CrossFirst Bankshares (CFB) reported $68.87 million in revenue for the quarter ended December 2024, representing a year-over-year increase of 12.1%. EPS of $0.45 for the same period compares to $0.39 a year ago.The reported revenue represents a surprise of +2.39% over the Zacks Consensus Estimate of $67.27 million. With the consensus EPS estimate being $0.42, the EPS surprise was +7.14%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare t ...

CrossFirst Bankshares (CFB) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.14%. A quarter ago, it was expected that this bank holding company would post earnings of $0.39 per share when it actually produced earnings of $0.43, delivering a surprise of 10.26%.Over the last four quart ...

Financial Performance - CrossFirst Bankshares reported record fourth quarter net income of $22.1 million, or $0.44 per diluted common share, and full year net income of $78.5 million, or $1.56 per diluted common share[1]. - Adjusted net income for the fourth quarter was $22.9 million, or $0.45 per diluted common share, and for the full year was $81.6 million, or $1.62 per diluted common share[10]. - Net income for the year ended December 31, 2024, was $78,546 thousand, compared to $66,669 thousand in 2023, indicating an increase of 17.7%[46]. - Basic earnings per common share for the year ended December 31, 2024, was $1.58, up from $1.35 in 2023, representing a growth of 17.0%[46]. - Net income for the three months ended December 31, 2024, was $22,052,000, an increase from $19,649,000 in the previous quarter, and $78,546,000 for the year ended December 31, 2024, compared to $66,669,000 for the previous year[59]. Revenue and Income Growth - Operating revenue for full year 2024 grew 7% compared to the prior year, reaching $261.8 million[3]. - Total interest income for the three months ended December 31, 2024, was $123,201 thousand, an increase from $117,810 thousand in the same period of 2023, representing a growth of 4.0%[46]. - Net interest income after provision for credit losses for the year ended December 31, 2024, was $227,521 thousand, compared to $210,352 thousand in 2023, reflecting an increase of 8.2%[46]. - Non-interest income for the three months ended December 31, 2024, totaled $5,888 thousand, up from $4,483 thousand in the same period of 2023, marking a growth of 31.4%[46]. Asset and Liability Management - Total assets increased to $7,669.7 million as of December 31, 2024, up from $7,380.7 million a year earlier, representing a growth of 3.9%[45]. - Total liabilities of the company stood at $6,895.9 million, up from $6,672.5 million, indicating a 3.4% increase year-over-year[45]. - Total assets increased by $88 million, or 1%, quarter-over-quarter, and by $289 million, or 4%, year-over-year, primarily due to increases in cash and loans[24]. Loan and Deposit Trends - Loans ended the quarter at $6.3 billion, down $73 million, or 1%, compared to the prior quarter, but grew $130 million, or 2%, for the full year[3]. - Deposits increased to $6.7 billion, up $81 million, or 1%, for the quarter, and grew $224 million, or 3%, for the full year[3]. - Loans decreased by $73 million, or 1%, compared to the previous quarter, but increased by $130 million, or 2%, year-over-year, driven mainly by growth in the energy segment[25]. - Deposits increased by $81 million, or 1%, quarter-over-quarter, and by $224 million, or 3%, year-over-year, primarily due to increases in non-interest bearing and savings deposits[27]. Credit Quality and Risk Management - Non-performing assets were 0.52% of total assets, with full year net charge-offs at 0.09% of average loans[4]. - The allowance for credit losses was $79.0 million, or 1.26% of outstanding loans, as of December 31, 2024[32]. - Non-performing assets increased by $14.4 million to $40.2 million, or 0.52% of total assets, primarily due to increases in non-accrual loans[31]. - The provision for credit losses for the year ended December 31, 2024, was $11,112 thousand, a decrease from $14,489 thousand in 2023, indicating a reduction of 23.5%[46]. Efficiency and Cost Management - The efficiency ratio improved to 57.69%, a decrease of 2% since 2023[11]. - Full year non-interest expense increased by $4.1 million compared to 2023, with an adjusted increase of $6.5 million excluding merger-related and employee separation costs[21]. - Total non-interest expense for the year ended December 31, 2024, was $151,023 thousand, compared to $146,907 thousand in 2023, reflecting an increase of 2.9%[46]. - The efficiency ratio (GAAP) improved to 53.99% for the three months ended December 31, 2024, down from 57.52% in the previous quarter, and 57.69% for the year ended December 31, 2024, compared to 59.84% for the previous year[59]. Future Outlook and Strategic Initiatives - The merger with Busey Corporation is expected to close on March 1, 2025, following the receipt of all required regulatory approvals[8]. - The company anticipates growth opportunities and expense control initiatives as part of its forward-looking strategy[39]. - CrossFirst Bankshares is focused on expanding its market presence across multiple states including Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico[41]. - The company is pursuing a proposed transaction with Busey, which may impact customer retention and operational efficiencies[40]. - CrossFirst Bankshares is actively managing its growth strategy, including entering new lines of business and enhancing service offerings[40].

