Announcement • Jan 30
CrossFirst Bankshares, Inc. Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2024 CrossFirst Bankshares, Inc. reported net charge offs for the fourth quarter ended December 31, 2024. For the quarter, the company reported net charge offs of $1.6 million against $1.9 million reported a year ago. Reported Earnings • Jan 29
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: US$1.58 (up from US$1.35 in FY 2023). Revenue: US$250.7m (up 8.5% from FY 2023). Net income: US$77.9m (up 18% from FY 2023). Profit margin: 31% (up from 29% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Recent Insider Transactions Derivative • Nov 11
President exercised options and sold US$272k worth of stock On the 6th of November, Michael Maddox exercised 38.57k options at around US$7.50, then sold 26k of the shares acquired at an average of US$17.91 per share and kept the remainder. For the year to December 2018, Michael's total compensation was 37% salary and 63% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, Michael's direct individual holding has decreased from 216.23k shares to 184.58k. Company insiders have collectively sold US$507k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Oct 23
Third quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2024 results: EPS: US$0.39 (up from US$0.34 in 3Q 2023). Revenue: US$63.6m (up 10% from 3Q 2023). Net income: US$19.6m (up 18% from 3Q 2023). Profit margin: 31% (up from 29% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Recent Insider Transactions Derivative • Sep 25
President exercised options and sold US$204k worth of stock On the 19th of September, Michael Maddox exercised 30.00k options at around US$7.50, then sold 20k of the shares acquired at an average of US$17.65 per share and kept the remainder. For the year to December 2018, Michael's total compensation was 37% salary and 63% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, Michael has owned 216.23k shares directly. Company insiders have collectively sold US$961k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Aug 28
First Busey Corporation (NasdaqGS:BUSE) entered into a definitive agreement to acquire CrossFirst Bankshares, Inc. (NasdaqGS:CFB) for approximately $960 million. First Busey Corporation (NasdaqGS:BUSE) entered into a definitive agreement to acquire CrossFirst Bankshares, Inc. (NasdaqGS:CFB) for approximately $960 million on August 26, 2024. All of the CrossFirst will be converted into the right to receive 0.6675 of First Busey shares. Upon completion of the transaction, Busey’s shareholders will own approximately 63.5% of the combined company and CrossFirst’s shareholders will own approximately 36.5% of the combined company. The termination fee for both the buy-side and sell-side equates to $36.7 million. The transaction is subject to Listing of New shares on stock exchange, registration statement effectiveness, regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board and approval of offer by target shareholders. The deal has been unanimously approved by both First Busey and CrossFirst's board of directors. The transaction is expected to close in Q1 or Q2, 2025. Raymond James & Associates, Inc. acted as financial advisor for First Busey Corporation. Raymond James & Associates, Inc. acted as fairness opinion provider for First Busey Corporation. Mark J. Menting of Sullivan & Cromwell LLP acted as legal advisor for First Busey Corporation. Keefe, Bruyette & Woods, Inc. acted as financial advisor for CrossFirst Bankshares, Inc. Keefe, Bruyette & Woods, Inc. acted as fairness opinion provider for CrossFirst Bankshares, Inc. Jim Barresi, Alison LaBruyere, Carl Draucker, Meghan Hill, Mitch Thompson of Squire Patton Boggs LLP acted as legal advisor for CrossFirst Bankshares, Inc. Reported Earnings • Jul 16
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: US$0.37 (up from US$0.33 in 2Q 2023). Revenue: US$61.2m (up 6.1% from 2Q 2023). Net income: US$18.6m (up 17% from 2Q 2023). Profit margin: 30% (up from 28% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.2%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Announcement • Jul 02
CrossFirst Bankshares, Inc. to Report Q2, 2024 Results on Jul 15, 2024 CrossFirst Bankshares, Inc. announced that they will report Q2, 2024 results After-Market on Jul 15, 2024 Reported Earnings • May 06
