Equity Bancshares Q3 2024 Earnings Report
Key Takeaways
Equity Bancshares reported a net income of $19.8 million, or $1.28 earnings per diluted share, for the quarter ended September 30, 2024. The company realized earnings per diluted share of $1.31 adjusted to exclude pre-tax merger expense and gain on security transactions. Loan balances grew, and the company completed its integration of KansasLand.
Earnings per diluted share were $1.28, or $1.31 adjusted for merger expenses and security transactions.
The merger with KansasLand was completed, adding $28.3 million in loan balances and $42.4 million in deposit balances.
Loan balances, excluding those acquired from KansasLand, grew by $117.8 million, or 13.6% on an annualized basis.
A significant problem asset was resolved, recognizing an $8.5 million pre-tax benefit.
Equity Bancshares
Equity Bancshares
Forward Guidance
The company is well positioned for organic growth and strategic M&A, with teams, processes, and experience in place.
Positive Outlook
- Continued execution on our mission as we grew customer relationships and loan balances
- Expanding our footprint via the KansasLand Bancshares, Inc. acquisition
- Well positioned to facilitate both organic growth and strategic M&A
- Have the teams, the processes and the experience to be the premier community bank in our geography