Equity Bancshares, Inc. First Quarter Results Highlighted by Record Revenue and An Expanding Franchise

Company Closed its Acquisition of Frontier Holdings on January 1, 2026, Entering Nebraska

Equity Bancshares, Inc. (NYSE:EQBK), ("Equity", "the Company," "we," "us," "our"), the Wichita-based holding company of Equity Bank, reported net income of $17.0 million or $0.80 per diluted share for the quarter ended March 31, 2026. Adjusting for pre-tax expenses associated with our merger, including provisioning for the acquired loan assets, with Frontier Holdings ("Frontier"), tax effected at 23%, net income was $26.3 million, or $1.23 per diluted share.

"2026 is off to a promising start for our Company, as we formally welcomed the customers and talented team members from Frontier in January," said Brad S. Elliott, Chairman and CEO of Equity. "Nebraska is an ideal expansion market for our Company and we are excited to begin contributing to the communities we are honored to serve."

"I couldn't be more proud of our exceptional team members. In the past nine months, we have grown the balance sheet by more than 40% and meaningfully expanded the Equity franchise while positioning the Company to recognize record earnings," Mr. Elliott continued. "We are motivated to continue to execute on our dual pronged growth strategy which would not be possible without the committed contributions of this group."

Notable Items:

• Net interest income was $73.7 million, up 16.0% quarter over quarter and 46.5% year over year. The addition of Frontier's assets and liabilities was dilutive to margin in the period, as we recognized 4.33% for the quarter. Loan purchase accounting accretion was $3.3 million in the quarter versus expectations of $2.5 million. Excluding the excess accretion, margin for the quarter would have been 4.29%.
• Pre-tax, pre-provision net revenue excluding $5.7 million merger expenses and $748 thousand in provision for unfunded commitments was $34.7 million, or $1.63 per share. Adjusting previous period for the same items, pre-tax, pre-provision net revenue increased $6.0 million and $0.14 per share. Compared to the same period in 2025, pre-tax, pre-provision net revenue per share increased 33.1%.
• The Company closed our transaction with Frontier Holdings, LLC ("Frontier") on January 1, 2026. The finalization of the merger contributed additional net loan balances of $1.3 billion and deposit balances of $1.1 billion. Consideration for the transaction included $32.5 million in cash and the issuance of 2.22 million shares of common stock.
• Efficiency ratio for the period improved to 56.7% from 60.0% in the previous period. As compared to the same period in 2025, the ratio improved 5.8 percentage points, or 9.2%. Non-interest expense, adjusted for merger expenses and intangible amortization, as a percentage of average assets improved 25 basis points quarter over quarter and 37 basis points year over year.
• Book value per share increased to $39.37 from $38.64, while tangible book value per share decreased to $32.58 from $32.86. Tangible common equity to tangible common assets closed the quarter at 9.0%.
• During the quarter, the Company realized net charge-offs of $1.4 million, or 0.10% annualized. The allowance for credit losses ("ACL") closed the quarter at 1.18% of outstanding balances, while ACL plus purchase discounts on loans closed the quarter at 1.77%.
• The Company announced an $0.18 dividend on outstanding common shares as of March 31, 2026. During the quarter, the Company repurchased 500,000 shares at a weighted average cost of $44.74 per share. Under the currently active repurchase plan, 327,662 additional shares are authorized for purchase.

Financial Results for the Quarter Ended March 31, 2026

Net income was $17.0 million, or $0.80 per diluted share, as compared to $22.1 million, or $1.15 per diluted share in the prior quarter. Excluding pre-tax merger and acquisition expenses of $5.7 million and provisioning of $6.1 million, realized in closing our transaction with Frontier, pre-tax income was $34.4 million for the quarter. Tax effected at 23%, adjusted net income was $26.3 million, or $1.23 per diluted share.

The drivers of the periodic change are discussed in detail in the following sections.

