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CFB Crossfirst Bankshares

CrossFirst Bankshares, Inc., is a Kansas corporation and a registered bank holding company for its wholly-owned subsidiary CrossFirst Bank, which is headquartered in Leawood, Kansas. Since its inception in 2007, CrossFirst Bank has grown rapidly and now has seven full-service banking offices primarily along the I-35 corridor in Kansas, Missouri, Oklahoma and Texas.

Company profile

Ticker
CFB
Exchange
CEO
Michael J. Maddox
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
CROSSFIRST HOLDINGS LLC
SEC CIK
Subsidiaries
CrossFirst Investments, Inc. • CFBSA I, LLC • CFBSA II, LLC ...

CFB stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 21
23 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 220.81M 220.81M 220.81M 220.81M 220.81M 220.81M
Cash burn (monthly) 136.66M (positive/no burn) 5.37M 4.98M (positive/no burn) (positive/no burn)
Cash used (since last report) 518.59M n/a 20.36M 18.91M n/a n/a
Cash remaining -297.78M n/a 200.45M 201.9M n/a n/a
Runway (months of cash) -2.2 n/a 37.4 40.5 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
7 Oct 21 Robinson Michael Kent Common Stock Sell Dispose S No No 13.5 1,500 20.25K 117,969
5 Oct 21 Robinson Michael Kent Common Stock Sell Dispose S No No 13.5 520 7.02K 119,469
1 Oct 21 Robinson Michael Kent Common Stock Sell Dispose S No No 13.5 980 13.23K 119,989
6 Aug 21 Robinson Michael Kent Common Stock Sell Dispose S No No 13.72 1,500 20.58K 120,969
29 Jul 21 Shadwick Jay Common Stock Sale back to company Dispose D No No 0 3,491 0 104,771

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

47.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 98 96 +2.1%
Opened positions 11 16 -31.3%
Closed positions 9 8 +12.5%
Increased positions 23 31 -25.8%
Reduced positions 41 31 +32.3%
13F shares
Current Prev Q Change
Total value 547.71M 336.06M +63.0%
Total shares 24.14M 24.37M -0.9%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
TROW T. Rowe Price 4.82M $66.33M -0.3%
BLK Blackrock 3.21M $44.08M -2.3%
Vanguard 2.37M $32.55M +1.3%
Banc Funds 1.52M $20.9M 0.0%
FHI Federated Hermes 1.49M $20.46M +0.0%
EJF Capital 1.22M $16.82M +34.1%
King Luther Capital Management 1.06M $14.55M 0.0%
STT State Street 845.83K $11.63M +3.1%
Geode Capital Management 822.38K $11.31M -0.0%
Frontier Wealth Management 753.27K $10.36M +42.9%
Largest transactions
Shares Bought/sold Change
Vantage Investment Partners 13.04K -337.84K -96.3%
EJF Capital 1.22M +311.24K +34.1%
Frontier Wealth Management 753.27K +226.31K +42.9%
DB Deutsche Bank AG - Registered Shares 34.92K -207.74K -85.6%
MS Morgan Stanley 110.45K -97.01K -46.8%
Dimensional Fund Advisors 278.77K +91.85K +49.1%
BLK Blackrock 3.21M -76.45K -2.3%
California Public Employees Retirement System 23.82K -72.41K -75.2%
JPM JPMorgan Chase & Co. 105.46K -68.6K -39.4%
BKD Wealth Advisors 64.38K +64.38K NEW

