Notable Items:
- Income before taxes for the third quarter of 2018 was
$13.3 million , or$0.82 per diluted share, compared to$7.2 million , or$0.58 per diluted share, for the same time period in 2017. Income before taxes, adjusted to exclude merger expense, was$14.0 million , or$0.87 per diluted share, for the third quarter of 2018, compared to$8.3 million , or$0.66 per diluted share, for the third quarter of 2017. - Stated diluted earnings per share in the third quarter of 2018 was
$0.64 . Merger expenses, adjusted for estimated income tax, were$581 thousand in the third quarter of 2018, or$0.04 per diluted share. - Net income allocable to common stockholders, adjusted for after-tax merger expense, was
$10.9 million , or$0.68 per diluted share in the third quarter of 2018. Net income allocable to common stockholders, adjusted for after-tax merger expense of$748 thousand , was$5.9 million , or$0.47 per diluted share in the third quarter of 2017.
On
Equity completed its merger with
“During the third quarter, our sales teams across our regions worked collectively and thoughtfully to add organic deposit and loan customer relationships while continuing to serve our communities with competitive and customized products,” said
Highlights of Equity’s growth include:
- Total loans held for investment of
$2.56 billion atSeptember 30, 2018 , compared to total loans held for investment of$2.10 billion atDecember 31, 2017 . - Total deposits were
$2.82 billion atSeptember 30, 2018 , compared to$2.38 billion atDecember 31 , 2017. Signature deposits, or core deposits comprised of checking accounts, savings accounts and money market accounts, were$1.97 billion atSeptember 30, 2018 , compared to$1.61 billion atDecember 31, 2017 . - Total assets of
$3.93 billion atSeptember 30, 2018 , compared to$3.17 billion atDecember 31, 2017 . - Book value per common share of
$28.07 atSeptember 30, 2018 and$25.62 atDecember 31 , 2017. Tangible book value per common share of$18.22 atSeptember 30, 2018 and$17.61 atDecember 31, 2017 .
Financial Results for Nine Months Ended
Net income allocable to common stockholders was
Diluted earnings per share were
Net interest income was
Our net interest margin was 3.86% for the nine months ended
The provision for loan losses was
Total non-interest income was
Total non-interest expense was
Equity’s effective tax rate for the nine-month period ended
Financial Results for Quarter Ended
Net income allocable to common stockholders was
Diluted earnings per share were
Net interest income was
Our net interest margin was 3.76% for the three months ended
The provision for loan losses was
Total non-interest income rose to
Total non-interest expense was
Equity’s effective tax rate was 22.1% for the three months ended
Loans, Deposits, and Total Assets
Loans held for investment were
As of
Total deposits were
At
Capital and Borrowings
In connection with the KBC and Adams mergers, Equity issued 820,849 shares and 344,063 shares, in each case, valued 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
Equity seeks to provide an enhanced banking experience for customers by providing a suite of sophisticated banking products and services tailored to their needs, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the NASDAQ Global Select Market under the symbol “EQBK.”
