EQUITY BANCSHARES INC (EQBK)

CIK: 0001227500. SIC: 6022 State Commercial Banks. Latest 10-K as of: 2026-03-06.

SIC breadcrumb: Finance, Insurance, And Real Estate > Depository Institutions > SIC 6022 State Commercial Banks

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1227500. Latest filing source: 0001193125-26-096665.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001227500.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001227500.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001193125-26-214751.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-05-08. Report date: 2026-03-31.

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 6, 2026, 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.

50

(Dollars in thousands, except per share data)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Statement of Income Data (for the quarterly period ended)

Interest and dividend income

$

108,024

$

90,866

$

91,098

$

74,187

$

74,684

Interest expense

34,360

27,364

28,613

24,385

24,392

Net interest income

73,664

63,502

62,485

49,802

50,292

Provision (reversal) for credit losses

5,955

(16

)

6,228

19

2,722

Net gain (loss) from securities transactions

(108

)

154

(53,352

)

12

12

Other non-interest income

9,595

9,378

8,873

8,577

10,318

Merger expenses

5,725

1,481

6,163

355

66

Loss on debt extinguishment

—

—

—

1,361

—

Other non-interest expense

49,244

45,106

42,919

38,285

38,984

Income (loss) before income taxes

22,227

26,463

(37,304

)

18,371

18,850

Provision for income taxes

5,261

4,379

(7,641

)

3,107

3,809

Net income (loss)

16,966

22,084

(29,663

)

15,264

15,041

Net income (loss) allocable to common stockholders

16,966

22,084

(29,663

)

15,264

15,041

Basic earnings (loss) per share

$

0.81

$

1.16

$

(1.55

)

$

0.87

$

0.86

Diluted earnings (loss) per share

$

0.80

$

1.15

$

(1.55

)

$

0.86

$

0.85

Balance Sheet Data (at period end)

Cash and cash equivalents

$

564,165

$

607,817

$

699,410

$

366,204

$

431,382

Securities available-for-sale

1,125,162

1,030,568

903,858

973,402

950,453

Securities held-to-maturity

5,254

5,248

5,243

5,236

5,226

Loans held for sale

7,631

1,392

617

217

338

Gross loans held for investment

5,428,275

4,198,180

4,268,587

3,600,728

3,631,628

Allowance for credit losses

64,245

52,756

53,469

45,270

45,824

Loans held for investment, net of allowance for credit losses

5,364,030

4,145,424

4,215,118

3,555,458

3,585,804

Goodwill and core deposit intangibles, net

135,494

103,735

100,468

66,009

67,025

Naming rights, net

5,629

5,703

5,778

5,852

5,926

Total assets

7,667,370

6,373,172

6,365,631

5,373,837

5,446,100

Total deposits

6,300,910

5,138,264

5,094,769

4,234,918

4,405,364

Borrowings

484,932

438,009

481,772

444,221

371,126

Total liabilities

6,849,760

5,641,118

5,653,739

4,738,201

4,828,776

Total stockholders’ equity

817,610

732,054

711,892

635,636

617,324

Tangible common equity*

676,487

622,616

605,646

563,775

544,373

Performance ratios

Return on average assets (ROAA) annualized

0.92

%

1.43

%

(1.93

)%

1.18

%

1.17

%

Return on average equity (ROAE) annualized

8.17

%

12.07

%

(16.45

)%

9.76

%

10.07

%

Return on average tangible common equity (ROATCE)* annualized

10.77

%

14.91

%

(18.31

)%

11.69

%

12.12

%

Yield on loans annualized

6.80

%

7.01

%

7.18

%

6.94

%

7.15

%

Cost of interest-bearing deposits annualized

2.51

%

2.43

%

2.58

%

2.47

%

2.44

%

Cost of total deposits

2.00

%

1.88

%

1.98

%

1.93

%

1.90

%

Net interest margin annualized

4.33

%

4.47

%

4.45

%

4.17

%

4.27

%

Efficiency ratio*

56.68

%

59.98

%

58.31

%

63.62

%

62.43

%

Non-interest expense to net interest income plus non-interest income

66.11

%

63.79

%

272.59

%

68.51

%

64.42

%

Non-interest income / average assets annualized

0.52

%

0.62

%

(2.90

)%

0.66

%

0.80

%

Non-interest expense / average assets annualized

2.99

%

3.01

%

3.20

%

3.08

%

3.04

%

Dividend payout ratio

22.03

%

15.73

%

(11.78

)%

17.49

%

17.81

%

Performance ratios - Core

Core earnings per diluted share*

$

1.32

$

1.26

$

1.21

$

0.99

$

0.90

Core return on average assets*

1.52

%

1.57

%

1.51

%

1.35

%

1.24

%

Core return on average equity*

13.41

%

13.23

%

12.47

%

11.18

%

10.69

%

Core return on average tangible common equity*

16.10

%

15.56

%

14.30

%

12.64

%

12.14

%

Core non-interest expense / average assets*

2.57

%

2.82

%

2.71

%

2.86

%

2.94

%

Capital Ratios

Tier 1 Leverage Ratio

9.49

%

10.64

%

10.41

%

12.07

%

11.76

%

Common Equity Tier 1 Capital Ratio

11.54

%

13.08

%

12.84

%

15.07

%

14.70

%

Tier 1 Risk Based Capital Ratio

11.96

%

13.59

%

13.35

%

15.67

%

15.30

%

Total Risk Based Capital Ratio

14.36

%

16.31

%

16.09

%

16.84

%

18.32

%

Total Stockholders equity / Total Assets

10.66

%

11.49

%

11.18

%

11.83

%

11.34

%

Tangible common equity to tangible assets*

8.99

%

9.94

%

9.68

%

10.63

%

10.13

%

Book value per share

$

39.37

$

38.64

$

37.25

$

36.27

$

35.23

Tangible common book value per share*

$

32.58

$

32.86

$

31.69

$

32.17

$

31.07

Tangible common book value per diluted share*

$

32.30

$

32.43

$

31.41

$

31.89

$

30.84

* 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.

51

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 84 full-service banking sites located in Arkansas, Kansas, Missouri, Nebraska and Oklahoma. As of March 31, 2026, we had consolidated total assets of $7.67 billion, total loans held for investment, net of allowance, of $5.36 billion, total deposits of $6.30 billion, and total stockholders’ equity of $817.6 million. During the three month period ended March 31, 2026, the Company had net income of $17.0 million. The Company had net income of $15.0 million for the three month period ended March 31, 2025.

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, 2025, audited financial statements included in our Annual Report on Form 10-K filed with the SEC on March 6, 2026. 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 March 31, 2026. 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

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high. Filing date: 2026-03-06. Report date: 2025-12-31.

Item 7: 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 our audited consolidated financial statements and the accompanying notes included elsewhere in this Annual Report on Form 10-K. 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 Statement Regarding Forward-Looking Statements.” Also, see the risk factors and other cautionary statements described under the heading “Item 1A – Risk Factors” included in Item 1A of this Annual Report on Form 10-K. 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;

•
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 – reconciliation of non-GAAP measures.

53

Years Ended December 31,

(Dollars in thousands, except per share data)

2025

2024

2023

2022

2021

Statement of Income Data

Interest and dividend income

$

330,835

$

296,843

$

246,712

$

188,248

$

157,368

Interest expense

104,754

110,681

87,694

25,418

14,789

Net interest income

226,081

186,162

159,018

162,830

142,579

Provision (reversal) for credit losses

8,953

2,546

1,873

125

(8,480

)

Net gain on acquisition

—

2,131

—

962

585

Net gain (loss) from securities transactions

(53,174

)

220

(51,909

)

5

406

Other non-interest income

37,146

36,471

32,780

34,990

31,851

Merger expense

8,065

4,461

297

594

9,189

Goodwill impairment

—

—

—

—

—

Loss on extinguishment of debt

1,361

—

—

—

372

Other non-interest expense

165,294

139,696

135,304

127,786

109,904

Income (loss) before income taxes

26,380

78,281

2,415

70,282

64,436

Provision for income taxes

3,654

15,660

(5,406

)

12,594

11,956

Net income (loss)

22,726

62,621

7,821

57,688

52,480

Net income (loss) allocable to common stockholders

22,726

62,621

7,821

57,688

52,480

Basic earnings (loss) per share

1.24

4.04

0.50

3.56

3.49

Diluted earnings (loss) per share

1.23

4.00

0.50

3.51

3.43

Balance Sheet Data (at period end)

Cash and cash equivalents

$

607,817

$

383,747

$

379,099

$

104,428

$

259,954

Securities available-for-sale

1,030,568

1,004,455

919,648

1,184,390

1,327,442

Securities held-to-maturity

5,248

5,217

2,209

1,948

—

Loans held for sale

1,392

513

476

349

4,214

Gross loans held for investment

4,198,180

3,500,816

3,332,901

3,311,548

3,155,627

Allowance for credit losses

52,756

43,267

43,520

45,847

48,365

Loans held for investment, net of allowance for credit losses

4,145,424

3,457,549

3,289,381

3,265,701

3,107,262

Goodwill and core deposit intangibles, net

103,735

68,070

60,323

63,697

69,344

Mortgage servicing asset, net

—

—

75

176

276

Naming rights, net

5,703

957

1,000

1,044

1,087

Total assets

6,373,172

5,332,047

5,034,592

4,981,651

5,137,631

Total deposits

5,138,264

4,374,789

4,145,455

4,241,807

4,420,004

Borrowings

438,009

312,796

380,503

281,734

151,891

Total liabilities

5,641,118

4,739,129

4,581,732

4,571,593

4,637,000

Total stockholders’ equity

732,054

592,918

452,860

410,058

500,631

Tangible common equity*

622,616

523,891

391,462

345,141

429,924

Performance ratios

Return on average assets (ROAA)