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$0.36 (up from US$0.33 in 1Q 2023). Revenue: US$60.5m (up 4.0% from 1Q 2023). Net income: US$18.1m (up 12% from 1Q 2023). Profit margin: 30% (up from 28% in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.0%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 17
Price target decreased by 8.4% to US$15.20 Down from US$16.60, the current price target is an average from 5 analysts. New target price is 29% above last closing price of US$11.81. Stock is up 15% over the past year. The company is forecast to post earnings per share of US$1.44 for next year compared to US$1.35 last year. Reported Earnings • Apr 16
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$0.36 (up from US$0.33 in 1Q 2023). Revenue: US$60.5m (up 4.0% from 1Q 2023). Net income: US$18.2m (up 13% from 1Q 2023). Profit margin: 30% (up from 28% in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.0%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 29
CrossFirst Bankshares, Inc. to Report Q1, 2024 Results on Apr 15, 2024 CrossFirst Bankshares, Inc. announced that they will report Q1, 2024 results After-Market on Apr 15, 2024 Announcement • Mar 27
CrossFirst Bankshares, Inc., Annual General Meeting, May 14, 2024 CrossFirst Bankshares, Inc., Annual General Meeting, May 14, 2024, at 10:00 Central Standard Time. Agenda: To elect four members of the board of directors as class I directors, each for a term of three years; to ratify the appointment of forvis, LLP as independent registered public accounting firm for 2024; and to consider other business matters. Reported Earnings • Mar 03
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: US$1.35 (up from US$1.25 in FY 2022). Revenue: US$231.0m (up 16% from FY 2022). Net income: US$66.3m (up 7.6% from FY 2022). Profit margin: 29% (down from 31% in FY 2022). The decrease in margin was driven by higher expenses. Non-performing loans: 0.40% (up from 0.22% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Jan 24
Price target increased by 11% to US$17.00 Up from US$15.33, the current price target is an average from 4 analysts. New target price is 19% above last closing price of US$14.25. Stock is up 11% over the past year. The company is forecast to post earnings per share of US$1.47 for next year compared to US$1.35 last year. Reported Earnings • Jan 23
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: US$1.35 (up from US$1.25 in FY 2022). Revenue: US$231.0m (up 16% from FY 2022). Net income: US$66.7m (up 8.2% from FY 2022). Profit margin: 29% (down from 31% in FY 2022). The decrease in margin was driven by higher expenses. Cost-to-income ratio: 55.2% (up from 54.4% in FY 2022). Non-performing loans: 0.40% (up from 0.22% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 24
Price target increased by 10% to US$14.33 Up from US$13.00, the current price target is an average from 3 analysts. New target price is 5.3% above last closing price of US$13.61. Stock is up 8.9% over the past year. The company is forecast to post earnings per share of US$1.36 for next year compared to US$1.24 last year. Announcement • Dec 19
CrossFirst Bankshares, Inc. to Report Q4, 2023 Results on Jan 22, 2024 CrossFirst Bankshares, Inc. announced that they will report Q4, 2023 results After-Market on Jan 22, 2024 Price Target Changed • Dec 12
Price target increased by 7.9% to US$13.67 Up from US$12.67, the current price target is an average from 3 analysts. New target price is 14% above last closing price of US$11.95. Stock is down 8.6% over the past year. The company is forecast to post earnings per share of US$1.38 for next year compared to US$1.24 last year. Recent Insider Transactions • Oct 25
Independent Director recently sold US$271k worth of stock On the 23rd of October, Michael Robinson sold around 26k shares on-market at roughly US$10.59 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$115k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Oct 23
Independent Director notifies of intention to sell stock Michael Robinson intends to sell 19k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of October. If the sale is conducted around the recent share price of US$10.62, it would amount to US$199k. Since March 2023, Michael's direct individual holding has increased from 110.17k shares to 118.88k. Company insiders have collectively bought US$1.1k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Oct 18