LEAWOOD, Kan., Jan. 28, 2025 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (NASDAQ:CFB), the bank holding company for CrossFirst Bank, today reported operating results for the fourth quarter and full-year ended December 31, 2024. The fourth quarter and full-year earnings release can be viewed here: https://investors.crossfirstbankshares.com/financials/quarterly-reports Investor ContactMike Daley | CrossFirst Bankshares, Inc.913.754.9707 | mike.daley@crossfirstbank.com About CrossFirst Bankshares, Inc. Cr ...

Core Viewpoint - CrossFirst Bankshares (CFB) has received an upgrade to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is primarily based on a company's changing earnings picture, tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, making the Zacks rating system valuable for investors [3][5]. - The recent upgrade for CrossFirst indicates a positive outlook on its earnings, which could positively affect its stock price [4][6]. Performance Metrics - For the fiscal year ending December 2024, CrossFirst is expected to earn $1.57 per share, reflecting a 6.8% increase from the previous year [9]. - Over the past three months, the Zacks Consensus Estimate for CrossFirst has risen by 2.6%, indicating a trend of increasing earnings estimates [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - Only the top 5% of Zacks-covered stocks receive a 'Strong Buy' rating, indicating superior earnings estimate revisions and potential for market-beating returns [10][11].

[Part I. Financial Information](index=6&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Unaudited consolidated financial statements show total assets at $7.58 billion, with Q3 2024 net income of $19.6 million and nine-month net income of $56.5 million [Consolidated Statements of Financial Condition](index=6&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased to $7.58 billion as of September 30, 2024, driven by higher net loans, with corresponding increases in liabilities and equity Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$7,582,192** | **$7,380,680** | | Loans, net | $6,253,292 | $6,054,228 | | Total Deposits | $6,634,276 | $6,491,276 | | **Total Liabilities** | **$6,810,483** | **$6,672,537** | | **Total Stockholders' Equity** | **$771,709** | **$708,143** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Net interest income increased to $61.2 million in Q3 2024, driving net income to $19.6 million and diluted EPS to $0.39, with nine-month net income at $56.5 million Quarterly and Nine-Month Performance (in thousands, except per share data) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $61,163 | $55,127 | $175,649 | $167,887 | | Provision for Credit Losses | $3,533 | $3,329 | $7,571 | $10,390 | | **Net Income** | **$19,649** | **$16,863** | **$56,494** | **$49,018** | | Diluted EPS | $0.39 | $0.34 | $1.12 | $0.99 | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was $71.3 million for the nine months ended September 30, 2024, with investing activities using $225.2 million, leading to an $18.3 million net decrease in cash Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $71,264 | $71,183 | | Net Cash used in Investing Activities | ($225,166) | ($512,585) | | Net Cash from Financing Activities | $135,610 | $374,455 | | **Net Decrease in Cash** | **($18,292)** | **($66,947)** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the pending merger with First Busey Corporation, loan portfolio composition, ACL methodology, and regulatory capital - On August 26, 2024, CrossFirst entered into a merger agreement with First Busey Corporation, expected to close in Q1 or Q2 2025, subject to approvals[22](index=22&type=chunk) - The company's loan portfolio is segmented into Commercial and Industrial, Energy, Commercial Real Estate, Residential Real Estate, and Consumer loans, with detailed risk rating methodologies[44](index=44&type=chunk)[45](index=45&type=chunk)[47](index=47&type=chunk) - The Allowance for Credit Losses (ACL) is estimated using a CECL methodology combining asset-specific reserves, quantitative cohort analysis, and qualitative adjustments based on economic factors and forecasts[69](index=69&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported improved Q3 2024 profitability, with net interest margin expanding to 3.29% FTE, stable loan growth, and strong capital ratios despite merger-related costs - Key highlights for Q3 2024 include improved profitability, net interest margin expansion to **3.29% FTE**, stable loan growth, and a decline in classified loans[146](index=146&type=chunk) - Non-interest expense in Q3 2024 totaled **$38.6 million**, including **$2.4 million** of costs related to the proposed merger with First Busey Corporation[146](index=146&type=chunk)[162](index=162&type=chunk) - The company's loan portfolio is balanced, with **44%** in commercial & industrial and owner-occupied CRE, and **44%** in non-owner-occupied CRE, with restaurants (11%) and industrial (22%) as largest segments respectively[174](index=174&type=chunk)[175](index=175&type=chunk)[177](index=177&type=chunk) Key Performance Ratios | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Return on average assets | 1.02% | 0.94% | | Return on average common equity | 10.54% | 10.19% | | Diluted earnings per common