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12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number 001-39028

CROSSFIRST BANKSHARES, INC.
(Exact Name of Registrant as Specified in its Charter)

Kansas26-3212879
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
11440 Tomahawk Creek Parkway
Leawood,KS66211
(Address of principal executive offices)(Zip Code)
(913) 312-6822
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareCFBThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of August 4, 2021, the registrant had 50,987,973 shares of common stock, par value $0.01, outstanding.



CrossFirst Bankshares, Inc.
Form 10-Q for the Quarter Ended June 30, 2021
Index
Part I. Financial Information
Item 1. Financial Statements
Notes to Consolidated Financial Statements (unaudited)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Part II. Other Information
Signatures
2

Table of Contents
Forward-Looking Information
This report may contain forward-looking statements that reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “strive,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,” “annualized” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature.
These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such possible events or factors include: risks associated with the current outbreak of the novel coronavirus, or the COVID-19 pandemic, changes in economic conditions in the Company’s market area, changes in policies by regulatory agencies, governmental legislation and regulation, fluctuations in interest rates, changes in liquidity requirements, demand for loans in the Company’s market area, changes in accounting and tax principles, estimates made on income taxes, competition with other entities that offer financial services, cybersecurity threats, and such other factors as discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021, any subsequent quarterly report on Form 10-Q as well as in our other filings with the SEC.
We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
3

Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CROSSFIRST BANKSHARES, INC.
CONSOLIDATED BALANCE SHEETS
June 30, 2021December 31, 2020
(Unaudited)
(Dollars in thousands)
Assets
Cash and cash equivalents$220,814 $408,810 
Available-for-sale securities - taxable187,553 177,238 
Available-for-sale securities - tax-exempt524,664 477,350 
 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 4,366,602 
Premises and equipment, net67,918 70,509 
Restricted equity securities13,329 15,543 
Interest receivable15,816 17,236 
Foreclosed assets held for sale1,718 2,347 
Bank-owned life insurance66,676 67,498 
Other50,495 56,170 
Total assets$5,311,434 $5,659,303 
Liabilities and stockholders’ equity
Deposits
Noninterest-bearing$818,887 $718,459 
Savings, NOW and money market2,733,693 2,932,799 
Time804,047 1,043,482 
Total deposits4,356,627 4,694,740 
Federal funds purchased and repurchase agreements 2,306 
Federal Home Loan Bank advances283,100 293,100 
Other borrowings986 963 
Interest payable and other liabilities33,531 43,766 
Total liabilities4,674,244 5,034,875 
Stockholders’ equity
Common stock, $0.01 par value:
authorized - 200,000,000 shares, issued - 52,532,486 and 52,289,129 shares at June 30, 2021 and December 31, 2020, respectively
525 523 
Treasury stock, at cost:
1,573,806 and 609,613 shares held at June 30, 2021 and December 31, 2020, respectively
(20,000)(6,061)
Additional paid-in capital524,637 522,911 
Retained earnings105,299 77,652 
Accumulated other comprehensive income26,729 29,403 
Total stockholders’ equity637,190 624,428 
Total liabilities and stockholders’ equity$5,311,434 $5,659,303 

