Equity Bancshares, Inc. Third Quarter Results Highlighted by Organic Loan Growth and Announced Merger with Lincoln Bancorp

EPS of $1.29 and Core EPS of $1.40 Reflects Franchise Earning Power

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 $26.8 million or $1.29 per diluted share for the quarter ended September 30, 2026. Core earnings per diluted share for the quarter was $1.40.

“This quarter our company continued to execute at an exciting level. Earnings were strong, production reached all-time highs and loans grew organically. We are putting teams in place with an aligned mission to deepen and expand customer relationships while providing exceptional service to the communities we serve. The results for the quarter reflect that mission,” said Brad S. Elliott, Chairman and CEO of Equity Bancshares.

“As our teams realized positive operating results in our current footprint, we announced our merger with Lincoln Bancorp, which will add the incredible team members, growing communities and exceptional customers it has been cultivating for 124 years. The approval process is progressing as planned and we look forward to all our teams will accomplish together in 2027 and beyond,” Mr. Elliott continued.

Notable Items:

• Loans ended the period at $5.4 billion, up $39.2 million or an annualized rate of 2.9%. Legacy markets, excluding those acquired through the Frontier and NBC acquisitions, grew at an annualized rate of 11.9%. Loan production for the period was $379.3 million, up 20.3% quarter over quarter.
• Net interest income was $72.8 million, down $1.0 million quarter over quarter. Growth in interest income of $1.1 million was outpaced by growth in interest expense for the period as deposit costs increased. Year-over-year net interest income was up $10.4 million, or 16.6%. Loan purchase accounting accretion was $3.3 million in the quarter.
• Efficiency ratio for the period was 54.0% compared to 53.4% in the previous period. Non-interest expense, adjusted for merger expenses and intangible amortization, as a percentage of average assets improved 1 basis point quarter over quarter to 2.42%.
• Return on average equity for the quarter was 12.7%, compared to 12.9% in the previous quarter. Return on average tangible common equity ("ROATCE") was 16.1% compared to 16.6% in the previous quarter.
• Book value per share was $39.59 compared to $40.22 in the previous period and tangible book value per share was $32.93 compared to $33.45 in the previous period. Exclusive of Accumulated Other Comprehensive Income (“AOCI”) book value per share and tangible book value per share increased $1.08 and $1.19, respectively, in the period. Tangible common equity to tangible common assets closed the quarter at 9.1%, up 3 basis points.
• During the quarter, the Company realized net charge-offs of $2.1 million. The allowance for credit losses (“ACL”) closed the quarter at 1.18% of outstanding balances, while ACL plus purchase discounts on loans closed the quarter at 1.65%. As of the end of the period, the ACL was sufficient to cover 7.7 years of current period annualized losses.
• The Company announced a 22% increase in our quarterly dividend to $0.22 on outstanding common shares as of September 30, 2026. Year to date the Company has repurchased 711,369 shares at a weighted average cost of $44.84. As previously announced our repurchase authorization was re-established in September for a total of 1,000,000 shares.

Financial Results for the Quarter Ended September 30, 2026

Net income was $26.8 million, or $1.29 per diluted share, as compared to $26.4 million, or $1.27 per diluted share in the prior quarter. Core net income was $29.1 million or $1.40 per diluted share, demonstrating the underlying earnings power of the franchise.

The drivers of the current period results are discussed in detail in the following sections.

Net Interest Income

Net interest income was $72.8 million for the period, as compared to $73.9 million in the previous quarter. Net interest margin was 4.20%. The decline in net interest income is primarily attributable to an expanding cost of funds and declining yield on earning assets. During the quarter, average earning assets increased $78.0 million driven by investment balances funded by borrowings further driving decline in margin.

Period-end loan balances are $50.4 million higher than average balances during the period. This compositional shift in average earning assets coupled with the full period impact of the FOMC’s decision to raise interest rates in September, is expected to offset deposit pricing competition and yield a return to previous margin expectations of 4.25-4.35% for the fourth quarter, absent the impact of Lincoln.

Provision for Credit Losses

During the quarter, the Company recognized a provision for credit losses of $1.7 million, up $353 thousand from the previous quarter. Net charge-offs were $2.1 million, or an annualized 15 basis points of average loans. At quarter end, ACL to gross loans held for investment was 1.18% and ACL plus purchase discounts was 1.65%. ACL levels were sufficient to cover 7.7 years of current period annualized charge-offs as of the end of the period.

The Company continues to estimate the allowance with assumptions reflecting slower prepayment rates and continued disruption from trade policy, elevated inflation, and monetary policy pressures.

Non-Interest Income

Total non-interest income was $10.9 million, up $2.8 million from the prior quarter. Following adjustment for one-time items in the previous quarter, non-interest income increased by $0.6 million during the period. Period results were driven by growth in service charges and fees, treasury services and debit and credit card income along with expansion in trust and wealth management revenue. Year-over-year non-interest income, exclusive of gains or loss on security sales has increased $2.0 million, or 22.8%. For the fourth quarter, exclusive of the impact of Lincoln, we expect non-interest income to be between $10.0 and $11.0 million.

