Crossfirst Bankshares Inc (NASDAQ:CFB) stock rose 3.75% (As on October 17, 11:39:32 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 23. The company has also completed the previously announced acquisition of Canyon Bancorporation, Inc. and its wholly owned subsidiary, Canyon Community Bank, N.A. CFB reported that loans grew by $149 million, or 2.6%, for the quarter and grew 10.7% year-to-date. Deposits grew by $232 million, or 3.8%, for the quarter and grew 12.0% year-to-date. Non-performing assets increased to 0.50% of total assets but were contained within a few relationships of manageable size. Net charge-offs of $1.3 million were previously reserved and represented an annualized rate of 0.09% of average loans. At the end of Q3 2023, CFB’s stockholders’ equity totaled $643 million, or $13.04 of book value per common share, compared to $651 million, or $13.39 of book value per common share, at the end of Q2 2023. Net income totaled $16.9 million, for the third quarter of 2023, compared to $16.0 million, during the second quarter of 2023 and $17.3 million, during the third quarter of 2022. On a linked quarter basis, net income was higher due to increases in net interest income and non-interest income as well as lower non-interest expense, partially offset by higher provision expense. Compared to the same period in the prior year, the quarter’s results were impacted by higher net interest income and non-interest income that were more than offset by higher non-interest expense.

Meanwhile, the combination of CrossFirst and Canyon is expected to bring together complementary banking platforms focused on serving small businesses and the surrounding communities they serve. The transaction continues CrossFirst’s commitment to expansion in the Southwest with the addition of a branch in Arizona’s second largest metropolitan area. CrossFirst believes that providing Canyon Bank’s clients with access to CFB Bank’s broader array of banking products and capabilities will provide enhanced benefits for Canyon Bank clients, as well as provide synergies with CrossFirst’s existing presence in the Phoenix market.

CFB in the third quarter of FY 23 has reported the adjusted earnings per share of 37 cents, beating the analysts’ estimates for the adjusted earnings per share of 33 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $61.11 million in the third quarter of FY 23, beating the analysts’ estimates for revenue by 1.01%.