Equity Bancshares, Inc. Second Quarter Results Highlighted by Strong Earnings Momentum and 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 $26.4 million or $1.27 per diluted share for the quarter ended June 30, 2026. Core earnings per diluted share for the quarter was $1.41.
"We have built the franchise to compete and continuously drive improving performance."
“This quarter demonstrates what we wanted to accomplish when we entered into and then closed the Frontier transaction on January 1. It has driven growth in both earnings and efficiency. Our ROATCE was 16.6% and our efficiency ratio was 53.4% both improving meaningfully. We have built the franchise to compete and continuously drive improving performance," said Brad S. Elliott, Chairman and CEO of Equity Bancshares.
“The core conversion is complete, the integration work is largely behind us, and our team is focused on what we do best: growing relationships, serving customers, and producing results. The second half of 2026 is about execution and organic growth, and Rick Sems has done a great job working with the entire team, both old and new, to position them to have the ability to grow organically," Mr. Elliott continued.
Notable Items:
Financial Results for the Quarter Ended June 30, 2026
Net income was $26.4 million, or $1.27 per diluted share, as compared to $17.0 million, or $0.80 per diluted share in the prior quarter. Core net income was $29.4 million or $1.41 per diluted share, demonstrating the underlying earnings power of the franchise.
The drivers of the current period results are discussed in detail in the following sections.
Net Interest Income
Net interest income was $73.9 million for the period, as compared to $73.7 million in the previous quarter. Net interest margin was 4.36%, up 3 basis points from 4.33% in the prior quarter. The expansion was driven by a favorable shift in earning asset composition toward higher-yielding categories and increased discount accretion on bonds called during the quarter. Average interest-earning assets were $6.8 billion. The yield on interest-earning assets increased 1 basis point while cost of interest-bearing liabilities decreased by 5 basis points. Looking ahead, management anticipates a modestly lower margin of 4.25% to 4.35% for the remainder of 2026 as earning assets expand.
Provision for Credit Losses
During the quarter, the Company recognized a provision for loan losses of $1.3 million, decreasing significantly from the prior quarter which was elevated due to integration of Frontier balances into the reserve framework. Net charge-offs were $1.7 million, or an annualized 12 basis points of average loans. At quarter end, ACL to gross loans held for investment was 1.19% and ACL plus purchase discounts was 1.73%. The Company continues to estimate the allowance with assumptions reflecting slower prepayment rates and continued disruption from trade policy, elevated inflation, and monetary policy pressures.
Non-Interest Income
Total non-interest income was $8.1 million, down $1.4 million from the prior quarter. Results were negatively impacted by losses on security transactions and the write-down of a fund investment of $2.2 million. Adjusted for these losses, non-interest income was $10.3 million, up $0.7 million linked quarter, reflecting growth in debit and credit card income along with expansion in mortgage and trust and wealth management revenue. Non-interest income for the second half of 2026 is expected in the range of $18 to $22 million.
Non-Interest Expense
Total non-interest expense was $46.9 million as compared to $55.0 million for the prior quarter. Excluding merger expenses in both periods, non-interest expense was $46.8 million versus $49.2 million, a decrease of $2.5 million or 5.1%. The improvement reflects ongoing operational efficiency gains and the impact of the core system conversion completed in the first quarter. Non-interest expense for the second half of 2026 is expected in the range of $94 to $98 million.
Income Tax Expense
At June 30, 2026, the effective tax rate for the quarter was 21.6% as compared to 23.7% for the quarter ended March 31, 2026. The decrease in the effective tax rate was primarily attributable to the nonrecurrence of state tax expense recognized in the first quarter related to the remeasurement of deferred tax assets, partially offset by lower tax benefits associated with restricted stock units in the second quarter. The first-quarter remeasurement was driven by decreased state apportionment, which resulted in certain deferred tax assets being measured at a lower state tax rate. The year-to-date tax rate is 22.4% as compared to 18.6% at June 30, 2025.
Loans, Total Assets and Funding
Loans held for investment were $5.4 billion at period end, decreasing $22.6 million during the quarter. Total assets closed the quarter at $7.7 billion, remaining consistent with the prior quarter end.
Total deposit balances closed the quarter at $6.3 billion, remaining consistent with the previous quarter end. Brokered deposits closed the quarter at 8.0% of total deposits up from 5.7% at prior quarter end.
