See Notes to Condensed Consolidated Financial Statements (unaudited)
9
CROSSFIRST BANKSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
Six Months Ended
June 30,
2022
2021
(Dollars in thousands)
Operating Activities
Net income
$
32,373
$
27,612
Items not requiring (providing) cash
Depreciation and amortization
2,474
2,715
Provision for credit losses
(1)
1,510
11,000
Accretion of discounts and amortization of premiums on securities
2,192
2,624
Stock based compensation
2,235
2,224
Foreclosed asset impairment
0
630
Deferred income taxes
2,557
1,235
Net increase in bank owned life insurance
(795)
(2,661)
Net realized gains on available-for-sale securities
38
3
Changes in
Interest receivable
(1,886)
1,420
Other assets
3,780
(2,160)
Other liabilities
(21,268)
(3,151)
Net cash provided by operating activities
23,210
41,491
Investing Activities
Net change in loans
(274,206)
193,151
Purchases of available-for-sale securities
(73,399)
(124,570)
Proceeds from maturities of available-for-sale securities
22,513
60,773
Proceeds from the sale of foreclosed assets
237
0
Purchase of premises and equipment
(1,135)
(152)
Proceeds from the sale of premises and equipment and related insurance claims
13
108
Purchase of restricted equity securities
(4,208)
0
Proceeds from sale of restricted equity securities
1,544
2,539
Proceeds from death benefit on bank owned life insurance
0
3,483
Net cash provided by (used in) investing activities
(328,641)
135,332
Financing Activities
Net decrease in demand deposits, savings, NOW and money market accounts
(47,861)
(98,678)
Net increase (decrease) in time deposits
108,684
(239,435)
Net increase (decrease) in fed funds purchased and repurchase agreements
6
(2,306)
Proceeds from Federal Home Loan Bank advances
50,000
0
Repayment of Federal Home Loan Bank advances
(130,000)
(10,000)
Net proceeds of Federal Home Loan Bank line of credit
140,000
0
Issuance of common shares, net of issuance cost
170
2
Proceeds from employee stock purchase plan
364
172
Repurchase of common stock
(20,154)
(13,939)
Acquisition of common stock for tax withholding obligations
(833)
(670)
Net decrease in employee receivables
6
35
Net cash provided by (used in) financing activities
100,382
(364,819)
Decrease in Cash and Cash Equivalents
(205,049)
(187,996)
Cash and Cash Equivalents, Beginning of Period
482,727
408,810
Cash and Cash Equivalents, End of Period
$
277,678
$
220,814
Supplemental Cash Flows Information
Interest paid
$
10,862
$
13,687
Income taxes paid
$
3,880
$
4,270
(1)
For the six-months ended June 30, 2021, this line represents the Provision forloan losses.