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CrossFirst Bankshares, Inc. Reports Record Third Quarter Net Interest Income and Net Income

/EIN News/ -- LEAWOOD, Kan., Oct. 21, 2019 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for CrossFirst Bank, today reported its results for the third quarter of 2019, including record net income of $10.4 million, or $0.21 per diluted share and year-to-date 2019 net income of $29.2 million or $0.61 per diluted share. CrossFirst continues to deliver growth to drive net interest income, earnings and operating leverage while managing through a declining interest rate environment.

"We are pleased with our third quarter results and first quarter reported as a public company," said CrossFirst’s CEO and President George F. Jones, Jr. “While our organization experienced interest margin compression from declining rates, we were still able to deliver net interest income growth in the third quarter.  Our teams delivered strong balance sheet growth and we had another quarter of record net income.  I am very proud of our employees and what they were able to accomplish.”

2019 Third Quarter Highlights*:

  • Record quarterly net income of $10.4 million, an increase of 63% from the third quarter of 2018

  • Record year-to-date net income of $29.2 million, an increase of 215% from the same period in 2018

  • Diluted EPS of $0.21 for the quarter, an increase of 40% from the same period in 2018

  • Diluted EPS of $0.61 for year-to-date 2019, an increase of 177% from the same period in 2018

  • Achieved efficiency ratios of 54.3% for the quarter and 59.4% year-to-date

  • Grew loans by $163 million from the previous quarter-end and $895 million or 33% since September 30, 2018

  • Grew deposits by $74 million from the previous quarter-end and $851 million or 30% since September 30, 2018

  • Book value per share of $11.59 at September 30, 2019 compared to $9.43 at September 30, 2018

*All share and per share information provided in this release has been adjusted to reflect a 2-for-1 stock split effected in the form of a dividend on December 21, 2018.

    Quarter-to-Date   Year-to-Date
    September 30,   September 30,
    2018   2019   2018   2019
    (Dollars in millions except per share data)
Net income   $ 6.4     $ 10.4     $ 9.3     $ 29.2  
Diluted EPS   $ 0.15     $ 0.21     $ 0.22     $ 0.61  
                 
Return on average assets   0.70 %   0.89 %   0.37 %   0.89 %
Return on average common equity   6.68 %   7.58 %   3.51 %   7.76 %
Non-GAAP return on average tangible common equity(1)   6.84 %   7.68 %   3.61 %   7.89 %
Net interest margin   3.35 %   3.19 %   3.23 %   3.29 %
Net interest margin, fully tax-equivalent(2)   3.44 %   3.24 %   3.34 %   3.35 %
Efficiency ratio   65.9 %   54.3 %   79.1 %   59.4 %
Non-GAAP efficiency ratio, fully tax-equivalent(1)(2)   64.3 %   53.4 %   76.8 %   58.4 %
                 
(1) Represents a non-GAAP measure. See "Table 7. Non-GAAP Financial Measures" for a reconciliation of this measure.
(2) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from Federal taxes. The incremental federal tax rate used is 21.0%.

Income from Operations

Net Interest Income

The Company produced record interest income of $55.5 million for the third quarter of 2019, an increase of 36% from the third quarter of 2018 and 2% greater than the second quarter of 2019.  Interest income growth was primarily a result of continued strong growth in average outstanding earning assets.  The tax-equivalent yield on earning assets declined from 5.18% to 5.00% during the third quarter of 2019 primarily due to the movement of variable rate assets indexed to market rates and changes in the investment portfolio yields resulting from higher prepayment speeds on the Company's mortgage backed portfolio.  Year-to-date interest income is up 47% over the same period in 2018.

Interest expense for the third quarter of 2019 was $19.7 million, or 67% higher than the third quarter of 2018 and 2% higher than the second quarter of 2019.  Average interest-bearing deposits in the third quarter of 2019 totaled $3.2 billion, an increase of $847 million or 37% from $2.3 billion in the same quarter in 2018.   The interest-bearing deposit mix changes during the quarter were focused on lowering margin exposure to declining rates, however this offset some of the impact of the lower deposit rates during the quarter.  Non-deposit funding costs increased to 1.95% from 1.93% in the second quarter of 2019 while overall cost of funds for the quarter was 1.94%, compared to 1.99% for the second quarter of 2019.

Tax-equivalent net interest margin declined to 3.24% for the quarter compared to 3.44% for the same quarter in 2018, reflecting the impact of the declining rate environment.  For the nine months ended September 30, 2019, the Company reported a net interest margin of 3.35%, slightly higher than the same period for 2018.  The tax-equivalent adjustment, which accounts for income taxes saved on the interest earned on nontaxable securities and loans, was $0.6 million for the third quarter of 2019 and $0.8 million for the third quarter of 2018, and $0.6 million for the second quarter of 2019.  Net interest income totaled $35.8 million for the third quarter of 2019 or 3% greater than the second quarter of 2019.  Year-to-date net interest income was 34% higher than the same period of 2018 reflecting the Company's strong balance sheet growth and maintenance of net interest margin.

Non-Interest Income

Non-interest income increased $2.0 million in the third quarter of 2019 or 171% compared to the same quarter of 2018 and $1.5 million or 92% compared to the second quarter of 2019.  While the Company continues to increase fee income commensurate with its growth, the back-to-back swap program generated strong fee income with $1.1 million of new fees recorded during the quarter.  During the third quarter of 2019, the Company also recorded a one-time $0.8 million gain related to a changed in derivative valuation.  Historically, the company used a peer group in order to value the counter-party risk to assess potential credit default.  As the program has matured, the Company reviewed the valuation methodology and implemented a more sophisticated view of risk as back-to-back swaps are cross collateralized with the loans being hedged.