See Notes to Consolidated Financial Statements (unaudited)
4

Table of Contents
CROSSFIRST BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
(Dollars in thousands except per share data)
Interest Income
Loans, including fees$43,846 $46,323 $87,604 $94,662 
Available-for-sale securities - taxable869 1,358 1,620 3,132 
Available-for-sale securities - tax-exempt3,497 3,260 6,848 6,572 
Deposits with financial institutions110 45 238 536 
Dividends on bank stocks162 268 327 560 
Total interest income48,484 51,254 96,637 105,462 
Interest Expense
Deposits4,850 8,405 10,578 22,677 
Fed funds purchased and repurchase agreements2 46 3 108 
Federal Home Loan Bank Advances1,280 1,620 2,563 3,231 
Other borrowings24 26 48 61 
Total interest expense6,156 10,097 13,192 26,077 
Net Interest Income42,328 41,157 83,445 79,385 
Provision for Loan Losses3,500 21,000 11,000 34,950 
Net Interest Income after Provision for Loan Losses38,828 20,157 72,445 44,435 
Non-Interest Income
Service charges and fees on customer accounts1,177 647 2,134 1,155 
Realized gain (loss) on available-for-sale securities(13)320 (3)713 
Income from bank-owned life insurance2,245 453 2,661 909 
Swap fees and credit valuation adjustments, net(30)(32)125 (41)
ATM and credit card interchange income1,506 896 3,834 1,381 
Other non-interest income940 350 1,218 612 
Total non-interest income5,825 2,634 9,969 4,729 
Non-Interest Expense
Salaries and employee benefits15,660 14,004 29,213 28,394 
Occupancy2,397 2,045 4,891 4,130 
Professional fees1,138 1,295 1,920 1,966 
Deposit insurance premiums917 1,039 2,068 2,055 
Data processing720 721 1,436 1,413 
Advertising435 223 738 723 
Software and communication1,034 937 2,099 1,813 
Foreclosed assets, net665 1,135 715 1,154 
Goodwill impairment 7,397  7,397 
Other non-interest expense2,847 2,214 5,551 4,188 
Total non-interest expense25,813 31,010 48,631 53,233 
Net Income (Loss) Before Taxes18,840 (8,219)33,783 (4,069)
Income tax expense (benefit)3,263 (863)6,171 (570)
Net Income (Loss)$15,577 $(7,356)$27,612 $(3,499)
Basic Earnings (Loss) Per Share$0.30 $(0.14)$0.54 $(0.07)
Diluted Earnings (Loss) Per Share$0.30 $(0.14)$0.53 $(0.07)

See Notes to Consolidated Financial Statements (unaudited)
5

Table of Contents
CROSSFIRST BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
(Dollars in thousands)
Net Income (Loss)$15,577 $(7,356)$27,612 $(3,499)
Other Comprehensive Income (Loss)
Unrealized gain (loss) on available-for-sale securities5,527 3,618 (3,543)12,150 
Less: income tax expense (benefit)1,354 884 (867)2,968 
Unrealized gain (loss) on available-for-sale securities, net of income tax
4,173 2,734 (2,676)9,182 
Reclassification adjustment for realized gains (losses) included in income(13)320 (3)713 
Less: income tax expense (benefit)(3)78 (1)174 
Less: reclassification adjustment for realized gains (losses) included in income, net of income tax
(10)242 (2)539 
Other comprehensive income (loss)4,183 2,492 (2,674)8,643 
Comprehensive Income (Loss)$19,760 $(4,864)$24,938 $5,144 

See Notes to Consolidated Financial Statements (unaudited)
6

Table of Contents
CROSSFIRST BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeTreasury StockTotal
SharesAmount
(Dollars in thousands)
Balance at March 31, 2020
52,098,062 $521 $520,134 $68,689 $22,602 $ $611,946 
Net loss— — — (7,356)— — (7,356)
Change in unrealized appreciation on available-for-sale securities
— — — — 2,492 — 2,492 
Issuance of shares from equity-based awards69,511 — (83)— — — (83)
Employee receivables from sale of stock— — — 11 — — 11 
Stock-based compensation— — 1,082 — — — 1,082 
Balance at June 30, 2020
52,167,573 $521 $521,133 $61,344 $25,094 $ $608,092 
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeTreasury StockTotal
SharesAmount
(Dollars in thousands)
Balance at March 31, 2021
51,678,669 $523 $523,156 $89,722 $22,546 $(7,113)$628,834 
Net income— — — 15,577 — — 15,577 
Change in unrealized appreciation on available-for-sale securities
— — — — 4,183 — 4,183 
Issuance of shares from equity-based awards155,707 2 (94)— — — (92)
Open market common share repurchases(875,696)— — — — (12,887)(12,887)
Stock-based compensation— — 1,575 — — — 1,575 
Balance at June 30, 2021
50,958,680 $525 $524,637 $105,299 $26,729 $(20,000)$637,190 

Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeTreasury StockTotal
SharesAmount
(Dollars in thousands)
Balance at December 31, 201951,969,203 $520 $519,870 $64,803 $16,451 $ $601,644 
Net loss— — — (3,499)— — (3,499)
Change in unrealized appreciation on available-for-sale securities— — — — 8,643 — 8,643 
Issuance of shares from equity-based awards198,370 1 (754)— — — (753)
Employee receivables from sale of stock— — 1 40 — — 41 
Stock-based compensation— — 2,016 — — — 2,016 
Balance at June 30, 2020
52,167,573 $521 $521,133 $61,344 $25,094 $ $608,092 

See Notes to Consolidated Financial Statements (unaudited)
7

Table of Contents
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive IncomeTreasury StockTotal
SharesAmount
(Dollars in thousands)
Balance at December 31, 202051,679,516 $523 $522,911 $77,652 $29,403 $(6,061)$624,428 
Net income— — — 27,612 — — 27,612 
Change in unrealized depreciation on available-for-sale securities— — — — (2,674)— (2,674)
Issuance of shares from equity-based awards243,357 2 (498)— — — (496)
Open market common share repurchases(964,193)— — — — (13,939)(13,939)
Employee receivables from sale of stock— — — 35 — — 35 
Stock-based compensation— — 2,224 — — — 2,224 
Balance at June 30, 2021
50,958,680 $525 $524,637 $105,299 $26,729 $(20,000)$637,190 

See Notes to Consolidated Financial Statements (unaudited)
8

Table of Contents
CROSSFIRST BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
Six Months Ended
June 30,
20212020
(Dollars in thousands)
Operating Activities
Net income (loss)$27,612 $(3,499)
Items not requiring (providing) cash
Depreciation and amortization2,715 2,587 
Provision for loan losses11,000 34,950 
Accretion of discounts and amortization of premiums on securities2,624 3,063 
Equity based compensation2,224 2,016 
Foreclosed asset impairment630 1,117 
Deferred income taxes1,235 (3,853)
Net increase in bank owned life insurance(2,661)(909)
Net realized (gains) losses on available-for-sale securities3 (713)
Goodwill impairment 7,397 
Changes in
Interest receivable1,420 (3,683)
Other assets(2,160)(375)
Other liabilities(3,151)(2,130)
Net cash provided by operating activities41,491 35,968 
Investing Activities
Net change in loans193,151 (581,641)
Purchases of available-for-sale securities(124,570)(27,312)
Proceeds from maturities of available-for-sale securities60,773 58,974 
Proceeds from sale of available-for-sale securities 19,052 
Purchase of premises and equipment(152)(1,658)
Proceeds from the sale of premises and equipment108  
Purchase of restricted equity securities (2,839)
Proceeds from death benefit on bank owned life insurance3,483  
Proceeds from sale of restricted equity securities2,539  
Net cash provided by (used in) investing activities135,332 (535,424)
Financing Activities
Net increase (decrease) in demand deposits, savings, NOW and money market accounts(98,678)459,589 
Net decrease in time deposits(239,435)(79,205)
Net increase (decrease) in fed funds purchased and repurchase agreements(2,306)34,960 
Proceeds from Federal Home Loan Bank advances 118,000 
Repayment of Federal Home Loan Bank advances(10,000)(26,126)
Issuance of common shares, net of issuance cost2 3 
Proceeds from employee stock purchase plan172  
Repurchase of common stock(13,939) 
Acquisition of common stock for tax withholding obligations(670)(754)
Net decrease in employee receivables35 40 
Net cash provided by (used in) financing activities(364,819)506,507 
Increase (Decrease) in Cash and Cash Equivalents(187,996)7,051 
Cash and Cash Equivalents, Beginning of Period408,810 187,320 
Cash and Cash Equivalents, End of Period$220,814 $194,371 
Supplemental Cash Flows Information
Interest paid$13,687 $27,818 
Income taxes paid$4,270 $ 
See Notes to Consolidated Financial Statements (unaudited)
9

