Equity Bancshares, Inc. Fourth Quarter Results Highlighted by Earnings and Net Interest Margin Expansion

Company Closed its Acquisition of Frontier Holdings LLC on January 1, 2026, Entering Nebraska

WICHITA, Kan.--(BUSINESS WIRE)--Equity Bancshares, Inc. (NYSE: EQBK) (“Equity,” “the Company,” “we,” “us,” “our”), the Wichita-based holding company of Equity Bank, reported net income of $22.1 million or $1.15 per diluted share for the quarter ended December 31, 2025. Adjusting for pre-tax expenses associated with our acquisitions of NBC Corp of Oklahoma (“NBC”) and Frontier Holdings LLC (“Frontier”), tax effected at 21%, net income was $23.2 million, or $1.21 per share.

“2025 has been a transformative year for our Company and the fourth quarter was no exception,” said Brad S. Elliott, Chairman and CEO of Equity. “Our teams continued to integrate our newly expanded Oklahoma footprint, worked to position the balance sheet, locations and operational teams for our acquisition of Frontier, which closed on January 1, 2026 marking our entry into the state of Nebraska, while also continuing to provide exceptional products and services to our customers and communities.”

“I couldn’t be more proud of our employees and partners. Years like these are not possible without excellent operators committing to accomplishing significant tasks,” Mr. Elliott continued. “Our teams are motivated to make Equity the premier community bank in the communities we serve, as well as the premier merger partner for like-minded organizations across our footprint.”

Notable Items:

• For the fourth quarter 2025, net interest margin was 4.47%, expanding 2 basis points over the linked quarter. Normalizing acquisition accounting accretion by 12 basis points and removing the benefit of nonaccrual loans, core margin was 4.36%.
• Full year net interest income was $226.1 million for 2025 compared to $186.2 million for 2024, an annual increase of 21.4%, benefiting from expanded margin and balance sheet growth.
• Total loan and deposit balances increased year-over-year by $697.4 million and $763.5 million, respectively, driven by the addition of NBC during the third quarter of 2025.
• Closed our transaction with Frontier on January 1, 2026, contributing additional loan balances of approximately $1.34 billion and deposit balances of $1.1 billion. Consideration for the Frontier transaction included $32.5 million in cash and the issuance of 2.22 million shares of common stock.
• During the quarter, book value per share increased to $38.64 from $37.25, while tangible book value per share increased to $32.86 from $31.69. Tangible common equity to tangible common assets closed the quarter at 9.94%.
• During the quarter, the Company realized net charge-offs of $697 thousand, or 0.07% annualized. Year to date net charge-offs were $2.5 million, or 0.06% annualized. Reserves closed the quarter at 1.26% of outstanding balances, materially consistent quarter over quarter.
• The Company announced a $0.18 dividend on outstanding common shares as of December 31, 2025. During the quarter, the Company repurchased 172,338 shares at a weighted average cost of $41.69 per share. Under the currently active repurchase plan, 827,662 additional shares are authorized for purchase.

Financial Results for the Quarter Ended December 31, 2025

Net income allocable to common stockholders was $22.1 million, or $1.15 per diluted share, as compared to net loss allocable to common stockholders of $29.7 million, or $(1.55) per diluted share in the prior quarter. The drivers of the periodic change are discussed in detail in the following sections.

Net Interest Income

Net interest income was $63.5 million for the period, as compared to $62.5 million in the previous quarter. Purchase accounting accretion and benefits on previously non-accruing loans was materially flat quarter over quarter. Loan purchase accounting contributed 16 basis points to margin in the quarter.

Average interest-earning assets increased 1.20% during the quarter to $5.6 billion. The yield on interest-earning assets decreased 9 basis points while the cost of interest bearing liabilities declined by 15 basis points. The comparative improved performance in interest-earning asset yields was partially offset by a modest increase in interest-bearing liabilities as a percentage of interest-earning assets to 75.1%.

Provision for Credit Losses

During the quarter, there was not a material provision compared to $6.2 million in the previous quarter. In the previous quarter, provisioning was driven by the addition of NBC assets and the related reserve requirement.

During the quarter, we realized net charge-offs of $697 thousand as compared to $1.1 million, realizing an annualized ratio of charge-offs to average loans of 7 basis points. For the year, we realized net charge-offs of $2.5 million or 6 basis points of average loans on an annualized basis.

At the close of the quarter, the ratio of allowance for credit losses to gross loans held for investment was 1.26%. The Company continues to estimate the allowance for credit loss with assumptions that anticipate slower prepayment rates and continued market disruption caused by trade policy, elevated inflation, supply chain issues and the impact of monetary policy on consumers and businesses.

Non-Interest Income

Total non-interest income for the quarter was $9.5 million, as compared to $8.9 million for the linked quarter when adjusted to exclude a loss of $53.4 million on the sale of securities related to our repositioning during that period, an increase of $659 thousand, or 7.4%. The periodic change was driven by increased mortgage production and benefit from the resolution of a previously sold government guaranteed loan.