Non-Interest Expense

Non-interest expense for the third quarter of 2019 increased $1.3 million, or 7%, compared to the third quarter of 2018 and decreased $0.8 million, or 4% from the second quarter of 2019.  Compared to the third quarter of 2018, salary and employment-related expenses increased $1.6 million for additional employee headcount required to support growth and data processing costs were higher from the Company's increased volumes of activity, partially offset by a $0.5 million decrease in FDIC insurance expense.  As compared to the second quarter of 2019, salary and employment-related expenses decreased $0.2 million as a result of continuing to manage resource allocation and hiring and FDIC insurance expense decreased $0.6 million as a result of a one-time small bank credit.  Year-to-date non-interest expense increased by less than 1% compared to the same period in 2018.

CrossFirst’s effective tax rate for the nine months ended September 30, 2019 was 15.4% as compared to (10.8)% for the nine months ended September 30, 2018. The year-over-year change was primarily due to higher earnings, a reduction in tax-exempt income due to average yields on tax exempt securities decreasing, and permanent tax benefits from a stock-based compensation award in 2018 as compared to 2019.  The effective tax rate for the third quarter of 2019 was 20.0% compared to 19.6% for the second quarter of 2019.  For both of the comparable periods, the Company continues to benefit from the tax-exempt municipal bond portfolio creating an effective tax rate lower than the statutory tax rates.

Balance Sheet Performance & Analysis

During the third quarter of 2019, total assets increased by $178 million or 4% compared to June 30, 2019 with both strong loan and deposit growth.  Asset growth for CrossFirst was $935 million or 25% over the last twelve months.  While both loans and deposits grew for the quarter, loan volumes outpaced deposit growth increasing the loan to deposit ratio from 96.7% to 99.2%.  During the third quarter of 2019, total available for sale investment securities increased $28 million to $733 million, while the overall average for the quarter was $728 million. Tax- exempt municipal securities on average increased $18 million and mortgage backed securities decreased $10 million. The increase in investment securities was part of management's strategy to manage liquidity and optimize income.

Loan Growth Results

The Company continues to maintain a diversified loan portfolio while experiencing strong loan growth of 5% for the third quarter of 2019 and 33% since September 30, 2018.  Loan yields declined 13 basis points in the overall portfolio commensurate with the adjustable rate loan movements with Libor and Prime over the course of the quarter.  The Company experienced $204 million in payoffs for the quarter, but was able to fund $367 million in loans to replace and grow the overall portfolio.

 (Dollars in millions) 3Q18   4Q18   1Q19   2Q19   3Q19   % of
Total
  QoQ Growth
($)
  QoQ Growth
(%)(1)
  YoY Growth
($)
  YoY Growth
(%)(1)
Period-end loans (gross)                                      
Commercial and industrial $ 958     $ 1,134     $ 1,163     $ 1,254     $ 1,313     36.1 %   $ 59     5 %   $ 355     37 %
Energy 312     358     376     386     396     10.9     10     3     84     27  
Commercial real estate 770     847     948     968     993     27.3     25     3     223     29  
Construction and land development 436     440     427     463     528     14.5     65     14     92     21  
Residential real estate 226     246     331     359     365     10.0     6     2     139     62  
Equity lines of credit 22     20     20     21     22     0.6     1     3          
Consumer installment 20     24     22     25     22     0.6     (3 )   (14 )   2     6  
Total $ 2,744     $ 3,069     $ 3,287     $ 3,476     $ 3,639     100.0 %   $ 163     5 %   $ 895     33 %
                                       
Average loans, net of unearned income $ 2,523     $ 2,911     $ 3,176     $ 3,398     $ 3,541         $ 143     4 %   $ 1,018     40 %
Yield on loans for the period ending 5.35 %   5.56 %   5.75 %   5.66 %   5.53 %                    
(1) Actual unrounded values are used to calculate the reported percent disclosed. Accordingly, recalculations using the amounts in millions as disclosed in this release may not produce the same amounts.

Deposit Growth Results

The Company continues to maintain a traditional deposit mix, with the goal of keeping pace with growth in the loan portfolio.  Deposit growth was primarily funded with money market accounts during the quarter, which have historically adjusted with movements in fed funds rates.  To continue lowering the duration of its deposit base, the Company did not renew $67 million of brokered deposits that matured during the quarter.

 (Dollars in millions) 3Q18   4Q18   1Q19   2Q19   3Q19   % of
Total
  QoQ Growth
($)
  QoQ Growth
(%)(1)
  YoY Growth
($)
  YoY Growth
(%)(1)
Period-end deposits                                      
Non-interest bearing deposits $ 505     $ 484     $ 488     $ 512     $ 514     14.1 %   $ 2     %   $ 9     2 %
Transaction deposits 56     82     119     137     146     4.0 %   9     7     90     163  
Savings and money market deposits 1,448     1,632     1,511     1,634     1,776     48.5 %   142     9     328     23  
Time deposits < $100,000 338     440     554     535     469     12.8 %   (66 )   (12 )   131     39  
Time deposits > $100,000 460     570     728     766     753     20.6 %   (13 )   (2 )   293     64  
Total $ 2,807     $ 3,208     $ 3,400     $ 3,584     $ 3,658     100.0 %   $ 74     2 %   $ 851     30 %
                                       
Brokered deposits $ 262     $ 343     $ 424     $ 397     $ 330     9.0 %   $ (67 )   (17 )%   $ 68     26 %
                                       
Average deposits                                      
Non-interest bearing deposits $ 492     $ 492     $ 477     $ 513     $ 535     14.5 %   $ 22     4 %   $ 43     9 %
Transaction deposits 56     63     104     144     135     3.7 %   (9 )   (6 )   79     141  
Savings and money market deposits 1,450     1,498     1,544     1,560     1,744     47.2 %   184     12     294     20  
Time deposits 801     913     1,165     1,305     1,277     34.6 %   (28 )   (2 )   476     59  
Total $ 2,799     $ 2,966     $ 3,290     $ 3,522     $ 3,691     100.0 %   $ 169     5 %   $ 892     32 %
                                       
Cost of deposits for the period ending 1.42 %   1.70 %   1.96 %   1.99 %   1.94 %                    
Cost of interest-bearing deposits for
  the period ending
1.72 %   2.04 %   2.30 %   2.33 %   2.26 %                    
(1) Actual unrounded values are used to calculate the reported percent disclosed. Accordingly, recalculations using the amounts in millions as disclosed in this release may not produce the same amounts.

