Equity Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 26, 2017 at 09:30 pm
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Equity Bancshares, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net income allocable to common stockholders was $417,000 for the three months ended December 31, 2016, as compared to $2.5 million for the three months ended December 31, 2015. Diluted earnings per share were $0.04 for the three-month period ended December 31, 2016, as compared to $0.34 for the comparable period of 2015. Net interest income for the quarter ended December 31, 2016 was $15.7 million as compared to $12.3 million for the quarter ended December 31, 2015. Income before income taxes was $981,000 against $2,794,000 a year ago. Return on average assets (ROAA) annualized was 0.09% against 0.63% a year ago. Return on average equity (ROAE) annualized was 0.81% against 7.23% a year ago. Book value per share was $22.09 against $18.37 a year ago. Total interest and dividend income was $18,307,000 against $14,430,000 a year ago. Adjusted net income allocable to common stockholders was $518,000 against $2,566,000 a year ago.
For the year, the company reported net income allocable to common stockholders was $9.4 million for the year ended December 31, 2016, as compared to $10.1 million for the year ended December 31, 2015, a decrease of $750,000 or 7.4%. Diluted earnings per share were $1.07 for the year ended December 31, 2016, as compared to $1.54 for the comparable period of 2015. Net interest income was $52.6 million for the year ended December 31, 2016 as compared to $46.3 million for the year ended December 31, 2015, a $6.3 million or 13.7% increase. The increase in net interest income was primarily driven by growth in loan and securities balances, partially offset by an increase in interest expense as the company funded the increase in earning assets with increased deposits and borrowings. Total interest and dividend income was $61,799,000 against $53,028,000 a year ago. Income before income taxes was $13,869,000 against $14,442,000 a year ago.
Net charge-offs for the three months ended December 31, 2016 were $405,000 compared to net charge-offs of $712,000 for the comparable period of 2015.
Equity Bancshares, Inc. is a bank holding company for Equity Bank (the Bank). The Bank provides a range of financial services primarily to businesses and business owners as well as individuals through its network of approximately 82 branches located in Arkansas, Kansas, Missouri and Oklahoma. The Bankâs operations involve the delivery of loan and deposit products to its customers. It offers commercial banking products and other services, including lending activities, deposit products, and other products and services. The Bank offers a suite of online banking solutions, including access to account balances, online transfers, online bill payment and electronic delivery of customer statements, mobile banking solutions for iPhone and Android phones, including remote check deposit with mobile bill pay. Its commercial treasury management services include balance reporting, transfers between accounts, wire transfer initiation, automated clearing house (ACH) origination and stop payments.
Equity Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016