Non-Interest Expense

Total non-interest expense was $48.1 million as compared to $46.9 million for the prior quarter. Excluding merger expenses in both periods, non-interest expense was $47.2 million versus $46.8 million. GAAP non-interest expense to average assets was effectively flat during the period at 2.58%, down from 3.20% in the same period of the prior year. The efficiency ratio for the period was 54.0%. Non-interest expense for the fourth quarter, exclusive of the impact of Lincoln, is expected in the range of $47.0 to $48.0 million.

Income Tax Expense

At September 30, 2026, the effective tax rate for the quarter was 21.2% as compared to 21.6% for the quarter ended June 30, 2026. The decrease in the effective tax rate was primarily attributable to tax benefits from an investment in a new tax credit structure, non-taxable life insurance proceeds, and share-based compensation activity, partially offset by federal provision-to-return adjustments and non-deductible transaction costs. The year-to-date tax rate is 22.0%.

Loans, Total Assets and Funding

Loans held for investment were $5.4 billion at period end, increasing $39.2 million during the quarter, an annualized increase of 2.9%. Annualized loan growth within non-acquired markets for the period was 11.9% outpacing the moderating declines in the acquired markets. Total assets closed the quarter at $7.6 billion, a decrease of $134.5 million which is primarily attributable to cash and cash equivalents.

Total deposit balances closed the quarter at $6.2 billion, down $136.4 million as compared to the previous period. The decline is attributable to rate sensitive time and municipal deposit accounts, as well as seasonal outflows for a few large customers.

Asset Quality

Nonperforming assets were $75.4 million, or 0.99% of total assets, compared to $66.3 million or 0.86% at prior quarter end. Classified assets to regulatory capital improved 140 basis points in the period, closing the quarter at 10.42%. The Company continues to actively manage credit quality across all markets.

Capital

Book capital decreased $11.3 million quarter over quarter to $816.0 million. Tangible book value per share closed at $32.93, down from $33.45 at prior quarter end. Positive earnings performance net of dividends was offset by an increasing AOCI position as market interest rates moved against our investment portfolio. Exclusive of AOCI, book value and tangible book value per share closed the quarter at $41.49 and $34.83, respectively. Tangible common equity to tangible assets inclusive and exclusive of AOCI closed the quarter at 9.10% and 9.58%, respectively. CET1 capital was 12.15%, total risk-based capital was 14.94%, and the leverage ratio was 10.18%. The Company has repurchased 711,369 shares year to date at a weighted average price of $44.84 per share. The dividend payout ratio year to date was 17.3%, within the Company's 10 to 20% target range.

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 net income is a non-GAAP financial measure that management uses to evaluate the Company’s operating performance across periods. We calculate it by adjusting net income allocable to common stockholders, the most directly comparable GAAP measure, to exclude, net of tax, gains and losses on securities transactions, merger-related costs and provisions, and amortization of intangible assets. Management believes core net income, and the per share and return measures derived from it, give investors a clearer view of results from ongoing operations and make comparisons with other financial institutions easier. The aggregate income tax effect of the adjustments is calculated using the statutory federal rate of 21% and shown in the reconciliation in Table 8.

Core return on average assets and core return on average equity are non-GAAP financial measures. We calculate core return on average assets by dividing annualized core net income by average total assets. We calculate core return on average equity by dividing annualized core net income by average stockholders’ equity, adjusted for the average effect of the core adjustments on equity. The most directly comparable GAAP measures are return on average assets and return on average equity, respectively. Management uses these measures to evaluate how effectively the Company generates earnings from its asset base and equity capital, excluding the items described above, and believes they help investors assess performance across periods and relative to other financial institutions. Reconciliations are included in Table 8.

Core earnings per share is a non-GAAP financial measure we calculate by taking core income divided by the applicable share count. 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 8 in the following press release tables.

Conference Call and Webcast

Equity's Chairman and Chief Executive Officer, Brad Elliott, Chief Executive Officer of Equity Bank, Rick Sems, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast on October 15, 2026 at 9:00 a.m. Central Time to discuss the Company's financial results.

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

United States (Toll-Free): [phone]
Global Dial-In Numbers
Access Code: 216 780 149

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 October 31, 2026, accessible at investor.equitybank.com. Webcast URL: https://events.q4inc.com/attendee/216780149

About Equity Bancshares, Inc.

Equity Bancshares, Inc. is a Wichita-based bank holding company. Equity Bank serves customers in Kansas, Missouri, Oklahoma, Arkansas, Nebraska, and Iowa, with total assets of $7.6 billion as of September 30, 2026. More information is available at equitybank.com.

