SEC Filing | CrossFirst Bankshares, Inc.

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cfb-20210128

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

January 28, 2021

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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

CFB

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant 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 January 28, 2021, CrossFirst Bankshares, Inc. (the “Company”) issued a press release regarding its financial results for its fourth fiscal quarter of 2020 and year ended December 31, 2020. A copy of the press release is attached hereto as Exhibit 99.1 and the Company’s related investor presentation is furnished as Exhibit 99.2.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being “furnished” and 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			Press Release Issued January 28, 2021
99.2			Investor Presentation
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

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:

January 28, 2021

CROSSFIRST BANKSHARES, INC.

By:

/s/ David L. O'Toole

David L. O'Toole
Chief Financial Officer

Document

Exhibit 99.1


FOR IMMEDIATE RELEASE						CROSSFIRST BANKSHARES, INC. CONTACT:
January 28, 2021						Matt Needham, Investor Relations/Media Contact

(913) 312-6822

https://investors.crossfirstbankshares.com

CrossFirst Bankshares, Inc. Reports Fourth Quarter & Full Year 2020 Results

Fourth Quarter 2020 Key Financial Performance Metrics

Net Income

Diluted EPS

PTPP

Net Interest Margin (FTE)

Efficiency Ratio

Book Value per Common Share

$8.1 million

$0.15

$20.8 million

3.12%

53.35%

$12.08

LEAWOOD, Kan., January 28, 2021 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for CrossFirst Bank, today reported its results for the fourth quarter and full year of 2020, including net income of $8.1 million, or $0.15 per diluted share for the fourth quarter, and net income of $12.6 million, or $0.24 per diluted share for the full year. The financial results were impacted by the significant loan loss provisioning required to address uncertainty and risk in the loan portfolio created in part by the pandemic. In the fourth quarter, the Company provisioned an additional $10.9 million, bringing the full year loan provision to $56.7 million.

CEO Commentary:

"Despite the pandemic and depressed commodity prices, we had a great 2020 and accomplished many key strategic initiatives. I am very pleased with the resilience our clients and employees have exhibited during such difficult times," said CrossFirst’s CEO and President Mike Maddox. "Even with the significant loan loss provisioning, we continued to generate moderate net income and record pretax, pre-provision profits for the Company this year. During the fourth quarter, we reduced our energy concentration, experienced a decline in our classified and nonperforming assets, and successfully commenced our share repurchase program."

2020 Fourth Quarter and Full Year Highlights:

•$5.7 billion of assets with 15% full year operating revenue growth compared to 2019

•Pre-tax, pre-provision profit (PTPP), a non-GAAP financial measure, for the fourth quarter of $20.8 million and full year PTPP of $72.0 million

•Efficiency ratio of 53% for the fourth quarter of 2020 and 58% for the full year; a non-GAAP core efficiency ratio of 53% for full year 2020 after adjusting for nonrecurring items

•$593 million or 15% loan growth and $771 million or 20% deposit growth over the last twelve months

•Book value per share of $12.08 at December 31, 2020 compared to $11.58 at December 31, 2019


	Quarter-to-Date						Full Year
	December 31,						December 31,
(Dollars in millions except per share data)	2019			2020			2019			2020

Operating revenue(1)	$	39.4		$	44.5		$	150.2		$	172.0
Net income (loss)	$	(0.7)		$	8.1		$	28.5		$	12.6
Diluted earnings (loss) per share	$	(0.01)		$	0.15		$	0.58		$	0.24

Return on average assets	(0.06)		%	0.58		%	0.63		%	0.24		%
Non-GAAP core operating return on average assets(2)	(0.06)		%	0.58		%	0.61		%	0.37		%
Return on average common equity	(0.46)		%	5.19		%	5.38		%	2.05		%

Net interest margin	3.17		%	3.07		%	3.26		%	3.08		%
Net interest margin, fully tax-equivalent(3)	3.23		%	3.12		%	3.31		%	3.13		%
Efficiency ratio	55.60		%	53.35		%	58.37		%	58.13		%
Non-GAAP core operating efficiency ratio, fully tax-equivalent(2)(3)	54.66		%	52.54		%	57.25		%	52.98		%

(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 income taxes. The incremental federal income tax rate used is 21.0%.

CROSSFIRST BANKSHARES, INC.

COVID-19 Update

The COVID-19 pandemic and measures taken in response have created economic uncertainty and negatively impacted many of our customers in some capacity. During the fourth quarter of 2020, we continued to operate in accordance with our comprehensive pandemic plan, which includes social distancing measures for customer 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 certain loan portfolio segments, modified loans, slowed discretionary spending, optimized staffing levels, 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, and provide us with the agility to effectively serve our customers when they need it most. The Company continues to assess and monitor the COVID-19 pandemic along with 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

CrossFirst is 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 December 31, 2020, the Company retained $292 million in loans produced through the Paycheck Protection Program ("PPP"), and the Company has been working through the forgiveness process for those loans with the Small Business Administration ("SBA"). In addition to the PPP, we have been granting loan modifications and 90/180 day payment deferrals for many customers who have requested additional relief. As of December 31, 2020, the Company had $90 million in loans on modified payments related to COVID-19 on our balance sheet, which, excluding the PPP loans, represented 2% 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 offer additional governmental assistance programs as more details become available around the processes and procedures for such programs and will grant loan modifications or new PPP loans when appropriate.

Income from Operations

Net Interest Income

The Company produced interest income of $49.5 million for the fourth quarter of 2020, a decrease of 10% from the fourth quarter of 2019, and an increase of 2% from the previous quarter. Interest income decreased from the fourth quarter of 2019 primarily due to lower interest rates. Average earning assets totaled $5.4 billion for the fourth quarter of 2020, an increase of $0.7 billion or 16% from the same quarter in 2019. The fourth quarter 2020 tax-equivalent yield on earning assets declined to 3.71% from 4.76% in the fourth quarter of 2019, primarily due to the movement of variable rate assets indexed to declining market rates. For full year 2020, the Company produced interest income of $203.4 million as the Company's asset growth was able to partially mitigate some of the impact of yield declines.

Interest expense for the fourth quarter of 2020 was $8.0 million, or 56% lower than the fourth quarter of 2019 and 12% lower than the previous quarter. While average interest-bearing deposits increased to $3.8 billion in the fourth quarter of 2020, an increase of 16% from the same quarter in 2019, overall interest expense on interest-bearing deposits declined as a result of declining interest rates. In the fourth quarter of 2020, non-deposit funding costs increased to 1.78% from 1.50% primarily as a result of several short term lower-cost borrowings maturing. Overall the cost of funds for the fourth quarter of 2020 was 0.65%, compared to 0.75% for the third quarter of 2020. For full year 2020, the Company had interest expense of $43.2 million, a decrease of 42% from full year 2019.

Tax-equivalent net interest margin increased to 3.12% for the current quarter, from 2.98% in the previous quarter, and declined from 3.23% in the fourth quarter of 2019, reflecting the impact of the declining rate environment and changes in macroeconomic conditions. For the full year 2020, the Company had a tax equivalent margin of 3.13% compared to 3.31% for full year 2019. As of December 31, 2020, CrossFirst realized $5.8 million of the total $9.9 million in fees anticipated from making $369 million of total PPP loans. The PPP loans yielded 4.91% for the fourth quarter 2020, and the Company will continue to recognize these fees over contractual maturity and expedite recognition as loans are forgiven. 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 fourth quarter of 2020 and $2.7 million for the full year of 2020. Full year 2020 net interest income was $160 million or 13% higher than full year 2019, while net interest income totaled $41.5 million for the fourth quarter of 2020 or 6% higher than the third quarter of 2020, and 12% higher than the fourth quarter of 2019.

CROSSFIRST BANKSHARES, INC.

Non-Interest Income

Non-interest income increased $0.8 million in the fourth quarter of 2020, or 35% compared to the same quarter of 2019, and decreased $1.1 million or 27% compared to the third quarter of 2020. For the fourth quarter and the full year of 2020, the Company continued to increase overall fee income commensurate with its customer growth and recorded stronger credit card interchange fees and other service charges than in the same periods in 2019. Because of the current interest rate environment, the Company had significantly less activity in its back-to-back swap program. The Company realized bond gains throughout the year related to continuously monitoring its investment portfolio. Full year non-interest income increased 35% compared to full year 2019, despite having nearly $3.0 million less income from its back-to-back swap program.

Non-Interest Expense

Non-interest expense for the fourth quarter of 2020 was $24 million, which increased 8% compared to the fourth quarter of 2019, and increased 3% from the third quarter of 2020. During the fourth quarter, the Company recorded higher professional fees as well as added occupancy expense from opening two new locations. Full year non-interest expense increased 14% compared to the same period in the prior year, primarily from nonrecurring items reported in previous quarters. The Company recorded several nonrecurring expenses during the year, including a $7.4 million expense related to a non-cash goodwill impairment charge in the second quarter of 2020, in addition to one-time expenses for optimizing staffing levels in the third quarter of 2020. The Company also had increased professional and foreclosure costs for 2020 as a result of restructuring credits driven in part by the macroeconomic conditions created by the COVID-19 pandemic. Overall, the Company continues to realize benefits from reduced travel, entertainment, and other discretionary spending as a result of the COVID-19 pandemic.

CrossFirst’s effective tax rate for the fourth quarter of 2020 was 18% as compared to 63% for the fourth quarter of 2019. The 2020 quarter-to-date income tax was impacted by an $11.7 million increase in income before income taxes that increased taxes at the statutory rate by $2.5 million. 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 fourth quarter of 2020, total assets increased by $154 million, or 3% compared to September 30, 2020, and $728 million or 15% since December 31, 2019. During the fourth quarter of 2020, total available for sale investment securities increased $5 million to $655 million compared to September 30, 2020, while the overall average for the fourth quarter of 2020 was $674 million. During the fourth quarter of 2020, tax-exempt municipal securities on average increased $18 million and mortgage-backed securities decreased $42 million compared to September 30, 2020. The securities' yields maintained a tax equivalent yield of 2.96% for the fourth quarter of 2020. As part of management's investment strategy, during 2020, the Company's security portfolio decreased $85 million as the Company chose not to replace all of the cash flows associated with mortgaged-backed securities prepayments and also realized gains by selling bonds with potential credit concerns related to COVID-19. The overall average securities balance for full year 2020 was $715 million with a tax equivalent yield of 3.05%.

