Equity Bancshares - 10-Q quarterly report FY2025 Q3

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-37624

EQUITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)


Kansas		72-1532188
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7701 East Kellogg Drive, Suite 300 Wichita, KS		67207
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 316.612.6000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Class A, Common Stock, par value $0.01 per share

Trading Symbol

EQBK

Name of each exchange on which registered

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No

As of October 31, 2025, the registrant had 19,076,412 shares of Class A common stock, $0.01 par value per share, outstanding.

TABLE OF CONTENTS


Part I	Financial Information	5
Item 1.	Financial Statements	5
	Consolidated Balance Sheets	5
	Consolidated Statements of Income	6
	Consolidated Statements of Comprehensive Income	7
	Consolidated Statements of Stockholders’ Equity	8
	Consolidated Statements of Cash Flows	10
	Condensed Notes to Interim Consolidated Financial Statements	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	61
	Overview	63
	Critical Accounting Policies	63
	Results of Operations	64
	Financial Condition	74
	Liquidity and Capital Resources	84
	Non-GAAP Financial Measures	86
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	91
Item 4.	Controls and Procedures	93
Part II	Other Information	94
Item 1.	Legal Proceedings	94
Item 1A.	Risk Factors	94
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	94
Item 3.	Defaults Upon Senior Securities	94
Item 4.	Mine Safety Disclosures	94
Item 5.	Other Information	94
Item 6.	Exhibits	94

Important Notice about Information in this Quarterly Report

Unless we state otherwise or the context otherwise requires, references in this Quarterly Report to “we,” “our,” “us,” “the Company” and “Equity” refer to Equity Bancshares, Inc. and its consolidated subsidiaries, including Equity Bank, which we sometimes refer to as “Equity Bank,” “the Bank” or “our Bank.”

The information contained in this Quarterly Report is accurate only as of the date of this Quarterly Report on Form 10-Q and as of the dates specified herein.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Item 1A - Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 7, 2025, and in Item 1A – Risk Factors of this Quarterly Report.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

•

external economic and/or market factors, such as changes in monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System, or the Federal Reserve, inflation or deflation, changes in the demand for loans, and fluctuations in consumer spending, borrowing and savings habits which may have an adverse impact on our financial condition;

•

losses resulting from a decline in the credit quality of the assets that we hold;

•

the occurrence of various events that negatively impact the real estate market, since a significant portion of our loan portfolio is secured by real estate;

•

inaccuracies or changes in the appraised value of real estate securing the loans we originate that could lead to losses if the real estate collateral is later foreclosed upon and sold at a price lower than the appraised value;

•

the loss of our largest loan and depositor relationships;

•

limitations on our ability to lend and to mitigate the risks associated with our lending activities as a result of our size and capital position;

•

differences in our realized losses as compared to historical loss experience adjusted for quantitative and qualitative factors reflected in our calculation of the allowance for credit losses;

•

inadequacies in our allowance for credit losses which could require us to take a charge to earnings and thereby adversely affect our financial condition;

•

interest rate fluctuations which could have an adverse effect on our profitability;

•

an economic downturn, especially one affecting our core market areas;

•

the effects of a pandemic or other widespread public health emergencies;

•

the costs of integrating the businesses we acquire, which may be greater than expected;

•

the departure of key members of our management personnel or our inability to hire qualified management personnel;

•

challenges arising from unsuccessful attempts to expand into new geographic markets, products, or services;

•

a lack of liquidity resulting from decreased loan repayment rates, lower deposit balances, or other factors;

•

inaccuracies in our assumptions about future events which could result in material differences between our financial projections and actual financial performance;

•

an inability to keep pace with the rate of technological advances due to a lack of resources to invest in new technologies;

•

disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems;

•

unauthorized access to nonpublic personal information of our customers, which could expose us to litigation or reputational harm;

•

disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions;

•

required implementation of new accounting standards that significantly change our existing recognition practices;

•

additional regulatory requirements and restrictions on our business, which could impose additional costs on us;

•

an increase in FDIC deposit insurance assessments, which could adversely affect our earnings;

•

increased capital requirements imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all;

•

restraints on the ability of Equity Bank to pay dividends to us, which could limit our liquidity;

•

a failure in the internal controls we have implemented to address the risks inherent to the banking industry;

•

continued or increasing competition from other financial institutions, credit unions, and non-bank financial services companies, many of which are subject to different regulations than we are;

•

costs arising from the environmental risks associated with making loans secured by real estate;

•

the occurrence of adverse weather or manmade events, which could negatively affect our core markets or disrupt our operations;

•

the effects of new federal tax laws or tariffs, or changes to existing federal tax laws or tariffs;

•

the obligations associated with being a public company;

•

effect of pending and future litigation, including the results of the overdraft fee litigation against the Company that is described in this quarterly report;

•

other factors that are discussed in “Item 1A - Risk Factors.”

The foregoing factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in this Quarterly Report. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this Quarterly Report on Form 10-Q are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or verbal forward-looking statements that we or persons acting on our behalf may issue.

PART I

Item 1: Financial Statements

EQUITY BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

September 30, 2025, and December 31, 2024

(Dollar amounts in thousands)


	(Unaudited) September 30,			December 31,
	2025			2024
ASSETS
Cash and due from banks	$	699,165		$	383,503
Federal funds sold		245			244
Cash and cash equivalents		699,410			383,747
Interest-bearing deposit in other banks		574			—
Available-for-sale securities		903,858			1,004,455
Held-to-maturity securities, fair value of $5,378 and $5,214		5,243			5,217
Loans held for sale		617			513
Loans, net of allowance for credit losses of $53,469 and $43,267		4,215,118			3,457,549
Other real estate owned, net		3,147			4,773
Premises and equipment, net		132,857			117,132
Bank-owned life insurance		146,891			133,032
Federal Reserve Bank and Federal Home Loan Bank stock		33,713			27,875
Interest receivable		34,751			28,913
Goodwill		77,573			53,101
Core deposit intangibles, net		22,895			14,969
Other		88,984			100,771
Total assets	$	6,365,631		$	5,332,047
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand	$	1,147,201		$	954,065
Total non-interest-bearing deposits		1,147,201			954,065
Demand, savings and money market		2,882,625			2,684,197
Time		1,064,943			736,527
Total interest-bearing deposits		3,947,568			3,420,724
Total deposits		5,094,769			4,374,789
Federal funds purchased and retail repurchase agreements		42,220			37,246
Federal Home Loan Bank advances		341,378			178,073
Subordinated debt		98,174			97,477
Contractual obligations		16,664			12,067
Interest payable and other liabilities		60,534			39,477
Total liabilities		5,653,739			4,739,129
Commitments and contingent liabilities, see Notes 12 and 13
Stockholders’ equity, see Note 8
Common stock		249			230
Additional paid-in capital		658,481			584,424
Retained earnings		186,718			194,920
Accumulated other comprehensive income (loss)		4,720			(55,181	)
Treasury stock		(138,276	)		(131,475	)
Total stockholders’ equity		711,892			592,918
Total liabilities and stockholders’ equity	$	6,365,631		$	5,332,047

See accompanying condensed notes to interim consolidated financial statements.

EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

For the Three and Nine Months Ended September 30, 2025, and 2024

(Dollar amounts in thousands, except per share data)


	(Unaudited) Three Months Ended September 30,						(Unaudited) Nine Months Ended September 30,
	2025			2024			2025			2024
Interest and dividend income
Loans, including fees	$	76,911		$	62,089		$	202,776		$	182,436
Securities, taxable		9,416			9,809			27,351			29,862
Securities, nontaxable		307			400			1,042			1,192
Federal funds sold and other		4,464			2,667			8,800			8,374
Total interest and dividend income		91,098			74,965			239,969			221,864
Interest expense
Deposits		24,990			23,679			64,457			69,196
Federal funds purchased and retail repurchase agreements		263			261			730			893
Federal Home Loan Bank advances		1,741			3,089			6,881			8,022
Federal Reserve Bank borrowings		—			—			—			1,361
Subordinated debt		1,619			1,905			5,322			5,703
Total interest expense		28,613			28,934			77,390			85,175
Net interest income		62,485			46,031			162,579			136,689
Provision (reversal) for credit losses		6,228			1,183			8,969			2,448
Net interest income after provision (reversal) for credit losses		56,257			44,848			153,610			134,241
Non-interest income
Service charges and fees		2,522			2,424			6,763			7,534
Debit card income		2,953			2,665			8,509			7,733
Mortgage banking		62			287			380			720
Increase in value of bank-owned life insurance		1,393			1,344			6,307			3,083
Net gain on acquisition and branch sales		—			831			—			2,131
Net gain (loss) from securities transactions		(53,352	)		206			(53,328	)		222
Other		1,943			1,560			5,809			8,583
Total non-interest income		(44,479	)		9,317			(25,560	)		30,006
Non-interest expense
Salaries and employee benefits		22,773			18,494			62,462			54,418
Net occupancy and equipment		4,317			3,478			11,474			10,800
Data processing		4,887			5,152			15,028			15,016
Professional fees		1,670			1,487			4,558			4,657
Advertising and business development		1,305			1,368			3,857			3,897
Telecommunications		630			660			1,805			1,887
FDIC insurance		653			660			1,747			1,821
Courier and postage		744			686			2,377			1,912
Free nationwide ATM cost		582			544			1,642			1,569
Amortization of core deposit intangibles		1,182			1,112			3,243			3,229
Loan expense		330			143			740			447
Other real estate owned and repossessed assets, net		797			(7,667	)		1,001			(7,658	)
Loss on debt extinguishment		—			—			1,361			—
Merger expenses		6,163			618			6,584			4,461
Other		3,049			3,593			10,254			9,895
Total non-interest expense		49,082			30,328			128,133			106,351
Income (loss) before income tax		(37,304	)		23,837			(83	)		57,896
Provision (benefit) for income taxes		(7,641	)		3,986			(725	)		12,261
Net income (loss) and net income (loss) allocable to common stockholders	$	(29,663	)	$	19,851		$	642		$	45,635
Basic earnings (loss) per share	$	(1.55	)	$	1.30		$	0.04		$	2.98
Diluted earnings (loss) per share	$	(1.55	)	$	1.28		$	0.04		$	2.95
See accompanying condensed notes to interim consolidated financial statements.

EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three and Nine Months Ended September 30, 2025, and 2024

(Dollar amounts in thousands)


	(Unaudited) Three Months Ended September 30,						(Unaudited) Nine Months Ended September 30,
	2025			2024			2025			2024
Net income	$	(29,663	)	$	19,851		$	642		$	45,635
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during the period on available-for-sale securities		6,048			30,892			26,424			23,559
Reclassification for net (gains) losses included in net income		53,320			16			53,307			268
Unrealized holding gains (losses) arising during the period on cash flow hedges		(229	)		(2,113	)		(797	)		211
Total other comprehensive income (loss)		59,139			28,795			78,934			24,038
Tax effect		(14,150	)		(6,802	)		(19,033	)		(6,130	)
Other comprehensive income (loss), net of tax		44,989			21,993			59,901			17,908
Comprehensive income (loss)	$	15,326		$	41,844		$	60,543		$	63,543

See accompanying condensed notes to interim consolidated financial statements.

EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three Months Ended September 30, 2025, and 2024

(Unaudited)

(Dollar amounts in thousands, except share and per share data)


	Common Stock					Additional					Accumulated Other						Total
	Shares Outstanding			Amount		Paid-In Capital		Retained Earnings			Comprehensive Income (Loss)			Treasury Stock			Stockholders’ Equity
Balance at July 1, 2024		15,207,962		$	208	$	491,709	$	163,068		$	(62,005	)	$	(131,545	)	$	461,435
Net income		—			—		—		19,851			—			—			19,851
Other comprehensive income (loss), net of tax effects		—			—		—		—			21,993			—			21,993
Cash dividends - common stock, $0.15 per share		—			—		—		(2,295	)		—			—			(2,295	)
Dividend equivalents- restricted stock units and restricted stock awards, $0.15 per share		—			—		—		(36	)		—			—			(36	)
Stock-based compensation		—			—		996		—			—			—			996
Common stock issued upon exercise of stock options		73,368			1		1,699		—			—			—			1,700
Common stock issued under stock-based incentive plan		2,166			—		—		—			—			—			—
Common stock issued under employee stock purchase plan		12,581			—		359		—			—			—			359
Treasury stock purchase		—			—		—		—			—			35			35
Balance at September 30, 2024		15,296,077		$	209	$	494,763	$	180,588		$	(40,012	)	$	(131,510	)	$	504,038

Balance at July 1, 2025		17,535,989		$	231	$	587,547	$	219,876		$	(40,269	)	$	(131,749	)	$	635,636
Net income		—			—		—		(29,663	)		—			—			(29,663	)
Other comprehensive income (loss), net of tax effects		—			—		—		—			44,989			—			44,989
Cash dividends - common stock, $0.18 per share		—			—		—		(3,443	)		—			—			(3,443	)
Dividend equivalents- restricted stock units and restricted stock awards, $0.18 per share		—			—		—		(52	)		—			—			(52	)
Stock-based compensation		—			—		1,582		—			—			—			1,582
Common stock issued upon exercise of stock options		3,023			—		71		—			—			—			71
Common stock issued under stock-based incentive plan		13,879			—		—		—			—			—			—
Common stock issued under employee stock purchase plan		12,940			—		436		—			—			—			436
Common stock issued with private placement, net of offering costs		—			—		—		—			—			—			—
Common stock issued in merger		1,729,783			18		68,845											68,863
Treasury stock purchases		(175,732	)		—		—		—			—			(6,527	)		(6,527	)
Balance at September 30, 2025		19,119,882		$	249	$	658,481	$	186,718		$	4,720		$	(138,276	)	$	711,892

See accompanying condensed notes to interim consolidated financial statements.

EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Nine Months Ended September 30, 2025, and 2024

(Unaudited)

(Dollar amounts in thousands, except share and per share data)


	Common Stock					Additional						Accumulated Other						Total
	Shares Outstanding			Amount		Paid-In Capital			Retained Earnings			Comprehensive Income (Loss)			Treasury Stock			Stockholders’ Equity
Balance at January 1, 2024		15,443,651		$	207	$	489,187		$	141,006		$	(57,920	)	$	(119,620	)	$	452,860
Net income		—			—		—			45,635			—			—			45,635
Other comprehensive income (loss), net of tax effects		—			—		—			—			17,908			—			17,908
Cash dividends - common stock, $0.39 per share		—			—		—			(5,961	)		—			—			(5,961	)
Dividend equivalents- restricted stock units and restricted stock awards, $0.39 per share		—			—		—			(92	)		—			—			(92	)
Stock-based compensation		—			—		2,859			—			—			—			2,859
Common stock issued upon exercise of stock options		83,618			1		1,991			—			—			—			1,992
Common stock issued under stock-based incentive plan		101,916			1		(1	)		—			—			—			—
Common stock issued under employee stock purchase plan		29,465			—		727			—			—			—			727
Treasury stock purchase		(362,573	)		—		—			—			—			(11,890	)		(11,890	)
Balance at September 30, 2024		15,296,077		$	209	$	494,763		$	180,588		$	(40,012	)	$	(131,510	)	$	504,038

Balance at January 1, 2025		17,427,626		$	230	$	584,424		$	194,920		$	(55,181	)	$	(131,475	)	$	592,918
Net income		—			—		—			642			—			—			642
Other comprehensive income (loss), net of tax effects		—			—		—			—			59,901			—			59,901
Cash dividends - common stock, $0.48 per share		—			—		—			(8,703	)		—			—			(8,703	)
Dividend equivalents- restricted stock units and restricted stock awards, $0.48 per share		—			—		—			(141	)		—			—			(141	)
Stock-based compensation		—			—		4,221			—			—			—			4,221
Common stock issued upon exercise of stock options		6,773			—		183			—			—			—			183
Common stock issued under stock-based incentive plan		112,071			1		(1	)		—			—			—			—
Common stock issued under employee stock purchase plan		26,861			—		882			—			—			—			882
Common stock issued with private placement, net of offering costs		—			—		(73	)		—			—			—			(73	)
Common stock issued in merger		1,729,783			18		68,845			—			—			—			68,863
Treasury stock purchases		(183,232	)		—		—			—			—			(6,801	)		(6,801	)
Balance at September 30, 2025		19,119,882		$	249	$	658,481		$	186,718		$	4,720		$	(138,276	)	$	711,892

See accompanying condensed notes to interim consolidated financial statements.


EQUITY BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2025, and 2024
(Dollar amounts in thousands)
	(Unaudited) September 30,
	2025			2024
Cash flows from operating activities
Net income	$	642		$	45,635
Adjustments to reconcile net income to net cash from operating activities:
Stock-based compensation		4,221			2,859
Depreciation		4,473			3,985
Amortization of operating lease right-of-use asset		367			346
Amortization of cloud computing implementation costs		62			104
Provision (reversal) for credit losses		8,969			2,448
Net amortization (accretion) of purchase valuation adjustments		(4,187	)		(1,457	)
Amortization (accretion) of premiums and discounts on securities		(2,004	)		(2,056	)
Amortization of intangible assets		3,448			3,337
Deferred income taxes		(52	)		(2,957	)
Federal Home Loan Bank stock dividends		(853	)		(812	)
Loss (gain) on sales and valuation adjustments on other real estate owned		731			(7,875	)
Net loss (gain) on sales and settlements of securities		53,307			268
Change in unrealized (gains) losses on equity securities		21			(490	)
Loss (gain) on disposal of premises and equipment		62			(210	)
Loss (gain) on lease termination		3			—
Loss (gain) on sales and valuation adjustments on foreclosed assets		(52	)		52
Loss on debt extinguishment		1,361			—
Loss (gain) on sales of loans		(306	)		161
Originations of loans held for sale		(15,866	)		(29,500	)
Proceeds from the sale of loans held for sale		16,068			31,940
Increase in the value of bank-owned life insurance		(6,307	)		(3,083	)
Change in fair value of derivatives recognized in earnings		171			(7	)
Gain on acquisition		—			(2,131	)
Payments on operating lease payable		(459	)		(455	)
Net change in:
Interest receivable		776			(99	)
Other assets		8,478			11,972
Interest payable and other liabilities		(14,658	)		172
Net cash provided by operating activities		58,416			52,147
Cash flows (to) from investing activities
Purchases of available-for-sale securities		(541,277	)		(141,239	)
Purchase of held-to-maturity securities		—			(3,189	)
Proceeds from sales, calls, pay-downs and maturities of available-for-sale securities		696,597			229,798
Proceeds from calls, pay-downs and maturities of held-to-maturity securities		18			16
Net change in interest-bearing time deposits		(9	)		—
Net change in loans		(39,146	)		(95,958	)
Purchase of government guaranteed loans		(61,987	)		(32,248	)
Purchase of premises and equipment		(7,768	)		(6,645	)
Proceeds from sale of premises and equipment		447			2,334
Proceeds from sale of foreclosed assets		5,423			719
Net redemptions (purchases) of Federal Home Loan Bank and Federal Reserve Bank stock		(4,327	)		(12,687	)
Net redemptions (purchases) of correspondent and miscellaneous other stock		(744	)		(493	)
Proceeds from sale of other real estate owned		1,566			9,397
Purchase of bank owned life insurance		—			(60,000	)
Proceeds from surrender of bank owned life insurance policies		—			16,174
Proceeds from bank owned life insurance death benefits		4,308			—
Purchase of Net Assets of NBC Corp. of Oklahoma, net of cash acquired		150,431			—


Purchase of Net Assets of Rockhold BanCorp, net of cash acquired					60,914
Purchase of Net Assets of KansasLand Bancshares, Inc., net of cash acquired		—			1,261
Net cash (used in) provided by investing activities		203,532			(31,846	)
Cash flows (to) from financing activities
Net increase (decrease) in deposits		(86,251	)		(174,820	)
Net change in federal funds purchased and retail repurchase agreements		432			(14,984	)
Net borrowings (repayments) on Federal Home Loan Bank line of credit		163,304			189,947
Proceeds from Federal Home Loan Bank term advances		896,466			900,000
Principal repayments on Federal Home Loan Bank term advances		(900,000	)		(901,000	)
Proceeds from Federal Reserve Bank borrowings		2,000			1,000
Principal payments on Federal Reserve Bank borrowings		(2,000	)		(141,000	)
Principal payments on bank stock loan		—			(691	)
Proceeds from issuance of common stock, net		(73	)		—
Proceeds from the exercise of employee stock options		183			1,992
Proceeds from employee stock purchase plan		882			727
Proceeds from subordinated debt		75,000			—
Debt issue cost		(1,054	)		—
Principal payments on subordinated debt		(75,000	)		—
Purchase of treasury stock		(6,801	)		(11,859	)
Net change in contractual obligations		(5,402	)		(7,632	)
Dividends paid on common stock		(7,971	)		(5,597	)
Net cash (used in) provided by financing activities		53,715			(163,917	)
Net change in cash and cash equivalents		315,663			(143,616	)
Cash and cash equivalents, beginning of period		383,747			379,099
Ending cash and cash equivalents	$	699,410		$	235,483
Supplemental cash flow information:
Interest paid	$	75,815		$	86,728
Income taxes paid, net of refunds		11,112			4,495
Supplemental noncash disclosures:
Other real estate owned acquired in settlement of loans		759			669
Other repossessed assets acquired in settlement of loans		671			633
Purchase of investments in tax credits structures and resulting contractual obligations		10,000			8,000
Redemption of BOLI and other related noncash items		—			40,104
Securities traded but not settled		9,444			—
Total fair value of assts acquired in purchase of Rockhold BanCorp, net of cash		—			301,018
Total fair value of liabilities assumed in purchase of Rockhold BanCorp		—			360,632
Total fair value of assets acquired in purchase of KansasLand Bancshares, Inc., net of cash		—			50,572
Total fair value of liabilities assumed in purchase of KansasLand Bancshares, Inc.		—			51,002
Total fair value of assets acquired in purchase of NBC Corp. of Oklahoma, net of cash		729,524			—
Total fair value of liabilities assumed in purchase of NBC Corp. of Oklahoma		835,565			—

See accompanying condensed notes to interim consolidated financial statements.

EQUITY BANCSHARES, INC.

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

(Unaudited)

(Dollar amounts in thousands, except per share data)

NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The interim consolidated financial statements include the accounts of Equity Bancshares, Inc., its wholly-owned subsidiaries, Equity Bank (“Equity Bank”), EBAC, LLC (“EBAC”) and Equity Risk Management, Inc. (“ERMI”). ERMI provides property and casualty insurance coverage to Equity Bancshares and Equity Bank and reinsurance to other third party insurance captives for which insurance may not be currently available or economically feasible in today's insurance marketplace. The wholly-owned subsidiaries of Equity Bank are comprised of SA Holdings, Inc. (“SA Holdings”), SA Property LLC (“SA Property”), and EQBK Investments, LLC. (“EQBK Investments”). SA Holdings and SA Property were established for the purpose of holding and selling other real estate owned. EQBK Investments was established for the purpose to hold Equity Bank's investment in a real estate investment trust. These entities are collectively referred to as the “Company”. All significant intercompany accounts and transactions have been eliminated in consolidation.

The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial information. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the interim statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis and all such adjustments are of a normal recurring nature. These financial statements and the accompanying notes should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 7, 2025. Operating results for the nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or any other period.

Reclassifications

Some items in prior financial statements were reclassified to conform to the current presentation. Management determined the items reclassified are immaterial to the consolidated financial statements taken as a whole and did not result in a change in equity or net income for the periods reported.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 require public business entities on an annual basis to disclose: (1) specific categories in the rate reconciliation; (2) provide additional information for reconciling items that meet a quantitative threshold of five percent of pretax income multiplied by the statutory rate; (3) provide a qualitative description of the state and local jurisdictions that make up a majority of the state and local income tax category; (4) requires the entity to provide an explanation of the nature, effect and underlying causes of the reconciling items disclosed and the judgment used in categorizing the reconciling items; (5) requires that all entities disclose on an annual basis income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes, and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds); (6) requires disclosure of income from continuing operations before income tax expense to be disaggregated between domestic and foreign, and income tax expense disaggregated by federal, state and foreign; and (7) removes the disclosures of estimating the range of reasonably possible change in unrecognized tax benefits balance in the next 12 months and removes the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis; however, retrospective application is permitted. The Company's financial condition, results of operations and cash flows will not be impacted by this guidance; however, this guidance will impact the Company's financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. The amendments in ASU 2024-03, update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments will require an the Company to disclose employee compensation, depreciation, and intangible amortization included in each relevant expense caption on the face of the income statement. In addition, certain amounts already required to be disclosed under other current GAAP will be disclosed in this disaggregation and a qualitative description of the amounts remaining in each relevant expense caption. The amendments in this update are effective for annual periods beginning after December 15, 2026, and early adoptions is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments in this update should be applied on a prospective basis; however, retrospective application is permitted. The Company's financial condition, results of operations and cash flows will not be impacted by this guidance; however, this guidance will impact the Company's financial statement disclosures.

In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures - Clarifying the Effective Date. The amendments in ASU 2025-01, clarify that all public entities should initially adopt the disclosure requirements of ASU 2024-03 in the first annual reporting period beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The transition guidance included in ASU 2024-03 and related impact is unchanged by this guidance.

NOTE 2 – INVESTMENTS

The amortized cost and fair value of available-for-sale securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are listed below.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
September 30, 2025
Available-for-sale securities
U.S. Government-sponsored entities	$	28,725	$	335	$	—		$	—	$	29,060
U.S. Treasury securities		43,159		123		(1	)		—		43,281
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities		633,351		7,469		(1,367	)		—		639,453
Private label residential mortgage-backed securities		4,582		—		(124	)		—		4,458
Corporate		83,755		755		(1,605	)		—		82,905
Small Business Administration loan pools		83,527		79		(315	)		—		83,291
State and political subdivisions		21,825		47		(462	)		—		21,410
	$	898,924	$	8,808	$	(3,874	)	$	—	$	903,858


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
December 31, 2024
Available-for-sale securities
U.S. Government-sponsored entities	$	71,173	$	68	$	(6,147	)	$	—	$	65,094
U.S. Treasury securities		86,523		118		(78	)		—		86,563
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities		600,558		887		(35,935	)		—		565,510
Private label residential mortgage-backed securities		144,971		—		(20,307	)		—		124,664
Corporate		61,947		177		(3,472	)		—		58,652
Small Business Administration loan pools		30,212		59		(343	)		—		29,928
State and political subdivisions		83,868		27		(9,851	)		—		74,044
	$	1,079,252	$	1,336	$	(76,133	)	$	—	$	1,004,455

The December 31, 2024, table has been revised to correct the presentation of securities with an amortized cost of $23,670 and fair value of $23,662. The securities, which are included in small business administration loan pools, were previously included in government-sponsored residential mortgage-backed securities.

The amortized cost and fair value of held-to-maturity securities and the related gross unrecognized gains and losses are listed in the following tables.


	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Allowance for Credit Losses		Fair Value
September 30, 2025
Held-to-maturity securities
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities	$	3,960	$	121	$	(3	)	$	—	$	4,078
State and political subdivisions		1,283		18		(1	)		—		1,300
	$	5,243	$	139	$	(4	)	$	—	$	5,378


	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses			Allowance for Credit Losses		Fair Value
December 31, 2024
Held-to-maturity securities
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities	$	3,932	$	3	$	(26	)	$	—	$	3,909
State and political subdivisions		1,285		26		(6	)		—		1,305
	$	5,217	$	29	$	(32	)	$	—	$	5,214

The fair value and amortized cost of debt securities at September 30, 2025, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately.


	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Within one year	$	49,062	$	49,136	$	—	$	—
One to five years		44,005		44,516		—		—
Five to ten years		77,835		76,793		171		170
After ten years		6,562		6,211		1,112		1,130
SBA loan pools		83,527		83,291		—		—
Mortgage-backed securities		637,933		643,911		3,960		4,078
Total debt securities	$	898,924	$	903,858	$	5,243	$	5,378

The following table shows the carrying value and fair value of securities pledged as collateral to secure public fund deposits; borrowings from the Federal Home Loan Bank and Federal Reserve Bank; and retail repurchase obligations at September 30, 2025, and December 31, 2024.


	September 30, 2025				December 31, 2024
	Book Value		Fair Value		Book Value		Fair Value
Public fund deposits	$	617,691	$	623,691	$	732,935	$	690,855
Federal Home Loan Bank pledging		—		—		104,888		90,406
Federal Reserve Bank borrowings		—		—		10,481		10,358
Retail repurchase agreements		43,119		43,548		49,021		45,249
Total securities pledged	$	660,810	$	667,239	$	897,325	$	836,868

The following tables show gross unrealized or unrecognized losses and fair value, aggregated by investment category, and length of time that individual securities have been in a continuous loss position at September 30, 2025, and December 31, 2024.


