Reports 10.4% Tangible Book Value Growth, Closes Merger with KansasLand, Adding to Kansas Franchise

Equity Bancshares, Inc. (NYSE:EQBK), ("Equity", "the Company," "we," "us," "our"), the Wichita-based holding company of Equity Bank, reported net income of $19.8 million or $1.28 earnings per diluted share for the quarter ended September 30, 2024.

"Our Company realized another exceptional earnings quarter, which included the favorable resolution of a significant problem loan," said Brad S. Elliott, Chairman and CEO of Equity. "Our team is committed to serving our communities and, through prudent underwriting, mitigating risk. When challenges arise, we will pursue all avenues available to us for successful resolution on behalf of our shareholders."

"Also during this quarter, our team continued to execute on our mission as we grew customer relationships and loan balances while also expanding our footprint via the KansasLand Bancshares, Inc. ("KansasLand") acquisition," Mr. Elliott said. "We are well positioned to facilitate both organic growth and strategic M&A. We have the teams, the processes and the experience to be the premier community bank in our geography."

Notable Items:

The Company realized earnings per diluted share of $1.28, or $1.31 adjusted to exclude pre-tax merger expense of $618 thousand and gain on security transactions of $206 thousand.
The Company closed its merger with and completed its integration of KansasLand. Adding $28.3 million in loan balances and $42.4 million in deposit balances.
During the quarter, the Company grew loan balances, excluding those acquired from KansasLand, by $117.8 million or 13.6% on an annualized basis.
The Company resolved a significant problem asset, recognizing an $8.5 million pre-tax benefit during the quarter.
The Company ended the quarter with deposit balances of $4.4 billion and a loan-to-deposit ratio of 82.5%.
The Company increased its quarterly dividend by 25% to $0.15 per share, its third consecutive annual increase. The Company also announced the approval of a share repurchase plan allowing for the purchase of up to 1,000,000 shares from October 1, 2024 through September 30, 2025.
The Company realized an increase in book and tangible book value of $42.6 million and $43.2 million, respectively. Linked quarter tangible book value per share improved 10.4% to $28.38 per share.
Classified assets as a percentage of total risk-based capital at Equity Bank closed the period at 8.3% while non-performing assets remained historically low. The allowance for credit losses closed the quarter at 1.2% of total loans.

Financial Results for the Quarter Ended September 30, 2024

Net income allocable to common stockholders was $19.8 million, or $1.28 per diluted share. Adjusting to exclude $618 thousand in pre-tax costs associated with mergers and gain on security transactions of $206 thousand, net income was $20.2 million or $1.31 per diluted share.

Excluding merger expenses and the costs associated with repositioning a portion of our BOLI portfolio in the prior quarter, net income was $15.3 million, or $0.99 per diluted share. The drivers of the periodic change are discussed in detail in the following sections.

Net Interest Income

Net interest income was $46.0 million for the period ended September 30, 2024, as compared to $46.5 million for the three months ended June 30, 2024, the decline was driven by minor declines in average earning assets and margin, partially offset by an additional day in the current period. Net interest margin was 3.87% for the quarter compared to 3.94% as the yield on interest-earning assets declined 7 basis points to 6.30%.

The decline in earning asset yield was driven by declining trends in both non-accrual loan impacts and purchase accounting accretion. The comparative change in these components of interest income resulted in an 8 basis point decline in margin.

Provision for Credit Losses

During the quarter ended September 30, 2024, there was a provision of $1.2 million compared to a provision of $265 thousand in the previous quarter. The provision was primarily attributable to growth in loan balances during the period. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses. During the quarter, we realized net charge-offs of $1.6 million as compared to $1.2 million for the previous quarter.

Non-Interest Income

Total non-interest income was $9.3 million for the quarter ended September 30, 2024, as compared to $9.0 million linked quarter. Included in current quarter results was gain realized on the acquisition of KansasLand of $831 thousand. Service fee revenue including deposit services, treasury, debit card, credit card, insurance and wealth management increased at an annualized rate of 2% during the quarter.

