Company reports net interest margin expansion in fourth quarter and successful year for non-interest expense and non-interest income initiatives
WICHITA, Kan., Jan. 23, 2020 (GLOBE NEWSWIRE) — Equity Bancshares, Inc. ( EQBK ), (“Equity”, “we”, “us”, “our”), the Wichita-based holding company of Equity Bank, reported its unaudited results for the fourth quarter and year ended December 31, 2019, including net income allocable to common stockholders for the year of $25.6 million, or $1.61 per diluted share, and $10.0 million, or $0.64 per diluted share, in the fourth quarter.
“Our fourth quarter 2019 results indicate the collaborative effort of our retail and deposit teams to price our offerings and meet the needs of our diverse customer base in our regions,” said Brad Elliott, Chairman and CEO of Equity. “We have remained highly competitive for our customers in all areas while continuing to deliver shareholder value.”
“During many initiatives that have improved our customer experience, responsiveness and satisfaction, we operated with the entrepreneurial spirit that is one of our core values and differentiators,” said Mr. Elliott. “As a result, our net interest margin and our non-performing asset ratios have shown improvement. Our focus in 2020 includes continuing to offer the relationship-based customer service that our business clients and consumers value and providing innovative products that help us grow signature deposits, including checking, operating and savings accounts. We continue to monitor and develop relationships for further business combinations and, as always, we prioritize cultural fit in addition to stockholder value.”
On February 8, 2019, Equity completed its acquisition of two bank locations in Guymon, Oklahoma, and one bank location in Cordell, Oklahoma, from MidFirst Bank (“MidFirst”) of Oklahoma City, Oklahoma (“the MidFirst acquisition”).
Notable Items: Net income before taxes for the fourth quarter of 2019 was $13.1 million, or $0.84 per diluted share, compared to net income before taxes of $12.9 million, or $0.80 per diluted share, for the same time period in 2018. Net income before taxes, adjusted to exclude merger expense was $13.8 million, or $0.86 per diluted share, for the fourth quarter of 2018. There were no merger expenses in the fourth quarter of 2019.
Stated diluted income per share in the fourth quarter of 2019 was $0.64. Stated diluted income per share for the year ended December 31, 2019 was $1.61. Merger expenses, adjusted for estimated income tax, were $694 thousand for the year ended December 31, 2019, or $0.04 per diluted […]
