Equity Bancshares (EQBK) investor relations material

Executive summary

• Ended 2025 with $6.4 billion in assets, up from $5.3 billion, reflecting nearly 50% growth, including the Frontier merger closed January 1, 2026, which expanded the market footprint into Nebraska.

• Reported Q4 2025 net income of $22.1 million ($1.15 per diluted share); adjusted net income was $23.3 million ($1.21 per share), with core net income at $24.2 million and core EPS at $1.26.

• Tangible book value per share increased to $32.86, up $1.17 quarter-over-quarter.

• Focused on customer relationships, technology enhancements, and disciplined capital deployment while navigating a competitive, low-rate environment.

• Full-year 2025 net interest income rose 21.4% to $226.1 million, driven by margin expansion and balance sheet growth.

Financial highlights

• Net interest income for Q4 was $63.5 million, up from $62.5 million in Q3; net interest margin expanded to 4.47% from 4.45%.

• Non-interest income was $9.5 million, up $400,000 from Q3; core noninterest income was $9.4 million.

• Adjusted non-interest expenses were $44.1 million, up 2.7% from $42.9 million; total noninterest expense (excluding merger costs) was $45.1 million, mainly due to litigation and unfunded commitment reserves.

• Ending coverage of ACLL loans was 1.26%; reserve ratio including discounts was 1.33%.

• Book value per share increased to $38.64.

Outlook and guidance

• Targeting more than $5 per share in earnings for 2026, with net interest margin expected between 4.20–4.35%.

• 2026 full-year average deposits projected at $6.2–6.3 billion and average loans at $5.6–5.7 billion.

• Provision for credit losses forecasted at $6–8 million for 2026.

• Frontier merger expected to be accretive to NII but dilutive to margin; adds $1.3–1.34 billion in loans and $1.1 billion in deposits.

• Core noninterest income expected at $38–42 million and core noninterest expense at $194–198 million for 2026.