Equity Bancshares, Inc. Third Quarter Results Highlighted by Balance Sheet and Net Interest Margin Expansion

WICHITA, Kan.--( BUSINESS WIRE)--Equity Bancshares, Inc. (NYSE: EQBK), (“Equity”, “the Company,” “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, reported a net loss of $29.7 million or $1.55 per diluted share for the quarter ended September 30, 2025. Adjusting for pre-tax expenses associated with our merger with NBC Corp of Oklahoma ("NBC"), losses realized on the repositioning of our bond portfolio and double-count provisioning for NBC loans pre-tax income was $28.4 million. Tax effecting at 21%, adjusted net income was $22.5 million, or $1.17 per diluted share.

“Our Company continued to execute in the third quarter of 2025 as we closed and integrated our merger with NBC, announced a definitive agreement with Frontier Holdings LLC ("Frontier"), reissued subordinated debt, repositioned the remainder of our investment portfolio, and continued to service our customers and our communities," said Brad S. Elliott, Chairman and CEO of Equity. “Our accomplishments in the quarter and throughout 2025 position our Company for continued success as we execute on our mission to empower our employees, customers and communities.”

“I couldn’t be more proud of our employees and partners. Transformational quarters like these are not possible without excellent operators committing to accomplishing significant tasks,” Mr. Elliott continued. “Our teams are motivated to realize the benefits of our continued expansion efforts and to continue driving our organization forward.”

Notable Items:

Financial Results for the Quarter Ended September 30, 2025

Net loss allocable to common stockholders was $29.7 million, or $(1.55) per diluted share, as compared to net income allocable to common stockholders of $15.3 million, or $0.86 per diluted share in the prior quarter. The drivers of the periodic change are discussed in detail in the following sections. Excluding merger expenses, provisioning for acquired loan assets, and the cost realized in repositioning the bond portfolio pre-tax earnings were $28.4 million. Tax effected at 21% results in core net income of $22.5 million, or $1.17 per diluted share.

Net Interest Income

Net interest income was $62.5 million for the period, as compared to $49.8 million in the previous quarter. The increase was primarily driven by the addition of assets from the NBC merger which closed on July 2, 2025. The repositioning of investments was completed in the second half of the quarter, with benefits expected to be fully realized in future periods.

Average interest-bearing liabilities as a percentage of average interest earning assets declined to 74.2%, while total average interest earning assets increased $783.2 million during the quarter. Yield on interest earning assets increased by 27 basis points, while cost of interest bearing liabilities increased 3 basis points, both primarily attributable to the acquisition of NBC.

Provision for Credit Losses

During the quarter, there was a provision of $6.2 million compared to $19 thousand in the previous quarter. The primary driver of the periodic change was the addition of non-purchased credit deteriorated loans from the NBC merger. As of the end of the quarter, these loans had balances of $631.2 million and contributed $6.2 million to the allowance for credit losses all of which required funding through provision in the quarter. Exclusive of these assets there would not have been any provisioning during the quarter as charge-offs were predominantly on loans with specific reserves at the end of the previous quarter and loan balances were materially consistent.

During the quarter, the bank realized net charge-offs of $1.1 million as compared to $573 thousand, realizing an annualized ratio of charge-offs to average loans of 10 basis points. Year to date, the bank has realized net charge-offs $1.8 million or 6 basis points of average loans on an annualized basis.

At the close of the quarter, the ratio of allowance for credit losses to gross loans held for investment was 1.25%. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by trade policy, elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses.

Non-Interest Income

Total non-interest income for the quarter included a loss of $53.4 million on the sale of securities related to our repositioning during the quarter. Excluding this amount, adjusted non-interest income was $8.9 million for the quarter, as compared to $8.6 million linked quarter an increase of $296 thousand, or 3.5%. The periodic change was driven by the addition of NBC during the quarter and realized in service revenues including treasury, debit card, credit card, mortgage and trust and wealth management.

Non-Interest Expense

Total non-interest expense for the quarter was $49.1 million as compared to $40.0 million for the previous quarter. Adjusting for merger expenses in both periods, non-interest expense increased $3.3 million, or 8.3%. The increase during the period is primarily attributable to the addition of NBC at the beginning of the quarter. System conversions for NBC took place at the end of August. Exclusive of merger expenses, annualized non-interest expense as a percentage of average assets declined 20 basis points to 2.8%.

Also included in non-interest expense for the quarter were losses related to the disposition of other real estate owned totaling $777 thousand.

Income Tax Expense

At September 30, 2025, the effective tax rate for the quarter was 20.5% as compared to a rate of 16.9% for the quarter ended June 30, 2025. The year-to-date tax rate is not meaningful through September 30, 2025 compared to 18.6% at June 30, 2025.