Asset Quality
Nonperforming assets were $66.3 million, or 0.86% of total assets, compared to $58.4 million or 0.76% at prior quarter end. The increase is primarily attributable to additions from the Frontier portfolio. Classified assets to regulatory capital remained stable at 11.9%. The Company continues to actively manage credit quality across all markets.
Capital
Book capital increased $9.6 million quarter over quarter to $827.3 million. Tangible book value per share closed at $33.45, up from $32.58 at prior quarter end. CET1 capital was 11.84%, total risk-based capital was 14.66%, and the leverage ratio was 9.97%. The Company has repurchased 711,369 shares year to date at a weighted average price of $44.84 per share. The dividend payout ratio year to date was 17.4%, within the Company's 10 to 20% target range.
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 measure 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, Chief Executive Officer of Equity Bank, Rick Sems, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast on July 15, 2026 at 9:00 a.m. Central Time to discuss the Company's financial results.
Those wishing to participate in the conference call should call the applicable number below and reference the Access Code below.
United States (Local): +1 626 884 3620
United States (Toll-Free): +1 833 461 5787
Global Dial-In Numbers
Access Code: 797391070
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 July 31, 2026, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/797391070
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is a Wichita-based bank holding company. Equity Bank serves customers in Kansas, Missouri, Oklahoma, Arkansas, Nebraska, and Iowa, with total assets of $7.7 billion as of June 30, 2026. More information is available at 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 6, 2026, as amended, 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
June 30,
Six Months ended
June 30,
2026
2025
2026
2025
Interest and dividend income
Loans, including fees
$
90,577
$
62,868
$
182,039
$
125,865
Securities, taxable
14,878
8,821
28,537
17,935
Securities, nontaxable
207
358
429
735
Federal funds sold and other
2,162
2,140
4,843
4,336
Total interest and dividend income
107,824
74,187
215,848
148,871
Interest expense
Deposits
30,143
20,090
60,621
39,467
Federal funds purchased and retail repurchase agreements
208
219
400
467
Federal Home Loan Bank advances
1,786
2,224
3,672
5,140
Federal Reserve Bank borrowings
—
—
—
—
Bank stock loan
—
—
4
—
Subordinated debt
1,815
1,852
3,615
3,703
Total interest expense
33,952
24,385
68,312
48,777
Net interest income
73,872
49,802
147,536
100,094
Provision (reversal) for credit losses
1,304
19
7,259
2,741
Net interest income after provision (reversal) for credit losses
72,568
49,783
140,277
97,353
Non-interest income
Service charges and fees
2,414
2,177
4,907
4,241
Debit card income
3,391
3,052
6,508
5,556
Mortgage banking
589
212
937
318
Increase in value of bank-owned life insurance
1,623
1,321
3,021
4,914
Net gain on acquisition and branch sales
—
—
—
—
Net gains (losses) from securities transactions
(1,213
)
12
(1,321
)
24
Other
1,254
1,815
3,493
3,866
Total non-interest income
8,058
8,589
17,545
18,919
Non-interest expense
Salaries and employee benefits
24,594
19,735
50,849
39,689
Net occupancy and equipment
4,624
3,482
9,413
7,157
Data processing
5,190
5,055
10,578
10,141
Professional fees
1,400
1,361
3,168
2,888