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$0.34 (down from US$0.35 in 3Q 2022). Revenue: US$57.8m (up 15% from 3Q 2022). Net income: US$16.9m (down 2.4% from 3Q 2022). Profit margin: 29% (down from 35% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Sep 27
CrossFirst Bankshares, Inc. to Report Q3, 2023 Results on Oct 16, 2023 CrossFirst Bankshares, Inc. announced that they will report Q3, 2023 results After-Market on Oct 16, 2023 Announcement • Aug 03
CrossFirst Bankshares, Inc. (NasdaqGS:CFB) completed the acquisition of Canyon Bancorporation, Inc. CrossFirst Bankshares, Inc. (NasdaqGS:CFB) entered into a definitive merger agreement to acquire Canyon Bancorporation, Inc. for $17.5 million on April 21, 2023. As per terms of the transaction, the Company has agreed to pay up to 50% of the merger consideration in the form of Company common stock based on the election of the target stockholders and subject to certain conditions. The Company's common stock will be valued at a per share price of $14.11 for purposes of calculating the merger consideration. The Company expects to issue up to approximately 621,000 shares common of its stock at closing assuming: (i) aggregate merger consideration of $17.5 million; and (ii) that the Company issues 50% of merger consideration such in the form of the Company's common stock. The deal is subject to approval by bank regulatory authorities, as well as the satisfaction of other customary closing conditions. The deal was approved by the board of directors of both companies. The transaction is currently expected to close in the second half of 2023. CrossFirst was advised in this transaction by Raymond James & Associates, Inc. as financial advisor and Scott Gootee and Greg Johnson of Stinson LLP as legal counsel. Canyon was advised by Keefe, Bruyette & Woods, A Stifel Company as financial advisor and Hunton Andrews Kurth LLP as legal counsel. Pranav Rajan, Joseph Gulash, Ashwin Kakani,Ocean Huang and Steven Tseng of Stifel Financial Corp. acted as financial advisors to Canyon Bancorporation, Inc. CrossFirst Bankshares, Inc. (NasdaqGS:CFB) completed the acquisition of Canyon Bancorporation, Inc. on August 1, 2023. Reported Earnings • Jul 19
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.33 (up from US$0.31 in 2Q 2022). Revenue: US$57.7m (up 18% from 2Q 2022). Net income: US$16.0m (up 3.2% from 2Q 2022). Profit margin: 28% (down from 32% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.8%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jun 27
CrossFirst Bankshares, Inc. to Report Q2, 2023 Results on Jul 17, 2023 CrossFirst Bankshares, Inc. announced that they will report Q2, 2023 results After-Market on Jul 17, 2023 Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$11.53, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 19% over the past three years. Recent Insider Transactions • May 07
Chief Accounting Officer recently bought US$98k worth of stock On the 3rd of May, Michael Daley bought around 10k shares on-market at roughly US$9.75 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$239k more in shares than they have sold in the last 12 months. Major Estimate Revision • Apr 26
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$244.9m to US$251.7m. EPS estimate increased from US$1.17 to US$1.34 per share. Net income forecast to grow 8.4% next year vs 2.8% decline forecast for Banks industry in the US. Consensus price target of US$13.25 unchanged from last update. Share price fell 3.3% to US$9.91 over the past week. Price Target Changed • Apr 06
Price target decreased by 9.8% to US$13.75 Down from US$15.25, the current price target is an average from 4 analysts. New target price is 34% above last closing price of US$10.28. Stock is down 30% over the past year. The company is forecast to post earnings per share of US$1.31 for next year compared to US$1.24 last year. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$11.23, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Banks industry in the US. Total returns to shareholders of 96% over the past three years. Reported Earnings • Mar 09
