SEC Filing | CrossFirst Bankshares, Inc.

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cfb-20210422

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

April 22, 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 April 22, 2021, CrossFirst Bankshares, Inc. (the “Company”) issued a press release regarding its financial results for its first fiscal quarter of 2021. 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 April 22, 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:

April 22, 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:
April 22, 2021						Matt Needham, Investor Relations/Media Contact

(913) 312-6822

https://investors.crossfirstbankshares.com

CrossFirst Bankshares, Inc. Reports First Quarter 2021 Results

First Quarter 2021 Key Financial Performance Metrics

Net Income

Diluted EPS

PTPP

Net Interest Margin (FTE)

Efficiency Ratio

Book Value per Common Share

$12.0 million

$0.23

$22.4 million

3.00%

50.41%

$12.17

LEAWOOD, Kan., April 22, 2021 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for CrossFirst Bank, today reported its results for the first quarter of 2021, including net income of $12.0 million, or $0.23 per diluted share.

CEO Commentary:

"I am extremely proud of our team's effort as we posted our highest quarterly net income to date for the first quarter, despite still having elevated provisioning and additional margin compression from persistently low interest rates," said CrossFirst’s CEO and President Mike Maddox. "The Company's performance was impacted by continued organic growth and enhanced by the efficiency initiatives we implemented in 2020, which contributed to generating positive operating revenue growth and our highest quarterly pre-tax, pre-provision profits to date for the first quarter. Our asset quality and related metrics continued to trend in the right direction as a result of the economic recovery, additional fiscal stimulus, regulatory relief, and stronger energy prices."

2021 First Quarter Highlights:

•$6.0 billion of assets with 12% operating revenue growth compared to the first quarter of 2020

•Pre-tax, pre-provision profit (PTPP), a non-GAAP financial measure, of $22.4 million for the first quarter, or an increase of 24%, compared to $18.1 million reported in the first quarter of 2020

•Efficiency ratio of 50.41% for the first quarter of 2021 and a non-GAAP core efficiency ratio of 49.64% after adjusting for nonrecurring or non-core items and tax equivalent interest

•$68 million of loan growth from the previous quarter and $512 million or 13% from same quarter last year

•$357 million of deposit growth from the previous quarter and $1.1 billion or 27% from same quarter last year

•Book value per share of $12.17 at March 31, 2021 compared to $11.75 at March 31, 2020


	Quarter-to-Date
	March 31,
(Dollars in millions except per share data)	2020			2021

Operating revenue(1)	$	40.3		$	45.3
Net income	$	3.9		$	12.0
Diluted earnings per share	$	0.07		$	0.23


Return on average assets	0.31		%	0.84		%

Return on average common equity	2.53		%	7.80		%
Non-GAAP return on average tangible common equity(2)	2.56		%	7.80		%
Net interest margin	3.19		%	2.95		%
Net interest margin, fully tax-equivalent(3)	3.24		%	3.00		%
Efficiency ratio	55.10		%	50.41		%
Non-GAAP core operating efficiency ratio, fully tax-equivalent(2)(3)	54.17		%	49.64		%

(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 has created economic uncertainty and negatively impacted most of our customers in some capacity. During the first quarter of 2021, we continued to operate in accordance with our comprehensive pandemic plan, which includes social distancing measures for customers and employee interactions. In addition, the Company has continued to support key regulatory relief programs for customers, increased provisions for loan losses, increased monitoring of key loan portfolio segments, modified loans, 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 and federal, state, and local requirements. The Company reopened its lobbies to the public on March 1, 2021, and its offices for employees on April 5, 2021, but remains flexible to respond to possible changes to federal, state and local requirements in the event of the COVID-19 pandemic's resurgence.

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 March 31, 2021, the Company retained $336 million in loans produced through the Paycheck Protection Program ("PPP") and has been working through the forgiveness process for those loans with the Small Business Administration ("SBA"). During the the first quarter of 2021, the Company made $111 million of new PPP loans as new governmental assistance was allocated for a second round of funding.

In addition to PPP, we granted loan modifications and 90/180 day payment deferrals for many customers who have requested additional relief. As of March 31, 2021, the Company had less than 2% of its assets in loans with modified payments related to COVID-19 on its balance sheet. Most modifications that remain on the balance sheet are in industries such as hospitality, entertainment, travel or other recreational activities directly impacted from the lockdowns. The Company has elected to use guidance under the CARES Act (as extended by the Consolidated Appropriations Act, 2021) to suspend GAAP principles that would otherwise require evaluation as to whether these modified loans constitute troubled debt restructurings. The Company currently expects most of these modified loans to return to normal payment structures, but uncertainty regarding the short-term and long-term effects of the COVID-19 pandemic remain, and these uncertainties may require the Company to (i) continue downgrading loans previously modified, which may increase our allowance for loan loss, (ii) reverse interest income previously recognized but not received, or (iii) charge-off portions of the loans. The Company will continue to implement additional governmental assistance programs as more details become available.

