CrossFirst Bankshares, Inc(NASDAQ:CFB) 
CrossFirst Bankshares, Inc. operates as the bank holding company for CrossFirst Bank that provides various banking and financial services to businesses, business owners, professionals, and its personal networks. The company offers commercial real estate, construction and development, 1-4 family real...
Website: http://www.crossfirstbank.com
IPO Price: $14.5 (Aug 15, 2019)
Full Time Employees: 332
CEO: George F. Jones
Sector: Financial Services
Industry: Banks-Regional
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At a glance:
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Income Statements:
Quarterly
Annual
| Unit: USD |
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Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 |
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assets | ||||||||||||
cash and cash equivalents | 236,937,000 | 250,364,000 | 206,773,000 | 255,229,000 | 220,814,000 | 630,787,000 | 408,810,000 | 223,636,000 | 194,371,000 | 158,987,000 | 187,320,000 | 128,126,000 |
available-for-sale securities - taxable | 454,077,000 | 461,018,000 | 441,157,000 | 413,217,000 | 187,553,000 | 192,031,000 | 177,238,000 | 214,735,000 | 256,121,000 | 285,426,000 | 298,208,000 | |
available-for-sale securities - tax-exempt | 329,918,000 | 341,331,000 | 345,446,000 | 353,436,000 | 524,664,000 | 493,423,000 | 477,350,000 | 437,411,000 | 443,962,000 | 449,805,000 | 443,426,000 | |
loans, net of unearned fees | 6,331,049,000 | 6,344,407,000 | 6,249,187,000 | 6,127,690,000 | ||||||||
allowance for credit losses on loans | 77,757,000 | 76,218,000 | 74,856,000 | 73,462,000 | ||||||||
loans, net of the allowance for credit losses on loans | 6,253,292,000 | 6,268,189,000 | 6,174,331,000 | 6,054,228,000 | ||||||||
premises and equipment | 68,990,000 | 69,898,000 | 70,580,000 | 70,869,000 | 67,918,000 | 69,270,000 | 70,509,000 | 70,599,000 | 68,889,000 | 68,817,000 | ||
restricted equity securities | 3,715,000 | 3,768,000 | 3,752,000 | 3,950,000 | 13,329,000 | 14,080,000 | 15,543,000 | 20,923,000 | 20,675,000 | 18,539,000 | 17,278,000 | 16,053,000 |
interest receivable | 39,485,000 | 39,497,000 | 37,833,000 | 37,294,000 | 15,816,000 | 17,987,000 | 17,236,000 | 19,003,000 | 19,399,000 | 16,958,000 | 15,716,000 | 15,909,000 |
foreclosed assets held for sale | 5,248,000 | 4,818,000 | 5,377,000 | 1,718,000 | 2,347,000 | 2,347,000 | 2,349,000 | 2,502,000 | 3,619,000 | 3,619,000 | 2,471,000 | |
goodwill and other intangible assets | 28,620,000 | 29,499,000 | 30,404,000 | 31,335,000 | 208,000 | 227,000 | 247,000 | 7,669,000 | 7,694,000 | 7,720,000 | ||
bank-owned life insurance | 72,290,000 | 71,766,000 | 71,266,000 | 70,810,000 | 66,676,000 | 67,914,000 | 67,498,000 | 67,063,000 | 66,598,000 | 66,145,000 | 65,689,000 | 65,228,000 |
other | 89,620,000 | 98,403,000 | 92,813,000 | 90,312,000 | 50,495,000 | 76,186,000 | 32,112,000 | 32,610,000 | 31,535,000 | 12,943,000 | 17,173,000 | |
total assets | 7,582,192,000 | 7,638,551,000 | 7,479,732,000 | 7,380,680,000 | 5,311,434,000 | 5,998,074,000 | 5,659,303,000 | 5,505,696,000 | 5,462,254,000 | 5,067,407,000 | 4,931,233,000 | 4,651,313,000 |
liabilities and stockholders’ equity | ||||||||||||
deposits | ||||||||||||
non-interest-bearing | 900,794,000 | 957,584,000 | 954,240,000 | 990,458,000 | ||||||||
savings, now and money market | 3,746,812,000 | 3,836,070,000 | 3,795,770,000 | 3,669,726,000 | 2,733,693,000 | 3,325,220,000 | 2,932,799,000 | 2,597,691,000 | 2,393,269,000 | 2,302,545,000 | 2,162,187,000 | 1,922,522,000 |
time | 1,986,670,000 | 1,939,972,000 | 1,837,136,000 | 1,831,092,000 | 804,047,000 | 931,791,000 | 1,043,482,000 | 1,140,686,000 | 1,160,541,000 | 1,103,062,000 | 1,239,746,000 | 1,221,754,000 |
total deposits | 6,634,276,000 | 6,733,626,000 | 6,587,146,000 | 6,491,276,000 | 4,356,627,000 | 5,051,570,000 | 4,694,740,000 | 4,492,549,000 | 4,304,143,000 | 3,972,822,000 | 3,923,759,000 | 3,658,108,000 |