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 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
Unaudited Financial Tables
- Table 1. Selected Financial Highlights
- Table 2. Consolidated Balance Sheets
- Table 3. Consolidated Statements of Income
- Table 4. 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 | |||||||||||||||
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
September 30, 2017 |
|||||||||||
Statement of Income Data | |||||||||||||||
Net interest income | $ | 32,755 | $ | 30,920 | $ | 27,787 | $ | 24,589 | $ | 20,321 | |||||
Provision for loan losses | 1,291 | 750 | 1,170 | 503 | 727 | ||||||||||
Net gains (losses) from securities transactions | (4 | ) | (2 | ) | (8 | ) | — | 175 | |||||||
Other non-interest income | 5,437 | 4,594 | 4,259 | 4,104 | 3,860 | ||||||||||
Total non-interest income | 5,433 | 4,592 | 4,251 | 4,104 | 4,035 | ||||||||||
Merger expenses | 757 | 5,236 | 531 | 3,267 | 1,023 | ||||||||||
Other non-interest expense | 22,890 | 20,739 | 19,096 | 17,451 | 15,365 | ||||||||||
Total non-interest expense | 23,647 | 25,975 | 19,627 | 20,718 | 16,388 | ||||||||||
Income before income taxes | 13,250 | 8,787 | 11,241 | 7,472 | 7,241 | ||||||||||
Provision for income taxes | 2,928 | 1,920 | 2,530 | 3,198 | 2,084 | ||||||||||
Net income | 10,322 | 6,867 | 8,711 | 4,274 | 5,157 | ||||||||||
Net income allocable to common stockholders | 10,322 | 6,867 | 8,711 | 4,274 | 5,157 | ||||||||||
Basic earnings per share | 0.65 | 0.45 | 0.60 | 0.32 | 0.42 | ||||||||||
Diluted earnings per share | 0.64 | 0.44 | 0.58 | 0.31 | 0.41 | ||||||||||
Balance Sheet Data (at period end) | |||||||||||||||
Securities available-for-sale | $ | 172,388 | $ | 180,238 | $ | 174,717 | $ | 162,272 | $ | 81,116 | |||||
Securities held-to-maturity | 713,899 | 665,995 | 522,021 | 535,462 | 528,944 | ||||||||||
Gross loans held for investment | 2,557,055 | 2,411,471 | 2,125,324 | 2,103,279 | 1,540,761 | ||||||||||
Allowance for loan losses | 11,010 | 10,083 | 9,316 | 8,498 | 7,969 | ||||||||||
Intangible assets, net | 155,430 | 146,538 | 115,032 | 116,922 | 71,353 | ||||||||||
Total assets | 3,931,036 | 3,712,185 | 3,176,062 | 3,170,509 | 2,405,426 | ||||||||||
Total deposits | 2,821,246 | 2,635,048 | 2,368,297 | 2,382,013 | 1,868,493 | ||||||||||
Non-time deposits | 1,969,715 | 1,829,902 | 1,647,105 | 1,605,514 | 1,223,244 | ||||||||||
Borrowings | 652,755 | 631,501 | 414,415 | 401,652 | 235,098 | ||||||||||
Total liabilities | 3,487,799 | 3,278,903 | 2,794,575 | 2,796,365 | 2,113,591 | ||||||||||
Total stockholders’ equity | 443,237 | 433,282 | 381,487 | 374,144 | 291,835 | ||||||||||
Tangible common equity* | 287,807 | 286,744 | 266,455 | 257,222 | 220,482 | ||||||||||
Selected Average Balance Sheet Data (quarterly average) | |||||||||||||||
Total gross loans receivable | $ | 2,516,833 | $ | 2,317,071 | $ | 2,122,973 | $ | 1,850,045 | $ | 1,528,658 | |||||
Investment securities | 860,940 | 767,038 | 699,055 | 669,220 | 621,055 | ||||||||||
Interest-earning assets | 3,457,871 | 3,158,187 | 2,883,960 | 2,573,043 | 2,192,275 | ||||||||||
