CrossFirst Bankshares, Inc. (NASDAQ:CFB) Q3 2023 Earnings Call Transcript

Matt Olney: Okay. That’s helpful, Ben. And just to clarify that, it sounds like it’s all within the mix of the securities portfolio. I didn’t hear any commentary about just changing the relative size of it, is that a fair statement?

Ben Clouse: That is a fair statement, yes. We continue to expect the size as a percentage of our balance sheet to remain consistent.

Matt Olney: Okay. That’s helpful. And then, I guess just as a follow-up on the deposit side, I think you mentioned that the DDA balances even outside the Tucson deal showed some modest growth. I guess just looking forward, are you comfortable saying now that this has — this has bottomed, and over time we’re going to build from here as far as the DDA balance?

Ben Clouse: That’s the goal, Matt. I mean, we’re very focused on deposit — core deposit growth and continuing to change our mix. We want to continue to try and lower our cost of funds and really believe that’s important to building franchise value. So I mean, everything from goal setting to incentive plans to you name it, is all focused on growing non-interest-bearing deposits and core deposits.

Matt Olney: Okay. Thanks, guys. Appreciate your help.

Ben Clouse: Thanks, Matt.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Mike Maddox for any closing remarks.

Mike Maddox: I just want to thank everybody for joining our call today. Again, I’m really proud of the team and the job they’ve done and the progress we’re making as a company in the third quarter. I think we started to see some of the benefits of the cost cutting measures that we took earlier this year and we are very focused on continuing to drive market share in our existing markets and really trying to drive operating leverage, which we think is a big opportunity for us. So we will continue to work hard and thank you all very much again for joining us today.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.