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

Published: 2026-04-14 16:31:03 ET EQBK

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

Published on 04/14/2026 at 04:31 pm EDT

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:

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 (Unaudited)

(Dollars in thousands, except per share data)

As of and for the Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Interest and dividend income

Loans, including fees

91,462

74,362

76,911

62,868

62,997

Securities, taxable

13,659

11,450

9,416

8,821

9,114

Securities, nontaxable

222

179

307

358

377

Federal funds sold and other

2,681

4,875

4,464

2,140

2,196

Total interest and dividend income

108,024

90,866

91,098

74,187

74,684

Interest expense

Deposits

30,478

23,998

24,990

20,090

19,377

Federal funds purchased and retail repurchase agreements

192

206

263

219

248

Federal Home Loan Bank advances

1,886

1,327

1,741

2,224

2,916

Bank stock loan

—

Subordinated debt

1,800

1,833

1,619

1,852

1,851

Total interest expense

34,360

27,364

28,613

24,385

24,392

Net interest income

73,664

63,502

62,485

49,802

50,292

Provision (reversal) for credit losses

5,955

(16

)

6,228

2,722

Net interest income after provision (reversal) for credit losses

67,709

63,518

56,257

49,783

47,570

Non-interest income

Service charges and fees

2,493

2,558

2,522

2,177

2,064

Debit card income

3,117

2,905

2,953

3,052

2,504

Mortgage banking

348

187

212

106

Increase in value of bank-owned life insurance

1,398

1,410

1,393

1,321

3,593

Net gains (losses) from securities transactions

(108

)

154

(53,352

)

Other

2,239

2,318

1,943

1,815

2,051

Total non-interest income

9,487

9,532

(44,479

)

8,589

10,330

Non-interest expense

Salaries and employee benefits

26,255

22,324

22,773

19,735

19,954

Net occupancy and equipment

4,789

4,327

4,317

3,482

3,675

Data processing

5,388

5,251

4,887

5,055

5,086

Professional fees

1,768

1,909

1,670

1,361

1,527

Advertising and business development

1,666

1,371

1,305

1,208

1,344

Telecommunications

690

657

630

588

587

FDIC insurance

765

832

653

464

630

Courier and postage

645

858

744

834

799

Free nationwide ATM cost

566

562

582

547

513

Amortization of core deposit intangibles

1,928

1,260

1,182

1,016

1,045

Loan expense

498

150

330

281

129

Other real estate owned and repossessed assets, net

797

103

101

Loss on debt extinguishment

—

1,361

—

Merger expenses

5,725

1,481

6,163

355

Other

4,195

5,577

3,049

3,611

3,594

Total non-interest expense

54,969

46,587

49,082

40,001

39,050

Income (loss) before income tax

22,227

26,463

(37,304

)

18,371

18,850

Provision for income taxes (benefit)

5,261

4,379

(7,641

)

3,107

3,809

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

16,966

22,084

(29,663

)

15,264

15,041

Basic earnings (loss) per share

0.81

1.16

(1.55

)

0.87

0.86

Diluted earnings (loss) per share

0.80

1.15

(1.55

)

0.86

0.85

Weighted average common shares

21,035,899

19,021,327

19,129,726

17,524,296

17,490,062

Weighted average diluted common shares

21,262,009

19,235,412

19,129,726

17,651,298

17,666,834

TABLE 2. CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands)

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

ASSETS

Cash and due from banks

563,766

607,562

699,165

365,957

431,131

Federal funds sold

399

255

245

247

251

Cash and cash equivalents

564,165

607,817

699,410

366,204

431,382

Interest-bearing time deposits in other banks

932

575

574

—

Available-for-sale securities

1,125,162

1,030,568

903,858

973,402

950,453

Held-to-maturity securities

5,254

5,248

5,243

5,236

5,226

Loans held for sale

7,631

1,392

617

217

338

Loans, net of allowance for credit losses(1)

