See Notes to Condensed Consolidated Financial Statements (unaudited)
9
CROSSFIRST BANKSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
Nine Months Ended
September 30,
2022
2021
(Dollars in thousands)
Operating Activities
Net income
$
49,653
$
48,612
Items not requiring (providing) cash
Depreciation and amortization
3,716
3,993
Provision for credit losses
(1)
4,844
1,000
Accretion of discounts and amortization of premiums on securities
3,259
3,876
Stock based compensation
3,304
3,373
Foreclosed asset impairment
-
630
Deferred income taxes
1,713
2,233
Net increase in bank owned life insurance
(1,200)
(3,088)
Net unrealized losses on equity securities
261
6,243
Net realized (gains) losses on available-for-sale securities
43
(1,043)
Changes in
Interest receivable
(4,530)
1,308
Other assets
3,802
(1,753)
Other liabilities
(2,989)
(541)
Net cash provided by operating activities
61,876
64,843
Investing Activities
Net change in loans
(425,494)
196,637
Purchases of available-for-sale securities
(82,305)
(168,705)
Proceeds from maturities of available-for-sale securities
29,587
83,546
Proceeds from sale of available-for-sale securities
-
15,923
Proceeds from the sale of foreclosed assets
237
628
Purchase of premises and equipment
(1,878)
(671)
Proceeds from the sale of premises and equipment and related insurance claims
-
547
Purchase of restricted equity securities
(6,957)
-
Proceeds from sale of restricted equity securities
10,111
3,143
Proceeds from death benefit on bank owned life insurance
-
3,483
Net cash provided by (used in) investing activities
(476,699)
134,531
Financing Activities
Net increase in demand deposits, savings, NOW and money market accounts
178,134
84,218
Net increase (decrease) in time deposits
125,784
(342,361)
Net decrease in fed funds purchased and repurchase agreements
-
(2,306)
Proceeds from Federal Home Loan Bank advances
50,000
-
Repayment of Federal Home Loan Bank advances
(149,000)
(16,500)
Net proceeds of Federal Home Loan Bank line of credit
67,748
-
Issuance of common shares, net of issuance cost
171
3
Proceeds from employee stock purchase plan
364
172
Repurchase of common stock
(30,981)
(13,939)
Acquisition of common stock for tax withholding obligations
(995)
(784)
Net decrease in employee receivables
6
35
Net cash provided by (used in) financing activities
241,231
(291,462)
Decrease in Cash and Cash Equivalents
(173,592)
(92,088)
Cash and Cash Equivalents, Beginning of Period
482,727
408,810
Cash and Cash Equivalents, End of Period
$
309,135
$
316,722
Supplemental Cash Flows Information
Interest paid
$
25,648
$
19,402
Income taxes paid
$
10,545
$
8,370
(1)
For the nine-months ended September 30, 2021, this line representsthe Provision for loan losses.