Non-Interest Expense

Total non-interest expense for the quarter was $46.6 million as compared to $49.1 million for the previous quarter. Adjusting for merger expenses in both periods, non-interest expense increased $2.2 million, or 5.1%. The increase during the period is primarily attributable to the recognition of a $1.0 million reserve for settlement costs related to ongoing overdraft litigation as well as a comparative change of $1.2 million in the reserve for unfunded commitments. Exclusive of merger expenses, the litigation accrual and provisioning for unfunded commitments in both periods annualized non-interest expense as a percentage of average assets declined 2 basis points, closing the quarter at 2.8%.

Income Tax Expense

At December 31, 2025, the effective tax rate for the quarter was 16.6% as compared to a rate of 20.5% for the quarter ended September 30, 2025. The full year tax rate at December 31, 2025, was 13.9%. The year-to-date tax rate at September 30, 2025, was not meaningful as the loss on the sale of bonds within the quarter resulted in a small year-to-date loss.

The change in the quarter over quarter tax rate is not meaningful as the third quarter tax rate was the result of loss recognized in the quarter related to the sale of bonds compared to net income recognized in the fourth quarter.

Loans, Total Assets and Funding

Loans held for investment were $4.2 billion at period end, decreasing $70.4 million during the quarter. Total assets closed the quarter at $6.4 billion, a $7.5 million decrease from prior quarter end.

Total deposit balances closed the quarter at $5.1 billion increasing $43.5 million from the previous quarter end. Brokered deposits declined $80 million and closed the quarter at 1.4% of total deposits down from 3.0% at prior quarter end.

Asset Quality

Nonperforming assets were $46.7 million, or 0.7% of total assets, compared to $52.6 million as of the end of the previous quarter, or 0.8% of total assets. Non-accrual loans were $40.3 million, as compared to $48.6 million at the end of the previous quarter. Total classified assets, including loans rated special mention or worse, other real estate owned, excluding previous branch locations, and other repossessed assets were $83.4 million, or 12.1% of regulatory capital, materially flat to the previous quarter. The periodic decline in nonaccrual and nonperforming assets is primarily driven by the resolution of one credit acquired through our merger with NBC.

Capital

Quarter over quarter, book capital increased $20.2 million to $732.1 million. The increase is reflective of earnings and improvement in unrealized gains on the bond portfolio partially offset by dividends and share repurchases processed in the quarter. Tangible book value and tangible book value per share closed the quarter at $622.6 million and $32.86, compared to $31.69 at prior quarter end.

The Company’s ratio of common equity tier 1 capital to risk-weighted assets was 13.1%, the total capital to risk-weighted assets was 16.3% and the total leverage ratio was 10.6% at December 31, 2025. At September 30, 2025, the Company’s common equity tier 1 capital to risk-weighted assets ratio was 12.9%, the total capital to risk-weighted assets ratio was 16.1% and the total leverage ratio was 10.4%.

Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was 13.6%, total capital to risk-weighted assets was 14.8% and the total leverage ratio was 10.6% at December 31, 2025. At September 30, 2025, Equity Bank’s ratio of common equity tier 1 capital to risk-weighted assets was 13.24%, the ratio of total capital to risk-weighted assets was 14.3% and the total leverage ratio was 10.3%.

Non-GAAP Financial Measures

In addition to evaluating the Company’s results of operations in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management periodically supplements this evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial condition and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company’s GAAP financial information.

The efficiency ratio is a common comparable metric used by banks to understand the expense structure relative to total revenue. In other words, for every dollar of total revenue recognized, how much of that dollar is expended. To improve the comparability of the ratio to our peers, non-core items are excluded. To improve transparency and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.

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 return on average assets before income tax provision and provision for loan losses is a measure that the Company uses to understand fundamental operating performance before these expenses. Used as a ratio relative to average assets, we believe it demonstrates “core” performance and can be viewed as an alternative measure of how efficiently the Company services its asset base. Used as a ratio relative to average equity, it can function as an alternative measure of the Company’s earnings performance in relationship to its 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 by taking core net income allocable to common stockholders 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.

Core earnings per share is a non-GAAP financial measures we calculate by taking GAAP net income less non-core impacts to net income to arrive at core net income and core diluted earnings per share. This financial measure is used by financial statement users to evaluate the core financial performance of the Company

Tangible common equity and related measures are non-GAAP financial measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These financial measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors.

The Company believes that disclosing these non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 6 in the following press release tables.

Conference Call and Webcast

Equity’s Chairman and Chief Executive Officer, Brad Elliott, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast to discuss third quarter results on Thursday, January 22, 2026, at 10 a.m. eastern time or 9 a.m. central time.

Those wishing to participate in the conference call should call the applicable number below and reference the Access Code below.

