CrossFirst Bankshares (CFB) Reports $18.2M Net Income

By Tamara Parker • Tuesday, April 16 06:06 • Permanent Link

CrossFirst Bankshares, Inc. (NASDAQ: CFB) has reported solid first-quarter 2024 results, with net income reaching $18.2 million, or $0.36 per diluted common share. This represents an increase from the previous quarter's net income of $17.7 million, or $0.35 per diluted common share, and the first quarter of 2023's net income of $16.1 million, or $0.33 per diluted common share.

The company's operating revenue improved to $62.2 million in the first quarter of 2024, up from $61.4 million in the previous quarter and slightly down from $62.6 million in the first quarter of 2023. Notably, CrossFirst Bankshares, Inc. experienced growth in both loans and deposits, with loans growing by $121 million, or 2%, for the quarter and 8% annualized, and deposits increasing by $96 million, or 1%, for the quarter and 6% annualized.

Additionally, credit quality remained stable, with non-performing assets decreasing to 0.27% of total assets, and annualized net charge-offs representing 0.10% of average loans. The company also returned capital to shareholders of $1.5 million during the quarter via share buybacks at a weighted average price of $13.10 per share.

In terms of financial metrics, CrossFirst Bankshares, Inc. saw its return on average assets (ROAA) increase to 1.00% in the first quarter of 2024, up from 0.97% in the previous quarter and the first quarter of 2023. Furthermore, the return on average common equity (ROCE) stood at 10.36%, showing an increase from 10.71% in the prior quarter and 10.54% in the first quarter of 2023.

From a balance sheet perspective, total assets increased by $0.1 billion, or 1%, compared to the end of the prior quarter and by $0.6 billion, or 8%, compared to March 31, 2023. The company's capital position also strengthened, with stockholders' equity totaling $715 million, or $14.47 of book value per common share, at March 31, 2024, compared to $708 million, or $14.35 of book value per common share, at December 31, 2023.

Following these announcements, the company's shares moved -0.1%, and are now trading at a price of $12.69. If you want to know more, read the company's complete 8-K report here.

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