Additional Information and Where to Find It

In connection with the proposed transaction with Lincoln, Equity filed with the SEC a registration statement on Form S-4 to register the shares of Equity’s Class A common stock to be issued to the shareholders of Lincoln. The registration statement includes a proxy statement/prospectus, which will be sent to the shareholders of Lincoln seeking their approval of the proposed transaction. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EQUITY, LINCOLN AND THE PROPOSED TRANSACTION. The documents filed by Equity with the SEC may be obtained free of charge at Equity’s investor relations website at investor.equitybank.com or at the SEC’s website at www.sec.gov. Alternatively, these documents, when available, can be obtained free of charge from Equity upon written request to Equity Bancshares, Inc., Attn: Investor Relations, 7701 East Kellogg Drive, Suite 300, Wichita, Kansas 67207 or by calling [phone].

No Offer or Solicitation

This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law.

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 forecasted benefits related to the competed transaction with Frontier Bank (“Frontier”) may not materialize as expected; the possibility that the expected benefits related to the proposed transaction with Lincoln Bancorp (“Lincoln”) 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 6, 2026, as amended, 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 September 30,					Nine Months ended September 30,
	2026		2025			2026			2025
Interest and dividend income
Loans, including fees	$	91,277	$	76,911		$	273,316		$	202,776
Securities, taxable		15,575		9,416			44,112			27,351
Securities, nontaxable		190		307			619			1,042
Federal funds sold and other		1,924		4,464			6,767			8,800
Total interest and dividend income		108,966		91,098			324,814			239,969
Interest expense
Deposits		31,514		24,990			92,135			64,457
Federal funds purchased and retail repurchase agreements		231		263			631			730
Federal Home Loan Bank advances		2,556		1,741			6,228			6,881
Bank stock loan		—		—			4			—
Subordinated debt		1,824		1,619			5,439			5,322
Total interest expense		36,125		28,613			104,437			77,390
Net interest income		72,841		62,485			220,377			162,579
Provision (reversal) for credit losses		1,657		6,228			8,916			8,969
Net interest income after provision (reversal) for credit losses		71,184		56,257			211,461			153,610
Non-interest income
Service charges and fees		2,517		2,522			7,424			6,763
Debit card income		3,442		2,953			9,950			8,509
Mortgage banking		544		62			1,481			380
Increase in value of bank-owned life insurance		1,370		1,393			4,391			6,307
Net gains (losses) from securities transactions		10		(53,352	)		(1,311	)		(53,328	)
Other		3,021		1,943			6,514			5,809
Total non-interest income		10,904		(44,479	)		28,449			(25,560	)
Non-interest expense
Salaries and employee benefits		24,034		22,773			74,883			62,462
Net occupancy and equipment		4,979		4,317			14,392			11,474
Data processing		5,466		4,887			16,044			15,028
Professional fees		1,712		1,670			4,880			4,558
Advertising and business development		1,470		1,305			4,683			3,857
Telecommunications		646		630			1,940			1,805
FDIC insurance		675		653			2,605			1,747
Courier and postage		530		744			1,693			2,377
Free nationwide ATM cost		604		582			1,765			1,642
Amortization of core deposit intangibles		1,812		1,182			5,980			3,243
Loan expense		165		330			1,209			740
Other real estate owned and repossessed assets, net		374		797			500			1,001
Loss on debt extinguishment		—		—			—			1,361
Merger expenses		967		6,163			6,825			6,584
Other		4,680		3,049			12,569			10,254
Total non-interest expense		48,114		49,082			149,968			128,133
Income (loss) before income tax		33,974		(37,304	)		89,942			(83	)
Provision for income taxes (benefit)		7,200		(7,641	)		19,763			(725	)
Net income (loss) and net income (loss) allocable to common stockholders	$	26,774	$	(29,663	)	$	70,179		$	642
Basic earnings (loss) per share	$	1.30	$	(1.55	)	$	3.38		$	0.04
Diluted earnings (loss) per share	$	1.29	$	(1.55	)	$	3.35		$	0.04
Weighted average common shares		20,593,162		19,129,726			20,750,044			18,051,688
Weighted average diluted common shares		20,802,722		19,129,726			20,935,760			18,201,716

TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the Three Months Ended
	September 30, 2026		June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Interest and dividend income
Loans, including fees	$	91,277	$	90,577		$	91,462		$	74,362		$	76,911
Securities, taxable		15,575		14,878			13,659			11,450			9,416
Securities, nontaxable		190		207			222			179			307
Federal funds sold and other		1,924		2,162			2,681			4,875			4,464
Total interest and dividend income		108,966		107,824			108,024			90,866			91,098
Interest expense
Deposits		31,514		30,143			30,478			23,998			24,990
Federal funds purchased and retail repurchase agreements		231		208			192			206			263
Federal Home Loan Bank advances		2,556		1,786			1,886			1,327			1,741
Bank stock loan		—		—			4			—			—
Subordinated debt		1,824		1,815			1,800			1,833			1,619
Total interest expense		36,125		33,952			34,360			27,364			28,613
Net interest income		72,841		73,872			73,664			63,502			62,485
Provision (reversal) for credit losses		1,657		1,304			5,955			(16	)		6,228
Net interest income after provision (reversal) for credit losses		71,184		72,568			67,709			63,518			56,257
Non-interest income
Service charges and fees		2,517		2,414			2,493			2,558			2,522
Debit card income		3,442		3,391			3,117			2,905			2,953
Mortgage banking		544		589			348			187			62
Increase in value of bank-owned life insurance		1,370		1,623			1,398			1,410			1,393
Net gains (losses) from securities transactions		10		(1,213	)		(108	)		154			(53,352	)
Other		3,021		1,254			2,239			2,318			1,943
Total non-interest income		10,904		8,058			9,487			9,532			(44,479	)
Non-interest expense
Salaries and employee benefits		24,034		24,594			26,255			22,324			22,773
Net occupancy and equipment		4,979		4,624			4,789			4,327			4,317
Data processing		5,466		5,190			5,388			5,251			4,887
Professional fees		1,712		1,400			1,768			1,909			1,670
Advertising and business development		1,470		1,547			1,666			1,371			1,305
Telecommunications		646		604			690			657			630
FDIC insurance		675		1,165			765			832			653
Courier and postage		530		518			645			858			744
Free nationwide ATM cost		604		595			566			562			582
Amortization of core deposit intangibles		1,812		2,240			1,928			1,260			1,182
Loan expense		165		546			498			150			330
Other real estate owned and repossessed assets, net		374		35			91			28			797
Loss on debt extinguishment		—		—			—			—			—
Merger expenses		967		133			5,725			1,481			6,163
Other		4,680		3,694			4,195			5,577			3,049
Total non-interest expense		48,114		46,885			54,969			46,587			49,082
Income (loss) before income tax		33,974		33,741			22,227			26,463			(37,304	)
Provision for income taxes (benefit)		7,200		7,302			5,261			4,379			(7,641	)
Net income (loss) and net income (loss) allocable to common stockholders	$	26,774	$	26,439		$	16,966		$	22,084		$	(29,663	)
Basic earnings (loss) per share	$	1.30	$	1.28		$	0.81		$	1.16		$	(1.55	)
Diluted earnings (loss) per share	$	1.29	$	1.27		$	0.80		$	1.15		$	(1.55	)
Weighted average common shares		20,593,162		20,624,793			21,037,054			19,021,327			19,129,726
Weighted average diluted common shares		20,802,722		20,825,444			21,263,164			19,235,412			19,129,726

TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
ASSETS
Cash and due from banks	$	337,863		$	546,129		$	563,766		$	607,562		$	699,165
Federal funds sold		405			402			399			255			245
Cash and cash equivalents		338,268			546,531			564,165			607,817			699,410
Interest-bearing time deposits in other banks		579			579			932			575			574
Available-for-sale securities		1,240,394			1,229,692			1,125,162			1,030,568			903,858
Held-to-maturity securities		5,167			5,168			5,254			5,248			5,243
Loans held for sale		2,425			2,723			7,631			1,392			617
Loans, net of allowance for credit losses^(1)		5,380,904			5,341,305			5,364,030			4,145,424			4,215,118
Other real estate owned, net		5,239			3,793			5,026			5,388			3,147
Premises and equipment, net		145,534			141,098			140,648			136,720			132,857
Bank-owned life insurance		151,351			150,514			149,699			148,301			146,891
Federal Reserve Bank and Federal Home Loan Bank stock		42,883			42,719			38,806			34,053			33,713
Interest receivable		42,596			37,730			39,966			33,322			34,751
Goodwill		105,356			105,356			104,958			82,101			77,573
Core deposit intangibles, net		26,485			28,296			30,536			21,634			22,895
Other		103,956			90,117			90,557			120,629			88,984
Total assets	$	7,591,137		$	7,725,621		$	7,667,370		$	6,373,172		$	6,365,631
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Demand	$	1,150,775		$	1,174,903		$	1,274,533		$	1,148,409		$	1,147,201
Total non-interest-bearing deposits		1,150,775			1,174,903			1,274,533			1,148,409			1,147,201
Demand, savings and money market		3,388,748			3,445,538			3,504,698			3,004,987			2,882,625
Time		1,627,905			1,683,376			1,521,679			984,868			1,064,943
Total interest-bearing deposits		5,016,653			5,128,914			5,026,377			3,989,855			3,947,568
Total deposits		6,167,428			6,303,817			6,300,910			5,138,264			5,094,769
Federal funds purchased and retail repurchase agreements		44,413			42,826			39,009			39,864			42,220
Federal Home Loan Bank advances and Federal Reserve Bank borrowings		389,128			385,408			347,660			300,000			341,378
Subordinated debt		98,492			98,377			98,263			98,145			98,174
Contractual obligations		15,111			8,520			9,678			10,208			16,664
Interest payable and other liabilities		60,611			59,415			54,240			54,637			60,534
Total liabilities		6,775,183			6,898,363			6,849,760			5,641,118			5,653,739
Commitments and contingent liabilities
Stockholders’ equity
Common stock		273			273			273			249			249
Additional paid-in capital		769,497			767,608			766,016			664,906			658,481
Retained earnings		263,398			241,225			218,534			205,328			186,718
Accumulated other comprehensive income (loss), net of tax		(39,186	)		(3,820	)		930			7,032			4,720
Treasury stock		(178,028	)		(178,028	)		(168,143	)		(145,461	)		(138,276	)
Total stockholders’ equity		815,954			827,258			817,610			732,054			711,892
Total liabilities and stockholders’ equity	$	7,591,137		$	7,725,621		$	7,667,370		$	6,373,172		$	6,365,631
^(1) Allowance for credit losses	$	63,978		$	64,413		$	64,245		$	52,756		$	53,469

TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except per share data)
	As of and for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
Loans Held For Investment by Type
Commercial real estate	$	2,997,362		$	2,968,281		$	2,958,263		$	2,226,348		$	2,216,180
Commercial and industrial		953,875			955,380			967,049			816,885			907,439
Residential real estate		695,861			710,948			720,441			582,145			590,598
Agricultural real estate		443,966			419,830			431,308			278,927			272,087
Agricultural		249,233			247,327			249,053			188,475			174,517
Consumer		104,585			103,952			102,161			105,400			107,766
Total loans held-for-investment		5,444,882			5,405,718			5,428,275			4,198,180			4,268,587
Allowance for credit losses		(63,978	)		(64,413	)		(64,245	)		(52,756	)		(53,469	)
Net loans held for investment	$	5,380,904		$	5,341,305		$	5,364,030		$	4,145,424		$	4,215,118
Asset Quality Indicators
Nonaccrual loans	$	68,970		$	60,474		$	52,440		$	40,275		$	48,574
Past due loans		29,066			23,666			48,750			23,786			17,682
Nonperforming assets		75,393			66,315			58,341			46,710			52,629
Net charge-offs		2,092			1,660			1,380			697			1,104
Purchase accounting discount		6,227			7,256			8,083			3,543			4,658
Allowance for credit losses		63,978			64,413			64,245			52,756			53,469
Non-purchase credit deteriorated and purchased seasoned loans discount		19,664			22,090			23,929			13,982			14,998
Asset Quality Ratios
Allowance for credit losses on loans to total loans		1.18	%		1.19	%		1.18	%		1.26	%		1.25	%
Allowance for credit losses and discounts on loans to total loans		1.65	%		1.73	%		1.77	%		1.67	%		1.71	%
Past due or nonaccrual loans to total loans		1.80	%		1.56	%		1.86	%		1.53	%		1.55	%
Nonperforming assets to total assets		0.99	%		0.86	%		0.76	%		0.73	%		0.83	%
Nonperforming assets to total loans plus other real estate owned		1.38	%		1.23	%		1.07	%		1.11	%		1.23	%
Classified assets to bank total regulatory capital		10.42	%		11.82	%		12.00	%		12.06	%		12.37	%
Selected Average Balance Sheet Data (QTD Average)
Investment securities	$	1,268,127		$	1,158,422		$	1,126,252		$	937,277		$	915,988
Total gross loans receivable		5,394,462			5,389,418			5,454,281			4,209,562			4,247,338
Interest-earning assets		6,873,429			6,795,426			6,896,216			5,642,066			5,574,875
Total assets		7,408,928			7,330,174			7,451,709			6,141,284			6,085,064
Interest-bearing deposits		4,948,658			4,916,741			4,921,946			3,918,343			3,838,731
Borrowings		408,898			333,556			348,714			276,531			300,402
Total interest-bearing liabilities		5,357,556			5,250,297			5,270,660			4,194,874			4,139,133
Total deposits		6,104,328			6,110,974			6,193,296			5,073,696			5,004,830
Total liabilities		6,573,377			6,505,540			6,609,629			5,415,628			5,369,642
Total stockholders' equity		835,551			824,633			841,838			725,651			715,319
Tangible common equity^*		697,458			684,552			700,096			616,872			620,273
Performance ratios
Return on average assets (ROAA) annualized		1.43	%		1.45	%		0.92	%		1.43	%		(1.93	)%
Return on average equity (ROAE) annualized		12.71	%		12.86	%		8.17	%		12.07	%		(16.45	)%
Return on average tangible common equity (ROATCE) annualized^*		16.10	%		16.59	%		10.77	%		14.91	%		(18.31	)%
Yield on loans annualized		6.71	%		6.74	%		6.80	%		7.01	%		7.18	%
Cost of interest-bearing deposits annualized		2.53	%		2.46	%		2.51	%		2.43	%		2.58	%
Cost of total deposits annualized		2.05	%		1.98	%		2.00	%		1.88	%		1.98	%
Net interest margin annualized		4.20	%		4.36	%		4.33	%		4.47	%		4.45	%
Efficiency ratio^*		53.99	%		53.38	%		56.68	%		59.98	%		58.31	%
Non-interest income / average assets		0.58	%		0.44	%		0.52	%		0.62	%		(2.90	)%
Non-interest expense / average assets		2.58	%		2.57	%		2.99	%		3.01	%		3.20	%
Dividend payout ratio		17.18	%		14.18	%		22.31	%		15.73	%		(11.78	)%
Performance ratios - Core
Core earnings per diluted share^*	$	1.40		$	1.41		$	1.32		$	1.26		$	1.21
Core return on average assets^*		1.56	%		1.61	%		1.52	%		1.57	%		1.51	%
Core return on average equity^*		13.78	%		14.26	%		13.41	%		13.23	%		12.47	%
Core return on average tangible common equity^*		16.51	%		17.17	%		16.10	%		15.56	%		14.30	%
Core non-interest expense / average assets^*		2.42	%		2.43	%		2.57	%		2.82	%		2.71	%
Capital Ratios
Tier 1 Leverage Ratio		10.18	%		9.97	%		9.59	%		10.64	%		10.41	%
Common Equity Tier 1 Capital Ratio		12.15	%		11.84	%		11.54	%		13.08	%		12.84	%
Tier 1 Risk Based Capital Ratio		12.56	%		12.26	%		11.96	%		13.59	%		13.35	%
Total Risk Based Capital Ratio		14.94	%		14.66	%		14.36	%		16.31	%		16.09	%
Total stockholders' equity to total assets		10.75	%		10.71	%		10.66	%		11.49	%		11.18	%
Tangible common equity to tangible assets^*		9.10	%		9.07	%		8.99	%		9.94	%		9.68	%
Book value per common share	$	39.59		$	40.22		$	39.37		$	38.64		$	37.25
Tangible book value per common share^*	$	32.93		$	33.45		$	32.58		$	32.86		$	31.69
Tangible book value per diluted common share^*	$	32.62		$	33.06		$	32.30		$	32.43		$	31.41
^* 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 Nine Months Ended						For the Nine Months Ended
	September 30, 2026						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	$	986,701	$	51,000	6.91	%	$	790,372	$	46,479	7.86	%
Commercial real estate		2,385,690		114,031	6.39	%		1,528,190		81,363	7.12	%
Real estate construction		736,026		38,738	7.04	%		475,225		28,028	7.89	%
Residential real estate		738,615		27,822	5.04	%		569,279		20,437	4.80	%
Agricultural real estate		460,196		23,179	6.73	%		255,618		15,153	7.93	%
Agricultural		267,933		13,378	6.68	%		103,685		6,379	8.23	%
Consumer		111,056		5,168	6.22	%		97,943		4,937	6.74	%
Total loans		5,686,217		273,316	6.43	%		3,820,312		202,776	7.10	%
Securities
Taxable securities		1,162,719		44,112	5.07	%		906,804		27,351	4.03	%
Nontaxable securities		22,068		619	3.75	%		50,171		1,042	2.78	%
Total securities		1,184,787		44,731	5.05	%		956,975		28,393	3.97	%
Federal funds sold and other		265,733		6,767	3.40	%		271,854		8,800	4.33	%
Total interest-earning assets	$	7,136,737	$	324,814	6.09	%	$	5,049,141		239,969	6.35	%
Interest-bearing liabilities
Demand, savings and money market deposits	$	3,523,442	$	54,090	2.05	%	$	2,627,001		43,152	2.20	%
Time deposits		1,618,032		38,045	3.14	%		816,748		21,305	3.49	%
Total interest-bearing deposits		5,141,474		92,135	2.40	%		3,443,749		64,457	2.50	%
FHLB advances		218,402		6,228	3.81	%		217,150		6,881	4.24	%
Other borrowings		147,011		6,074	5.52	%		138,847		6,052	5.83	%
Total interest-bearing liabilities	$	5,506,887	$	104,437	2.54	%	$	3,799,746		77,390	2.72	%
Net interest income			$	220,377					$	162,579
Interest rate spread					3.55	%					3.63	%
Net interest margin ^(2)					4.13	%					4.31	%

