Equity Bancshares, Inc. Fourth Quarter Results Highlighted by Earnings 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 net income of $22.1 million or $1.15 per diluted share for the quarter ended December 31, 2025. Adjusting for pre-tax expenses associated with our acquisitions of NBC Corp of Oklahoma (“NBC”) and Frontier Holdings LLC (“Frontier”), tax effected at 21%, net income was $23.2 million, or $1.21 per share.

“Our teams are motivated to make Equity the premier community bank in the communities we serve, as well as the premier merger partner for like-minded organizations across our footprint.” -Brad Elliott, Equity Chairman & CEO

“2025 has been a transformative year for our Company and the fourth quarter was no exception,” said Brad S. Elliott, Chairman and CEO of Equity. “Our teams continued to integrate our newly expanded Oklahoma footprint, worked to position the balance sheet, locations and operational teams for our acquisition of Frontier, which closed on January 1, 2026 marking our entry into the state of Nebraska, while also continuing to provide exceptional products and services to our customers and communities.”

“I couldn’t be more proud of our employees and partners. Years like these are not possible without excellent operators committing to accomplishing significant tasks,” Mr. Elliott continued. “Our teams are motivated to make Equity the premier community bank in the communities we serve, as well as the premier merger partner for like-minded organizations across our footprint.”

Notable Items:

Financial Results for the Quarter Ended December 31, 2025

Net income allocable to common stockholders was $22.1 million, or $1.15 per diluted share, as compared to net loss allocable to common stockholders of $29.7 million, or $(1.55) per diluted share in the prior quarter. The drivers of the periodic change are discussed in detail in the following sections.

Net Interest Income

Net interest income was $63.5 million for the period, as compared to $62.5 million in the previous quarter. Purchase accounting accretion and benefits on previously non-accruing loans was materially flat quarter over quarter. Loan purchase accounting contributed 16 basis points to margin in the quarter.

Average interest-earning assets increased 1.20% during the quarter to $5.6 billion. The yield on interest-earning assets decreased 9 basis points while the cost of interest bearing liabilities declined by 15 basis points. The comparative improved performance in interest-earning asset yields was partially offset by a modest increase in interest-bearing liabilities as a percentage of interest-earning assets to 75.1%.

Provision for Credit Losses

During the quarter, there was not a material provision compared to $6.2 million in the previous quarter. In the previous quarter, provisioning was driven by the addition of NBC assets and the related reserve requirement.

During the quarter, we realized net charge-offs of $697 thousand as compared to $1.1 million, realizing an annualized ratio of charge-offs to average loans of 7 basis points. For the year, we realized net charge-offs of $2.5 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 1.26%. 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 was $9.5 million, as compared to $8.9 million for the linked quarter when adjusted to exclude a loss of $53.4 million on the sale of securities related to our repositioning during that period, an increase of $659 thousand, or 7.4%. The periodic change was driven by increased mortgage production and benefit from the resolution of a previously sold government guaranteed loan.

Non-Interest Expense

Total non-interest expense for the quarter was $46.6 million as compared to $49.1 million for the previous quarter. Adjusting for merger expenses in both periods, non-interest expense increased $2.2 million, or 5.1%. The increase during the period is primarily attributable to the recognition of a $1.0 million reserve for settlement costs related to ongoing overdraft litigation as well as a comparative change of $1.2 million in the reserve for unfunded commitments. Exclusive of merger expenses, the litigation accrual and provisioning for unfunded commitments in both periods annualized non-interest expense as a percentage of average assets declined 2 basis points, closing the quarter at 2.8%.

Income Tax Expense

At December 31, 2025, the effective tax rate for the quarter was 16.6% as compared to a rate of 20.5% for the quarter ended September 30, 2025. The full year tax rate at December 31, 2025, was 13.9%. The year-to-date tax rate at September 30, 2025, was not meaningful as the loss on the sale of bonds within the quarter resulted in a small year-to-date loss.

