Equity Bancshares, Inc. Exhibit 99.1

PRESS RELEASE

Equity Bancshares, Inc. First Quarter Results Highlighted by Record Net Interest Income and Net Interest Margin Expansion

Reports NIM of 3.75%, Completes Merger with Rockhold Bancorp, Adding to Missouri Franchise

WICHITA, Kansas, April 16, 2024 (BUSINESSWIRE) – Equity Bancshares, Inc. (NYSE: EQBK), (“Equity”, “the Company”, “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, reported net income of $14.1 million or $0.90 earnings per diluted share for the quarter ended March 31, 2024.

“Our Company entered the year positioned to take advantage of opportunities which we expect will drive our operating growth in the future,” said Brad S. Elliott, Chairman and CEO of Equity. “With our team’s proven, strategic skillset and cultivated relationships within our banking community, we were able to complete our merger with the Bank of Kirksville on February 9, 2024, just 67 days after announcement of the formal agreement. We are excited about our Company’s capacity to continue to leverage our skills and position to grow our franchise.”

"In addition, our retail and commercial teams throughout our footprint continued to build customer relationships and provide value to business and consumer customers in the quarter," Mr. Elliott said. "Our classified asset ratio continues to be historically low, while both capital and on balance sheet reserves remain high, positioning Equity to continue to pursue strategic growth opportunities, both organically and through mergers.”

Notable Items:

•The Company realized earnings per diluted share of $0.90, adjusted to exclude merger expenses of $1.6 million and opening balance sheet provisioning of $1.0 million, earnings per share were $1.03.

•The Company completed its all-cash acquisition (“the acquisition”) of Rockhold Bancorp, the parent company of the Bank of Kirksville adding eight locations, $118.7 million in loans, and $349.6 million in deposits. A gain on acquisition of $1.2 million was recorded with the closing of the transaction.

•The Company realized linked quarter gross loans held-for-investment expansion of $149.3 million. Excluding the impact of the acquisition, loans grew by $30.6 million, or 3.70% annualized

•The Company realized expansion in net interest income and net interest margin, as the benefits of previously announced strategic transactions were realized. Total net interest income for the quarter was $44.2 million, an all-time high for the Company.

•The Company was active in its share repurchase plan during the quarter, purchasing 209,591 shares at a weighted average cost of $32.24. Under the repurchase plan announced in the fourth quarter of 2023, 790,409 shares remain available for purchase.

•Classified assets as a percentage of total risk based capital at Equity Bank closed the period at 6.65% while non-performing assets remained historically low. The allowance for credit losses closed the quarter at 1.28% of total loans.

Financial Results for the Quarter Ended March 31, 2024

Net income allocable to common stockholders was $14.1 million, or $0.90 per diluted share, for the three months ended March 31, 2024. Excluding merger expenses and the required provisioning for performing loans acquired in the acquisition, net income was $16.1 million, or $1.03 per diluted share. Excluding the impact of the merger expenses and

Equity Bancshares, Inc.

PRESS RELEASE

the loss on sale of securities taken by the Company during the previous quarter, operating net income was $12.1 million. The drivers of the periodic change are discussed in detail in the following sections.

Net Interest Income

Net interest income was $44.2 million for the three months ended March 31, 2024, as compared to $39.5 million for the three months ended December 31, 2024, the increase was driven by increasing average assets as well as positive trend in margin. Net interest margin increased to 3.75% from 3.49% as the yield on interest-earning assets increased 40 basis points to 6.09% and the cost of interest-bearing deposits increased 19 basis points to 2.77%. The earning asset improvement was driven by the Bank’s bond portfolio re-positioning as well as purchase accounting accretion associated with the marks on the acquisition. Additionally, loan coupons continued to improve partially offsetting pressures in funding costs. Further, the addition of non-interest bearing deposits positively impacted total deposit costs during the quarter, limiting expansion to 18 basis points and comparatively improving net interest income.

