8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 24, 2024

EQUITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Kansas	001-37624	72-1532188
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
7701 East Kellogg Drive, Suite 300 Wichita, KS		67207
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 316.612.6000

Former name or former address, if changed since last report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Class A, Common Stock, par value $0.01 per share Trading Symbol EQBK Name of each exchange on which registered New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

1

Item 2.02 Results of Operations and Financial Condition.

On January 24, 2024. Equity Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 and is incorporated by reference herein.

The information in this Item 2.02, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Item 7.01 Regulation FD Disclosure.

The Company intends to hold an investor call and webcast to discuss its financial results for the fourth quarter ended December 31, 2023, on Thursday, January 25, 2024, at 9:00 a.m. Central Time. The Company’s presentation to analysts and investors contains additional information about the Company’s financial results for the fourth quarter ended December 31, 2023, and is furnished as Exhibit 99.2 and is incorporated by reference herein.

The information in this Item 7.01, including Exhibit 99.2, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Earnings Press Release, Dated January 24, 2024
99.2	Equity Bancshares, Inc. Investor Presentation
104	Cover Page Interactive Data File

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Equity Bancshares, Inc.
Date: January 24, 2024	By: /s/ Chris M. Navratil
	Chris M. Navratil
	Executive Vice President and Chief Financial Officer

2

EX-99.1

Equity Bancshares, Inc. Exhibit 99.1

PRESS RELEASE

Equity Bancshares, Inc. Fourth Quarter Results Highlighted by 6.1% Annualized Loan Growth and Strategic Balance Sheet Repositioning

Company Announces Merger with Bank of Kirksville and Tangible Equity Growth

WICHITA, Kansas, January 24, 2024 (GLOBE NEWSWIRE) – Equity Bancshares, Inc. (NYSE: EQBK), (“Equity”, “the Company”, “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, reported a net loss of $28.3 million or $(1.84) earnings per diluted share for the quarter ended December 31, 2023. Excluding the impact of our previously announced bond repositioning and merger related expenses, operating income would have been $11.9 million or $0.77 earnings per diluted share.

“Our Company entered the fourth quarter positioned to take advantage of market opportunities which we expect will drive our operating growth in the future,” said Brad S. Elliott, Chairman and CEO of Equity. “With our team’s efforts around capital creation and management, we were able to announce our newest strategic combination with the Bank of Kirksville, Missouri, as well as a repositioning of our bond portfolio. Each of these transactions reflect our entrepreneurial spirit and, we believe, position our Company for continued success.”

"In addition to the transformative transactions, our teams continued to emphasize core customer creation and service, while maintaining strong credit quality," Mr. Elliott said. "Our classified asset ratio continues to be historically low, while both capital and on balance sheet reserves remain high, positioning Equity to be strategic for organic and acquisitive growth opportunities."

Notable Items:

•The Company realized linked quarter gross loans held-for-investment expansion of $50.8 million, or 6.1% annualized. Commercial lending categories were the primary contributors to realized growth.

•The Company realized linked quarter deposit growth of $63.3 million, including $13.3 million in non-brokered deposit balances.

•The Company sold $493.6 million in securities par value, realizing gross loss of $50.6 million. Securities included in the transaction were yielding 1.20% at the date of sale. Funds received were redeployed in bond purchases, loan production, cash, and the avoidance of high-cost borrowings.

•Stockholders' Equity increased $34.7 million linked quarter, while tangible book value increased $35.5 million. Tangible book value per share closed the year at $25.37 compared to $23.09 as of September 30, 2023 and $21.67 as of December 31, 2022.

•The Company announced its planned merger with Rockhold Bancorp, the parent company of Bank of Kirksville (“BoK”) which operates eight banking locations in northcentral Missouri. As of September 30, 2023 BoK reported total assets of $406 million, including $122 million in loans, and $344 million in deposits.

•Classified assets as a percentage of total risk based capital at Equity Bank closed the period at 7.1% while non-performing assets remained historically low. The allowance for credit losses closed the quarter at 1.31% of total loans.

Financial Results for the Quarter Ended December 31, 2023

Net loss allocable to common stockholders was $28.3 million, or $(1.84) per diluted share, for the three months ended December 31, 2023, as compared to $12.3 million, or $0.80 per diluted share, for the three months ended September 30, 2023. The decrease during the quarter was primarily driven by a loss on sales of available-for-sale securities of $50.6

Equity Bancshares, Inc.

PRESS RELEASE

million. Excluding the tax-effected impact of loss on sale, operating net income would have been $11.9 million, or $0.77 per diluted share.

Net Interest Income

Net interest income was $39.5 million for the three months ended December 31, 2023, as compared to $41.0 million for the three months ended September 30, 2023, a decrease of $1.5 million, or 3.77%. Net interest margin decreased to 3.49% from 3.51% as the yield on interest-earning assets increased 12 basis points to 5.69% and the cost of interest-bearing deposits increased 18 basis points to 2.83%. Continued increases in loan coupon were offset by a decline in purchase accounting and non-accrual loan costs.

Average deposits declined during the quarter and the Company continued to experience compositional shift from noninterest-bearing deposits into interest-bearing categories. At December 31, 2023, non-interest-bearing deposits declined $38.1 million from September 30, 2023, and $199.8 million from December 31, 2022. The majority of the decline over the last 12 months is due to deposits migrating to interest-bearing deposit accounts coupled with declining excess liquidity positions of our customer base.

Provision for Credit Losses

During the three months ended December 31, 2023, there was a provision of $711 thousand compared to a provision of $1.2 million in the previous quarter. The provision for the quarter is the result of increased loss rates within the portfolio as well as realized charge-offs; however, overall we continue to experience positive credit trends. 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. For the three months ended December 31, 2023, we had net charge-offs of $1.4 million as compared to $1.6 million for the three months ended September 30, 2023.

Non-Interest Income

Total non-interest income was $(43.4) million for the three months ended December 31, 2023, as compared to $8.7 million for the three months ended September 30, 2023, or a decrease of 597.0%, quarter-over-quarter. The $52.1 million decrease was primarily due to an increase in losses on the sale of available-for-sale securities of $50.7 million. During the fourth quarter the Company repositioned it's investment portfolio by selling lower yielding securities and reinvesting into higher yielding assets, resulting in the loss.

Exclusive of the investment portfolio re-positioning, non-interest income was driven down by the fair valuation of portfolio derivatives as market rates trended down in the quarter, as well as a decline in the benefits from specific credits related to the Almena State Bank transaction of $526 thousand.

Non-Interest Expense

Total non-interest expense for the quarter ended December 31, 2023, was $35.0 million as compared to $34.2 million for the quarter ended September 30, 2023, an increase of $754 thousand. Adjusting for merger expenses, the increase quarter over quarter was $462 thousand due to increased incentive and insurance accruals within the salary and employee benefits line item.

Income Tax Expense

At December 31, 2023, the effective tax rate for the quarter was 28.6% as compared to 13.5% at September 30, 2023. The year-to-date tax rate is (223.9)% compared to 14.1% at September 30, 2023. The increase in the rate linked to the quarter represents additional benefit associated with the sale of bonds generating pre-tax losses recognized in the fourth quarter ending December 31, 2023. The year-to-date tax rate represents the anticipated tax planning benefits and credits amplified

Equity Bancshares, Inc.

