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Equity Bancshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $19.9 million from $12.3 million in the same quarter the previous year. The increase is primarily due to a rise in net interest income and a gain on the disposition of other real estate owned.
Interest income for the quarter was $74.965 million, up from $65.039 million in the previous year, driven by higher yields on interest-earning assets. Interest expense also increased to $28.934 million from $24.027 million.
Net interest income for the quarter was $46.031 million, compared to $41.012 million in the previous year, with the increase attributed to higher asset yields.
The provision for credit losses was $1.183 million for the quarter, compared to $1.230 million in the previous year.
Non-interest income increased to $9.317 million from $8.735 million, with gains from acquisitions and securities transactions contributing to the rise.
Non-interest expenses totaled $30.328 million, up from $34.244 million in the previous year, with merger expenses contributing to the increase.
Equity Bancshares reported total assets of $5.355 billion as of September 30, 2024, compared to $5.034 billion at the end of 2023.
Total deposits were $4.363 billion, up from $4.145 billion at the end of 2023, reflecting growth in both interest-bearing and non-interest-bearing deposits.
The company's total stockholders' equity was $504.038 million, up from $452.860 million at the end of 2023.
The filing also details recent acquisitions, including Rockhold BanCorp and KansasLand Bancshares, Inc., which contributed to the company's asset growth.
Equity Bancshares continues to focus on expanding its market presence and enhancing its financial performance through strategic acquisitions and operational efficiencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Equity Bancshares Inc. Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.