United States (Local): [phone]
United States (Toll-Free): [phone]
Global Dial-In Numbers
Access Code: 962739

To eliminate wait times, conference call participants may pre-register using this registration link. After registering, a confirmation with access details will be sent via email.

A replay of the call and webcast will be available two hours following the close of the call until February 5, 2026, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/528508490

About Equity Bancshares, Inc.

Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the New York Stock Exchange. under the symbol “EQBK.” Learn more at www.equitybank.com.

Special Note Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “positioned,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; the possibility that the expected benefits related to the proposed transaction with Frontier Bank (“Frontier”) may not materialize as expected; and the ability to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; and similar variables. The foregoing list of factors is not exhaustive.

For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2025, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue.

Unaudited Financial Tables

• Table 1. Consolidated Statements of Income
• Table 2. Quarterly Consolidated Statements of Income
• Table 3. Consolidated Balance Sheets
• Table 4. Selected Financial Highlights
• Table 5. Year-To-Date Net Interest Income Analysis
• Table 6. Quarter-To-Date Net Interest Income Analysis
• Table 7. Quarter-Over-Quarter Net Interest Income Analysis
• Table 8. Non-GAAP Financial Measures

TABLE 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
	Three Months Ended December 31,						Twelve Months ended December 31,
	2025			2024			2025			2024
Interest and dividend income
Loans, including fees	$	74,362		$	63,379		$	277,138		$	245,815
Securities, taxable		11,450			9,229			38,801			39,091
Securities, nontaxable		179			387			1,221			1,579
Federal funds sold and other		4,875			1,984			13,675			10,358
Total interest and dividend income		90,866			74,979			330,835			296,843
Interest expense
Deposits		23,998			21,213			88,455			90,409
Federal funds purchased and retail repurchase agreements		206			258			936			1,151
Federal Home Loan Bank advances		1,327			2,158			8,208			10,180
Federal Reserve Bank borrowings		—			—			—			1,361
Subordinated debt		1,833			1,877			7,155			7,580
Total interest expense		27,364			25,506			104,754			110,681
Net interest income		63,502			49,473			226,081			186,162
Provision (reversal) for credit losses		(16	)		98			8,953			2,546
Net interest income after provision (reversal) for credit losses		63,518			49,375			217,128			183,616
Non-interest income
Service charges and fees		2,558			2,296			9,321			9,830
Debit card income		2,905			2,513			11,414			10,246
Mortgage banking		187			141			567			861
Increase in value of bank-owned life insurance		1,410			1,883			7,717			4,966
Net gain on acquisition and branch sales		—			—			—			2,131
Net gains (losses) from securities transactions		154			(2	)		(53,174	)		220
Other		2,318			1,985			8,127			10,568
Total non-interest income		9,532			8,816			(16,028	)		38,822
Non-interest expense
Salaries and employee benefits		22,324			18,368			84,786			72,786
Net occupancy and equipment		4,327			3,571			15,801			14,371
Data processing		5,251			4,988			20,279			20,004
Professional fees		1,909			1,846			6,467			6,503
Advertising and business development		1,371			1,469			5,228			5,366
Telecommunications		657			614			2,462			2,501
FDIC insurance		832			662			2,579			2,483
Courier and postage		858			687			3,235			2,599
Free nationwide ATM cost		562			558			2,204			2,127
Amortization of core deposit intangibles		1,260			1,060			4,503			4,289
Loan expense		150			154			890			601
Other real estate owned and repossessed assets, net		28			133			1,029			(7,525	)
Loss on debt extinguishment		—			—			1,361			—
Merger expenses		1,481			—			8,065			4,461
Other		5,577			3,696			15,831			13,591
Total non-interest expense		46,587			37,806			174,720			144,157
Income (loss) before income tax		26,463			20,385			26,380			78,281
Provision for income taxes (benefit)		4,379			3,399			3,654			15,660
Net income (loss) and net income (loss) allocable to common stockholders	$	22,084		$	16,986		$	22,726		$	62,621
Basic earnings (loss) per share	$	1.16		$	1.06		$	1.24		$	4.04
Diluted earnings (loss) per share	$	1.15		$	1.04		$	1.23		$	4.00
Weighted average common shares		19,021,327			16,020,938			18,296,090			15,489,370
Weighted average diluted common shares		19,235,412			16,262,965			18,456,676			15,671,674

TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025		March 31, 2025		December 31, 2024
Interest and dividend income
Loans, including fees	$	74,362		$	76,911		$	62,868	$	62,997	$	63,379
Securities, taxable		11,450			9,416			8,821		9,114		9,229
Securities, nontaxable		179			307			358		377		387
Federal funds sold and other		4,875			4,464			2,140		2,196		1,984
Total interest and dividend income		90,866			91,098			74,187		74,684		74,979
Interest expense
Deposits		23,998			24,990			20,090		19,377		21,213
Federal funds purchased and retail repurchase agreements		206			263			219		248		258
Federal Home Loan Bank advances		1,327			1,741			2,224		2,916		2,158
Subordinated debt		1,833			1,619			1,852		1,851		1,877
Total interest expense		27,364			28,613			24,385		24,392		25,506
Net interest income		63,502			62,485			49,802		50,292		49,473
Provision (reversal) for credit losses		(16	)		6,228			19		2,722		98
Net interest income after provision (reversal) for credit losses		63,518			56,257			49,783		47,570		49,375
Non-interest income
Service charges and fees		2,558			2,522			2,177		2,064		2,296
Debit card income		2,905			2,953			3,052		2,504		2,513
Mortgage banking		187			62			212		106		141
Increase in value of bank-owned life insurance		1,410			1,393			1,321		3,593		1,883
Net gains (losses) from securities transactions		154			(53,352	)		12		12		(2	)
Other		2,318			1,943			1,815		2,051		1,985
Total non-interest income		9,532			(44,479	)		8,589		10,330		8,816
Non-interest expense
Salaries and employee benefits		22,324			22,773			19,735		19,954		18,368
Net occupancy and equipment		4,327			4,317			3,482		3,675		3,571
Data processing		5,251			4,887			5,055		5,086		4,988
Professional fees		1,909			1,670			1,361		1,527		1,846
Advertising and business development		1,371			1,305			1,208		1,344		1,469
Telecommunications		657			630			588		587		614
FDIC insurance		832			653			464		630		662
Courier and postage		858			744			834		799		687
Free nationwide ATM cost		562			582			547		513		558
Amortization of core deposit intangibles		1,260			1,182			1,016		1,045		1,060
Loan expense		150			330			281		129		154
Other real estate owned and repossessed assets, net		28			797			103		101		133
Loss on debt extinguishment		—			—			1,361		—		—
Merger expenses		1,481			6,163			355		66		—
Other		5,577			3,049			3,611		3,594		3,696
Total non-interest expense		46,587			49,082			40,001		39,050		37,806
Income (loss) before income tax		26,463			(37,304	)		18,371		18,850		20,385
Provision for income taxes (benefit)		4,379			(7,641	)		3,107		3,809		3,399
Net income (loss) and net income (loss) allocable to common stockholders	$	22,084		$	(29,663	)	$	15,264	$	15,041	$	16,986
Basic earnings (loss) per share	$	1.16		$	(1.55	)	$	0.87	$	0.86	$	1.06
Diluted earnings (loss) per share	$	1.15		$	(1.55	)	$	0.86	$	0.85	$	1.04
Weighted average common shares		19,021,327			19,129,726			17,524,296		17,490,062		16,020,938
Weighted average diluted common shares		19,235,412			19,129,726			17,651,298		17,666,834		16,262,965

TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
ASSETS
Cash and due from banks	$	607,562		$	699,165		$	365,957		$	431,131		$	383,503
Federal funds sold		255			245			247			251			244
Cash and cash equivalents		607,817			699,410			366,204			431,382			383,747
Interest-bearing time deposits in other banks		575			574			—			—			—
Available-for-sale securities		1,030,568			903,858			973,402			950,453			1,004,455
Held-to-maturity securities		5,248			5,243			5,236			5,226			5,217
Loans held for sale		1,392			617			217			338			513
Loans, net of allowance for credit losses^(1)		4,145,424			4,215,118			3,555,458			3,585,804			3,457,549
Other real estate owned, net		5,388			3,147			4,621			4,464			4,773
Premises and equipment, net		136,720			132,857			117,533			117,041			117,132
Bank-owned life insurance		148,301			146,891			133,638			132,317			133,032
Federal Reserve Bank and Federal Home Loan Bank stock		34,053			33,713			34,835			31,960			27,875
Interest receivable		33,322			34,751			26,243			26,791			28,913
Goodwill		82,101			77,573			53,101			53,101			53,101
Core deposit intangibles, net		21,634			22,895			12,908			13,924			14,969
Other		120,629			88,984			90,441			93,299			100,771
Total assets	$	6,373,172		$	6,365,631		$	5,373,837		$	5,446,100		$	5,332,047
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand	$	1,148,409		$	1,147,201		$	912,898		$	949,791		$	954,065
Total non-interest-bearing deposits		1,148,409			1,147,201			912,898			949,791			954,065
Demand, savings and money market		3,004,987			2,882,625			2,494,285			2,614,110			2,684,197
Time		984,868			1,064,943			827,735			841,463			736,527
Total interest-bearing deposits		3,989,855			3,947,568			3,322,020			3,455,573			3,420,724
Total deposits		5,138,264			5,094,769			4,234,918			4,405,364			4,374,789
Federal funds purchased and retail repurchase agreements		39,864			42,220			36,420			36,772			37,246
Federal Home Loan Bank advances and Federal Reserve Bank borrowings		300,000			341,378			383,676			236,734			178,073
Subordinated debt		98,145			98,174			24,125			97,620			97,477
Contractual obligations		10,208			16,664			17,289			9,398			12,067
Interest payable and other liabilities		54,637			60,534			41,773			42,888			39,477
Total liabilities		5,641,118			5,653,739			4,738,201			4,828,776			4,739,129
Commitments and contingent liabilities
Stockholders’ equity
Common stock		249			249			231			231			230
Additional paid-in capital		664,906			658,481			587,547			586,251			584,424
Retained earnings		205,328			186,718			219,876			207,282			194,920
Accumulated other comprehensive income (loss), net of tax		7,032			4,720			(40,269	)		(44,965	)		(55,181	)
Treasury stock		(145,461	)		(138,276	)		(131,749	)		(131,475	)		(131,475	)
Total stockholders’ equity		732,054			711,892			635,636			617,324			592,918
Total liabilities and stockholders’ equity	$	6,373,172		$	6,365,631		$	5,373,837		$	5,446,100		$	5,332,047
^(1) Allowance for credit losses	$	52,756		$	53,469		$	45,270		$	45,824		$	43,267

TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the Three Months Ended
	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Loans Held For Investment by Type
Commercial real estate	$	2,226,348		$	2,216,180		$	1,854,294		$	1,863,200		$	1,830,514
Commercial and industrial		816,885			907,439			753,339			762,906			658,865
Residential real estate		582,145			590,598			565,755			563,954			566,766
Agricultural real estate		278,927			272,087			226,125			260,683			267,248
Agricultural		188,475			174,517			94,981			94,199			87,339
Consumer		105,400			107,766			106,234			86,686			90,084
Total loans held-for-investment		4,198,180			4,268,587			3,600,728			3,631,628			3,500,816
Allowance for credit losses		(52,756	)		(53,469	)		(45,270	)		(45,824	)		(43,267	)
Net loans held for investment	$	4,145,424		$	4,215,118		$	3,555,458		$	3,585,804		$	3,457,549
Asset Quality Ratios
Allowance for credit losses on loans to total loans		1.26	%		1.25	%		1.26	%		1.26	%		1.24	%
Past due or nonaccrual loans to total loans		1.53	%		1.55	%		1.65	%		1.17	%		1.14	%
Nonperforming assets to total assets		0.73	%		0.83	%		0.85	%		0.51	%		0.65	%
Nonperforming assets to total loans plus other real estate owned		1.11	%		1.23	%		1.27	%		0.77	%		0.99	%
Classified assets to bank total regulatory capital		12.06	%		12.37	%		11.39	%		10.24	%		12.00	%
Selected Average Balance Sheet Data (QTD Average)
Investment securities	$	937,277		$	915,928		$	961,869		$	993,836		$	1,012,698
Total gross loans receivable		4,209,562			4,247,338			3,630,981			3,575,230			3,525,765
Interest-earning assets		5,642,066			5,574,815			4,791,664			4,771,972			4,716,295
Total assets		6,141,284			6,084,961			5,206,950			5,212,417			5,163,166
Interest-bearing deposits		3,918,343			3,838,731			3,264,599			3,221,130			3,280,592
Borrowings		276,531			300,402			350,747			418,138			340,042
Total interest-bearing liabilities		4,194,874			4,139,133			3,615,346			3,639,268			3,620,634
Total deposits		5,073,696			5,004,830			4,183,473			4,143,151			4,243,159
Total liabilities		5,415,628			5,369,642			4,579,847			4,606,500			4,629,939
Total stockholders' equity		725,651			715,319			627,103			605,917			533,227
Tangible common equity^*		616,872			620,273			554,697			533,528			463,657
Performance ratios
Return on average assets (ROAA) annualized		1.43	%		(1.93	)%		1.18	%		1.17	%		1.31	%
Return on average equity (ROAE) annualized		12.07	%		(16.45	)%		9.76	%		10.07	%		12.67	%
Return on average tangible common equity (ROATCE) annualized^*		14.91	%		(18.31	)%		11.69	%		12.12	%		15.30	%
Yield on loans annualized		7.01	%		7.18	%		6.94	%		7.15	%		7.15	%
Cost of interest-bearing deposits annualized		2.43	%		2.58	%		2.47	%		2.44	%		2.57	%
Cost of total deposits annualized		1.88	%		1.98	%		1.93	%		1.90	%		1.99	%
Net interest margin annualized		4.47	%		4.45	%		4.17	%		4.27	%		4.17	%
Efficiency ratio^*		59.98	%		58.31	%		63.62	%		62.43	%		63.02	%
Non-interest income / average assets		0.62	%		(2.90	)%		0.66	%		0.80	%		0.68	%
Non-interest expense / average assets		3.01	%		3.20	%		3.08	%		3.04	%		2.91	%
Dividend payout ratio		15.73	%		(11.78	)%		17.49	%		17.81	%		15.62	%
Performance ratios - Core
Core earnings per diluted share^*	$	1.26		$	1.21		$	0.99		$	0.90		$	1.10
Core return on average assets^*		1.57	%		1.51	%		1.35	%		1.24	%		1.37	%
Core return on average equity^*		13.23	%		12.47	%		11.18	%		10.69	%		13.29	%
Core return on average tangible common equity^*		15.56	%		14.30	%		12.64	%		12.14	%		15.29	%
Core non-interest expense / average assets^*		2.82	%		2.71	%		2.86	%		2.94	%		2.83	%
Capital Ratios
Tier 1 Leverage Ratio		10.64	%		10.41	%		12.07	%		11.76	%		11.67	%
Common Equity Tier 1 Capital Ratio		13.08	%		12.84	%		15.07	%		14.70	%		14.51	%
Tier 1 Risk Based Capital Ratio		13.59	%		13.35	%		15.67	%		15.30	%		15.11	%
Total Risk Based Capital Ratio		16.31	%		16.09	%		16.84	%		18.32	%		18.07	%
Total stockholders' equity to total assets		11.49	%		11.18	%		11.83	%		11.34	%		11.12	%
Tangible common equity to tangible assets^*		9.94	%		9.68	%		10.63	%		10.13	%		9.95	%
Book value per common share	$	38.64		$	37.25		$	36.27		$	35.23		$	34.04
Tangible book value per common share^*	$	32.86		$	31.69		$	32.17		$	31.07		$	30.07
Tangible book value per diluted common share^*	$	32.43		$	31.41		$	31.89		$	30.80		$	29.70
^* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 8. Non-GAAP Financial Measures.