0.40

 %

1.23

 %

0.16

 %

1.15

 %

1.18

 %

Return on average equity (ROAE)

3.39

 %

12.97

 %

1.85

 %

13.08

 %

11.75

 %

Return on average tangible common equity (ROATCE)*

4.57

 %

15.94

 %

2.94

 %

16.35

 %

14.10

 %

Yield on loans

7.04

%

7.14

%

6.39

%

4.98

%

4.77

%

Cost of interest-bearing deposits

2.47

%

2.80

%

2.21

%

0.53

%

0.30

%

Net interest margin

4.33

%

3.98

%

3.46

%

3.51

%

3.44

%

Efficiency ratio*

60.90

%

60.77

%

68.71

%

62.48

%

60.58

%

Non-interest expense to net interest income plus non-interest income*

83.18

%

64.07

%

96.93

%

64.58

%

68.10

%

Non-interest income / average assets

(0.28

)%

0.76

%

(0.38

)%

0.72

%

0.74

%

Non-interest expense / average assets

3.07

%

2.84

%

2.71

%

2.56

%

2.70

%

Dividend payout ratio

54.20

%

13.91

%

88.35

%

10.26

%

4.84

%

Performance ratios - Core

Core earnings per diluted share*

$

4.39

$

4.43

$

3.31

$

3.69

$

4.09

Core return on average assets*

1.42

 %

1.37

 %

1.03

 %

1.21

 %

1.41

 %

Core return on average equity*

11.58

 %

14.29

 %

11.63

 %

13.72

 %

13.85

 %

Core non-interest expense / average assets*

2.82

 %

2.67

 %

2.64

 %

2.46

%

2.38

%

Capital Ratios

Tier 1 Leverage Ratio

10.64

%

11.67

%

9.46

%

9.61

%

9.09

%

Common Equity Tier 1 Capital Ratio

13.08

%

14.51

%

11.74

%

12.26

%

12.03

%

Tier 1 Risk Based Capital Ratio

13.59

%

15.11

%

12.36

%

12.88

%

12.67

%

Total Risk Based Capital Ratio

16.31

%

18.07

%

15.48

%

16.08

%

15.96

%

Total Stockholders equity / Total Assets

11.49

%

11.12

%

8.99

%

8.23

%

9.74

%

Tangible common equity to tangible assets*

9.94

%

9.95

%

7.87

%

7.02

%

8.48

%

54

Book value per share

$

38.64

$

34.04

$

29.35

$

25.74

$

29.87

Tangible book value per common share*

$

32.86

$

30.07

$

25.37

$

21.67

$

25.65

Tangible book value per diluted common share*

$

32.43

$

29.70

$

25.05

$

21.35

$

25.22

* Indicates non-GAAP financial measure. Please see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures” for reconciliation to the most directly comparable GAAP measure.

55

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 branches located in Arkansas, Kansas, Missouri and Oklahoma. As of December 31, 2025, we had, on a consolidated basis, total assets of $6.37 billion, total deposits of $5.14 billion, total loans held for investment, net of allowances, of $4.15 billion and total stockholders’ equity of $732.1 million. Net income for the year ended December 31, 2025, was $22.7 million, compared to net income of $62.6 million for the year ended December 31, 2024.

History and Background

From 2003 through 2025, we completed a series of 23 acquisitions, two charter consolidations and two branch dispositions. We seek to integrate the banks we acquire into our existing operational platform and enhance stockholder value through the creation of efficiencies within the combined operations. In conjunction with our strategic acquisition growth, we strive to reposition and improve the loan portfolio and deposit mix of the banks we acquire. Following our acquisitions, we focus on identifying and disposing of problematic loans and replacing them with higher quality loans generated organically. In addition, we concentrate on growth in our commercial loan portfolio, which we believe generally offers higher return opportunities than our consumer loan portfolio, primarily by hiring additional talented bankers, particularly in our metropolitan markets, and incentivizing our bankers to expand their commercial banking relationships. We also seek to increase our most attractive deposit accounts primarily by growing deposits in our community markets and cross selling our depository products to our loan customers.

Our principal objective is to continually increase stockholder value and generate consistent earnings growth by expanding our commercial banking franchise both organically and through strategic acquisitions. We believe our strategy of selectively acquiring and integrating community banks has provided us with economies of scale and improved our overall franchise efficiency. We expect to continue to pursue strategic acquisitions and believe our targeted market areas present us with many and varied acquisition opportunities. We are also focused on continuing to grow organically and believe the markets in which we operate currently provide meaningful opportunities to expand our commercial customer base and increase our current market share. We believe our geographic footprint, which is strategically split between growing metropolitan markets, such as Kansas City, Tulsa, Oklahoma City and Wichita, and stable community markets within Southeastern Kansas, Southwestern Kansas, Central Kansas, North Central Kansas, Western Kansas, Topeka, Western Missouri, North Central Missouri, Northern Arkansas, Northern Oklahoma and Western Oklahoma, provides us with access to low cost stable core deposits in community markets that we can use to fund commercial loan growth in our metropolitan markets. We strive to provide an enhanced banking experience for our customers by providing them with a comprehensive suite of sophisticated banking products and services tailored to meet their needs, while delivering the high-quality relationship-based customer service of a community bank.

Highlights for the Year Ended December 31, 2025

•
Net income of $22.7 million, or $1.23 diluted earnings per share, for the year ended December 31, 2025.

•
Dividends declared of $12.3 million, or $0.66 per share, for the year ended December 31, 2025, compared to $8.7 million, or $0.54 per share, for the year ended December 31, 2024, an increase of 41.2%

•
Net interest margin increased 35 basis points from 3.98% at December 31, 2024 to 4.33% at December 31, 2025.

•
Total loans held for investment increased to $4.20 billion at December 31, 2025, compared to $3.50 billion at December 31, 2024, an increase of 19.9%.

•
Completed the acquisition of NBC Corp. of Oklahoma during the year ended December 31, 2025, adding $806.0 million in deposits, seven banking locations and new territory to the Equity Bank footprint.

Critical Accounting Policies

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 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.

56

Allowance for Credit Losses: The allowance for credit losses for loans represents management’s estimate of all expected credit losses over the expected contractual 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 for loans, 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 amounts, net of recoveries.

The Company utilizes primarily two methods for estimating the allowance for credit losses and the method used depends on the status of the underlying loans. Non-performing loans primarily utilize a collateral specific fair value impairment method and performing loans primarily utilize a historical loss method. The performing loan method utilizes a probability of default (PD) and loss given default (LGD) modeling approach for historical loss coupled with a macroeconomic factor analysis derived from a statistical regression of loss experience correlated to changes in economic factors for all commercial banks operating within our geographical footprint. The macroeconomic regression is based on a multivariate approach and includes key indicators that provide the highest cumulative adjusted R-square figure. Economic factors include, but are not limited to, national unemployment, gross domestic product, market interest rates and property pricing indices. To arrive at the most predictive calculation, a lag factor was applied to these inputs, resulting in current and historic economic inputs driving the projection of loss over our reasonable and supportable forecast period, which management has defined as 12 months for all portfolio segments. Following the reasonable and supportable forecast period, loss experience immediately reverts to the current historical loss experience of the Company. The estimated loan losses for all loan segments are adjusted for changes in qualitative factors not inherently considered in the quantitative analyses. The qualitative categories and the measurements used to quantify the risks within each of these categories are subjectively selected by management but measured by objective measurements period over period. The current period measurements are evaluated and assigned a factor commensurate with the current level of risk relative to past measurements over time. The resulting qualitative adjustments are applied to the relevant collectively evaluated loan portfolios. These adjustments are based upon quarterly trend assessments in projected economic sentiment, portfolio concentrations, policy exceptions, personnel retention, independent loan review results, collateral considerations, risk ratings and competition. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors. The resultant loss rates are applied to the estimated future exposure at default (EAD), as determined based on contractual amortization terms through an average default month and estimated prepayment experience in arriving at the quantitative reserve within our allowance for credit losses.

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 December 31, 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. Likewise, changing economic conditions, both positive and negative, to the extent significant 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 and 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 year ended December 31, 2025, management performed a qualitative analysis and has determined that there was not evidence of a triggering event during the period then ended. Our qualitative analysis process consists of using recent bank merger transactions, for companies that are similar to the Company based on financial performance, to calculate the average change in control premium from the merger data. The average change in control premium, number of shares and our current trading price is used to estimate the market value of our equity, which is compared to our book value of equity. In addition to estimating equity market value, we evaluate the qualitative

57

considerations contained in current accounting guidance to identify any evidence of goodwill impairment. Based on this qualitative analysis and conclusion, it was determined that a more robust quantitative assessment was not necessary at our measurement date.

For additional information see “NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES” and “NOTE 7 – GOODWILL AND CORE DEPOSIT INTANGIBLES” in the Notes to Consolidated Financial Statements.

Results of Operations

We generate most of 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 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.

For information comparing our results of operations for the year ended December 31, 2024, to year ended December 31, 2023, see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K filed with the SEC on March 7, 2025.

Net Income

Year ended December 31, 2025, compared with year ended December 31, 2024

For the year ended December 31, 2025, there was net income allocable to common stockholders of $22.7 million, compared to net income allocable to common stockholders of $62.6 million for the year ended December 31, 2024, a decrease of $39.9 million. This change was primarily driven by a $54.9 million decrease in non interest income, a $30.6 million increase in non interest expense offset by a $39.9 million increase in net interest income and a decrease in provision for taxes of $12.0 million. The changes in the components of net income are discussed in more detail below in the following sections of “Results of Operations.”

