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August 2026 Equity Bancshares Lincoln BancorpN YS E : E QB K Merger with Lincoln Savings Bank September 3, 2026
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationForward Looking Statements 2 This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by thesafe harbor provisions provided by the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements reflect the current views of Equity’s management with respect to, among other things, future events andEquity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,”“anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-lookingstatements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherentlyuncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-lookingstatements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscalpolicies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes inconsumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses; and similar variables. The foregoing list of factors is not exhaustive. In addition, the following factors, among others, related to thetransaction between Equity and Lincoln could cause actual outcomes and results to differ materially from forward-looking statements or historical performance: the possibility that the anticipated benefits of the transaction will not be realizedwhen expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where companies do business; thepossibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; Lincoln and Equity’s ability to obtain required governmental approvals of the proposed transaction onthe timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company after the closing of the proposed transaction or adversely affect the expected benefitsof the proposed transaction; the failure to obtain the necessary approvals by the shareholders of Lincoln; the failure to satisfy other conditions to completion of the proposed merger, or any unexpected delay in closing the proposed transactionor the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; diversion of management’s attention from ongoing business operations and opportunities; potential adversereactions or changes to business or employee relationships, including those resulting from the completion of the transaction; the business, economic and political conditions in the markets in which the parties operate; the risk that theproposed combination could have an adverse effect the parties’ ability to retain customers and retain or hire key personnel and maintain relationships with customers; the risk that the combination may be more difficult, time-consuming orexpensive than anticipated; and other factors that may affect future results of Equity.For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with theSecurities and Exchange Commission on March 6, 2026, as amended, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to theseor other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information,future developments or otherwise. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’sbusiness or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in thispresentation are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons actingon Equity’s behalf may issue.NO OFFER OR SOLICITATIONThis communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell anysecurities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration orqualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicablelaw.NON-GAAP FINANCIAL MEASURESThis presentation contains certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end ofthis presentation. Numbers in the presentation may not sum due to rounding.
