Equity Bancshares : Q1 2025 Earnings Presentation

Published: 2025-04-15 16:37:10 ET EQBK

Exhibit 99.2

2025 1st Quarter Financial Results

April 15, 2025

Equity Bancshares, Inc.| NYSE: EQBK

Overview

$5.4B

$3.6B

$4.4B

$618M

Assets

Loans

Deposits

Market Cap1

10.13%

14.70%

18.32%

$31.07

TCE/TA2

CET 1

TRBC

TBVPS2

Strategic Execution Of Acquisitions

$5.4B

NBC OKLAHOMA

26.4%

Merger Announced on April 2, 2025

2002

C o m p o u n d A n n u a l

$1.6B

G ro w t h R a t e 3

$380M

SCALE

START-UP

GROWTH

C o m p l et ed B a n k A c q u i s i t i o n s

4 a c q u i s i t i o n s

S INCE IP O

2008

2015

2025

IPO

Equity Bancshares, Inc. | 3

Leadership Team

Brad Elliott

Equity Bancshares, Inc. Chairman & CEO

Years in Banking: 36

Founded Equity Bank in 2002

2018 EY Entrepreneur of the Year National Finalist

2014 Most Influential CEO, Wichita Business Journal

Chris Navratil

Chief Financial Officer

Years in Banking: 14

Promoted to Chief Financial Officer in August 2023. Previously served as

Bank CFO and prior to Equity, spent 7 years within the Financial

Institution Audit Practice with Crowe LLP

Brett Reber

General Counsel

Years in Law: 37

Prior to joining Equity Bank, he served as Managing Member of the Wise & Reber, L.C. law firm. Brett has practiced corporate and business law for over 30 years.

David Pass

Chief Information Officer

Years in Banking: 24

Previously served in IT leadership positions at UMB Financial

Corporation and CoBiz Financial.

Rick Sems

Equity Bank CEO

Years in Banking: 25

Announced as Equity Bank CEO in May 2024. Joined Equity Bank as President in May 2023. Prior to joining, Rick served as Chief Banking Officer of First Bank in St. Louis and President & CEO of Reliance Bank

Julie Huber

Chief Operating Officer

Years in Banking: 35

Announced as Chief Operating Officer in May 2024. Served in variety of leadership roles in her time at Equity Bank including overseeing our operations, HR, compliance functions and sales and training, and as managed the integration process for each acquisition.

Kryzsztof Slupkowski

Chief Credit Officer

Years in Banking: 12

Promoted to Chief Credit Officer in September 2023. Served as Metro Market CCO since 2018, previously served in various credit function at Commerce Bancshares.

Ann Knutson

Chief Human Resources Officer

Years in Banking: 17

Previously served in human resource leadership positions at Bank Five Nine and Summit Credit Union

