CrossFirst Bankshares, Inc (NASDAQ:CFB) Q1 2020 Earnings Conference Call - Final Transcript

Apr 23, 2020 • 05:00 pm ET


CrossFirst Bankshares, Inc (NASDAQ:CFB) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the CrossFirst First Quarter 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Matt Needham, Director of Investor Relations. Thank you, and please go ahead, sir.

Matt Needham

Welcome, and thank you for joining us today. On the call are George Jones, President and CEO of CrossFirst Bankshares; Dave O'Toole, Chief Financial Officer of CrossFirst Bankshares; and Mike Maddox, President and CEO, CrossFirst Bank. Our Chief Credit Officer, Randy Rapp, will also be joining the Q&A portion of the call to answer more specific questions regarding our loan portfolio.

As a reminder, a telephonic replay of this call, our earnings release and presentation will be available on our Investor Relations website for an extended period of time. Before we begin, let me remind everyone that this call may contain certain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955 -- 1995. We caution investors that actual results may differ materially from expectations indicated or implied in our forward-looking information. We provide a comprehensive list of risk factors in our SEC filings, which I highly encourage you review. Any forward-looking statements speak only as of today, and we undertake no obligation to update them, except as required by applicable securities laws.

Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures have been included in the release or presentation and copies are available on our Investor Relations website. All earnings per share metrics discussed on today's call are provided on a diluted per share basis.

I'd now like to turn the call over to George Jones.

George Jones

Thank you, Matt. Good afternoon, everyone. I'd like to start the call off today by saying, we wish the best to our employees, customers, shareholders and their families during these unprecedented and uncertain times. No one knows the duration or ultimate impact of this pandemic, but we're doing our best to manage through it. We are focused on helping our local businesses and communities, while keeping our employees and our clients safe. Throughout my entire banking career, I have never seen an environment like the one we are faced with today.

CrossFirst moved quickly to respond to the crisis and implemented a comprehensive business continuity plan in early March, several weeks prior to the issuance of many state stay-at-home orders. Approximately 70% of our employees are working from home and for those who continue to serve our customers from the bank, we're taking extra precautions for their safety. We also have reallocated resources to handle the large volumes of applications received under the Paycheck Protection Program, in addition to requests for loan modifications and principal or interest payment deferments. As part of the CrossFirst COVID-19 response, a number of financial and risk management initiatives have been implemented to respond to the potential economic headwinds. We expect to