Why Equity Bancshares Stock Fell Today
Shares of Equity Bancshares (NASDAQ: EQBK) fell as much as 5.7% early Thursday, then settled to close down 2.8% despite better-than-feared fourth-quarter 2023 results from the holding company for Equity Bank.
For its fourth quarter of 2023, the holding company for Equity Bank delivered a net loss to common shareholders of $28.3 million, or $1.84 per share -- technically beating estimates for a slightly wider per-share loss of $1.88. Most of that red ink on the bottom line stemmed from realized losses of $50.6 million from the sale of $493.6 million in securities. The proceeds of those sales were subsequently redeployed into bond purchases, loan production, cash, and avoidance of high-cost borrowings.
Equity Bank realized a 6.1% annualized expansion in gross loans held for investment, to $50.8 million, driven largely by commercial lending categories.
Source Fool.com