5,364,030

4,145,424

4,215,118

3,555,458

3,585,804

Other real estate owned, net

5,026

5,388

3,147

4,621

4,464

Premises and equipment, net

140,648

136,720

132,857

117,533

117,041

Bank-owned life insurance

149,699

148,301

146,891

133,638

132,317

Federal Reserve Bank and Federal Home Loan Bank stock

38,806

34,053

33,713

34,835

31,960

Interest receivable

39,966

33,322

34,751

26,243

26,791

Goodwill

104,958

82,101

77,573

53,101

Core deposit intangibles, net

30,536

21,634

22,895

12,908

13,924

Other

90,557

120,629

88,984

90,441

93,299

Total assets

7,667,370

6,373,172

6,365,631

5,373,837

5,446,100

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits

Demand

1,274,533

1,148,409

1,147,201

912,898

949,791

Total non-interest-bearing deposits

1,274,533

1,148,409

1,147,201

912,898

949,791

Demand, savings and money market

3,504,698

3,004,987

2,882,625

2,494,285

2,614,110

Time

1,521,679

984,868

1,064,943

827,735

841,463

Total interest-bearing deposits

5,026,377

3,989,855

3,947,568

3,322,020

3,455,573

Total deposits

6,300,910

5,138,264

5,094,769

4,234,918

4,405,364

Federal funds purchased and retail repurchase agreements

39,009

39,864

42,220

36,420

36,772

Federal Home Loan Bank advances and Federal Reserve Bank borrowings

347,660

300,000

341,378

383,676

236,734

Subordinated debt

98,263

98,145

98,174

24,125

97,620

Contractual obligations

9,678

10,208

16,664

17,289

9,398

Interest payable and other liabilities

54,240

54,637

60,534

41,773

42,888

Total liabilities

6,849,760

5,641,118

5,653,739

4,738,201

4,828,776

Commitments and contingent liabilities

Stockholders’ equity

Common stock

273

249

231

Additional paid-in capital

766,016

664,906

658,481

587,547

586,251

Retained earnings

218,534

205,328

186,718

219,876

207,282

Accumulated other comprehensive income (loss), net of tax

930

7,032

4,720

(40,269

)

(44,965

)

Treasury stock

(168,143

)

(145,461

)

(138,276

)

(131,749

)

(131,475

)

Total stockholders’ equity

817,610

732,054

711,892

635,636

617,324

Total liabilities and stockholders’ equity

7,667,370

6,373,172

6,365,631

5,373,837

5,446,100

(1) Allowance for credit losses

64,245

52,756

53,469

45,270

45,824

TABLE 3. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)

(Dollars in thousands, except per share data)

As of and for the Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

Loans Held For Investment by Type

Commercial real estate

2,958,263

2,226,348

2,216,180

1,854,294

1,863,200

Commercial and industrial

967,049

816,885

907,439

753,339

762,906

Residential real estate

720,441

582,145

590,598

565,755

563,954

Agricultural real estate

431,308

278,927

272,087

226,125

260,683

Agricultural

249,053

188,475

174,517

94,981

94,199

Consumer

102,161

105,400

107,766

106,234

86,686

Total loans held-for-investment

5,428,275

4,198,180

4,268,587

3,600,728

3,631,628

Allowance for credit losses

(64,245

)

(52,756

)

(53,469

)

(45,270

)

(45,824

)

Net loans held for investment

5,364,030

4,145,424

4,215,118

3,555,458

3,585,804

Asset Quality Ratios

Allowance for credit losses on loans to total loans

1.18

1.26

1.25

1.26

Allowance for credit losses and discounts on loans to total loans

1.77

1.67

1.71

1.44

1.46

Past due or nonaccrual loans to total loans

1.86

1.53

1.55

1.65

1.17

Nonperforming assets to total assets

0.76

0.73

0.83

0.85

0.51

Nonperforming assets to total loans plus other real estate owned

1.07

1.11

1.23

1.27

0.77

Classified assets to bank total regulatory capital

12.00

12.06

12.37

11.39

10.24

Selected Average Balance Sheet Data (QTD Average)