Net Interest Income

Net interest income was $73.7 million for the period, as compared to $63.5 million in the previous quarter. Net interest margin for the period was 4.33% down from 4.47%. The expected margin decline from the integration of Frontier's balance sheet was partially offset by higher than expected purchase accounting accretion of $3.3 million. Expected accretion for the period was $2.5 million, adjusting for the difference in actual versus expected would yield net interest margin of 4.29%

Average interest-earning assets increased 22.2% during the quarter to $6.9 billion. The yield on interest-earning assets decreased 4 basis points while the cost of interest bearing liabilities increased by 5 basis points. Interest-bearing liabilities were 76.4% of interest-earning assets for the period, up modestly compared to the previous quarter. Results were influenced both by the merger of Frontier's balance sheet which carried higher cost liabilities, as well as market interest rate change.

Provision for Credit Losses

During the quarter, the Company recognized a provision for loan loss of $6.0 million which was attributable to the integration of Frontier balances into our reserve framework. Exclusive of the balance sheet growth through the transaction, no provisioning would have been required for the period.

During the quarter, the bank realized net charge-offs of $1.4 million as compared to $697 thousand in the preceding quarter, realizing an annualized ratio of charge-offs to average loans of 10 basis points.

At the close of the quarter, the ratio of ACL to gross loans held for investment was 1.18% and the ratio of ACL plus purchase discounts to gross loans held for investment was 1.77%. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by trade policy, elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses.

Non-Interest Income

Total non-interest income for the quarter was $9.5 million, flat quarter-over-quarter. Customer service charges, including account management, treasury, debit card, credit card, trust and wealth, mortgage and insurance were $7.3 million, up from $6.9 million, or 6.0% linked quarter. These positive trends were offset by declining contributions from fee income realized on the origination of interest rate swaps as well as losses realized on security transactions.

Non-Interest Expense

Total non-interest expense for the quarter was $55.0 million as compared to $46.6 million for the previous quarter. Adjusting for merger expenses in both periods, non-interest expense was $49.2 million compared to $45.1 million, an increase of $4.1 million, or 9.0%. The increase during the period is primarily attributable to the integration of Frontier's footprint and team members at the beginning of the period.

Income Tax Expense

At March 31, 2026, the effective tax rate for the quarter was 23.7% as compared to 16.5% for the quarter ended December 31, 2025. The periodic increase was driven by higher forecasted full‑year earnings for 2026 which reduced the relative impact of full‑year tax benefits. Additionally, there was an increase in state tax expense as a result of decreased apportionment and the remeasurement of deferred tax assets at a lower state tax rate. While the detriment related to the remeasurement of the deferred state tax assets is required to be reported in the current quarter, corresponding reductions in the statutory tax rate may not result in a reduction to current state tax expense until periods ending after 2026. The year-to-date tax rate is 23.7% as compared to 20.2% at March 31, 2025.

Loans, Total Assets and Funding

Loans held for investment were $5.4 billion at period end, increasing $1.2 billion during the quarter. Total assets closed the quarter at $7.7 billion, a $1.3 billion increase from prior quarter end.

Total deposit balances closed the quarter at $6.3 billion increasing $1.2 billion from the previous quarter end. Brokered deposits closed the quarter at 5.7% of total deposits up from 1.4% at prior quarter end.

Asset Quality

Nonperforming assets were $58.4 million, or 0.8% of total assets, compared to $46.7 million as of the end of the previous quarter, or 0.7% of total assets. Non-accrual loans were $52.4 million, as compared to $40.3 million at the end of the previous quarter. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $96.9 million, or 12.0% of regulatory capital, up from $83.4 million, or 12.1% of regulatory capital as of the end of the previous quarter. The periodic increase in nonperforming and classified assets is primarily attributable to the addition of Frontier's portfolio in the quarter.

Capital

Quarter over quarter, book capital increased $85.6 million to $817.6 million. The increase is reflective of equity issued to facilitate the Frontier merger and earnings partially offset by reduction in unrealized gains on the investment portfolio, dividends and share repurchases in the quarter. Tangible book value and Tangible book value per share closed the quarter at $676.5 million and $32.58, compared to $622.6 million and $32.86 at prior quarter end.

