“Our first quarter 2020 results exceeded our expectations on a pre-loan loss provision basis,” said
Equity completed over 1,600
Equity moved its branch operations to a “Branch Light, Drive Through First” model beginning on
“In our first quarter, I’m proud of our collective efforts as a company to continue to deliver outstanding service to our customers while helping them manage through an unprecedented crisis,” said
Notable Items:
- Net income before taxes for the first quarter of 2020 was
$1.7 million , or$0.11 per diluted share, compared to a net loss before taxes of$5.2 million , or$0.33 per diluted share, for the same time period in 2019. There were no merger expenses in the first quarter of 2020. Net loss before taxes, adjusted to exclude merger expense was$4.6 million , or$0.29 per diluted share, for the first quarter of 2019. - Stated diluted income per share in the first quarter of 2020 was
$0.08 , as compared to$(0.26) in the first quarter of 2019. Income before taxes and provision for loan losses during the periods endingMarch 31, 2020 and 2019, was$11.6 million and$10.4 million . - On
April 18, 2019 , the Board of Directors ofEquity Bancshares, Inc. authorized the repurchase of up to 1,100,000 shares of our Class A Voting Common Stock, par value$0.01 per share, from time to time, beginningApril 29, 2019 , and concludingOctober 30, 2020 . The repurchase program does not obligate us to acquire a specific dollar amount or number of shares and it may be extended, modified or discontinued at any time without notice. There was a total of 295,461 shares repurchased during the first quarter of 2020 at a weighted average price of$23.33 . In March, in response to the COVID-19 environment, the Board of Directors ofEquity Bancshares voted to temporarily suspend the repurchase program. A total of 383,523 shares remain authorized for repurchase. - The CARES Act provided temporary relief for the implementation of Accounting Standards Update No. 2016-13, Measurement of Credit Losses on Financial Instruments and the Company has elected to calculate the required allowance for loan losses and the resulting provision for loan losses using the prior probable-incurred-loss method.
Equity’s Balance Sheet Highlights:
- Total loans held for investment of
$2.51 billion atMarch 31, 2020 , as compared to total loans held for investment of$2.56 billion atDecember 31, 2019 . - Total deposits were
$2.96 billion atMarch 31, 2020 , as compared to$3.06 billion atDecember 31, 2019 . Signature deposits, including core deposits comprised of checking, savings and money market accounts, were$2.18 billion atMarch 31, 2020 , as compared to$2.23 billion atDecember 31, 2019 . - Total assets were
$3.94 billion atMarch 31, 2020 , as compared to$3.95 billion atDecember 31, 2019 . - Book value per common share was
$31.41 atMarch 31, 2020 , as compared to$30.95 atDecember 31, 2019 . Tangible book value per common share was$21.10 atMarch 31, 2020 , as compared to$20.75 atDecember 31, 2019 .
Financial Results for the Quarter Ended
Net income allocable to common stockholders was
Diluted earnings per share were
Net interest income was
The net interest margin was 3.67% for the three months ended
The provision for loan losses was
Total non-interest income for the quarter ended
Total non-interest expense was
Equity’s effective tax rate for the quarter ended
Loans, Deposits and Total Assets
Loans held for investment were
As of
Total deposits were
At
Borrowings and Capital
At
At
Non-GAAP Financial Measures
This press release includes 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 press release.
Conference Call and Webcast
Equity Chairman and Chief Executive Officer,
Investors, news media and other participants should register for the call or audio webcast at investor.equitybank.com. On
Participants are encouraged to dial into the call or access the webcast approximately 10 minutes prior to the start time. Presentation slides to pair with the call or webcast will be posted one hour prior to the call at investor.equitybank.com.