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationTransaction Highlights & Strategic RationaleEquity Bancshares, Inc. (NYSE: EQBK) has agreed to acquire Lincoln Bancorp At a Glance•Lincoln Bancorp is the bank holding company for Lincoln Savings Bank, a community bank headquartered in Reinbeck, Iowa– Established Iowa banking franchise serving communities for 120+ years, operating 16 locations across Central and Northeast Iowa•The transaction joins two relationship-based operating philosophies, supported by compatible cultures and a deep dedication to the customers and communities it serves Builds Scale & Establishes a Presence in Attractive Iowa Markets•Establishes a meaningful presence in Des Moines and Waterloo-Cedar Falls, two of the largest MSAs in Iowa•Provides strong core deposit base in a key focus market and a springboard for growth that complements EQBK’s legacy Midwest footprint•Positions EQBK for further bolt-on M&A across Iowa, with >200 banks in Iowa under $2 billion in assets (including 86 between $300 million and $2 billion in assets) Financially Attractive Combination1•Meaningful EPS accretion of 5 . 1 % a n d 7 . 5 % o n 2 0 2 7 E a n d 2 0 2 8 E , respectively, assuming conservative cost savings of ~30% with 50% realized in 2027 and 75% in 2028•TBV dilution of 3.8% and TBV earnback estimated at 2.6 years•Attractive pay-to-trade ratio of 70%•Maintain strong pro forma regulatory capital ratios Disciplined M&A Approach & Proven Execution•Iowa footprint enhances strategic direction of EQBK’s established M&A framework– Marks EQBK’s 15th announced full bank transaction since 2015– Creates a platform to extend and enhance the model Lincoln has built– Structured well within EQBK’s proven merger metrics and disciplined approach to drive shareholder value creation– Comprehensive due diligence process with 70% of the total loan portfolio reviewed with no concentration concerns 31) Estimated financial impact is presented for illustrative purposes only. Includes purchase accounting marks and transaction-related expenses as well as reduction of excess liquidity on combined balance sheet; see Appendix for Pro Forma reconciliations. Pro Forma data is subject to various assumptions and uncertainties. See disclaimer "Forward Looking Statements" and slide 6 for key financial assumptions
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor Presentation Compelling Pro Forma Financial Impact1Pro Forma Balance Sheet Highlights$9.1BTOTAL ASSETS$6.7BTOTAL LOANS$7.7BTOTAL DEPOSITSEarnings Impact5.1% | $0.272027E EPS IMPACT7.5% | $0.422028E EPS IMPACTTangible Book Value Impact(3.8%)TBV DILUTION2.6 YearsTBV EARNBACK8.6%TCE / TA9.0%LEVERAGE RATIO10.6%CET113.4%TRBCNebraskaKansas MissouriArkansasOklahomaIowa Pro Forma Consolidated Capital At CloseEQBKLincoln1) Estimated financial impact is presented for illustrative purposes only. Includes purchase accounting marks and transaction-related expenses as well as reduction of excess liquidity on combined balance sheet; see Appendix for Pro Forma reconciliations. Pro Forma data is subject to various assumptions and uncertainties. See disclaimer "Forward Looking Statements" and slide 6 for key financial assumptions4
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationC&D13%C&I18%CRE29%Res. RE26%Ag RE8%Agri.5%Cons. & Other2% NIB Demand19%IB Demand24%Time Deposits27%Savings & MMDA30%NIB Demand16%IB Demand27%Time Deposits30%Savings & MMDA27%NIB Demand19%IB Demand23%Time Deposits27%Savings & MMDA31% C&D12%C&I18%CRE29%Res. RE27%Ag RE8%Agri.5%Cons. & Other2%C&D5%C&I20%CRE30%Res. RE32%Ag RE9%Agri.4% Loan CompositionComplementary Loan & Deposit Profiles Source: S&P Global Market Intelligence; Data per bank-level regulatory filings as of 6/30/20261) Excludes purchase accounting adjustments Pro Forma1 $6.6B$1.2BYield: 5.84%$5.4BYield: 6.72% Yield: 6.56%$1.5BCost: 2.29%$6.3BCost: 1.90% $7.8BCost: 1.98% Deposit Composition5
