Crossfirst Bankshares ( (CFB) ) has released its Q4 earnings. Here is a breakdown of the information Crossfirst Bankshares presented to its investors.
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CrossFirst Bankshares, Inc. is a bank holding company providing a range of financial products and services through its subsidiary, CrossFirst Bank, across several states including Kansas, Missouri, and Texas.
In its latest earnings report, CrossFirst Bankshares announced record results for the fourth quarter and full year 2024. The company reported a net income of $22.1 million for the fourth quarter, marking a significant increase from the previous year, and $78.5 million for the full year. The earnings per share also showed growth, reflecting strong financial performance.
Key financial highlights include a net interest margin of 3.41% for the fourth quarter and a slight decrease in loan balances due to economic uncertainty and strategic reductions. However, deposits increased by 1% in the quarter. The company’s efficiency ratio improved year-over-year, indicating better cost management. Additionally, the merger with First Busey Corporation received all necessary regulatory approvals, setting the stage for a strategic partnership.
Looking ahead, CrossFirst Bankshares is poised for further growth through its merger with Busey, expected to close by March 2025. The management remains optimistic about enhancing service offerings and expanding their market reach while continuing to focus on financial stability and operational efficiency.
