| CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) |
NOTE 24 – CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) Presented below is the condensed financial information as to financial position, results of operations and cash flows of the Parent Company. CONDENSED BALANCE SHEETS December 31, 2025, and 2024 (Dollar Amounts in thousands, except per share data)
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2025 |
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2024 |
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ASSETS |
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Cash and due from banks |
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$ |
39,210 |
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$ |
105,071 |
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Investment in Equity Bank |
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749,340 |
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573,809 |
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Investment in EBAC |
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4,025 |
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|
3,120 |
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Investment in ERMI |
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3,875 |
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|
3,409 |
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Other assets |
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40,171 |
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|
8,080 |
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Total assets |
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$ |
836,621 |
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$ |
693,489 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Subordinated debt |
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98,145 |
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97,477 |
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Interest payable and other liabilities |
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6,421 |
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|
3,094 |
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Total liabilities |
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104,566 |
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100,571 |
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Stockholders’ equity |
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732,055 |
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|
592,918 |
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Total liabilities and stockholders’ equity |
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$ |
836,621 |
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$ |
693,489 |
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CONDENSED STATEMENTS OF INCOME Years ended December 31, 2025, 2024, and 2023 (Dollar Amounts in thousands, except per share data)
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2025 |
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2024 |
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2023 |
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Dividends from Equity Bank |
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$ |
20,000 |
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$ |
25,000 |
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$ |
32,500 |
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Dividends from ERMI |
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1,300 |
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— |
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— |
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Interest income |
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— |
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|
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291 |
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|
|
— |
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Other income |
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2 |
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295 |
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|
542 |
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Total income |
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21,302 |
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25,586 |
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33,042 |
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Expenses |
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Interest expense |
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7,221 |
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7,668 |
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7,678 |
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Other expenses |
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6,755 |
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(4,845 |
) |
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|
3,058 |
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Total expenses |
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13,976 |
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|
2,823 |
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10,736 |
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Income before income tax and equity in undistributed
income (loss) of subsidiaries |
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7,326 |
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22,763 |
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22,306 |
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Income tax benefit |
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3,463 |
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3,297 |
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|
2,114 |
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Income before equity in undistributed income (loss)
of subsidiaries |
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10,789 |
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26,060 |
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24,420 |
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Equity in undistributed income (loss) of Equity Bank |
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11,843 |
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35,468 |
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(17,844 |
) |
Equity in undistributed income (loss) of EBAC |
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(374 |
) |
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(358 |
) |
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(305 |
) |
Equity in undistributed income (loss) of ERMI |
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468 |
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1,451 |
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|
1,550 |
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Net income (loss) and net income (loss) allocable to common stockholders |
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$ |
22,726 |
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$ |
62,621 |
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$ |
7,821 |
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CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31, 2025, 2024, and 2023 (Dollar Amounts in thousands, except per share data)
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2025 |
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2024 |
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2023 |
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Cash flows from operating activities |
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Net income (loss) |
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$ |
22,726 |
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$ |
62,621 |
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$ |
7,821 |
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Adjustments to reconcile net income to net cash from
operating activities: |
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Stock based compensation |
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5,635 |
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4,048 |
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3,213 |
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Equity in undistributed (income) loss of Equity Bank |
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(11,843 |
) |
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(35,468 |
) |
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17,844 |
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Equity in undistributed (income) loss of EBAC |
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374 |
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358 |
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|
305 |
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Equity in undistributed (income) loss of ERMI |
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(468 |
) |
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(1,451 |
) |
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(1,550 |
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Net amortization of purchase valuation adjustments |
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502 |
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555 |
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530 |
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(Gain)/loss on sales and valuation adjustments on other real estate owned |
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— |
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(8,500 |
) |
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— |
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Change in unrealized (gains)/losses on equity securities |
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— |
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(294 |
) |
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— |
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Loss on debt extinguishment |
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1,361 |
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— |
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— |
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Change in fair value of derivatives recognized in earnings |
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1 |
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4 |
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— |
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Net change in: |
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Other assets |
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(32,142 |
) |
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(4,938 |
) |
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(658 |
) |
Interest payable and other liabilities |
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(11,118 |
) |
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(3,175 |
) |
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(2,556 |
) |
Net cash from (to) operating activities |
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(24,972 |
) |
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13,760 |
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24,949 |
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Cash flows (to) from investing activities |
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Net redemptions (purchases) of correspondent and miscellaneous other stock |
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(537 |
) |
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(493 |
) |
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(751 |
) |
Proceeds from sale of other real estate owned |
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— |
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8,500 |
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— |
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Purchase of net assets of KansasLand Bank, net of cash acquired |
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— |
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(95 |
) |
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— |
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Purchase of net assets of NBC, net of cash acquired |
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(13,754 |
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— |
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— |
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Additional investment in EBAC |
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(1,125 |
) |
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(100 |
) |
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(50 |
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Additional investment in ERMI |
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— |
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— |
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— |
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Net cash (used in) investing activities |
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(15,416 |
) |
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7,812 |
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(801 |
) |
Cash flows (to) from financing activities |
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Principal payments on bank stock loan |
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— |
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(691 |
) |
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— |
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Proceeds from issuance of common stock, net |
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(73 |
) |
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86,980 |
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— |
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Proceeds from exercise of employee stock options |
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|
316 |
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3,506 |
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|
203 |
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Proceeds from employee stock purchase plan |
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|
882 |
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|
726 |
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|
784 |
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Purchase of treasury stock |
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(13,986 |
) |
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(11,859 |
) |
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(17,900 |
) |
Proceeds from subordinated debt |
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|
75,000 |
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— |
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— |
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Principal payments on subordinated debt |
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(75,000 |
) |
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— |
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— |
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Debt issue cost |
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(1,195 |
) |
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— |
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— |
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Dividends paid on common stock |
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(11,417 |
) |
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(7,892 |
) |
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(6,614 |
) |
Net cash provided by (used in) financing activities |
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(25,473 |
) |
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|
70,770 |
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(23,527 |
) |
Net change in cash and cash equivalents |
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(65,861 |
) |
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|
92,342 |
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|
621 |
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Cash and cash equivalents, beginning of period |
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|
105,071 |
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|
12,729 |
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|
12,108 |
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Ending cash and cash equivalents |
|
$ |
39,210 |
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$ |
105,071 |
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$ |
12,729 |
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