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Equity Bancshares Inc. Class A (EQBK-1.01%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net income of $62.6 million for 2024, compared to $7.8 million in 2023. The increase is attributed to higher net interest income and non-interest income.
Net interest income rose to $186.2 million, driven by a 99 basis point increase in yields on interest-earning assets, while the average cost of interest-bearing liabilities increased by 58 basis points.
The provision for credit losses was $2.5 million, reflecting an increase in the loan portfolio and net charge-offs, partially offset by decreases in projected future loss rates.
Non-interest income increased by 11.3%, primarily due to recovery on zero-basis purchased loans and increased yield on bank-owned life insurance.
Non-interest expense increased by $8.6 million, primarily due to increases in salaries and employee benefits, data processing expenses, and net occupancy and equipment expenses.
Total assets increased to $5.33 billion, with total deposits rising to $4.37 billion. The equity increased by $140.1 million, driven by net income and a capital raise.
The allowance for credit losses was $43.3 million, representing 1.24% of total loans, with net charge-offs for the year amounting to $3.8 million.
Equity Bancshares continues to focus on strategic acquisitions and organic growth, completing two mergers in 2024, which added significant deposits and expanded its geographic footprint.
The company remains well-capitalized, with a total stockholders’ equity of $592.9 million and a tangible common equity to tangible assets ratio of 9.95%.
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 annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.