CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

NOTE 24 – CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

Presented below is the condensed financial information as to financial position, results of operations and cash flows of the Parent Company.

CONDENSED BALANCE SHEETS

December 31, 2024, and 2023

(Dollar Amounts in thousands, except per share data)

	2024		2023
ASSETS
Cash and due from banks	$	105,071	$	12,729
Investment in Equity Bank		573,809		531,272
Investment in EBAC		3,120		3,261
Investment in ERMI		3,409		1,955
Other assets		8,080		3,009
Total assets	$	693,489	$	552,226
LIABILITIES AND STOCKHOLDERS’ EQUITY
Subordinated debt		97,477		96,921
Interest payable and other liabilities		3,094		2,445
Total liabilities		100,571		99,366
Stockholders’ equity		592,918		452,860
Total liabilities and stockholders’ equity	$	693,489	$	552,226

CONDENSED STATEMENTS OF INCOME

Years ended December 31, 2024, 2023, and 2022

(Dollar Amounts in thousands, except per share data)

	2024			2023			2022
Dividends from Equity Bank	$	25,000		$	32,500		$	33,903
Interest income		291		$	—		$	—
Other income		295			542			4
Total income		25,586			33,042			33,907
Expenses
Interest expense		7,668			7,678			6,796
Other expenses		(4,845	)		3,058			2,516
Total expenses		2,823			10,736			9,312
Income before income tax and equity in undistributed    income (loss) of subsidiaries		22,763			22,306			24,595
Income tax benefit		3,297			2,114			2,039
Income before equity in undistributed income (loss)    of subsidiaries		26,060			24,420			26,634
Equity in undistributed income (loss) of Equity Bank		35,468			(17,844	)		31,462
Equity in undistributed income (loss) of EBAC		(358	)		(305	)		(413	)
Equity in undistributed income (loss) of ERMI		1,451			1,550			5
Net income (loss) and net income (loss) allocable to common stockholders	$	62,621		$	7,821		$	57,688

CONDENSED STATEMENTS OF CASH FLOWS

Years ended December 31, 2024, 2023, and 2022

(Dollar Amounts in thousands, except per share data)

	2024			2023			2022
Cash flows from operating activities
Net income (loss)	$	62,621		$	7,821		$	57,688
Adjustments to reconcile net income to net cash from    operating activities:
Stock based compensation		4,048			3,213			3,325
Equity in undistributed (income) loss of Equity Bank		(35,468	)		17,844			(31,462	)
Equity in undistributed (income) loss of EBAC		358			305			413
Equity in undistributed (income) loss of ERMI		(1,451	)		(1,550	)		(5	)
Net amortization of purchase valuation adjustments		555			530			506
(Gain)/loss on sales and valuation adjustments on other real estate owned		(8,500	)		—			—
Change in unrealized (gains)/losses on equity securities		(294	)		—			—
Change in fair value of derivatives recognized in earnings		4			—			—
Net change in:
Other assets		(4,938	)		(658	)		1,464
Interest payable and other liabilities		(3,175	)		(2,556	)		(5,912	)
Net cash from (to) operating activities		13,760			24,949			26,017
Cash flows (to) from investing activities
Net redemptions (purchases) of correspondent and miscellaneous other stock		(493	)		(751	)		(2,425	)
Proceeds from sale of other real estate owned		8,500			—			—
Purchase of net assets of KansasLand Bank, net of cash acquired		(95	)		—			—
Additional investment in EBAC		(100	)		(50	)		(200	)
Additional investment in ERMI		—			—			(400	)
Net cash (used in) investing activities		7,812			(801	)		(3,025	)
Cash flows (to) from financing activities
Principal payments on bank stock loan		(691	)		—			—
Proceeds from issuance of common stock, net		86,980			—			—
Proceeds from exercise of employee stock options		3,506			203			2,011
Proceeds from employee stock purchase plan		726			784			792
Purchase of treasury stock		(11,859	)		(17,900	)		(33,186	)
Dividends paid on common stock		(7,892	)		(6,614	)		(5,564	)
Net cash provided by (used in) financing activities		70,770			(23,527	)		(35,947	)
Net change in cash and cash equivalents		92,342			621			(12,955	)
Cash and cash equivalents, beginning of period		12,729			12,108			25,063
Ending cash and cash equivalents	$	105,071		$	12,729		$	12,108