NEW YORK, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Crossfirst Bankshares, Inc. (Nasdaq: CFB), relating to its proposed merger with First Busey Corporation. Under the terms of the agreement, Crossfirst common stock will automatically be c ...

MILWAUKEE, Sept. 5, 2024 /PRNewswire/ -- Ademi LLP is investigating CrossFirst (Nasdaq: CFB) for possible breaches of fiduciary duty and other violations of law in its transaction with Busey. Click here to learn how to join our investigation https://www.ademilaw.com/case/crossfirst-bankshares-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you. In the transaction, CrossFirst stockholders will receive 0.6675 shares of Busey common stock for each share held of CrossFirst co ...

CHAMPAIGN, Ill. and LEAWOOD, Kan., Aug. 27, 2024 (GLOBE NEWSWIRE) -- First Busey Corporation ("Busey") (Nasdaq: BUSE), the holding company for Busey Bank, and CrossFirst Bankshares, Inc. ("CrossFirst") (Nasdaq: CFB), the holding company for CrossFirst Bank, jointly announced today the signing of a definitive agreement and plan of merger, pursuant to which CrossFirst will merge with and into Busey (the "Merger") in an all-common stock transaction valued at approximately $916.8 million, based on Busey's closi ...

Financial Performance - Operating revenue increased by $1.4 million, or 2%, from the prior quarter[119] - Net income for Q2 2024 was $18.6 million, or $0.37 per diluted common share, compared to $16.0 million, or $0.33 per diluted common share in Q2 2023[122] - Net interest income increased by $3.4 million and $1.7 million for the three- and six-month periods ended June 30, 2024, compared to the same periods in 2023[128] - Non-interest income for the three months ended June 30, 2024, was $5.7 million, a decrease of 1% compared to $5.8 million in the same period of 2023[131] - Service charges and fees on client accounts increased by 11% for the three months ended June 30, 2024, reaching $2.3 million compared to $2.1 million in the same period of 2023[131] - Adjusted net income for Q2 2024 was $18,622 thousand, compared to $18,223 thousand in Q1 2024, reflecting a 2.2% increase[176] - Adjusted return on average common equity for Q2 2024 was 10.59%, consistent with Q1 2024, while the GAAP return was also 10.59%[180] - The diluted earnings per common share (GAAP) for Q2 2024 was $0.37, compared to $0.36 in Q1 2024, indicating a 2.8% increase[176] Asset and Loan Growth - Loans grew by $95 million, or 2%, for the quarter and $216 million, or 4%, year-to-date[119] - Total assets increased to $7.42 billion as of June 30, 2024, compared to $6.82 billion in the prior year[128] - The company reported a $588 million increase in average earning assets for the six months ended June 30, 2024, driven by higher average loan and securities balances[128] - Loans increased by $217 million (4%) from December 31, 2023, with total loans reaching $6.34 billion[144] - Total deposits rose by $242 million to $6.7 billion as of June 30, 2024, compared to December 31, 2023[139] - The investment portfolio totaled $802 million as of June 30, 2024, an increase of $36 million from December 31, 2023[140] Credit Quality and Non-Performing Assets - Non-performing assets decreased to 0.22% of total assets, with annualized net charge-offs at 0.07% of average loans[119] - The allowance for credit losses (ACL) as of June 30, 2024, is $81,431 thousand, representing 100% of total loans[151] - Net charge-offs for the three-month period ended June 30, 2024, were $1.0 million, primarily due to one commercial and industrial loan and one commercial real estate loan[152] - Non-performing assets decreased by $3.7 million to $16.7 million at June 30, 2024, with the non-performing assets to total assets ratio decreasing from 0.27% to 0.22%[154] - The annualized net charge-offs for the second quarter of 2024 were 0.07%, compared to 0.10% in the previous quarter and 0.04% in the same quarter of the previous year[154] Capital Management and Returns - Capital returned to stockholders was $3.0 million during the quarter via share buybacks at a weighted average price of $12.78 per share[119] - The GAAP efficiency ratio for Q2 2024 was 59.32%, improved from 62.02% in Q2 2023[136] - Tangible common stockholders' equity increased to $690,629 thousand as of June 30, 2024, up from $676,817 thousand at March 31, 2024, representing a 2.4% growth[182] - The tangible book value per common share increased to $14.02 as of June 30, 2024, from $13.70 at March 31, 2024, marking a 2.3% rise[182] Interest Rate and Funding - Net interest margin remained consistent at 3.20%[119] - The cost of funds increased by 51 basis points compared to the second quarter of 2023 due to pricing pressure on deposits and client migration into higher cost deposit products[128] - The company anticipates net interest margin - FTE to be in a range of 3.20% to 3.25% for the full year 2024[129] - The Company expects $3.6 billion of time deposits and other borrowings to reprice in the next twelve months, with 92% of time deposits maturing within the same period[188] - As of June 30, 2024, 73% of loans, amounting to $4.6 billion, are set to mature or reprice within the next twelve months, including $3.8 billion repricing in July 2024[188] Operational Efficiency - Non-interest expense for Q2 2024 increased by $0.3 million (1%) compared to Q2 2023, primarily due to a $0.7 million increase in data processing expenses[134] - Adjusted Non-interest expense for the quarter ended June 30, 2024, was $36,819 thousand, an increase from $34,104 thousand in the same quarter last year, reflecting a year-over-year increase of 7.9%[184] - The Efficiency Ratio (GAAP) improved to 59.32% for the quarter ended June 30, 2024, down from 62.02% in the same quarter last year, indicating enhanced operational efficiency[184] Economic Outlook and Risk Management - The company continues to monitor U.S. economic indicators, including inflation and interest rates, which may impact the commercial real estate market[155] - The Company’s interest rate risk management involves measuring the interest rate risk position, assessing policy constraints, and strategic review and implementation[185] - The Company continuously monitors the interest rate environment and believes that derivative strategies to protect net interest margin are available if needed[188]

