Equity Bancshares Q3 2024 10-Q Filed

TL;DR

**EQBK Q3 10-Q is IN! Check financials for loan portfolio health & assets.**

AI Summary

Equity Bancshares Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures related to their loan portfolio and assets are presented.

Why It Matters

This filing provides investors and analysts with crucial financial data for Equity Bancshares, impacting their understanding of the company's performance and risk exposure.

Risk Assessment

Risk Level: medium — As a financial institution, Equity Bancshares is subject to inherent risks related to credit, interest rates, and regulatory changes.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-07-01 — Start of Common Stock Reporting Period (Marks the beginning of the period for which common stock activity is reported.)
• 2023-12-31 — Previous Year-End Date (Provides a comparative point for financial performance and asset valuation.)

Key Players & Entities

• EQUITY BANCSHARES INC (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• WICHITA, KS (location) — Company headquarters and mailing address
• 0000950170-24-124190.txt (document_id) — Accession number for the filing

FAQ

Key Financial Figures

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

Filing Documents

• eqbk-20240930.htm (10-Q) — 11162KB
• 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
• 0000950170-24-124190.txt ( ) — 47059KB
• eqbk-20240930.xsd (EX-101.SCH) — 2910KB
• eqbk-20240930_htm.xml (XML) — 14946KB

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 57 Overview 58 Critical Accounting Policies 59 Results of Operations 60 Financial Condition 69 Liquidity and Capital Resources 79 Non-GAAP Financial Measures 80 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 84 Item 4.

Controls and Procedures

Controls and Procedures 86 Part II Other Information 87 Item 1.

Legal Proceedings

Legal Proceedings 87 Item 1A.

Risk Factors

Risk Factors 87 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 87 Item 3. Defaults Upon Senior Securities 87 Item 4. Mine Safety Disclosures 87 Item 5. Other Information 87 Item 6. Exhibits 88 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 September 30, 2024, and December 31, 2023 (Dollar amounts in thousands) See accompanying condensed notes to interim consolidated financial statements. (Unaudited) September 30, December 31, 2024 2023 ASSETS Cash and due from banks $ 217,681 $ 363,289 Federal funds sold 17,802 15,810 Cash and cash equivalents 235,483 379,099 Available-for-sale securities 1,041,000 919,648 Held-to-maturity securities, fair value of $ 5,610 and $ 2,250 5,408 2,209 Loans held for sale 901 476 Loans, net of allowance for credit losses of $ 43,490 and $ 43,520 3,557,435 3,289,381 Other real estate owned, net 2,786 1,833 Premises and equipment, net 117,013 112,632 Bank-owned life insurance 131,670 124,865 Federal Reserve Bank and Federal Home Loan Bank stock 34,429 20,608 Interest receivable 28,398 25,497 Goodwill 53,101 53,101 Core deposit intangibles, net 16,029 7,222 Other 131,580 98,021 Total assets $ 5,355,233 $ 5,034,592 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits Demand $ 967,858 $ 898,129 Total non-interest-bearing deposits 967,858 898,129 Demand, savings and money market 2,468,956 2,483,807 Time 926,130 763,519 Total interest-bearing deposits 3,395,086 3,247,326 Total deposits 4,362,944 4,145,455 Federal funds purchased and retail repurchase agreements 38,196 43,582 Federal Home Loan Bank advances 295,997 100,000 Federal Reserve Bank borrowings — 140,000 Subordinated debt 97,336 96,921 Contractual obligations 19,683 19,315 Interest payable and other liabilities 37,039 36,459 Total liabilities 4,851,195 4,581,732 Commitments and contingent liabilities, see Notes 11 and 12 Stockholders' equity, see Note 7 Common stock 209 207 Additional paid-in capital 494,763 489,187 Retaine

View Full Filing

View this 10-Q filing on SEC EDGAR