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationTransaction Overview & Assumptions•Total deal value of approximately $123.8 million1−Stock: 1.89 million shares issued to Lincoln•Pro forma ownership: 91.6% EQBK / 8.4% Lincoln−Cash: $29.5 million in total cash consideration•Price to Tangible Book Value: 1.05x2•Price to 2027E + Cost Savings: 5.9x3•Core Deposit Premium: 0.49%4•Pay-to-trade Ratio: 70%•Total deal value of approximately $123.8 million1−Stock: 1.89 million shares issued to Lincoln•Pro forma ownership: 91.6% EQBK / 8.4% Lincoln−Cash: $29.5 million in total cash consideration•Price to Tangible Book Value: 1.05x2•Price to 2027E + Cost Savings: 5.9x3•Core Deposit Premium: 0.49%4•Pay-to-trade Ratio: 70%PricingBalance Sheet MarksCost Savings & Merger ChargesOther Considerations•1.5% or $18.0 million gross loan credit discount5•2.3% loan interest rate mark, or ($27.8) million•0.01% time deposit interest rate mark, or ($0.03) million•($7.4) million of fair value marks to other assets•2.0% core deposit intangible, or $20.7 million6•1.5% or $18.0 million gross loan credit discount5•2.3% loan interest rate mark, or ($27.8) million•0.01% time deposit interest rate mark, or ($0.03) million•($7.4) million of fair value marks to other assets•2.0% core deposit intangible, or $20.7 million6•Estimated cost savings of approximately 30% of Lincoln's consolidated non-interest expense•Phased-in 50% in 2027 and 75% in 2028; 100% thereafter•Approximately $23.7 million of pre-tax merger charges•Estimated cost savings of approximately 30% of Lincoln's consolidated non-interest expense•Phased-in 50% in 2027 and 75% in 2028; 100% thereafter•Approximately $23.7 million of pre-tax merger charges•Anticipated closing in the fourth quarter of 2026•Lincoln Savings Bank expected to convert and integrate into Equity Bank in the second quarter of 2027•Customary regulatory and shareholder approvals•No branch closures or consolidations•Anticipated closing in the fourth quarter of 2026•Lincoln Savings Bank expected to convert and integrate into Equity Bank in the second quarter of 2027•Customary regulatory and shareholder approvals•No branch closures or consolidations1) Based on EQBK spot price of $49.85 as of 9/2/20262) Based on Lincoln stated consolidated tangible common equity as of 6/30/20263) Assumes cost savings are fully phased in4) Core deposit premium equal to transaction value minus Lincoln consolidated tangible common equity as a percentage of core deposits. Core deposits defined as total deposits less time deposits greater than $100,0005) See page 7 for depiction of potential credit adjustments to consideration6) Core deposits defined as total deposits less time deposits6
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationPro Forma Results at Different Credit Marks1 1) Based on EQBK spot price of $49.85 as of 9/2/2026; Assumes closing date as of Q4 2026; Transaction multiples not adjusted for purchase accounting2) Credit mark imbedded in pro forma expectations summarized on slide 6. Included in the definitive merger agreement was a schedule of loans with identified credit marks of $20.3M. If unresolved prior to the effective date, there would be an adjustment to consideration equal to the after-tax cost of the additional mark. If partially resolved there would be an associated price adjustment. The above table depicts a range of scenarios from zero resolution to full resolution. Total Credit Mark2$18.0M$28.2M$38.3M$16.68$15.58$14.47Transaction Price Per Share of LincolnImplied Transaction Pricing & Multiples1.05x0.98x0.91xPrice / Tangible Book Value Per Share5.89x5.50x5.11xPrice / 2027E + Cost Savings70.2%65.6%60.9%Pay to Trade Ratio-1.47%-2.30%-3.13%Credit Mark %Total Credit Mark Assumptions($18,000)($28,165)($38,330)Credit Mark ($000’s)8.4%7.9%7.4%Lincoln Pro Forma Ownership-3.84%-4.02%-4.20%EQBK TBV Dilution at ClosePro Forma Financial Impact+7.46%+8.12%+8.78%EQBK 2028E EPS Accretion2.61 years2.57 years2.52 yearsTBV Earnback (Crossover Method)8.6%8.6%8.5%Pro Forma TCE / TAPro Forma Capital Impact at Close9.1%9.1%9.0%Pro Forma Leverage Ratio11.2%11.1%11.0%Pro Forma Tier 1 Ratio13.5%13.5%13.4%Pro Forma Risk-Based Ratio7
