Equity Bank earnings top $10 million for 2015

Equity Bancshares, the holding company for Equity Bank, reported Thursday that earnings topped the $10 million mark for 2015, according to a news release.

The company, which moved to go public last year, recorded net income of $10.1 million for the annual period that ended Dec. 31. The earnings number represents a 22 percent increase from the bank’s reported net income total of $8.3 million for 2014, according to the release.

“We will continue to focus on delivering loan and deposit services and products tailored to the many needs of our community,” Brad Elliott, Equity’s chairman and CEO, said in the release. “We are focused on continuing to grow business and relationships in our new southeast Kansas communities, along with all of the markets we serve.”

The $10.1 million earnings total equates to $1.54 per diluted share for 2015, representing an increase of 24 cents from the bank’s 2014 year-end total, according to the release. Equity showed total assets of $1.6 billion as of Dec. 31 — an increase of $411 million from 2014 — and total deposits of $1.2 billion.

Trading on the Nasdaq market under the ticker symbol “EQBK,” Equity’s stock finished the day Thursday up nearly 2 percent at $21.21. Equity completed its initial public offering Nov. 16 with the issue of nearly 2 million shares of Class A common stock at a price of $22.50 a share.

The report capped a busy year for Equity, which completed an acquisition of First Federal Savings & Loan of Independence in October. Equity now operates former First Independence offices in Coffeyville, Independence, Neodesha and Pittsburg as Equity Bank branches.

This story was originally published January 28, 2016 at 5:52 PM with the headline "Equity Bank earnings top $10 million for 2015."