PRESS RELEASE

by a reduction in pre-tax book income for the year due to the pre-tax losses generated in the fourth quarter related to the sale of bonds. The anticipated tax rate for the full year, normalized for the sale of the bonds, would have been 12.8%.

Loans, Total Assets and Funding

Loans held for investment were $3.33 billion at December 31, 2023, increasing $50.8 million compared to the previous quarter. Total assets were $5.03 billion as of December 31, 2023, increasing $89.3 million or 1.8% from September 30, 2023.

Total deposits were $4.1 billion at December 31, 2023, increasing $63.3 million from the previous quarter end and decreasing $96.4 million from the same period end in 2022. During the fourth quarter, there were increases in brokered deposits of $50.0 million. Excluding the impact of brokered deposits, totals deposits increased $13.3 million as compared to September 30, 2023. Of the total deposit balance, non-interest-bearing accounts comprise approximately 21.7%. Advances from the FHLB and borrowings from the Federal Reserve's Bank Term Funding Program remained unchanged from September 30, 2023.

Asset Quality

As of December 31, 2023, Equity’s allowance for credit losses to total loans remained materially consistent at 1.3% as compared to September 30, 2023. Nonperforming assets were $26.5 million as of December 31, 2023, or 0.5% of total assets, compared to $20.5 million at September 30, 2023, or 0.4% of total assets. Non-accrual loans were $25.0 million at December 31, 2023, as compared to $19.4 million at September 30, 2023. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $40.5 million, or 7.1% of regulatory capital, up from $37.6 million, or 6.3% of regulatory capital as of September 30, 2023.

Capital

Quarter over quarter, book capital increased $34.7 million to $452.9 million and tangible capital increased $35.5 million to $391.5 million. The increase in book and tangible capital is primarily due to a decrease in the unrealized loss position in our investment portfolio of $65.0 million, partially offset by net loss for the quarter of $28.3 million, dividends declared of $1.9 million and a decrease in unrealized gains on cash-flow derivatives of $1.0 million.

The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 11.7%, the total capital to risk-weighted assets was 15.5% and the total leverage ratio was 9.5% at December 31, 2023. At September 30, 2023, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 12.7%, the total capital to risk-weighted assets ratio was 16.4% and the total leverage ratio was 9.8%.

Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 13.9%, total capital to risk-weighted assets was 15.1% and the total leverage ratio was 10.6% at December 31, 2023. At September 30, 2023, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 14.7%, the ratio of total capital to risk-weighted assets was 15.9% and the total leverage ratio was 10.8%.

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.

Equity Bancshares, Inc.

PRESS RELEASE

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 fourth quarter results on Thursday, January 25, 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 two hours following the close of the call until January 31, 2024, accessible 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

Equity Bancshares, Inc.

PRESS RELEASE

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 9, 2023, 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.

Investor Contact:

Brian J. Katzfey

VP, Director of Corporate Development and Investor Relations

Equity Bank

(316) 858-3128

bkatzfey@equitybank.com

Media Contact:

John J. Hanley

Chief Marketing Officer

Equity Bancshares, Inc.

(913) 583-8004

jhanley@equitybank.com

Equity Bancshares, Inc.

PRESS RELEASE

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

Equity Bancshares, Inc.

PRESS RELEASE

TABLE 1. CONSOLIDATED STATEMENTS OF INCOME(Unaudited)

(Dollars in thousands, except per share data)

	Three months ended December 31,						Year ended December 31,
	2023			2022			2023			2022
Interest and dividend income
Loans, including fees	$	54,932		$	46,149		$	211,213		$	160,859
Securities, taxable		6,417			5,946			23,873			22,713
Securities, nontaxable		354			678			1,960			2,698
Federal funds sold and other		2,591			651			9,666			1,978
Total interest and dividend income		64,294			53,424			246,712			188,248
Interest expense
Deposits		20,074			8,013			70,473			16,321
Federal funds purchased and retail repurchase agreements		298			82			931			232
Federal Home Loan Bank advances		1,005			1,500			3,944			2,094
Federal Reserve Bank borrowings		1,546			—			4,755			—
Subordinated debt		1,904			1,798			7,591			6,771
Total interest expense		24,827			11,393			87,694			25,418
Net interest income		39,467			42,031			159,018			162,830
Provision (reversal) for credit losses		711			(151	)		1,873			125
Net interest income after provision (reversal) for credit losses		38,756			42,182			157,145			162,705
Non-interest income
Service charges and fees		2,299			2,705			10,187			10,632
Debit card income		2,524			2,557			10,322			10,677
Mortgage banking		125			116			652			1,416
Increase in value of bank-owned life insurance		925			758			4,059			3,113
Net gain on acquisition and branch sales		—			422			—			962
Net gains (losses) from securities transactions		(50,618	)		14			(51,909	)		5
Other		1,331			1,757			7,560			9,152
Total non-interest income		(43,414	)		8,329			(19,129	)		35,957
Non-interest expense
Salaries and employee benefits		16,598			16,113			64,384			62,006
Net occupancy and equipment		3,244			2,919			12,325			12,223
Data processing		4,471			4,334			17,433			15,883
Professional fees		1,413			1,404			5,754			4,951
Advertising and business development		1,598			1,903			5,425			5,042
Telecommunications		460			517			1,963			1,916
FDIC insurance		660			360			2,195			1,140
Courier and postage		577			533			2,046			1,881
Free nationwide ATM cost		508			510			2,073			2,103
Amortization of core deposit intangibles		739			924			3,374			4,042
Loan expense		155			262			540			828
Other real estate owned		224			388			542			589
Merger expenses		292			68			297			594
Other		4,059			5,014			17,250			15,182
Total non-interest expense		34,998			35,249			135,601			128,380
Income (loss) before income tax		(39,656	)		15,262			2,415			70,282
Provision for income taxes		(11,357	)		3,654			(5,406	)		12,594
Net income (loss) and net income (loss) allocable to common stockholders	$	(28,299	)	$	11,608		$	7,821		$	57,688
Basic earnings (loss) per share	$	(1.84	)	$	0.73		$	0.50		$	3.56
Diluted earnings (loss) per share	$	(1.84	)	$	0.72		$	0.50		$	3.51
Weighted average common shares		15,417,200			15,948,360			15,535,772			16,214,049
Weighted average diluted common shares		15,417,200			16,204,185			15,648,842			16,437,906

Equity Bancshares, Inc.