Notes to Consolidated Financial Statements (unaudited)
Note 1:Nature of Operations and Summary of Significant Accounting Policies
Organization and Nature of Operations
CrossFirst Bankshares, Inc. (the “Company”) is a bank holding company whose principal activities are the ownership and management of its wholly-owned subsidiary, CrossFirst Bank (the “Bank”). In addition, the Bank has three subsidiaries including CrossFirst Investments, Inc. (“CFI”) that holds investments in marketable securities, CFBSA I, LLC that holds foreclosed assets and CFBSA II, LLC that holds foreclosed assets.
The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers through its branches in: (i) Leawood, Kansas; (ii) Wichita, Kansas; (iii) Kansas City, Missouri; (iv) Oklahoma City, Oklahoma; (v) Tulsa, Oklahoma; (vi) Dallas, Texas; and (vii) Frisco, Texas. During the quarter ended June 30, 2021, the Company entered the Phoenix, Arizona market.
Basis of Presentation
The Company’s accounting and reporting policies conform to accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, the Bank, CFI, CFBSA I, LLC and CFBSA II, LLC. All significant intercompany accounts and transactions have been eliminated in consolidation.
The consolidated interim financial statements are unaudited and certain information and footnote disclosures presented in accordance with GAAP have been condensed or omitted and should be read in conjunction with the Company’s consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”), filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2021.
In the opinion of management, the interim financial statements include all adjustments which are of a normal, recurring nature necessary for the fair presentation of the financial position, results of operations, and cash flows of the Company and the disclosures made are adequate to make the interim financial information not misleading. The consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q adopted by the SEC.
No significant changes in the accounting policies of the Company occurred since December 31, 2020, the most recent date financial statements were provided within the Company’s 2020 Form 10-K. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.
Use of Estimates
The Company identified accounting policies and estimates that, due to the difficult, subjective or complex judgments and assumptions inherent in those policies and estimates and the potential sensitivity of the Company’s financial statements to those judgments and assumptions, are critical to an understanding of the Company’s financial condition and results of operations. Actual results could differ from those estimates. In particular, the novel coronavirus (“COVID-19”) pandemic and resulting impacts to economic conditions, as well as adverse impacts to the Company’s operations, may impact future estimates. The allowance for loan losses, deferred tax asset, and fair value of financial instruments are particularly susceptible to significant change.
Cash Equivalents
The Company had $182 million of cash and cash equivalents at the Federal Reserve Bank of Kansas City as of June 30, 2021. The reserve required at June 30, 2021 was $0.
Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”)
The CARES Act gave financial institutions the right to elect to suspend GAAP principles and regulatory determinations for loan modifications relating to COVID-19 that would otherwise be categorized as Troubled Debt Restructurings (“TDRs”) from March 1, 2020, through December 31, 2020. On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law, which extended the period during which the Company may suspend GAAP principles and regulatory determinations for loan modifications relating to COVID-19 that would otherwise be categorized as TDRs through January 1, 2022 or 60 days after the date when the national emergency concerning COVID-19 terminates. The Company elected to apply the guidance starting in the first quarter of 2020.
10

Notes to Consolidated Financial Statements (unaudited)
Changes Affecting Comparability
Beginning with the quarter ended March 31, 2021, the Company consolidated the “Goodwill and other intangible assets, net” into “Other assets” within the Consolidated Balance Sheets. The consolidation was due to the immateriality of the remaining intangible assets. The change had no impact on net income.
Emerging Growth Company (“EGC”)
The Company is currently an EGC. An EGC may take advantage of reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies. Among the reductions and reliefs, the Company elected to extend the transition period for complying with new or revised accounting standards affecting public companies. This means that the financial statements the Company files or furnishes, will not be subject to all new or revised accounting standards generally applicable to public companies for the transition period for so long as the Company remains an EGC or until the Company affirmatively and irrevocably opts out of the extended transition period under the JOBS Act.
Recent Accounting Pronouncements
The following table provides information about Accounting Standard Updates (“ASUs”) the Company anticipates to adopt in the future:
StandardAnticipated Date of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2016-13

Financial Instruments-Credit Losses
If the Company maintains its EGC status, the Company is not required to implement this standard until January 2023. The Company anticipates an adoption date of January 2022.Requires an entity to utilize a new impairment model known as the current expected credit loss model to estimate its lifetime expected credit loss and record an allowance that, when deducted from amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset.The Company established a committee of individuals from applicable departments to oversee the implementation process. The Company completed the third-party software implementation phase that included data capture and portfolio segmentation amongst other items.