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor Presentation 16%27%27%22%8%Sticky In-Market Deposit Franchise Lincoln Savings Bank | Company Overview Source: S&P Global Market IntelligenceNote: Bank-level data at or for the quarter ended 6/30/20261) Deposit market share data as of 6/30/2025 based on FDIC Summary of Deposits filing. Only includes banks with less than $10 billion in total assetsLOCATIONSLincoln Savings Bank Branch NIB DemandNOW & Other Trans.Savings & MMDARetail Time (<$250k)Jumbo Time (>$250k) $1.7BTotal Assets$1.2BTotal Loans$1.5BTotal Deposits~81%Loans / Deposits~2.3% ~2.3% Cost of Total Deposits~16% ~16% NIB Deposits8.8 8.8 yearsWeighted Avg. Account Age Presence in Attractive Iowa Markets1 Waterloo-Cedar Falls MSADes Moines MSA MSA Rank InstitutionNumber of BranchesDeposits in Market($M)Market Share(%)1 FSB Financial Services (IA) 6 1,071$ 22.2% 2 Lincoln Bancorp (IA) 4 761 15.8% 3 First of Waverly Corp. (IA) 5 494 10.2% 4 PSB Corp. (IA) 4 320 6.6% 5 GNB Bancorp. (IA) 4 210 4.4% 1 BTC Financial Corp. (IA) 12 4,426$ 16.5% 2 West Bancorp. (IA) 6 2,562 9.5% 3 QCR Holdings Inc. (IL) 10 1,272 4.7% 4 Albrecht Financial Svcs Inc. (IA) 6 553 2.1% 5 Bank Iowa Corp. (IA) 6 512 1.9% 9 Lincoln Bancorp (IA) 4 387 1.4% Des Moines-West Des Moines, IAWaterloo-Cedar Falls, IASuccessfully expands EQBK’s franchise into attractive Iowa markets•Founded in 1902•Headquartered in Reinbeck, IA•Operates 16 branches in Central and Northeast IowaCompany Highlights 8
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationTargeted Expansion Into Iowa Markets Source: S&P Global Market Intelligence; U.S. Census Bureau; Greater Des Moines Partnership; Reader’s Digest, FRED, Site Selection Magazine, U.S. News & World Report, AreaVibesNote: Iowa market rank is based on counties with a EQBK / Lincoln physical presence Des Moines Highlights & Top EmployersDes Moines Highlights & Top Employers T o p M i d - S i z e d M e t r o f o r E c o n o m i c D e v e l o p m e n t( S i t e S e l e c t i o n M a g a z i n e – 2 0 2 5 )M o s t L i v a b l e C i t y i n t h e U . S .( R e a d e r ’ s D i g e s t – 2 0 2 5 )T o t a l P o p u l a t i o n G r o w t h S i n c e 2 0 2 0 ( F e d e r a l R e s e r v e E c o n o m i c D a t a )B e s t P l a c e s t o L i v e i n I o w a ( W a t e r l o o )( U . S . N e w s & W o r l d R e p o r t – 2 0 2 6 )C e d a r F a l l s L i v a b i l i t y S c o r e N a t i o n a l l y( A r e a V i b e s – 2 0 2 6 )C o s t o f L i v i n g & H o u s i n g G r a d e f o r C e d a r F a l l s( A r e a V i b e s – 2 0 2 6 )Waterloo-Cedar Falls Highlights & Top EmployersWaterloo-Cedar Falls Highlights & Top EmployersIowa Becomes EQBK’s 2ndLargest Market by DepositsKansas32%Oklahoma17%Nebraska14%Missouri13%Arkansas4%Iowa20% #2#3~7%#9Top 5%A+•Enhances footprint and establishes EQBK as a top Iowa deposit franchise •Serves as a platform for continued consolidation with >200 Iowa banks under $2 billion in assets (including 86 banks between $300 million and $2 billion in assets)•Enables relationship building and expanded wallet share across major Iowa MSAs•Adds meaningful scale in a strategic focus market•Enhances footprint and establishes EQBK as a top Iowa deposit franchise •Serves as a platform for continued consolidation with >200 Iowa banks under $2 billion in assets (including 86 banks between $300 million and $2 billion in assets)•Enables relationship building and expanded wallet share across major Iowa MSAs•Adds meaningful scale in a strategic focus market#6IowaMarket Rank$1.5BIowaDeposits5.17%Iowa Market ShareDeposits by Market9
