Reports Net Interest Margin of 4.27%, Closes the Quarter with a Tangible Common Equity Ratio of 10.1%

Equity Bancshares, Inc. (NYSE:EQBK), ("Equity", "the Company," "we," "us," "our"), the Wichita-based holding company of Equity Bank, reported net income of $15.0 million or $0.85 earnings per diluted share for the quarter ended March 31, 2025.

"Our Company is off to an excellent start to the year as we realized expansion in customer relationships driving balance sheet growth, while also announcing an anticipated expansion of our footprint in our partnership with NBC Corp. of Oklahoma," said Brad S. Elliott, Chairman and CEO of Equity. "We came into the year well positioned to execute on our dual pronged strategy of organic and acquisitive balance sheet growth, and we are executing on our measured and strategic plan."

"With the earmarked dollars from our capital raise, continued positive operating results and the benefit of time as it relates to our investment portfolio our Company is well positioned to support growth in all its forms and as we continue to execute on our strategy throughout 2025 and beyond," Mr. Elliott continued. "Our teams are aligned and motivated as we look to build the premier community bank in our operating markets."

Notable Items:

Company realized earnings per diluted share of $0.85.
Net interest margin for the quarter was 4.27% positively impacted by non-recurring nonaccrual reversals of approximately $2.3 million. Excluding these non-recurring items, margin for the quarter was 4.08% an increase of 4 basis points as compared to the previous quarter adjusted for similar non-recurring items.
The Company realized book value per share expansion of $1.19 per share, or 3.5%. Tangible book value per share improved $1.00 per share, or 3.3%. Tangible common equity to tangible assets closed the period at 10.1%.
Loan balances closed the period at $3.63 billion, reflecting linked quarter growth of $130.8 million, or 15.2% annualized. The loan-to-deposit ratio closed the period at 82.4%.
Deposit balances, excluding brokered, decreased $109.4 million driven by seasonal outflows on municipality and commercial relationships. Including brokered balances, deposits closed the quarter at $4.4 billion consistent with the prior quarter.
Balance sheet growth coupled with increased economic uncertainty led to a $2.7 million provision for credit losses in the quarter. Reserves as a percentage of loans increased 3 basis points to 1.3%.
The Company announced a $0.15 dividend on outstanding common shares as of March 31, 2025. Our repurchase program remains active, though no shares were purchased during the quarter.
The Company announced a merger with NBC Corp. of Oklahoma, the parent company of NBC Bank with approximately $682 million in loans and $816 million in deposits as of December 31, 2024. The transaction yields new markets in Oklahoma City, Altus, Alva, Kingfisher and Enid. The Company anticipates closing on the transaction at the beginning of the third quarter with system conversion completed in the back half of the third quarter.

Financial Results for the Quarter Ended March 31, 2025

Net income allocable to common stockholders was $15.0 million, or $0.85 per diluted share as compared to $17.0 million, or $1.04 per diluted share in the prior quarter. The drivers of the periodic change are discussed in detail in the following sections.

Net Interest Income

Net interest income was $50.3 million for the period, as compared to $49.5 million for the previous quarter. Adjusting the stated number for non-recurring nonaccrual reversals and excess prepayment fee realization of $2.3 million in the current quarter and $1.5 million in the prior quarter, net interest income was $48.0 million for each quarter. The flat result quarter over quarter is primarily the impact of day count offsetting an increase in net interest margin for the period of 3 basis points, adjusted to exclude the non-recurring items noted above in both periods.

Average interest bearing liabilities as a percentage of average interest earning assets declined to 76.3%, while total average interest earning assets increased $55.7 million, or 1.18%, as compared to the three months ending December 31, 2024. Coupon yield on interest earning assets decreased by 4 basis points along with a reduction of 8 basis points in the cost of interest bearing liabilities created a modest margin expansion, while the non-recurring nonaccrual reversals further contributed 20 basis points to the stated margin result of 4.27% for the quarter.