Income from Operations

Net Interest Income

The Company produced interest income of $48.2 million for the first quarter of 2021, a decrease of 11% from the first quarter of 2020 and a decrease of 3% from the previous quarter. Interest income was down from the first quarter of 2020 primarily due to the impact of lower market interest rates and increased competition for loans, which led to lower loan and bond yields. Average earning assets totaled $5.7 billion for the first quarter of 2021, an increase of $829 million or 17% from the same quarter in 2020. The tax-equivalent yield on earning assets declined from 3.71% to 3.50% during the first quarter of 2021, and was down from 4.57% recorded in the first quarter of 2020, primarily due to the movement of variable rate assets indexed to lower market rates.

Interest expense for the first quarter of 2021 was $7.0 million, or 56% lower than the first quarter of 2020 and 12% lower than the previous quarter. While average interest-bearing deposits increased to $4.1 billion in the first quarter of 2021, or a 21% increase from the previous quarter, overall interest expense on interest-bearing deposits continued to decline as a result of repricing and lower market interest rates. Non-deposit funding costs for the first quarter of 2021 increased to 1.79%, while overall cost of funds for the quarter was 0.56%, compared to 0.65% for the fourth quarter of 2020.

Tax-equivalent net interest margin decreased to 3.00% in the the current quarter, from 3.12% in the previous quarter, and declined from 3.24% in the same quarter in 2020, reflecting the repricing impact of the lower rate environment, changes in macroeconomic conditions, lower loan yields from new loans and an increase in cash balances during the first quarter of 2021. During the first quarter of 2021, CrossFirst realized $2.4 million in fees from holding $336 million of PPP loans, which yielded 4.17% for the quarter, and the Company will continue to recognize these fees over the life of the loans or as the 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 first quarter of 2021. Net interest income totaled $41.1 million for the first quarter of 2021 or 1% lower than the fourth quarter of 2020, and 8% higher than the first quarter of 2020.

CROSSFIRST BANKSHARES, INC.

Non-Interest Income

Non-interest income increased $2.1 million in the first quarter of 2021 or 99% compared to the same quarter of 2020 and increased $1.2 million or 41% compared to the fourth quarter of 2020. The Company continues to increase overall fee income commensurate with its customer growth. During the first quarter of 2021, the Company also recorded $2.3 million of credit card fees and increased service charge income by $.4 million from the same quarter in 2020, which were the primary drivers of non-interest income growth.

Non-Interest Expense

Non-interest expense for the first quarter of 2021 was $22.8 million, which increased 3% compared to the first quarter of 2020 and decreased 4% from the fourth quarter of 2020. Salaries and benefit costs were lower in the current quarter by $1.2 million compared to the prior quarter and $837 thousand lower than the same quarter in the prior year. During 2020, the Company optimized its staffing levels, which contributed to lower salaries and benefits costs for the first quarter of 2021. During the first quarter of 2021, the Company realized additional non-interest expense directly related to increased credit card processing costs, occupancy, and information technology expenditures. Overall, the Company continues to benefit from reduced travel, entertainment, and other discretionary spending as a result of the COVID-19 pandemic.

CrossFirst’s effective tax rate for the first quarter of 2021 was 19% as compared to 7% for the first quarter of 2020. The 2021 quarter-to-date income tax was impacted by a $10.8 million increase in income before income taxes that increased taxes at the statutory rate by $2.3 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 first quarter of 2021, total assets increased by $339 million or 6% compared to December 31, 2020 and $931 million or 18% since March 31, 2020. During the first quarter of 2021, total available-for-sale investment securities increased $31 million to $685 million compared to December 31, 2020, while the overall average for the first quarter was $697 million. The mortgage-backed securities had $40 million of pay downs for the quarter, which continues to be accelerated due to the low interest rate environment. The securities yields declined 7 basis points to a tax equivalent yield of 2.89% for the first quarter of 2021 compared to the prior quarter as a result of lower reinvestment yields. While the Company purchased $72 million in additional securities during the quarter, the Company still held more cash and cash equivalents on the balance sheet as a result of increased fiscal stimulus, economic conditions, and governmental relief, which increased overall liquidity.