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationA Clear, Actionable Opportunity in Iowa223Banks and Thrifts Headquartered in Iowa86$300 Million - $2 Billion in Total Assets19Market Presence in Des Moines MSA Source: S&P Global Market IntelligenceNote: Excludes pending merger targets from countWell-Positioned For Future OpportunitiesAccelerates an Entry Already UnderwayDes Moines MSA Market Presence•EQBK strengthens its position as a preferred acquirer in the Midwest, with the talent and infrastructure in place across legacy and new markets to drive organic growth•Transforms EQBK’s existing loan production presence into a scaled deposit franchise, giving current and prospective Iowa customers a committed and full-service partner •Of Iowa’s 86 banks and thrifts that fall within EQBK’s target $300 million – $2 billion asset range, 19 have a presence in Des Moines – Iowa’s 2ndlargest MSA•Lincoln is the 3rdtarget in Iowa > $1.5 billion in assets to be acquired since 2000•Lincoln ranked in the top percentile for deposit market share in the Des Moines MSA, reflecting an established franchise in one of the state’s most attractive growth marketsScarce Universe of Iowa Targets 10
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Company Profile
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor Presentation Equity Bancshares, Inc.| NYSE: EQBK$1.022BMarket Cap1$6.3BDeposits$5.4BLoans$7.7BAssetsWICHITAHEADQUARTERS14.66% TRBC11.84%CET 19.07%TCE/TA2Overview 1) Market Cap as of 9/2/20262) Non-GAAP Financial Measure. Refer to the Non-GAAP reconciliation at the end of this presentation3) Compound Annual Growth Rate is pro forma as of 2026 year-end with the inclusion of Lincoln Savings Bank4) 2026 EPS estimate is based on street consensus. EPS inclusive of Lincoln is 2027 consensus estimate plus the impact of the transaction ($0.27)12SCALE14C o m p l e t e d B a n k A c q u i s i t i o n s S I N C E I P O200220082015 2026GROWTH4 a c q u i s i t i o n sIPO$380M$1.6BEst. Strategic Execution Of AcquisitionsEQBK Growth Since InceptionM o s t R e c e n t A c q u i s i t i o n :F r o n t i e r B a n kM e r g e r C l o s e d o n J a n u a r y 1 , 2 0 2 6$5.52$5.08$1.59Core Earnings Per Share4 10.98%CORE EPS CAGRSINCE IPO$7.7B$9.1BSTART-UP4 a c q u i s i t i o n s27.20%ASSET CAGRSINCE IPO
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor Presentation Brad ElliottChairman & CEOEquity Bancshares, Inc.Founded Equity Bank in 2002 and has led the organization to nearly $8B in assets through disciplined organic growth and over a dozen strategic acquisitions. Named a 2018 EY Entrepreneur of the Year National Finalist and recognized as Most Influential CEO by the Wichita Business Journal in 2014. Rick SemsChief Executive OfficerEquity BankEquity Bank CEO since May 2024, having joined as President in May 2023. Prior to Equity, Rick served as Chief Banking Officer of First Bank in St. Louis and as President & CEO of Reliance Bank, bringing deep commercial banking leadership to the organization.Chris NavratilChief Financial OfficerChief Financial Officer since August 2023. Previously served as Bank CFO and spent seven years within the Financial Institution Audit Practice at Crowe LLP, bringing rigorous financial reporting and regulatory expertise to the executive team.Julie HuberChief Operating OfficerChief Operating Officer since May 2024. Held a variety of senior leadership roles at Equity Bank overseeing operations, HR, compliance, and sales and training. Served as the primary integration lead for each of the bank's acquisitions.Brett ReberGeneral CounselPrior to joining Equity Bank, served as Managing Member of Wise & Reber, L.C. Brett has practiced corporate and business law for more than 30 years, providing legal counsel across the full spectrum of the bank's corporate, regulatory, and transactional matters.Krzysztof SlupkowskiChief Credit OfficerChief Credit Officer since September 2023. Previously served as Metro Market CCO at Equity Bank since 2018 and held various credit leadership roles at Commerce Bancshares, bringing strong portfolio risk discipline to the organization.David PassChief Information OfficerPreviously served in senior IT leadership positions at UMB Financial Corporation and CoBiz Financial, overseeing technology strategy, core systems, and digital infrastructure across complex multi-bank organizations. Equity Bancshares, Inc.| Leadership Team 13
