EX-99.2

Exhibit 99.2

SELECTED UNAUDITED PRO FORMA FINANCIAL DATA

The following unaudited pro forma condensed consolidated combined financial information of Equity Bancshares, Inc. ("Equity") as of and for the year ended December 31, 2025, is presented to show the impact on Equity’s historical financial position and results of operations of:

• the merger; and

• the issuance of common stock of Equity to Frontier Holdings, LLC ("Frontier") unitholders and the cash consideration to be paid to Frontier unitholders in connection with the merger.

As a result of the merger, Frontier unitholders were entitled to receive an aggregate of 2,220,000 shares of Equity common stock and aggregate cash of approximately $32,500,000, subject to downward adjustment as described in the merger agreement. The calculation of the aggregate merger consideration assumes that no cash is paid in lieu of issuing fractional shares of Equity common stock and that no downward adjustment was made as described in the merger agreement:

• a closing price of Equity common stock of $44.65, which was the closing price of Equity common stock on December 31, 2025, the close price on the date immediately preceding the closing of the transaction; and

• Frontier’s consolidated capital, surplus and retained earnings accounts less all intangible assets and Frontier merger costs prior to the closing was greater than $99,416,508.

The unaudited Pro Forma Condensed Consolidated Combined Balance Sheet reflects the historical position of Equity and Frontier as of the most recent fiscal year end for each (see Note (a) to Notes Pro Forma Condensed Consolidated Combined Financial Statements below), with pro forma adjustments based on the assumption that the merger was completed on December 31, 2025. The pro forma adjustments are based on the acquisition method of accounting. The unaudited Pro Forma Condensed Consolidated Combined Statements of Income assume that the merger was completed on January 1, 2025. The adjustments are based on information available and certain assumptions that Equity believes are reasonable. The pro forma does not consider any potential impacts of current market conditions on revenues, potential revenue enhancements, anticipated cost savings and expense efficiencies, or asset dispositions among other factors. The final allocation of the purchase price for Frontier between stockholders’ equity and goodwill will be determined after the merger is completed and after completion of thorough analyses to determine the fair values of Frontier’s tangible and identifiable intangible assets and liabilities as of the date the merger is completed. Any change in the fair value of the net assets of Frontier will change the amount of the purchase price allocable to goodwill. Further, changes that would affect stockholders’ equity at Frontier, such as net income from December 31, 2025 through the date the merger is completed, will also change the amount of goodwill recorded. In addition, the final adjustments may be different from the unaudited pro forma adjustments presented in this filing.

The following unaudited pro forma condensed combined financial information and related notes are based on and should be read in conjunction with (i) the historical audited consolidated financial statements of Equity and the related notes included in Equity’s Annual Report on Form 10-K for the year ended December 31, 2025, and (ii) the historical audited consolidated financial statements of Frontier and the related notes included in Exhibit 99.1 to this Form 8-K.

The unaudited pro forma condensed consolidated combined financial information is intended for illustrative purposes only and is not necessarily indicative of the actual financial position or actual operating results of the combined company or of the financial position or operating results of the combined company that would have occurred had the merger been in effect as of the date or for the periods presented.

Exhibit 99.2


Unaudited Pro Forma Condensed Consolidated Combined Balance Sheet As of December 31, 2025 (Dollars in thousands)
ASSETS		Equity Historical		Frontier Historical (a)		Pro Forma Adjustments		Pro Forma Combined
Cash and due from banks	$	607,562	$	11,021	$	(43,520)	(b) $	575,063
Federal funds sold		255		—		—		255
Cash and cash equivalents		607,817		11,021		(43,520)		575,318
Interest-bearing time deposits in other banks		575		100		—		675
Investment securities		1,035,816		84,260		—		1,120,076
Loans held for sale		1,392		903		—		2,295
Loans held for investment		4,198,180		1,289,866		(25,662)	(c)	5,462,384
Allowance for loan losses		(52,756)		(14,492)		—	(d)	(67,248)
Loans, net		4,145,424		1,275,374		(25,662)		5,395,136
Other real estate owned, net		5,388		—		—		5,388
Premises and equipment, net		136,720		3,407		—		140,127
Bank owned life insurance		148,301		—		—		148,301
Federal Reserve Bank and Federal Home Loan Bank stock		34,053		6,908		—		40,961
Interest receivable		33,322		10,902		—		44,224
Goodwill		82,101		15,213		14,053	(e)	111,367
Core deposit intangible, net		21,634		—		11,000	(f)	32,634
Other assets		120,629		12,288		9,127	(g)	142,044
Total assets	$	6,373,172	$	1,420,376	$	(35,002)	$	7,758,546

LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest-bearing deposits	$	1,148,409	$	94,637	$	—	$	1,243,036
Interest-baring transaction and savings		3,004,987		441,912		—		3,446,899
Time deposits		984,868		558,919		(4,542)	(h)	1,539,245
Total deposits		5,138,264		1,095,468		(4,542)		6,299,190
Federal funds purchased and retail repurchase agreements		39,864		—		—		39,864
Federal Home Loan Bank advances		300,000		170,280		(1,309)	(i)	468,971
Back stock loan		—		18,618		(401)	(j)	18,217
Subordinated debentures		98,145		—		—		98,145
Contractual obligations		10,208		—		—		10,208
Interest payable and other liabilities		54,637		16,944		—		71,581
Total liabilities		5,641,118		1,301,310		(6,252)		6,936,176
Stockholders’ equity
Common stock		249		—		22	(k)	271
Additional paid-in capital		664,906		56,571		42,530	(k)	764,007
Retained earnings		205,328		71,418		(80,225)	(l)	196,521
Accumulated other comprehensive income(loss)		7,032		(8,923)		8,923	(l)	7,032
Treasury stock		(145,461)		—		—		(145,461)
Total stockholders’ equity		732,054		119,066		(28,750)		822,370
Total liabilities and stockholders’ equity	$	6,373,172	$	1,420,376	$	(35,002)	$	7,758,546

Exhibit 99.2


Unaudited Pro Forma Condensed Consolidated Combined Statement of Income For the year ended December 31, 2025 (Dollars in thousands, except per share data)
Interest and dividend income		Equity Historical		Frontier Historical (a)		Pro Forma Adjustments		Pro Forma Combined
Loans, including fees	$	277,138	$	77,217	$	6,011	(aa) $	360,366
Securities		40,022		2,956		1,657	(bb)	44,635
Other interest income		13,675		688		—		14,363
Total interest and dividend income		330,835		80,861		7,668		419,364
Interest expense
Deposits		88,455		33,736		1,782	(cc)	123,973
Federal funds purchased and retail repurchase agreements		936		692		—		1,628
Federal Home Loan bank advances		8,208		5,433		514	(dd)	14,155
Federal Reserve Bank borrowings		—		—		—		—
Bank stock loan		—		1,263		262	(ee)	1,525
Subordinated debentures		7,155		—		—		7,155
Total interest expense		104,754		41,124		2,558		148,436
Net interest income		226,081		39,737		5,242		270,928
Provision for loan losses		8,953		1,263		—		10,216
Net interest income after provision for loan losses		217,128		38,474		5,110		260,712
Non-interest income
Service charges and fees		9,321		364		—		9,685
Debit card income		11,414		735		—		12,149
Mortgage banking		567		1,075		—		1,642
Increase in value of bank owned life Insurance		7,717		—		—		7,717
Net gains on investment securities Transactions		(53,174)		—		—		(53,174)
Other non-interest income		8,127		234		—		8,361
Total non-interest income		(16,028)		2,408		—		(13,620)
Non-interest expense
Salaries and employee benefits		84,786		17,600		—		102,386
Net occupancy and equipment		15,801		3,359		—		19,160
Data processing		20,279		2,597		—		22,876
Professional fees		6,467		440		—		6,907
Amortization of core deposit intangible		4,503		—		1,962	(ff)	6,465
Other real estate owned, net		1,029		(28)		—		1,001
Loss on debt extinguishment		1,361		—		—		1,361
Merger expenses		8,065		—		11,020	(hh)	19,085
Other non-interest expense		32,429		3,262		—		35,691
Total non-interest expense		174,720		27,230		12,982		214,932
Income before income taxes		26,380		13,652		(7,872)		32,160
Provision for income taxes		3,654		750		1,066	(gg)	5,470
Net income allocable to common stockholders	$	22,726	$	12,902	$	(8,938)	$	26,690
Basic earnings per share	$	1.24					$	1.30
Weighted average shares outstanding		18,296,090						20,516,090
Diluted earnings per share	$	1.23					$	1.29
Weighted average shares outstanding		18,456,676						20,676,676

Exhibit 99.2

Notes to Unaudited Pro Forma Condensed Consolidated Combined Financial Information

(Dollars in thousands, except per share amounts)

The following pro forma adjustments have been reflected in the unaudited pro forma condensed consolidated combined financial information. All adjustments are based on current assumptions and valuations which are subject to change.

