Crossfirst Bankshares, Inc. Stock Price, News & Analysis

CrossFirst Bankshares, Inc. (Nasdaq: CFB) reported strong second quarter 2022 results with a net income of $15.5 million, translating to $0.31 per diluted share. Year-to-date net income reached $32.4 million.

Key highlights include a 6% increase in operating revenue and 4% loan growth. The company also announced its acquisition of Central Bancorp, enhancing its asset base to $5.7 billion. Credit quality improved, with a lower non-performing assets ratio of 0.54%.

CrossFirst Bankshares, Inc. (NASDAQ: CFB) will host a conference call on July 19, 2022, at 11:00 AM ET to discuss its second quarter financial results, which will be released after market close on July 18, 2022. For access, dial (877) 270-2148 or join online via the provided link. A replay of the call will be available two hours post-event, and a webcast will be accessible for 90 days on the company's website. CrossFirst operates across Kansas, Missouri, Oklahoma, Texas, and Arizona, offering a range of financial services.

CrossFirst Bankshares (CFB) and Central Bancorp have announced a merger agreement where CrossFirst's bank subsidiary, CFB Bank, will acquire Farmers & Stockmens Bank in an all-cash transaction valued at approximately $75 million. This merger aims to strengthen CrossFirst's footprint in Colorado and New Mexico, combining assets of around $6.2 billion. The transaction is expected to enhance revenue diversification, improve banking offerings, and increase earnings per share by $0.17 in 2023, pending regulatory approvals.

CrossFirst Bank has promoted Randy Rapp to President, effective July 1, 2022. Previously the Chief Risk Officer and Chief Credit Officer, he will oversee credit and risk management, sales, technology, and operations. Mike Maddox, CEO, highlighted Rapp's significant contributions to improving credit practices and financial performance since joining in 2019. Rapp brings over 30 years of experience in commercial banking, previously serving at Texas Capital Bankshares.

CrossFirst Bank has opened a new full-service location in Phoenix, Arizona, marking its ninth bank location. The grand opening is set for May 25, 2022, with a ribbon-cutting ceremony at 10 a.m. MST. A donation of $5,000 will support Phoenix Children’s Foundation. Led by market president Kevin Halloran, the new branch emphasizes customized banking solutions for clients, featuring a modern design and comprehensive online services. This expansion aims to cater to the growing needs of businesses and individuals in Maricopa County.

CrossFirst Bankshares (CFB) reported a net income of $16.8 million for Q1 2022, equating to $0.33 per diluted share, a 40% increase year-over-year. The bank's assets totaled $5.5 billion, with a 1.23% return on average assets and a 10.44% return on equity. Loan growth included $127 million in new loans, while non-interest income rose 19% from the previous year. However, interest income decreased by 1% year-over-year. The bank's effective tax rate was 20%, slightly up from 19% in the prior year.

CrossFirst Bankshares, Inc. (Nasdaq: CFB) will host a conference call to discuss its first quarter financial results on April 19, 2022, at 11:00 A.M. E.T. The results are set to be released after market close on April 18, 2022. Interested participants can join the call by dialing (877) 621-5851 for domestic calls, or +1 (470) 495-9492 for international calls, using conference number 6954906. A live webcast will also be available, with replays accessible post-event. CrossFirst Bank has multiple locations offering services across several states.

CrossFirst Bank, a subsidiary of CrossFirst Bankshares (NASDAQ: CFB), has expanded its restaurant finance group by hiring industry veteran Bobby Oliver as Executive Director. This move aims to strengthen relationships with high-growth restaurant chains, leveraging Oliver's extensive experience. He will oversee customized banking solutions including financing and international services. This development reflects the bank's commitment to supporting the franchise and restaurant sector since its inception in 2007, as stated by CEO Mike Maddox.

CrossFirst Bankshares (Nasdaq: CFB) reported strong financial performance for Q4 and full year 2021, with net income of $20.8 million in Q4 and $69.4 million for the year, a 451% increase from 2020. Key metrics included a return on average assets of 1.50% and a diluted EPS of $0.40. Loan growth was notable, with a 7% increase in Q4, excluding PPP loans. Non-interest income rose 63% year-over-year, driven by service charges and credit card fees. The bank's asset quality improved, as nonperforming assets fell to 0.58% of total assets, reflecting enhanced credit conditions.