Crossfirst Bankshares (CFB) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 net income of $22.1M ($0.44/diluted share) and record full-year net income of $78.5M ($1.56/diluted share); adjusted net income was $22.9M for Q4 and $81.6M for the year, excluding merger costs.

• Regulatory and shareholder approvals for merger with First Busey Corporation obtained; closing expected March 1, 2025.

• Operating revenue grew 7% year-over-year to $261.8M; efficiency ratio improved to 57.69% for the year.

Financial highlights

• Q4 net income rose to $22.1M from $19.6M in Q3 and $17.7M in Q4 2023; full-year net income up from $66.7M in 2023.

• Q4 operating revenue was $68.9M, up from $67.1M in Q3 and $61.4M in Q4 2023.

• Net interest margin (FTE) for Q4 was 3.41%, up from 3.29% in Q3 and 3.23% in Q4 2023; full-year NIM (FTE) was 3.28%.

• Adjusted diluted EPS for Q4 was $0.45, up from $0.43 in Q3 and $0.39 in Q4 2023; full-year adjusted EPS was $1.62.

• Book value per share grew 9% to $15.69; tangible book value per share up 10% to $14.97 year-over-year.

Outlook and guidance

• Merger with Busey expected to close March 1, 2025, with anticipated expanded product offerings and operational synergies.

• No conference call or webcast for Q4 and full-year 2024 results due to pending merger.