cfb-2023q3
200000000 0.01 0001458412 false --12-31 0.01 15000 Q3 2023 http://fasb.org/us-gaap/2023#AccountingStandardsUpdate201613Member http://fasb.org/us-gaap/2023#AccountingStandardsUpdate201613Member 0001458412 2023-09-30 0001458412 2022-12-31 0001458412 us-gaap:LoanOriginationCommitmentsMember 2022-12-31 0001458412 us-gaap:StandbyLettersOfCreditMember 2022-12-31 0001458412 us-gaap:LineOfCreditMember 2022-12-31 0001458412 2023-07-01 2023-09-30 0001458412 2022-07-01 2022-09-30 0001458412 2023-01-01 2023-09-30 0001458412 us-gaap:PerformanceSharesMember 2023-01-01 2023-09-30 0001458412 us-gaap:PerformanceSharesMember srt:MinimumMember 2023-01-01 2023-09-30 0001458412 us-gaap:PerformanceSharesMember srt:MaximumMember 2023-01-01 2023-09-30 0001458412 us-gaap:LoanOriginationCommitmentsMember 2023-09-30 0001458412 us-gaap:StandbyLettersOfCreditMember 2023-09-30 0001458412 us-gaap:LineOfCreditMember 2023-09-30 0001458412 us-gaap:StockAppreciationRightsSARSMember 2023-07-01 2023-09-30 0001458412 us-gaap:StockAppreciationRightsSARSMember 2022-07-01 2022-09-30 0001458412 us-gaap:PerformanceSharesMember 2023-07-01 2023-09-30 0001458412 us-gaap:PerformanceSharesMember 2022-07-01 2022-09-30 0001458412 cfb:RestrictedStockAndRestrictedStockUnitsMember 2023-07-01 2023-09-30 0001458412 cfb:RestrictedStockAndRestrictedStockUnitsMember 2022-07-01 2022-09-30 0001458412 us-gaap:EmployeeStockMember 2023-07-01 2023-09-30 0001458412 us-gaap:EmployeeStockMember 2022-07-01 2022-09-30 0001458412 srt:SubsidiariesMember 2023-09-30 0001458412 srt:SubsidiariesMember 2022-12-31 0001458412 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2023-09-30 0001458412 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2022-12-31 0001458412 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2023-09-30 0001458412 cfb:CollateralizedMortgageObligationsGovernmentSponsoredEntitiesMember 2023-09-30 0001458412 us-gaap:USStatesAndPoliticalSubdivisionsMember 2023-09-30 0001458412 us-gaap:CorporateBondSecuritiesMember 2023-09-30 0001458412 us-gaap:MutualFundMember 2023-09-30 0001458412 cfb:FutureLeaseCommitmentMember 2023-09-30 0001458412 cfb:FutureLeaseCommitmentMember 2022-12-31 0001458412 cfb:CommitmentsRelatedToInvestmentFundMember 2023-09-30 0001458412 cfb:CommitmentsRelatedToInvestmentFundMember 2022-12-31 0001458412 srt:MinimumMember 2023-09-30 0001458412 srt:MaximumMember 2023-09-30 0001458412 us-gaap:FederalHomeLoanBankAdvancesMember 2023-09-30 0001458412 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-09-30 0001458412 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-09-30 0001458412 us-gaap:PerformanceSharesMember 2023-09-30 0001458412 cfb:RestrictedStockAndRestrictedStockUnitsMember 2023-01-01 2023-09-30 0001458412 cfb:RestrictedStockAndRestrictedStockUnitsMember 2023-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2023-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:NondesignatedMember 2022-12-31 0001458412 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-12-31 0001458412 us-gaap:InterestRateContractMember 2023-09-30 0001458412 us-gaap:InterestRateContractMember 2022-12-31 0001458412 2023-10-28 0001458412 us-gaap:CoreDepositsMember 2023-07-01 2023-09-30 0001458412 2022-01-01 2022-09-30 0001458412 us-gaap:LineOfCreditMember 2023-09-30 0001458412 us-gaap:SecuredDebtMember 2023-09-30 0001458412 us-gaap:AssetPledgedAsCollateralMember 2023-09-30 0001458412 us-gaap:AssetPledgedAsCollateralMember 2022-12-31 0001458412 us-gaap:StockAppreciationRightsSARSMember 2023-01-01 2023-09-30 0001458412 us-gaap:EmployeeStockMember 2023-01-01 2023-09-30 0001458412 cfb:CommonStockOutstandingMember 2022-07-01 2022-09-30 0001458412 us-gaap:RetainedEarningsMember 2022-07-01 2022-09-30 0001458412 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 2022-09-30 0001458412 us-gaap:TreasuryStockCommonMember 2022-07-01 2022-09-30 0001458412 us-gaap:NoncumulativePreferredStockMember 2023-07-01 2023-09-30 0001458412 us-gaap:NoncumulativePreferredStockMember us-gaap:SubsequentEventMember 2023-10-01 2023-10-31 0001458412 us-gaap:CoreDepositsMember 2023-01-01 2023-09-30 0001458412 cfb:CommonStockOutstandingMember 2022-09-30 0001458412 us-gaap:TreasuryStockCommonMember 2022-09-30 0001458412 us-gaap:AdditionalPaidInCapitalMember 2022-09-30 0001458412 us-gaap:RetainedEarningsMember 2022-09-30 0001458412 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-09-30 0001458412 2022-09-30 0001458412 cfb:ImprovementInQualitativeFactorsMember 2023-01-01 2023-09-30 0001458412 2022-01-01 2022-12-31 0001458412 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-07-01 2023-09-30 0001458412 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2022-07-01 2022-09-30 0001458412 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-09-30 0001458412 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-09-30 0001458412 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-12-31 0001458412 cfb:CommonStockOutstandingMember 2022-06-30 0001458412 us-gaap:TreasuryStockCommonMember 2022-06-30 0001458412 us-gaap:AdditionalPaidInCapitalMember 2022-06-30 0001458412 us-gaap:RetainedEarningsMember 2022-06-30 0001458412 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-06-30 0001458412 2022-06-30 0001458412 us-gaap:CoreDepositsMember 2023-09-30 0001458412 us-gaap:FairValueMeasurementsNonrecurringMember 2023-09-30 0001458412 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2023-09-30 0001458412 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2023-09-30 0001458412 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2023-09-30 0001458412 us-gaap:FairValueMeasurementsNonrecurringMember 2022-12-31 0001458412 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2022-12-31 0001458412 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2022-12-31 0001458412 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2022-12-31 0001458412 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember 2023-09-30 0001458412 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember 2023-09-30 0001458412 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember 2023-09-30 0001458412 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputDiscountRateMember srt:MinimumMember 2022-12-31 0001458412 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputDiscountRateMember srt:MaximumMember 2022-12-31 0001458412 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputDiscountRateMember srt:WeightedAverageMember 2022-12-31 0001458412 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:MeasurementInputDiscountRateMember 2022-12-31 0001458412 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-09-30 0001458412 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2023-09-30 0001458412 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2023-09-30 0001458412 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001458412 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2022-12-31 0001458412 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2022-12-31 0001458412 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel1Member 2022-12-31 0001458412 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2022-12-31 0001458412 us-gaap:PerformanceSharesMember 2022-12-31 0001458412 cfb:RestrictedStockAndRestrictedStockUnitsMember 2022-12-31 0001458412 us-gaap:InterestIncomeMember us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-07-01 2023-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-07-01 2023-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-07-01 2023-09-30 0001458412 us-gaap:InterestIncomeMember us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-07-01 2022-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-07-01 2022-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-07-01 2022-09-30 0001458412 us-gaap:InterestIncomeMember us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-09-30 0001458412 us-gaap:InterestIncomeMember us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-01-01 2022-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:InterestExpenseMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-01-01 2022-09-30 0001458412 us-gaap:InterestRateContractMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-01-01 2022-09-30 0001458412 