Equity Bancshares, Inc. | 4

Our Value Proposition

Our guiding

principles and commitment to

entrepreneurial spirit

are part of our

longstanding

framework for

delivering

shareholder value

Organic Growth

Strategic Mergers & Acquisitions

Disciplined Credit Standards

Effective Balance Sheet & Capital Management

EPS & Tangible Book Value Growth

Equity Bancshares, Inc. | 5

Tangible Book Value Per Share1

Tangible Book Value Per Share | IPO to Current

Since IPO, Tangible Book Value increased has increased $15.10 to $31.07

$ 33.63

8.18%

$31.07

C A G R

$ 16.26

Ex . AOCI

$15.97

TBVPS

Ex. AOCI

AOCI

Impact

TBVPS

2 0 1 5

2 0 2 5 Q 1

Tangible Book Value Per Share | Quarter over Quarter Walk

During the quarter, Tangible Book Value increased $1.00 in Q1 2025 to $31.07

$2.57

$33.63

$30.07

$0.86

$0.58

$31.07

-$0.15

-$0.22

-$0.08

N et In c o m e

In t a n gi b l e A s s et s

C h a n ge i n A O C I

A O C I

T B V P S

D i vi d en d

St o c k B a s ed C o m p

TB VP S

TB VP S ex c l . A O C I

/ E SP P

Equity Bancshares, Inc. | 6

1st Quarter 2025 | Financial Highlights

$16.0M

Core Net Income1

$0.90

Core Earnings

Per Share1

$4.4B

Total Deposits

$3.6B

Gross Loans

2025

2024

Earnings & Profitability

Earnings Per Share | Core Earnings Per Share1

$0.85 | $0.90

$1.04 | $1.10

$1.28 | $1.32

Book Value Per Share | TBV Per Share1

$35.23 | $31.07

$34.04 | $30.07

$32.97 | $28.38

Net Income | Core Net Income1

$15.0M | $16.0M

$16.9M | $17.8M

$19.9M | $20.4M

Net Interest Margin

4.27%

4.17%

3.87%

Efficiency Ratio1

62.43%

63.02%

52.59%

ROAA | Core ROAA 1

1.17% | 1.24%

1.31% |1.37%

1.52% | 1.56%

ROAE | Core ROATCE 1

10.07% | 12.14%

12.67% | 15.29%

16.27% | 19.58%

Balance Sheet & Capital

Total Loans

$3.6B

$3.5B

$3.6B

Total Deposits

$4.4B

Total Equity / Total Assets | TCE / TA1

11.34% |10.13%

11.12% | 9.95%

9.41% | 8.21%

CET 1 Capital Ratio

14.70%

14.51%

11.37%

Total Risk-based Capital Ratio

18.32%

18.07%

14.78%

Asset Quality

Provision for Credit Losses

$2.7M

$0.0M

$1.2M

NCOs / Avg. Loans

0.02%

0.04%

0.18%

NPAs / Total Assets

0.51%

0.65%

0.60%

Classified Assets / Regulatory Capital

10.24%

12.00%

8.32%

Equity Bancshares, Inc. | 7

1) Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation.

Performance Metrics

Core Return On Average Tangible Common Equity1

Core Return on Average Assets1

1.56%

19.58%

1.25%

1.37%

16.89%

1.17%

1.24%

15.15%

15.29%

12.14%

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Efficiency Ratio1

TCE / TA Excluding AOCI1

10.89% 10.88%

63.45%

63.77%

63.02%

62.43%

52.59%

8.52%

8.64%

8.90%

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

Equity Bancshares, Inc. | 8

1) Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation.

Net Income

Primary Drivers

Net Interest Income

Net interest income was $50.3 million for the period, as compared to $49.5 million for previous quarter. Adjusting the stated number for non-recurring nonaccrual reversals and excess prepayment fee realization of $2.3 million in the current quarter and $1.5 million in the prior quarter, net interest income was $48.0 for each. A larger balance sheet and margin offset the day count variance in the period.

Noninterest Income

Total non-interest income was $10.3 million for the quarter, as compared to $8.8 million linked quarter. Current quarter includes a $1.7 million comparative improvement in benefit from Bank Owned Life Insurance as we realized a death benefit during the period. Excluding this periodic change Noninterest income was down $200 thousand due to seasonally consistent soft results in service charges, mortgage and insurance revenues.

Noninterest Expense

Total non-interest expense for the quarter was $39.0 million as compared to $37.8 million for the previous quarter. The comparative increase during the period was driven by beginning of the year payroll dynamics as well as comparatively higher incentive accruals to account for positive earnings during the period. Excluding these items, non- interest expense was effectively flat quarter-over-quarter.

Provision for Credit Losses

$2.6 million in the provision for credit losses was realized in the quarter. While charge-off results were muted, the increase is due to loan growth coupled with increased economic uncertainty attributable to recent trad policy announcements. Allowance to total loans closed the quarter at 1.26%, up 3 bps to prior quarter reflecting the increased economic risk.

Quarter over Quarter Walk

16,986

1,114

1,514

(295)

946

15,987

(2,624)

(1,244)

(410)

15,041

In t eres t In c o m e

P C L

N IE

N et In c o m e

C o re N et In c o m e1

N et In c o m e

In t eres t E x p en s e

N o n i n t eres t In c o m e

In c o m e Ta x

C o re A d ju s t m en t s 1

Equity Bancshares, Inc. | 9

1) Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation.

Profitability

Revenue Composition1

N et In t eres t In c o m e

N o n i n t eres t In c o m e

Profitability Ratios1

N o n i n t eres t In c o m e / O p era t i n g R even u e

$8,818

$11,668 $8,985 $9,111

$10,318

20.92%

16.24% 16.52% 15.13% 17.02%

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

N o n i n t eres t In c o m e / A vera ge A s s et s

0.91%

0.80%

0.70% 0.70% 0.68%

$44,182 $46,476 $46,031

$49,473 $50,292

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

N et In t eres t M a rgi n

4.17%

3.94% 3.87%

3.75%

4.27%

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Equity Bancshares, Inc. | 10

1) Noninterest income is adjusted to exclude and gain/(loss) on securities transactions

Disclaimer

Equity Bancshares Inc. published this content on April 15, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 15, 2025 at 20:36 UTC.