TABLE 5. YEAR-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
	For the Twelve Months Ended					For the Twelve Months Ended
	December 31, 2025					December 31, 2024
	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%
Commercial real estate		1,583,020		113,277	7.16%		1,400,661		99,316	7.09%
Real estate construction		493,428		38,242	7.75%		416,296		36,004	8.65%
Residential real estate		573,952		27,517	4.79%		563,176		26,505	4.71%
Agricultural real estate		260,219		20,026	7.70%		227,341		16,848	7.41%
Agricultural		123,553		9,982	8.08%		96,877		9,103	9.40%
Consumer		100,409		6,697	6.67%		100,995		6,851	6.78%
Total loans		3,938,360		277,138	7.04%		3,441,227		245,815	7.14%
Securities
Taxable securities		909,082		38,801	4.27%		980,664		39,091	3.99%
Nontaxable securities		42,973		1,221	2.84%		59,597		1,579	2.65%
Total securities		952,055		40,022	4.20%		1,040,261		40,670	3.91%
Federal funds sold and other		328,753		13,675	4.16%		195,378		10,358	5.30%
Total interest-earning assets	$	5,219,168	$	330,835	6.34%	$	4,676,866		296,843	6.35%
Interest-bearing liabilities
Demand, savings and money market deposits	$	2,701,835	$	58,072	2.15%	$	2,453,139		61,518	2.51%
Time deposits		877,296		30,383	3.46%		770,772		28,891	3.75%
Total interest-bearing deposits		3,579,131		88,455	2.47%		3,223,911		90,409	2.80%
FHLB advances		195,434		8,208	4.20%		216,012		10,180	4.71%
Other borrowings		140,671		8,091	5.75%		175,516		10,092	5.75%
Total interest-bearing liabilities	$	3,915,236	$	104,754	2.68%	$	3,615,439		110,681	3.06%
Net interest income			$	226,081				$	186,162
Interest rate spread					3.66%					3.29%
Net interest margin ^(2)					4.33%					3.98%
^(1) Average loan balances include nonaccrual loans.
^(2) Net interest margin is calculated by dividing annualized 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 unrounded 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.

TABLE 6. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
	For the Three Months Ended					For the Three Months Ended
	December 31, 2025					December 31, 2024
	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		812,003	$	14,919	7.29%	$	651,733	$	12,780	7.80%
Commercial real estate		1,698,611		31,913	7.45%		1,402,966		25,978	7.37%
Real estate construction		547,444		10,214	7.40%		463,885		9,654	8.28%
Residential real estate		587,820		7,080	4.78%		567,123		6,571	4.61%
Agricultural real estate		273,871		4,873	7.06%		262,529		5,071	7.68%
Agricultural		182,511		3,603	7.83%		82,986		1,705	8.17%
Consumer		107,302		1,760	6.51%		94,543		1,620	6.82%
Total loans		4,209,562		74,362	7.01%		3,525,765		63,379	7.15%
Securities
Taxable securities		915,665		11,450	4.96%		953,688		9,229	3.85%
Nontaxable securities		21,612		179	3.29%		59,071		387	2.61%
Total securities		937,277		11,629	4.92%		1,012,759		9,616	3.78%
Federal funds sold and other		495,227		4,875	3.91%		177,832		1,984	4.44%
Total interest-earning assets	$	5,642,066		90,866	6.39%	$	4,716,356		74,979	6.32%
Interest-bearing liabilities
Demand, savings and money market deposits	$	2,878,804		14,920	2.06%	$	2,448,539		13,429	2.18%
Time deposits		1,039,539		9,078	3.46%		832,053		7,784	3.72%
Total interest-bearing deposits		3,918,343		23,998	2.43%		3,280,592		21,213	2.57%
FHLB advances		130,978		1,327	4.02%		194,914		2,158	4.41%
Other borrowings		145,553		2,039	5.56%		145,128		2,135	5.86%
Total interest-bearing liabilities	$	4,194,874		27,364	2.59%	$	3,620,634		25,506	2.80%
Net interest income			$	63,502				$	49,473
Interest rate spread					3.80%					3.52%
Net interest margin ^(2)					4.47%					4.17%
^(1) Average loan balances include nonaccrual loans.
^(2) Net interest margin is calculated by dividing annualized 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 unrounded 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.

