Equity Bancshares Q2 2024 10-Q Filed

TL;DR

**EQBK 10-Q filed: Financials for Q2 2024 are in. Check for credit loss details and investment performance.**

AI Summary

Equity Bancshares Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position and performance, including its assets, liabilities, and equity. Specific financial data points such as financing receivables, allowance for credit losses, and investment gains/losses are presented for the reporting period and comparative periods.

Why It Matters

This filing provides investors with a detailed look into Equity Bancshares' financial health and operational performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Equity Bancshares is subject to various market and credit risks inherent in the banking sector.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2023-12-31 — Previous Year-End Date (Provides a comparative point for financial performance and position.)
• 2023-06-30 — Prior Year Quarter End Date (Used for year-over-year comparison of financial metrics.)

Key Players & Entities

• Equity Bancshares Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• 7701 E. KELLOGG DRIVE, SUITE 300 (address) — Company's business and mailing address
• WICHITA, KS (location) — Company's city and state
• 000000000 (identifier) — IRS Number

FAQ

Key Financial Figures

• $0.01 — lass Class A, Common Stock, par value $0.01 per share Trading Symbol EQBK Nam

Filing Documents

• eqbk-20240630.htm (10-Q) — 10816KB
• 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
• 0000950170-24-094841.txt ( ) — 45478KB
• eqbk-20240630.xsd (EX-101.SCH) — 2892KB
• eqbk-20240630_htm.xml (XML) — 14412KB

Financial Statements

Financial Statements 5 Consolidated Balance Sheets 5 Consolidated Statements of Income 6 Consolidated Statements of Comprehensive Income 7 Consolidated Statements of Stockholders' Equity 8 Consolidated Statements of Cash Flows 10 Condensed Notes to Interim Consolidated Financial Statements 12 Item 2.

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 Overview 57 Critical Accounting Policies 58 Results of Operations 59 Financial Condition 68 Liquidity and Capital Resources 76 Non-GAAP Financial Measures 78 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 81 Item 4.

Controls and Procedures

Controls and Procedures 83 Part II Other Information 84 Item 1.

Legal Proceedings

Legal Proceedings 84 Item 1A.

Risk Factors

Risk Factors 84 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84 Item 3. Defaults Upon Senior Securities 84 Item 4. Mine Safety Disclosures 84 Item 5. Other Information 84 Item 6. Exhibits 85 Important Notice about Information in this Quarterly Report Unless we state otherwise or the context otherwise requires, references in this Quarterly Report 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 Quarterly Report is accurate only as of the date of this Quarterly Report on Form 10-Q and as of the dates specified herein. 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any

: Financ ial Statements

Item 1: Financ ial Statements EQUITY BANCSHARES, INC. CONSOLIDATED B ALANCE SHEETS June 30, 2024, and December 31, 2023 (Dollar amounts in thousands) See accompanying condensed notes to interim consolidated financial statements. (Unaudited) June 30, December 31, 2024 2023 ASSETS Cash and due from banks $ 244,321 $ 363,289 Federal funds sold 15,945 15,810 Cash and cash equivalents 260,266 379,099 Available-for-sale securities 1,042,176 919,648 Held-to-maturity securities, fair value of $ 5,267 and $ 2,250 5,226 2,209 Loans held for sale 1,959 476 Loans, net of allowance for credit losses of $ 43,487 and $ 43,520 3,410,920 3,289,381 Other real estate owned, net 2,989 1,833 Premises and equipment, net 114,264 112,632 Bank-owned life insurance 130,326 124,865 Federal Reserve Bank and Federal Home Loan Bank stock 33,171 20,608 Interest receivable 27,381 25,497 Goodwill 53,101 53,101 Core deposit intangibles, net 16,636 7,222 Other 147,102 98,021 Total assets $ 5,245,517 $ 5,034,592 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits Demand $ 984,872 $ 898,129 Total non-interest-bearing deposits 984,872 898,129 Demand, savings and money market 2,560,091 2,483,807 Time 796,474 763,519 Total interest-bearing deposits 3,356,565 3,247,326 Total deposits 4,341,437 4,145,455 Federal funds purchased and retail repurchase agreements 38,031 43,582 Federal Home Loan Bank advances 250,306 100,000 Federal Reserve Bank borrowings — 140,000 Subordinated debt 97,196 96,921 Contractual obligations 23,770 19,315 Interest payable and other liabilities 33,342 36,459 Total liabilities 4,784,082 4,581,732 Commitments and contingent liabilities, see Notes 11 and 12 Stockholders' equity, see Note 7 Common stock 208 207 Additional paid-in capital 491,709 489,187 Retained earnin

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