Q4 2025 Earnings & Profitability
Net Interest Margin (NIM) & Income
Net interest income was $63.5 million representing a modest increase from prior quarter. Net interest margin expanded by 2 basis points to 4.47%. Excluding the impact of purchase accounting accretion and benefits related to non-accrual loans, core net interest margin was 4.36%.
Non-interest income reflected typical seasonal patterns and acquisition-related activity. Non-interest expense included operating costs associated with recent acquisitions, integration efforts, and normal personnel and occupancy expenses.
Balance Sheet & Growth
Total assets increased year-over-year supported by loan and deposit growth. Total loans increased by approximately $697 million versus prior year. Total deposits increased by approximately $764 million year-over-year. Growth was influenced by NBC Corp. acquisition, which closed during 2025.
Subsequent to quarter-end, Equity Bancshares completed its acquisition of Frontier Holdings LLC on January 1, 2026. The transaction added approximately $1.34 billion in loans and $1.1 billion in deposits. Consideration included cash and common stock. The acquired balances were not reflected in fourth quarter 2025 financial results.
Liquidity remained supported by a diversified deposit base. The company continued to manage funding costs amid changing interest rate conditions. Management reported stable deposit trends during the quarter, with no material deterioration in deposit mix.
Capital & Shareholder Returns
Capital levels improved during the quarter. Book value per share increased to $38.64 at December 31, 2025 versus $37.25 at Q3 2025 end. Tangible book value per share rose to $32.86 from $31.69. Tangible common equity to tangible assets was approximately 9.9% at quarter-end.
Equity Bancshares continued to return capital to shareholders. The Board of Directors declared a quarterly cash dividend of $0.18 per common share. During Q4, the company repurchased 172,338 shares of common stock at an average price of $41.69 per share. Additional shares remain authorized under the existing share repurchase program.
Credit Quality
Credit quality metrics remained stable. Net charge-offs were $697,000 representing 0.07% of average loans on an annualized basis. Year-to-date net charge-offs totaled $2.5 million or 0.06% of average loans. The allowance for credit losses was 1.26% of total loans at December 31, 2025. Non-performing assets declined sequentially and represented a small percentage of total assets.
Full Year 2025 Results
Net interest income totaled $226.1 million representing approximately 21% increase versus 2024. The increase was primarily attributable to loan growth, higher average earning assets, and improved margin performance.
At year-end 2025, Equity Bancshares operated a multi-state banking franchise with a focus on commercial, industrial, and real estate lending. The company ended 2025 with improved profitability metrics, stable asset quality, and increased scale following acquisition activity completed during and shortly after the quarter.