View:
Download DOC
Download PDF
Download XLS
Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

July 23, 2020
Date of Report (date of earliest event reported)
CROSSFIRST BANKSHARES, INC.
(Exact name of registrant as specified in its charter)
Kansas
001-39028
26-3212879
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
11440 Tomahawk Creek Parkway
Leawood
Kansas
(Address of Principal Executive Offices)
66211
(Zip Code)

(913) 312-6822
Registrant's telephone number, including area code

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCFBThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐


Item 2.02. Results of Operations and Financial Condition.
On July 23, 2020, CrossFirst Bankshares, Inc. (the "Company") issued a press release regarding its financial results for its second fiscal quarter ended June 30, 2020. A copy of the press release is attached hereto as Exhibit 99.1 and its investor presentation is furnished as Exhibit 99.2.

The information in Item 2.02 of this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the 'Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01.    Financial Statements and Exhibits.

(d)Exhibits
99.1  
99.2  

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:July 23, 2020CROSSFIRST BANKSHARES, INC.
    
   By: /s/ David L. O'Toole
     David L. O'Toole
Chief Financial Officer


Document
Exhibit 99.1
https://cdn.kscope.io/aabf52cd62573342b10f2a6b8eef1ac3-cfblogoleftjustifieda0.jpg
FOR IMMEDIATE RELEASE
 CROSSFIRST BANKSHARES, INC. CONTACT:
July 23, 2020
     Matt Needham, Investor Relations/Media Contact
(913) 312-6822
https://investors.crossfirstbankshares.com

CrossFirst Bankshares, Inc. Reports Second Quarter 2020 Results
LEAWOOD, Kan., July 23, 2020 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for CrossFirst Bank, today reported its results for the second quarter of 2020, including a net loss of $7.4 million, or $(0.14) per diluted share and year-to-date 2020 net loss of $3.5 million or $(0.07) per diluted share.
"Our overall core operating performance remained strong. We achieved our 25th consecutive quarter of operating revenue growth. However, we also made a prudent decision to increase our allowance for loan loss by $21 million as a result of the COVID-19 pandemic and volatility in energy prices. We remain focused on working with our customers and helping to provide solutions as the virus continues to take its toll on our local economies," said CrossFirst’s CEO and President Mike Maddox.
In addition, the Company's market value, compared to book value, and adverse trends in economic conditions, caused the Company to record a $7.4 million non-cash impairment charge, fully impairing the goodwill related to a previously acquired branch. Maddox continued, "Overall, this is a one-time impairment charge that has no impact on the long term value of our Company. Even with the challenging economy, our Company results reflect quarter over quarter balance sheet and operating revenue growth, increased efficiency, and stronger year-to-date pre-tax, pre-provision profit despite taking a goodwill impairment charge."
Second Quarter 2020 Highlights:
•$5.5 billion of assets with 20% operating revenue growth compared to the second quarter of 2019
•Pre-tax, pre-provision profit, a non-GAAP financial measure, for the second quarter of $12.8 million and year-to-date pre-tax, pre-provision profit of $30.9 million, both of which include a one-time $7.4 million goodwill impairment expense for 2020
•Achieved an efficiency ratio of 71% for the second quarter of 2020 and a non-GAAP core efficiency ratio of 53% after adjusting for nonrecurring or non-core items
•Grew loans by $418 million from the previous quarter and $953 million or 27% over the last twelve months; recorded $369 million of PPP loans during the second quarter
•Grew deposits by $331 million from the previous quarter and $720 million or 20% over the last twelve months
•Book value per share of $11.66 at June 30, 2020 compared to $11.00 at June 30, 2019
Quarter-to-DateYear-to-Date
June 30,June 30,
2019202020192020
(Dollars in millions except per share data)
Operating revenue(1)
$36.5  $43.8  $71.8  $84.1  
Net income (loss)$9.4  $(7.4) $18.8  $(3.5) 
Diluted earnings (loss) per share$0.20  $(0.14) $0.40  $(0.07) 
Return on average assets0.86 %(0.54)%0.88 %(0.14)%
Non-GAAP core operating return on average assets(2)
0.89 %0.00 %0.83 %0.15 %
Return on average common equity7.78 %(4.84)%7.87 %(1.15)%
Non-GAAP return on average tangible common equity(2)
7.90 %(4.90)%8.00 %(1.16)%
Net interest margin3.30 %3.14 %3.34 %3.16 %
Net interest margin, fully tax-equivalent(3)
3.35 %3.19 %3.40 %3.22 %
Efficiency ratio60.09 %70.81 %62.11 %63.29 %
Non-GAAP core operating efficiency ratio, fully tax-equivalent(2)(3)
58.43 %53.09 %60.71 %53.61 %
(1) Net interest income plus non-interest income.
(2) Represents a non-GAAP measure. See "Table 5. Non-GAAP Financial Measures" for a reconciliation of this measure.
(3) 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%.

1
CROSSFIRST BANKSHARES, INC.
COVID-19 Update

The COVID-19 pandemic and measures taken in response thereto have created economic uncertainty and negatively impacted most of our customers in some capacity. During the second quarter of 2020, we continued to operate in accordance with our comprehensive pandemic plan, which includes social distancing measures for customers and employee interactions. In addition, the Company has continued to support key regulatory relief programs for customers, increased provisions for loan losses, increased monitoring of key loan portfolio segments, modified loans, experienced slower discretionary spending, and elevated its risk management activities. Our branch-lite strategy, technology, and relationship banking model, have allowed us to effectively operate through the pandemic, work remotely to be safe, and have the agility to effectively serve our customers when they need it most. The Company continues to assess and monitor the COVID-19 pandemic and federal and local requirements in evaluating the full re-opening of its offices and remains flexible regarding process and timeline.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Programs
As a preferred lender with the Small Business Administration ("SBA"), we were in a unique position to respond immediately to the provisions of the CARES Act, specifically the Paycheck Protection Program ("PPP") component. We are committed to helping our local businesses and the communities that we serve during these extremely challenging times and will continue to help customers access regulatory relief and other programs. As of June 30, 2020, we received and funded over 1,000 loans, totaling $369 million. The Company secured short term funding to support the PPP and plans to move the loans through the forgiveness process as quickly as possible. In addition to the PPP, we are granting loan modifications and 90/180 day payment deferrals for many customers who have requested additional relief. As of June 30, 2020, the Company has made modifications to $709 million in loans related to COVID-19 on its balance sheet, which, excluding the PPP loans, represents almost 16% of our total loan balances. We are evaluating each modification on a case-by-case basis and assessing the borrowers' willingness and capacity to support the loan until maturity. The Company will continue to implement additional governmental assistance programs as more details become available around the processes and procedures for such programs and grant loan modifications when appropriate.
Income from Operations
Net Interest Income
The Company produced interest income of $51.3 million for the second quarter of 2020, a decrease of 5% from the second quarter of 2019 and a decrease of 5% from the previous quarter. Interest income was down from the second quarter of 2019 primarily from the effect of declining interest rates. Average earning assets totaled $5.3 billion for the second quarter of 2020, an increase of $1 billion or 24% from the same quarter in 2019. The tax-equivalent yield on earning assets declined from 5.18% to 3.96% during the second quarter of 2020, compared to the second quarter of 2019, primarily due to the movement of variable rate assets indexed to declining market rates. Year-to-date the Company produced interest income of $105.5 million, with little change from the same period in the prior year.
Interest expense for the second quarter of 2020 was $10.1 million, or 48% lower than the second quarter of 2019 and 37% lower than the previous quarter. While average interest-bearing deposits increased to $3.5 billion in the second quarter of 2020, an increase of 18% from the same quarter in 2019, overall interest expense on interest-bearing deposits declined as a result of declining interest rates. Non-deposit funding costs decreased to 1.35% from 1.72% in the first quarter of 2020 while overall cost of funds for the quarter was 0.85%, compared to 1.49% for the first quarter of 2020. Year-to-date, the Company had interest expense of $26.1 million, a decrease of 30% from the same period in the prior year.

Tax-equivalent net interest margin decreased from 3.24% to 3.19% in the the current quarter and declined from 3.35% in the same quarter in 2019, reflecting the impact of the declining rate environment. Year-to-date, the Company had a tax equivalent margin of 3.22% compared to 3.40% over the same period in the prior year. As of June 30, 2020, CrossFirst is currently holding $369 million of PPP loans made during 2020 with an average interest rate of 2.35%. Second quarter 2020 net interest margin benefited from $2 million of loan fees that the Company will continue to recognize as the loans are forgiven. Over the course of the last several quarters, the Company has continued to shorten the duration of funding and adjusted variable rate accounts with market movements in interest rates, keeping pace with declining variable loan yields. The tax-equivalent adjustment, which accounts for income taxes saved on the interest earned on nontaxable securities and loans, was $0.7 million for the second quarter of 2020. Net interest income totaled $41.2 million for the second quarter of 2020 or 8% higher than the first quarter of 2020, and 18% higher than the second quarter of 2019.

Non-Interest Income
Non-interest income increased $1.0 million in the second quarter of 2020 or 58% compared to the same quarter of 2019 and increased 26% compared to the first quarter of 2020. While the Company continued to increase fee and credit card income commensurate with its growth, during the second quarter of 2020 the Company recorded $0.3 million of securities gains while the back-to-back swap fee income continued to remain low in the current interest rate environment. Year-to-date non-interest income increased 43% compared to the same period in the prior year.

2
CROSSFIRST BANKSHARES, INC.
Non-Interest Expense
Non-interest expense for the second quarter of 2020 was $31.0 million which increased 41% compared to the second quarter of 2019 and increased 40% from the first quarter of 2020. The Company recorded a $7.4 million expense related to a non-cash goodwill impairment charge in the second quarter of 2020 primarily as a result of current economic and industry conditions at June 30, 2020. In addition, during the second quarter of 2020, the Company incurred a $1.1 million valuation write down on a foreclosed property held on the balance sheet that increased non-interest expense. During the quarter, salary and employment expenses decreased from the previous quarter as a result of adjustments made to our annual incentive plan expense based on the results of our quarterly assessment of performance. Year-to-date non-interest expense increased 19% compared to the same period in the prior year as a result of these adjustments.

CrossFirst’s effective tax rate for the second quarter of 2020 was 10% as compared to 20% for the second quarter of 2019. The 2020 quarter-to-date income tax rate was impacted by a $20 million decrease in income before income taxes that reduced taxes at the statutory rate by $4 million; offset by $1 million for the non-deductible goodwill impairment. For both of the comparable periods, the Company continued to benefit from the tax-exempt municipal bond portfolio and bank-owned life insurance.