Loan Growth Results

The Company experienced average loan growth of 0.4% during the fourth quarter of 2020, but increased average loans 20% year-over-year from December 31, 2019. During the fourth quarter, loan growth was impacted by $77 million of PPP loans forgiven, but core loan growth in real estate offset this impact. The Company reduced its energy exposure during the quarter and experienced 10% growth in residential and multifamily real estate loans. Loan yields increased 10 basis points during the fourth quarter as the loan fees recognized from PPP loan forgiveness were able to offset the impact of yield declines from loan repricing. During 2020, full year loan yields declined to 4.26% compared to 5.52% in the prior year, primarily as a result of lower interest rates from adjustable rate loan movements during 2020.

CROSSFIRST BANKSHARES, INC.



(Dollars in millions)	4Q19			1Q20			2Q20			3Q20			4Q20			% of Total		QoQ Growth ($)		QoQ Growth (%)(1)		YoY Growth ($)		YoY Growth (%)(1)












Average loans (gross)
Commercial	$	1,315		$	1,339		$	1,381		$	1,308		$	1,367		30	%	$	59	5	%	$	52	4	%
Energy	400			412			404			393			381			8		(12)		(3)		(19)		(5)
Commercial real estate	1,007			1,034			1,115			1,169			1,194			27		25		2		187		19
Construction and land development	599			620			651			617			585			13		(32)		(5)		(14)		(2)
Residential and multifamily real estate	384			455			517			583			664			15		81		14		280		73


Paycheck Protection Program	—			—			245			362			258			6		(104)		(29)		258		NA
Consumer	45			45			44			45			45			1		—		1		—		2
Total	$	3,750		$	3,905		$	4,357		$	4,477		$	4,494		100	%	$	17	0.4	%	$	744	20	%


Yield on loans for the period ending	5.21		%	4.98		%	4.28		%	3.90		%	4.00		%
(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 experienced average deposit growth of 5% during the fourth quarter of 2020, but increased average deposits 20% year-over-year from December 31, 2019. At the end of 2020, the Company held a loan to deposit ratio of 95%, compared to 100% at the end of the third quarter, and 98% at the end of 2019. The additional deposit growth and liquidity for the quarter was primarily driven by transaction deposits as a result of more customers utilizing our insured cash sweep products. In addition, our money market account pricing remains competitive so the Company can continue growing, while still being able to improve the overall cost of deposits. The Company's cost of interest bearing deposits declined 11 basis points during the fourth quarter of 2020, reflective of changes made to deposit pricing. During 2020, full year costs of funds were 0.92% compared to 1.90% in the prior year, primarily as a result of the lower interest rate environment and declining Fed Funds pricing.



(Dollars in millions)	4Q19			1Q20			2Q20			3Q20			4Q20			% of Total		QoQ Growth ($)		QoQ Growth (%)(1)		YoY Growth ($)		YoY Growth (%)(1)










Average deposits
Non-interest bearing deposits	$	522		$	540		$	746		$	714		$	732		16	%	$	18	3	%	$	210	40	%
Transaction deposits	200			341			414			460			575			13	%	115		25	%	375		188	%
Savings and money market deposits	1,854			1,887			1,933			1,995			2,158			47	%	163		8	%	304		16	%
Time deposits	1,226			1,166			1,195			1,175			1,087			24	%	(88)		(7)	%	(139)		(11)	%
Total	$	3,802		$	3,934		$	4,288		$	4,344		$	4,552		100	%	$	208	5	%	$	750	20	%

Cost of deposits for the period ending	1.70		%	1.46		%	0.79		%	0.67		%	0.58		%
Cost of interest-bearing deposits for the period ending	1.97		%	1.69		%	0.95		%	0.80		%	0.69		%
(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 December 31, 2020, other borrowings totaled $296.4 million, as compared to $350.6 million at September 30, 2020, and $374.6 million at December 31, 2019.

CROSSFIRST BANKSHARES, INC.

Asset Quality Position

The Company added $10.9 million to the allowance for loan loss during the fourth quarter of 2020, bringing the total allowance to loans to 1.70%, commensurate with adverse movement of risk classifications and charge-off activity. While the Company currently believes the reserve is reflective of the risk in the portfolio, there may be cases where 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 fourth quarter of 2020 were related to commercial real estate, particularly within the hotel portfolio, which partially offset several pay downs in the energy portfolio and partial charge-offs of other classified assets.

Net charge-offs were $11.6 million for the fourth quarter of 2020, as compared to net charge-offs of $6.0 million for the third quarter in 2020. The elevated charge-offs in the fourth quarter reflected the Company's approach to charging down multiple credits, mostly with exposures in energy and commercial and industrial. Full-year net charge-offs for 2020 were $38.3 million as compared to $11 million for the full year 2019. Nonperforming assets to total assets quarter over quarter decreased to 1.39%, primarily as a result of the associated charge-offs. The following table provides information regarding asset quality.



Asset quality (Dollars in millions)	4Q19		1Q20		2Q20		3Q20		4Q20
Non-accrual loans	$	39.7	$	26.3	$	37.5	$	75.6	$	75.1
Other real estate owned	3.6		3.6		2.5		2.3		2.3
Nonperforming assets	47.9		29.9		40.3		82.2		78.4
Loans 90+ days past due and still accruing	4.6		—		0.2		4.3		1.0
Loans 30 - 89 days past due	6.8		19.5		34.9		45.4		18.1

Net charge-offs (recoveries)	5.5		19.4		1.3		6.0		11.6




Asset quality metrics (%)	4Q19		1Q20		2Q20		3Q20		4Q20
Nonperforming assets to total assets	0.97	%	0.59	%	0.74	%	1.49	%	1.39	%
Allowance for loan loss to total loans	1.48		1.29		1.61		1.70		1.70
Allowance for loan loss to nonperforming loans	129.0		196.0		188.6		95.2		99.0
Net charge-offs (recoveries) to average loans(1)	0.58		2.00		0.12		0.54		1.03

Provision to average loans(1)	2.05		1.44		1.94		0.97		0.96
Classified Loans / (Total Capital + ALLL)	13.2		15.8		34.9		43.2		40.9
(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 decrease economic activity for an extended time period, we expect our business and operations will be further negatively impacted. Customers may continue to seek additional loan modifications or restructurings, 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 December 31, 2020, stockholders' equity totaled $624 million, or $12.08 per share, compared to $602 million, or $11.58 per share, at December 31, 2019. Tangible common equity was $624 million and tangible book value per share was $12.08 at December 31, 2020, compared to tangible common equity of $594 million and tangible book value per share of $11.43 at December 31, 2019. The Company's Board of Directors approved a share repurchase program of up to $20 million in the third quarter of 2020. During the fourth quarter of 2020, CrossFirst repurchased $6.1 million or 609,613 shares of common stock under the program at a weighted average price of $9.91 per share.

The ratio of common equity Tier 1 capital to risk-weighted assets was approximately 11.93% and the total capital to risk-weighted assets was approximately 13.20% at December 31, 2020. The Company remains well-capitalized.

Conference Call and Webcast

CrossFirst will hold a conference call and webcast to discuss fourth quarter 2020 and full year results on Thursday, January 28, 2021, at 4:00 p.m. CT / 5:00 p.m. ET. 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. 8838529. Participants are encouraged to dial into the call or access the webcast approximately 10 minutes prior to the start time.

A replay of the webcast will be available on the Company's website. A replay of the conference call will be available two hours following the close of the call until February 4, 2021, accessible at (855) 859-2056 with conference ID no. 8838529.

Cautionary Notice about Forward-Looking Statements

The financial results in this earnings release reflect preliminary, unaudited results, which are not final until the Company’s Annual Report on Form 10-K 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 its 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 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

CROSSFIRST BANKSHARES, INC.

TABLE 1. CONSOLIDATED BALANCE SHEETS


	December 31, 2019		December 31, 2020
			(unaudited)
	(Dollars in thousands)
Assets


Cash and cash equivalents	$	187,320	$	408,810
Available-for-sale securities - taxable	296,047		177,238
Available-for-sale securities - tax-exempt	443,426		477,350


Loans, net of allowance for loan losses of $56,896 and $75,295 at December 31, 2019 and December 31, 2020, respectively	3,795,348		4,366,602
Premises and equipment, net	70,210		70,509
Restricted equity securities	17,278		15,543
Interest receivable	15,716		17,236
Foreclosed assets held for sale	3,619		2,347

Goodwill and other intangible assets, net	7,694		208
Bank-owned life insurance	65,689		67,498
Other	28,886		55,962
Total assets	$	4,931,233	$	5,659,303
Liabilities and stockholders’ equity
Deposits
Non-interest bearing	$	521,826	$	718,459
Savings, NOW and money market	2,162,187		2,932,799
Time	1,239,746		1,043,482
Total deposits	3,923,759		4,694,740
Federal funds purchased and repurchase agreements	14,921		2,306
Federal Home Loan Bank advances	358,743		293,100

Other borrowings	921		963
Interest payable and other liabilities	31,245		43,766
Total liabilities	4,329,589		5,034,875
Stockholders’ equity


Common stock, $0.01 par value:
authorized - 200,000,000 shares, issued - 51,969,203 and 52,289,129 shares at December 31, 2019 and December 31, 2020, respectively	520		523
Treasury stock, at cost:
0 and 609,613 shares held at December 31, 2019 and 2020, respectively	—		(6,061)
Additional paid-in capital	519,870		522,911

Retained earnings	64,803		77,652

Accumulated other comprehensive income	16,451		29,403
Total stockholders’ equity	601,644		624,428
Total liabilities and stockholders’ equity	$	4,931,233	$	5,659,303

CROSSFIRST BANKSHARES, INC.