The increase in the quarter over quarter tax rate (indicating a greater tax benefit with a pre-tax loss) was the result of additional tax benefits associated with the loss on the sale of bonds, generating pre-tax losses in the current quarter in conjunction with the reversal of tax expense booked in previous quarters offset by return to provision adjustments related to the 2024 federal income tax return. The anticipated tax rate for the full year with the loss on the sale of the bonds is anticipated to be between 17% and 19%.

Loans, Total Assets and Funding

Loans held for investment were $4.3 billion at period end, increasing $667.9 million during the quarter. At merger close, NBC contributed loans held for investment of $664.6 million. Excluding these balances, loan held for investment grew $3.3 million in the quarter and $103.3 million year to date. Total assets closed the quarter at $6.4 billion, a $982.4 million increase from prior quarter end.

Total deposit balances closed the quarter at $5.1 billion as compared to $4.2 billion as of the previous quarter end, an increase of $859.9 million, or 20.3%. NBC contributed balances of $808.0 million as of the close date and brokered deposits increased $14.6 million. Excluding these items, organic deposit growth during the quarter was $37.3 million. Brokered deposits closed the quarter at 3.0% of total deposits down from 3.3% linked quarter.

Asset Quality

Nonperforming assets were $52.6 million, or 0.8% of total assets, compared to $45.7 million as of the end of the previous quarter, or 0.9% of total assets. Non-accrual loans were $48.6 million, as compared to $42.6 million at the end of the previous quarter. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $82.9 million, or 12.4% of regulatory capital, up from $71.0 million, or 11.4% of regulatory capital as of the end of the previous quarter. The periodic increase in nonaccrual and classified assets is attributable to our acquisition of NBC, contributing $7.0 million in nonaccrual balances and $16.7 million in classified assets.

Capital

Quarter over quarter, book capital increased $76.3 million to $711.9 million. The increase is reflective of the capital issued to facilitate the NBC transaction in addition to current period earnings exclusive of losses realized on the repositioning of our investment portfolio. Tangible book value and Tangible book value per share closed the quarter at $605.6 million and $31.69, down from $32.17 linked quarter. The decline reflects the impact of the NBC transaction.

The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 12.9%, the total capital to risk-weighted assets was 16.1% and the total leverage ratio was 10.4% at September 30, 2025. At June 30, 2025, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 15.0%, the total capital to risk-weighted assets ratio was 16.8% and the total leverage ratio was 12.1%.

Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 13.2%, total capital to risk-weighted assets was 14.3% and the total leverage ratio was 10.3% at September 30, 2025. At June 30, 2025, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 14.4%, the ratio of total capital to risk-weighted assets was 15.6% and the total leverage ratio was 11.1%.

Non-GAAP Financial Measures

In addition to evaluating the Company’s results of operations in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial condition and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company’s GAAP financial information.

The efficiency ratio is a common comparable metric used by banks to understand the expense structure relative to total revenue. In other words, for every dollar of total revenue recognized, how much of that dollar is expended. To improve the comparability of the ratio to our peers, non-core items are excluded. To improve transparency and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.

Core income calculations are a non-GAAP measure that management believes is an effective alternative measure of how efficiently the company utilizes its asset base. Core income is calculated by adjusting GAAP income by non-core gains and losses and excluding non-core expenses, net of tax, as outlined in the table below. We calculate (a) core net income (loss) allocable to common stockholders plus merger expenses, tax effected non-core items, goodwill impairment and BOLI tax adjustment, less gain (loss) from securities transactions; (b) adjusted operating net income as net income (loss) allocable to common stockholders plus adjusted non-core items, tax effected non-core items and BOLI tax adjustments

Core return on average assets before income tax provision and provision for loan losses is a measure that the Company uses to understand fundamental operating performance before these expenses. Used as a ratio relative to average assets, we believe it demonstrates “core” performance and can be viewed as an alternative measure of how efficiently the Company services its asset base. Used as a ratio relative to average equity, it can function as an alternative measure of the Company’s earnings performance in relationship to its equity.

Core return on average equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate by taking core net income allocable to common stockholders divided by a simple average of net income and core net income plus average stockholders' equity. For return on average equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

Core earnings per share is a non-GAAP financial measures we calculate by taking GAAP net income less non-core impacts to net income to arrive at core net income and core diluted earnings per share. This financial measure is used by financial statement users to evaluate the core financial performance of the Company

Tangible common equity and related measures are non-GAAP financial measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These financial measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors.

The Company believes that disclosing these non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 6 in the following press release tables.

Conference Call and Webcast

Equity’s Chairman and Chief Executive Officer, Brad Elliott, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast to discuss third quarter results on Wednesday, October 15, 2025, at 10 a.m. eastern time or 9 a.m. central time.

Those wishing to participate in the conference call should call the applicable number below and reference the Access Code below.

