CrossFirst Bankshares Inc. (CFB) Misses Q4 EPS by 1c

CrossFirst Bankshares Inc. (NASDAQ: CFB) reported Q4 EPS of $0.15, $0.01 worse than the analyst estimate of $0.16.

2020 Fourth Quarter and Full Year Highlights:

• $5.7 billion of assets with 15% full year operating revenue growth compared to 2019
• Pre-tax, pre-provision profit (PTPP), a non-GAAP financial measure, for the fourth quarter of $20.8 million and full year PTPP of $72.0 million
• Efficiency ratio of 53% for the fourth quarter of 2020 and 58% for the full year; a non-GAAP core efficiency ratio of 53% for full year 2020 after adjusting for nonrecurring items
• $593 million or 15% loan growth and $771 million or 20% deposit growth over the last twelve months
• Book value per share of $12.08 at December 31, 2020 compared to $11.58 at December 31, 2019

CEO Commentary:

"Despite the pandemic and depressed commodity prices, we had a great 2020 and accomplished many key strategic initiatives. I am very pleased with the resilience our clients and employees have exhibited during such difficult times," said CrossFirst’s CEO and President Mike Maddox. "Even with the significant loan loss provisioning, we continued to generate moderate net income and record pretax, pre-provision profits for the Company this year. During the fourth quarter, we reduced our energy concentration, experienced a decline in our classified and nonperforming assets, and successfully commenced our share repurchase program."

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

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