TABLE 2. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2019		2020		2019		2020
	(Dollars in thousands except per share data)
Interest Income
Loans, including fees	$	49,208	$	45,147	$	191,527	$	183,738
Available for sale securities
Available for sale securities - Taxable	1,894		899		8,540		5,073
Available for sale securities - Tax-exempt	3,191		3,255		12,011		13,013
Deposits with financial institutions	601		56		3,053		639
Dividends on bank stocks	286		177		1,087		985
Total interest income	55,180		49,534		216,218		203,448
Interest Expense
Deposits	16,247		6,610		67,668		36,585
Fed funds purchased and repurchase agreements	91		2		592		164
Advances from Federal Home Loan Bank	1,628		1,361		6,367		6,341
Other borrowings	35		24		147		109
Total interest expense	18,001		7,997		74,774		43,199
Net Interest Income	37,179		41,537		141,444		160,249
Provision for Loan Losses	19,350		10,875		29,900		56,700
Net Interest Income after Provision for Loan Losses	17,829		30,662		111,544		103,549
Non-Interest Income
Service charges and fees on customer accounts	163		856		604		2,803
Gain (loss) on sale of available for sale securities	520		(21)		987		1,704
Impairment of premises and equipment held for sale	—		—		(424)		—
Gain on sale of loans	—		44		207		44
Income from bank-owned life insurance	462		436		1,878		1,809
Swap fee income (loss), net	338		(284)		2,753		(204)
ATM and credit card interchange income	473		1,516		1,785		4,379
Other non-interest income	226		402		917		1,198

Total non-interest income	2,182		2,949		8,707		11,733

Non-Interest Expense
Salaries and employee benefits	13,818		14,725		57,114		57,747
Occupancy	2,048		2,427		8,349		8,701
Professional fees	1,041		1,120		2,964		4,218
Deposit insurance premiums	767		1,150		2,787		4,301
Data processing	676		654		2,544		2,719
Advertising	685		349		2,455		1,219
Software and communication	910		978		3,317		3,750

Foreclosed assets, net	54		74		84		1,239
Goodwill impairment	—		—		—		7,397
Other non-interest expense	1,882		2,255		8,026		8,677
Total non-interest expense	21,881		23,732		87,640		99,968
Net Income (Loss) Before Taxes	(1,870)		9,879		32,611		15,314
Income tax expense (benefit)	(1,170)		1,785		4,138		2,713
Net Income (Loss)	(700)		8,094		$	28,473	$	12,601
Basic Earnings (Loss) Per Share	$	(0.01)	$	0.16	$	0.59	$	0.24
Diluted Earnings (Loss) Per Share	$	(0.01)	$	0.15	$	0.58	$	0.24

CROSSFIRST BANKSHARES, INC.

TABLE 3. YEAR-TO-DATE ANALYSIS OF CHANGES IN NET INTEREST INCOME

(UNAUDITED)




	Twelve Months Ended
	December 31,
	2019						2020
	Average Balance		Interest Income / Expense		Average Yield / Rate(3)		Average Balance		Interest Income / Expense		Average Yield / Rate(3)
	(Dollars in thousands)
Interest-earning assets:
Securities - taxable	$	330,051	$	9,627	2.92	%	$	267,715	$	6,058	2.26	%
Securities - tax-exempt(1)	390,908		14,533		3.72		447,324		15,745		3.52
Federal funds sold	15,195		364		2.40		1,020		18		1.73
Interest-bearing deposits in other banks	139,538		2,689		1.93		179,978		621		0.35
Gross loans, net of unearned income(2)	3,468,079		191,527		5.52		4,310,345		183,738		4.26
Total interest-earning assets(1)	4,343,771		$	218,740	5.04	%	5,206,382		$	206,180	3.96	%
Allowance for loan losses	(42,015)						(68,897)
Other non-interest-earning assets	198,008						220,994
Total assets	$	4,499,764					$	5,358,479
Interest-bearing liabilities
Transaction deposits	$	146,109	$	1,742	1.19	%	$	447,777	$	1,696	0.38	%
Savings and money market deposits	1,676,417		35,385		2.11		1,993,964		14,033		0.70
Time deposits	1,243,304		30,541		2.46		1,155,492		20,856		1.80
Total interest-bearing deposits	3,065,830		67,668		2.21		3,597,233		36,585		1.02
FHLB and short-term borrowings	366,577		6,959		1.90		417,956		6,508		1.56
Trust preferred securities, net of fair value adjustments	899		147		16.34		939		106		11.34
Non-interest-bearing deposits	512,142		—		—		684,294		—		—
Cost of funds	3,945,448		$	74,774	1.90	%	4,700,422		$	43,199	0.92	%
Other liabilities	25,708						43,331
Stockholders’ equity	528,608						614,726
Total liabilities and stockholders' equity	$	4,499,764					$	5,358,479
Net interest income(1)			$	143,966					$	162,981
Net interest spread(1)					3.14	%					3.04	%
Net interest margin(1)					3.31	%					3.13	%

(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from federal income taxes. The incremental income 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.

CROSSFIRST BANKSHARES, INC.


YEAR-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)
	Twelve Months Ended
	December 31, 2020 over 2019
	Average Volume		Yield/Rate		Net Change(2)
	(Dollars in thousands)
Interest Income
Securities - taxable	$	(1,624)	$	(1,945)	$	(3,569)
Securities - tax-exempt(1)	2,022		(810)		1,212
Federal funds sold	(266)		(80)		(346)
Interest-bearing deposits in other banks	612		(2,680)		(2,068)
Gross loans, net of unearned income	41,037		(48,826)		(7,789)
Total interest income(1)	41,781		(54,341)		(12,560)
Interest Expense
Transaction deposits	1,748		(1,794)		(46)
Savings and money market deposits	5,725		(27,077)		(21,352)
Time deposits	(2,018)		(7,667)		(9,685)
Total interest-bearing deposits	5,455		(36,538)		(31,083)
FHLB and short-term borrowings	897		(1,348)		(451)
Trust preferred securities, net of fair value adjustments	6		(47)		(41)
Total interest expense	6,358		(37,933)		(31,575)
Net interest income(1)	$	35,423	$	(16,408)	$	19,015

(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from federal income income taxes. The incremental income income 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.

CROSSFIRST BANKSHARES, INC.

TABLE 4. 2019 - 2020 QUARTERLY ANALYSIS OF CHANGES IN NET INTEREST INCOME (UNAUDITED)




	Three Months Ended
	December 31,
	2019						2020
	Average Balance		Interest Income / Expense		Average Yield / Rate(3)		Average Balance		Interest Income / Expense		Average Yield / Rate(3)
	(Dollars in thousands)
Interest-earning assets:
Securities - taxable	$	317,524	$	2,180	2.72	%	$	215,348	$	1,075	1.99	%
Securities - tax-exempt(1)	427,280		3,861		3.59		458,651		3,939		3.42
Federal funds sold	4,750		19		1.61		—		—		—
Interest-bearing deposits in other banks	152,917		582		1.51		208,650		56		0.11
Gross loans, net of unearned income(2) (3)	3,749,865		49,208		5.21		4,493,806		45,147		4.00
Total interest-earning assets(1)	4,652,336		$	55,850	4.76	%	5,376,455		$	50,217	3.71	%
Allowance for loan losses	(44,051)						(80,770)
Other non-interest-earning assets	201,294						227,511
Total assets	$	4,809,579					$	5,523,196
Interest-bearing liabilities
Transaction deposits	$	200,480	$	603	1.19	%	$	574,811	$	306	0.21	%
Savings and money market deposits	1,854,042		8,059		1.72		2,158,044		2,344		0.43
Time deposits	1,225,752		7,585		2.46		1,086,825		3,960		1.45
Total interest-bearing deposits	3,280,274		16,247		1.97		3,819,680		6,610		0.69
FHLB and short-term borrowings	366,190		1,719		1.86		304,923		1,363		1.78
Trust preferred securities, net of fair value adjustments	913		35		15.18		954		24		9.97
Non-interest-bearing deposits	521,799		—		—		732,028		—		—
Cost of funds	4,169,176		$	18,001	1.71	%	4,857,585		$	7,997	0.65	%
Other liabilities	34,443						45,115
Total stockholders' equity	605,960						620,496
Total liabilities and stockholders' equity	$	4,809,579					$	5,523,196
Net interest income(1)			$	37,849					$	42,220
Net interest spread(1)					3.05	%					3.06	%
Net interest margin(1)					3.23	%					3.12	%

(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from federal income taxes. The incremental income 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.

CROSSFIRST BANKSHARES, INC.


QUARTER-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)
	Three Months Ended
	December 31, 2020 over 2019
	Average Volume		Yield/Rate		Net Change(2)
	(Dollars in thousands)
Interest Income
Securities - taxable	$	(577)	$	(528)	$	(1,105)
Securities - tax-exempt(1)	269		(191)		78
Federal funds sold	(9)		(10)		(19)
Interest-bearing deposits in other banks	155		(681)		(526)
Gross loans, net of unearned income	8,638		(12,699)		(4,061)
Total interest income(1)	8,476		(14,109)		(5,633)
Interest Expense
Transaction deposits	480		(777)		(297)
Savings and money market deposits	1,132		(6,847)		(5,715)
Time deposits	(784)		(2,841)		(3,625)
Total interest-bearing deposits	828		(10,465)		(9,637)
FHLB and short-term borrowings	(283)		(73)		(356)
Trust preferred securities, net of fair value adjustments	2		(13)		(11)
Total interest expense	547		(10,551)		(10,004)
Net interest income(1)	$	7,929	$	(3,558)	$	4,371

(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from federal income taxes. The incremental income 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.

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 full $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 (FTE) 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.

CROSSFIRST BANKSHARES, INC.