Provision for Credit Losses

During the quarter, there was a provision of $2.7 million compared to $98 thousand in the previous quarter, while the bank realized net charge-offs of $165 thousand as compared to $322 thousand. The comparatively higher provision was driven by loan growth during the period as well as a general decline in the economic outlook to account for the volatility and potential stress created by the recent changes to US trade policy. At the close of the quarter, the ratio of allowance for credit losses to gross loans held for investment was 1.3%, up 3 basis points from the linked quarter.

The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by trade policy, elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses.

Non-Interest Income

Total non-interest income was $10.3 million for the quarter, as compared to $8.8 million linked quarter. The current quarter includes a $1.7 million comparative improvement in benefit from Bank Owned Life Insurance as we realized a death benefit during the period. Excluding this periodic change, non-interest income was down $200 thousand in the quarter attributable to seasonally consistent soft results in service charges, mortgage and insurance revenues.

Non-Interest Expense

Total non-interest expense for the quarter was $39.1 million as compared to $37.8 million for the previous quarter. The comparative increase during the period was driven by beginning of the year payroll dynamics as well as comparatively higher incentive accruals to account for positive earnings during the period. Excluding these items, non-interest expense was effectively flat quarter-over-quarter.

Income Tax Expense

At March 31, 2025, the effective tax rate for the quarter was 20.2% as compared to a rate of 16.7% for the quarter ended December 31, 2024. The increase in the quarter over quarter tax rate was the result of tax reductions related to tax credit structures entered in the prior year that reduced the rate for the 2024 fourth quarter when compared to the current quarter. There have been no new investments in tax credit structures in the first quarter of 2025, however, the Company is actively assessing investment opportunities and has capacity for investments in 2025 which would positively impact the Company's tax rate. Additionally, there was an increase in state tax expense in the current quarter as compared to the prior quarter as a result of increased apportionment and the remeasurement of deferred tax assets at a lower state tax rate. These increases in the quarter over quarter tax rate were partially offset by non-taxable bank owned life insurance that was received in the quarter ended March 31, 2025.

Loans, Total Assets and Funding

Loans held for investment were $3.6 billion at period end, increasing $130.8 million during the quarter. Total assets were $5.4 billion, increasing $114.1 million during the quarter.

Total deposits were $4.4 billion as of the end of the period, increasing $30.6 million from the previous quarter end. Of the total deposit balance, non-interest-bearing accounts comprise approximately 21.6%. Total Federal Home Loan Bank borrowings were $236.7 million as of the end of the quarter, up $58.7 million from previous quarter end.

Asset Quality

Nonperforming assets were $27.9 million, or 0.5% of total assets, compared to $34.7 million as of the end of the previous quarter, or 0.7% of total assets. The decrease was driven by one Main Street Lending Program loan which was foreclosed and held in Other Real Estate Owned at its gross balance as of the end of the previous period which was fully resolved during the quarter. Non-accrual loans were $24.2 million, as compared to $27.1 million at the end of the previous quarter. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $63.5 million, or 10.2% of regulatory capital, down from $72.9 million, or 12.0% of regulatory capital as of the end of the previous quarter.

Capital

Quarter over quarter, book capital increased $24.4 million to $617.3 million. Tangible book value and Tangible book value per share closed the quarter at $544.4 million and $31.07, up from $30.07 linked quarter. The increase in capital is primarily due to earnings and an improvement in the unrealized loss position on our bond portfolio as accumulated other comprehensive income improved $10.2 million.

The Company's ratio of common equity tier 1 capital to risk-weighted assets was 14.7%, the total capital to risk-weighted assets was 18.3% and the total leverage ratio was 11.8% at March 31, 2025. At December 31, 2024, the Company's common equity tier 1 capital to risk-weighted assets ratio was 14.5%, the total capital to risk-weighted assets ratio was 18.1% and the total leverage ratio was 11.7%.

Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 14.4%, total capital to risk-weighted assets was 15.6% and the total leverage ratio was 11.1% at March 31, 2025. At December 31, 2024, Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 14.2%, the ratio of total capital to risk-weighted assets was 15.3% and the total leverage ratio was 10.9%.