The change in the quarter over quarter tax rate is not meaningful as the third quarter tax rate was the result of loss recognized in the quarter related to the sale of bonds compared to net income recognized in the fourth quarter.

Loans, Total Assets and Funding

Loans held for investment were $4.2 billion at period end, decreasing $70.4 million during the quarter. Total assets closed the quarter at $6.4 billion, a $7.5 million decrease from prior quarter end.

Total deposit balances closed the quarter at $5.1 billion increasing $43.5 million from the previous quarter end. Brokered deposits declined $80 million and closed the quarter at 1.4% of total deposits down from 3.0% at prior quarter end.

Asset Quality

Nonperforming assets were $46.7 million, or 0.7% of total assets, compared to $52.6 million as of the end of the previous quarter, or 0.8% of total assets. Non-accrual loans were $40.3 million, as compared to $48.6 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 $83.4 million, or 12.1% of regulatory capital, materially flat to the previous quarter. The periodic decline in nonaccrual and nonperforming assets is primarily driven by the resolution of one credit acquired through our merger with NBC.

Capital

Quarter over quarter, book capital increased $20.2 million to $732.1 million. The increase is reflective of earnings and improvement in unrealized gains on the bond portfolio partially offset by dividends and share repurchases processed in the quarter. Tangible book value and tangible book value per share closed the quarter at $622.6 million and $32.86, compared to $31.69 at prior quarter end.

The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 13.1%, the total capital to risk-weighted assets was 16.3% and the total leverage ratio was 10.6% at December 31, 2025. At September 30, 2025, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 12.9%, the total capital to risk-weighted assets ratio was 16.1% and the total leverage ratio was 10.4%.

Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 13.6%, total capital to risk-weighted assets was 14.8% and the total leverage ratio was 10.6% at December 31, 2025. At September 30, 2025, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 13.24%, the ratio of total capital to risk-weighted assets was 14.3% and the total leverage ratio was 10.3%.

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 Thursday, January 22, 2026, 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: 962739

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 February 5, 2026, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/528508490

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; 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.

Unaudited Financial Tables

TABLE 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share data)

Three Months Ended

December 31,

Twelve Months ended

December 31,

2025

2024

2025

2024

Interest and dividend income

Loans, including fees

74,362

63,379

277,138

245,815

Securities, taxable

11,450

9,229

38,801

39,091

Securities, nontaxable

179

387

1,221

1,579

Federal funds sold and other

4,875

1,984

13,675

10,358

Total interest and dividend income

90,866

74,979

330,835

296,843

Interest expense

Deposits

23,998

21,213

88,455

90,409

Federal funds purchased and retail repurchase agreements

206

258

936

1,151

Federal Home Loan Bank advances

1,327

2,158

8,208

10,180

Federal Reserve Bank borrowings

—

1,361

Subordinated debt

1,833

1,877

7,155

7,580

Total interest expense

27,364

25,506

104,754

110,681

Net interest income

63,502

49,473

226,081

186,162

Provision (reversal) for credit losses

(16

)

8,953

2,546

Net interest income after provision (reversal) for credit losses

63,518

49,375

217,128

183,616

Non-interest income

Service charges and fees

2,558

2,296

9,321

9,830

Debit card income

2,905

2,513

11,414

10,246

Mortgage banking

187

141

567

861

Increase in value of bank-owned life insurance

1,410

1,883

7,717

4,966

Net gain on acquisition and branch sales

—

2,131

Net gains (losses) from securities transactions

154

)

(53,174

)

220

Other

2,318

1,985

8,127

10,568

Total non-interest income

9,532

8,816

(16,028

)