Advertising and business development
1,547
1,208
3,213
2,552
Telecommunications
604
588
1,294
1,175
FDIC insurance
1,165
464
1,930
1,094
Courier and postage
518
834
1,163
1,633
Free nationwide ATM cost
595
547
1,161
1,060
Amortization of core deposit intangibles
2,240
1,016
4,168
2,061
Loan expense
546
281
1,044
410
Other real estate owned and repossessed assets, net
35
103
126
204
Loss on debt extinguishment
—
1,361
—
1,361
Merger expenses
133
355
5,858
421
Other
3,694
3,611
7,889
7,205
Total non-interest expense
46,885
40,001
101,854
79,051
Income (loss) before income tax
33,741
18,371
55,968
37,221
Provision for income taxes (benefit)
7,302
3,107
12,563
6,916
Net income (loss) and net income (loss) allocable to common stockholders
$
26,439
$
15,264
$
43,405
$
30,305
Basic earnings (loss) per share
$
1.28
$
0.87
$
2.08
$
1.73
Diluted earnings (loss) per share
$
1.27
$
0.86
$
2.06
$
1.72
Weighted average common shares
20,624,793
17,524,296
20,829,784
17,503,735
Weighted average diluted common shares
20,825,444
17,651,298
21,037,028
17,654,211
TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
As of and for the Three Months Ended
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
Interest and dividend income
Loans, including fees
$
90,577
$
91,462
$
74,362
$
76,911
$
62,868
Securities, taxable
14,878
13,659
11,450
9,416
8,821
Securities, nontaxable
207
222
179
307
358
Federal funds sold and other
2,162
2,681
4,875
4,464
2,140
Total interest and dividend income
107,824
108,024
90,866
91,098
74,187
Interest expense
Deposits
30,143
30,478
23,998
24,990
20,090
Federal funds purchased and retail repurchase agreements
208
192
206
263
219
Federal Home Loan Bank advances
1,786
1,886
1,327
1,741
2,224
Bank stock loan
—
4
—
—
—
Subordinated debt
1,815
1,800
1,833
1,619
1,852
Total interest expense
33,952
34,360
27,364
28,613
24,385
Net interest income
73,872
73,664
63,502
62,485
49,802
Provision (reversal) for credit losses
1,304
5,955
(16
)
6,228
19
Net interest income after provision (reversal) for credit losses
72,568
67,709
63,518
56,257
49,783
Non-interest income
Service charges and fees
2,414
2,493
2,558
2,522
2,177
Debit card income
3,391
3,117
2,905
2,953
3,052
Mortgage banking
589
348
187
62
212
Increase in value of bank-owned life insurance
1,623
1,398
1,410
1,393
1,321
Net gains (losses) from securities transactions
(1,213
)
(108
)
154
(53,352
)
12
Other
1,254
2,239
2,318
1,943
1,815
Total non-interest income
8,058
9,487
9,532
(44,479
)
8,589
Non-interest expense
Salaries and employee benefits
24,594
26,255
22,324
22,773
19,735
Net occupancy and equipment
4,624
4,789
4,327
4,317
3,482
Data processing
5,190
5,388
5,251
4,887
5,055
Professional fees
1,400
1,768
1,909
1,670
1,361
Advertising and business development
1,547
1,666
1,371
1,305
1,208
Telecommunications
604
690
657
630
588
FDIC insurance
1,165
765
832
653
464
Courier and postage
518
645
858
744
834
Free nationwide ATM cost
595
566
562
582
547
Amortization of core deposit intangibles
2,240
1,928
1,260
1,182
1,016
Loan expense
546
498
150
330
281
Other real estate owned and repossessed assets, net
35
91
28
797
103
Loss on debt extinguishment
—
—
—
—
1,361
Merger expenses
133
5,725
1,481
6,163
355
Other
3,694
4,195
5,577
3,049
3,611
Total non-interest expense
46,885
54,969
46,587
49,082
40,001
Income (loss) before income tax
33,741
22,227
26,463
(37,304
)
18,371
Provision for income taxes (benefit)
7,302
5,261
4,379
(7,641
)
3,107
