Equity Bancshares Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Equity Bancshares Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial performance and operations.</b>

AI Summary

EQUITY BANCSHARES INC (EQBK) filed a Annual Report (10-K) with the SEC on March 7, 2024. Equity Bancshares Inc. filed its 2023 10-K report on March 7, 2024. The report covers the fiscal year ending December 31, 2023. The company is incorporated in Kansas and operates in the State Commercial Banks sector (SIC 6022). Key dates mentioned include adoption of accounting standards updates in 2020 and 2021. The filing references various financial instruments and portfolio segments, including Commercial Real Estate and Consumer Portfolio.

Why It Matters

For investors and stakeholders tracking EQUITY BANCSHARES INC, this filing contains several important signals. The 10-K filing provides a comprehensive overview of Equity Bancshares' financial health, operational activities, and strategic direction for the past fiscal year, crucial for investors to assess performance and future prospects. This filing includes detailed financial statements, risk factors, and management's discussion and analysis, offering insights into the company's market position and potential challenges within the commercial banking sector.

Risk Assessment

Risk Level: — EQUITY BANCSHARES INC shows moderate risk based on this filing. The company operates in the highly regulated commercial banking sector, which is subject to significant market and economic risks that could impact its financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Equity Bancshares' exposure to interest rate fluctuations, credit risk, and regulatory changes.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-07 — Filing Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• KS — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• EQUITY BANCSHARES INC (company) — COMPANY CONFORMED NAME
• EQBK (company) — tk
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240307 (date) — FILED AS OF DATE
• KS (location) — STATE OF INCORPORATION
• 6022 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• WICHITA (location) — CITY
• 7701 E. KELLOGG DRIVE, SUITE 300 (address) — BUSINESS ADDRESS

FAQ

Industry Context

Equity Bancshares Inc. operates within the commercial banking industry, a sector characterized by stringent regulatory oversight and sensitivity to economic conditions.

Regulatory Implications

As a commercial bank, Equity Bancshares is subject to regulations from various federal and state authorities, impacting its lending practices, capital requirements, and operational procedures.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and disclosures.
2. Analyze the risk factors section for potential impacts on the company's operations.
3. Compare key financial metrics with industry benchmarks and prior year performance.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-03-07: Filing Date — Date the 10-K was officially filed with the SEC

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — tered Class A Common Stock, par value $0.01 per share EQBK New York Stock Excha
• $5.03 b — n a consolidated basis, total assets of $5.03 billion, total deposits of $4.15 billion,
• $4.15 b — ets of $5.03 billion, total deposits of $4.15 billion, total loans (net of allowances)
• $3.29 billion — ion, total loans (net of allowances) of $3.29 billion and total stockholders' equity of $452.
• $452.9 million — llion and total stockholders' equity of $452.9 million. Our principal objective is to increa
• $1.0 billion — l President for a Kansas bank with over $1.0 billion in assets, Mr. Elliott implemented his
• $3 million — Bank of Andover in Andover, Kansas for $3 million. At the time of our acquisition, Nation
• $32 million — quisition, National Bank of Andover had $32 million in total assets. February 2005 – Acqu
• $66 million — Kansas, which increased our deposits by $66 million. In conjunction with this acquisition,
• $110 million — Kansas, which increased our deposits by $110 million. October 2012 – Acquired First Commun
• $515 million — increased our deposits by approximately $515 million. At the time of acquisition, First Comm
• $595 m — unity had total assets of approximately $595 million, which significantly increased ou
• $135.0 m — ndence had consolidated total assets of $135.0 million, total deposits of $87.1 million
• $87.1 million — ts of $135.0 million, total deposits of $87.1 million and total loans of $89.9 million. Nov
• $89.9 million — its of $87.1 million and total loans of $89.9 million. November 2016 – Acquired Community F