Investment securities

1,126,252

937,277

915,928

961,869

993,836

Total gross loans receivable

5,454,281

4,209,562

4,247,338

3,630,981

3,575,230

Interest-earning assets

6,896,216

5,642,066

5,574,815

4,791,664

4,771,972

Total assets

7,451,709

6,141,284

6,084,961

5,206,950

5,212,417

Interest-bearing deposits

4,921,946

3,918,343

3,838,731

3,264,599

3,221,130

Borrowings

348,714

276,531

300,402

350,747

418,138

Total interest-bearing liabilities

5,270,660

4,194,874

4,139,133

3,615,346

3,639,268

Total deposits

6,193,296

5,073,696

5,004,830

4,183,473

4,143,151

Total liabilities

6,609,629

5,415,628

5,369,642

4,579,847

4,606,500

Total stockholders' equity

841,838

725,651

715,319

627,103

605,917

Tangible common equity*

617,131

616,872

620,273

554,697

533,528

Performance ratios

Return on average assets (ROAA) annualized

0.92

1.43

(1.93

1.18

1.17

Return on average equity (ROAE) annualized

8.17

12.07

(16.45

9.76

10.07

Return on average tangible common equity (ROATCE) annualized*

10.77

14.91

(18.31

11.69

12.12

Yield on loans annualized

6.80

7.01

7.18

6.94

7.15

Cost of interest-bearing deposits annualized

2.51

2.43

2.58

2.47

2.44

Cost of total deposits annualized

2.00

1.88

1.98

1.93

1.90

Net interest margin annualized

4.33

4.47

4.45

4.17

4.27

Efficiency ratio*

56.68

59.98

58.31

63.62

62.43

Non-interest income / average assets

0.52

0.62

(2.90

0.66

0.80

Non-interest expense / average assets

2.99

3.01

3.20

3.08

3.04

Dividend payout ratio

22.03

15.73

(11.78

17.49

17.81

Performance ratios - Core

Core earnings per diluted share*

1.32

1.26

1.21

0.99

0.90

Core return on average assets*

1.52

1.57

1.51

1.35

1.24

Core return on average equity*

13.41

13.23

12.47

11.18

10.69

Core return on average tangible common equity*

16.10

15.56

14.30

12.64

12.14

Core non-interest expense / average assets*

2.57

2.82

2.71

2.86

2.94

Capital Ratios

Tier 1 Leverage Ratio

9.49

10.64

10.41

12.07

11.76

Common Equity Tier 1 Capital Ratio

11.54

13.08

12.84

15.07

14.70

Tier 1 Risk Based Capital Ratio

11.96

13.59

13.35

15.67

15.30

Total Risk Based Capital Ratio

14.36

16.31

16.09

16.84

18.32

Total stockholders' equity to total assets

10.66

11.49

11.18

11.83

11.34

Tangible common equity to tangible assets*

8.99

9.94

9.68

10.63

10.13

Book value per common share

39.37

38.64

37.25

36.27

35.23

Tangible book value per common share*

32.58

32.86

31.69

32.17

31.07

Tangible book value per diluted common share*

32.23

32.43

31.41

31.89

30.84

* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 8. Non-GAAP Financial Measures.

TABLE 4. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

For the Three Months Ended

March 31, 2026

March 31, 2025

Average Outstanding Balance

Interest Income/ Expense

Average Yield/Rate(3)(4)

Average Outstanding Balance

Interest Income/ Expense

Average Yield/Rate(3)(4)

Interest-earning assets

Loans (1)

Commercial and industrial

989,469

17,698

7.25

690,124

14,322

8.42

Commercial real estate

2,266,995

37,977

6.79

1,424,110

24,591

7.00

Real estate construction

672,347

11,931

7.20

457,910

8,802

7.80

Residential real estate

718,633

9,653

5.45

565,672

6,715

4.81

Agricultural real estate

424,055

7,714

7.38

264,100

5,415

8.32

Agricultural

264,213

4,780

7.34

84,901

1,667

7.96

Consumer

118,569

1,709

5.85

88,413

1,485

6.81

Total loans

5,454,281

91,462

6.80

3,575,230

62,997

7.15

Securities

Taxable securities

1,102,263

13,659

5.03

937,021

9,114

3.94

Nontaxable securities

23,989

222

3.76

56,815

377

2.69

Total securities

1,126,252

13,881

5.00

993,836

9,491

3.87

Federal funds sold and other

315,683

2,681

3.44

202,906

2,196

4.39

Total interest-earning assets

6,896,216

108,024

6.35

4,771,972

74,684

6.35

Interest-bearing liabilities

Demand, savings and money market deposits

3,425,976

17,445

2.07

2,527,784

13,581

2.18

Time deposits

1,495,970

13,033

3.53

693,346

5,796

3.39

Total interest-bearing deposits

4,921,946

30,478

2.51

3,221,130

19,377

2.44

FHLB advances

202,439

1,886

3.78

274,385

2,916

4.31

Other borrowings

146,275

1,996

5.53

143,753

2,099

5.92

Total interest-bearing liabilities

5,270,660

34,360

2.64

3,639,268

24,392

2.72

Net interest income

73,664

50,292

Interest rate spread

3.71

3.63

Net interest margin (2)

4.33

4.27

(1) Average loan balances include nonaccrual loans.

