CrossFirst Bancshares announces bond portfolio repositioning

CrossFirst Bankshares announced the sale of approximately $80M of available-for-sale municipal securities, resulting in an after-tax loss of approximately $0.8M. 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 2c 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.