Net income (loss) and net income (loss) allocable to common stockholders
$
26,439
$
16,966
$
22,084
$
(29,663
)
$
15,264
Basic earnings (loss) per share
$
1.28
$
0.81
$
1.16
$
(1.55
)
$
0.87
Diluted earnings (loss) per share
$
1.27
$
0.80
$
1.15
$
(1.55
)
$
0.86
Weighted average common shares
20,624,793
21,037,054
19,021,327
19,129,726
17,524,296
Weighted average diluted common shares
20,825,444
21,263,164
19,235,412
19,129,726
17,651,298
TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
ASSETS
Cash and due from banks
$
546,129
$
563,766
$
607,562
$
699,165
$
365,957
Federal funds sold
402
399
255
245
247
Cash and cash equivalents
546,531
564,165
607,817
699,410
366,204
Interest-bearing time deposits in other banks
579
932
575
574
—
Available-for-sale securities
1,229,692
1,125,162
1,030,568
903,858
973,402
Held-to-maturity securities
5,168
5,254
5,248
5,243
5,236
Loans held for sale
2,723
7,631
1,392
617
217
Loans, net of allowance for credit losses (1)
5,341,305
5,364,030
4,145,424
4,215,118
3,555,458
Other real estate owned, net
3,793
5,026
5,388
3,147
4,621
Premises and equipment, net
141,098
140,648
136,720
132,857
117,533
Bank-owned life insurance
150,514
149,699
148,301
146,891
133,638
Federal Reserve Bank and Federal Home Loan Bank stock
42,719
38,806
34,053
33,713
34,835
Interest receivable
37,730
39,966
33,322
34,751
26,243
Goodwill
105,356
104,958
82,101
77,573
53,101
Core deposit intangibles, net
28,296
30,536
21,634
22,895
12,908
Other
90,117
90,557
120,629
88,984
90,441
Total assets
$
7,725,621
$
7,667,370
$
6,373,172
$
6,365,631
$
5,373,837
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand
$
1,174,903
$
1,274,533
$
1,148,409
$
1,147,201
$
912,898
Total non-interest-bearing deposits
1,174,903
1,274,533
1,148,409
1,147,201
912,898
Demand, savings and money market
3,445,538
3,504,698
3,004,987
2,882,625
2,494,285
Time
1,683,376
1,521,679
984,868
1,064,943
827,735
Total interest-bearing deposits
5,128,914
5,026,377
3,989,855
3,947,568
3,322,020
Total deposits
6,303,817
6,300,910
5,138,264
5,094,769
4,234,918
Federal funds purchased and retail repurchase agreements
42,826
39,009
39,864
42,220
36,420
Federal Home Loan Bank advances and Federal Reserve Bank borrowings
385,408
347,660
300,000
341,378
383,676
Subordinated debt
98,377
98,263
98,145
98,174
24,125
Contractual obligations
8,520
9,678
10,208
16,664
17,289
Interest payable and other liabilities
59,415
54,240
54,637
60,534
41,773
Total liabilities
6,898,363
6,849,760
5,641,118
5,653,739
4,738,201
Commitments and contingent liabilities
Stockholders’ equity
Common stock
273
273
249
249
231
Additional paid-in capital
767,608
766,016
664,906
658,481
587,547
Retained earnings
241,225
218,534
205,328
186,718
219,876
Accumulated other comprehensive income (loss), net of tax
(3,820
)
930
7,032
4,720
(40,269
)
Treasury stock
(178,028
)
(168,143
)
(145,461
)
(138,276
)
(131,749
)
Total stockholders’ equity
827,258
817,610
732,054
711,892
635,636
Total liabilities and stockholders’ equity
$
7,725,621
$
7,667,370
$
6,373,172
$
6,365,631
$
5,373,837
(1) Allowance for credit losses
$
64,413
$
64,245
$
52,756
$
53,469
$
45,270
TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except per share data)
As of and for the Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2026
2026
2025
2025
2025
Loans Held For Investment by Type
Commercial real estate
$
2,968,281
$
2,958,263
$
2,226,348
$
2,216,180
$
1,854,294
Commercial and industrial
955,380
967,049