Provision for Credit Losses

During the three months ended March 31, 2024, there was a provision of $1.0 million compared to a provision of $711 thousand in the previous quarter. The provision for the quarter is entirely attributable to the establishment of reserve on loan acquired in the acquisition. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses. For the three months ended March 31, 2024, we had net charge-offs of $668 thousand as compared to $1.4 million for the three months ended December 31, 2023.

Non-Interest Income

Total non-interest income was $11.7 million for the three months ended March 31, 2024, as compared to $(43.4) million for the three months ended December 31, 2023. Adjusted for the loss realized on re-positioning our bond portfolio of $50.7 million, non-interest income for the previous period ended was $7.3 million. The comparative increase for the current quarter ended is driven by positive outcomes on resolution of specific loan assets adding $3.0 million as well as the gain recognized on the acquisition of $1.2 million. In addition to these non-recurring benefits, the Bank saw expansion in service fee revenue line items, including service charges, treasury, mortgage banking and wealth management during the period.

The gain on acquisition is primarily attributable to the improvement in the fair value position of the Bank of Kirksville’s bond portfolio between announcement of the transaction and close.

Non-Interest Expense

Total non-interest expense for the quarter ended March 31, 2024, was $37.1 million as compared to $35.0 million for the quarter ended December 31, 2023, an increase of $2.1 million. Adjusting for merger expenses in both periods, the increase quarter over quarter was $1.0 million due to the addition of Bank of Kirksville expenses, annual compensation rate adjustments and early year payroll tax dynamics. The conversion of systems related to the acquisition will not be completed until the middle of the second quarter 2024. Following conversion, cost saves are expected to be fully realized.

Income Tax Expense

At March 31, 2024, the effective tax rate for the quarter was 20.8% as compared to a normalized rate of 7.5% for the quarter ended December 31, 2023. The prior quarter's tax rate was normalized to exclude pre-tax losses recognized in the quarter related to the sale of investment securities. The increase in rate from December 31, 2023, to the quarter ending March 31, 2024, was the result of a reduction in the tax benefit related to investments in tax credit structures offset by the tax benefit recognized in the current quarter related to the bargain purchase gain recorded on the acquisition completed during the quarter. At the end of the quarter, the Company has additional capacity for investments in tax credit structures

Equity Bancshares, Inc.

PRESS RELEASE

which would positively impact the Company's tax rate. As these investments have not been made as of the end of the quarter, they are not considered in establishing the quarterly tax expense reserve.

Loans, Total Assets and Funding

Loans held for investment were $3.48 billion at March 31, 2024, increasing $149.3 million compared to the previous quarter. Included in this growth figure is $118.7 million in total loans added through the acquisition. Total assets were $5.20 billion as of March 31, 2024, increasing $204.4 million or 4.1% during the quarter.

Total deposits were $4.4 billion at March 31, 2024, increasing $225.6 million from the previous quarter end. Included in the growth figure is $349.6 million added through the acquisition. Of the total deposit balance, non-interest-bearing accounts comprise approximately 22.5%. During the quarter, the Company’s $140.0 million Federal Reserve Bank borrowing matured and was replaced with borrowing from the Federal Home Loan Bank. Total Federal Home Loan Bank borrowings were $219.9 million as of the end of the quarter, up $119.9 million as compared to December 31, 2023.

Asset Quality

As of March 31, 2024, Equity’s allowance for credit losses to total loans remained materially consistent at 1.3% as compared to December 31, 2023. Nonperforming assets were $25.3 million as of March 31, 2024, or 0.5% of total assets, compared to $26.5 million at December 31, 2023, or 0.5% of total assets. Non-accrual loans were $24.2 million at March 31, 2024, as compared to $25.0 million at December 31, 2023. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $38.1 million, or 6.65% of regulatory capital, down from $40.5 million, or 7.1% of regulatory capital as of December 31, 2023.

