Equity Bancshares (EQBK) investor relations material

Deal rationale and strategic fit

• The merger expands presence into Nebraska, including Omaha and Lincoln, adding seven locations and providing immediate scale in key Midwest markets.

• Both organizations share a culture focused on community banking, local decision-making, and customer service.

• The deal aligns with a disciplined M&A strategy, marking the 14th announced acquisition since 2015 and the second in 2025.

• The partnership provides access to additional resources, technology, and scale, benefiting customers and employees.

• Entry into Nebraska offers significant future bolt-on acquisition opportunities, with over 135 banks under $2B in assets in the state.

Financial terms and conditions

• Total deal value is approximately $122.8 million, with 2.22 million fixed shares issued and $32.5 million in cash consideration; about 75% of consideration is in stock.

• Pro forma ownership will be 90% for the acquirer and 10% for the acquired.

• Price to tangible book value is 1.23x; price to LTM adjusted earnings is 12.7x; core deposit premium is 2.9%.

• The merger is expected to be $0.34 or 7.7% accretive to EPS in 2026 and $0.45 or 9.8% in 2027.

• Tangible book value earn-back projected at 2.8 years; dilution expected to be earned back in less than three years.

Synergies and expected cost savings

• Estimated cost savings are approximately 22.8%–23% of the acquired company's consolidated non-interest expense, with 85% realized in 2026 and 100% by 2027.

• Cost savings in 2026 expected to be about $4.2 million.

• Additional fee income opportunities identified in treasury management, mortgage, trust, and wealth management.

• Access to advanced technology and increased lending capacity anticipated.

• Repositioning of bond portfolio expected to add $7.4 million in annual interest income and $0.27 EPS accretion in 2026.