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationOur Value Proposition 14 Organic GrowthStrategic Mergers & AcquisitionsDisciplined Credit StandardsEffective Balance Sheet & Capital ManagementEPS & Tangible Book Value Growth Our guiding principles and commitment toentrepreneurial spirit are part of our longstanding framework for delivering shareholder value
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationRecord of M&A Execution Note: Transaction impact assumes cost savings are fully realized1) FDIC deal closed on date of announcement15 Frontier Holdings, LLCNBC Corp. of OklahomaKansaslandBancshares, Inc.Rockhold Bancorp.American State Bancshares, Inc.Almena State BankCity Bank & Trust CompanyAdams Dairy BancsharesKansas Bank CorporationCache Holdings, Inc.EastmanNational BancsharesPrairie State BancsharesCommunityFirst BancsharesFirst Ind. Corp.$1,400$903$52$406$781$71$157$111$322$325$261$147$463$135Total Assets ($m) 9/2/20254/2/20254/22/202412/6/20235/17/202110/23/20206/12/201812/18/201712/18/20177/17/20177/17/201710/20/20167/14/20167/28/2015Ann. Date120907065137N/A17213713711611614111973Days to Close44525492At Close8554At CloseAt CloseAt CloseAt CloseAt CloseAt CloseAt CloseDays to ConvertPricing Multiples1.23x1.45xNM1.27x1.11xN/A1.41x1.53x1.41x1.77x1.76x1.40x1.53x1.05xP / TBV2.9%4.0%NM2.8%1.2%1.0%6.1%7.7%6.3%11.0%9.8%6.6%6.7%0.8%Core Deposit PremiumTransaction Impact7.7%4.6%1%12%16%2%5%1%3%7%9%5%26%11%EPS Impact(3.9%)(5.0%)(0.03%)(3.4%)(3.7%)Accretive(2.8%)(1%)(2%)(2%)(3%)(1%)(9%)AccretiveTBV Impact2.8 yrs2.8 yrs0.3 yrs1.3 yrs2.9 yrsBargain Purchase2.8 yrs2.7 yrs2.8 yrs2.8 yrs2.8 yrs1.4 yrs3.5 yrsBargain PurchaseTBV Earnback
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationMetro MarketsEquity Bank's metro markets pair nationally ranked livability with diverse, durable economies; spanning corporate headquarters, aerospace, energy, financial services, and capital-city employment anchors.$89.5KM e d i a nH H I I n c o m e~2.3MM a r k e tP o p u l a t i o n$73.1KM e d i a nH H I I n c o m e~665KM a r k e tP o p u l a t i o n$91.3KM e d i a nH H I I n c o m e~1MM a r k e tP o p u l a t i o n$79.5KM e d i a nH H I I n c o m e~354KM a r k e tP o p u l a t i o n$76.7KM e d i a nH H I I n c o m e~1.5MM a r k e tP o p u l a t i o n2.73%11.88%2026 - 2031PopulationGrowth2026 - 2031HHI Growth2.16%9.82%2026 - 2031PopulationGrowth2026 - 2031HHI Growth3.29%10.93%2026 - 2031PopulationGrowth2026 - 2031HHI Growth3.13%12.56%2026 - 2031PopulationGrowth2026 - 2031HHI Growth3.85%9.96%2026 - 2031PopulationGrowth2026 - 2031HHI GrowthW I C H I T AK A N S A S C I T YO M A H AL I N C O L NO K L A H O M A C I T Y C O M P A N I E S H E A D Q U A R T E R E D & L A R G E S T E M P L O Y E R S B e s t C i t i e s t o L i v e I n ( N i c h e )#10B e s t C i t i e s t o M o v e T o ( F o r b e s )#4B e s t C i t i e s t o M o v e T o ( F o r b e s )#1B e s t S t a t e C a p i t a l t o L i v e I n( W a l l e t H u b )#6B e s t C i t i e s t o L i v e I n ( U S N e w s )#2 $69.7KM e d i a nH H I I n c o m e~817KM a r k e tP o p u l a t i o n$85.4KM e d i a nH H I I n c o m e~760KM a r k e tP o p u l a t i o n2.05%9.40%2026 - 2031PopulationGrowth2026 - 2031HHI Growth5.45%8.10%2026 - 2031PopulationGrowth2026 - 2031HHI GrowthT U L S AD E S M O I N E SB e s t M e t r o f o r G r a d u a t e s( W a l l S t r e e t J o u r n a l )#6M o s t L i v a b l e C i t y i n t h e U S( R e a d e r s D i g e s t )#3 Source: S&P Global Market Intelligence and Claritas. Demographic data is provided by Claritas based primarily on US Census data. Niche, Forbes, US News & World Report, WalletHub. 16