816,885
907,439
753,339
Residential real estate
710,948
720,441
582,145
590,598
565,755
Agricultural real estate
419,830
431,308
278,927
272,087
226,125
Agricultural
247,327
249,053
188,475
174,517
94,981
Consumer
103,952
102,161
105,400
107,766
106,234
Total loans held-for-investment
5,405,718
5,428,275
4,198,180
4,268,587
3,600,728
Allowance for credit losses
(64,413
)
(64,245
)
(52,756
)
(53,469
)
(45,270
)
Net loans held for investment
$
5,341,305
$
5,364,030
$
4,145,424
$
4,215,118
$
3,555,458
Asset Quality Ratios
Allowance for credit losses on loans to total loans
1.19
%
1.18
%
1.26
%
1.25
%
1.26
%
Allowance for credit losses and discounts on loans to total loans
1.73
%
1.77
%
1.67
%
1.71
%
1.44
%
Past due or nonaccrual loans to total loans
1.56
%
1.86
%
1.53
%
1.55
%
1.65
%
Nonperforming assets to total assets
0.86
%
0.76
%
0.73
%
0.83
%
0.85
%
Nonperforming assets to total loans plus other real estate owned
1.23
%
1.07
%
1.11
%
1.23
%
1.27
%
Classified assets to bank total regulatory capital
11.90
%
12.00
%
12.06
%
12.37
%
11.39
%
Selected Average Balance Sheet Data (QTD Average)
Investment securities
$
1,158,422
$
1,126,252
$
937,277
$
915,928
$
961,869
Total gross loans receivable
5,389,418
5,454,281
4,209,562
4,247,338
3,630,981
Interest-earning assets
6,795,426
6,896,216
5,642,066
5,574,815
4,791,664
Total assets
7,330,174
7,451,709
6,141,284
6,084,961
5,206,950
Interest-bearing deposits
4,916,741
4,921,946
3,918,343
3,838,731
3,264,599
Borrowings
333,556
348,714
276,531
300,402
350,747
Total interest-bearing liabilities
5,250,297
5,270,660
4,194,874
4,139,133
3,615,346
Total deposits
6,110,974
6,193,296
5,073,696
5,004,830
4,183,473
Total liabilities
6,505,540
6,609,629
5,415,628
5,369,642
4,579,847
Total stockholders' equity
824,633
841,838
725,651
715,319
627,103
Tangible common equity *
684,552
700,096
616,872
620,273
554,697
Performance ratios
Return on average assets (ROAA) annualized
1.45
%
0.92
%
1.43
%
(1.93
)%
1.18
%
Return on average equity (ROAE) annualized
12.86
%
8.17
%
12.07
%
(16.45
)%
9.76
%
Return on average tangible common equity (ROATCE) annualized *
16.59
%
10.77
%
14.91
%
(18.31
)%
11.69
%
Yield on loans annualized
6.74
%
6.80
%
7.01
%
7.18
%
6.94
%
Cost of interest-bearing deposits annualized
2.46
%
2.51
%
2.43
%
2.58
%
2.47
%
Cost of total deposits annualized
1.98
%
2.00
%
1.88
%
1.98
%
1.93
%
Net interest margin annualized
4.36
%
4.33
%
4.47
%
4.45
%
4.17
%
Efficiency ratio *
53.38
%
56.68
%
59.98
%
58.31
%
63.62
%
Non-interest income / average assets
0.44
%
0.52
%
0.62
%
(2.90
)%
0.66
%
Non-interest expense / average assets
2.57
%
2.99
%
3.01
%
3.20
%
3.08
%
Dividend payout ratio
14.18
%
22.31
%
15.73
%
(11.78
)%
17.49
%
Performance ratios - Core
Core earnings per diluted share *
$
1.41
$
1.32
$
1.26
$
1.21
$
0.99
Core return on average assets *
1.61
%
1.52
%
1.57
%
1.51
%
1.35
%
Core return on average equity *
14.26
%
13.41
%
13.23
%
12.47
%
11.18
%
Core return on average tangible common equity *
17.17
%
16.10
%
15.56
%
14.30
%
12.64
%
Core non-interest expense / average assets *
2.43
%
2.57
%
2.82
%
2.71
%
2.86
%
Capital Ratios
Tier 1 Leverage Ratio
9.97
%
9.59
%
10.64
%
10.41
%
12.07
%
Common Equity Tier 1 Capital Ratio
11.84
%
11.54
%
13.08
%
12.84
%
15.07
%
Tier 1 Risk Based Capital Ratio
12.26
%
11.96
%
13.59
%
13.35
%
15.67
%
Total Risk Based Capital Ratio
14.66
%
14.36
%
16.31
%
16.09
%
16.84
%
Total stockholders' equity to total assets
10.71
%
10.66