The year ended December 31, 2025 was meaningfully impacted by the repositioning of the Company’s investment portfolio during the third quarter as well as the costs associated with facilitating merger transactions. Realized losses on securities during the year were $53.2 million and merger expenses were $8.1 million. Excluding realized gains or losses on securities and merger expenses from pre-tax income in both periods resulted in pre-tax earnings of $87.6 million in 2025 compared to $82.7 million in 2024.

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 “volume change,” and it 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 “yield/rate change.”

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 years ended December 31, 2025, 2024,

58

and 2023. The yields and rates are calculated by dividing income or expense by the average daily balances of the associated assets or liabilities.

Average Balance Sheets and Net Interest Analysis

December 31, 2025

December 31, 2024

December 31, 2023

(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)

Average

Outstanding

Balance

Interest

Income/

Expense

Average

Yield/

Rate(3)(4)

Interest-earning assets

Loans(1)

Commercial and industrial

$

803,779

$

61,397

7.64

%

$

635,881

$

51,188

8.05

%

$

580,451

$

42,901

7.39

%

Commercial real estate

1,583,020

113,277

7.16

%

1,400,661

99,316

7.09

%

1,302,568

83,441

6.41

%

Real estate construction

493,428

38,242

7.75

%

416,296

36,004

8.65

%

447,516

33,764

7.54

%

Residential real estate

573,952

27,517

4.79

%

563,176

26,505

4.71

%

565,711

23,799

4.21

%

Agricultural real estate

260,219

20,026

7.70

%

227,341

16,848

7.41

%

201,326

13,820

6.86

%

Agricultural

123,553

9,982

8.08

%

96,877

9,103

9.40

%

100,394

6,966

6.94

%

Consumer

100,409

6,697

6.67

%

100,995

6,851

6.78

%

106,542

6,522

6.12

%

Total loans

3,938,360

277,138

7.04

%

3,441,227

245,815

7.14

%

3,304,508

211,213

6.39

%

Taxable securities

909,082

38,801

4.27

%

980,664

39,091

3.99

%

1,027,726

23,873

2.32

%

Nontaxable securities

42,973

1,221

2.84

%

59,597

1,579

2.65

%

74,917

1,960

2.62

%

Federal funds sold and other

328,753

13,675

4.16

%

195,378

10,358

5.30

%

193,941

9,666

4.98

%

Total interest-earning assets

5,219,168

330,835

6.34

%

4,676,866

296,843

6.35

%

4,601,092

246,712

5.36

%

Non-interest-earning assets

Other real estate owned, net

4,189

2,332

3,991

Premises and equipment, net

126,596

115,892

107,297

Bank-owned life insurance

139,914

129,232

123,665

Goodwill and other intangibles, net

87,276

68,190

63,064

Other non-interest-earning assets

113,566

83,427

100,296

Total assets

$

5,690,709

$

5,075,939

$

4,999,405

Interest-bearing liabilities

Interest-bearing demand deposits

$

1,113,376

22,901

2.06

%

$

1,028,114

27,587

2.68

%

$

1,002,543

22,681

2.26

%

Savings and money market

1,588,459

35,171

2.21

%

1,425,025

33,931

2.38

%

1,359,822

23,525

1.73

%

Demand savings and money market

2,701,835

58,072

2.15

%

2,453,139

61,518

2.51

%

2,362,365

46,206

1.96

%

Certificates of deposit

877,296

30,383

3.46

%

770,772

28,891

3.75

%

827,652

24,267

2.93

%

Total interest-bearing deposits

3,579,131

88,455

2.47

%

3,223,911

90,409

2.80

%

3,190,017

70,473

2.21

%

FHLB term and line of credit advances

195,434

8,208

4.20

%

216,012

10,180

4.71

%

98,380

3,944

4.01

%

Federal Reserve Bank discount window

8

—

4.25

%

30,986

1,361

4.39

%

108,551

4,755

4.38

%

Subordinated borrowings

94,509

7,155

7.57

%

97,194

7,580

7.80

%

96,651

7,591

7.85

%

Other borrowings

46,154

936

2.03

%

47,336

1,151

2.43

%

49,464

931

1.88

%

Total interest-bearing liabilities

3,915,236

104,754

2.68

%

3,615,439

110,681

3.06

%

3,543,063

87,694

2.48

%

Non-interest-bearing liabilities and

   stockholders’ equity

Non-interest-bearing checking accounts

1,049,240

931,860

979,410

Non-interest-bearing liabilities

55,463

45,666

53,210

Stockholders’ equity

670,770

482,974

423,722

Total liabilities and stockholders’ equity

$

5,690,709

$

5,075,939

$

4,999,405

Net interest income

$

226,081

$

186,162

$

159,018

Interest rate spread

3.66

%

3.29

%

2.88

%

Net interest margin(2)

4.33

%

3.98

%

3.46

%

Total cost of deposits, including

   non-interest bearing deposits

$

4,628,371

$

88,455

1.91

%

$

4,155,771

$

90,409

2.18

%

$

4,169,427

$

70,473

1.69

%

Average interest-earning assets to

   interest-bearing liabilities

133.30

%

129.36

%

129.86

%

(1)Average loan balances include non-accrual loans, hedge fair value adjustments and merger fair value adjustments.

(2)Net interest margin is calculated by dividing net interest income by average interest-earning 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.

59

The following table analyzes the change in volume variances and yield/rate variances for the year ended December 31, 2025, as compared to the year ended December 31, 2024, and the year ended December 31, 2024, as compared to the year ended December 31, 2023.

Analysis of Changes in Net Interest Income

2025 vs. 2024

2024 vs. 2023

Increase (Decrease) Due to:

Increase (Decrease) Due to:

(Dollars in thousands)

Volume(1)

Yield/Rate(1)

Total

Volume(1)

Yield/Rate(1)

Total

Interest-earning assets

Loans

Commercial and industrial

$

12,937

$

(2,728

)

$

10,209

$

4,286

$

4,001

$

8,287

Commercial real estate

13,041

920

13,961

6,561

9,314

15,875

Real estate construction

6,227

(3,989

)

2,238

(2,467

)

4,707

2,240

Residential real estate

512

500

1,012

(107

)

2,813

2,706

Agricultural real estate

2,511

667

3,178

1,874

1,154

3,028

Agricultural

2,274

(1,395

)

879

(252

)

2,389

2,137

Consumer

(39

)

(115

)

(154

)

(352

)

681

329

Total loans

37,463

(6,140

)

31,323

9,543

25,059

34,602

Taxable securities

(2,956

)

2,666

(290

)

(1,159

)

16,377

15,218

Nontaxable securities

(466

)

108

(358

)

(406

)

25

(381

)

Federal funds sold and other

5,913

(2,596

)

3,317

72

620

692

Total interest-earning assets

$

39,954

$

(5,962

)

$

33,992

$

8,050

$

42,081

$

50,131

Interest-bearing liabilities

Demand savings and money market

$

5,870

$

(9,316

)

$

(3,446

)

$

1,766

$

13,546

$

15,312

Certificates of deposit

3,797

(2,305

)

1,492

(1,759

)

6,383

4,624

Total interest-bearing deposits

9,667

(11,621

)

(1,954

)

7

19,929

19,936

FHLB term and line of credit advances

(921

)

(1,051

)

(1,972

)

5,438

798

6,236

Federal Reserve Bank discount window

(1,318

)

(43

)

(1,361

)

(3,407

)

13

(3,394

)

Subordinated borrowings

(206

)

(219

)

(425

)

43

(54

)

(11

)

Other borrowings

(28

)

(187

)

(215

)

(42

)

262

220

Total interest-bearing liabilities

7,194

(13,121

)

(5,927

)

2,039

20,948

22,987

Net Interest Income

$

32,760

$

7,159

$

39,919

$

6,011

$

21,133

$

27,144

(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.

Year ended December 31, 2025, compared with year ended December 31, 2024

The increase in net interest income is primarily due to a 1 basis point decrease in yields on interest-earning assets offset by a 38 basis point decrease in the average cost of interest bearing liabilities. The change in yields and costs were driven, primarily, by three FOMC rate decreases creating continued lag re-pricing on long term interest earning assets and short term repricing opportunity on the liability portfolios throughout 2025. The asset yield was also positively impacted the volume of interest earning assets and an increase in the yield on taxable securities by the re-positioning of a portion of our investment portfolio in fiscal year 2025, as well as the completion of our merger with NBC which added asset purchase accounting accretion. In the final four months of 2025 and 2024, the FOMC reduced short-term interest rates by a combined 175 basis points across three meetings. The rate cuts, to date, have had a more significant impact on the interest bearing liabilities than interest earning assets in operating results.

Net interest spread increased from 3.29% at December 31, 2024 to 3.66% at December 31, 2025 primarily due to the increase in volume of loans relative to total earning assets and the realization of a greater decline in cost of interest-bearing liabilities as compared to interest-earning assets. The increase in net interest margin was driven by the additive yield from re-positioning of the investment portfolio, the re-pricing of liabilities outpacing the re-pricing of assets and the increasing contribution of non-interest bearing deposits and capital to the funding mix.

60

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.

Year ended December 31, 2025, compared with year ended December 31, 2024

There was a $9.0 million provision for credit losses for the year ended December 31, 2025, compared to a provision for credit losses of $2.5 million for the year ended December 31, 2024. The provision for credit losses recorded during the period ended December 31, 2025, is primarily the result of an increase in the loan portfolio from the merger with NBC.

