measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization.  These financial measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally.  Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity.  Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors.

 

The Company believes that disclosing these non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company.  Other companies may calculate and define their non-GAAP financial measures and supplemental data differently.  A reconciliation of GAAP financial


 

Equity Bancshares, Inc.

PRESS RELEASE – 4/19/2022

measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 6 in the following press release tables.

 

Conference Call and Webcast

 

Equity Chairman and Chief Executive Officer, Brad Elliott, and Executive Vice President and Chief Financial Officer, Eric Newell, will hold a conference call and webcast to discuss the 2022 first quarter results on Wednesday, April 20, 2022, at 10:00 a.m. eastern time, 9:00 a.m. central time.

 

Investors, news media and other participants should register for the call or audio webcast at investor.equitybank.com. On Wednesday, April 20, 2022, participants may also dial into the call toll-free at (844) 534-7311 from anywhere in the U.S. or (574) 990-1419 internationally, using conference ID no. 1392188.

 

Participants are encouraged to dial into the call or access the webcast approximately 10 minutes prior to the start time.  Presentation slides to pair with the call or webcast will be posted one hour prior to the call at investor.equitybank.com.

 

A replay of the call and webcast will be available two hours following the close of the call until April 27, 2022, accessible at (855) 859-2056 with conference ID no. 1392188 at investor.equitybank.com.

About Equity Bancshares, Inc.

Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the NASDAQ Global Select Market under the symbol “EQBK.” Learn more at www.equitybank.com.

 

Special Note Concerning Forward-Looking Statements

 

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature.  These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.  Factors that could cause actual results to differ materially from Equity’s expectations include COVID-19 related impacts; competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses; and similar variables. The foregoing list of factors is not exhaustive.

 

For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 9, 2022, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results


 

Equity Bancshares, Inc.

PRESS RELEASE – 4/19/2022

may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, such as COVID-19, and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue.

 

Investor Contact:

 

Chris Navratil

SVP, Finance

Equity Bancshares, Inc.

(316) 612-6014

cnavratil@equitybank.com

 

Media Contact:

 

John J. Hanley

SVP, Senior Director of Marketing

Equity Bancshares, Inc.

(913) 583-8004

jhanley@equitybank.com

 

Unaudited Financial Tables

 

Table 1. Quarterly Consolidated Statements of Income

 

Table 2. Consolidated Balance Sheets

 

Table 3. Selected Financial Highlights

 

Table 4. Quarter-To-Date Net Interest Income Analysis

 

Table 5. Quarter-Over-Quarter Net Interest Income Analysis

 

Table 6. Non-GAAP Financial Measures



 

Equity Bancshares, Inc.

PRESS RELEASE – 4/19/2022

 

TABLE 1. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share data)

 

 

As of and for the three months ended

 

 

 

March 31,

2022

 

 

December 31,

2021

 

 

September 30,

2021

 

 

June 30,

2021

 

 

March 31,

2021

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

36,306

 

 

$

34,942

 

 

$

37,581

 

 

$

33,810

 

 

$

31,001

 

Securities, taxable

 

 

5,391

 

 

 

4,754

 

 

 

3,920

 

 

 

3,523

 

 

 

3,799

 

Securities, nontaxable

 

 

655

 

 

 

747

 

 

 

655

 

 

 

717

 

 

 

724

 

Federal funds sold and other

 

 

300

 

 

 

349

 

 

 

290

 

 

 

268

 

 

 

288

 

Total interest and dividend income

 

 

42,652

 

 

 

40,792

 

 

 

42,446

 

 

 

38,318

 

 

 

35,812

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

1,722

 

 

 

1,939

 

 

 

1,881

 

 

 

2,025

 

 

 

2,410

 

Federal funds purchased and retail repurchase agreements

 

 

33

 

 

 

32

 

 

 

24

 

 

 

26

 

 

 

22

 

Federal Home Loan Bank advances

 

 

9

 

 

 

14

 

 

 

10

 

 

 

80

 

 

 

65

 

Subordinated debt

 

 

1,599

 

 

 

1,592

 

 

 

1,556

 

 

 

1,557

 

 

 

1,556

 

Total interest expense

 

 

3,363

 

 

 

3,577

 