The Company completed parallel runs in 2019. During the fiscal year ended December 31, 2020, the Company continued to perform parallel runs using 2020 data and continued to recalibrate inputs as necessary. The Company is evaluating the internal control changes that will be necessary to transition to the third-party platform and third-party testing is anticipated later in 2021.

At this time, an estimate of the impact cannot be established as the Company continues to evaluate the inputs into the model. The actual impact could be significantly affected by the composition, characteristics, and quality of the underlying loan portfolio at the time of adoption.
ASU 2016-02

Leases (Topic 842)
The Company expects to implement this standard on January 1, 2022.Requires lessees and lessors to recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements.

The update requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach with the option to elect certain practical expedients. The update will also increase disclosures around leases, including qualitative and specific quantitative measures.
The Company expects to apply the update as of the beginning of the period of adoption and the Company does not plan to restate comparative periods. The Company expects to elect certain optional practical expedients.

The Company gathered all potential lease and embedded lease agreements and is evaluating the applicability and impact to the financial statements.

The Company’s current operating leases relate primarily to four branch locations. Based on the current leases, the Company anticipates recognizing a lease liability and related right-to-use asset on its balance sheet, with an immaterial impact to its income statement compared to the current lease accounting model. However, the ultimate impact of the standard will depend on the Company's lease portfolio as of the adoption date.

11

Notes to Consolidated Financial Statements (unaudited)
Note 2:Earnings Per Share
The following table presents the computation of basic and diluted earnings per share:
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
(Dollars in thousands except per share data)
Earnings (Loss) per Share
Net income (loss) available to common stockholders$15,577 $(7,356)$27,612 $(3,499)
Weighted average common shares
51,466,885 52,104,994 51,561,519 52,088,239 
Earnings (loss) per share$0.30 $(0.14)$0.54 $(0.07)
Diluted Earnings (Loss) Per Share
Net income (loss) available to common stockholders$15,577 $(7,356)$27,612 $(3,499)
Weighted average common shares
51,466,885 52,104,994 51,561,519 52,088,239 
Effect of dilutive shares
742,656  733,463  
Weighted average dilutive common shares
52,209,541 52,104,994 52,294,982 52,088,239 
Diluted earnings (loss) per share$0.30 $(0.14)$0.53 $(0.07)
Stock-based awards not included because to do so would be antidilutive
417,950 2,417,205 639,887 2,417,205 

12

Notes to Consolidated Financial Statements (unaudited)
Note 3:Securities
The amortized cost and approximate fair values, together with gross unrealized gains and losses, of period-end available-for-sale securities consisted of the following:
June 30, 2021
Amortized CostGross Unrealized GainsGross Unrealized LossesApproximate Fair Value
(Dollars in thousands)
Available-for-sale securities
Mortgage-backed - GSE residential$144,087 $2,519 $902 $145,704 
Collateralized mortgage obligations - GSE residential
28,435 627 32 29,030 
State and political subdivisions500,051 33,509 358 533,202 
Corporate bonds4,250 87 56 4,281 
Total available-for-sale securities$676,823 $36,742 $1,348 $712,217 
December 31, 2020
Amortized CostGross Unrealized GainsGross Unrealized LossesApproximate Fair Value
(Dollars in thousands)
Available-for-sale securities
Mortgage-backed - GSE residential$104,839 $4,277 $ $109,116 
Collateralized mortgage obligations - GSE residential52,070 984 42 53,012 
State and political subdivisions454,486