Loan Growth Results

The Company experienced average quarter over quarter loan growth of 0.3%, but increased average loans 15% year-over-year from March 31, 2020. The Company began implementing the second round of PPP funding during the first quarter of 2021, which contributed to overall positive loan growth for the quarter. Loan yields decreased 6 basis points to 3.94% during the first quarter and declined 104 basis points over the last twelve months, commensurate with adjustable rate loan movements during 2020, competitive pricing from persistently low interest rates and related loan repricing.



(Dollars in millions)	1Q20			2Q20			3Q20			4Q20			1Q21			% of Total		QoQ Growth ($)		QoQ Growth (%)(1)		YoY Growth ($)		YoY Growth (%)(1)












Average loans (gross)
Commercial	$	1,339		$	1,381		$	1,308		$	1,367		$	1,329		30	%	$	(38)	(3)	%	$	(10)	(1)	%
Energy	412			404			393			381			351			8		(30)		(8)		(61)		(15)
Commercial real estate	1,034			1,115			1,169			1,194			1,183			26		(11)		(1)		149		14
Construction and land development	620			651			617			585			598			13		13		2		(22)		(4)
Residential real estate	455			517			583			664			688			15		24		4		233		51


Paycheck Protection Program	—			245			362			258			308			7		50		19		308		NA
Consumer	45			44			45			45			50			1		5		11		5		11
Total	$	3,905		$	4,357		$	4,477		$	4,494		$	4,507		100	%	$	13	0.3	%	$	602	15	%


Yield on loans for the period ending	4.98		%	4.28		%	3.90		%	4.00		%	3.94		%
(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.

CROSSFIRST BANKSHARES, INC.

Deposit Growth & Other Borrowings

The Company experienced average quarter over quarter deposit growth of 6%, and increased average deposits 23% year-over-year from March 31, 2020. Deposit growth outpaced loan growth and resulted in a loan deposit ratio of 89% at the end of the quarter, compared to 95% at the end of the previous quarter, and 101% at the end of the same quarter in 2020. The deposit growth for the quarter was primarily driven by demand deposits, transaction deposits, and our money market accounts. While the Company continued to improve the overall cost of deposits, the additional fiscal stimulus, second round of PPP funding, and improving economy supported deposit growth, which resulted in additional liquidity. The Company's cost of interest bearing deposits declined 12 basis points during the first quarter of 2021, reflective of changes made to deposit pricing. Cost of interest bearing deposits have declined 112 basis points over the last twelve months primarily as a result of the lower interest rate environment.



(Dollars in millions)	1Q20			2Q20			3Q20			4Q20			1Q21			% of Total		QoQ Growth ($)		QoQ Growth (%)(1)		YoY Growth ($)		YoY Growth (%)(1)










Average deposits
Non-interest bearing deposits	$	540		$	746		$	714		$	732		$	731		15	%	$	(1)	—	%	$	191	35	%
Transaction deposits	341			414			460			575			717			15	%	142		25	%	376		110	%
Savings and money market deposits	1,887			1,933			1,995			2,158			2,422			50	%	264		12	%	535		28	%
Time deposits	1,166			1,195			1,175			1,087			972			20	%	(115)		(11)	%	(194)		(17)	%
Total	$	3,934		$	4,288		$	4,344		$	4,552		$	4,842		100	%	$	290	6	%	$	908	23	%

Cost of deposits for the period ending	1.46		%	0.79		%	0.67		%	0.58		%	0.48		%
Cost of interest-bearing deposits for the period ending	1.69		%	0.95		%	0.80		%	0.69		%	0.57		%
(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 March 31, 2021, other borrowings totaled $287 million, as compared to $296 million at December 31, 2020, and $443 million at March 31, 2020.

CROSSFIRST BANKSHARES, INC.

Asset Quality Position

Credit quality metrics generally improved during the first quarter of 2021, but remained elevated as the Company added $7.5 million to the allowance for loan loss due to changes in risk factors, charge-off activity, and the continued economic uncertainty related to the COVID-19 pandemic. 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.

Net charge-offs were $8.2 million for the first quarter of 2021 as compared to net charge-offs of $11.6 million for the fourth quarter of 2020. The charge-offs for the quarter were primarily related to commercial and industrial credits that subsequently reduced classified assets for the quarter. Nonperforming assets to total assets decreased to 1.15% from the previous quarter primarily from loan specific upgrades in hospitality that were impacted by the pandemic. The following table provides information regarding asset quality.



