Equity Bancshares Q3 2020 Earnings Report

Equity Bancshares reported a net loss due to a goodwill impairment charge, while maintaining a strong capital position and growing tangible book value and core deposits.

Key Takeaways

Equity Bancshares, Inc. reported a net loss of $90.4 million, or $6.01 per diluted share, for the third quarter ended September 30, 2020, primarily due to a $104.8 million impairment in the value of goodwill. Adjusted net income, excluding the impairment charge, was $9.1 million, or $0.60 per diluted share. The company maintained a Tier 1 capital ratio of 13.3% and grew tangible book value to $23.72 per share.

Equity recorded a $104.8 million impairment in the value of goodwill, resulting in a net loss of $90.4 million, or $6.01 per diluted share.

Net income, adjusted to exclude the impairment charge on goodwill, was $9.1 million, or $0.60 per diluted share.

Approximately 1% of loans were on deferral as of September 30, 2020, down from approximately 24% on June 30, 2020.

Tangible book value per common share was $23.72 at September 30, 2020.

Total Revenue

$38.6M

Previous year: $38.1M