	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
September 30, 2025
Available-for-sale securities
U.S. Government-sponsored entities	$	—	$	—		$	—	$	—		$	—	$	—
U.S. Treasury securities		2,226		(1	)		—		—			2,226		(1	)
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities		108,628		(505	)		23,660		(862	)		132,288		(1,367	)
Private label residential mortgage-backed securities		—		—			4,458		(124	)		4,458		(124	)
Corporate	$	5,609	$	(56	)	$	29,762	$	(1,549	)		35,371		(1,605	)
Small Business Administration loan pools		55,255		(293	)		2,022		(22	)		57,277		(315	)
State and political subdivisions		1,775		(7	)		11,585		(455	)		13,360		(462	)
Total	$	173,493	$	(862	)	$	71,487	$	(3,012	)	$	244,980	$	(3,874	)
December 31, 2024
Available-for-sale securities
U.S. Government-sponsored entities	$	15,084	$	(62	)	$	32,195	$	(6,085	)	$	47,279	$	(6,147	)
U.S. Treasury securities		2,940		(1	)		19,943		(77	)		22,883		(78	)
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities		148,954		(1,533	)		268,364		(34,402	)		417,318		(35,935	)
Private label residential mortgage-backed securities		—		—			124,664		(20,307	)		124,664		(20,307	)
Corporate		1,765		(34	)		47,022		(3,438	)		48,787		(3,472	)
Small Business Administration loan pools		23,812		(70	)		2,284		(273	)		26,096		(343	)
State and political subdivisions		7,948		(89	)		62,119		(9,762	)		70,067		(9,851	)
Total	$	200,503	$	(1,789	)	$	556,591	$	(74,344	)	$	757,094	$	(76,133	)

	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrecognized Loss			Fair Value		Unrecognized Loss			Fair Value		Unrecognized Loss
September 30, 2025
Held-to-maturity securities
Residential mortgage-backed (issued by government-sponsored entities)	$	866	$	(3	)	$	—	$	—		$	866	$	(3	)
State and political subdivisions		—		—			170		(1	)		170	$	(1	)
Total	$	866	$	(3	)	$	170	$	(1	)	$	1,036	$	(4	)
December 31, 2024
Held-to-maturity securities
Residential mortgage-backed (issued by government-sponsored entities)	$	853	$	(26	)	$	—	$	—		$	853	$	(26	)
State and political subdivisions		167		(6	)		—		—			167		(6	)
Total	$	1,020	$	(32	)	$	—	$	—		$	1,020	$	(32	)

As of September 30, 2025, the Company held 86 available-for-sale in an unrealized loss position and two held-to-maturity security in an unrecognized loss position.

Unrealized losses on available-for-sale securities and unrecognized losses on held-to-maturity securities have not been recognized into income because the security issuers are of high credit quality, management does not intend to sell and it is more likely than not that the Company will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and the fair value is expected to recover as the securities approach maturity.

The Company's available-for-sale and held-to-maturity investments that carry some form of credit risk are private label residential mortgage-backed, corporate and state and political subdivisions securities.

The Company's private label residential mortgage-backed exposure consists of one security held by the Company and is senior in the capital structure, carry substantial credit enhancement and are 20% risk weighted by the Simplified Supervisory Formula Approach (“SSFA”). At September 30, 2025, the Company does not anticipate any credit losses in the private label residential mortgage-backed securities portfolio.

The Company's corporate debt exposure consists of 29 separate positions in U.S. financial institutions, all of which the Company has determined to be investment grade. Substantially all of the positions are subordinated debt issued by bank holding companies. The Company periodically reviews financial data of the issuers to ensure their continued investment grade status. At September 30, 2025, the Company does not anticipate any credit losses in the corporate debt securities portfolio.

The Company's portfolio of state and political subdivisions securities is comprised of 81 positions of which 67% of the positions are rated “A” or better by a Nationally Recognized Statistical Ratings Organization (“NRSRO”), and 46% of the overall portfolio is made up of general obligation bonds. The Company periodically reviews financial data of the entities and regularly monitors credit ratings changes of the entities. At September 30, 2025, the Company does not anticipate any credit losses in the state and political subdivisions securities portfolio.

The proceeds from sales and the associated gains and losses on available-for-sale securities reclassified from other comprehensive income to income are listed below.


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025			2024
Proceeds	$	435,691		$	15,407	$	436,331		$	16,133
Gross gain		—			164		13			167
Gross losses		53,320			180		53,320			435
Income tax expense/(benefit)		(12,855	)		—		(12,852	)		(62	)

The Company also invests in several other investments, including investments in stocks and partnerships, which are included in other assets. The following table shows the various investment balances and method of accounting at September 30, 2025, and December 31, 2024.


	September 30, 2025		December 31, 2024
Investments in stocks
Accounted for at fair value through net income	$	1,042	$	1,009
Accounted for at amortized cost assessed for impairment		2,416		1,982
Total investments in stocks		3,458		2,991
Investments in partnerships
Accounted for under the equity method		3,037		2,500
Accounted for under the hypothetical liquidation book value		1,706		1,961
Accounted for under proportional amortization		33,321		23,498
Total investments in partnerships		38,064		27,959
Total other investments	$	41,522	$	30,950

The unrealized gain/(loss) for other investments accounted for at fair value that were still held at the reporting period were $10 and $3 at September 30, 2025, and December 31, 2024.

The following table discloses the financial statement impact of tax credit investments for the three month period ended September 30, 2025, and 2024.


	Income Tax Credits Recognized During Period (a)			Other Income Tax Benefits (a)			Total Tax Benefits			Investment Amortization Included in Income Tax Expense
September 30, 2025
Investments and tax credit structures:
Included in proportional amortization	$	3,702		$	627		$	4,329		$	(3,881	)
Not included in proportional amortization	$	—		$	(134	)	$	(134	)	$	—

September 30, 2024
Investments and tax credit structures:
Included in proportional amortization	$	(7,424	)	$	(759	)	$	(8,183	)	$	7,096
Not included in proportional amortization	$	—		$	151		$	151		$	—
(a) Reported in income tax expense on statements of income and reported in net change in other assets on statements of cash flows.

The following table discloses the financial statement impact of tax credit investments for the nine month period ended September 30, 2025, and 2024.


	Income Tax Credits Recognized During Period (a)			Other Income Tax Benefits (a)			Total Tax Benefits			Investment Amortization Included in Income Tax Expense
September 30, 2025
Investments and tax credit structures:
Included in proportional amortization	$	14		$	3		$	17		$	(15	)
Not included in proportional amortization	$	—		$	(1	)	$	(1	)	$	—

September 30, 2024
Investments and tax credit structures:
Included in proportional amortization	$	(8,251	)	$	(984	)	$	(9,235	)	$	8,021
Not included in proportional amortization	$	—		$	174		$	174		$	—
(a) Reported in income tax expense on statements of income and reported in net change in other assets on statements of cash flows.

NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES

Types of loans and normal collateral securing those loans are listed below.

Commercial real estate: Commercial real estate loans include all loans secured by non-farm, nonresidential properties and by multifamily residential properties, as well as 1-4 family investment-purpose real estate loans.

Commercial and industrial: Commercial and industrial loans include loans used to purchase fixed assets, provide working capital or meet other financing needs of the business. Loans are normally secured by the assets being purchased or already owned by the borrower, inventory or accounts receivable. These may include SBA and other guaranteed or partially guaranteed types of loans.

Residential real estate: Residential real estate loans include loans secured by primary or secondary personal residences.

Agricultural real estate: Agricultural real estate loans are loans typically secured by farmland.

Agricultural: Agricultural loans are primarily operating lines subject to annual farming revenues including productivity/yield of the agricultural commodities produced. These loans may be secured by growing crops, stored crops, livestock, equipment, and miscellaneous receivables.

Consumer: Consumer loans may include installment loans, unsecured and secured personal lines of credit, overdraft protection and letters of credit. These loans are generally secured by consumer assets but may be unsecured.

The following table reconciles the outstanding balance of loans at September 30, 2025, and December 31, 2024.


	September 30, 2025			December 31, 2024
Net loan balance	$	4,288,110		$	3,504,218
Loan origination fees and expenses		(2,548	)		(848	)
Merger fair value adjustments		(18,460	)		(6,300	)
Hedge fair market value adjustments		(1,196	)		(1,658	)
Purchased premium and discounts		2,681			5,404
Total	$	4,268,587		$	3,500,816

The following table lists categories of loans at September 30, 2025, and December 31, 2024.


	September 30, 2025			December 31, 2024
Commercial real estate	$	2,216,180		$	1,830,514
Commercial and industrial		907,439			658,865
Residential real estate		590,598			566,766
Agricultural real estate		272,087			267,248
Agricultural		174,517			87,339
Consumer		107,766			90,084
Total loans		4,268,587			3,500,816
Allowance for credit losses		(53,469	)		(43,267	)
Net loans	$	4,215,118		$	3,457,549

From time to time, the Company has purchased pools of residential real estate loans originated by other financial institutions to hold for investment with the intent to diversify the residential real estate portfolio. During the three and nine months ended September 30, 2025, and 2024, the Company did not purchase any pools of residential loans. As of September 30, 2025, and December 31, 2024, residential real estate loans include $260,184 and $274,922 of purchased residential real estate loans.

The Company occasionally purchases the government guaranteed portion of loans originated by other financial institutions to hold for investment. During the three and nine months ended September 30, 2025, the Company purchased zero and $61,987 in loans guaranteed by governmental agencies. During the three and nine months ended September 30, 2024, the Company purchased $25,145 and $32,248 in loans guaranteed by governmental agencies.

The unamortized purchase accounting discounts related to non-purchase credit deteriorated loans included in the loan totals above are $13,802 with related loans of $773,675 at September 30, 2025, and $4,659 with related loans of $252,309 at December 31, 2024.

Overdraft deposit accounts are reclassified and included in consumer loans above. These accounts totaled $739 at September 30, 2025, and $329 at December 31, 2024.

The following tables present the activity in the allowance for credit losses by class for the three month period ended September 30, 2025, and 2024.


September 30, 2025	Commercial Real Estate			Commercial and Industrial			Residential Real Estate			Agricultural Real Estate			Agricultural			Consumer			Total
Allowance for credit losses:
Beginning balance	$	16,250		$	13,237		$	8,542		$	5,132		$	268		$	1,841		$	45,270
Provision for credit losses		3,567			2,111			478			(88	)		(133	)		293			6,228
Initial PCD on Acquired loans		1,857			212			25			407			574			—			3,075
Loans charged-off		(232	)		(828	)		(27	)		(29	)		(2	)		(316	)		(1,434	)
Recoveries		12			221			13			11			12			61			330
Total ending allowance balance	$	21,454		$	14,953		$	9,031		$	5,433		$	719		$	1,879		$	53,469


September 30, 2024	Commercial Real Estate		Commercial and Industrial			Residential Real Estate			Agricultural Real Estate			Agricultural			Consumer			Total
Allowance for credit losses:
Beginning balance	$	14,492	$	16,407		$	8,066		$	2,254		$	522		$	1,746		$	43,487
Provision for credit losses		737		247			(59	)		(40	)		(43	)		341			1,183
Initial PCD on Acquired loans		—		9			43			330			22			—			404
Loans charged-off		—		(930	)		(352	)		(23	)		(1	)		(474	)		(1,780	)
Recoveries		7		76			22			14			22			55			196
Total ending allowance balance	$	15,236	$	15,809		$	7,720		$	2,535		$	522		$	1,668		$	43,490

The following tables present the activity in the allowance for credit losses by class for the nine month period ended September 30, 2025, and 2024.


September 30,2025	Commercial Real Estate			Commercial and Industrial			Residential Real Estate			Agricultural Real Estate			Agricultural			Consumer			Total
Allowance for credit losses:
Beginning balance	$	14,948		$	14,005		$	8,553		$	3,504		$	439		$	1,818			43,267
Provision for credit losses		4,385			1,717			572			1,493			(253	)		1,055			8,969
Initial PCD on Acquired loans		1,857			212			25			407			574			—			3,075
Loans charged-off		(482	)		(1,680	)		(149	)		(56	)		(95	)		(1,229	)		(3,691	)
Recoveries		746			699			30			85			54			235			1,849
Total ending allowance balance	$	21,454		$	14,953		$	9,031		$	5,433		$	719		$	1,879		$	53,469


September 30, 2024	Commercial Real Estate			Commercial and Industrial			Residential Real Estate			Agricultural Real Estate			Agricultural			Consumer			Total
Allowance for credit losses:
Beginning balance	$	13,476		$	17,954		$	7,784		$	1,718		$	995		$	1,593		$	43,520
Provision for credit losses		1,741			227			53			495			(774	)		706			2,448
Initial PCD on Acquired loans		—			128			227			330			306			9			1,000
Loans charged-off		(19	)		(2,772	)		(385	)		(24	)		(28	)		(814	)		(4,042	)
Recoveries		38			272			41			16			23			174			564
Total ending allowance balance	$	15,236		$	15,809		$	7,720		$	2,535		$	522		$	1,668		$	43,490

The following tables present the recorded investment in loans and the balance in the allowance for credit losses by portfolio and class based on the method to determine allowance for credit loss as of September 30, 2025, and December 31, 2024.


September 30,2025	Commercial Real Estate		Commercial and Industrial		Residential Real Estate		Agricultural Real Estate		Agricultural		Consumer		Total
Allowance for credit losses:
Individually evaluated for credit losses	$	3,132	$	1,265	$	1,002	$	674	$	548	$	193	$	6,814
Collectively evaluated for credit losses		18,322		13,688		8,029		4,759		171		1,686		46,655
Total	$	21,454	$	14,953	$	9,031	$	5,433	$	719	$	1,879	$	53,469
Loan Balance:
Individually evaluated for credit losses	$	25,791	$	22,188	$	4,510	$	7,506	$	6,828	$	786	$	67,609
Collectively evaluated for credit losses		2,190,389		885,251		586,088		264,581		167,689		106,980		4,200,978
Total	$	2,216,180	$	907,439	$	590,598	$	272,087	$	174,517	$	107,766	$	4,268,587


December 31, 2024	Commercial Real Estate		Commercial and Industrial		Residential Real Estate		Agricultural Real Estate		Agricultural		Consumer		Total
Allowance for credit losses:
Individually evaluated for credit losses	$	1,053	$	1,618	$	1,167	$	701	$	147	$	201	$	4,887
Collectively evaluated for credit losses		13,895		12,387		7,386		2,803		292		1,617		38,380
Total	$	14,948	$	14,005	$	8,553	$	3,504	$	439	$	1,818	$	43,267
Loan Balance:
Individually evaluated for credit losses	$	7,854	$	8,593	$	4,996	$	5,839	$	1,740	$	871	$	29,893
Collectively evaluated for credit losses		1,822,660		650,272		561,770		261,409		85,599		89,213		3,470,923
Total	$	1,830,514	$	658,865	$	566,766	$	267,248	$	87,339	$	90,084	$	3,500,816

The following tables present information related to non-accrual loans at September 30, 2025, and December 31, 2024.


	September 30,2025
	Unpaid Principal Balance		Recorded Investment		Allowance for Credit Losses Allocated
With no related allowance recorded:
Commercial real estate	$	4,005	$	3,957	$	—
Commercial and industrial		18,403		17,101		—
Residential real estate		59		—		—
Agricultural real estate		3,620		2,115		—
Agricultural		1,624		1,291		—
Consumer		14		—		—
Subtotal		27,725		24,464		—
With an allowance recorded:
Commercial real estate		13,967		12,732		2,007
Commercial and industrial		8,421		4,721		1,228
Residential real estate		4,468		4,109		974
Agricultural real estate		1,766		1,240		288
Agricultural		565		538		92
Consumer		810		770		191
Subtotal		29,997		24,110		4,780
Total	$	57,722	$	48,574	$	4,780


	December 31, 2024
	Unpaid Principal Balance		Recorded Investment		Allowance for Credit Losses Allocated
With no related allowance recorded:
Commercial real estate	$	3,068	$	3,068	$	—
Commercial and industrial		—		—		—
Residential real estate		19		—		—
Agricultural real estate		2,490		2,014		—
Agricultural		—		—		—
Consumer		31		—		—
Subtotal		5,608		5,082		—
With an allowance recorded:
Commercial real estate		4,719		4,390		1,015
Commercial and industrial		12,424		7,798		1,482
Residential real estate		5,260		4,670		1,145
Agricultural real estate		5,594		3,737		697
Agricultural		953		592		73
Consumer		846		781		187
Subtotal		29,796		21,968		4,599
Total	$	35,404	$	27,050	$	4,599

The tables below present average recorded investment and interest income related to non-accrual loans for the three and nine months ended September 30, 2025, and 2024. Interest income recognized in the following table was substantially recognized on the cash basis. The recorded investment in loans excludes accrued interest receivable due to immateriality.


	As of and for the Three Months Ended
	September 30,2025				September 30,2024
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Commercial real estate	$	3,755	$	—	$	3,948	$	—
Commercial and industrial		17,134		72		—		—
Residential real estate		—		2		—		—
Agricultural real estate		1,982		116		3,068		—
Agricultural		1,291		—		273		—
Consumer		—		—		—		—
Subtotal		24,162		190		7,289		—
With an allowance recorded:
Commercial real estate		13,715		38		3,892		52
Commercial and industrial		6,231		27		8,104		110
Residential real estate		4,153		22		4,683		15
Agricultural real estate		3,509		—		3,656		4
Agricultural		3,186		4		605		—
Consumer		811		3		687		5
Subtotal		31,605		94		21,627		186
Total	$	55,767	$	284	$	28,916	$	186


	As of and for the Nine Months Ended
	September 30,2025				September 30,2024
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded:
Commercial real estate	$	3,404	$	8	$	3,660	$	55
Commercial and industrial		8,567		197		498		—
Residential real estate		—		2		—		1
Agricultural real estate		1,978		164		2,007		122
Agricultural		645		—		136		5
Consumer		—		—		—		—
Subtotal		14,594		371		6,301		183
With an allowance recorded:
Commercial real estate		9,264		70		3,131		61
Commercial and industrial		7,123		44		6,501		116
Residential real estate		4,534		26		5,096		25
Agricultural real estate		2,930		—		3,465		5
Agricultural		2,209		4		1,590		1
Consumer		793		10		687		7
Subtotal		26,853		154		20,470		215
Total	$	41,447	$	525	$	26,771	$	398

The following table presents the amount of non-accrual interest income written off for the three and nine months ended September 30, 2025, and 2024.


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Commercial real estate	$	89	$	77	$	153	$	144
Commercial and industrial		294		334		857		383
Residential real estate		16		14		35		46
Agricultural real estate		53		148		77		150
Agricultural		6		3		76		96
Consumer		5		5		15		11
Total	$	463	$	581	$	1,213	$	830

The following tables present the aging of the recorded investment in past due loans as of September 30, 2025, and December 31, 2024, by portfolio and class of loans.


September 30, 2025	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater Than 90 Days Past Due Still On Accrual		Non-accrual		Loans Not Past Due		Total
Commercial real estate	$	3,877	$	2,962	$	—	$	16,689	$	2,192,652	$	2,216,180
Commercial and industrial		1,893		574		865		21,822		882,285		907,439
Residential real estate		1,344		1,975		234		4,109		582,936		590,598
Agricultural real estate		530		150		1,742		3,355		266,310		272,087
Agricultural		200		665		8		1,829		171,815		174,517
Consumer		533		129		—		770		106,334		107,766
Total	$	8,377	$	6,455	$	2,849	$	48,574	$	4,202,332	$	4,268,587


December 31, 2024	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater Than 90 Days Past Due Still On Accrual		Non-accrual		Loans Not Past Due		Total
Commercial real estate	$	3,502	$	2,030	$	156	$	7,458	$	1,817,368	$	1,830,514
Commercial and industrial		1,314		644		25		7,798		649,084		658,865
Residential real estate		2,396		634		—		4,670		559,066		566,766
Agricultural real estate		457		312		—		5,751		260,728		267,248
Agricultural		411		80		—		592		86,256		87,339
Consumer		666		196		—		781		88,441		90,084
Total	$	8,746	$	3,896	$	181	$	27,050	$	3,460,943	$	3,500,816

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. Consumer loans are considered pass credits unless downgraded due to payment status or reviewed as part of a larger credit relationship. The Company uses the following definitions for risk ratings.

Pass: Loans classified as pass include all loans that do not fall under one of the three following categories.

Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

Based on the analysis performed at September 30, 2025, the risk category of loans by type and year of origination is as follows.


September 30, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost		Revolving Loans Converted to Term		Total
Commercial real estate
Risk rating
Pass	$	327,883	$	344,701	$	182,422	$	271,350	$	168,596	$	304,134	$	588,187	$	1,026	$	2,188,299
Special mention		—		115		—		79		—		370		644		—		1,208
Substandard		4,468		1,150		7,458		3,816		2,366		3,467		3,948		—		26,673
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial real estate	$	332,351	$	345,966	$	189,880	$	275,245	$	170,962	$	307,971	$	592,779	$	1,026	$	2,216,180
Commercial and industrial
Risk rating
Pass	$	178,919	$	135,606	$	56,211	$	59,903	$	36,182	$	52,850	$	345,194	$	859	$	865,724
Special mention		—		97		11,615		151		12		821		129		—		12,825
Substandard		88		8,460		7,732		341		228		2,196		9,122		647		28,814
Doubtful		—		—		—		—		—		76		—		—		76
Total commercial and industrial	$	179,007	$	144,163	$	75,558	$	60,395	$	36,422	$	55,943	$	354,445	$	1,506	$	907,439
Residential real estate
Risk rating
Pass	$	41,713	$	20,486	$	32,987	$	37,573	$	249,958	$	126,423	$	76,301	$	389	$	585,830
Special mention		—		—		—		—		—		283		—		—		283
Substandard		17		104		396		404		181		3,107		231		45		4,485
Doubtful		—		—		—		—		—		—		—		—		—
Total residential real estate	$	41,730	$	20,590	$	33,383	$	37,977	$	250,139	$	129,813	$	76,532	$	434	$	590,598
Agricultural real estate
Risk rating
Pass	$	54,370	$	46,931	$	20,911	$	20,866	$	12,256	$	53,907	$	57,658	$	265	$	267,164
Special mention		8		—		—		—		—		131		—		—		139
Substandard		—		—		2,155		421		774		1,434		—		—		4,784
Doubtful		—		—		—		—		—		—		—		—		—
Total agricultural real estate	$	54,378	$	46,931	$	23,066	$	21,287	$	13,030	$	55,472	$	57,658	$	265	$	272,087
Agricultural
Risk rating
Pass	$	24,616	$	22,573	$	5,880	$	2,866	$	1,772	$	3,063	$	112,133	$	15	$	172,918
Special mention		—		—		1		—		—		64		—		—		65
Substandard		—		198		280		230		24		433		369		—		1,534
Doubtful		—		—		—		—		—		—		—		—		—
Total agricultural	$	24,616	$	22,771	$	6,161	$	3,096	$	1,796	$	3,560	$	112,502	$	15	$	174,517
Consumer
Risk rating
Pass	$	34,701	$	10,397	$	11,608	$	8,762	$	3,988	$	3,791	$	33,749	$	—	$	106,996
Special mention		—		—		—		—		—		—		—		—		—
Substandard		10		57		210		247		177		69		—		—		770
Doubtful		—		—		—		—		—		—		—		—		—
Total consumer	$	34,711	$	10,454	$	11,818	$	9,009	$	4,165	$	3,860	$	33,749	$	—	$	107,766
Total loans
Risk rating
Pass	$	662,202	$	580,694	$	310,019	$	401,320	$	472,752	$	544,168	$	1,213,222	$	2,554	$	4,186,931
Special mention		8		212		11,616		230		12		1,669		773		—		14,520
Substandard		4,583		9,969		18,231		5,459		3,750		10,706		13,670		692		67,060
Doubtful		—		—		—		—		—		76		—		—		76
Total loans	$	666,793	$	590,875	$	339,866	$	407,009	$	476,514	$	556,619	$	1,227,665	$	3,246	$	4,268,587

Based on the analysis performed at December 31, 2024, the risk category of loans by type and year of origination is as follows.


December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost		Revolving Loans Converted to Term		Total
Commercial real estate
Risk rating
Pass	$	332,078	$	191,947	$	337,048	$	162,180	$	148,732	$	166,614	$	474,324	$	855	$	1,813,778
Special mention		331		—		103		—		—		378		497		—		1,309
Substandard		795		459		3,693		3,499		365		6,277		339		—		15,427
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial real estate	$	333,204	$	192,406	$	340,844	$	165,679	$	149,097	$	173,269	$	475,160	$	855	$	1,830,514
Commercial and industrial
Risk rating
Pass	$	114,421	$	78,335	$	69,294	$	32,227	$	53,119	$	16,902	$	261,227	$	994	$	626,519
Special mention		121		—		160		18		—		870		131		—		1,300
Substandard		8,256		8,189		315		274		1,113		1,592		10,563		667		30,969
Doubtful		—		—		—		—		—		77		—		—		77
Total commercial and industrial	$	122,798	$	86,524	$	69,769	$	32,519	$	54,232	$	19,441	$	271,921	$	1,661	$	658,865
Residential real estate
Risk rating
Pass	$	25,981	$	33,933	$	35,687	$	260,180	$	7,622	$	130,242	$	66,981	$	572	$	561,198
Special mention		—		—		—		—		—		300		72		—		372
Substandard		—		195		253		403		123		3,370		807		45		5,196
Doubtful		—		—		—		—		—		—		—		—		—
Total residential real estate	$	25,981	$	34,128	$	35,940	$	260,583	$	7,745	$	133,912	$	67,860	$	617	$	566,766
Agricultural real estate
Risk rating
Pass	$	52,369	$	16,936	$	24,551	$	11,468	$	20,508	$	36,834	$	95,410	$	277	$	258,353
Special mention		1,541		—		151		—		—		138		595		—		2,425
Substandard		—		2,054		56		571		76		3,659		54		—		6,470
Doubtful		—		—		—		—		—		—		—		—		—
Total agricultural real estate	$	53,910	$	18,990	$	24,758	$	12,039	$	20,584	$	40,631	$	96,059	$	277	$	267,248
Agricultural
Risk rating
Pass	$	15,428	$	4,045	$	5,364	$	2,576	$	3,674	$	1,308	$	53,757	$	49	$	86,201
Special mention		—		—		—		—		—		32		—		—		32
Substandard		45		185		19		274		404		36		143		—		1,106
Doubtful		—		—		—		—		—		—		—		—		—
Total agricultural	$	15,473	$	4,230	$	5,383	$	2,850	$	4,078	$	1,376	$	53,900	$	49	$	87,339
Consumer
Risk rating
Pass	$	35,412	$	17,503	$	14,157	$	5,765	$	2,732	$	2,724	$	11,007	$	—	$	89,300
Special mention		—		—		—		—		—		—		—		—		—
Substandard		13		234		289		170		43		35		—		—		784
Doubtful		—		—		—		—		—		—		—		—		—
Total consumer	$	35,425	$	17,737	$	14,446	$	5,935	$	2,775	$	2,759	$	11,007	$	—	$	90,084
Total loans
Risk rating
Pass	$	575,689	$	342,699	$	486,101	$	474,396	$	236,387	$	354,624	$	962,706	$	2,747	$	3,435,349
Special mention		1,993		—		414		18		—		1,718		1,295		—		5,438
Substandard		9,109		11,316		4,625		5,191		2,124		14,969		11,906		712		59,952
Doubtful		—		—		—		—		—		77		—		—		77
Total loans	$	586,791	$	354,015	$	491,140	$	479,605	$	238,511	$	371,388	$	975,907	$	3,459	$	3,500,816

The following table discloses the charge-off and recovery activity by loan type and year of origination for the nine month period ending September 30, 2025.


September 30, 2025	2025			2024			2023			2022			2021			Prior			Revolving Loans Amortized Cost			Revolving Loans Converted to Term		Total
Commercial real estate
Gross charge-offs	$	—		$	(4	)	$	(1	)	$	(241	)	$	(49	)	$	(187	)	$	—		$	—	$	(482	)
Gross recoveries		—			—			—			199			2			545			—			—		746
Net charge-offs	$	—		$	(4	)	$	(1	)	$	(42	)	$	(47	)	$	358		$	—		$	—	$	264
Commercial and industrial
Gross charge-offs	$	—		$	(69	)	$	(198	)	$	(40	)	$	(42	)	$	(1,278	)	$	(53	)	$	—	$	(1,680	)
Gross recoveries		—			—			12			98			88			381			119			1		699
Net charge-offs	$	—		$	(69	)	$	(186	)	$	58		$	46		$	(897	)	$	66		$	1	$	(981	)
Residential real estate
Gross charge-offs	$	—		$	—		$	(1	)	$	(34	)	$	—		$	(112	)	$	(2	)	$	—	$	(149	)
Gross recoveries		—			—			—			—			—			24			6			—		30
Net charge-offs	$	—		$	—		$	(1	)	$	(34	)	$	—		$	(88	)	$	4		$	—	$	(119	)
Agricultural real estate
Gross charge-offs	$	—		$	—		$	—		$	(16	)	$	—		$	(40	)	$	—		$	—	$	(56	)
Gross recoveries		—			—			—			17			—			68			—			—		85
Net charge-offs	$	—		$	—		$	—		$	1		$	—		$	28		$	—		$	—	$	29
Agricultural
Gross charge-offs	$	—		$	(11	)	$	(15	)	$	(3	)	$	—		$	(66	)	$	—		$	—	$	(95	)
Gross recoveries		—			11			8			—			—			35			—			—		54
Net charge-offs	$	—		$	—		$	(7	)	$	(3	)	$	—		$	(31	)	$	—		$	—	$	(41	)
Consumer
Gross charge-offs	$	(177	)	$	(154	)	$	(207	)	$	(314	)	$	(88	)	$	(223	)	$	(66	)	$	—	$	(1,229	)
Gross recoveries		6			12			35			61			20			90			11			—		235
Net charge-offs	$	(171	)	$	(142	)	$	(172	)	$	(253	)	$	(68	)	$	(133	)	$	(55	)	$	—	$	(994	)
Total loans
Gross charge-offs	$	(177	)	$	(238	)	$	(422	)	$	(648	)	$	(179	)	$	(1,906	)	$	(121	)	$	—	$	(3,691	)
Gross recoveries		6			23			55			375			110			1,143			136			1		1,849
Net charge-offs	$	(171	)	$	(215	)	$	(367	)	$	(273	)	$	(69	)	$	(763	)	$	15		$	1	$	(1,842	)

The following table discloses the charge-off and recovery activity by loan type and year of origination for the nine month period ending September 30, 2024.