Balance Sheet Performance & Analysis
During the second quarter of 2020, total assets increased by $395 million or 8% compared to March 31, 2020 primarily as a result of the loans and funding required to support the PPP. Though total asset growth for CrossFirst was $989 million or 22% since June 30, 2019, the Company has tightened its credit underwriting process, which slowed loan growth for conventional lending for the most recent quarter. During the second quarter of 2020, total available for sale investment securities decreased $35 million to $700 million compared to March 31, 2020, while the overall average for the second quarter was $729 million. During the second quarter of 2020, tax-exempt municipal securities on average decreased $13 million and mortgage-backed securities decreased $21 million compared to March 31, 2020. The Company has continued to maintain a larger bond portfolio as part of management's strategy to manage liquidity and optimize income; however, as prepayments have continued to occur and rates have declined, CrossFirst has slowed its purchasing of new securities. The securities yields declined 14 basis points at a tax equivalent yield of 3.07% for the second quarter of 2020 compared to the prior quarter as a result of lower reinvestment yields and prepayments on mortgage backed securities increasing premium amortizations.
Loan Growth Results
The Company's period end loan growth of 10% during the second quarter of 2020 was primarily attributed to the $369 million of loans from the PPP, and grew 27% year over year from June 30, 2019. Loan yields declined 70 basis points during the second quarter commensurate with the effects from adjustable rate loan movements in LIBOR and Prime during 2020 and lower loan yields from the PPP.
(Dollars in millions)2Q193Q194Q191Q202Q20% of
Total		QoQ
Growth
($)
QoQ
Growth
(%)(1)
YoY
Growth
($)
YoY
Growth
(%)(1)
Average loans (gross)
Commercial and industrial1,224  1,284  1,315  1,339  1,381  31 %$42  3 %$157  13 %
Energy383  389  400  412  404  9  (8) (2) 21  6  
Commercial real estate946  974  1,007  1,034  1,115  26  81  8  169  18  
Construction and land development457  487  599  620  651  15  31  5  194  43  
Residential real estate342  362  384  455  517  12  62  13  175  51  
Paycheck Protection Program—  —  —  —  245  6  245  
NA
245  
NA
Consumer46  45  45  45  44  1  (1) —  (2) (3) 
Total$3,398  $3,541  $3,750  $3,905  $4,357  100 %$452  12 %$959  28 %
Yield on loans for the period ending5.66 %5.53 %5.21 %4.98 %4.28 %
(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 & Other Borrowings
The Company continues to maintain a traditional deposit mix, with the goal of keeping pace with growth in the loan portfolio. Deposit growth continued to be funded primarily with money market accounts during the second quarter of 2020, which have historically adjusted with movements in Federal Funds rates. In addition, the Company saw growth in its non-interest bearing accounts as a result of PPP funding deposited into customer operating accounts. Notably, the Company's cost of interest bearing deposits declined 74 basis points reflective of changes made to deposit pricing in the prior quarter from declines in market rates.
3
CROSSFIRST BANKSHARES, INC.
(Dollars in millions)2Q193Q194Q191Q202Q20% of
Total		QoQ
Growth
($)
QoQ
Growth
(%)(1)
YoY Growth
($)
YoY
Growth
(%)(1)
Average deposits
Non-interest bearing deposits$513  $535  $522  $540  $746  17 %$206  38 %$233  45 %
Transaction deposits144  135  200  341  414  10 %73  21 %270  188 %
Savings and money market deposits1,560  1,744  1,854  1,887  1,933  45 %46  2 %373  24 %
Time deposits1,305  1,277  1,226  1,166  1,195  28 %29  2 %(110) (8)%
Total$3,522  $3,691  $3,802  $3,934  $4,288  100 %$354  9 %$766  22 %
Cost of deposits for the period ending1.99 %1.94 %1.70 %1.46 %0.79 %
Cost of interest-bearing deposits for
the period ending		2.33 %2.26 %1.97 %1.69 %0.95 %
(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.

At June 30, 2020, other borrowings totaled $501.4 million, as compared to $374.6 million at December 31, 2019 and $365.1 million as of June 30, 2019. The increase in borrowings was principally due to additional Federal Home Loan Bank advances with new advances having an average maturity of 6 months and an average rate of 0.48% in order to take advantage of lower cost funding.

4
CROSSFIRST BANKSHARES, INC.

Asset Quality Position
Overall credit quality metrics were elevated as the Company added $21.0 million to the allowance for loan loss as a result of adverse movement of risk classifications due to the continued economic uncertainty resulting from the COVID-19 pandemic and volatility in energy prices. While the Company believes the reserve is reflective of the risk in the portfolio, in many cases the borrowers or specific impairments related to COVID-19 may have not yet been identified. The majority of loans that migrated to classified status during the quarter were related to the energy portfolio with some additional provisioning required for downgrades in the commercial and industrial portfolio.

Net charge-offs were $1.3 million for the second quarter of 2020 as compared to net charge-offs of $19.4 million for the first quarter in 2020. Nonperforming assets to total assets quarter over quarter increased to 0.74% primarily as a result of several energy loans that moved to non-accrual. The following table provides information regarding asset quality.
Asset quality (Dollars in millions)
2Q193Q194Q191Q202Q20
Non-accrual loans$50.0  $43.6  $39.7  $26.3  $37.5  
Other real estate owned2.5  2.5  3.6  3.6  2.5  
Non-performing assets52.8  46.7  47.9  29.9  40.3  
Loans 90+ days past due and still accruing0.2  0.6  4.6  —  0.2  
Loans 30 - 89 days past due23.6  64.7  6.8  19.5  34.9  
Net charge-offs (recoveries)—  4.7  5.5  19.4  1.3  
Asset quality metrics (%)
2Q193Q194Q191Q202Q20
Non-performing assets to total assets1.18 %1.00 %0.97 %0.59 %0.74 %
Allowance for loan loss to total loans1.24  1.18  1.48  1.29  1.61  
Allowance for loan loss to non-performing loans85  97  129  196  189  
Net charge-offs (recoveries) to average loans(1)
—  0.53  0.58  2.00  0.12  
Provision to average loans(1)
0.34  0.54  2.05  1.44  1.94  
Classified Loans / (Total Capital + ALLL)16.3  13.2  13.2  15.8  34.9  
(1) Interim periods annualized.

Depending upon the future impact of the COVID-19 pandemic, we may need to make additional increases to our provision in future periods. The future impact of the pandemic is highly uncertain and cannot be fully predicted. The extent of the impact on our customers and, in turn, on our business and operations, will depend on future developments, including actions taken to contain the pandemic. To the extent the pandemic continues to cause a recession or decreased economic activity for an extended time period, we expect our business and operations will be negatively impacted. Customers may continue to seek additional loan modifications or restructuring, or we may experience additional adverse movement in risk classifications, any of which could potentially result in the need to adjust the total allowances for loan losses.

Capital Position
At June 30, 2020, common equity totaled $608 million, or $11.66 per share, compared to $602 million, or $11.58 per share, at December 31, 2019. Tangible common equity was $608 million and tangible book value per share was $11.65 at June 30, 2020 compared to tangible common equity of $594 million and tangible book value per common share of $11.43 at December 31, 2019.
The ratio of common equity Tier 1 capital to risk-weighted assets was approximately 12% and the total capital to risk-weighted assets was approximately 13% at June 30, 2020. The Company continues to remain well capitalized and as previously disclosed, the Company opened a second smaller full-service branch in the Dallas MSA on July 13th.
Leadership Succession of Chief Executive Officer
George F. Jones, Jr. transitioned his role as President & Chief Executive Officer, effective June 1, 2020, to Mike Maddox, the President and Chief Executive Officer of the Bank. Mr. Jones will continue to serve on the Company’s Board of Directors through 2021 and will serve as Vice Chairman. Mr. Jones will also continue to support the Company in growing and expanding our Dallas market. Additional information on Mr. Maddox's background can be found in our public filings.

Conference Call and Webcast
CrossFirst will hold a conference call and webcast to discuss second quarter 2020 results on Thursday, July 23, 2020 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. 4679884. Participants are encouraged to dial into the call or access the webcast approximately 10 minutes prior to the start time.
5
https://cdn.kscope.io/aabf52cd62573342b10f2a6b8eef1ac3-cfblogoleftjustifieda0.jpg
A replay of the webcast will be available on the Company's website. A replay of the conference call will be available two hours following the close of the call until July 30, 2020, accessible at (855) 859-2056 with conference ID no. 4679884.

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 Quarterly Report on 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 as well as the uncertain impact of the COVID-19 pandemic. 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 eight full-service banking offices primarily along the I-35 corridor in Kansas, Missouri, Oklahoma and Texas.

Unaudited Financial Tables


◦Table 1. Consolidated Balance Sheets
◦Table 2. Consolidated Statements of Income
◦Table 3. 2019-2020 Year-to-Date Analysis of Changes in Net Interest Income
◦Table 4. 2019 - 2020 Quarterly Analysis of Changes in Net Interest Income
◦Table 5. Non-GAAP Financial Measures