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2022-12-31 0001458412 cfb:CollateralizedMortgageObligationsGovernmentSponsoredEntitiesMember 2022-12-31 0001458412 us-gaap:USStatesAndPoliticalSubdivisionsMember 2022-12-31 0001458412 us-gaap:CorporateBondSecuritiesMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember 2022-12-31 0001458412 cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember 2023-09-30 0001458412 cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:SpecialMentionMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2023-09-30 0001458412 us-gaap:PassMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:PassMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:SpecialMentionMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:SpecialMentionMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:DoubtfulMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:DoubtfulMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:ExtendedMaturityMember us-gaap:FinancialAssetNotPastDueMember 2023-09-30 0001458412 us-gaap:ExtendedMaturityMember us-gaap:FinancialAssetNotPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ExtendedMaturityMember us-gaap:FinancialAssetNotPastDueMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:ExtendedMaturityMember 2023-09-30 0001458412 us-gaap:ExtendedMaturityMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ExtendedMaturityMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:AssetPledgedAsCollateralMember 2022-12-31 0001458412 us-gaap:AssetPledgedAsCollateralMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:AssetPledgedAsCollateralMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:AssetPledgedAsCollateralMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:AssetPledgedAsCollateralMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AssetPledgedAsCollateralMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:AssetPledgedAsCollateralMember 2023-09-30 0001458412 us-gaap:AssetPledgedAsCollateralMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:AssetPledgedAsCollateralMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:AssetPledgedAsCollateralMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:AssetPledgedAsCollateralMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AssetPledgedAsCollateralMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember 2023-07-01 2023-09-30 0001458412 cfb:EnergyPortfolioSegmentMember 2023-07-01 2023-09-30 0001458412 cfb:CommercialRealEstateOwnerOccupiedMember 2023-07-01 2023-09-30 0001458412 cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-07-01 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember 2023-07-01 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember 2023-07-01 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember 2023-01-01 2023-09-30 0001458412 cfb:EnergyPortfolioSegmentMember 2023-01-01 2023-09-30 0001458412 cfb:CommercialRealEstateOwnerOccupiedMember 2023-01-01 2023-09-30 0001458412 cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-01-01 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember 2023-01-01 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember 2023-06-30 0001458412 cfb:EnergyPortfolioSegmentMember 2023-06-30 0001458412 cfb:CommercialRealEstateOwnerOccupiedMember 2023-06-30 0001458412 cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-06-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember 2023-06-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember 2023-06-30 0001458412 2023-06-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:NonperformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:NonperformingFinancingReceivableMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:NonperformingFinancingReceivableMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:NonperformingFinancingReceivableMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:NonperformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:NonperformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:NonperformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:PreferredStockMember 2023-06-30 0001458412 cfb:CommonStockOutstandingMember 2023-06-30 0001458412 us-gaap:PreferredStockMember 2023-09-30 0001458412 cfb:CommonStockOutstandingMember 2023-09-30 0001458412 cfb:CommonStockOutstandingMember 2023-07-01 2023-09-30 0001458412 us-gaap:TreasuryStockCommonMember 2023-06-30 0001458412 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001458412 us-gaap:RetainedEarningsMember 2023-06-30 0001458412 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0001458412 us-gaap:TreasuryStockCommonMember 2023-09-30 0001458412 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0001458412 us-gaap:RetainedEarningsMember 2023-09-30 0001458412 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0001458412 us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0001458412 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-01 2023-09-30 0001458412 us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0001458412 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-07-01 2022-09-30 0001458412 cfb:CommonStockOutstandingMember 2022-12-31 0001458412 us-gaap:PreferredStockMember 2023-01-01 2023-09-30 0001458412 cfb:CommonStockOutstandingMember 2023-01-01 2023-09-30 0001458412 us-gaap:PreferredStockMember 2022-12-31 0001458412 us-gaap:TreasuryStockCommonMember 2022-12-31 0001458412 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0001458412 us-gaap:RetainedEarningsMember 2022-12-31 0001458412 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001458412 us-gaap:RetainedEarningsMember 2023-01-01 2023-09-30 0001458412 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-09-30 0001458412 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-09-30 0001458412 cfb:CommonStockOutstandingMember 2021-12-31 0001458412 cfb:CommonStockOutstandingMember 2022-01-01 2022-09-30 0001458412 us-gaap:TreasuryStockCommonMember 2021-12-31 0001458412 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001458412 us-gaap:RetainedEarningsMember 2021-12-31 0001458412 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001458412 2021-12-31 0001458412 us-gaap:RetainedEarningsMember 2022-01-01 2022-09-30 0001458412 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-09-30 0001458412 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-09-30 0001458412 us-gaap:NonperformingFinancingReceivableMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:NonperformingFinancingReceivableMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:NonperformingFinancingReceivableMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:NonperformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:NonperformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:NonperformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:NonperformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:PassMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:PassMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:PassMember 2023-09-30 0001458412 us-gaap:SpecialMentionMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SpecialMentionMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:SpecialMentionMember 2023-09-30 0001458412 us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:DoubtfulMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:DoubtfulMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:DoubtfulMember 2023-09-30 0001458412 us-gaap:PassMember 2023-09-30 0001458412 us-gaap:SpecialMentionMember 2023-09-30 0001458412 us-gaap:DoubtfulMember 2023-09-30 0001458412 us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember 2023-09-30 0001458412 us-gaap:PassMember 2022-12-31 0001458412 us-gaap:SpecialMentionMember 2022-12-31 0001458412 us-gaap:DoubtfulMember 2022-12-31 0001458412 us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2022-12-31 0001458412 us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:PassMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:SpecialMentionMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:DoubtfulMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:UnlikelyToBeCollectedFinancingReceivableMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:PassMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SpecialMentionMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:DoubtfulMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:PassMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:SpecialMentionMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:DoubtfulMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2022-12-31 