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. 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 also include discussion of Company developments, forward-looking statements and other material information about business and fin ...

Wall Street analysts expect CrossFirst Bankshares (CFB) to post quarterly earnings of $0.34 per share in its upcoming report, which indicates a year-over-year decline of 2.9%. Revenues are expected to be $63.66 million, up 5.5% from the year-ago quarter. Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently ...

Company Overview - CrossFirst Bankshares, Inc. is a Kansas corporation and a registered bank holding company for its wholly owned subsidiary, CrossFirst Bank, which is a full-service financial institution offering products and services to businesses, professionals, individuals, and families [6]. Upcoming Events - CrossFirst Bankshares will host a conference call to review second quarter 2024 financial results on July 16, 2024, at 11:00 AM E.T. The results will be released after the market closes on July 15, 2024 [4]. - The conference call will include discussions on company developments, forward-looking statements, and other material information about business and financial matters [4]. Access Information - For those unable to join the live presentation, a replay will be available two hours after the conclusion of the call, accessible via a specific phone number and access code [2]. - The event will also be broadcast live over the internet, with a link provided for access [5].

LEAWOOD, Kan., July 01, 2024 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (NASDAQ:CFB), the parent company of CrossFirst Bank, announced today that management will host a conference call to review second quarter 2024 financial results on Tuesday, July 16, 2024, at 11:00 AM E.T. The call may also include discussion of company developments, forward-looking statements and other material information about business and financial matters. The results are scheduled to be released after the market closes on Mond ...

Looking to Trade Options? Investors in CrossFirst Bankshares, Inc. (CFB) need to pay close attention to the stock based on moves in the options market lately. That is because the Aug 16, 2024 $12.5 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one ...

LEAWOOD Kan., May 16, 2024 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the parent company of CrossFirst Bank, has been named to the coveted 2024 KBW Bank Honor Roll by Keefe, Bruyette & Woods, Inc., a leading investment bank specializing in the financial services industry. CrossFirst was named among this year's 18 honorees, in part based on its long-term performance being among the top 5% of eligible banks in the country. To be considered for this recognition, banks must be publicly trade ...

LEAWOOD Kan., May 16, 2024 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the parent company of CrossFirst Bank, has been named to the coveted 2024 KBW Bank Honor Roll by Keefe, Bruyette & Woods, Inc., a leading investment bank specializing in the financial services industry. CrossFirst was named among this year's 18 honorees, in part based on its long-term performance being among the top 5% of eligible banks in the country. To be considered for this recognition, banks must be publicly trade ...

Financial Performance - Net interest income decreased by $1.6 million for the three-month period ended March 31, 2024, compared to the same period in 2023, with a net interest margin - FTE reduction of 45 basis points [206]. - Non-interest income totaled $5.589 million for the first quarter of 2024, representing a 26% increase compared to $4.421 million in the same period of 2023 [208]. - Net income for the first quarter of 2024 was $18.2 million, or $0.36 per diluted common share, compared to $16.1 million, or $0.33 per diluted common share, in the first quarter of 2023 [211]. - Average earning assets increased to $7.2 billion for the three-month period ended March 31, 2024, an increase of $0.6 billion compared to the same period in 2023 [215]. - Total assets were $7.5 billion at March 31, 2024, reflecting a $0.1 billion increase, or 1%, from $7.4 billion at December 31, 2023 [220]. - Non-interest expense decreased by $0.6 million to $37.505 million for the three-month period ended March 31, 2024, compared to $38.092 million in the same period of 2023 [217]. - The GAAP efficiency ratio for the first quarter of 2024 was 60.31%, compared to 60.81% for the same period in 2023 [218]. - Adjusted net income for the quarter ended March 31, 2024, was $18,223 thousand, compared to $19,571 thousand for the previous quarter [276]. - Diluted earnings per common share (GAAP) for the quarter was $0.36, up from $0.35 in the previous quarter [276]. Credit Quality - The provision for credit losses was $1.7 million for the first quarter of 2024, driven by loan growth, compared to $4.4 million in the same period of 2023 [207]. - As of March 31, 2024, non-performing assets decreased by $4.4 million to $20.4 million, with the non-performing assets to total assets ratio decreasing from 0.34% to 0.27% [251]. - Total net charge-offs to average loans were 0.10% for the first quarter of 2024, down from 0.12% in the previous quarter and the same quarter last year [251]. - Non-accrual loans decreased to $12.1 million from $18.5 million at December 31, 2023, while total non-performing loans decreased to $15.0 million from $24.8 million [254]. - The ratio of non-performing loans to total loans improved to 0.24% from 0.40% at December 31, 2023 [254]. - The allowance for credit losses represents the expected credit losses in the loan portfolio and off-balance sheet commitments [249]. - The allowance for credit losses increased to $74,856 thousand as of March 31, 2024, from $73,462 thousand at the beginning of the period, reflecting a provision of $2,855 thousand [324]. Loan Portfolio - As of March 31, 2024, gross loans increased by $121 million or 2% from December 31, 2023 [243]. - The total weighted average rate for the loan portfolio was 7.74% as of March 31, 2024 [237]. - The loan portfolio remains balanced, with 44% of loans in commercial and industrial and owner-occupied commercial real estate, and 44% in non-owner-occupied commercial real estate [326]. - The weighted average rate for commercial and industrial loans was 5.35% with a fixed balance of $523,040 thousand as of March 31, 2024 [237]. - The residential real estate segment had a weighted average rate of 4.08% with a balance of $101,643 thousand as of March 31, 2024 [237]. Investment and Securities - The total available-for-sale securities amounted to $786,603 thousand with a weighted average yield of 3.46% as of March 31, 2024 [240]. - The investment portfolio increased due to the purchase of $40 million in mortgage-backed securities and $5 million in collateralized mortgage obligations [241]. - The company is restructuring its investment portfolio to reduce concentration in municipal investments and increase liquidity [241]. Deposits and Liquidity - Deposits totaled $6.6 billion as of March 31, 2024, reflecting an increase of $96 million or 1% from December 31, 2023 [255]. - On-balance sheet liquidity as a percentage of assets was 13% as of March 31, 2024, down from 14% at the end of the previous quarter [280]. - Total liquidity as a percentage of assets decreased to 33% from 34% [280]. - The company believes its current on and off-balance sheet liquidity will be sufficient to meet anticipated cash requirements for the next 12 months [269]. Risk Management - The company is managing interest rate risk through a combination of gap reports, earnings simulation, and economic value of equity [290]. - The company continuously monitors the interest rate environment and is prepared to implement derivative strategies to protect net interest margin if necessary [294]. - The Company is assessing potential risks in the commercial real estate portfolio due to higher interest rates and operating costs [252]. - Interest rate risk management is crucial for the Company, with a focus on maximizing income while minimizing interest rate risk through a three-step process [361]. Regulatory and Compliance - The Company is subject to heightened legal and regulatory compliance and litigation risk due to the nature of its business [296]. - The Company is subject to various regulatory capital requirements, and failure to meet these can lead to mandatory actions by regulators [358]. - The Company and the Bank opted to exclude Accumulated Other Comprehensive Income (AOCI) from regulatory capital calculations, meaning changes in AOCI do not impact regulatory capital ratios [353]. - The Company believes it met all capital adequacy requirements as of March 31, 2024, which include maintaining a 2.5% capital conservation buffer [358]. Shareholder Actions - The Company purchased $1.5 million of common stock during the first three months of 2024, with $14.4 million remaining available for repurchase [267]. - The Company declared dividends of $155 thousand related to Series A Non-Cumulative Perpetual Preferred Stock during the three months ended March 31, 2024 [268]. - The company has a share repurchase program with $14.4 million remaining available for repurchase as of March 31, 2024 [299].