Asset Quality Position

The Company continued to add to the allowance for loan loss in order to support loan growth and changes in relative risk for the overall portfolio, including with respect to one previously disclosed non-performing loan, recording a provision expense of $4.9 million for the quarter.  Net charge-offs were $4.7 million for the quarter as a result of liquidating two other previously identified non-performing loans, as compared to net recoveries of $0.3 million for the third quarter in 2018.  During the quarter, non-performing assets to assets declined from 1.18% in the second quarter to 1.00% in the third quarter and classified assets to capital continued to trend down.

Asset quality (Dollars in millions) 3Q18   4Q18   1Q19   2Q19   3Q19   QoQ Growth
($)
  YoY Growth
($)
Non-accrual loans $ 12.6     $ 17.8     $ 13.0     $ 50.0     $ 43.6     $ (6.4 )   $ 31.0  
Other real estate owned         2.5     2.5     2.5         2.5  
Non-performing assets 13.1     17.8     15.5     52.8     46.7     (6.1 )   33.6  
Loans 90+ days past due and still accruing 0.4             0.2     0.6     0.4     0.2  
Loans 30 - 89 days past due 26.3     3.7     31.1     23.6     64.7     41.1     38.4  
Classified loans 54.3     101.4     97.5     88.3     85.2     (3.1 )   30.9  
Net charge-offs (recoveries) (0.3 )   0.2     0.7         4.7     4.7     5.0  
Provision for loan loss 3.0     4.5     2.9     2.9     4.9     2.0     1.9  
Allowance for loan loss 33.5     37.8     40.0     42.9     43.0     0.1     9.5  


Asset quality metrics 3Q18   4Q18   1Q19   2Q19   3Q19
Non-performing assets to total assets 0.35 %   0.43 %   0.36 %   1.18 %   1.00 %
Allowance for loan loss to total loans 1.22     1.23     1.22     1.24     1.18  
Allowance for loan loss to non-performing loans 257     212     307     85     97  
Net charge-offs (recoveries) to average loans(1) (0.05 )   0.03     0.09         0.53  
Loans 30 - 89 days past due to loans 0.96     0.12     0.95     0.68     1.78  
Provision to average loans(1) 0.47     0.61     0.36     0.34     0.54  
Classified Loans / (Total Capital + ALLL) 12.3     19.2     18.7     16.3     13.2  
(1) Interim periods annualized.

Capital Position After Initial Public Offering

At September 30, 2019, stockholders’ equity totaled $602 million, or $11.59 per share, compared to $499 million, or $11.00 per share, at June 30, 2019. Tangible common stockholders' equity was $595 million and tangible book value per share was $11.44 at September 30, 2019.  The increase in stockholders’ equity was a result of quarterly earnings, an increase in accumulated other comprehensive income for unrealized bond gains, and proceeds received from the initial public offering.

Period-end (Dollars in millions, except per share data) 3Q18   4Q18   1Q19   2Q19   3Q19
Total Stockholders' Equity $ 410     $ 490     $ 481     $ 499     $ 602  
                   
Book value per share $ 9.43     $ 10.21     $ 10.63     $ 11.00     $ 11.59  
Tangible book value per share(1) $ 9.24     $ 10.04     $ 10.46     $ 10.83     $ 11.44  
                   
Common equity tier 1 capital ratio 10.55 %   11.75 %   11.23 %   11.02 %   12.91 %
Tier 1 capital ratio 11.38     12.53     11.23     11.04     12.93  
Total capital ratio 12.32     13.51     12.20     12.04     13.90  
Leverage ratio 11.39     12.43     11.15     10.87     12.57  
(1) Represents a non-GAAP measure. See "Table 7. Non-GAAP Financial Measures" for a reconciliation of this measure.

On September 17, 2019 the underwriters for the initial public offering, acquired an additional 844,362 shares of CrossFirst's common stock pursuant to the partial exercise of the underwriters’ over- allotment option granted in connection with the initial public offering.  The additional shares were sold at the IPO price of $14.50 per share, less underwriting discounts and commissions.  Net proceeds from the sale of the additional shares were approximately $11.4 million, after deducting underwriting discounts and commissions.  During the third quarter of 2019, the Company issued 6,594,362 new shares, including the over-allotment, bringing its total net proceeds from the offering to approximately $87.0 million.  The Company intends to use the net proceeds from the offering to support our growth, organically or through mergers and acquisitions, and for general corporate purposes.  As previously disclosed, the Company is currently considering using a portion of the net proceeds for the opening of a second smaller full-service branch in the Dallas MSA, in addition to consistently evaluating other strategic opportunities.

Conference Call and Webcast

CrossFirst will hold a conference call and webcast to discuss third quarter 2019 results on Monday, October 21, 2019 at 4 p.m. CDT / 5 p.m. EDT.  The conference call and webcast may also include discussion of Company developments, forward-looking statements and other material information about business and financial matters. Investors, news media, and other participants should register for the call or audio webcast at https://investors.CrossFirstbankshares.com.  Participants may dial into the call toll-free at (877) 621- 5851 from anywhere in the U.S. or (470) 495-9492 internationally, using conference ID no. 6057529. Participants are encouraged to dial into the call or access the webcast approximately 10 minutes prior to the start time.

A replay of the webcast will be available on the Company website. A replay of the conference call will be available two hours following the close of the call until October 28, 2019, accessible at (855) 859-2056 with conference ID no. 6057529.

Cautionary Notice about Forward-Looking Statements

The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Form 10-Q is filed.  This earnings release contains forward-looking statements. These forward-looking statements reflect the Company's current views with respect to, among other things, future events and its financial performance. Any statements about management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved.  The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements.

Accordingly, the Company cautions you that any such forward-looking statements are not a guarantee of future performance and that 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. Such factors include, without limitation, those listed from time to time in reports that the Company files with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by law.