6
CROSSFIRST BANKSHARES, INC.
TABLE 1. CONSOLIDATED BALANCE SHEETS

December 31, 2019June 30, 2020
(unaudited)
(Dollars in thousands)
Assets
Cash and cash equivalents$187,320  $194,371  
Available-for-sale securities - taxable298,208  256,121  
Available-for-sale securities - tax-exempt443,426  443,962  
 Loans, net of allowance for loan losses of $56,896 and $71,185 at December 31, 2019 and June 30, 2020, respectively
3,795,348  4,342,039  
Premises and equipment, net70,210  68,889  
Restricted equity securities17,278  20,675  
Interest receivable15,716  19,399  
Foreclosed assets held for sale3,619  2,502  
Deferred tax asset13,782  14,841  
Goodwill and other intangible assets, net7,694  247  
Bank-owned life insurance65,689  66,598  
Other12,943  32,610  
Total assets$4,931,233  $5,462,254  
Liabilities and stockholders’ equity
Deposits
Noninterest bearing$521,826  $750,333  
Savings, NOW and money market2,162,187  2,393,269  
Time1,239,746  1,160,541  
Total deposits3,923,759  4,304,143  
Federal funds purchased and repurchase agreements14,921  49,881  
Federal Home Loan Bank advances358,743  450,617  
Other borrowings921  942  
Interest payable and other liabilities31,245  48,579  
Total liabilities4,329,589  4,854,162  
Stockholders’ equity
Common stock, $0.01 par value:
authorized - 200,000,000 shares, issued - 51,969,203 and 52,167,573 shares at December 31, 2019 and June 30, 2020, respectively
520  521  
Additional paid-in capital519,870  521,133  
Retained earnings64,803  61,344  
Accumulated other comprehensive income16,451  25,094  
Total stockholders’ equity601,644  608,092  
Total liabilities and stockholders’ equity$4,931,233  $5,462,254  
7
CROSSFIRST BANKSHARES, INC.
 TABLE 2. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months EndedSix Months Ended
June 30,June 30,
2019202020192020
(Dollars in thousands except per share data)
Interest Income
Loans, including fees$47,989  $46,323  $92,992  $94,662  
Available for sale securities
Available for sale securities - Taxable2,335  1,358  4,655  3,132  
Available for sale securities - Tax-exempt2,916  3,260  5,851  6,572  
Deposits with financial institutions676  45  1,482  536  
Dividends on bank stocks276  268  529  560  
Total interest income54,192  51,254  105,509  105,462  
Interest Expense
Deposits17,497  8,405  33,418  22,677  
Fed funds purchased and repurchase agreements133  46  427  108  
Advances from Federal Home Loan Bank1,651  1,620  3,110  3,231  
Other borrowings37  26  75  61  
Total interest expense19,318  10,097  37,030  26,077  
Net Interest Income34,874  41,157  68,479  79,385  
Provision for Loan Losses2,850  21,000  5,700  34,950  
Net Interest Income after Provision for Loan Losses32,024  20,157  62,779  44,435  
Non-Interest Income
Service charges and fees on customer accounts211  647  369  1,155  
Gain on sale of available for sale securities406  320  433  713  
Impairment of premises and equipment held for sale(424) —  (424) —  
Gain on sale of loans79  —  158  —  
Income from bank-owned life insurance473  453  940  909  
Swap fee income (loss), net159  (32) 536  (41) 
ATM and credit card interchange income459  896  836  1,381  
Other non-interest income309  350  469  612  
Total non-interest income1,672  2,634  3,317  4,729  
Non-Interest Expense
Salaries and employee benefits14,450  14,004  29,040  28,394  
Occupancy2,062  2,045  4,221  4,130  
Professional fees714  1,295  1,496  1,966  
Deposit insurance premiums881  1,039  1,718  2,055  
Data processing625  721  1,219  1,413  
Advertising477  223  1,190  723  
Software and communication828  937  1,507  1,813  
Foreclosed assets, net19  1,135  25  1,154  
Goodwill impairment—  7,397  —  7,397  
Other non-interest expense1,904  2,214  4,175  4,188  
Total non-interest expense21,960  31,010  44,591  53,233  
Net Income (Loss) Before Taxes11,736  (8,219) 21,505  (4,069) 
Income tax expense (benefit)2,297  (863) 2,716  (570) 
Net Income (Loss)9,439  (7,356) $18,789  $(3,499) 
Basic Earnings (Loss) Per Share$0.21  $(0.14) $0.41  $(0.07) 
Diluted (Loss) Earnings Share$0.20  $(0.14) $0.40  $(0.07) 
8
CROSSFIRST BANKSHARES, INC.
TABLE 3. YEAR-TO-DATE ANALYSIS OF CHANGES IN NET INTEREST INCOME
(UNAUDITED)
Six Months Ended
June 30,
20192020
Average BalanceInterest Income / Expense
Average Yield / Rate(3)
Average BalanceInterest Income / Expense
Average Yield / Rate(3)
(Dollars in thousands)
Interest-earning assets:
Securities - taxable$333,879  $5,184  3.13 %$299,456  $3,692  2.48 %
Securities - tax-exempt(1)
371,538  7,080  3.84  444,948  7,952  3.59  
Federal funds sold19,934  256  2.59  2,057  18  1.74  
Interest-bearing deposits in other banks116,171  1,226  2.13  172,294  518  0.60  
Gross loans, net of unearned income(2)
3,287,935  92,992  5.70  4,132,279  94,662  4.61  
Total interest-earning assets(1)
4,129,457  $106,738  5.21 %5,051,034  $106,842  4.25 %
Allowance for loan losses(40,314) (59,267) 
Other non-interest-earning assets196,625  218,043  
Total assets$4,285,768  $5,209,810  
Interest-bearing liabilities
Transaction deposits$124,125  $753  1.22 %$377,883  $1,131  0.60 %
Savings and money market deposits1,551,996  17,773  2.31  1,909,881  9,388  0.99  
Time deposits1,235,317  14,892  2.43  1,180,704  12,158  2.07  
Total interest-bearing deposits2,911,438  33,418  2.31  3,468,468  22,677  1.31  
FHLB and short-term borrowings377,338  3,537  1.89  444,141  3,342  1.51  
Trust preferred securities, net of fair value
adjustments		890  75  17.10  928  58  12.64  
Non-interest-bearing deposits495,377  —  —  643,659  —  —  
Cost of funds3,785,043  $37,030  1.97 %4,557,196  $26,077  1.15 %
Other liabilities19,169  40,406  
Stockholders’ equity481,556  612,208  
Total liabilities and stockholders' equity$4,285,768  $5,209,810  
Net interest income(1)
$69,708  $80,765  
Net interest spread(1)
3.24 %3.10 %
Net interest margin(1)
3.40 %3.22 %
(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.


9
CROSSFIRST BANKSHARES, INC.
YEAR-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)
Six Months Ended
June 30, 2020 over 2019
Average VolumeYield/Rate
Net Change(2)
(Dollars in thousands)
Interest Income
Securities - taxable$(495) $(997) $(1,492) 
Securities - tax-exempt(1)
1,351  (479) 872  
Federal funds sold(174) (64) (238) 
Interest-bearing deposits in other banks426  (1,134) (708) 
Gross loans, net of unearned income21,387  (19,717) 1,670  
Total interest income(1)
22,495  (22,391) 104  
Interest Expense
Transaction deposits916  (538) 378  
Savings and money market deposits3,447  (11,832) (8,385) 
Time deposits(628) (2,106) (2,734) 
Total interest-bearing deposits3,735  (14,476) (10,741) 
FHLB and short-term borrowings576  (771) (195) 
Trust preferred securities, net of fair value adjustments3  (20) (17) 
Total interest expense4,314  (15,267) (10,953) 
Net interest income(1)
$18,181  $(7,124) $11,057  
(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.

10
CROSSFIRST BANKSHARES, INC.
TABLE 4. 2019 - 2020 QUARTERLY ANALYSIS OF CHANGES IN NET INTEREST INCOME (UNAUDITED)
Three Months Ended
June 30,
20192020
Average BalanceInterest Income / Expense
Average Yield / Rate(3)
Average BalanceInterest Income / Expense
Average Yield / Rate(3)
(Dollars in thousands)
Interest-earning assets:
Securities - taxable$345,005  $2,611  3.04 %$290,342  $1,626  2.25 %
Securities - tax-exempt(1)
374,750  3,529  3.78  438,525  3,945  3.62  
Federal funds sold15,165  96  2.55  —  —  —  
Interest-bearing deposits in other banks110,460  580  2.10  186,388  45  0.10  
Gross loans, net of unearned income(2) (3)
3,398,297  47,989  5.66  4,357,055  46,323  4.28  
Total interest-earning assets(1)
4,243,677  $54,805  5.18 %5,272,310  $51,939  3.96 %
Allowance for loan losses(41,277) (60,889) 
Other non-interest-earning assets199,602  230,092  
Total assets$4,402,002  $5,441,513  
Interest-bearing liabilities
Transaction deposits$144,020  $477  1.33 %$413,870  $266  0.26 %
Savings and money market deposits1,559,979  8,955  2.30  1,932,723  2,653  0.55  
Time deposits1,305,244  8,065  2.48  1,195,445  5,486  1.85  
Total interest-bearing deposits3,009,243  17,497  2.33  3,542,038  8,405  0.95  
FHLB and short-term borrowings371,624  1,784  1.93  496,556  1,668  1.35  
Trust preferred securities, net of fair value
adjustments		895  37  16.79  933  24  10.61  
Non-interest-bearing deposits513,320  —  —  745,864  —  —  
Cost of funds3,895,082  $19,318  1.99 %4,785,391  $10,097  0.85 %
Other liabilities20,040  44,656  
Total stockholders' equity486,880  611,466  
Total liabilities and stockholders' equity$4,402,002  $5,441,513  
Net interest income(1)
$35,487  $41,842  
Net interest spread(1)
3.19 %3.11 %
Net interest margin(1)
3.35 %3.19 %
(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 non-accrual 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.

11
CROSSFIRST BANKSHARES, INC.
QUARTER-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)
Three Months Ended
June 30, 2020 over 2019
Average VolumeYield/Rate
Net Change(2)
(Dollars in thousands)
Interest Income
Securities - taxable$(373) $(612) $(985) 
Securities - tax-exempt(1)
572  (156) 416  
Federal funds sold(48) (48) (96) 
Interest-bearing deposits in other banks236  (771) (535) 
Gross loans, net of unearned income11,615  (13,281) (1,666) 
Total interest income(1)
12,002  (14,868) (2,866) 
Interest Expense
Transaction deposits389  (600) (211) 
Savings and money market deposits1,738  (8,040) (6,302) 
Time deposits(641) (1,938) (2,579) 
Total interest-bearing deposits1,486  (10,578) (9,092) 
FHLB and short-term borrowings505  (621) (116) 
Trust preferred securities, net of fair value adjustments1  (14) (13) 
Total interest expense1,992  (11,213) (9,221) 
Net interest income(1)
$10,010  $(3,655) $6,355  
(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.

12
CROSSFIRST BANKSHARES, INC.
TABLE 5. 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 (loss) 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 (loss)’’ as net income (loss) adjusted to remove non-recurring or non-core income and expense items related to:

▪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.

▪Goodwill impairment - We performed an interim review of goodwill as of June 30, 2020. The book value of goodwill exceeded its fair market value and resulted in a $7.4 million impairment.

The most directly comparable GAAP financial measure for non-GAAP core operating income (loss) is net income (loss).
•We calculate "Non-GAAP core operating return on average assets" as non-GAAP core operating income (loss) (as defined above) divided by average assets. The most directly comparable GAAP financial measure is return on average assets, which is calculated as net income (loss) divided by average assets.
•We calculate ‘‘non-GAAP core operating return on average common equity’’ as non-GAAP core operating income (as defined above) less preferred dividends divided by average common equity. The most directly comparable GAAP financial measure is return on average common equity, which is calculated as net income less preferred dividends divided by average common equity.
•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 (as 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 core operating efficiency ratio - fully tax equivalent" as non-interest expense adjusted to remove non-recurring non-interest expenses as defined above under non-GAAP core operating income (loss) divided by net interest income on a fully tax-equivalent basis plus non-interest income adjusted to remove non-recurring non-interest income as defined above under non-GAAP core operating income. The most directly comparable financial measure is the efficiency ratio.
•We calculate "non-GAAP pre-tax pre-provision profit" as net income (loss) before taxes plus the provision for loan losses.
13
CROSSFIRST BANKSHARES, INC.
Quarter EndedSix Months Ended
06/30/201909/30/201912/31/201903/31/202006/30/202006/30/201906/30/2020
(Dollars in thousands)
Non-GAAP Return on average tangible common equity:
Net income (loss) available to common stockholders
$9,439  $10,384  $(700) $3,857  $(7,356) $18,614  $(3,499) 
Average common equity486,880  543,827  605,960  612,959  611,466  476,749  612,208  
Less: average goodwill and intangibles7,759  7,733  7,708  7,683  7,576  7,772  7,629  
Average tangible common equity479,121  536,094  598,252  605,276  603,890  468,977  604,579  
Return on average common equity7.78 %7.58 %(0.46)%2.53 %(4.84)%7.87 %(1.15)%
Non-GAAP Return on average tangible common equity7.90 %7.68 %(0.46)%2.56 %(4.90)%8.00 %(1.16)%