A replay of the call and webcast will be available two hours following the close of the call until
About
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,” “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 COVID-19 related impacts; 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
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
Investor Contact:
SVP, Finance
(316) 612-6014
cnavratil@equitybank.com
Media Contact:
SVP, Senior Director of Marketing
(816) 505-4063
jhanley@equitybank.com
Unaudited Financial Tables
- Table 1. Selected Financial Highlights
- Table 2. Year-to-Date Analysis of Changes in Net Interest Income
- Table 3. Consolidated Balance Sheets
- Table 4. Consolidated Statements of Operations
- Table 5. Non-GAAP Financial Measures
TABLE 1. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except per share data)
As of and for the three months ended | ||||||||||||||||||||
2020 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||
Statement of Income Data | ||||||||||||||||||||
Net interest income | $ | 32,095 | $ | 32,405 | $ | 31,526 | $ | 31,288 | $ | 30,639 | ||||||||||
Provision for loan losses | 9,940 | 1,055 | 679 | 974 | 15,646 | |||||||||||||||
Net gains (losses) from securities transactions | 8 | (3 | ) | 4 | 7 | 6 | ||||||||||||||
Other non-interest income | 5,298 | 6,644 | 6,568 | 6,444 | 5,318 | |||||||||||||||
Total non-interest income | 5,306 | 6,641 | 6,572 | 6,451 | 5,324 | |||||||||||||||
Merger expense | — | — | — | 276 | 639 | |||||||||||||||
Other non-interest expense | 25,758 | 24,846 | 24,223 | 24,747 | 24,904 | |||||||||||||||
Total non-interest expense | 25,758 | 24,846 | 24,223 | 25,023 | 25,543 | |||||||||||||||
Income (loss) before income taxes | 1,703 | 13,145 | 13,196 | 11,742 | (5,226 | ) | ||||||||||||||
Provision for income taxes (benefits) | 445 | 3,131 | 2,790 | 2,510 | (1,153 | ) | ||||||||||||||
Net income (loss) allocable to common stockholders | 1,258 | 10,014 | 10,406 | 9,232 | (4,073 | ) | ||||||||||||||
Basic earnings (loss) per share | 0.08 | 0.65 | 0.67 | 0.59 | (0.26 | ) | ||||||||||||||
Diluted earnings (loss) per share | 0.08 | 0.64 | 0.66 | 0.58 | (0.26 | ) | ||||||||||||||
Balance Sheet Data (at period end) | ||||||||||||||||||||
Available-for-sale securities | $ | 187,812 | $ | 142,067 | $ | 152,680 | $ | 161,082 | $ | 166,355 | ||||||||||
Held-to-maturity securities | 721,992 | 769,059 | 764,163 | 766,950 | 749,493 | |||||||||||||||
Gross loans held for investment | 2,507,123 | 2,556,652 | 2,600,924 | 2,679,985 | 2,618,986 | |||||||||||||||
Allowance for loan losses | 21,915 | 12,232 | 17,875 | 17,777 | 26,340 | |||||||||||||||
Intangible assets, net | 156,704 | 157,518 | 158,350 | 159,147 | 159,944 | |||||||||||||||
Total assets | 3,943,832 | 3,949,578 | 4,074,663 | 4,180,074 | 4,065,354 | |||||||||||||||
Total deposits | 2,960,397 | 3,063,516 | 3,106,929 | 3,185,893 | 3,260,870 | |||||||||||||||
Non-time deposits | 2,176,586 | 2,230,346 | 2,177,820 | 2,192,534 | 2,220,110 | |||||||||||||||
Borrowings | 481,371 | 383,632 | 480,000 | 515,582 | 331,221 | |||||||||||||||
Total liabilities | 3,466,481 | 3,471,518 | 3,607,613 | 3,721,668 | 3,611,891 | |||||||||||||||
