Welcome to our dedicated page for Equity Bancshares news (Ticker: EQBK), a resource for investors and traders seeking the latest updates and insights on Equity Bancshares stock.
Equity Bancshares, Inc. (NYSE: EQBK) is a prominent bank holding company with its corporate headquarters in Wichita, Kansas. The company operates under the banner of Equity Bank and is committed to providing a comprehensive range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services, as well as treasury management services. With a mission to offer the best banking experience, Equity Bank has established a strong presence with 28 banking offices spread across Kansas and Missouri, including key areas such as Kansas City, Topeka, Wichita, Hays, and several locations in Missouri.
Founded in 2002, Equity Bank has grown through a series of strategic mergers and acquisitions, enhancing its reach and service capabilities. As of September 30, 2023, the company reported consolidated total assets of $4.9 billion, total deposits of $4.1 billion, and gross loans of $3.3 billion. Following the recent merger agreement to acquire Rockhold Bancorp and Bank of Kirksville, Equity Bank's network will expand to 74 banking locations and total assets will rise to $5.4 billion, enhancing its footprint in North Central Missouri.
Equity Bank's business model focuses on generating revenues primarily through interest income from financial instruments including loans, leases, securities, and derivatives. Additionally, the company earns non-interest income from service charges and fees, debit card income, investment referral income, trust income, and insurance sales commissions.
In recent developments, Equity Bancshares has announced a strategic repositioning of its bond portfolio. The sale of approximately $442 million of available-for-sale investment securities is expected to improve balance sheet efficiency and generate additional annual interest income of $16.2 million, significantly boosting earnings per share in the coming years. The transaction, although resulting in an after-tax loss of $38.2 million, aims to redeploy assets into higher-yielding investments, projected to yield over 5%.
The company continues to demonstrate strong tangible and regulatory capital ratios along with positive credit quality trends. This financial robustness, combined with an enterprising approach to expansion and integration of community banks, positions Equity Bancshares for sustained growth and value creation for shareholders.
Equity Bancshares emphasizes community values and customer service, ensuring that its operations align with the needs of the regions it serves. Through its strategic initiatives and focused management, the company aims to maintain a stable and thriving banking network, offering sophisticated financial products tailored to both individual and business customers.
For more detailed financial updates and investor information, visit www.equitybank.com.
Equity Bancshares reported a record net income of $57.7 million or $3.51 per diluted share for the year ended December 31, 2022, up from $52.5 million in 2021. The company achieved record revenue of $197.8 million despite economic challenges. In Q4 2022, net income was $11.6 million or $0.72 per diluted share. Key metrics include a decrease in the ratio of non-performing assets to total assets to 0.4%, and loan growth of $220.0 million or 9.5% year-over-year. Total assets reached $5.0 billion with deposits of $4.2 billion, indicating strong financial positioning.
Equity Bancshares, Inc. (NASDAQ:EQBK) will release its fourth quarter results on January 25, 2023, after market close. CEO Brad Elliott and CFO Eric Newell will host a conference call and webcast to discuss the results on January 26, 2023, at 10 a.m. ET. Participants can access the live webcast on the company's website. A replay will be available two hours post-call until February 3, 2023. Equity Bancshares provides a range of financial services, focusing on customer relationship management.
Equity Bancshares (NASDAQ: EQBK) reported net income of $15.2 million and $0.93 earnings per diluted share for Q3 2022, reflecting a 3.5% linked quarter revenue growth driven by an expanding Net Interest Margin. Notably, nonperforming assets dropped 19.7%, indicating improved asset quality. Loan growth was robust at 7.01% year-to-date, while the company authorized a repurchase of up to 1 million shares and increased dividends to $0.10 per share. The classified asset ratio decreased over 50% year-to-date, showcasing effective credit management.
Equity Bancshares, Inc. (NASDAQ:EQBK) will announce its third quarter results on October 18, 2022, with a press release after market close. Chairman and CEO Brad Elliott, alongside CFO Eric Newell, will host a conference call on October 19, 2022, at 10 a.m. ET to discuss these results. A live webcast will be available on the company's website, with a replay accessible until October 26, 2022. Equity Bancshares provides a wide array of financial services through Equity Bank, emphasizing community-based customer service.
Equity Bancshares, Inc. (NASDAQ: EQBK) has announced a 25% increase in its quarterly cash dividend, now at $0.10 per share. This dividend will be payable on October 14, 2022, to stockholders of record as of September 30, 2022. This increase marks the company's first dividend expansion in its history. Additionally, the Board authorized a share repurchase program for up to 1,000,000 shares from October 1, 2022, to September 30, 2023. This initiative is supported by the Federal Reserve Bank of Kansas City.
Equity Bank, a subsidiary of Equity Bancshares (NASDAQ: EQBK), has entered into a definitive purchase and assumption agreement with High Plains Bank, whereby High Plains will acquire certain assets and assume deposits from Equity’s Cordell, Oklahoma location. The acquisition, expected to close by December 31, 2022, involves approximately $20 million in deposits, which will increase High Plains' total deposits in the Cordell market to $35 million, ranking fifth in Washita County. This move aims to enhance local banking services through a community-focused approach.
Equity Bancshares reported a net income of $15.3 million and earnings per share of $0.94 for Q2 2022, marking an increase from the previous quarter's earnings. The company achieved 8.5% organic loan growth and a 5.38% increase in service fee income. However, non-interest expenses rose by $2.0 million, leading to a slight decrease in net income compared to Q1 2022. The net interest income increased 0.7% to $39.6 million, with a net gain from branch sales contributing to non-interest income. The company continues its repurchase program and maintains a strong capital ratio.
Equity Bancshares, Inc. (NASDAQ:EQBK) will announce its second quarter results on July 19, 2022, with a press release following market close. CEO Brad Elliott and CFO Eric Newell will host a conference call on July 20, 2022, at 10 a.m. ET to discuss the results. A live webcast will be available on the company's website, and a replay will be accessible until July 27, 2022. Equity Bancshares offers a variety of financial services and emphasizes community banking.
Equity Bancshares (NASDAQ: EQBK) reported a net income of $15.7 million or $0.93 per diluted share for Q1 2022, marking an increase from $10.5 million a year prior. This growth was driven by a 14.53% increase in loans held for investment and a reduction in non-interest expenses by $8.6 million. The company also successfully managed its problem asset portfolio, reducing non-performing assets by $28.5 million. Additionally, Equity continued to emphasize shareholder returns through share repurchases and dividends.
Equity Bancshares, Inc. (NASDAQ: EQBK) will announce its first quarter financial results on April 19, 2022, with a subsequent conference call scheduled for April 20, 2022, at 10 a.m. ET. During this call, CEO Brad Elliott and CFO Eric Newell will discuss the financial outcomes. Interested parties can join via a toll-free number or a live webcast. A replay will be available until April 27, 2022. The company focuses on comprehensive financial services, aiming to deliver high-quality, relationship-based customer service.
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