1. It's like a smaller, regional version of Bank of America, primarily serving the Midwest.

2. Think of it as a community-focused Wells Fargo for states like Kansas, Missouri, and Oklahoma.

• Deposit Accounts: Provides various deposit products like checking, savings, money market, and certificates of deposit for individuals and businesses.
• Lending Services: Offers a broad range of loan products including commercial real estate, commercial and industrial, residential mortgage, and consumer loans.
• Treasury Management: Delivers essential business services such as merchant processing, remote deposit capture, and ACH services to manage cash flow efficiently.
• Wealth Management & Trust Services: Furnishes financial planning, investment management, and trust services to help clients grow and preserve their wealth.

Equity Bancshares (EQBK), a bank holding company, primarily sells financial products and services to a diverse customer base rather than a few major corporate clients. Therefore, it serves a broad range of individuals and businesses across its geographic footprint. The company's major customer categories include:

1. Individuals and Households: This category encompasses retail customers who utilize a variety of personal banking services. These include checking and savings accounts, certificates of deposit, residential mortgage loans, home equity loans and lines of credit, and other consumer loans (e.g., auto loans, personal loans).
2. Small to Medium-Sized Businesses (SMBs): Equity Bancshares serves a wide array of commercial clients, ranging from small local enterprises to medium-sized businesses across various industries. These customers typically engage in commercial lending (such as lines of credit, term loans, equipment financing, and commercial real estate loans), business deposit accounts, and treasury management services.
3. Commercial Real Estate Investors and Developers: A significant portion of the bank's commercial business is dedicated to clients involved in commercial real estate. This specialized segment includes investors and developers seeking financing for the acquisition, development, construction, and refinancing of income-producing properties such as office buildings, retail centers, multi-family housing, and industrial facilities.

• Jack Henry & Associates, Inc. (JKHY)

Brad S. Elliott, Chairman & CEO, Equity Bancshares, Inc.

Mr. Elliott is the founder, Chairman, and Chief Executive Officer of Equity Bancshares, Inc., which he established in 2002. Under his leadership for over two decades, Equity Bank has expanded significantly. He led the company through its initial public offering (IPO) in 2015 and moved its common stock to the New York Stock Exchange (NYSE) in May 2023. Before founding Equity Bancshares, Mr. Elliott served as Director of Marketing at Koch Industries, Inc., a privately held multinational corporation. Prior to that, he was a Regional President at Sunflower Bank, a community bank.

Chris M. Navratil, EVP, Chief Financial Officer, Equity Bancshares

Mr. Navratil is the Chief Financial Officer of Equity Bancshares. He first joined Equity Bank as a Senior Vice President within Finance in February 2019 and was promoted to Bank CFO in December 2022. In this role, he oversees financial and balance sheet strategy, liquidity, financial planning and analysis, and investor outreach. Prior to joining Equity Bank, Mr. Navratil spent seven years with Crowe LLP, a public accounting firm in Chicago, Illinois, including two years as a Senior Manager within their Financial Institution Audit Practice.

Richard M. Sems, CEO, Equity Bank

Mr. Sems was named CEO of Equity Bank in May 2024, after joining as President in May 2023. He leads the organic growth of consumer and business product lines across the bank's locations and manages day-to-day operations. Before joining Equity Bank, Mr. Sems was the Chief Banking Officer for First Bank in St. Louis, MO. He also served as President and CEO of Reliance Bank from 2013 to 2016, and as Regional President of PNC Financial Services from 2009 to 2013.

Julie A. Huber, Executive Vice President, Chief Operating Officer, Equity Bank

Ms. Huber serves as Executive Vice President, Chief Operating Officer at Equity Bank, a role she assumed in May 2024. She joined Equity Bank in 2003 and has held several leadership positions, including overseeing credit administration, strategic initiatives, risk and compliance. As COO, she leads all bank operations, including credit and deposit operations, card services, digital customer experience tools, customer care, and merger and acquisition integration.

Patrick J. Harbert, Chief Administrative Officer, Equity Bank

Mr. Harbert is the Chief Administrative Officer for Equity Bank, having started with the company in August 2003. He previously held roles as President of Community Markets and Executive Vice President. Before his tenure at Equity Bank, Mr. Harbert was the Dodge City Market President for Sunflower Bank from June 1998 to August 2003. His prior experience also includes branch management positions at Commercial Federal Bank, Bank of America, and Emprise Bank.

The key risks to Equity Bancshares (EQBK) business operations include:

1. Credit Quality Decline and Economic Deterioration: Equity Bancshares faces significant risks from potential economic deterioration, particularly in the Midwest regions where it operates. This could lead to a decline in credit quality and an increase in non-performing loans, directly impacting the company's profitability and financial performance.
2. Interest Rate Risk and Net Interest Margin Fluctuations: The company is exposed to risks associated with fluctuations in interest rates, which can adversely affect its net interest margin (NIM). There has been a forecasted downturn in NIM, highlighting the challenges that changes in interest rate policies could pose to the bank's earnings.
3. Competition and Acquisition Integration Risks: As a regional bank, Equity Bancshares operates in a highly competitive environment, facing pressure from larger financial institutions and emerging fintech companies. Additionally, its growth strategy often involves mergers and acquisitions (M&A), which inherently carry integration risks that could impact financial performance and operational efficiency.