 

 

3,471

 

 

 

3,688

 

 

 

4,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

39,289

 

 

 

37,215

 

 

 

38,975

 

 

 

34,630

 

 

 

31,759

 

Provision (reversal) for credit losses

 

 

(412

)

 

 

(2,125

)

 

 

1,058

 

 

 

(1,657

)

 

 

(5,756

)

Net interest income after provision (reversal) for credit losses

 

 

39,701

 

 

 

39,340

 

 

 

37,917

 

 

 

36,287

 

 

 

37,515

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

2,522

 

 

 

2,471

 

 

 

2,360

 

 

 

2,169

 

 

 

1,596

 

Debit card income

 

 

2,628

 

 

 

2,633

 

 

 

2,574

 

 

 

2,679

 

 

 

2,350

 

Mortgage banking

 

 

562

 

 

 

722

 

 

 

801

 

 

 

848

 

 

 

935

 

Increase in value of bank-owned life insurance

 

 

865

 

 

 

1,060

 

 

 

1,169

 

 

 

676

 

 

 

601

 

Net gain on acquisition

 

 

 

 

 

 

 

 

 

 

 

663

 

 

 

(78

)

Net gains (losses) from securities transactions

 

 

40

 

 

 

8

 

 

 

381

 

 

 

 

 

 

17

 

Other

 

 

2,405

 

 

 

2,305

 

 

 

546

 

 

 

2,065

 

 

 

1,291

 

Total non-interest income

 

 

9,022

 

 

 

9,199

 

 

 

7,831

 

 

 

9,100

 

 

 

6,712

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

15,068

 

 

 

15,119

 

 

 

13,588

 

 

 

12,769

 

 

 

12,722

 

Net occupancy and equipment

 

 

3,170

 

 

 

2,967

 

 

 

2,475

 

 

 

2,327

 

 

 

2,368

 

Data processing

 

 

3,769

 

 

 

3,867

 

 

 

3,257

 

 

 

3,474

 

 

 

2,663

 

Professional fees

 

 

1,171

 

 

 

1,565

 

 

 

1,076

 

 

 

999

 

 

 

1,073

 

Advertising and business development

 

 

976

 

 

 

1,129

 

 

 

760

 

 

 

799

 

 

 

682

 

Telecommunications

 

 

470

 

 

 

435

 

 

 

439

 

 

 

512

 

 

 

580

 

FDIC insurance

 

 

180

 

 

 

360

 

 

 

465

 

 

 

425

 

 

 

415

 

Courier and postage

 

 

423

 

 

 

389

 

 

 

344

 

 

 

327

 

 

 

369

 

Free nationwide ATM cost

 

 

501

 

 

 

515

 

 

 

519

 

 

 

513

 

 

 

472

 

Amortization of core deposit intangibles

 

 

1,050

 

 

 

1,080

 

 

 

1,030

 

 

 

1,030

 

 

 

1,034

 

Loan expense

 

 

185

 

 

 

308

 

 

 

207

 

 

 

181

 

 

 

238

 

Other real estate owned

 

 

(1

)

 

 

617

 

 

 

(342

)

 

 

(468

)

 

 

5

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

372

 

 

 

 

 

 

 

Merger expenses

 

 

323

 

 

 

4,562

 

 

 

4,015

 

 

 

460

 

 

 

152

 

Other

 

 

2,174

 

 

 

5,176

 

 

 

2,484

 

 

 

2,458

 

 

 

2,108

 

Total non-interest expense

 

 

29,459

 

 

 

38,089

 

 

 

30,689

 

 

 

25,806

 

 

 

24,881

 

Income (loss) before income tax

 

 

19,264

 

 

 

10,450

 

 

 

15,059

 

 

 

19,581

 

 

 

19,346

 

Provision for income taxes (benefit)

 

 

3,614

 

 

 

(16

)

 

 

3,286

 

 

 

4,415

 

 

 

4,271

 

Net income (loss) and net income (loss) allocable to common stockholders

 

$

15,650

 

 

$

10,466

 

 

$

11,773

 

 

$

15,166

 

 

$

15,075

 

Basic earnings (loss) per share

 

$

0.94

 

 

$

0.62

 

 

$

0.82

 

 

$

1.06

 

 

$

1.04

 

Diluted earnings (loss) per share

 

$

0.93

 

 

$

0.61

 

 

$

0.80

 

 

$

1.03

 

 

$

1.02

 

Weighted average common shares

 

 

16,652,556

 

 

 

16,865,167

 

 

 

14,384,302

 

 

 

14,356,958

 

 

 

14,464,291

 


 

Equity Bancshares, Inc.

