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 net income of $15.1 million for Q1 2021, up from $12.5 million in Q4 2020. Earnings per diluted share reached $1.02, driven by a 7.6% annualized growth in loans, excluding Paycheck Protection Program (PPP) loans. The company originated $233.6 million in new PPP loans and recognized $2.3 million in fee income from forgiven loans. However, net interest income declined by 10.7% to $31.8 million. As of March 31, total loans held for investment were $2.80 billion and total deposits reached $3.63 billion.
Equity Bancshares (NASDAQ: EQBK) is set to release its first quarter results on April 20, 2021, with a press release scheduled for after market close. CEO Brad Elliott and CFO Eric Newell will host a conference call on April 21, 2021, at 10 a.m. Eastern to discuss the results. Interested participants can register for the call or access the webcast via the company’s investor relations website. A replay will be available post-call until April 28, 2021. Additional details and presentation slides will also be available on the site.
Equity Bancshares, Inc. (EQBK) reported a fourth-quarter net income of $12.5 million, or $0.84 per diluted share, marking a significant recovery from a net loss of $90.4 million in Q3 2020. For 2020, the company faced a net loss of $75 million, influenced by a $104.8 million goodwill impairment. The acquisition of Almena State Bank contributed to a $2.1 million gain. Equity originated $282.1 million in Main Street Lending Program loans and saw $102.8 million in PPP loans forgiven, boosting fee income. Tangible book value rose 18.9% to $24.68 per share.
Equity Bancshares, Inc. (NASDAQ:EQBK) will release its fourth quarter 2020 financial results on January 25, 2021, followed by a conference call on January 26 at 10 a.m. ET. CEO Brad Elliott and CFO Eric Newell will discuss the results, and participants can register for the call via the company's investor website. A replay will be available until February 2, 2021. Equity Bancshares offers a range of financial services, including loans and wealth management. It operates under the ticker symbol EQBK.
Equity Bancshares has successfully acquired Almena State Bank, enhancing its presence in Norton County, Kansas. The transaction, facilitated by the FDIC, was finalized on October 23, 2020. Equity acquired nearly all assets of Almena State Bank, estimated at $66.5 million, at a 30% discount while securing $42.7 million in core deposits at a 1% premium. With this acquisition, Equity Bank now boasts a total of $3.94 billion in assets and a network of 51 branches across four states, providing seamless banking services to former Almena customers.
Equity Bancshares, Inc. (NASDAQ: EQBK) reported a net loss of $90.4 million, or $6.01 per diluted share, for Q3 2020, primarily due to a $104.8 million goodwill impairment. Despite this, the company maintained a robust Tier 1 capital ratio of 13.3% and achieved a tangible book value growth of $2.97 per share year-to-date. Core deposits increased significantly, with a net growth of 3,389 new customers, reflecting strong community support during the pandemic. The company also reported a decline in loans under deferral to about 1%, indicating improved loan performance.
Equity Bancshares, Inc. (NASDAQ:EQBK) will announce its third quarter 2020 results on October 20, 2020, following market close. A conference call and webcast to discuss these results will take place on October 21, 2020, at 10 a.m. ET. Investors can register for the call via the company's website. A replay will be available after the call until October 28, 2020. Equity Bancshares provides a range of financial solutions, including loans and wealth management, emphasizing community banking and customer service.
Equity Bancshares, Inc. (NASDAQ: EQBK) announced the issuance of $33 million in fixed-to-floating rate subordinated notes, maturing in 2030, as part of a private placement. This issuance is a continuation of a previous offering completed in June 2020, totaling $75 million raised to support customer services and facilitate growth. The notes will have a fixed interest rate of 7.00% until mid-2025, after which it will reset based on market rates. Egan-Jones assigned a BBB investment grade rating to these notes, qualifying them as Tier 2 capital.
Equity Bancshares (NASDAQ: EQBK) reported Q2 2020 net income of $1.7 million ($0.11 per diluted share) and year-to-date income of $2.9 million ($0.19 per diluted share), reflecting a significant decrease from $9.2 million and $5.2 million for the same periods in 2019. The bank's total assets grew to $4.21 billion, with total loans held for investment rising to $2.81 billion. Despite achieving a 4.9% increase in net interest income, the provision for loan losses surged to $22.4 million due to COVID-19 impacts. Equity has actively participated in federal relief programs, aiding over 90,000 employees in its service areas.
Equity Bancshares (NASDAQ: EQBK) is set to announce its second quarter 2020 results on July 21, 2020, with a press release scheduled after market close. A conference call with CEO Brad Elliott and CFO Greg Kossover will follow on July 22, 2020, at 10 a.m. ET, where they will discuss the results. Participants can register for the call at investor.equitybank.com. A replay will be available until July 29, 2020. Equity Bancshares serves as the holding company for Equity Bank, offering various financial services including commercial and consumer banking.
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