CrossFirst Bankshares Inc. (CFB) Misses Q1 EPS by 10c

CrossFirst Bankshares Inc. (NASDAQ: CFB) reported Q1 EPS of $0.07, $0.10 worse than the analyst estimate of $0.17.

During the quarter, the Company's earnings were impacted by a $14.0 million loan loss provision recorded mostly due to increased uncertainty in the portfolio arising from current economic conditions surrounding the COVID-19 pandemic and oil market volatility.

"Our overall core performance remains strong, and excluding our provision in the current period, we had one of the Company's strongest quarters. We are on the front end of a possible recession and have taken an additional loan loss provision to strengthen our reserves and help prepare for the potential headwinds created by current economic uncertainty. While our loan portfolio is diversified and credit quality remains a priority, we are doing everything we can to support our customers during these extremely challenging times, including the successful roll-out of several new governmental programs and other relief to help our customers," said CrossFirst’s CEO and President George F. Jones, Jr. "Aside from the current economic conditions, our overall quarter for the Company was successful with continued quarter over quarter operating revenue growth, increased efficiency, and the implementation of several initiatives to mitigate risk to the Company."

For earnings history and earnings-related data on CrossFirst Bankshares Inc. (CFB) click here.

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