About CrossFirst

CrossFirst Bankshares, Inc., is a Kansas corporation and a registered bank holding company for its wholly-owned subsidiary CrossFirst Bank, which is headquartered in Leawood, Kansas. CrossFirst Bank has seven full-service banking offices primarily along the I-35 corridor in Kansas, Missouri, Oklahoma and Texas.

CROSSFIRST BANKSHARES, INC. CONTACT:
Matt Needham, Director of Investor Relations
(913) 312-6822
https://investors.crossfirstbankshares.com


Unaudited Financial Tables

  • Table 1. Selected Financial Highlights
  • Table 2. Year-to-Date Analysis of Changes in Net Interest Income (2018 & 2019)
  • Table 3. 2018 - 2019 Quarterly Analysis of Changes in Net Interest Income
  • Table 4. Linked Quarterly Analysis of Changes in Net Interest Income
  • Table 5. Consolidated Balance Sheets
  • Table 6. Consolidated Statements of Income
  • Table 7. Non-GAAP Financial Measures

TABLE 1. SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(Dollars in thousands, except per share data)

    CrossFirst Bankshares, Inc.
    Quarterly Selected Financials (Unaudited)
    3Q18   4Q18   1Q19   2Q19   3Q19
Income Statement Data                    
Interest income   $ 40,775     $ 47,068     $ 51,317     $ 54,192     $ 55,529  
Interest expense   11,807     14,753     17,712     19,318     19,743  
Net interest income   28,968     32,315     33,605     34,874     35,786  
Provision for loan losses   3,000     4,500     2,850     2,850     4,850  
Non-interest income   1,185     1,195     1,645     1,672     3,212  
Non-interest expense   19,875     20,166     22,631     21,960     21,172  
Net income before taxes   7,278     8,844     9,769     11,736     12,976  
Income tax expense (benefit)   924     (1,490 )   419     2,297     2,592  
Net income   6,354     10,334     9,350     9,439     10,384  
Preferred stock dividends   525     525     175          
Net income available to common stockholders   5,829     9,809     9,175     9,439     10,384  
Non-GAAP core operating income(1)   $ 6,481     $ 6,600     $ 7,989     $ 9,754     $ 10,384  
Balance Sheet Data                    
Cash and cash equivalents   $ 118,323     $ 216,541     $ 117,317     $ 141,373     $ 128,126  
Securities   690,580     663,678     707,430     704,776     733,093  
Gross loans (net of unearned income)   2,736,262     3,060,747     3,277,598     3,467,204     3,629,792  
Allowance for loan losses   33,540     37,826     40,001     42,852     42,995  
Goodwill and intangibles   7,821     7,796     7,770     7,745     7,720  
Non-interest bearing deposits   504,794     484,284     488,375     511,837     513,832  
Total deposits   2,806,580     3,208,097     3,399,899     3,584,136     3,658,108  
Borrowings and repurchase agreements   483,145     388,391     368,597     364,246     357,614  
Trust preferred securities, net of fair value adjustment   875     884     893     902     912  
Preferred stock   30,000     30,000              
Common stock(2)   359,725     424,975     428,864     430,800     519,336  
Total stockholders' equity   409,780     490,336     480,514     499,195     602,435  
Tangible common stockholders' equity(1)   $ 371,959     $ 452,540     $ 472,744     $ 491,450     $ 594,715  
Share and Per Share Data                    
Basic earnings per common share(2)   $ 0.15     $ 0.22     $ 0.20     $ 0.21     $ 0.22  
Diluted earning per common share(2)   0.15     0.22     0.20     0.20     0.21  
Book value per share(2)   9.43     10.21     10.63     11.00     11.59  
Tangible book value per share(1)(2)   $ 9.24     $ 10.04     $ 10.46     $ 10.83     $ 11.44  
Basic weighted average common shares outstanding(2)   37,790,614     43,853,170     45,093,442     45,236,264     48,351,553  
Diluted weighted average common shares outstanding(2)   38,778,624     44,920,448     45,960,267     46,211,780     49,164,549  
Shares outstanding at end of period(2)   40,261,480     45,074,322     45,202,370     45,367,641     51,969,203  
Selected Ratios                    
Return on average assets   0.70 %   1.06 %   0.91 %   0.86 %   0.89 %
Return on average common equity   6.68     9.03     7.98     7.78     7.58  
Yield on earning assets   4.72     5.01     5.18     5.12     4.94  
Yield on earning assets - tax equivalent(3)   4.81     5.08     5.25     5.18     5.00  
Yield on securities   3.18     3.24     3.23     3.08     2.85  
Yield on securities - tax equivalent(3)   3.58     3.61     3.59     3.42     3.19  
Yield on loans   5.35     5.56     5.75     5.66     5.53  
Cost of interest-bearing liabilities   1.73     2.01     2.25     2.29     2.24  
Cost of interest-bearing deposits   1.72     2.04     2.30     2.33     2.26  
Cost of funds   1.46     1.72     1.96     1.99     1.94  
Cost of deposits   1.42     1.70     1.96     1.99     1.94  
Cost of other borrowings   1.77     1.79     1.86     1.93     1.95  
Net interest margin - tax equivalent(3)   3.44     3.51     3.46     3.35     3.24  
Non-interest expense to average assets   2.20     2.06     2.20     2.00     1.82  
Efficiency ratio(4)   65.91     60.18     64.20     60.09     54.29  
Non-interest bearing deposits to total deposits   17.99     15.10     14.36     14.28     14.05  
Loans to deposits   97.49 %   95.41 %   96.40 %   96.74 %   99.23 %
Credit Quality Ratios                    
Allowance for loan losses to total loans   1.22 %   1.23 %   1.22 %   1.24 %   1.18 %
Nonperforming assets to total assets   0.35     0.43     0.36     1.18     1.00  
Nonperforming loans to total loans   0.48     0.58     0.40     1.45     1.22  
Allowance for loan losses to nonperforming loans   256.65     212.30     307.27     85.20     97.12  
Net charge-offs (recoveries) to average loans(5)   (0.05 )%   0.03 %   0.09 %   %   0.53 %
Capital Ratios                    
Total stockholders' equity to total assets   11.03 %   11.94 %   11.26 %   11.16 %   12.95 %
Common equity tier 1 capital ratio   10.55     11.75     11.23     11.02     12.91  
Tier 1 risk-based capital ratio   11.38     12.53     11.23     11.04     12.93  
Total risk-based capital ratio   12.32     13.51     12.20     12.04     13.90  
Tier 1 leverage ratio   11.39 %   12.43 %   11.15 %   10.87 %   12.57 %
(1) Represents a non-GAAP financial measure. See "Non-GAAP Financial Measures" for a reconciliation of this measure.
(2) Share data has been adjusted to reflect a 2-for-1 stock split effected in the form of a dividend on December 21, 2018.
(3) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from Federal taxes. The incremental tax rate used is 21.0%.
(4) We calculate efficiency ratio as non-interest expense divided by the sum of net interest income and non-interest income.
(5) Interim periods are annualized.