TABLE 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
	For the Three Months Ended					For the Three Months Ended
	December 31, 2025					September 30, 2025
	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		812,003	$	14,919	7.29%	$	934,768	$	18,234	7.74%
Commercial real estate		1,698,611		31,913	7.45%		1,745,714		31,729	7.21%
Real estate construction		547,444		10,214	7.40%		505,345		10,109	7.94%
Residential real estate		587,820		7,080	4.78%		575,341		6,849	4.72%
Agricultural real estate		273,871		4,873	7.06%		245,017		5,165	8.36%
Agricultural		182,511		3,603	7.83%		132,095		2,981	8.95%
Consumer		107,302		1,760	6.51%		109,058		1,844	6.71%
Total loans		4,209,562		74,362	7.01%		4,247,338		76,911	7.18%
Securities
Taxable securities		915,665		11,450	4.96%		875,646		9,416	4.27%
Nontaxable securities		21,612		179	3.29%		40,342		307	3.02%
Total securities		937,277		11,629	4.92%		915,988		9,723	4.21%
Federal funds sold and other		495,227		4,875	3.91%		411,549		4,464	4.30%
Total interest-earning assets	$	5,642,066		90,866	6.39%	$	5,574,875		91,098	6.48%
Interest-bearing liabilities
Demand savings and money market deposits	$	2,878,804		14,920	2.06%	$	2,876,118		16,394	2.26%
Time deposits		1,039,539		9,078	3.46%		962,613		8,596	3.54%
Total interest-bearing deposits		3,918,343		23,998	2.43%		3,838,731		24,990	2.58%
FHLB advances		130,978		1,327	4.02%		168,011		1,741	4.11%
Other borrowings		145,553		2,039	5.56%		132,391		1,882	5.64%
Total interest-bearing liabilities	$	4,194,874		27,364	2.59%	$	4,139,133		28,613	2.74%
Net interest income			$	63,502				$	62,485
Interest rate spread					3.80%					3.74%
Net interest margin ^(2)					4.47%					4.45%
^(1) Average loan balances include nonaccrual loans.
^(2) Net interest margin is calculated by dividing annualized 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 unrounded 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.

TABLE 8. NON-GAAP FINANCIAL MEASURES (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the Three Months Ended
	December 31 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Total stockholders' equity	$	732,054		$	711,892		$	635,636		$	617,324		$	592,918
Goodwill		(82,101	)		(77,573	)		(53,101	)		(53,101	)		(53,101	)
Core deposit intangibles, net		(21,634	)		(22,895	)		(12,908	)		(13,924	)		(14,969	)
Naming rights, net		(5,703	)		(5,778	)		(5,852	)		(5,926	)		(957	)
Tangible common equity	$	622,616		$	605,646		$	563,775		$	544,373		$	523,891
Common shares outstanding at period end		18,944,987			19,111,084			17,527,191			17,522,994			17,419,858
Diluted common shares outstanding at period end		19,196,160			19,279,741			17,680,489			17,673,132			17,636,843
Book value per common share	$	38.64		$	37.25		$	36.27		$	35.23		$	34.04
Tangible book value per common share	$	32.86		$	31.69		$	32.17		$	31.07		$	30.07
Tangible book value per diluted common share	$	32.43		$	31.41		$	31.89		$	30.80		$	29.70
Total assets	$	6,373,172		$	6,356,187		$	5,373,837		$	5,446,100		$	5,332,047
Goodwill		(82,101	)		(77,573	)		(53,101	)		(53,101	)		(53,101	)
Core deposit intangibles, net		(21,634	)		(22,895	)		(12,908	)		(13,924	)		(14,969	)
Naming rights, net		(5,703	)		(5,778	)		(5,852	)		(5,926	)		(957	)
Tangible assets	$	6,263,734		$	6,249,941		$	5,301,976		$	5,373,149		$	5,263,020
Total stockholders' equity to total assets		11.49	%		11.18	%		11.83	%		11.34	%		11.12	%
Tangible common equity to tangible assets		9.94	%		9.68	%		10.63	%		10.13	%		9.95	%
Total average stockholders' equity	$	725,651		$	715,319		$	627,103		$	605,917		$	533,227
Average intangible assets		(108,779	)		(95,046	)		(72,406	)		(72,389	)		(69,570	)
Average tangible common equity	$	616,872		$	620,273		$	554,697		$	533,528		$	463,657
Net income (loss) allocable to common stockholders	$	22,084		$	(29,663	)	$	15,264		$	15,041		$	16,986
Net gain on acquisition		—			—			—			—			—
Net gain (loss) on securities transactions		(154	)		53,352			(12	)		(12	)		2
Merger expenses		1,481			6,163			355			66			—
Loss on debt extinguishment		—			—			1,361			—			—
Day 2 Merger provision		—			6,228			—			—			—
Amortization of intangible assets		1,390			1,312			1,145			1,144			1,071
Tax effect of adjustments		(571	)		(14,082	)		(598	)		(252	)		(225	)
Core net income (loss) allocable to common stockholders	$	24,230		$	23,310		$	17,515		$	15,987		$	17,834
Return on total average stockholders' equity (ROAE) annualized		12.07	%		(16.45	)%		9.76	%		10.07	%		12.67	%
Average tangible common equity	$	616,872		$	620,273		$	554,697		$	533,528		$	463,657
Average impact from core earnings adjustments		1,073			26,487			1,126			473			424
Core average tangible common equity	$	617,945		$	646,760		$	555,823		$	534,001		$	464,081
Return on average tangible common equity (ROATCE) annualized		14.91	%		(18.31	)%		11.69	%		12.12	%		15.30	%
Core return on average tangible common equity (CROATCE) annualized		15.56	%		14.30	%		12.64	%		12.14	%		15.29	%