September 30, 2024	2024			2023			2022			2021			2020			Prior			Revolving Loans Amortized Cost			Revolving Loans Converted to Term		Total
Commercial real estate
Gross charge-offs	$	—		$	—		$	(17	)	$	—		$	—		$	—		$	(2	)	$	—	$	(19	)
Gross recoveries		—			—			8			—			1			28			1			—		38
Net charge-offs	$	—		$	—		$	(9	)	$	—		$	1		$	28		$	(1	)	$	—	$	19
Commercial and industrial
Gross charge-offs	$	—		$	(31	)	$	(360	)	$	(124	)	$	(194	)	$	(770	)	$	(1,293	)	$	—	$	(2,772	)
Gross recoveries		—			—			125			13			20			56			57			1		272
Net charge-offs	$	—		$	(31	)	$	(235	)	$	(111	)	$	(174	)	$	(714	)	$	(1,236	)	$	1	$	(2,500	)
Residential real estate
Gross charge-offs	$	—		$	—		$	(337	)	$	(2	)	$	—		$	(21	)	$	(25	)	$	—	$	(385	)
Gross recoveries		—			—			—			1			—			36			4			—		41
Net charge-offs	$	—		$	—		$	(337	)	$	(1	)	$	—		$	15		$	(21	)	$	—	$	(344	)
Agricultural real estate
Gross charge-offs	$	—		$	—		$	(11	)	$	(12	)	$	(1	)	$	—		$	—		$	—	$	(24	)
Gross recoveries		4			—			10			—			—			2			—			—		16
Net charge-offs	$	4		$	—		$	(1	)	$	(12	)	$	(1	)	$	2		$	—		$	—	$	(8	)
Agricultural
Gross charge-offs	$	—		$	(2	)	$	(25	)	$	(1	)	$	—		$	—		$	—		$	—	$	(28	)
Gross recoveries		—			—			22			1			—			—			—			—		23
Net charge-offs	$	—		$	(2	)	$	(3	)	$	—		$	—		$	—		$	—		$	—	$	(5	)
Consumer
Gross charge-offs	$	(133	)	$	(82	)	$	(207	)	$	(158	)	$	(42	)	$	(145	)	$	(47	)	$	—	$	(814	)
Gross recoveries		4			7			19			42			8			83			11			—		174
Net charge-offs	$	(129	)	$	(75	)	$	(188	)	$	(116	)	$	(34	)	$	(62	)	$	(36	)	$	—	$	(640	)
Total loans
Gross charge-offs	$	(133	)	$	(115	)	$	(957	)	$	(297	)	$	(237	)	$	(936	)	$	(1,367	)	$	—	$	(4,042	)
Gross recoveries		8			7			184			57			29			205			73			1		564
Net charge-offs	$	(125	)	$	(108	)	$	(773	)	$	(240	)	$	(208	)	$	(731	)	$	(1,294	)	$	1	$	(3,478	)

Modifications to Debtors Experiencing Financial Difficulty

The following table presents the amortized cost basis of loans at September 30, 2025, and 2024, that were both experiencing financial difficulty and modified during the three months ended September 30, 2025, and 2024, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.


September 30, 2025	Payment Delay		Term Extension		Combination Payment Delay and Term Extension		Total Modifications		Total Class of Financing Receivable
Commercial real estate	$	675	$	199	$	—	$	874		0.04	%
Commercial and industrial		137		684		—		821		0.09	%
Residential real estate		—		—		—		—		0.00	%
Agricultural real estate		—		—		—		—		0.00	%
Agricultural		—		—		—		—		0.00	%
Consumer		—		—		—		—		0.00	%
Total	$	812	$	883	$	—	$	1,695		0.04	%

September 30, 2024	Payment Delay		Term Extension		Combination Payment Delay and Term Extension		Total Modifications		Total Class of Financing Receivable
Commercial real estate	$	30	$	443	$	9,635	$	10,108		0.53	%
Commercial and industrial		—		—		—		—		0.00	%
Residential real estate		—		—		—		—		0.00	%
Agricultural real estate		—		1,070		858		1,928		0.74	%
Agricultural		—		1,175		720		1,895		2.12	%
Consumer		—		—		—		—		0.00	%
Total	$	30	$	2,688	$	11,213	$	13,931		0.39	%

The following table presents the amortized cost basis of loans at September 30, 2025, and 2024, that were both experiencing financial difficulty and modified during the nine months ended September 30, 2025, and 2024, by class and by type of modification.


September 30, 2025	Payment Delay		Term Extension		Combination Payment Delay and Term Extension		Total Modifications		Total Class of Financing Receivable
Commercial real estate	$	766	$	608	$	—	$	1,374		0.06	%
Commercial and industrial		160		721		—		881		0.10	%
Residential real estate		—		—		—		—		0.00	%
Agricultural real estate		—		—		—		—		0.00	%
Agricultural		242		—		—		242		0.14	%
Consumer		—		—		—		—		0.00	%
Total	$	1,168	$	1,329	$	—	$	2,497		0.06	%

September 30, 2024	Payment Delay		Term Extension		Combination Payment Delay and Term Extension		Total Modifications		Total Class of Financing Receivable
Commercial real estate	$	—	$	947	$	10,229	$	11,176		0.58	%
Commercial and industrial		3,631		2,059		—		5,690		0.85	%
Residential real estate		—		—		—		—		0.00	%
Agricultural real estate		—		1,454		858		2,312		0.89	%
Agricultural		—		1,175		720		1,895		2.12	%
Consumer		—		—		—		—		0.00	%
Total	$	3,631	$	5,635	$	11,807	$	21,073		0.59	%

At September 30, 2025, and 2024, there were $2 and $1,813 in commitments to lend additional amounts on these loans.

At modification date, the Company considers loans modified to borrowers in financial distress as loans that do not share similar risk characteristics with collectively evaluated loans at modification date for the purposes of calculating the allowance for credit losses. These loans will be evaluated for credit losses based on either discounted cash flows or the fair value of collateral at modification date; however, subsequent to the modification date these loans will be evaluated for credit losses as part of the collectively evaluated pools after a period of ongoing performance under the terms of the modified loan.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified during the twelve months ended September 30, 2025, and 2024.


September 30, 2025	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater Than 89 days Past Due		Total Past Due
Commercial real estate	$	—	$	—	$	289	$	289
Commercial and industrial		—		—		48		48
Residential real estate		—		—		—		—
Agricultural real estate		—		—		—		—
Agricultural		—		242		—		242
Consumer		—		—		—		—
Total	$	—	$	242	$	337	$	579

September 30, 2024	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater Than 89 days Past Due		Total Past Due
Commercial real estate	$	36	$	643	$	—	$	679
Commercial and industrial		—		—		145		145
Residential real estate		—		—		—		—
Agricultural real estate		—		—		—		—
Agricultural		—		—		—		—
Consumer		—		—		—		—
Total	$	36	$	643	$	145	$	824

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended September 30, 2025, and 2024.



September 30, 2025	Principal Forgiveness		Weighted Average Interest Rate Reduction			Weighted Average Term Extension in Years
Commercial real estate	$	—		—	%		0.16
Commercial and industrial		—		—	%		0.18
Residential real estate		—		—	%		—
Agricultural real estate		—		—	%		—
Agricultural		—		—	%		—
Consumer		—		—	%		—
Total loans	$	—		—	%		0.18


September 30, 2024	Principal Forgiveness		Weighted Average Interest Rate Reduction			Weighted Average Term Extension in Years
Commercial real estate	$	—		—	%		0.31
Commercial and industrial		—		—	%		—
Residential real estate		—		—	%		—
Agricultural real estate		—		—	%		6.18
Agricultural		—		—	%		0.27
Consumer		—		—	%		—
Total loans	$	—		—	%		0.77

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the nine months ended September 30, 2025, and 2024.



September 30, 2025	Principal Forgiveness		Weighted Average Interest Rate Reduction			Weighted Average Term Extension in Years
Commercial real estate	$	—		—	%		0.63
Commercial and industrial		—		—	%		0.19
Residential real estate		—		—	%		—
Agricultural real estate		—		—	%		—
Agricultural		—		—	%		—
Consumer		—		—	%		—
Total loans	$	—		—	%		0.39


September 30, 2024	Principal Forgiveness		Weighted Average Interest Rate Reduction			Weighted Average Term Extension
Commercial real estate	$	—		—	%		0.31
Commercial and industrial		—		—	%		0.84
Residential real estate		—		—	%		—
Agricultural real estate		—		—	%		5.29
Agricultural		—		—	%		0.27
Consumer		—		—	%		—
Total loans	$	—		—	%		0.75

Allowance for Credit Losses on Off-Balance-Sheet Credit Exposures

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk from a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on off-balance-sheet credit exposures is adjusted as a provision for credit loss expense recognized within other non-interest expense on the consolidated statements of income and included in other liabilities on the consolidated balance sheets. The estimated credit loss includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The estimate of expected credit loss is based on the historical loss rate for the class of loan the commitments would be classified as if funded.

The following table lists allowance for credit losses on off-balance-sheet credit exposures as of September 30, 2025, and December 31, 2024.


	Allowance for Credit Losses
	September 30, 2025		December 31, 2024
Commercial real estate	$	240	$	188
Commercial and industrial		818		1,170
Agricultural real estate		17		1
Residential real estate		43		69
Agricultural		—		12
Consumer		19		2
Total allowance for credit losses	$	1,137	$	1,442

NOTE 4 – DERIVATIVE FINANCIAL INSTRUMENTS

The Company is exposed to interest-rate risk primarily from the effect of interest rate changes on its interest-earning assets and its sources of funding these assets. The Company will periodically enter into interest rate swaps or interest rate caps/floors to manage certain interest rate risk exposure.

Interest Rate Swaps Designated as Fair Value Hedges

The Company periodically enters into interest rate swaps to hedge the fair value of certain commercial real estate loans. These transactions are designated as fair value hedges. In this type of transaction, the Company typically receives from the counterparty a variable-rate cash flow based on the one-month LIBOR or one-month SOFR plus a spread to the index and pays a fixed-rate cash flow equal to the customer loan rate. At September 30, 2025, the portfolio of interest rate swaps had a weighted average maturity of 5.14 years, a weighted average pay rate of 4.60% and a weighted average rate received of 7.47%. At December 31, 2024, the portfolio of interest rate swaps had a weighted average maturity of 5.9 years, a weighted average pay rate of 4.60% and a weighted average rate received of 7.70%.

Interest Rate Swaps Designated as Cash Flow Hedges

The Company has entered into cash flow hedges to hedge future cash flows related to subordinated debt and Federal Home Loan Bank advances interest expense and adjustable rate loans interest income. These agreements are designated as cash flow hedges and are marked to market through other comprehensive income.

The following table lists the cash flow hedges at September 30, 2025, and December 31, 2024.


	September 30, 2025								December 31, 2024
	Weighted Average Maturity in Years		Weighted Average Pay Rate			Weighted Average Rate Received			Weighted Average Maturity in Years		Weighted Average Pay Rate			Weighted Average Rate Received
Subordinated debt hedges		10.0		2.81	%		6.38	%		10.7		2.81	%		7.01	%
Variable rate FHLB advance hedges		0.5		3.59	%		4.38	%		1.2		3.58	%		4.42	%
Prime based receivable loan hedges		—		—	%		—	%		—		—	%		—	%
Total cash flow hedges		1.1		3.53	%		4.52	%		1.9		3.54	%		4.60	%

Stand-Alone Derivatives

The Company periodically enters into interest rate swaps with our borrowers and simultaneously enters into swaps with a counterparty with offsetting terms for the purpose of providing our borrowers long-term fixed rate loans, in addition to stand alone interest-rate swaps designed to offset the economic impact of fixed rate loans. Neither swap is designated as a hedge, and both are marked to market through earnings. At September 30, 2025, this portfolio of interest rate swaps had a weighted average maturity of 5.42 years, weighted average pay rate of 7.19% and a weighted average rate received of 7.22%. At December 31, 2024, this portfolio of interest rate swaps had a weighted average maturity of 5.6 years, weighted average pay rate of 6.72% and weighted average rate received of 6.85%.

Reconciliation of Derivative Fair Values and Gains/(Losses)

The notional amount of a derivative contract is a factor in determining periodic interest payments or cash flows received or paid. The notional amount of derivatives serves as a level of involvement in various types of derivatives. The notional amount does not represent the Company’s overall exposure to credit or market risk, generally, the exposure is significantly smaller.

The following table shows the notional balances and fair values (including net accrued interest) of the derivatives outstanding by derivative type at September 30, 2025, and December 31, 2024.


	September 30, 2025								December 31, 2024
	Notional Amount		Derivative Assets			Derivative Liabilities			Notional Amount		Derivative Assets			Derivative Liabilities
Derivatives designated as hedging instruments:
Interest rate swaps	$	13,703	$	1,001		$	—		$	14,503	$	1,465		$	—
Derivatives designated as cash flow hedges:
Interest rate swaps		107,500		1,948			—			107,500		2,753			—
Total derivatives designated as hedging relationships		121,203		2,949			—			122,003		4,218			—
Derivatives not designated as hedging instruments:
Interest rate swaps		188,707		2,897			2,769			143,831		3,837			3,546
Total derivatives not designated as hedging instruments		188,707		2,897			2,769			143,831		3,837			3,546
Total	$	309,910		5,846			2,769		$	265,834		8,055			3,546
Cash collateral				—			3,580					—			7,270
Netting adjustments				(3,595	)		(3,595	)				(7,173	)		(7,173	)
Net amount presented in Balance Sheet			$	2,251		$	2,754				$	882		$	3,643

The table below lists designated and qualifying hedged items in fair value hedges at September 30, 2025, and December 31, 2024.


	September 30, 2025								December 31, 2024
	Carrying Amount		Hedging Fair Value Adjustment			Fair Value Adjustments on Discontinued Hedges			Carrying Amount		Hedging Fair Value Adjustment			Fair Value Adjustments on Discontinued Hedges
Commercial real estate loans	$	14,474	$	(1,197	)	$	(365	)	$	14,985	$	(1,658	)	$	(399	)
Total	$	14,474	$	(1,197	)	$	(365	)	$	14,985	$	(1,658	)	$	(399	)

The Company reports hedging derivative gains (losses) as adjustments to loan interest income and loan interest expense along with the related net interest settlements. The non-hedging derivative gains (losses) and related net interest settlements for economic derivatives are reported in other income. For the three and nine month periods ended September 30, 2025, and 2024, the Company recorded net gains (losses) on derivatives and hedging activities as shown in the table below.


	Three Months Ended					Nine Months Ended
	September 30, 2025		September 30, 2024			September 30, 2025		September 30, 2024
Derivatives designated as hedging instruments:
Interest rate swaps	$	5	$	10		$	19	$	16
Total net gain (loss) related to derivatives designated as hedging instruments		5		10			19		16
Derivatives designated as cash flow hedges:
Interest rate swaps		—		—			—		—
Total net gain (loss) related to derivatives designated as cash flow hedges		—		—			—		—
Total net gains (losses) related to hedging relationships		5		10			19		16
Derivatives not designated as hedging instruments:
Economic hedges:
Interest rate swaps		82		(114	)		510		105
Total net gains (losses) related to derivatives not designated as hedging instruments		82		(114	)		510		105
Net gains (losses) on derivatives and hedging activities	$	87	$	(104	)	$	529	$	121

The following tables show the recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the Company’s net interest income for the three month periods ended September 30, 2025, and 2024.


	September 30, 2025
	Gain/(Loss) on Derivatives			Gain/(Loss) on Hedged Items		Net Fair Value Hedge Gain/(Loss)		Effect of Derivatives on Net Interest Income
Commercial real estate loans	$	(91	)	$	96	$	5	$	113
Total	$	(91	)	$	96	$	5	$	113


	September 30, 2024
	Gain/(Loss) on Derivatives			Gain/(Loss) on Hedged Items		Net Fair Value Hedge Gain/(Loss)		Effect of Derivatives on Net Interest Income
Commercial real estate loans	$	(447	)	$	457	$	10	$	246
Total	$	(447	)	$	457	$	10	$	246

The following tables show the recorded net gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the impact of those derivatives on the Company’s net interest income for the nine month periods ended September 30, 2025, and 2024.


	September 30, 2025
	Gain/(Loss) on Derivatives			Gain/(Loss) on Hedged Items		Net Fair Value Hedge Gain/(Loss)		Effect of Derivatives on Net Interest Income
Commercial real estate loans	$	(409	)	$	428	$	19	$	341
Total	$	(409	)	$	428	$	19	$	341


	September 30, 2024
	Gain/(Loss) on Derivatives			Gain/(Loss) on Hedged Items		Net Fair Value Hedge Gain/(Loss)		Effect of Derivatives on Net Interest Income
Commercial real estate loans	$	(335	)	$	351	$	16	$	478
Total	$	(335	)	$	351	$	16	$	478

The following tables show the recorded net gains or (losses) on derivatives and the related hedged items in cash flow hedging relationships and the impact of those derivatives on the Company's net interest income for the three month periods ended September 30, 2025, and 2024.


	September 30, 2025
	Gain/(Loss) on Derivatives			Gain/(Loss) Recorded in Accumulated Other Comprehensive Income			Effect of Derivatives on Net Interest Income
Prime based loan receivable hedges	$	—		$	—		$	—
FHLB advance hedges		(162	)		(122	)		188
Subordinated note hedges		(67	)		(51	)		67
Total	$	(229	)	$	(173	)	$	255

	September 30, 2024
	Gain/(Loss) on Derivatives			Gain/(Loss) Recorded in Accumulated Other Comprehensive Income			Effect of Derivatives on Net Interest Income
Prime based loan receivable hedges	$	—		$	—		$	—
FHLB advance hedges		(1,740	)		(1,323	)		430
Subordinated note hedges		(373	)		(277	)		86
Total	$	(2,113	)	$	(1,600	)	$	516

The following tables show the recorded net gains or (losses) on derivatives and the related hedged items in cash flow hedging relationships and the impact of those derivatives on the Company's net interest income for the nine month periods ended September 30, 2025, and 2024.


	September 30, 2025
	Gain/(Loss) on Derivatives			Gain/(Loss) Recorded in Accumulated Other Comprehensive Income			Effect of Derivatives on Net Interest Income
Prime based loan receivable hedges	$	—		$	—		$	—
FHLB advance hedges		(464	)		(353	)		559
Subordinated note hedges		(333	)		(243	)		202
Total	$	(797	)	$	(596	)	$	761

	September 30, 2024
	Gain/(Loss) on Derivatives			Gain/(Loss) Recorded in Accumulated Other Comprehensive Income			Effect of Derivatives on Net Interest Income
Prime based loan receivable hedges	$	1,159		$	876		$	(1,267	)
FHLB advance hedges		(771	)		(582	)		1,304
Subordinated note hedges		(177	)		(131	)		261
Total	$	211		$	163		$	298

NOTE 5 – OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS

Changes in other real estate owned and other repossessed assets for the three months ended September 30, 2025 and 2024 were as follows.


September 30, 2025	Other Real Estate Owned			Other Repossessed Assets			Total
Beginning of period	$	4,621		$	187		$	4,808
Transfers in		375			371			746
Net (loss) gain on sales		(711	)		18			(693	)
Proceeds from sales		(1,110	)		(377	)		(1,487	)
		3,175			199			3,374
Additions to valuation reserve		(28	)		—			(28	)
Capitalized cost		—			—			—
Recorded investment	$	3,147		$	199		$	3,346

September 30, 2024	Other Real Estate Owned			Other Repossessed Assets			Total
Beginning of period	$	2,989		$	461		$	3,450
Transfers in		568			295			863
Net (loss) gain on sales		8,478			(34	)		8,444
Proceeds from sales		(8,507	)		(480	)		(8,987	)
		3,528			242			3,770
Additions to valuation reserve		(742	)		—			(742	)
Capitalized cost		—			—			—
Recorded investment	$	2,786		$	242		$	3,028

Changes in other real estate owned and other repossessed assets for the nine months ended September 30, 2025 and 2024 were as follows.


September 30, 2025	Other Real Estate Owned			Other Repossessed Assets			Total
Beginning of period	$	4,773		$	4,811		$	9,584
Transfers in		671			759			1,430
Net (loss) gain on sales		(703	)		52			(651	)
Proceeds from sales		(1,566	)		(5,423	)		(6,989	)
		3,175			199			3,374
Additions to valuation reserve		(28	)		—			(28	)
Capitalized cost		—			—			—
Recorded investment	$	3,147		$	199		$	3,346

September 30, 2024	Other Real Estate Owned			Other Repossessed Assets			Total
Beginning of period	$	1,833		$	380		$	2,213
Transfers in		2,491			633			3,124
Net (loss) gain on sales		8,688			(52	)		8,636
Proceeds from sales		(9,397	)		(719	)		(10,116	)
		3,615			242			3,857
Additions to valuation reserve		(829	)		—			(829	)
Capitalized cost		—			—			—
Recorded investment	$	2,786		$	242		$	3,028

Expenses related to other real estate owned and other repossessed assets for the three months ended September 30, 2025 and 2024 were as follows.


September 30, 2025	Other Real Estate Owned			Other Repossessed Assets			Total
Net loss (gain) on sales	$	711		$	(18	)	$	693
Gain on initial valuation of collateral		—			—			—
Provision for unrealized losses		28			—			28
Operating expenses, net of rental income		39			37			76
Total	$	778		$	19		$	797

September 30, 2024	Other Real Estate Owned			Other Repossessed Assets			Total
Net loss (gain) on sales	$	(8,478	)	$	34		$	(8,444	)
Gain on initial valuation of collateral		(13	)		—			(13	)
Provision for unrealized losses		742			—			742
Operating expenses, net of rental income		30			18			48
Total	$	(7,719	)	$	52		$	(7,667	)

Expenses related to other real estate owned and other repossessed assets for the nine months ended September 30, 2025 and 2024 were as follows.


September 30, 2025	Other Real Estate Owned			Other Repossessed Assets			Total
Net loss (gain) on sales	$	703		$	(52	)	$	651
Gain on initial valuation of collateral		—			—			—
Provision for unrealized losses		28			—			28
Operating expenses, net of rental income		160			162			322
Total	$	891		$	110		$	1,001

September 30, 2024	Other Real Estate Owned			Other Repossessed Assets			Total
Net loss (gain) on sales	$	(8,688	)	$	52		$	(8,636	)
Gain on initial valuation of collateral		(16	)		—			(16	)
Provision for unrealized losses		829			—			829
Operating expenses, net of rental income		89			76			165
Total	$	(7,786	)	$	128		$	(7,658	)

The balance of other real estate owned includes $782 of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property at September 30, 2025, and $134 at December 31, 2024. The recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $576 at September 30, 2025, and $553 at December 31, 2024. At September 30, 2025 and December 31 ,2024, included in the other real estate owned balance is $2,141 related to closed bank locations transferred from premises and equipment.

NOTE 6 – LEASE OBLIGATIONS

Right-of-use asset and lease obligations by type of property for the periods ended September 30, 2025, and December 31, 2024, are listed below.


September 30, 2025	Right-of-Use Asset		Lease Liability		Weighted Average Lease Term in Years		Weighted Average Discount Rate
Operating Leases
Land and building leases	$	3,470	$	3,472		12.6		3.29	%
Total operating leases	$	3,470	$	3,472		12.6		3.29	%


December 31, 2024	Right-of-Use Asset		Lease Liability		Weighted Average Lease Term in Years		Weighted Average Discount Rate
Operating Leases
Land and building leases	$	3,600	$	3,601		12.5		3.29	%
Total operating leases	$	3,600	$	3,601		12.5		3.29	%

Operating lease costs for the three and nine months ended September 30, 2025, and 2024, are listed below.


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Operating lease cost	$	139	$	164	$	457	$	439
Short-term lease cost		—		—		—		—
Variable lease cost		22		14		67		57
Total operating lease cost	$	161	$	178	$	524	$	496

There were no sale and leaseback transactions, leverage leases, lease transactions with related parties or leases that had not yet commenced during the three or nine month periods ended September 30, 2025.

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is listed below.


Lease Payments	September 30, 2025
Due in one year or less	$	535
Due after one year through two years		544
Due after two years through three years		452
Due after three years through four years		378
Due after four years through five years		285
Thereafter		2,094
Total undiscounted cash flows		4,288
Discount on cash flows		(816	)
Total operating lease liability	$	3,472

NOTE 7 – BORROWINGS

Federal funds purchased and retail repurchase agreements

Federal funds purchased and retail repurchase agreements as of September 30, 2025, and December 31, 2024, are listed below.


	September 30, 2025		December 31, 2024
Federal funds purchased	$	—	$	—
Retail repurchase agreements		42,220		37,246

Securities sold under agreements to repurchase (retail repurchase agreements) consist of obligations of the Company to other parties. The obligations are secured by residential mortgage-backed securities held by the Company with a fair value of $43,548 and $45,249 at September 30, 2025, and December 31, 2024. The agreements are on a day-to-day basis and can be terminated on demand.

The following table presents the borrowing usage and interest rate information for federal funds purchased and retail repurchase agreements at September 30, 2025, and December 31, 2024.


	September 30, 2025			December 31, 2024
Average daily balance during the period	$	40,472		$	39,791
Average interest rate during the period		1.86	%		1.89	%
Maximum month-end balance year-to-date	$	42,220		$	47,312
Weighted average interest rate at period-end		1.51	%		1.74	%

Federal Home Loan Bank advances

Federal Home Loan Bank advances include both draws against the Company’s line of credit and fixed rate term advances. Federal Home Loan Bank advances as of September 30, 2025, and December 31, 2024, are as follows.


	September 30, 2025		Weighted Average Rate			December 31, 2024		Weighted Average Rate
Federal Home Loan Bank line of credit advances	$	241,378		4.33	%	$	78,073		4.57	%
Federal Home Loan Bank fixed-rate term advances		100,000		4.28	%		100,000		4.50	%
Total Federal Home Loan Bank advances	$	341,378		4.32	%	$	178,073		4.53	%

At September 30, 2025, and December 31, 2024, the Company had un-disbursed advance commitments (letters of credit) with the Federal Home Loan Bank of $75,605 and $118,326. These letters of credit were obtained in lieu of pledging securities to secure public fund deposits that are over the FDIC insurance limit.

The advances, Mortgage Partnership Finance credit enhancement obligations and letters of credit were collateralized by certain qualifying loans of $793,999 at September 30, 2025, and qualifying loans of $885,128 and securities of $79,417 for a total of $964,545 at December 31, 2024. Based on this collateral and the Company’s holdings of Federal Home Loan Bank stock, the Company was eligible to borrow an additional $376,112 and $667,092 at September 30, 2025, and December 31, 2024.

Federal Reserve Bank borrowings

At September 30, 2025, and December 31, 2024, the Company had a borrowing capacity of $709,618 and $648,183, for which the Company has pledged loans with an outstanding balance of $892,086 at September 30, 2025 and pledged loans with an outstanding balance of $852,957 and securities with a fair value of $9,070 at December 31, 2024. The Company had no outstanding borrowings at September 30, 2025.

Bank stock loan

The Company entered into an agreement with an unaffiliated financial institution and is secured by the Company’s stock in Equity Bank. The loan was renewed on February 10, 2023, with a new maturity date of February 10, 2024. With this renewal, the maximum borrowing amount remained at $25,000. Each note will bear interest at the greater of a variable interest rate equal to the prime rate published in the “Money Rates” section of The Wall Street Journal (or any generally recognized successor), floating daily, or a floor of 3.25%. Accrued interest and principal payments will be due quarterly with one final payment of unpaid principal and interest due at the end of the five-year term of each separate note. The Company is also required to pay an unused commitment fee in an amount equal to 20 basis points per annum on the unused portion of the maximum borrowing facility due on the maturity date of the renewal.

The loan was renewed and amended on February 10, 2024, with the same terms as the previous renewal and a new maturity date of February 10, 2025.

The loan was renewed and amended on February 10, 2025, with the same terms as the previous renewal and a new maturity date of February 10, 2026.

There were no outstanding principal balances on the bank stock loan at September 30, 2025, and December 31, 2024.

The terms of the borrowing facility require the Company and Equity Bank to maintain minimum capital ratios and other covenants. In the event of default, the lender has the option to declare all outstanding balances immediately due. The Company believes it is in compliance with the terms of the borrowing facility and has not been otherwise notified of noncompliance.

Subordinated debt

Subordinated debt as of September 30, 2025, and December 31, 2024, are listed below.


	September 30, 2025		December 31, 2024
Subordinated debentures	$	24,216	$	23,946
Subordinated notes		73,958		73,531
Total	$	98,174	$	97,477

Subordinated debentures

In conjunction with prior acquisitions, the Company assumed certain subordinated debentures owed to special purpose unconsolidated subsidiaries that are controlled by the Company. These subordinated debentures have the same terms as the trust preferred securities issued by the special purpose unconsolidated subsidiaries.

FCB Capital Trust II (“CTII”): The trust preferred securities issued by CTII were initially issued to accrue and pay distributions quarterly at three-month LIBOR plus 2.00%; however on July 12, 2023, after the LIBOR transition it will now accrue and pay distributions quarterly at three-month CME term SOFR plus a tenor spread adjustment of 0.26% plus 2.00 % on the stated liquidation amount of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on April 15, 2035, or upon earlier redemption.

FCB Capital Trust III (“CTIII”): The trust preferred securities issued by CTIII were initially issued to accrue and pay distributions quarterly at three-month LIBOR plus 1.89%; however on September 15, 2023, after the LIBOR transition it will now accrue and pay distributions quarterly at three-month CME term SOFR plus a tenor spread adjustment of 0.26% plus 1.89% on the stated liquidation amount of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on June 15, 2037, or upon earlier redemption.

