Equity Bancshares, Inc. reported significant financial growth in its interim results for the three and nine months ended September 30, 2024, compared to the same periods in 2023. The company’s total assets increased to $5.36 billion, up from $5.03 billion at the end of 2023, driven by a rise in total loans and available-for-sale securities. Total loans reached $3.56 billion, reflecting an 8.1% increase from $3.29 billion at the end of 2023, with notable growth in commercial real estate and commercial and industrial loans.

For the three months ended September 30, 2024, total interest and dividend income rose to $74.97 million, compared to $65.04 million in the prior year. Net interest income for the same period was $46.03 million, up from $41.01 million, while net interest income after provision for credit losses increased to $44.85 million from $39.78 million. The net interest margin improved to 3.87%, compared to 3.51% in the previous year, attributed to higher yields on interest-earning assets.

Net income for the third quarter of 2024 was $19.85 million, a substantial increase from $12.34 million in 2023. Basic earnings per share rose to $1.30 from $0.80, while diluted earnings per share increased to $1.28 from $0.80. For the nine months ended September 30, 2024, net income was $45.64 million, compared to $36.12 million in 2023, with basic earnings per share rising to $2.98 from $2.32.

The company also reported a notable increase in non-interest income, which reached $9.32 million for the third quarter, up from $8.74 million in 2023. This growth was driven by higher debit card income and a new net gain from acquisitions. The acquisition of Rockhold BanCorp in February 2024 and KansasLand Bancshares in July 2024 contributed to the expansion of the company’s footprint and revenue base.

Total non-interest expense for the third quarter decreased to $30.3 million from $34.2 million, despite increases in salaries and employee benefits due to the recent mergers. The efficiency ratio improved to 54.7%, down from 68.8% in the same quarter of 2023.

Equity Bancshares maintained a strong capital position, with total stockholders’ equity increasing to $504.04 million as of September 30, 2024, up from $452.86 million at the end of 2023. The company’s capital ratios exceeded regulatory requirements, with Tier 1 capital to risk-weighted assets at 11.94%.

Overall, Equity Bancshares demonstrated robust financial performance, marked by increased revenues, profitability, and strategic growth through acquisitions, positioning itself favorably in the competitive banking landscape.