0001458412 us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:SpecialMentionMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:UnlikelyToBeCollectedFinancingReceivableMember 2022-12-31 0001458412 us-gaap:PassMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:SpecialMentionMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:DoubtfulMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:UnlikelyToBeCollectedFinancingReceivableMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:PassMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:SpecialMentionMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:DoubtfulMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:UnlikelyToBeCollectedFinancingReceivableMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:SubstandardMember us-gaap:PerformingFinancingReceivableMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:NonperformingFinancingReceivableMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancialAssetPastDueMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancialAssetNotPastDueMember 2023-09-30 0001458412 us-gaap:FinancingReceivables30To59DaysPastDueMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:FinancingReceivables60To89DaysPastDueMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:FinancialAssetPastDueMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:FinancialAssetNotPastDueMember cfb:EnergyPortfolioSegmentMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember cfb:GreaterThan90DaysAndAccruingMember 2023-09-30 0001458412 cfb:EnergyPortfolioSegmentMember cfb:GreaterThan90DaysAndAccruingMember 2023-09-30 0001458412 us-gaap:FinancingReceivables30To59DaysPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:FinancingReceivables60To89DaysPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:FinancialAssetPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:FinancialAssetNotPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 cfb:GreaterThan90DaysAndAccruingMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:FinancingReceivables30To59DaysPastDueMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:FinancingReceivables60To89DaysPastDueMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:FinancialAssetPastDueMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:FinancialAssetNotPastDueMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancialAssetPastDueMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancialAssetNotPastDueMember 2023-09-30 0001458412 cfb:GreaterThan90DaysAndAccruingMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2023-09-30 0001458412 us-gaap:ResidentialPortfolioSegmentMember cfb:GreaterThan90DaysAndAccruingMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancialAssetPastDueMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancialAssetNotPastDueMember 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember cfb:GreaterThan90DaysAndAccruingMember 2023-09-30 0001458412 us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-09-30 0001458412 us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-09-30 0001458412 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-09-30 0001458412 us-gaap:FinancialAssetPastDueMember 2023-09-30 0001458412 us-gaap:FinancialAssetNotPastDueMember 2023-09-30 0001458412 cfb:GreaterThan90DaysAndAccruingMember 2023-09-30 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancialAssetPastDueMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:FinancialAssetNotPastDueMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember cfb:GreaterThan90DaysAndAccruingMember 2022-12-31 0001458412 us-gaap:FinancingReceivables30To59DaysPastDueMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:FinancingReceivables60To89DaysPastDueMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:FinancialAssetPastDueMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 us-gaap:FinancialAssetNotPastDueMember cfb:EnergyPortfolioSegmentMember 2022-12-31 0001458412 cfb:EnergyPortfolioSegmentMember cfb:GreaterThan90DaysAndAccruingMember 2022-12-31 0001458412 us-gaap:FinancingReceivables30To59DaysPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:FinancingReceivables60To89DaysPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:FinancialAssetPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:FinancialAssetNotPastDueMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 cfb:GreaterThan90DaysAndAccruingMember cfb:CommercialRealEstateOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:FinancingReceivables30To59DaysPastDueMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:FinancingReceivables60To89DaysPastDueMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:FinancialAssetPastDueMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:FinancialAssetNotPastDueMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 cfb:GreaterThan90DaysAndAccruingMember cfb:CommercialRealEstateNonOwnerOccupiedMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancialAssetPastDueMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancialAssetNotPastDueMember 2022-12-31 0001458412 us-gaap:ResidentialPortfolioSegmentMember cfb:GreaterThan90DaysAndAccruingMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancialAssetPastDueMember 2022-12-31 0001458412 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancialAssetNotPastDueMember 2022-12-31 0001458412 us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-12-31 0001458412 us-gaap:FinancingReceivables60To89DaysPastDueMember 2022-12-31 0001458412 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2022-12-31 0001458412 us-gaap:FinancialAssetPastDueMember 2022-12-31 0001458412 us-gaap:FinancialAssetNotPastDueMember 2022-12-31 0001458412 cfb:GreaterThan90DaysAndAccruingMember 2022-12-31 0001458412 us-gaap:CommercialPortfolioSegmentMember us-gaap:ExtendedMaturityMember 2023-01-01 2023-09-30 0001458412 us-gaap:ExtendedMaturityMember cfb:CommercialRealEstateOwnerOccupiedMember 2023-01-01 2023-09-30 0001458412 us-gaap:ConsumerPortfolioSegmentMember 2023-01-01 2023-09-30 0001458412 us-gaap:TreasuryStockCommonMember 2023-07-01 2023-09-30 0001458412 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-09-30 0001458412 cfb:CanyonBancorporationMember 2023-08-01 0001458412 cfb:CanyonBancorporationMember 2023-08-01 2023-08-01 0001458412 us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember cfb:CanyonBancorporationMember 2023-08-01 0001458412 cfb:CanyonBancorporationMember 2023-07-01 2023-09-30 0001458412 cfb:CanyonBancorporationMember 2023-01-01 2023-09-30 0001458412 us-gaap:USTreasurySecuritiesMember 2023-09-30 0001458412 cfb:CanyonBancorporationMember 2023-09-30 0001458412 cfb:ColoradonewMexicoAcquisitionMember 2023-01-01 2023-09-30 0001458412 us-gaap:NoncumulativePreferredStockMember 2023-01-01 2023-09-30 0001458412 us-gaap:StockAppreciationRightsSARSMember 2022-01-01 2022-09-30 0001458412 us-gaap:PerformanceSharesMember 2022-01-01 2022-09-30 0001458412 cfb:RestrictedStockAndRestrictedStockUnitsMember 2022-01-01 2022-09-30 0001458412 us-gaap:EmployeeStockMember 2022-01-01 2022-09-30 0001458412 cfb:A2018OmnibusEquityIncentivePlanMember 2023-09-30 0001458412 cfb:CreditQualityMetricsIncludingImprovedRiskRatingsMember 2023-07-01 2023-09-30 0001458412 us-gaap:RestrictedStockMember 2023-01-01 2023-09-30 0001458412 us-gaap:RestrictedStockUnitsRSUMember 2023-01-01 2023-09-30 0001458412 us-gaap:TreasuryStockCommonMember 2022-01-01 2022-09-30 0001458412 us-gaap:RetainedEarningsMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2021-12-31 0001458412 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2021-12-31 0001458412 us-gaap:RetainedEarningsMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2021-01-01 2021-12-31 0001458412 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2021-01-01 2021-12-31 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares dummy:Item dummy:Securities
 