TABLE 2. YEAR-TO-DATE ANALYSIS OF CHANGES IN NET INTEREST INCOME (UNAUDITED)

  Nine Months Ended
  September 30,
  2018   2019
  Average
Balance
  Interest
Income /
Expense
  Average
Yield /
Rate(3)
  Average
Balance
  Interest
Income /
Expense
  Average
Yield /
Rate(3)
  (Dollars in thousands)
Interest-earning assets:                      
Securities - taxable $ 273,525     $ 6,447     3.15 %   $ 334,272     $ 7,447     2.98 %
Securities - tax-exempt(1) 484,090     14,062     3.88     378,651     10,672     3.77  
Federal funds sold 18,782     281     2.00     18,714     345     2.46  
Interest-bearing deposits in other banks 174,740     2,200     1.68     135,030     2,107     2.09  
Gross loans, net of unearned income(2) 2,275,039     89,262     5.25     3,373,118     142,319     5.64  
Total interest-earning assets(1) 3,226,176     $ 112,252     4.65 %   4,239,785     $ 162,890     5.14 %
Allowance for loan losses (29,607 )           (41,329 )        
Other non-interest-earning assets 166,661             196,900          
Total assets $ 3,363,230             $ 4,395,356          
Interest-bearing liabilities                      
Transaction deposits $ 53,995     $ 101     0.25 %   $ 127,785     $ 1,139     1.19 %
Savings and money market deposits 1,381,291     15,658     1.52     1,616,558     27,326     2.26  
Time deposits 809,550     10,880     1.80     1,249,219     22,956     2.46  
Total interest-bearing deposits 2,244,836     26,639     1.59     2,993,562     51,421     2.30  
FHLB and short-term borrowings 381,166     5,020     1.76     366,708     5,240     1.91  
Trust preferred securities, net of fair value
  adjustments
860     100     15.47     895     112     16.74  
Non-interest bearing deposits 402,850             508,888          
Cost of funds 3,029,712     $ 31,759     1.40 %   3,870,053     $ 56,773     1.96 %
Other liabilities 10,929             22,762          
Stockholders' equity 322,589             502,541          
Total liabilities and stockholders' equity $ 3,363,230             $ 4,395,356          
Net interest income(1)     $ 80,493             $ 106,117      
Net interest spread(1)         3.25 %           3.18 %
Net interest margin(1)         3.34 %           3.35 %
(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from Federal taxes. The incremental tax rate used is 21.0%.
(2) Average loan balances include nonaccrual loans.
(3) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this release may not produce the same amounts.


YEAR-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)
  Nine Months Ended
  September 30, 2019 over 2018
 
Average Volume
  Yield/Rate   Net Change(2)
  (Dollars in thousands)
Interest Income          
Securities - taxable $ 1,364     $ (364 )   $ 1,000  
Securities - tax-exempt(1) (3,000 )   (390 )   (3,390 )
Federal funds sold (1 )   65     64  
Interest-bearing deposits in other banks (562 )   469     (93 )
Gross loans, net of unearned income 45,980     7,077     53,057  
Total interest income(1) 43,781     6,857     50,638  
Interest Expense          
Transaction deposits 277     761     1,038  
Savings and money market deposits 3,024     8,644     11,668  
Time deposits 7,209     4,867     12,076  
Total interest-bearing deposits 10,510     14,272     24,782  
FHLB and short-term borrowings (195 )   415     220  
Trust preferred securities,  net of fair value adjustments 4     8     12  
Total interest expense 10,319     14,695     25,014  
Net interest income(1) $ 33,462     $ (7,838 )   $ 25,624  
           
(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from Federal taxes. The incremental tax rate used is 21.0%.
(2) The change in interest not due solely to volume or rate has been allocated in proportion to the respective absolute dollar amounts of the change in volume or rate.


TABLE 3. 2018 - 2019 QUARTERLY ANALYSIS OF CHANGES IN NET INTEREST INCOME
(UNAUDITED)