	Quarter Ended															Twelve Months Ended


	12/31/2019			03/31/2020			06/30/2020			09/30/2020			12/31/2020			12/31/2019			12/31/2020
	(Dollars in thousands)
Non-GAAP return on average tangible common equity:
Net income (loss) available to common stockholders	$	(700)		$	3,857		$	(7,356)		$	8,006		$	8,094		$	28,298		$	12,601

Average common equity	605,960			612,959			611,466			613,910			620,496			526,225			614,726
Less: average goodwill and intangibles	7,708			7,683			7,576			238			218			7,746			3,898
Average tangible common equity	598,252			605,276			603,890			613,672			620,278			518,479			610,828
Return on average common equity	(0.46)		%	2.53		%	(4.84)		%	5.19		%	5.19		%	5.38		%	2.05		%
Non-GAAP return on average tangible common equity	(0.46)		%	2.56		%	(4.90)		%	5.19		%	5.19		%	5.46		%	2.06		%


	Quarter Ended										Twelve Months Ended


	12/31/2019		03/31/2020		06/30/2020		09/30/2020		12/31/2020		12/31/2019		12/31/2020
	(Dollars in thousands)
Non-GAAP core operating income (loss):
Net income (loss)	$	(700)	$	3,857	$	(7,356)	$	8,006	$	8,094	$	28,473	$	12,601



Add: fixed asset impairments	—		—		—		—		—		424		—
Less: tax effect(1)	—		—		—		—		—		109		—
Fixed asset impairments, net of tax	—		—		—		—		—		315		—
Add: Goodwill impairment(2)	—		—		7,397		—		—		—		7,397
Add: state tax credit(2)	—		—		—		—		—		(1,361)		—
Non-GAAP core operating income (loss)	$	(700)	$	3,857	$	41	$	8,006	$	8,094	$	27,427	$	19,998

(1) Represents the tax impact of the adjustments above at a tax rate of 25.73%.
(2) No tax effect.


	Quarter Ended															Twelve Months Ended
	12/31/2019			03/31/2020			06/30/2020			09/30/2020			12/31/2020			12/31/2019			12/31/2020
	(Dollars in thousands)
Non-GAAP core operating return on average assets:
Net income (loss)	$	(700)		$	3,857		$	(7,356)		$	8,006		$	8,094		$	28,473		$	12,601
Non-GAAP core operating income (loss)	(700)			3,857			41			8,006			8,094			27,427			19,998
Average assets	$	4,809,579		$	4,975,531		$	5,441,513		$	5,486,252		$	5,523,196		$	4,499,764		$	5,358,479
Return on average assets	(0.06)		%	0.31		%	(0.54)		%	0.58		%	0.58		%	0.63		%	0.24		%
Non-GAAP core operating return on average assets	(0.06)		%	0.31		%	—		%	0.58		%	0.58		%	0.61		%	0.37		%

CROSSFIRST BANKSHARES, INC.


	Quarter Ended															Twelve Months Ended
	12/31/2019			03/31/2020			06/30/2020			09/30/2020			12/31/2020			12/31/2019			12/31/2020
	(Dollars in thousands)
Non-GAAP core operating return on common equity:
Net income (loss)	$	(700)		$	3,857		$	(7,356)		$	8,006		$	8,094		$	28,473		$	12,601
Non-GAAP core operating income (loss)	(700)			3,857			41			8,006			8,094			27,427			19,998
Less: Preferred stock dividends	—			—			—			—			—			175			—
Net income (loss) available to common stockholders	(700)			3,857			(7,356)			8,006			8,094			28,298			12,601
Non-GAAP core operating income (loss) available to common stockholders	(700)			3,857			41			8,006			8,094			27,252			19,998
Average common equity	$	605,960		$	612,959		$	611,466		$	613,910		$	620,496		$	526,225		$	614,726
Return on average common equity	(0.46)		%	2.53		%	(4.84)		%	5.19		%	5.19		%	5.38		%	2.05		%
Non-GAAP core operating return on common equity	(0.46)		%	2.53		%	0.03		%	5.19		%	5.19		%	5.18		%	3.25		%


	Quarter Ended


	12/31/2019		03/31/2020		06/30/2020		09/30/2020		12/31/2020
	(Dollars in thousands except per share data)
Tangible common stockholders' equity:
Total stockholders' equity	$	601,644	$	611,946	$	608,092	$	617,883	$	624,428
Less: goodwill and other intangible assets	7,694		7,669		247		227		208

Tangible common stockholders' equity	$	593,950	$	604,277	$	607,845	$	617,656	$	624,220
Tangible book value per share:
Tangible common stockholders' equity	$	593,950	$	604,277	$	607,845	$	617,656	$	624,220
Shares outstanding at end of period	51,969,203		52,098,062		52,167,573		52,195,778		51,679,516
Book value per share	$	11.58	$	11.75	$	11.66	$	11.84	$	12.08
Tangible book value per share	$	11.43	$	11.60	$	11.65	$	11.83	$	12.08


	Quarter Ended															Twelve Months Ended


	12/31/2019			03/31/2020			06/30/2020			09/30/2020			12/31/2020			12/31/2019			12/31/2020
	(Dollars in thousands)
Non-GAAP core operating efficiency ratio - Fully Tax Equivalent (FTE)
Non-interest expense	$	21,881		$	22,215		$	31,010		$	23,011		$	23,732		$	87,640		$	99,968
Less: goodwill impairment	—			—			7,397			—			—			—			7,397
Adjusted Non-interest expense (numerator)	$	21,881		$	22,215		$	23,613		$	23,011		$	23,732		$	87,640		$	92,571


Net interest income	37,179			38,228			41,157			39,327			41,537			141,444			160,249
Tax equivalent interest income(1)	670			695			685			669			683			2,522			2,732

Non-interest income	2,182			2,087			2,634			4,063			2,949			8,707			11,733
Add: fixed asset impairments	—			—			—			—			—			424			—
Total tax-equivalent income (denominator)	$	40,031		$	41,010		$	44,476		$	44,059		$	45,169		$	153,097		$	174,714
Efficiency ratio	55.60		%	55.10		%	70.81		%	53.03		%	53.35		%	58.37		%	58.13		%
Non-GAAP core operating efficiency ratio - Fully Tax Equivalent (FTE)	54.66		%	54.17		%	53.09		%	52.23		%	52.54		%	57.25		%	52.98		%
(1) Tax exempt income (tax-free municipal securities) is calculated on a tax equivalent basis. The incremental tax rate used is 21.0%.

CROSSFIRST BANKSHARES, INC.


	Quarter Ended										Twelve Months Ended
	12/31/2019		03/31/2020		06/30/2020		09/30/2020		12/31/2020		12/31/2019		12/31/2020
	(Dollars in thousands)
Non-GAAP pre-tax pre-provision profit
Net income (loss) before taxes	$	(1,870)	$	4,150	$	(8,219)	$	9,504	$	9,879	$	32,611	$	15,314
Add: Provision for loan losses	19,350		13,950		21,000		10,875		10,875		29,900		56,700
Non-GAAP pre-tax pre-provision profit	$	17,480	$	18,100	$	12,781	$	20,379	$	20,754	$	62,511	$	72,014

a4q20earningspresentatio

NASDAQ: CFB | January 28th, 2021

2 FORWARD-LOOKING STATEMENTS. The financial results in this presentation reflect preliminary, unaudited results, which are not final until the Company’s Annual Report on Form 10-K 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.

3 Other Senior Executives Amy Fauss Chief Operating Officer of CrossFirst Bank 28+ years of banking experience Joined CrossFirst in 2009 Tom Robinson Chief Risk Officer of CrossFirst 35+ years of banking experience Joined CrossFirst in 2011 Aisha Reynolds General Counsel of CrossFirst and CrossFirst Bank 13+ years of experience Joined CrossFirst in 2018 Matt Needham – Managing Director of Strategy and Investor Relations of CrossFirst • More than 15 years experience in banking, strategy, accounting and investment banking, five with CrossFirst • Extensive 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 Mike Maddox – President, CEO of CrossFirst Bankshares and Director of CrossFirst • 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 • Appointed to CEO June 1, 2020 after 12 years of service David O’Toole – CFO, Chief Investment Officer and Director of CrossFirst • 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 • Co-founder and managing partner of a national bank consulting and accounting firm • Served on numerous boards of directors of banks and private companies, including the Continental Airlines, Inc. travel agency advisory board Randy Rapp – Chief Credit Officer of CrossFirst Bank • More than 30 years of experience in banking, primarily as a credit analyst, commercial relationship manager and credit officer • Joined CrossFirst in April 2019 after serving as Executive Vice President and Chief Credit Officer of Texas Capital Bank, National Association from May 2015 until March 2019 • Mr. Rapp joined Texas Capital Bank in 2000 George Jones Vice Chairman for CrossFirst 40+ years of experience Joined CrossFirst in 2016 Steve Peterson Chief Banking Officer of CrossFirst 21+ years of experience Joined CrossFirst in 2011

4 EVERY CROSSFIRST TEAM MEMBER UNDERSTANDS THE IMPORTANT ROLE THEY PLAY IN OUR COLLECTIVE SUCCESS. SHARED VISION Focusing on: • Performance & Profitability • Seizing Growth Opportunities • Strong Credit Quality • Enhancing Products and Services • Managing Enterprise Risk • Contributing to our Communities ONE TEAM Focusing on: • Elevating our Strong Corporate Culture by Living our CrossFirst Values • Attracting and Retaining High Performing Talent • Well-being of our Employees ONE BANK Focusing on: • Targeting Businesses and Professionals • Branch-Lite – Technology Focused • Delivering Extraordinary Service and Customer Experience

5 • $5.7 billion(1) asset banking operation founded in 2007 • Branch-lite structure operating eight branches in key markets along the I-35 corridor • 3rd largest bank headquartered in the Kansas City MSA • High-growth commercial banking franchise with 328 full time equivalent employees(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 efficiency Financial Performance For Year Ended 12/31/20 (2) (1) As of December 31, 2020 (2) Dollars are in millions (3) Net of unearned income (Number of Locations) (1) (1) (1) (1) (1) (2) (1) Assets: $5,659 ROAA: 0.24% NPAs / Assets: 1.39% Gross Loans: (3) $4,442 ROACE: 2.05% NCOs / Avg. Loans: 0.89% Deposits: $4,695 Efficiency Ratio: 58.13% Reserves / Loans: 1.70% CET 1 Capital: 11.93% NIM(FTE): 3.13% Reserves / NPLs: 99.0% Total Risk-Based Capital: 13.20% Net Income: $12.6 Classified Loans / Capital + ALLL 40.9% Performance (Full Year 2020)Balance Sheet Asset Quality Metrics

6 ✓ Fourth quarter net income of $8.1 million and full year net income of $12.6 million (includes $56.7 million of loan loss provisions) ✓ Pretax, pre-provision profit (1) for the fourth quarter of $20.8 million and full-year pretax, pre-provision profit (1) of $72.0 million (includes a $7.4 million non-cash goodwill impairment in Q2 2020) ✓ Efficiency ratio of 53% for the fourth quarter of 2020 and 58% for the full year; a non-GAAP core efficiency ratio (1) of 53% for full year 2020 after adjusting for nonrecurring items ✓ Book value per share of $12.08 at December 31, 2020 compared to $11.58 at December 31, 2019 ✓ $5.7 billion of assets, a 15% increase over year end 2019 ✓ Excluding PPP loans, loan portfolio growth of $301 million, or 8% since year end 2019, and $39 million, or 1%, from the previous quarter ✓ Deposit growth of $771 million, or 20%, since year end 2019 and $202 million, or 4%, from previous quarter ✓ Well capitalized even under third-party pandemic stress test (Q2 2020) ✓ 38% DDA growth from year end 2019; 2020 loan-to-deposit ratio of 94.6%, exemplifying stronger liquidity Financial Performance Balance Sheet Strategic Initiatives ✓ Repurchased $6.1 million or 609,613 shares of common stock ✓ New Frisco, TX location and relocated Kansas City, MO location to more prominent office space during the third quarter of 2020 ✓ Developed and executed pandemic plan to support over 300 customers with loan modifications and issued almost 1,200 PPP loans ✓ Mike Maddox CEO transition and subsequent restructure of management to include Chief Banking Officer and Chief Technology Officer positions ✓ Reduced energy concentration in Q4 2020 (1) Represents a Non-GAAP financial measure, see Non-GAAP reconciliation slides at the end of the presentation for more detail.