38,822

Non-interest expense

Salaries and employee benefits

22,324

18,368

84,786

72,786

Net occupancy and equipment

4,327

3,571

15,801

14,371

Data processing

5,251

4,988

20,279

20,004

Professional fees

1,909

1,846

6,467

6,503

Advertising and business development

1,371

1,469

5,228

5,366

Telecommunications

657

614

2,462

2,501

FDIC insurance

832

662

2,579

2,483

Courier and postage

858

687

3,235

2,599

Free nationwide ATM cost

562

558

2,204

2,127

Amortization of core deposit intangibles

1,260

1,060

4,503

4,289

Loan expense

150

154

890

601

Other real estate owned and repossessed assets, net

133

1,029

(7,525

)

Loss on debt extinguishment

—

1,361

—

Merger expenses

1,481

—

8,065

4,461

Other

5,577

3,696

15,831

13,591

Total non-interest expense

46,587

37,806

174,720

144,157

Income (loss) before income tax

26,463

20,385

26,380

78,281

Provision for income taxes (benefit)

4,379

3,399

3,654

15,660

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

22,084

16,986

22,726

62,621

Basic earnings (loss) per share

1.16

1.06

1.24

4.04

Diluted earnings (loss) per share

1.15

1.04

1.23

4.00

Weighted average common shares

19,021,327

16,020,938

18,296,090

15,489,370

Weighted average diluted common shares

19,235,412

16,262,965

18,456,676

15,671,674

TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share data)

As of and for the Three Months Ended

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

Interest and dividend income

Loans, including fees

74,362

76,911

62,868

62,997

63,379

Securities, taxable

11,450

9,416

8,821

9,114

9,229

Securities, nontaxable

179

307

358

377

387

Federal funds sold and other

4,875

4,464

2,140

2,196

1,984

Total interest and dividend income

90,866

91,098

74,187

74,684

74,979

Interest expense

Deposits

23,998

24,990

20,090

19,377

21,213

Federal funds purchased and retail repurchase agreements

206

263

219

248

258

Federal Home Loan Bank advances

1,327

1,741

2,224

2,916

2,158

Subordinated debt

1,833

1,619

1,852

1,851

1,877

Total interest expense

27,364

28,613

24,385

24,392

25,506

Net interest income

63,502

62,485

49,802

50,292

49,473

Provision (reversal) for credit losses

(16

)

6,228

2,722

Net interest income after provision (reversal) for credit losses

63,518

56,257

49,783

47,570

49,375

Non-interest income

Service charges and fees

2,558

2,522

2,177

2,064

2,296

Debit card income

2,905

2,953

3,052

2,504

2,513

Mortgage banking

187

212

106

141

Increase in value of bank-owned life insurance

1,410

1,393

1,321

3,593

1,883

Net gains (losses) from securities transactions

154

(53,352

)

Other

2,318

1,943

1,815

2,051

1,985

Total non-interest income

9,532

(44,479

)

8,589

10,330

8,816

Non-interest expense

Salaries and employee benefits

22,324

22,773

19,735

19,954

18,368

Net occupancy and equipment

4,327

4,317

3,482

3,675

3,571

Data processing

5,251

4,887

5,055

5,086

4,988

Professional fees

1,909

1,670

1,361

1,527

1,846

Advertising and business development

1,371

1,305

1,208

1,344

1,469

Telecommunications

657

630

588

587

614

FDIC insurance

832

653

464

630

662

Courier and postage

858

744

834

799

687

Free nationwide ATM cost

562

582

547

513

558

Amortization of core deposit intangibles

1,260

1,182

1,016

1,045

1,060

Loan expense

150

330

281

129

154

Other real estate owned and repossessed assets, net

797

103

101

133

Loss on debt extinguishment

—

1,361

—

Merger expenses

1,481

6,163

355

—

Other

5,577

3,049

3,611

3,594

3,696

Total non-interest expense

46,587

49,082

40,001

39,050

37,806

Income (loss) before income tax

26,463

(37,304

)

18,371

18,850

20,385

Provision for income taxes (benefit)

4,379

(7,641

)

3,107

3,809

3,399

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

22,084

(29,663

)