For additional detail see “Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations – Allowance for Credit Losses.” Net charge-offs for the year ended December 31, 2025, were $2.5 million as compared to net charge-offs of $3.8 million for the year ended December 31, 2024. For the year ended December 31, 2025, gross charge-offs were $5.0 million offset by gross recoveries of $2.5 million. In comparison, gross charge-offs were $4.6 million for the year ended December 31, 2024, offset by gross recoveries of $817 thousand.

Non-Interest Income

The following table provides a comparison of the major components of non-interest income for the years ended December 31, 2025, 2024, and 2023.

Non-Interest Income

For the Years Ended December 31,

2025 vs. 2024

2024 vs. 2023

(Dollars in thousands)

2025

2024

2023

Change

%

Change

%

Service charges and fees

$

9,321

$

9,830

$

10,187

$

(509

)

(5.2

)%

$

(357

)

(3.5

)%

Debit card income

11,414

10,246

10,322

1,168

11.4

%

(76

)

(0.7

)%

Mortgage banking

567

861

652

(294

)

(34.1

)%

209

32.1

%

Increase in value of bank-owned life

   insurance

7,717

4,966

4,059

2,751

55.4

%

907

22.3

%

Other

Investment referral income

676

500

424

176

35.2

%

76

17.9

%

Trust income

1,947

1,624

1,123

323

19.9

%

501

44.6

%

Insurance sales commissions

537

555

582

(18

)

(3.2

)%

(27

)

(4.6

)%

Recovery on zero-basis

   purchased loans

7

4,380

517

(4,373

)

(99.8

)%

3,863

747.2

%

Income (loss) from equity method

   investments

-

(87

)

(222

)

87

(100.0

)%

135

(60.8

)%

Other non-interest income

4,960

3,596

5,136

1,364

37.9

%

(1,540

)

(30.0

)%

Total other

8,127

10,568

7,560

(2,441

)

(23.1

)%

3,008

39.8

%

Subtotal

37,146

36,471

32,780

675

1.9

%

3,691

11.3

%

Gain on acquisition

—

2,131

—

(2,131

)

(100.0

)%

2,131

(100.0

)%

Net gain (loss) from securities

   transactions

(53,174

)

220

(51,909

)

(53,394

)

(100.0

)%

52,129

(100.0

)%

Total non-interest income

$

(16,028

)

$

38,822

$

(19,129

)

$

(54,850

)

(141.3

)%

$

57,951

(302.9

)%

Year ended December 31, 2025, compared with year ended December 31, 2024

Non-interest income, before gain on acquisition and gain or loss on sale of securities, increased 1.9%. The increase was driven by the yield on bank-owned life insurance, the increase in Debit card income and Other non-interest income partially offset by the

61

recovery on zero-basis purchased loans. The decrease in gain/loss on securities transaction was due to the re-positioning of a portion of our investment portfolio in fiscal year 2025.

Non-Interest Expense

The following table provides a comparison of the major components of non-interest expense for the years ended December 31, 2025, 2024, and 2023.

Non-Interest Expense

For the Year Ended December 31,

2025 vs. 2024

2024 vs. 2023

(Dollars in thousands)

2025

2024

2023

Change

%

Change

%

Salaries and employee benefits

$

84,786

$

72,786

$

64,384

$

12,000

16.5

%

$

8,402

13.0

%

Net occupancy and equipment

15,801

14,371

12,325

1,430

10.0

%

2,046

16.6

%

Data processing

20,279

20,004

17,433

275

1.4

%

2,571

14.7

%

Professional fees

6,467

6,503

5,754

(36

)

(0.6

)%

749

13.0

%

Advertising and business development

5,228

5,366

5,425

(138

)

(2.6

)%

(59

)

(1.1

)%

Telecommunications

2,462

2,501

1,963

(39

)

(1.6

)%

538

27.4

%

FDIC insurance

2,579

2,483

2,195

96

3.9

%

288

13.1

%

Courier and postage

3,235

2,599

2,046

636

24.5

%

553

27.0

%

Free nationwide ATM expense

2,204

2,127

2,073

77

3.6

%

54

2.6

%

Amortization of core deposit intangibles

4,503

4,289

3,374

214

5.0

%

915

27.1

%

Loan expense

890

601

540

289

48.1

%

61

11.3

%

Other real estate owned and repossessed assets, net

1,029

(7,525

)

617

8,554

(113.7

)%

(8,142

)

(1319.6

)%

Loss on debt extinguishment

1,361

—

—

1,361

—

%

—

—

%

Other

15,831

13,591

17,175

2,240

16.5

%

(3,584

)

(20.9

)%

Subtotal

166,655

139,696

135,304

26,959

19.3

%

4,392

3.2

%

Merger expenses

8,065

4,461

297

3,604

80.8

%

4,164

1,402.0

%

Total non-interest expense

$

174,720

$

144,157

$

135,601

$

30,563

21.2

%

$

8,556

6.3

%

Year ended December 31, 2025, compared with year ended December 31, 2024

The increase in non-interest expense was primarily due to increases in salaries and employee benefits of $12.0 million, net occupancy and equipment expense of $1.4 million, loss on extinguishment of debt of $1.4 million and Other expenses of $2.4 million. The change in Other real estate owned and repossessed asset was the result of gain on the disposition of a repossessed asset and is not expected to reoccur. These items and other changes in the various components of non-interest expense are discussed in more detail below.

Salaries and employee benefits: There was a $12.0 million increase in salaries and benefits for the year ended December 31, 2025, as compared to the year ended December 31, 2024. Salaries and wages increased by $7.8 million which includes a $3.7 million related to additional staff from merger activity for the year ended December 31, 2025, as compared to the year ended December 31, 2024. Additionally, for the year ended December 31, 2025, there was an increase in employee insurance of $1.9 million. Included in salaries and employee benefits is share-based compensation expense of $4.8 million for the year ended December 31, 2025, and $3.5 million for the year ended December 31, 2024.

Net occupancy and equipment: The $1.4 million increase was primarily due to the additional expense of $723 thousand related to properties acquired through merger activity.

Other real-estate owned: Other real-estate owned increased $8.6 million primarily due to the realized a gain on disposition of repossessed assets of $8.5 million during 2024, which is not expected to reoccur. Excluding the $8.5 million gain in the prior year, other real estate expense would have increased $54 thousand.

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

62

operating expenses, such as settlement of claims, limited partnership tax credits and provision for unfunded commitments. There was a $2.2 million increase in other non-interest expense for the year ended December 31, 2025, as compared to the year ended December 31, 2024. This increase was primarily due to a $1.2 million in miscellaneous expenses.

Merger expenses: Merger expenses of $8.1 million include legal, advisory and accounting fees associated with services to facilitate the acquisition activity in 2025. Merger expenses also include data processing conversion costs and costs associated with the integration of personnel, processes, facilities and employee bonuses. During 2024, the Company incurred merger expenses of $4.5 million related to the Rockhold BanCorp and Kansasland acquisitions.

Efficiency Ratio

The efficiency ratio is a supplemental financial measure utilized in the internal evaluation of our performance and is not defined under GAAP. 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 ratio defined under GAAP that is most comparable to the efficiency ratio is non-interest expense to net interest income plus non-interest income which is discussed in “Results of Operations – Non-GAAP Financial Measures.” The Company’s efficiency ratio remained largely unchanged in 2025 as compared to 2024.

Income Taxes

The amount of income tax expense is influenced by the amount of pre-tax income, the amount of tax-exempt income, the amount of non-deductible expenses and available tax credits.

Year ended December 31, 2025, compared with year ended December 31, 2024

The effective income tax rate for the year ended December 31, 2025, was 13.9% as compared to the U.S. statutory rate of 21.0%. The effective income tax rate for the year ended December 31, 2024, was 20.0% as compared to the U.S. statutory rate of 21.0%. The reduction in the tax rate year over year was the result of gains recognized on the surrender of BOLI and related penalties offset by tax planning benefits in the prior year, both of which did not recur in the current year, in conjunction with interest income related to federal refunds and other permanent tax benefits in the current year that were amplified by the year over year reduction in pre-tax income due to the current year sale of securities. As detailed in “NOTE 13 – INCOME TAXES” in the Notes to Consolidated Financial Statements, the income tax rates differed from the U.S. statutory rates primarily due to non-taxable income, non-deductible expenses, and tax credits. The Company made investments in solar tax credits during the years ended December 31, 2025 and December 31, 2024 which impacted the effective income tax rate for each period.

Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities and are computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position will be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is more likely than not to be realized on examination. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. 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 2020, 2021 and 2022 tax years resulting in related interest income net of federal tax expense of $631 which was recorded to income tax expense as a benefit for 2025. There were no material amounts to report for interest or penalties incurred in 2024 or 2023.

Impact of Inflation

Our consolidated financial statements and related notes included elsewhere in this annual report have been prepared in accordance with GAAP. These require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative value of money over time due to inflation or recession.

Unlike many industrial companies, substantially all our assets and liabilities are monetary in nature. As a result, interest rates have a more significant impact on our performance than the effects of general levels of inflation. Interest rates may not necessarily move in the same direction or in the same magnitude as the prices of goods and services. However, other operating expenses do reflect general levels of inflation.

63

Financial Condition

Overview

Our total assets increased $1.04 billion, or 19.5%, from $5.33 billion at December 31, 2024, to $6.37 billion at December 31, 2025. The increase in total assets was primarily from increases in loans, net of allowance for credit losses of $687.9 million, cash and due from banks of $224.1 million, goodwill of $29.0 million, available for sale securities of $26.1 million, core deposit intangible of $6.7 million and premises and equipment of $19.6 million. Our total liabilities increased $902.0 million, or 19.0%, from $4.74 billion at December 31, 2024, to $5.64 billion at December 31, 2025. The increase in total liabilities was from increases in total deposits of $763.5 million, FHLB advances of $121.9 million and interest payable and other liabilities of $15.2 million. Our total stockholders’ equity increased $139.1 million, or 23.5%, from $592.9 million at December 31, 2024 to $732.1 million at December 31, 2025. The increase in stockholders equity was primarily driven increases in paid in capital of $80.5 million and accumulated other comprehensive income of $62.2 million, partially offset by an increase in treasury stock of $14.0 million for the year ended December 31, 2025.