PRESS RELEASE

TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the three months ended
	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Interest and dividend income
Loans, including fees	$	54,932		$	55,152		$	52,748		$	48,381		$	46,149
Securities, taxable		6,417			5,696			5,813			5,947			5,946
Securities, nontaxable		354			369			568			669			678
Federal funds sold and other		2,591			3,822			2,127			1,126			651
Total interest and dividend income		64,294			65,039			61,256			56,123			53,424
Interest expense
Deposits		20,074			19,374			17,204			13,821			8,013
Federal funds purchased and retail repurchase agreements		298			246			192			195			82
Federal Home Loan Bank advances		1,005			968			953			1,018			1,500
Federal Reserve Bank borrowings		1,546			1,546			1,528			135			—
Subordinated debt		1,904			1,893			1,950			1,844			1,798
Total interest expense		24,827			24,027			21,827			17,013			11,393
Net interest income		39,467			41,012			39,429			39,110			42,031
Provision (reversal) for credit losses		711			1,230			298			(366	)		(151	)
Net interest income after provision (reversal) for credit losses		38,756			39,782			39,131			39,476			42,182
Non-interest income
Service charges and fees		2,299			2,690			2,653			2,545			2,705
Debit card income		2,524			2,591			2,653			2,554			2,557
Mortgage banking		125			226			213			88			116
Increase in value of bank-owned life insurance		925			794			757			1,583			758
Net gain on acquisition and branch sales		—			—			—			—			422
Net gains (losses) from securities transactions		(50,618	)		(1	)		(1,322	)		32			14
Other		1,331			2,435			1,996			1,798			1,757
Total non-interest income		(43,414	)		8,735			6,950			8,600			8,329
Non-interest expense
Salaries and employee benefits		16,598			15,857			15,237			16,692			16,113
Net occupancy and equipment		3,244			3,262			2,940			2,879			2,919
Data processing		4,471			4,553			4,493			3,916			4,334
Professional fees		1,413			1,312			1,645			1,384			1,404
Advertising and business development		1,598			1,419			1,249			1,159			1,903
Telecommunications		460			502			516			485			517
FDIC insurance		660			660			515			360			360
Courier and postage		577			548			463			458			533
Free nationwide ATM cost		508			516			524			525			510
Amortization of core deposit intangibles		739			799			918			918			924
Loan expense		155			132			136			117			262
Other real estate owned		224			128			71			119			388
Merger expenses		292			—			—			—			68
Other		4,059			4,556			4,423			4,217			5,014
Total non-interest expense		34,998			34,244			33,130			33,229			35,249
Income (loss) before income tax		(39,656	)		14,273			12,951			14,847			15,262
Provision for income taxes (benefit)		(11,357	)		1,932			1,495			2,524			3,654
Net income (loss) and net income (loss) allocable to common stockholders	$	(28,299	)	$	12,341		$	11,456		$	12,323		$	11,608
Basic earnings (loss) per share	$	(1.84	)	$	0.80		$	0.74		$	0.78		$	0.73
Diluted earnings (loss) per share	$	(1.84	)	$	0.80		$	0.74		$	0.77		$	0.72
Weighted average common shares		15,417,200			15,404,992			15,468,378			15,858,808			15,948,360
Weighted average diluted common shares		15,417,200			15,507,172			15,554,255			16,028,051			16,204,185

Equity Bancshares, Inc.

PRESS RELEASE

Equity Bancshares, Inc.

PRESS RELEASE

TABLE 3. CONSOLIDATED BALANCE SHEETS(Unaudited)

(Dollars in thousands)

	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
ASSETS
Cash and due from banks	$	363,289		$	183,404		$	262,604		$	249,982		$	104,013
Federal funds sold		15,810			15,613			15,495			384			415
Cash and cash equivalents		379,099			199,017			278,099			250,366			104,428
Available-for-sale securities		919,648			1,057,009			1,094,748			1,183,247			1,184,390
Held-to-maturity securities		2,209			2,212			2,216			1,944			1,948
Loans held for sale		476			627			2,456			648			349
Loans, net of allowance for credit losses(1)		3,289,381			3,237,932			3,278,126			3,285,515			3,265,701
Other real estate owned, net		1,833			3,369			4,362			4,171			4,409
Premises and equipment, net		112,632			110,271			106,186			104,789			101,492
Bank-owned life insurance		124,865			124,245			123,451			122,971			123,176
Federal Reserve Bank and Federal Home Loan Bank stock		20,608			20,780			21,129			33,359			21,695
Interest receivable		25,497			23,621			21,360			20,461			20,630
Goodwill		53,101			53,101			53,101			53,101			53,101
Core deposit intangibles, net		7,222			7,961			8,760			9,678			10,596
Other		98,021			105,122			100,889			86,466			89,736
Total assets	$	5,034,592		$	4,945,267		$	5,094,883		$	5,156,716		$	4,981,651
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand	$	898,129		$	936,217		$	978,968		$	1,012,671		$	1,097,899
Total non-interest-bearing deposits		898,129			936,217			978,968			1,012,671			1,097,899
Demand, savings and money market		2,483,807			2,397,003			2,397,524			2,334,463			2,329,584
Time		763,519			748,950			854,458			939,799			814,324
Total interest-bearing deposits		3,247,326			3,145,953			3,251,982			3,274,262			3,143,908
Total deposits		4,145,455			4,082,170			4,230,950			4,286,933			4,241,807
Federal funds purchased and retail repurchase agreements		43,582			39,701			44,770			45,098			46,478
Federal Home Loan Bank advances and Federal Reserve Bank borrowings		240,000			240,000			240,000			251,222			138,864
Subordinated debt		96,921			96,787			96,653			96,522			96,392
Contractual obligations		19,315			29,019			29,608			19,372			15,218
Interest payable and other liabilities		36,459			39,460			34,467			32,446			32,834
Total liabilities		4,581,732			4,527,137			4,676,448			4,731,593			4,571,593
Commitments and contingent liabilities
Stockholders’ equity
Common stock		207			207			207			206			205
Additional paid-in capital		489,187			488,137			487,225			486,658			484,989
Retained earnings		141,006			171,188			160,715			150,810			140,095
Accumulated other comprehensive income (loss), net of tax		(57,920	)		(122,047	)		(110,225	)		(101,238	)		(113,511	)
Treasury stock		(119,620	)		(119,355	)		(119,487	)		(111,313	)		(101,720	)
Total stockholders’ equity		452,860			418,130			418,435			425,123			410,058
Total liabilities and stockholders’ equity	$	5,034,592		$	4,945,267		$	5,094,883		$	5,156,716		$	4,981,651
(1) Allowance for credit losses	$	43,520		$	44,186		$	44,544		$	45,103		$	45,847

Equity Bancshares, Inc.