• The increasing competition from digitally-native fintech companies (neobanks, online lenders, payment platforms) and large national banks offering superior digital banking experiences. This threatens Equity Bancshares by disintermediating traditional banking services, eroding market share in deposits, payments, and loans, and raising customer acquisition costs for less digitally-advanced regional banks.
• Weakness in the Commercial Real Estate (CRE) market, particularly in office and certain retail sectors, exacerbated by elevated interest rates and changing work patterns (e.g., remote work). For Equity Bancshares, which, like many regional banks, has significant exposure to CRE loans, this could lead to increased loan defaults, higher loan loss provisions, and a potential decline in asset quality and profitability.

Equity Bancshares (symbol: EQBK) primarily operates as a community bank, offering a comprehensive suite of financial services. Their main products and services include commercial loans, consumer banking, mortgage loans, trust and wealth management services, and treasury management services. Equity Bancshares operates in Kansas, Missouri, Oklahoma, and Arkansas.

The addressable markets for these services within the U.S. are as follows:

• Commercial Banking: The U.S. commercial banking market is valued at approximately $732.5 billion in 2025. Other estimates place the U.S. commercial banking market at $1.6 trillion in 2025.
• Retail Banking: The U.S. retail banking market is valued at approximately $0.87 trillion (or $870 billion) in 2025 and is projected to reach $1.08 trillion by 2030. Another source estimates the market size at $1,105 billion in 2024, projected to grow to $1,850 billion by 2032.
• Community Banking: The U.S. community banking market is estimated to expand from $17.79 billion in 2024 to $19.39 billion in 2025. Another valuation for the U.S. community banking market was approximately $6.35 billion in 2024.

Equity Bancshares (EQBK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Mergers and Acquisitions (M&A): Equity Bancshares has a clear focus on expanding its footprint and market reach through strategic acquisitions. The company recently completed the merger with NBC Bank and announced an agreement with Frontier Holdings, with management projecting a 40% increase in the balance sheet by 2026, inclusive of these acquisitions. This inorganic growth strategy involves targeting institutions with assets between $250 million and $1.5 billion, and it is expected to significantly boost loan production and deposits.
2. Organic Loan Growth: The company anticipates mid to high single-digit organic loan growth in 2024 and 2025. This growth is driven by expanded calling efforts by sales teams, leading to pipeline expansion, and a continued focus on originating loans in the current interest rate environment with favorable weighted average coupons. Management highlighted that recent loan growth was primarily driven by existing client relationships, and they aim to increase the loan-to-deposit ratio.
3. Expansion into New Markets: Equity Bancshares is actively enhancing its market presence by expanding into new geographic areas. Recent strategic moves include an increased focus on the Oklahoma City market following the NBC Bank acquisition and expansion into Nebraska through the acquisition of Frontier Holdings. This geographical expansion is a core part of the company's dual growth strategy.
4. Growth in Non-Interest Income and Service Charges: The company has noted improvements and continued potential for growth in various non-interest income streams. Specifically, service fee revenue, including contributions from cards, deposit services, treasury management, mortgage, and trust and wealth management services, has shown positive trends and is expected to contribute to future revenue. The trust and wealth management team, for instance, continues to add assets under management and has a robust pipeline.

Share Repurchases

• Equity Bancshares, Inc. authorized a share repurchase program for up to 1,000,000 shares of its outstanding common stock, active from October 1, 2025, through September 30, 2026.
• Between July 1, 2025, and September 30, 2025, the company repurchased 175,732 shares for $6.53 million.
• As of November 3, 2025, Equity Bancshares completed the repurchase of 183,232 shares for $6.8 million under a buyback plan announced on October 8, 2024.

Share Issuance

• In December 2024, Equity Bancshares, Inc. priced an underwritten public offering of 1,797,600 shares of its Class A common stock at $44.50 per share, raising an aggregate of $80 million. The net proceeds are intended to support continued growth, including future strategic acquisitions and investments.
• In July 2020, the company completed an additional offering of $33 million in fixed-to-floating rate subordinated notes due 2030, bringing the total raised from these notes to $75 million. These notes are designed to qualify as Tier 2 capital.

Outbound Investments

• Equity Bancshares announced a definitive merger agreement in September 2025 to acquire Frontier Holdings, LLC (Frontier Bank) in Omaha, Nebraska, in a transaction valued at approximately $120 million to $122 million. This acquisition is targeted to close in the fourth quarter of 2025 and marks the company's entry into the Nebraska market.
• The company completed its merger with NBC Corp. of Oklahoma during the third quarter of 2025 (specifically, on July 2, 2025).
• Equity Bancshares has engaged in aggressive strategic acquisitions to expand its market presence and optimize its balance sheet.