Asset quality (Dollars in millions)	1Q20		2Q20		3Q20		4Q20		1Q21
Non-accrual loans	$	26.3	$	37.5	$	75.6	$	75.1	$	63.3
Other real estate owned	3.6		2.5		2.3		2.3		2.3
Nonperforming assets	29.9		40.3		82.2		78.4		68.9
Loans 90+ days past due and still accruing	—		0.2		4.3		1.0		3.2
Loans 30 - 89 days past due	19.5		34.9		45.4		18.1		11.0

Net charge-offs (recoveries)	19.4		1.3		6.0		11.6		8.2




Asset quality metrics (%)	1Q20		2Q20		3Q20		4Q20		1Q21
Nonperforming assets to total assets	0.59	%	0.74	%	1.49	%	1.39	%	1.15	%
Allowance for loan loss to total loans	1.29		1.61		1.70		1.70		1.65
Allowance for loan loss to nonperforming loans	196		189		95		99		112
Net charge-offs (recoveries) to average loans(1)	2.00		0.12		0.54		1.03		0.74
Provision to average loans(1)	1.44		1.94		0.97		0.96		0.67
Classified Loans / (Total Capital + ALLL)	15.8		34.9		43.2		40.9		38.2
(1) Interim periods annualized.

Depending upon the future impact of the COVID-19 pandemic, we may continue to have elevated provisioning to ensure the reserves accurately reflect the overall risk in the portfolio. 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 allowance for loan losses.

Capital Position

At March 31, 2021, stockholders' equity totaled $629 million, or $12.17 per share, compared to $624 million, or $12.08 per share, at December 31, 2020. Tangible common equity was $629 million and tangible book value per share was $12.16 at March 31, 2021, compared to tangible common equity of $624 million and tangible book value per common share of $12.08 at December 31, 2020.

The ratio of common equity Tier 1 capital to risk-weighted assets was approximately 12% and the total capital to risk-weighted assets was approximately 13% at March 31, 2021. The Company remains well-capitalized.

Conference Call and Webcast

CrossFirst will hold a conference call and webcast to discuss first quarter 2021 results on Thursday, April 22, 2021, at 4 p.m. CDT / 5 p.m. EDT. The conference call and webcast may also include discussion of Company developments, forward-looking statements and other material information about business and financial matters. Investors, news media, and other participants should register for the call or audio webcast at https://investors.CrossFirstBankshares.com. Participants may dial into the call toll-free at (877) 621-5851 from anywhere in the U.S. or (470) 495-9492 internationally, using conference ID no. 6051667. 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 April 29, 2021, accessible at (855) 859-2056 with conference ID no. 6051667.

Cautionary Notice about Forward-Looking Statements

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

Accordingly, the Company cautions you that any such forward-looking statements are not a guarantee of future performance and that actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors. Such factors include, without limitation, those listed from time to time in reports that the Company files with the Securities and Exchange Commission as well as the uncertain impact of the COVID-19 pandemic. These forward-looking statements are made as of the date of this communication, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by law.

About CrossFirst

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

Unaudited Financial Tables

◦Table 1. Consolidated Balance Sheets

◦Table 2. Consolidated Statements of Income

◦Table 3. 2020 - 2021 Quarterly Analysis of Changes in Net Interest Income

◦Table 4. Linked Quarterly Analysis of Changes in Net Interest Income

◦Table 5. Non-GAAP Financial Measures

CROSSFIRST BANKSHARES, INC.

TABLE 1. CONSOLIDATED BALANCE SHEETS


	December 31, 2020		March 31, 2021
			(unaudited)
	(Dollars in thousands)
Assets


Cash and cash equivalents	$	408,810	$	630,787
Available-for-sale securities - taxable	177,238		192,031
Available-for-sale securities - tax-exempt	477,350		493,423


Loans, net of allowance for loan losses of $75,295 and $74,551 at December 31, 2020 and March 31, 2021, respectively	4,366,602		4,434,049
Premises and equipment, net	70,509		69,270
Restricted equity securities	15,543		14,080
Interest receivable	17,236		17,987
Foreclosed assets held for sale	2,347		2,347


Bank-owned life insurance	67,498		67,914
Other	56,170		76,186
Total assets	$	5,659,303	$	5,998,074
Liabilities and stockholders’ equity
Deposits
Noninterest bearing	$	718,459	$	794,559
Savings, NOW and money market	2,932,799		3,325,220
Time	1,043,482		931,791
Total deposits	4,694,740		5,051,570
Federal funds purchased and repurchase agreements	2,306		3,294
Federal Home Loan Bank advances	293,100		283,100

Other borrowings	963		974
Interest payable and other liabilities	43,766		30,302
Total liabilities	5,034,875		5,369,240
Stockholders’ equity


Common stock, $0.01 par value:
authorized - 200,000,000 shares, issued - 52,289,129 and 52,376,779 shares at December 31, 2020 and March 31, 2021, respectively	523		523
Treasury stock, at cost:
609,613 and 698,110 shares held at December 31, 2020 and March 31, 2021, respectively	(6,061)		(7,113)
Additional paid-in capital	522,911		523,156

Retained earnings	77,652		89,722

Accumulated other comprehensive income	29,403		22,546
Total stockholders’ equity	624,428		628,834
Total liabilities and stockholders’ equity	$	5,659,303	$	5,998,074

CROSSFIRST BANKSHARES, INC.