Capital

Quarter over quarter, book capital increased $3.9 million to $456.8 million and tangible capital decreased $6.7 million to $384.8 million. The increase in book capital is primarily due to earnings, partially offset by treasury share purchases of $6.7 million, increase in unrealized loss on bonds and cash flow hedges of $2.9 million and dividends declared of $1.9 million. The comparative reduction in tangible capital is due to the addition of $11.5 million in core deposit intangible associated with the acquisition.

The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 11.1%, the total capital to risk-weighted assets was 14.7% and the total leverage ratio was 9.1% at March 31, 2024. At December 31, 2023, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 11.7%, the total capital to risk-weighted assets ratio was 15.5% and the total leverage ratio was 9.5%.

Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 13.2%, total capital to risk-weighted assets was 14.3% and the total leverage ratio was 10.2% at March 31, 2024. At December 31, 2023, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 13.9%, the ratio of total capital to risk-weighted assets was 15.1% 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.

Equity Bancshares, Inc.

PRESS RELEASE

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.

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.

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 17, 2024, at 10 a.m. eastern time or 9 a.m. central time.

A live webcast of the call will be available on the Company’s website at investor.equitybank.com. To access the call by phone, please go to this registration link, and you will be provided with dial in details. Investors, news media, and other participants are encouraged to dial into the conference call ten minutes ahead of the scheduled start time.

A replay of the call and webcast will be available two hours following the close of the call until May 1, 2024, accessible at investor.equitybank.com.

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 NYSE National, Inc. 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

Equity Bancshares, Inc.

PRESS RELEASE

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; and acquisitions and integration of acquired businesses; 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, 2024, 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.

Investor Contact:

Brian J. Katzfey

VP, Director of Corporate Development and Investor Relations

Equity Bank

(316) 858-3128

bkatzfey@equitybank.com

Media Contact:

John J. Hanley

Chief Marketing Officer

Equity Bancshares, Inc.

(913) 583-8004

jhanley@equitybank.com

Equity Bancshares, Inc.

PRESS RELEASE

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

Equity Bancshares, Inc.

PRESS RELEASE

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, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Interest and dividend income
Loans, including fees	$	58,829		$	54,932		$	55,152		$	52,748		$	48,381
Securities, taxable		9,877			6,417			5,696			5,813			5,947
Securities, nontaxable		391			354			369			568			669
Federal funds sold and other		2,670			2,591			3,822			2,127			1,126
Total interest and dividend income		71,767			64,294			65,039			61,256			56,123
Interest expense
Deposits		22,855			20,074			19,374			17,204			13,821
Federal funds purchased and retail repurchase agreements		326			298			246			192			195
Federal Home Loan Bank advances		1,144			1,005			968			953			1,018
Federal Reserve Bank borrowings		1,361			1,546			1,546			1,528			135
Subordinated debt		1,899			1,904			1,893			1,950			1,844
Total interest expense		27,585			24,827			24,027			21,827			17,013
Net interest income		44,182			39,467			41,012			39,429			39,110
Provision (reversal) for credit losses		1,000			711			1,230			298			(366	)
Net interest income after provision (reversal) for credit losses		43,182			38,756			39,782			39,131			39,476
Non-interest income
Service charges and fees		2,569			2,299			2,690			2,653			2,545
Debit card income		2,447			2,524			2,591			2,653			2,554
Mortgage banking		188			125			226			213			88
Increase in value of bank-owned life insurance		828			925			794			757			1,583
Net gain on acquisition and branch sales		1,240			—			—			—			—
Net gains (losses) from securities transactions		43			(50,618	)		(1	)		(1,322	)		32
Other		4,416			1,331			2,435			1,996			1,798
Total non-interest income		11,731			(43,414	)		8,735			6,950			8,600
Non-interest expense
Salaries and employee benefits		18,097			16,598			15,857			15,237			16,692
Net occupancy and equipment		3,535			3,244			3,262			2,940			2,879
Data processing		4,828			4,471			4,553			4,493			3,916
Professional fees		1,392			1,413			1,312			1,645			1,384
Advertising and business development		1,238			1,598			1,419			1,249			1,159
Telecommunications		655			460			502			516			485
FDIC insurance		571			660			660			515			360
Courier and postage		606			577			548			463			458
Free nationwide ATM cost		494			508			516			524			525
Amortization of core deposit intangibles		899			739			799			918			918
Loan expense		109			155			132			136			117
Other real estate owned		(84	)		224			128			71			119
Merger expenses		1,556			292			—			—			—
Other		3,256			4,059			4,556			4,423			4,217
Total non-interest expense		37,152			34,998			34,244			33,130			33,229
Income (loss) before income tax		17,761			(39,656	)		14,273			12,951			14,847
Provision for income taxes (benefit)		3,693			(11,357	)		1,932			1,495			2,524
Net income (loss) and net income (loss) allocable to common stockholders	$	14,068		$	(28,299	)	$	12,341		$	11,456		$	12,323
Basic earnings (loss) per share	$	0.91		$	(1.84	)	$	0.80		$	0.74		$	0.78
Diluted earnings (loss) per share	$	0.90		$	(1.84	)	$	0.80		$	0.74		$	0.77
Weighted average common shares		15,425,709			15,417,200			15,404,992			15,468,378			15,858,808
Weighted average diluted common shares		15,569,225			15,417,200			15,507,172			15,554,255			16,028,051

