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Equity Bancshares Inc (EQBK) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

SEC Filings

EQBK Quarterly Reports

Equity Bancshares Inc

CIK: 1227500 Ticker: EQBK

 

Exhibit 99.1

Equity Bancshares, Inc.

PRESS RELEASE – 7/19/2022

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

 

Company saw NIM expansion, organic growth in the loan portfolio and noninterest income, with well managed operating expenses

 

WICHITA, Kansas, July 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 $15.3 million and $0.94 earnings per diluted share for the quarter ended June 30, 2022.

 

“In 2022, we’ve demonstrated our ability to deliver organic growth absent a merger partner. Our 8.5% organic loan growth represents the hard work of our sales and operations teams to provide value to customers,” said Brad S. Elliott, Chairman and CEO, Equity Bancshares, Inc. “We have a great leadership team dedicated to driving loans, treasury services, deposit products, and new products such as our recently introduced healthcare services offerings. These efforts to deliver sophisticated products and customer experience solutions have the effect of increasing earnings, improving net interest margin, increasing fee income and improving our loan to deposit ratio.”

 

“In the third quarter, we expect to continue to strengthen our loan to deposit ratio and to serve as a resource for our customers as they continue to navigate economic challenges for their businesses and families,” said Mr. Elliott. “Our brand reflects our entrepreneurial spirit, and as we add talent to our leadership teams, new products and services, and new service channels, we’ll continue to operate with our local customers in mind.”

 

 

Notable Items:

 

 

During the second quarter, the Company realized continued loan growth excluding the impact of PPP assets and the branch sale, bring annualized loan growth year-to-date to 8.51%.

 

During the quarter, the Company realized linked period growth of 5.38% in service fee income, driven by additional debit card revenue and service charges on Equity Bank deposit products.

 

The Company closed on the sale of three branches to United Bank & Trust in Belleville, Clyde and Concordia, Kansas, which resulted in a net gain of $540 thousand.

 

At June 30, 2022, classified assets to regulatory capital has declined to 13.1% from 17.1% at March 31, 2022.

 

The Company continued to emphasize investor returns through repurchase of 355,844 shares during the quarter, at an average price of $31.54, 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 126,900 shares.

 

Financial Results for the Quarter Ended June 30, 2022

 

Net income allocable to common stockholders was $15.3 million, or $0.94 per diluted share, for the three months ended June 30, 2022, as compared to $15.7 million, or $0.93 per diluted share, for the three months ended March 31, 2022.  The decrease for the second quarter of 2022 is primarily due to increases in non-interest expense of $2.0 million and provision for credit losses of $1.2 million, partially offset by an increase in non-interest income of $615 thousand and net interest income of $277 thousand.

 

Net Interest Income

 

Net interest income was $39.6 million for the three months ended June 30, 2022, as compared to $39.3 million for the three months ended March 31, 2022, an increase of $277 thousand, or 0.7%.  The yield on interest-earning assets increased 7-basis points to 3.74% during the quarter ended June 30, 2022, as compared to 3.67% for the quarter ended March 31, 2022. The cost of interest-bearing deposits increased by 6 basis points during the quarter, moving from 0.22% at March 31, 2022 to 0.28% at June 30, 2022.


The following information was filed by Equity Bancshares Inc (EQBK) on Tuesday, July 19, 2022 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 2022 10-K Annual Report includes:

  • Voting Procedures
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  • Executive Team
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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
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Detail)
Borrowings - Schedule Of Borrowing Usage And Interest Rate Information For Federal Funds Purchased And Retail Repurchase Agreements (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 And Branch Sales
Business Combinations And Branch Sales (Tables)
Business Combinations And Branch Sales - Additional Information (Detail)
Business Combinations And Branch Sales - Carrying Value Of Deposits Sold (Detail)
Business Combinations And Branch Sales - Carrying Value Of Loans Sold (Detail)
Business Combinations And Branch Sales - Summary Of The Amounts Of Assets Acquired And Liabilities Sold (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 Interest Rate Swaps Designated As Cash Flow 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 - 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 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 Risk Category Of Loans By Class Of Loans (Detail)
Loans And Allowance For Credit Losses - Schedule Of Troubled Debt Restructurings By Accrual Status (Detail)
Loans And Allowance For Credit Losses - Summary Of Information Related To Nonaccrual Loans And Level Of Collateral Supports Nonaccrual 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 - Fair Value And Amortized Cost Of Debt Securities By Contractual Maturity (Detail)
Securities - Summary Of Gross Unrealized Losses And Fair Value Of Securities (Detail)
Securities - Summary Of Proceeds From Sales And Associated Gains And Losses (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: 0001564590-22-028469
Submitted to the SEC: Mon Aug 08 2022 4:48:13 PM EST
Accepted by the SEC: Mon Aug 08 2022
Period: Thursday, June 30, 2022
Industry: State Commercial Banks

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