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]

Financial Data and Key Metrics Changes - The company reported net income of $18.6 million, or $0.37 per diluted share, representing a 2% increase from the previous quarter [16][52] - Total assets grew to $7.6 billion, an increase of 2% from the previous quarter [17] - The return on average assets was 1.0% and return on average common equity was 10.6% [53] - The total cost of deposits was 3.92%, increasing by 5 basis points [54] - The fully tax equivalent net interest margin remained stable at 3.20% [55] Business Line Data and Key Metrics Changes - Total loan growth for the quarter was $95 million, resulting in a growth rate of 6% on an annualized basis, primarily driven by C&I, energy, and commercial real estate [8][20] - Non-interest income increased to $5.7 million, expanding 2% from the previous quarter, with service charges and credit card revenues being the main contributors [57] - The allowance for credit loss to total loan loss ratio was 1.42%, consistent with the prior quarter [11] Market Data and Key Metrics Changes - The company reported a 2% increase in deposits to $6.7 billion, up $147 million from the previous quarter [51] - Non-interest bearing deposits increased slightly to $958 million, representing 14% of total deposits [51] - The commercial real estate exposure as a percentage of capital was approximately 320% at the end of the quarter, with a goal to reduce it below 300% [74] Company Strategy and Development Direction - The company is focused on scaling its markets and verticals, driving operating leverage across its expense base, and enhancing franchise value [5][17] - There is a strategic emphasis on maintaining credit quality while moderating loan growth and adhering to credit underwriting standards [17][20] - The company plans to continue leveraging earnings power to build capital while being opportunistic with share buybacks [18][59] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about credit quality metrics, noting improvements in past dues, non-accruals, and classified assets [6][24] - The company anticipates continued solid growth in deposits and loans, with a focus on maintaining a balanced portfolio [20][45] - Management expects some headwinds in net interest income growth due to the dynamic rate environment but remains positioned for potential rate cuts [29][55] Other Important Information - The company completed a successful negotiation of its core services contract, expected to generate significant savings [25][45] - The average yield on new loans for the quarter was 8.93%, indicating strong loan production [47] Q&A Session Summary Question: Thoughts on deposit growth and NIB mix stabilization - Management believes the deposit mix has stabilized and continues to focus on improving non-interest bearing deposits, with growth driven by core deposits from their markets [35] Question: Potential for deposit growth to outpace loan growth - Management indicated that they see opportunities for deposit growth to potentially outpace loan growth, especially with clarity on the economy [36] Question: Drivers of classified asset improvement - The improvement in classified assets was attributed to overall portfolio performance, including refinanced transactions and restructuring with additional equity [95] Question: Update on commercial real estate exposure - The commercial real estate exposure was approximately 320% of capital at the end of the quarter, with efforts underway to reduce it below 300% [74] Question: Capital deployment thoughts given recent market movements - Management expressed a preference for deploying capital into high-quality growth opportunities in their markets, given the recent positive movement in stock price [86]

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 ...

Core Viewpoint - CrossFirst Bankshares, Inc. reported its operating results for the second quarter ended June 30, 2024, indicating ongoing business performance and financial health [1]. Group 1: Financial Results - The second quarter earnings release is available for review, providing insights into the company's financial performance [1]. - A conference call is scheduled for July 16, 2024, to discuss the second quarter results and other company developments [1]. Group 2: Access Information - The conference call will be accessible via telephone and online streaming, with specific dial-in numbers provided for both domestic and international callers [1][2]. - A replay of the call will be available two hours after the live event, with access codes for both domestic and international listeners [3]. Group 3: Company Overview - CrossFirst Bankshares, Inc. is a registered bank holding company for CrossFirst Bank, which offers a range of financial products and services [4]. - The bank operates in multiple states, including Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico, indicating a broad geographical presence [4].