United States (Local): +1 646 844 6383

United States (Toll-Free): +1 833 470 1428

Global Dial-In Numbers

Access Code: 090340

To eliminate wait times, conference call participants may pre-register using this registration link. After registering, a confirmation with access details will be sent via email.

A replay of the call and webcast will be available two hours following the close of the call until October 31, 2025, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/114655136

About Equity Bancshares, Inc.

Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the New York Stock Exchange. under the symbol “EQBK.” Learn more at www.equitybank.com.

Special Note Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “positioned,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; the possibility that the expected benefits related to the proposed transaction with Frontier Bank (“Frontier”) may not materialize as expected; the proposed transaction not being timely completed, if completed at all; prior to the completion of the proposed transaction, the business of Frontier experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities, difficulty retaining key employees; the ability to obtain regulatory approval of the Frontier transactions; and the ability to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; and similar variables. The foregoing list of factors is not exhaustive.

For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2025, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue.

Important Additional Information

In connection with the proposed merger of Equity and Frontier, Equity intends to file with the SEC a registration statement on Form S-4 to register the shares of Equity’s common stock to be issued to the members of Frontier. The registration statement will include a proxy statement/prospectus, which will be sent to the members of Frontier seeking their approval of the proposed transaction.

WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT EQUITY, FRONTIER AND THE PROPOSED TRANSACTION.

The documents filed by Equity with the SEC may be obtained free of charge at Equity’s investor relations website at investor.equitybank.com or at the SEC’s website at www.sec.gov. Alternatively, these documents, when available, can be obtained free of charge from Equity upon written request to Equity Bancshares, Inc., Attn: Investor Relations, 7701 East Kellogg Drive, Suite 300, Wichita, Kansas 67207 or by calling (316) 612-6000.

No Offer or Solicitation

This press release shall not constitute an offer to sell, a solicitation of an offer to sell, or the solicitation or an offer to buy any securities. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirement of Section 10 of the Securities Act of 1933, as amended.

Unaudited Financial Tables

TABLE 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share data)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Interest and dividend income

Loans, including fees

76,911

62,089

202,776

182,436

Securities, taxable

9,416

9,809

27,351

29,862

Securities, nontaxable

307

400

1,042

1,192

Federal funds sold and other

4,464

2,667

8,800

8,374

Total interest and dividend income

91,098

74,965

239,969

221,864

Interest expense

Deposits

24,990

23,679

64,457

69,196

Federal funds purchased and retail repurchase agreements

263

261

730

893

Federal Home Loan Bank advances

1,741

3,089

6,881

8,022

Federal Reserve Bank borrowings

—

1,361

Subordinated debt

1,619

1,905

5,322

5,703

Total interest expense

28,613

28,934

77,390

85,175

Net interest income

62,485

46,031

162,579

136,689

Provision (reversal) for credit losses

6,228

1,183

8,969

2,448

Net interest income after provision (reversal) for credit losses

56,257

44,848

153,610

134,241

Non-interest income

Service charges and fees

2,522

2,424

6,763

7,534

Debit card income

2,953

2,665

8,509

7,733

Mortgage banking

287

380

720

Increase in value of bank-owned life insurance

1,393

1,344

6,307

3,083

Net gain on acquisition and branch sales

—

831

—

2,131

Net gains (losses) from securities transactions

(53,352

)

206

(53,328

)

222

Other

1,943

1,560

5,809

8,583

Total non-interest income

(44,479

)

9,317

(25,560

)

30,006

Non-interest expense

Salaries and employee benefits

22,773

18,494

62,462

54,418

Net occupancy and equipment

4,317

3,478

11,474

10,800

Data processing

4,887

5,152

15,028

15,016

Professional fees

1,670

1,487

4,558

4,657

Advertising and business development

1,305

1,368

3,857

3,897

Telecommunications

630

660

1,805

1,887

FDIC insurance

653

660

1,747

1,821

Courier and postage

744

686

2,377

1,912

Free nationwide ATM cost

582

544

1,642

1,569

Amortization of core deposit intangibles

1,182

1,112

3,243

3,229

Loan expense

330

143

740

447

Other real estate owned and repossessed assets, net

797

(7,667

)

1,001

(7,658

)

Loss on debt extinguishment

—

1,361

—

Merger expenses

6,163

618

6,584

4,461

Other

3,049

3,593

10,254

9,895

Total non-interest expense

49,082

30,328

128,133

106,351

Income (loss) before income tax

(37,304

)

23,837

(83

)

57,896

Provision for income taxes (benefit)

(7,641

)

3,986

(725

)

12,261

Net income (loss) and net income (loss) allocable to common stockholders

(29,663

)

19,851

642

45,635

Basic earnings (loss) per share

(1.55

)

