Crossfirst Bankshares Inc (NASDAQ:CFB) stock fell 2.08% (As on October 18, 11:53:44 AM UTC-4, Source: Google Finance) though the company posted better than expected results for the third quarter of FY 22. Interest income was $65.6 million for the third quarter of 2022, an increase of 39% from the third quarter of 2021 and an increase of 24% from the previous quarter due to higher average loans outstanding and higher interest rates. Included in interest income for the third quarter of 2022 was interest of $1 million as a result of several loans returning to accruing status. Average earning assets totaled $5.6 billion for the third quarter of 2022, an increase of $359 million or 7% from the same quarter in 2021. This increase in average earning assets was due to an increase in average loans of $396 million. Net interest income totaled $49.7 million for the third quarter of 2022, which was 6% higher than the second quarter of 2022, and 19% higher than the third quarter of 2021. Tax-equivalent net interest margin increased to 3.56% in the current quarter from 3.52% in the previous quarter and 3.23% in the third quarter of 2021.

Moreover, during the third quarter of 2022, total assets increased by $141 million or 3% compared to June 30, 2022, and increased $448 million or 8% compared to September 30, 2021. Total assets increased on a linked quarter basis primarily due to a $149 million increase in loans. The year-over-year increase was due to an increase in loans of $453 million. Non-interest-bearing deposits decreased $50 million compared to June 30, 2022, and increased $153 million from September 30, 2021. During the third quarter of 2022, available-for-sale investment securities decreased $39 million to $657 million compared to June 30, 2022 primarily due to unrealized losses from interest rate increases. During the third quarter of 2022, the Company produced an increase in average loans of $189 million compared to the second quarter of 2022, and an increase of $396 million or 9% compared to the third quarter of 2021.

CFB in the third quarter of FY 22 has reported the adjusted earnings per share of 35 cents, beating the analysts’ estimates for the adjusted earnings per share of 34 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 5 percent to $53.48 million in the third quarter of FY 22, beating the analysts’ estimates for revenue by 1.12%.