Non-Interest Expense

Total non-interest expense for the quarter was $30.3 million as compared to $38.9 million for the previous quarter. Adjusting for merger expenses in both periods, the decrease quarter over quarter was $6.9 million driven by the $8.5 million gain from a borrower's repurchase of our preferred equity interest in the borrower's company, partially offset by a $742 thousand write-down of a previous bank location now carried in Other Real Estate Owned and a $900 thousand increase in incentive accruals.

Income Tax Expense

The effective tax rate for the quarter was 16.7% as compared to 28.1% for the quarter ended June 30, 2024. The decrease in rate during the quarter was the result of the reversal of the non-recurring recognition of tax expense related to the liquidation of bank owned life insurance in the second quarter in addition to the reversal of deferred tax asset valuation allowance for the expected utilization of net operating loss carryforwards in the current tax year. Year-to-date effective tax rate is 21.2%.

Loans, Total Assets and Funding

Loans held for investment were $3.6 billion at September 30, 2024, increasing $146.5 million, or 16.9% on an annualized basis, during the quarter. Total assets were $5.4 billion as of the end of the period, increasing $109.7 million during the quarter.

Total deposits were $4.4 billion at September 30, 2024, increasing $21.5 million, or 2.0% on an annualized basis, from the previous quarter end. Of the total deposit balance, non-interest-bearing accounts comprise approximately 22.2%. Total Federal Home Loan Bank borrowings were $296.0 million as of the end of the quarter, up $45.7 million as compared to June 30, 2024.

Asset Quality

As of September 30, 2024, Equity's allowance for credit losses to total loans was 1.2% down 5 basis points as compared to June 30, 2024. The decline was driven by realized charge-offs during the period. Nonperforming assets were $32.3 million as of September 30, 2024, or 0.6% of total assets, compared to $27.2 million at June 30, 2024, or 0.5% of total assets. Non-accrual loans were $31.2 million at September 30, 2024, as compared to $26.6 million at June 30, 2024. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $49.1 million, or 8.32% of regulatory capital, up from $48.4 million, or 8.5% of regulatory capital as of June 30, 2024.

Capital

Quarter over quarter, book capital increased $42.6 million to $504.0 million and tangible capital increased $43.2 million to $433.9 million. Tangible book value per share closed the quarter at $28.4, increasing 10.4% compared to prior quarter. The increase in capital is primarily due to earnings and improvement in unrealized losses on bonds and cash flow hedges of $22.0 million, partially offset by dividends of $2.3 million. Tangible capital was also positively affected by the amortization of core deposit intangibles during the quarter.

The Company's ratio of common equity tier 1 capital to risk-weighted assets was 11.4%, the total capital to risk-weighted assets was 14.8% and the total leverage ratio was 9.6% at September 30, 2024. At June 30, 2024, the Company's common equity tier 1 capital to risk-weighted assets ratio was 11.1%, the total capital to risk-weighted assets ratio was 14.6% and the total leverage ratio was 9.1%.

Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 13.0%, total capital to risk-weighted assets was 14.1% and the total leverage ratio was 10.4% at September 30, 2024. At June 30, 2024, Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 12.9%, the ratio of total capital to risk-weighted assets was 14.0% and the total leverage ratio was 10.1%.

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.

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.

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 third quarter results on Wednesday, October 16, 2024, at 10 a.m. eastern time or 9 a.m. central time.

A live webcast of the call will be available on the Company's website at investor.equitybank.com. To access the call by phone, please go to this registration link, and you will be provided with dial in details. Investors, news media, and other participants are encouraged to dial into the conference call ten minutes ahead of the scheduled start time.

A replay of the call and webcast will be available following the close of the call at investor.equitybank.com.