  Three Months Ended
  September 30,
  2018   2019
  Average
Balance
  Interest
Income /
Expense
  Average
Yield /
Rate(3)
  Average
Balance
  Interest
Income /
Expense
  Average
Yield /
Rate(3)
  (Dollars in thousands)
Interest-earning assets:                      
Securities - taxable $ 304,937     $ 2,454     3.19 %   $ 335,045     $ 2,264     2.68 %
Securities - tax-exempt(1) 447,333     4,338     3.85     392,644     3,592     3.63  
Federal funds sold 20,674     110     2.10     16,315     89     2.16  
Interest-bearing deposits in other banks 132,585     614     1.84     171,913     881     2.03  
Gross loans, net of unearned income(2) (3) 2,523,107     34,012     5.35     3,540,707     49,327     5.53  
Total interest-earning assets(1) 3,428,636     $ 41,528     4.81 %   4,456,624     $ 56,153     5.00 %
Allowance for loan losses (31,716 )           (43,327 )        
Other non-interest-earning assets 191,956             197,661          
Total assets $ 3,588,876             $ 4,610,958          
Interest-bearing liabilities                      
Transaction deposits $ 56,072     $ 33     0.24 %   $ 134,987     $ 386     1.13 %
Savings and money market deposits 1,450,397     6,139     1.68     1,743,575     9,553     2.17  
Time deposits 801,416     3,827     1.89     1,276,571     8,064     2.51  
Total interest-bearing  deposits 2,307,885     9,999     1.72     3,155,133     18,003     2.26  
FHLB and short-term borrowings 397,252     1,772     1.77     345,794     1,703     1.95  
Trust preferred securities, net of fair value
  adjustments
868     36     16.21     904     37     16.06  
Non-interest bearing deposits 491,942             535,467          
Cost of funds 3,197,947     $ 11,807     1.46 %   4,037,298     $ 19,743     1.94 %
Other liabilities 14,904             29,833          
Total stockholders' equity 376,025             543,827          
Total liabilities and stockholders' equity $ 3,588,876             $ 4,610,958          
Net interest income(1)     $ 29,721             $ 36,410      
Net interest spread(1)         3.35 %           3.06 %
Net interest margin(1)         3.44 %           3.24 %
                       
(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from Federal taxes. The incremental tax rate used is 21.0%.
(2) Average loan balances include nonaccrual loans.
(3) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as  disclosed in this release may not produce the same amounts.


QUARTER TO DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)
  Three Months Ended
  September 30, 2019 over 2018
  Average Volume   Yield/Rate   Net Change(2)
  (Dollars in thousands)
Interest Income          
Securities - taxable $ 227     $ (417 )   $ (190 )
Securities - tax-exempt(1) (509 )   (237 )   (746 )
Federal funds sold (24 )   3     (21 )
Interest-bearing deposits in other banks 198     69     267  
Gross loans, net of unearned income 14,136     1,179     15,315  
Total interest income(1) 14,028     597     14,625  
Interest Expense          
Transaction deposits 97     256     353  
Savings and money market deposits 1,397     2,017     3,414  
Time deposits 2,728     1,509     4,237  
Total interest-bearing deposits 4,222     3,782     8,004  
FHLB and short-term borrowings (241 )   172     (69 )
Trust preferred securities,  net of fair value adjustments 1         1  
Total interest expense 3,982     3,954     7,936  
Net interest income(1) $ 10,046     $ (3,357 )   $ 6,689  
           
(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from Federal taxes. The incremental tax rate used is 21.0%
(2) The change in interest not due solely to volume or rate has been allocated in proportion to the respective absolute dollar amounts of the change in volume or rate.


TABLE 4. LINKED QUARTERLY ANALYSIS OF CHANGES IN NET INTEREST INCOME
(UNAUDITED)

  Three Months Ended
  June 30, 2019   September 30, 2019
  Average
Balance
  Interest
Income /
Expense
  Average
Yield /
Rate(3)
  Average
Balance
  Interest
Income /
Expense
  Average
Yield /
Rate(3)
  (Dollars in thousands)
Interest-earning assets:                      
Securities - taxable $ 345,005     $ 2,611     3.04 %   $ 335,045     $ 2,264     2.68 %
Securities - tax-exempt(1) 374,750     3,529     3.78     392,644     3,592     3.63  
Federal funds sold 15,165     96     2.55     16,315     89     2.16  
Interest-bearing deposits in other banks 110,460     580     2.10     171,913     881     2.03  
Gross loans, net of unearned income(2) (3) 3,398,297     47,989     5.66     3,540,707     49,327     5.53  
Total interest-earning assets(1) 4,243,677     $ 54,805     5.18 %   4,456,624     $ 56,153     5.00 %
Allowance for loan losses (41,277 )           (43,327 )        
Other non-interest-earning assets 199,603             197,661          
Total assets $ 4,402,003             $ 4,610,958          
Interest-bearing liabilities                      
Transaction deposits $ 144,020     $ 477     1.33 %   $ 134,987     $ 386     1.13 %
Savings and money market deposits 1,559,979     8,955     2.30     1,743,575     9,553     2.17  
Time deposits 1,305,244     8,065     2.48     1,276,571     8,064     2.51  
Total interest-bearing  deposits 3,009,243     17,497     2.33     3,155,133     18,003     2.26  
FHLB and short-term borrowings 371,624     1,784     1.93     345,794     1,703     1.95  
Trust preferred securities, net of fair value
  adjustments
895     37     16.79     904     37     16.06  
Non-interest bearing deposits 513,320             535,467          
Cost of funds 3,895,082     $ 19,318     1.99 %   4,037,298     $ 19,743     1.94 %
Other liabilities 20,041             29,833          
Total stockholders' equity 486,880             543,827          
Total liabilities and stockholders' equity $ 4,402,003             $ 4,610,958          
Net interest income(1)     $ 35,487             $ 36,410      
Net interest spread(1)         3.19 %           3.06 %
Net interest margin(1)         3.35 %           3.24 %
                       
(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from Federal taxes. The incremental tax rate used is 21.0%.
(2) Average loan balances include nonaccrual loans.
(3) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as  disclosed in this release may not produce the same amounts.
 


LINKED QUARTER VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)
  Three Months Ended
  September 30, 2019 over June 30, 2019
  Average Volume   Yield/Rate   Net Change(2)
  (Dollars in thousands)
Interest Income          
Securities - taxable $ (68 )   $ (279 )   $ (347 )
Securities - tax-exempt(1) 189     (126 )   63  
Federal funds sold 8     (15 )   (7 )
Interest-bearing deposits in other banks 321     (20 )   301  
Gross loans, net of unearned income 2,303     (965 )   1,338  
Total interest income(1) 2,753     (1,405 )   1,348  
Interest Expense          
Transaction deposits (27 )   (64 )   (91 )
Savings and money market deposits 1,095     (497 )   598  
Time deposits (128 )   127     (1 )
Total interest-bearing deposits 940     (434 )   506  
FHLB and short-term borrowings (103 )   22     (81 )
Trust preferred securities, net of FV adjustments          
Total interest expense 837     (412 )   425  
Net interest income(1) $ 1,916     $ (993 )   $ 923  
           
(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from Federal taxes. The incremental tax rate used is 21.0%.
(2) The change in interest not due solely to volume or rate has been allocated in proportion to the respective absolute dollar amounts of the change in volume or rate.