TABLE 2. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


	Three Months Ended
	March 31,
	2020		2021
	(Dollars in thousands except per share data)
Interest Income
Loans, including fees	$	48,339	$	43,758

Available for sale securities - Taxable	1,774		751
Available for sale securities - Tax-exempt	3,312		3,351
Deposits with financial institutions	491		128
Dividends on bank stocks	292		165
Total interest income	54,208		48,153
Interest Expense
Deposits	14,272		5,728
Fed funds purchased and repurchase agreements	62		1
Advances from Federal Home Loan Bank	1,611		1,283
Other borrowings	35		24
Total interest expense	15,980		7,036
Net Interest Income	38,228		41,117
Provision for Loan Losses	13,950		7,500
Net Interest Income after Provision for Loan Losses	24,278		33,617
Non-Interest Income
Service charges and fees on customer accounts	508		957
Gain on sale of available for sale securities	393		10


Income from bank-owned life insurance	456		416
Swap fees and credit valuation adjustments, net	(9)		155
ATM and credit card interchange income	485		2,328
Other non-interest income	254		278

Total non-interest income	2,087		4,144

Non-Interest Expense
Salaries and employee benefits	14,390		13,553
Occupancy	2,085		2,494
Professional fees	671		782
Deposit insurance premiums	1,016		1,151
Data processing	692		716
Advertising	500		303
Software and communication	876		1,065

Foreclosed assets, net	10		50

Other non-interest expense	1,975		2,704
Total non-interest expense	22,215		22,818
Net Income Before Taxes	4,150		14,943
Income tax expense	293		2,908
Net Income	3,857		12,035
Basic Earnings Per Share	$	0.07	$	0.23
Diluted Earnings Share	$	0.07	$	0.23

CROSSFIRST BANKSHARES, INC.

TABLE 3. 2020 - 2021 QUARTERLY ANALYSIS OF CHANGES IN NET INTEREST INCOME (UNAUDITED)




	Three Months Ended
	March 31,
	2020						2021
	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	$	308,671	$	2,066	2.69	%	$	217,231	$	916	1.71	%
Securities - tax-exempt(1)	451,443		4,007		3.57		479,953		4,055		3.43
Federal funds sold	4,136		18		1.74		—		—		—
Interest-bearing deposits in other banks	158,044		473		1.20		452,305		128		0.11
Gross loans, net of unearned income(2) (3)	3,905,005		48,339		4.98		4,506,843		43,758		3.94
Total interest-earning assets(1)	4,827,299		$	54,903	4.57	%	5,656,332		$	48,857	3.50	%
Allowance for loan losses	(57,627)						(78,371)
Other non-interest-earning assets	205,859						220,206
Total assets	$	4,975,531					$	5,798,167
Interest-bearing liabilities
Transaction deposits	$	341,497	$	865	1.02	%	$	716,763	$	364	0.21	%
Savings and money market deposits	1,886,785		6,735		1.44		2,421,765		2,388		0.40
Time deposits	1,165,800		6,672		2.30		972,006		2,976		1.24
Total interest-bearing deposits	3,394,082		14,272		1.69		4,110,534		5,728		0.57
FHLB and short-term borrowings	391,143		1,673		1.72		290,187		1,284		1.79
Trust preferred securities, net of fair value adjustments	923		35		14.69		965		24		9.96
Non-interest-bearing deposits	540,318		—		—		731,472		—		—
Cost of funds	4,326,466		$	15,980	1.49	%	5,133,158		$	7,036	0.56	%
Other liabilities	36,106						39,134
Total stockholders' equity	612,959						625,875
Total liabilities and stockholders' equity	$	4,975,531					$	5,798,167
Net interest income(1)			$	38,923					$	41,821
Net interest spread(1)					3.08	%					2.94	%
Net interest margin(1)					3.24	%					3.00	%