1.30

0.04

2.98

Diluted earnings (loss) per share

(1.55

)

1.28

0.04

2.95

Weighted average common shares

19,129,726

15,258,822

18,051,688

15,310,888

Weighted average diluted common shares

19,129,726

15,497,446

18,201,716

15,467,930

TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share data)

As of and for the Three Months Ended

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

Interest and dividend income

Loans, including fees

76,911

62,868

62,997

63,379

62,089

Securities, taxable

9,416

8,821

9,114

9,229

9,809

Securities, nontaxable

307

358

377

387

400

Federal funds sold and other

4,464

2,140

2,196

1,984

2,667

Total interest and dividend income

91,098

74,187

74,684

74,979

74,965

Interest expense

Deposits

24,990

20,090

19,377

21,213

23,679

Federal funds purchased and retail repurchase agreements

263

219

248

258

261

Federal Home Loan Bank advances

1,741

2,224

2,916

2,158

3,089

Subordinated debt

1,619

1,852

1,851

1,877

1,905

Total interest expense

28,613

24,385

24,392

25,506

28,934

Net interest income

62,485

49,802

50,292

49,473

46,031

Provision (reversal) for credit losses

6,228

2,722

1,183

Net interest income after provision (reversal) for credit losses

56,257

49,783

47,570

49,375

44,848

Non-interest income

Service charges and fees

2,522

2,177

2,064

2,296

2,424

Debit card income

2,953

3,052

2,504

2,513

2,665

Mortgage banking

212

106

141

287

Increase in value of bank-owned life insurance

1,393

1,321

3,593

1,883

1,344

Net gain on acquisition and branch sales

—

831

Net gains (losses) from securities transactions

(53,352

)

206

Other

1,943

1,815

2,051

1,985

1,560

Total non-interest income

(44,479

)

8,589

10,330

8,816

9,317

Non-interest expense

Salaries and employee benefits

22,773

19,735

19,954

18,368

18,494

Net occupancy and equipment

4,317

3,482

3,675

3,571

3,478

Data processing

4,887

5,055

5,086

4,988

5,152

Professional fees

1,670

1,361

1,527

1,846

1,487

Advertising and business development

1,305

1,208

1,344

1,469

1,368

Telecommunications

630

588

587

614

660

FDIC insurance

653

464

630

662

660

Courier and postage

744

834

799

687

686

Free nationwide ATM cost

582

547

513

558

544

Amortization of core deposit intangibles

1,182

1,016

1,045

1,060

1,112

Loan expense

330

281

129

154

143

Other real estate owned and repossessed assets, net

797

103

101

133

(7,667

)

Loss on debt extinguishment

—

1,361

—

Merger expenses

6,163

355

—

618

Other

3,049

3,611

3,594

3,696

3,593

Total non-interest expense

49,082

40,001

39,050

37,806

30,328

Income (loss) before income tax

(37,304

)

18,371

18,850

20,385

23,837

Provision for income taxes (benefit)

(7,641

)

3,107

3,809

3,399

3,986

Net income (loss) and net income (loss) allocable to common stockholders

(29,663

)

15,264

15,041

16,986

19,851

Basic earnings (loss) per share

(1.55

)

0.87

0.86

1.06

1.30

Diluted earnings (loss) per share

(1.55

)

0.86

0.85

1.04

1.28

Weighted average common shares

19,129,726

17,524,296

17,490,062

16,020,938

15,258,822

Weighted average diluted common shares

19,129,726

17,651,298

17,666,834

16,262,965

15,451,545

TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands)

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

ASSETS

Cash and due from banks

699,165

365,957

431,131

383,503

217,681

Federal funds sold

245

247

251

244

17,802

Cash and cash equivalents

699,410

366,204

431,382

383,747

235,483

Interest-bearing time deposits in other banks

574

—

Available-for-sale securities

903,858

973,402

950,453

1,004,455

1,041,000

Held-to-maturity securities

5,243

5,236

5,226

5,217

5,408

Loans held for sale

617

217

338

513

901

Loans, net of allowance for credit losses (1)

