Financial Performance - CrossFirst Bankshares reported record fourth quarter net income of $22.1 million, or $0.44 per diluted common share, and full year net income of $78.5 million, or $1.56 per diluted common share[1]. - Adjusted net income for the fourth quarter was $22.9 million, or $0.45 per diluted common share, and for the full year was $81.6 million, or $1.62 per diluted common share[10]. - Net income for the year ended December 31, 2024, was $78,546 thousand, compared to $66,669 thousand in 2023, indicating an increase of 17.7%[46]. - Basic earnings per common share for the year ended December 31, 2024, was $1.58, up from $1.35 in 2023, representing a growth of 17.0%[46]. - Net income for the three months ended December 31, 2024, was $22,052,000, an increase from $19,649,000 in the previous quarter, and $78,546,000 for the year ended December 31, 2024, compared to $66,669,000 for the previous year[59]. Revenue and Income Growth - Operating revenue for full year 2024 grew 7% compared to the prior year, reaching $261.8 million[3]. - Total interest income for the three months ended December 31, 2024, was $123,201 thousand, an increase from $117,810 thousand in the same period of 2023, representing a growth of 4.0%[46]. - Net interest income after provision for credit losses for the year ended December 31, 2024, was $227,521 thousand, compared to $210,352 thousand in 2023, reflecting an increase of 8.2%[46]. - Non-interest income for the three months ended December 31, 2024, totaled $5,888 thousand, up from $4,483 thousand in the same period of 2023, marking a growth of 31.4%[46]. Asset and Liability Management - Total assets increased to $7,669.7 million as of December 31, 2024, up from $7,380.7 million a year earlier, representing a growth of 3.9%[45]. - Total liabilities of the company stood at $6,895.9 million, up from $6,672.5 million, indicating a 3.4% increase year-over-year[45]. - Total assets increased by $88 million, or 1%, quarter-over-quarter, and by $289 million, or 4%, year-over-year, primarily due to increases in cash and loans[24]. Loan and Deposit Trends - Loans ended the quarter at $6.3 billion, down $73 million, or 1%, compared to the prior quarter, but grew $130 million, or 2%, for the full year[3]. - Deposits increased to $6.7 billion, up $81 million, or 1%, for the quarter, and grew $224 million, or 3%, for the full year[3]. - Loans decreased by $73 million, or 1%, compared to the previous quarter, but increased by $130 million, or 2%, year-over-year, driven mainly by growth in the energy segment[25]. - Deposits increased by $81 million, or 1%, quarter-over-quarter, and by $224 million, or 3%, year-over-year, primarily due to increases in non-interest bearing and savings deposits[27]. Credit Quality and Risk Management - Non-performing assets were 0.52% of total assets, with full year net charge-offs at 0.09% of average loans[4]. - The allowance for credit losses was $79.0 million, or 1.26% of outstanding loans, as of December 31, 2024[32]. - Non-performing assets increased by $14.4 million to $40.2 million, or 0.52% of total assets, primarily due to increases in non-accrual loans[31]. - The provision for credit losses for the year ended December 31, 2024, was $11,112 thousand, a decrease from $14,489 thousand in 2023, indicating a reduction of 23.5%[46]. Efficiency and Cost Management - The efficiency ratio improved to 57.69%, a decrease of 2% since 2023[11]. - Full year non-interest expense increased by $4.1 million compared to 2023, with an adjusted increase of $6.5 million excluding merger-related and employee separation costs[21]. - Total non-interest expense for the year ended December 31, 2024, was $151,023 thousand, compared to $146,907 thousand in 2023, reflecting an increase of 2.9%[46]. - The efficiency ratio (GAAP) improved to 53.99% for the three months ended December 31, 2024, down from 57.52% in the previous quarter, and 57.69% for the year ended December 31, 2024, compared to 59.84% for the previous year[59]. Future Outlook and Strategic Initiatives - The merger with Busey Corporation is expected to close on March 1, 2025, following the receipt of all required regulatory approvals[8]. - The company anticipates growth opportunities and expense control initiatives as part of its forward-looking strategy[39]. - CrossFirst Bankshares is focused on expanding its market presence across multiple states including Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico[41]. - The company is pursuing a proposed transaction with Busey, which may impact customer retention and operational efficiencies[40]. - CrossFirst Bankshares is actively managing its growth strategy, including entering new lines of business and enhancing service offerings[40].
CrossFirst Bankshares(CFB) - 2024 Q4 - Annual Results