The Lincoln merger is progressing as planned with a late Q4 close — monitor for regulatory approvals and shareholder vote. The strong organic loan growth and record production signal improving operational momentum, but margin compression and deposit cost headwinds warrant attention in Q4 results.
Price Chart
Executive Summary
Equity Bancshares reported Q3 2026 net income of $26.8M ($1.29/diluted share) and core earnings of $29.0M ($1.40/share), with record organic loan production of $379M and legacy market loan growth at nearly 12% annualized. The Lincoln Bancorp merger remains on track for a late Q4 close with no changes to previously announced terms, and management guided for mid-single-digit organic loan growth in 2027 while maintaining a 5-7% EPS growth trajectory.
Key Financial Metrics
Key Facts
- Q3 2026 net income of $26.8M ($1.29/diluted share); core earnings of $29.0M ($1.40/share)
- Core ROTCE of 16.5%; pretax pre-provision earnings of $36.9M (highest since three-company combination)
- Record loan production of $379M at average rate of 6.9%; legacy market loans grew ~12% annualized
- Total loans grew $39M to $5.44B — first quarterly increase since prior acquisitions closed
- Lincoln Bancorp merger on track for late Q4 2026 close; no changes to terms or accretion expectations
- Pro forma assets of ~$9.1B; Lincoln conversion expected in Q2 2027
- Dividend increased 22% to $0.22/share; share repurchase paused due to S-4 filing lockout
- Net interest margin of 4.20% (down 16 bps QoQ); Q4 margin guided to 4.25%-4.35% ex-Lincoln
- Tangible book value per share of $32.30 (ex-AOCI grew 3.6% QoQ); TCE ratio of 9.1%
- Year-to-date core EPS of $4.14, on track to surpass $5.00 full-year target
Financial Impact
Q3 core EPS of $1.40 in line with prior quarter; record loan production and strong organic growth trajectory; Lincoln deal accretion of $0.27 EPS expected in 2027
Risk Factors
- Net interest margin compressed 16 bps to 4.20% due to deposit cost increases and declining asset yields
- Total deposits declined $136M (2.2%) with noninterest-bearing mix falling to 18.7%
- Net charge-offs increased to 15 bps annualized from 12 bps last quarter
- Share repurchase paused during S-4 filing period, limiting near-term capital return flexibility
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001193125-26-423324 |
| Document: 0001193125-26-423324-index-headers.html | 0001193125-26-423324 |
| Document: 0001193125-26-423324-index.html | 0001193125-26-423324 |
| Document: 0001193125-26-423324.txt | 0001193125-26-423324 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | EFFECT | $47.54 | awaiting T+5 | — | $48.80 (+2.65%) |
Oct 16, 2026 10d ago | S-4/A | $47.23 $49.10 | ▲ +3.95% | ▲ +4.09% | $48.80 (+3.32%) |
Oct 16, 2026 10d ago | 425 | $47.51 $48.64 | ▲ +2.38% | ▲ +2.29% | $48.80 (+2.72%) |
Oct 14, 2026 12d ago | 8-K | $46.68 $48.64 | ▲ +4.20% | ▲ +5.21% | $48.80 (+4.54%) |
Oct 6, 2026 20d ago | 425 | $47.00 $46.57 | ▼ −0.91% | ▲ +0.07% | $48.80 (+3.83%) |
Oct 2, 2026 24d ago | S-4 | $47.54 $47.23 | ▼ −0.65% | ▼ −1.07% | $48.80 (+2.65%) |
Oct 2, 2026 24d ago | 8-K | $47.54 $47.23 | ▼ −0.65% | ▼ −1.07% | $48.80 (+2.65%) |
Sep 22, 2026 4w ago | 425 | $47.58 $47.14 | ▼ −0.92% | ▼ −0.25% | $48.80 (+2.57%) |
Sep 18, 2026 5w ago | 425 | $48.38 $47.81 | ▼ −1.19% | ▼ −0.17% | $48.80 (+0.86%) |
Sep 4, 2026 7w ago | 425 | $50.13 $50.14 | ▲ +0.02% | ▲ +1.14% | $48.80 (−2.65%) |
US Market Status
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