^(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
	September 30, 2026						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		902,095	$	16,542	7.28	%	$	934,768	$	18,234	7.74	%
Commercial real estate		2,256,516		38,800	6.82	%		1,745,714		31,729	7.21	%
Real estate construction		748,956		12,967	6.87	%		505,345		10,109	7.94	%
Residential real estate		702,123		9,146	5.17	%		575,341		6,849	4.72	%
Agricultural real estate		439,616		7,818	7.06	%		245,017		5,165	8.36	%
Agricultural		239,629		4,235	7.01	%		132,095		2,981	8.95	%
Consumer		105,527		1,769	6.65	%		109,058		1,844	6.71	%
Total loans		5,394,462		91,277	6.71	%		4,247,338		76,911	7.18	%
Securities
Taxable securities		1,247,436		15,575	4.95	%		875,646		9,416	4.27	%
Nontaxable securities		20,691		190	3.63	%		40,342		307	3.02	%
Total securities		1,268,127		15,765	4.93	%		915,988		9,723	4.21	%
Federal funds sold and other		210,840		1,924	3.62	%		411,549		4,464	4.30	%
Total interest-earning assets	$	6,873,429		108,966	6.29	%	$	5,574,875		91,098	6.48	%
Interest-bearing liabilities
Demand, savings and money market deposits	$	3,425,796		18,651	2.16	%	$	2,876,118		16,394	2.26	%
Time deposits		1,522,862		12,863	3.35	%		962,613		8,596	3.54	%
Total interest-bearing deposits		4,948,658		31,514	2.53	%		3,838,731		24,990	2.58	%
FHLB advances		262,769		2,556	3.86	%		168,011		1,741	4.11	%
Other borrowings		146,129		2,055	5.58	%		132,391		1,882	5.64	%
Total interest-bearing liabilities	$	5,357,556		36,125	2.68	%	$	4,139,133		28,613	2.74	%
Net interest income			$	72,841					$	62,485
Interest rate spread					3.61	%					3.74	%
Net interest margin ^(2)					4.20	%					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 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited)
(Dollars in thousands)
	For the Three Months Ended						For the Three Months Ended
	September 30, 2026						June 30, 2026
	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		902,095	$	16,542	7.28	%		930,538	$	16,759	7.22	%
Commercial real estate		2,256,516		38,800	6.82	%		2,202,740		37,254	6.78	%
Real estate construction		748,956		12,967	6.87	%		785,932		13,840	7.06	%
Residential real estate		702,123		9,146	5.17	%		695,937		9,024	5.20	%
Agricultural real estate		439,616		7,818	7.06	%		434,041		7,647	7.07	%
Agricultural		239,629		4,235	7.01	%		236,758		4,363	7.39	%
Consumer		105,527		1,769	6.65	%		103,472		1,690	6.55	%
Total loans		5,394,462		91,277	6.71	%		5,389,418		90,577	6.74	%
Securities
Taxable securities		1,247,436		15,575	4.95	%		1,136,862		14,878	5.25	%
Nontaxable securities		20,691		190	3.63	%		21,560		207	3.85	%
Total securities		1,268,127		15,765	4.93	%		1,158,422		15,085	5.22	%
Federal funds sold and other		210,840		1,924	3.62	%		247,586		2,162	3.50	%
Total interest-earning assets	$	6,873,429		108,966	6.29	%	$	6,795,426		107,824	6.36	%
Interest-bearing liabilities
Demand savings and money market deposits	$	3,425,796		18,651	2.16	%	$	3,422,011		17,995	2.11	%
Time deposits		1,522,862		12,863	3.35	%		1,494,730		12,148	3.26	%
Total interest-bearing deposits		4,948,658		31,514	2.53	%		4,916,741		30,143	2.46	%
FHLB advances		262,769		2,556	3.86	%		189,336		1,786	3.78	%
Other borrowings		146,129		2,055	5.58	%		144,220		2,023	5.63	%
Total interest-bearing liabilities	$	5,357,556		36,125	2.68	%	$	5,250,297		33,952	2.59	%
Net interest income			$	72,841					$	73,872
Interest rate spread					3.61	%					3.77	%
Net interest margin ^(2)					4.20	%					4.36	%