Equity Bancshares, Inc.

PRESS RELEASE

Equity Bancshares, Inc.

PRESS RELEASE

TABLE 2. CONSOLIDATED BALANCE SHEETS(Unaudited)

(Dollars in thousands)

	March 31,  2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
ASSETS
Cash and due from banks	$	217,611		$	363,289		$	183,404		$	262,604		$	249,982
Federal funds sold		17,407			15,810			15,613			15,495			384
Cash and cash equivalents		235,018			379,099			199,017			278,099			250,366
Available-for-sale securities		1,091,717			919,648			1,057,009			1,094,748			1,183,247
Held-to-maturity securities		2,205			2,209			2,212			2,216			1,944
Loans held for sale		1,311			476			627			2,456			648
Loans, net of allowance for credit losses(1)		3,437,714			3,289,381			3,237,932			3,278,126			3,285,515
Other real estate owned, net		1,465			1,833			3,369			4,362			4,171
Premises and equipment, net		116,792			112,632			110,271			106,186			104,789
Bank-owned life insurance		125,693			124,865			124,245			123,451			122,971
Federal Reserve Bank and Federal Home Loan Bank stock		27,009			20,608			20,780			21,129			33,359
Interest receivable		27,082			25,497			23,621			21,360			20,461
Goodwill		53,101			53,101			53,101			53,101			53,101
Core deposit intangibles, net		17,854			7,222			7,961			8,760			9,678
Other		102,075			98,021			105,122			100,889			86,466
Total assets	$	5,239,036		$	5,034,592		$	4,945,267		$	5,094,883		$	5,156,716
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand	$	981,623		$	898,129		$	936,217		$	978,968		$	1,012,671
Total non-interest-bearing deposits		981,623			898,129			936,217			978,968			1,012,671
Demand, savings and money market		2,574,871			2,483,807			2,397,003			2,397,524			2,334,463
Time		814,532			763,519			748,950			854,458			939,799
Total interest-bearing deposits		3,389,403			3,247,326			3,145,953			3,251,982			3,274,262
Total deposits		4,371,026			4,145,455			4,082,170			4,230,950			4,286,933
Federal funds purchased and retail repurchase agreements		43,811			43,582			39,701			44,770			45,098
Federal Home Loan Bank advances and Federal Reserve Bank borrowings		219,931			240,000			240,000			240,000			251,222
Subordinated debt		97,058			96,921			96,787			96,653			96,522
Contractual obligations		18,493			19,315			29,019			29,608			19,372
Interest payable and other liabilities		31,941			36,459			39,460			34,467			32,446
Total liabilities		4,782,260			4,581,732			4,527,137			4,676,448			4,731,593
Commitments and contingent liabilities
Stockholders’ equity
Common stock		208			207			207			207			206
Additional paid-in capital		490,533			489,187			488,137			487,225			486,658
Retained earnings		153,201			141,006			171,188			160,715			150,810
Accumulated other comprehensive income (loss), net of tax		(60,788	)		(57,920	)		(122,047	)		(110,225	)		(101,238	)
Treasury stock		(126,378	)		(119,620	)		(119,355	)		(119,487	)		(111,313	)
Total stockholders’ equity		456,776			452,860			418,130			418,435			425,123
Total liabilities and stockholders’ equity	$	5,239,036		$	5,034,592		$	4,945,267		$	5,094,883		$	5,156,716
(1) Allowance for credit losses	$	44,449		$	43,520		$	44,186		$	44,544		$	45,103