federal home loan bank advances | 76,221,000 | 76,256,000 | 77,840,000 | 77,889,000 | 283,100,000 | 283,100,000 | 293,100,000 | 336,100,000 | 450,617,000 | 402,680,000 | 358,743,000 | 307,804,000 |
other borrowings | 8,598,000 | 8,875,000 | 8,911,000 | 8,950,000 | 986,000 | 974,000 | 963,000 | 952,000 | 942,000 | 931,000 | 921,000 | 912,000 |
interest payable and other liabilities | 91,388,000 | 91,916,000 | 90,864,000 | 94,422,000 | 33,531,000 | 30,302,000 | 43,766,000 | 44,681,000 | 48,579,000 | 40,082,000 | 31,245,000 | 32,244,000 |
total liabilities | 6,810,483,000 | 6,910,673,000 | 6,764,761,000 | 6,672,537,000 | 4,674,244,000 | 5,369,240,000 | 5,034,875,000 | 4,887,813,000 | 4,854,162,000 | 4,455,461,000 | 4,329,589,000 | 4,048,878,000 |
stockholders’ equity | ||||||||||||
preferred stock, 0.01 par value: authorized - 5,000,000 shares; issued - 7,750 shares at september 30, 2024 and december 31, 2023 | ||||||||||||
common stock | 536,000 | 536,000 | 535,000 | 533,000 | ||||||||
treasury stock | -62,753,000 | -62,761,000 | -59,720,000 | -58,251,000 | ||||||||
additional paid-in capital | 547,138,000 | 545,716,000 | 544,206,000 | 543,556,000 | 524,637,000 | 523,156,000 | 522,911,000 | 522,226,000 | 521,133,000 | 520,134,000 | 519,870,000 | 518,816,000 |
retained earnings | 328,380,000 | 308,886,000 | 290,419,000 | 272,351,000 | 105,299,000 | 89,722,000 | 77,652,000 | 69,355,000 | 61,344,000 | 68,689,000 | 64,888,000 | 65,282,000 |
accumulated other comprehensive loss | -41,592,000 | -64,499,000 | -60,469,000 | |||||||||
total stockholders’ equity | 771,709,000 | 727,878,000 | 714,971,000 | 708,143,000 | 637,190,000 | 628,834,000 | 624,428,000 | 617,883,000 | 608,092,000 | 611,946,000 | 601,644,000 | 602,435,000 |
total liabilities and stockholders’ equity | 7,582,192,000 | 7,638,551,000 | 7,479,732,000 | 7,380,680,000 | 5,311,434,000 | 5,998,074,000 | 5,659,303,000 | 5,505,696,000 | 5,462,254,000 | 5,067,407,000 | 4,931,233,000 | 4,651,313,000 |
preferred stock, 0.01 par value: authorized - 5,000,000 shares; issued - 7,750 at june 30, 2024 and december 31, 2023 | ||||||||||||
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preferred stock, 0.01 par value: authorized - 5,000,000 shares; issued - 7,750 at march 31, 2024 and december 31, 2023 | ||||||||||||
preferred stock, 0.01 par value: authorized - 5,000,000 shares; issued - 7,750 at december 31, 2023 and no shares at december 31, 2022 | ||||||||||||
accumulated other comprehensive income | -50,046,000 | 26,729,000 | 22,546,000 | 29,403,000 | 25,781,000 | 25,094,000 | 22,602,000 | 16,451,000 | 17,901,000 | |||
loans, net of allowance for loan losses of 75,493 and 75,295 at june 30, 2021 and december 31, 2020, respectively | 4,162,451,000 | |||||||||||
noninterest-bearing | 818,887,000 | 794,559,000 | 718,459,000 | 754,172,000 | ||||||||
federal funds purchased and repurchase agreements | 3,294,000 | 2,306,000 | 13,531,000 | 49,881,000 | 38,946,000 | 14,921,000 | 49,810,000 | |||||
authorized - 200,000,000 shares, issued - 52,532,486 and 52,289,129 shares at june 30, 2021 and december 31, 2020, respectively | 525,000 | |||||||||||
1,573,806 and 609,613 shares held at june 30, 2021 and december 31, 2020, respectively | -20,000,000 | |||||||||||
loans, net of allowance for loan losses of 74,551 and 75,295 at march 31, 2021 and december 31, 2020, respectively | 4,434,049,000 | |||||||||||
authorized - 200,000,000 shares, issued - 52,376,779 and 52,289,129 shares at march 31, 2021 and december 31, 2020, respectively | 523,000 | |||||||||||
698,110 and 609,613 shares held at march 31, 2021 and december 31, 2020, respectively | -7,113,000 | |||||||||||
loans, net of allowance for loan losses of 75,295 and 56,896 at december 31, 2020 and 2019, respectively | 4,366,602,000 | |||||||||||