(2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period.

(3) Tax exempt income is not included in the above table on a tax-equivalent basis.

(4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts.

TABLE 5. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

For the Three Months Ended

March 31, 2026

December 31, 2025

Average Outstanding Balance

Interest Income/ Expense

Average Yield/Rate(3)(4)

Average Outstanding Balance

Interest Income/ Expense

Average Yield/Rate(3)(4)

Interest-earning assets

Loans (1)

Commercial and industrial

989,469

17,698

7.25

812,003

14,919

7.29

Commercial real estate

2,266,995

37,977

6.79

1,698,611

31,913

7.45

Real estate construction

672,347

11,931

7.20

547,444

10,214

7.40

Residential real estate

718,633

9,653

5.45

587,820

7,080

4.78

Agricultural real estate

424,055

7,714

7.38

273,871

4,873

7.06

Agricultural

264,213

4,780

7.34

182,511

3,603

7.83

Consumer

118,569

1,709

5.85

107,302

1,760

6.51

Total loans

5,454,281

91,462

6.80

4,209,562

74,362

7.01

Securities

Taxable securities

1,102,263

13,659

5.03

915,665

11,450

4.96

Nontaxable securities

23,989

222

3.76

21,612

179

3.29

Total securities

1,126,252

13,881

5.00

937,277

11,629

4.92

Federal funds sold and other

315,683

2,681

3.44

495,227

4,875

3.91

Total interest-earning assets

6,896,216

108,024

6.35

5,642,066

90,866

6.39

Interest-bearing liabilities

Demand savings and money market deposits

3,425,976

17,445

2.07

2,878,804

14,920

2.06

Time deposits

1,495,970

13,033

3.53

1,039,539

9,078

3.46

Total interest-bearing deposits

4,921,946

30,478

2.51

3,918,343

23,998

2.43

FHLB advances

202,439

1,886

3.78

130,978

1,327

4.02

Other borrowings

146,275

1,996

5.53

145,553

2,039

5.56

Total interest-bearing liabilities

5,270,660

34,360

2.64

4,194,874

27,364

2.59

Net interest income

73,664

63,502

Interest rate spread

3.71

3.80

Net interest margin (2)

4.33

4.47

(1) Average loan balances include nonaccrual loans.

(2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period.

(3) Tax exempt income is not included in the above table on a tax-equivalent basis.

TABLE 6. NON-GAAP FINANCIAL MEASURES (Unaudited)

(Dollars in thousands, except per share data)

As of and for the Three Months Ended

March 31

December 31,

September 30,

June 30,

March 31,

2026

2025

Total stockholders' equity

817,610

732,054

711,892

635,636

617,324

Goodwill

(104,958

)

(82,101

)

(77,573

)

(53,101

)

(53,101

)

Core deposit intangibles, net

(30,536

)

(21,634

)

(22,895

)

(12,908

)

(13,924

)

Naming rights, net

(5,629

)

(5,703

)

(5,778

)

(5,852

)

(5,926

)

Tangible common equity

676,487

622,616

605,646

563,775

544,373

Common shares outstanding at period end

20,767,023

18,944,987

19,111,084

17,527,191

17,522,994

Diluted common shares outstanding at period end

20,946,924

19,196,160

19,279,741

17,680,489

17,652,110

Book value per common share

39.37

38.64

37.25

36.27

35.23

Tangible book value per common share

32.58

32.86

31.69

32.17

31.07

Tangible book value per diluted common share

32.30

32.43

31.41

31.89

30.84

Total assets

7,667,370

6,373,172

6,365,631

5,373,837

5,446,100

Goodwill

(104,958

)

(82,101

)

(77,573

)

(53,101

)

(53,101

)

Core deposit intangibles, net

(30,536

)

(21,634

)

(22,895

)

(12,908

)

(13,924

)

Naming rights, net

(5,629

)

(5,703

)

(5,778

)

(5,852

)

(5,926

)