 
 
UNITED STATES
SECURITIES AND
 
EXCHANGE COMMISSION
WASHINGTON, D.C. 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
September 30, 2023
 
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)
Kansas
26-3212879
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
11440 Tomahawk Creek Parkway
Leawood
,
KS
66211
(Address of principal executive offices)
(Zip Code)
(
913
)
901-4516
 
(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 class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
CFB
The 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 filer
Accelerated filer
Non-accelerated filer
Smaller 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 October 28, 2023, the registrant had
49,296,927
 
shares of common stock, par value $0.01, outstanding.
 
 
 
 
 
 
 
 
 
3
Forward-Looking Information
All statements contained in this quarterly report on Form 10-Q that do not directly and exclusively
 
relate to historical facts
constitute forward-looking statements. These statements are often, but not always, made through the
 
use of words or phrases such as
“may,” “might,” “could,” “predict,”
 
“potential,” “believe,”
 
“expect,” “continue,”
 
“will,”
 
“anticipate,”
 
“seek,” “estimate,”
 
“intend,”
“plan,” “projection,”
 
“goal,” “target,” “outlook,”
 
“aim,” “would,” “annualized,” “position”
 
and “outlook,”
 
or the negative of these words
or other comparable words or phrases of a future or forward-looking nature. For
 
example, our forward-looking statements include
statements regarding our business plans, expectations, or opportunities
 
for growth; the impact of the acquisition of Canyon
Bancorporation, Inc. and Canyon Community Bank, N.A. (collectively
 
“Canyon”); our expense management initiatives and the results
expected to be realized from those initiatives; our anticipated financial results, expenses,
 
cash requirements and sources of liquidity; and
our capital allocation strategies and plans.
Unless we state otherwise or the context otherwise requires, references in this Form 10-Q
 
to “we,” “our,”
 
“us,” and the
“Company” refer to CrossFirst Bankshares, Inc., and its consolidated subsidiaries. References
 
in this Form 10-Q to “CrossFirst Bank”
and the “Bank”
 
refer to CrossFirst Bank, our wholly owned consolidated bank subsidiary.
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 a guarantee
 
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
 
due to a number of factors, including, without
limitation: impacts on us and our clients of a decline in general business and economic conditions
 
and any regulatory responses thereto,
including uncertainty and volatility in the financial markets; interest rate
 
fluctuations; our ability to effectively execute our growth
strategy and manage our growth, including identifying and consummating suitable
 
mergers and acquisitions, entering new lines of
business or offering new or enhanced services or products; our ability to successfully
 
integrate Canyon; fluctuations in fair value of our
investments due to factors outside of our control; our ability to successfully
 
manage credit risk and the sufficiency of our allowance;
geographic concentration of our markets; economic impact on our commercial real estate
 
and commercial-based loan portfolios,
including declines in commercial and residential real estate values; an increase in
 
non-performing assets; our ability to attract, hire and
retain key personnel; maintaining and increasing customer deposits, funding availability,
 
liquidity and our ability to raise and maintain
sufficient capital; competition from banks, credit unions and other financial services
 
providers; the effectiveness of our risk management
framework; accounting estimates; our ability to maintain effective internal control
 
over financial reporting; our ability to keep pace with
technological changes; cyber incidents or other failures, disruptions or security breaches; employee
 
error, fraud committed against the
Company or our clients, or incomplete or inaccurate information about clients and
 
counterparties; mortgage markets; our ability to
maintain our reputation; costs and effects of litigation; environmental liability; risk exposure
 
from transactions with financial
counterparties; severe weather, natural disasters, pandemics;
 
acts of war or terrorism or other external events; changes in laws, rules,
regulations, interpretations or policies relating to financial institutions, including stringent
 
capital requirements, higher FDIC insurance
premiums and assessments, consumer protection laws and privacy laws; volatility in
 
our stock price; or risks inherent with proposed
business acquisitions and the failure to achieve projected synergies.
 
Additional discussion of these and other risk factors can be found in
our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 Form 10-K”), filed with the Securities and
Exchange Commission (“SEC”) on March 3, 2023, and in our other filings with the SEC.
 
Except as required by law, the Company undertakes no obligation to update or
 
revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or changes in our business,
 
results of operations or financial condition over
time. Given these risks and uncertainties, readers are cautioned not to place undue reliance
 
on such forward-looking statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements – Unaudited
4
PART I - FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
CROSSFIRST BANKSHARES, INC.
Consolidated Statements of Financial Condition – Unaudited
September 30, 2023
December 31, 2022
(Dollars in thousands)
Assets
Cash and cash equivalents
$
233,191
$
300,138
Available-for-sale securities - taxable
345,708
198,808
Available-for-sale securities - tax-exempt
404,779
488,093
Loans, net of unearned fees
5,945,753
5,372,729
Allowance for credit losses on loans
71,556
61,775
Loans, net of the allowance for credit losses on loans
5,874,197
5,310,954
Premises and equipment, net
70,245
65,984
Restricted equity securities
4,396
12,536
Interest receivable
35,814
29,507
Foreclosed assets held for sale
-
1,130
Goodwill and other intangible assets, net
32,293
29,081
Bank-owned life insurance
70,367
69,101
Other
108,489
95,754
Total assets
$
7,179,479
$
6,601,086
Liabilities and stockholders’
 
equity
Deposits
Non-interest-bearing
$
1,028,974
$
1,400,260
Savings, NOW and money market
3,558,994
3,305,481
Time
1,743,653
945,567
Total deposits
6,331,621
5,651,308
Federal Home Loan Bank advances
88,531
218,111
Other borrowings
18,059
35,457
Interest payable and other liabilities
98,217
87,611
Total liabilities
6,536,428
5,992,487
Stockholders’
 
equity
Preferred stock, $
0.01
 
par value:
 
Authorized -
15,000
 
shares, issued -
7,750
 
shares at
September 30, 2023 and
no
 
shares at December 31, 2022
-
-
Common stock, $
0.01
 
par value:
 
Authorized -
200,000,000
 
shares, issued -
53,285,789
 
and
53,036,613
 
shares at September 30, 2023 and December 31, 2022,
respectively
533
530
Treasury stock, at cost:
 
3,990,753
 
and
4,588,398
 
shares held at September 30, 2023
and December 31, 2022, respectively
(58,195)
(64,127)
Additional paid-in capital
542,191
530,658
Retained earnings
254,855
206,095
Accumulated other comprehensive loss
(96,333)
(64,557)
Total stockholders’ equity
643,051
608,599
Total liabilities and stockholders’
 
equity
$
7,179,479
$
6,601,086
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements – Unaudited
5
CROSSFIRST BANKSHARES, INC.
Consolidated Statements of Operations – Unaudited
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
(Dollars in thousands except per share data)
Interest Income
Loans, including fees
$
103,631
$
59,211
$
292,231
$
149,266
Available-for-sale securities - taxable
3,089
1,119
7,560
3,250
Available-for-sale securities - tax-exempt
3,365
3,905
10,730
11,442
Deposits with financial institutions
2,444
1,193
6,067
1,714
Dividends on bank stocks
127
122
753
478
Total interest income
112,656
65,550
317,341
166,150
Interest Expense
Deposits
56,297
14,909
141,685
23,152
Fed funds purchased and repurchase agreements
5
9
51
83
Federal Home Loan Bank Advances
1,003
898
7,128
3,302
Other borrowings
224
39
590
94
Total interest expense
57,529
15,855
149,454
26,631
Net Interest Income
55,127
49,695
167,887
139,519
Provision for Credit Losses
3,329
3,334
10,390
4,844
Net Interest Income after Provision for Credit Losses
51,798
46,361
157,497
134,675
Non-Interest Income
 