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 NYSE National, Inc. 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; and acquisitions and integration of acquired businesses; 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, 2024, 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. Consolidated Statements of Income
Table 2. Quarterly Consolidated Statements of Income
Table 3. Consolidated Balance Sheets
Table 4. Selected Financial Highlights
Table 5. Year-To-Date Net Interest Income Analysis
Table 6. Quarter-To-Date Net Interest Income Analysis
Table 7. Quarter-Over-Quarter Net Interest Income Analysis
Table 8. Non-GAAP Financial Measures

TABLE 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands)
	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Interest and dividend income
Loans, including fees	$	62,089		$	55,152		$	182,436		$	156,281
Securities, taxable		9,809			5,696			29,862			17,456
Securities, nontaxable		400			369			1,192			1,606
Federal funds sold and other		2,667			3,822			8,374			7,075
Total interest and dividend income		74,965			65,039			221,864			182,418
Interest expense
Deposits		23,679			19,374			69,196			50,399
Federal funds purchased and retail repurchase agreements		261			246			893			633
Federal Home Loan Bank advances		3,089			968			8,022			2,939
Federal Reserve Bank borrowings		—			1,546			1,361			3,209
Subordinated debt		1,905			1,893			5,703			5,687
Total interest expense		28,934			24,027			85,175			62,867

Net interest income		46,031			41,012			136,689			119,551
Provision (reversal) for credit losses		1,183			1,230			2,448			1,162
Net interest income after provision (reversal) for credit losses		44,848			39,782			134,241			118,389
Non-interest income
Service charges and fees		2,424			2,690			7,534			7,888
Debit card income		2,665			2,591			7,733			7,798
Mortgage banking		287			226			720			527
Increase in value of bank-owned life insurance		1,344			794			3,083			3,134
Net gain on acquisition and branch sales		831			—			2,131			—
Net gains (losses) from securities transactions		206			(1	)		222			(1,291	)
Other		1,560			2,435			8,583			6,229
Total non-interest income		9,317			8,735			30,006			24,285
Non-interest expense
Salaries and employee benefits		18,494			15,857			54,418			47,786
Net occupancy and equipment		3,478			3,262			10,800			9,081
Data processing		5,152			4,553			15,016			12,962
Professional fees		1,487			1,312			4,657			4,341
Advertising and business development		1,368			1,419			3,897			3,827
Telecommunications		660			502			1,887			1,503
FDIC insurance		660			660			1,821			1,535
Courier and postage		686			548			1,912			1,469
Free nationwide ATM cost		544			516			1,569			1,565
Amortization of core deposit intangibles		1,112			799			3,229			2,635
Loan expense		143			132			447			385
Other real estate owned		(7,719	)		128			(7,786	)		318
Merger expenses		618			—			4,461			—
Other		3,645			4,556			10,023			13,196
Total non-interest expense		30,328			34,244			106,351			100,603
Income (loss) before income tax		23,837			14,273			57,896			42,071
Provision for income taxes		3,986			1,932			12,261			5,951
Net income (loss) and net income (loss) allocable to common stockholders	$	19,851		$	12,341		$	45,635		$	36,120
Basic earnings (loss) per share	$	1.30		$	0.80		$	2.98		$	2.32
Diluted earnings (loss) per share	$	1.28		$	0.80		$	2.95		$	2.30
Weighted average common shares		15,258,822			15,404,992			15,310,888			15,575,731
Weighted average diluted common shares		15,451,545			15,507,172			15,467,930			15,692,305

TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the three months ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Interest and dividend income
Loans, including fees	$	62,089		$	61,518		$	58,829		$	54,932		$	55,152
Securities, taxable		9,809			10,176			9,877			6,417			5,696
Securities, nontaxable		400			401			391			354			369
Federal funds sold and other		2,667			3,037			2,670			2,591			3,822
Total interest and dividend income		74,965			75,132			71,767			64,294			65,039
Interest expense
Deposits		23,679			22,662			22,855			20,074			19,374
Federal funds purchased and retail repurchase agreements		261			306			326			298			246
Federal Home Loan Bank advances		3,089			3,789			1,144			1,005			968
Federal Reserve Bank borrowings		—			—			1,361			1,546			1,546
Subordinated debt		1,905			1,899			1,899			1,904			1,893
Total interest expense		28,934			28,656			27,585			24,827			24,027

