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Overview of CrossFirst Bankshares, Inc. (CFB)
CrossFirst Bankshares, Inc. (Nasdaq: CFB) is a Kansas-based bank holding company that operates through its wholly-owned subsidiary, CrossFirst Bank. Headquartered in Leawood, Kansas, the company delivers a comprehensive suite of banking and financial services tailored to meet the needs of businesses, professionals, and families. With a presence in key markets across Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico, CrossFirst Bank has established itself as a trusted financial partner in the region.
Core Business and Revenue Model
CrossFirst Bank specializes in relationship-based banking, offering a range of products and services designed to support its clients' financial goals. Key offerings include:
- Checking and Savings Accounts: Flexible deposit solutions for individuals and businesses.
- Personal and Business Loans: Customized lending options to support personal and commercial growth.
- Treasury Services: Advanced cash management solutions for businesses.
- International Banking: Services to facilitate cross-border financial transactions.
The company generates revenue primarily through interest income on loans and marketable securities, as well as fees from banking services. This diversified revenue model ensures stability and adaptability in changing market conditions.
Market Position and Competitive Differentiation
Operating in the competitive regional banking sector, CrossFirst Bank differentiates itself through its commitment to exceptional customer service, a hallmark of its corporate philosophy. The bank combines the expertise of highly experienced banking professionals with technology-driven solutions to deliver a seamless and personalized banking experience. This approach has earned CrossFirst recognition as a trusted partner for its clients and a valuable contributor to the communities it serves.
Strategic Focus and Expansion
CrossFirst Bank strategically targets high-growth metropolitan markets, leveraging its localized expertise and relationship-driven model to build strong customer connections. Its operations are deeply rooted in community engagement, aiming to provide financial solutions that foster economic growth and stability.
In 2024, CrossFirst announced a strategic merger with First Busey Corporation, a move expected to enhance its market presence and operational scale. The combined entity will operate under the Busey brand, creating a premier full-service commercial bank with approximately $20 billion in total assets and a diversified client base across 10 states. This merger underscores CrossFirst's commitment to growth and delivering enhanced value to its stakeholders.
Commitment to Excellence
CrossFirst Bank is driven by a culture of extraordinary service and trust. Its team of dedicated professionals prioritizes building long-term relationships with clients, offering tailored financial solutions to meet their unique needs. This client-centric approach has been instrumental in fostering loyalty and driving sustainable growth.
Challenges and Opportunities
Like many regional banks, CrossFirst faces challenges such as regulatory compliance, interest rate volatility, and competition from larger financial institutions and fintech companies. However, its focus on personalized service, strategic market positioning, and technological innovation positions it well to navigate these challenges and capitalize on growth opportunities in its target markets.
Conclusion
CrossFirst Bankshares, Inc. exemplifies the principles of community banking, combining personalized service with innovative solutions to meet the evolving needs of its clients. With a strong presence in high-growth markets and a commitment to excellence, the company is well-positioned to continue its legacy of delivering value to customers, communities, and shareholders.
CrossFirst Bankshares, Inc. (NASDAQ: CFB) is set to expand into the Phoenix market by appointing Kevin Halloran as the new Phoenix Market President. Halloran, who has over 35 years of banking experience, will lead the opening of a new bank location and will focus on delivering exceptional services to local businesses and clients. The bank is currently seeking regulatory approval to establish a temporary office and plans to move to a permanent site later this year. This expansion follows CrossFirst's successful growth in Kansas and surrounding states since 2007.
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.
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