%
11.49
%
11.18
%
11.83
%
Tangible common equity to tangible assets *
9.07
%
8.99
%
9.94
%
9.68
%
10.63
%
Book value per common share
$
40.22
$
39.37
$
38.64
$
37.25
$
36.27
Tangible book value per common share *
$
33.45
$
32.58
$
32.86
$
31.69
$
32.17
Tangible book value per diluted common share *
$
33.06
$
32.30
$
32.43
$
31.41
$
31.89
* 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 Six Months Ended
For the Six Months Ended
June 30, 2026
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
$
987,695
$
34,457
7.04%
$
716,978
$
28,244
7.94%
Commercial real estate
2,321,071
75,232
6.54%
1,417,625
49,635
7.06%
Real estate construction
729,453
25,771
7.12%
459,915
17,919
7.86%
Residential real estate
727,132
18,677
5.18%
566,198
13,588
4.84%
Agricultural real estate
445,654
15,361
6.95%
261,006
9,988
7.72%
Agricultural
263,132
9,143
7.01%
89,244
3,398
7.68%
Consumer
112,130
3,399
6.11%
92,293
3,093
6.76%
Total loans
5,586,267
182,040
6.57%
3,603,259
125,865
7.04%
Securities
Taxable securities
1,119,658
28,537
5.14%
922,597
17,935
3.92%
Nontaxable securities
22,768
429
3.80%
55,167
735
2.69%
Total securities
1,142,426
28,966
5.11%
977,764
18,670
3.85%
Federal funds sold and other
286,305
4,842
3.41%
200,849
4,336
4.35%
Total interest-earning assets
$
7,014,998
$
215,848
6.20%
$
4,781,872
148,871
6.28%
Interest-bearing liabilities
Demand, savings and money market deposits
$
3,483,424
$
35,439
2.05%
$
2,500,379
26,759
2.16%
Time deposits
1,563,547
25,182
3.25%
742,606
12,708
3.45%
Total interest-bearing deposits
5,046,971
60,621
2.42%
3,242,985
39,467
2.45%
FHLB advances
195,851
3,672
3.78%
242,127
5,140
4.28%
Other borrowings
146,126
4,020
5.55%
142,130
4,170
5.92%
Total interest-bearing liabilities
$
5,388,948
$
68,313
2.56%
$
3,627,242
48,777
2.71%
Net interest income
$
147,535
$
100,094
Interest rate spread
3.64%
3.57%
Net interest margin (2)
4.24%
4.22%
(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
For the Three Months Ended
June 30, 2026
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
930,538
$
16,759
7.22%
$
743,538
$
13,922
7.51%
Commercial real estate
2,202,740
37,254
6.78%
1,411,211
25,042
7.12%
Real estate construction
785,932
13,840
7.06%
461,898
9,117
7.92%
Residential real estate
695,937
9,024
5.20%
566,719
6,873
4.86%
Agricultural real estate
434,041
7,647
7.07%
257,947
4,574
7.11%
Agricultural
236,758
4,363
7.39%
93,539
1,732
7.43%
Consumer
103,472
1,690
6.55%
96,129
1,608
6.71%
Total loans
5,389,418
90,577
6.74%
3,630,981
62,868
6.94%
Securities
Taxable securities
1,136,862
14,879
5.25%
908,331
8,821
3.89%
Nontaxable securities
21,560
207
3.85%
53,538
358
2.68%
Total securities
1,158,422
15,086
5.22%
961,869
9,179
3.83%
Federal funds sold and other
247,586
2,161
3.50%
198,814
2,140
4.32%
Total interest-earning assets
$
6,795,426
107,824
6.36%
$
4,791,664
74,187
6.21%
Interest-bearing liabilities
Demand, savings and money market deposits
$
3,422,011
17,994
2.11%
$
2,473,274
13,177
2.14%
Time deposits
1,494,730
12,148
3.26%
791,325
6,913
3.50%
Total interest-bearing deposits
4,916,741
30,142
2.46%
3,264,599
20,090
2.47%
FHLB advances
189,336
1,785
3.78%
210,224
2,224
4.24%
Other borrowings
144,220
2,023
5.63%
140,523
2,071
5.91%
Total interest-bearing liabilities
$
5,250,297
33,950
2.59%
$
3,615,346
24,385
2.71%
Net interest income
$
73,874
$
49,802
Interest rate spread
3.77%
3.50%
Net interest margin (2)
4.36%
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.