Equity Bancshares, Inc.

PRESS RELEASE

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,
	2024			2023			2023			2023			2023
Loans Held For Investment by Type
Commercial real estate	$	1,797,192		$	1,759,855		$	1,721,761		$	1,764,460		$	1,746,834
Commercial and industrial		649,035			598,327			585,129			583,664			605,576
Residential real estate		581,988			556,328			558,188			560,389			563,791
Agricultural real estate		198,291			196,114			205,865			202,317			202,274
Agricultural		149,312			118,587			103,352			104,510			106,169
Consumer		106,345			103,690			107,823			107,330			105,974
Total loans held-for-investment		3,482,163			3,332,901			3,282,118			3,322,670			3,330,618
Allowance for credit losses		(44,449	)		(43,520	)		(44,186	)		(44,544	)		(45,103	)
Net loans held for investment	$	3,437,714		$	3,289,381		$	3,237,932		$	3,278,126		$	3,285,515
Asset Quality Ratios
Allowance for credit losses on loans to total loans		1.28	%		1.31	%		1.35	%		1.34	%		1.35	%
Past due or nonaccrual loans to total loans		1.09	%		1.10	%		1.03	%		0.78	%		0.66	%
Nonperforming assets to total assets		0.48	%		0.53	%		0.42	%		0.31	%		0.33	%
Nonperforming assets to total loans plus other     real estate owned		0.73	%		0.79	%		0.63	%		0.47	%		0.51	%
Classified assets to bank total regulatory capital		6.65	%		7.09	%		6.27	%		7.94	%		10.09	%
Selected Average Balance Sheet Data (QTD Average)
Investment securities	$	1,074,101		$	985,591		$	1,085,905		$	1,155,971		$	1,185,482
Total gross loans receivable		3,452,553			3,293,755			3,281,483			3,337,497			3,305,681
Interest-earning assets		4,742,200			4,480,279			4,635,384			4,678,744			4,611,019
Total assets		5,152,915			4,892,712			5,046,179			5,064,912			4,994,417
Interest-bearing deposits		3,319,907			3,092,637			3,206,300			3,226,965			3,235,557
Borrowings		390,166			391,691			385,125			385,504			247,932
Total interest-bearing liabilities		3,710,073			3,484,328			3,591,425			3,612,469			3,483,489
Total deposits		4,254,883			4,019,362			4,177,332			4,204,334			4,279,451
Total liabilities		4,692,670			4,469,504			4,619,919			4,640,050			4,573,917
Total stockholders' equity		460,244			423,207			426,260			424,862			420,500
Tangible common equity*		398,041			361,451			363,625			361,409			356,053
Performance ratios
Return on average assets (ROAA) annualized		1.10	%		(2.29	)%		0.97	%		0.91	%		1.00	%
Return on average assets before income tax and    provision for loan losses*		1.46	%		(3.16	)%		1.22	%		1.05	%		1.18	%
Return on average equity (ROAE) annualized		12.29	%		(26.53	)%		11.49	%		10.82	%		11.89	%
Return on average equity before income tax and    provision for loan losses*		16.39	%		(36.51	)%		14.43	%		12.51	%		13.97	%
Return on average tangible common equity    (ROATCE) annualized*		14.96	%		(30.39	)%		14.18	%		13.55	%		14.89	%
Yield on loans annualized		6.85	%		6.62	%		6.67	%		6.34	%		5.94	%
Cost of interest-bearing deposits annualized		2.77	%		2.58	%		2.40	%		2.14	%		1.73	%
Cost of total deposits annualized		2.16	%		1.98	%		1.84	%		1.64	%		1.31	%
Net interest margin annualized		3.75	%		3.49	%		3.51	%		3.38	%		3.44	%
Efficiency ratio*		65.16	%		74.35	%		68.83	%		69.44	%		70.00	%
Non-interest income / average assets		0.92	%		(3.52	)%		0.69	%		0.55	%		0.74	%
Non-interest expense / average assets		2.90	%		2.84	%		2.69	%		2.62	%		2.74	%
Capital Ratios
Tier 1 Leverage Ratio		9.10	%		9.46	%		9.77	%		9.54	%		9.60	%
Common Equity Tier 1 Capital Ratio		11.14	%		11.74	%		12.65	%		12.23	%		12.21	%
Tier 1 Risk Based Capital Ratio		11.73	%		12.36	%		13.28	%		12.84	%		12.83	%
Total Risk Based Capital Ratio		14.71	%		15.48	%		16.42	%		15.96	%		15.98	%