Quarter EndedSix Months Ended
06/30/201909/30/201912/31/201903/31/202006/30/202006/30/201906/30/2020
(Dollars in thousands)
Non-GAAP core operating income (loss):
Net income (loss)$9,439  $10,384  $(700) $3,857  $(7,356) $18,789  $(3,499) 
Add: fixed asset impairments424  —  —  —  —  424  —  
Less: tax effect(1)
109  —  —  —  —  109  —  
Fixed asset impairments, net of tax315  —  —  —  —  315  —  
Add: Goodwill impairment(2)
—  —  —  —  7,397  —  7,397  
Add: state tax credit(2)
—  —  —  —  —  (1,361) —  
Non-GAAP core operating income (loss)$9,754  $10,384  $(700) $3,857  $41  $17,743  $3,898  
(1) Represents the tax impact of the adjustments above at a tax rate of 25.73%
(2) No tax effect
Quarter EndedSix Months Ended
06/30/201909/30/201912/31/201903/31/202006/30/202006/30/201906/30/2020
(Dollars in thousands)
Non-GAAP core operating return on average assets:
Net income (loss)
$9,439  $10,384  $(700) $3,857  $(7,356) $18,789  $(3,499) 
Non-GAAP core operating income (loss)
9,754  10,384  (700) 3,857  41  17,743  3,898  
Average assets
$4,402,002  $4,610,958  $4,809,579  $4,975,531  $5,441,513  $4,285,768  $5,209,810  
Return on average assets
0.86 %0.89 %(0.06)%0.31 %(0.54)%0.88 %(0.14)%
Non-GAAP core operating return on average assets
0.89 %0.89 %(0.06)%0.31 %0.00 %0.83 %0.15 %
14
CROSSFIRST BANKSHARES, INC.
Quarter EndedSix Months Ended
06/30/201909/30/201912/31/201903/31/202006/30/202006/30/201906/30/2020
(Dollars in thousands)
Non-GAAP core operating return on common equity:
Net income (loss)
$9,439  $10,384  $(700) $3,857  $(7,356) $18,789  $(3,499) 
Non-GAAP core operating income (loss)
9,754  10,384  (700) 3,857  41  17,743  3,898  
Less: Preferred stock dividends
—  —  —  —  —  175  —  
Net income (loss) available to common stockholders
9,439  10,384  (700) 3,857  (7,356) 18,614  (3,499) 
Non-GAAP core operating income (loss) available to common stockholders
9,754  10,384  (700) 3,857  41  17,568  3,898  
Average common equity
$486,880  $543,827  $605,960  $612,959  $611,466  $476,749  $612,208  
Return on average common equity7.78 %7.58 %(0.46)%2.53 %(4.84)%7.87 %(1.15)%
Non-GAAP core operating return on common equity
8.04 %7.58 %(0.46)%2.53 %0.03 %7.43 %1.28 %
Quarter Ended
06/30/201909/30/201912/31/201903/31/202006/30/2020
(Dollars in thousands except per share data)
Tangible common stockholders' equity:
Total stockholders' equity$499,195  $602,435  $601,644  $611,946  $608,092  
Less: goodwill and other intangible assets7,745  7,720  7,694  7,669  247  
Tangible common stockholders' equity$491,450  $594,715  $593,950  $604,277  $607,845  
Tangible book value per share:
Tangible common stockholders' equity$491,450  $594,715  $593,950  $604,277  $607,845  
Shares outstanding at end of period45,367,641  51,969,203  51,969,203  52,098,062  52,167,573  
Book value per share$11.00  $11.59  $11.58  $11.75  $11.66  
Tangible book value per share$10.83  $11.44  $11.43  $11.60  $11.65  

Quarter EndedSix Months Ended
06/30/201909/30/201912/31/201903/31/202006/30/202006/30/201906/30/2020
(Dollars in thousands)
Non-GAAP Core Operating Efficiency Ratio - Fully Tax Equivalent
Non-interest expense$21,960  $21,172  $21,885  $22,223  $31,010  $44,591  $53,233  
Less: goodwill impairment—  —  —  —  7,397  —  7,397  
Adjusted Non-interest expense (numerator)$21,960  $21,172  $21,885  $22,223  $23,613  $44,591  $45,836  
Net interest income34,874  35,786  37,179  38,228  41,157  68,479  79,385  
Tax equivalent interest income(1)
613  624  670  695  685  1,229  1,380  
Non-interest income1,672  3,212  2,186  2,095  2,634  3,317  4,729  
Add: fixed asset impairments424  —  —  —  —  424  —  
Total tax-equivalent income (denominator)$37,582  $39,622  $40,035  $41,018  $44,476  $73,449  $85,494  
Efficiency Ratio60.09 %54.29 %55.60 %55.11 %70.81 %62.11 %63.29 %
Non-GAAP Core Operating Efficiency Ratio - Fully Tax Equivalent
58.43 %53.43 %54.66 %54.18 %53.09 %60.71 %53.61 %
(1) Tax exempt income (tax-free municipal securities) is calculated on a tax equivalent basis. The incremental tax rate used is 21.0%

15
CROSSFIRST BANKSHARES, INC.
Quarter EndedSix Months Ended
06/30/201909/30/201912/31/201903/31/202006/30/202006/30/201906/30/2020
(Dollars in thousands)
Non-GAAP Pre-Tax Pre-Provision Profit
Net income (loss) before taxes$11,736  $12,976  $(1,870) $4,150  $(8,219) $21,505  $(4,069) 
Add: Provision for loan losses2,850  4,850  19,350  13,950  21,000  5,700  34,950  
Non-GAAP Pre-Tax Pre-Provision Profit$14,586  $17,826  $17,480  $18,100  $12,781  $27,205  $30,881  
16
exhibit992presentationq2
NASDAQ: CFB | July 23th, 2020

 
FORWARD-LOOKING STATEMENTS. The financial results in this presentation reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. This presentation and oral statements made during this meeting contain forward-looking statements. These forward- looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "strive," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: risks relating to the COVID-19 pandemic; risks related to general business and economic conditions and any regulatory responses to such conditions; our ability to effectively execute our growth strategy and manage our growth, including identifying and consummating suitable mergers and acquisitions; the geographic concentration of our markets; fluctuation of the fair value of our investment securities due to factors outside our control; our ability to successfully manage our credit risk and the sufficiency of our allowance; regulatory restrictions on our ability to grow due to our concentration in commercial real estate lending; our ability to attract, hire and retain qualified management personnel; interest rate fluctuations; our ability to raise or maintain sufficient capital; competition from banks, credit unions and other financial services providers; the effectiveness of our risk management framework in mitigating risks and losses; our ability to maintain effective internal control over financial reporting; our ability to keep pace with technological changes; system failures and interruptions, cyber-attacks and security breaches; employee error, fraudulent activity by employees or clients and inaccurate or incomplete information about our clients and counterparties; our ability to maintain our reputation; costs and effects of litigation, investigations or similar matters; risk exposure from transactions with financial counterparties; severe weather, acts of god, acts of war or terrorism; compliance with governmental and regulatory requirements; changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, accounting, tax, trade, monetary and fiscal matters; compliance with requirements associated with being a public company; level of coverage of our business by securities analysts; and future equity issuances. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward- looking statement, whether as a result of new information, future developments or otherwise, except as required by law. NON-GAAP FINANCIAL INFORMATION. This presentation contains certain non-GAAP measures. These non-GAAP measures, as calculated by CrossFirst, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measures of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See reconciliations of certain non-GAAP measures included at the end of this presentation. MARKET AND INDUSTRY DATA. This presentation references certain market, industry and demographic data, forecasts and other statistical information. We have obtained this data, forecasts and information from various independent, third party industry sources and publications. Nothing in the data, forecasts or information used or derived from third party sources should be construed as advice. Some data and other information are also based on our good faith estimates, which are derived from our review of industry publications and surveys and independent sources. We believe that these sources and estimates are reliable but have not independently verified them. Statements as to our market position are based on market data currently available to us. Although we are not aware of any misstatements regarding the economic, employment, industry and other market data presented herein, these estimates involve inherent risks and uncertainties and are based on assumptions that are subject to change. 2

 
st Mike Maddox – President, CEO of CrossFirst Bankshares (effective June 1 ) and Director of CrossFirst Other Senior Executives • Joined CrossFirst in 2008 after serving as Kansas City regional president for Intrust Bank • Practicing lawyer for more than six years before joining Intrust Bank • Graduate School of Banking at the University of Wisconsin - Madison Amy Fauss Chief Operating Officer of CrossFirst Bank 28+ years of banking experience David O’Toole – CFO, Chief Investment Officer and Director of CrossFirst Joined CrossFirst in 2009 • More than 40 years of experience in banking, accounting, valuation and investment banking • Founding shareholder and director of CrossFirst Bank and became CFO in 2008 Tom Robinson • Co-founder and managing partner of a national bank consulting and accounting firm Chief Risk Officer of CrossFirst • Served on numerous boards of directors of banks and private companies, including the Continental Airlines, 35+ years of banking experience Joined CrossFirst in 2011 Inc. travel agency advisory board Randy Rapp – Chief Credit Officer of CrossFirst Bank Aisha Reynolds General Counsel of CrossFirst and • More than 30 years of experience in banking, primarily as a credit analyst, commercial relationship manager CrossFirst Bank and credit officer 13+ years of experience • Joined CrossFirst in April 2019 after serving as Executive Vice President and Chief Credit Officer of Texas Joined CrossFirst in 2018 Capital Bank, National Association from May 2015 until March 2019 • Mr. Rapp joined Texas Capital Bank in 2000 Steve Peterson Matt Needham – Managing Director of Strategy and Investor Relations of CrossFirst Chief Banking Officer of CrossFirst 21+ years of experience • More than 15 years experience in banking, strategy, accounting and investment banking, five with CrossFirst Joined CrossFirst in 2011 • Deep experience in capital markets including valuation, mergers, acquisitions and divestitures • Provided assurance and advisory services with Ernst & Young • Former Deputy Bank Commissioner in Kansas and has served on several bank boards • MBA Wake Forest University, obtained CFA designation and CPA, Graduate School of Banking at the University of Colorado George F. Jones Jr. – Vice Chairman (effective June 1st) and Director of CrossFirst • Joined CrossFirst in 2016 after a short retirement from Texas Capital Bancshares, Inc. (TCBI) • As former CEO of CrossFirst Bankshares, led CrossFirst through its initial public offering in 2019 • Founding executive of TCBI in 1998 • Led TCBI through 50 consecutive profitable quarters and growth to $12 billion in assets 3

 
Delivering Long Term Value for CrossFirst Shareholders Capital Enhance Diversification Optimization Exceptional ROATCE, EPS of Loan & Deliver Strong through Reputation for Growth, & Deposit Credit Quality Organic Quality & Efficiency Portfolio Growth & M&A Service CrossFirst Strategic Approach: 1. Supporting our clients, employees, and communities through the COVID-19 Pandemic 2. Maintain a branch-lite business model with strategically placed locations 3. Focus on our core markets; grow organically using the relationship banking model 4. Execute on our high-tech, high-touch banking strategy; leverage technology for enhanced service 5. Attract, retain, and develop the highest level of talent 6. Improve profitability and efficiency for the organization; optimize excess capital to deliver shareholder returns 7. Serve businesses, business owners, professionals and their networks in extraordinary ways 8. Employ effective enterprise risk management 4

 
$50 25 Consecutive Quarters of Operating (1) $45 Revenue Growth $43.8 $40.3 $39.4 $40 $39.0 $36.5 $35.3 $35 $33.6 $30.0 $30 $27.6 $24.8 $25 $22.3 $19.6 $20 $18.8 $17.3 $15.9 $15.1 $15 $13.7 $12.8 $11.7 $11.8 $10.9 $10.2 $9.2 $10 $8.5 $7.6 $5 $- Note: Dollars in charts are in millions. (1) Defined as net-interest income + non-interest income 5

