Equity Bancshares, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with net income reaching $62.6 million, a substantial increase from $7.8 million in the previous year. This growth was primarily driven by a $27.1 million rise in net interest income and a $58 million increase in non-interest income, despite a $8.6 million rise in non-interest expenses and a $21.1 million increase in income tax provisions. The company's total assets grew to $5.33 billion, up from $5.03 billion in 2023, while total deposits increased to $4.37 billion, reflecting a 5.5% growth.
The company completed two significant acquisitions in 2024, Rockhold BanCorp and KansasLand Bancshares, which collectively added approximately $392 million in deposits and expanded its branch network. As of December 31, 2024, Equity Bancshares operated 71 branches across Arkansas, Kansas, Missouri, and Oklahoma, with a total employee count of 810, up from 19 employees at its inception in 2002. The company’s strategy focuses on organic growth and strategic acquisitions to enhance its commercial banking franchise, which has historically provided economies of scale and improved operational efficiency.
Equity Bancshares' loan portfolio also saw growth, with total loans held for investment increasing to $3.50 billion, a 5% rise from the previous year. The company reported a slight decrease in its allowance for credit losses to $43.3 million, representing 1.24% of total loans, indicating a stable credit quality despite the increase in loan balances. Nonperforming assets rose to $34.7 million, or 0.65% of total assets, reflecting a slight uptick in credit risk but remaining at historically low levels.
Looking ahead, Equity Bancshares aims to continue its growth trajectory through further acquisitions and organic expansion, particularly in metropolitan markets. The company remains focused on maintaining asset quality and managing risks associated with its loan portfolio, especially given the economic uncertainties and competitive pressures in the banking sector. The management's outlook suggests confidence in navigating these challenges while enhancing shareholder value through strategic initiatives.
About EQUITY BANCSHARES INC
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