15,264

15,041

16,986

Basic earnings (loss) per share

1.16

(1.55

)

0.87

0.86

1.06

Diluted earnings (loss) per share

1.15

(1.55

)

0.86

0.85

1.04

Weighted average common shares

19,021,327

19,129,726

17,524,296

17,490,062

16,020,938

Weighted average diluted common shares

19,235,412

19,129,726

17,651,298

17,666,834

16,262,965

TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands)

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

ASSETS

Cash and due from banks

607,562

699,165

365,957

431,131

383,503

Federal funds sold

255

245

247

251

244

Cash and cash equivalents

607,817

699,410

366,204

431,382

383,747

Interest-bearing time deposits in other banks

575

574

—

Available-for-sale securities

1,030,568

903,858

973,402

950,453

1,004,455

Held-to-maturity securities

5,248

5,243

5,236

5,226

5,217

Loans held for sale

1,392

617

217

338

513

Loans, net of allowance for credit losses (1)

4,145,424

4,215,118

3,555,458

3,585,804

3,457,549

Other real estate owned, net

5,388

3,147

4,621

4,464

4,773

Premises and equipment, net

136,720

132,857

117,533

117,041

117,132

Bank-owned life insurance

148,301

146,891

133,638

132,317

133,032

Federal Reserve Bank and Federal Home Loan Bank stock

34,053

33,713

34,835

31,960

27,875

Interest receivable

33,322

34,751

26,243

26,791

28,913

Goodwill

82,101

77,573

53,101

Core deposit intangibles, net

21,634

22,895

12,908

13,924

14,969

Other

120,629

88,984

90,441

93,299

100,771

Total assets

6,373,172

6,365,631

5,373,837

5,446,100

5,332,047

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits

Demand

1,148,409

1,147,201

912,898

949,791

954,065

Total non-interest-bearing deposits

1,148,409

1,147,201

912,898

949,791

954,065

Demand, savings and money market

3,004,987

2,882,625

2,494,285

2,614,110

2,684,197

Time

984,868

1,064,943

827,735

841,463

736,527

Total interest-bearing deposits

3,989,855

3,947,568

3,322,020

3,455,573

3,420,724

Total deposits

5,138,264

5,094,769

4,234,918

4,405,364

4,374,789

Federal funds purchased and retail repurchase agreements

39,864

42,220

36,420

36,772

37,246

Federal Home Loan Bank advances and Federal Reserve Bank borrowings

300,000

341,378

383,676

236,734

178,073

Subordinated debt

98,145

98,174

24,125

97,620

97,477

Contractual obligations

10,208

16,664

17,289

9,398

12,067

Interest payable and other liabilities

54,637

60,534

41,773

42,888

39,477

Total liabilities

5,641,118

5,653,739

4,738,201

4,828,776

4,739,129

Commitments and contingent liabilities

Stockholders’ equity

Common stock

249

231

230

Additional paid-in capital

664,906

658,481

587,547

586,251

584,424

Retained earnings

205,328

186,718

219,876

207,282

194,920

Accumulated other comprehensive income (loss), net of tax

7,032

4,720

(40,269

)

(44,965

)

(55,181

)

Treasury stock

(145,461

)

(138,276

)

(131,749

)

(131,475

)

(131,475

)

Total stockholders’ equity

732,054

711,892

635,636

617,324

592,918

Total liabilities and stockholders’ equity

6,373,172

6,365,631

5,373,837

5,446,100

5,332,047

(1) Allowance for credit losses

52,756

53,469

45,270

45,824

43,267

TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)

(Dollars in thousands, except per share data)