(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 gross 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
	March 31, 2021 over 2020
	Average Volume		Yield/Rate		Net Change(2)
	(Dollars in thousands)
Interest Income
Securities - taxable	$	(511)	$	(639)	$	(1,150)
Securities - tax-exempt(1)	246		(198)		48
Federal funds sold	(18)		—		(18)
Interest-bearing deposits in other banks	344		(689)		(345)
Gross loans, net of unearned income	6,781		(11,362)		(4,581)
Total interest income(1)	6,842		(12,888)		(6,046)
Interest Expense
Transaction deposits	510		(1,011)		(501)
Savings and money market deposits	1,520		(5,867)		(4,347)
Time deposits	(973)		(2,723)		(3,696)
Total interest-bearing deposits	1,057		(9,601)		(8,544)
FHLB and short-term borrowings	(444)		55		(389)
Trust preferred securities, net of fair value adjustments	1		(12)		(11)
Total interest expense	614		(9,558)		(8,944)
Net interest income(1)	$	6,228	$	(3,330)	$	2,898

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




	Three Months Ended

	December 31, 2020						March 31, 2021
	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	$	215,348	$	1,075	1.99	%	$	217,231	$	916	1.71	%
Securities - tax-exempt(1)	458,651		3,939		3.42		479,953		4,055		3.43
Federal funds sold	—		—		—		—		—		—
Interest-bearing deposits in other banks	208,650		56		0.11		452,305		128		0.11
Gross loans, net of unearned income(2) (3)	4,493,806		45,147		4.00		4,506,843		43,758		3.94
Total interest-earning assets(1)	5,376,455		$	50,217	3.71	%	5,656,332		$	48,857	3.50	%
Allowance for loan losses	(80,770)						(78,371)
Other non-interest-earning assets	227,511						220,206
Total assets	$	5,523,196					$	5,798,167
Interest-bearing liabilities
Transaction deposits	$	574,811	$	306	0.21	%	$	716,763	$	364	0.21	%
Savings and money market deposits	2,158,044		2,344		0.43		2,421,765		2,388		0.40
Time deposits	1,086,825		3,960		1.45		972,006		2,976		1.24
Total interest-bearing deposits	3,819,680		6,610		0.69		4,110,534		5,728		0.57
FHLB and short-term borrowings	304,923		1,363		1.78		290,187		1,284		1.79
Trust preferred securities, net of fair value adjustments	954		24		9.97		965		24		9.96
Non-interest-bearing deposits	732,028		—		—		731,472		—		—
Cost of funds	4,857,585		$	7,997	0.65	%	5,133,158		$	7,036	0.56	%
Other liabilities	45,115						39,134
Total stockholders' equity	620,496						625,875
Total liabilities and stockholders' equity	$	5,523,196					$	5,798,167
Net interest income(1)			$	42,220					$	41,821
Net interest spread(1)					3.06	%					2.94	%
Net interest margin(1)					3.12	%					3.00	%

(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from Federal taxes. The incremental tax rate used is 21.0%.
(2) Average gross 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.


LINKED QUARTER VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)
	Three Months Ended
	March 31, 2021 over December 31, 2020
	Average Volume		Yield/Rate		Net Change(2)
	(Dollars in thousands)
Interest Income
Securities - taxable	$	3	$	(162)	$	(159)
Securities - tax-exempt(1)	109		7		116
Federal funds sold	—		—		—
Interest-bearing deposits in other banks	72		—		72
Gross loans, net of unearned income	(10)		(1,379)		(1,389)
Total interest income(1)	174		(1,534)		(1,360)
Interest Expense
Transaction deposits	58		—		58
Savings and money market deposits	231		(187)		44
Time deposits	(415)		(569)		(984)
Total interest-bearing deposits	(126)		(756)		(882)
FHLB and short-term borrowings	(84)		5		(79)
Trust preferred securities, net of fair value adjustments	—		—		—
Total interest expense	(210)		(751)		(961)
Net interest income(1)	$	384	$	(783)	$	(399)

(1) Tax exempt income is calculated on a tax equivalent basis. Tax-free municipal securities are exempt from Federal taxes. The incremental tax rate used is 21.0%.
(2) The change in interest not due solely to volume or rate has been allocated in proportion to the respective absolute dollar amounts of the change in volume or rate.

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:

▪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, or non-core, 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, or non-core, 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.


	Quarter Ended


	03/31/2020			06/30/2020			09/30/2020			12/31/2020			03/31/2021
	(Dollars in thousands)
Non-GAAP Return on average tangible common equity:
Net income (loss) available to common stockholders	$	3,857		$	(7,356)		$	8,006		$	8,094		$	12,035

Average common equity	612,959			611,466			613,910			620,496			625,875
Less: average goodwill and intangibles	7,683			7,576			238			218			199
Average tangible common equity	605,276			603,890			613,672			620,278			625,676
Return on average common equity	2.53		%	(4.84)		%	5.19		%	5.19		%	7.80		%
Non-GAAP Return on average tangible common equity	2.56		%	(4.90)		%	5.19		%	5.19		%	7.80		%

CROSSFIRST BANKSHARES, INC.