PRESS RELEASE

TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the three months ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022
Loans Held For Investment by Type
Commercial real estate	$	1,759,855		$	1,721,761		$	1,764,460		$	1,746,834		$	1,721,269
Commercial and industrial		598,327			585,129			583,664			605,576			594,862
Residential real estate		556,328			558,188			560,389			563,791			570,550
Agricultural real estate		196,114			205,865			202,317			202,274			199,189
Agricultural		118,587			103,352			104,510			106,169			120,003
Consumer		103,690			107,823			107,330			105,974			105,675
Total loans held-for-investment		3,332,901			3,282,118			3,322,670			3,330,618			3,311,548
Allowance for credit losses		(43,520	)		(44,186	)		(44,544	)		(45,103	)		(45,847	)
Net loans held for investment	$	3,289,381		$	3,237,932		$	3,278,126		$	3,285,515		$	3,265,701
Asset Quality Ratios
Allowance for credit losses on loans to total loans		1.31	%		1.35	%		1.34	%		1.35	%		1.38	%
Past due or nonaccrual loans to total loans		1.10	%		1.03	%		0.78	%		0.66	%		0.72	%
Nonperforming assets to total assets		0.53	%		0.42	%		0.31	%		0.33	%		0.37	%
Nonperforming assets to total loans plus other     real estate owned		0.79	%		0.63	%		0.47	%		0.51	%		0.55	%
Classified assets to bank total regulatory capital		7.09	%		6.27	%		7.94	%		10.09	%		9.98	%
Selected Average Balance Sheet Data (QTD Average)
Investment securities	$	985,591		$	1,085,905		$	1,155,971		$	1,185,482		$	1,184,452
Total gross loans receivable		3,293,755			3,281,483			3,337,497			3,305,681			3,275,284
Interest-earning assets		4,480,279			4,635,384			4,678,744			4,611,019			4,538,177
Total assets		4,892,712			5,046,179			5,064,912			4,994,417			4,930,231
Interest-bearing deposits		3,092,637			3,206,300			3,226,965			3,235,557			3,032,902
Borrowings		391,691			385,125			385,504			247,932			299,191
Total interest-bearing liabilities		3,484,328			3,591,425			3,612,469			3,483,489			3,335,557
Total deposits		4,019,362			4,177,332			4,204,334			4,279,451			4,185,904
Total liabilities		4,469,505			4,619,919			4,640,050			4,573,917			4,531,961
Total stockholders' equity		423,207			426,260			424,862			420,500			398,270
Tangible common equity*		361,451			363,625			361,409			356,053			332,820
Performance ratios
Return on average assets (ROAA) annualized		(2.29	)%		0.97	%		0.91	%		1.00	%		0.93	%
Return on average assets before income tax and    provision for loan losses*		(3.16	)%		1.22	%		1.05	%		1.18	%		1.22	%
Return on average equity (ROAE) annualized		(26.53	)%		11.49	%		10.82	%		11.89	%		11.57	%
Return on average equity before income tax and    provision for loan losses*		(36.51	)%		14.43	%		12.51	%		13.97	%		15.05	%
Return on average tangible common equity    (ROATCE) annualized*		(30.39	)%		14.18	%		13.55	%		14.89	%		14.74	%
Yield on loans annualized		6.62	%		6.67	%		6.34	%		5.94	%		5.59	%
Cost of interest-bearing deposits annualized		2.58	%		2.40	%		2.14	%		1.73	%		1.05	%
Cost of total deposits annualized		1.98	%		1.84	%		1.64	%		1.31	%		0.76	%
Net interest margin annualized		3.49	%		3.51	%		3.38	%		3.44	%		3.67	%
Efficiency ratio*		74.35	%		68.83	%		69.44	%		70.00	%		70.47	%
Non-interest income / average assets		(3.52	)%		0.69	%		0.55	%		0.74	%		0.67	%
Non-interest expense / average assets		2.84	%		2.69	%		2.62	%		2.74	%		2.84	%
Capital Ratios
Tier 1 Leverage Ratio		9.46	%		9.77	%		9.54	%		9.60	%		9.61	%
Common Equity Tier 1 Capital Ratio		11.74	%		12.65	%		12.23	%		12.21	%		12.26	%
Tier 1 Risk Based Capital Ratio		12.36	%		13.28	%		12.84	%		12.83	%		12.88	%
Total Risk Based Capital Ratio		15.48	%		16.42	%		15.96	%		15.98	%		16.08	%

Equity Bancshares, Inc.

PRESS RELEASE

Total stockholders' equity to total assets		8.99	%		8.46	%		8.21	%		8.24	%		8.23	%
Tangible common equity to tangible assets*		7.87	%		7.29	%		7.06	%		7.09	%		7.02	%
Dividend payout ratio		(6.65	)%		15.13	%		13.53	%		10.49	%		14.01	%
Book value per common share	$	29.35		$	27.13		$	27.18		$	27.03		$	25.74
Tangible book value per common share*	$	25.37		$	23.09		$	23.08		$	22.96		$	21.67
Tangible book value per diluted common share*	$	25.05		$	22.96		$	22.98		$	22.83		$	21.35
* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GGAP financial measures, see Table 8. Non-GAAP Financial Measures.

Equity Bancshares, Inc.

PRESS RELEASE

TABLE 5. YEAR-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

	For the year ended							For the year ended
	December 31, 2023							December 31, 2022
	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	$	580,451	$	42,901		7.39	%	$	583,295	$	32,258		5.53	%
Commercial real estate		1,302,568		83,441		6.41	%		1,259,257		65,122		5.17	%
Real estate construction		447,516		33,764		7.54	%		363,902		18,269		5.02	%
Residential real estate		565,711		23,799		4.21	%		597,196		22,004		3.68	%
Agricultural real estate		201,326		13,820		6.86	%		201,295		11,399		5.66	%
Agricultural		100,394		6,966		6.94	%		125,342		6,697		5.34	%
Consumer		106,542		6,522		6.12	%		102,185		5,110		5.00	%
Total loans		3,304,508		211,213		6.39	%		3,232,472		160,859		4.98	%
Securities
Taxable securities		1,027,726		23,873		2.32	%		1,185,750		22,713		1.92	%
Nontaxable securities		74,917		1,960		2.62	%		106,955		2,698		2.52	%
Total securities		1,102,643		25,833		2.34	%		1,292,705		25,411		1.97	%
Federal funds sold and other		193,941		9,666		4.98	%		107,278		1,978		1.84	%
Total interest-earning assets	$	4,601,092		246,712		5.36	%	$	4,632,455		188,248		4.06	%
Interest-bearing liabilities
Demand, savings and money market deposits	$	2,362,365		46,206		1.96	%	$	2,433,364		10,797		0.44	%
Time deposits		827,652		24,267		2.93	%		663,790		5,524		0.83	%
Total interest-bearing deposits		3,190,017		70,473		2.21	%		3,097,154		16,321		0.53	%
FHLB advances		98,380		3,944		4.01	%		79,775		2,094		2.63	%
Other borrowings		254,666		13,277		5.21	%		151,172		7,003		4.63	%
Total interest-bearing liabilities	$	3,543,063		87,694		2.48	%	$	3,328,101		25,418		0.76	%
Net interest income			$	159,018						$	162,830
Interest rate spread						2.88	%						3.30	%
Net interest margin (2)						3.46	%						3.51	%
(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.

Equity Bancshares, Inc.