7 ▪ Net interest margin (FTE) improved 14bps to 3.12% from the previous quarter, largely due to recognition of PPP loan fees and a 9bp decrease in total deposit costs ▪ Loan yields have trended downward due to repricing and movements in variable rate loans associated with the declining rate environment ▪ Company continued to move interest bearing deposit costs down to capture economics associated with FOMC rate cuts ▪ Loan to deposit ratio decreased to 94.6%, from 99.7% in Q3 2020, and 98.2% in Q4 2019 4.62% 4.60% 4.89% 5.34% 5.52% 4.26% 0.91% 0.87% 0.99% 1.44% 1.89% 0.85% 0% 1% 2% 3% 4% 5% 6% 2015 2016 2017 2018 2019 2020 Yield on Loans & Cost of Deposits Yield on Loans Cost of Total Deposits 3.27% 3.24% 3.40% 3.39% 3.31% 3.13% 3.24% 3.19% 2.98% 3.12% 0% 1% 2% 3% 4% 2015 2016 2017 2018 2019 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Net Interest Margin - Fully Tax Equivalent (FTE) Commentary

8 CMO (Fixed) 8.1% MBS (Fixed) 16.7% Municipal - Tax- Exempt 72.9% Municipal - Taxable 1.6% Other 0.7% Investment Portfolio Breakout as of December 31, 2020(1) ▪ Continue to exercise caution in the investment portfolio and maintain high- quality investment securities ▪ At the end of Q4 2020, the portfolio’s duration was approximately 4.5 years and the fully taxable equivalent yield for Q4 2020 rose 3bps to 2.96% ▪ During Q4 2020, $36 million of MBS/CMO paydowns were received and no securities were sold ▪ During Q4 2020, $38 million of new securities were purchased with an average tax equivalent yield of 2.94% ▪ The securities portfolio has unrealized gains of approximately $39 million as of December 31, 2020 Total: ~$655 million(1) (1) Based on approximate fair value. 3.72% 3.63% 3.85% 3.62% 3.35% 3.05% 0% 1% 2% 3% 4% 5% 2015 2016 2017 2018 2019 2020 Average Yield on Securities - Fully Tax Equivalent (FTE) Commentary

9 $7.5 $10.3 $5.8 $19.6 $28.5 $12.6 $14.1 $16.9 $16.4 $30.7 $62.5 $72.0 $- $10 $20 $30 $40 $50 $60 $70 $80 2015 2016 2017 2018 2019 2020 Earnings Performance Net Income Pretax, Pre-Provision Profit ▪ Historically, our balance sheet growth, combined with a relatively stable net interest margin has enabled robust operating revenue growth ▪ The Company’s core earnings power continues to increase ▪ Record 2020 year end pretax, pre- provision profit(2) of $72 million, an increase of 15% from full year 2019 (includes a goodwill impairment of $7.4 million recognized in Q2 2020) ▪ Record Q4 2020 pretax, pre- provision profits (2) of $20.8 million, a 19% increase from Q4 2019 ▪ Fiscal year 2020 loan loss provisioning was $56.7 million, an increase of 90% compared to same period in 2019, due in part to the pandemic and related macroeconomic impact Note: Dollars in charts are in millions. (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. (2) $44.6 $57.5 $78.5 $116.5 $150.2 $172.0 $- $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 2015 2016 2017 2018 2019 2020 Operating Revenue(1) Commentary

10 Service Charges & Fees 7% Gain on Sale of Securities 11% ATM & Credit Card Income 20% BOLI Income 22% Swap Fee Income 32% Other Non-Interest Income 8% 2019 Non-Interest Income Composition ($8.7 million)(1) 2020 Non-Interest Income Composition ($11.7 million) (1) Service Charges & Fees 24% Gain on Sale of Securities 15% ATM & Credit Card Income 37% BOLI Income 15% Swap Fee Income 0% Other Non-Interest Income 9% (1) Amounts shown are as of the end of the period 35% Increase in Non-Interest Income from Service Charges and Credit Card Fees

11 $21.9 $22.2 $31.0 $23.0 $23.7 1.81% 1.80% 2.21% 1.67% 1.71% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Non-interest Expense Non-interest expense / Average Assets $- $20 $40 $60 $80 $100 $120 2015 2016 2017 2018 2019 2020 Salaries & Benefits Occupancy Exp. & Professional Fees FDIC Premiums Data Processing, Software & Comm. Advertising & Other Exp. Non-cash Goodwill Impairment ($7.4mm) $31 146 203 305 353 357 328 $10.8 $10.5 $9.7 $11.6 $13.8 $17.3 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 0 100 200 300 400 500 600 700 800 2015 2016 2017 2018 2019 2020 Employees Assets/Employee (FTE) Managing Expenses while Growing Non-Interest Expense Growth Assets per Employee (FTE) Dollars are in millions and amounts shown are as of full year 2020 (1) Includes $7.4mm Goodwill Impairment (1) $41 $62 $86 $88 $100 (1)

12 68.48% 70.64% 79.10% 73.64% 58.37% 58.13% 64.66% 66.04% 72.33% 67.68% 57.25% 52.98% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2015 2016 2017 2018 2019 2020 Efficiency Ratio / Non-GAAP Core Efficiency Ratio FTE(1) GAAP Non-GAAP ▪ CrossFirst’s branch-lite model is an efficient and scalable infrastructure to support operating revenue growth ▪ ROAA significantly impacted by record provisioning from COVID-19 pandemic and other factors in 2020 ▪ Core efficiency performance is trending down consistent with management’s initiatives (1) Represents a non-GAAP financial measure, see non-GAAP reconciliation slides in the supplemental information for more detail (0.06%) 0.31% (0.54%) 0.58% 0.58% 1.44% 1.46% 0.94% 1.48% 1.49% (1.00%) (0.50%) 0.00% 0.50% 1.00% 1.50% 2.00% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 ROAA PTPP ROAA Pretax, pre-provision ROAA (1) (1) 0.53% 0.56% 0.24% 0.56% 0.63% 0.24% 0.53% 0.56% 0.40% 0.57% 0.61% 0.37% 0% 0% 0% 0% 0% 1% 1% 1% 2015 2016 2017 2018 2019 2020 Return on Average Assets / Non-GAAP ROAA (1) GAAP Non-GAAP Commentary

13 26% 13% 36% 1% 24% Payment Deferral - 90+ Days Interest Only Payments - 90+ Days Payment Deferral - 180 Days or Other Payment Deferral - 90 Days Interest Only Payments - 90 Days $3,331 $3,506 $3,727 $3,827 $4,022 $4,016 $3,945 $57 $48 $48 $79 $170 $177 $224 $88 $85 $87 $105 $237 $300 $286 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Pass Special Mention (Criticized) Substandard & Doubtful (Classified) 13 $3,639 $3,862 $4,011 $4,429 2% 3% 5% % Substandard & Doubtful Migration of Credit by Risk Weighting (in $ millions) 7%2%3% $4,493 ➢ ~50% of modifications are pass rated loans ➢ ~39% of classified and criticized loans are energy loans $3,476 6% $4,455 $0 $20 $40 Other Office CRE Energy Medical & Sr. Living CRE Restaurants C&I Health Care C&I Retail CRE Recreation C&I Owner Occupied RE Hotel CRE $90 million of Loan Modifications (17 loans) Remain as of December 31, 2020 $33 $10 $7 $3 $0 $6 $9 $2 $8 $12 Focus Industries - $78 (in $ millions) Loan Modifications as of December 31, 2020 Loan Modifications: $90 million

14 ▪ Reduction in NPAs was a direct result of workout activities and associated charge-offs ▪ 34% of the nonperforming asset balance in Q4 2020 relates to energy credits 0.08% 0.20% 0.18% 0.43% 0.97% 1.39% 0.59% 0.74% 1.49% 1.39% 0.0% 0.5% 1.0% 1.5% 2.0% 2015 2016 2017 2018 2019 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Nonperforming Assets / Assets 0.04% 0.11% 0.44% 0.07% 0.31% 0.89% 2.00% 0.12% 0.54% 1.03% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 2015 2016 2017 2018 2019 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Net Charge-Offs / Average Loans(1) ▪ Full year 2020 net charge-offs were $38.3 million compared to $10.8 million in full year 2019 ▪ Q4 2020 had $11.6 million in net charge-offs. 62% were commercial and industrial loans and 24% were from the energy portfolio ▪ Elevated Q1 2020 net charge-offs of $19.4 million mostly attributed to a large previously disclosed credit; representing ~48% of total 2020 charge-offs (1) Ratio is annualized for interim periods Commentary Commentary

