EQUITY BANCSHARES INC
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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FY2023 · Filed Mar 7, 2024
EQBK$49.21-0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| EQUITY BANCSHARES, INC. | |||
|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
| For the Years ended December 31, 2023, 2022, and 2021 | |||
| (Dollar amounts in thousands, except per share data) | |||
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income (loss) | $7,821 | $57,688 | $52,480 |
| Adjustments to reconcile net income (loss) to net cash from operating activities: | |||
| Stock-based compensation | 3,213 | 3,325 | 2,906 |
| Depreciation | 4,516 | 4,466 | 4,186 |
| Amortization of operating lease right-of-use asset | 604 | 714 | 480 |
| Amortization of cloud computing implementation costs | 188 | 188 | 171 |
| Provision (reversal) for credit losses | 1,873 | 125 | (8,480) |
| Net amortization (accretion) of purchase valuation adjustments | (618) | (3,979) | 18,001 |
| Amortization (accretion) of premiums and discounts on securities | 4,041 | 6,302 | 9,638 |
| Amortization of intangible assets | 3,518 | 4,186 | 4,242 |
| Deferred income taxes | (2,435) | 2,594 | 1,592 |
| Federal Home Loan Bank stock dividends | (594) | (369) | (55) |
| Loss (gain) on sales and valuation adjustments on other real estate owned | 218 | 80 | (839) |
| Net loss (gain) on sales and settlements of securities | 52,013 | (79) | (373) |
| Change in unrealized (gains) losses on equity securities | (104) | 74 | (68) |
| Loss (gain) on disposal of premises and equipment | (103) | (41) | (18) |
| Loss (gain) on lease termination | 173 | — | (2) |
| Loss (gain) on sales of foreclosed assets | 58 | (345) | (36) |
| Loss (gain) on sales of loans | (472) | (1,085) | (2,804) |
| Originations of loans held for sale | (24,964) | (46,140) | (101,149) |
| Proceeds from the sale of loans held for sale | 24,967 | 50,774 | 111,986 |
| Increase in the value of bank-owned life insurance | (4,065) | (3,113) | (3,506) |
| Change in fair value of derivatives recognized in earnings | 522 | (1,477) | (336) |
| Gain on acquisition and branch sales | — | (962) | (585) |
| Payments on operating lease payable | (915) | (771) | (608) |
| Net change in: | |||
| Interest receivable | (4,867) | (2,973) | 1,672 |
| Other assets | 6,172 | 22,466 | (6,503) |
| Interest payable and other liabilities | 5,767 | (17,575) | 20,706 |
| Net cash provided by operating activities | 76,527 | 74,073 | 102,698 |
| Cash flows (to) from investing activities | |||
| Purchases of available-for-sale securities | (510,224) | (182,036) | (785,297) |
| Purchases of held-to-maturity securities | (275) | (1,950) | — |
| Proceeds from sales, calls, pay-downs and maturities of available-for-salesecurities | 789,390 | 168,409 | 472,894 |
| Proceeds from calls, pay-downs and maturities of held-to-maturity securities | 17 | 3 | — |
| Net change in interest-bearing time deposits in other banks | — | — | 249 |
| Net change in loans | (23,715) | (181,896) | 218,107 |
| Purchase of mortgage loans | — | (1,399) | (363,892) |
| Purchase of USDA guaranteed loans | (1,235) | (2,293) | (10,958) |
| Capitalized construction cost of other real estate owned | (562) | (12) | — |
| Purchase of premises and equipment | (15,575) | (3,479) | (5,101) |
| Proceeds from sale of premises and equipment | 163 | 164 | 24 |
| Proceeds from sale of foreclosed assets | 110 | 29,888 | 161 |
| Net redemptions (purchases) of Federal Home Loan Bank and Federal Reserve Bank stock | 1,681 | (3,816) | 3,212 |
| Net redemptions (purchases) of correspondent and miscellaneous other stock | (11,855) | (4,546) | (82) |