Non-interest expense	$	46,587		$	49,082		$	40,001		$	39,050		$	37,806
Merger expense		(1,481	)		(6,163	)		(355	)		(66	)		—
Amortization of intangible assets		(1,390	)		(1,312	)		(1,145	)		(1,144	)		(1,071	)
Loss on debt extinguishment		—			—			(1,361	)		—			—
Adjusted non-interest expense	$	43,716		$	41,607		$	37,140		$	37,840		$	36,735
Net interest income	$	63,502		$	62,485		$	49,802		$	50,292		$	49,473
Non-interest income		9,532			(44,479	)		8,589			10,330			8,816
Net gains (losses) from securities transactions		(154	)		53,352			(12	)		(12	)		2
Adjusted non-interest income	$	9,378		$	8,873		$	8,577		$	10,318		$	8,818
Net interest income plus adjusted non-interest income	$	72,880		$	71,358		$	58,379		$	60,610		$	58,291
Non-interest expense to net interest income plus non-interest income		63.79	%		272.59	%		68.51	%		64.42	%		64.86	%
Efficiency ratio		59.98	%		58.31	%		63.62	%		62.43	%		63.02	%
Total average assets		6,141,284			6,084,961			5,206,950			5,212,417			5,163,166
Core non-interest expense to average assets		2.82	%		2.71	%		2.86	%		2.94	%		2.83	%
Net income (loss) allocable to common stockholders	$	22,084		$	(29,663	)	$	15,264		$	15,041		$	16,986
Amortization of intangible assets		1,390			1,312			1,145			1,144			1,071
Tax effect of adjustments		(292	)		(276	)		(240	)		(240	)		(225	)
Adjusted net income allocable to common stockholders		23,182			(28,627	)		16,169			15,945			17,832
Net gain (loss) on securities transactions		(154	)		53,352			(12	)		(12	)		2
Merger expenses		1,481			6,163			355			66			—
Loss on debt extinguishment		—			—			1,361			—			—
Day 2 Merger provision		—			6,228			—			—			—
Tax effect of adjustments		(279	)		(13,806	)		(358	)		(12	)		—
Core net income (loss) allocable to common stockholders	$	24,230		$	23,310		$	17,515		$	15,987		$	17,834
Total average assets	$	6,141,284		$	6,085,064		$	5,206,950		$	5,212,417		$	5,163,166
Total average stockholders' equity	$	725,651		$	715,319		$	627,103		$	605,917		$	533,227
Weighted average diluted common shares		19,235,412			19,129,726			17,651,298			17,666,834			16,262,965
Diluted earnings (loss) per share	$	1.15		$	(1.55	)	$	0.86		$	0.85		$	1.04
Core earnings per diluted share	$	1.26		$	1.21		$	0.99		$	0.90		$	1.10
Return on average assets (ROAA) annualized		1.43	%		(1.93	)%		1.18	%		1.17	%		1.31	%
Core return on average assets		1.57	%		1.51	%		1.35	%		1.24	%		1.37	%
Return on average equity		12.07	%		(16.45	)%		9.76	%		10.07	%		12.67	%
Core return on average equity		13.23	%		12.47	%		11.18	%		10.69	%		13.29	%