15 Energy Portfolio Dynamics ▪ Typically only lend as a senior secured lender in single bank transactions and as a cash flow lender ▪ Exploration & Production lending only on proven and producing reserves ▪ CrossFirst typically does not lend to shale, oil field services, or midstream energy companies ▪ Collateral base is predominately comprised of properties with sufficient production history to establish reliable production trends; long-life assets ▪ 40% of the oil portfolio is hedged for the next 12 months at $48.70 / barrel ▪ 50% of the natural gas portfolio is hedged for the next 12 months at $2.55 / MMBtu ▪ $18.3 million of reserves are allocated to energy, representing 5.3% of the total energy portfolio Energy by Composition 12/31/2020 ($ in millions) # Loans Outstanding % Total Unfunded Commitments Average Size Avg % Hedged(1) Oil 27 $209 60% $7 $8 40% Natural Gas 16 $130 38% $9 $8 50% Other Sources 13 $6 2% $28 $1 0% Total 56 $345 100% $44 $6 43% (1) $393 $371 $210 $187 $146 $9 $13 $72 $59 $90 $7 $15 $108 $138 $109 $0.00 $50.00 $100.00 $150.00 $200.00 $250.00 $300.00 $350.00 $400.00 $450.00 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Pass Special Mention Substandard & Doubtful Data as of 12/31/20 (1) Weighted Average $399 $390 $384 $409 Energy Loans by Risk Rating ($ in millions) $345 16% Reduction in Energy Portfolio Compared to Year End 2019

16 ▪ Prudently maintained ALLL / Total Loans at 1.70%, or 1.81% excluding PPP loans as of year end 2020 ▪ Q4 2020 provision of $10.9 million off- set by charge-off activity ▪ Classified loans decreased as some borrowers had improvements in their business, loan modifications returned to full payments, and associated paydowns ▪ Maintained strong capital levels to provide ample liquidity to meet clients’ needs and weather further economic downturns ▪ The Company has $1.4 billion in unfunded loan commitments as of year end 2020 Dollar amounts are in millions. Commentary Commentary $56.9 $51.5 $71.2 $76.0 $75.3 1.48% 1.29% 1.61% 1.70% 1.70% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% $- $10 $20 $30 $40 $50 $60 $70 $80 $90 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Allowance for Loan Losses / Total Loans $86.9 $104.5 $237.1 $299.9 $286.1 13.2% 15.8% 34.9% 43.2% 40.9% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% $- $50 $100 $150 $200 $250 $300 $350 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Classified Loans / (Total Capital +LLR) 12.20% 12.08% 11.99% 11.95% 11.93%12.22% 12.10% 12.01% 11.97% 11.94% 13.43% 13.17% 13.27% 13.23% 13.20% 0% 2% 4% 6% 8% 10% 12% 14% 16% Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Capital Ratios Common Equity Tier 1 Tier 1 Risk Based Total Risk-Based Capital

18 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 in the business for the long term 3. Closely monitoring and engaging clients to mitigate risks and impact from COVID-19, especially customer modifications & energy portfolio; modifications declined to $90 million in the fourth quarter 2020 4. Branch-lite business model and technology forward strategy provides CrossFirst an advantage for strong business continuity through the pandemic 5. Continued prudent management of expenses, staffing levels, and other discretionary spend; optimized staffing levels in third quarter 2020 6. Strong reserve build of total loan loss reserves / loans of 1.70% including an additional fourth quarter provision of $10.9 million and charging down exposures 7. Stress testing of capital and credit scenarios show CrossFirst as well capitalized under several extreme scenarios 8. Return to work planning remains flexible with safety of employees, clients and other stakeholders as the highest priority 9. Positioned for long term growth after the market stabilizes 1 8

19 ▪ CFB is a strong supporter of local businesses and communities we serve ▪ Weighted average fee rate of approximately 2.4%, excluding fee impact to yield ▪ Management is working to expedite the forgiveness process of the PPP loans ▪ Anticipate most PPP loan fees to be recognized in the first half of 2021 ▪ As of year end 2020, $5.8 million of the $9.9 million associated fees have been recognized SBA / PPP Applications Existing Customers New Customers Totals Forgiveness Complete # of Applications Approved 891 303 1,194 342 $ Loans Funded $290 $79 $369 $77 Commentary Note: Information as of December 31, 2020 (1) Dollars in millions Hotel & Restaurants 12% Other Services & Business Support 17% Construction 10% Medical/ Healthcare 16% Professional Services 19% Other Small Businesses 26% Loans Approved by Industry (Based on $ Funded) Dallas 12% Kansas City 53% Oklahoma City 7% Tulsa & Energy 11% Wichita 17% Loans Approved by Market (Based on $ Funded) PPP Loan Stratification PPP Loans # of Loans $ of Loans Held < $150,000 564 $24 $150,000 - $350,000 123 $29 $350,000 - $2,000,000 128 $102 $2,000,000+ 37 $137 Total 852 $292 (1) (1)

20 Industry Total Exposure (1) % of Gross Loans(1) Energy Oil (excludes Natural Gas) $209 5.0% Retail Commercial Real Estate $183 4.4% Hotel & Lodging $175 4.2% Healthcare Commercial and Industrial $79 1.9% Entertainment & Recreation(2) $98 2.4% Restaurant(3) $74 1.8% 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 December 31, 2020; excludes PPP loans (2) Includes Native American Gaming, Parking Lots and Garages (3) Restaurant information includes both commercial and industrial and CRE exposure

21 Commercial & Industrial 30% Commercial Real Estate 27% Construction & Land Development 12% Energy 8% Residential Real Estate 9% SBA PPP 7% Owner Occupied Real Estate 6% Other 1% Commercial and Industrial Loan Breakdown by Type ($1.3bn) Multi-Family 23% Retail 10% Office 13% Industrial (excludes Self- Storage) 10% 1-4 Family Res Construction 9%Hotel 10%Senior Living 6% Other 4% Raw Land 3% Medical 4% C-Store 2% Self Storage 3% Land Development 3% Other 18% Manufacturing 9%Real Estate Activity 7% Business Loans to Individuals 7% Recreation 6% Health Care 6% Administrative Services 6% Engineering & Contracting 6% Restaurants 6% Financial Management 5% Motor Vehicle & Parts Dealers 4% Security Services 4% Aircraft 4% Rental & Leasing Services 3% Credit Related Activities 3% Professional & Technical Services 3% Merchant Wholesalers 3% Loan Mix by Type ($4.5bn) (1) CRE Loan Portfolio by Segment ($1.7bn)(2) Remaining States 14% TX 46% OK 12% KS 9% MO 8% CO 4% FL 3% AZ 2% WA 2% CRE Loans by Geography ($1.7bn)(2) Note: Data as of December 31, 2020. (1) Shown as a percentage of loan portfolio, net of unearned income (2) CRE as defined by regulators (including construction and development)

22 $993 $1,297 $1,996 $3,061 $3,852 $4,442 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2015 2016 2017 2018 2019 2020 Gross Loans (Net of Unearned Income) $1,357 $1,355 $1,285 $1,291 1,339 $409 $399 $390 $384 $345 $1,024 $1,085 $1,141 $1,196 $1,180 $628 $625 $662 $588 $563 $399 $504 $536 $618 $681 $45 $43 $46 $47 $55 $369 $369 $292 -$300 $200 $700 $1,200 $1,700 $2,200 $2,700 $3,200 $3,700 $4,200 $4,700 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Commercial & Industrial Energy Commercial Real Estate Construction & Land Development Residential Real Estate Consumer SBA/ PPP 5.21% 4.98% 4.28% ▪ Historically loan growth has been primarily organic and very strong ▪ Loan growth for Q4 2020, excluding PPP loans, was a modest 1% compared to the previous quarter ▪ Diversification remains a core tenet ▪ Purchased loan participations totaled $72 million and a combination of shared national credits and syndications purchased total $402 million at December 31, 2020 ▪ Generally, the Company only buys syndicated loans with borrowers for which the Company could lead the next borrowing opportunity ▪ Loan participations sold of $299 million and $148 million of syndications sold at December 31, 2020 Dollars in charts are in millions. Amounts shown are as of the end of the period. Gross Loans by Type Commercial & Industrial 30% Energy 8%Commercial Real Estate 27% SBA / PPP 7% Construction & Land Development 12% Residential Real Estate 15% Consumer 1% Q4 2020 Gross Loan Composition Commentary $4,429 3.90% 4.00% Loan Yield $4,493 $3,862 $4,011 $4,455

23 $36 $31 $20 $25 $7 $5 $17 $18 $8 $2 $16 $22 $3 $0 $4 $3 $4 $6 $0 $0 $0 $0 $10 $20 $30 $40 $50 $60 $70 $80 Dec-19 Net Charge-Offs C&I Energy CRE Construction & Land Residential RE Consumer Dec-20 Adjustments to ALLL Commercial & Industrial Energy Commercial Real Estate Construction & Land Development Residential Real Estate Consumer & Line of Credit 1.48% ALLL / Gross Loans (excludes PPP) 1.81% Note: As of end of period Dollars in millions $57 $75

24 Savings & MMA 46% Time Deposits < $100,000 6% Time Deposits ≥ $100,000 16% DDA 15% Transaction Deposits 17% ▪ CrossFirst has generated significant growth in core deposits during 2020 to support PPP growth and the securities portfolio ▪ DDA increased 38% compared to year end 2019 ▪ Deposit growth continues to come from higher yielding money market accounts and transaction deposits ▪ Linked quarter increase in transaction deposits due to utilization of insured cash sweep product ▪ Brokered deposits were $188 million at year end 2020, down 52% from Q4 2019, and down 36% from Q3 2020 ▪ Deposit costs have trended down due to the low-rate environment Commentary Deposit Mix by Type Dollars are in millions and amounts shown are as of the end of the period. $522 $567 $750 $754 $718 $259 $538 $399 $508 $778 $1,903 $1,765 $1,994 $2,090 $2,155 $530 $379 $416 $391 $304 $710 $724 $745 $750 $740 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Non-interest bearing deposits Transaction Deposits Savings & MMA Time Deposits < $100,000 Time Deposits ≥ $100,000 Q4 2020 Deposit Composition 1.46%1.70% 0.79% 0.67% 0.58% Cost of Deposits $3,924 $3,973 $4,304 $4,493 $4,695 $1,295 $1,694 $2,303 $3,208 $3,924 $4,695 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2015 2016 2017 2018 2019 2020 Total Deposits