 
1. Comprehensive COVID-19 response plan to support our clients, employees, and communities 2. Strong capital position and liquidity provides CrossFirst with financial flexibility to give customers relief and continue to invest for the long term in the business 3. Closely monitoring and engaging clients to mitigate risks and impact from COVID-19 especially customer modifications & energy portfolio 4. Branch-lite business model and technology strategy provides CrossFirst an advantage for strong business continuity through the pandemic 5. Strong reserve build of total loan loss reserves / loans of 1.61% including a quarterly provision of $21 million 6. Stress testing of capital and credit scenarios show CrossFirst as well capitalized under several extreme scenarios 7. Return to work planning remains flexible with safety of employees, clients and other stakeholders as the highest priority 8. Positioned for long term growth after the market stabilizes 6 6

 
• $5.5 billion(1) asset banking operation founded in 2007 • Branch-lite structure operating 8 branches in key markets (2) along the I-35 corridor (1) (1) • 3rd largest bank headquartered in the Kansas City MSA (1) (1) • High-growth commercial banking franchise with 364 full time equivalent employees (1) (1) • High quality people, strong culture & relationship-oriented business model • Serving businesses, business owners, professionals and their personal networks • Core focus on improving profitability & operating (Number of Locations) efficiency Financial Performance For Six Months Ended 6/30/20 (2) Balance Sheet Performance (Year-to-Date) Asset Quality Metrics Assets: $5,462 ROAA: (0.14)% NPAs / Assets: 0.74% Gross Loans:( 3) $4,413 ROACE: (1.15)% NCOs / Avg. Loans: (4) 1.01% Deposits: $4,304 Efficiency Ratio: 63.29% Reserves / Loans: 1.61% (4) CET 1 Capital: 11.99% NIM(FTE): 3.22% Reserves / NPLs: 189% Total Risk-Based Capital: 13.27% Net Income (loss): ($3.5) Classified Loans / Capital + ALLL 34.9% (1) As of June 30, 2020. (2) Dollars are in millions. 7 (3) Net of unearned income (4) YTD Interim Periods Annualized

 
Commentary SBA / PPP Applications Existing Customers New Customers Totals # of Applications • CFB is a strong supporter of local 886 298 1,184 businesses and communities we Approved serve $ Loans Funded $290 $79 $369 (Dollars in millions) • Preferred SBA lender • Weighted average fee rate of approximately 2.4%, excluding fee impact to yield Loans Approved by Industry Loans Approved by Market (Based on $ Funded) (Based on $ Funded) • Total average loan size of $312 thousand Other Services & Construction 10% Business Support Kansas City 17% Medical/ 53% • Management is working to Healthcare expedite the forgiveness process 16% Hotel & Dallas of the PPP loans Restaurants 12% 12% Professional Services Wichita 19% 17% Oklahoma City Tulsa & Energy 7% Other Small Businesses 11% 26% Note: Information as of July 7, 2020 8

 
Nonperforming Assets / Assets Commentary on NPA’s 1.5% ▪ Increase in NPAs stem primarily from the risk rating grade migration of energy credits and 0.97% 1.00% 0.97% negative impacts caused by the 1.0% COVID-19 pandemic 0.74% 0.59% 0.5% 0.43% 0.27% 0.20% 0.18% 0.08% 0.0% 2014 2015 2016 2017 2018 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Commentary Charge-Offs ▪ $1.3 million in net charge-offs for Q2 2020; includes a $1 million charge-off to energy loan Net Charge-Offs / Average Loans(1) ▪ $19.4 million in net charge-offs 2.1% 2.00% for Q1 2020 which primarily 1.8% included $17.9 million for the large previously disclosed NPA 1.5% ▪ In Q4 2019, $5.5 million of net 1.2% charge-offs, included a $5 million partial charge-off of the 0.9% 0.53% 0.58% previously disclosed loan 0.6% 0.44% 0.31% ▪ In Q3 2019 the Company had net 0.3% 0.11% 0.12% charge-offs of $4.7 million from 0.02% 0.04% 0.07% two legacy NPAs, one C&I and 0.0% one Energy 2014 2015 2016 2017 2018 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 9 (1) Ratio is annualized.

 
Modifications by Type Migration of Credit by Risk Weighting (As of June 30, 2020) (in $millions) $5,000 $4,429 $4,500 $237 16% $4,011 $3,862 $105 $170 $4,000 $3,639 $87 $3,476 $85 $48 $79 $3,500 $88 $48 Loan 37% $57 $3,000 Modifications $2,500 of $709 million 24% $2,000 $4,022 $3,827 $3,506 $3,727 $1,500 $3,331 6% $1,000 17% $500 $0 Interest Only - 90 Days Interest Only - 90+ Days Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Payment Deferral - 90+ Days Payment Deferral - 90 Days Other % Substandard 3% 2% 2% 3% 5% & Doubtful ➢ Three Main Categories of Modifications: 33% Hotels, Pass Special Mention Substandard & Doubtful Restaurants, and Entertainment; 29% Real Estate Rental; and 16% Health Care ➢ Majority of the increase in “Substandard & Doubtful” loans ➢ ~90% of the modifications remained in Pass risk resulted from the Energy portfolio reassessment in Q2 2020 rating ➢ Majority of the modified loans that migrated in risk 10 rating were from the Retail CRE and Hotel portfolios 10

 
Recent Credit Quality Allowance for Loan Losses / Total Loans Classified Loans / (Total Capital + LLR) & ALL Trends $90 1.61% ▪ Increase in classified assets primary $300 34.9% 40.0% 1.48% from energy portfolio; energy portfolio $80 35.0% $71.2 30.0% has a 4.5% reserve at end of Q2 2020 1.29% $250 $237.1 1.24% 25.0% $70 1.18% 16.3% ▪ Provision for loan loss of $21 million $56.9 15.8% 20.0% $60 $200 13.2% 13.2% for Q2 2020; 1.61% ALLL / Loans $51.5 15.0% $50 $42.9 $43.0 10.0% ▪ The Company has not adopted CECL at $150 5.0% $40 this time and continues to run parallel $104.5 0.0% scenarios to assess impact on the ALLL $30 $100 $88.3 $85.2 $86.9 -5.0% and capital -10.0% $20 -15.0% $50 ▪ Q1 2020 reduction in reserves was a -20.0% $10 result of net charge-offs of $19.4 -25.0% -30.0% million; though Company added $14 $0 0.00% $0 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q2 Q3 Q4 Q1 Q2 million to ALLL 2019 2019 2019 2020 2020 Capital Ratios 20% Capital Analysis 12.93% 12.22% 12.10% 11.04% 12.01% ▪ The Company continues to remain well 15% 13.90% 12.91% 13.43% 13.17% 13.27% capitalized with strong liquidity 12.04% 12.20% 12.08% 11.99% 11.02% ▪ Unfunded commitments totaled $1.4 10% billion as of the end of Q2 2020, 43% of which are commitments to fund C&I loans and 57% are other loan 5% commitments 0% Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Common Equity Tier 1 Tier 1 Risk Based Total Risk-Based Capital Dollar amounts are in millions. 11

 
14% Q2 2020 CET1 Ratio Stress Test Details1 Results & Assumptions 12% 11.6% 10.3% ➢ CFB has well capitalized balance sheet with $581 million of CET1 regulatory capital or a ~12% CET1 ratio 10% 8.3% 5.1% 3.8% ▪ $242 million of excess capital over the Company’s 8% policy level & $71 million in available allowance 7% Bank 1.8% for loan losses Policy Limit6% 2.0% 2.0% 2.0% ➢ Regulatory Threshold of 6.5% not breached in severe 4% Pandemic Scenario 2% 4.5% 4.5% 4.5% Scenarios Considered: 0% ➢ Federal Reserve Board (FRB) & Oxford COVID-19 FRB Baseline Oxford COVID- 19 Severe Pandemic Baseline Scenarios with macro-economic risk factors Baseline ➢ Darling Consulting Group (DCG) Pandemic Scenario After Tax 0.4% 1.7% 3.7% Loss Sensitivity % created from a combination of Oxford, FRB & DCG data ($ million) $20 $80 $180 Key Assumptions: Regulatory Minimum Capital Conservation Buffer Excess Capital ➢ Scenarios assumes no loan loss utilization ➢ Expected loss rates over 13 quarters are immediately (in millions) FRB Oxford Severe Pandemic deducted from the capital ratios Allowance $71 $71 $71 ➢ Does not include the impact of future ongoing earnings Remaining or balance sheet changes $222 $162 $62 Excess Capital Excess Capital & ALLL after $293 $233 $133 Stress Test 12 12 Note 1: This analysis is not an expected loss model or forecast, it is solely an illustration of the Company’s ability to absorb economic stress to capital

 
Commentary Yield on Loans and Cost of Total Deposits 6% 5.70% 5.34% 5.52% 5.01% 4.89% ▪ Continued to grow core deposits 4.62% 4.60% 4.61% and maintained wholesale 4% funding levels ▪ Continued to maintain Margin 1.89% 1.98% 2% 1.44% (FTE) in Q2 2020 of 3.19%, 1.11% 0.88% 0.91% 0.87% 0.99% compared to 3.24% in Q1 2020 despite significant rate cuts 0% 2014 2015 2016 2017 2018 2019 YTD 2019 YTD 2020 ▪ Company continued to shorten Yield on Loans Cost of Total Deposits the duration of deposits and move deposit costs down to Net Interest Margin – Fully Tax Equivalent capture economics associated with FOMC rate cuts 4% 3.40% 3.40% 3.39% 3.40% 3.27% 3.24% 3.31% 3.22% ▪ Loan to deposit ratio increased 3% from 100.8 to 102.5 QoQ, as loans grew from PPP; the wholesale funding mix changed 2% to include more FHLB advances 1% 0% 2014 2015 2016 2017 2018 2019 YTD YTD 2019 2020 13

 
Investment Portfolio Breakout as of June 30, 2020(1) Commentary ▪ At the end of Q2 2020, the portfolio’s duration was approximately 4.2 years and the fully taxable equivalent (FTE) yield MBS (Fixed) Municipal - 20.6% for Q2 2020 declined to 3.07% Tax- Exempt 63.4% Total: ~$700 (1) ▪ ~$35 million of MBS and CMO million prepayments were accelerated due to lower rates CMO (Fixed) ▪ $15 million of securities were 13.7% purchased in Q2 2020 to replace Other Municipal - Taxable prepayments with an average FTE 0.5% 1.8% yield of 2.24% Average Yield on Securities – Fully Tax Equivalent ▪ During Q2 2020, $13.7 million of 5% municipals were sold to manage 3.85% credit exposure resulting in $322 4% 3.69% 3.72% 3.63% 3.62% 3.35% 3.51% thousand in realized profits 3.15% ▪ The marketable securities 3% portfolio has substantial unrealized gains of approximately 2% $33 million as of June 30, 2020 1% ▪ Portfolio primarily comprised of low risk, investment grade 0% securities 2014 2015 2016 2017 2018 2019 YTD 2019 YTD 2020 14 (1) Based on approximate fair value.