^(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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
Core Net Income Reconciliation
Net income (loss) allocable to common stockholders	$	26,774		$	26,439		$	16,966		$	22,084		$	(29,663	)
Amortization of intangible assets		1,942			2,369			2,056			1,390			1,312
Tax effect of adjustments		(408	)		(497	)		(432	)		(292	)		(276	)
Adjusted net income (loss) allocable to common stockholders*		28,308			28,311			18,590			23,182			(28,627	)
Net (gain) loss on securities transactions		(10	)		1,213			108			(154	)		53,352
Merger expenses		967			133			5,725			1,481			6,163
Day 2 Merger provision		—			—			6,099			—			6,228
Tax effect of adjustments		(201	)		(283	)		(2,506	)		(279	)		(13,806	)
Core net income (loss) allocable to common stockholders*	$	29,064		$	29,374		$	28,016		$	24,230		$	23,310
Average Balances and Share Data
Total average assets	$	7,408,928		$	7,330,174		$	7,451,709		$	6,141,284		$	6,085,064
Total average stockholders' equity		835,551			824,633			841,838			725,651			715,319
Average intangible assets		(138,093	)		(140,081	)		(141,742	)		(108,779	)		(95,046	)
Average tangible common equity*		697,458			684,552			700,096			616,872			620,273
Average impact from core earnings adjustments		378			532			4,713			524			25,969
Core average tangible common equity*	$	697,836		$	685,084		$	704,809		$	617,396		$	646,242
Weighted average diluted common shares		20,802,722			20,825,444			21,263,164			19,235,412			19,129,726
Per Share Data and Return Measures
Diluted earnings (loss) per share	$	1.29		$	1.27		$	0.80		$	1.15		$	(1.55	)
Core earnings per diluted share*	$	1.40		$	1.41		$	1.32		$	1.26		$	1.22
Return on average assets (ROAA) annualized		1.43	%		1.45	%		0.92	%		1.43	%		(1.93	)%
Core return on average assets (Core ROAA) annualized		1.56	%		1.61	%		1.52	%		1.57	%		1.51	%
Return on average equity (ROAE) annualized		12.71	%		12.86	%		8.17	%		12.07	%		(16.45	)%
Core return on average equity (ROAE) annualized		13.78	%		14.26	%		13.41	%		13.23	%		12.47	%
Return on average tangible common equity*^(2) (ROATCE) annualized^(1)		16.10	%		16.59	%		10.77	%		14.91	%		(18.31	)%
Core return on average tangible common equity (CROATCE) annualized^(2)		16.52	%		17.20	%		16.12	%		15.57	%		14.31	%
Efficiency and Expense Measures
Non-interest expense	$	48,114		$	46,885		$	54,969		$	46,587		$	49,082
Merger expenses		(967	)		(133	)		(5,725	)		(1,481	)		(6,163	)
Amortization of intangible assets		(1,942	)		(2,369	)		(2,056	)		(1,390	)		(1,312	)
Adjusted non-interest expense*^(3)	$	45,205		$	44,383		$	47,188		$	43,716		$	41,607
Net interest income		72,841			73,872			73,664			63,502			62,485
Non-interest income		10,904			8,058			9,487			9,532			(44,479	)
Net (gain) loss on securities transactions		(10	)		1,213			108			(154	)		53,352
Adjusted non-interest income*	$	10,894		$	9,271		$	9,595		$	9,378		$	8,873
Net interest income plus adjusted non-interest income*	$	83,735		$	83,143		$	83,259		$	72,880		$	71,358
Non-interest expense to net interest income plus non-interest income		57.45	%		57.23	%		66.11	%		63.79	%		272.59	%
Efficiency ratio*		53.99	%		53.38	%		56.68	%		59.98	%		58.31	%
Core non-interest expense to average assets*^(3)		2.42	%		2.43	%		2.57	%		2.82	%		2.71	%