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$1.24 (down from US$1.35 in FY 2021). Revenue: US$199.3m (up 8.1% from FY 2021). Net income: US$61.6m (down 11% from FY 2021). Profit margin: 31% (down from 38% in FY 2021). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.50% (up from 3.17% in FY 2021). Cost-to-income ratio: 54.4% (up from 52.0% in FY 2021). Non-performing loans: 0.22% (down from 0.74% in FY 2021). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 4.3%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Mar 03
President exercised options and sold US$53k worth of stock On the 27th of February, Michael Maddox exercised options to acquire 4k shares at no cost and sold these for an average price of US$14.42 per share. This trade did not impact their existing holding. For the year to December 2018, Michael's total compensation was 38% salary and 62% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2022, Michael has owned 106.24k shares directly. Company insiders have collectively sold US$36k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jan 24
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$1.24 (down from US$1.35 in FY 2021). Revenue: US$199.3m (up 8.1% from FY 2021). Net income: US$61.6m (down 11% from FY 2021). Profit margin: 31% (down from 38% in FY 2021). The decrease in margin was driven by higher expenses. Cost-to-income ratio: 54.4% (down from 54.5% in FY 2021). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 4.3%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Jan 14
CrossFirst Bankshares, Inc. to Report Q4, 2022 Results on Jan 23, 2023 CrossFirst Bankshares, Inc. announced that they will report Q4, 2022 results After-Market on Jan 23, 2023 Reported Earnings • Nov 12
Third quarter 2022 earnings: Revenues exceed analyst expectations Third quarter 2022 results: Net income: US$17.3m (down 18% from 3Q 2021). Revenue exceeded analyst estimates by 2.0%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Oct 12
CrossFirst Bankshares, Inc. to Report Q3, 2022 Results on Oct 17, 2022 CrossFirst Bankshares, Inc. announced that they will report Q3, 2022 results After-Market on Oct 17, 2022 Announcement • Aug 12
Crossfirst Bankshares, Inc. Appoints Jason Dudley as the Market President in Frisco, Texas CrossFirst Bankshares, Inc. announce Jason Dudley has joined the Bank as the Market President in Frisco, Texas. Dudley has over 15 years of banking experience focused on mid-sized businesses and private wealth for individuals. He has a track record for working closely with clients to provide unique solutions to help them maximize their financial position and reach their goals. He has been a dedicated member of multiple civic organizations, including serving on the board for the Frisco Economic Development Corporation and the Frisco Family YMCA. As the Frisco Bank Market President, Dudley will lead a team of experienced Bankers to support the financial needs of businesses and professionals in the community. CrossFirst Bank Frisco is a full-service bank located in Hall Park at 3000 Internet Blvd., Suite 150, Frisco, TX 75034. Recent Insider Transactions • Jul 23
CFO & Company Secretary recently bought US$97k worth of stock On the 21st of July, Benjamin Clouse bought around 8k shares on-market at roughly US$12.99 per share. This was the largest purchase by an insider in the last 3 months. Benjamin has been a buyer over the last 12 months, purchasing a net total of US$205k worth in shares. Reported Earnings • Jul 19
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: US$0.31. Revenue: US$48.8m (up 14% from 2Q 2021). Net income: US$15.5m (flat on 2Q 2021). Profit margin: 32% (down from 37% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) missed analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 15%, compared to a 14% growth forecast for the industry in the US. Announcement • Jul 12
CrossFirst Bankshares, Inc. to Report Q2, 2022 Results on Jul 18, 2022 CrossFirst Bankshares, Inc. announced that they will report Q2, 2022 results After-Market on Jul 18, 2022 Announcement • Jun 09