Loan Portfolio

Our loan portfolio consists of various types of loans, most of which are made to borrowers located in the Wichita, Kansas City, Oklahoma City and Tulsa MSAs, as well as various community markets throughout Arkansas, Kansas, Missouri and Oklahoma. Although the portfolio is diversified and generally secured by various types of collateral, the majority of our loan 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 economic conditions in Arkansas, Kansas, Missouri and Oklahoma.

At December 31, 2025, gross total loans were 81.7% of deposits and 65.9% of total assets. At December 31, 2024, gross total loans were 80.0% of deposits and 65.7% of total assets.

The organic, or non-acquired, growth in our loan portfolio is attributable to our ability to attract new customers from other financial institutions and overall growth in our markets. Our lending staff has been successful in building banking relationships with new customers. New lenders have been hired in our markets and these employees have been successful in transitioning their former clients and attracting new clients. Lending activities originate from the efforts of our lenders with an emphasis on lending to individuals, professionals, small to medium-sized businesses and commercial companies located in the Wichita, Kansas City, Oklahoma City and Tulsa MSAs, as well as community markets in Arkansas, Kansas, Missouri and Oklahoma.

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

Composition of Loan Portfolio

December 31,

2025

2024

2023

Amount

Percent

Amount

Percent

Amount

Percent

(Dollars in thousands)

Commercial and industrial

$

816,885

19.5

%

$

658,865

15.7

%

$

598,327

17.0

%

Real estate loans:

Commercial real estate

2,226,348

53.0

%

1,830,514

43.6

%

1,759,855

50.3

%

Residential real estate

582,145

13.9

%

566,766

13.5

%

556,328

15.9

%

Agricultural real estate

278,927

6.6

%

267,248

6.4

%

196,114

5.6

%

Total real estate loans

3,087,420

73.5

%

2,664,528

63.5

%

2,512,297

71.8

%

Agricultural

188,475

4.5

%

87,339

2.1

%

118,587

3.4

%

Consumer

105,400

2.5

%

90,084

2.1

%

103,690

3.0

%

Total loans held for investment

$

4,198,180

100.0

%

$

3,500,816

83.4

%

$

3,332,901

95.2

%

Total loans held for sale

$

1,392

100.0

%

$

513

100.0

%

$

476

100.0

%

Total loans held for investment

   (net of allowances)

$

4,145,424

100.0

%

$

3,457,549

100.0

%

$

3,289,381

100.0

%

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 nonfarm, nonresidential properties and multifamily residential properties, as well as 1-4 family investment-purpose real estate loans.

64

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

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 December 31, 2025, and December 31, 2024, are summarized in the following tables.

Loan Maturity and Sensitivity to Changes in Interest Rates

As of December 31, 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

$

289,631

$

350,270

$

112,600

$

64,384

$

816,885

Real Estate:

Commercial real estate

531,763

1,268,127

325,353

101,105

2,226,348

Residential real estate

5,267

11,996

111,555

453,327

582,145

Agricultural real estate

74,354

131,536

36,836

36,201

278,927

Total real estate

611,384

1,411,659

473,744

590,633

3,087,420

Agricultural

133,092

38,040

5,663

11,680

188,475

Consumer

52,119

44,205

7,021

2,055

105,400

Total

$

1,086,226

$

1,844,174

$

599,028

$

668,752

$

4,198,180

Loans with a predetermined fixed interest rate

$

412,708

$

653,731

$

109,432

$

269,857

$

1,445,728

Loans with an adjustable/floating interest rate

673,518

1,190,443

489,596

398,895

2,752,452

Total

$

1,086,226

$

1,844,174

$

599,028

$

668,752

$

4,198,180

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

65

Nonperforming Assets

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

Nonperforming Assets

As of December 31,

2025

2024

2023

(Dollars in thousands)

Non-accrual loans

$

40,276

$

27,050

$

25,026

Accruing loans 90 or more days past due

2,610

181

279

OREO acquired through foreclosure, net

3,245

2,632

772

Other repossessed assets

579

4,812

380

Total nonperforming assets

$

46,710

$

34,675

$

26,457

Ratios:

Nonperforming assets to total assets

0.73

%

0.65

%

0.53

%

Nonperforming assets to total loans plus OREO

1.11

%

0.99

%

0.79

%

Nonperforming assets (“NPAs”) include loans on non-accrual status, accruing loans 90 or more days past due, restructured loans, other real estate acquired through foreclosure and other repossessed assets. The changes in non-accrual loans and accruing loans 90 or more days past due was due to specific circumstances on specific borrower relationships and not considered indicative of broad declining credit quality as of the reporting date. Included in other repossessed assets as of December 31, 2024 was the gross collateral of a Main Street Lending loan valued at $4.7. This relationship was resolved prior to December 31, 2025, driving the periodic decline. NPAs and classified assets continue to be at historically low levels for the Company.

The nonperforming loans at December 31, 2025, consisted of 319 separate credits and 266 separate borrowers. We had two nonperforming loan relationships each with outstanding balances exceeding $1.0 million as of December 31, 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. 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.

Regulatory Loan Classification

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 and current economic trends, among 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. We use 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. These loans are considered unclassified.

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 our credit position at some future date. These loans are considered classified.

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. These loans are considered classified.

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, based on currently existing facts, conditions and values, highly questionable and improbable. These loans are considered classified.

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 December 31, 2025, the Company had $24.6

66

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.

For additional information about the risk category by class of loans see “NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES” in the Notes to Consolidated Financial Statements. At December 31, 2025, loans considered unclassified were 98.1% of total loans compared to 98.1% of total loans at December 31, 2024.

Risk Category of Loans by Class

As of December 31, 2025

Unclassified

Classified

Total

(Dollars in thousands)

Commercial and industrial

$

769,789

$

47,096

$

816,885

Real estate:

Commercial real estate

2,204,813

21,535

2,226,348

Residential real estate

577,233

4,912

582,145

Agricultural real estate

275,064

3,863

278,927

Total real estate

3,057,110

30,310

3,087,420

Agricultural

186,980

1,495

188,475

Consumer

104,720

680

105,400

Total

$

4,118,599

$

79,581

$

4,198,180

As of December 31, 2024

Unclassified

Classified

Total

(Dollars in thousands)

Commercial and industrial

$

626,519

$

32,346

$

658,865

Real estate:

Commercial real estate

1,813,778

16,736

1,830,514

Residential real estate

561,198

5,568

566,766

Agricultural real estate

258,353

8,895

267,248

Total real estate

2,633,329

31,199

2,664,528

Agricultural

86,201

1,138

87,339

Consumer

89,300

784

90,084

Total

$

3,435,349

$

65,467

$

3,500,816

For additional information see “NOTE 4 – LOANS AND ALLOWANCE FOR CREDIT LOSSES” in the Notes to Consolidated Financial Statements.

In accordance with applicable regulation, appraisals or evaluations are required to independently value real estate and, as 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.

With respect to potential problem loans, all monitored and under-performing loans are individually reviewed. If we determine that a loan has individually assessed credit loss, then we evaluate the borrower’s overall financial condition to determine the need, if any, for non-performing classification, 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.

67

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. For additional information see “NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES” in the Notes to Consolidated Financial Statements.

Analysis of allowance for credit losses: At December 31, 2025, the allowance for credit losses totaled $52.8 million, or 1.3% of total loans. At December 31, 2024, the allowance for credit losses totaled $43.3 million, or 1.2% of total loans.

The $9.3 million increase in the allowance for credit losses was the result of net charge-offs of $2.5 million, an increase in reserves on loans individually evaluated and an increase in loan balances and purchase accounting for the NBC merger. The allowance for credit losses calculation on loans collectively evaluated at December 31, 2025, totaled $46.2 million, or 1.1%, of the $4.1 billion in loans collectively evaluated, compared to an allowance for credit losses of $38.4 million, or 1.1%, of the $3.5 billion in loans collectively evaluated at December 31, 2024.

Net losses as a percentage of average loans was 0.06% for the twelve months ended December 31, 2025, as compared to 0.11% for the twelve months ended December 31, 2024, and 0.13% for the twelve months ended December 31, 2023.