Community First (AR) Statutory Trust I (“CFSTI”): The trust preferred securities issued by CFSTI were initially issued to accrue and pay distributions quarterly at three-month LIBOR plus 3.25%; however on September 26, 2023, after the LIBOR transition it will now accrue and pay distributions quarterly at three-month CME term SOFR plus a tenor spread adjustment of 0.26% plus 3.25% on the stated liquidation amount of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on December 26, 2032, or upon earlier redemption.

American State Bank Statutory Trust I (“ASBSTI”): The trust preferred securities issued by ASBSTI were initially issued to accrue and pay distributions quarterly at three-month LIBOR plus 1.80%; however on September 15, 2023, after the LIBOR transition it will now accrue and pay distributions quarterly at three-month CME term SOFR plus a tenor spread adjustment of 0.26% plus 1.80% on the stated liquidation amount of the trust preferred securities. These trust preferred securities are mandatorily redeemable upon maturity on September 15, 2035, or upon earlier redemption.

Subordinated debentures as of September 30, 2025, and December 31, 2024, are listed below.


	September 30, 2025			Weighted Average Rate			Weighted Average Term in Years
CTII subordinated debentures	$	10,310			6.58	%		9.5
CTIII subordinated debentures		5,155			6.19	%		11.7
CFSTI subordinated debentures		5,155			7.51	%		7.2
ASBSTI subordinated debentures		7,732			6.10	%		10.0
Total contractual balance		28,352
Fair market value adjustments		(4,136	)
Total subordinated debentures	$	24,216


	December 31, 2024			Weighted Average Rate			Weighted Average Term in Years
CTII subordinated debentures	$	10,310			6.92	%	10.3
CTIII subordinated debentures		5,155			6.51	%		12.5
CFSTI subordinated debentures		5,155			7.84	%		8.0
ASBSTI subordinated debentures		7,732			6.42	%		10.7
Total contractual balance		28,352
Fair market value adjustments		(4,406	)
Total subordinated debentures	$	23,946

Subordinated notes

On June 29, 2020, the Company entered into Subordinated Note Purchase Agreements with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $42,000 in aggregate principal amount of its 7.00% Fixed-to-Floating Rate Subordinated notes due 2030. The notes were issued under an Indenture, dated as of June 29, 2020 (the “Indenture”), by and between the Company and UMB Bank, N.A., as trustee. The notes will mature on June 30, 2030. From June 29, 2020, through June 29, 2025, the Company will pay interest on the notes semi-annually in arrears on June 30 and December 30 of each year, commencing on December 30, 2020, at a fixed interest rate of 7.00%. Beginning June 30, 2025, the notes convert to a floating interest rate, to be reset quarterly, equal to the then-current Three-Month Term SOFR, as defined in the Indenture, plus 688 basis points. Interest payments during the floating-rate period will be paid quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2025. On July 23, 2020, the Company closed on an additional $33,000 of subordinated notes with the same terms as the June 29, 2020 issue.

On June 30, 2025 the Company executed an early redemption on the subordinated note above. The Company realized a loss of $1,361 from the write off of debt issue costs from the debt extinguishment.

On July 17, 2025, the Company entered into new Subordinated Note Purchase Agreements with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $75,000 in aggregate principal amount of its 7.125% Fixed-to-Floating Rate Subordinated notes due 2035. The notes were issued under an Indenture, dated as of June 17, 2025 (the “Indenture”), by and between the Company and UMB Bank, N.A., as trustee. The notes will mature on August 1, 2035. From July 17, 2025, through August 1, 2030, the Company will pay interest on the notes semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1, 2026, at a fixed interest rate of 7.125%. Beginning August 1, 2030 the notes convert to a floating interest rate, to be reset quarterly, equal to the then-current Three-Month Term SOFR, as defined in the Indenture, plus 349 basis points for each quarterly interest period during the floating rate period. Interest payments during the floating-rate period will be paid quarterly in arrears on February 1, May 1, August 1 and November 1 of each year, commencing on November 1, 2030.

Subordinated notes as of September 30, 2025, are listed below.


	September 30, 2025			Weighted Average Rate			Weighted Average Term in Years
Subordinated notes	$	75,000			7.13	%		9.9
Total principal outstanding		75,000
Debt issuance cost		(1,042	)
Total subordinated notes	$	73,958

Subordinated notes as of December 31, 2024, are listed below.


	December 31, 2024			Weighted Average Rate			Weighted Average Term in Years
Subordinated notes	$	75,000			7.00	%		5.5
Total principal outstanding		75,000
Debt issuance cost		(1,469	)
Total subordinated notes	$	73,531

Future principal repayments

Future principal repayments of the September 30, 2025 outstanding balances are as follows.


	Retail Repurchase Agreements		FHLB Advances		Subordinated Debentures		Subordinated Notes		Total
Due in one year or less	$	42,220	$	341,378	$	—	$	—	$	383,598
Due after one year through two years		—		—		—		—		—
Due after two years through three years		—		—		—		—		—
Due after three years through four years		—		—		—		—		—
Due after four years through five years		—		—		—		—		—
Thereafter		—		—		28,352		75,000		103,352
Total	$	42,220	$	341,378	$	28,352	$	75,000	$	486,950

NOTE 8 – STOCKHOLDERS’ EQUITY

Preferred stock

The Company’s articles of incorporation provide for the issuance of shares of preferred stock. At September 30, 2025, and December 31, 2024, there was no preferred stock outstanding.

Common stock

The Company’s articles of incorporation provide for the issuance of 45,000,000 shares of Class A voting common stock (“Class A common stock”) and 5,000,000 shares of Class B non-voting common stock (“Class B common stock”), both of which have a par value of $0.01 per share.

The following table presents shares that were issued, held in treasury or were outstanding at September 30, 2025, and December 31, 2024.


	September 30, 2025			December 31, 2024
Class A common stock – issued		24,682,651			22,807,163
Class A common stock – held in treasury		(5,562,769	)		(5,379,537	)
Class A common stock – outstanding		19,119,882			17,427,626
Class B common stock – issued		234,903			234,903
Class B common stock – held in treasury		(234,903	)		(234,903	)
Class B common stock – outstanding		—			—

Treasury stock is stated at cost, determined by the first-in first-out method.

In 2019, the Company’s Board of Directors adopted the Equity Bancshares, Inc. 2019 Employee Stock Purchase Plan (“ESPP”). The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each offering period. ESPP compensation expense of $36 and $121 was recorded for the three and nine months ended September 30, 2025. ESPP compensation expense of $25 and $94 was recorded for the three and nine months ended September 30, 2024. The following table presents the offering periods and costs associated with this program during the reporting period.


Offering Period	Shares Purchased		Cost Per Share		Compensation Expense
August 15, 2023 to February 14, 2024		16,884		21.79		65
February 15, 2024 to August 14, 2024		12,581		28.52		63
August 15, 2024 to February 14, 2025		13,921		32.05		79
February 15, 2025 to August 14, 2025		12,940		33.69		77

In July of 2023, the Company’s Board of Directors authorized the repurchase of up to 1,000,000 shares of the Company's outstanding common stock, from time to time, beginning on October 1, 2023, and concluding on September 30, 2024. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares, and it may be extended, modified or discontinued at any time without notice. Under this program, during the years ended December 2023 and

2024, the Company repurchased a total of 362,573 shares of the Company’s outstanding common stock at an average price paid of $32.71 per share. At September 30, 2024, there are 637,427 shares remaining under the program that expired on September 30, 2024.

In September of 2024, the Company’s Board of Directors approved a share repurchase plan for up to 1,000,000 shares of outstanding common stock beginning on October 1, 2024, and concluding on September 30, 2025. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares, and it may be extended, modified or discontinued at any time without notice. Non-objection from the Federal Reserve Bank of Kansas City related to this repurchase plan was received October 7, 2024. Under this program, during the nine months ended September 30, 2025, the Company repurchased a total of 175,732 shares of the Company's outstanding common stock at an average price paid of $37.14 per share. At September 30, 2025, there are 816,768 shares remaining for repurchase under the program that expired on September 30, 2025.

In September of 2025, the Company’s Board of Directors approved a share repurchase plan for up to 1,000,000 shares of outstanding common stock beginning on October 1, 2025, and concluding on September 30, 2026. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares, and it may be extended, modified or discontinued at any time without notice. Non-objection from the Federal Reserve Bank of Kansas City related to this repurchase plan was received September 23, 2025.

Accumulated other comprehensive income (loss)

At September 30, 2025, and December 31, 2024, accumulated other comprehensive income (loss) consisted of (i) the after-tax effect of unrealized gains (losses) on available-for-sale securities and (ii) unrealized gains (losses) on cash flow hedges.

Components of accumulated other comprehensive income as of September 30, 2025, and December 31, 2024, are listed below.


	Available-for- Sale Securities			Cash Flow Hedges			Accumulated Other Comprehensive Income (Loss)
September 30, 2025
Net unrealized or unamortized gains (losses)	$	4,934		$	1,276		$	6,210
Tax effect		(1,193	)		(297	)		(1,490	)
	$	3,741		$	979		$	4,720
December 31, 2024
Net unrealized or unamortized gains (losses)	$	(74,797	)	$	2,073		$	(72,724	)
Tax effect		18,041			(498	)		17,543
	$	(56,756	)	$	1,575		$	(55,181	)

NOTE 9 – REGULATORY MATTERS

Banks and bank holding companies (on a consolidated basis) are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The Basel III rules require banks to maintain a Common Equity Tier 1 capital ratio of 6.5%, a total Tier 1 capital ratio of 8%, a total capital ratio of 10% and a leverage ratio of 5% to be deemed “well capitalized” for purposes of certain rules and prompt corrective action requirements. The risk-based ratios include a “capital conservation buffer” of 2.5% which can limit certain activities of an institution, including payment of dividends, share repurchases and discretionary bonuses to executive officers, if its capital level is below the buffer amount. Management believes as of September 30, 2025, the Company and Bank meet all capital adequacy requirements to which they are subject.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as are asset growth and acquisitions, and capital restoration plans are required.

As of September 30, 2025, the most recent notifications from the federal regulatory agencies categorized Equity Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, Equity Bank

must maintain minimum regulatory capital ratios as set forth in the table below. There are no conditions or events since that notification that management believes have changed Equity Bank’s category.

The Company’s and Equity Bank’s capital amounts and ratios at September 30, 2025, and December 31, 2024, are presented in the table below. Ratios provided for Equity Bancshares, Inc. represent the ratios of the Company on a consolidated basis.


	Actual					Minimum Required for Capital Adequacy Under Basel III						To Be Well Capitalized Under Prompt Corrective Provisions
	Amount		Ratio			Amount		Ratio				Amount		Ratio
September 30, 2025
Total capital to risk weighted assets
Equity Bancshares, Inc.	$	755,613		16.09	%	$	493,161		10.50	%	$		N/A	N/A
Equity Bank		669,723		14.28	%		492,347		10.50	%			468,902		10.00	%
Tier 1 capital to risk weighted assets
Equity Bancshares, Inc.		627,249		13.35	%		399,225		8.50	%		N/A		N/A
Equity Bank		615,317		13.12	%		398,567		8.50	%			375,122		8.00	%
Common equity Tier 1 capital to risk weighted assets
Equity Bancshares, Inc.		603,033		12.84	%		328,774		7.00	%		N/A		N/A
Equity Bank		615,317		13.12	%		328,231		7.00	%			304,786		6.50	%
Tier 1 leverage to average assets
Equity Bancshares, Inc.		627,249		10.41	%		241,012		4.00	%		N/A		N/A
Equity Bank		615,317		10.27	%		239,654		4.00	%			299,567		5.00	%
December 31, 2024
Total capital to risk weighted assets
Equity Bancshares, Inc.	$	720,736		18.07	%	$	418,716		10.50	%	$	N/A		N/A
Equity Bank		607,579		15.27	%		417,722		10.50	%			397,830		10.00	%
Tier 1 capital to risk weighted assets
Equity Bancshares, Inc.		602,496		15.11	%		338,961		8.50	%		N/A		N/A
Equity Bank		562,870		14.15	%		338,156		8.50	%			318,264		8.00	%
Common equity Tier 1 capital to risk weighted assets
Equity Bancshares, Inc.		578,550		14.51	%		279,144		7.00	%		N/A		N/A
Equity Bank		562,870		14.15	%		278,481		7.00	%			258,590		6.50	%
Tier 1 leverage to average assets
Equity Bancshares, Inc.		602,496		11.67	%		206,442		4.00	%		N/A		N/A
Equity Bank		562,870		10.93	%		206,000		4.00	%			257,500		5.00	%

Equity Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval.

NOTE 10 – EARNINGS PER SHARE

The following table presents earnings per share for the three and nine months ended September 2025, and 2024.


	Three Months Ended					Nine Months Ended
	September 30, 2025			September 30, 2024		September 30, 2025		September 30, 2024
Basic:
Net income (loss) allocable to common stockholders	$	(29,663	)	$	19,851	$	642	$	45,635
Weighted average common shares outstanding		19,128,561			15,258,704		18,048,436		15,307,627
Weighted average vested restricted stock units		1,165			118		3,252		3,261
Weighted average shares		19,129,726			15,258,822		18,051,688		15,310,888
Basic earnings (loss) per common share	$	(1.55	)	$	1.30	$	0.04	$	2.98
Diluted:
Net income (loss) allocable to common stockholders	$	(29,663	)	$	19,851	$	642	$	45,635
Weighted average common shares outstanding for:
Basic earnings per common share		19,129,726			15,258,822		18,051,688		15,310,888
Dilutive effects of the assumed exercise of stock options		—			77,192		56,234		63,709
Dilutive effects of the assumed vesting of restricted stock units		—			114,197		92,424		92,086
Dilutive effects of the assumed exercise of ESPP purchases		—			1,334		1,370		1,247
Average shares and dilutive potential common shares		19,129,726			15,451,545		18,201,716		15,467,930
Diluted earnings (loss) per common share	$	(1.55	)	$	1.28	$	0.04	$	2.95

Below are the dilutive shares not included above due to the net loss in the period.


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Dilutive effects of the assumed exercise of stock options		59,583		—		—		—
Dilutive effects of the assumed vesting of restricted stock units		108,114		—		—		—
Dilutive effects of the assumed exercise of ESPP purchases		960		—		—		—
Total dilutive shares		168,657		—		—		—

Average shares not included in the computation of diluted earnings per share because they were antidilutive are shown in the following table as of September 30, 2025, and 2024.


	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Stock options		222,809		288,583		230,594		152,824
Restricted stock units		38,136		148		70,194		4,916
Total antidilutive shares		260,945		288,731		300,788		157,740

NOTE 11 – FAIR VALUE

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to disclose the fair value of its financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market

participants on the measurement date. For disclosure purposes, the Company groups its financial and non-financial assets and liabilities into three different levels based on the nature of the instrument and the availability and reliability of the information that is used to determine fair value. The three levels of inputs that may be used to measure fair values are defined as follows.

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Level 1 inputs are considered to be the most transparent and reliable. The Company assumes the use of the principal market to conduct a transaction of each particular asset or liability being measured and then considers the assumptions that market participants would use when pricing the asset or liability. Whenever possible, the Company first looks for quoted prices for identical assets or liabilities in active markets (Level 1 inputs) to value each asset or liability. However, when inputs from identical assets or liabilities on active markets are not available, the Company utilizes market observable data for similar assets and liabilities. The Company maximizes the use of observable inputs and limits the use of unobservable inputs to occasions when observable inputs are not available. The need to use unobservable inputs generally results from the lack of market liquidity of the actual financial instrument or of the underlying collateral. Although, in some instances, third party price indications may be available, limited trading activity can challenge the implied value of those quotations.

The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of each instrument under the hierarchy.

Fair Value of Assets and Liabilities Measured on a Recurring Basis

The fair values of securities available-for-sale and equity securities with readily determinable fair value are carried at fair value on a recurring basis. To the extent possible, observable quoted prices in an active market are used to determine fair value and, as such, these securities are classified as Level 1. For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities, generally determined by matrix pricing, which is a mathematical technique widely used in the industry to value securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The Company’s available-for-sale securities, including U.S. Government sponsored entity securities, residential mortgage-backed securities (all of which are issued or guaranteed by government sponsored agencies), private-label residential mortgage-backed securities, corporate securities, Small Business Administration securities, and State and Political Subdivision securities are classified as Level 2.

The fair values of derivatives are determined based on a valuation pricing model using readily available observable market parameters such as interest rate yield curves (Level 2 inputs) adjusted for credit risk attributable to the seller of the interest rate derivative. Cash collateral received from or delivered to a derivative counterparty is classified as Level 1.

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables as of September 30, 2025, and December 31, 2024.


	September 30, 2025
	(Level 1)			(Level 2)		(Level 3)
Assets:
Available-for-sale securities:
U.S. Government-sponsored entities	$	—		$	29,060	$	—
U.S. Treasury securities		43,281			—		—
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities					639,453		—
Private label residential mortgage-backed securities		—			4,458		—
Corporate		—			82,905		—
Small Business Administration loan pools		—			83,291		—
State and political subdivisions		—			21,410		—
Derivative assets:
Derivative assets (included in other assets)		—			5,846		—
Cash collateral held by counterparty and netting adjustments		(3,595	)		—		—
Total derivative assets		(3,595	)		5,846		—
Other assets:
Equity securities with readily determinable fair value		1,042			—		—
Total other assets		1,042			—		—
Total assets	$	40,728		$	866,423	$	—
Liabilities:
Derivative liabilities:
Derivative liabilities (included in other liabilities)	$	—		$	2,769	$	—
Cash collateral held by counterparty and netting adjustments		(15	)		—		—
Total derivative liabilities		(15	)		2,769		—
Total liabilities	$	(15	)	$	2,769	$	—


	December 31, 2024
	(Level 1)			(Level 2)		(Level 3)
Assets:
Available-for-sale securities:
U.S. Government-sponsored entities	$	—		$	65,094	$	—
U.S. Treasury securities		86,563			—		—
Mortgage-backed securities
Government-sponsored residential mortgage- backed securities		—			565,510		—
Private label residential mortgage-backed securities		—			124,664		—
Corporate		—			58,652		—
Small Business Administration loan pools		—			29,928		—
State and political subdivisions		—			74,044		—
Derivative assets:
Derivative assets (included in other assets)		—			8,055		—
Cash collateral held by counterparty and netting adjustments		(7,173	)		—		—
Total derivative assets		(7,173	)		8,055		—
Other assets:
Equity securities with readily determinable fair value		1,031			—		—
Total other assets		1,031			—		—
Total assets	$	80,421		$	925,947	$	—
Liabilities:
Derivative liabilities:
Derivative liabilities (included in other liabilities)	$	—		$	3,546	$	—
Cash collateral held by counterparty and netting adjustments		97			—		—
Total derivative liabilities		97			3,546		—
Total liabilities	$	97		$	3,546	$	—

There were no material transfers between levels during the nine months ended September 30, 2025, or the year ended December 31, 2024. The Company’s policy is to recognize transfers into or out of a level as of the end of a reporting period.

Fair Value of Assets and Liabilities Measured on a Non-recurring Basis

Certain assets are measured at fair value on a non-recurring basis when there is evidence of loans individually assessed for credit losses. The fair value of loans individually assessed for credit losses with specific allowance for credit losses are generally based on recent real estate appraisals of the collateral. Declines in the fair values of other real estate owned, subsequent to their initial acquisitions, are also based on recent real estate appraisals less estimated selling costs.

Real estate appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments made to real estate appraisals and other loan valuations are typically significant and result in a Level 3 classification of the inputs for determining fair value.

Assets measured at fair value on a non-recurring basis are summarized below as of September 30, 2025, and December 31, 2024.


	September 30, 2025
	(Level 1)		(Level 2)		(Level 3)
Loans individually evaluated for credit losses:
Commercial real estate	$	—	$	—	$	10,725
Commercial and industrial		—		—		3,493
Residential real estate		—		—		3,135
Agricultural real estate		—		—		952
Other		—		—		1,025
Other real estate owned:
Commercial real estate		—		—		2,173
Residential real estate		—		—		25


	December 31, 2024
	(Level 1)		(Level 2)		(Level 3)
Loans individually evaluated for credit losses:
Commercial real estate	$	—	$	—	$	3,375
Commercial and industrial		—		—		6,316
Residential real estate		—		—		3,525
Agricultural real estate		—		—		3,040
Other		—		—		1,113
Other real estate owned:
Commercial real estate		—		—		2,173
Residential real estate		—		—		25

The Company did not record any liabilities for which the fair value was measured on a non-recurring basis at September 30, 2025, or December 31, 2024.

Valuations of individually evaluated loans and other real estate owned utilize third party appraisals or broker price opinions and were classified as Level 3 due to the significant judgment involved. Appraisals may include the utilization of unobservable inputs, subjective factors and utilize quantitative data to estimate fair market value.

The following table presents additional information about the unobservable inputs used in the fair value measurement of financial assets measured on a nonrecurring basis that were categorized with Level 3 of the fair value hierarchy as of September 30, 2025, and December 31, 2024.


	Fair Value		Valuation Technique	Unobservable Input	Range (weighted average) or Multiple of Earnings
September 30, 2025
Individually evaluated real estate loans	$	19,330	Sales Comparison Approach	Adjustments for differences between comparable sales	9% - 30% (20%)
Individually evaluated other real estate owned	$	2,198	Sales Comparison Approach	Adjustments for differences between comparable sales	4% - 15% (9%)
December 31, 2024
Individually evaluated real estate loans	$	17,369	Sales Comparison Approach	Adjustments for differences between comparable sales	5% - 44% (24%)
Individually evaluated other real estate owned	$	2,198	Sales Comparison Approach	Adjustments for differences between comparable sales	3% - 13% (8%)

Carrying amount and estimated fair values of financial instruments at period end were as follows for September 30, 2025, and December 31, 2024.


	September 30, 2025
	Carrying Amount			Estimated Fair Value			(Level 1)			(Level 2)		(Level 3)
Financial assets:
Cash and cash equivalents	$	699,410		$	699,410		$	699,410		$	—	$	—
Available-for-sale securities		903,858			903,858			43,281			860,577		—
Held-to-maturity securities		5,243			5,378			—			5,378		—
Loans held for sale		617			617			—			617		—
Loans, net of allowance for credit losses		4,215,118			4,193,542			—			—		4,192,924
Federal Reserve Bank and Federal Home Loan Bank stock		33,713			33,713			—			33,713		—
Interest receivable		34,751			34,751			—			34,751		—
Derivative assets		5,846			5,846			—			5,846		—
Cash collateral held by derivative counterparty and netting adjustments		(3,595	)		(3,595	)		(3,595	)		—		—
Total derivative assets		2,251			2,251			(3,595	)		5,846		—
Equity securities with readily determinable fair value		1,042			1,042			1,042			—		—
Total assets	$	5,896,003		$	5,874,562		$	740,138		$	940,882	$	4,192,924
Financial liabilities:
Deposits	$	5,094,769		$	5,091,245		$	—		$	5,091,245	$	—
Federal funds purchased and retail repurchase agreements		42,220			42,220			—			42,220		—
Federal Home Loan Bank advances		341,378			341,378			—			341,378		—
Subordinated debentures		24,216			24,216			—			24,216		—
Subordinated notes		73,958			73,958			—			73,958		—
Contractual obligations		16,664			16,664			—			16,664		—
Interest payable		6,807			6,807			—			6,807		—
Derivative liabilities		2,769			2,769			—			2,769		—
Cash collateral held by derivative counterparty and netting adjustments		(15	)		(15	)		(15	)		—		—
Total derivative liabilities		2,754			2,754			(15	)		2,769		—
Total liabilities	$	5,602,766		$	5,599,242		$	(15	)	$	5,599,257	$	—


	December 31, 2024
	Carrying Amount			Estimated Fair Value			(Level 1)			(Level 2)		(Level 3)
Financial assets:
Cash and cash equivalents	$	383,747		$	383,747		$	383,747		$	—	$	—
Available-for-sale securities		1,004,455			1,004,455			86,563			917,892		—
Held-to-maturity securities		5,217			5,214			—			5,214		—
Loans held for sale		513			513			—			513		—
Loans, net of allowance for credit losses		3,457,549			3,405,767			—			—		3,405,767
Federal Reserve Bank and Federal Home Loan Bank stock		27,875			27,875			—			27,875		—
Interest receivable		28,913			28,913			—			28,913		—
Derivative assets		8,055			8,055			—			8,055		—
Cash collateral held by derivative counterparty and netting adjustments		(7,173	)		(7,173	)		(7,173	)		—		—
Total derivative assets		882			882			(7,173	)		8,055		—
Equity securities with readily determinable fair value		1,031			1,031			1,031			—		—
Total assets	$	4,910,182		$	4,858,397		$	464,168		$	988,462	$	3,405,767
Financial liabilities:
Deposits	$	4,374,789		$	4,370,728		$	—		$	4,370,728	$	—
Federal funds purchased and retail repurchase agreements		37,246			37,246			—			37,246		—
Federal Home Loan Bank advances		178,073			178,073			—			178,073		—
Subordinated debentures		23,946			23,946			—			23,946		—
Subordinated notes		73,531			73,156			—			73,156		—
Contractual obligations		12,067			12,067			—			12,067		—
Interest payable		5,032			5,032			—			5,032		—
Derivative liabilities		3,546			3,546			—			3,546		—
Cash collateral held by derivative counterparty and netting adjustments		97			97			97			—		—
Total derivative liabilities		3,643			3,643			97			3,546		—
Total liabilities	$	4,708,327		$	4,703,891		$	97		$	4,703,794	$	—

The fair value of off-balance-sheet items is not considered material.

NOTE 12 – COMMITMENTS AND CREDIT RISK

The Company extends credit for commercial real estate mortgages, residential mortgages, working capital financing and loans to businesses and consumers.

Commitments to Originate Loans and Available Lines of Credit

Commitments to originate loans and available lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments and lines of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments and lines of credit may expire without being drawn upon, the total commitment and lines of credit amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Mortgage loans in the process of origination represent amounts that the Company plans to fund within a normal period of 60 to 90 days, and which are intended for sale to investors in the secondary market.

The contractual amounts of commitments to originate loans and available lines of credit as of September 30, 2025, and December 31, 2024, were as follows.


	September 30, 2025				December 31, 2024
	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate
Commitments to make loans	$	39,584	$	313,401	$	28,758	$	389,370
Mortgage loans in the process of origination		3,015		3,879		1,345		2,252
Unused lines of credit		165,133		419,748		162,753		377,091

At September 30, 2025, the fixed rate loan commitments have interest rates ranging from 3.95% to 9.75% and maturities ranging from 1 month to 69 months.

Standby Letters of Credit

Standby letters of credit are irrevocable commitments issued by the Company to guarantee the performance of a customer to .a third party once specified pre-conditions are met. Financial standby letters of credit are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Performance standby letters of credit are issued to guarantee performance of certain customers under non-financial contractual obligations. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loans to customers.

The contractual amounts of standby letters of credit as of September 30, 2025, and December 31, 2024, were as follows.


	September 30, 2025				December 31, 2024
	Fixed Rate		Variable Rate		Fixed Rate		Variable Rate
Standby letters of credit	$	15,816	$	31,961	$	15,081	$	27,715

NOTE 13 – LEGAL MATTERS

The Company is party to various matters of litigation in the ordinary course of business. The Company periodically reviews all outstanding pending or threatened legal proceedings and determines if such matters will have an adverse effect on the business, financial condition, results of operations or cash flows. A loss contingency is recorded when the outcome is probable and reasonably able to be estimated. Any loss contingency described below has been identified by the Company as reasonably possible to result in an unfavorable outcome for the Company or the Bank.

Equity Bank is party to a lawsuit filed on January 28, 2022, in the Sedgwick County Kansas District Court on behalf of one of our customers, alleging improperly collected overdraft fees. The plaintiff seeks to have the case certified as a class action. The Company believes that the lawsuit is without merit, and it intends to vigorously defend against the claim asserted. At this time, the Company is unable to reasonably estimate the loss amount of this litigation.

Equity Bank is party to a lawsuit filed on February 2, 2022, in Jackson County, Missouri District Court against the Bank on behalf of one of our Missouri customers alleging improperly collected overdraft fees. The plaintiff seeks to have the case certified as a class action. The Company believes that the lawsuit is without merit, and it intends to vigorously defend against the claims now asserted. At this time, the Company is unable to reasonably estimate the loss amount of this litigation.

Equity Bank is party to a lawsuit filed on February 28, 2023, in Saline County, Missouri District Court against the Bank on behalf of one of our Missouri customers alleging improperly collected overdraft fees. The plaintiff seeks to have the case certified as a class action. The Company believes that the lawsuit is without merit, and it intends to vigorously defend against the claims now asserted. At this time, the Company is unable to reasonably estimate the loss amount of this litigation.

NOTE 14 – REVENUE RECOGNITION

The majority of the Company’s revenues come from interest income on financial instruments, including loans, leases, securities and derivatives, which are outside the scope of ASC 606. The Company’s services that fall within the scope of ASC 606 are presented with non-interest income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of ASC 606 include service charges and fees on deposits, debit card income, investment referral income, insurance sales commissions and other non-interest income related to loans and deposits.

Except for gains or losses from the sale of other real estate owned, all of the Company’s revenue from contracts with customers within the scope of ASC 606 are recognized in non-interest income. The following table presents the Company’s sources of non-interest income for the three and nine months ended September 30, 2025, and 2024.