Total stockholders’ equity | 477,351 | 478,060 | 467,050 | 458,406 | 453,463 | |||||||||||||||
Tangible common equity* | 320,647 | 320,542 | 308,700 | 299,259 | 293,519 | |||||||||||||||
Selected Average Balance Sheet Data (quarterly average) | ||||||||||||||||||||
Investment securities | $ | 907,910 | $ | 911,923 | $ | 926,839 | $ | 924,914 | $ | 918,804 | ||||||||||
Total gross loans receivable | 2,525,344 | 2,568,301 | 2,646,454 | 2,655,256 | 2,560,030 | |||||||||||||||
Interest-earning assets | 3,519,267 | 3,563,642 | 3,657,970 | 3,665,618 | 3,560,815 | |||||||||||||||
Total assets | 3,888,205 | 3,932,909 | 4,030,606 | 4,025,764 | 3,926,359 | |||||||||||||||
Interest-bearing deposits | 2,531,508 | 2,563,519 | 2,673,007 | 2,726,443 | 2,709,596 | |||||||||||||||
Borrowings | 355,303 | 377,561 | 390,562 | 347,103 | 269,492 | |||||||||||||||
Total interest-bearing liabilities | 2,886,811 | 2,941,080 | 3,063,569 | 3,073,546 | 2,979,088 | |||||||||||||||
Total deposits | 3,021,181 | 3,055,275 | 3,152,785 | 3,200,624 | 3,178,164 | |||||||||||||||
Total liabilities | 3,405,638 | 3,459,347 | 3,567,354 | 3,568,661 | 3,466,646 | |||||||||||||||
Total stockholders' equity | 482,567 | 473,562 | 463,252 | 457,103 | 459,713 | |||||||||||||||
Tangible common equity* | 325,470 | 315,569 | 304,492 | 297,541 | 302,398 | |||||||||||||||
Performance ratios | ||||||||||||||||||||
Return on average assets (ROAA) annualized | 0.13 | % | 1.01 | % | 1.02 | % | 0.92 | % | (0.42 | )% | ||||||||||
Return on average equity (ROAE) annualized | 1.05 | % | 8.39 | % | 8.91 | % | 8.1 | % | (3.59 | )% | ||||||||||
Return on average tangible common equity (ROATCE) annualized* | 2.35 | % | 13.42 | % | 14.38 | % | 13.29 | % | (4.62 | )% | ||||||||||
Yield on loans annualized | 5.47 | % | 5.67 | % | 5.7 | % | 5.74 | % | 5.79 | % | ||||||||||
Cost of interest-bearing deposits annualized | 1.09 | % | 1.32 | % | 1.56 | % | 1.64 | % | 1.61 | % | ||||||||||
Cost of total deposits annualized | 0.91 | % | 1.11 | % | 1.32 | % | 1.4 | % | 1.37 | % | ||||||||||
Net interest margin annualized | 3.67 | % | 3.61 | % | 3.42 | % | 3.42 | % | 3.49 | % | ||||||||||
Efficiency ratio* | 68.88 | % | 63.63 | % | 63.59 | % | 65.59 | % | 69.26 | % | ||||||||||
Non-interest income / average assets | 0.55 | % | 0.67 | % | 0.65 | % | 0.64 | % | 0.55 | % | ||||||||||
Non-interest expense / average assets | 2.66 | % | 2.51 | % | 2.38 | % | 2.49 | % | 2.64 | % | ||||||||||
Capital Ratios | ||||||||||||||||||||
Tier 1 Leverage Ratio | 9.02 | % | 9.02 | % | 8.49 | % | 8.26 | % | 8.37 | % | ||||||||||
Common Equity Tier 1 Capital Ratio | 11.67 | % | 11.63 | % | 11.08 | % | 10.46 | % | 10.46 | % | ||||||||||
Tier 1 Risk Based Capital Ratio | 12.2 | % | 12.15 | % | 11.59 | % | 10.95 | % | 10.96 | % | ||||||||||
Total Risk Based Capital Ratio | 13 | % | 12.59 | % | 12.21 | % | 11.56 | % | 11.87 | % | ||||||||||
Total stockholders' equity to total assets | 12.1 | % | 12.1 | % | 11.46 | % | 10.97 | % | 11.15 | % | ||||||||||
Tangible common equity to tangible assets* | 8.47 | % | 8.45 | % | 7.88 | % | 7.44 | % | 7.52 | % | ||||||||||