PRESS RELEASE – 4/19/2022

Weighted average diluted common shares

 

 

16,869,152

 

 

 

17,141,174

 

 

 

14,669,312

 

 

 

14,674,838

 

 

 

14,734,083

 


 

Equity Bancshares, Inc.

PRESS RELEASE – 4/19/2022

 

TABLE 2. CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands)

 

 

March 31,

2022

 

 

December 31,

2021

 

 

September 30,

2021

 

 

June 30,

2021

 

 

March 31,

2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

89,764

 

 

$

259,131

 

 

$

141,645

 

 

$

138,869

 

 

$

136,190

 

Federal funds sold

 

 

286

 

 

 

823

 

 

 

673

 

 

 

452

 

 

 

498

 

Cash and cash equivalents

 

 

90,050

 

 

 

259,954

 

 

 

142,318

 

 

 

139,321

 

 

 

136,688

 

Interest-bearing time deposits in other banks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

249

 

Available-for-sale securities

 

 

1,352,894

 

 

 

1,327,442

 

 

 

1,157,423

 

 

 

1,041,613

 

 

 

998,100

 

Loans held for sale

 

 

1,575

 

 

 

4,214

 

 

 

4,108

 

 

 

6,183

 

 

 

8,609

 

Loans, net of allowance for credit losses(1)

 

 

3,194,987

 

 

 

3,107,262

 

 

 

2,633,148

 

 

 

2,763,227

 

 

 

2,740,215

 

Other real estate owned, net

 

 

9,897

 

 

 

9,523

 

 

 

10,267

 

 

 

10,861

 

 

 

10,559

 

Premises and equipment, net

 

 

103,168

 

 

 

104,038

 

 

 

90,727

 

 

 

90,876

 

 

 

90,322

 

Bank-owned life insurance

 

 

120,928

 

 

 

120,787

 

 

 

103,431

 

 

 

103,321

 

 

 

102,645

 

Federal Reserve Bank and Federal Home Loan Bank stock

 

 

19,890

 

 

 

17,510

 

 

 

14,540

 

 

 

18,454

 

 

 

15,174

 

Interest receivable

 

 

16,923

 

 

 

18,048

 

 

 

15,519

 

 

 

15,064

 

 

 

16,655

 

Goodwill

 

 

54,465

 

 

 

54,465

 

 

 

31,601

 

 

 

31,601

 

 

 

31,601

 

Core deposit intangibles, net

 

 

13,830

 

 

 

14,879

 

 

 

12,963

 

 

 

13,993

 

 

 

15,023

 

Other

 

 

100,016

 

 

 

99,509

 

 

 

47,223

 

 

 

33,702

 

 

 

30,344

 

Total assets

 

$

5,078,623

 

 

$

5,137,631

 

 

$

4,263,268

 

 

$

4,268,216

 

 

$

4,196,184

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand

 

$

1,255,793

 

 

$

1,244,117

 

 

$

984,436

 

 

$

992,565

 

 

$

972,364

 

Total non-interest-bearing deposits

 

 

1,255,793

 

 

 

1,244,117

 

 

 

984,436

 

 

 

992,565

 

 

 

972,364

 

Savings, NOW and money market

 

 

2,511,478

 

 

 

2,522,289

 

 

 

2,092,849

 

 

 

2,035,496

 

 

 

2,074,261

 

Time

 

 

612,399

 

 

 

653,598

 

 

 

585,492

 

 

 

659,494

 

 

 

587,905

 

Total interest-bearing deposits

 

 

3,123,877

 

 

 

3,175,887

 

 

 

2,678,341

 

 

 

2,694,990

 

 

 

2,662,166

 

Total deposits

 

 

4,379,670

 

 

 

4,420,004

 

 

 

3,662,777

 

 

 

3,687,555

 

 

 