Equity Bancshares, Inc.

PRESS RELEASE

Total stockholders' equity to total assets		8.72	%		8.99	%		8.46	%		8.21	%		8.24	%
Tangible common equity to tangible assets*		7.45	%		7.87	%		7.29	%		7.06	%		7.09	%
Dividend payout ratio		13.31	%		(6.65	)%		15.13	%		13.53	%		10.49	%
Book value per common share	$	29.80		$	29.35		$	27.13		$	27.18		$	27.03
Tangible book value per common share*	$	25.10		$	25.37		$	23.09		$	23.08		$	22.96
Tangible book value per diluted common share*	$	24.87		$	25.05		$	22.96		$	22.98		$	22.83
* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GGAP financial measures, see Table 8. Non-GAAP Financial Measures.

Equity Bancshares, Inc.

PRESS RELEASE

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

(Dollars in thousands)

	For the three months ended							For the three months ended
	March 31, 2024							March 31, 2023
	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	$	634,637	$	12,412		7.87	%	$	577,452	$	9,634		6.77	%
Commercial real estate		1,449,177		24,601		6.83	%		1,344,727		20,112		6.07	%
Real estate construction		354,801		7,775		8.81	%		404,016		6,695		6.72	%
Residential real estate		580,426		6,461		4.48	%		570,139		5,802		4.13	%
Agricultural real estate		197,023		3,468		7.08	%		202,901		3,114		6.22	%
Agricultural		131,035		2,391		7.34	%		100,251		1,478		5.98	%
Consumer		105,454		1,721		6.56	%		106,195		1,546		5.91	%
Total loans		3,452,553		58,829		6.85	%		3,305,681		48,381		5.94	%
Securities
Taxable securities		1,011,466		9,877		3.93	%		1,083,645		5,947		2.23	%
Nontaxable securities		62,635		391		2.51	%		101,837		669		2.67	%
Total securities		1,074,101		10,268		3.84	%		1,185,482		6,616		2.26	%
Federal funds sold and other		215,546		2,670		4.98	%		119,856		1,126		3.81	%
Total interest-earning assets	$	4,742,200		71,767		6.09	%	$	4,611,019		56,123		4.94	%
Interest-bearing liabilities
Demand, savings and money market deposits	$	2,520,521		15,660		2.50	%	$	2,350,042		8,453		1.46	%
Time deposits		799,386		7,195		3.62	%		885,515		5,368		2.46	%
Total interest-bearing deposits		3,319,907		22,855		2.77	%		3,235,557		13,821		1.73	%
FHLB advances		113,348		1,144		4.06	%		89,078		1,018		4.64	%
Other borrowings		276,818		3,586		5.21	%		158,854		2,174		5.55	%
Total interest-bearing liabilities	$	3,710,073		27,585		2.99	%	$	3,483,489		17,013		1.98	%
Net interest income			$	44,182						$	39,110
Interest rate spread						3.10	%						2.96	%
Net interest margin (2)						3.75	%						3.44	%
(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.