Total assets | 3,804,114 | 3,475,786 | 3,169,131 | 2,820,548 | 2,402,599 | ||||||||||
Interest-bearing deposits | 2,251,937 | 2,148,361 | 2,043,784 | 1,821,850 | 1,584,618 | ||||||||||
Borrowings | 642,575 | 495,558 | 389,120 | 330,651 | 266,392 | ||||||||||
Total interest-bearing liabilities | 2,894,512 | 2,643,919 | 2,432,904 | 2,152,501 | 1,851,010 | ||||||||||
Total deposits | 2,709,741 | 2,556,982 | 2,390,648 | 2,140,490 | 1,837,726 | ||||||||||
Total liabilities | 3,364,343 | 3,062,312 | 2,791,236 | 2,483,029 | 2,113,592 | ||||||||||
Total stockholders’ equity | 439,771 | 413,474 | 377,895 | 337,519 | 289,007 | ||||||||||
Tangible common equity* | 289,515 | 279,328 | 261,261 | 240,899 | 217,542 | ||||||||||
Performance Ratios | |||||||||||||||
Return on average assets (ROAA) annualized | 1.08% | 0.79% | 1.11% | 0.60% | 0.85% | ||||||||||
Return on total average stockholders equity (ROAE) annualized | 9.31% | 6.66% | 9.35% | 5.02% | 7.08% | ||||||||||
Return on average tangible common equity (ROATCE) annualized* | 14.91% | 10.58% | 14.01% | 7.41% | 9.71% | ||||||||||
Yield on loans annualized | 5.73% | 5.73% | 5.55% | 5.40% | 5.30% | ||||||||||
Cost of interest-bearing deposits annualized | 1.15% | 1.00% | 0.94% | 0.87% | 0.82% | ||||||||||
Cost of total deposits annualized | 0.95% | 0.84% | 0.80% | 0.74% | 0.71% | ||||||||||
Net interest margin annualized | 3.76% | 3.93% | 3.91% | 3.79% | 3.68% | ||||||||||
Efficiency ratio* | 59.93% | 58.40% | 59.59% | 60.82% | 63.54% | ||||||||||
Non-interest income / average assets | 0.57% | 0.53% | 0.54% | 0.58% | 0.67% | ||||||||||
Non-interest expense / average assets | 2.47% | 3.00% | 2.51% | 2.91% | 2.71% | ||||||||||
Capital Ratios | |||||||||||||||
Tier 1 Leverage Ratio | 8.60% | 9.36% | 9.45% | 10.33% | 10.32% | ||||||||||
Common Equity Tier 1 Capital Ratio | 10.57% | 11.13% | 11.80% | 11.56% | 13.33% | ||||||||||
Tier 1 Risk Based Capital Ratio | 11.07% | 11.65% | 12.41% | 12.17% | 14.15% | ||||||||||
Total Risk Based Capital Ratio | 11.46% | 12.03% | 12.81% | 12.54% | 14.62% | ||||||||||
Total stockholders’ equity to total assets | 11.28% | 11.67% | 12.01% | 11.80% | 12.13% | ||||||||||
Tangible common equity to tangible assets* | 7.62% | 8.04% | 8.70% | 8.42% | 9.45% | ||||||||||
Book value per common share | $ | 28.07 | $ | 27.44 | $ | 26.09 | $ | 25.62 | $ | 23.86 | |||||
Tangible book value per common share* | $ | 18.22 | $ | 18.16 | $ | 18.22 | $ | 17.61 | $ | 18.03 | |||||
Tangible book value per diluted common share* | $ | 17.86 | $ | 17.78 | $ | 17.85 | $ | 17.29 | $ | 17.64 |
* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 4. Non-GAAP Financial Measures
TABLE 2. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
September 30, 2018 |
December 31, 2017 |
|||||
ASSETS | ||||||
Cash and due from banks | $ | 60,195 | $ | 48,034 | ||
Federal funds sold | 1,184 | 4,161 | ||||
Cash and cash equivalents | 61,379 | 52,195 | ||||
Interest-bearing time deposits in other banks | 6,741 | 3,496 | ||||
Available-for-sale securities | 172,388 | 162,272 | ||||
Held-to-maturity securities, fair value of $695,466 and $532,744 | 713,899 | 535,462 | ||||
