Crossfirst Bankshares, Inc. Stock Price, News & Analysis

CrossFirst Bankshares, Inc. (NASDAQ: CFB) announced the passing of Vice Chairman George F. Jones, Jr. on May 21, 2021, at the age of 77. Jones, an integral part of the Board since 2016, previously served as CEO of Texas Capital Bank. His leadership was pivotal in guiding CrossFirst through its public transition, and he was highly regarded for his significant banking experience. The company expressed deep condolences for his loss, highlighting his impact on the organization and the banking industry.

CrossFirst Bankshares (CFB) reported a net income of $12.0 million, or $0.23 per diluted share for Q1 2021, marking a significant increase from $3.9 million in Q1 2020. Pre-tax, pre-provision profits rose by 24% year-over-year to $22.4 million. The bank's operating revenue grew by 12%, supported by strong loan and deposit growth of $68 million and $357 million, respectively. Efficiency ratio improved to 50.41%. However, net interest income declined by 11% due to low market rates. The bank remains well-capitalized with a tangible book value of $12.17 per share.

CrossFirst Bankshares, Inc. (Nasdaq: CFB) is set to release its first quarter 2021 results on April 22, 2021, after market close. The management team will host a conference call and webcast on the same day at 4 p.m. Central time to discuss the earnings report. Interested participants can register via the company's investor relations website or dial into the call using the provided conference ID. The webcast will remain accessible for replay on the company website.

CrossFirst Bankshares, Inc. (NASDAQ: CFB) announces the retirement of David L. O’Toole, 70, Chief Financial Officer and Chief Investment Officer, after nearly 15 years. O’Toole has been vital in the bank's growth to a $6 billion entity and its NASDAQ listing. He will continue in his role until a successor is found, remaining on the Board until May 2022. O’Toole's background includes co-founding a bank consulting firm and leading significant M&A transactions. His departure marks a transition period for the bank as it seeks a new CFO.

CrossFirst Bank has promoted Tiffany Hatcher to Tulsa Market President, reporting to Steve Peterson, Chief Banking Officer. With over 30 years of experience, Hatcher has a strong background in commercial and private banking. She joined CrossFirst in 2017 as Managing Director and will now lead a team focused on business and relationship banking. Hatcher is also active in the nonprofit sector, advocating for at-risk women and children. Her leadership is expected to enhance client service and growth in the Tulsa area.

CrossFirst Bank has appointed Jana Merfen as its new Chief Technology Officer (CTO), reporting to CEO Mike Maddox. This move supports the Bank's aim to enhance its technology and innovate products and services for clients. Merfen, previously CIO at Dickinson Financial Corporation, will lead technology strategies covering infrastructure and application development. Her appointment is celebrated as a positive step for female leaders in the financial sector. Merfen holds a B.S. in Accounting from Miami University and is recognized for her contributions to technology and operational excellence in banking.

CrossFirst Bankshares, Inc. (Nasdaq: CFB) reported fourth quarter 2020 net income of $8.1 million ($0.15 per diluted share) and full year net income of $12.6 million ($0.24 per diluted share).

Loan loss provisioning reached $56.7 million, impacted by the pandemic. However, pre-tax, pre-provision profits hit $20.8 million for the quarter and $72.0 million for the year.

Deposits grew 20% year-over-year, while assets rose to $5.7 billion. The company also initiated a $20 million share repurchase program, emphasizing resilience and strategic focus amid economic challenges.

CrossFirst Bankshares, Inc. (Nasdaq: CFB) is set to release its fourth quarter and full year 2020 results on January 28, 2021, after market close. Management will host a conference call and webcast at 4 p.m. Central time to discuss these results. Interested parties can register for the call at their investor relations website or dial in toll-free. A replay of the call will be available for a limited time.

CrossFirst Bankshares operates in the banking sector, with several full-service banking offices primarily along the I-35 corridor in Kansas, Missouri, Oklahoma, and Texas.

CrossFirst Bankshares (Nasdaq: CFB) reported a net income of $8.0 million or $0.15 per diluted share for Q3 2020, driven by 11% operating revenue growth. The Board approved a $20 million stock repurchase program to enhance shareholder value. Despite a $10.9 million provision for loan losses due to economic uncertainty from COVID-19, the bank’s loan and deposit growth remained strong, with total assets increasing to $5.5 billion. Book value per share rose to $11.84.