Crossfirst Bankshares, Inc. Announces Promotion of W. Randall Rapp to President of the Bank CrossFirst Bankshares, Inc. announced the promotion of W. Randall Rapp, the Bank's current Chief Risk and Credit Officer, to the position of President of the Bank, to be effective July 1, 2022. In his new role, Mr. Rapp will have overarching responsibility for production, credit, operations, risk and technology of the Bank, and he will report to the Chief Executive Officer of the Bank and the Company. In connection with his promotion, Mr. Rapp will relinquish the position of Chief Risk and Credit Officer of the Bank. With this promotion, the roles of President and Chief Executive Officer of the Bank, currently held by Michael J. Maddox, will be split, and Mr. Maddox with continue as the Chief Executive Officer of the Bank and President and Chief Executive Officer of the Company. Mr. Rapp, 57, has served as the Chief Risk and Credit Officer for the Bank since April 2021, and prior to that served as Chief Credit Officer of the Bank since April 2019. Prior to joining the Bank, Mr. Rapp held various positions at Texas Capital Bank, N.A. from March 2000 until March 2019, including serving as Executive Vice President and Chief Credit Officer from May 2015 until March 2019, and as a Senior Credit Officer from 2013 until May 2015. He has more than three decades of commercial banking experience, most of which has been spent in credit management for private and public banks in the Dallas/Fort Worth metroplex. There is no arrangement or understanding between Mr. Rapp and any other persons pursuant to which he was appointed as the Company's President, and there is no family relationship between Mr. Rapp and any directors or executive officers of the Company. Mr. Rapp has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Announcement • May 12
CrossFirst Bankshares, Inc. (NasdaqGS:CFB) announces an Equity Buyback for $30 million worth of its shares. CrossFirst Bankshares, Inc. (NasdaqGS:CFB) announces a share repurchase program. Under the program, the company will repurchase up to $30 million worth of its common stock. Reported Earnings • May 08
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.34 (up from US$0.23 in 1Q 2021). Revenue: US$48.7m (up 29% from 1Q 2021). Net income: US$16.8m (up 40% from 1Q 2021). Profit margin: 35% (up from 32% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 6.0%, compared to a 11% growth forecast for the industry in the US. Reported Earnings • Apr 20
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.33 (up from US$0.23 in 1Q 2021). Revenue: US$48.7m (up 29% from 1Q 2021). Net income: US$16.8m (up 40% from 1Q 2021). Profit margin: 35% (up from 32% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 6.1%, compared to a 11% growth forecast for the industry in the US. Announcement • Apr 19
CrossFirst Bankshares, Inc. Reports Net Charge-Offs for the First Quarter Ended March 31, 2022 CrossFirst Bankshares, Inc. reported net charge-offs for the first quarter ended March 31, 2022. For the quarter, the company reported net charge-offs of $1.1 million against $8.2 million a year ago. Announcement • Apr 02
CrossFirst Bankshares, Inc. to Report Q1, 2022 Results on Apr 18, 2022 CrossFirst Bankshares, Inc. announced that they will report Q1, 2022 results After-Market on Apr 18, 2022 Reported Earnings • Mar 06
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$1.35 (up from US$0.24 in FY 2020). Revenue: US$184.4m (up 60% from FY 2020). Net income: US$69.4m (up 451% from FY 2020). Profit margin: 38% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.15% (up from 3.13% in FY 2020). Cost-to-income ratio: 52.0% (down from 58.1% in FY 2020). Non-performing loans: 0.74% (down from 1.71% in FY 2020). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 7.9%, compared to a 6.2% growth forecast for the banks industry in the US. Price Target Changed • Jan 27
Price target increased to US$18.00 Up from US$16.00, the current price target is an average from 5 analysts. New target price is 14% above last closing price of US$15.82. Stock is up 36% over the past year. The company is forecast to post earnings per share of US$1.30 for next year compared to US$1.35 last year. Reported Earnings • Jan 25
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$1.35 (up from US$0.24 in FY 2020). Revenue: US$186.4m (up 62% from FY 2020). Net income: US$69.4m (up 451% from FY 2020). Profit margin: 37% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 1.9%, compared to a 4.4% growth forecast for the banks industry in the US. Recent Insider Transactions • Nov 03
Chief Financial Officer recently bought US$107k worth of stock On the 1st of November, Benjamin Clouse bought around 7k shares on-market at roughly US$14.49 per share. This was the largest purchase by an insider in the last 3 months. This was Benjamin's only on-market trade for the last 12 months. Reported Earnings • Oct 21