25 # Loans Amount Outstanding Unfunded Commitments Average Size Amount Classified Completed Hotels 13 $157 $0 $12 $29 In-Progress Construction 3 $19 $16 $6 $0 Total 16 $176 $16 $11 (1) $29 Hotel & Lodging 12/31/2020 ($ millions) Marriott 35% Boutique Hotel 1% Choice 5% IHG 6% Oakwood 18% Hilton 19% ESH 16% Hotel & Lodging Portfolio Dynamics ▪ Primarily loaning to established brands names ▪ No “conference center” hotels and ~75% of the properties are in major MSAs; mostly in the Midwest ▪ $29 million of outstanding hotel loans in the portfolio are classified ▪ 96% of the outstanding loans, by dollar amount, have recourse provisions ▪ Hotel Construction borrowers are sophisticated sponsors with significant invested equity and resources ▪ $6.8 million of reserves are allocated to hotel portfolio, representing 3.9% of the total outstanding hotel portfolio Hotels by Brand Ownership Data as of 12/31/20 (1) Weighted average

26Historic share counts and per share figures reflect 2:1 stock split effected on 12/21/18. (1) Represents a non-GAAP financial measure. See Non-GAAP Reconciliation slides at the end of this presentation for additional detail. (Dollars thousands, except per share data) 2015 2016 2017 2018 2019 2020 Income Statement Data Interest income $54,116 $69,069 $97,816 $156,880 $216,218 $203,448 Interest expense 11,849 15,016 22,998 46,512 74,774 43,199 Net interest income 42,267 54,053 74,818 110,368 141,444 160,249 Provision for loan losses 5,975 6,500 12,000 13,500 29,900 56,700 Non-interest income 2,365 3,407 3,679 6,083 8,707 11,733 Non-interest expense 30,562 40,587 62,089 85,755 87,640 99,968 Income before taxes 8,095 10,373 4,408 17,196 32,611 15,314 Income tax expense (benefit) 626 62 (1,441) (2,394) 4,138 2,713 Net Income (loss) 7,469 10,311 5,849 19,590 28,473 12,601 Preferred stock dividends 2,066 2,100 2,100 2,100 175 0 Net income available to common stockholders 5,403 8,211 3,749 17,490 28,298 12,601 Non-GAAP core operating income (1) 7,469 10,311 9,716 19,940 27,427 19,998 Balance Sheet Data Cash and cash equivalents $79,418 $155,972 $130,820 $216,541 $187,320 $408,810 Available-for-sale securities 459,524 591,008 701,534 661,628 739,473 654,588 Gross loans (net of unearned income) 992,726 1,296,886 1,996,029 3,060,747 3,852,244 4,441,897 Allowance for loan losses (15,526) (20,786) (26,091) (37,826) (56,896) (75,295) Goodwill and other intangibles 8,100 7,998 7,897 7,796 7,694 208 Total assets 1,574,346 2,133,106 2,961,118 4,107,215 4,931,233 5,659,303 Non-interest-bearing deposits 123,430 198,088 290,906 484,284 521,826 718,459 Total deposits 1,294,812 1,694,301 2,303,364 3,208,097 3,923,759 4,694,740 Borrowings and repurchase agreements 112,430 216,709 357,837 388,391 373,664 295,406 Trust preferred securities, net of fair value adj. 792 819 850 884 921 963 Preferred Stock, liquidation value 30,000 30,000 30,000 30,000 0 0 Total Stockholders' Equity 160,004 214,837 287,147 490,336 601,644 624,428 Tangible Stockholders' Equity (1) 121,904 176,839 249,250 452,540 593,950 624,220 Share and Per Share Data: Basic earnings (loss) per share $0.29 $0.39 $0.12 $0.48 $0.59 $0.24 Diluted earnings (loss) per share 0.28 0.39 0.12 0.47 0.58 0.24 Book value per share 6.61 7.34 8.38 10.21 11.58 12.08 Tangible book value per share (1) 6.20 7.02 8.12 10.04 11.43 12.08 Wtd. avg. common shares out. - basic 18,640,678 20,820,784 30,086,530 36,422,612 47,679,184 52,070,624 Wtd. avg. common shares out. - diluted 19,378,290 21,305,874 30,963,424 37,492,567 48,576,135 52,548,547 Shares outstanding at end of period 19,661,718 25,194,872 30,686,256 45,074,322 51,969,203 51,679,516 As of Year or for the Year Ended December 31,

27 (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. 2015 2016 2017 2018 2019 2020 Selected Ratios: Return on average assets 0.53% 0.56% 0.24% 0.56% 0.63% 0.24 Non-GAAP core operating return on average assets (1) 0.53 0.56 0.40 0.57 0.61 0.37 Return on average common equity 4.60 5.51 1.53 5.34 5.38 2.05 Non-GAAP core operating return on average common equity (1) 4.60 5.51 3.11 5.45 5.18 3.25 Yield on earning assets - tax equivalent (2) 4.14 4.08 4.37 4.77 5.04 3.96 Yield on securities - tax equivalent (2) 3.72 3.63 3.85 3.62 3.35 3.05 Yield on loans 4.62 4.60 4.89 5.34 5.52 4.26 Cost of interest-bearing deposits 1.01 0.96 1.12 1.71 2.21 1.02 Cost of funds 0.94 0.91 1.06 1.49 1.90 0.92 Cost of total deposits 0.91 0.87 0.99 1.44 1.89 0.85 Net interest margin - tax equivalent (2) 3.27 3.24 3.40 3.39 3.31 3.13 Non-interest expense to average assets 2.17 2.21 2.53 2.45 1.95 1.84 Efficiency ratio (3) 68.48 70.64 79.10 73.64 58.37 58.13 Non-GAAP core operating efficiency ratio FTE (1)(3) 64.66 66.04 72.33 67.68 57.25 52.98 Non-interest-bearing deposits to total deposits 9.53 11.69 12.63 15.10 13.30 15.30 Loans to deposits 76.67 76.54 86.66 95.41 98.18 94.61 Credit Quality Ratios: Allowance for loans losses to total loans 1.56% 1.60% 1.30% 1.23% 1.48% 1.70% Non-performing assets to total assets 0.08 0.20 0.18 0.43 0.97 1.39 Non-performing loans to total loans 0.12 0.33 0.27 0.58 1.15 1.71 Allowance for loans losses to non-performing loans 1,336.38 493.14 481.68 212.30 128.54 98.98 Net charge-offs to average loans 0.04 0.11 0.44 0.07 0.31 0.89 Capital Ratios: Total stockholders' equity to total assets 10.16% 10.07% 9.70% 11.94% 12.20% 11.03% Common equity tier 1 capital ratio 8.50 9.78 8.62 11.75 12.20 11.93 Tier 1 risk-based capital ratio 10.70 11.38 9.70 12.53 12.22 11.94 Total risk-based capital ratio 11.82 12.51 10.65 13.51 13.43 13.20 Tier 1 leverage ratio 9.72 10.48 9.71 12.43 12.06 10.93 As of Year or for the Year Ended December 31,

28(1) Represents a non-GAAP financial measure. See Non-GAAP Reconciliation slides at the end of this presentation for additional detail. (Dollars thousands, except per share data) 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 Income Statement Data Interest income $55,180 $54,208 $51,254 $48,452 $49,534 Interest expense 18,001 15,980 10,097 9,125 7,997 Net interest income 37,179 38,228 41,157 39,327 41,537 Provision for loan losses 19,350 13,950 21,000 10,875 10,875 Non-interest income 2,182 2,087 2,634 4,063 2,949 Non-interest expense 21,881 22,215 31,010 23,011 23,732 Income before taxes (1,870) 4,150 (8,219) 9,504 9,879 Income tax expense (benefit) (1,170) 293 (863) 1,498 1,785 Net income (loss) (700) 3,857 (7,356) 8,006 8,094 Preferred stock dividends 0 0 0 0 0 Net income available to common stockholders (700) 3,857 (7,356) 8,006 8,094 Non-GAAP core operating income (1) (700) 3,857 41 8,006 8,094 Balance Sheet Data Cash and cash equivalents $187,320 $158,987 $194,371 $223,636 $408,810 Securities 739,473 733,024 697,847 649,901 654,588 Gross loans (net of unearned income) 3,852,244 4,002,451 4,413,224 4,477,809 4,441,897 Allowance for loan losses (56,896) (51,458) (71,185) (76,035) (75,295) Goodwill and intangibles 7,694 7,669 247 227 208 Total assets 4,931,233 5,067,407 5,462,254 5,505,696 5,659,303 Non-interest bearing deposits 521,826 567,215 750,333 754,172 718,459 Total deposits 3,923,759 3,972,822 4,304,143 4,492,549 4,694,740 Borrowings and repurchase agreements 373,664 441,626 500,498 349,631 295,406 Trust preferred securities, net of fair value adj. 921 931 942 952 963 Preferred Stock 0 0 0 0 0 Stockholders' Equity 601,644 611,946 608,092 617,883 624,428 Tangible Stockholders' Equity (1) 593,950 604,277 607,845 617,656 624,220 Share and Per Share Data: Basic earnings (loss) per common share ($0.01) $0.07 ($0.14) $0.15 $0.16 Dilutive earnings (loss) per common share (0.01) 0.07 (0.14) 0.15 0.15 Book value per common share 11.58 11.75 11.66 11.84 12.08 Tangible book value per common share (1) 11.43 11.60 11.65 11.83 12.08 Wtd. avg. common shares out. - basic 51,952,712 52,071,484 52,104,994 52,136,286 51,970,116 Wtd. avg. common shares out. - diluted 52,748,312 52,660,270 52,493,177 52,560,126 52,463,645 Shares outstanding at end of period 51,969,203 52,098,062 52,167,573 52,195,778 51,679,516 CrossFirst Bankshares, Inc Quarterly Financials As of or for the Three Months Ended