4,215,118

3,555,458

3,585,804

3,457,549

3,557,435

Other real estate owned, net

3,147

4,621

4,464

4,773

2,786

Premises and equipment, net

132,857

117,533

117,041

117,132

117,013

Bank-owned life insurance

146,891

133,638

132,317

133,032

131,670

Federal Reserve Bank and Federal Home Loan Bank stock

33,713

34,835

31,960

27,875

34,429

Interest receivable

34,751

26,243

26,791

28,913

28,398

Goodwill

77,573

53,101

Core deposit intangibles, net

22,895

12,908

13,924

14,969

16,029

Other

79,540

90,441

93,299

100,771

131,580

Total assets

6,356,187

5,373,837

5,446,100

5,332,047

5,355,233

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits

Demand

1,147,201

912,898

949,791

954,065

967,858

Total non-interest-bearing deposits

1,147,201

912,898

949,791

954,065

967,858

Demand, savings and money market

2,882,625

2,494,285

2,614,110

2,684,197

2,468,956

Time

1,064,943

827,735

841,463

736,527

926,130

Total interest-bearing deposits

3,947,568

3,322,020

3,455,573

3,420,724

3,395,086

Total deposits

5,094,769

4,234,918

4,405,364

4,374,789

4,362,944

Federal funds purchased and retail repurchase agreements

42,220

36,420

36,772

37,246

38,196

Federal Home Loan Bank advances and Federal Reserve Bank borrowings

341,378

383,676

236,734

178,073

295,997

Subordinated debt

98,174

24,125

97,620

97,477

97,336

Contractual obligations

16,664

17,289

9,398

12,067

19,683

Interest payable and other liabilities

51,090

41,773

42,888

39,477

37,039

Total liabilities

5,644,295

4,738,201

4,828,776

4,739,129

4,851,195

Commitments and contingent liabilities

Stockholders’ equity

Common stock

249

231

230

209

Additional paid-in capital

658,481

587,547

586,251

584,424

494,763

Retained earnings

186,718

219,876

207,282

194,920

180,588

Accumulated other comprehensive income (loss), net of tax

4,720

(40,269

)

(44,965

)

(55,181

)

(40,012

)

Treasury stock

(138,276

)

(131,749

)

(131,475

)

(131,475

)

(131,510

)

Total stockholders’ equity

711,892

635,636

617,324

592,918

504,038

Total liabilities and stockholders’ equity

6,356,187

5,373,837

5,446,100

5,332,047

5,355,233

(1) Allowance for credit losses

53,469

45,270

45,824

43,267

43,490

TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)

(Dollars in thousands, except per share data)

As of and for the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2025

2024

Loans Held For Investment by Type

Commercial real estate

2,216,180

1,854,294

1,863,200

1,830,514

1,916,863

Commercial and industrial

907,439

753,339

762,906

658,865

670,665

Residential real estate

590,598

565,755

563,954

566,766

567,063

Agricultural real estate

272,087

226,125

260,683

267,248

259,587

Agricultural

174,517

94,981

94,199

87,339

89,529

Consumer

107,766

106,234

86,686

90,084

97,218

Total loans held-for-investment

4,268,587

3,600,728

3,631,628

3,500,816

3,600,925

Allowance for credit losses

(53,469

)

(45,270

)

(45,824

)

(43,267

)

(43,490

)

Net loans held for investment

4,215,118

3,555,458

3,585,804

3,457,549

3,557,435

Asset Quality Ratios

Allowance for credit losses on loans to total loans

1.25

1.26

1.24

1.21

Past due or nonaccrual loans to total loans

1.55

1.65

1.17

1.14

1.17

Nonperforming assets to total assets

0.83

0.85

0.51

0.65

0.60

Nonperforming assets to total loans plus other real estate owned

1.23

1.27

0.77

0.99

0.90

Classified assets to bank total regulatory capital

12.37

11.39

10.24

12.00

8.32

Selected Average Balance Sheet Data (QTD Average)