(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 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
For the Three Months Ended
For the Three Months Ended
June 30, 2026
March 31, 2026
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
930,538
$
16,759
7.22%
989,469
$
17,698
7.25%
Commercial real estate
2,202,740
37,254
6.78%
2,266,995
37,977
6.79%
Real estate construction
785,932
13,840
7.06%
672,347
11,931
7.20%
Residential real estate
695,937
9,024
5.20%
718,633
9,653
5.45%
Agricultural real estate
434,041
7,647
7.07%
424,055
7,714
7.38%
Agricultural
236,758
4,363
7.39%
264,213
4,780
7.34%
Consumer
103,472
1,690
6.55%
118,569
1,709
5.85%
Total loans
5,389,418
90,577
6.74%
5,454,281
91,462
6.80%
Securities
Taxable securities
1,136,862
14,879
5.25%
1,102,263
13,659
5.03%
Nontaxable securities
21,560
207
3.85%
23,989
222
3.76%
Total securities
1,158,422
15,086
5.22%
1,126,252
13,881
5.00%
Federal funds sold and other
247,586
2,161
3.50%
315,683
2,681
3.44%
Total interest-earning assets
$
6,795,426
107,824
6.36%
$
6,896,216
108,024
6.35%
Interest-bearing liabilities
Demand savings and money market deposits
$
3,422,011
17,994
2.11%
$
3,425,976
17,445
2.07%
Time deposits
1,494,730
12,148
3.26%
1,495,970
13,033
3.53%
Total interest-bearing deposits
4,916,741
30,142
2.46%
4,921,946
30,478
2.51%
FHLB advances
189,336
1,785
3.78%
202,439
1,886
3.78%
Other borrowings
144,220
2,023
5.63%
146,275
1,996
5.53%
Total interest-bearing liabilities
$
5,250,297
33,950
2.59%
$
5,270,660
34,360
2.64%
Net interest income
$
73,874
$
73,664
Interest rate spread
3.77%
3.71%
Net interest margin (2)
4.36%
4.33%
(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 8. NON-GAAP FINANCIAL MEASURES (Unaudited)
(Dollars in thousands, except per share data)
As of and for the Three Months Ended
June 30,
March 31
December 31,
September 30,
June 30,
2026
2026
2025
2025
2025
Total stockholders' equity
$
827,258
$
817,610
$
732,054
$
711,892
$
635,636
Goodwill
(105,356
)
(104,958
)
(82,101
)
(77,573
)
(53,101
)
Core deposit intangibles, net
(28,296
)
(30,536
)
(21,634
)
(22,895
)
(12,908
)
Naming rights, net
(5,553
)
(5,629
)
(5,703
)
(5,778
)
(5,852
)
Tangible common equity
$
688,053
$
676,487
$
622,616
$
605,646
$
563,775
Common shares outstanding at period end
20,567,009
20,767,023
18,944,987
19,111,084
17,527,191
Diluted common shares outstanding at period end
20,811,448
20,946,924
19,196,160
19,279,741
17,680,489
Book value per common share
$
40.22
$
39.37
$
38.64
$
37.25
$
36.27
Tangible book value per common share
$
33.45
$
32.58
$
32.86
$
31.69
$
32.17
Tangible book value per diluted common share
$
33.06
$
32.30
$
32.43
$
31.41
$
31.89
Total assets
$
7,725,621
$
7,667,370
$
6,373,172
$
6,365,631
$
5,373,837
Goodwill
(105,356
)
(104,958
)
(82,101
)
(77,573
)
(53,101
)
Core deposit intangibles, net
(28,296
)
(30,536
)
(21,634
)
(22,895
)
(12,908
)
Naming rights, net
(5,553
)
(5,629
)
(5,703
)
(5,778
)
(5,852
)
Tangible assets
$
7,586,416
$
7,526,247
$
6,263,734
$
6,259,385
$
5,301,976
Total stockholders' equity to total assets
10.71
%
10.66
%
11.49
%
11.18
%
11.83
%
Tangible common equity to tangible assets
9.07
%
8.99
%
9.94
%
9.68
%
10.63
%
Total average stockholders' equity
$
824,633
$
841,838
$
725,651
$
715,319
$
627,103
Average intangible assets
(140,081
)
(141,742
)
(108,779
)
(95,046
)
(72,406
)
Average tangible common equity
$
684,552
$
700,096
$
616,872
$
620,273
$
554,697
Net income (loss) allocable to common stockholders
$
26,439
$
16,966
$
22,084
$
(29,663
