Equity Bancshares Delivers Record Revenue, 21.7% Loan Growth, $1.2B Deposit Gain
Equity Bancshares posted record revenue after Frontier acquisition with net income $17.0 million ($0.80), adjusted EPS $1.23 and core EPS $1.32, and net interest income up $10.2 million to $73.7 million. Loan production rose 21.7% to $267 million and deposits grew $1.2 billion, while NIM fell to 4.33%.
1. Record Revenue and Earnings
Equity Bancshares reported net income of $17.0 million ($0.80 per diluted share) and adjusted earnings of $26.2 million ($1.23 per share). Core EPS reached $1.32 with a core return on average tangible equity of 16.1%, driven by record quarterly revenue.
2. Loan Production and Deposit Growth
Loan production increased 21.7% quarter over quarter to $267 million, while total deposits grew by approximately $1.2 billion, reflecting strong retail deposits and commercial lending momentum.
3. Margins and Asset Quality
Net interest income rose to $73.7 million, up $10.2 million, although net interest margin declined to 4.33% from 4.47%. Non-interest expenses were $55 million ($49.2 million excluding merger charges), and the provision for loan losses was $6 million with ACL coverage at 1.18%.
4. Frontier Acquisition Integration
The Frontier acquisition boosted assets by 20% and the system conversion was completed on time. Integration led to higher non-performing assets of $58.3 million and an increase in loans past due to 1.86% of total loans.