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Appendix
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationComprehensiveDue Diligence Due Diligence ScopeLegalHuman ResourcesComplianceTreasuryAuditRegulatoryOperationsInformation TechnologyRisk ManagementCredit QualityFinance & AccountingCommercial Lending•Thorough review of key operating areas of the bank over multiple months•Carried out by EQBK team members and leadership across multiple verticals, with deep acquisition and integration experience•Detailed credit review•70% of total loans•78% coverage of commercial portfolio•100% coverage of classified / non-performing / special mentionsPROCESS OVERVIEW 18
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationGoodwill and TBV Reconciliation Note: Estimated financial impact is presented for illustrative purposes only. Includes purchase accounting marks and transaction related expenses; Pro Forma data is subject to various assumptions and uncertainties. See disclaimer "Forward Looking Statements" and slide 6 for key financial assumptions At CloseGoodwill Reconciliation ($M)$123.8Total Consideration116.6Lincoln Tangible Common Equity(11.9)Less: Deal Charges Attributable to Lincoln$104.6Lincoln Tangible Common EquityFMV Adjustments(27.8)Loan Rate Mark(18.0)Loan Credit Mark18.7Reversal of ALLL(7.4)Other Balance Sheet Related Marks20.7Core Deposit Intangible($13.8)Total FMV AdjustmentsTax Adjustments3.1Deferred Tax Assets / (Liabilities)($10.7)After Tax FMV Adjustments$93.9Fair Value of Net Assets Acquired$29.8Goodwill Created At CloseTangible Book Value Reconciliation ($M)874.0EQBK Common Equity136.1Less: Goodwill and Intangibles$737.9EQBK Tangible Common EquityMerger Adjustments94.3Stock Consideration to Lincoln(29.8)Goodwill(20.7)Core Deposit Intangible(6.9)Deal Charges$774.9Pro Forma Tangible Common Equity20.6EQBK Standalone Shares Outstanding$35.86EQBK Standalone TBV Per Share22.5Pro Forma Shares Outstanding$34.48Pro Forma TBV Per Share($1.38)TBVPS Accretion / (Dilution) ($)(3.8%)TBVPS Accretion / (Dilution) (%)$8,964.2Pro Forma Tangible Assets8.64%Pro Forma TCE / TA19
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationNon-GAAP reconciliationsC a l c u la t i o n s o f t a n gi b le c o m m on e q ui t y a nd re l a t e d m e a su re s($ in thousands, except per share data)Quarter EndedJune 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026$635,636$711,892$732,054$817,610 $827,258 Total stockholder's equity (53,101) (77,573) (82,101) (104,958)(105,356)Goodwill (12,908) (22,895) (21,634) (30,536)(28,296)Core deposit intangibles, net (5,852) (5,778) (5,703) (5,629)(5,553)Naming rights, net $563,775$605,646$622,616$676,487 $688,053 Tangible Common Equity 17,527,191 19,111,084 18,944,987 20,767,02320,567,009Common shares outstanding at period end 17,680,489 19,279,741 19,196,160 20,946,92420,811,448Diluted common shares outstanding at period end $36.27$37.25$38.64$39.37 $40.22 Book value per common share $32.17$31.69$32.86$32.58 $33.45 Tangible book value per common share $31.89$31.41$32.43$32.30 $33.06 Tangible book value per diluted common share $5,373,837$6,365,631$6,373,172$7,667,370 $7,725,621 Total assets (53,101) (77,573) (82,101) (104,958)(105,356)Goodwill (12,908) (22,895) (21,634) (30,536)(28,296)Core deposit intangibles, net (5,852) (5,778) (5,703) (5,629)(5,553)Naming rights, net $5,301,976$6,259,385$6,263,734$7,526,247 $7,586,416 Tangible assets 11.83%11.18%11.49%10.66%10.71%Total stockholders' equity to total assets 10.63%9.68%9.94%8.99%9.07%Tangible common equity to tangible assets 20