share | $0.39 | $0.34 | | Efficiency ratio | 57.52% | 59.49% | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=81&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate volatility, with a slight liability-sensitive position as of September 30, 2024, as shown by rate shock analysis Interest Rate Shock Simulation (as of Sep 30, 2024) | Change in Interest Rate (bps) | Percent Change in Net Interest Income | Percent Change in Fair Value of Equity | | :--- | :--- | :--- | | +200 | (1.38)% | (15.08)% | | +100 | (0.72)% | (7.71)% | | -100 | 0.98% | 7.91% | | -200 | 2.11% | 15.95% | - The company's interest rate position is slightly liability sensitive as of September 30, 2024, influenced by a **$250 million** notional interest rate collar and the shorter duration of its time deposit portfolio[224](index=224&type=chunk) [Item 4. Controls and Procedures](index=84&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal control over financial reporting during Q3 2024 - Management concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2024[226](index=226&type=chunk) - No material changes were made to the internal control over financial reporting during the third quarter of 2024[227](index=227&type=chunk) [Part II. Other Information](index=85&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=85&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various lawsuits in the normal course of business, not expected to have a material adverse effect - The company is subject to various legal proceedings in the ordinary course of business but does not expect them to have a **material adverse effect**[228](index=228&type=chunk) [Item 1A. Risk Factors](index=85&type=section&id=Item%201A.%20Risk%20Factors) New risk factors relate to the pending merger, including stock price fluctuations, integration difficulties, failure to realize benefits, and regulatory approval uncertainties - The fixed exchange ratio in the merger means CrossFirst stockholders are exposed to fluctuations in Busey's stock price, and the final value of the consideration is **uncertain**[230](index=230&type=chunk)[231](index=231&type=chunk) - The company expects to incur substantial non-recurring costs related to the merger and integration, with anticipated pre-tax transaction costs for both companies estimated at approximately **$75.3 million**[236](index=236&type=chunk)[237](index=237&type=chunk) - There is a risk that regulatory approvals may be delayed, may impose adverse conditions, or may not be obtained, which could delay or prevent the merger's completion[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) - Failure to complete the merger could have adverse consequences, including negative market reactions, unrecovered transaction expenses, and a potential termination fee of **$36.7 million** payable to Busey under certain circumstances[258](index=258&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=96&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased during Q3 2024, with $11.4 million remaining available under the existing $30 million share repurchase program - No shares were repurchased during the third quarter of 2024[271](index=271&type=chunk) - As of September 30, 2024, **$11.4 million** remains available under the company's **$30 million** share repurchase program[271](index=271&type=chunk) [Item 5. Other Information](index=96&type=section&id=Item%205.%20Other%20Information) An investor presentation will be used in meetings with analysts and investors from November 1, 2024, with no Rule 10b5-1 trading arrangement changes by officers or directors - An investor presentation (Exhibit 99.2) is intended for use in meetings with analysts and investors from November 1, 2024[273](index=273&type=chunk) [Item 6. Exhibit Index](index=99&type=section&id=Item%206.%20Exhibit%20Index) This section lists exhibits filed with the Form 10-Q, including the Merger Agreement, officer certifications, and the investor presentation

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CrossFirst Bankshares (CFB) reported $67.13 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 9.9%. EPS of $0.43 for the same period compares to $0.37 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $65.42 million, representing a surprise of +2.62%. The company delivered an EPS surprise of +10.26%, with the consensus EPS estimate being $0.39.While investors closely watch year-over-year changes in headline numbers -- revenue and ear ...

CrossFirst Bankshares (CFB) came out with quarterly earnings of $0.43 per share, beating the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.26%. A quarter ago, it was expected that this bank holding company would post earnings of $0.34 per share when it actually produced earnings of $0.37, delivering a surprise of 8.82%.Over the last four quart ...

LEAWOOD, Kan., Oct. 22, 2024 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for CrossFirst Bank, today reported operating results for the third quarter ended September 30, 2024. The third quarter earnings release can be viewed here: https://investors.crossfirstbankshares.com/financials/quarterly-reports Investor ContactMike Daley | CrossFirst Bankshares, Inc.913.754.9707 | mike.daley@crossfirstbank.com About CrossFirst Bankshares, Inc. CrossFirst Bankshares, Inc. (N ...