Equity Bancshares, Inc. (NYSE:EQBK) Q3 2024 Earnings Conference Call October 16, 2024 5:00 PM ET
Company Participants
Brian Katzfey - Director of Corporate Development and Investor Relations
Brad Elliott - Chairman and Chief Executive Officer
Chris Navratil - Chief Financial Officer
Krzysztof Slupkowski - Chief Credit Officer
Rick Sems - Bank CEO
Conference Call Participants
Jeff Rulis - D.A. Davidson & Company
Terry McEvoy - Stephens, Inc
Andrew Liesch - Piper Sandler
Damon DelMonte - Keefe, Bruyette & Woods
Operator
Hello, everyone, and welcome to Equity Bancshares' Third Quarter 2024 Earnings Call. My name is Lydia and I'll be your operator today. [Operator Instructions]
I'll now hand you over to Brian Katzfey to begin. Please go ahead.
Brian Katzfey
Good morning. Thank you for joining us today for Equity Bancshares third quarter earnings call.
Before we begin, let me remind you that today's call is being recorded and is available via webcast at investor.equitybank.com, along with our earnings release and presentation material. Today's presentation contains forward-looking statements which are subject to certain risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed. Following the presentation, we will allow time for questions and further discussion. Thank you all for joining us.
With that, I'd like to turn the call over to our Chairman and CEO, Brad Elliott.
Brad Elliott
Good morning, and thank you for joining Equity Bancshares earnings call. Joining me today are Rick Sems, our Bank CEO; Chris Navratil, our CFO; and Krzysztof Slupkowski, our Chief Credit Officer.
We are pleased to take you through our third quarter results, including record results in many areas. As rates have started to decline, our AOCI is recovering well from the bond restructuring done in late 2023. Our margin is holding steady, and we are optimistic about our opportunity to expand net interest income in the next several quarters, as Chris will discuss. Rick's efforts to lead a sales-driven organization are starting to pay off, as you can see in our balance sheet growth in loans and our strong pipeline.
We also received a noteworthy final payment from a [franchisor] (ph) borrower that defaulted in 2019. Brett Reber and Greg Kossover did excellent work to structure a workout that allow the borrower to reorganize and assure a significant repayment of the debt. The resolution resulted in a current period gross income of $8.5 million. This result underscores our commitment to and expertise in recovering on problem credits if they arise.