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CROSSFIRST CrossFirst Bankshares , Inc. Reports Second Quarter 2021 Results July 22 , 2021 Second Quarter 2021 Key Financial Performance Metrics Diluted EPS BANKSHARES , INC . Net Income $ 15.6 million $ 0.30 LEAWOOD , Kan . , July 22 , 2021 ( GLOBE NEWSWIRE ) -- CrossFirst Bankshares , Inc. ( Nasdaq : CFB ) , the bank holding company for CrossFirst Bank , today reported its results for the second quarter of 2021 , with net income of $ 15.6 million , or $ 0.30 per diluted share , and year - to - date net income of $ 27.6 million , or $ 0.53 per diluted share . CEO Commentary : " During the second quarter , we achieved the strongest profitability in the Company's history and I am extremely proud of our team for executing on several key strategic initiatives that provides a foundation for future growth and success , " said CrossFirst's CEO and President , Mike Maddox . " The Company took several steps to improve the efficiency of the balance sheet and reduce excess liquidity , which resulted in stronger performance metrics , improved margin , and stronger core earnings power . We grew our operating revenue 6 % from the previous quarter and our asset quality metrics improved with the strengthening of the loan portfolio and economic recovery . We made great progress on our expansion efforts in Arizona and Frisco , which we believe will create long term value for the organization . " 2021 Second Quarter Highlights : ( Dollars in millions except per share data ) PTPP $ 22.3 million Net interest margin Net interest margin , fully tax - equivalent ( 3 ) Operating revenue ( 1 ) Net income ( loss ) Diluted earnings ( loss ) per share Return on average assets Return on average common equity Non - GAAP core return on average tangible common equity ( 2 ) Net Interest Margin ( FTE ) 3.12 % • $ 5.3 billion of assets with 10 % operating revenue growth compared to the second quarter of 2020 • Return on Average Assets of 1.10 % and a Return on Equity of 9.86 % • Efficiency ratio of 53.61 % for the second quarter of 2021 and a non - GAAP core efficiency ratio of 53.34 % after adjusting for nonrecurring or non - core items and tax equivalent interest • Net Interest Margin ( Fully Tax - Equivalent ) of 3.12 % compared to 3.00 % in the previous quarter • Demand deposit growth of 3 % from the previous quarter and 9 % from same quarter last year ; increased to 19 % of total deposits • Completed the $ 20 million share repurchase program at a weighted average price of $ 12.68 • Book value per share of $ 12.50 at June 30 , 2021 compared to $ 11.66 at June 30 , 2020 Efficiency ratio Non - GAAP core operating efficiency ratio , tax - equivalent ( 2 ) ( 3 ) ( 1 ) Net income plus non - interest income . $ $ $ Quarter - to - Date June 30 , 2020 Efficiency Ratio 43.8 $ ( 7.4 ) $ ( 0.14 ) $ ( 0.54 ) % ( 4.84 ) % 0.03 % 3.14 % 3.19 % 70.81 % 53.09 % 2021 48.2 15.6 0.30 1.10 % 9.86 % 53.61 % 9.02 % 3.07 % 3.12 % 53.61 % 53.34 % $ $ $ Book Value per Common Share $ 12.50 2020 Year - to - Date June 30 , 84.1 $ $ ( 3.5 ) ( 0.07 ) $ ( 0.14 ) % ( 1.15 ) % 1.30 % 3.16 % 3.22 % 63.29 % 53.61 % 2021 93.4 27.6 0.53 0.97 % 8.84 % 8.42 % 3.01 % 3.06 % 52.06 % 51.51 % ( 2 ) Represents a non - GAAP measure . See " Table 5. Non - GAAP Financial Measures " for a reconciliation of these measures . ( 3 ) Tax exempt income is calculated on a tax - equivalent basis . Tax - free municipal securities are exempt from federal income taxes . The incremental federal income tax rate used is 21.0 % . COVID - 19 and Coronavirus Aid , Relief , and Economic Security Act ( CARES Act ) Programs Update During the second quarter of 2021 , the Company operated with open lobbies to the public , and it opened offices for employees , but remains flexible to respond to possible changes to federal , state and local requirements in the event of the COVID - 19 pandemic's resurgence . As of June 30 , 2021 , the Company retained $ 197 million in loans produced through the Paycheck Protection Program ( " PPP " ) , and the Company will continue to work through the forgiveness process for those loans with the Small Business Administration ( " SBA " ) . In addition to PPP loans , we granted loan modifications and payment deferrals for many customers who requested additional relief . As of June 30 , 2021 , the Company still had several modified loans related to COVID - 19 , mostly in industries such as hospitality , entertainment , travel or other recreational activities directly impacted from the lockdowns .