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

(Dollars in thousands)

December 31, 2025

Commercial Real Estate

Commercial and Industrial

Residential Real Estate

Agricultural Real Estate

Agricultural

Consumer

Total

Allowance for credit losses

$

20,037

$

17,830

$

8,068

$

4,669

$

337

$

1,815

$

52,756

Total loans outstanding (1)

2,226,348

816,885

582,145

278,927

188,475

105,400

4,198,180

Net charge-offs

(140

)

1,333

(11

)

(35

)

70

1,323

2,540

Average loan balance (1)

2,076,448

803,779

573,120

260,219

123,553

100,409

3,937,528

Non-accrual loan balance

10,492

21,527

4,256

1,167

2,153

681

40,276

Loans to total loans outstanding

53.0

%

19.5

%

13.9

%

6.6

%

4.5

%

2.5

%

100.0

%

ACL to total loans

0.9

%

2.2

%

1.4

%

1.7

%

0.2

%

1.7

%

1.3

%

Net charge-offs to average loans

—

%

0.2

%

—

%

—

%

0.1

%

1.3

%

0.1

%

Non-accrual loans to total loans

0.5

%

2.6

%

0.7

%

0.4

%

1.1

%

0.6

%

1.0

%

ACL to non-accrual loans

191.0

%

82.8

%

189.6

%

400.1

%

15.7

%

266.5

%

131.0

%

December 31, 2024

Commercial Real Estate

Commercial and Industrial

Residential Real Estate

Agricultural Real Estate

Agricultural

Consumer

Total

Allowance for credit losses

$

14,948

$

14,005

$

8,553

$

3,504

$

439

$

1,818

$

43,267

Total loans outstanding (1)

1,830,514

658,865

566,766

267,248

87,339

90,084

3,500,816

Net charge-offs

53

2,787

139

8

3

809

3,799

Average loan balance (1)

1,816,957

635,881

561,914

227,341

96,877

100,993

3,439,963

Non-accrual loan balance

7,458

7,798

4,670

5,751

592

781

27,050

Loans to total loans outstanding

52.3

%

18.8

%

16.2

%

7.6

%

2.5

%

2.6

%

100.0

%

ACL to total loans

0.8

%

2.1

%

1.5

%

1.3

%

0.5

%

2.0

%

1.2

%

Net charge-offs to average loans

—

%

0.4

%

—

%

—

%

—

%

0.8

%

0.1

%

Non-accrual loans to total loans

0.4

%

1.2

%

0.8

%

2.2

%

0.7

%

0.9

%

0.8

%

ACL to non-accrual loans

200.4

%

179.6

%

183.1

%

60.9

%

74.2

%

232.8

%

160.0

%

December 31, 2023

Commercial Real Estate

Commercial and Industrial

Residential Real Estate

Agricultural Real Estate

Agricultural

Consumer

Total

Allowance for loan losses

$

13,476

$

17,954

$

7,784

$

1,718

$

995

$

1,593

$

43,520

Total loans outstanding (1)

1,759,855

598,327

556,328

196,114

118,587

103,690

3,332,901

Net charge-offs

(75

)

3,700

18

46

(47

)

558

4,200

Average loan balance (1)

1,750,084

580,451

564,728

201,326

100,394

106,542

3,303,525

Non-accrual loan balance

5,447

5,041

7,251

4,214

2,470

603

25,026

Loans to total loans outstanding

52.8

%

18.0

%

16.7

%

5.9

%

3.6

%

3.1

%

100.0

%

ACL to total loans

0.8

%

3.0

%

1.4

%

0.9

%

0.8

%

1.5

%

1.3

%

Net charge-offs to average loans

—

%

0.6

%

—

%

—

%

—

%

0.5

%

0.1

%

Non-accrual loans to total loans

0.3

%

0.8

%

1.3

%

2.1

%

2.1

%

0.6

%

0.8

%

ACL to non-accrual loans

247.4

%

356.2

%

107.4

%

40.8

%

40.3

%

264.2

%

173.9

%

(1)
Excluding loans held for sale.

68

Management believes that the allowance for credit losses at December 31, 2025, is adequate to cover current expected losses in the loan portfolio as of such date. There can be no assurance, however, that we will not sustain losses in future periods that could be substantial in relation to the size of the allowance at December 31, 2025.

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 December 31, 2025, securities represented 16.3% of total assets compared with 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 are classified as held-to-maturity and carried at cost, adjusted for the amortization of premiums and the accretion of discounts, in the financial statements only if management has the positive intent and ability to hold those securities to maturity. Debt securities not classified as held-to-maturity are classified as available-for-sale and measured at fair value in the financial statements with unrealized gains and losses reported, net of deferred income 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

December 31,

2025

2024

Amortized

Cost

Fair

Value

Amortized

Cost

Fair

Value

(Dollars in thousands)

U.S. Government-sponsored entities

$

25,960

$

26,298

$

71,173

$

65,094

U.S. Treasury securities

35,134

35,250

86,523

86,563

Mortgage-backed securities

Government-sponsored residential

     mortgage-backed securities

763,827

772,145

600,558

565,510

Private label residential mortgage-backed

     securities

4,441

4,326

144,971

124,664

Corporate

92,142

91,798

61,947

58,652

Small Business Administration loan pools

80,199

80,205

30,212

29,928

State and local subdivisions

20,767

20,546

83,868

74,044

Total available-for-sale securities

$

1,022,470

$

1,030,568

$

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

December 31,

2025

2024

Amortized

Cost

Fair

Value

Amortized

Cost

Fair

Value

(Dollars in thousands)

Mortgage-backed securities

Government-sponsored residential

     mortgage-backed securities

$

3,967

$

4,098

$

3,932

$

3,909

State and local subdivisions

1,281

1,311

1,285

1,305

Total held-to-maturity securities

$

5,248

$

5,409

$

5,217

$

5,214

69

The following tables summarize the contractual maturity of debt securities and their weighted average yields as of December 31, 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.

December 31, 2025

Due in one year

or less

Due after one

year through

five years

Due after five

years through

ten 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

$

10,112

4.45

%

$

16,186

4.45

%

$

—

0.00

%

$

—

0.00

%

$

26,298

4.45

%

U.S. Treasury securities

29,747

3.83

%

5,503

4.60

%

—

0.00

%

—

0.00

%

35,250

3.95

%

Mortgage-backed securities

Government-sponsored residential

     mortgage-backed securities

2

4.26

%

55,875

4.95

%

15,337

5.13

%

700,931

4.94

%

772,145

4.95

%

Private label residential

     mortgage-backed securities

—

—

 %

—

—

 %

—

—

 %

4,326

4.21

%

4,326

4.21

%

Corporate

2,326

3.76

%

18,877

7.89

%

69,839

5.49

%

756

6.01

%

91,798

5.95

%

Small Business Administration loan pools

—

—

 %

2,402

5.01

%

37,952

4.50

%

39,851

4.72

%

80,205

4.62

%

State and political subdivisions(1)

908

3.04

%

3,791

3.10

%

10,330

3.22

%

5,517

4.22

%

20,546

3.46

%

Total available-for-sale securities

43,095

3.95

%

102,634

5.33

%

133,458

4.99

%

751,381

4.92

%

1,030,568

4.93

%

Held-to-maturity securities:

Mortgage-backed securities

Government-sponsored residential

     mortgage-backed securities

—

—

 %

—

—

 %

3,101

5.02

%

866

4.91

%

3,967

4.99

%

State and political subdivisions(1)

—

—

 %

—

—

 %

170

3.02

%

1,111

4.62

%

1,281

4.40

%

Total held-to-maturity securities

—

—

 %

—

—

 %

3,271

4.91

%

1,977

4.74

%

5,248

4.85

%

Total debt securities

$

43,095

3.95

%

$

102,634

5.33

%

$

136,729

4.99

%

$

753,358

4.92

%

$

1,035,816

4.93

%

(1)
The calculated yield is not calculated 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

ten 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 calculated on a tax equivalent basis.

Mortgage-backed securities are securities that have been developed by pooling a number of real estate mortgages and which are principally issued by federal agencies such as Ginnie Mae, Fannie Mae, Freddie Mac and non-agency private label providers. 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 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.

70

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 December 31, 2025, and 2024, 90.8% and 72.3% of the mortgage-backed securities held by us had contractual final maturities of more than ten years with a weighted average life of 5.0 years and 5.1 years and a modified duration of 4.1 years and 4.2 years.

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. Overall, deposits have increased $763.5 million from December 31, 2024 to December 31, 2025 and deposits excluding brokered deposits and current year acquisition deposits, have increased $10.8 million for the same time period. During 2025 there has been significant competition for deposits and continued pricing pressure which has caused deposit migration to higher earning deposit account types. The overall increase in deposits is due to merger activity partially offset by a general decrease in excess liquidity in the market due to the impacts of elevated inflation and the effects of trade and fiscal policy, in the form of higher interest rates limiting additional growth in both consumer and business customers.

The following table shows our composition of deposits at December 31, 2025, 2024, and 2023.

Composition of Deposits

December 31,

2025

2024

2023

2025 vs. 2024

2024 vs. 2023

Amount

Percent of

Total

Amount

Percent of

Total

Amount

Percent of

Total

Change

%

Change

%

(Dollars in thousands)

Non-interest-bearing demand

$

1,148,409

22.3

%

$

954,065

21.8

%

$

898,129

21.7

%

$

194,344

20.4

%

$

55,936

6.2

%

Interest-bearing demand

1,268,307

24.7

%

1,172,577

26.8

%

998,822

24.1

%

95,730

8.2

%

173,755

17.4

%

Savings and money market

1,736,680

33.8

%

1,511,620

34.6

%

1,484,985

35.8

%

225,060

14.9

%

26,635

1.8

%

Time

984,868

19.2

%

736,527

16.8

%

763,519

18.4

%

248,341

33.7

%

(26,992

)

(3.5

)%

Total deposits

$

5,138,264

100.0

%

$

4,374,789

100.0

%

$

4,145,455

100.0

%

$

763,475

17.5

%

$

229,334

5.5

%

The following tables show deposits acquired in 2025, as of the time of each 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 deposits acquired in 2024, as of the time of each acquisition.

71

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

%

The following table shows the average deposit balance and average rate paid on deposits for the year ended December 31, 2025, 2024, and 2023.