	As of and for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
Tangible Capital and Book Value (Period-End)
Total stockholders' equity	$	815,954		$	827,258		$	817,610		$	732,054		$	711,892
Goodwill		(105,356	)		(105,356	)		(104,958	)		(82,101	)		(77,573	)
Core deposit intangibles, net		(26,485	)		(28,296	)		(30,536	)		(21,634	)		(22,895	)
Naming rights, net		(5,476	)		(5,553	)		(5,629	)		(5,703	)		(5,778	)
Tangible common equity*	$	678,637		$	688,053		$	676,487		$	622,616		$	605,646
Common shares outstanding at period end		20,610,134			20,567,009			20,767,023			18,944,987			19,111,084
Diluted common shares outstanding at period end		20,805,774			20,811,448			20,946,924			19,196,160			19,279,741
Book value per common share	$	39.59		$	40.22		$	39.37		$	38.64		$	37.25
Tangible book value per common share*	$	32.93		$	33.45		$	32.58		$	32.86		$	31.69
Tangible book value per diluted common share*	$	32.62		$	33.06		$	32.30		$	32.43		$	31.41
Total assets	$	7,591,137		$	7,725,621		$	7,667,370		$	6,373,172		$	6,365,631
Goodwill		(105,356	)		(105,356	)		(104,958	)		(82,101	)		(77,573	)
Core deposit intangibles, net		(26,485	)		(28,296	)		(30,536	)		(21,634	)		(22,895	)
Naming rights, net		(5,476	)		(5,553	)		(5,629	)		(5,703	)		(5,778	)
Tangible assets*	$	7,453,820		$	7,586,416		$	7,526,247		$	6,263,734		$	6,259,385
Total stockholders' equity total assets		10.75	%		10.71	%		10.66	%		11.49	%		11.18	%
Tangible common equity to tangible assets*		9.10	%		9.07	%		8.99	%		9.94	%		9.68	%

* Non-GAAP financial measure. All other measures are calculated from GAAP amounts.
(1)	ROATCE is calculated using adjusted net income allocable to common stockholders (net income plus amortization of intangible assets, net of tax) divided by average tangible common equity.
(2)	Core ROAE and CROATCE are calculated using average stockholders’ equity and average tangible common equity, respectively, adjusted for the average effect of the core earnings adjustments.
(3)	Core non-interest expense is adjusted non-interest expense.