TABLE 5. CONSOLIDATED BALANCE SHEETS

  December 31, 2018   September 30, 2019
      (Unaudited)
  (Dollars in thousands)
Assets      
Cash and cash equivalents $ 216,541     $ 128,126  
Available for sale securities - taxable 296,133     323,531  
Available for sale securities - tax-exempt 367,545     409,562  
Premises and equipment, held for sale 3,444      
Loans, net of allowance for loan losses of $37,826 and      
$42,995 at December 31, 2018 and September 30, 2019, respectively 3,022,921     3,586,797  
Premises and equipment, net 74,945     71,314  
Restricted equity securities 14,525     16,053  
Interest receivable 14,092     15,909  
Foreclosed assets held for sale     2,471  
Deferred tax asset 16,316     7,429  
Goodwill and other intangible assets, net 7,796     7,720  
Bank-owned life insurance 63,811     65,228  
Other 9,146     17,173  
Total assets $ 4,107,215     $ 4,651,313  
Liabilities and stockholders' equity      
Deposits      
Non-interest bearing $ 484,284     $ 513,832  
Savings, NOW and money market 1,714,136     1,922,522  
Time 1,009,677     1,221,754  
Total deposits 3,208,097     3,658,108  
Federal funds purchased and repurchase agreements 75,406     49,810  
Federal Home Loan Bank advances 312,985     307,804  
Other borrowings 884     912  
Interest payable and other liabilities 19,507     32,244  
Total liabilities 3,616,879     4,048,878  
Stockholders' equity      
Redeemable preferred stock, $0.01 par value, $25 liquidation value:      
authorized - 5,000,000 shares      
issued - 1,200,000 and 0 shares at December 31, 2018      
and September 30, 2019, respectively 12      
Common stock, $0.01 par value:      
authorized - 200,000,000 shares      
issued - 45,074,322 and 51,969,203 shares at December 31, 2018      
and September 30, 2019, respectively 451     520  
Additional paid-in capital 454,512     518,816  
Retained earnings 38,567     65,282  
Other (196 )   (84 )
Accumulated other comprehensive income (loss) (3,010 )   17,901  
Total stockholders' equity 490,336     602,435  
Total liabilities and stockholders' equity $ 4,107,215     $ 4,651,313  
               


TABLE 6. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

  Three months ended   Nine months ended
  September 30,   September 30,
  2018   2019   2018   2019
  (Dollars in thousands except per share data)
Interest Income              
Loans, including fees 34,012     49,327     89,262     142,319  
Available for sale securities              
Taxable 2,200     1,991     5,729     6,646  
Tax-exempt 3,586     2,969     11,622     8,820  
Deposits with financial institutions 723     970     2,481     2,452  
Dividends on bank stocks 254     272     718     801  
Total interest income 40,775     55,529     109,812     161,038  
Interest Expense              
Deposits 9,999     18,003     26,639     51,421  
Fed funds purchased and repurchase agreements 287     74     628     501  
Advances from Federal Home Loan Bank 1,468     1,629     4,308     4,739  
Other borrowings 53     37     184     112  
Total interest expense 11,807     19,743     31,759     56,773  
Net Interest Income 28,968     35,786     78,053     104,265  
Provision for Loan Losses 3,000     4,850     9,000     10,550  
Net Interest Income after Provision for Loan Losses 25,968     30,936     69,053     93,715  
Non-Interest Income              
Service charges and fees (rebates) on customer accounts (100 )   72     506     441  
Gain on sale of available for sale securities 195     34     608     467  
Impairment of premises and equipment held for sale (171 )       (171 )   (424 )
Gain on sale of loans 25     49     618     207  
Income from bank-owned life insurance 513     476     1,511     1,416  
Swap fee income, net 253     1,879     299     2,415  
Other non-interest income 470     702     1,517     2,007  
Total non-interest income 1,185     3,212     4,888     6,529  
Non-Interest Expense              
Salaries and employee benefits 12,652     14,256     43,689     43,296  
Occupancy 2,132     2,080     6,199     6,301  
Professional fees 766     427     2,421     1,923  
Deposit insurance premiums 823     302     2,411     2,020  
Data processing 528     649     1,470     1,868  
Advertising 527     580     1,982     1,770  
Software and communication 630     900     1,958     2,407  
Depreciation and amortization 516     413     1,306     1,320  
Other non-interest expense 1,301     1,565     4,153     4,858  
Total non-interest expense 19,875     21,172     65,589     65,763  
Net Income Before Taxes 7,278     12,976     8,352     34,481  
Income tax expense (benefit) 924     2,592     (904 )   5,308  
Net Income $ 6,354     $ 10,384     $ 9,256     $ 29,173  
Basic Earnings Per Share(1) $ 0.15     $ 0.22     $ 0.23     $ 0.63  
Diluted Earnings Per Share(1) $ 0.15     $ 0.21     $ 0.22     $ 0.61  
(1) Share data has been adjusted to reflect a 2-for-1 stock split effected in the form of a dividend on December 21, 2018.


TABLE 7. NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures
In addition to disclosing financial measures determined in accordance with GAAP the Company discloses non-GAAP financial measures in this release. The Company believes that the non-GAAP financial measures presented in this release reflect industry conventions, or standard measures within the industry, and provide useful information to the Company's management, investors and other parties interested in the Company's operating performance. These measurements should be considered in addition to, but not as a substitute for, financial information prepared in accordance with GAAP. We have defined below each of the non-GAAP measures we use in this release, but these measures may not be synonymous to similar measurement terms used by other companies.