 
Operating Revenue(1) Commentary $180 ▪ Our balance sheet growth, $150.2 YTD ‘19 – YTD ‘20 combined with a relatively $160 Growth: 17.2% $140 stable net interest margin, has $116.5 historically enabled robust $120 $100 operating revenue growth $78.5 $84.1 $80 $71.8 $57.5 $60 $44.6 ▪ Core earnings power of the $40 $33.0 Company continues to increase $20 $0 ▪ 25th consecutive quarter of operating revenue growth ▪ Pretax, pre-provision profit(2) continues to grow and also Earnings Performance includes a one-time, non-cash charge of $7.4 million for $70 $62.5 goodwill impairment in Q2 $60 $50 $40 $30.7 $28.5 $27.2 $30.9 ▪ Year-to-date income impacted $30 $16.9 $19.6 $18.8 by $14 million in first quarter $20 $14.1 $16.4 $8.4 $10.3 and $21 million in second $10 $4.1 $7.5 $5.8 quarter for provisioning as a $0 result of economic uncertainty, ($10) ($3.5) and migration of Energy credits (2) Note: Dollars in charts are in millions. Net Income Pretax, Pre-Provision Profit (1) Defined as net-interest income + non-interest income. (2) Represents a Non-GAAP financial measure, see Non-GAAP reconciliation slides at the end of the presentation for more detail. In 15 addition, pre-tax net profits may also be found presented in the supplemental information

 
Commentary Return on Average Assets / Non-GAAP ROAA(1) ▪ CrossFirst’s branch-lite model is 1.00% 0.88% an efficient and scalable 0.83% 0.80% infrastructure to support 0.63% 0.56% 0.56% additional efficiency 0.60% 0.53% 0.41% ▪ Core efficiency performance is 0.40% 0.24% trending down consistent with 0.15% management’s initiatives 0.20% 0.00% ▪ Quarterly ROAA significantly impacted by COVID-19 -0.20% -0.14% provisioning in 2020 to $35 2014 2015 2016 2017 2018 2019 YTD 2019 Non-GAAP YTD YTD 2020 Non-GAAP YTD million YTD 2019 2020 ▪ One-time $7.4 million goodwill impairment in Q2 impacted ROAA Efficiency Ratio / Non-GAAP Core Efficiency Ratio (FTE)(1) and Efficiency Ratios 100% 90% 79.10% 80% 74.68% 73.64% 68.48% 70.64% 70% 62.11% 63.29% 58.37% 60.71% 60% 53.61% 50% 40% 30% 20% 10% 0% 2014 2015 2016 2017 2018 2019 YTD 2019 Non-GAAP YTD YTD 2020 Non-GAAP YTD 2019 2020 16 (1) Represents a non-GAAP financial measure, see non-GAAP reconciliation slides in the supplemental information for more detail

 
17

 
Industry Total Exposure (1) % of Gross Loans(1) Energy Oil (excludes Natural Gas) $251 6.2% Retail Commercial Real Estate $198 4.9% Hotel & Lodging $167 4.1% Healthcare C&I $142 3.5% Entertainment & Recreation(2) $100 2.5% Restaurant(3) $61 1.5% Industry categories selected based on the following criteria: • Lower consumption from COVID-19 pandemic compounded with high production and inventory supplies from ongoing political disputes • Implementation of travel, entertainment, and restaurant restrictions • Cancellation of all events and large gatherings • Cessation of revenue due to business being considered “nonessential” (1) Loan values recorded on balance sheet in millions as of June 30, 2020; excludes PPP loans (2) Includes Native American Gaming, Parking Lots and Garages (3) Restaurant information includes both C&I and CRE exposure 18

 
Energy Portfolio Dynamics Energy by Composition 6/30/2020 ($ millions) ▪ Typically only lend as a senior secured # % Unfunded Average Avg % Outstanding lender in single bank transactions and Loans Total Commitments Size Hedged as a cash flow lender Oil 42 $251 64% $21 $6 48% ▪ Exploration & Production lending only Natural 14 $139 36% $13 $10 52% on proven and producing reserves Gas Other ▪ As of June 30, 2020, CrossFirst does 2 $0 0% $37 $1 0% not have any shale, oil field services, or Sources mid-stream energy company loans Total 58 $390 100% $71 $7 50% (1) ▪ Collateral base is predominately comprised of properties with sufficient Energy Credit Classifications Energy Exposure by State production history to establish reliable 100% 4% LA 4% production trends; long-life assets 3% MI 6% OH 15% KY 2% 90% OK 24% ▪ 2020 portfolio(1) hedges 28% KS 8% 80% IN 2% ▪ 48% of Oil exposure hedged at Substandard IL 3% & Doubtful $49.16 / barrel 70% AK 1% 18% PA 1% ▪ 52% Natural Gas hedged at 60% WY 1% UT 2% $2.08 / MMBtu WV 5% TX 26% 50% Special 93% ▪ $17.4 million of Reserves are allocated Mention Energy Commitments by Basin 40% to Energy, representing 4.5% of the Appalachian total energy portfolio 30% 13 Other 20% 54% Basins Pass20% 20% Permian ▪ Customers continue to actively Illinois 15% manage operating expenses 3% 10% Tuscaloosa 4% 0% Western Anadarko Q1 2020 Q2 2020 Anadarko Antrim 13% Data as of 6/30/20 5% 5% Arkoma Multiple (1) Weighted Average 7% 8% 19

 
Loan Mix by Type ($4.4bn) (1) C&I Loan Breakdown by Type ($1.3bn) Professional & Credit Related Technical Services Misc. Financial Activities 4% Financial Vehicles Owner Occupied 4% Management 2% Real Estate Other Motor Vehicle & 3% SBA PPP 6% 1% Parts Dealers Aircraft Education 8% 4% Residential Real Commercial & 5% 2% Other Estate Industrial 8% Restaurants 16% 29% 5% Energy Engineering & 9% Contracting 5% Rental & Leasing Health Care Services 11% Construction & 5% Land Development Security Services Real Estate 15% Commercial Real 6% Business Activity Manufacturing Recreation Estate Loans to 8% 7% 7% 24% Individuals 6% CRE Loan Portfolio by Segment ($1.7bn)(2) CRE Loans by Geography ($1.7bn)(2) Medical Self Storage Raw Land 3% 2% 4% Land TX C-Store Development 46% Other 2% 2% 5% Senior Living Multi-Family 6% 23% KS Hotel 12% 10% Remaining 1-4 Family Res Retail States Construction OK 12% 12% 12% 10% KY Industrial 2%FL AZ MO Office 2% CO (excludes Self- 11% 2% 5% 7% Storage) 10% Note: Data as of June 30, 2020. 20 (1) Shown as a percentage of bank capital. (2) CRE as defined by regulators (including construction and development).

 
Compound Annual Growth Rates Total Assets $5,462 Since Since $4,931 2007 2012 Total Assets 55.2% 35.3% $4,107 $2,961 $2,133 $1,574 $1,220 $847 $565 $311 $355 $22 $77 $155 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q2 2020 2007 2010 2012 2014 Established with Acquired Leawood, Expansion into Expansion into 2017 2019 initial presence in KS-based Wichita and Energy Lending Expansion into Enterprise CrossFirst Kansas City Leawood Oklahoma City Value Lending, Relational Bankshares, Inc. Bancshares markets Tribal Nations Lending Initial Public Offering (~$72.5mm in and Relational High at $14.50; Nasdaq Total Assets) Volume Builder Lending listed: CFB 2013 2008 Expansion into Tulsa market Formed through acquisition of Tulsa CrossFirst National Bancshares, Inc. 2016 2018 2020 Bankshares, Inc. (~$160mm in Total Assets) George F. Jones George F. Jones Mike Maddox Jr. joins as Vice Jr. named CEO of named CEO of Chairman to CrossFirst CrossFirst expand into Dallas Bankshares, Inc. Bankshares, Inc. market Dollars in chart are in millions. 21

 
Gross Loans (Net of Unearned Income) Commentary $5,000 $4,413 $3,852 ▪ Loan growth has been primarily $4,000 $3,467 all organic and historically been $3,061 very strong $3,000 $1,996 ▪ Loan growth, excluding PPP $2,000 loans, was a modest 1.2% $1,297 $785 $993 compared to the previous quarter $1,000 ▪ Diversification remains a core $0 tenet 2014 2015 2016 2017 2018 2019 Q2 2019 Q2 2020 ▪ Loan yields have trended downward due to the declining Gross Loans by Type rate environment $4,700 $4,429 Q2 2020 Gross Loan Composition $4,011 $4,200 $3,862 $369 $43 $46 $3,476 $3,639 $45 $3,700 $44 $399 $504 $536 $46 $365 $3,200 $359 $625 $662 Construction & Land $628 Residential Real $463 $528 Development $2,700 Estate 15% 12% $2,200 $1,024 $1,085 $968 $993 $1,141 SBA/ Consumer PPP $1,700 1% $386 $396 $409 $399 $390 8% $1,200 $700 $1,254 $1,313 $1,357 $1,355 $1,285 $200 -$300 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Commercial Real Commercial & Energy Industrial Loan Estate 5.66% 5.53% 5.21% 4.98% 4.28% 9% 29% Yield 26% Commercial & Industrial Energy Commercial Real Estate Construction & Land Development Residential Real Estate Consumer SBA/ PPP 22 Dollars in charts are in millions. Amounts shown are as of the end of the period.

 
Commentary Total Deposits $5,000 ▪ CrossFirst has generated $4,500 $4,304 $3,924 significant growth in core $4,000 $3,584 deposits and maintained $3,500 $3,208 $3,000 wholesale funding to support $2,303 the PPP and securities portfolio $2,500 $2,000 $1,694 $1,295 $1,500 ▪ Company continued to shorten $962 time deposit portfolio which $1,000 typically lags in a declining rate $500 environment $0 2014 2015 2016 2017 2018 2019 Q2 2019 Q2 2020 Deposit Mix by Type $4,304 $4,250 $3,924 $3,973 $745 Q2 2020 Deposit Composition $3,750 $3,584 $3,658 $710 $724 $3,250 $416 $766 $753 $379 $530 Time Deposits Time Deposits $2,750 $469 < $100,000 ≥ $100,000 $535 10% $2,250 17% $1,994 $1,765 $1,750 $1,903 $1,634 $1,776 $1,250 $399 DDA $750 $538 18% $137 $146 $259 $750 Savings $250 $512 $514 $522 $567 & MMA -$250 46% Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Transaction Deposits Cost of 9% 1.99% 1.94% 1.70% 1.46% 0.79% Deposits Non-interest bearing deposits Transaction Deposits Savings & MMA Time Deposits < $100,000 Time Deposits ≥ $100,000 23 Dollars are in millions and amounts shown are as of the end of the period.