29 (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. (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 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 Selected Ratios: Return on average assets (1) (0.06%) 0.31% (0.54%) 0.58% 0.58% Non-GAAP core operating return on average assets (1)(2) (0.06) 0.31 - 0.58 0.58 Return on average common equity (0.46) 2.53 (4.84) 5.19 5.19 Yield on earning assets 4.71 4.52 3.91 3.61 3.67 Yield on earning assets - tax equivalent (3) 4.76 4.57 3.96 3.66 3.71 Yield on securities 2.86 2.85 2.70 2.55 2.56 Yield on securities - tax equivalent (3) 3.22 3.21 3.07 2.93 2.96 Yield on loans 5.21 4.98 4.28 3.90 4.00 Costs of interest bearing liabilities 1.96 1.70 1.01 0.88 0.77 Cost of interest-bearing deposits 1.97 1.69 0.95 0.80 0.69 Cost of funds 1.71 1.49 0.85 0.75 0.65 Cost of Deposits 1.70 1.46 0.79 0.67 0.58 Cost of other borrowings 1.86 1.72 1.35 1.50 1.78 Net interest margin - tax equivalent (3) 3.23 3.24 3.19 2.98 3.12 Noninterest expense to average assets 1.81 1.80 2.21 1.67 1.71 Efficiency ratio (4) 55.60 55.10 70.81 53.03 53.35 Non-GAAP core operating efficiency ratio (FTE) (2)(4) 54.66 54.17 53.09 52.23 52.54 Noninterest bearing deposits to total deposits 13.30 14.28 17.43 16.79 15.30 Loans to deposits 98.18 100.75 102.53 99.67 94.61 Credit Quality Ratios: Allowance for loans losses to total loans 1.48% 1.29% 1.61% 1.70% 1.70% Nonperforming assets to total assets 0.97 0.59 0.74 1.49 1.39 Nonperforming loans to total loans 1.15 0.66 0.86 1.78 1.71 Allowance for loans losses to nonperforming loans 128.54 195.99 188.55 95.18 98.98 Net charge-offs to average loans (1) 0.58 2.00 0.12 0.54 1.03 Capital Ratios: Total stockholders' equity to total assets 12.20% 12.08% 11.13% 11.22% 11.03% Common equity tier 1 capital ratio 12.20 12.08 11.99 11.95 11.93 Tier 1 risk-based capital ratio 12.22 12.10 12.01 11.97 11.94 Total risk-based capital ratio 13.43 13.17 13.27 13.23 13.20 Tier 1 leverage ratio 12.06 11.81 10.75 10.85 10.93 CrossFirst Bankshares, Inc Quarterly Financials As of or for the Three Months Ended

30(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% 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. (Dollars in thousands) As of or for the Year Ended December 31, 2015 2016 2017 2018 2019 2020 Non-GAAP Core Operating Income: Net Income (loss) $7,469 $10,311 $5,849 $19,590 $28,473 $12,601 Add: restructuring charges 0 0 0 4,733 0 0 Less: Tax effect (1) 0 0 0 1,381 0 0 Restructuring charges, net of tax 0 0 0 3,352 0 0 Add: fixed asset impairments 0 0 1,903 171 424 0 Less: Tax effect (2) 0 0 737 44 109 0 Fixed asset impairments, net of tax 0 0 1,166 127 315 0 Add: Goodwill impairment (3) 0 0 0 0 0 7,397 Add: State tax credit (3) 0 0 0 (3,129) (1,361) 0 Add: 2017 Tax Cut and Jobs Act (3) 0 0 2,701 0 0 0 Non-GAAP core operating income $7,469 $10,311 $9,716 $19,940 $27,427 $19,998 Non-GAAP Core Operating Return on Average Assets: Net Income (loss) $7,469 $10,311 $5,849 $19,590 $28,473 $12,601 Non-GAAP core operating income 7,469 10,311 9,716 19,940 27,427 19,998 Average Assets 1,410,447 1,839,563 2,452,797 3,494,655 4,499,764 5,358,479 GAAP return on average assets 0.53% 0.56% 0.24% 0.56% 0.63% 0.24% Non-GAAP core operating return on average assets 0.53% 0.56% 0.40% 0.57% 0.61% 0.37% Non-GAAP Core Operating Return on Average Equity: Net Income (loss) $7,469 $10,311 $5,849 $19,590 $28,473 $12,601 Non-GAAP core operating income 7,469 10,311 9,716 19,940 27,427 19,998 Less: Preferred stock dividends 2,066 2,100 2,100 2,100 175 0 Net Income (loss) available to common stockholders 5,403 8,211 3,749 17,490 28,298 12,601 Non-GAAP core operating income available to common stockholders 5,403 8,211 7,616 17,840 27,252 19,998 Average common equity 117,343 149,132 245,193 327,446 526,225 614,726 Tangible Assets 8,152 8,050 7,949 7,847 7,746 208 Average Tangible Equity 109,191 141,082 237,244 319,599 518,479 614,518 GAAP return on average common equity 4.60% 5.51% 1.53% 5.34% 5.38% 2.05% Non-GAAP core return on average tangible common equity 4.95% 5.82% 3.21% 5.58% 5.26% 3.25% Non-GAAP Core Operating Efficiency Ratio: Non-interest expense $30,562 $40,587 $62,089 $85,755 $87,640 $99,968 Less: goodwill impairment 0 0 0 0 0 7,397 Less: restructuring charges 0 0 0 4,733 0 0 Non-GAAP non-interest expense (numerator) 30,562 40,587 62,089 81,022 87,640 92,571 Net interest income 42,267 54,053 74,818 110,368 141,444 160,249 Tax-equivalent interest income 2,637 4,001 5,439 3,099 2,522 2,732 Non-interest income 2,365 3,407 3,679 6,083 8,707 11,733 Add: fixed asset impairments 0 0 1,903 171 424 0 Non-GAAP Operating revenue (denominator) 47,269 61,461 85,839 119,721 153,097 174,714 GAAP efficiency ratio 68.48% 70.64% 79.10% 73.64% 58.37% 58.13% Non-GAAP core operating efficiency ratio (FTE) 64.66% 66.04% 72.33% 67.68% 57.25% 52.98%

31 (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. (Dollars in thousands) December 31, 2019 March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Non-GAAP Core Operating Income: Net Income (loss) ($700) $3,857 ($7,356) $8,006 $8,094 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 0 0 0 0 0 Less: Tax effect (2) 0 0 0 0 0 Fixed asset impairments, net of tax 0 0 0 0 0 Add: Goodwill Impairment (3) 0 0 7,397 0 0 Add: State tax credit (3) 0 0 0 0 0 Add: 2017 Tax Cut and Jobs Act Non-GAAP core operating income ($700) $3,857 $41 $8,006 $8,094 Non-GAAP Core Operating Return on Average Assets: Net Income ($700) $3,857 ($7,356) $8,006 $8,094 Non-GAAP core operating income (700) 3,857 41 8,006 8,094 Average Assets 4,809,579 4,975,531 5,441,513 5,486,252 5,523,196 GAAP return on average assets (4) (0.06%) 0.31% (0.54%) 0.58% 0.58% Non-GAAP core operating return on average assets (4) (0.06%) 0.31% 0.00% 0.58% 0.58% Non-GAAP Core Operating Efficiency Ratio: Non-interest expense $21,881 $22,215 $31,010 $23,011 $23,732 Less: Goodwill Impairment $0 $0 $7,397 $0 $0 Less: restructuring charges 0 0 0 0 0 Non-GAAP non-interest expense (numerator) 21,881 22,215 23,613 23,011 23,732 Net interest income 37,179 38,228 41,157 39,327 41,537 Tax-equivalent interest income 670 695 685 669 683 Non-interest income 2,182 2,087 2,634 4,063 2,949 Add: fixed asset impairments 0 0 0 0 0 Non-GAAP operating revenue (denominator) 40,031 41,010 44,476 44,059 45,169 GAAP efficiency ratio 55.59% 55.10% 70.81% 53.03% 53.35% Non-GAAP core operating efficiency ratio (FTE) 54.66% 54.17% 53.09% 52.23% 52.54% As of or for the Three Months Ended

32 (Dollars in thousands, except per share data) As of or for the Year Ended December 31, 2015 2016 2017 2018 2019 2020 Pre-Tax Pre-Provision Profit Income before Taxes 8,095 10,373 4,408 17,196 32,611 15,314 Provision for Credit loss 5,975 6,500 12,000 13,500 29,900 56,700 Pre-Tax Pre-Provision Profit 14,070 16,873 16,408 30,696 62,511 72,014 Average Assets 1,410,447 1,839,563 2,452,797 3,494,655 4,499,764 5,358,479 Pre-Tax Pre-Provision Return on Average Assets 1.00% 0.92% 0.67% 0.88% 1.39% 1.34% Tangible Stockholders' Equity: Stockholders' equity $160,004 $214,837 $287,147 $490,336 $601,644 $624,428 Less: goodwill and intangible assets 8,100 7,998 7,897 7,796 7,694 208 Less: preferred stock 30,000 30,000 30,000 30,000 0 0 Tangible Stockholders' Equity $121,904 $176,839 $249,250 $452,540 $593,950 $624,220 Shares outstanding at end of period 19,661,718 25,194,872 30,686,256 45,074,322 51,969,203 51,679,516 Book value per common share $6.61 $7.34 $8.38 $10.21 $11.58 $12.08 Tangible book value per common share $6.20 $7.02 $8.12 $10.04 $11.43 $12.08 (Dollars in thousands, except per share data) 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 Pre-Tax Pre-Provision Profit Income (loss) before Taxes (1,870) 4,150 (8,219) 9,504 9,879 Provision for Credit loss 19,350 13,950 21,000 10,875 10,875 Pre-Tax Pre-Provision Profit 17,480 18,100 12,781 20,379 20,754 Average Assets 4,809,579 4,975,531 5,441,513 5,486,252 5,523,196 Pre-Tax Pre-Provision Return on Average Assets 1.44% 1.46% 0.94% 1.48% 1.49% Tangible Stockholders' Equity: Stockholders' equity $601,644 $611,946 $608,092 $617,883 $624,428 Less: goodwill and intangible assets 7,694 7,669 247 227 208 Less: preferred stock 0 0 0 0 0 Tangible Stockholders' Equity $593,950 $604,277 $607,845 $617,656 $624,220 Shares outstanding at end of period 51,969,203 52,098,062 52,167,573 52,195,778 51,679,516 Book value per common share $11.58 $11.75 $11.66 $11.84 $12.08 Tangible book value per common share $11.43 $11.60 $11.65 $11.83 $12.08 As of or for the Three Months Ended