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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
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|