Book value per common share | $ | 31.41 | $ | 30.95 | $ | 30.25 | $ | 29.45 | $ | 28.66 | ||||||||||
Tangible book value per common share* | $ | 21.1 | $ | 20.75 | $ | 19.99 | $ | 19.23 | $ | 18.55 | ||||||||||
Tangible book value per diluted common share* | $ | 20.96 | $ | 20.39 | $ | 19.73 | $ | 18.99 | $ | 18.3 |
* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 5. Non-GAAP Financial Measure
TABLE 2. QUARTERLY ANALYSIS OF CHANGES IN NET INTEREST INCOME (Unaudited)
(Dollars in thousands)
For the quarter ended | For the quarter ended | ||||||||||||||||||||||
Average Outstanding Balance |
Interest Income/ Expense |
Average | Average Outstanding Balance | Interest Income/ Expense | Average | ||||||||||||||||||
Yield/Rate(3)(4) | Yield/Rate(3)(4) | ||||||||||||||||||||||
Interest-earning assets | |||||||||||||||||||||||
Loans (1) | $ | 2,525,344 | $ | 34,376 | 5.47 | % | $ | 2,560,030 | $ | 36,533 | 5.79 | % | |||||||||||
Total securities | 907,910 | 5,586 | 2.47 | % | 918,804 | 6,035 | 2.66 | % | |||||||||||||||
Federal funds sold and other | 86,013 | 595 | 2.78 | % | 81,980 | 634 | 3.14 | % | |||||||||||||||
Total interest-earning assets | 3,519,267 | 40,557 | 4.64 | % | 3,560,814 | 43,202 | 4.92 | % | |||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||
Total interest-bearing demand and savings | 1,724,774 | 3,125 | 0.73 | % | 1,693,228 | 5,667 | 1.36 | % | |||||||||||||||
Certificates of deposit | 806,734 | 3,739 | 1.86 | % | 1,016,369 | 5,063 | 2.02 | % | |||||||||||||||
Total interest-bearing deposits | 2,531,508 | 6,864 | 1.09 | % | 2,709,597 | 10,730 | 1.61 | % | |||||||||||||||
FHLB advances & LOC | 295,677 | 1,175 | 1.6 | % | 197,610 | 1,305 | 2.68 | % | |||||||||||||||
Other borrowings | 59,626 | 423 | 2.85 | % | 71,882 | 528 | 2.98 | % | |||||||||||||||
Total interest-bearing liabilities | 2,886,811 | 8,462 | 1.18 | % | 2,979,089 | 12,563 | 1.71 | % | |||||||||||||||
Net interest income | $ | 32,095 | $ | 30,639 | |||||||||||||||||||
Interest rate spread | 3.46 | % | 3.21 | % | |||||||||||||||||||
Net interest margin (2) | 3.67 | % | 3.49 | % | |||||||||||||||||||
(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. |
For the quarter ended | |||||||||||
Total Increase/(Decrease) | |||||||||||
Volume | Yield/Rate | Total | |||||||||
Variance(1) | Variance(1) | Variance | |||||||||
Interest-earning assets | |||||||||||
Loans | $ | (490 | ) | $ | (1,667 | ) | $ | (2,157 | ) | ||
Total securities | (75 | ) | (374 | ) | (449 | ) | |||||
Federal funds sold and other | 30 | (69 | ) | (39 | ) | ||||||
Total interest-earning assets | (535 | ) | (2,110 | ) | (2,645 | ) | |||||
Interest-bearing liabilities | |||||||||||
Total interest-bearing demand and savings | 105 | (2,647 | ) | (2,542 | ) | ||||||
Certificates of deposit | (990 | ) | (334 | ) | (1,324 | ) | |||||
Total interest-bearing deposits | (885 | ) | (2,981 | ) | (3,866 | ) | |||||
FHLB advances & LOC | 504 | (634 | ) | (130 | ) | ||||||
Other borrowings | (37 | ) | (68 | ) | (105 | ) | |||||
Total interest-bearing liabilities | (418 | ) | (3,683 | ) | (4,101 | ) | |||||
Net interest income | $ | (117 | ) | $ | 1,573 | $ | 1,456 | ||||