PRESS RELEASE

TABLE 6. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

	For the three months ended							For the three months ended
	December 31, 2023							December 31, 2022
	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	$	580,726	$	11,397		7.79	%	$	594,221	$	9,264		6.19	%
Commercial real estate		1,309,588		21,630		6.55	%		1,327,438		19,127		5.72	%
Real estate construction		439,708		9,000		8.12	%		367,935		5,827		6.28	%
Residential real estate		561,382		5,866		4.15	%		576,357		5,667		3.90	%
Agricultural real estate		196,468		3,421		6.91	%		200,492		3,353		6.64	%
Agricultural		100,226		1,928		7.63	%		104,146		1,443		5.50	%
Consumer		105,657		1,690		6.35	%		104,695		1,468		5.57	%
Total loans		3,293,755		54,932		6.62	%		3,275,284		46,149		5.59	%
Securities
Taxable securities		932,376		6,417		2.73	%		1,083,986		5,946		2.18	%
Nontaxable securities		53,215		354		2.64	%		100,466		678		2.68	%
Total securities		985,591		6,771		2.73	%		1,184,452		6,624		2.22	%
Federal funds sold and other		200,933		2,591		5.12	%		78,441		651		3.29	%
Total interest-earning assets	$	4,480,279		64,294		5.69	%	$	4,538,177		53,424		4.67	%
Interest-bearing liabilities
Demand, savings and money market deposits	$	2,351,663		13,918		2.35	%	$	2,294,639		5,336		0.92	%
Time deposits		740,974		6,156		3.30	%		738,263		2,677		1.44	%
Total interest-bearing deposits		3,092,637		20,074		2.58	%		3,032,902		8,013		1.05	%
FHLB advances		102,432		1,005		3.89	%		155,964		1,500		3.82	%
Other borrowings		289,259		3,748		5.14	%		146,691		1,880		5.09	%
Total interest-bearing liabilities	$	3,484,328		24,827		2.83	%	$	3,335,557		11,393		1.36	%
Net interest income			$	39,467						$	42,031
Interest rate spread						2.86	%						3.31	%
Net interest margin (2)						3.49	%						3.67	%
(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.

Equity Bancshares, Inc.

PRESS RELEASE

TABLE 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

	For the three months ended							For the three months ended
	December 31, 2023							September 30, 2023
	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	$	580,726	$	11,397		7.79	%	$	573,039	$	10,984		7.60	%
Commercial real estate		1,309,588		21,630		6.55	%		1,253,362		20,824		6.59	%
Real estate construction		439,708		9,000		8.12	%		480,355		9,838		8.13	%
Residential real estate		561,382		5,866		4.15	%		564,138		6,085		4.28	%
Agricultural real estate		196,468		3,421		6.91	%		203,399		3,898		7.60	%
Agricultural		100,226		1,928		7.63	%		99,773		1,856		7.38	%
Consumer		105,657		1,690		6.35	%		107,417		1,667		6.16	%
Total loans		3,293,755		54,932		6.62	%		3,281,483		55,152		6.67	%
Securities
Taxable securities		932,376		6,417		2.73	%		1,027,889		5,696		2.20	%
Nontaxable securities		53,215		354		2.64	%		58,016		369		2.52	%
Total securities		985,591		6,771		2.73	%		1,085,905		6,065		2.22	%
Federal funds sold and other		200,933		2,591		5.12	%		267,996		3,822		5.66	%
Total interest-earning assets	$	4,480,279		64,294		5.69	%	$	4,635,384		65,039		5.57	%
Interest-bearing liabilities
Demand savings and money market deposits	$	2,351,663		13,918		2.35	%	$	2,423,380		13,331		2.18	%
Time deposits		740,974		6,156		3.30	%		782,920		6,043		3.06	%
Total interest-bearing deposits		3,092,637		20,074		2.58	%		3,206,300		19,374		2.40	%
FHLB advances		102,432		1,005		3.89	%		100,000		968		3.84	%
Other borrowings		289,259		3,748		5.14	%		285,125		3,685		5.13	%
Total interest-bearing liabilities	$	3,484,328		24,827		2.83	%	$	3,591,425		24,027		2.65	%
Net interest income			$	39,467						$	41,012
Interest rate spread						2.86	%						2.92	%
Net interest margin (2)						3.49	%						3.51	%
(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.

Equity Bancshares, Inc.

PRESS RELEASE

TABLE 8. NON-GAAP FINANCIAL MEASURES (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the three months ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022
Total stockholders' equity	$	452,860		$	418,130		$	418,435		$	425,123		$	410,058
Less: goodwill		53,101			53,101			53,101			53,101			53,101
Less: core deposit intangibles, net		7,222			7,961			8,760			9,678			10,596
Less: mortgage servicing rights, net		75			100			126			151			176
Less: naming rights, net		1,000			1,011			1,022			1,033			1,044
Tangible common equity	$	391,462		$	355,957		$	355,426		$	361,160		$	345,141
Common shares outstanding at period end		15,428,251			15,413,064			15,396,739			15,730,257			15,930,112
Diluted common shares outstanding at period end		15,629,185			15,500,749			15,468,319			15,822,536			16,163,253
Book value per common share	$	29.35		$	27.13		$	27.18		$	27.03		$	25.74
Tangible book value per common share	$	25.37		$	23.09		$	23.08		$	22.96		$	21.67
Tangible book value per diluted common share	$	25.05		$	22.96		$	22.98		$	22.83		$	21.35
Total assets	$	5,034,592		$	4,945,267		$	5,094,883		$	5,156,716		$	4,981,651
Less: goodwill		53,101			53,101			53,101			53,101			53,101
Less: core deposit intangibles, net		7,222			7,961			8,760			9,678			10,596
Less: mortgage servicing rights, net		75			100			126			151			176
Less: naming rights, net		1,000			1,011			1,022			1,033			1,044
Tangible assets	$	4,973,194		$	4,883,094		$	5,031,874		$	5,092,753		$	4,916,734
Total stockholders' equity to total assets		8.99	%		8.46	%		8.21	%		8.24	%		8.23	%
Tangible common equity to tangible assets		7.87	%		7.29	%		7.06	%		7.09	%		7.02	%
Total average stockholders' equity	$	423,207		$	426,260		$	424,862		$	420,500		$	398,270
Less: average intangible assets		61,756			62,635			63,453			64,447			65,450
Average tangible common equity	$	361,451		$	363,625		$	361,409		$	356,053		$	332,820
Net income (loss) allocable to common stockholders	$	(28,299	)	$	12,341		$	11,456		$	12,323		$	11,608
Add: amortization of intangible assets		775			835			954			954			961
Less: tax effect of intangible assets amortization		163			175			200			200			202
Adjusted net income (loss) allocable to common     stockholders	$	(27,687	)	$	13,001		$	12,210		$	13,077		$	12,367
Return on total average stockholders' equity     (ROAE) annualized		(26.53	)%		11.49	%		10.82	%		11.89	%		11.57	%
Return on average tangible common equity     (ROATCE) annualized		(30.39	)%		14.18	%		13.55	%		14.89	%		14.74	%
Non-interest expense	$	34,998		$	34,244		$	33,130		$	33,229		$	35,249
Less: merger expense		297			—			—			—			68
Adjusted non-interest expense	$	34,701		$	34,244		$	33,130		$	33,229		$	35,181
Net interest income	$	39,467		$	41,012		$	39,429		$	39,110		$	42,031
Non-interest income		(43,414	)		8,735			6,950			8,600			8,329
Less: net gain on acquisition and branch sales		—			—			—			—			422
Less: net gains (losses) from securities transactions		(50,618	)		(1	)		(1,322	)		32			14
Adjusted non-interest income	$	7,204		$	8,736		$	8,272		$	8,568		$	7,893
Net interest income plus adjusted non-interest income	$	46,671		$	49,748		$	47,701		$	47,678		$	49,924
Non-interest expense to     net interest income plus non-interest income		(886.70	)%		68.84	%		71.43	%		69.65	%		69.99	%
Efficiency ratio		74.35	%		68.83	%		69.45	%		69.69	%		70.47	%
Net income (loss) allocable to common stockholders	$	(28,299	)	$	12,341		$	11,456		$	12,323		$	11,608
Add: income tax provision		(11,357	)		1,932			1,495			2,524			3,654
Add: provision (reversal) of credit losses		711			1,230			298			(366	)		(151	)
Pre-tax, pre-provision income	$	(38,945	)	$	15,503		$	13,249		$	14,481		$	15,111
Total average assets	$	4,892,712		$	5,046,179		$	5,064,912		$	4,994,417		$	4,930,231

Equity Bancshares, Inc.