 
 
 
Service charges and fees on customer accounts
2,249
1,566
6,188
4,520
ATM and credit card interchange income
1,436
1,326
3,913
5,513
Gain on sale of loans
739
-
2,131
-
Income from bank-owned life insurance
437
405
1,266
1,200
Swap fees and credit valuation adjustments, net
57
(7)
231
123
Other non-interest income
1,063
490
2,452
1,566
Total non-interest income
5,981
3,780
16,181
12,922
Non-Interest Expense
 
 
 
 
Salaries and employee benefits
22,017
18,252
68,700
53,288
Occupancy
3,183
2,736
9,211
7,851
Professional fees
1,945
580
5,533
2,453
Deposit insurance premiums
1,947
903
5,359
2,355
Data processing
904
877
3,203
2,849
Advertising
593
796
1,994
2,247
Software and communication
1,898
1,222
5,204
3,689
Foreclosed assets, net
-
9
128
(30)
Other non-interest expense
2,945
3,057
9,980
10,559
Core deposit intangible amortization
922
19
2,546
58
Total non-interest expense
36,354
28,451
111,858
85,319
Net Income Before Taxes
21,425
21,690
61,820
62,278
Income tax expense
$
4,562
$
4,410
$
12,802
$
12,625
Net Income
$
16,863
$
17,280
$
49,018
$
49,653
Basic Earnings Per Common Share
$
0.34
$
0.35
$
1.00
$
1.00
Diluted Earnings Per Common Share
$
0.34
$
0.35
$
0.99
$
0.99
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements – Unaudited
6
CROSSFIRST BANKSHARES, INC.
Consolidated Statements of Comprehensive Income (Loss) – Unaudited
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
(Dollars in thousands)
Net Income
$
16,863
$
17,280
$
49,018
$
49,653
Other Comprehensive Loss
Unrealized loss on available-for-sale securities
(41,604)
(39,299)
(37,083)
(137,282)
Less: income tax benefit
(9,902)
(9,621)
(8,727)
(33,607)
Unrealized loss on available-for-sale securities
(31,702)
(29,678)
(28,356)
(103,675)
Reclassification adjustment for realized (loss) gain included in
income
(60)
(4)
3
(43)
Less: income tax expense (benefit)
(14)
(1)
1
(11)
Less: reclassification adjustment for realized (losses) gains
included in income, net of income tax
(46)
(3)
2
(32)
Unrealized loss on cash flow hedges
(2,289)
(7,076)
(4,381)
(3,036)
Less: income tax benefit
(545)
(1,731)
(1,041)
(741)
Unrealized loss on cash flow hedges, net of income tax
(1,744)
(5,345)
(3,340)
(2,295)
Reclassification adjustment for interest income included in
income
93
-
102
-
Less: income tax expense
22
-
24
-
Less: reclassification adjustment for interest income included in
income, net of income tax
71
-
78
-
Other comprehensive loss
(33,471)
(35,020)
(31,776)
(105,938)
Comprehensive (Loss) Income
$
(16,608)
(17,740)
17,242
(56,285)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements – Unaudited
7
CROSSFIRST BANKSHARES, INC.
Consolidated Statements of Stockholders’
 
Equity – Unaudited
Preferred Stock
Common Stock
Treasury
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shares
Amount
Shares
Amount
(Dollars in thousands)
Balance at June 30, 2022
-
$
-
49,535,949
$
529
$
(48,501)
$
528,548
$
176,868
$
(49,429)
$
608,015
Net income
-
-
-
-
-
-
17,280
-
17,280
Other comprehensive loss - available-for-
sale securities
-
-
-
-
-
-
-
(29,676)
(29,676)
Other comprehensive loss - cash flow
hedges
-
-
-
-
-
-
-
(5,344)
(5,344)
Issuance of shares from equity-based
awards
-
-
46,204
1
-
29
-
-
30
Open market common share repurchases
-
-
(794,457)
-
(10,827)
-
-
-
(10,827)
Stock-based compensation
-
-
-
-
-
1,069
-
-
1,069
Balance at September 30, 2022
-
$
-
48,787,696
$
530
$
(59,328)
$
529,646
$
194,148
$
(84,449)
$
580,547
Preferred Stock
Common Stock
Treasury
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shares
Amount
Shares
Amount
(Dollars in thousands)
Balance at June 30, 2023
7,750
$
-
48,653,487
$
532
$
(64,127)
$
539,793
$
238,147
$
(62,862)
$
651,483
Net income
-
-
-
-
-
-
16,863
-
16,863
Other comprehensive loss - available-for-
sale securities
-
-
-
-
-
-
-
(31,656)
(31,656)
Other comprehensive loss - cash flow
hedges
-
-
-
-
-
-
(1,815)
(1,815)
Preferred dividends $
20.00
 
per share
-
-
-
-
-
-
(155)
-
(155)
Issuance of shares from equity-based
awards
-
-
43,904
1
-
165
-
-
166
Acquisition - purchase accounting
-
-
597,645
-
5,932
1,025
-
-
6,957
Stock-based compensation
-
-
-
-
-
1,208
-
-
1,208
Balance September 30, 2023
7,750
$
-
49,295,036
$
533
$
(58,195)
$
542,191
$
254,855
$
(96,333)
$
643,051
Preferred Stock
Common Stock
Treasury
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shares
Amount
Shares
Amount
(Dollars in thousands)
Balance at December 31, 2021
-
$
-
50,450,045
$
526
$
(28,347)
$
526,806
$
147,099
$
21,489
$
667,573
Adoption of ASU 2016-13
-
-
-
-
-
-
(2,610)
-
(2,610)
Net income
-
-
-
-
-
-
49,653
-
49,653
Other comprehensive loss - available-for-
sale securities
-
-
-
-
-
-
-
(103,643)
(103,643)
Other comprehensive loss
 
- cash flow
hedges
-
-
-
-
 
-
-
(2,295)
(2,295)
Issuance of shares from equity-based
awards
-
-
428,433
4
-
(464)
-
-
(460)
Open market common share repurchases
-
-
(2,090,782)
-
(30,981)
-
-
-
(30,981)
Employee receivables from sale of stock
-
-
-
-
-
-
6
-
6
Stock-based compensation
-
-
-
-
-
3,304
-
-
3,304
Balance at September 30, 2022
-
$
-
48,787,696
$
530
$
(59,328)
$
529,646
$
194,148
$
(84,449)
$
580,547
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements – Unaudited
8
Preferred Stock
Common Stock
Treasury
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Shares
Amount
Shares
Amount
(Dollars in thousands)
Balance at December 31, 2022
-
$
-
48,448,215
$
530
$
(64,127)
$
530,658
$
206,095
$
(64,557)
$
608,599
Net income
-
-
-
-
-
-
49,018
-
49,018
Other comprehensive loss - available-for-
sale securities
-
-
-
-
-
-
-
(28,358)
(28,358)
Other comprehensive loss
 