(1) The effect of changes in volume is determined by multiplying the change in volume by the previous year's average rate. Similarly, the effect of rate changes is calculated by multiplying the change in average rate by the prior year's volume. The changes attributable to both volume and rate, which cannot be segregated, have been allocated to the volume variance and the rate variance in proportion to the relationship of the absolute dollar amount of the change in each. |
TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
ASSETS | |||||||
Cash and due from banks | $ | 141,989 | $ | 88,973 | |||
Federal funds sold | 263 | 318 | |||||
Cash and cash equivalents | 142,252 | 89,291 | |||||
Interest-bearing time deposits in other banks | 2,498 | 2,498 | |||||
Available-for-sale securities | 187,812 | 142,067 | |||||
Held-to-maturity securities, fair value of |
721,992 | 769,059 | |||||
Loans held for sale | 6,494 | 5,933 | |||||
Loans, net of allowance for loan losses of |
2,485,208 | 2,544,420 | |||||
Other real estate owned, net | 5,870 | 8,293 | |||||
Premises and equipment, net | 84,732 | 84,478 | |||||
Bank-owned life insurance | 75,585 | 75,103 | |||||
31,662 | 31,137 | ||||||
Interest receivable | 15,549 | 15,738 | |||||
136,432 | 136,432 | ||||||
Core deposit intangibles, net | 19,105 | 19,907 | |||||
Other | 28,641 | 25,222 | |||||
Total assets | $ | 3,943,832 | $ | 3,949,578 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Deposits | |||||||
Demand | $ | 508,441 | $ | 481,298 | |||
Total non-interest-bearing deposits | 508,441 | 481,298 | |||||
Savings, NOW and money market | 1,668,145 | 1,749,048 | |||||
Time | 783,811 | 833,170 | |||||
Total interest-bearing deposits | 2,451,956 | 2,582,218 | |||||
Total deposits | 2,960,397 | 3,063,516 | |||||
Federal funds purchased and retail repurchase agreements | 37,113 | 35,708 | |||||
389,620 | 324,373 | ||||||
Bank stock loan | 40,000 | 8,990 | |||||
Subordinated debentures | 14,638 | 14,561 | |||||
Contractual obligations | 5,781 | 5,836 | |||||
Interest payable and other liabilities | 18,932 | 18,534 | |||||
Total liabilities | 3,466,481 | 3,471,518 | |||||
Commitments and contingent liabilities | |||||||
Stockholders’ equity | |||||||
Common stock | 174 | 174 | |||||
Additional paid-in capital | 383,850 | 382,731 | |||||
Retained earnings | 127,015 | 125,757 | |||||
Accumulated other comprehensive gain (loss) | 3,769 | (3 | ) | ||||
Employee stock loans | (43 | ) | (77 | ) | |||
(37,414 | ) | (30,522 | ) | ||||
Total stockholders’ equity | 477,351 | 478,060 | |||||
Total liabilities and stockholders’ equity | $ | 3,943,832 | $ | 3,949,578 | |||
TABLE 4. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Dollars in thousands, except per share data)
Three months ended | ||||||||
2020 | 2019 | |||||||
Interest and dividend income | ||||||||
Loans, including fees | $ | 34,376 | $ | 36,533 | ||||
Securities, taxable | 4,620 | 5,082 | ||||||
Securities, nontaxable | 966 | 953 | ||||||
Federal funds sold and other | 595 | 634 | ||||||
Total interest and dividend income | 40,557 | 43,202 | ||||||
Interest expense | ||||||||
Deposits | 6,864 | 10,730 | ||||||