other assets | 55,962,000 | |||||||||||
authorized - 200,000,000 shares, issued - 52,289,129 and 51,969,203 shares at december 31, 2020 and 2019, respectively | 523,000 | |||||||||||
609,613 and 0 shares held at december 31, 2020 and 2019, respectively | -6,061,000 | |||||||||||
loans, net of allowance for loan losses of 76,035 and 56,896 at september 30, 2020 and december 31, 2019, respectively | 4,401,774,000 | |||||||||||
deferred tax asset | 15,864,000 | 14,841,000 | 8,914,000 | 13,782,000 | 7,429,000 | |||||||
redeemable preferred stock, 0.01 par value... | ||||||||||||
authorized - 5,000,000 shares, issued - 0 shares at september 30, 2020 and december 31, 2019, respectively | ||||||||||||
authorized - 200,000,000 shares, issued - 52,195,778 and 51,969,203 shares at september 30, 2020 and december 31, 2019, respectively | 521,000 | |||||||||||
loans, net of allowance for loan losses of 71,185 and 56,896 at june 30, 2020 and december 31, 2019, respectively | 4,342,039,000 | |||||||||||
non-interest bearing | 750,333,000 | 567,215,000 | 513,832,000 | |||||||||
authorized - 5,000,000 shares, issued - 0 shares at june 30, 2020 and december 31, 2019, respectively | ||||||||||||
authorized - 200,000,000 shares, issued - 52,167,573 and 51,969,203 shares at june 30, 2020 and december 31, 2019, respectively | 521,000 | |||||||||||
loans, net of allowance for loan losses of 51,458 and 56,896 at march 31, 2020 and december 31, 2019, respectively | 3,950,993,000 | |||||||||||
authorized - 5,000,000 shares, issued - 0 shares at march 31, 2020 and december 31, 2019, respectively | ||||||||||||
authorized - 200,000,000 shares, issued - 52,098,062 and 51,969,203 shares at march 31, 2020 and december 31, 2019, respectively | 521,000 | |||||||||||
loans, net of allowance for loan losses of 56,896 and 37,826 at december 31, 2019 and 2018, respectively | 3,795,348,000 | |||||||||||
noninterest bearing | 521,826,000 | |||||||||||
authorized - 5,000,000 shares, issued - 0 and 1,200,000 shares at december 31, 2019 and 2018, respectively | ||||||||||||
authorized - 200,000,000 shares, issued - 51,969,203 and 45,074,322 shares at december 31, 2019 and 2018, respectively | 520,000 | |||||||||||
available for sale securities - taxable | 323,531,000 | |||||||||||
available for sale securities - tax-exempt | 409,562,000 | |||||||||||
loans, net of allowance for loan losses of 42,995 and 37,826 at september 30, 2019 and december 31, 2018, respectively | 3,586,797,000 | |||||||||||
authorized - 5,000,000 shares, issued - 0 and 1,200,000 shares at september 30, 2019 and december 31, 2018, respectively | ||||||||||||
authorized - 200,000,000 shares, issued - 51,969,203 and 45,074,322 shares at september 30, 2019 and december 31, 2018, respectively | 520,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||
net income | 19,649,000 | 18,622,000 | 18,223,000 | 15,577,000 | 12,035,000 | 8,094,000 | 8,006,000 | -7,356,000 | 3,857,000 |
adjustments to reconcile net income to net cash from operating activities: | |||||||||
depreciation and amortization | 2,375,000 | 2,428,000 | 2,414,000 | 1,340,000 | 1,375,000 | 1,364,000 | 1,301,000 | 1,292,000 | 1,295,000 |
provision for credit losses | 3,533,000 | ||||||||
accretion of discounts on loans | -486,000 | -440,000 | -488,000 | ||||||
accretion of discounts and amortization of premiums on securities | 44,000 | 183,000 | 285,000 | 1,314,000 | 1,310,000 | 1,452,000 | 1,569,000 | 1,590,000 | 1,473,000 |
stock-based compensation | 1,355,000 | 1,540,000 | 1,270,000 | ||||||
loss on disposal of fixed assets | 0 | 10,000 | |||||||
loss on sale of foreclosed assets and related impairments | |||||||||
gain on sale of loans | -170,000 | -440,000 | -537,000 | ||||||
origination of loans held for sale | 0 | 0 | -1,612,000 | ||||||
proceeds from sale of loans held for sale | 170,000 | 440,000 | 2,913,000 | ||||||