 
As of and for the Year Ended As of and for the Six Months Ended (Dollars thousands, except per share data) December 31, June 30, 2015 2016 2017 2018 2019 2019 2020 Income Statement Data Interest income $54,116 $69,069 $97,816 $156,880 $216,218 $105,509 $105,462 Interest expense 11,849 15,016 22,998 46,512 74,774 37,030 26,077 Net interest income 42,267 54,053 74,818 110,368 141,444 68,479 79,385 Provision for loan losses 5,975 6,500 12,000 13,500 29,900 5,700 34,950 Non-interest income 2,365 3,407 3,679 6,083 8,715 3,317 4,729 Non-interest expense 30,562 40,587 62,089 85,755 87,648 44,591 53,233 Income before taxes 8,095 10,373 4,408 17,196 32,611 21,505 (4,069) Income tax expense (benefit) 626 62 (1,441) (2,394) 4,138 2,716 (570) Net income (loss) 7,469 10,311 5,849 19,590 28,473 18,789 (3,499) Preferred stock dividends 2,066 2,100 2,100 2,100 175 175 0 Net income available to common stockholders 5,403 8,211 3,749 17,490 28,298 18,614 (3,499) Non-GAAP core operating income(1) 7,469 10,311 9,716 19,940 27,427 17,743 3,898 Balance Sheet Data Cash and cash equivalents $79,418 $155,972 $130,820 $216,541 $187,320 $141,373 $194,371 Available-for-sale securities 460,542 593,012 703,581 663,678 741,634 704,776 700,083 Gross loans (net of unearned income) 992,726 1,296,886 1,996,029 3,060,747 3,852,244 3,467,204 4,413,224 Allowance for loan losses (15,526) (20,786) (26,091) (37,826) (56,896) (42,852) (71,185) Goodwill and other intangibles 8,100 7,998 7,897 7,796 7,694 7,745 247 Total assets 1,574,346 2,133,106 2,961,118 4,107,215 4,931,233 4,473,182 5,462,254 Non-interest-bearing deposits 123,430 198,088 290,906 484,284 521,826 511,837 750,333 Total deposits 1,294,812 1,694,301 2,303,364 3,208,097 3,923,759 3,584,136 4,304,143 Borrowings and repurchase agreements 112,430 216,709 357,837 388,391 373,664 364,246 500,498 Trust preferred securities, net of fair value adj. 792 819 850 884 921 902 942 Preferred Stock, liquidation value 30,000 30,000 30,000 30,000 0 0 0 Total Stockholders' Equity 160,004 214,837 287,147 490,336 601,644 499,195 608,092 Tangible Stockholders' Equity(1) 121,904 176,839 249,250 452,540 593,950 491,450 607,845 Share and Per Share Data: Basic earnings per share $0.29 $0.39 $0.12 $0.48 $0.59 $0.41 ($0.07) Diluted earnings per share 0.28 0.39 0.12 0.47 0.58 0.40 (0.07) Book value per share 6.61 7.34 8.38 10.21 11.58 11.00 11.66 Tangible book value per share(1) 6.20 7.02 8.12 10.04 11.43 10.83 11.65 Wtd. avg. common shares out. - basic 18,640,678 20,820,784 30,086,530 36,422,612 47,679,184 45,165,248 52,088,239 Wtd. avg. common shares out. - diluted 19,378,290 21,305,874 30,963,424 37,492,567 48,576,135 46,159,825 52,586,209 Shares outstanding at end of period 19,661,718 25,194,872 30,686,256 45,074,322 51,969,203 45,367,641 52,167,573 Historic share counts and per share figures reflect 2:1 stock split effected on 12/21/18. 24 (1) Represents a non-GAAP financial measure. See Non-GAAP Reconciliation slides at the end of this presentation for additional detail.

 
As of and for the Year Ended As of and for the Six Months Ended December 31, June 30, 2015 2016 2017 2018 2019 2019 2020 Selected Ratios: Return on average assets 0.53% 0.56% 0.24% 0.56% 0.63% 0.88% (0.14%) Non-GAAP core operating return on average assets(1) 0.53 0.56 0.40 0.57 0.61 0.83 0.15 Return on average common equity(1) 4.60 5.51 1.53 5.34 5.38 7.87 (1.15) Non-GAAP core operating return on average 4.60 5.51 3.11 5.45 5.18 7.43 1.28 common equity(1) Yield on earning assets - tax equivalent(2) 4.14 4.08 4.37 4.77 5.04 5.21 4.25 Yield on securities - tax equivalent(2) 3.72 3.63 3.85 3.62 3.35 3.51 3.15 Yield on loans 4.62 4.60 4.89 5.34 5.52 5.70 4.61 Cost of interest-bearing deposits 1.01 0.96 1.12 1.71 2.21 2.31 1.31 Cost of funds 0.94 0.91 1.06 1.49 1,90 1.97 1.15 Cost of total deposits 0.91 0.87 0.99 1.44 1.89 1.98 1.11 Net interest margin - tax equivalent(2) 3.27 3.24 3.40 3.39 3.31 3.40 3.22 Non-interest expense to average assets 2.17 2.21 2.53 2.45 1.95 2.10 2.01 Efficiency ratio(3) 68.48 70.64 79.10 73.64 58.37 62.11 63.29 Non-GAAP core operating efficiency ratio FTE(1)(3) 64.66 66.04 72.33 67.68 57.25 60.71 53.61 Non-interest-bearing deposits to total deposits 9.53 11.69 12.63 15.10 13.30 14.28 17.43 Loans to deposits 76.67 76.54 86.66 95.41 98.18 96.74 102.53 Credit Quality Ratios: Allowance for loans losses to total loans 1.56% 1.60% 1.30% 1.23% 1.48% 1.24% 1.61% Non-performing assets to total assets 0.08 0.20 0.18 0.43 0.97 1.18 0.74 Non-performing loans to total loans 0.12 0.33 0.27 0.58 1.15 1.45 0.86 Allowance for loans losses to non-performing loans 1,336.38 493.14 481.68 212.30 128.54 85.22 188.55 Net charge-offs to average loans 0.04 0.11 0.44 0.07 0.31 0.04 1.01 Capital Ratios: Total stockholders' equity to total assets 10.16% 10.07% 9.70% 11.94% 12.20% 11.16% 11.13% Common equity tier 1 capital ratio 8.50 9.78 8.62 11.75 12.20 11.02 11.99 Tier 1 risk-based capital ratio 10.70 11.38 9.70 12.53 12.22 11.04 12.01 Total risk-based capital ratio 11.82 12.51 10.65 13.51 13.43 12.04 13.27 Tier 1 leverage ratio 9.72 10.48 9.71 12.43 12.06 10.87 10.75 (1) Represents a non-GAAP financial measure. See Non-GAAP Reconciliation slides at the end of this presentation or press release for additional detail. (2) Tax-exempt income is calculated on a tax equivalent basis. Tax-exempt income includes municipal securities, which is exempt from federal taxation. A tax rate of 21% is used for fiscal year 2018 and after and a tax rate of 35% is used for fiscal years 2017 and prior. (3) Efficiency ratio is non-interest expense divided by the sum of net interest income and non-interest income. 25

 
As of or for the Three Months Ended (Dollars thousands, except per share data) 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 Income Statement Data Interest income $54,192 $55,529 $55,180 $54,208 $51,254 Interest expense 19,318 19,743 18,001 15,980 10,097 Net interest income 34,874 35,786 37,179 38,228 41,157 Provision for loan losses 2,850 4,850 19,350 13,950 21,000 Non-interest income 1,672 3,212 2,186 2,095 2,634 Non-interest expense 21,960 21,172 21,885 22,223 31,010 Income before taxes 11,736 12,976 (1,870) 4,150 (8,219) Income tax expense (benefit) 2,297 2,592 (1,170) 293 (863) Net income (loss) 9,439 10,384 (700) 3,857 (7,356) Preferred stock dividends 0 0 0 0 0 Net income available to common stockholders 9,439 10,384 (700) 3,857 (7,356) Non-GAAP core operating income(1) 9,754 10,384 (700) 3,857 41 Balance Sheet Data Cash and cash equivalents $141,373 $128,126 $187,320 $158,987 $194,371 Securities 704,776 733,093 741,634 735,231 700,083 Gross loans (net of unearned income) 3,467,204 3,629,792 3,852,244 4,002,451 4,413,224 Allowance for loan losses (42,852) (42,995) (56,896) (51,458) (71,185) Goodwill and intangibles 7,745 7,720 7,694 7,669 247 Total assets 4,473,182 4,651,313 4,931,233 5,067,407 5,462,254 Non-interest bearing deposits 511,837 513,832 521,826 567,215 750,333 Total deposits 3,584,136 3,658,108 3,923,759 3,972,822 4,304,143 Borrowings and repurchase agreements 364,246 357,614 373,664 441,626 500,498 Trust preferred securities, net of fair value adj. 902 912 921 931 942 Preferred Stock 0 0 0 0 0 Stockholders' Equity 499,195 602,435 601,644 611,946 608,092 Tangible Stockholders' Equity(1) 491,450 594,715 593,950 604,277 607,845 Share and Per Share Data: Basic earnings per common share $0.21 $0.22 ($0.01) $0.07 ($0.14) Dilutive earnings per common share 0.20 0.21 (0.01) 0.07 (0.14) Book value per common share 11.00 11.59 11.58 11.75 11.66 Tangible book value per common share(1) 10.83 $11.44 $11.43 $11.60 $11.65 Wtd. avg. common shares out. - basic 45,236,264 48,351,553 51,952,712 52,071,484 52,104,994 Wtd. avg. common shares out. - diluted 46,211,780 49,164,549 52,748,312 52,660,270 52,493,177 Shares outstanding at end of period 45,367,641 51,969,203 51,969,203 52,098,062 52,167,573 (1) Represents a non-GAAP financial measure. See Non-GAAP Reconciliation slides at the end of this presentation for additional detail. 26

 
CrossFirst Bankshares, Inc Quarterly Financials As of or for the Three Months Ended 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 Selected Ratios: - - - - Return on average assets(1) 0.86% 0.89% (0.06%) 0.31% (0.54%) - - - - Non-GAAP core operating return on average assets(1)(2) 0.89 0.89 (0.06) 0.31 - Return on average common equity - 7.78 - 7.58 - (0.46) - 2.53 (4.84) Yield on earning assets - 5.12 - 4.94 - 4.71 - 4.52 3.91 - - - - Yield on earning assets - tax equivalent(3) 5.18 5.00 4.76 4.57 3.96 Yield on securities - 3.08 - 2.85 - 2.86 - 2.85 2.70 - - - - Yield on securities - tax equivalent(3) 3.42 3.19 3.22 3.21 3.07 Yield on loans - 5.66 - 5.53 - 5.21 - 4.98 4.28 Costs of interest bearing liabilities - 2.29 - 2.24 - 1.96 - 1.70 1.01 Cost of interest-bearing deposits - 2.33 - 2.26 - 1.97 - 1.69 0.95 Cost of funds - 1.99 - 1.94 - 1.71 - 1.49 0.85 Cost of Deposits - 1.99 - 1.94 - 1.70 - 1.46 0.79 Cost of other borrowings - 1.93 - 1.95 - 1.86 - 1.72 1.35 - - - - Net interest margin - tax equivalent(3) 3.35 3.24 3.23 3.24 3.19 Noninterest expense to average assets - 2.00 - 1.82 - 1.81 - 1.80 2.21 - - - - Efficiency ratio(4) 60.09 54.29 55.60 55.11 70.81 - - - - Non-GAAP core operating efficiency ratio (FTE) (2)(4) 58.43 53.43 54.66 54.18 53.09 Noninterest bearing deposits to total deposits - 14.28 - 14.05 - 13.30 - 14.28 17.43 Loans to deposits - 96.74 - 99.23 - 98.18 - 100.75 102.53 Credit Quality Ratios: Allowance for loans losses to total loans 1.24% 1.18% 1.48% 1.29% 1.61% Nonperforming assets to total assets 1.18 1.00 0.97 0.59 0.74 Nonperforming loans to total loans 1.45 1.22 1.15 0.66 0.86 Allowance for loans losses to nonperforming loans 85.20 97.12 128.54 195.99 188.55 Net charge-offs to average loans(1) 0.00 0.53 0.58 2.00 0.12 Capital Ratios: Total stockholders' equity to total assets - 11.16% - 12.95% - 12.20% - 12.08% 11.13% Common equity tier 1 capital ratio - 11.02 - 12.91 - 12.20 - 12.08 11.99 Tier 1 risk-based capital ratio - 11.04 - 12.93 - 12.22 - 12.10 12.01 Total risk-based capital ratio - 12.04 - 13.90 - 13.43 - 13.17 13.27 Tier 1 leverage ratio - 10.87 - 12.57 - 12.06 - 11.81 10.75 (1) Interim periods are annualized (2) Represents a non-GAAP financial measure. See Non-GAAP Reconciliation slides at the end of this presentation for additional detail. 27 (3) Tax-exempt income is calculated on a tax equivalent basis. Tax-exempt income includes municipal securities, which is exempt from federal taxation. A tax rate of 21% is used for 2018, 2019 & 2020. (4) Efficiency ratio is non-interest expense divided by the sum of net interest income and non-interest income