)
$
15,264
Net gain on acquisition
—
—
—
—
—
Net (gain) loss on securities transactions
1,213
108
(154
)
53,352
(12
)
Merger expenses
133
5,725
1,481
6,163
355
Loss on debt extinguishment
—
—
—
—
1,361
Day 2 Merger provision
—
6,099
—
6,228
—
Amortization of intangible assets
2,369
2,056
1,390
1,312
1,145
Tax effect of adjustments
(780
)
(2,937
)
(571
)
(14,082
)
(598
)
Core net income (loss) allocable to common stockholders
$
29,374
$
28,017
$
24,230
$
23,310
$
17,515
Return on total average stockholders' equity (ROAE) annualized
12.86
%
8.17
%
12.07
%
(16.45
)%
9.76
%
Average tangible common equity
$
684,552
$
700,096
$
616,872
$
620,273
$
554,697
Average impact from core earnings adjustments
1,468
2,476
1,073
26,487
1,126
Core average tangible common equity
$
686,020
$
702,572
$
617,945
$
646,760
$
555,823
Return on average tangible common equity (ROATCE) annualized
16.59
%
10.77
%
14.91
%
(18.31
)%
11.69
%
Core return on average tangible common equity (CROATCE) annualized
17.17
%
16.10
%
15.56
%
14.30
%
12.64
%
As of and for the Three Months Ended
June 30,
March 31
December 31,
September 30,
June 30,
2026
2026
2025
2025
2025
Non-interest expense
$
46,885
$
54,969
$
46,587
$
49,082
$
40,001
Merger expense
(133
)
(5,725
)
(1,481
)
(6,163
)
(355
)
Amortization of intangible assets
(2,369
)
(2,056
)
(1,390
)
(1,312
)
(1,145
)
Loss on debt extinguishment
—
—
—
—
(1,361
)
Adjusted non-interest expense
$
44,383
$
47,188
$
43,716
$
41,607
$
37,140
Net interest income
$
73,872
$
73,664
$
63,502
$
62,485
$
49,802
Non-interest income
8,058
9,487
9,532
(44,479
)
8,589
Net gains (losses) from securities transactions
1,213
108
(154
)
53,352
(12
)
Adjusted non-interest income
$
9,271
$
9,595
$
9,378
$
8,873
$
8,577
Net interest income plus adjusted non-interest income
$
83,143
$
83,259
$
72,880
$
71,358
$
58,379
Non-interest expense to net interest income plus non-interest income
57.23
%
66.11
%
63.79
%
272.59
%
68.51
%
Efficiency ratio
53.38
%
56.68
%
59.98
%
58.31
%
63.62
%
Total average assets
7,330,174
7,451,709
6,141,284
$
6,085,064
5,206,950
Core non-interest expense to average assets
2.43
%
2.57
%
2.82
%
2.71
%
2.86
%
Net income (loss) allocable to common stockholders
$
26,439
$
16,966
$
22,084
$
(29,663
)
$
15,264
Amortization of intangible assets
2,369
2,056
1,390
1,312
1,145
Tax effect of adjustments
(497
)
(432
)
(292
)
(276
)
(240
)
Adjusted net income (loss) allocable to common stockholders
28,311
18,590
23,182
(28,627
)
16,169
Net (gain) loss on securities transactions
1,213
108
(154
)
53,352
(12
)
Merger expenses
133
5,725
1,481
6,163
355
Loss on debt extinguishment
—
—
—
—
1,361
Day 2 Merger provision
—
6,099
—
6,228
—
Tax effect of adjustments
(283
)
(2,505
)
(279
)
(13,806
)
(358
)
Core net income (loss) allocable to common stockholders
$
29,374
$
28,017
$
24,230
$
23,310
$
17,515
Total average assets
$
7,330,174
$
7,451,709
$
6,141,284
$
6,085,064
$
5,206,950
Total average stockholders' equity
$
824,633
$
841,838
$
725,651
$
715,319
$
627,103
Weighted average diluted common shares
20,825,444
21,263,164
19,235,412
19,129,726
17,651,298
Diluted earnings (loss) per share
$
1.27
$
0.80
$
1.15
$
(1.55
)
$
0.86
Core earnings per diluted share
$
1.41
$
1.32
$
1.26
$
1.21
$
0.99
Return on average assets (ROAA) annualized
1.45
%
0.92
%
1.43
%
(1.93
)%
1.18
%
Core return on average assets
1.61
%
1.52
%
1.57
%
1.51
%
1.35
%
Return on average equity
12.86
%
8.17
%
12.07
%
(16.45
)%
9.76
%
Core return on average equity
14.26
%
13.41
%
13.23
%
12.47
%
11.18
%