	Three Months Ended					Nine Months Ended
	September 30, 2025			September 30, 2024		September 30, 2025			September 30, 2024
Non-interest income
Service charges and fees	$	2,522		$	2,424	$	6,763		$	7,534
Debit card income		2,953			2,665		8,509			7,733
Mortgage banking(a)		62			287		380			720
Increase in bank-owned life insurance(a)		1,393			1,344		6,307			3,083
Net gain (loss) on acquisitions(a)		—			831		—			2,131
Net gain (loss) from securities transactions(a)		(53,352	)		206		(53,328	)		222
Other
Investment referral income		175			109		524			395
Trust income		504			412		1,427			1,115
Insurance sales commissions		181			166		386			309
Recovery on zero-basis purchased loans(a)		3			5		6			4,378
Income (loss) from equity method investments(a)		—			—		—			(87	)
Other non-interest income related to loans and deposits		1,079			856		3,373			2,969
Other non-interest income not related to loans and deposits(a)		1			12		93			(496	)
Total other non-interest income		1,943			1,560		5,809			8,583
Total	$	(44,479	)	$	9,317	$	(25,560	)	$	30,006
(a) Not within the scope of ASC 606.

NOTE 15 – BUSINESS COMBINATIONS AND BRANCH SALES

At close of business on July 2, 2025, the Company acquired 100% of the outstanding common shares of NBC Corp. of Oklahoma ("NBC"). NBC is the parent company of NBC Oklahoma, which has seven branch locations in Oklahoma City, Altus, Kingfisher and Enid, as well as a loan production office in Alva. Results of operations of NBC were included in the Company's results of operations beginning of July 2, 2025. Acquisition-related costs associated with this acquisition were $6,490 ($5,127 on an after-tax basis) and are included in merger expense in the Company's income statement for the nine months ended September 30, 2025.

Information necessary to recognize the fair value of assets acquired and liabilities assumed is currently still ongoing. The acquisition was an expansion of the Company's current footprint in Oklahoma with the addition of seven branch locations throughout the state.

The following table summarizes the amounts of assets acquired and liabilities assumed by NBC on July 2, 2025.


Fair value of consideration:
Cash	$	15,267
Common Stock		68,863
	$	84,130

Recognized amounts of identifiable assets acquired and
liabilities assumed:
Cash and due from banks	$	165,698
Interest bearing time deposits in other banks		566
Available-for-sale securities		17,038
Loans		661,513
Premises and equipment		12,939
Bank-owned life insurance		11,860
Core deposit intangible		11,168
Other assets		14,440
Total assets acquired		895,222
Deposits		806,007
Federal funds purchased and retail repurchase agreements		3,534
Federal Home Loan Advances		4,542
Interest payable and other liabilities		21,482
Total liabilities assumed		835,565
Total identifiable net assets		59,657
Goodwill		24,473
	$	84,130

The following tables reconcile the par value of NBC loan portfolio as of the purchase date to the fair value indicated in the table above. For non-purchase credit deteriorated assets, the entire fair value adjustment including both interest and credit related components is recorded as an adjustment to par (“Fair Value Marks”) and reflected as an adjustment to the carrying value of that asset within the Consolidated Balance Sheet. Following purchase, an ACL is also established for these non-purchase credit deteriorated assets which is not reflected in this table as it is accounted for outside of the business combination. For purchase-credit deteriorated assets, as required by CECL, the fair value mark is divided between an adjustment to par and an addition to the ACL. The addition to ACL is based on the application of management’s CECL methodology to the individual loans.


Non-Purchase Credit Deteriorated Loans	Loan Par Value		Fair Value Marks			Purchase Price
Commercial real estate	$	324,056	$	(7,624	)	$	316,432
Commercial and industrial		189,320		(1,901	)		187,419
Residential real estate		26,033		(652	)		25,381
Agricultural real estate		37,279		(1,012	)		36,267
Agricultural		67,071		(118	)		66,953
Consumer		3,761		(25	)		3,736
Total non-PCD loans	$	647,520	$	(11,332	)	$	636,188


Purchase Credit Deteriorated Loans	Loan Par Value		Discounts from Other Factors Excluding ACL			Credit Marks in ACL			Purchase Price
Commercial real estate	$	18,305	$	(2,088	)	$	(1,857	)	$	14,360
Commercial and industrial		2,951		(832	)		(212	)		1,907
Residential real estate		292		(40	)		(25	)		227
Agricultural real estate		4,739		(663	)		(408	)		3,668
Agricultural		6,521		(784	)		(574	)		5,163
Total PCD loans	$	32,808	$	(4,407	)	$	(3,076	)	$	25,325

Total Purchased Loans	Purchase Price
Non-Purchase Credit Deteriorated Loans	$	636,188
Purchase Credit Deteriorated Loans		25,325
Total loans	$	661,513

Assuming the NBC acquisition would have taken place on January 1, 2024, total combined revenue would have been $156,259 for the nine months ended September 30, 2025, and $224,984 for the year ended December 31, 2024. Net income would have been $(6,365) at September 30, 2025, and $67,082 at December 31, 2024. The pro forma amounts disclosed exclude merger expense from non-interest expense, which is considered a non-recurring adjustment. Separate revenue and earnings of the former NBC locations are not available following the acquisition.

NOTE 16 – SEGMENT REPORTING

Equity Bancshares, Inc. is a financial holding company, whose principal activity is the ownership and management of its wholly-owned subsidiaries, including Equity Bank (“Equity Bank”). As a community-oriented financial institution, substantially all of the Company’s operations involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of these banking operations, which constitute the Company’s only operating segment for financial reporting purposes.

The Company’s chief operating decision maker is comprised of the executive leadership team. For Equity Bancshares Inc., the executive leadership team uses gross profit and profit or loss from operations before interest and income taxes to allocate resources for in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly basis for profit measures when making decisions about allocating capital and personnel to the operating segment. For Equity Bank, the executive leadership team uses net-interest income and non-interest income to allocate resources (including employees, financial, or capital resources) to that segment in the annual budget and forecasting process and uses that measure as a basis for evaluating lending terms for customer loans.

The following tables present information about reported segment revenue, measures of a segment’s profit or loss, significant segment expenses, and measure of a segment’s assets for the three months and nine months ended September 30, 2025, and 2024. The Company does not allocate all holding company expenses, income taxes or unusual items to the reportable segment. The following tables present the reconciliations of reportable segment revenues and measures of profit or loss and line item reconciliation to the Company’s consolidated financial statement totals.


				Unallocated Holding
				Company
	Equity Bank			Amounts			Eliminations				Total
Nine Months Ended September 30, 2025
Interest and dividend income	$	239,792		$	177		$	—			$	239,969
Interest expense		72,017			5,373			—				77,390
Net interest income		167,775			(5,196	)		—				162,579
Provision (reversal) for credit losses		8,969			—			—				8,969
Net interest income after provision (reversal) for credit losses		158,806			(5,196	)		—				153,610
Non-interest income
Service charges and fees		6,763			—			—				6,763
Debit card income		8,509			—			—				8,509
Mortgage banking		380			—			—				380
Increase in value of bank-owned life insurance		6,307			—			—				6,307
Net gain (loss) from securities transactions		(53,328	)		—			—				(53,328	)
Other		5,807			13,241			(13,239	)	(a)		5,809
Total non-interest income		(25,562	)		13,241			(13,239	)			(25,560	)
Non-interest expense
Salaries and employee benefits		62,319			143			—				62,462
Net occupancy and equipment		11,474			—			—				11,474
Data processing		15,019			9			—				15,028
Professional fees		3,841			717			—				4,558
Advertising and business development		3,857			—			—				3,857
Telecommunications		1,805			—			—				1,805
FDIC insurance		1,747			—			—				1,747
Courier and postage		2,377			—			—				2,377
Free nationwide ATM cost		1,642			—			—				1,642
Amortization of core deposit intangibles		3,243			—			—				3,243
Loan expense		740			—			—				740
Other real estate owned		993			8			—				1,001
Loss on debt extinguishment		—			1,361			—				1,361
Merger expenses		4,997			1,587			—				6,584
Other		10,791			(537	)		—				10,254
Intersegment service charges		(1,125	)		1,125							—
Total non-interest expense		123,720			4,413			—				128,133
Income (loss) before income tax		9,524			3,632			(13,239	)			(83	)
Provision (benefit) for income taxes		(2,482	)		1,757			—				(725	)
Total segment profit/(loss)	$	12,006		$	1,875		$	(13,239	)		$	642

(a) Elimination of equity in earnings of subsidiary


				Unallocated Holding
				Company
	Equity Bank			Amounts			Eliminations				Total
Nine Months Ended September 30, 2024
Interest and dividend income	$	221,427		$	437		$	—			$	221,864
Interest expense		79,404			5,771			—				85,175
Net interest income		142,023			(5,334	)		—				136,689
Provision (reversal) for credit losses		2,448			—			—				2,448
Net interest income after provision (reversal) for credit losses		139,575			(5,334	)		—				134,241
Non-interest income
Service charges and fees		7,534			—			—				7,534
Debit card income		7,733			—			—				7,733
Mortgage banking		720			—			—				720
Increase in value of bank-owned life insurance		3,083			—			—				3,083
Net gain on acquisition and branch sales		2,131			—			—				2,131
Net gain (loss) from securities transactions		(72	)		294			—				222
Other		8,583			42,825			(42,825	)	(a)		8,583
Total non-interest income		29,712			43,119			(42,825	)			30,006
Non-interest expense
Salaries and employee benefits		54,292			126			—				54,418
Net occupancy and equipment		10,800			—			—				10,800
Data processing		15,016			—			—				15,016
Professional fees		4,148			509			—				4,657
Advertising and business development		3,896			1			—				3,897
Telecommunications		1,887			—			—				1,887
FDIC insurance		1,821			—			—				1,821
Courier and postage		1,912			—			—				1,912
Free nationwide ATM cost		1,569			—			—				1,569
Amortization of core deposit intangibles		3,229			—			—				3,229
Loan expense		447			—			—				447
Other real estate owned		838			(8,496	)		—				(7,658	)
Merger expenses		3,893			568			—				4,461
Other		10,042			(147	)		—				9,895
Intersegment service charges		(1,065	)		1,065			—				—
Total non-interest expense		112,725			(6,374	)		—				106,351
Income (loss) before income tax		56,562			44,159			(42,825	)			57,896
Provision (benefit) for income taxes		14,467			(2,206	)		—				12,261
Total segment profit/(loss)	$	42,095		$	46,365		$	(42,825	)		$	45,635

(a) Elimination of equity in earnings of subsidiary


				Unallocated Holding
				Company
	Equity Bank			Amounts			Eliminations			Total
Three Months Ended September 30, 2025
Interest and dividend income	$	91,040		$	58		$	—		$	91,098
Interest expense		26,978			1,635			—			28,613
Net interest income		64,062			(1,577	)		—			62,485
Provision (reversal) for credit losses		6,228			—			—			6,228
Net interest income after provision (reversal) for credit losses		57,834			(1,577	)		—			56,257
Non-interest income
Service charges and fees		2,522			—			—			2,522
Debit card income		2,953			—			—			2,953
Mortgage banking		62			—			—			62
Increase in value of bank-owned life insurance		1,393			—			—			1,393
Net gain (loss) from securities transactions		(53,352	)		—			—			(53,352	)
Other		1,941			(22,634	)		22,636	(a)		1,943
Total non-interest income		(44,481	)		(22,634	)		22,636			(44,479	)
Non-interest expense
Salaries and employee benefits		22,731			42			—			22,773
Net occupancy and equipment		4,317			—			—			4,317
Data processing		4,880			7			—			4,887
Professional fees		1,546			124			—			1,670
Advertising and business development		1,305			—			—			1,305
Telecommunications		630			—			—			630
FDIC insurance		653			—			—			653
Courier and postage		744			—			—			744
Free nationwide ATM cost		582			—			—			582
Amortization of core deposit intangibles		1,182			—			—			1,182
Loan expense		330			—			—			330
Other real estate owned		794			3			—			797
Loss on debt extinguishment		—			—						-
Merger expenses		4,797			1,366			—			6,163
Other		3,275			(226	)		—			3,049
Intersegment service charges		(375	)		375			—			—
Total non-interest expense		47,391			1,691			—			49,082
Income (loss) before income tax		(34,038	)		(25,902	)		22,636			(37,304	)
Provision (benefit) for income taxes		(10,938	)		3,297			—			(7,641	)
Total segment profit/(loss)	$	(23,100	)	$	(29,199	)	$	22,636		$	(29,663	)

(a) Elimination of equity in earnings of subsidiary


				Unallocated Holding
				Company
	Equity Bank			Amounts			Eliminations				Total
Three Months Ended September 30, 2024
Interest and dividend income	$	74,878		$	87		$	—			$	74,965
Interest expense		27,007			1,927			—				28,934
Net interest income		47,871			(1,840	)		—				46,031
Provision (reversal) for credit losses		1,183			—			—				1,183
Net interest income after provision (reversal) for credit losses		46,688			(1,840	)		—				44,848
Non-interest income
Service charges and fees		2,424			—			—				2,424
Debit card income		2,665			—			—				2,665
Mortgage banking		287			—			—				287
Increase in value of bank-owned life insurance		1,344			—			—				1,344
Net gain on acquisition and branch sales		831			—			—				831
Net gain (loss) from securities transactions		206			—			—				206
Other		1,560			12,737			(12,737	)	(a)		1,560
Total non-interest income		9,317			12,737			(12,737	)			9,317
Non-interest expense
Salaries and employee benefits		18,455			39			—				18,494
Net occupancy and equipment		3,478			—			—				3,478
Data processing		5,152			—			—				5,152
Professional fees		1,308			179			—				1,487
Advertising and business development		1,368			—			—				1,368
Telecommunications		660			—			—				660
FDIC insurance		660			—			—				660
Courier and postage		686			—			—				686
Free nationwide ATM cost		544			—			—				544
Amortization of core deposit intangibles		1,112			—			—				1,112
Loan expense		143			—			—				143
Other real estate owned		829			(8,496	)		—				(7,667	)
Merger expenses		615			3			—				618
Other		3,442			151			—				3,593
Intersegment service charges		(375	)		375			—				—
Total non-interest expense		38,077			(7,749	)		—				30,328
Income (loss) before income tax		17,928			18,646			(12,737	)			23,837
Provision (benefit) for income taxes		5,205			(1,219	)		—				3,986
Total segment profit/(loss)	$	12,723		$	19,865		$	(12,737	)		$	19,851

(a) Elimination of equity in earnings of subsidiary


	For the Nine Months Ended September 30,
	2025								2024
	Equity Bank			Administrative Adjustments		Total			Equity Bank		Administrative Adjustments			Total
Depreciation	$	4,513		$	135	$	4,648		$	3,997	$	135		$	4,132
Amortization of operating lease right-of-use-asset		367			—		367			346		—			346
Amortization of cloud computing implementation costs		62			—		62			104		—			104
Amortization of intangible assets		3,601			—		3,601			3,337		—			3,337
Purchase of long lived assets		8,180			—		8,180			10,499		—			10,499
Provision (benefit) for income taxes		(2,482	)		1,757		(725	)		14,467		(2,206	)		12,261


	For the Three Months Ended September 30,
	2025								2024
	Equity Bank			Administrative Adjustments		Total			Equity Bank		Administrative Adjustments			Total
Depreciation	$	1,615		$	45	$	1,660		$	1,354	$	45		$	1,399
Amortization of operating lease right-of-use-asset		129			—		129			130		—			130
Amortization of cloud computing implementation costs		21			—		21			34		—			34
Amortization of intangible assets		1,312			—		1,312			1,148		—			1,148
Purchase of long lived assets		4,093			—		4,093			4,162		—			4,162
Provision (benefit) for income taxes		(10,938	)		3,297		(7,641	)		5,205		(1,219	)		3,986


	September 30,			December 31,
	2025			2024
Assets
Total assets for reportable segments	$	6,349,154		$	5,316,222
Holding company administrative adjustments		824,444			703,685
Elimination of bank cash and intercompany receivable of subsidiaries		(77,953	)		(107,522	)
Elimination of investment in subsidiaries		(730,014	)		(580,338	)
Consolidated total assets	$	6,365,631		$	5,332,047

NOTE 17 – SUBSEQUENT EVENTS

On August 29 2025 the Company entered into an agreement and plan of reorganization with Frontier Holdings LLC, ("Frontier"). Frontier is the parent company of Frontier Bank, a Nebraska state bank which has seven branch locations in Omaha, Lincoln, Madison, Norfolk, Pender and Falls City. In Frontier Bank's June 30, 2025 unaudited Consolidated Report of Condition, Frontier Bank reported total assets of $1,409,873, which included total loans of 1,257,423; total liabilities of $1,295,041, which included deposits of $1,060,318; and $6,689 in net income before income taxes for the six months ended June 30, 2025. The Company anticipates there will be core deposit intangible and goodwill recorded with this acquisition. The merger is anticipated to close in the fourth quarter of 2025 or early in the first quarter of 2026.

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report on Form 10-K filed with the SEC on March 7, 2025, and our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report. The following discussion contains “forward-looking statements” that reflect our future plans, estimates, beliefs and expected performance. We caution that assumptions, expectations, projections, intentions or beliefs about future events may, and often do, vary from actual results and the differences can be material. See “Cautionary Note Regarding Forward-Looking Statements.” Also, see the risk factors and other cautionary statements described under the heading “Item 1A: Risk Factors” included in the Annual Report on Form 10-K and in Item 1A of this Quarterly Report. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law.

This discussion and analysis of our financial condition and results of operation includes the following sections:

•

Table containing selected financial data and ratios for the periods;

•

Overview – a general description of our business and financial highlights;

•

Critical Accounting Policies – a discussion of accounting policies that require critical estimates and assumptions;

•

Results of Operations – an analysis of our operating results, including disclosures about the sustainability of our earnings;

•

Financial Condition – an analysis of our financial position;

•

Liquidity and Capital Resources – an analysis of our cash flows and capital position; and

•

Non-GAAP Financial Measures – a reconciliation of non-GAAP measures.


(Dollars in thousands, except per share data)	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Statement of Income Data (for the quarterly period ended)
Interest and dividend income	$	91,098		$	74,187		$	74,684		$	74,979		$	74,965
Interest expense		28,613			24,385			24,392			25,506			28,934
Net interest income		62,485			49,802			50,292			49,473			46,031
Provision (reversal) for credit losses		6,228			19			2,722			98			1,183
Net gain on acquisition and branch sales		—			—			—			—			831
Net gain (loss) from securities transactions		(53,352	)		12			12			(2	)		206
Other non-interest income		8,873			8,577			10,318			8,818			8,280
Merger expenses		6,163			355			66			—			618
Loss on debt extinguishment		—			1,361			—			—			—
Other non-interest expense		42,919			38,285			38,984			37,806			29,710
Income (loss) before income taxes		(37,304	)		18,371			18,850			20,385			23,837
Provision for income taxes		(7,641	)		3,107			3,809			3,399			3,986
Net income (loss)		(29,663	)		15,264			15,041			16,986			19,851
Net income (loss) allocable to common stockholders		(29,663	)		15,264			15,041			16,986			19,851
Basic earnings (loss) per share	$	(1.55	)	$	0.87		$	0.86		$	1.06		$	1.30
Diluted earnings (loss) per share	$	(1.55	)	$	0.86		$	0.85		$	1.04		$	1.28
Balance Sheet Data (at period end)
Cash and cash equivalents	$	699,984		$	366,204		$	431,382		$	383,747		$	235,483
Securities available-for-sale		903,858			973,402			950,453			1,004,455			1,041,000
Securities held-to-maturity		5,243			5,236			5,226			5,217			5,408
Loans held for sale		617			217			338			513			901
Gross loans held for investment		4,268,587			3,600,728			3,631,628			3,500,816			3,600,925
Allowance for credit losses		53,469			45,270			45,824			43,267			43,490
Loans held for investment, net of allowance for credit losses		4,322,056			3,555,458			3,585,804			3,457,549			3,557,435
Goodwill and core deposit intangibles, net		100,468			66,009			67,025			68,070			69,130
Naming rights, net		5,778			5,852			5,926			957			968
Total assets		6,365,631			5,373,837			5,446,100			5,332,047			5,355,233
Total deposits		5,094,769			4,234,918			4,405,364			4,374,789			4,362,944
Borrowings		481,772			444,221			371,126			312,796			431,529
Total liabilities		5,653,739			4,738,201			4,828,776			4,739,129			4,851,195
Total stockholders’ equity		711,892			635,636			617,324			592,918			504,038
Tangible common equity*		605,646			563,775			544,373			523,891			433,940
Performance ratios
Return on average assets (ROAA) annualized		(1.93	)%		1.18	%		1.17	%		1.31	%		1.52	%
Return on average equity (ROAE) annualized		(16.45	)%		9.76	%		10.07	%		12.67	%		16.27	%
Return on average tangible common equity (ROATCE)* annualized		(18.31	)%		11.69	%		12.12	%		15.30	%		19.92	%
Yield on loans annualized		7.18	%		6.94	%		7.15	%		7.15	%		7.11	%
Cost of interest-bearing deposits annualized		2.58	%		2.47	%		2.44	%		2.57	%		2.85	%
Cost of total deposits		1.98	%		1.93	%		1.90	%		1.99	%		2.20	%
Net interest margin annualized		4.45	%		4.17	%		4.27	%		4.17	%		3.87	%
Efficiency ratio*		58.31	%		63.62	%		62.43	%		63.02	%		52.59	%
Non-interest expense to net interest income plus non-interest income		272.59	%		68.51	%		64.42	%		64.86	%		54.80	%
Non-interest income / average assets annualized		(2.90	)%		0.66	%		0.80	%		0.68	%		0.71	%
Non-interest expense / average assets annualized		3.20	%		3.08	%		3.04	%		2.91	%		2.32	%
Dividend payout ratio		(11.78	)%		17.49	%		17.81	%		15.62	%		11.74	%
Performance ratios - Core
Core earnings per diluted share*	$	1.21		$	0.99		$	0.90		$	1.10		$	1.32
Core return on average assets*		1.51	%		1.35	%		1.24	%		1.37	%		1.56	%
Core return on average equity*		12.47	%		11.18	%		10.69	%		13.29	%		16.73	%
Core return on average tangible common equity*		14.30	%		12.64	%		12.14	%		15.29	%		19.58	%
Core non-interest expense / average assets*		2.71	%		2.86	%		2.94	%		2.83	%		2.18	%
Capital Ratios
Tier 1 Leverage Ratio		10.41	%		12.07	%		11.76	%		11.67	%		9.55	%
Common Equity Tier 1 Capital Ratio		12.84	%		15.07	%		14.70	%		14.51	%		11.37	%
Tier 1 Risk Based Capital Ratio		13.35	%		15.67	%		15.30	%		15.11	%		11.94	%
Total Risk Based Capital Ratio		16.09	%		16.84	%		18.32	%		18.07	%		14.78	%
Total Stockholders equity / Total Assets		11.18	%		11.83	%		11.34	%		11.12	%		9.41	%
Tangible common equity to tangible assets*		9.68	%		10.63	%		10.13	%		9.95	%		8.21	%
Book value per share	$	37.25		$	36.27		$	35.23		$	34.04		$	32.97
Tangible common book value per share*	$	31.69		$	32.17		$	31.07		$	30.07		$	28.38
Tangible common book value per diluted share*	$	31.41		$	31.89		$	30.84		$	29.70		$	28.00

* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures see “Non-GAAP Financial Measures” in this Item 2.

Overview

We are a financial holding company headquartered in Wichita, Kansas. Our wholly-owned banking subsidiary, Equity Bank, provides a broad range of financial services primarily to businesses and business owners as well as individuals through our network of 77 full-service banking sites located in Arkansas, Kansas, Missouri, and Oklahoma. As of September 30, 2025, we had consolidated total assets of $6.36 billion, total loans held for investment, net of allowance, of $4.22 billion, total deposits of $5.09 billion, and total stockholders’ equity of $711.9 million. During the three and nine month periods ended September 30, 2025, the Company had net income/(loss) of $(29.7) million and $642 thousand. The Company had net income of $19.9 million and $45.6 million for the three and nine month periods ended September 30, 2024.

Critical Accounting Policies

Our significant accounting policies are integral to understanding the results reported. Our accounting policies are described in detail in Note 1 to the December 31, 2024, audited financial statements included in our Annual Report on Form 10-K filed with the SEC on March 7, 2025. The preparation of our financial statements in accordance with GAAP requires management to make a number of judgments and assumptions that affect our reported results and disclosures. Several of our accounting policies are inherently subject to valuation assumptions and other subjective assessments and are more critical than others in terms of their importance to results. Changes in any of the estimates and assumptions underlying critical accounting policies could have a material effect on our financial statements. Our accounting policies are described in “NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES” in the Notes to Interim Consolidated Financial Statements.

The accounting policies that management believes are the most critical to an understanding of our financial condition and results of operations and require complex management judgment are described below.

Allowance for Credit Losses: The allowance for credit losses represents management’s estimate of all expected credit losses over the expected life of our loan portfolio. This assessment includes procedures to estimate the allowance and test the adequacy and appropriateness of the resulting balance. The level of the allowance is based upon management’s evaluation of historical default and loss experience, current and projected economic conditions, asset quality trends, known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay a loan (including the timing of future payments), the estimated value of any underlying collateral, composition of the loan portfolio, industry and peer bank loan quality indications, and other pertinent factors, including regulatory recommendations. The level of the allowance for credit losses maintained by management is believed adequate to absorb all expected future losses inherent in the loan portfolio at the balance sheet date; however, determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. The actual realized facts and circumstances may be different than those currently estimated by management and may result in significant changes in the allowance for credit losses in future periods. The allowance for credit losses, as reported in our consolidated balance sheets, is adjusted by provision for credit losses, which is recognized in earnings and is reduced by the charge-off of loan amounts, net of recoveries.

The allowance represents management’s best estimate, but significant changes in circumstances relating to loan quality and economic conditions could result in significantly different results than what is reflected in the consolidated balance sheet as of September 30, 2025. Likewise, an improvement in loan quality or economic conditions may allow for a further reduction in the required allowance. Changing credit conditions would be expected to impact realized losses, driving variability in specifically assessed allowances, as well as calculated quantitative and more subjectively analyzed qualitative factors. Depending on the volatility in these conditions, material impacts could be realized within the Company’s operations. Significant changes in economic conditions, both positive and negative, could result in unexpected realization of provision or reversal of allowance for credit losses due to its impact on the quantitative and qualitative inputs to the Company’s calculation. Under the CECL methodology, the impact of these conditions has the potential to further exacerbate periodic differences due to its life of loan perspective. The life of loans calculated under the methodology is based in contractual duration, modified for prepayment expectations, making significant variation in periodic results possible due to changing contractual or adjusted duration of the assets within the calculation.

Goodwill: Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Goodwill is assessed at least annually for impairment and any such impairment is recognized and expensed in the period identified. Goodwill will be assessed more frequently if a triggering event occurs which indicates that the carrying value of the asset might be impaired. We have selected December 31 as the date to perform our annual goodwill impairment test. Goodwill is the only intangible asset with an indefinite useful life. For the quarter ended September 30, 2025, management conducted the quarterly qualitative assessment and has determined there was no evidence of a triggering event as of or during the period then ended. Based on this qualitative analysis and conclusion, it was determined that a more robust quantitative assessment was not necessary at our measurement date.

When performing quantitative goodwill impairment assessments, management is required to estimate the fair value of the Company’s equity in a change in control transaction. To complete this valuation, management is required to derive assumptions related to industry performance, reporting unit business performance, economic and market conditions, and various other assumptions, many of which require significant management judgment.

Although management believes that the judgments and estimates used are reasonable, actual results could differ and we may be exposed to losses or gains that could be material.

Results of Operations

We generate our revenue from interest income and fees on loans, interest and dividends on investment securities, and non-interest income, such as service charges and fees, debit card income, trust and mortgage banking income. We incur interest expense on deposits and other borrowed funds and non-interest expense, such as salaries and employee benefits and occupancy expenses.

Changes in interest rates earned on interest-earning assets or incurred on interest-bearing liabilities, as well as the volume and types of interest-earning assets, interest-bearing and non-interest-bearing liabilities and stockholders’ equity, are usually the largest drivers of periodic change in net interest income. Fluctuations in interest rates are driven by many factors, including governmental monetary policies, inflation, deflation, macroeconomic developments, changes in unemployment, the money supply, political and international circumstances and domestic and foreign financial markets. Periodic changes in the volume and types of loans in our loan portfolio are affected by, among other factors, economic and competitive conditions in Arkansas, Kansas, Missouri and Oklahoma, as well as developments affecting the consumer, commercial and real estate sectors within these markets.

Net Income

Three months ended September 30, 2025, compared with three months ended September 30, 2024: Net income/(loss) allocable to common stockholders for the three months ended September 30, 2025, was $(29.7) million, or $(1.55) diluted earnings per share as compared to $19.9 million, or $1.28 diluted earnings per share for the three months ended September 30, 2024, a decrease of $49.5 million. The decrease was largely due to the repositioning of investment securities resulting in a loss of $53.4 million, a $5.0 million increase in the provision for loan losses, offset by a decrease in the provision for taxes of $11.6 million.

Excluding the pre-tax expenses and CECL provisioning associated with our merger with NBC and the loss on the repositioning of the investment portfolio, pre-tax income for the period was $28.4 million. Using an assumed 21% tax rate, adjusted net income was $22.5 million, or $1.17 per diluted share.

Nine months ended September 30, 2025, compared with nine months ended September 30, 2024: Net income allocable to common stockholders for the nine months ended September 30, 2025, was $642 thousand, or $0.04 diluted earnings per share as compared to $45.6 million, or $2.95 diluted earnings per share for the nine months ended September 30, 2024, a decrease of $45.0 million. The decrease was largely due to the repositioning of investment securities resulting in a loss of $53.3 million, provision for loan losses of $6.5 million, offset by an increase in net interest income of $25.9 million, and decreases in provision for income taxes of $13.0 million.

