Welcome to our dedicated page for CrossFirst Bankshares news (Ticker: CFB), a resource for investors and traders seeking the latest updates and insights on CrossFirst Bankshares stock.
CrossFirst Bankshares, Inc. (Nasdaq: CFB) is a Kansas corporation and a registered bank holding company for its wholly owned subsidiary, CrossFirst Bank. Headquartered in Leawood, Kansas, CrossFirst Bank offers a comprehensive range of banking and financial services to businesses, business owners, professionals, and families across Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico. With a robust portfolio of products including checking and savings accounts, personal and business loans, international banking, and treasury services, CrossFirst Bank is designed to meet the diverse financial needs of its clients.
CrossFirst Bankshares is renowned for its team of highly experienced banking professionals dedicated to providing extraordinary service. Their commitment to customer satisfaction is reflected in their comprehensive suite of services tailored to meet the unique needs of business owners, professionals, and their families. The bank generates revenue through interest income and fees on loans, alongside interest from its marketable securities portfolio.
In terms of recent achievements, CrossFirst Bankshares has reported robust financial performance across several quarters. The company’s second quarter earnings release is available here, and the third quarter earnings release can be accessed here. For those interested, the fourth quarter and full-year results for 2023 are detailed here, and the first quarter results for 2024 can be found here.
CrossFirst Bankshares frequently keeps its stakeholders updated with periodic conference calls. The next such event is scheduled on April 16, 2024 at 10 a.m. CT / 11 a.m. ET to review the first quarter results. To join the conference call, dial (844) 481-2831 or, for international callers, +1 (412) 317-1851. The event will also be streamed live over the internet, accessible through this link. For those who cannot attend, replays will be available for 90 days on the company’s website.
CrossFirst Bank’s strategic initiatives and relentless focus on enhancing customer value have positioned it as a key player in the financial services sector. As it continues to expand its footprint, stakeholders can expect consistent updates on performance and developments.
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.
CrossFirst Bankshares, Inc. (NASDAQ: CFB) appoints David Felan as Texas Regional President to lead operations in Dallas and Frisco. Felan's experience includes roles at Texas Capital Bank and Goldman Sachs. His leadership aims to support the bank's growth and brand identity in Texas, where the market has seen a nearly 20% growth over the last decade. CEO Mike Maddox emphasizes that Felan's appointment is crucial for the company's strategic focus on Texas.
CrossFirst Bankshares, Inc. (Nasdaq: CFB) announced a conference call on January 25, 2022, at 11:00 AM ET to discuss its fourth quarter and full-year 2021 financial results. Results will be released after market close on January 24, 2022. Participants can access the call by dialing (877) 621-5851 or +1 (470) 495-9492 for international callers, using conference number 9688475. A replay will be available two hours post-call. The bank operates across nine locations in Kansas, Missouri, Oklahoma, Texas, and Arizona.
CrossFirst Bankshares, Inc. (Nasdaq: CFB) reported strong third quarter 2021 results with net income of $21.0 million or $0.41 per diluted share, marking a significant increase from $8.0 million in Q3 2020. Year-to-date net income reached $48.6 million, influenced by a $10 million release from reserves amid improving credit quality. Despite a 2% decline in total assets year-over-year, the company saw a 27% growth in non-interest-bearing deposits. The Board also approved a $30 million stock repurchase program, emphasizing their commitment to shareholder value.
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