deferred income taxes | -1,833,000 | -1,986,000 | 3,224,000 | -589,000 | 1,824,000 | -159,000 | -1,245,000 | -6,734,000 | 2,881,000 |
net increase in bank owned life insurance | -523,000 | -501,000 | -456,000 | -456,000 | |||||
net realized gains on equity securities | 0 | 4,000 | -22,000 | ||||||
net realized gains on available-for-sale securities | -2,000 | -10,000 | |||||||
dividends on fhlb stock | -107,000 | -156,000 | -71,000 | -291,000 | |||||
changes in: | |||||||||
interest receivable | 12,000 | -1,664,000 | -539,000 | 2,171,000 | -751,000 | 1,767,000 | 396,000 | -2,441,000 | -1,242,000 |
other assets | 1,417,000 | -2,121,000 | 1,762,000 | 26,570,000 | -28,730,000 | 2,696,000 | -1,561,000 | -1,349,000 | 65,000 |
other liabilities | 6,372,000 | 1,370,000 | -8,218,000 | 1,786,000 | -4,937,000 | 2,864,000 | -2,469,000 | 7,238,000 | -9,368,000 |
net cash from operating activities | 31,749,000 | 19,714,000 | 19,801,000 | 51,226,000 | -9,735,000 | 27,265,000 | 17,220,000 | 23,298,000 | 12,670,000 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | 31,749,000 | 19,714,000 | 19,801,000 | 51,226,000 | -9,735,000 | 27,265,000 | 17,220,000 | 23,298,000 | 12,670,000 |
investing activities | |||||||||
net change in loans | 11,527,000 | -95,294,000 | -128,665,000 | 268,098,000 | -74,947,000 | 12,222,000 | -70,610,000 | -412,046,000 | -169,595,000 |
purchases of available-for-sale and equity securities | -176,000 | -31,299,000 | -45,693,000 | ||||||
proceeds from maturities of available-for-sale securities | 23,209,000 | 9,801,000 | 13,465,000 | 27,444,000 | 33,329,000 | 39,528,000 | 43,555,000 | 37,446,000 | 21,528,000 |
proceeds from sale of available-for-sale and equity securities | |||||||||
proceeds from the sale of foreclosed assets | |||||||||
purchase of premises and equipment | -517,000 | -963,000 | -1,114,000 | -34,000 | -118,000 | -1,244,000 | -331,000 | ||
proceeds from the sale of premises and equipment and related insurance claims | 0 | ||||||||
purchase of restricted equity securities | -4,550,000 | 0 | 0 | -1,869,000 | -970,000 | ||||
proceeds from sale of restricted equity securities | 4,713,000 | 6,738,000 | 291,000 | 913,000 | 1,626,000 | ||||
terminated cash flow hedges | -225,000 | -202,000 | -122,000 | ||||||
net cash activity from acquisitions | |||||||||
net cash from investing activities | 54,352,000 | -117,680,000 | -161,838,000 | 250,017,000 | -114,685,000 | 16,215,000 | -25,381,000 | -378,036,000 | -157,388,000 |
financing activities | |||||||||
net decrease in demand deposits, savings, now and money market accounts | |||||||||
net increase in time deposits | 46,698,000 | 102,836,000 | 6,044,000 | -97,204,000 | -19,855,000 | 57,479,000 | -136,684,000 | ||
net increase in fed funds purchased and repurchase agreements | -3,294,000 | 988,000 | |||||||
net decrease in federal funds sold | |||||||||
proceeds from federal home loan bank advances | 0 | 20,000,000 | 48,000,000 | 70,000,000 | |||||
repayment of federal home loan bank advances | -90,000 | -1,641,000 | -114,000 | 0 | -10,000,000 | -43,000,000 | -134,517,000 | -63,000 | -26,063,000 |
net proceeds of lines of credit | |||||||||
proceeds from issuance of preferred shares, net of issuance cost | |||||||||
issuance of common shares, net of issuance cost | 0 | 1,000 | 2,000 | 1,000 | |||||
proceeds from employee stock purchase plan | 293,000 | 0 | 240,000 | ||||||
repurchase of common stock | 0 | -3,098,000 | -1,402,000 | -12,887,000 | -1,052,000 | ||||
acquisition of common stock for tax withholding obligations | -226,000 | -30,000 | -860,000 | -266,000 | -404,000 | -115,000 | -83,000 | -671,000 | |
settlement of warrants | |||||||||
dividends paid on preferred stock | -155,000 | -155,000 | -155,000 | ||||||
net cash from financing activities | -99,528,000 | 141,557,000 | 93,581,000 | -711,216,000 | 346,397,000 | 37,426,000 | 390,122,000 | 116,385,000 | |