As of and for the Three Months Ended

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

Loans Held For Investment by Type

Commercial real estate

2,226,348

2,216,180

1,854,294

1,863,200

1,830,514

Commercial and industrial

816,885

907,439

753,339

762,906

658,865

Residential real estate

582,145

590,598

565,755

563,954

566,766

Agricultural real estate

278,927

272,087

226,125

260,683

267,248

Agricultural

188,475

174,517

94,981

94,199

87,339

Consumer

105,400

107,766

106,234

86,686

90,084

Total loans held-for-investment

4,198,180

4,268,587

3,600,728

3,631,628

3,500,816

Allowance for credit losses

(52,756

)

(53,469

)

(45,270

)

(45,824

)

(43,267

)

Net loans held for investment

4,145,424

4,215,118

3,555,458

3,585,804

3,457,549

Asset Quality Ratios

Allowance for credit losses on loans to total loans

1.26

1.25

1.26

1.24

Past due or nonaccrual loans to total loans

1.53

1.55

1.65

1.17

1.14

Nonperforming assets to total assets

0.73

0.83

0.85

0.51

0.65

Nonperforming assets to total loans plus other real estate owned

1.11

1.23

1.27

0.77

0.99

Classified assets to bank total regulatory capital

12.06

12.37

11.39

10.24

12.00

Selected Average Balance Sheet Data (QTD Average)

