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Jun 30, 2023
Equity Bancshares Q2 2023 Earnings Report
Reported a net income of $11.5 million and $0.74 earnings per diluted share for the quarter ended June 30, 2023.
Key Takeaways
Equity Bancshares reported a net income of $11.5 million, or $0.74 per diluted share, for the second quarter of 2023. The company experienced core deposit growth and increased net interest income. Strong tangible and regulatory capital ratios were maintained, and positive credit quality trends continued.
Total transaction account deposits increased by $29.4 million during the quarter, representing a 3.5% linked quarter annualized growth.
Net interest income increased by $319 thousand during the second quarter, driven by a $67.7 million increase in average earnings assets.
Cash and cash equivalents remained elevated, comprising 5.5% of total assets, as management maintained on-balance sheet liquidity.
Equity repurchased $8.2 million of common stock, totaling 349 thousand shares or 2.3% of outstanding shares as of the end of the second quarter.
Forward Guidance
The press release does not contain specific forward guidance. It expresses confidence in the company's strong community presence, healthy financial condition, and strong liquidity and capital to drive profitability and be an attractive partner for mergers and acquisitions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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