3,634,530

 

Federal funds purchased and retail repurchase agreements

 

 

48,199

 

 

 

56,006

 

 

 

39,137

 

 

 

47,184

 

 

 

40,339

 

Federal Home Loan Bank advances

 

 

50,000

 

 

 

 

 

 

 

 

 

9,208

 

 

 

9,926

 

Subordinated debt

 

 

96,010

 

 

 

95,885

 

 

 

88,030

 

 

 

87,908

 

 

 

87,788

 

Contractual obligations

 

 

17,307

 

 

 

17,692

 

 

 

18,771

 

 

 

4,469

 

 

 

4,856

 

Interest payable and other liabilities

 

 

35,422

 

 

 

47,413

 

 

 

36,804

 

 

 

18,897

 

 

 

20,930

 

Total liabilities

 

 

4,626,608

 

 

 

4,637,000

 

 

 

3,845,519

 

 

 

3,855,221

 

 

 

3,798,369

 

Commitments and contingent liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

204

 

 

 

203

 

 

 

178

 

 

 

176

 

 

 

175

 

Additional paid-in capital

 

 

480,106

 

 

 

478,862

 

 

 

392,321

 

 

 

389,394

 

 

 

387,939

 

Retained earnings

 

 

102,632

 

 

 

88,324

 

 

 

79,226

 

 

 

68,625

 

 

 

53,459

 

Accumulated other comprehensive income, net of tax

 

 

(50,012

)

 

 

1,776

 

 

 

9,475

 

 

 

13,450

 

 

 

12,019

 

Treasury stock

 

 

(80,915

)

 

 

(68,534

)

 

 

(63,451

)

 

 

(58,650

)

 

 

(55,777

)

Total stockholders’ equity

 

 

452,015

 

 

 

500,631

 

 

 

417,749

 

 

 

412,995

 

 

 

397,815

 

Total liabilities and stockholders’ equity

 

$

5,078,623

 

 

$

5,137,631

 

 

$

4,263,268

 

 

$

4,268,216

 

 

$

4,196,184

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Allowance for credit losses

 

$

47,590

 

 

$

48,365

 

 

$

52,763

 

 

$

51,834

 

 

$

55,525

 


 

Equity Bancshares, Inc.

PRESS RELEASE – 4/19/2022

 

TABLE 3. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)

(Dollars in thousands, except per share data)

 

 

As of and for the three months ended

 

 

 

March 31,

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

Loans Held For Investment by Type

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

1,552,134

 

 

$

1,486,148

 

 

$

1,308,707

 

 

$

1,261,214

 

 

$

1,218,537

 

Commercial and industrial

 

 

629,181

 

 

 

567,497

 

 

 

569,513

 

 

 

732,126

 

 

 

820,736

 

Residential real estate

 

 

613,928

 

 

 

638,087

 

 

 

490,633

 

 

 

503,110

 

 

 

438,503

 

Agricultural real estate

 

 

198,844

 

 

 

198,330

 

 

 

138,793

 

 

 

129,020

 

 

 

134,944

 

Agricultural

 

 

150,077

 

 

 

166,975

 

 

 

93,767

 

 

 

97,912

 

 

 

93,764

 

Consumer

 

 

98,413

 

 

 

98,590

 

 

 

84,498

 

 

 

91,679

 

 

 

89,256

 

Total loans held-for-investment

 

 

3,242,577

 

 

 

3,155,627

 

 

 

2,685,911

 

 

 

2,815,061

 

 

 

2,795,740

 

Allowance for credit losses

 

 

(47,590

)

 

 

(48,365

)

 

 

(52,763

)

 

 

(51,834

)

 

 

(55,525

)

Net loans held for investment

 

$

3,194,987

 

 

$

3,107,262

 

 

$

2,633,148

 

 

$

2,763,227

 

 

$

2,740,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses on loans to total loans

 

 

1.47

%

 

 

1.53

%

 

 

1.96

%

 

 

1.84

%

 

 

1.99

%

Past due or nonaccrual loans to total loans

 

 

0.82

%

 

 

1.18

%

 

 

2.78

%

 

 

2.09

%

 

 

2.30

%

Nonperforming assets to total assets

 

 

0.74

%

 

 

1.28

%