decrease in cash and cash equivalents | -48,456,000 | -28,333,000 | |||||||
cash and cash equivalents, beginning of period | 0 | 0 | 255,229,000 | 0 | 408,810,000 | 0 | 0 | 187,320,000 | |
cash and cash equivalents, end of period | -13,427,000 | 43,591,000 | 206,773,000 | -409,973,000 | 630,787,000 | 29,265,000 | 35,384,000 | 158,987,000 | |
supplemental cash flows information | |||||||||
interest paid | 65,640,000 | 64,661,000 | 61,253,000 | 6,400,000 | 7,287,000 | 9,420,000 | 10,619,000 | 17,199,000 | |
income taxes paid | 5,250,000 | 4,140,000 | 130,000 | ||||||
repossessed assets in settlement of loans | 430,000 | -559,000 | 5,377,000 | ||||||
net increase in demand deposits, savings, now and money market accounts | 43,644,000 | 89,826,000 | -567,199,000 | 468,521,000 | 299,396,000 | 208,260,000 | 273,842,000 | 185,747,000 | |
increase in cash and cash equivalents | -409,973,000 | 221,977,000 | 29,265,000 | ||||||
| |||||||||
benefit from credit losses | 1,655,000 | ||||||||
gain on disposal of fixed assets | |||||||||
benefit from loan losses | 3,500,000 | 7,500,000 | 10,875,000 | 10,875,000 | 21,000,000 | 13,950,000 | |||
gain on sale of foreclosed assets and related impairments | |||||||||
net realized (gains) losses on equity securities | |||||||||
net realized losses (gains) on available-for-sale securities | |||||||||
prepayment penalties on extinguishment of debt | |||||||||
proceeds from termination of cash flow hedge | |||||||||
proceeds from death benefit on bank owned life insurance | |||||||||
net decrease in fed funds purchased and repurchase agreements | |||||||||
net increase in federal funds sold | |||||||||
net (repayments) proceeds of lines of credit | |||||||||
net decrease in employee receivables | 0 | 35,000 | 30,000 | ||||||
items not requiring (providing) cash | |||||||||
equity based compensation | 1,575,000 | 649,000 | 1,140,000 | 1,207,000 | 1,082,000 | 934,000 | |||
foreclosed asset impairment | 153,000 | ||||||||
net realized (gains) losses on available-for-sale securities | |||||||||
goodwill impairment | 0 | 0 | |||||||
changes in | |||||||||
purchases of available-for-sale securities | -49,995,000 | -74,575,000 | -40,892,000 | -8,014,000 | -15,451,000 | -11,861,000 | |||
proceeds from sale of available-for-sale securities | 0 | 12,758,000 | 15,211,000 | 3,841,000 | |||||
proceeds from the sale of premises and equipment | |||||||||
net decrease in time deposits | -127,744,000 | -111,691,000 | |||||||
(gain) loss on disposal of fixed assets | |||||||||
loss on sale of foreclosed assets | |||||||||
net increase in bank-owned life insurance | |||||||||
net realized gains on available-for-sale debt and equity securities | |||||||||
impairment of assets held for sale | |||||||||
dividends on federal home loan bank stock | |||||||||
proceeds from the sale of fixed assets | 0 | ||||||||
net repayments of federal home loan bank line of credit | |||||||||
retirement of preferred stock | |||||||||
see notes to consolidated financial statements | |||||||||
net realized gains on available-for-sale debt securities | -1,012,000 | -320,000 | -393,000 | ||||||
net decrease in repurchase agreements and federal funds purchased | |||||||||
foreclosed assets in settlement of loans | |||||||||
proceeds (purchase) of premises and equipment | |||||||||
net increase in repurchase agreements and federal funds purchased | |||||||||
issuance of common shares, net and change in employee receivables | |||||||||
net recognized gains on available-for-sale equity securities | -34,000 | ||||||||
stock dividends on cra mutual fund | -11,000 | ||||||||
net increase in repurchase agreements and fed funds purchased | 24,025,000 | ||||||||
common stock purchased and retired | |||||||||
proceeds from line of credit | |||||||||
repayment of line of credit |