Third quarter 2021 earnings released: EPS US$0.41 (vs US$0.15 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$50.7m (up 56% from 3Q 2020). Net income: US$21.0m (up 162% from 3Q 2020). Profit margin: 41% (up from 25% in 3Q 2020). The increase in margin was driven by higher revenue. Executive Departure • Aug 04
Independent Director Jay Shadwick has left the company On the 29th of July, Jay Shadwick's tenure as Independent Director ended. As of March 2021, Jay still personally held 104.77k shares (US$1.4m worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.58 years. Recent Insider Transactions Derivative • Jul 29
Chief Banking Officer exercised options and sold US$104k worth of stock On the 26th of July, Steve Peterson exercised 20.71k options at around US$5.00, then sold 11k of the shares acquired at an average of US$14.25 per share and kept the remainder. Since December 2020, Steve's direct individual holding has increased from 60.60k shares to 73.98k. Company insiders have collectively sold US$424k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Jul 25
Price target increased to US$15.80 Up from US$14.60, the current price target is an average from 5 analysts. New target price is 13% above last closing price of US$13.99. Stock is up 44% over the past year. Announcement • Jul 24
CrossFirst Bankshares, Inc. Reports Unaudited Net Charge-Offs for the Second Quarter Ended June 30, 2021 CrossFirst Bankshares, Inc. reported unaudited net charge-offs for the second quarter ended June 30, 2021. For the quarter, the company reported net charge-offs of $2.6 million against $1.3 million a year ago. Reported Earnings • Jul 24
Second quarter 2021 earnings released: EPS US$0.30 (vs US$0.14 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$44.7m (up 96% from 2Q 2020). Net income: US$15.6m (up US$22.9m from 2Q 2020). Profit margin: 35% (up from net loss in 2Q 2020). The move to profitability was primarily driven by higher revenue. Recent Insider Transactions Derivative • Jun 10
Chief Banking Officer exercised options and sold US$79k worth of stock On the 7th of June, Steve Peterson exercised 15.00k options at around US$5.00, then sold 8k of the shares acquired at an average of US$15.00 per share and kept the remainder. Since September 2020, Steve's direct individual holding has increased from 56.75k shares to 62.45k. Company insiders have collectively sold US$281k more than they bought, via options and on-market transactions in the last 12 months. Executive Departure • May 29
Vice Chairman George Jones has left the company On the 21st of May, George Jones' tenure in the role of Vice Chairman ended. As of March 2021, George personally held 179.67k shares (US$2.5m worth at the time). George is the only executive to leave the company over the last 12 months. Recent Insider Transactions Derivative • May 05
Vice Chairman exercised options and sold US$72k worth of stock On the 1st of May, George Jones exercised options to acquire 5k shares at no cost and sold these for an average price of US$14.74 per share. This trade did not impact their existing holding. Since December 2020, George's direct individual holding has decreased from 179.83k shares to 159.67k. Company insiders have collectively sold US$144k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Apr 29
Consensus EPS estimates increase to US$1.02 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from US$174.7m to US$183.2m. EPS estimate increased from US$0.79 to US$1.02 per share. Net income forecast to grow 160% next year vs 8.2% growth forecast for Banks industry in the US. Consensus price target up from US$14.60 to US$15.40. Share price rose 7.8% to US$14.60 over the past week. Reported Earnings • Apr 26
First quarter 2021 earnings released: EPS US$0.23 (vs US$0.074 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$37.8m (up 43% from 1Q 2020). Net income: US$12.0m (up 212% from 1Q 2020). Profit margin: 32% (up from 15% in 1Q 2020). Announcement • Mar 16
