Equity Bancshares reported a net income of $1.3 million, or $0.08 per diluted share, for the first quarter ended March 31, 2020. The company increased its net interest margin and provided reserves for loan losses due to the COVID-19 environment.
Net income allocable to common stockholders was $1.3 million, or $0.08 per diluted share.
Net interest margin increased due to lower cost of liabilities.
Provision for loan losses was $9.9 million, representing 85% of pre-tax income.
Completed over 1,600 Small Business Administration loan applications through the Paycheck Protection Program.
Equity Bancshares did not provide specific forward guidance in this earnings report.
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