Non-GAAP Financial Measures

In addition to evaluating the Company's results of operations in accordance with accounting principles generally accepted in the United States of America ("GAAP"), management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial condition and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company's GAAP financial information.

The efficiency ratio is a common comparable metric used by banks to understand the expense structure relative to total revenue. In other words, for every dollar of total revenue recognized, how much of that dollar is expended. To improve the comparability of the ratio to our peers, non-core items are excluded. To improve transparency and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.

Core income calculations are a non-GAAP measure that management believes is an effective alternative measure of how efficiently the company utilizes its asset base. Core income is calculated by adjusting GAAP income by non-core gains and losses and excluding non-core expenses, net of tax, as outlined in the table below. We calculate (a) core net income (loss) allocable to common stockholders plus merger expenses, tax effected non-core items, goodwill impairment and BOLI tax adjustment, less gain (loss) from securities transactions; (b) adjusted operating net income as net income (loss) allocable to common stockholders plus adjusted non-core items, tax effected non-core items and BOLI tax adjustments

Core return on average assets before income tax provision and provision for loan losses is a measure that the Company uses to understand fundamental operating performance before these expenses. Used as a ratio relative to average assets, we believe it demonstrates "core" performance and can be viewed as an alternative measure of how efficiently the Company services its asset base. Used as a ratio relative to average equity, it can function as an alternative measure of the Company's earnings performance in relationship to its equity.

Core return on average equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate by taking core net income allocable to common stockholders divided by a simple average of net income and core net income plus average stockholders' equity. For return on average equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

Core earnings per share is a non-GAAP financial measures we calculate by taking GAAP net income less non-core impacts to net income to arrive at core net income and core diluted earnings per share. This financial measure is used by financial statement users to evaluate the core financial performance of the Company

Tangible common equity and related measures are non-GAAP financial measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These financial measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors.

The Company believes that disclosing these non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 6 in the following press release tables.

Conference Call and Webcast

Equity's Chairman and Chief Executive Officer, Brad Elliott, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast to discuss first quarter results on Wednesday, April 16, 2025, at 10 a.m. eastern time or 9 a.m. central time.

Those wishing to participate in the conference call should call the applicable number below and reference the Access Code below.

United States (Local): +1 404 975 4839

United States (Toll-Free): +1 833 470 1428

Global Dial-In Numbers

Access Code: 107245

To eliminate wait times, conference call participants may pre-register using this registration link. After registering, a confirmation with access details will be sent via email.

A replay of the call and webcast will be available two hours following the close of the call until April 23, 2025, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/633039320

About Equity Bancshares, Inc.

Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity's common stock is traded on the New York Stock Exchange. under the symbol "EQBK." Learn more at www.equitybank.com.

Special Note Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of Equity's management with respect to, among other things, future events and Equity's 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," "positioned," "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 Equity's industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity's control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity's expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; the possibility that the expected benefits related to the proposed transaction with NBC Corp. of Oklahoma ("NBC") may not materialize as expected; the proposed transaction not being timely completed, if completed at all; prior to the completion of the proposed transaction, the business of NBC experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities, difficulty retaining key employees; the ability to obtain regulatory approval of the NBC transactions; and the ability to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; and similar variables. The foregoing list of factors is not exhaustive.

For discussion of these and other risks that may cause actual results to differ from expectations, please refer to "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in Equity's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2025, and any updates to those risk factors set forth in Equity's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity's underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity's behalf may issue.