Loans held for sale | 43,372 | 16,344 | ||||
Loans, net of allowance for loan losses of $11,010 and $8,498 | 2,546,045 | 2,094,781 | ||||
Other real estate owned, net | 7,014 | 7,907 | ||||
Premises and equipment, net | 79,607 | 63,449 | ||||
Bank-owned life insurance | 72,587 | 68,384 | ||||
Federal Reserve Bank and Federal Home Loan Bank stock | 38,838 | 24,373 | ||||
Interest receivable | 17,129 | 12,371 | ||||
Goodwill | 131,723 | 104,907 | ||||
Core deposit intangibles, net | 22,466 | 10,738 | ||||
Other | 17,848 | 13,830 | ||||
Total assets | $ | 3,931,036 | $ | 3,170,509 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Deposits | ||||||
Demand | $ | 483,432 | $ | 366,530 | ||
Total non-interest bearing deposits | 483,432 | 366,530 | ||||
Savings, NOW and money market | 1,486,283 | 1,238,984 | ||||
Time | 851,531 | 776,499 | ||||
Total interest-bearing deposits | 2,337,814 | 2,015,483 | ||||
Total deposits | 2,821,246 | 2,382,013 | ||||
Federal funds purchased and retail repurchase agreements | 43,250 | 37,492 | ||||
Federal Home Loan Bank advances | 570,907 | 347,692 | ||||
Bank stock loan | 24,412 | 2,500 | ||||
Subordinated debentures | 14,186 | 13,968 | ||||
Contractual obligations | 1,734 | 1,967 | ||||
Interest payable and other liabilities | 12,064 | 10,733 | ||||
Total liabilities | 3,487,799 | 2,796,365 | ||||
Stockholders’ equity | ||||||
Common stock | 173 | 161 | ||||
Additional paid-in capital | 378,516 | 331,339 | ||||
Retained earnings | 91,401 | 65,512 | ||||
Accumulated other comprehensive loss | (7,077 | ) | (3,092 | ) | ||
Employee stock loans | (121 | ) | (121 | ) | ||
Treasury stock | (19,655 | ) | (19,655 | ) | ||
Total stockholders’ equity | 443,237 | 374,144 | ||||
Total liabilities and stockholders’ equity | $ | 3,931,036 | $ | 3,170,509 | ||
TABLE 3. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||
(Dollars in thousands, except per share data) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2018 | 2017 | 2018 | 2017 | |||||||
Interest and dividend income | ||||||||||
Loans, including fees | $ | 36,335 | $ | 20,420 | $ | 98,484 | $ | 60,482 | ||
Securities, taxable | 4,836 | 2,982 | 12,671 | 8,930 | ||||||
Securities, nontaxable | 1,097 | 863 | 3,001 | 2,510 | ||||||
Federal funds sold and other | 754 | 323 | 1,820 | 963 | ||||||
Total interest and dividend income | 43,022 | 24,588 | 115,976 | 72,885 | ||||||
Interest expense | ||||||||||
Deposits | 6,510 | 3,270 | 16,566 | 8,740 | ||||||
Federal funds purchased and retail repurchase agreements | 30 | 15 | 77 | 40 | ||||||
Federal Home Loan Bank advances | 3,155 | 731 | 6,548 | 1,967 | ||||||
Bank stock loan | 265 | — | 448 | — | ||||||
Subordinated debentures | 307 | 251 | 875 | 725 | ||||||
Total interest expense | 10,267 | 4,267 | 24,514 | 11,472 | ||||||
Net interest income | 32,755 | 20,321 | 91,462 | 61,413 | ||||||
Provision for loan losses | 1,291 | 727 | 3,211 | 2,450 | ||||||
Net interest income after provision for loan losses | 31,464 | 19,594 | 88,251 | 58,963 | ||||||
Non-interest income | ||||||||||
Service charges and fees | 1,912 | 1,348 | 5,221 | 3,797 | ||||||