	Quarter Ended


	03/31/2020		06/30/2020		09/30/2020		12/31/2020		03/31/2021
	(Dollars in thousands)
Non-GAAP core operating income:
Net income (loss)	$	3,857	$	(7,356)	$	8,006	$	8,094	$	12,035






Add: Goodwill impairment(1)	—		7,397		—		—		—

Non-GAAP core operating income	$	3,857	$	41	$	8,006	$	8,094	$	12,035


(1) No tax effect.


	Quarter Ended
	03/31/2020			06/30/2020			09/30/2020			12/31/2020			03/31/2021
	(Dollars in thousands)
Non-GAAP core operating return on average assets:
Net income (loss)	$	3,857		$	(7,356)		$	8,006		$	8,094		$	12,035
Non-GAAP core operating income	3,857			41			8,006			8,094			12,035
Average assets	$	4,975,531		$	5,441,513		$	5,486,252		$	5,523,196		$	5,798,167
Return on average assets	0.31		%	(0.54)		%	0.58		%	0.58		%	0.84		%
Non-GAAP core operating return on average assets	0.31		%	—		%	0.58		%	0.58		%	0.84		%


	Quarter Ended
	03/31/2020			06/30/2020			09/30/2020			12/31/2020			03/31/2021
	(Dollars in thousands)
Non-GAAP core operating return on common equity:
Net income (loss)	$	3,857		$	(7,356)		$	8,006		$	8,094		$	12,035
Non-GAAP core operating income	3,857			41			8,006			8,094			12,035



Average common equity	$	612,959		$	611,466		$	613,910		$	620,496		$	625,875
Return on average common equity	2.53		%	(4.84)		%	5.19		%	5.19		%	7.80		%
Non-GAAP core operating return on common equity	2.53		%	0.03		%	5.19		%	5.19		%	7.80		%


	Quarter Ended


	03/31/2020		06/30/2020		09/30/2020		12/31/2020		03/31/2021
	(Dollars in thousands except per share data)
Tangible common stockholders' equity:
Total stockholders' equity	$	611,946	$	608,092	$	617,883	$	624,428	$	628,834
Less: goodwill and other intangible assets	7,669		247		227		208		188

Tangible common stockholders' equity	$	604,277	$	607,845	$	617,656	$	624,220	$	628,646
Tangible book value per share:
Tangible common stockholders' equity	$	604,277	$	607,845	$	617,656	$	624,220	$	628,646
Shares outstanding at end of period	52,098,062		52,167,573		52,195,778		51,679,516		51,678,669
Book value per share	$	11.75	$	11.66	$	11.84	$	12.08	$	12.17
Tangible book value per share	$	11.60	$	11.65	$	11.83	$	12.08	$	12.16


	Quarter Ended


	03/31/2020		06/30/2020		09/30/2020		12/31/2020		03/31/2021
	(Dollars in thousands)
Non-GAAP Core Operating Efficiency Ratio - Fully Tax Equivalent (FTE)
Non-interest expense	$	22,215	$	31,010	$	23,011	$	23,732	$	22,818
Less: goodwill impairment	—		7,397		—		—		—
Adjusted Non-interest expense (numerator)	$	22,215	$	23,613	$	23,011	$	23,732	$	22,818

CROSSFIRST BANKSHARES, INC.


	Quarter Ended


	03/31/2020			06/30/2020			09/30/2020			12/31/2020			03/31/2021
	(Dollars in thousands)
Net interest income	38,228			41,157			39,327			41,537			41,117
Tax equivalent interest income(1)	695			685			669			683			704

Non-interest income	2,087			2,634			4,063			2,949			4,144

Total tax-equivalent income (denominator)	$	41,010		$	44,476		$	44,059		$	45,169		$	45,965
Efficiency Ratio	55.10		%	70.81		%	53.03		%	53.35		%	50.41		%
Non-GAAP Core Operating Efficiency Ratio - Fully Tax Equivalent (FTE)	54.17		%	53.09		%	52.23		%	52.54		%	49.64		%
(1) Tax exempt income (tax-free municipal securities) is calculated on a tax equivalent basis. The incremental tax rate used is 21.0%.