- cash flow
hedges
-
-
-
-
-
-
(3,418)
(3,418)
Issuance of preferred shares
7,750
-
-
-
-
7,750
-
-
7,750
Preferred dividends $
33.33
 
per share
-
-
-
-
-
-
(258)
-
(258)
Issuance of shares from equity-based
awards
-
-
249,176
3
-
(535)
-
-
(532)
Warrants exercised, cash settled
-
-
-
-
(418)
-
-
(418)
Acquisition - purchase accounting
-
-
597,645
-
5,932
1,025
-
-
6,957
Stock-based compensation
-
-
-
-
-
3,711
-
-
3,711
Balance September 30, 2023
7,750
$
-
49,295,036
$
533
$
(58,195)
$
542,191
$
254,855
$
(96,333)
$
643,051
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements – Unaudited
9
CROSSFIRST BANKSHARES, INC.
Consolidated Statements of Cash Flows – Unaudited
Nine Months Ended
September 30,
2023
2022
(Dollars in thousands)
Operating Activities
Net income
$
49,018
$
49,653
Adjustments to reconcile net income to cash provided by operating activities:
 
 
Depreciation and amortization
7,041
3,716
Provision for credit losses
10,390
4,844
Accretion of discounts on loans
(2,029)
-
Accretion of discounts and amortization of premiums on securities
2,378
3,259
Equity based compensation
3,711
3,304
Gain on disposal of fixed assets
(67)
-
Loss on sale of foreclosed assets and related impairments
80
-
Gain on sale of loans
(2,131)
-
Origination of loans held for sale
(36,972)
-
Proceeds from sales of loans held for sale
39,775
-
Deferred income taxes
(1,208)
1,713
Net increase in bank owned life insurance
(1,266)
(1,200)
Net realized (gains) losses on available-for-sale securities
(3)
43
Dividends on FHLB stock
(745)
(505)
Changes in:
Interest receivable
(5,612)
(4,530)
Other assets
2,132
4,568
Other liabilities
6,691
(2,989)
Net cash provided by operating activities
71,183
61,876
Investing Activities
 
 
Net change in loans
(470,706)
(425,494)
Purchases of available-for-sale securities
(152,158)
(82,305)
Proceeds from maturities of available-for-sale securities
18,890
29,587
Proceeds from sale of available-for-sale securities
67,230
-
Proceeds from the sale of foreclosed assets
1,050
237
Purchase of premises and equipment
(6,953)
(1,878)
Proceeds from the sale of premises and equipment and related
 
insurance claims
67
-
Purchase of restricted equity securities
(10,290)
(6,957)
Proceeds from sale of restricted equity securities
21,006
10,111
Net cash activity from acquisition
19,279
-
Net cash used in investing activities
(512,585)
(476,699)
Financing Activities
 
Net (decrease) increase in demand deposits, savings, NOW and
 
money market accounts
(264,944)
178,134
Net increase in time deposits
779,701
125,784
Net increase in fed funds purchased and repurchase agreements
505
-
Net decrease in federal funds sold
(20,000)
-
Proceeds from Federal Home Loan Bank advances
22,414
50,000
Repayment of Federal Home Loan Bank advances
(77,295)
(149,000)
Net (repayments) proceeds of Federal Home Loan Bank line of credit
(72,468)
67,748
Proceeds from issuance of preferred shares, net of issuance cost
7,750
-
Issuance of common shares, net of issuance cost
3
171
Proceeds from employee stock purchase plan
402
364
Repurchase of common stock
-
(30,981)
Acquisition of common stock for tax withholding obligations
(937)
(995)
Settlement of warrants
(418)
-
Dividends paid on preferred stock
(258)
-
Net decrease in employee receivables
-
6
Net cash provided by financing activities
374,455
241,231
Decrease in Cash and Cash Equivalents
(66,947)
(173,592)
Cash and Cash Equivalents, Beginning of Period
300,138
482,727
Cash and Cash Equivalents, End of Period
$
233,191
$
309,135
Supplemental Cash Flows Information
Interest paid
$
137,281
$
25,648
Income taxes paid
$
17,614
$
10,545
 
 
10
CROSSFIRST BANKSHARES, INC.
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”), which holds investments in marketable
 
securities, CFBSA I, LLC and CFBSA II, LLC.
The Bank is primarily engaged in providing a full range of banking and financial services
 
to individual and corporate customers
through its full-service branches in: (i) Leawood, Kansas; (ii) Wichita, Kansas; (iii) Kansas City,
 
Missouri; (iv) Oklahoma City,
Oklahoma; (v) Tulsa, Oklahoma; (vi) Dallas, Texas; (vii) Fort Worth, Texas; (viii) Frisco, Texas; (ix) Phoenix, Arizona; (x) Colorado
Springs, Colorado; (xi) Denver, Colorado; (xii) Clayton, New Mexico; and (xiii) Tucson, Arizona.
 
 
Basis of Presentation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying interim unaudited consolidated financial statements serve to
 
update the CrossFirst Bankshares, Inc. Annual
Report on Form 10-K for the year ended December 31, 2022 and include the accounts of the Company,
 
the Bank, CFI, CFBSA I, LLC
and CFBSA II, LLC. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S.
generally accepted accounting principles (“GAAP”) and where
 
applicable, with general practices in the banking industry or guidelines
prescribed by bank regulatory agencies. However, they may not include all information
 
and notes necessary to constitute a complete set
of financial statements under GAAP applicable to annual periods and accordingly should be read
 
in conjunction with the financial
information contained in the Company's most recent Annual Report on Form 10-K. The unaudited consolidated financial
 
statements
reflect all adjustments which are, in the opinion of management, necessary for a fair statement
 
of the results presented. All such
adjustments are of a normal recurring nature. All significant intercompany balances and transactions have been eliminated
 
in
consolidation. Certain reclassifications of prior years' amounts are
 
made whenever necessary to conform to current period presentation.
The results of operations for the interim period are not necessarily indicative of the results
 
that may be expected for the full year or any
other interim period. All amounts are in thousands, except share data, or as otherwise noted.
GAAP requires management to make estimates that affect the reported amounts of assets, liabilities, revenues and expenses,
 
and
disclosures of contingent assets and liabilities. By their nature, estimates are based
 
on judgment and available information. Management
has made significant estimates in certain areas, such as the fair values of financial instruments,
 
and the allowance for credit losses
(“ACL”). Because of the inherent uncertainties associated with any estimation process
 
and future changes in market and economic
conditions, it is possible that actual results could differ significantly from those estimates.
 