Equity Bancshares, Inc.

PRESS RELEASE

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

(Dollars in thousands)

	For the three months ended							For the three months ended
	March 31, 2024							December 31, 2023
	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	$	634,637	$	12,412		7.87	%	$	580,726	$	11,397		7.79	%
Commercial real estate		1,449,177		24,601		6.83	%		1,309,588		21,630		6.55	%
Real estate construction		354,801		7,775		8.81	%		439,708		9,000		8.12	%
Residential real estate		580,426		6,461		4.48	%		561,382		5,866		4.15	%
Agricultural real estate		197,023		3,468		7.08	%		196,468		3,421		6.91	%
Agricultural		131,035		2,391		7.34	%		100,226		1,928		7.63	%
Consumer		105,454		1,721		6.56	%		105,657		1,690		6.35	%
Total loans		3,452,553		58,829		6.85	%		3,293,755		54,932		6.62	%
Securities
Taxable securities		1,011,466		9,877		3.93	%		932,376		6,417		2.73	%
Nontaxable securities		62,635		391		2.51	%		53,215		354		2.64	%
Total securities		1,074,101		10,268		3.84	%		985,591		6,771		2.73	%
Federal funds sold and other		215,546		2,670		4.98	%		200,933		2,591		5.12	%
Total interest-earning assets	$	4,742,200		71,767		6.09	%	$	4,480,279		64,294		5.69	%
Interest-bearing liabilities
Demand savings and money market deposits	$	2,520,521		15,660		2.50	%	$	2,351,663		13,918		2.35	%
Time deposits		799,386		7,195		3.62	%		740,974		6,156		3.30	%
Total interest-bearing deposits		3,319,907		22,855		2.77	%		3,092,637		20,074		2.58	%
FHLB advances		113,348		1,144		4.06	%		102,432		1,005		3.89	%
Other borrowings		276,818		3,586		5.21	%		289,259		3,748		5.14	%
Total interest-bearing liabilities	$	3,710,073		27,585		2.99	%	$	3,484,328		24,827		2.83	%
Net interest income			$	44,182						$	39,467
Interest rate spread						3.10	%						2.86	%
Net interest margin (2)						3.75	%						3.49	%
(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.

Equity Bancshares, Inc.