Federal funds purchased and retail repurchase agreements | 31 | 32 | ||||||
1,175 | 1,305 | |||||||
Bank stock loan | 109 | 162 | ||||||
Subordinated debentures | 283 | 334 | ||||||
Total interest expense | 8,462 | 12,563 | ||||||
Net interest income | 32,095 | 30,639 | ||||||
Provision for loan losses | 9,940 | 15,646 | ||||||
Net interest income after provision for loan losses | 22,155 | 14,993 | ||||||
Non-interest income | ||||||||
Service charges and fees | 2,026 | 1,923 | ||||||
Debit card income | 2,043 | 1,738 | ||||||
Mortgage banking | 590 | 317 | ||||||
Increase in value of bank-owned life insurance | 482 | 488 | ||||||
Net gains (losses) from securities transactions | 8 | 6 | ||||||
Other | 157 | 852 | ||||||
Total non-interest income | 5,306 | 5,324 | ||||||
Non-interest expense | ||||||||
Salaries and employee benefits | 13,504 | 14,098 | ||||||
Net occupancy and equipment | 2,235 | 1,967 | ||||||
Data processing | 2,663 | 2,405 | ||||||
Professional fees | 1,367 | 1,156 | ||||||
Advertising and business development | 696 | 646 | ||||||
Telecommunications | 487 | 585 | ||||||
517 | 278 | |||||||
Courier and postage | 384 | 327 | ||||||
Free nationwide ATM cost | 420 | 361 | ||||||
Amortization of core deposit intangibles | 802 | 779 | ||||||
Loan expense | 234 | 268 | ||||||
Other real estate owned | 308 | 112 | ||||||
Merger expenses | — | 639 | ||||||
Other | 2,141 | 1,922 | ||||||
Total non-interest expense | 25,758 | 25,543 | ||||||
Income (loss) before income tax | 1,703 | (5,226 | ) | |||||
Provision for income taxes | 445 | (1,153 | ) | |||||
Net income (loss) and net income (loss) allocable to common stockholders | $ | 1,258 | $ | (4,073 | ) | |||
Basic earnings (loss) per share | $ | 0.08 | $ | (0.26 | ) | |||
Diluted earnings (loss) per share | $ | 0.08 | $ | (0.26 | ) | |||
TABLE 5. Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands, except per share data)
As of and for the three months ended | ||||||||||||||||||||
2020 | 2019 | 2019 | 2019 | 2019 | ||||||||||||||||
Total stockholders' equity | $ | 477,351 | $ | 478,060 | $ | 467,050 | $ | 458,406 | $ | 453,463 | ||||||||||
Less: goodwill | 136,432 | 136,432 | 136,432 | 136,432 | 136,432 | |||||||||||||||
Less: core deposit intangibles, net | 19,105 | 19,907 | 20,727 | 21,512 | 22,296 | |||||||||||||||
Less: mortgage servicing asset, net | 4 | 5 | 7 | 8 | 10 | |||||||||||||||
Less: naming rights, net | 1,163 | 1,174 | 1,184 | 1,195 | 1,206 | |||||||||||||||
Tangible common equity | $ | 320,647 | $ | 320,542 | $ | 308,700 | $ | 299,259 | $ | 293,519 | ||||||||||
Common shares issued at period end | 15,198,986 | 15,444,434 | 15,440,334 | 15,563,873 | 15,820,303 | |||||||||||||||
RSU shares vested | — | — | — | — | 108 | |||||||||||||||
Common shares outstanding at period end | 15,198,986 | 15,444,434 | 15,440,334 | 15,563,873 | 15,820,411 | |||||||||||||||
Diluted common shares outstanding at period end | 15,297,319 | 15,719,810 | 15,647,456 | 15,758,747 | 16,036,700 | |||||||||||||||
Book value per common share | $ | 31.41 | $ | 30.95 | $ | 30.25 | $ | 29.45 | $ | 28.66 | ||||||||||
