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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 (NASDAQ: EQBK) reported a net income of $10.5 million and $0.61 earnings per diluted share for Q4 2021, reflecting a decrease in net income compared to the previous quarter. The company's results were bolstered by its merger with American State Bank & Trust, completed on October 1, 2021, and included a notable 17.5% increase in non-interest income. However, net interest income fell to $37.2 million, and a rise in non-interest expenses contributed to the overall decrease in net income. Asset quality improved, with non-accrual loans declining substantially.
Equity Bancshares, Inc. (NASDAQ:EQBK) is set to release its fourth quarter financial results on January 26, 2022, post-market close. CEO Brad Elliott and CFO Eric Newell will present the results during a conference call scheduled for January 27, 2022, at 10 a.m. ET. Interested parties can join the call by dialing (844) 534-7311 or accessing a live webcast via their investor relations website. A replay will be available until February 3, 2022. The company provides a range of financial services and is recognized for its community banking approach.
Equity Bank, a subsidiary of Equity Bancshares, completed its purchase of three bank locations in St. Joseph, Missouri, from Security Bank on December 3, 2021. This strategic acquisition strengthens its footprint in Northern Missouri, allowing Equity to enhance community banking services with increased lending capacity and sophisticated technology. This acquisition follows Equity's history of growth in Missouri, with total assets now around $5 billion. Equity now operates 16 locations in Missouri, contributing to its overall expansion amidst a competitive banking landscape.
Equity Bank has entered a definitive purchase agreement with United Bank & Trust (UBT) to transfer its branches in Concordia, Clyde, and Belleville, Kansas. The acquisition, expected to conclude in Q2 2022, involves UBT assuming approximately $60 million in deposits and $24 million in loans. Equity's chairman emphasized the move as beneficial for shareholders and customers alike, enhancing local banking resources. Following a recent merger, Equity is focused on improving efficiencies and exploring growth opportunities within its operational regions.
Equity Bancshares reported a net income of $11.8 million or $0.80 per diluted share for Q3 2021, marking a decrease from $15.2 million or $1.03 per share in Q2 2021. This decline is attributed to a $4.9 million increase in non-interest expenses and higher credit loss provisions. The company successfully integrated its largest acquisition, American State Bancshares, while announcing its first common stock dividend of $0.08 per share. Net interest income increased to $39.0 million, and total deposits were $3.66 billion. The allowance for credit losses rose to 2.0%, with nonperforming assets at 1.7% of total assets.
Equity Bancshares, Inc. (NASDAQ: EQBK) has successfully merged with American State Bancshares, Inc., enhancing its core and digital banking systems. This merger, one of the largest in Kansas history, consolidates operations, increasing Equity's total assets to approximately $5.0 billion and expanding its network to 67 locations across Kansas, Missouri, Arkansas, and Oklahoma. With this move, Equity aims to bolster its market presence, particularly in the Wichita area, where it now ranks seventh in deposit market share. The company anticipates further growth opportunities in community banking.
The Board of Directors of Equity Bancshares, Inc. (NASDAQ: EQBK) has announced the initiation of a quarterly cash dividend of $0.08 per share for its Class A stock, payable on October 14, 2021, to shareholders of record as of September 30, 2021. This marks the first dividend in the company’s history, reflecting its profit growth. Additionally, the Board authorized a stock repurchase program for up to 1,000,000 shares, effective from October 29, 2021 through October 28, 2022, subject to regulatory approval.
Equity Bancshares, Inc. (NASDAQ: EQBK) reported a net income of $15.2 million, equating to $1.03 per diluted share for Q2 2021. This marks a slight increase from $15.1 million in Q1 2021. The company's organic loan growth surged by $81.8 million, leading to a robust annualized growth rate of 14.75%. Equity plans to enhance its presence in St. Joseph, Missouri, by acquiring three branches from Security Bank of KC. Additionally, they disclosed a favorable adjustment in their merger with American State Bancshares, which is expected to conclude in October 2021.
Equity Bancshares, Inc. (NASDAQ:EQBK) will announce its second quarter results on July 19, 2021, after market close. A conference call with CEO Brad Elliott and CFO Eric Newell is scheduled for July 20, 2021, at 10 a.m. ET to discuss these results. Participants can join the call by calling toll-free or via live webcast. A replay will be available for two hours post-call until July 27, 2021. Equity Bancshares, the holding company for Equity Bank, offers diverse financial services and focuses on delivering relationship-based customer service.
Equity Bancshares, parent of Equity Bank, announced a merger with American State Bancshares, valued at approximately $73.6 million. This merger will add 17 locations in Kansas to Equity’s network, expanding its total to 42 locations in the state. The combined entity will have about $5.0 billion in assets, ranking it No. 7 in Kansas deposit market share. The deal is expected to be 15.9% accretive to 2022 EPS, with a strong internal rate of return exceeding 20%. The completion is anticipated in early October 2021.
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