PRESS RELEASE

Total average stockholders' equity	$	423,207		$	426,620		$	424,862		$	420,500		$	398,270
Return on average assets (ROAA) annualized		(2.29	)%		0.97	%		0.91	%		1.00	%		0.93	%
Adjusted return on average assets		(3.16	)%		1.22	%		1.05	%		1.18	%		1.22	%
Adjusted return on average equity		(36.51	)%		14.43	%		12.51	%		13.97	%		15.05	%

EX-99.2

EARNINGS PRESENTATION 4th QUARTER 2023 Exhibit 99.2

Founded In 2002, Wichita Headquartered, Midwest Franchise Seasoned Management Team Consistent Execution And Strategy Long-term Focused Key Highlights as of 12/31/2023 Equity Bancshares, Inc. NYSE: EQBK Start-Up: 2002 – 2007 Brad Elliott, Chairman and CEO, founded Equity Bancshares, Inc. in 2002 Completed 5 branch or whole bank acquisitions Opened 2 branches in Missouri Growth: 2008 – 2016 Opened branches in Lees Summit & Overland Park, Kansas Acquired Ellis State Bank $8.8MM of TARP issued and repaid with SBLF $20.0MM Capital Raise Purchased 4 branches from Citizens Bancshares $20.4MM Capital Raise Acquired First Community Bancshares Rationalized branch map, 3 closures, 1 opening Completed Initial Public Offering Acquired First Independence and Community First $35.4MM private placement capital raise Scale: 2017-2023 Announced acquisition of Bank of Kirksville (close in 1Q of 2024) Acquired Prairie State, Patriot Bank, and Eastman Acquired Kansas Bank Corporation, Adams Dairy Bank, and City Bank & Trust Launched Equity Trust & Wealth Management Completed $75MM subordinated debt issuance Acquired Almena State Bank, 3 branches from Security Bank, and American State Bancshares Originated $650 million of PPP Rationalized branch map, sold 4 branches COMMITTED TO OUR ENTREPRENUERIAL SPIRIT Our Company Equity Bank Footprint Corporate Snapshot 37 24 8 5 74 BANKING OFFICES1 $5.0 BILLION $5.2 Billion $3.3 BILLION $4.1 BILLION Includes pending branches from announced Bank of Kirksville merger

MARKET DIVERSIFICATION AND STRATEGY FOR GROWTH EXPERIENCED AND INVESTED MANAGEMENT TEAM CONSERVATIVE CREDIT CULTURE AND EFFECTIVE RISK MANAGEMENT AND MITIGATION STRATEGIC & DISCIPLINED M&A PARTNER ROBUST FUNDING CAPACITY, ANCHORED BY A DIVERSE, LOW-COST DEPOSIT BASE FOCUS ON EFFICIENT PERFORMANCE THROUGHOUT OUR DIVERSIFIED BUSINESS LINES Our Value Proposition

Strong Senior Leadership Team Brad Elliott Chairman & CEO Years in Banking: 34 Rick Sems President Years in Banking: 23 Founded Equity Bank in 2002 2018 EY Entrepreneur of the Year National Finalist 2014 Most Influential CEO, Wichita Business Journal Served as Chief Banking Officer of First Bank St. Louis Former President & CEO of Reliance Bank Chris Navratil Chief Financial Officer Years in Banking: 12 Chief Financial Officer Years in Banking: 12 Julie Huber EVP, Strategic Initiatives Years in Banking: 33 Promoted to Chief Financial Officer in August 2023. Previously served as Bank CFO and prior to Equity, spent 7 years within the Financial Institution Audit Practice with Crowe LLP Served in variety of leadership roles in her time at Equity Bank Brett Reber EVP, General Counsel Years in Law: 35 Krzysztof Slupkowski EVP, Chief Credit Officer Years in Banking: 10 EVP, Chief Credit Officer Years in Banking: 10 Prior to joining Equity Bank, practiced law for 30 years with Wise & Reber, L.C. Promoted to Chief Credit Officer in September 2023. Served as Metro Market CCO since 2018, previously served in various credit function at Commerce Bancshares. Hetal Desai EVP, Chief Risk Officer Years in Banking: 23 Ann Knutson EVP, Chief HR Officer Years in Banking: 15 EVP, Chief HR Officer Years in Banking: 15 Previously served in a variety of risk management leadership positions for JP Morgan Chase, State Street Corporation and Santander Previously served in human resource leadership positions at Bank Five Nine and Summit Credit Union

Long Term Key Strategic Objectives Grow Tangible Book Value Maximize Risk Adjusted Return on Assets Efficiently grow core earnings Effectively deploy capital through share repurchases, dividends and whole bank M&A while maintaining strong capital ratios Re-mix cash flows into higher yielding instruments funded with low-cost core deposits Achieve 15% + ROATCE & 1.5% PTPP ROA Offer Best-in-Class Banking Products And Services Drive Organic Fee Income Generation Invest in people, systems, and technology Tailor products to meet customers needs Deliver services through high quality, relationship-based delivery channels Optimize revenue composition with 30% fee income to total revenue Explore diversification of earnings through strategic acquisitions of fee-based revenue businesses

Q4 2023 Financial Highlights ADJUSTED OPERATING NET INCOME(1) $11.9 Million BALANCE SHEET STRENGTH AND EARNINGS CONSISTENCY THROUGH MARKET ADVERSITY ADJUSTED OPERATING EARNINGS PER SHARE(1) $0.77 TOTAL DEPOSITS $4.1 Billion GROSS LOANS $3.3 Billion NET INTEREST MARGIN 3.49% YIELD ON LOANS 6.62% COST OF DEPOSITS 1.98% DILUTED EARNINGS PER SHARE(1) $(1.84) / $0.77 adjusted operating NET INCOME(1) in millions $(28.3) / $11.9 adjusted operating TOTAL REVENUE(1)(2) in millions $(3.9) / $46.7 adjusted operating COMMON EQUITY TIER 1 CAPITAL 11.74% TIER 1 RISK BASED CAPITAL 12.36% TOTAL RISK BASED CAPITAL 15.47% ROAA(2) (2.29)% / 0.97% adjusted operating PTPP ROAA(2) (3.16)% / 0.97% adjusted operating ROATCE(2) (30.39)% / 13.83% adjusted operating TCE / TA(2) 7.87% TCE EXCLUDING AOCI / TA(2) 8.93% Adjusted Operating Net Income & Revenue is exclusive of the $50.6M tax effected at 21%, loss due to repositioning during the quarter and merger expenses associated with the Bank of Kirksville Merger. Non-GAAP financial measure. Refer to the non-GAAP reconciliation at the end of this presentation.

