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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-37624

 

EQUITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

 

Kansas

 

72-1532188

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

7701 East Kellogg Drive, Suite 300

Wichita, KS

 

 

67207

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: 316.612.6000

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Class A, Common Stock, par value $0.01 per share

Trading Symbol

EQBK

Name of each exchange on which registered

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☒ No

 

As of April 29, 2022, the registrant had 16,276,395 shares of Class A common stock, $0.01 par value per share, outstanding.

 

 


 

TABLE OF CONTENTS

 

Part I

Financial Information

5

Item 1.

Financial Statements

5

 

Consolidated Balance Sheets

5

 

Consolidated Statements of Income

6

 

Consolidated Statements of Comprehensive Income

7

 

Consolidated Statements of Stockholders’ Equity

8

 

Consolidated Statements of Cash Flows

9

 

Condensed Notes to Interim Consolidated Financial Statements

11

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

 

Overview

41

 

Critical Accounting Policies

41

 

Results of Operations

42

 

Financial Condition

47

 

Liquidity and Capital Resources

55

 

Non-GAAP Financial Measures

56

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

59

Item 4.

Controls and Procedures

61

Part II

Other Information

62

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

Item 3.

Defaults Upon Senior Securities

62

Item 4.

Mine Safety Disclosures

62

Item 5.

Other Information

62

Item 6.

Exhibits

62

 

Important Notice about Information in this Quarterly Report

Unless we state otherwise or the context otherwise requires, references in this Quarterly Report to “we,” “our,” “us,” “the Company” and “Equity” refer to Equity Bancshares, Inc. and its consolidated subsidiaries, including Equity Bank, which we sometimes refer to as “Equity Bank,” “the Bank” or “our Bank.”

The information contained in this Quarterly Report is accurate only as of the date of this Quarterly Report on Form 10-Q and as of the dates specified herein.

2


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  These forward-looking statements reflect our current views with respect to, among other things, future events and our 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 our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control.  Accordingly, we caution 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 we believe 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.  When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Item 1A - Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 9, 2022, and in Item 1A – Risk Factors of this Quarterly Report.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

 

external economic and/or market factors, such as changes in monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System, or the Federal Reserve, inflation or deflation, changes in the demand for loans, and fluctuations in consumer spending, borrowing and savings habits which may have an adverse impact on our financial condition;

 

losses resulting from a decline in the credit quality of the assets that we hold;

 

the occurrence of various events that negatively impact the real estate market, since a significant portion of our loan portfolio is secured by real estate;

 

inaccuracies or changes in the appraised value of real estate securing the loans we originate that could lead to losses if the real estate collateral is later foreclosed upon and sold at a price lower than the appraised value;

 

the loss of our largest loan and depositor relationships;

 

limitations on our ability to lend and to mitigate the risks associated with our lending activities as a result of our size and capital position;

 

differences in our qualitative factors used in our calculation of the allowance for credit losses from actual results;

 

inadequacies in our allowance for credit losses which could require us to take a charge to earnings and thereby adversely affect our financial condition;

 

interest rate fluctuations which could have an adverse effect on our profitability;

 

the impact of the transition from London Interbank Offered Rate (“LIBOR”) and our ability to adequately manage such transition;

 

an economic downturn related to a pandemic, especially one affecting our core market areas;

 

inability of borrowers on deferral to make payments on their loans following the end of the deferral period;

 

potential fraud related to Small Business Administration (“SBA”) loan applications through the Paycheck Protection Program (“PPP”) as part of the U.S. Coronavirus Aid, Relief and Economic Security Act (“CARES Act”);

 

the effects of a pandemic or other widespread public health emergencies;

 

the costs of integrating the businesses we acquire, which may be greater than expected;

 

the departure of key members of our management personnel or our inability to hire qualified management personnel;

 

challenges arising from unsuccessful attempts to expand into new geographic markets, products, or services;

 

a lack of liquidity resulting from decreased loan repayment rates, lower deposit balances, or other factors;

 

inaccuracies in our assumptions about future events which could result in material differences between our financial projections and actual financial performance;

3


 

an inability to keep pace with the rate of technological advances due to a lack of resources to invest in new technologies;

 

disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems;

 

unauthorized access to nonpublic personal information of our customers, which could expose us to litigation or reputational harm;

 

disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions;

 

required implementation of new accounting standards that significantly change our existing recognition practices;

 

additional regulatory requirements and restrictions on our business, which could impose additional costs on us;

 

an increase in FDIC deposit insurance assessments, which could adversely affect our earnings;

 

increased capital requirements imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all;

 

restraints on the ability of Equity Bank to pay dividends to us, which could limit our liquidity;

 

a failure in the internal controls we have implemented to address the risks inherent to the banking industry;

 

continued or increasing competition from other financial institutions, credit unions, and non-bank financial services companies, many of which are subject to different regulations than we are;

 

costs arising from the environmental risks associated with making loans secured by real estate;

 

the occurrence of adverse weather or manmade events, which could negatively affect our core markets or disrupt our operations;

 

the effects of new federal tax laws, or changes to existing federal tax laws;

 

the obligation associated with being a public company requires significant resources and management attention;

 

the findings from our investigations into the cyber-attack we suffered in November 2021, including our understanding of the nature, source and duration of the attack, indicate that our products and internal systems are secure and the success of our related mitigation and remediation efforts; and

 

other factors, if any, or changes to previously disclosed risk factors are discussed in “Item 1A - Risk Factors.”