Investment securities

937,277

915,928

961,869

993,836

1,012,698

Total gross loans receivable

4,209,562

4,247,338

3,630,981

3,575,230

3,525,765

Interest-earning assets

5,642,066

5,574,815

4,791,664

4,771,972

4,716,295

Total assets

6,141,284

6,084,961

5,206,950

5,212,417

5,163,166

Interest-bearing deposits

3,918,343

3,838,731

3,264,599

3,221,130

3,280,592

Borrowings

276,531

300,402

350,747

418,138

340,042

Total interest-bearing liabilities

4,194,874

4,139,133

3,615,346

3,639,268

3,620,634

Total deposits

5,073,696

5,004,830

4,183,473

4,143,151

4,243,159

Total liabilities

5,415,628

5,369,642

4,579,847

4,606,500

4,629,939

Total stockholders' equity

725,651

715,319

627,103

605,917

533,227

Tangible common equity *

616,872

620,273

554,697

533,528

463,657

Performance ratios

Return on average assets (ROAA) annualized

1.43

(1.93

1.18

1.17

1.31

Return on average equity (ROAE) annualized

12.07

(16.45

9.76

10.07

12.67

Return on average tangible common equity (ROATCE) annualized *

14.91

(18.31

11.69

12.12

15.30

Yield on loans annualized

7.01

7.18

6.94

7.15

Cost of interest-bearing deposits annualized

2.43

2.58

2.47

2.44

2.57

Cost of total deposits annualized

1.88

1.98

1.93

1.90

1.99

Net interest margin annualized

4.47

4.45

4.17

4.27

4.17

Efficiency ratio *

59.98

58.31

63.62

62.43

63.02

Non-interest income / average assets

0.62

(2.90

0.66

0.80

0.68

Non-interest expense / average assets

3.01

3.20

3.08

3.04

2.91

Dividend payout ratio

15.73

(11.78

17.49

17.81

15.62

Performance ratios - Core

Core earnings per diluted share *

1.26

1.21

0.99

0.90

1.10

Core return on average assets *

1.57

1.51

1.35

1.24

1.37

Core return on average equity *

13.23

12.47

11.18

10.69

13.29

Core return on average tangible common equity *

15.56

14.30

12.64

12.14

15.29

Core non-interest expense / average assets *

2.82

2.71

2.86

2.94

2.83

Capital Ratios

Tier 1 Leverage Ratio

10.64

10.41

12.07

11.76

11.67

Common Equity Tier 1 Capital Ratio

13.08

12.84

15.07

14.70

14.51

Tier 1 Risk Based Capital Ratio

13.59

13.35

15.67

15.30

15.11

Total Risk Based Capital Ratio

16.31

16.09

16.84

18.32

18.07

Total stockholders' equity to total assets

11.49

11.18

11.83

11.34

11.12

Tangible common equity to tangible assets *

9.94

9.68

10.63

10.13

9.95

Book value per common share

38.64

37.25

36.27

35.23

34.04

Tangible book value per common share *

32.86

31.69

32.17

31.07

30.07

Tangible book value per diluted common share *

32.43

31.41

31.89

30.80

29.70

* 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 Twelve Months Ended

December 31, 2025

December 31, 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

803,779

61,397

7.64%

635,881

51,188

8.05%

Commercial real estate

1,583,020

113,277

7.16%

1,400,661

99,316

7.09%

Real estate construction

493,428

38,242

7.75%

416,296

36,004

8.65%

Residential real estate

573,952

27,517

4.79%

563,176

26,505

4.71%

Agricultural real estate

260,219

20,026

7.70%

227,341

16,848

7.41%

Agricultural

123,553

9,982

8.08%

96,877

9,103

9.40%

Consumer

100,409

6,697

6.67%

100,995

6,851

6.78%

Total loans

3,938,360

277,138

7.04%

3,441,227

245,815

7.14%

Securities

Taxable securities

909,082

38,801

4.27%

980,664

39,091

3.99%

Nontaxable securities

42,973

1,221

2.84%

59,597

1,579

2.65%

Total securities

952,055

40,022

4.20%

1,040,261

40,670

3.91%

Federal funds sold and other

328,753

13,675

4.16%

195,378

10,358

5.30%

Total interest-earning assets

5,219,168

330,835

6.34%

4,676,866

296,843

6.35%

Interest-bearing liabilities

Demand, savings and money market deposits

2,701,835

58,072

2.15%

2,453,139

61,518

2.51%

Time deposits

877,296

30,383

3.46%

770,772

28,891

3.75%

Total interest-bearing deposits

3,579,131

88,455

2.47%

3,223,911

90,409

2.80%

FHLB advances

195,434

8,208

4.20%

216,012

10,180

4.71%

Other borrowings

140,671

8,091

5.75%

175,516

10,092

5.75%

Total interest-bearing liabilities

3,915,236

104,754

2.68%

3,615,439

110,681

3.06%

Net interest income

226,081

186,162

Interest rate spread

3.66%

3.29%

Net interest margin (2)

4.33%

3.98%

(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

December 31, 2025

December 31, 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

812,003

14,919

7.29%

651,733

12,780

7.80%

Commercial real estate

1,698,611

31,913

7.45%

1,402,966

25,978

7.37%

Real estate construction

547,444

10,214

7.40%

463,885

9,654

8.28%

Residential real estate

587,820

7,080

4.78%

567,123

6,571

4.61%

Agricultural real estate

273,871

4,873

7.06%

262,529

5,071

7.68%

Agricultural

182,511

3,603

7.83%

82,986

1,705

8.17%

Consumer

107,302

1,760

6.51%

94,543

1,620

6.82%

Total loans

4,209,562

74,362

7.01%

3,525,765

63,379

7.15%

Securities

Taxable securities

915,665

11,450

4.96%

953,688

9,229

3.85%

Nontaxable securities

21,612

179

3.29%

59,071

387

2.61%

Total securities

937,277

11,629

4.92%

1,012,759

9,616

3.78%

Federal funds sold and other

495,227

4,875

3.91%

177,832

1,984

4.44%

Total interest-earning assets

5,642,066

90,866

6.39%

4,716,356

74,979

6.32%

Interest-bearing liabilities

Demand, savings and money market deposits

2,878,804

14,920

2.06%

2,448,539

13,429

2.18%

Time deposits

1,039,539

9,078

3.46%

832,053

7,784

3.72%

Total interest-bearing deposits

3,918,343

23,998

2.43%

3,280,592

21,213

2.57%

FHLB advances

130,978

1,327

4.02%

194,914

2,158

4.41%

Other borrowings

145,553

2,039

5.56%

145,128

2,135

5.86%

Total interest-bearing liabilities

4,194,874

27,364

2.59%

3,620,634

25,506

2.80%

Net interest income

63,502

49,473

Interest rate spread

3.80%

3.52%

Net interest margin (2)