(a) Frontier has a fiscal year end of September 30. For the purposes of the disclosures as of and for the periods ended December 31, 2025 Frontier results include audited financial results as of and for the most recently completed fiscal year.

Frontier financial information includes immaterial reclassifications to align with Equity financial reporting.

(b) This adjustment includes the cash portion of the merger consideration of $32.5 million and pre-tax direct-incremental merger and stock issuance costs of $11.0 million ($8.8 million, after-tax).

(d) This adjustment represents the elimination of Frontier’s allowance offset by a $14.5 million credit adjustment on acquired loans.

(e) This adjustment represents the purchase price allocation for the merger, calculated as follows:


Issue 2,220,000 Equity shares valued at the closing price for Equity common stock on December 31, 2025	$	99,123
Cash merger consideration, including cash in lieu of fractional shares		32,500
Total purchase price		131,623
Frontier’s equity at book value		(119,066)
Frontier’s beginning goodwill balance		15,213
Allocated to loan fair value, less Frontier’s ending allowance		25,662
Allocated to core deposit intangibles		(11,000)
Allocated to time deposit fair value		(4,542)
Allocated to debt		(1,710)
Allocated to net deferred tax assets		(6,914)
Estimated goodwill from transaction	$	29,266
Frontier beginning goodwill balance	$	15,213
Net goodwill adjustment	$	14,053

(f) This adjustment represents the recognition of core deposit intangibles.

Exhibit 99.2

(g) This adjustment represents the impact on deferred income taxes and income tax benefits created in the accounting for the transaction, calculated as follows:


Loan fair value adjustments	$	25,662
Core deposit intangibles		(11,000)
Deposits fair value adjustments		(4,542)
Debt fair value adjustments		(1,710)
Subtotal of fair value adjustments		8,410
Calculated deferred taxes at an estimated rate of 21%		1,768
S Corp to C Corp adjustment at an estimated rate of 21%		5,146
Total deferred taxes adjustment	$	6,914
Tax effect of merger expenses (item (b) above)		2,213

Total Other asset adjustment	$	9,127

(h) This adjustment reflects interest-bearing time deposits at their estimated fair values.

(i) This adjustment reflects Federal Home Loan Bank advances at their estimated fair values.

(j) This adjustment reflects the term Bank stock loan at its estimated fair value.

(k) This adjustment represents the elimination of the historical equity of Frontier, net of the issuance of

2,220,000 shares of Equity common stock, par value $0.01 per share, to unitholders of Frontier. Value of the shares issued is based on the closing price for Equity common stock on December 31, 2025.

(l) This adjustment represents the elimination of the historical equity of Frontier, net of after-tax merger expenses.

      
     For the Year Ended
December 31, 2025

     (aa)  Adjustment to loan interest income to reflect accretion of loan discount
from interest rate and accretable credit fair value adjustments over an
estimated 6.3 years.

$                         6,011

     (bb) Adjustment to security interest income to reflect accretion of discount
over an expected 6 years.

$                         1,657

     (cc) Adjustment to deposit interest expense to reflect the amortization of the
time deposit interest rate fair value mark over an estimated 2.5 years.

$                         1,782

     (dd) Adjustment to debt interest expense to reflect the amortization of the fair
value mark on FHLB term borrowings over an estimated 2.5 years.

$                            514

     (ee) Adjustment to debt interest expense to reflect the amortization of the fair
value mark on bank stock term borrowings over an estimated 1.5 years.

$                            262

     (ff) Adjustment to reflect amortization of the acquired Core Deposit Intangible
using sum of years digits over 10 years.

$                         1,962

     (gg) Adjustment to reflect income taxes on Frontier earnings as well as the
proforma adjustment at an estimated rate of approximately 21%. Frontier
was a S Corp as of each disclosed period. 

$                         1,066

     (hh) Recognition of the aggregate level of costs expected to be incurred by 
Frontier and Equity in facilitating the transaction.  These expenses are 
expected to be realized in the first year and not be recurring.

$                       11,020