Net Income Walk Primary Drivers Net Interest Income Noninterest Income Rate Protection Noninterest Expense Net interest income totaled $39.5 million in the fourth quarter, down $1.5 million from the third quarter, driven by a decrease in average earning assets Noninterest income declined due to the recognition of the loss from the repositioning of the investment portfolio during the quarter. Proactive effort to book variable rate assets subject to floor levels. Noninterest expenses totaled $35.0 million in the fourth quarter, up $0.8 million from the third quarter. Driven by an increase in salary & benefits, and merger related expense, partially offset by a decrease in travel and training during the quarter. Net Income: Quarter over Quarter Q3 Q4

Performance Metrics Adjusted Return on Tangible Common Equity(1) Adjusted Pre-Tax, Pre-Provision ROAA(2) Non-GAAP financial measure. Refer to the non-GAAP reconciliation at the end of this presentation. Adjusted Performance Metrics are exclusive of the $50.6M tax effected at 21%, loss due to repositioning during the fourth quarter 2023 and merger expenses associated with the pending Bank of Kirksville Merger. Efficiency Ratio(1) TCE / TA excluding AOCI(1)

Quarterly Results Excludes the impact of net gain on acquisition and branch sales and net gain / (loss) on securities transactions. Including these balances in the fourth quarter 2022 and first, second , third, and fourth quarter 2023 results would be $8,330, $8,600, $6,950, $8,735, and ($43,892) respectively (1) Revenue Trends

349%

Core deposits excludes time deposits > $100K. Dollars in millions. Strong Core Deposit Franchise Current Deposit Composition Core Deposits(1) / Total Deposits(2) Trending Deposit Composition & Loan to Deposit Ratio

Yield Analysis Q4 2021 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Average Fed Funds Rate 0.08% 4.51% 4.99% 5.26% 5.33% Loans 41% 47% 49% 50% Deposits 25% 30% 32% 34% Yield / Cost Components Cost Analysis Cumulative Betas (1) Loan Coupon is exclusive of the impact of derivatives, purchase accounting, non accrual, mortgage premium amort, and loan fees

Diversified Loan Portfolio TOTAL CLASSIFIED ASSETS $40.5M TOTAL CLASSIFIED ASSETS / TOTAL BANK REGULATORY CAPITAL 7.1% NET CHARGE-OFFS YTD / AVERAGE LOANS 0.13% CRE includes Commercial Real Estate; RE Inv. 1-4 Mtg. and RE Gov’t. Residential Real Estate includes Residential RE (originated); HELOC; and Mortgage Loans Purchased. Consumer Loans includes Consumer Loans; Overdrafts and Credit Cards. Loan Mix Total Loans & Yield on Loans

Asset Quality Trends - Quarterly Excludes Bank owned branch assets, totaling $1.1M, classified as Other Real Estate Owned within the Statements of Condition. Includes loans 90+ days past due which are not highlighted in the table. (2) (1) Nonperforming Assets Total Reserve Ratio Net Charge-Offs / Average Loans Classified Assets

Asset Quality Trends – Annual Nonperforming Assets Total Reserve Ratio Net Charge-Offs / Average Loans Classified Assets (2) (1) Excludes Bank owned branch assets, totaling $1.1M, classified as Other Real Estate Owned within the Statements of Condition. Includes loans 90+ days past due which are not highlighted in the table.

Loan Classification ACL Loans ACL / Loans (%) Commercial Real Estate $13,476 $1,759,855 0.77% Commercial & Industrial $17,954 $598,327 3.00% Residential Real Estate $7,784 $556,328 1.40% Agricultural Real Estate $1,718 $196,114 0.88% Agricultural $995 $118,587 0.84% Consumer $1,593 $103,690 1.54% Total $43,520 $3,332,901 1.31% Allowance for Credit Loss ACL Intra-Quarter Movement Q3 Q4

Investment Portfolio Repositioning $38M after tax Approx. 5.00% use of proceeds ESTIMATED ONE-TIME LOSS BALANCE SHEET REPOSITIONING NEUTRAL $16M+ annually TCE IMPACT ESTIMATED INTEREST INCOME $442M SECURITIES SOLD available-for-sale APPROX. YIELD OF 1.33% APPROX. AVG. LIFE OF 3.20 YEARS $0.81 2024E EPS ACCRETION1 IMPROVES BALANCE SHEET EFFICIENCY PROVIDES SIGNIFICANT EARNINGS BENEFIT MAINTAINS CAPITAL STRENGTH AND ENHANCES LIQUIDITY Note Transaction financials and impact are as of December 5, 2023. (1) EPS based on average diluted shares of 15.5M; effective tax rate of 24.5%. Announced in December

Non-GAAP financial measure. Refer to the non-GAAP reconciliation at the end of this presentation. Tangible Book Value Increased $2.28 in Q4 2023 to $25.37 Q3 Q4 Q4

2023 Capital Management Actions The Company’s capital ratios are comfortably above well capitalized levels as of 12/31/2023 Capital Ratio Regulatory Well Capitalized Equity Bancshares, Inc Equity Bank Common Equity Tier 1 Ratio (CET 1) 7.0% 11.74% 15.05% Tier 1 Capital Ratio 8.5% 12.36% 13.86% Total Risk Based Capital Ratio 10.5% 15.48% 13.86% Leverage Ratio 5.0% 9.46% 10.60% Tangible Common Equity Ratio (Non-GAAP)(1) ---- 7.87% --- Q1 2023 Dividend Declared - $0.10 per share Q2 2023 Dividend Declared - $0.10 per share Q3 2023 Dividend Declared - $0.12 per share Q4 2023 Dividend Declared - $0.12 per share Received Board approval and Regulatory non-objection for a 1 million share repurchase plan beginning 10/1/2023. Repurchased 320 thousand shares in the first quarter of 2023 at a weighted average price of $29.97 Repurchase 349 thousand shares in the second quarter of 2023 at weighted average price of $23.39 (1) As of December 31, 2023, the tangible common equity ratio is being negatively impacted by $57 million in accumulated other comprehensive income.  Adjusting for this decline in fair value, which management views as temporary, would result in a Tangible Common Equity Ratio of 8.93%.​ Capital Management Capital Management Strategy Capital Targets EQBK establishes capital targets based on the following objectives: Maintain designation as a “well capitalized” institution under fully phased-in Basel III regulatory definitions Ensure capital levels are commensurate with the Company’s risk profile and strategic plan Capital Management Priorities Support organic growth Dividend payout ratio targeted at 10-20% Common stock repurchases Merger & acquisition activity Excess Capital Deployment EQBK’s Tangible Common Equity Ratio target is 8.5(1)%; TCE above 8.5% is considered excess capital assuming “well capitalized” regulatory capital ratios are maintained. Deployment of capital ideally has less than a 3-year tangible book value earnback using the crossover method; Excess capital can be deployed for: Share repurchases, Higher shareholder dividends, and/or Acquisitions