Investment securities

915,928

961,869

993,836

1,012,698

1,055,833

Total gross loans receivable

4,247,338

3,630,981

3,575,230

3,525,765

3,475,885

Interest-earning assets

5,574,815

4,791,664

4,771,972

4,716,295

4,731,927

Total assets

6,084,961

5,206,950

5,212,417

5,163,166

5,205,017

Interest-bearing deposits

3,838,731

3,264,599

3,221,130

3,280,592

3,309,202

Borrowings

300,402

350,747

418,138

340,042

395,190

Total interest-bearing liabilities

4,139,133

3,615,346

3,639,268

3,620,634

3,704,392

Total deposits

5,004,830

4,183,473

4,143,151

4,243,159

4,275,424

Total liabilities

5,369,642

4,579,847

4,606,500

4,629,939

4,719,549

Total stockholders' equity

715,319

627,103

605,917

533,227

485,468

Tangible common equity *

620,273

554,697

533,528

463,657

414,644

Performance ratios

Return on average assets (ROAA) annualized

(1.93

1.18

1.17

1.31

1.52

Return on average equity (ROAE) annualized

(16.45

9.76

10.07

12.67

16.27

Return on average tangible common equity (ROATCE) annualized *

(18.31

11.69

12.12

15.30

19.92

Yield on loans annualized

7.18

6.94

7.15

7.11

Cost of interest-bearing deposits annualized

2.58

2.47

2.44

2.57

2.85

Cost of total deposits annualized

1.98

1.93

1.90

1.99

2.20

Net interest margin annualized

4.45

4.17

4.27

4.17

3.87

Efficiency ratio *

58.31

63.62

62.43

63.02

52.59

Non-interest income / average assets

(2.90

0.66

0.80

0.68

0.71

Non-interest expense / average assets

3.20

3.08

3.04

2.91

2.32

Dividend payout ratio

(11.78

17.49

17.81

15.62

11.74

Performance ratios - Core

Core earnings per diluted share *

1.21

0.99

0.90

1.10

1.32

Core return on average assets *

1.51

1.35

1.24

1.37

1.56

Core return on average equity *

12.47

11.18

10.69

13.29

16.73

Core return on average tangible common equity *

14.30

12.64

12.14

15.29

19.58

Core non-interest expense / average assets *

2.71

2.86

2.94

2.83

2.18

Capital Ratios

Tier 1 Leverage Ratio

10.41

12.07

11.76

11.67

9.55

Common Equity Tier 1 Capital Ratio

12.87

15.07

14.70

14.51

11.37

Tier 1 Risk Based Capital Ratio

13.38

15.67

15.30

15.11

11.94

Total Risk Based Capital Ratio

16.12

16.84

18.32

18.07

14.78

Total stockholders' equity to total assets

11.20

11.83

11.34

11.12

9.41

Tangible common equity to tangible assets *

9.69

10.63

10.13

9.95

8.21

Book value per common share

37.25

36.27

35.23

34.04

32.97

Tangible book value per common share *

31.69

32.17

31.07

30.07

28.38

Tangible book value per diluted common share *

31.41

31.89

30.80

29.70

28.00

* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 8. Non-GAAP Financial Measures.

TABLE 5. YEAR-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

For the Nine Months Ended

September 30, 2025

September 30, 2024

Average

Outstanding

Balance

Interest

Income/

Expense

Average

Yield/Rate (3)(4)

Average

Outstanding

Balance

Interest

Income/

Expense

Average

Yield/Rate (3)(4)

Interest-earning assets

Loans (1)

Commercial and industrial

790,372

46,479

7.86

643,213

38,408

7.98

Commercial real estate

1,528,190

81,363

7.12

1,400,385

73,339

7.00

Real estate construction

475,225

28,028

7.89

400,317

26,350

8.79

Residential real estate

569,279

20,437

4.80

579,818

19,935

4.59

Agricultural real estate

255,618

15,153

7.93

218,334

11,777

7.21

Agricultural

103,685

6,379

8.23

116,520

7,398

8.48

Consumer

97,943

4,937

6.74

104,098

5,229

6.71

Total loans

3,820,312

202,776

7.10

3,462,685

182,436

7.04

Securities

Taxable securities

906,754

27,351

4.03

1,004,367

29,862

3.97

Nontaxable securities

50,171

1,042

2.78

60,903

1,192

2.62

Total securities

956,925

28,393

3.97

1,065,270

31,054

3.89

Federal funds sold and other

271,854

8,800

4.33

211,961

8,374

5.28

Total interest-earning assets

5,049,091

239,969

6.35

4,739,916

221,864

6.25

Interest-bearing liabilities

Demand, savings and money market deposits

2,627,001

43,152

2.20

2,535,852

48,090

2.53

Time deposits

816,748

21,305

3.49

765,800

21,106

3.68

Total interest-bearing deposits

3,443,749

64,457

2.50

3,301,652

69,196

2.80

FHLB advances

217,150

6,881

4.24

223,132

8,022

4.80

Other borrowings

138,847

6,052

5.83

188,652

7,957

5.63

Total interest-bearing liabilities

3,799,746

77,390

2.72

3,713,436

85,175

3.06

Net interest income

162,579

136,689

Interest rate spread

3.63

3.19

Net interest margin (2)

4.31

3.85

(1) Average loan balances include nonaccrual loans.

(2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period.

(3) Tax exempt income is not included in the above table on a tax-equivalent basis.

(4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts.

TABLE 6. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

For the Three Months Ended

September 30, 2025

September 30, 2024

Average

Outstanding

Balance

Interest

Income/

Expense

Average

Yield/Rate (3)(4)

Average

Outstanding

Balance

Interest

Income/

Expense

Average

Yield/Rate (3)(4)

Interest-earning assets

Loans (1)