Tangible assets

7,526,247

6,263,734

6,259,385

5,301,976

5,373,149

Total stockholders' equity to total assets

10.66

11.49

11.18

11.83

11.34

Tangible common equity to tangible assets

8.99

9.94

9.68

10.63

10.13

Total average stockholders' equity

841,838

725,651

715,319

627,103

605,917

Average intangible assets

(141,742

)

(108,779

)

(95,046

)

(72,406

)

(72,389

)

Average tangible common equity

700,096

616,872

620,273

554,697

533,528

Net income (loss) allocable to common stockholders

16,966

22,084

(29,663

)

15,264

15,041

Net gain on acquisition

—

Net (gain) loss on securities transactions

108

(154

)

53,352

(12

)

(12

)

Merger expenses

5,725

1,481

6,163

355

Loss on debt extinguishment

—

1,361

—

Day 2 Merger provision

6,099

—

6,228

—

Amortization of intangible assets

2,056

1,390

1,312

1,145

1,144

Tax effect of adjustments

(2,937

)

(571

)

(14,082

)

(598

)

(252

)

Core net income (loss) allocable to common stockholders

28,017

24,230

23,310

17,515

15,987

Return on total average stockholders' equity (ROAE) annualized

8.17

12.07

(16.45

9.76

10.07

Average tangible common equity

700,096

616,872

620,273

554,697

533,528

Average impact from core earnings adjustments

2,476

1,073

26,487

1,126

473

Core average tangible common equity

702,572

617,945

646,760

555,823

534,001

Return on average tangible common equity (ROATCE) annualized

10.77

14.91

(18.31

11.69

12.12

Core return on average tangible common equity (CROATCE) annualized

16.10

15.56

14.30

12.64

12.14

Non-interest expense

54,969

46,587

49,082

40,001

39,050

Merger expense

(5,725

)

(1,481

)

(6,163

)

(355

)

(66

)

Amortization of intangible assets

(2,056

)

(1,390

)

(1,312

)

(1,145

)

(1,144

)

Loss on debt extinguishment

—

(1,361

)

—

Adjusted non-interest expense

47,188

43,716

41,607

37,140

37,840

Net interest income

73,664

63,502

62,485

49,802

50,292

Non-interest income

9,487

9,532

(44,479

)

8,589

10,330

Net gains (losses) from securities transactions

108

(154

)

53,352

(12

)

(12

)

Adjusted non-interest income

9,595

9,378

8,873

8,577

10,318

Net interest income plus adjusted non-interest income

83,259

72,880

71,358

58,379

60,610

Non-interest expense to net interest income plus non-interest income

66.11

63.79

272.59

68.51

64.42

Efficiency ratio

56.68

59.98

58.31

63.62

62.43

Total average assets

7,451,709

6,141,284

6,085,064

5,206,950

5,212,417

Core non-interest expense to average assets

2.57

2.82

2.71

2.86

2.94

Net income (loss) allocable to common stockholders

16,966

22,084

(29,663

)

15,264

15,041

Amortization of intangible assets

2,056

1,390

1,312

1,145

1,144

Tax effect of adjustments

(432

)

(292

)

(276

)

(240

)

(240

)

Adjusted net income (loss) allocable to common stockholders

18,590

23,182

(28,627

)

16,169

15,945

Net (gain) loss on securities transactions

108

(154

)

53,352

(12

)

(12

)

Merger expenses

5,725

1,481

6,163

355

Loss on debt extinguishment

—

1,361

—

Day 2 Merger provision

6,099

—

6,228

—

Tax effect of adjustments

(2,505

)

(279

)

(13,806

)

(358

)

(12

)

Core net income (loss) allocable to common stockholders

28,017

24,230

23,310

17,515

15,987

Total average assets

7,451,709

6,141,284

6,085,064

5,206,950

5,212,417

Total average stockholders' equity

841,838

725,651

715,319

627,103

605,917

Weighted average diluted common shares

21,262,009

19,235,412

19,129,726

17,651,298

17,666,834

Diluted earnings (loss) per share

0.80

1.15

(1.55

)

0.86

0.85

Core earnings per diluted share

1.32

1.26

1.21

0.99

0.90

Return on average assets (ROAA) annualized

0.92

1.43

(1.93

1.18

1.17

Core return on average assets

1.52

1.57

1.51

1.35

1.24

Return on average equity

8.17

12.07

(16.45

9.76

10.07

Core return on average equity

13.41

13.23

12.47

11.18

10.69

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