Excluding the pre-tax expenses and CECL provisioning associated with our merger with NBC and the loss on the repositioning of the investment portfolio, pre-tax income for the period was $66.1 million. Using an assumed 21% tax rate, adjusted net income was $52.2 million, or $2.87 per diluted share.

Net Interest Income and Net Interest Margin Analysis

Net interest income is the difference between interest income on interest-earning assets, including loans and securities, and interest expense incurred on interest-bearing liabilities, including deposits and other borrowed funds. To evaluate net interest income, management measures and monitors (1) yields on loans and other interest-earning assets, (2) the costs of deposits and other funding sources, (3) the net interest spread, and (4) net interest margin. Net interest spread is the difference between rates earned on interest-earning assets and rates paid on interest-bearing liabilities. Net interest margin is calculated as net interest income divided by average interest-earning assets. Because non-interest-bearing sources of funds, such as non-interest-bearing deposits and stockholders’ equity also fund interest-earning assets, net interest margin includes the benefit of these non-interest-bearing sources of funds. Net interest income is affected by changes in the amount and mix of interest-earning assets and interest-bearing liabilities, referred to as a “volume change,” and is also affected by changes in yields earned on interest-earning assets and rates paid on interest-bearing deposits and other borrowed funds, referred to as a “yield/rate change.”

Three months ended September 30, 2025, compared with three months ended September 30, 2024: The following table shows the average balance of each principal category of assets, liabilities, and stockholders’ equity and the average yields on

interest-earning assets and average rates on interest-bearing liabilities for the three months ended September 30, 2025, and 2024. The yields and rates are calculated by dividing annualized income or annualized expense by the average daily balances of the associated assets or liabilities.


	Average Balance Sheets and Net Interest Analysis
	For the Three Months Ended September 30,
	2025							2024
(Dollars in thousands)	Average Outstanding Balance		Interest Income/ Expense		Average Yield/ Rate(3)(4)			Average Outstanding Balance		Interest Income/ Expense		Average Yield/ Rate(3)(4)
Interest-earning assets:
Loans(1)
Commercial and industrial	$	934,768	$	18,234		7.74	%	$	659,697	$	13,213		7.97	%
Commercial real estate		1,745,714		31,729		7.21	%		1,351,407		24,196		7.12	%
Real estate construction		505,345		10,109		7.94	%		442,857		9,732		8.74	%
Residential real estate		575,341		6,849		4.72	%		578,702		6,912		4.75	%
Agricultural real estate		245,017		5,165		8.36	%		251,595		4,365		6.90	%
Agricultural		132,095		2,981		8.95	%		91,500		1,906		8.29	%
Consumer		109,058		1,844		6.71	%		100,127		1,765		7.01	%
Total loans		4,247,338		76,911		7.18	%		3,475,885		62,089		7.11	%
Taxable securities		875,646		9,416		4.27	%		995,713		9,809		3.92	%
Nontaxable securities		40,342		307		3.02	%		60,120		400		2.65	%
Total Securities		915,988		9,723		4.21	%		1,055,833		10,209		3.85	%
Federal funds sold and other		411,549		4,464		4.30	%		200,209		2,667		5.30	%
Total interest-earning assets		5,574,875		91,098		6.48	%		4,731,927		74,965		6.30	%
Non-interest-earning assets:
Other real estate owned, net		4,471							2,992
Premises and equipment, net		135,245							115,441
Bank-owned life insurance		145,755							130,817
Goodwill, core deposit and other intangibles, net		95,046							70,824
Other non-interest-earning assets		129,672							153,016
Total assets	$	6,085,064						$	5,205,017
Interest-bearing liabilities:
Interest-bearing demand deposits	$	1,199,439		6,731		2.23	%	$	1,090,604		7,348		2.68	%
Savings and money market		1,676,679		9,663		2.29	%		1,465,312		9,136		2.48	%
Demand, savings and money market		2,876,118		16,394		2.26	%		2,555,916		16,484		2.57	%
Certificates of deposit		962,613		8,596		3.54	%		753,286		7,195		3.80	%
Total interest-bearing deposits		3,838,731		24,990		2.58	%		3,309,202		23,679		2.85	%
FHLB term and line of credit advances		168,011		1,741		4.11	%		252,751		3,089		4.86	%
Subordinated debt		85,556		1,619		7.51	%		97,262		1,905		7.79	%
Other borrowings		46,835		263		2.23	%		45,177		261		2.30	%
Total interest-bearing liabilities		4,139,133		28,613		2.74	%		3,704,392		28,934		3.11	%
Non-interest-bearing liabilities and stockholders’ equity:
Non-interest-bearing checking accounts		1,166,099							966,222
Non-interest-bearing liabilities		64,513							48,935
Stockholders’ equity		715,319							485,468
Total liabilities and stockholders’ equity	$	6,085,064						$	5,205,017
Net interest income			$	62,485						$	46,031
Interest rate spread						3.74	%						3.19	%
Net interest margin(2)						4.45	%						3.87	%
Total cost of deposits, including non-interest bearing deposits	$	5,004,830	$	24,990		1.98	%	$	4,275,424	$	23,679		2.20	%
Average interest-earning assets to interest-bearing liabilities						134.69	%						127.74	%

(1)

Average loan balances include non-accrual loans.

(2)

Net interest margin is calculated by dividing annualized net interest income by average interest-earnings assets for the period.

(3)

Tax exempt income is not included in the above table on a tax equivalent basis.

(4)

Actual un-rounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts.

Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest yields/rates. The following table analyzes the change in volume variances and yield/rate variances for the three month periods ended September 30, 2025, and 2024.

Analysis of Changes in Net Interest Income

For the Three Months Ended September 30, 2025, and 2024


	Increase (Decrease) Due to:						Total Increase /
(Dollars in thousands)	Volume(1)			Yield/Rate(1)			(Decrease)
Interest-earning assets:
Loans
Commercial and industrial	$	5,374		$	(353	)	$	5,021
Commercial real estate		7,161			372			7,533
Real estate construction		1,298			(921	)		377
Residential real estate		(40	)		(23	)		(63	)
Agricultural real estate		(117	)		917			800
Agricultural		905			170			1,075
Consumer		153			(74	)		79
Total loans		14,734			88			14,822
Taxable securities		(1,246	)		853			(393	)
Nontaxable securities		(145	)		52			(93	)
Total securities		(1,391	)		905			(486	)
Federal funds sold and other		2,372			(575	)		1,797
Total interest-earning assets		15,715			418			16,133
Interest-bearing liabilities:
Interest-bearing demand deposits		688			(1,305	)		(617	)
Savings and money market		1,253			(726	)		527
Demand, savings and money market		1,941			(2,031	)		(90	)
Certificates of deposit		1,893			(492	)		1,401
Total interest-bearing deposits		3,834			(2,523	)		1,311
FHLB term and line of credit advances		(929	)		(419	)		(1,348	)
Subordinated debt		(223	)		(63	)		(286	)
Other borrowings		9			(7	)		2
Total interest-bearing liabilities		2,691			(3,012	)		(321	)
Net Interest Income	$	13,024		$	3,430		$	16,454

(1)

The effect of changes in volume is determined by multiplying the change in volume by the previous year’s average rate. Similarly, the effect of rate changes is calculated by multiplying the change in average rate by the prior year’s volume. The changes attributable to both volume and rate, which cannot be segregated, have been allocated to the volume variance and the rate variance in proportion to the relationship of the absolute dollar amount of the change in each.

Interest income increased $16.1 million for the quarter ended September 30, 2025, as compared to the quarter ended September 30, 2024. A $15.7 million increase in interest due to increased volume of average interest earning assets, primarily attributable to the NBC merger, and a $418 thousand increase due to the rate/yield on interest earning assets. Realized rate/yield increases on loans was attributable to a 7 bp increase from non-accrual interest adjustment, a 18 bp increase from the accretion of merger purchase accounting adjustments and a 3 bp increase from the amortization of loan origination fees, partially offset by a 1 bp decrease in hedge accounting net settlements and by a 22 bp decrease in coupon rates. Decreases in coupon were driven by market interest rate reductions offset by continued production in a comparatively high interest rate market relative to near term history. The increase in interest income on the remaining components of interest earning assets was primarily due to increased volume from the Company's merger with NBC as well as the repositioning of $436.3 million in investments throughout the quarter.

The decrease in interest expense of $321 thousand was due to the deposit portfolio repricing downward in line with market interest rates and a decrease in volume and rate on the Company's borrowing lines, partially offset by an increase in volume in deposits primarily attributable to our merger with NBC.

During the quarter ended September 30, 2025, when compared to the quarter ended September 30, 2024, net interest margin increased 58 bp and net interest spread increased by 55 bp to 3.74% from 3.19%. Since the beginning of the third quarter 2024, the federal funds rate has dropped a total of 125 bp. This decline is the primary driver of the downward trend in the cost on interest bearing liabilities. The expansion in margin and spread is attributable to the shifting composition of interest earning assets, repositioning of a material portion of our investment portfolio as well as realized sensitivity in liability pricing following the rate movements.

Nine months ended September 30, 2025, compared with nine months ended September 30, 2024: The following table shows the average balance of each principal category of assets, liabilities, and stockholders’ equity and the average yields on interest-earning assets and average rates on interest-bearing liabilities for the nine months ended September 30, 2025, and 2024. The yields and rates are calculated by dividing annualized income or annualized expense by the average daily balances of the associated assets or liabilities.


	Average Balance Sheets and Net Interest Analysis
	For the Nine Months Ended September 30,
	2025							2024
(Dollars in thousands)	Average Outstanding Balance		Interest Income/ Expense		Average Yield/ Rate(3)(4)			Average Outstanding Balance		Interest Income/ Expense		Average Yield/ Rate(3)(4)
Interest-earning assets:
Loans(1)
Commercial and industrial	$	790,373	$	46,479		7.86	%	$	643,213	$	38,408		7.98	%
Commercial real estate		1,528,189		81,363		7.12	%		1,400,385		73,339		7.00	%
Real estate construction		475,225		28,028		7.89	%		400,317		26,350		8.79	%
Residential real estate		569,279		20,437		4.80	%		579,818		19,935		4.59	%
Agricultural real estate		255,618		15,153		7.93	%		218,334		11,777		7.21	%
Agricultural		103,685		6,379		8.23	%		116,520		7,398		8.48	%
Consumer		97,943		4,937		6.74	%		104,098		5,229		6.71	%
Total loans		3,820,312		202,776		7.10	%		3,462,685		182,436		7.04	%
Taxable securities		906,804		27,351		4.03	%		1,004,367		29,862		3.97	%
Nontaxable securities		50,171		1,042		2.78	%		60,903		1,192		2.62	%
Total securities		956,975		28,393		3.97	%		1,065,270		31,054		3.89	%
Federal funds sold and other		271,854		8,800		4.33	%		211,961		8,374		5.28	%
Total interest-earning assets		5,049,141		239,969		6.35	%		4,739,916		221,864		6.25	%
Non-interest-earning assets:
Other real estate owned, net		4,536							2,187
Premises and equipment, net		123,411							115,801
Bank-owned life insurance		137,359							128,209
Goodwill, core deposit and other intangibles, net		80,030							68,160
Other non-interest-earning assets		110,197							130,530
Total assets	$	5,504,674						$	5,184,803
Interest-bearing liabilities:
Interest-bearing demand deposits	$	1,105,247		17,742		2.15	%	$	1,087,488		22,134		2.72	%
Savings and money market		1,521,754		25,410		2.23	%		1,448,364		25,956		2.39	%
Demand, savings and money market		2,627,001		43,152		2.20	%		2,535,852		48,090		2.53	%
Certificates of deposit		816,748		21,305		3.49	%		765,800		21,106		3.68	%
Total interest-bearing deposits		3,443,749		64,457		2.50	%		3,301,652		69,196		2.80	%
FHLB term and line of credit advances		217,150		6,881		4.24	%		223,132		8,022		4.80	%
Federal Reserve Bank borrowings		7		—		4.50	%		41,391		1,361		4.39	%
Subordinated debt		93,280		5,322		7.63	%		97,125		5,703		7.84	%
Other borrowings		45,560		730		2.14	%		50,136		893		2.39	%
Total interest-bearing liabilities		3,799,746		77,390		2.72	%		3,713,436		85,175		3.06	%
Non-interest-bearing liabilities and stockholders’ equity:
Non-interest-bearing checking accounts		1,003,225							958,786
Non-interest-bearing liabilities		51,856							45,513
Stockholders’ equity		649,847							467,068
Total liabilities and stockholders’ equity	$	5,504,674						$	5,184,803
Net interest income			$	162,579						$	136,689
Interest rate spread						3.63	%						3.19	%
Net interest margin(2)						4.31	%						3.85	%
Total cost of deposits, including non-interest bearing deposits	$	4,446,974	$	64,457		1.94	%	$	4,260,438	$	69,196		2.17	%
Average interest-earning assets to interest-bearing liabilities						132.88	%						127.64	%

(1)

Average loan balances include nonaccrual loans.

(2)

Net interest margin is calculated by dividing annualized net interest income by average interest-earnings assets for the period.

(3)

Tax exempt income is not included in the above table on a tax equivalent basis.

(4)

Increases and decreases in interest income and interest expense result from changes in average balances (volume) of interest-earning assets and interest-bearing liabilities, as well as changes in average interest yields/rates. The following table analyzes the change in volume variances and yield/rate variances for the nine month period ended September 30, 2025, and 2024.

Analysis of Changes in Net Interest Income

For the Nine Months Ended September 30, 2025, and 2024


	Increase (Decrease) Due to:						Total Increase /
(Dollars in thousands)	Volume(1)			Yield/Rate(1)			(Decrease)
Interest-earning assets:
Loans
Commercial and industrial	$	8,662		$	(591	)	$	8,071
Commercial real estate		6,786			1,238			8,024
Real estate construction		4,601			(2,923	)		1,678
Residential real estate		(367	)		869			502
Agricultural real estate		2,137			1,239			3,376
Agricultural		(795	)		(224	)		(1,019	)
Consumer		(310	)		18			(292	)
Total loans		20,714			(374	)		20,340
Taxable securities		(2,966	)		455			(2,511	)
Nontaxable securities		(220	)		70			(150	)
Total securities		(3,186	)		525			(2,661	)
Federal funds sold and other		2,106			(1,680	)		426
Total interest-earning assets		19,634			(1,529	)		18,105
Interest-bearing liabilities:
Interest-bearing demand deposits		356			(4,748	)		(4,392	)
Savings and money market		1,276			(1,822	)		(546	)
Demand, savings and money market		1,632			(6,570	)		(4,938	)
Certificates of deposit		1,363			(1,164	)		199
Total interest-bearing deposits		2,995			(7,734	)		(4,739	)
FHLB term and line of credit advances		(211	)		(930	)		(1,141	)
Federal Reserve Bank discount window		(1,392	)		31			(1,361	)
Subordinated debt		(222	)		(159	)		(381	)
Other borrowings		(78	)		(85	)		(163	)
Total interest-bearing liabilities		1,092			(8,877	)		(7,785	)
Net Interest Income	$	18,542		$	7,348		$	25,890

Interest income on interest-earning assets increased $18.1 million for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. Of this increase, $19.7 million is attributable to increases in volume of interest earning assets, primarily from the merger with NBC offset by declining rate/yield.

There was a decrease in interest expense on interest-bearing liabilities of $7.8 million due to the deposit portfolio repricing to market interest rates as well as decreased utilization and cost of secured borrowing lines offset by an increase in volume in deposits primarily attributable to our merger with NBC.

When compared to the nine months ended September 30, 2024, net interest margin increased 46 bp during the nine months ended September 30, 2025, while net interest spread increased by 44 bp to 3.63% from 3.19%. From the beginning of the third quarter 2024 through the end of the third quarter 2025, the federal funds rate has dropped four times totaling 125 bp. This decline is the primary driver of the downward trend in both yield on interest earning assets and cost on interest bearing liabilities. The expansion in margin and spread is attributable to the shifting composition of interest earning assets as well as realized sensitivity in liability pricing following the rate movements.

Provision for Credit Losses

We maintain an allowance for credit losses for estimated losses in our loan portfolio. The allowance for credit losses is increased by a provision for credit losses, which is a charge to earnings, and subsequent recoveries of amounts previously charged-off, but is decreased by charge-offs when the collectability of a loan balance is unlikely. Management estimates the allowance balance required using past loan loss experience within the Company’s portfolio. This historical loss calculation is then modified to reflect quantitative economic circumstances based on evidenced economic conditions and regression formulas, which incorporate lag factors in identifying a sufficiently predictive adjusted-R square, as well as qualitative factors not inherently reflected in our historical loss or quantitative economic inputs. Included in our qualitative assessment is the consideration of prospective economic conditions over the next 12 months, considered the Company’s reasonable and supportable forecast period. As these factors change, the amount of the credit loss provision changes.

Three months ended September 30, 2025, compared with three months ended September 30, 2024: During the three months ended September 30, 2025, there was a provision for credit losses of $6.2 million compared to a provision for credit losses of $1.2 million for the three months ended September 30, 2024. The provision for the three months ended is primarily attributable to the establishment of reserves on non-PCD loans acquired in the NBC acquisition. The Company continues to estimate the allowance for credit losses with assumptions that anticipate slower prepayment rates and continued market disruption caused by the impact of U.S. trade and fiscal policy and the resulting impact on consumers and businesses. Net charge-offs for the three months ended September 30, 2025 and 2024, were $1.1 million and $1.6 million, respectively. For the three months ended September 30, 2025, gross charge-offs were $1.4 million, offset by gross recoveries of $330 thousand. In comparison, gross charge-offs were $1.8 million for the three months ended September 30, 2024, offset by gross recoveries of $197 thousand.

Nine months ended September 30, 2025, compared with nine months ended September 30, 2024: During the nine months ended September 30, 2025, there was a provision for credit losses of $9.0 million compared to a provision for credit losses of $2.4 million during the nine months ended September 30, 2024. The increase in the provision for the nine months ended is primarily attributable to the establishment of reserves on non-PCD loans acquired in the NBC acquisition as well loan growth within the legacy portfolio. Net charge-offs for the nine months ended September 30, 2025, were $1.8 million compared to net charge-offs of $3.5 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, gross charge-offs were $3.7 million, offset by gross recoveries of $1.8 million. In comparison, gross charge-offs were $4.0 million for the nine months ended September 30, 2024, offset by gross recoveries of $564 thousand.

Non-Interest Income

The primary sources of non-interest income are service charges and fees, debit card income, mortgage banking income, trust income and increases in the value of bank-owned life insurance. Non-interest income does not include loan origination or other loan fees, which are recognized as an adjustment to yield using the interest method.

Three months ended September 30, 2025, compared with three months ended September 30, 2024: The following table provides a comparison of the major components of non-interest income for the three months ended September 30, 2025, and 2024.

Non-Interest Income

For the Three Months Ended September 30,


						2025 vs. 2024
(Dollars in thousands)	2025			2024		Change			%
Service charges and fees	$	2,522		$	2,424	$	98			4.0	%
Debit card income		2,953			2,665		288			10.8	%
Mortgage banking		62			287		(225	)		(78.4	)%
Increase in value of bank-owned life insurance		1,393			1,344		49			3.6	%
Other
Investment referral income		175			109		66			60.6	%
Trust income		504			412		92			22.3	%
Insurance sales commissions		181			166		15			9.0	%
Recovery on zero-basis purchased loans		2			5		(3	)		(60.0	)%
Income (loss) from equity method investments		—			—		—			—	%
Other non-interest income		1,081			868		213			24.5	%
Total other		1,943			1,560		383			24.6	%
Subtotal		8,873			8,280		593			7.2	%
Net gain (loss) on acquisition and branch sales		—			831		(831	)		100.0	%
Net gain (loss) from securities transactions		(53,352	)		206		(53,558	)		(25999.0	)%
Total non-interest income	$	(44,479	)	$	9,317	$	(53,796	)		(577.4	)%

Total non-interest income decreased $53.8 million during the three months ended September 30, 2025, as compared to the same period in 2024. The decrease is largely attributable to $53.4 million loss on the repositioning of our investment portfolio. Excluding the loss on repositioning as well as $831 thousand in gain on acquisition from the prior year, non-interest income increased $387 thousand, primarily from the addition of accounts from the NBC merger.

Nine months ended September 30, 2025, compared with nine months ended September 30, 2024: The following table provides a comparison of the major components of non-interest income for the nine months ended September 30, 2025, and 2024

Non-Interest Income

For the Nine Months Ended September 30,


							2025 vs. 2024
(Dollars in thousands)	2025			2024			Change			%
Service charges and fees	$	6,763		$	7,534		$	(771	)		(10.2	)%
Debit card income		8,509			7,733			776			10.0	%
Mortgage banking		380			720			(340	)		(47.2	)%
Increase in value of bank-owned life insurance		6,307			3,083			3,224			104.6	%
Other
Investment referral income		524			395			129			32.7	%
Trust income		1,427			1,115			312			28.0	%
Insurance sales commissions		386			309			77			24.9	%
Recovery on zero-basis purchased loans		5			4,378			(4,373	)		(99.9	)%
Income from equity method investments		—			(87	)		87			(100.0	)%
Other non-interest income		3,467			2,473			994			40.2	%
Total other		5,809			8,583			(2,774	)		(32.3	)%
Subtotal		27,768			27,653			115			0.4	%
Net gain (loss) on acquisition and branch sales		—			2,131			(2,131	)		(100.0	)%
Net gain (loss) from securities transactions		(53,328	)		222			(53,550	)		(24121.6	)%
Total non-interest income	$	(25,560	)	$	30,006		$	(55,566	)		(185.2	)%

Total non-interest income decreased $55.6 million during the nine months ended September 30, 2025, as compared to the same period in 2024. The decrease is largely attributable to $53.3 million loss on the repositioning of investment securities. Excluding the loss on repositioning as well as $831 thousand in gain on acquisition from the prior year, non-interest income was effectively flat year-over-year.

During the nine months ended September 30, 2025, within the increase in value of bank owned life insurance the Bank realized a death benefit on an insured which, when coupled with repositioning of policies completed in May of 2024 drove the comparative increase in this line item year-over-year.

Recovery on zero-basis loans are non-recurring benefits realized by the Company upon resolution of a loan which was fully charged-off prior to being acquired by the Company. The benefit realized in the nine months ended September 30, 2024, did not repeat in 2025.

Non-Interest Expense

Three months ended September 30, 2025, compared with three months ended September 30, 2024: For the three months ended September 30, 2025, non-interest expense totaled $49.1 million, an increase of $18.8 million, when compared to the three months ended September 30, 2024. Changes in the various components of non-interest expense for the three months ended September 30, 2025, and 2024, are discussed in more detail in the following table.

Non-Interest Expense

For the Three Months Ended September 30,


						2025 vs. 2024
(Dollars in thousands)	2025		2024			Change			%
Salaries and employee benefits	$	22,773	$	18,494		$	4,279			23.1	%
Net occupancy and equipment		4,317		3,478			839			24.1	%
Data processing		4,887		5,152			(265	)		(5.1	)%
Professional fees		1,670		1,487			183			12.3	%
Advertising and business development		1,305		1,368			(63	)		(4.6	)%
Telecommunications		630		660			(30	)		(4.5	)%
FDIC insurance		653		660			(7	)		(1.1	)%
Courier and postage		744		686			58			8.5	%
Free nationwide ATM cost		582		544			38			7.0	%
Amortization of core deposit intangible		1,182		1,112			70			6.3	%
Loan expense		330		143			187			130.8	%
Other real estate owned		797		(7,667	)		8,464			(110.4	)%
Loss on debt extinguishment		—		—			—			—	%
Other		3,049		3,593			(544	)		(15.1	)%
Subtotal		42,919		29,710			13,209			44.5	%
Merger expenses		6,163		618			5,545			897.2	%
Total non-interest expense	$	49,082	$	30,328		$	18,754			61.8	%

Salaries and employee benefits: There was an increase in salaries and employee benefits of $4.3 million for the period ended September 30, 2025, as compared to the same period in 2024. The increase in employee salaries and wages was due to additional payroll costs as well as an increase in employee insurance expense, which is primarily driven by the increase in staff from the NBC merger. Additionally, incentive compensation and stock related compensation expense increased which is associated with the close of the NBC merger.

Other real estate owned: In 2024, there was a significant realized gain on the sale of other real estate owned that was not expected to and did not repeat again in 2025, driving the increase in other real estate owned expense noted above.

Other: Other non-interest expenses consists of subscriptions, memberships and dues, employee expenses, including travel, meals, entertainment and education, supplies, printing, insurance, account related losses, correspondent bank fees, customer program expenses, losses net of gains on the sale of fixed assets, losses net of gains on the sale of repossessed assets other than real estate, other operating expenses, such as settlement of claims, losses from limited partnerships entered into for tax credits and provision for unfunded commitments. The overall decrease is comprised of a number of insignificant changes within expense categories noted above.

Merger expenses: The increase is primarily due to the completion of the NBC merger and the preliminary work on the Frontier merger. The Frontier merger, which is expected to close in late 2025 or early 2026, is expected to be realized in the period it is closed.

Nine months ended September 30, 2025, compared with nine months ended September 30, 2024: For the nine months ended September 30, 2025, non-interest expense totaled $128.1 million, an increase of $21.8 million, when compared to the nine months ended September 30, 2024. Changes in the various components of non-interest expense for the nine months ended September 30, 2025, and 2024, are discussed in more detail in the following table.

Non-Interest Expense

For the Nine Months Ended September 30,


						2025 vs. 2024
(Dollars in thousands)	2025		2024			Change			%
Salaries and employee benefits	$	62,462	$	54,418		$	8,044			14.8	%
Net occupancy and equipment		11,474		10,800			674			6.2	%
Data processing		15,028		15,016			12			0.1	%
Professional fees		4,558		4,657			(99	)		(2.1	)%
Advertising and business development		3,857		3,897			(40	)		(1.0	)%
Telecommunications		1,805		1,887			(82	)		(4.3	)%
FDIC insurance		1,747		1,821			(74	)		(4.1	)%
Courier and postage		2,377		1,912			465			24.3	%
Free nationwide ATM cost		1,642		1,569			73			4.7	%
Amortization of core deposit intangibles		3,243		3,229			14			0.4	%
Loan expense		740		447			293			65.5	%
Other real estate owned		1,001		(7,658	)		8,659			(113.1	)%
Loss on debt extinguishment		1,361		—			1,361			(100.0	)%
Other		10,254		9,895			359			3.6	%
Sub-Total		121,549		101,890			19,659			19.3	%
Merger expenses		6,584		4,461			2,123			47.6	%
Total non-interest expense	$	128,133	$	106,351		$	21,782			20.5	%

Salaries and employee benefits: There was an increase in salaries and employee benefits of $8.0 million for the period ended September 30, 2025, as compared to the same period in 2024. The increase is primarily due to increases in employee salaries, as well as an increases in incentive compensation, employee insurance expense and stock related compensation expense associated with the NBC merger.

Courier and postage: There was an increase in courier and postage expense of $465 thousand for the period ended September 30, 2025, as compared to the same period in 2024. The increase is primarily due to armored car/courier services.

Loss on Debt Extinguishment: During the nine months ending September 30, 2025, the Company executed an early redemption on the subordinated notes. The Company realized a loss of $1.4 million from the write off of debt issue costs from the debt extinguishment.

Other real estate owned: In 2024, there was a significant realized gain on the sale of other real estate owned that was not expected to and did not repeat again in 2025 driving the increase in expense noted above.

Merger expenses: The increase is primarily due to the completion of the NBC merger and the preliminary work on the Frontier merger. The expenses related to the Frontier merger, which is expected to close in late 2025 or early 2026, is expected to be realized in period it is closed.

Efficiency Ratio

The efficiency ratio is a supplemental financial measure utilized in the internal evaluation of performance and is not defined under GAAP. For a reconciliation of non-GAAP financial measures see “Non-GAAP Financial Measures” in this Item 2. Our efficiency ratio is computed by dividing non-interest expense, excluding goodwill impairment, merger expenses and loss on debt

extinguishment, by the sum of net interest income and non-interest income, excluding net gains on sales of and settlement of securities and gain on acquisition. Generally, an increase in the efficiency ratio indicates that more resources are being utilized to generate the same volume of income, while a decrease would indicate a more efficient allocation of resources.

The efficiency ratio was 58.31% for the three months ended September 30, 2025, compared with 52.59% for the three months ended September 30, 2024. The decrease was primarily an increase in non-interest expense as a gain on sale of other real estate realized in the prior year period did not recur. Excluding the other real estate benefit in 2024, the efficiency ratio would have improved as increases in net and non-interest interest income, on a relative basis, outpaced increases in non-interest expenses, excluding merger related expenses. The increase in net interest income is largely due to in increase in volume from NBC merger and a decrease in interest expense on interest bearing liabilities due to the deposit portfolio repricing downward with the federal funds rate during the past twelve months.

The efficiency ratio was 61.25% for the nine months ended September 30, 2025, compared with 59.97% for the nine months ended September 30, 2024. Drivers of change are consistent with the three months ended above.

Income Taxes

In general, the Company records income tax expense each quarter based on its estimate of the full year’s effective tax rate which includes, in addition to statutory rates, estimated amounts for tax-exempt interest income, non-taxable life insurance income, non-deductible executive compensation, valuation allowance on deferred assets, other non-deductible expense, and federal and state income tax credits anticipated to be available in proportion to anticipated annual income before income taxes. Certain items, however, are given discrete period treatment and the tax effects for such items are therefore reported in the quarter that an event arises. Events or items that may give rise to discrete recognition include excess tax benefits or shortfalls with respect to share-based compensation and changes in tax law.