The foregoing factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in this Quarterly Report.  If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate.  Accordingly, you should not place undue reliance on any such forward-looking statements.  Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.  New risks and uncertainties arise from time to time, and it is not possible for us to predict those events or how they may affect us.  In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.  All forward-looking statements, expressed or implied, included in this Quarterly Report on Form 10-Q are expressly qualified in their entirety by this cautionary statement.  This cautionary statement should also be considered in connection with any subsequent written or verbal forward-looking statements that we or persons acting on our behalf may issue.

 

4


 

PART I

 

 

Item 1: Financial Statements

EQUITY BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

March 31, 2022, and December 31, 2021

(Dollar amounts in thousands)

 

 

(Unaudited)

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

89,764

 

 

$

259,131

 

Federal funds sold

 

 

286

 

 

 

823

 

Cash and cash equivalents

 

 

90,050

 

 

 

259,954

 

Available-for-sale securities

 

 

1,352,894

 

 

 

1,327,442

 

Loans held for sale

 

 

1,575

 

 

 

4,214

 

Loans, net of allowance for credit losses of $47,590 and $48,365

 

 

3,194,987

 

 

 

3,107,262

 

Other real estate owned, net

 

 

9,897

 

 

 

9,523

 

Premises and equipment, net

 

 

103,168

 

 

 

104,038

 

Bank-owned life insurance

 

 

120,928

 

 

 

120,787

 

Federal Reserve Bank and Federal Home Loan Bank stock

 

 

19,890

 

 

 

17,510

 

Interest receivable

 

 

16,923

 

 

 

18,048

 

Goodwill

 

 

54,465

 

 

 

54,465

 

Core deposit intangibles, net

 

 

13,830

 

 

 

14,879

 

Other

 

 

100,016

 

 

 

99,509

 

Total assets

 

$

5,078,623

 

 

$

5,137,631

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Demand

 

$

1,255,793

 

 

$

1,244,117

 

Total non-interest-bearing deposits

 

 

1,255,793

 

 

 

1,244,117

 

Savings, NOW and money market

 

 

2,511,478

 

 

 

2,522,289

 

Time

 

 

612,399

 

 

 

653,598

 

Total interest-bearing deposits

 

 

3,123,877

 

 

 

3,175,887

 

Total deposits

 

 

4,379,670

 

 

 

4,420,004

 

Federal funds purchased and retail repurchase agreements

 

 

48,199

 

 

 

56,006

 

Federal Home Loan Bank advances

 

 

50,000

 

 

 

 

Subordinated debt

 

 

96,010

 

 

 

95,885

 

Contractual obligations

 

 

17,307

 

 

 

17,692

 

Interest payable and other liabilities

 

 

35,422

 

 

 

47,413

 

Total liabilities

 

 

4,626,608

 

 

 

4,637,000

 

Commitments and contingent liabilities, see Notes 11 and 12

 

 

 

 

 

 

 

 

Stockholders’ equity, see Note 7

 

 

 

 

 

 

 

 

Common stock

 

 

204

 

 

 

203

 

Additional paid-in capital

 

 

480,106

 

 

 

478,862

 

Retained earnings

 

 

102,632

 

 

 

88,324

 

Accumulated other comprehensive income (loss), net of tax

 

 

(50,012

)

 

 

1,776

 

Treasury stock

 

 

(80,915

)

 

 

(68,534

)

Total stockholders’ equity

 

 

452,015

 

 

 

500,631

 

Total liabilities and stockholders’ equity

 

$

5,078,623

 

 

$

5,137,631

 

See accompanying condensed notes to interim consolidated financial statements.

5


EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

For the Three Months ended March 31, 2022 and 2021

(Dollar amounts in thousands, except per share data)

 

 

(Unaudited)

Three Months Ended

March 31,

 

 

 

2022

 

 

2021

 

Interest and dividend income

 

 

 

 

 

 

 

 

Loans, including fees

 

$

36,306

 

 

$

31,001

 

Securities, taxable

 

 

5,391

 

 

 

3,799

 

Securities, nontaxable

 

 

655

 

 

 

724

 

Federal funds sold and other

 

 

300

 

 

 

288

 

Total interest and dividend income

 

 

42,652

 

 

 

35,812

 

Interest expense

 

 

 

 

 

 

 

 

Deposits

 

 

1,722

 

 

 

2,410

 

Federal funds purchased and retail repurchase agreements

 

 

33

 

 

 

22

 

Federal Home Loan Bank advances

 

 

9

 

 

 

65

 

Subordinated debt

 

 

1,599

 

 

 

1,556

 

Total interest expense

 

 

3,363

 

 

 

4,053

 

Net interest income

 

 

39,289

 

 

 

31,759

 

Provision (reversal) for credit losses

 