Tangible book value per common share | $ | 21.1 | $ | 20.75 | $ | 19.99 | $ | 19.23 | $ | 18.55 | ||||||||||
Tangible book value per diluted common share | $ | 20.96 | $ | 20.39 | $ | 19.73 | $ | 18.99 | $ | 18.3 | ||||||||||
Total assets | $ | 3,943,832 | $ | 3,949,578 | $ | 4,074,663 | $ | 4,180,074 | $ | 4,065,354 | ||||||||||
Less: goodwill | 136,432 | 136,432 | 136,432 | 136,432 | 136,432 | |||||||||||||||
Less: core deposit intangibles, net | 19,105 | 19,907 | 20,727 | 21,512 | 22,296 | |||||||||||||||
Less: mortgage servicing asset, net | 4 | 5 | 7 | 8 | 10 | |||||||||||||||
Less: naming rights, net | 1,163 | 1,174 | 1,184 | 1,195 | 1,206 | |||||||||||||||
Tangible assets | $ | 3,787,128 | $ | 3,792,060 | $ | 3,916,313 | $ | 4,020,927 | $ | 3,905,410 | ||||||||||
Total stockholders' equity to total assets | 12.1 | % | 12.1 | % | 11.46 | % | 10.97 | % | 11.15 | % | ||||||||||
Tangible common equity to tangible assets | 8.47 | % | 8.45 | % | 7.88 | % | 7.44 | % | 7.52 | % | ||||||||||
Total average stockholders' equity | $ | 482,567 | $ | 473,562 | $ | 463,252 | $ | 457,103 | $ | 459,713 | ||||||||||
Less: average intangible assets | 157,097 | 157,993 | 158,760 | 159,562 | 157,315 | |||||||||||||||
Average tangible common equity | $ | 325,470 | $ | 315,569 | $ | 304,492 | $ | 297,541 | $ | 302,398 | ||||||||||
Net income (loss) allocable to common stockholders | $ | 1,258 | $ | 10,014 | $ | 10,406 | $ | 9,232 | $ | (4,073 | ) | |||||||||
Amortization of intangible assets | 814 | 833 | 797 | 797 | 791 | |||||||||||||||
Less: tax effect of intangible assets amortization | 171 | 175 | 167 | 167 | 166 | |||||||||||||||
Adjusted net income (loss) allocable to common stockholders | $ | 1,901 | $ | 10,672 | $ | 11,036 | $ | 9,862 | $ | (3,448 | ) | |||||||||
Return on total average stockholders' equity (ROAE) annualized | 1.05 | % | 8.39 | % | 8.91 | % | 8.1 | % | (3.59 | )% | ||||||||||
Return on average tangible common equity (ROATCE) annualized | 2.35 | % | 13.42 | % | 14.38 | % | 13.29 | % | (4.62 | )% | ||||||||||
Non-interest expense | $ | 25,758 | $ | 24,846 | $ | 24,223 | $ | 25,023 | $ | 25,543 | ||||||||||
Less: merger expenses | — | — | — | 276 | 639 | |||||||||||||||
Non-interest expense, excluding merger expenses | $ | 25,758 | $ | 24,846 | $ | 24,223 | $ | 24,747 | $ | 24,904 | ||||||||||
Net interest income | $ | 32,095 | $ | 32,405 | $ | 31,526 | $ | 31,288 | $ | 30,639 | ||||||||||
Non-interest income | 5,306 | 6,641 | 6,572 | 6,451 | 5,324 | |||||||||||||||
Less: net gains (losses) from securities transactions | 8 | (3 | ) | 4 | 7 | 6 | ||||||||||||||
Non-interest income, excluding gains (losses) from securities transactions | $ | 5,298 | $ | 6,644 | $ | 6,568 | $ | 6,444 | $ | 5,318 | ||||||||||
Net interest income plus non-interest income, excluding net gains (losses) from securities transactions | $ | 37,393 | $ | 39,049 | $ | 38,094 | $ | 37,732 | $ | 35,957 | ||||||||||
Non-interest expense to net interest income plus non-interest income | 68.87 | % | 63.63 | % | 63.58 | % | 66.31 | % | 71.03 | % | ||||||||||
Efficiency ratio | 68.88 | % | 63.63 | % | 63.59 | % | 65.59 | % | 69.26 | % | ||||||||||
Source: Equity Bancshares, Inc.