During the tax year ended December 31, 2024, a Corporate Application for Tentative Refund was filed to carry back excess general business credits from 2023 to the 2020, 2021 and 2022 tax years resulting in a refund of $14.9 million which was received in the second quarter of 2025. Pursuant to Section 6405 of the Internal Revenue Code, refunds in excess of $5 million to a corporate taxpayer must be reviewed by the Joint Committee on Taxation (JCT). Accordingly, the IRS has referred the proposed refund to the JCT for review. While tax years ending 12/31/2020 and 12/31/2021 are closed for audit purposes, tax year ending 12/31/2022 remains open and, under request from the IRS, the statute of limitation has been extended to October 31, 2027.

On July 4, 2025, the United States enacted tax reform legislation through the One Big Beautiful Bill Act, which changes existing U.S. tax laws, including extending or making permanent certain provisions of the Tax Cuts and Jobs Act, repealing certain clean energy initiatives, in addition to other changes. The Company anticipates an insignificant impact to deferred tax assets and liabilities and to income taxes payable in the period of enactment. The Company continues to evaluate the impact the new legislation will have on the consolidated financial statements.

Three months ended September 30, 2025, compared with three months ended September 30 2024: The effective income tax rate for the three month period ended September 30, 2025, was 20.5% as compared to 16.7% for the three month period ended September 30, 2024. In the prior quarter, we reported pre-tax income and income tax expense resulting in a positive effective tax rate (indicating tax expense with pre-tax income). In the current quarter, we reported a pre-tax loss and income tax benefit associated with the loss on the sale of debt securities, also resulting in a positive effective tax rate (indicating tax benefit with pre-tax losses). The comparison of effective tax rates between the current and prior quarters is not meaningful due to the change from pre-tax income in the prior quarter to a pre-tax loss in the current quarter.

Nine months ended September 30, 2025, compared with nine months ended September 30, 2024: The effective income tax rate for the nine month period ended September 30, 2025, was 873.5% as compared to 21.2% for the nine month period ended September 30, 2024. The tax rate for the current period was based on an annual effective tax rate of 18% for the year prior to discrete items related to share-based compensation and interest income received related to federal carryback claims filed by the Company which reduced income tax expense. The comparison of effective tax rates between the current and prior periods is not meaningful due to the change from pre-tax income in the prior period to a pre-tax loss in the current period.

Financial Condition

Total assets increased $1.03 billion from December 31, 2024, to $6.37 billion at September 30, 2025. This variance was primarily due to an increase in loans held for investment of $767.8 million and an increase in cash and cash equivalents of $315.7 million, partially offset by a decrease in available for sale securities of $100.6 million. Total liabilities increased $914.6 million to $5.65 billion at September 30, 2025. The change in total liabilities is primarily due to increase in total deposits of $720.0 million, an increase in FHLB borrowings of $163.3 million and in increase in interest payable and other liabilities of $21.1 million. Total

stockholders’ equity increased $119.0 million from $592.9 million at December 31, 2024, to $711.9 million at September 30, 2025, principally due an increase of $74.1 million in additional paid-in-capital. Balance sheet changes for the quarter are primarily attributable to the Company’s merger with NBC.

Loan Portfolio

The following table summarizes our loan portfolio by type of loan as of the dates indicated.

Composition of Loan Portfolio


	September 30, 2025					December 31, 2024
	Amount		Percent			Amount		Percent			Change		%
	(Dollars in thousands)
Commercial and industrial	$	907,439		21.3	%	$	658,865		18.8	%	$	248,574		37.7	%
Real estate loans:
Commercial real estate		2,216,180		51.9	%		1,830,514		52.3	%		385,666		21.1	%
Residential real estate		590,598		13.8	%		566,766		16.2	%		23,832		4.2	%
Agricultural real estate		272,087		6.4	%		267,248		7.6	%		4,839		1.8	%
Total real estate loans		3,078,865		72.1	%		2,664,528		76.1	%		414,337		15.6	%
Agricultural		174,517		4.1	%		87,339		2.5	%		87,178		99.8	%
Consumer		107,766		2.5	%		90,084		2.6	%		17,682		19.6	%
Total loans held for investment	$	4,268,587		100.0	%	$	3,500,816		100.0	%	$	767,771		21.9	%
Total loans held for sale	$	617		100.0	%	$	513		100.0	%	$	104		20.3	%
Total loans held for investment (net of allowances)	$	4,215,118		100.0	%	$	3,457,549		100.0	%	$	757,569		21.9	%

Our commercial loan portfolio consists of various types of loans, most of which are generally made to borrowers located in the Wichita, Kansas City, and Tulsa Metropolitan Statistical Areas (“MSAs”), as well as various community markets throughout Arkansas, Kansas, Missouri, and Oklahoma. The majority of our portfolio consists of commercial and industrial and commercial real estate loans, and a substantial portion of our borrowers’ ability to honor their obligations is dependent on local economies in which they operate.

At September 30, 2025, gross total loans, including loans held for sale, were 83.8% of deposits and 67.1% of total assets. At December 31, 2024, gross total loans, including loans held for sale, were 80.0% of deposits and 65.7% of total assets.

We provide commercial lines of credit, working capital loans, commercial real estate loans (including loans secured by owner-occupied commercial properties), term loans, equipment financing, aircraft financing, real property acquisition and development loans, borrowing base loans, real estate construction loans, homebuilder loans, SBA loans, agricultural and agricultural real estate loans, letters of credit and other loan products to national and regional companies, real estate developers, mortgage lenders, manufacturing and industrial companies and other businesses. The types of loans we make to consumers include residential real estate loans, home equity loans, home equity lines of credit, installment loans, unsecured and secured personal lines of credit, overdraft protection, and letters of credit.

Commercial and industrial: Commercial and industrial loans include loans used to purchase fixed assets, to provide working capital or meet other financing needs of the business.

Commercial real estate: Commercial real estate loans include all loans secured by non-farm nonresidential properties and multifamily residential properties, as well as 1-4 family investment-purpose real estate loans.

Residential real estate: Residential real estate loans include loans secured by primary or secondary personal residences. Pools of mortgages are occasionally purchased to expand our loan portfolio and provide additional loan income.

Agricultural real estate, Agricultural, Consumer and other: Agricultural real estate loans are loans related to farmland. Agricultural loans are primarily operating lines subject to annual farming revenues including productivity/yield of the agricultural commodities produced. Consumer loans are generally secured by consumer assets but may be unsecured.

The contractual maturity ranges of loans in our loan portfolio and the amount of such loans with predetermined interest rates and floating rates in each maturity range as of September 30, 2025, are summarized in the following table.

Loan Maturity and Sensitivity to Changes in Interest Rates


	As of September 30, 2025
	One year or less		After one year through five years		After five years through fifteen years		After fifteen years		Total
	(Dollars in thousands)
Commercial and industrial	$	356,602	$	370,225	$	114,385	$	66,227	$	907,439
Real Estate:
Commercial real estate		580,438		1,174,263		352,092		109,387		2,216,180
Residential real estate		5,788		13,727		115,533		455,550		590,598
Agricultural real estate		68,687		127,725		36,510		39,165		272,087
Total real estate		654,913		1,315,715		504,135		604,102		3,078,865
Agricultural		119,708		36,997		5,881		11,931		174,517
Consumer		53,664		45,077		7,072		1,953		107,766
Total	$	1,184,887	$	1,768,014	$	631,473	$	684,213	$	4,268,587
Loans with a predetermined fixed interest rate	$	425,398	$	669,732	$	111,351	$	276,766	$	1,483,247
Loans with an adjustable/floating interest rate		759,489		1,098,282		520,122		407,447		2,785,340
Total	$	1,184,887	$	1,768,014	$	631,473	$	684,213	$	4,268,587

The contractual maturity ranges of loans in our loan portfolio and the amount of such loans with predetermined interest rates and floating rates in each maturity range as of December 31, 2024, are summarized in the following table.

Loan Maturity and Sensitivity to Changes in Interest Rates


	As of December 31, 2024
	One year or less		After one year through five years		After five years through fifteen years		After fifteen years		Total
	(Dollars in thousands)
Commercial and industrial	$	253,375	$	309,996	$	92,880	$	2,614	$	658,865
Real Estate:
Commercial real estate		484,450		1,019,023		231,122		95,919		1,830,514
Residential real estate		2,375		11,344		124,983		428,064		566,766
Agricultural real estate		100,169		93,430		34,720		38,929		267,248
Total real estate		586,994		1,123,797		390,825		562,912		2,664,528
Agricultural		59,213		21,373		3,270		3,483		87,339
Consumer		32,498		45,352		10,234		2,000		90,084
Total	$	932,080	$	1,500,518	$	497,209	$	571,009	$	3,500,816
Loans with a predetermined fixed interest rate	$	405,335	$	544,767	$	115,887	$	261,080	$	1,327,069
Loans with an adjustable/floating interest rate		526,745		955,751		381,322		309,929		2,173,747
Total	$	932,080	$	1,500,518	$	497,209	$	571,009	$	3,500,816

Credit Quality Indicators

We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, current economic trends, and other factors. Loans are analyzed individually and classified based on credit risk. Consumer loans are considered pass credits unless downgraded due to payment status or reviewed as part of a larger credit relationship.

For additional information, see “NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES” in the Condensed Notes to Interim Consolidated Financial Statements.

Nonperforming Assets

The following table presents information regarding nonperforming assets at the dates indicated.

Nonperforming Assets


	September 30, 2025			December 31, 2024
	(Dollars in thousands)
Non-accrual loans	$	48,574		$	27,050
Accruing loans 90 or more days past due		2,849			181
OREO acquired through foreclosure, net		1,006			2,632
Other repossessed assets		200			4,812
Total nonperforming assets	$	52,629		$	34,675
Ratios:
Nonperforming assets to total assets		0.83	%		0.65	%
Nonperforming assets to total loans plus OREO and repossessed assets		1.23	%		0.99	%

Generally, loans are designated as non-accrual when either principal or interest payments are 90 days or more past due based on contractual terms, unless the loan is well secured and in the process of collection. Consumer loans are typically charged off no later than 180 days past due. In all cases, loans are placed on non-accrual, or charged off, at an earlier date if collection of principal or interest is considered doubtful. When a loan is placed on non-accrual status, unpaid interest credited to income earned in the current year is reversed against income and unpaid interest earned in prior years is charged off. Future interest income may be recorded on a cash basis after recovery of principal is reasonably assured. Non-accrual loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

The nonperforming loans at September 30, 2025, consisted of 329 separate credits and 269 separate borrowers. We had 6 nonperforming loan relationships, totaling $29.3 million, with an outstanding balance in excess of $1.0 million as of September 30, 2025.

There are several procedures in place to assist us in maintaining the overall quality of our loan portfolio. We have established underwriting guidelines to be followed by lenders and we also monitor delinquency levels for any negative or adverse trends. In accordance with applicable regulation, appraisals or evaluations are required to independently value real estate and are an important element to consider when underwriting loans secured in part or in whole by real estate. The value of real estate collateral provides additional support to the borrower’s credit capacity. There can be no assurance, however, that our loan portfolio will not become subject to increasing pressures from deteriorating borrower credit due to general economic conditions.

Potential Problem Loans

Potential problem loans consist of loans that are performing in accordance with contractual terms, but for which management has concerns about the borrower’s ability to comply with repayment terms because of the borrower’s potential financial difficulties. Potential problem loans are assigned a grade of special mention or substandard. At September 30, 2025, the Company had $11.2 million in potential problem loans which were not included in either non-accrual or 90 days past due categories, compared to $35.4 million at December 31, 2024.

With respect to potential problem loans, all monitored and under-performing loans are reviewed and evaluated to determine if they are impaired. If we determine that a loan is impaired, then we evaluate the borrower’s overall financial condition to determine the need, if any, for possible write downs or appropriate additions to the allowance for credit losses based on the unlikelihood of full repayment of principal and interest in accordance with the contractual terms or the net realizable value of the pledged collateral.

Allowance for Credit Losses

Please see “Critical Accounting Policies – Allowance for Credit Losses” for additional discussion of our allowance policy. For additional information, see “NOTE 3 – LOANS AND ALLOWANCE FOR CREDIT LOSSES” in the Condensed Notes to Interim Consolidated Financial Statements.

In connection with our review of the loan portfolio, risk elements attributable to particular loan types or categories are considered when assessing the quality of individual loans. Some of the risk elements include the following items.

•

Commercial and industrial loans are dependent on the strength of the industries of the related borrowers and the success of their businesses. Commercial and industrial loans are advanced for equipment purchases, to provide working capital, or to meet other financing needs of the business. These loans may be secured by accounts receivable, inventory, equipment, or other business assets. Financial information is obtained from the borrower to evaluate the debt service coverage and ability to repay the loans.

•

Commercial real estate loans are dependent on the industries tied to these loans as well as the local commercial real estate market. The loans are secured by the real estate, and appraisals are obtained to support the loan amount. An evaluation of the project’s cash flows is performed to evaluate the borrower’s ability to repay the loan at the time of origination and is periodically updated during the life of the loan.

•

Residential real estate loans are affected by the local residential real estate market, the local economy, and movement in interest rates. We evaluate the borrower’s repayment ability through a review of credit reports and debt to income ratios. Appraisals are obtained to support the loan amount.

•

Agricultural real estate loans are real estate loans related to farmland and are affected by the value of farmland. We evaluate the borrower’s ability to repay based on cash flows from farming operations.

•

Agricultural loans are primarily operating lines subject to annual farming revenues including productivity/yield of the agricultural commodities produced and market pricing at the time of sale.

•

Consumer loans are dependent on the local economy. Consumer loans are generally secured by consumer assets but may be unsecured. We evaluate the borrower’s repayment ability through a review of credit scores and an evaluation of debt to income ratios.

The following table presents, as of and for the periods indicated, an analysis of the allowance for credit losses and other related data.


Allowance for Credit Losses
For the Quarters Ended,
(Dollars in thousands)
September 30, 2025	Commercial Real Estate			Commercial and Industrial			Residential Real Estate			Agricultural Real Estate			Agricultural			Consumer			Total
Allowance for credit losses (ACL)	$	21,454		$	14,953		$	9,031		$	5,433		$	719		$	1,879		$	53,469
Total loans outstanding (1)		2,216,180			907,439			590,598			272,087			174,517			107,766			4,268,587
Net (charge-offs) recoveries QTD		(220	)		(607	)		(14	)		(18	)		10			(255	)		(1,104	)
Net (charge-offs) recoveries YTD		264			(981	)		(119	)		29			(41	)		(994	)		(1,842	)
Average loan balance QTD (1)		2,251,059			934,768			574,797			245,017			132,095			109,058			4,246,794
Average loan balance YTD (1)		2,003,415			790,373			568,622			255,618			103,685			97,943			3,819,656
Non-accrual loan balance		16,689			21,822			4,109			3,355			1,829			770			48,574
Loans to total loans outstanding		51.9	%		21.3	%		13.8	%		6.4	%		4.1	%		2.5	%		100.0	%
ACL to total loans		1.0	%		1.6	%		1.5	%		2.0	%		0.4	%		1.7	%		1.3	%
Net charge-offs to average loans QTD		—	%		(0.1	)%		—	%		—	%		—	%		(0.2	)%		—	%
Net charge-offs to average loans YTD		—	%		(0.1	)%		—	%		—	%		—	%		(1.0	)%		—	%
Non-accrual loans to total loans		0.8	%		2.4	%		0.7	%		1.2	%		1.0	%		0.7	%		1.1	%
ACL to non-accrual loans		128.6	%		68.5	%		219.8	%		161.9	%		39.3	%		244.0	%		110.1	%


September 30, 2024	Commercial Real Estate			Commercial and Industrial			Residential Real Estate			Agricultural Real Estate			Agricultural			Consumer			Total
Allowance for credit losses (ACL)	$	15,236		$	15,809		$	7,720		$	2,535		$	522		$	1,668		$	43,490
Total loans outstanding (1)		1,916,863			670,665			567,063			259,587			89,529			97,218			3,600,925
Net (charge-offs) recoveries QTD		7			(854	)		(330	)		(9	)		21			(419	)		(1,584	)
Net (charge-offs) recoveries YTD		19			(2,500	)		(344	)		(8	)		(5	)		(640	)		(3,478	)
Average loan balance QTD (1)		659,697			1,794,264			576,722			251,595			91,500			100,127			3,473,905
Average loan balance YTD (1)		643,213			1,800,702			578,364			218,334			116,520			104,098			3,461,231
Non-accrual loan balance		8,781			9,772			4,594			7,017			538			576			31,278
Loans to total loans outstanding		53.2	%		18.6	%		15.7	%		7.2	%		2.5	%		2.7	%		100.0	%
ACL to total loans		0.8	%		2.4	%		1.4	%		1.0	%		0.6	%		1.7	%		1.2	%
Net charge-offs to average loans QTD		—	%		—	%		(0.1	)%		—	%		—	%		(0.4	)%		—	%
Net charge-offs to average loans YTD		—	%		(0.1	)%		(0.1	)%		—	%		—	%		(0.6	)%		(0.1	)%
Non-accrual loans to total loans		0.5	%		1.5	%		0.8	%		2.7	%		0.6	%		0.6	%		0.9	%
ACL to non-accrual loans		173.5	%		161.8	%		168.0	%		36.1	%		97.0	%		289.6	%		139.0	%

(1)

Excluding loans held for sale.

Management believes that the allowance for credit losses at September 30, 2025, was adequate to cover current expected credit losses in the loan portfolio as of such date. There can be no assurance, however, that we will not sustain losses in future periods, which could be substantial in relation to the size of the allowance at September 30, 2025.

The allowance for credit losses on loans measured on a collective basis totaled $46.7 million, or 1.1% of the $4.20 billion in loans measured on a collective basis at September 30, 2025, compared to an allowance for credit losses of $38.4 million, or 1.1%, of the $3.48 billion in loans measured on a collective basis at December 31, 2024. The total reserve percentage to total loans was 1.3% at September 30, 2025, and 1.2% at December 31, 2024.

Securities

We use our securities portfolio to provide a source of liquidity, to provide an appropriate return on funds invested, to manage interest rate risk, to meet pledging requirements and to meet regulatory capital requirements. At September 30, 2025, securities represented 14.3% of total assets, decreasing from 18.9% at December 31, 2024.

At the date of purchase, debt securities are classified into one of two categories: held-to-maturity or available-for-sale. We do not purchase securities for trading purposes. At each reporting date, the appropriateness of the classification is reassessed. Investments in debt securities that are classified as held-to-maturity are carried at cost, and adjusted for the amortization of premiums and the accretion of discounts, only if management has the positive intent and ability to hold those securities to maturity. Debt securities that are not classified as held-to-maturity are classified as available-for-sale and are measured at fair value in the financial statements with unrealized gains and losses reported, net of tax, as accumulated comprehensive income or loss until realized. Interest earned on securities is included in total interest and dividend income. Also included in total interest and dividend income are dividends received on stock investments in the Federal Reserve Bank of Kansas City and the FHLB of Topeka. These stock investments are stated at cost.

The following table summarizes the amortized cost and fair value by classification of available-for-sale securities as of the dates shown.

Available-For-Sale Securities


	September 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
U.S. Government-sponsored entities	$	28,725	$	29,060	$	71,173	$	65,094
U.S. Treasury securities		43,159		43,281		86,523		86,563
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities		633,351		639,453		600,558		565,510
Private label residential mortgage-backed securities		4,582		4,458		144,971		124,664
Corporate		83,755		82,905		61,947		58,652
Small Business Administration loan pools		83,527		83,291		30,212		29,928
State and political subdivisions		21,825		21,410		83,868		74,044
Total available-for-sale securities	$	898,924	$	903,858	$	1,079,252	$	1,004,455

The following table summarizes the amortized cost and fair value by classification of Held-to-Maturity securities as of the dates shown.

Held-To-Maturity Securities


	September 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in thousands)
Mortgage-backed securities
Government-sponsored residential mortgage-backed securities	$	3,960	$	4,078	$	3,932	$	3,909
State and political subdivisions		1,283		1,300		1,285		1,305
Total held-to-maturity securities	$	5,243	$	5,378	$	5,217	$	5,214

At September 30, 2025, and December 31, 2024, we did not own securities of any one issuer (other than the U.S. government and its agencies or sponsored entities) for which aggregate par value exceeded 10% of consolidated stockholders’ equity at the reporting dates noted.

The following tables summarize the contractual maturity of debt securities and their weighted average yields as of September 30, 2025, and December 31, 2024. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations, with or without call or prepayment penalties. Securities not due at a single maturity date, primarily mortgage-backed securities, are shown separately. Available-for-sale securities are shown at fair value and held-to-maturity securities are shown at cost, adjusted for the amortization of premiums and the accretion of discounts.


	September 30, 2025
	Due in one year or less					Due after one year through five years					Due after five years through 10 years					Due after 10 years					Total
	Carrying Value		Yield			Carrying Value		Yield			Carrying Value		Yield			Carrying Value		Yield			Carrying Value		Yield
	(Dollars in thousands)
Available-for-sale securities:
U.S. Government-sponsored entities	$	10,101		4.52	%	$	16,615		4.42	%	$	2,344		4.52	%	$	—		—	%	$	29,060		4.06	%
U.S. Treasury securities		37,098		4.25	%		6,183		4.61	%		—		—	%		—		—	%		43,281		4.30	%
Mortgage-backed securities
Government-sponsored residential mortgage- backed securities		—		—	%	$	55,556		4.95	%	$	15,706		5.19	%	$	568,191		5.10	%		639,453		5.09	%
Private label residential mortgage-backed securities		—		—	%		—		—	%		—		—	%		4,458		4.21	%		4,458		4.21	%
Corporate		735		3.80	%		17,923		7.49	%		63,495		5.22	%		752		6.01	%		82,905		5.73	%
Small Business Administration loan pools		—		—	%		2,654		5.22	%		39,372		4.69	%		41,265		4.92	%		83,291		4.82	%
State and political subdivisions(1)		1,203		2.42	%		3,796		3.10	%		10,953		3.04	%		5,458		4.22	%		21,410		3.32	%
Total available-for-sale securities		49,137		4.25	%		102,727		5.23	%		131,870		4.87	%		620,124		5.07	%		903,858		5.01	%
Held-to-maturity securities:
Mortgage-backed securities
Government-sponsored residential mortgage- backed securities		—		—	%		—		—	%		3,091		5.02	%		869		4.92	%		3,960		4.99	%
State and political subdivisions(1)		—		—	%		—		—	%		171		3.02	%		1,112		4.62	%		1,283		4.40	%
Total held-to-maturity securities		—		—	%		—		—	%		3,262		4.91	%		1,981		4.75	%		5,243		4.85	%
Total debt securities	$	49,137		4.25	%	$	102,727		5.23	%	$	135,132		4.87	%	$	622,105		5.07	%	$	909,101		5.01	%

(1)

The calculated yield is not presented on a tax equivalent basis.


	December 31, 2024
	Due in one year or less					Due after one year through five years					Due after five years through 10 years					Due after 10 years					Total
	Carrying Value		Yield			Carrying Value		Yield			Carrying Value		Yield			Carrying Value		Yield			Carrying Value		Yield
	(Dollars in thousands)
Available-for-sale securities:
U.S. Government-sponsored entities	$	7,797		4.68	%	$	22,911		4.45	%	$	32,623		1.85	%	$	1,763		2.02	%	$	65,094		3.11	%
U.S. Treasury securities		78,400		3.67	%		8,163		4.66	%		—		—	%		—		—	%		86,563		3.76	%
Mortgage-backed securities
Government-sponsored residential mortgage- backed securities		—		—	%		71,025		4.57	%		117,832		2.41	%		376,653		4.39	%		565,510		4.00	%
Private label residential mortgage-backed securities		—		—	%		—		—	%		—		—	%		124,664		2.35	%		124,664		2.35	%
Corporate		600		4.25	%		11,213		6.81	%		46,839		4.75	%		—		—	%		58,652		5.14	%
Small Business Administration loan pools		—		—	%		—		—	%		11,454		5.28	%		18,474		5.29	%		29,928		5.29	%
State and political subdivisions(1)		2,593		2.37	%		10,446		2.38	%		33,256		2.11	%		27,749		2.49	%		74,044		2.31	%
Total available-for-sale securities		89,390		3.72	%		123,758		4.57	%		242,004		2.88	%		549,303		3.86	%		1,004,455		3.70	%
Held-to-maturity securities:
Mortgage-backed securities
Government-sponsored residential mortgage- backed securities		—		—	%		—		—	%		3,053		5.02	%		879		4.96	%		3,932		5.00	%
State and political subdivisions(1)		—		—	%		—		—	%		172		3.02	%		1,113		4.62	%		1,285		4.40	%
Total held-to-maturity securities		—		—	%		—		—	%		3,225		4.91	%		1,992		4.77	%		5,217		4.86	%
Total debt securities	$	89,390		3.72	%	$	123,758		4.57	%	$	245,229		2.91	%	$	551,295		3.86	%	$	1,009,672		3.70	%

(1)

The calculated yield is not presented on a tax equivalent basis.

Mortgage-backed securities are securities that have been developed by pooling a number of real estate mortgages which are principally issued by federal agencies such as Ginnie Mae, Fannie Mae, and Freddie Mac. Unlike U.S. Treasury and U.S. government agency securities, which have a lump sum payment at maturity, mortgage-backed securities provide cash flows from regular principal and interest payments and principal prepayments throughout the lives of the securities. Premiums and discounts on mortgage-backed securities are amortized and accreted over the expected life of the security and may be impacted by prepayments. As such, mortgage-backed securities which are purchased at a premium will generally produce decreasing net yields as interest rates drop because homeowners tend to refinance their mortgages, resulting in prepayments and an acceleration of premium amortization. Securities purchased at a discount will reflect higher net yields in a decreasing interest rate environment, as prepayments result in an acceleration of discount accretion.

The contractual maturity of mortgage-backed securities is not a reliable indicator of their expected lives because borrowers have the right to prepay their obligations at any time. Monthly pay downs on mortgage-backed securities cause the average lives of these securities to be much different than their stated lives. At September 30, 2025, and December 31, 2024, 88.5% and 72.3% of the residential mortgage-backed securities held by us had contractual final maturities of more than ten years, with a weighted average life of 5.1 years and 5.1 years and a modified duration of 4.2 years and 4.2 years.

Goodwill Impairment Assessment

At September 30, 2025, we performed an interim qualitative analysis and concluded there were no indications that goodwill was impaired. For additional information, see “Goodwill” under "Critical Accounting Policies" in the Management's Discussion and Analysis of Financial Condition and Results of Operation.

Deposits

Our lending and investing activities are primarily funded by deposits. A variety of deposit accounts are offered with a wide range of interest rates and terms including demand, savings, money market, and time deposits. We rely primarily on competitive pricing policies, convenient locations, comprehensive marketing strategy, and personalized service to attract and retain these deposits.

The following table shows our composition of deposits at September 30, 2025, and December 31, 2024.

Composition of Deposits


	September 30, 2025					December 31, 2024
	Amount		Percent of Total			Amount		Percent of Total
	(Dollars in thousands)
Non-interest-bearing demand	$	1,147,201		22.5	%	$	954,065		21.8	%
Interest-bearing demand		1,100,621		21.6	%		1,172,577		26.8	%
Savings and money market		1,782,004		35.0	%		1,511,620		34.6	%
Time		1,064,943		20.9	%		736,527		16.8	%
Total deposits	$	5,094,769		100.0	%	$	4,374,789		100.0	%

Total deposits at September 30, 2025, were $5.09 billion, an increase of $720.0 million, or 16.5%, compared to total deposits of $4.37 billion at December 31, 2024. Total deposits excluding brokered deposits of $152.5 million and deposits from the NBC merger of $806.0 million at September 30, 2025, and $125.1 million at December 31, 2024, decreased $113.4 million or 2.6%. The decrease in deposits was primarily driven by a $200.0 million or 17.0% decrease in interest bearing demand deposits, partially offset by an increase of $74.8 million or 10.2% in time deposits. The decline in interest-bearing demand deposits is primarily due to seasonality of municipal deposits.

The following table shows deposits acquired in 2025, as of the time of the acquisition.


	NBC Acquisition
	Amount		Percent of Total
	(Dollars in thousands)
Non-interest-bearing demand	$	236,124		29.3	%
Interest-bearing demand		203,324		25.2	%
Savings and money market		213,050		26.4	%
Time		153,509		19.1	%
Total deposits	$	806,007		100.0	%

The following tables show deposit acquired in 2024, as of the time of each acquisition.


	Rockhold Acquisition
	Amount		Percent of Total
	(Dollars in thousands)
Non-interest-bearing demand	$	97,593		27.9	%
Interest-bearing demand		124,760		35.7	%
Savings and money market		94,731		27.1	%
Time		32,693		9.3	%
Total deposits	$	349,777		100.0	%


	KansasLand Acquisition
	Amount		Percent of Total
	(Dollars in thousands)
Non-interest-bearing demand	$	6,439		15.2	%
Interest-bearing demand		5,011		11.8	%
Savings and money market		14,314		33.7	%
Time		16,654		39.3	%
Total deposits	$	42,418		100.0	%

Equity Bank participates in the Insured Cash Sweep (“ICS”) service that allows the Bank to break large non-time deposits into smaller amounts and place them in a network of other ICS banks to ensure FDIC insurance coverage on the entire deposit. These deposits are placed through ICS services but are Equity Bank’s customer relationships that management views as core funding. The Bank also participates in the Certificate of Deposit Account Registry Service (“CDARS”) program. CDARS allows the bank to break large time deposits into smaller amounts and place them in a network of other CDARS banks to ensure FDIC insurance coverage on the entire deposit. Reciprocal deposits are not considered brokered deposits as long as the aggregate balance is less than the lesser of 20% of total liabilities or $5.0 billion and Equity Bank is well capitalized and well rated. All non-reciprocal deposits and reciprocal deposits in excess of regulatory limits are considered brokered deposits.

