Equity Bancshares (EQBK) investor relations material

Deal rationale and strategic fit

• The merger expands presence in Iowa, adding 16 locations and targeting key markets like Des Moines, Waterloo, and Cedar Falls, complementing existing Midwest operations and building on a long-term growth strategy.

• Both organizations share a community banking culture, strong local leadership, and a focus on long-term growth and local service.

• The deal provides access to additional resources, technology, and scale, benefiting customers and employees while preserving local decision-making.

• The expanded footprint diversifies markets, creates opportunities for further acquisitions in Iowa, and enhances the ability to build relationships and expand wallet share.

• The combination is seen as both a strategic and financial fit, with aligned values and complementary business models.

Financial terms and conditions

• Total deal value is approximately $123.8 million, with Lincoln shareholders receiving 1.89 million shares and $29.5 million in cash, representing 77.5% stock and 22.5% cash.

• The deal is valued at 1.05x Lincoln's tangible book value, with a pay-to-trade ratio of 70%.

• Tangible book value dilution at close is estimated at 3.8%, with an earn-back period of 2.6 years.

• Pro forma, Equity shareholders will own 91.6% and Lincoln shareholders 8.4% of the combined company.

• Transaction expenses are estimated at $23.7 million pre-tax, with protections for excess identified expenses.

Synergies and expected cost savings

• Modeled cost savings are 30% of Lincoln's non-interest expense, phased in at 50% in 2027, 75% in 2028, and 100% thereafter.

• EPS accretion is projected at 5.1% ($0.27) in 2027 and 7.5% ($0.42) in 2028, with TBV dilution earned back in less than three years.

• Efficiency ratio targets remain in the low 50% range as scale and technology initiatives are realized.