Commercial and industrial

934,768

18,234

7.74

659,697

13,213

7.97

Commercial real estate

1,745,714

31,729

7.21

1,351,407

24,196

7.12

Real estate construction

505,345

10,109

7.94

442,857

9,732

8.74

Residential real estate

575,341

6,849

4.72

578,702

6,912

4.75

Agricultural real estate

245,017

5,165

8.36

251,595

4,365

6.90

Agricultural

132,095

2,981

8.95

91,500

1,906

8.29

Consumer

109,058

1,844

6.71

100,127

1,765

7.01

Total loans

4,247,338

76,911

7.18

3,475,885

62,089

7.11

Securities

Taxable securities

875,586

9,416

4.27

995,713

9,809

3.92

Nontaxable securities

40,342

307

3.02

60,120

400

2.65

Total securities

915,928

9,723

4.21

1,055,833

10,209

3.85

Federal funds sold and other

411,549

4,464

4.30

200,209

2,667

5.30

Total interest-earning assets

5,574,815

91,098

6.48

4,731,927

74,965

6.30

Interest-bearing liabilities

Demand, savings and money market deposits

2,876,118

16,394

2.26

2,555,916

16,484

2.57

Time deposits

962,613

8,596

3.54

753,286

7,195

3.80

Total interest-bearing deposits

3,838,731

24,990

2.58

3,309,202

23,679

2.85

FHLB advances

168,011

1,741

4.11

252,751

3,089

4.86

Other borrowings

132,391

1,882

5.64

142,439

2,166

6.05

Total interest-bearing liabilities

4,139,133

28,613

2.74

3,704,392

28,934

3.11

Net interest income

62,485

46,031

Interest rate spread

3.74

3.19

Net interest margin (2)

4.45

3.87

(1) Average loan balances include nonaccrual loans.

(2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period.

(3) Tax exempt income is not included in the above table on a tax-equivalent basis.

TABLE 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)

(Dollars in thousands)

For the Three Months Ended

September 30, 2025

June 30, 2025

Average

Outstanding

Balance

Interest

Income/

Expense

Average

Yield/Rate (3)(4)

Average

Outstanding

Balance

Interest

Income/

Expense

Average

Yield/Rate (3)(4)

Interest-earning assets

Loans (1)

Commercial and industrial

934,768

18,234

7.74

743,538

13,922

7.51

Commercial real estate

1,745,714

31,729

7.21

1,411,211

25,042

7.12

Real estate construction

505,345

10,109

7.94

461,898

9,117

7.92

Residential real estate

575,341

6,849

4.72

566,719

6,873

4.86

Agricultural real estate

245,017

5,165

8.36

257,947

4,574

7.11

Agricultural

132,095

2,981

8.95

93,539

1,732

7.43

Consumer

109,058

1,844

6.71

96,129

1,608

6.71

Total loans

4,247,338

76,911

7.18

3,630,981

62,868

6.94

Securities

Taxable securities

875,586

9,416

4.27

908,331

8,821

3.89

Nontaxable securities

40,342

307

3.02

53,538

358

2.68

Total securities

915,928

9,723

4.21

961,869

9,179

3.83

Federal funds sold and other

411,549

4,464

4.30

198,814

2,140

4.32

Total interest-earning assets

5,574,815

91,098

6.48

4,791,664

74,187

6.21

Interest-bearing liabilities

Demand savings and money market deposits

2,876,118

16,394

2.26

2,473,274

13,177

2.14

Time deposits

962,613

8,596

3.54

791,325

6,913

3.50

Total interest-bearing deposits

3,838,731

24,990

2.58

3,264,599

20,090

2.47

FHLB advances

168,011

1,741

4.11

210,224

2,224

4.24

Other borrowings

132,391

1,882

5.64

140,523

2,071

5.91

Total interest-bearing liabilities

4,139,133

28,613

2.74

3,615,346

24,385

2.71

Net interest income

62,485

49,802

Interest rate spread

3.74

3.50

Net interest margin (2)

4.45

4.17

(1) Average loan balances include nonaccrual loans.

(2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period.

(3) Tax exempt income is not included in the above table on a tax-equivalent basis.

TABLE 8. NON-GAAP FINANCIAL MEASURES (Unaudited)

(Dollars in thousands, except per share data)

As of and for the Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

2025

2024

Total stockholders' equity

711,892

635,636

617,324

592,918

504,038

Goodwill

(77,573

)

(53,101

)

(53,101

)

(53,101

)

(53,101

)

Core deposit intangibles, net

(22,895

)

(12,908

)

(13,924

)

(14,969

)

(16,029

)

Naming rights, net

(5,778

)

(5,852

)

(5,926

)

(957

)

(968

)

Tangible common equity

605,646

563,775

544,373

523,891

433,940

Common shares outstanding at period end

19,111,084

17,527,191

17,522,994

17,419,858

15,288,309

Diluted common shares outstanding at period end

19,279,741

17,680,489

17,673,132

17,636,843

15,497,466

Book value per common share

37.25

36.27

35.23

34.04

32.97

Tangible book value per common share

31.69

32.17

31.07

30.07

28.38

Tangible book value per diluted common share

31.41

31.89

30.80

29.70

28.00

Total assets

6,356,187

5,373,837

5,446,100

5,332,047

5,355,233

Goodwill

(77,573

)