Net interest income		46,031			46,476			44,182			39,467			41,012
Provision (reversal) for credit losses		1,183			265			1,000			711			1,230
Net interest income after provision (reversal) for credit losses		44,848			46,211			43,182			38,756			39,782
Non-interest income
Service charges and fees		2,424			2,541			2,569			2,299			2,690
Debit card income		2,665			2,621			2,447			2,524			2,591
Mortgage banking		287			245			188			125			226
Increase in value of bank-owned life insurance		1,344			911			828			925			794
Net gain on acquisition and branch sales		831			60			1,240			—			—
Net gains (losses) from securities transactions		206			(27	)		43			(50,618	)		(1	)
Other		1,560			2,607			4,416			1,331			2,435
Total non-interest income		9,317			8,958			11,731			(43,414	)		8,735
Non-interest expense
Salaries and employee benefits		18,494			17,827			18,097			16,598			15,857
Net occupancy and equipment		3,478			3,787			3,535			3,244			3,262
Data processing		5,152			5,036			4,828			4,471			4,553
Professional fees		1,487			1,778			1,392			1,413			1,312
Advertising and business development		1,368			1,291			1,238			1,598			1,419
Telecommunications		660			572			655			460			502
FDIC insurance		660			590			571			660			660
Courier and postage		686			620			606			577			548
Free nationwide ATM cost		544			531			494			508			516
Amortization of core deposit intangibles		1,112			1,218			899			739			799
Loan expense		143			195			109			155			132
Other real estate owned		(7,719	)		17			(84	)		224			128
Merger expenses		618			2,287			1,556			297			—
Other		3,645			3,122			3,256			4,054			4,556
Total non-interest expense		30,328			38,871			37,152			34,998			34,244
Income (loss) before income tax		23,837			16,298			17,761			(39,656	)		14,273
Provision for income taxes (benefit)		3,986			4,582			3,693			(11,357	)		1,932
Net income (loss) and net income (loss) allocable to common stockholders	$	19,851		$	11,716		$	14,068		$	(28,299	)	$	12,341
Basic earnings (loss) per share	$	1.30		$	0.77		$	0.91		$	(1.84	)	$	0.80
Diluted earnings (loss) per share	$	1.28		$	0.76		$	0.90		$	(1.84	)	$	0.80
Weighted average common shares		15,258,822			15,248,703			15,425,709			15,417,200			15,404,992
Weighted average diluted common shares		15,451,545			15,377,980			15,569,225			15,417,200			15,507,172

TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
ASSETS
Cash and due from banks	$	217,681		$	244,321		$	217,611		$	363,289		$	183,404
Federal funds sold		17,802			15,945			17,407			15,810			15,613
Cash and cash equivalents		235,483			260,266			235,018			379,099			199,017
Available-for-sale securities		1,041,000			1,042,176			1,091,717			919,648			1,057,009
Held-to-maturity securities		5,408			5,226			2,205			2,209			2,212
Loans held for sale		901			1,959			1,311			476			627
Loans, net of allowance for credit losses⁽¹⁾		3,557,435			3,410,920			3,437,714			3,289,381			3,237,932
Other real estate owned, net		2,786			2,989			1,465			1,833			3,369
Premises and equipment, net		117,013			114,264			116,792			112,632			110,271
Bank-owned life insurance		131,670			130,326			125,693			124,865			124,245
Federal Reserve Bank and Federal Home Loan Bank stock		34,429			33,171			27,009			20,608			20,780
Interest receivable		28,398			27,381			27,082			25,497			23,621
Goodwill		53,101			53,101			53,101			53,101			53,101
Core deposit intangibles, net		16,029			16,636			17,854			7,222			7,961
Other		131,580			147,102			102,075			98,021			105,122
Total assets	$	5,355,233		$	5,245,517		$	5,239,036		$	5,034,592		$	4,945,267
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Demand	$	967,858		$	984,872		$	981,623		$	898,129		$	936,217
Total non-interest-bearing deposits		967,858			984,872			981,623			898,129			936,217
Demand, savings and money market		2,468,956			2,560,091			2,574,871			2,483,807			2,397,003
Time		926,130			796,474			814,532			763,519			748,950
Total interest-bearing deposits		3,395,086			3,356,565			3,389,403			3,247,326			3,145,953
Total deposits		4,362,944			4,341,437			4,371,026			4,145,455			4,082,170
Federal funds purchased and retail repurchase agreements		38,196			38,031			43,811			43,582			39,701
Federal Home Loan Bank advances and Federal Reserve Bank borrowings		295,997			250,306			219,931			240,000			240,000
Subordinated debt		97,336			97,196			97,058			96,921			96,787
Contractual obligations		19,683			23,770			18,493			19,315			29,019
Interest payable and other liabilities		37,039			33,342			31,941			36,459			39,460
Total liabilities		4,851,195			4,784,082			4,782,260			4,581,732			4,527,137
Commitments and contingent liabilities
Stockholders' equity
Common stock		209			208			208			207			207
Additional paid-in capital		494,763			491,709			490,533			489,187			488,137
Retained earnings		180,588			163,068			153,201			141,006			171,188
Accumulated other comprehensive income (loss), net of tax		(40,012	)		(62,005	)		(60,788	)		(57,920	)		(122,047	)
Treasury stock		(131,510	)		(131,545	)		(126,378	)		(119,620	)		(119,355	)
Total stockholders' equity		504,038			461,435			456,776			452,860			418,130
Total liabilities and stockholders' equity	$	5,355,233		$	5,245,517		$	5,239,036		$	5,034,592		$	4,945,267

⁽¹⁾ Allowance for credit losses	$	43,490		$	43,487		$	44,449		$	43,520		$	44,186

TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the three months ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2024			2024			2024			2023			2023
Loans Held For Investment by Type
Commercial real estate	$	1,916,863		$	1,793,544		$	1,797,192		$	1,759,855		$	1,721,761
Commercial and industrial		670,665			663,718			649,035			598,327			585,129
Residential real estate		567,063			572,523			581,988			556,328			558,188
Agricultural real estate		259,587			219,226			198,291			196,114			205,865
Agricultural		89,529			104,342			149,312			118,587			103,352
Consumer		97,218			101,054			106,345			103,690			107,823
Total loans held-for-investment		3,600,925			3,454,407			3,482,163			3,332,901			3,282,118
Allowance for credit losses		(43,490	)		(43,487	)		(44,449	)		(43,520	)		(44,186	)
Net loans held for investment	$	3,557,435		$	3,410,920		$	3,437,714		$	3,289,381		$	3,237,932


Asset Quality Ratios
Allowance for credit losses on loans to total loans		1.21	%		1.26	%		1.28	%		1.31	%		1.35	%
Past due or nonaccrual loans to total loans		1.17	%		1.15	%		1.10	%		1.10	%		1.03	%
Nonperforming assets to total assets		0.60	%		0.52	%		0.49	%		0.53	%		0.42	%
Nonperforming assets to total loans plus other real estate owned		0.90	%		0.79	%		0.73	%		0.79	%		0.63	%
Classified assets to bank total regulatory capital		8.32	%		8.47	%		6.85	%		7.09	%		6.27	%


Selected Average Balance Sheet Data (QTD Average)
Investment securities	$	1,055,833		$	1,065,979		$	1,074,101		$	985,591		$	1,085,905
Total gross loans receivable		3,475,885			3,459,476			3,452,553			3,293,755			3,281,483
Interest-earning assets		4,731,927			4,745,713			4,742,200			4,480,279			4,635,384
Total assets		5,205,017			5,196,259			5,152,915			4,892,712			5,046,179
Interest-bearing deposits		3,309,202			3,275,765			3,319,907			3,092,637			3,206,300
Borrowings		395,190

Equity Bancshares, Inc. Third Quarter Results Include a Significant Recovery on Problem Asset and 16.9% Annualized Loan Growth