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationNon-GAAP reconciliationsC a l c u la t i o n s o f re t ur n o n a ve ra ge t a n gi b le c om m o n e q u i t y a n d e f f ic ie nc y r a t i o($ in thousands, except per share data)Quarter EndedJune 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 2026$627,103$715,319$725,651$841,838 $824,633 Total average stockholders' equity (72,406) (95,046) (108,779) (141,742)(140,081)Average intangible assets $554,697$620,273$616,872$700,096 $684,552 Average tangible common equity 15,264 (29,663) 22,084 16,96626,439 Net income (loss) allocable to common stockholders -----Net gain on acquisition(12)53,352(154)1081,213 Net (gain) loss on securities transactions 3556,1631,4815,725133 Merger expenses1,361----Loss on debt extinguishment-6,228-6,099-Day 2 Merger provision1,1451,3121,3902,0562,369 Amortization of intangible assets (598)(14,082)(571)(2,937)(780)Tax effect of intangible assets amortization$17,515$23,310$24,230$28,017 $29,374 Core net income (loss) allocable to common stockholders 9.76%(16.45)%12.07%8.17%12.86%Return on total average stockholders' equity (ROAE) annualized $554,697$620,273$616,872$700,096 $684,552 Average tangible common equity 1,12626,4871,0732,4761,468Average impact from core earnings adjustments$555,823$646,760$617,945$702,572 $686,020 Core average tangible common equity11.69%(18.31)%14.91%10.77%16.59%Return on total average tangible common equity (ROATCE) annualized 12.64%14.30%15.56%16.10%17.17%Core return on total average tangible common equity (CROATCE) annualized $40,001$49,082$46,587$54,969 $46,885 Non-interest expense (355) (6,163) (1,481) (5,725)(133)Merger expense (1,145)(1,312)(1,390)(2,056)(2,369)Amortization of intangible assets(1,361)----Loss on debt extinguishment$37,140$41,607$43,716$47,188 $44,383 Adjusted non-interest expense $49,802$62,485$63,502$73,664 $73,872 Net interest income 8,589 (44,479) 9,532 9,4878,058Non-interest income (12) 53,352 (154) 1081,213 Net gains (losses) from securities transactions $8,577$8,873$9,378$9,595 $9,271 Adjusted non-interest income $58,379$71,358$72,880$83,259 $83,143 Net interest income plus adjusted non-interest income 68.51%272.59%63.79%66.11%57.23%Non-interest expense to net interest income plus non-interest income 63.62%58.31%59.98%56.68%53.38%Efficiency ratio $5,206,950$6,085,064$6,141,284$7,451,709 $7,330,174 Average Assets2.86%2.71%2.82%2.57%2.43%Core non-interest expense to average assets21
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NYSE: EQBKEquity Bancshares, Inc. | Merger Investor PresentationNon-GAAP reconciliationsC a l c u la t i o n s o f re t ur n o n a ve ra ge a s se t s , a v e r a g e e q u i t y a n d o p e r a t i n g i nc o m e($ in thousands, except per share data)Quarter EndedJune 30, 2025September 30, 2025December 31, 2025March 31, 2026June 30, 202615,264 (29,663) 22,084 16,96626,439Net income (loss) allocable to common stockholders 1,1451,3121,3902,0562,369Amortization of intangible assets(240)(276)(292)(432)(497)Tax effect of adjustments$16,169 $(28,627) $23,182 $18,590 $28,311 Adjusted net income allocable to common stockholders(12)52,352(154)1081,213 Net (gain) loss on securities transactions3556,1631,4815,725133Merger expenses1,361---0Loss on debt extinguishment-6,228-6,0990Day 2 Merger provision(358)(13,806)(279)(2,505)(283)Tax effect of adjustments$17,515$23,310$24,230$28,017 $29,374 Core net income (loss) allocable to common stockholders $5,206,950$6,085,064$6,141,284$7,451,709 $7,330,174 Total average assets $627,103$715,319$725,651$841,838 $824,633 Total average stockholders' equity 17,651,298 19,129,726 19,235,412 21,263,16420,825,444Weighted Average Diluted Shares $0.86$(1.55)$1.15$0.80 $1.27 Diluted earnings (loss) per share $0.99$1.21$1.26$1.32 $1.41 Core earnings (loss) per diluted share 1.18%(1.93)%1.43%0.92%1.45%Return on average assets (ROAA) annualized 1.35%1.51%1.57%1.52%1.61%Core return on average assets annualized 9.76%(16.45)%12.07%8.17%12.86%Return on average equity (ROAE) 11.18%12.47%13.23%13.41%14.26%Core return on average equity22
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