Unaudited Financial Tables

Table 1. Quarterly Consolidated Statements of Income
Table 2. Consolidated Balance Sheets
Table 3. Selected Financial Highlights
Table 4. Quarter-To-Date Net Interest Income Analysis
Table 5. Quarter-Over-Quarter Net Interest Income Analysis
Table 6. Non-GAAP Financial Measures

TABLE 1. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the three months ended
	March 31, 2025		December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Interest and dividend income
Loans, including fees	$	62,997	$	63,379		$	62,089		$	61,518		$	58,829
Securities, taxable		9,114		9,229			9,809			10,176			9,877
Securities, nontaxable		377		387			400			401			391
Federal funds sold and other		2,196		1,984			2,667			3,037			2,670
Total interest and dividend income		74,684		74,979			74,965			75,132			71,767
Interest expense
Deposits		19,377		21,213			23,679			22,662			22,855
Federal funds purchased and retail repurchase agreements		248		258			261			306			326
Federal Home Loan Bank advances		2,916		2,158			3,089			3,789			1,144
Federal Reserve Bank borrowings		—		—			—			—			1,361
Subordinated debt		1,851		1,877			1,905			1,899			1,899
Total interest expense		24,392		25,506			28,934			28,656			27,585

Net interest income		50,292		49,473			46,031			46,476			44,182
Provision (reversal) for credit losses		2,722		98			1,183			265			1,000
Net interest income after provision (reversal) for credit losses		47,570		49,375			44,848			46,211			43,182
Non-interest income
Service charges and fees		2,064		2,296			2,424			2,541			2,569
Debit card income		2,504		2,513			2,665			2,621			2,447
Mortgage banking		106		141			287			245			188
Increase in value of bank-owned life insurance		3,593		1,883			1,344			911			828
Net gain on acquisition and branch sales		—		—			831			60			1,240
Net gains (losses) from securities transactions		12		(2	)		206			(27	)		43
Other		2,051		1,985			1,560			2,607			4,416
Total non-interest income		10,330		8,816			9,317			8,958			11,731
Non-interest expense
Salaries and employee benefits		19,954		18,368			18,494			17,827			18,097
Net occupancy and equipment		3,675		3,571			3,478			3,787			3,535
Data processing		5,086		4,988			5,152			5,036			4,828
Professional fees		1,527		1,846			1,487			1,778			1,392
Advertising and business development		1,344		1,469			1,368			1,291			1,238
Telecommunications		587		614			660			572			655
FDIC insurance		630		662			660			590			571
Courier and postage		799		687			686			620			606
Free nationwide ATM cost		513		558			544			531			494
Amortization of core deposit intangibles		1,045		1,060			1,112			1,218			899
Loan expense		129		154			143			195			109
Other real estate owned and repossessed assets, net		101		133			(7,667	)		50			(41	)
Merger expenses		66		—			618			2,287			1,556
Other		3,594		3,696			3,593			3,089			3,213
Total non-interest expense		39,050		37,806			30,328			38,871			37,152
Income (loss) before income tax		18,850		20,385			23,837			16,298			17,761
Provision for income taxes (benefit)		3,809		3,399			3,986			4,582			3,693
Net income (loss) and net income (loss) allocable to common stockholders	$	15,041	$	16,986		$	19,851		$	11,716		$	14,068
Basic earnings (loss) per share	$	0.86	$	1.06		$	1.30		$	0.77		$	0.91
Diluted earnings (loss) per share	$	0.85	$	1.04		$	1.28		$	0.76		$	0.90
Weighted average common shares		17,490,062		16,020,938			15,258,822			15,248,703			15,425,709
Weighted average diluted common shares		17,666,834		16,262,965			15,451,545			15,377,980			15,569,225