The Company's significant accounting policies followed in the preparation of the unaudited
 
consolidated financial statements are
disclosed in Note 1 of the audited financial statements and notes for the year ended December
 
31, 2022 and are contained in the
Company's Annual Report on Form 10-K for that period.
 
There have been no significant changes to the application of significant
accounting policies since December 31, 2022
.
 
Related Party Transactions
 
 
 
 
The Bank extends credit and receives deposits from related parties. In management’s
 
opinion, the loans and deposits were made
in the ordinary course of business and made on similar terms as those prevailing at the time
 
with other persons. Related party loans
totaled $
10
 
million and $
13
 
million while related party deposits totaled $
99
 
million and $
92
 
million at September 30, 2023 and
December 31, 2022, respectively.
 
11
Note 2:
 
Acquisition Activities
On August 1, 2023, the Company completed its acquisition of Canyon Bancorporation, Inc. and Canyon Community Bank,
 
N.A.
(collectively, “Canyon”) whereby Canyon Bancorporation,
 
Inc. was ultimately merged with and into CrossFirst Bankshares, Inc. and
Canyon Community Bank, N.A. was merged with and into CrossFirst Bank (the
 
“Tucson acquisition”). Pursuant to the merger
agreement executed in April 2023, the Company paid approximately $
9.1
 
million of cash consideration and issued
597,645
 
shares of
Company common stock, and the Company and the Bank assumed all of the assets and liabilities
 
of the Canyon entities with which they
merged by operation of law. The acquisition added one full-service branch within Arizona to the Company’s
 
footprint thereby deepening
our Arizona franchise.
Tucson acquisition-related costs totaled $
2.2
 
million and $
2.3
 
million for the three- and nine-months ended September 30, 2023,
respectively, including a Day 1 CECL provision expense of $
0.9
 
million. Acquisition-related costs in connection with the acquisition of
Farmers & Stockmens Bank (the “Colorado/New Mexico acquisition”) totaled
 
$
1.7
 
million for the nine-months ended September 30,
2023.
 
Acquisition-related costs were included in the Company’s
 
consolidated statements of operations.
 
The results of both acquisitions
mentioned above are included in the results of the Company subsequent to the acquisition
 
dates and reported in this quarterly report on
Form 10-Q.
 
The Company determined that the Tucson acquisition constitutes a business combination as
 
defined in Accounting Standard
Codification (“ASC”) Topic 805, Business Combinations. Accordingly, as of the date of the acquisition, the Company recorded
 
the
assets acquired and liabilities assumed at fair value. The Company determined fair values
 
in accordance with the guidance provided in
ASC Topic 820, Fair Value Measurements and Disclosures. In many cases, the determination of these fair values
 
required management
to make estimates about discount rates, future expected cash flows, market conditions and
 
other future events that are highly subjective
in nature and subject to change. Actual results could differ materially. The Company has made the determination of fair values using the
best information available at the time; however, purchase accounting is not complete
 
and the assumptions used are subject to change
and, if changed, could have a material effect on the Company's financial position and results
 
of operations.
 
12
The table below summarizes preliminary net assets acquired (at fair value) and consideration
 
transferred in connection with the
Tucson acquisition:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
August 1, 2023
(Dollars in thousands)
Assets:
$
Cash and cash equivalents
28,366
Available-for-sale securities
38,084
Loans, net of unearned fees
105,668
Premises and equipment
1,335
Restricted equity securities
1,810
Interest receivable
695
Core deposit intangible
4,459
Other
1,277
Total assets acquired
181,694
Liabilities:
Total deposits
165,399
Other borrowings
1,050
Interest payable and other liabilities
500
Total liabilities assumed
166,949
Identifiable net assets acquired
$
14,745
Consideration:
Cash
9,087
Stock
6,957
Total consideration
16,044
Goodwill
$
1,299
In connection with the Tucson acquisition, the Company recorded $
1.3
 
million of goodwill. The amount of goodwill recorded
reflects the expanded market presence, synergies and operational efficiencies that
 
are expected to result from the acquisition. The
following is a description of the methods used to determine the fair values of significant
 
assets and liabilities presented above:
Cash and cash equivalents
—The carrying amount of these assets was deemed a reasonable estimate of fair value based
 
on the
short-term nature of these assets.
Loans, net
—The fair value of loans was based on a discounted cash flow methodology. Inputs and assumptions
 
used in the fair
value estimate of the loan portfolio, includes interest rate, servicing, credit and liquidity risk,
 
and required equity return. The fair value
of loans was calculated using a discounted cash flow analysis based on the remaining
 
maturity and repricing terms. Cash flows were
adjusted by estimating future credit losses and the rate of prepayments. Projected
 
monthly cash flows were then discounted to present
value using a risk-adjusted market rate for similar loans.
 
Core deposit intangibles
—The Company identified customer relationships, in the form of core deposit intangibles,
 
as an
identified intangible asset. Core deposit intangibles derive value from the expected
 
future benefits or earnings capacity attributable to the
acquired core deposits. The core deposit intangible was valued by identifying the expected future benefits of
 
the core deposits and
discounting those benefits back to present value. The core deposit intangible will be
 
amortized over its estimated useful life of
approximately
10 years
 
using the sum of the years’ digits accelerated method.
 
 
 
13
Deposits
—By definition, the fair value of demand and saving deposits equals the amount
 
payable. For time deposits acquired, the
Company utilized an income approach, discounting the contractual cash flows on the instruments
 
over their remaining contractual lives
at prevailing market rates.
 
The fair value of the acquired assets and liabilities noted in the table may change during the
 
provisional period, which may last up
to twelve months subsequent to the acquisition date. The Company may obtain additional information to refine
 
the valuation of the
acquired assets and liabilities and adjust the recorded fair value.
Accounting for acquired loans
Loans acquired are recorded at fair value with no carryover of the related allowance
 
for credit losses. Purchased-credit
deteriorated loans (“PCD”) are loans that have experienced more than insignificant
 
credit deterioration since origination and are
recorded at the purchase price. Management determined that past due loans, adversely risk
 
rated, on non-accrual or considered a
troubled-debt restructured loan constituted insignificant credit deterioration. The sum of the loan’s
 
purchase price and the allowance for
credit losses becomes its initial amortized cost basis. The difference between the initial amortized
 
cost basis and the par value of the loan
is a noncredit discount or premium, which is amortized into interest income over the
 
life of the loan.
 
Non-PCD loans have not experienced a more than insignificant deterioration
 
in credit quality since origination. The difference
between the fair value and outstanding balance of the non-PCD loans is recognized
 
as an adjustment to interest income over the lives of
the loan.
A Day 1 CECL allowance for credit losses on the non-PCD loans was recorded through provision for credit loss expense within
the consolidated statements of operations. At the date of acquisition, of the $
105.7
 
million of loans acquired from Canyon, $
26.0
million, or
25
% of Canyon’s loan portfolio, were accounted
 
for as PCD loans.
 