4.47%

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

(Dollars in thousands)

For the Three Months Ended

December 31, 2025

September 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

812,003

14,919

7.29%

934,768

18,234

7.74%

Commercial real estate

1,698,611

31,913

7.45%

1,745,714

31,729

7.21%

Real estate construction

547,444

10,214

7.40%

505,345

10,109

7.94%

Residential real estate

587,820

7,080

4.78%

575,341

6,849

4.72%

Agricultural real estate

273,871

4,873

7.06%

245,017

5,165

8.36%

Agricultural

182,511

3,603

7.83%

132,095

2,981

8.95%

Consumer

107,302

1,760

6.51%

109,058

1,844

6.71%

Total loans

4,209,562

74,362

7.01%

4,247,338

76,911

7.18%

Securities

Taxable securities

915,665

11,450

4.96%

875,646

9,416

4.27%

Nontaxable securities

21,612

179

3.29%

40,342

307

3.02%

Total securities

937,277

11,629

4.92%

915,988

9,723

4.21%

Federal funds sold and other

495,227

4,875

3.91%

411,549

4,464

4.30%

Total interest-earning assets

5,642,066

90,866

6.39%

5,574,875

91,098

6.48%

Interest-bearing liabilities

Demand savings and money market deposits

2,878,804

14,920

2.06%

2,876,118

16,394

2.26%

Time deposits

1,039,539

9,078

3.46%

962,613

8,596

3.54%

Total interest-bearing deposits

3,918,343

23,998

2.43%

3,838,731

24,990

2.58%

FHLB advances

130,978

1,327

4.02%

168,011

1,741

4.11%

Other borrowings

145,553

2,039

5.56%

132,391

1,882

5.64%

Total interest-bearing liabilities

4,194,874

27,364

2.59%

4,139,133

28,613

2.74%

Net interest income

63,502

62,485

Interest rate spread

3.80%

3.74%

Net interest margin (2)

4.47%

4.45%

(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

December 31

2025

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

Total stockholders' equity

732,054

711,892

635,636

617,324

592,918

Goodwill

(82,101

)

(77,573

)

(53,101

)

(53,101

)

(53,101

)

Core deposit intangibles, net

(21,634

)

(22,895

)

(12,908

)

(13,924

)

(14,969

)

Naming rights, net

(5,703

)

(5,778

)

(5,852

)

(5,926

)

(957

)

Tangible common equity

622,616

605,646

563,775

544,373

523,891

Common shares outstanding at period end

18,944,987

19,111,084

17,527,191

17,522,994

17,419,858

Diluted common shares outstanding at period end

19,196,160

19,279,741

17,680,489

17,673,132

17,636,843

Book value per common share

38.64

37.25

36.27

35.23

34.04

Tangible book value per common share

32.86

31.69

32.17

31.07

30.07

Tangible book value per diluted common share

32.43

31.41

31.89

30.80

29.70

Total assets

6,373,172

6,356,187

5,373,837

5,446,100

5,332,047

Goodwill

(82,101

)

(77,573

)

(53,101

)

(53,101

)

(53,101

)

Core deposit intangibles, net

(21,634

)

(22,895

)

(12,908

)

(13,924

)

(14,969

)

Naming rights, net

(5,703

)

(5,778

)

(5,852

)

(5,926

)

(957

)

Tangible assets

6,263,734

6,249,941

5,301,976

5,373,149

5,263,020

Total stockholders' equity to total assets

11.49

11.18

11.83

11.34

11.12

Tangible common equity to tangible assets

9.94

9.68

10.63

10.13

9.95

Total average stockholders' equity

725,651

715,319

627,103

605,917

533,227

Average intangible assets

(108,779

)

(95,046

)

(72,406

)

(72,389

)

(69,570

)