PRESS RELEASE

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,
	2024			2023			2023			2023			2023
Total stockholders' equity	$	456,776		$	452,860		$	418,130		$	418,435		$	425,123
Less: goodwill		53,101			53,101			53,101			53,101			53,101
Less: core deposit intangibles, net		17,854			7,222			7,961			8,760			9,678
Less: mortgage servicing rights, net		50			75			100			126			151
Less: naming rights, net		989			1,000			1,011			1,022			1,033
Tangible common equity	$	384,782		$	391,462		$	355,957		$	355,426		$	361,160
Common shares outstanding at period end		15,327,799			15,428,251			15,413,064			15,396,739			15,730,257
Diluted common shares outstanding at period end		15,469,531			15,629,185			15,500,749			15,468,319			15,822,536
Book value per common share	$	29.80		$	29.35		$	27.13		$	27.18		$	27.03
Tangible book value per common share	$	25.10		$	25.37		$	23.09		$	23.08		$	22.96
Tangible book value per diluted common share	$	24.87		$	25.05		$	22.96		$	22.98		$	22.83
Total assets	$	5,239,036		$	5,034,592		$	4,945,267		$	5,094,883		$	5,156,716
Less: goodwill		53,101			53,101			53,101			53,101			53,101
Less: core deposit intangibles, net		17,854			7,222			7,961			8,760			9,678
Less: mortgage servicing rights, net		50			75			100			126			151
Less: naming rights, net		989			1,000			1,011			1,022			1,033
Tangible assets	$	5,167,042		$	4,973,194		$	4,883,094		$	5,031,874		$	5,092,753
Total stockholders' equity to total assets		8.72	%		8.99	%		8.46	%		8.21	%		8.24	%
Tangible common equity to tangible assets		7.45	%		7.87	%		7.29	%		7.06	%		7.09	%
Total average stockholders' equity	$	460,244		$	423,207		$	426,260		$	424,862		$	420,500
Less: average intangible assets		62,203			61,756			62,635			63,453			64,447
Average tangible common equity	$	398,041		$	361,451		$	363,625		$	361,409		$	356,053
Net income (loss) allocable to common stockholders	$	14,068		$	(28,299	)	$	12,341		$	11,456		$	12,323
Add: amortization of intangible assets		935			775			835			954			954
Less: tax effect of intangible assets amortization		196			163			175			200			200
Adjusted net income (loss) allocable to common     stockholders	$	14,807		$	(27,687	)	$	13,001		$	12,210		$	13,077
Return on total average stockholders' equity     (ROAE) annualized		12.29	%		(26.53	)%		11.49	%		10.82	%		11.89	%
Return on average tangible common equity     (ROATCE) annualized		14.96	%		(30.39	)%		14.18	%		13.55	%		14.89	%
Non-interest expense	$	37,152		$	34,998		$	34,244		$	33,130		$	33,229
Less: merger expense		1,556			297			—			—			—
Adjusted non-interest expense	$	35,596		$	34,701		$	34,244		$	33,130		$	33,229
Net interest income	$	44,182		$	39,467		$	41,012		$	39,429		$	39,110
Non-interest income		11,731			(43,414	)		8,735			6,950			8,600
Less: net gain on acquisition and branch sales		1,240			—			—			—			—
Less: net gains (losses) from securities transactions		43			(50,618	)		(1	)		(1,322	)		32
Adjusted non-interest income	$	10,448		$	7,204		$	8,736		$	8,272		$	8,568
Net interest income plus adjusted non-interest income	$	54,630		$	46,671		$	49,748		$	47,701		$	47,678
Non-interest expense to     net interest income plus non-interest income		66.45	%		-886.70	%		68.84	%		71.43	%		69.65	%
Efficiency ratio		65.16	%		74.35	%		68.83	%		69.45	%		69.69	%
Net income (loss) allocable to common stockholders	$	14,068		$	(28,299	)	$	12,341		$	11,456		$	12,323
Add: income tax provision		3,693			(11,357	)		1,932			1,495			2,524
Add: provision (reversal) of credit losses		1,000			711			1,230			298			(366	)
Pre-tax, pre-provision income	$	18,761		$	(38,945	)	$	15,503		$	13,249		$	14,481
Total average assets	$	5,152,915		$	4,892,712		$	5,046,179		$	5,064,912		$	4,994,417

Equity Bancshares, Inc.

PRESS RELEASE

Total average stockholders' equity	$	460,244		$	423,207		$	426,620		$	424,862		$	420,500
Return on average assets (ROAA) annualized		1.10	%		(2.29	)%		0.97	%		0.91	%		1.00	%
Adjusted return on average assets		1.46	%		(3.16	)%		1.22	%		1.05	%		1.18	%
Adjusted return on average equity		16.39	%		(36.51	)%		14.43	%		12.51	%		13.97	%