NOTE: Figures presented in this outlook represent forward-looking statements and are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Please see Special Note Concerning Forward-Looking Statements. 2024 Estimate excludes impact of pending Bank of Kirksville merger. Deal EPS accretion is expected to be $0.36. Outlook excludes excess on balance sheet liquidity expected to be net interest income neutral Core Non-Interest Income. Excludes loss from repositioning of investment portfolio Core Non-interest Expense. Excludes merger expenses Representative of year-to-date effective tax rate 2023 4th Quarter FORWARD LOOKING(1)(2) ESTIMATES RESULTS 2024 1st Quarter FY 2024 Estimate $4,000 - 4,200M $4,019M AVERAGE DEPOSITS $4,000 - 4,100M $4,000 - 4,100M $3,200 - 3,400M $3,293M AVERAGE LOANS $3,350 - 3,425M $3,400 - 3,500M $4,500 - 4,600M $4,480M AVERAGE EARNING ASSETS(2) $4,500 - 4,600M $4,500 - 4,600M 3.45 - 3.55% 3.49% NET INTEREST MARGIN(2) 3.70 - 3.80% 3.70 - 3.80% $1 – 2M $0.7M PROVISION FOR CREDIT LOSSES $0.5 – 1.5M $3 – 5M $7.75 - 8.25M $7.20M NON-INTEREST INCOME(3) $8 - 9M $32 - 36M $32 - 35M $34.70M NON-INTEREST EXPENSE(4) $33 - 36M $134 - 138M 14 - 16% 12.8% EFFECTIVE TAX RATE(5) 18 - 20% 18 - 20% Outlook on Key Business Drivers

Focus Variables for Outlook & Forecast Economic Environment Business activity creates opportunity for lending and deposit growth. Current macro-environment response and resolution will be a significant driver. Customer Needs Directly related to credit quality as well as trust in our business. Cost Of Funding Impacts rates on our product offerings and applies pressure to earnings. Must be able to manage cost and profit yields effectively. Competitive Market Providing customers with rates and services that are competitive with our peers. Irrational operators may have short term impact on opportunities. Investment Opportunities Growth strategy must be flexible to the other variables that affect our investment options. Political Environment U.S. politics affect banking regulations, international relationships, tax policies and more. Our outlook requires clarity around certain variables, including:

Source: S&P Market Intelligence. Equity Bancshares, Inc. pro forma operating market reported above includes all bank locations and counties in which Equity operates. Exclusive of pending Bank of Kirksville merger Kansas Missouri 21 counties 10 counties 37 branches 16 branches Rank Institution Deposits ($mm) Market Share ( % ) Branches Rank Institution Deposits ($mm) Market Share ( % ) Branches 1 Bank of America Corp. $6,902 11.36 21 1 UMB Financial Corp. $23,649 45.07 19 2 Capitol Federal Financial Inc. 5,184 8.53 38 2 Commerce Bancshares Inc. 8,017 15.28 21 3 INTRUST Financial Corp. 4,759 7.83 20 3 U.S. Bancorp 2.590 4.94 27 4 CrossFirst Bankshares Inc. 3,557 5.86 3 4 Bank of America Corp. 2,291 4.37 13 5 Commerce Bancshares Inc. 3,381 5.57 23 5 Central Banco. Inc. 2,099 4.00 29 6 U.S. Bancorp 2,568 4.23 18 6 NASB Financial Inc. 1,405 2.68 7 7 Equity Bancshares Inc. 2,466 4.06 37 7 Equity Bancshares Inc. 861 1.64 16 8 Fidelity Financial Corp. 2,338 3.85 12 8 Lead Bank 803 1.53 2 9 Emprise Financial Corp. 1,805 2.97 25 9 National Bank Holding Corp. 785 1.50 9 10 UMB Financial Corp. 1,551 2.55 12 10 Blue Ridge Bancshares Inc. 666 1.27 8 Top 10 Banks Top 10 Banks $34,513 56.81 209 Top 10 Banks Top 10 Banks $43,166 82.26 151 All Institutions in Market All Institutions in Market $60,747 100.0 627 All Institutions in Market All Institutions in Market $52,472 100.0 311 Our Markets

Oklahoma Arkansas Kay | Texas | Tulsa Benton | Boone | Carroll 9 branches 5 branches Rank Institution Deposits ($mm) Market Share ( % ) Branches Rank Institution Deposits ($mm) Market Share ( % ) Branches 1 BOK Financial Group $9,111 31.97 21 1 Arvest Bank Group Inc. $4,533 43.48 28 2 Arvest Bank Group, Inc. 2,409 7.77 22 2 First National Bancorp Inc. 577 5.54 6 3 Bank of America Corp 1,859 6.00 10 3 Bank of America Corp. 468 4.49 2 4 JPMorgan Chase & Co. 1,073 3.46 9 4 Bank OZK 420 4.03 10 5 Mabrey Bancorp. Inc. 1,067 3.44 7 5 Eureka Bancshares Inc. 356 3.41 5 6 BancFirst Corp. 998 3.22 11 6 Equity Bancshares Inc. 350 3.36 5 7 Midland Financial Co. 924 2.98 10 7 First Western Bancshares Inc. 332 3.19 5 8 First Oklahoma Holdings Inc. 911 2.94 2 8 First Security Bancorp 285 2.73 7 9 Prosperity Bancshares Inc. 892 2.88 9 9 First Carroll Bankshares 192 1.84 7 10 Equity Bancshares Inc. 570 1.84 9 10 First Community Bancshares 41 0.39 1 Top 10 Banks Top 10 Banks $20,614 66.50 110 Top 10 Banks Top 10 Banks $8,919 85.56 97 All Institutions in Market All Institutions in Market $30,997 100.0 226 All Institutions in Market All Institutions in Market $10,425 100.0 129 Our Markets Source: S&P Market Intelligence. Equity Bancshares, Inc. pro forma operating market reported above includes all bank locations and counties in which Equity operates

Non-GAAP reconciliations

Non-GAAP reconciliations Calculations of Tangible Common Equity and Related Measures ($ in thousands, except per share data)

Non-GAAP reconciliations Calculations of ROATCE and Efficiency Ratio ($ in thousands, except per share data)

Non-GAAP reconciliations Calculations of Return on Average Assets and Average Equity ($ in thousands, except per share data)

This presentation 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 the management of Equity Bancshares, Inc. (“Equity”, “we”, “us”, “our, “company”) 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,” “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 9, 2023, 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. NON-GAAP FINANCIAL MEASURES  This presentation contains certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures.  Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of this presentation.  Numbers in the presentation may not sum due to rounding. Forward Looking Statements

investor.equitybank.com

XML

Document And Entity Information	Jan. 24, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 24, 2024
Entity Registrant Name	EQUITY BANCSHARES, INC.
Entity Central Index Key	0001227500
Entity Emerging Growth Company	false
Securities Act File Number	001-37624
Entity Incorporation, State or Country Code	KS
Entity Tax Identification Number	72-1532188
Entity Address, Address Line One	7701 East Kellogg Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Wichita
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	67207
City Area Code	316
Local Phone Number	612.6000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A, Common Stock, par value $0.01 per share
Trading Symbol	EQBK
Security Exchange Name	NYSE