 
As of or for the Year Ended As of or for the Six Months Ended (Dollars in thousands) December 31, June 30, 2014 2015 2016 2017 2018 2019 2019 2020 Non-GAAP Core Operating Income: Net Income (loss) $4,143 $7,469 $10,311 $5,849 $19,590 $28,473 $18,789 ($3,499) Add: restructuring charges 0 0 0 0 4,733 0 0 0 Less: Tax effect(1) 0 0 0 0 1,381 0 0 0 Restructuring charges, net of tax 0 0 0 0 3,352 0 0 0 Add: fixed asset impairments 0 0 0 1,903 171 424 424 0 Less: Tax effect(2) 0 0 0 737 44 109 109 0 Fixed asset impairments, net of tax 0 0 0 1,166 127 315 315 0 Add: Goodwill Impairment(3) 0 0 0 0 0 0 0 7,397 Add: State tax credit(3) 0 0 0 0 (3,129) (1,361) (1,361) 0 Add: 2017 Tax Cut and Jobs Act(3) 0 0 0 2,701 0 0 0 0 Non-GAAP core operating income $4,143 $7,469 $10,311 $9,716 $19,940 $27,427 $17,743 $3,898 Non-GAAP Core Operating Return on Average Assets: Net Income (loss) $4,143 $7,469 $10,311 $5,849 $19,590 $28,473 $18,789 ($3,499) Non-GAAP core operating income 4,143 7,469 10,311 9,716 19,940 27,427 17,743 3,898 Average Assets 1,003,991 1,410,447 1,839,563 2,452,797 3,494,655 4,499,764 4,285,768 5,209,810 GAAP return on average assets 0.41% 0.53% 0.56% 0.24% 0.56% 0.63% 0.88% (0.14%) Non-GAAP core operating return on average assets 0.41% 0.53% 0.56% 0.40% 0.57% 0.61% 0.83% 0.15% Non-GAAP Core Operating Return on Average Equity: Net Income $4,143 $7,469 $10,311 $5,849 $19,590 $28,473 $18,789 ($3,499) Non-GAAP core operating income 4,143 7,469 10,311 9,716 19,940 27,427 17,743 3,898 Less: Preferred stock dividends 1,485 2,066 2,100 2,100 2,100 175 175 0 Net Income available to common stockholders 2,658 5,403 8,211 3,749 17,490 28,298 18,614 (3,499) Non-GAAP core operating income 2,658 5,403 8,211 7,616 17,840 27,252 17,568 3,898 available to common stockholders Average common equity 86,273 117,343 149,132 245,193 327,446 526,225 476,749 612,208 Tangible Assets 8,201 8,152 8,050 7,949 7,847 7,746 7,772 7,629 Average Tangible Equity 78,072 109,191 141,082 237,244 319,599 518,479 468,977 604,579 GAAP return on average common equity 3.08% 4.60% 5.51% 1.53% 5.34% 5.38% 7.87% (1.15%) Non-GAAP core return on average tangible common 3.08% 4.95% 5.82% 3.21% 5.58% 5.26% 7.55% 1.30% equity Non-GAAP Core Operating Efficiency Ratio: Non-interest expense $24,640 $30,562 $40,587 $62,089 $85,755 $87,648 $44,591 $53,233 Less: goodwill impairment 0 0 0 0 4,733 0 0 7,397 Non-GAAP non-interest expense (numerator) 24,640 30,562 40,587 62,089 81,022 87,648 44,591 45,836 Net interest income 31,090 42,267 54,053 74,818 110,368 141,444 68,479 79,385 Tax-equivalent interest income 1,712 2,637 4,001 5,439 3,099 2,522 1,229 1,380 Non-interest income 1,904 2,365 3,407 3,679 6,083 8,715 3,317 4,729 Add: fixed asset impairments 0 0 0 1,903 171 424 424 0 Non-GAAP Operating revenue (denominator) 34,706 47,269 61,461 85,839 119,721 153,105 73,449 85,494 GAAP efficiency ratio 74.68% 68.48% 70.64% 79.10% 73.64% 58.37% 62.11% 63.29% Non-GAAP core operating efficiency ratio (FTE) 71.00% 64.66% 66.04% 72.33% 67.68% 57.25% 60.71% 53.61% (1) Represents the tax impact of the adjustments above at a tax rate of 25.73%, plus a permanent tax benefit associated with stock-based grants that were exercised prior to our former CEO’s departure. 28 (2) Represents the tax impact of the adjustments above at a tax rate of 25.73% for fiscal years 2018 and after; 38.73% for fiscal years prior to 2018. (3) No tax effect associated with the 2017 Tax Act adjustment or state tax credit or the goodwill impairment.

 
As of or for the Three Months Ended (Dollars in thousands) June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 June 30, 2020 Non-GAAP Core Operating Income: Net Income (loss) $9,439 $10,384 ($700) $3,857 ($7,356) Add: restructuring charges 0 0 0 0 0 Less: Tax effect(1) 0 0 0 0 0 Restructuring charges, net of tax 0 0 0 0 0 Add: fixed asset impairments 424 0 0 0 0 Less: Tax effect(2) 109 0 0 0 0 Fixed asset impairments, net of tax 315 0 0 0 0 Add: Goodwill Impairment(3) 0 0 0 0 7,397 Add: State tax credit(3) 0 0 0 0 0 Add: 2017 Tax Cut and Jobs Act Non-GAAP core operating income $9,754 $10,384 ($700) $3,857 $41 Non-GAAP Core Operating Return on Average Assets: Net Income (loss) $9,439 $10,384 ($700) $3,857 ($7,356) Non-GAAP core operating income 9,754 10,384 (700) 3,857 41 Average Assets 4,402,002 4,610,958 4,809,579 4,975,531 5,441,513 GAAP return on average assets(4) 0.86% 0.89% (0.06%) 0.31% (0.54%) Non-GAAP core operating return on average assets(4) 0.89% 0.89% (0.06%) 0.31% 0.00% Non-GAAP Core Operating Efficiency Ratio: Non-interest expense $21,960 $21,172 $21,885 $22,223 $31,010 Less: Goodwill Impairment $0 $0 $0 $0 $7,397 Less: restructuring charges 0 0 0 0 0 Non-GAAP non-interest expense (numerator) 21,960 21,172 21,885 22,223 23,613 Net interest income 34,874 35,786 37,179 38,228 41,157 Tax-equivalent interest income 612 624 670 695 685 Non-interest income 1,672 3,212 2,186 2,095 2,634 Add: fixed asset impairments 424 0 0 0 0 Non-GAAP operating revenue (denominator) 37,582 39,622 40,035 41,018 44,476 GAAP efficiency ratio 60.09% 54.29% 55.60% 55.11% 70.81% Non-GAAP core operating efficiency ratio (FTE) 58.43% 53.43% 54.66% 54.18% 53.09% (1) Represents the tax impact of the adjustments above at a tax rate of 25.73%, plus a permanent tax benefit associated with stock-based grants that were exercised prior to our former CEO’s departure. (2) Represents the tax impact of the adjustments above at a tax rate of 25.73%. (3) No tax effect associated with the state tax credit or the goodwill impairment (4) Interim periods are annualized. 29

 
As of or for the Year Ended As of or for the Six Months Ended (Dollars in thousands, except per share data) December 31, June 30, 2014 2015 2016 2017 2018 2019 2019 2020 Non-GAAP Pre-Tax Pre-Provision Profit Income before Taxes (loss) 4,439 8,095 10,373 4,408 17,196 32,611 21,505 (4,069) Provision for Credit loss 3,915 5,975 6,500 12,000 13,500 29,900 5,700 34,950 Non-GAAP Pre-Tax Pre-Provision Profit 8,354 14,070 16,873 16,408 30,696 62,511 27,205 30,881 Average Assets 1,003,991 1,410,447 1,839,563 2,452,797 3,494,655 4,499,764 4,285,768 5,209,810 Non-GAAP Pre-Tax Pre-Provision Return on 0.83% 1.00% 0.92% 0.67% 0.88% 1.39% 1.28% 1.19% Average Assets Tangible Stockholders' Equity: Stockholders' equity $137,098 $160,004 $214,837 $287,147 $490,336 $601,644 $499,195 $608,092 Less: goodwill and intangible assets 8,201 8,100 7,998 7,897 7,796 7,694 7,745 247 Less: preferred stock 28,614 30,000 30,000 30,000 30,000 0 0 0 Tangible Stockholders' Equity $100,283 $121,904 $176,839 $249,250 $452,540 $593,950 $491,450 $607,845 Shares outstanding at end of period 17,908,862 19,661,718 25,194,872 30,686,256 45,074,322 51,969,203 45,367,641 52,167,573 Book value per common share $6.06 $6.61 $7.34 $8.38 $10.21 $11.58 $11.00 $11.66 Tangible book value per common share $5.60 $6.20 $7.02 $8.12 $10.04 $11.43 $10.83 $11.65 As of or for the Three Months Ended (Dollars in thousands, except per share data) 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 Non GAAP Pre-Tax Pre-Provision Profit Income before Taxes 11,736 12,976 (1,870) 4,150 (8,219) Provision for Credit loss 2,850 4,850 19,350 13,950 21,000 Non-GAAP Pre-Tax Pre-Provision Profit 14,586 17,826 17,480 18,100 12,781 Average Assets 4,402,002 4,610,958 4,809,579 4,975,531 5,441,513 Non-GAAP Pre-Tax Pre-Provision Return on Average 1.33% 1.53% 1.44% 1.46% 0.94% Assets Tangible Stockholders' Equity: Stockholders' equity $499,195 $602,435 $601,644 $611,946 $608,092 Less: goodwill and intangible assets 7,745 7,720 7,694 7,669 247 Less: preferred stock 0 0 0 0 0 Tangible Stockholders' Equity $491,450 $594,715 $593,950 $604,277 $607,845 Shares outstanding at end of period 45,367,641 51,969,203 51,969,203 52,098,062 52,167,573 Book value per common share $11.00 $11.59 $11.58 $11.75 $11.66 Tangible book value per common share $10.83 $11.44 $11.43 $11.60 $11.65 30