TABLE 2. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
ASSETS
Cash and due from banks	$	431,131		$	383,503		$	217,681		$	244,321		$	217,611
Federal funds sold		251			244			17,802			15,945			17,407
Cash and cash equivalents		431,382			383,747			235,483			260,266			235,018
Available-for-sale securities		950,453			1,004,455			1,041,000			1,042,176			1,091,717
Held-to-maturity securities		5,226			5,217			5,408			5,226			2,205
Loans held for sale		338			513			901			1,959			1,311
Loans, net of allowance for credit losses⁽¹⁾		3,585,804			3,457,549			3,557,435			3,410,920			3,437,714
Other real estate owned, net		4,464			4,773			2,786			2,989			1,465
Premises and equipment, net		117,041			117,132			117,013			114,264			116,792
Bank-owned life insurance		132,317			133,032			131,670			130,326			125,693
Federal Reserve Bank and Federal Home Loan Bank stock		31,960			27,875			34,429			33,171			27,009
Interest receivable		26,791			28,913			28,398			27,381			27,082
Goodwill		53,101			53,101			53,101			53,101			53,101
Core deposit intangibles, net		13,924			14,969			16,029			16,636			17,854
Other		93,299			100,771			131,580			147,102			102,075
Total assets	$	5,446,100		$	5,332,047		$	5,355,233		$	5,245,517		$	5,239,036
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand	$	949,791		$	954,065		$	967,858		$	984,872		$	981,623
Total non-interest-bearing deposits		949,791			954,065			967,858			984,872			981,623
Demand, savings and money market		2,614,110			2,684,197			2,468,956			2,560,091			2,574,871
Time		841,463			736,527			926,130			796,474			814,532
Total interest-bearing deposits		3,455,573			3,420,724			3,395,086			3,356,565			3,389,403
Total deposits		4,405,364			4,374,789			4,362,944			4,341,437			4,371,026
Federal funds purchased and retail repurchase agreements		36,772			37,246			38,196			38,031			43,811
Federal Home Loan Bank advances and Federal Reserve Bank borrowings		236,734			178,073			295,997			250,306			219,931
Subordinated debt		97,620			97,477			97,336			97,196			97,058
Contractual obligations		9,398			12,067			19,683			23,770			18,493
Interest payable and other liabilities		42,888			39,477			37,039			33,342			31,941
Total liabilities		4,828,776			4,739,129			4,851,195			4,784,082			4,782,260
Commitments and contingent liabilities
Stockholders' equity
Common stock		231			230			209			208			208
Additional paid-in capital		586,251			584,424			494,763			491,709			490,533
Retained earnings		207,282			194,920			180,588			163,068			153,201
Accumulated other comprehensive income (loss), net of tax		(44,965	)		(55,181	)		(40,012	)		(62,005	)		(60,788	)
Treasury stock		(131,475	)		(131,475	)		(131,510	)		(131,545	)		(126,378	)
Total stockholders' equity		617,324			592,918			504,038			461,435			456,776
Total liabilities and stockholders' equity	$	5,446,100		$	5,332,047		$	5,355,233		$	5,245,517		$	5,239,036

⁽¹⁾ Allowance for credit losses	$	45,824		$	43,267		$	43,490		$	43,487		$	44,449

TABLE 3. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the three months ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Loans Held For Investment by Type
Commercial real estate	$	1,863,200		$	1,830,514		$	1,916,863		$	1,793,544		$	1,797,192
Commercial and industrial		762,906			658,865			670,665			663,718			649,035
Residential real estate		563,954			566,766			567,063			572,523			581,988
Agricultural real estate		260,683			267,248			259,587			219,226			198,291
Agricultural		94,199			87,339			89,529			104,342			149,312
Consumer		86,686			90,084			97,218			101,054			106,345
Total loans held-for-investment		3,631,628			3,500,816			3,600,925			3,454,407			3,482,163
Allowance for credit losses		(45,824	)		(43,267	)		(43,490	)		(43,487	)		(44,449	)
Net loans held for investment	$	3,585,804		$	3,457,549		$	3,557,435		$	3,410,920		$	3,437,714


Asset Quality Ratios
Allowance for credit losses on loans to total loans		1.26	%		1.24	%		1.21	%		1.26	%		1.28	%
Past due or nonaccrual loans to total loans		1.17	%		1.14	%		1.17	%		1.15	%		1.10	%
Nonperforming assets to total assets		0.51	%		0.65	%		0.60	%		0.52	%		0.49	%
Nonperforming assets to total loans plus other real estate owned		0.77	%		0.99	%		0.90	%		0.79	%		0.73	%
Classified assets to bank total regulatory capital		10.24	%		12.00	%		8.32	%		8.47	%		6.85	%