Debit card income | 1,667 | 1,175 | 4,442 | 3,385 | ||||||
Mortgage banking | 392 | 521 | 1,017 | 1,546 | ||||||
Increase in value of bank-owned life insurance | 521 | 359 | 1,681 | 1,068 | ||||||
Net gains (losses) from securities transactions | (4 | ) | 175 | (14 | ) | 271 | ||||
Other | 945 | 457 | 1,929 | 1,269 | ||||||
Total non-interest income | 5,433 | 4,035 | 14,276 | 11,336 | ||||||
Non-interest expense | ||||||||||
Salaries and employee benefits | 12,361 | 8,353 | 34,881 | 24,395 | ||||||
Net occupancy and equipment | 2,125 | 1,603 | 5,938 | 4,621 | ||||||
Data processing | 2,195 | 1,218 | 5,837 | 3,570 | ||||||
Professional fees | 686 | 759 | 2,245 | 1,737 | ||||||
Advertising and business development | 802 | 535 | 2,086 | 1,677 | ||||||
Telecommunications | 451 | 275 | 1,252 | 966 | ||||||
FDIC insurance | 457 | 290 | 1,211 | 615 | ||||||
Courier and postage | 321 | 222 | 879 | 684 | ||||||
Free nation-wide ATM cost | 364 | 238 | 986 | 683 | ||||||
Amortization of core deposit intangibles | 694 | 243 | 1,703 | 687 | ||||||
Loan expense | 319 | 199 | 810 | 658 | ||||||
Other real estate owned | 355 | 219 | (48 | ) | 494 | |||||
Merger expenses | 757 | 1,023 | 6,524 | 2,085 | ||||||
Other | 1,760 | 1,211 | 4,945 | 3,873 | ||||||
Total non-interest expense | 23,647 | 16,388 | 69,249 | 46,745 | ||||||
Income before income taxes | 13,250 | 7,241 | 33,278 | 23,554 | ||||||
Provision for income taxes | 2,928 | 2,084 | 7,378 | 7,179 | ||||||
Net income | $ | 10,322 | $ | 5,157 | $ | 25,900 | $ | 16,375 | ||
Net income allocable to common stockholders | $ | 10,322 | $ | 5,157 | $ | 25,900 | $ | 16,375 | ||
Basic earnings per share | $ | 0.65 | $ | 0.42 | $ | 1.70 | $ | 1.36 | ||
Diluted earnings per share | $ | 0.64 | $ | 0.41 | $ | 1.66 | $ | 1.33 | ||
TABLE 4. Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands, except per share data)
As of and for the three months ended | |||||||||||||||
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
September 30, 2017 |
|||||||||||
Total stockholders’ equity | $ | 443,237 | $ | 433,282 | $ | 381,487 | $ | 374,144 | $ | 291,835 | |||||
Less: goodwill | 131,723 | 125,485 | 103,412 | 104,907 | 64,587 | ||||||||||
Less: core deposit intangibles, net | 22,466 | 19,800 | 10,355 | 10,738 | 5,476 | ||||||||||
Less: mortgage servicing asset, net | 13 | 14 | 16 | 17 | 19 | ||||||||||
Less: naming rights, net | 1,228 | 1,239 | 1,249 | 1,260 | 1,271 | ||||||||||
Tangible common equity | $ | 287,807 | $ | 286,744 | $ | 266,455 | $ | 257,222 | $ | 220,482 | |||||
Common shares issued at period end | 15,792,695 | 15,780,777 | 14,609,414 | 14,605,607 | 12,230,319 | ||||||||||
RSU shares vested | — | 6,768 | 11,844 | — | — | ||||||||||
Common shares outstanding at period end | 15,792,695 | 15,787,545 | 14,621,258 | 14,605,607 | 12,230,319 | ||||||||||
Diluted common shares outstanding at period end | 16,118,067 | 16,131,096 | 14,923,798 | 14,873,257 | 12,501,484 | ||||||||||
Book value per common share | $ | 28.07 | $ | 27.44 | $ | 26.09 | $ | 25.62 | $ | 23.86 | |||||
Tangible book value per common share | $ | 18.22 | $ | 18.16 | $ | 18.22 | $ | 17.61 | $ | 18.03 | |||||