Average Deposit Balances and Average Rate Paid

December 31,

2025

2024

2023

Average

Balance

Average

Rate

Paid

Average

Balance

Average

Rate

Paid

Average

Balance

Average

Rate

Paid

(Dollars in thousands)

Non-interest-bearing demand

$

1,049,240

—

 %

$

931,860

—

 %

$

979,410

—

 %

Interest-bearing demand

1,113,376

2.06

%

1,028,114

2.68

%

1,002,543

2.26

%

Savings and money market

1,588,459

2.21

%

1,425,025

2.38

%

1,359,822

1.73

%

Time

877,296

3.46

%

770,772

3.75

%

827,652

2.93

%

Total deposits

$

4,628,371

$

4,155,771

$

4,169,427

72

Included in interest-bearing demand deposits are Insured Cash Sweep (“ICS”) reciprocal demand deposit balances of $572.0 million, $469.5 million and $382.6 million at December 31, 2025, 2024 and 2023. Also included in savings and money market deposits at December 31, 2025, 2024, and 2023, are ICS reciprocal money-market deposit balances of $100.2 million, $100.6 million, and $230.8 million. These balances represent customer funds placed in ICS that allow Equity Bank to break large demand and money-market 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 in ICS but are Equity Bank’s customer relationships that management views as core funding.

Included in time deposits are Certificate of Deposit Account Registry Service (“CDARS”) program balances of $51.7 million, $35.4 million, and $21.8 million at December 31, 2025, 2024, and 2023. CDARS allows Equity Bank to break large 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.

Included in interest-bearing demand deposit are brokered deposit balances totaling $0, $75.1 million, $1 thousand at December 31, 2025, 2024 and 2023. Also included in time deposits are brokered deposit balances totaling $70.2 million, $50.0 million and $200.0 million at December 31, 2025, 2024, and 2023.

The following table provides information on the maturity distribution of time deposits of $250,000 or more as of December 31, 2025, and December 31, 2024.

December 31,

2025

2024

(Dollars in thousands)

3 months or less

$

136,661

$

69,637

Over 3 through 6 months

206,748

200,049

Over 6 through 12 months

67,260

13,799

Over 12 months

69,857

52,080

Total Time Deposits

$

480,526

$

335,565

Other Borrowed Funds

We utilize borrowings to supplement deposits to fund our lending and investing activities. Short-term borrowing and long-term borrowing consist of funds from the FHLB, Federal Reserve Bank, federal funds purchased and retail repurchase agreements, a bank stock loan and subordinated debt. The Company continually has short-term borrowings which are disclosed in “NOTE 10 – BORROWINGS” and “NOTE 11 – SUBORDINATED DEBT.”

Federal funds purchased and retail repurchase agreements: We have available federal funds lines of credit with our correspondent banks. Retail repurchase agreements outstanding represent the purchase of interests in securities by banking customers. Retail repurchase agreements are stated at the amount of cash received in connection with the transaction. We do not account for any of our retail repurchase agreements as sales for accounting purposes in our financial statements. Retail repurchase agreements with banking customers are settled on the following business day. See “NOTE 10 – BORROWINGS” in the Notes to Consolidated Financial Statements for additional information.

FHLB advances: FHLB advances include both draws against our line of credit and fixed rate term advances. Each term advance is payable in full at its maturity date and contains a provision for prepayment penalties. Our FHLB borrowings are used for operational liquidity needs for originating and purchasing loans, purchasing investments and general operating cash requirements. See “NOTE 10 – BORROWINGS” in the Notes to Consolidated Financial Statements for additional information.

Federal Reserve Bank: Federal Reserve Bank Term Funding Program borrowings are fixed rate term loans, secured by loans and qualifying pledged securities. Our Federal Reserve Bank borrowings are used for operational liquidity needs for originating and purchasing loans, purchasing investments and general operating cash requirements. see “NOTE 10 – BORROWINGS” in the Notes to Consolidated Financial Statements.

Bank stock loan: The Company maintains a borrowing facility through an unaffiliated financial institution. The terms of the loan require us and Equity Bank to maintain minimum capital ratios and other covenants. The loan and accrued interest may be prepaid at any time without penalty. In the event of default, the lender has the option to declare all outstanding balances as immediately due. For detailed information, see “NOTE 10 – BORROWINGS” in the Notes to Consolidated Financial Statements.

73

Subordinated debentures: In conjunction with the 2012 acquisition of First Community, we assumed certain subordinated debentures owed to special purpose unconsolidated subsidiaries that are controlled by us, FCB Capital Trust II and FCB Capital Trust III, (“CTII” and “CTIII,” respectively). In conjunction with the 2016 acquisition of Community First Bancshares, Inc., we assumed certain subordinated debentures owed to a special purpose unconsolidated subsidiary that is controlled by us, Community First (AR) Statutory Trust I, (“CFSTI”). In conjunction with the 2021 acquisition of ASBI, we assumed certain subordinated debentures owed to a special purpose unconsolidated subsidiary that is controlled by us, American State Bank Statutory Trust I, (“ASBSTI”). For additional information, see “NOTE 11 – SUBORDINATED DEBT” in the Notes to Consolidated Financial Statements.

Subordinated notes: In 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 a total of $75.0 million in aggregate principal amounts of its 7.00% Fixed-to-Floating Rate Subordinated Notes due in 2030. For additional information, see “NOTE 11 – SUBORDINATED DEBT” in the Notes to Consolidated Financial Statements.

On June 30, 2025 the Company executed an early redemption on the subordinated note above. The Company realized a loss of $1.4 million from the write off of debt issue cost from the debt extinguishment.

Subordinated notes: In 2025, 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 a total of $75.0 million in aggregate principal amounts of its 7.13% Fixed-to-Floating Rate Subordinated Notes due in 2035. For additional information, see “NOTE 11 – SUBORDINATED DEBT” in the Notes to Consolidated Financial Statements.

Liquidity and Capital Resources

Liquidity

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 giving consideration to 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 on the manner in which they combine to provide adequate liquidity to meet our needs.

During the years ended December 31, 2025, 2024, and 2023, our liquidity needs have primarily been met by core deposits, securities and loan maturities, as well as amortizing payment from investment securities and loans. Other funding sources include federal funds purchased, retail repurchase agreements, brokered certificates of deposit, subordinated notes, borrowings from the FHLB and from the Federal Reserve Bank.

74

The following table discloses average balances as a percentage of total average assets as of the time periods listed.

For the Year ended

December 31,

2025

2024

2023

Source of funds

Deposits

Non-interest bearing

18.44

%

18.36

%

18.94

%

Interest-bearing demand

19.56

%

20.25

%

19.36

%

Savings and MMDA

27.91

%

28.09

%

28.70

%

Time deposits

15.42

%

15.18

%

15.14

%

Federal Home Loan Bank advances

3.43

%

4.26

%

2.09

%

Federal Reserve Bank discount

   window borrowings

—

%

0.61

%

2.86

%

Subordinated borrowings

1.66

%

1.91

%

1.98

%

Other borrowings

0.81

%

0.93

%

1.07

%

Other liabilities

0.97

%

0.90

%

1.20

%

Member's equity

11.80

%

9.51

%

8.66

%

Total

100.00

%

100.00

%

100.00

%

Uses of Funds

Loans receivable

69.21

%

67.80

%

67.32

%

Taxable securities

15.97

%

19.32

%

19.06

%

Non-taxable securities

0.76

%

1.17

%

1.09

%

Federal funds sold and other

5.78

%

3.85

%

4.11

%

Other real estate owned

0.07

%

0.05

%

0.07

%

Property plant and equipment

2.22

%

2.28

%

2.27

%

Other non-interest earnings assets

5.99

%

5.53

%

6.08

%

Total

100.00

%

100.00

%

100.00

%

Our largest sources of funds are deposits, fed funds sold, retail repurchase agreements and subordinated debt, and our largest uses of funds are the origination of loans or purchases of loans or investment securities. Average loans were $3.94 billion for the year ended December 31, 2025, an increase of 14.5% over average loans of $3.44 billion for the year ended December 31, 2024. 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 investment securities portfolio has a weighted average life of 4.9 years and a modified duration of 4.0 years at December 31, 2025. We believe that our daily funding needs can be met through cash provided by operating activities, payments and maturities on loans and investment securities, our core deposit base, FHLB advances, Federal Reserve Bank and other borrowing relationships. For additional information, see "NOTE 10 - BORROWINGS" in the Notes to Consolidated Financial Statements.

Average loans were $3.44 billion for the year ended December 31, 2024, an increase of 4.1% over the December 31, 2023, 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 4.8 years and a modified duration of 4.0 years at December 31, 2024.

Cash Flow Overview

Cash and cash equivalents were $607.8 million at December 31, 2025, an increase of $224.1 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 year ended December 31, 2025, we repositioned the investment portfolio contributing to $819.9 million in inflows from sales, paydowns and maturities of available-for-sale securities offset by $795.5 million in outflows for the purchase of available-for-sale securities. The repositioning resulted in a $53.3 million dollar loss, which was a non-cash loss, we also received cash from the merger with NBC of Oklahoma of $150.4 million. From time to time as conditions warrant, we borrow funds to maintain our liquidity requirement and fund operational needs.

75

Cash and cash equivalents were $383.7 million at December 31, 2024, an increase of $4.6 million from the $379.1 million cash and cash equivalents at December 31, 2023. 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 on mortgage backed securities. During the year ended December 31, 2024, we issued common stock of $87.0 million and received net cash from two mergers of $62.2 million. 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.

For information related to cash flow during 2022, see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K filed with the SEC on March 7, 2024.

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 20 – COMMITMENTS AND CREDIT RISK” in the Notes to Consolidated Financial Statements.

Commitments to Extend Credit: For additional information see “NOTE 20 – COMMITMENTS AND CREDIT RISK” in the Notes to Consolidated Financial Statements.

Future Debt Repayments

In the normal course of business, we enter into short-term and long-term debt obligations resulting in commitments to make future payments. For additional information see “NOTE 10 – BORROWINGS” and “NOTE 11 – SUBORDINATED DEBT.”