 

(412

)

 

 

(5,756

)

Net interest income after provision (reversal) for credit losses

 

 

39,701

 

 

 

37,515

 

Non-interest income

 

 

 

 

 

 

 

 

Service charges and fees

 

 

2,522

 

 

 

1,596

 

Debit card income

 

 

2,628

 

 

 

2,350

 

Mortgage banking

 

 

562

 

 

 

935

 

Increase in value of bank-owned life insurance

 

 

865

 

 

 

601

 

Net gain on acquisition

 

 

 

 

 

(78

)

Net gain from securities transactions

 

 

40

 

 

 

17

 

Other

 

 

2,405

 

 

 

1,291

 

Total non-interest income

 

 

9,022

 

 

 

6,712

 

Non-interest expense

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

15,068

 

 

 

12,722

 

Net occupancy and equipment

 

 

3,170

 

 

 

2,368

 

Data processing

 

 

3,769

 

 

 

2,663

 

Professional fees

 

 

1,171

 

 

 

1,073

 

Advertising and business development

 

 

976

 

 

 

682

 

Telecommunications

 

 

470

 

 

 

580

 

FDIC insurance

 

 

180

 

 

 

415

 

Courier and postage

 

 

423

 

 

 

369

 

Free nationwide ATM cost

 

 

501

 

 

 

472

 

Amortization of core deposit intangibles

 

 

1,050

 

 

 

1,034

 

Loan expense

 

 

185

 

 

 

238

 

Other real estate owned

 

 

(1

)

 

 

5

 

Merger expenses

 

 

323

 

 

 

152

 

Other

 

 

2,174

 

 

 

2,108

 

Total non-interest expense

 

 

29,459

 

 

 

24,881

 

Income (loss) before income taxes

 

 

19,264

 

 

 

19,346

 

Provision (benefit) for income taxes

 

 

3,614

 

 

 

4,271

 

Net income (loss) and net income (loss) allocable to common stockholders

 

$

15,650

 

 

$

15,075

 

Basic earnings (loss) per share

 

$

0.94

 

 

$

1.04

 

Diluted earnings (loss) per share

 

$

0.93

 

 

$

1.02

 

 

 

See accompanying condensed notes to interim consolidated financial statements.

6


EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months ended March 31, 2022 and 2021

(Dollar amounts in thousands)

 

 

 

(Unaudited)

Three Months Ended

March 31,

 

 

 

2022

 

 

2021

 

Net income

 

$

15,650

 

 

$

15,075

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period on

   available-for-sale securities

 

 

(69,339

)

 

 

(10,369

)

Less: reclassification for net gains included in net income

 

 

(79

)

 

 

 

Unrealized holding gains (losses) arising during the period on cash flow hedges

 

 

598

 

 

 

 

Total other comprehensive income (loss)

 

 

(68,820

)

 

 

(10,369

)

Tax effect

 

 

17,032

 

 

 

2,607

 

Other comprehensive income (loss), net of tax

 

 

(51,788

)

 

 

(7,762

)

Comprehensive income (loss)

 

$

(36,138

)

 

$

7,313

 

See accompanying condensed notes to interim consolidated financial statements.

 

 

7


 

EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three Months ended March 31, 2022 and 2021

(Unaudited)

(Dollar amounts in thousands, except share and per share data)

 

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

Employee

 

 

 

 

 

 

Total

 

 

 

Shares

Outstanding

 

 

Amount

 

 

Paid-In

Capital

 

 

Retained

Earnings

 

 

Comprehensive

Income (Loss)

 

 

Stock

Loans

 

 

Treasury

Stock

 

 

Stockholders’

Equity

 

Balance at January 1, 2021

 

 

14,540,556

 

 

$

174

 

 

$

386,820

 

 

$

50,787

 

 

$

19,781

 

 

$

(43

)

 

$

(49,870

)

 

$

407,649

 

Implementation of ASU 2016-13,

   current expected credit losses

 

 

 

 

 

 

 

 

 

 

 

(12,403

)

 

 

 

 

 

 

 

 

 

 

 

(12,403

)

Net income

 

 

 

 

 

 

 

 

 

 

 

15,075

 

 

 

 

 

 

 

 

 

 

 

 

15,075

 

Other comprehensive income (loss),

   net of tax effects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,762

)

 

 

 

 

 

 

 

 

(7,762

)

Stock-based compensation

 

 

 

 

 

 

 

 

712

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

712

 

Common stock issued upon

   exercise of stock options

 

 

11,483

 

 

 

 

 

 

167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

167

 

Common stock issued under

   stock-based incentive plan

 

 

47,265

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued under

   employee stock purchase plan

 

 

17,621

 

 

 

 

 

 

241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

241

 

Repayment on employee stock loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43

 

 

 

 

 

 

 

43

 

Treasury stock purchase

 

 

(233,012

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,907

)

 

 

(5,907

)

Balance at March 31, 2021

 

 

14,383,913

 

 

$

175

 

 

$

387,939

 

 

$

53,459

 

 

$

12,019

 

 

$

 

 

$

(55,777

)

 

$

397,815