Equity Bancshares Q4 2020 Earnings Report

Equity Bancshares reported fourth quarter results, including the acquisition of Almena State Bank's assets and deposits, and the origination of Main Street Lending Program loans.

Key Takeaways

Equity Bancshares, Inc. reported a net income of $12.5 million, or $0.84 per diluted share, for the fourth quarter ended December 31, 2020. The results reflect the purchase of assets and deposit liabilities of Almena State Bank and the success of Equity’s customers in obtaining forgiveness of Paycheck Protection Program (“PPP”) loans from the Small Business Administration (“SBA”) totaling $102.8 million resulting in a recognition of $3.8 million of fee income.

Equity successfully acquired assets and deposits of Almena State Bank.

Originated $282.1 million of Main Street Lending Program loans through its continued support programs during the pandemic.

Added $3.93 tangible book value per share in 2020.

Tangible book value per common share was $24.68 at December 31, 2020, as compared to $20.75 at December 31, 2019, representing an increase of 18.9% or $3.93 per share.