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EQBK-News
EQBK-Events
Investor Sentiment Hit by Bond Market, Oracle Shares Down 9%
Investor sentiment buckled under a one-two punch from fixed income markets on Wednesday. Hotter than expected CPI inflation data goosed up Treasury yields, with the 10-year spiking to 5.30% and Fed Funds futures pricing in a higher probability of more FOMC tightening. CME Fed Funds tool estimates October hike at 32% vs. 22% prior and the case for two more consecutive hikes this year at 26% vs. 19% prior. Then, headlines concerning the corporate bond market spooked investors further as CoreWeave'sunsecured notes due 2032 slid below 80 cents on the dollar, a level broadly viewed as a distress marker, compounding the recent pressure seen in the Tech space. Oracle, one of the more heavily indebted AI buildout linked names, ended the day down 9% at the lowest level since August.Technology was by far the worst-performing sector in the S&P 500, balanced by the defensively-oriented Consumer Staples and Healthcare. Tech-heavy Nasdaq Composite ended the day down 2% at the lowest level in nearly a month. Cautious tone is extending into the evening session - in the opening hours, S&P e-minis are down 0.2% and the Nasdaq 100 contract is down by 0.7%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER -Rezoluteup 5.9% after completing enrollment in study of ersodetugViking Therapeuticsup 1.4% after being initiated at Buy by UBSDOWN AFTER EARNINGS -Home BancSharesdown 2.5%Equity Bancsharesdown 1.4%ALSO LOWER -Rocket Labdown 6.6% after delaying Neutron launch to 2027 from Q4Spotify Technologydown 1% after downgrade to Hold at StoneXAlbertsons Companiesdown 0.8% after downgrade to Neutral at Goldman Sachs
Equity Bancshares Net Interest Income Falls to $72.8 Million
Net interest income was $72.8 million, down $1.0 million quarter over quarter. Growth in interest income of $1.1 million was outpaced by growth in interest expense for the period as deposit costs increased. Year-over-year net interest income was up $10.4 million, or 16.6%. Loan purchase accounting accretion was $3.3 million in the quarter. "This quarter our company continued to execute at an exciting level. Earnings were strong, production reached all-time highs and loans grew organically. We are putting teams in place with an aligned mission to deepen and expand customer relationships while providing exceptional service to the communities we serve. The results for the quarter reflect that mission," said Brad S. Elliott, Chairman and CEO of Equity Bancshares.
StoneX Raises Equity Bancshares Price Target to $59
StoneX raised the firm's price target on Equity Bancshares to $59 from $57 and keeps a Buy rating on the shares following the announcement Equity is acquiring Lincoln Bancorp for $124M in cash and stock.
DA Davidson Raises Equity Bancshares Price Target to $54
DA Davidson raised the firm's price target on Equity Bancshares to $54 from $51 and keeps a Neutral rating on the shares. The firm is adjusting its model after the company announced a merger agreement with Lincoln Savings Bank. DA Davidson notes that it has limited concerns on deal execution given Equity Bancshares' M&A expertise, although some noise in future results is anticipated vs. a true organic model, the analyst tells investors in a research note.
Equity Bancshares and Lincoln Bancorp Enter Merger Agreement Valued at Approximately $123.8 Million
Equity Bancshares (EQBK), along with Lincoln Bancorp (LNCB) have entered into a definitive merger agreement for Lincoln to merge with and into Equity, adding 16 locations to Equity's franchise. Under the merger agreement, unanimously approved by both Boards, Lincoln shareholders will receive approximately 77.5% of the merger consideration in EQBK stock and the remaining 22.5% in cash. The total consideration was valued at approximately $123.8M. Subject to receipt of customary regulatory and shareholder approvals and closing conditions, the merger is expected to close in Q4. Following completion, Lincoln Savings Bank will merge with and into Equity Bank. Established in 1902, Lincoln Savings Bank currently operates locations in Iowa. As of June 30, Lincoln reported $1.7B in total assets, including $1.2B in loans and $1.5B in deposits. As of June 30, Equity reported $7.7B in assets. Adding Lincoln and adjusting to reduce excess liquidity on the combined balance sheet, proforma will comprise approximately $9.1B in total assets for the Equity franchise. The transaction is expected to be approximately 5.1%, or 27c, accretive to Equity's 2027 earnings per share and 7.5%, or 42c, accretive to Equity's 2028 EPS, excluding the impact of one-time transaction expenses. Estimated tangible book value per share dilution to Equity is expected to be earned back in less than three years.
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