CrossFirst Bankshares Inc. (NASDAQ:CFB) Q2 2024 Earnings Conference Call July 16, 2024 11:00 AM ET Company Participants Mike Daley - Chief Accounting Officer & Head of IR Mike Maddox - President, CEO & Director Randy Rapp - President & Director Ben Clouse - CFO Conference Call Participants Michael Rose - Raymond James Woody Lay - KBW Andrew Liesch - Piper Sandler Matt Olney - Stephens Operator Good day, and welcome to the CrossFirst Bankshares, Inc., Second Quarter 2024 Conference Call. All participants wil ...

OKLAHOMA CITY COLORADO SPRINGS DENVER PHOENIX (1) Demographic and deposit data generated from S&P Capital IQ. Deposit data is based on the FDIC Summary of Deposits data filed as of 6/30/2023. 5 | --- | --- | |--------------|------------| | | | | | Since 2012 | | Total Assets | 25.4% | $565 $847 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 6/30/2024 $1,220 57% 7 FOCUSING ON OUR CORE VALUES At CrossFirst Bank, extraordinary service is the unifying purpose at the very heart of our organization. ...

The reported revenue compares to the Zacks Consensus Estimate of $63.66 million, representing a surprise of -0.10%. The company delivered an EPS surprise of +8.82%, with the consensus EPS estimate being $0.34. Here is how CrossFirst performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Shares of CrossFirst have returned +19.4% over the past month versus the Zacks S&P 500 composite's +3.8% change. The stock currently has a Zacks Rank #4 (S ...

This quarterly report represents an earnings surprise of 8.82%. 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 $0.36, delivering a surprise of 5.88%. What's Next for CrossFirst? CrossFirst Bankshares (CFB) came out with quarterly earnings of $0.37 per share, beating the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring it ...

| --- | --- | --- | --- | --- | |-----------------------------------|-----------------------------------|------------------------------------------------------------------------------------------|---------------|----------| | Second Quarter \nNet Income | 2024 Key Financial \nROAA (1) | Performance Metrics \nNet Interest Margin – Fully Tax Equivalent (1) ("FTE") | Diluted EPS | ROCE (1) | | $18.6 million | 1.00% | 3.20% | $0.37 | 10.59% | (1) Ratios are annualized. (2) Net interest income plus non-interest ...

LEAWOOD, Kan., July 15, 2024 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for CrossFirst Bank, today reported operating results for the second quarter ended June 30, 2024. The second quarter earnings release can be viewed here: https://investors.crossfirstbankshares.com/financials/quarterly-reports CrossFirst Bankshares, Inc. will host a conference call to review second quarter results on Tuesday, July 16, 2024, at 10 a.m. CT / 11 a.m. ET. The conference call may a ...