The following table provides a summary of PCD loans purchased as part of the Tucson
 
acquisition as of the acquisition date:
 
 
 
 
 
 
Total
(Dollars in thousands)
Unpaid principal balance
$
28,159
PCD allowance for credit loss at acquisition
(329)
(Discount) premium on acquired loans
(1,809)
Purchase price of PCD loans
$
26,021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Approximate
Fair Value
(Dollars in thousands)
Available-for-sale securities
U.S. Treasury securities
$
14,797
$
6
$
-
$
14,803
Mortgage-backed - GSE residential
336,020
-
37,976
298,044
Collateralized mortgage obligations - GSE residential
19,780
-
1,056
18,724
State and political subdivisions
489,976
90
79,624
410,442
Corporate bonds
9,740
-
1,266
8,474
Total available-for-sale securities
$
870,313
$
96
$
119,922
$
750,487
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Approximate
Fair Value
(Dollars in thousands)
Available-for-sale securities
Mortgage-backed - GSE residential
$
197,243
$
232
$
25,166
$
172,309
Collateralized mortgage obligations - GSE residential
11,629
-
743
10,886
State and political subdivisions
551,007
929
57,440
494,496
Corporate bonds
9,762
-
552
9,210
Total available-for-sale securities
$
769,641
$
1,161
$
83,901
$
686,901
The carrying value of securities pledged as collateral was $
15
 
million and $
22
 
million at September 30, 2023 and December 31,
2022, respectively.
As of September 30, 2023 and December 31, 2022, the available-for-sale securities
 
had $
7
 
million and $
6
 
million, respectively, of
accrued interest, excluded from the amortized cost basis, and presented in “interest receivable
 
 
on the consolidated statements of
financial condition.
 
The following tables summarize the gross realized gains and losses from sales or
 
maturities of available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
For the Nine Months Ended
September 30, 2023
September 30, 2023
Gross
Realized
Gains
Gross
Realized
Losses
Net
Realized
Loss
Gross
Realized
Gains
Gross
Realized
Losses
Net
Realized
Gain
(Dollars in thousands)
Available-for-sale securities
$
68
$
(128)
$
(60)
$
335
$
(332)
 
$
3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
For the Nine Months Ended
September 30, 2022
September 30, 2022
Gross
Realized
Gains
Gross
Realized
Losses
Net
Realized
Loss
Gross
Realized
Gains
Gross
Realized
Losses
Net
Realized
Loss
(Dollars in thousands)
Available-for-sale securities
$
1
$
(5)
$
(4)
$
3
$
(46)
$
(43)
The following table shows available-for-sale securities gross unrealized losses,
 
the number of securities that are in an unrealized
loss position, and fair value of the Company’s
 
investments with unrealized losses, aggregated by investment class and length
 
of time
that individual securities have been in a continuous unrealized loss position at
 
September 30, 2023 and December 31, 2022:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2023
Less than 12 Months
12 Months or More
Total
Fair Value
Unrealized
Losses
Number of
Securities
Fair Value
Unrealized
Losses
Number of
Securities
Fair Value
Unrealized
Losses
Number of
Securities
(Dollars in thousands)
Available-for-sale
securities
U.S. Treasury
securities
$
-
$
-
-
$
-
$
-
-
$
-
$
-
-
Mortgage-backed -
GSE residential
166,408
7,398
27
131,637
30,578
56
298,045
37,976
83
Collateralized
mortgage obligations
- GSE residential
5,255
282
2
8,786
774
19
14,041
1,056
21
State and political
subdivisions
119,719
5,433
112
277,722
74,191
213
397,441
79,624
325
Corporate bonds
4,333
667
1
4,141
599
4
8,474
1,266
5
Total temporarily
impaired securities
295,715
$
13,780
142
$
422,286
$
106,142
292
$
718,001
$
119,922
434
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2022
Less than 12 Months
12 Months or More
Total
Fair Value
Unrealized
Losses
Number of
Securities
Fair Value
Unrealized
Losses
Number of
Securities
Fair Value
Unrealized
Losses
Number of
Securities
(Dollars in thousands)
Available-for-sale
securities
Mortgage-backed -
GSE residential
$
91,929
$
10,410
41
$
66,036
$
14,756
16
$
157,965
$
25,166
57
Collateralized
mortgage obligations
- GSE residential
10,636
733
18
251
10
1
10,887
743
19
State and political
subdivisions
350,884
36,697
266
52,519
20,743
40
403,403
57,440
306
Corporate bonds
9,210
552
5
-
-
-
9,210
552
5
Total temporarily
impaired securities
$
462,659
$
48,392
330
$
118,806
$
35,509
57
$
581,465
$
83,901
387
 
 
 
 
 
 
 
 
 
 
 
16
Based on the Company’s evaluation at each respective
 
period end, we recorded
no
 
credit loss impairment during the nine-months
ended September 30, 2023 or the year ended December 31, 2022.
 
The unrealized losses in the Company’s
 
investment portfolio were
caused by interest rate changes.
 
As of September 30, 2023 the Company does not intend to sell the investments in loss positions,
 
and it
is not more likely than not the Company will be required to sell the investments before recovery
 
of their amortized cost basis.
 
The amortized cost, fair value, and weighted average yield of available-for-sale securities at
 
September 30, 2023, by contractual
maturity, are shown below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2023
Within
After One to
After Five to
After
One Year
Five Years
Ten Years
Ten Years
Total
(Dollars in thousands)
Available-for-sale securities
U.S. Treasury securities
(1)
Amortized cost
$
14,797
$
-
$
-
$
-
$
14,797
Estimated fair value
$
14,803
$
-
$
-
$
-
$
14,803
Weighted average yield
(2)
5.11
%
-
%
-
%
-
%
5.11
%
Mortgage-backed - GSE residential
(1)
Amortized cost
$
-
$
14
$
1,007
$
334,999
$
336,020
Estimated fair value
$
-
$
13
$
891
$
297,140
$
298,044
Weighted average yield
(2)
-
%
4.88
%
2.39
%
3.59
%
3.58
%
Collateralized mortgage obligations -
GSE residential
Amortized cost
$
-
$
-
$
2,267
$
17,513
$
19,780
Estimated fair value
$
-
$
-
$
2,117
$
16,607
$
18,724
Weighted average yield
(2)
-
%
-
%
2.77
%
4.93
%
4.68
%
State and political subdivisions
Amortized cost
$
744
$
5,022
$
93,874
$
390,336
$
489,976
Estimated fair value
$
752
$
4,989
$
90,036
$
314,665
$
410,442
Weighted average yield
(2)
3.81
%
4.42
%
3.09
%
2.71
%
2.80
%
Corporate bonds
Amortized cost
$
-
$
143
$
9,597
$
-
$
9,740
Estimated fair value
$
-
$
139
$
8,335
$
-
$
8,474
Weighted average yield
(2)
-
%
4.22
%
5.71
%
-
%
5.69
%
Total available-for-sale securities
Amortized cost
$
15,541
$