Tangible book value per diluted common share | $ | 17.86 | $ | 17.78 | $ | 17.85 | $ | 17.29 | $ | 17.64 | |||||
Total assets | $ | 3,931,036 | $ | 3,712,185 | $ | 3,176,062 | $ | 3,170,509 | $ | 2,405,426 | |||||
Less: goodwill | 131,723 | 125,485 | 103,412 | 104,907 | 64,587 | ||||||||||
Less: core deposit intangibles, net | 22,466 | 19,800 | 10,355 | 10,738 | 5,476 | ||||||||||
Less: mortgage servicing asset, net | 13 | 14 | 16 | 17 | 19 | ||||||||||
Less: naming rights, net | 1,228 | 1,239 | 1,249 | 1,260 | 1,271 | ||||||||||
Tangible assets | $ | 3,775,606 | $ | 3,565,647 | $ | 3,061,030 | $ | 3,053,587 | $ | 2,334,073 | |||||
Total stockholders’ equity to total assets | 11.28% | 11.67% | 12.01% | 11.80% | 12.13% | ||||||||||
Tangible common equity to tangible assets | 7.62% | 8.04% | 8.70% | 8.42% | 9.45% | ||||||||||
Total average stockholders’ equity | $ | 439,771 | $ | 413,474 | $ | 377,895 | $ | 337,519 | $ | 289,007 | |||||
Less: average intangible assets and preferred stock | 150,256 | 134,146 | 116,634 | 96,620 | 71,465 | ||||||||||
Average tangible common equity | $ | 289,515 | $ | 279,328 | $ | 261,261 | $ | 240,899 | $ | 217,542 | |||||
Net income allocable to common stockholders | $ | 10,322 | $ | 6,867 | $ | 8,711 | $ | 4,274 | $ | 5,157 | |||||
Amortization of intangible assets | 707 | 637 | 396 | 349 | 256 | ||||||||||
Less: tax effect of intangible assets amortization | 148 | 134 | 83 | 122 | 90 | ||||||||||
Adjusted net income allocable to common stockholders | $ | 10,881 | $ | 7,370 | $ | 9,024 | $ | 4,501 | $ | 5,323 | |||||
Return on total average stockholders’ equity (ROAE) annualized |
9.31% | 6.66% | 9.35% | 5.02% | 7.08% | ||||||||||
Return on average tangible common equity (ROATCE) annualized | 14.91% | 10.58% | 14.01% | 7.41% | 9.71% | ||||||||||
Non-interest expense | $ | 23,647 | $ | 25,975 | $ | 19,627 | $ | 20,718 | $ | 16,388 | |||||
Less: merger expenses | 757 | 5,236 | 531 | 3,267 | 1,023 | ||||||||||
Non-interest expense, excluding merger expenses | $ | 22,890 | $ | 20,739 | $ | 19,096 | $ | 17,451 | $ | 15,365 | |||||
Net interest income | $ | 32,755 | $ | 30,920 | $ | 27,787 | $ | 24,589 | $ | 20,321 | |||||
Non-interest income | $ | 5,433 | $ | 4,592 | $ | 4,251 | $ | 4,104 | $ | 4,035 | |||||
Less: net gains (losses) from securities transactions | (4 | ) | (2 | ) | (8 | ) | — | 175 | |||||||
Non-interest income, excluding net gains (losses) from securities transactions | $ | 5,437 | $ | 4,594 | $ | 4,259 | $ | 4,104 | $ | 3,860 | |||||
Net interest income plus non-interest income, excluding net gains (losses) from securities transactions | $ | 38,192 | $ | 35,514 | $ | 32,046 | $ | 28,693 | $ | 24,181 | |||||
Non-interest expense to net interest income plus non-interest income | 61.92% | 73.14% | 61.26% | 72.21% | 67.29% | ||||||||||
Efficiency ratio | 59.93% | 58.40% | 59.59% | 60.82% | 63.54% | ||||||||||
Investor Contact:
Investor Relations Officer
316-779-1675
jwillis@equitybank.com
investor.equitybank.com
Media Contact:
SVP, Director of Marketing
816-505-4063
jhanley@equitybank.com
Source: Equity Bancshares, Inc.