CrossFirst Bankshares, Inc. Announces Bond Portfolio Repositioning
19 Dezember 2023 - 12:50PM
(Nasdaq: CFB) -- CrossFirst Bankshares, Inc. (the “Company”), the
bank holding company for CrossFirst Bank (the “Bank”) announced the
sale of approximately $80 million of available-for-sale municipal
securities, resulting in an after-tax loss of approximately $0.8
million. Proceeds from the sale will be deployed into
higher-yielding agency mortgage-backed products, as well as used to
pay off existing wholesale borrowings.
The Company expects the transaction will contribute additional
diluted earnings per share accretion of $0.02 in 2024 representing
less than a 1-year earn-back. The loss on the sale of securities is
expected to have a neutral impact on consolidated shareholders’
equity and the Company’s book value per share. This action also
accelerates the Company’s goal of reducing its municipal securities
concentration while improving liquidity, lowering risk-weighted
assets and generating an immediate improvement in regulatory
capital ratios.
Investor ContactMike Daley|
CrossFirst Bankshares, Inc.913.754.9707|
mike.daley@crossfirstbank.com
About CrossFirst Bankshares, Inc.
CrossFirst Bankshares, Inc. (Nasdaq: CFB) is a
Kansas corporation and a registered bank holding company for its
wholly owned subsidiary, CrossFirst Bank, a full-service financial
institution that offers products and services to businesses,
professionals, individuals, and families. CrossFirst Bank,
headquartered in Leawood, Kansas, has locations in Kansas,
Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico.
This press release contains
forward–looking statements regarding, among other things, the
Company’s future financial performance and the expected impact of
the repositioning of its investment securities portfolio. These
statements are often, but not always, made through the use of words
or phrases such as “estimated,” “approximately,” “expects,” “goal”
and similar words or phrases of a future or forward-looking nature.
The inclusion of forward-looking information should not be regarded
as a representation that the future plans, estimates or
expectations will be achieved. These forward-looking statements are
not historical facts, and are based on current expectations,
estimates and projections, management’s beliefs, certain
assumptions made by management, and financial trends that may
affect our financial condition, results of operations, business
strategy or financial needs, many of which, by their nature, are
inherently uncertain and beyond our control. Our actual results
could differ materially from those anticipated in such
forward-looking statements. Accordingly, we caution you that any
such forward-looking statements are not guarantees of future
performance and are subject to risks, assumptions, estimates and
uncertainties that are difficult to predict.
Although we believe that the expectations reflected are
reasonable as of the date made, actual results may differ due to a
number of factors, including without limitation, the following: a
decline in general business and economic conditions; interest rate
fluctuations; fluctuations in fair value of our investments due to
factors outside of our control; our ability to attract, hire and
retain key personnel; maintaining and increasing customer deposits,
funding availability, liquidity and our ability to raise and
maintain sufficient capital; accounting estimates; risk exposure
from transactions with financial counterparties; and changes in
laws, rules, regulations, interpretations or policies relating to
financial institutions; or other external events. These and other
factors that could cause results to differ materially from those
described in the forward-looking statements, as well as a
discussion of the risks and uncertainties that may affect our
business, can be found in our Annual Report on Form 10-K, our
Quarterly Reports on Form 10-Q and in other filings we make with
the Securities and Exchange Commission. These forward-looking
statements are made as of the date hereof, and we disclaim any
obligation to update any forward-looking statement or to publicly
announce the results of any revisions to any of the forward-looking
statements included herein, except as required by law.
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