Filing Documents

• eqbk-20231231.htm (10-K) — 11050KB
• eqbk-ex4_2.htm (EX-4.2) — 22KB
• eqbk-ex21_1.htm (EX-21.1) — 11KB
• eqbk-ex23_1.htm (EX-23.1) — 5KB
• eqbk-ex24_1.htm (EX-24.1) — 62KB
• eqbk-ex31_1.htm (EX-31.1) — 13KB
• eqbk-ex31_2.htm (EX-31.2) — 13KB
• eqbk-ex32_1.htm (EX-32.1) — 12KB
• eqbk-ex32_2.htm (EX-32.2) — 12KB
• eqbk-ex97_1.htm (EX-97.1) — 80KB
• img113225366_0.jpg (GRAPHIC) — 67KB
• img113225366_1.jpg (GRAPHIC) — 79KB
• 0000950170-24-028081.txt (&nbsp;) — 46426KB
• eqbk-20231231.xsd (EX-101.SCH) — 3862KB
• eqbk-20231231_htm.xml (XML) — 12915KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 48 Item 1C. Cybersecurity 48 Item 2.

Properties

Properties 49 Item 3.

Legal Proceedings

Legal Proceedings 50 Item 4. Mine Safety Disclosures 50 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 51 Item 6. Reserved 55 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 56 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 82 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 85 Report of Independent Registered Public Accounting Firm F- 1 Consolidated Balance Sheets F- 4 Consolidated Statements of Income F- 5 Consolidated Statements of Comprehensive Income F- 6 Consolidated Statements of Stockholders' Equity F- 7 Consolidated Statements of Cash Flows F- 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements F- 10 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 85 Item 9A.

Controls and Procedures

Controls and Procedures 85 Item 9B. Other Information 86 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 86 Part III Item 10. Directors, Executive Officers and Corporate Governance 87 Item 11.

Executive Compensation

Executive Compensation 87 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13. Certain Relationships and Related Transactions, and Director Independence 87 Item 14. Principal Accounting Fees and Services 87 Part IV Item 15. Exhibits, Financial Statement Schedules 88 Item 16. Form 10-K Summary 91 Important Notice about Information in this Annual Report on Form 10-K Unless we state otherwise or the context otherwise requires, references in this Annual Report on Form 10-K to "we," "our," "us," "the Company" and "Equity" refer to Equity Bancshares, Inc. and its consolidated subsidiaries, including Equity Bank, which we sometimes refer to as "Equity Bank," "the Bank" or "our Bank." The information contained in this Annual Report on Form 10-K is accurate only as of the date of this annual report and as of the dates specified herein. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")." These forward-looking statements reflect our current views with respect to, among other things, future events and our 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 our industry, management's beliefs and certain assumptions made by management, many

: B usiness

Item 1: B usiness Our Company We are a financial holding company headquartered in Wichita, Kansas. Our wholly-owned banking subsidiary, Equity Bank, provides a broad range of financial services primarily to businesses and business owners as well as individuals through our network of 64 branches located in Arkansas, Kansas, Missouri and Oklahoma, as of December 31, 2023. As of December 31, 2023, we had, on a consolidated basis, total assets of $5.03 billion, total deposits of $4.15 billion, total loans (net of allowances) of $3.29 billion and total stockholders' equity of $452.9 million. Our principal objective is to increase stockholder value and generate consistent earnings growth by expanding our commercial banking franchise both organically and through strategic acquisitions. We strive to provide an enhanced banking experience for our customers by providing them with a comprehensive suite of sophisticated banking products and services tailored to meet their needs while delivering the high-quality relationship-based customer service of a community bank. Our History and Growth We were founded in November 2002 by our Chairman and CEO, Brad S. Elliott. Mr. Elliott believed that, as a result of in-market consolidation, there existed an opportunity to build an attractive commercial banking franchise and create long-term value for our stockholders. Following thirteen years' experience as a finance executive, including serving as a Regional President for a Kansas bank with over $1.0 billion in assets, Mr. Elliott implemented his banking vision of developing a strategic consolidator of community banks and a destination for seasoned bankers and businesspersons who share our entrepreneurial spirit. In 2003, we raised capital from 23 local investors to finance the acquisition of National Bank of Andover in Andover, Kansas. We believe we have a successful track record of selectively acquiring, integrating and consolidating community banks and branch networks. Our

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View this 10-K filing on SEC EDGAR