Financial report summary

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Competition
Fintech
Risks
  • A decline in general business and economic conditions and any regulatory responses to such conditions could have a material adverse effect on our business, financial position, results of operations and growth prospects.
  • Our profitability depends on interest rates generally, and we may be adversely affected by changes in market interest rates.
  • We may not be able to implement aspects of our growth strategy, which may adversely affect our ability to maintain our historical earnings trends.
  • We may not be able to manage the risks associated with our anticipated growth and expansion through de novo branching.
  • We may grow through mergers or acquisitions, which may not be successful or, if successful, may produce risks in successfully integrating and managing the merged companies or acquisitions and may dilute our stockholders.
  • New lines of business, services, products or product enhancements may subject us to additional risks.
  • Uncertainty relating to the London Inter-Bank Offered Rate (“LIBOR”) calculation process and potential phasing out of LIBOR may adversely affect our results of operations.
  • The fair value of our investment securities can fluctuate due to factors outside of our control.
  • We could suffer material credit losses if we do not appropriately manage our credit risk.
  • We have credit exposure to the energy industry.
  • A concentration in commercial real estate lending could cause our regulators to restrict our ability to grow.
  • Many of our loans are to commercial borrowers, which have a higher degree of risk than other types of loans.
  • Because a portion of our loan portfolio is comprised of real estate loans, negative changes in the economy affecting real estate values could impair the value of collateral securing our real estate loans and result in loan and other losses.
  • Our largest loan relationships make up a significant percentage of our total loan portfolio.
  • A portion of our loan portfolio is comprised of participation and syndicated transaction interests, which could have an adverse effect on our ability to monitor the lending relationships and lead to an increased risk of loss.
  • Our levels of nonperforming assets could increase, which would adversely affect our results of operations and financial condition, and could result in losses in the future.
  • Our allowance may not be adequate to cover actual loan losses.
  • The small- to medium-sized businesses to whom we lend may have fewer resources to weather adverse business conditions, which may impair their ability to repay a loan, and such impairment could adversely affect our results of operations and financial condition.
  • We rely on our senior management team and may have difficulty identifying, attracting and retaining necessary personnel, which may divert resources and limit our ability to execute our business strategy and successfully grow our business.
  • We rely on short-term funding, which can be adversely affected by local and general economic conditions.
  • Our largest deposit relationships currently make up a significant percentage of our deposits and the withdrawal of deposits by our largest depositors could force us to fund our business through more expensive and less stable sources.
  • Liquidity risk could impair our ability to fund operations and meet our obligations as they become due, and failure to maintain sufficient liquidity could materially adversely affect our growth, business, profitability and financial condition.
  • Our historical growth rate and performance may not be indicative of our future growth or financial results and our ability to continue to grow is dependent upon our ability to effectively manage the increases in scale of our operations.
  • We may need to raise additional capital in the future, and if we fail to maintain sufficient capital, whether due to losses, an inability to raise additional capital or otherwise, our financial condition, liquidity and results of operations, as well as our ability to maintain regulatory compliance, would be adversely affected.
  • We face strong competition from banks, credit unions, Financial Technology Company (“FinTech”) and other financial services providers that offer banking services, which may limit our ability to attract and retain banking clients.
  • Our risk management framework may not be effective in mitigating risks or losses to us, and we may incur losses due to ineffective risk management processes and strategies.
  • We are required to make significant judgments, assumptions and estimates in the preparation of our financial statements and our judgments, assumptions and estimates may not be accurate.
  • If we fail to maintain effective internal control over financial reporting, we may not be able to report our financial results accurately and timely, in which case our business may be harmed, investors may lose confidence in the accuracy and completeness of our financial reports, we could be subject to regulatory penalties and the price of our common stock may decline.
  • Failure to keep pace with technological change could adversely affect our business.
  • We are exposed to cybersecurity risks and potential security breaches associated with our internet-based systems and online commerce security, and therefore we may incur increasing costs in an effort to minimize those risks and to respond to cyber incidents and we may experience harm to our reputation and liability exposure from security breaches.
  • We rely on client, counterparty and third-party information, which subjects us to risks if that information is not accurate or is incomplete.
  • We are subject to certain operating risks related to employee error and client, employee and third-party misconduct, which could harm our reputation and business.
  • Fraudulent activity could damage our reputation, disrupt our businesses, increase our costs and cause losses.
  • Our operations could be interrupted if our third-party service providers experience difficulty, terminate their services or fail to comply with banking regulations.
  • We follow a relationship-based operating model and negative public opinion could damage our reputation and adversely impact our earnings.
  • If third parties infringe upon our intellectual property or if we were to infringe upon the intellectual property of third parties, we may expend significant resources enforcing or defending our rights or suffer competitive injury.
  • We may be exposed to risk of environmental liabilities or failure to comply with regulatory requirements with respect to properties to which we take title.
  • The costs and effects of litigation, investigations or similar matters, or adverse facts and developments related thereto, could materially affect our business, operating results and financial condition.
  • Financial counterparties expose the Company to risks.
  • Severe weather, natural disasters, pandemics, acts of war or terrorism and other external events could significantly impact our business.
  • We are subject to extensive regulation, which increases the cost and expense of compliance and could limit or restrict our activities, which in turn may adversely impact our earnings and ability to grow.
  • Legislative and regulatory actions taken now or in the future may increase our costs and impact our business, governance structure, financial condition or results of operations. Proposed legislative and regulatory actions, including changes to financial regulation, may not occur on the time frame that is expected, or at all, which could result in additional uncertainty for our business.
  • Many of our new expansion and growth plans require regulatory approvals, and failure to obtain them may restrict our growth.
  • The Federal Reserve may require the Company to commit capital resources to support the Bank.
  • The Company and the Bank are subject to stringent capital requirements that may limit our operations and potential growth.
  • Higher FDIC deposit insurance premiums and assessments could adversely affect our financial condition.
  • Bank regulatory agencies periodically examine our business, including compliance with laws and regulations, and our failure to comply with any supervisory actions to which we become subject as a result of such examinations could materially and adversely affect us.
  • We face a risk of noncompliance and enforcement action with respect to the Bank Secrecy Act and other anti-money laundering statutes and regulations.
  • Regulations relating to privacy, information security and data protection could increase our costs, affect or limit how we collect and use personal information and adversely affect our business opportunities.
  • We face increased risk under the terms of the CRA as we accept additional deposits in new geographic markets.
  • We are subject to numerous laws designed to protect consumers, including the CRA and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
  • The price of our common stock could be volatile..
  • Kansas law and the provisions of our articles of incorporation and bylaws may have an anti-takeover effect, and there are substantial regulatory limitations on changes of control of bank holding companies.
  • Future equity issuances could result in dilution, which could cause the price of our shares of common stock to decline.
  • We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock.
  • Our dividend policy may change without notice, and our future ability to pay dividends is subject to restrictions.
  • We are a bank holding company and our only source of cash, other than further issuances of securities, is distributions from our wholly-owned subsidiaries.
Management Discussion
  • •Net income of $15.6 million, representing a return on average assets of 1.10% and a return on average equity of 9.86%;
  • •Efficiency ratio of 53.6% for the second quarter of 2021;
  • •Completed the $20 million share repurchase program at a weighted average price of $12.68 per share;
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Avg
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