Crossfirst Bankshares Inc (NASDAQ:CFB), the bank holding company for CrossFirst Bank, stock fell 5.53% (As on April 16, 11:04:02 AM UTC-4, Source: Google Finance) after the company posted mixed results for the first quarter of FY 24. Net income totaled $18.2 million, for the first quarter of 2024, compared to $17.7 million during the fourth quarter of 2023 and $16.1 million, during the first quarter of 2023. Compared to the first quarter of 2023, net interest income – FTE decreased $1.9 million as the benefit from higher average earning assets and one additional day were more than offset by a 45 basis point reduction in net interest margin – FTE. The yield on earning assets increased 64 basis points due to stronger loan yields and higher yields on securities.

Moreover, during the first quarter of 2024, total assets increased $0.1 billion, or 1%, compared to the end of the prior quarter and increased $0.6 billion, or 8%, compared to March 31, 2023. Total assets increased for both comparative periods primarily due to an increase in loans. Compared to March 31, 2023, the loan increase included loans acquired from the Tucson acquisition. Deposits increased $0.1 billion compared to December 31, 2023, and increased $0.7 billion from March 31, 2023, including $0.2 billion in acquired deposits compared to the same period in the prior year. Compared to March 31, 2023, the loan increase was primarily due to growth in the commercial and industrial, commercial real estate – owner-occupied and commercial real estate – non-owner-occupied portfolios. The increases in the commercial real estate portfolios were primarily due to funding of prior commitments.

Furthermore, Non-performing assets decreased $4.4 million to $20.4 million, or 0.27% of total assets, at March 31, 2024. The decrease was due to client principal reductions, partial charge-offs on non-accrual loans, and two credits that were 90+ days past due and still accruing at the end of the fourth quarter, which were brought current during the first quarter. The Company recorded $1.7 million of provision expense, compared to $4.1 million in the prior quarter and $4.4 million in the prior year first quarter.

CFB in the first quarter of FY 24 has reported the adjusted earnings per share of 36 cents, beating the analysts’ estimates for the adjusted earnings per share of 34 cents, according to Zacks Investment Research. The company had reported the adjusted revenue of $62.2 million in the first quarter of FY 24, missing the analysts’ estimates for revenue of $62.9 million.