Financial Data and Key Metrics Changes - Total assets grew to a record $7.5 billion with loan growth at 8% on an annualized basis [9] - Net income was $18.2 million or $0.36 earnings per share, reflecting a 3% increase from the previous quarter [46] - The total cost of deposits was 3.87% for the quarter, increasing by 13 basis points [21] - The return on average assets was 1.0% and return on average common equity was 10.4% [20] Business Line Data and Key Metrics Changes - Total loan growth was $121 million, resulting in a growth rate of 2% for the quarter or 8% on an annualized basis, primarily driven by commercial real estate, C&I, and owner-occupied real estate [13] - The average loan yield on new production was 8.58% [13] - Noninterest income was $5.6 million for the quarter, expanding from the previous quarter and growing 26% year-over-year [23] Market Data and Key Metrics Changes - Deposits increased by 1.5% to $6.6 billion, up $96 million from the previous quarter [18] - Noninterest-bearing deposits decreased slightly to $954 million, representing 14.5% of total deposits [18] - The classified loans to total capital plus combined reserves ratio ended Q1 at 15.8%, up from 14.8% at the end of Q4 [43] Company Strategy and Development Direction - The company continues to focus on increasing loan yields and optimizing operations while managing expenses [38] - There is a commitment to grow prudently, efficiently, and profitably, with a focus on deposits and noninterest income opportunities [37] - The company plans to continue share buybacks while building capital [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving financial landscape and optimism about future performance due to strong markets [11] - The company anticipates increased churn in the commercial real estate portfolio, which may lower total CRE exposure in future quarters [42] - Management highlighted the importance of maintaining good credit metrics and the quality of the loan portfolio [44][80] Other Important Information - The company received the Don Clifton Strengths-Based Culture Award for the second consecutive year, reflecting its strong workplace culture [36] - The average C&I line utilization was 51%, slightly above the historical usage percentage [40] Q&A Session Summary Question: Concerns about credit underwriting and reserve levels - Management acknowledged the increase in classified loans but emphasized that it was primarily due to administrative issues and that they expect the number to return to historical levels [75][79] Question: Outlook on fee income and expenses - Management expressed confidence in continued fee income growth, particularly in treasury, credit card, and SBA, while also focusing on controlling expenses [60][83] Question: Impact of interest rates on loan growth and margin - Management indicated that the ability to grow loans is tied to deposit growth and that they expect to maintain stability in net interest margin even in a static rate environment [99][108] Question: Loan portfolio churn and its implications - Management discussed factors influencing churn, including project age and market conditions, and expressed optimism about potential opportunities arising from increased churn [68][93]

3 Capital 2013 Expanded into Tulsa market through acquisition of Tulsa National Bancshares, Inc. (~$160mm in Total Assets) PTPP Profit(2) $72.0 $83.0 $89.1 $98.6 $24.7 2020 2021 2022 2023 Q1 2024 MARKET AND INDUSTRY DATA. This presentation references certain market, industry and demographic data, forecasts and other statistical information. We have obtained this data, forecasts and information from various independent, third party industry sources and publications. Nothing in the data, forecasts or informat ...