The Company's ratio of common equity tier 1 capital to risk-weighted assets was 11.5%, the total capital to risk-weighted assets was 14.4% and the total leverage ratio was 9.5% at March 31, 2026. At December 31, 2025, the Company's common equity tier 1 capital to risk-weighted assets ratio was 13.1%, the total capital to risk-weighted assets ratio was 16.3% and the total leverage ratio was 10.6%.

Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 12.7%, total capital to risk-weighted assets was 13.8% and the total leverage ratio was 10.2% at March 31, 2026. At December 31, 2025, Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 13.6%, the ratio of total capital to risk-weighted assets was 14.8% and the total leverage ratio was 10.6%.

Non-GAAP Financial Measures

In addition to evaluating the Company's results of operations in accordance with accounting principles generally accepted in the United States of America ("GAAP"), management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial condition and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company's GAAP financial information.

The efficiency ratio is a common comparable metric used by banks to understand the expense structure relative to total revenue. In other words, for every dollar of total revenue recognized, how much of that dollar is expended. To improve the comparability of the ratio to our peers, non-core items are excluded. To improve transparency and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.

Core income calculations are a non-GAAP measure that management believes is an effective alternative measure of how efficiently the company utilizes its asset base. Core income is calculated by adjusting GAAP income by non-core gains and losses and excluding non-core expenses, net of tax, as outlined in the table below. We calculate (a) core net income (loss) allocable to common stockholders plus merger expenses, tax effected non-core items, goodwill impairment and BOLI tax adjustment, less gain (loss) from securities transactions; (b) adjusted operating net income as net income (loss) allocable to common stockholders plus adjusted non-core items, tax effected non-core items and BOLI tax adjustments.

Core return on average assets before income tax provision and provision for loan losses is a measure that the Company uses to understand fundamental operating performance before these expenses. Used as a ratio relative to average assets, we believe it demonstrates "core" performance and can be viewed as an alternative measure of how efficiently the Company services its asset base. Used as a ratio relative to average equity, it can function as an alternative measure of the Company's earnings performance in relationship to its equity.

Core return on average equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate by taking core net income allocable to common stockholders divided by a simple average of net income and core net income plus average stockholders' equity. For return on average equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

Core earnings per share is a non-GAAP financial measures we calculate by taking GAAP net income less non-core impacts to net income to arrive at core net income and core diluted earnings per share. This financial measure is used by financial statement users to evaluate the core financial performance of the Company

Tangible common equity and related measures are non-GAAP financial measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These financial measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors.

The Company believes that disclosing these non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 6 in the following press release tables.

Conference Call and Webcast

Equity's Chairman and Chief Executive Officer, Brad Elliott, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast to discuss first quarter results on Wednesday, April 15, 2026, at 10 a.m. eastern time or 9 a.m. central time.

Those wishing to participate in the conference call should call the applicable number below and reference the Access Code below.

United States (Local): +1 646 307 1951

United States (Toll-Free): +1 888 500 3691

Global Dial-In Numbers

Access Code: 35767

To eliminate wait times, conference call participants may pre-register using this registration link. After registering, a confirmation with access details will be sent via email.

A replay of the call and webcast will be available two hours following the close of the call until April 30, 2026, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/419906025

About Equity Bancshares, Inc.

Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity's common stock is traded on the New York Stock Exchange. under the symbol "EQBK." Learn more at www.equitybank.com.

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," "positioned," "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; the possibility that the expected benefits related to the proposed transaction with Frontier Bank ("Frontier") may not materialize as expected; and the ability to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; 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 Securities and Exchange Commission on March 7, 2025, and any updates to those risk factors set forth in Equity's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity's underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. 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 Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. 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, Equity cannot assess the impact of each factor on Equity's 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 press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity's behalf may issue.

Unaudited Financial Tables

• Table 1. Quarterly Consolidated Statements of Income
• Table 2. Consolidated Balance Sheets
• Table 3. Selected Financial Highlights
• Table 4. Quarter-To-Date Net Interest Income Analysis
• Table 5. Quarter-Over-Quarter Net Interest Income Analysis
• Table 6. Non-GAAP Financial Measures