(53,101

)

(53,101

)

(53,101

)

(53,101

)

Core deposit intangibles, net

(22,895

)

(12,908

)

(13,924

)

(14,969

)

(16,029

)

Naming rights, net

(5,778

)

(5,852

)

(5,926

)

(957

)

(968

)

Tangible assets

6,249,941

5,301,976

5,373,149

5,263,020

5,285,135

Total stockholders' equity to total assets

11.20

11.83

11.34

11.12

9.41

Tangible common equity to tangible assets

9.69

10.63

10.13

9.95

8.21

Total average stockholders' equity

715,319

627,103

605,917

533,227

485,468

Average intangible assets

(95,046

)

(72,406

)

(72,389

)

(69,570

)

(70,824

)

Average tangible common equity

620,273

554,697

533,528

463,657

414,644

Net income (loss) allocable to common stockholders

(29,663

)

15,264

15,041

16,986

19,851

Net gain on acquisition

—

(831

)

Net gain (loss) on securities transactions

53,352

(12

)

(12

)

(206

)

Merger expenses

6,163

355

—

618

Loss on debt extinguishment

—

1,361

—

Day 2 Merger provision

6,228

—

Amortization of intangible assets

1,312

1,145

1,144

1,071

1,148

Tax effect of adjustments

(14,082

)

(598

)

(252

)

(225

)

(153

)

Core net income (loss) allocable to common stockholders

23,310

17,515

15,987

17,834

20,427

Return on total average stockholders' equity (ROAE) annualized

(16.45

9.76

10.07

12.67

16.27

Average tangible common equity

620,273

554,697

533,528

463,657

414,644

Average impact from core earnings adjustments

26,487

1,126

473

424

288

Core average tangible common equity

646,760

555,823

534,001

464,081

414,932

Return on average tangible common equity (ROATCE) annualized

(18.31

11.69

12.12

15.30

19.92

Core return on average tangible common equity (CROATCE) annualized

14.30

12.64

12.14

15.29

19.58

Non-interest expense

49,082

40,001

39,050

37,806

30,328

Merger expense

(6,163

)

(355

)

(66

)

—

(618

)

Amortization of intangible assets

(1,312

)

(1,145

)

(1,144

)

(1,071

)

(1,148

)

Loss on debt extinguishment

—

(1,361

)

—

Adjusted non-interest expense

41,607

37,140

37,840

36,735

28,562

Net interest income

62,485

49,802

50,292

49,473

46,031

Non-interest income

(44,479

)

8,589

10,330

8,816

9,317

Net gain on acquisition and branch sales

—

(831

)

Net gains (losses) from securities transactions

53,352

(12

)

(12

)

(206

)

Adjusted non-interest income

8,873

8,577

10,318

8,818

8,280

Net interest income plus adjusted non-interest income

71,358

58,379

60,610

58,291

54,311

Non-interest expense to net interest income plus non-interest income

272.59

68.51

64.42

64.86

54.80

Efficiency ratio

58.31

63.62

62.43

63.02

52.59

Total average assets

6,084,961

5,206,950

5,212,417

5,163,166

5,205,017

Core non-interest expense to average assets

2.71

2.86

2.94

2.83

2.18

Net income (loss) allocable to common stockholders

(29,663

)

15,264

15,041

16,986

19,851

Amortization of intangible assets

1,312

1,145

1,144

1,071

1,148

Tax effect of adjustments

(276

)

(240

)

(240

)

(225

)

(241

)

Adjusted net income allocable to common stockholders

(28,627

)

16,169

15,945

17,832

20,758

Net gain on acquisition

—

(831

)

Net gain (loss) on securities transactions

53,352

(12

)

(12

)

(206

)

Merger expenses

6,163

355

—

618

Loss on debt extinguishment

—

1,361

—

Day 2 Merger provision

6,228

—

Tax effect of adjustments

(13,806

)

(358

)

(12

)

—

Core net income (loss) allocable to common stockholders

23,310

17,515

15,987

17,834

20,427

Total average assets

6,084,961

5,206,950

5,212,417

5,163,166

5,205,017

Total average stockholders' equity

715,319

627,103

605,917

533,227

485,468

Weighted average diluted common shares

19,129,726

17,651,298

17,666,834

16,262,965

15,451,545

Diluted earnings (loss) per share

(1.55

)

0.86

0.85

1.04

1.28

Core earnings per diluted share

1.21

0.99

0.90

1.10

1.32

Return on average assets (ROAA) annualized

(1.93

1.18

1.17

1.31

1.52

Core return on average assets

1.51

1.35

1.24

1.37

1.56

Return on average equity

(16.45

9.76

10.07

12.67

16.27

Core return on average equity

12.47

11.18

10.69

13.29

16.73