Capital Resources

Capital management consists of providing equity to support our current and future operations. The 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 that they hold. As a bank holding company and a state-chartered Fed member bank, the Company and Equity Bank are subject to regulatory capital requirements.

Capital adequacy guidelines and 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 December 31, 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 December 31, 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. There are no conditions or events since that notification that management believes have changed Equity Bank’s category.

The total increase in stockholders’ equity of $139.1 million was principally attributable to increases in additional paid-in-capital of $80.5 million, an increase in AOCI of $62.2 million, partially offset by an increase in treasury stock of $14.0 million. For

76

additional information about the Company’s capital see "NOTE 12 – STOCKHOLDERS' EQUITY", “NOTE 14 – REGULATORY MATTERS” and "NOTE 17 – SHARE-BASED PAYMENTS" in Notes to Consolidated Financial Statements.

Non-GAAP Financial Measures

We identify certain financial measures discussed in this Annual Report on Form 10-K as being “non-GAAP financial measures.” In accordance with the 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 generally accepted accounting principles as in effect from time to time in the United States in our statements of income, balance sheets 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 Annual Report on Form 10-K 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 manner in which we calculate the non-GAAP financial measures that we discuss in this Annual Report on Form 10-K 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 or with names similar to the non-GAAP financial measures that we have discussed in this Annual Report on Form 10-K 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, mortgage servicing asset, net of accumulated amortization, and naming rights, 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 shares of common stock outstanding plus the period-end dilutive effects of vested restricted stock units, the assumed exercise of stock options, redemption of non-vested restricted stock units, and pending employee stock purchase plan shares at period end. 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 who are 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.

December 31,

2025

2024

2023

2022

2021

(Dollars in thousands, except share data)

Total stockholders’ equity

$

732,054

$

592,918

$

452,860

$

410,058

$

500,631

Goodwill

(82,101

)

(53,101

)

(53,101

)

(53,101

)

(54,465

)

Core deposit intangibles, net

(21,634

)

(14,969

)

(7,222

)

(10,596

)

(14,879

)

Mortgage servicing asset, net

—

—

(75

)

(176

)

(276

)

Naming rights, net

(5,703

)

(957

)

(1,000

)

(1,044

)

(1,087

)

Tangible common equity

$

622,616

$

523,891

$

391,462

$

345,141

$

429,924

Common shares outstanding at period end

18,944,987

17,419,858

15,428,251

15,930,112

16,760,115

Diluted common shares outstanding at period end

19,196,160

17,636,843

15,629,185

16,163,253

17,050,115

Book value per common share

$

38.64

$

34.04

$

29.35

$

25.74

$

29.87

Tangible book value per common share

$

32.86

$

30.07

$

25.37

$

21.67

$

25.65

Tangible book value per diluted common share

$

32.43

$

29.70

$

25.05

$

21.35

$

25.22

77

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, mortgage servicing asset, net of accumulated amortization and naming rights, net of accumulated amortization; (b) tangible assets as total assets less goodwill, core deposit intangibles, net of accumulated amortization, mortgage servicing asset, net of accumulated amortization and naming rights, 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 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 who are 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.

December 31,

2025

2024

2023

2022

2021

(Dollars in thousands)

Total stockholders’ equity

$

732,054

$

592,918

$

452,860

$

410,058

$

500,631

Goodwill

(82,101

)

(53,101

)

(53,101

)

(53,101

)

(54,465

)

Core deposit intangibles, net

(21,634

)

(14,969

)

(7,222

)

(10,596

)

(14,879

)

Mortgage servicing asset, net

—

—

(75

)

(176

)

(276

)

Naming rights, net

(5,703

)

(957

)

(1,000

)

(1,044

)

(1,087

)

Tangible common equity

$

622,616

$

523,891

$

391,462

$

345,141

$

429,924

Total assets

$

6,373,172

$

5,332,047

$

5,034,592

$

4,981,651

$

5,137,631

Goodwill

(82,101

)

(53,101

)

(53,101

)

(53,101

)

(54,465

)

Core deposit intangibles, net

(21,634

)

(14,969

)

(7,222

)

(10,596

)

(14,879

)

Mortgage servicing asset, net

—

—

(75

)

(176

)

(276

)

Naming rights, net

(5,703

)

(957

)

(1,000

)

(1,044

)

(1,087

)

Tangible assets

$

6,263,734

$

5,263,020

$

4,973,194

$

4,916,734

$

5,066,924

Equity / assets

11.49

%

11.12

%

8.99

%

8.23

%

9.74

%

Tangible common equity to tangible assets

9.94

%

9.95

%

7.87

%

7.02

%

8.48

%

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 Day 2 Merger provision expense, 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, 2024, 2023, 2022 and 2021) (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, 2024, 2023, 2022 and 2021) (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

78

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.

December 31,

2025

2024

2023

2022

2021

(Dollars in thousands)

Total average stockholders’ equity

$

670,770

$

482,974

$

423,722

$

440,882

$

446,795

Average intangible assets

(87,276

)

(68,190

)

(63,064

)

(67,746

)

(50,831

)

Average tangible common equity

$

583,494

$

414,784

$

360,658

$

373,136

$

395,964

Net income (loss) allocable to common stockholders

$

22,726

$

62,621

$

7,821

$

57,688

$

52,480

Amortization of intangible assets

4,991

4,408

3,518

4,186

4,242

Tax effect of adjustments

(1,048

)

(926

)

(739

)

(879

)

(891

)

Adjusted net income (loss) allocable to common

   stockholders

$

26,669

$

66,103

$

10,600

$

60,995

$

55,831

Net gain on acquisition

—

(2,131

)

—

(962

)

(585

)

Net (gain) loss on securities transactions

53,174

(220

)

51,909

(5

)

(406

)

Loss on extinguishment of debt

1,361

—

—

—

372

Merger expenses

8,065

4,461

297

594

9,189

Day 2 Merger provision

6,228

—

—

—

—

BOLI tax expense

—

1,730

—

—

—

Tax effect of adjustments

(14,454

)

(443

)

(10,963

)

78

(1,800

)

Core net income (loss) allocable to common

   stockholders

$

81,043

$

69,500

$

51,843

$

60,700

$

62,601

Return on average equity (ROAE)

3.39

%

12.97

%

1.85

%

13.08

%

11.75

%

Core return on average equity

11.58

%

14.29

%

11.63

%

13.72

%

13.85

%

Return on average tangible common equity

   (ROATCE)

4.57

%

15.94

%

2.94

%

16.35

%

14.10

%

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.

79

December 31,

2025

2024

2023

2022

2021

(Dollars in thousands, except per share data)

Net income (loss) allocable to common stockholders

$

22,726

$

62,621

$

7,821

$

57,688

$

52,480

Core net income (loss) allocable to common

    stockholders

$

81,043

$

69,500

$

51,843

$

60,700

$

62,601

Total average assets

$

5,690,709

$

5,075,939

$

4,999,405

$

5,023,112

$

4,431,802

Total average stockholders' equity

$

670,770

$

482,974

$

423,722

$

440,884

$

446,795

Weighted average common shares outstanding

18,296,090

15,489,370

15,535,772

16,214,049

15,019,221

Weighted average diluted common shares

18,456,676

15,671,674

15,648,842

16,437,906

15,306,431

Earnings Per Share

$

1.24

$

4.04

$

0.50

$

3.56

$

3.49

Diluted earnings (loss) per share

$

1.23

$

4.00

$

0.50

$

3.51

$

3.43

Core earnings per diluted share

$

4.39

$

4.43

$

3.31

$

3.69

$

4.09

Return on average assets (ROAA) annualized

0.40

 %

1.23

 %

0.16

 %

1.15

 %

1.18

 %

Core return on average assets

1.42

 %

1.37

 %

1.03

 %

1.21

 %

1.41

 %

Return on average equity

3.39

 %

12.97

 %

1.85

 %

13.08

 %

11.75

 %

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.

80

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

December 31,

2025

2024

2023

2022

2021

(Dollars in thousands)

Non-interest expense

$

174,720

$

144,157

$

135,601

$

128,380

$

119,465

Merger expenses

(8,065

)

(4,461

)

(297

)

(594

)

(9,189

)

Loss on debt extinguishment

(1,361

)

—

—

—

(372

)

Non-interest expense, excluding merger expenses and

   loss on debt extinguishment

$

165,294

$

139,696

$

135,304

$

127,786

$

109,904

Amortization of intangibles

$

(4,991

)

$

(4,408

)

$

(3,518

)

$

(4,186

)

$

(4,242

)

Core Non-interest expense, excluding merger expenses, amortization of intangibles and

   loss on debt extinguishment

$

160,303

$

135,288

$

131,786

$

123,600

$

105,662

Net interest income

$

226,081

$

186,162

$

159,018

$

162,830

$

142,579

Non-interest income

$

(16,028

)

$

38,822

$

(19,129

)

$

35,957

$

32,842

Gain on acquisition and branch sales

—

(2,131

)

—

(962

)

(585

)

Net (gains) losses from securities transactions

53,174

(220

)

51,909

(5

)

(406

)

Non-interest income, excluding net gains (losses) from

   security transactions and gain on acquisition

$

37,146

$

36,471

$

32,780

$

34,990

$

31,851

Non-interest expense to net interest income plus

   non-interest income

83.18

%

64.07

%

96.93

%

64.58

%

68.10

%

Efficiency Ratio

60.90

%

60.77

%

68.71

%

62.48

%

60.58

%

Total average assets

$

5,690,709

$

5,075,939

$

4,999,405

$

5,023,112

$

4,431,802

Core non-interest expense, less goodwill impairment / Average assets

2.82

%

2.67

%

2.64

%

2.46

%

2.38

%