Selected Average Balance Sheet Data (QTD Average)
Investment securities	$	993,836		$	1,012,698		$	1,055,833		$	1,065,979		$	1,074,101
Total gross loans receivable		3,575,230			3,525,765			3,475,885			3,459,476			3,452,553
Interest-earning assets		4,771,972			4,716,295			4,731,927			4,745,713			4,742,200
Total assets		5,212,417			5,163,166			5,205,017			5,196,259			5,152,915
Interest-bearing deposits		3,221,130			3,280,592			3,309,202			3,275,765			3,319,907
Borrowings		418,138			340,042			395,190			450,178			390,166
Total interest-bearing liabilities		3,639,268			3,620,634			3,704,392			3,725,943			3,710,073
Total deposits		4,143,151			4,243,159			4,275,424			4,250,843			4,254,883
Total liabilities		4,606,500			4,629,939			4,719,549			4,740,937			4,692,671
Total stockholders' equity		605,917			533,227			485,468			455,322			460,244
Tangible common equity^*		533,528			463,657			414,644			383,899			398,041


Performance ratios
Return on average assets (ROAA) annualized		1.17	%		1.31	%		1.52	%		0.91	%		1.10	%
Return on average equity (ROAE) annualized		10.07	%		12.67	%		16.27	%		10.35	%		12.29	%
Return on average tangible common equity (ROATCE) annualized^*		12.12	%		15.30	%		19.92	%		13.31	%		14.96	%
Core return on average tangible common equity*		12.14	%		15.29	%		19.58	%		16.89	%		15.16	%
Yield on loans annualized		7.15	%		7.15	%		7.11	%		7.15	%		6.85	%
Cost of interest-bearing deposits annualized		2.44	%		2.57	%		2.85	%		2.78	%		2.77	%
Cost of total deposits annualized		1.90	%		1.99	%		2.20	%		2.14	%		2.16	%
Net interest margin annualized		4.27	%		4.17	%		3.87	%		3.94	%		3.75	%
Efficiency ratio^*		62.43	%		63.02	%		52.59	%		63.77	%		63.45	%
Non-interest income / average assets		0.80	%		0.68	%		0.71	%		0.69	%		0.92	%
Non-interest expense / average assets		3.04	%		2.91	%		2.32	%		3.01	%		2.90	%
Dividend payout ratio		17.81	%		15.62	%		11.74	%		15.79	%		13.31	%
Performance ratios - Core
Core earnings per diluted share^*	$	0.90		$	1.10		$	1.32		$	1.05		$	0.96
Core return on average assets*		1.24	%		1.37	%		1.56	%		1.25	%		1.17	%
Core return on average equity*		10.69	%		13.29	%		16.73	%		14.25	%		13.11	%
Core non-interest expense / average assets*		2.94	%		2.83	%		2.18	%		2.73	%		2.71	%
Capital Ratios
Tier 1 Leverage Ratio		11.76	%		11.67	%		9.55	%		9.14	%		9.10	%
Common Equity Tier 1 Capital Ratio		14.70	%		14.51	%		11.37	%		11.12	%		11.14	%
Tier 1 Risk Based Capital Ratio		15.30	%		15.11	%		11.94	%		11.70	%		11.73	%
Total Risk Based Capital Ratio		18.32	%		18.07	%		14.78	%		14.61	%		14.71	%
Total stockholders' equity to total assets		11.34	%		11.12	%		9.41	%		8.80	%		8.72	%
Tangible common equity to tangible assets^*		10.13	%		9.95	%		8.21	%		7.55	%		7.45	%
Book value per common share	$	35.23		$	34.04		$	32.97		$	30.36		$	29.80
Tangible book value per common share^*	$	31.07		$	30.07		$	28.38		$	25.70		$	25.10
Tangible book value per diluted common share^*	$	30.80		$	29.70		$	28.00		$	25.44		$	24.87

^* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 8. Non-GAAP Financial Measures.