Average tangible common equity

616,872

620,273

554,697

533,528

463,657

Net income (loss) allocable to common stockholders

22,084

(29,663

)

15,264

15,041

16,986

Net gain on acquisition

—

Net gain (loss) on securities transactions

(154

)

53,352

(12

)

(12

)

Merger expenses

1,481

6,163

355

—

Loss on debt extinguishment

—

1,361

—

Day 2 Merger provision

—

6,228

—

Amortization of intangible assets

1,390

1,312

1,145

1,144

1,071

Tax effect of adjustments

(571

)

(14,082

)

(598

)

(252

)

(225

)

Core net income (loss) allocable to common stockholders

24,230

23,310

17,515

15,987

17,834

Return on total average stockholders' equity (ROAE) annualized

12.07

(16.45

9.76

10.07

12.67

Average tangible common equity

616,872

620,273

554,697

533,528

463,657

Average impact from core earnings adjustments

1,073

26,487

1,126

473

424

Core average tangible common equity

617,945

646,760

555,823

534,001

464,081

Return on average tangible common equity (ROATCE) annualized

14.91

(18.31

11.69

12.12

15.30

Core return on average tangible common equity (CROATCE) annualized

15.56

14.30

12.64

12.14

15.29

Non-interest expense

46,587

49,082

40,001

39,050

37,806

Merger expense

(1,481

)

(6,163

)

(355

)

(66

)

—

Amortization of intangible assets

(1,390

)

(1,312

)

(1,145

)

(1,144

)

(1,071

)

Loss on debt extinguishment

—

(1,361

)

—

Adjusted non-interest expense

43,716

41,607

37,140

37,840

36,735

Net interest income

63,502

62,485

49,802

50,292

49,473

Non-interest income

9,532

(44,479

)

8,589

10,330

8,816

Net gains (losses) from securities transactions

(154

)

53,352

(12

)

(12

)

Adjusted non-interest income

9,378

8,873

8,577

10,318

8,818

Net interest income plus adjusted non-interest income

72,880

71,358

58,379

60,610

58,291

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

63.79

272.59

68.51

64.42

64.86

Efficiency ratio

59.98

58.31

63.62

62.43

63.02

Total average assets

6,141,284

6,084,961

5,206,950

5,212,417

5,163,166

Core non-interest expense to average assets

2.82

2.71

2.86

2.94

2.83

Net income (loss) allocable to common stockholders

22,084

(29,663

)

15,264

15,041

16,986

Amortization of intangible assets

1,390

1,312

1,145

1,144

1,071

Tax effect of adjustments

(292

)

(276

)

(240

)

(240

)

(225

)

Adjusted net income allocable to common stockholders

23,182

(28,627

)

16,169

15,945

17,832

Net gain (loss) on securities transactions

(154

)

53,352

(12

)

(12

)

Merger expenses

1,481

6,163

355

—

Loss on debt extinguishment

—

1,361

—

Day 2 Merger provision

—

6,228

—

Tax effect of adjustments

(279

)

(13,806

)

(358

)

(12

)

—

Core net income (loss) allocable to common stockholders

24,230

23,310

17,515

15,987

17,834

Total average assets

6,141,284

6,085,064

5,206,950

5,212,417

5,163,166

Total average stockholders' equity

725,651

715,319

627,103

605,917

533,227

Weighted average diluted common shares

19,235,412

19,129,726

17,651,298

17,666,834

16,262,965

Diluted earnings (loss) per share

1.15

(1.55

)

0.86

0.85

1.04

Core earnings per diluted share

1.26

1.21

0.99

0.90

1.10

Return on average assets (ROAA) annualized

1.43

(1.93

1.18

1.17

1.31

Core return on average assets

1.57

1.51

1.35

1.24

1.37

Return on average equity

12.07

(16.45

9.76

10.07

12.67

Core return on average equity

13.23

12.47

11.18

10.69

13.29