CrossFirst provides reconciliations of these non-GAAP measures below. The measures used in this release include the following:

  • We calculate "return on average tangible common equity" as net income available to common stockholders divided by average tangible common equity. Average tangible common equity is calculated as average common equity less average goodwill and intangibles and average preferred equity. The most directly comparable GAAP measure is return on average common equity.

  • We calculate ‘‘non-GAAP core operating income’’ as net income adjusted to remove non-recurring or non-core income and expense items related to:

    • Restructuring charges and adjustments associated with the transition of our former CEO - In connection with the departure of our former CEO in the second quarter of 2018, we incurred restructuring charges in the second quarter of 2018 related to the acceleration of certain stock-based compensation and employee costs, some of which were adjusted in the fourth quarter of 2018.

    • Impairment charges associated with two buildings that were held-for-sale - We acquired a new, larger corporate headquarters to accommodate our business needs, which eliminated the need for two smaller support buildings. The two smaller support buildings had been acquired recently and were extensively remodeled, which resulted in a difference between book and market value for those assets. We sold one of the buildings in 2018. The remaining building was sold during the second quarter of 2019.

    • State tax credits as a result of the purchase and improvement of our new corporate headquarters. We acquired a new, larger corporate headquarters to accommodate our business needs. Our purchase and improvement of the new headquarters resulted in state tax credits.

    The most directly comparable GAAP financial measure for non-GAAP core operating income is net income.
  • We calculate "tangible common stockholders' equity" as total stockholders' equity less goodwill and intangibles and preferred equity. The most directly comparable GAAP measure is total stockholders' equity.

  • We calculate ‘‘tangible book value per share’’ as tangible common stockholders' equity (defined above) divided by the total number of shares outstanding. The most directly comparable GAAP measure is book value per share.

  • We calculate "non-GAAP tax-equivalent efficiency ratio" as non-interest expense divided by net interest income plus tax-effected interest income on our tax-free municipal bond portfolio plus non-interest income. The most directly comparable financial measure is the efficiency ratio.
  Quarter Ended   Nine Months Ended
  09/30/2018   12/31/2018   03/31/2019   06/30/2019   09/30/2019   09/30/2018   09/30/2019
  (Dollars in thousands)
Return on average tangible common equity:                        
Net income available to common
  stockholders
$ 5,829     $ 9,809     $ 9,175     $ 9,439     $ 10,384     $ 7,681     $ 28,998  
                           
Average common equity 346,025     430,881     466,506     486,880     543,827     292,589     499,354  
Less: average goodwill and intangibles 7,835     7,810     7,784     7,759     7,733     7,860     7,759  
Average tangible common equity 338,190     423,071     458,722     479,121     536,094     284,729     491,595  
Return on average common equity 6.68 %   9.03 %   7.98 %   7.78 %   7.58 %   3.51 %   7.76 %
Return on average tangible common equity 6.84 %   9.20 %   8.11 %   7.90 %   7.68 %   3.61 %   7.89 %
                                         


  Quarter Ended
  09/30/18   12/31/18   03/31/19   06/30/19   09/30/19
  (Dollars in thousands)
Non-GAAP core operating income:                  
Net Income $ 6,354     $ 10,334     $ 9,350     $ 9,439     $ 10,384  
Add: restructuring charges     (815 )            
Less: tax effect(1)     (210 )            
Restructuring charges, net  of tax     (605 )            
Add: fixed asset impairments 171             424      
Less: tax effect(1) 44             109      
Fixed asset impairments, net of tax 127             315      
Add: state tax credit(2)     (3,129 )   (1,361 )        
Non-GAAP core operating income $ 6,481     $ 6,600     $ 7,989     $ 9,754     $ 10,384  
                   
(1) Represents the tax impact of the adjustments above at a tax rate of 25.73%    
(2) No tax effect    


  Quarter Ended
  09/30/2018   12/31/2018   03/31/2019   06/30/2019   09/30/2019
  (Dollars in thousands except per share data)
Tangible common stockholders' equity:                  
Total Stockholders' equity $ 409,780     $ 490,336     $ 480,514     $ 499,195     $ 602,435  
Less: goodwill and other intangible assets 7,821     7,796     7,770     7,745     7,720  
Less: preferred stock 30,000     30,000              
Tangible common stockholders' equity $ 371,959     $ 452,540     $ 472,744     $ 491,450     $ 594,715  
Tangible book value per share:                  
Tangible common stockholders' equity $ 371,959     $ 452,540     $ 472,744     $ 491,450     $ 594,715  
Shares outstanding at end of period 40,261,480     45,074,322     45,202,370     45,367,641     51,969,203  
Book value per share $ 9.43     $ 10.21     $ 10.63     $ 11.00     $ 11.59  
Tangible book value per share $ 9.24     $ 10.04     $ 10.46     $ 10.83     $ 11.44  
                                       


    Quarter Ended   Nine Months Ended
    09/30/2018   12/31/2018   03/31/2019   06/30/2019   09/30/2019   09/30/2018   09/30/2019
    (Dollars in thousands)
Non-GAAP Tax Equivalent Efficiency
  Ratio
                           
Non-interest expense (Numerator)   $ 19,875     $ 20,166     $ 22,631     $ 21,960     $ 21,172     $ 65,589     $ 65,763  
                             
Net interest income   28,968     32,315     33,605     34,874     35,786     78,053     104,265  
Tax equivalent interest income   753     658     616     612     624     2,440     1,852  
Net interest income - tax equivalent   29,721     32,973     34,221     35,486     36,410     80,493     106,117  
Non-interest income   1,185     1,195     1,645     1,672     3,212     4,888     6,529  
Total tax-equivalent income (Denominator)   $ 30,906     $ 34,168     $ 35,866     $ 37,158     $ 39,622     $ 85,381     $ 112,646  
Efficiency Ratio   65.91 %   60.18 %   64.20 %   60.09 %   54.29 %   79.08 %   59.36 %
Non-GAAP Tax Equivalent Efficiency
  Ratio
  64.31 %   59.02 %   63.10 %   59.10 %   53.43 %   76.82 %   58.38 %
                                           

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