TABLE 4. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
	For the three months ended							For the three months ended
	March 31, 2025							March 31, 2024
	Average Outstanding Balance		Interest Income/ Expense		Average Yield/Rate⁽³⁾⁽⁴⁾			Average Outstanding Balance		Interest Income/ Expense		Average Yield/Rate⁽³⁾⁽⁴⁾
Interest-earning assets
Loans ⁽¹⁾
Commercial and industrial	$	690,124	$	14,322		8.42	%	$	634,637	$	12,412		7.87	%
Commercial real estate		1,424,110		24,591		7.00	%		1,449,177		24,601		6.83	%
Real estate construction		457,910		8,802		7.80	%		354,801		7,775		8.81	%
Residential real estate		565,672		6,715		4.81	%		580,426		6,461		4.48	%
Agricultural real estate		264,100		5,415		8.32	%		197,023		3,468		7.08	%
Agricultural		84,901		1,667		7.96	%		131,035		2,391		7.34	%
Consumer		88,413		1,485		6.81	%		105,454		1,721		6.56	%
Total loans		3,575,230		62,997		7.15	%		3,452,553		58,829		6.85	%
Securities
Taxable securities		937,021		9,114		3.94	%		1,011,466		9,877		3.93	%
Nontaxable securities		56,815		377		2.69	%		62,635		391		2.51	%
Total securities		993,836		9,491		3.87	%		1,074,101		10,268		3.84	%
Federal funds sold and other		202,906		2,196		4.39	%		215,546		2,670		4.98	%
Total interest-earning assets	$	4,771,972		74,684		6.35	%	$	4,742,200		71,767		6.09	%
Interest-bearing liabilities
Demand, savings and money market deposits	$	2,527,784		13,581		2.18	%	$	2,520,521		15,660		2.50	%
Time deposits		693,346		5,796		3.39	%		799,386		7,195		3.62	%
Total interest-bearing deposits		3,221,130		19,377		2.44	%		3,319,907		22,855		2.77	%
FHLB advances		274,385		2,916		4.31	%		113,348		1,144		4.06	%
Other borrowings		143,753		2,099		5.92	%		276,818		3,586		5.21	%
Total interest-bearing liabilities	$	3,639,268		24,392		2.72	%	$	3,710,073		27,585		2.99	%

Net interest income			$	50,292						$	44,182
Interest rate spread						3.63	%						3.10	%

Net interest margin ⁽²⁾						4.27	%						3.75	%

⁽¹⁾ Average loan balances include nonaccrual loans.
⁽²⁾ Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period.
⁽³⁾ Tax exempt income is not included in the above table on a tax-equivalent basis.
⁽⁴⁾ Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts.

TABLE 5. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
	For the three months ended							For the three months ended
	March 31, 2025							December 31, 2024
	Average Outstanding Balance		Interest Income/ Expense		Average Yield/Rate⁽³⁾⁽⁴⁾			Average Outstanding Balance		Interest Income/ Expense		Average Yield/Rate⁽³⁾⁽⁴⁾
Interest-earning assets
Loans ⁽¹⁾
Commercial and industrial	$	690,124	$	14,322		8.42	%	$	651,733	$	12,780		7.80	%
Commercial real estate		1,424,110		24,591		7.00	%		1,402,966		25,978		7.37	%
Real estate construction		457,910		8,802		7.80	%		463,885		9,654		8.28	%
Residential real estate		565,672		6,715		4.81	%		567,123		6,571		4.61	%
Agricultural real estate		264,100		5,415		8.32	%		262,529		5,071		7.68	%
Agricultural		84,901		1,667		7.96	%		82,986		1,705		8.17	%
Consumer		88,413		1,485		6.81	%		94,543		1,620		6.82	%
Total loans		3,575,230		62,997		7.15	%		3,525,765		63,379		7.15	%
Securities
Taxable securities		937,021		9,114		3.94	%		953,627		9,229		3.85	%
Nontaxable securities		56,815		377		2.69	%		59,071		387		2.61	%
Total securities		993,836		9,491		3.87	%		1,012,698		9,616		3.78	%
Federal funds sold and other		202,906		2,196		4.39	%		177,832		1,984		4.44	%
Total interest-earning assets	$	4,771,972		74,684		6.35	%	$	4,716,295		74,979		6.32	%
Interest-bearing liabilities
Demand savings and money market deposits	$	2,527,784		13,581		2.18	%	$	2,448,539		13,429		2.18	%
Time deposits		693,346		5,796		3.39	%		832,053		7,784		3.72	%
Total interest-bearing deposits		3,221,130		19,377		2.44	%		3,280,592		21,213		2.57	%
FHLB advances		274,385		2,916		4.31	%		194,914		2,158		4.41	%
Other borrowings		143,753		2,099		5.92	%		145,128		2,135		5.86	%
Total interest-bearing liabilities	$	3,639,268		24,392		2.72	%	$	3,620,634		25,506		2.80	%

