See Notes to Consolidated Financial Statements – Unaudited
9
CROSSFIRST BANKSHARES, INC.
Consolidated Statements of Cash Flows – Unaudited
SixNine Months Ended
JuneSeptember 30,
2023
2022
(Dollars in thousands)
Operating Activities
Net income
$
32,15549,018
$
32,37349,653
Adjustments to reconcile net income to cash provided by
operating activities:
Depreciation and amortization
4,6427,041
2,4743,716
Provision for credit losses
7,06110,390
1,5104,844
Accretion of discounts on loans
(1,371)(2,029)
-
Accretion of discounts and amortization of premiums on securities
1,7322,378
2,1923,259
Equity based compensation
2,5033,711
2,2353,304
Gain on disposal of fixed assets
(67)
-
Loss on sale of foreclosed assets and related impairments
80
-
Gain on sale of loans
(1,392)(2,131)
-
Origination of loans held for sale
(23,550)(36,972)
-
Proceeds from sales of loans held for sale
23,36839,775
-
Deferred income taxes
(79)(1,208)
2,5571,713
Net increase in bank owned life insurance
(829)(1,266)
(795)(1,200)
Net realized (gains) losses on available-for-sale securities
(63)(3)
3843
Dividends on FHLB stock
(625)(745)
-(505)
Changes in:
Interest receivable
(3,796)(5,612)
(1,886)(4,530)
Other assets
3,0572,132
3,7804,568
Other liabilities
3,3736,691
(21,268)(2,989)
Net cash provided by operating activities
46,19971,183
23,21061,876
Investing Activities
Net change in loans
(426,834)(470,706)
(274,206)(425,494)
Purchases of available-for-sale securities
(121,251)(152,158)
(73,399)(82,305)
Proceeds from maturities of available-for-sale securities
11,60518,890
22,51329,587
Proceeds from sale of available-for-sale securities
54,57267,230
-
Proceeds from the sale of foreclosed assets
1,050
237
Purchase of premises and equipment
(5,251)(6,953)
(1,135)(1,878)
Proceeds from the sale of premises and equipment and related
insurance claims
67
13-
Purchase of restricted equity securities
(11,953)(10,290)
(4,208)(6,957)
Proceeds from sale of restricted equity securities
12,06221,006
1,54410,111
Net cash activity from acquisition
19,279
-
Net cash used in investing activities
(485,933)(512,585)
(328,641)(476,699)
Financing Activities
Net
decrease(decrease) increase in demand deposits, savings, NOW and
money market accounts
(444,129)(264,944)
(47,861)178,134
Net increase in time deposits
892,782779,701
108,684125,784
Net (decrease) increase in fed funds purchased and repurchase agreements
505
-
Net decrease in federal funds sold
(20,000)
6-
Proceeds from Federal Home Loan Bank advances
22,414
50,000
Repayment of Federal Home Loan Bank advances
(70,201)(77,295)
(130,000)(149,000)
Net (repayments) proceeds of Federal Home Loan Bank line of credit
94,696(72,468)
140,00067,748
Proceeds from issuance of preferred shares, net of issuance
cost
7,750
-
Issuance of common shares, net of issuance cost
23
170171
Proceeds from employee stock purchase plan
167402
364
Repurchase of common stock
-
(20,154)(30,981)
Acquisition of common stock for tax withholding obligations
(867)(937)
(833)(995)
Settlement of warrants
(418)
-
Dividends paid on preferred stock
(103)(258)
-
Net decrease in employee receivables
-
6
Net cash provided by financing activities
482,093374,455
100,382241,231
Increase (Decrease)Decrease in Cash and Cash Equivalents
42,359(66,947)
(205,049)(173,592)
Cash and Cash Equivalents, Beginning of Period
300,138
482,727
Cash and Cash Equivalents, End of Period
$
342,497233,191
$
277,678309,135
Supplemental Cash Flows Information
Interest paid
83,157$
10,862137,281
$
25,648
Income taxes paid
7,754$
3,88017,614
$
10,545