The following table lists reciprocal and brokered deposits included in total deposits categorized by type at September 30, 2025, and December 31, 2024.


	September 30, 2025		December 31, 2024
Interest-bearing demand	(Dollars in thousands)
Reciprocal	$	418,101	$	469,551
Non-reciprocal brokered		—		75,115
Total interest-bearing demand		418,101		544,666
Savings and money market
Reciprocal		133,241		100,596
Non-reciprocal brokered		2,408		—
Total savings and money market		135,649		100,596
Time
Reciprocal		29,213		35,393
Non-reciprocal brokered		150,080		49,998
Total time		179,293		85,391
Total reciprocal and brokered deposits	$	733,043	$	730,653

The following table provides information on the maturity distribution of time deposits of $250 thousand or more as of September 30, 2025, and December 31, 2024.


	September 30, 2025		December 31, 2024		Change			Percent Change
	(Dollars in thousands)
3 months or less	$	95,692	$	69,637	$	26,055			37.4	%
Over 3 through 6 months		120,928		200,049		(79,121	)		(39.6	)%
Over 6 through 12 months		163,049		13,799		149,250			1081.6	%
Over 12 months		105,189		52,080		53,109			102.0	%
Total Time Deposits	$	484,858	$	335,565	$	149,293			44.5	%

Other Borrowed Funds

We utilize borrowings to supplement deposits to fund our lending and investing activities. Short-term borrowings and long-term borrowings include federal funds purchased and retail repurchase agreements, FHLB advances, Federal Reserve Bank borrowings, a bank stock loan, and subordinated debt. For additional information see “NOTE 7 – BORROWINGS” in the Condensed Notes to Interim Consolidated Financial Statement.

Liquidity and Capital Resources

Liquidity

The following tables disclose average balances as a percentage of total average assets as of the time periods listed.


	For the three months ended
	September 30,
	2025			2024
Source of funds
Deposits
Non-interest bearing		19.16	%		18.56	%
Interest-bearing demand		19.71	%		20.95	%
Savings and MMDA		27.55	%		28.15	%
Time deposits		15.82	%		14.47	%
Federal Home Loan Bank advances		2.76	%		4.86	%
Subordinated borrowings		1.41	%		1.87	%
Other borrowings		0.77	%		0.87	%
Other liabilities		1.06	%		0.94	%
Member's equity		11.76	%		9.33	%
Total		100.00	%		100.00	%

Uses of Funds
Loans receivable		69.81	%		66.76	%
Taxable securities		14.39	%		19.14	%
Non-taxable securities		0.66	%		1.16	%
Federal funds sold and other		6.76	%		3.85	%
Other real estate owned		0.07	%		0.06	%
Property plant and equipment		2.22	%		2.22	%
Other non-interest earnings assets		6.09	%		6.81	%
Total		100.00	%		100.00	%


	For the nine months ended
	September 30,
	2025			2024
Source of funds
Deposits
Non-interest bearing		18.22	%		18.49	%
Interest-bearing demand		20.08	%		20.97	%
Savings and MMDA		27.65	%		27.94	%
Time deposits		14.84	%		14.77	%
Federal Home Loan Bank advances		3.94	%		4.30	%
Federal Reserve Bank discount window borrowings		—			0.80	%
Subordinated borrowings		1.69	%		1.87	%
Other borrowings		0.83	%		0.97	%
Other liabilities		0.94	%		0.88	%
Member's equity		11.81	%		9.01	%
Total		100.00	%		100.00	%

Uses of Funds
Loans receivable		69.45	%		66.79	%
Taxable securities		16.47	%		19.39	%
Non-taxable securities		0.91	%		1.17	%
Federal funds sold and other		4.94	%		4.09	%
Other real estate owned		0.08	%		0.04	%
Property plant and equipment		2.20	%		2.23	%
Other non-interest earnings assets		5.95	%		6.29	%
Total		100.00	%		100.00	%

Market and public confidence in our financial strength and financial institutions in general will largely determine access to appropriate levels of liquidity. This confidence is significantly dependent on our ability to maintain sound asset quality and appropriate levels of capital reserves.

Liquidity is defined as the ability to meet anticipated customer demands for future funds under credit commitments and deposit withdrawals at a reasonable cost and on a timely basis. We measure our liquidity position by considering both on and off-balance sheet sources of and demands for funds on a daily, weekly, and monthly basis.

Liquidity risk involves the risk of being unable to fund assets with the appropriate duration and rate-based liabilities, as well as the risk of not being able to meet unexpected cash needs. Liquidity planning and management are necessary to ensure the ability to fund operations in a cost-effective manner and to meet current and future potential obligations such as loan commitments, lease obligations, and unexpected deposit outflows. In this process, we focus on both assets and liabilities, and the way they combine to provide adequate liquidity to meet our needs.

During the nine months ended September 30, 2025, and 2024, our liquidity needs have primarily been met by core deposits, security and loan maturities, and amortizing security and loan portfolios. Other funding sources include federal funds purchased, brokered certificates of deposit, borrowings from the FHLB, and Federal Reserve Bank borrowings.

Our largest sources of funds are deposits and FHLB borrowings and our largest uses of funds are loan fundings, securities purchases and debt servicing. Average loans were $3.82 billion for the nine months ended September 30, 2025, an increase of 11.0% over the December 31, 2024, average balance. Excess deposits are primarily invested in our interest-bearing deposit account with the Federal Reserve Bank of Kansas City, investment securities, federal funds sold or other short-term liquid investments until the funds are needed to fund loan growth. Our securities portfolio has a weighted average life of 5.1 years and a modified duration of 4.2 years at September 30, 2025.

Cash and cash equivalents were $669.4 million at September 30, 2025, an increase of $315.7 million from the $383.7 million cash and cash equivalents at December 31, 2024. The majority of our liquidity comes from our operations, including net income, supplemented by the repayment of principal on loans and investment securities through payoffs, paydowns and normal amortization. During the nine months ended September 30, 2025, we repositioned the investment portfolio which resulted in $696.6 million inflow from the sales and call of available-for-sale securities offset by $541.3 million for the purchase of

available-for-sale securities, this resulted in a $53.3 million dollar loss, which was a non-cash loss. From time to time as conditions warrant, we borrow funds to maintain our liquidity requirement and fund operational needs. We believe that our daily funding needs can be met through cash provided by operating activities, payments and maturities on loans and investment securities, the core deposit base and FHLB advances and other borrowing relationships.

Off-Balance-Sheet Items

In the normal course of business, we enter into various transactions, which, in accordance with GAAP, are not included in our consolidated balance sheets. We enter into these transactions to meet the financing needs of our customers. These transactions include commitments to extend credit and standby and commercial letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. Our exposure to credit loss is represented by the contractual amounts of these commitments. The same credit policies and procedures are used in making these commitments as for on-balance sheet instruments.

Standby and Performance Letters of Credit: For additional information see “NOTE 12 – COMMITMENTS AND CREDIT RISK” in the Condensed Notes to Interim Consolidated Financial Statement.

Commitments to Extend Credit: For additional information see “NOTE 12 – COMMITMENTS AND CREDIT RISK” in the Condensed Notes to Interim Consolidated Financial Statement.

Capital Resources

Capital management consists of providing equity to support our current and future operations. The federal bank regulators view capital levels as important indicators of an institution’s financial soundness. As a general matter, FDIC-insured depository institutions and their holding companies are required to maintain minimum capital relative to the amount and types of assets they hold. As a financial holding company and a state-chartered-Fed-member bank, the Company and Equity Bank are subject to regulatory capital requirements.

Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Management believes as of September 30, 2025, and December 31, 2024, the Company and Equity Bank meet all capital adequacy requirements to which they are subject.

Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized; although, these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as are asset growth and acquisitions, and capital restoration plans are required.

Failure to meet capital guidelines could subject the institution to a variety of enforcement remedies by federal bank regulatory agencies, including termination of deposit insurance by the FDIC, restrictions on certain business activities and appointment of the FDIC as conservator or receiver. As of September 30, 2025, the most recent notifications from the federal regulatory agencies categorized Equity Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as well capitalized, Equity Bank must maintain minimum Total capital, Tier 1 capital, Common Equity Tier 1 capital, and Tier 1 leverage ratios. For additional information, see “NOTE 9 – REGULATORY MATTERS” in the Condensed Notes to Interim Consolidated Financial Statements. There are no conditions or events since that notification that management believes have changed Equity Bank’s category.

Non-GAAP Financial Measures

We identify certain financial measures discussed in this Quarterly Report as being “non-GAAP financial measures.” In accordance with SEC’s rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP in our statements of income, balance sheet or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios, or statistical measures calculated using exclusively either financial measures calculated in accordance with GAAP, operating measures or other measures that are not non-GAAP financial measures or both.

The non-GAAP financial measures that we discuss in this Quarterly Report should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the way

we calculate the non-GAAP financial measures that we discuss in this Quarterly Report may differ from that of other companies reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar to, or with names like, the non-GAAP financial measures we have discussed in this Quarterly Report when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share and Tangible Book Value Per Diluted Common Share: Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less preferred stock, goodwill, core deposit intangibles (net of accumulated amortization), and other intangible assets (net of accumulated amortization); (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by shares of common stock outstanding; and (c) tangible book value per diluted common share as tangible common equity (as described in clause (a)) divided by diluted shares of common stock outstanding. For tangible book value, the most directly comparable financial measure calculated in accordance with GAAP is book value.

Management believes that these measures are important to many investors interested in changes from period to period in book value per common share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity, tangible book value per common share, and tangible book value per diluted common share and compares these values with book value per common share.


	As of the Period Ended
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
	(Dollars in thousands, except per share data)
Total stockholders’ equity	$	711,892		$	635,636		$	617,324		$	592,918		$	504,038
Goodwill		(77,573	)		(53,101	)		(53,101	)		(53,101	)		(53,101	)
Core deposit intangibles, net		(22,895	)		(12,908	)		(13,924	)		(14,969	)		(16,029	)
Naming rights, net		(5,778	)		(5,852	)		(5,926	)		(957	)		(968	)
Tangible common equity	$	605,646		$	563,775		$	544,373		$	523,891		$	433,940
Common shares issued at period end		19,111,084			17,527,191			17,522,994			17,419,858			15,288,309
Diluted common shares outstanding at period end		19,279,741			17,680,489			17,652,110			17,636,843			15,497,446
Book value per common share	$	37.25		$	36.27		$	35.23		$	34.04		$	32.97
Tangible book value per common share	$	31.69		$	32.17		$	31.07		$	30.07		$	28.38
Tangible book value per diluted common share	$	31.41		$	31.89		$	30.84		$	29.70		$	28.00

Tangible Common Equity to Tangible Assets: Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate (a) tangible common equity as total stockholders’ equity less preferred stock, goodwill, core deposit intangibles (net of accumulated amortization), and other intangible assets (net of accumulated amortization); (b) tangible assets as total assets less goodwill, core deposit intangibles (net of accumulated amortization), and other intangible assets (net of accumulated amortization); and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

Management believes that this measure is important to many investors in the marketplace interested in the relative changes from period to period in common equity and total assets, each exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and total assets while not increasing tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets.


	As of the Period Ended
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
	(Dollars in thousands)
Total stockholders’ equity	$	711,892		$	635,636		$	617,324		$	592,918		$	504,038
Goodwill		(77,573	)		(53,101	)		(53,101	)		(53,101	)		(53,101	)
Core deposit intangibles, net		(22,895	)		(12,908	)		(13,924	)		(14,969	)		(16,029	)
Naming rights, net		(5,778	)		(5,852	)		(5,926	)		(957	)		(968	)
Tangible common equity	$	605,646		$	563,775		$	544,373		$	523,891		$	433,940
Total assets	$	6,365,631		$	5,373,837		$	5,446,100		$	5,332,047		$	5,355,233
Goodwill		(77,573	)		(53,101	)		(53,101	)		(53,101	)		(53,101	)
Core deposit intangibles, net		(22,895	)		(12,908	)		(13,924	)		(14,969	)		(16,029	)
Naming rights, net		(5,778	)		(5,852	)		(5,926	)		(957	)		(968	)
Tangible assets	$	6,259,385		$	5,301,976		$	5,373,149		$	5,263,020		$	5,285,135
Equity to assets		11.18	%		11.83	%		11.34	%		11.12	%		9.41	%
Tangible common equity to tangible assets		9.68	%		10.63	%		10.13	%		9.95	%		8.21	%

Core Return on Average Equity: Core return on average equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) average tangible common equity as total average stockholders’ equity less average intangible assets and preferred stock; (b) core net income allocable to common stockholders as net income allocable to common stockholders less net gain on acquisition, less gain(loss) on securities transactions, plus loss on debt extinguishment, plus merger expenses, plus BOLI tax expense, plus goodwill impairment, net of actual tax effect, plus amortization of intangible assets less estimated tax effect on adjustments (tax rates used in this calculation were 21% for 2025 and 2024) (c) core return on average equity as core net income allocable to common stockholders (as described in clause (b)) divided by a simple average of net income and core net income plus average stockholders' equity. For return on average equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

Return on Average Tangible Common Equity: Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) average tangible common equity as total average stockholders’ equity less average intangible assets and preferred stock; (b) core net income allocable to common stockholders as net income allocable to common stockholders plus goodwill impairment, net of actual tax effect, plus amortization of intangible assets less estimated tax effect on amortization of intangible assets (tax rates used in this calculation were 21% for 2025 and 2024) (c) return on average tangible common equity as core net income allocable to common stockholders (as described in clause (b)) divided by average tangible common equity (as described in clause (a)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

Management believes that this measure is important to many investors in the marketplace because it measures the return on equity, exclusive of the effects of intangible assets on earnings and capital. Goodwill and other intangible assets have the effect of increasing average stockholders’ equity and, through amortization, decreasing net income allocable to common stockholders while not increasing average tangible common equity or decreasing core net income allocable to common stockholders.

The following table reconciles, as of the dates set forth below, total average stockholders’ equity to average equity and net income allocable to common stockholders to core net income allocable to common stockholders.


	For the Three Months Ended
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
	(Dollars in thousands)
Total average stockholders’ equity	$	715,319		$	627,103		$	605,917		$	533,227		$	485,468
Average intangible assets		(95,046	)		(72,406	)		(72,389	)		(69,570	)		(70,824	)
Average tangible common equity	$	620,273		$	554,697		$	533,528		$	463,657		$	414,644
Net income (loss) allocable to common stockholders	$	(29,663	)	$	15,264		$	15,041		$	16,986		$	19,851
Amortization of intangible assets		1,312			1,145			1,144			1,071			1,148
Net gain on acquisition		—			—			—			—			(831	)
Net (gain) loss on securities transactions		53,352			(12	)		(12	)		2			(206	)
Merger expenses		6,163			355			66			—			618
Loss on debt extinguishment		—			1,361			—			—			—
Day 2 Merger provision		6,228			—			—			—			—
Tax effect		(14,082	)		(598	)		(252	)		(225	)		(153	)
Core net income allocable to common stockholders	$	23,310		$	17,515		$	15,987		$	17,834		$	20,427
Return on total average stockholders’ equity (ROAE) annualized		(16.45	)%		9.76	%		10.07	%		12.67	%		16.27	%
Core return on average equity		12.47	%		11.18	%		10.69	%		13.29	%		16.73	%
Return on average tangible common equity (ROATCE) annualized		(18.31	)%		11.69	%		12.12	%		15.30	%		19.92	%
Core return on average tangible common equity (CROATCE) annualized		14.30	%		12.64	%		12.14	%		15.29	%		19.58	%

Core income calculations: Core income calculations are a non-GAAP measure that management believes is an effective alternative measure of how efficiently the company utilizes its asset base. Core income is calculated by adjusting GAAP income by non-core gains and losses and excluding non-core expenses, net of tax, as outlined in the table below. We calculate (a) core net income (loss) allocable to common stockholders plus merger expenses, tax effected non-core items, goodwill impairment and BOLI tax adjustment, less gain (loss) from securities transactions; (b) adjusted operating net income as net income (loss) allocable to common stockholders plus adjusted non-core items, tax effected non-core items and BOLI tax adjustments.

Core Net Income and Earnings Per Share: Core net income and Core earnings per share are non-GAAP financial measures generally used to disclose core net income from the Company's operations and earnings per share. We calculated this by taking GAAP net income less non-core impacts to net income to arrive at core net income and core diluted earnings per share. These financial measures are used by financial statement users to evaluate the core financial performance of the Company. Management believes that these measures are important to many investors who are interested in changes from period to period in the Company's financial performance and quality of earnings.

The following table reconciles as of the dates set forth below, core net income and earnings per share and compares them to GAAP net income and earnings per share.


	For the Three Months Ended
	September 30,			June 30,			March 31,			December 31			September 30,
	2025			2025			2025			2024			2024
	(Dollars in thousands, except per share data)
Net income (loss) allocable to common stockholders	$	(29,663	)	$	15,264		$	15,041		$	16,986		$	19,851
Amortization of intangible assets	$	1,312		$	1,145		$	1,144		$	1,071		$	1,148
Tax effect of adjustments		(276	)		(240	)		(240	)		(225	)		(241	)
Adjusted non-core items		(28,627	)		16,169			15,945			17,832			20,758
Net gain on acquisitions		—			—			—			—			(831	)
Gain (loss) from securities transactions		53,352			(12	)		(12	)		2			(206	)
Loss on debt extinguishment		—			1,361			—			—			—
Merger expense		6,163			355			66			—			618
Day 2 Merger provision		6,228			—			—			—			—
Tax effect of adjustments		(13,806	)		(358	)		(12	)		—			88
Adjusted operating net income	$	23,310		$	17,515		$	15,987		$	17,834		$	20,427
GAAP earnings (loss) per diluted share	$	(1.55	)	$	0.86		$	0.85		$	1.04		$	1.28
Core earnings (loss) per diluted share	$	1.22		$	0.99		$	0.90		$	1.10		$	1.32
Total average assets	$	6,085,064		$	5,206,950		$	5,212,417		$	5,163,166		$	5,205,017
Total average stockholder's equity	$	715,319		$	627,103		$	605,917		$	533,227		$	485,468
Weighted average diluted common shares		19,129,726			17,651,298			17,666,834			16,262,965			15,451,545
Return on Average Assets (ROAA) annualized		-1.93	%		1.18	%		1.17	%		1.31	%		1.52	%
Core Operating ROAA annualized		1.51	%		1.35	%		1.24	%		1.37	%		1.56	%

Efficiency Ratio: The efficiency ratio is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate the efficiency ratio by dividing non-interest expense, excluding goodwill impairment, merger expenses and loss on debt extinguishment, by the sum of net interest income and non-interest income, excluding net gains on the sale of available-for-sale securities and other securities transactions, and the net gain on acquisition. The GAAP-based efficiency ratio is non-interest expense less goodwill impairment, divided by net interest income plus non-interest income.

In management’s judgment, the adjustments made to non-interest expense and non-interest income allow investors and analysts to better assess operating expenses in relation to operating revenue by removing merger expenses, loss on debt extinguishment, net gains on the sale of available-for-sale securities and other securities transactions, and the net gain on acquisition.

The following table reconciles, as of the dates set forth below, the efficiency ratio to the GAAP-based efficiency ratio.


	For the Three Months Ended
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
	(Dollars in thousands)
Non-interest expense	$	49,082		$	40,001		$	39,050		$	37,806		$	30,328
Merger expense		(6,163	)		(355	)		(66	)		—			(618	)
Loss on debt extinguishment		—			(1,361	)		—			—			—
Amortization of intangibles assets		(1,312	)		(1,145	)		(1,144	)		(1,071	)		(1,148	)
Non-interest expense	$	41,607		$	37,140		$	37,840		$	36,735		$	28,562
Net interest income	$	62,485		$	49,802		$	50,292		$	49,473		$	46,031
Non-interest income	$	(44,479	)	$	8,589		$	10,330		$	8,816		$	9,317
Net gain on acquisition and branch sales		—			—			—			—			(831	)
Net gain (loss) from securities transactions		53,352			(12	)		(12	)		2			(206	)
Non-interest income, excluding net gain (loss) from securities transactions and net gain on acquisition and branch sales	$	8,873		$	8,577		$	10,318		$	8,818		$	8,280
Net interest income plus non-interest income, excluding net gain on acquisition and branch sales and net gain (loss) from securities transactions	$	71,358		$	58,379		$	60,610		$	58,291		$	54,311
Non-interest expense to net interest income plus non-interest income		272.59	%		68.51	%		64.42	%		64.86	%		54.80	%
Efficiency Ratio		58.31	%		63.62	%		62.43	%		63.02	%		52.59	%
Total Average Assets	$	6,085,064		$	5,206,950		$	5,212,417		$	5,163,166		$	5,205,017
Core non-interest expense / Average assets		2.71	%		2.86	%		2.94	%		2.83	%		2.18	%

Item 3: Quantitative and Qualitative Disclosures about Market Risk

Our asset-liability policy provides guidelines for effective funds management and management has established a measurement system for monitoring net interest rate sensitivity position within established guidelines.

As a financial institution, the primary component of market risk is interest rate volatility. Fluctuations in interest rates will ultimately impact both the level of income and expense recorded on most assets and liabilities and the market value of all interest-earning assets and interest-bearing liabilities, other than those which have a short-term maturity. Interest rate risk is the potential of economic gains or losses due to future interest rate changes. These changes can be reflected in future net interest income and/or fair market values. The objective is to measure the effect on net interest income (“NII”) and economic value of equity (“EVE”) and to adjust the balance sheet to minimize the inherent risk while at the same time maximizing income.

We manage interest rate exposure by structuring the balance sheet in the ordinary course of business. We have the ability to enter into instruments such as leveraged derivatives, interest rate swaps, financial options, financial futures contracts or forward delivery contracts for the purpose of reducing interest rate risk. Currently, we do not have a material exposure to these instruments. We also have the ability to enter into interest rate swaps as an accommodation to our customers in connection with an interest rate swap program. Based upon the nature of our operations, we are not subject to foreign exchange or commodity price risk. We do not own any trading assets.

Our exposure to interest rate risk is managed by the Asset Liability Committee (“ALCO”), which is composed of certain members of senior management, in accordance with policies approved by the Board of Directors. ALCO formulates strategies based on appropriate levels of interest rate risk. In determining the appropriate level of interest rate risk, ALCO considers the impact on earnings and capital of the current outlook on interest rates, potential changes in interest rates, regional economies,

liquidity, business strategies and other factors. ALCO meets monthly to review, among other things, the sensitivity of assets and liabilities to interest rate changes, the book and market values of assets and liabilities, unrealized gains and losses, securities purchased and sale activities, commitments to originate loans and the maturities of investment securities and borrowings. Additionally, the ALCO reviews liquidity, projected cash flows, maturities of deposits and consumer and commercial deposit activity.

ALCO uses a simulation analysis to monitor and manage the pricing and maturity of assets and liabilities in order to diminish the potential adverse impact that changes in interest rates could have on net interest income. The simulation tests the sensitivity of NII and EVE. Contractual maturities and repricing opportunities of loans are incorporated in the simulation model as are prepayment assumptions, maturity data and call options within the investment securities portfolio. Assumptions based on past experience are incorporated into the model for non-maturity deposit accounts. All assumptions are as of the base period without consideration of preceding market rate changes and any lag in impact to NII. The depicted expectations are management's estimate exclusive of any non-contractual lagging impacts that have not yet been realized in income from preceding changes to interest rates. The assumptions used are inherently uncertain and, as a result, the model cannot precisely measure the future NII and EVE. Actual results will differ from the model’s simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions and the application and timing of various management strategies.

The change in the impact of net interest income from the base case for September 30, 2025, and December 31, 2024, was primarily driven by the rate and mix of variable and fixed rate financial instruments, the underlying duration of the financial instruments and the level of response to changes in the interest rate environment.

The increase in the level of positive impact to net interest income in the up interest rate shock scenarios is due to the level of adjustable rate loans receivable that will reprice to higher interest rates, non-term deposits that will adjust to higher rates, the use of derivatives to hedge borrowing costs, and increased levels of cash on the balance sheet compared to December 31, 2024. These factors result in an overall positive impact to net interest income at September 30, 2025, as compared to the level of impact from December 31, 2024, simulation as detailed in the table below. In the down interest rate shock scenario, the main drivers of the negative impact on net interest income are the downward pricing of variable rate loans receivable, the level of term deposit repricing and the assumed prepayment and scheduled repayment of existing fixed rate loans receivable and fixed rate investments.

The change in the economic value of equity from the base case for September 30, 2025, and December 31, 2024, is due to being in a liability sensitive position and the level of convexity in our pre-payable assets. Generally, with a liability sensitive position, as interest rates increase, the value of your assets decrease faster than the value of liabilities and, as interest rates decrease, the value of your assets increase at a faster rate than liabilities. Due to the level of convexity in our fixed rate pre-payable assets, we do not experience as significant a change in the value of assets in a down interest rate shock scenario, mitigating the impact of liability sensitive balance sheet on economic value of equity. The mix of interest-bearing deposit and non-interest-bearing deposits impact the level of deposit decay and the resulting benefit of discounting from the non-interest-bearing deposits. At September 30, 2025, non-interest-bearing deposits were approximately $41.2 million, or 4.3%, lower than that deposit type at December 31, 2024. Additionally, substantially all investments and approximately 37.0% of loans are pre-payable and fixed rate and as rates decrease the level of modeled prepayments increase. The prepaid principal is assumed to reprice at the assumed current rates, resulting in a smaller positive impact to the economic value of equity.

Management utilizes static balance sheet rate shocks to estimate the potential impact on various rate scenarios. This analysis estimates a percentage of change in the metric from the stable rate base scenario versus alternative scenarios of rising and falling market interest rates by instantaneously shocking a static balance sheet. The following table summarizes the simulated immediate change in net interest income for twelve months as of the dates indicated.

Market Risk


	Impact on Net Interest Income
Change in prevailing interest rates	September 30, 2025			December 31, 2024
+300 basis points		14.7	%		11.9	%
+200 basis points		9.8	%		7.9	%
+100 basis points		4.8	%		3.9	%
0 basis points		—			—
-100 basis points		(2.6	)%		(2.4	)%
-200 basis points		(5.1	)%		(4.9	)%
-300 basis points		(7.9	)%		(8.1	)%

The following table summarizes the simulated immediate impact on economic value of equity as of the dates indicated.


	Impact on Economic Value of Equity
Change in prevailing interest rates	September 30, 2025			December 31, 2024
+300 basis points		(4.0	)%		(6.5	)%
+200 basis points		(2.5	)%		(4.2	)%
+100 basis points		(1.2	)%		(2.4	)%
0 basis points		—			—
-100 basis points		(1.3	)%		0.3	%
-200 basis points		(4.4	)%		(1.5	)%
-300 basis points		(9.3	)%		(5.1	)%

Item 4: Controls and Procedures

Evaluation of disclosure controls and procedures

An evaluation of the effectiveness of the design and operation of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e)) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q was performed under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and management was required to apply judgment in evaluating its controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure and are effective to provide reasonable assurance that such information is recorded, processed, summarized and reported within the time periods specified by the SEC rules and forms.

Changes in internal control over financial reporting

There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II—OTHER INFORMATION

Item 1: Legal Proceedings

From time to time, we are a party to various litigation matters incidental to the conduct of our business. See “NOTE 13 – LEGAL MATTERS” of the Condensed Notes to Interim Consolidated Financial Statements under Item 1 to this Quarterly report for a complete discussion of litigation matters.

Item 1A: Risk Factors

There have been no material changes in the Company’s risk factors previously disclosed in our Annual Report on Form 10-K filed with the SEC on March 7, 2025.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds

Repurchase of Common Stock

On September 11, 2025, the Board of Directors of Equity Bancshares authorized the repurchase of up to 1,000,000 shares of outstanding common stock beginning on October 1, 2025 and concluding on September 30, 2026. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares, and may be extended. modified or discontinued at any time without notice. Non-objection from the Federal Reserve Bank of Kansas City related to this repurchase plan was received on September 23, 2025. During the three months ended September 30, 2025, the Company repurchased 175,732 shares of the Company's outstanding common stock at an average price of $37.14 per share. At September 30, 2025, there are 867,168 shares remaining under the program that expired on September 30, 2025.


Date	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
July 1, 2025 through July 31, 2025		50,400	$	37.64		50,400		942,100
August 1, 2025 through August 31, 2025		125,332	$	36.94		125,332		816,768
September 1, 2025 through September 30, 2025		—	$	—		—		816,768
Total		175,732	$	37.14		175,732		816,768

Item 3: Defaults Upon Senior Securities

None

Item 4: Mine Safety Disclosures

Not applicable.

Item 5: Other Information

During the nine months ended September 30, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such defined in Item 408 of Regulation S-K of the Securities Act of 1933).

Item 6: Exhibits


Exhibit No.		Description
2.1		Agreement and Plan of Reorganization, dated August 29, 2025, by and among Equity Bancshares, Inc., Winston Merger Sub, Inc., and Frontier Holdings, LLC (incorporated by reference to Exhibit 2.1 to Equity Bancshare's, Inc.'s Current Report on Form 8-K, filed with the SEC on September 2, 2025).
31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.


31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
104*		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

* Filed herewith.

** These exhibits are furnished herewith and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Equity Bancshares, Inc.

November 3, 2025	By:	/s/ Brad S. Elliott
Date		Brad S. Elliott
		Chairman and Chief Executive Officer

November 3, 2025	By:	/s/ Chris M. Navratil
Date		Chris M. Navratil
		Executive Vice President and Chief Financial Officer

Equity Bancshares - 10-Q quarterly report FY2025 Q3

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