Net interest income			$	50,292						$	49,473
Interest rate spread						3.63	%						3.52	%

Net interest margin ⁽²⁾						4.27	%						4.17	%

⁽¹⁾ Average loan balances include nonaccrual loans.
⁽²⁾ Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period.
⁽³⁾ Tax exempt income is not included in the above table on a tax-equivalent basis.
⁽⁴⁾ Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts.

TABLE 6. NON-GAAP FINANCIAL MEASURES (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the three months ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024

Total stockholders' equity	$	617,324		$	592,918		$	504,038		$	461,435		$	456,776
Goodwill		(53,101	)		(53,101	)		(53,101	)		(53,101	)		(53,101	)
Core deposit intangibles, net		(13,924	)		(14,969	)		(16,029	)		(16,636	)		(17,854	)
Mortgage servicing rights, net		—			—			—			(25	)		(50	)
Naming rights, net		(5,926	)		(957	)		(968	)		(979	)		(989	)
Tangible common equity	$	544,373		$	523,891		$	433,940		$	390,694		$	384,782
Common shares outstanding at period end		17,522,994			17,419,858			15,288,309			15,200,194			15,327,799
Diluted common shares outstanding at period end		17,673,132			17,636,843			15,497,466			15,358,396			15,469,531
Book value per common share	$	35.23		$	34.04		$	32.97		$	30.36		$	29.80
Tangible book value per common share	$	31.07		$	30.07		$	28.38		$	25.70		$	25.10
Tangible book value per diluted common share	$	30.80		$	29.70		$	28.00		$	25.44		$	24.87

Total assets	$	5,446,100		$	5,332,047		$	5,355,233		$	5,245,517		$	5,239,036
Goodwill		(53,101	)		(53,101	)		(53,101	)		(53,101	)		(53,101	)
Core deposit intangibles, net		(13,924	)		(14,969	)		(16,029	)		(16,636	)		(17,854	)
Mortgage servicing rights, net		—			—			—			(25	)		(50	)
Naming rights, net		(5,926	)		(957	)		(968	)		(979	)		(989	)
Tangible assets	$	5,373,149		$	5,263,020		$	5,285,135		$	5,174,776		$	5,167,042
Total stockholders' equity to total assets		11.34	%		11.12	%		9.41	%		8.80	%		8.72	%
Tangible common equity to tangible assets		10.13	%		9.95	%		8.21	%		7.55	%		7.45	%

Total average stockholders' equity	$	605,917		$	533,227		$	485,468		$	455,322		$	460,244
Average intangible assets		(72,389	)		(69,570	)		(70,824	)		(71,423	)		(62,203	)
Average tangible common equity	$	533,528		$	463,657		$	414,644		$	383,899		$	398,041
Net income (loss) allocable to common stockholders	$	15,041		$	16,986		$	19,851		$	11,716		$	14,068
Net gain on acquisition		—			—			(831	)		(60	)		(1,240	)
Net gain (loss) on securities transactions		(12	)		2			(206	)		27			(43	)
Merger expenses		66			—			618			2,287			1,556
BOLI tax expense		—			—

Equity Bancshares, Inc. First Quarter Results Include Net Interest Margin Expansion and Annualized Loan Growth of 15.2%