| Proceeds from sale of other real estate owned | 1,874 | 9,323 | 4,732 |
| Purchase of bank-owned life insurance | — | — | (25,000) |
| Proceeds from bank-owned life insurance death benefits | 2,376 | 723 | 1,749 |
| Net cash (paid) received from acquisition of ASBI | — | — | 102,710 |
| Net cash (paid) received from acquisition of Security Bank locations | — | — | 71,153 |
| Net cash (paid) received from branch sale to United Bank and Trust | — | (22,939) | — |
| Net cash (paid) received from branch sale to High Plains Bank | — | (18,328) | — |
| Net cash (used in) provided by investing activities | 232,170 | (214,184) | (315,339) |
| Cash flows (to) from financing activities | |||
| Net increase (decrease) in deposits | (96,436) | (106,330) | 228,515 |
| Net change in federal funds purchased and retail repurchase agreements | (2,896) | (9,528) | 5,765 |
|---|---|---|---|
| Net borrowings (repayments) on Federal Home Loan Bank line of credit | (138,864) | 138,864 | — |
| Proceeds from Federal Home Loan Bank term advances | 1,366,091 | 413,973 | 302,906 |
| Principal repayments on Federal Home Loan Bank term advances | (1,266,091) | (413,973) | (327,422) |
| Proceeds from Federal Reserve Bank discount window | 141,000 | 1,000 | 1,000 |
| Principal payments on Federal Reserve Bank discount window | (1,000) | (1,000) | (1,000) |
| Proceeds from exercise of employee stock options | 203 | 2,011 | 3,847 |
| Principal payments on employee stock loan | — | — | 43 |
| Proceeds from employee stock purchase plan | 784 | 792 | 569 |
| Proceeds from subordinated notes | — | — | — |
| Debt issue cost of subordinated notes | — | — | (16) |
| Purchase of treasury stock | (17,900) | (33,186) | (18,664) |
| Net change in contractual obligations | (12,303) | (2,474) | (2,497) |
| Dividends paid on common stock | (6,614) | (5,564) | (1,149) |
| Net cash provided by (used in) financing activities | (34,026) | (15,415) | 191,897 |
| Net change in cash and cash equivalents | 274,671 | (155,526) | (20,744) |
| Cash and cash equivalents, beginning of period | 104,428 | 259,954 | 280,698 |
| Ending cash and cash equivalents | $379,099 | $104,428 | $259,954 |
| Supplemental cash flow information: | |||
| Interest paid | $80,807 | $25,803 | $15,028 |
| Income taxes paid, net of refunds | 3,467 | 1,218 | 4,586 |
| Supplemental noncash disclosures: | |||
| Other real estate owned acquired in settlement of loans | 1,086 | 2,369 | 1,184 |
| Other real estate owned transferred from premises and equipment | — | 2,210 | 1,038 |
| Other repossessed assets acquired in settlement of loans | 505 | 47 | 28,858 |
| Operating leases recognized | 690 | — | 32 |
| Other real estate owned recorded as a result of transferring non-operational branch right-of-use-asset | — | 2,071 | — |
| Purchase of investments in tax credit structures and resulting contractual obligations | 16,400 | — | — |
| Total fair value of assets acquired in purchase of ASBI, net of cash | — | — | 679,902 |
| Total fair value of liabilities assumed in purchase of ASBI | — | — | 706,635 |
| Total fair value of assets acquired in purchase of Security locations, net of cash | — | — | 4,684 |
| Total fair value of liabilities assumed in purchase of Security locations | — | — | 76,503 |
| Total fair value of assets sold in branch sale to United Bank and Trust, net of cash | — | 29,762 | — |
| Total fair value of liabilities assumed in branch sale to United Bank and Trust | — | 52,733 | — |
| Total fair value of assets sold in branch sale to High Plains Bank, net of cash | — | 490 | — |
| Total fair value of liabilities assumed in branch sale to High Plains Bank | — | 19,064 | — |
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