Crossfirst Bankshares, Inc. Announces Executive Changes On March 15, 2021, CrossFirst Bankshares, Inc. announced that after ongoing discussions, David O’Toole, the current Chief Financial Officer and Chief Investment Officer, notified the Company of his intent to retire as the Company’s Chief Financial Officer effective upon the earlier of December 31, 2022 or the appointment of his successor. Mr. O’Toole also notified the Company of his intent to retire as the Company’s Chief Investment Officer effective December 31, 2022. On March 15, 2021, the Company entered into an Amended and Restated Employment Agreement with Mr. O’Toole (the “Amended Employment Agreement”), amending and restating the Employment Agreement between the Company and Mr. O’Toole dated May 1, 2015, to reflect the foregoing planned retirements. Pursuant to the Amended Employment Agreement, Mr. O’Toole will continue to serve as Chief Financial Officer of the Company until his successor has been appointed, at which time Mr. O’Toole will continue to serve as Chief Investment Officer. Reported Earnings • Mar 01
Full year 2020 earnings released: EPS US$0.24 (vs US$0.59 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$115.3m (down 4.1% from FY 2019). Net income: US$12.6m (down 56% from FY 2019). Profit margin: 11% (down from 24% in FY 2019). Net interest margin (NIM): 3.13% (down from 3.31% in FY 2019). Cost-to-income ratio: 58.1% (down from 58.4% in FY 2019). Non-performing loans: 1.71% (up from 1.15% in FY 2019). Analyst Estimate Surprise Post Earnings • Mar 01
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 51%, compared to a 18% growth forecast for the Banks industry in the US. Is New 90 Day High Low • Feb 09
New 90-day high: US$12.35 The company is up 29% from its price of US$9.54 on 10 November 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$12.05 per share. Reported Earnings • Jan 31
Full year 2020 earnings released: EPS US$0.24 (vs US$0.59 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$115.3m (down 4.1% from FY 2019). Net income: US$12.6m (down 56% from FY 2019). Profit margin: 11% (down from 24% in FY 2019). Analyst Estimate Surprise Post Earnings • Jan 31
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 50%, compared to a 17% growth forecast for the Banks industry in the US. Price Target Changed • Jan 30
Price target raised to US$13.20 Up from US$12.00, the current price target is an average from 5 analysts. The new target price is 15% above the current share price of US$11.50. As of last close, the stock is down 16% over the past year. Is New 90 Day High Low • Jan 15
New 90-day high: US$12.22 The company is up 29% from its price of US$9.48 on 16 October 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$4.56 per share. Announcement • Jan 06
CrossFirst Bankshares, Inc. to Report Q4, 2020 Results on Jan 28, 2021 CrossFirst Bankshares, Inc. announced that they will report Q4, 2020 results After-Market on Jan 28, 2021 Is New 90 Day High Low • Dec 29
New 90-day high: US$10.90 The company is up 28% from its price of US$8.54 on 29 September 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$6.52 per share. Is New 90 Day High Low • Dec 11
New 90-day high: US$10.08 The company is up 8.0% from its price of US$9.36 on 11 September 2020. The American market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$6.23 per share. Is New 90 Day High Low • Nov 25
New 90-day high: US$9.99 The company is up 9.0% from its price of US$9.18 on 26 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$5.19 per share. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS US$0.15 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$32.5m (down 4.8% from 3Q 2019). Net income: US$8.01m (down 23% from 3Q 2019). Profit margin: 25% (down from 30% in 3Q 2019). The decrease in margin was primarily driven by lower revenue. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of US$3.81m, down 90% from the prior year. Total revenue was US$101.7m over the last 12 months, down 21% from the prior year. Announcement • Sep 30
CrossFirst Bankshares, Inc. to Report Q3, 2020 Results on Oct 20, 2020 CrossFirst Bankshares, Inc. announced that they will report Q3, 2020 results on Oct 20, 2020 Is New 90 Day High Low • Sep 22
New 90-day low: US$8.49 The company is down 6.0% from its price of US$9.03 on 24 June 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$3.55 per share. Announcement • Jul 02
CrossFirst Bankshares, Inc.(NasdaqGS:CFB) dropped from Russell 3000 Growth Index CrossFirst Bankshares, Inc.(NasdaqGS:CFB) dropped from Russell 3000 Growth Index