	Quarter Ended
	03/31/2020		06/30/2020		09/30/2020		12/31/2020		03/31/2021
	(Dollars in thousands)
Non-GAAP Pre-Tax Pre-Provision Profit
Net income (loss) before taxes	$	4,150	$	(8,219)	$	9,504	$	9,879	$	14,943
Add: Provision for loan losses	13,950		21,000		10,875		10,875		7,500
Non-GAAP Pre-Tax Pre-Provision Profit	$	18,100	$	12,781	$	20,379	$	20,754	$	22,443

a1q21earningspresentatio

Q1 2021 Earnings Presentation A p r i l 2 2 , 2 0 2 1

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

3 Other Senior Executives Amy Fauss Chief Operating Officer of CrossFirst Bank 28+ years of banking experience Joined CrossFirst in 2009 Tom Robinson Executive Director, Risk and Credit 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 Risk Officer and Chief Credit Officer of CrossFirst • 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 Bank 21+ years of banking experience Joined CrossFirst in 2011 Jana Merfen Chief Technology Officer of CrossFirst Bank 12+ years of technology experience Joined CrossFirst in 2021

4 Net Income PTPP NIM Diluted EPS ROAA $12.0M $22.4M 3.00% 0.84% 4 Note: Interim periods are annualized. (1) Represents a non-GAAP financial measure. See Non-GAAP Reconciliation slides at the end of this presentation for additional detail. (2) Goss loans net of unearned income; excludes $336 million PPP loans. Balance Sheet Update Credit Performance Capital & Liquidity 4% Loan growth YoY 27% Deposit growth YoY 5% TBV / Share growth YoY 40% DDA Deposit growth YoY 1.15% NPAs / Asset 0.74% NCOs / Avg Loans 1.79% Reserves / Loans 38% Classified Loans / Capital + ALLL 12.00% CET 1 Capital Ratio 13.27% Total Risk-Based Capital 22% Cash and Securities / Assets 89% Loans / Deposits Efficiency 50.41% Efficiency Ratio $18.0M Assets / Employee 1.60% Noninterest Expense / Avg Assets $0.23 (2) (1) (2) (1)

5 Total Assets Total Deposits Book Value / Share $6.0 billion Gross Loans $4.5 billion $5.1 billion $12.17 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 Note: As of 3/31/21.

6 1. Bank lobbies re-opened on March 1st to the public 2. Commenced Return to Work Program on April 5th; employees returned to the office while following CDC, state, and local health guidelines 3. 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 ▪ Q1 2021 Capital Stress Test: shows CrossFirst is well-capitalized under several extreme scenarios ▪ Q1 2021 Liquidity: Loan/deposit ratio of 89% and cash and securities/asset of 22% 4. Closely monitoring and engaging clients to mitigate risks and impact from COVID-19; modifications are less than 2% of total assets at the end of the first quarter of 2021. ▪ Majority of remaining modifications are in the hospitality, entertainment, travel, or other recreational activities directly impacted from the lockdowns 5. Branch-lite business model and technology forward strategy provides CrossFirst an advantage for strong business continuity through the pandemic 6. Continued prudent management of expenses, staffing levels, and other discretionary spend 7. Strong Q1 2021 reserve of total loan loss reserves/loans of 1.65%, including an additional first quarter provision of $7.5 million that offset charge-offs 8. Positioned for long term growth as the market stabilizes 6

7 7 $44 $22 $63 $13 $37 $11 $59 $11 $70 $19 $96 $35 $- $20 $40 $60 $80 $100 $120 Round 1 2020 Round 2 2021 Loans Approved by Industry Hotel & Restaurants Other Services & Business Support Construction Medical/ Healthcare Professional Services Other Small Businesses $369 $292 $225 ($77 ) ($67 ) $111 $0 $50 $100 $150 $200 $250 $300 $350 $400 Q3 2020 End Q4 2020 Forgiven Q4 2020 End Q1 2021 Forgiven Q1 2021 End PPP Timeline 2020 PPP Loans Loan Forgiveness 2021 PPP Loans Note: As of end of period. Dollars in millions. * $2.4 million consists of $1.9 million from Round 1 and $0.5 million from Round 2. $336 $9.9 $2.2 $3.2 $2.6 $2.4 $3.7 $0 $2 $4 $6 $8 $10 $12 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 Fee Recognition Round 1 Unrecognized Fees Fee Recognized Round 2 Unrecognized Fees ▪ Weighted average rate of approximately 4.2%, in Q1 2021 ▪ $2.2 million in anticipated fees remain from Round 1 (2020 programs) ▪ 35 new customers from Round 2 representing 8% of funding ▪ Round 1 (2020 programs) were 2-year programs while Round 2 (2021 program) is a 5-year program Commentary Total $369 Total $111 Dallas & Frisco 11% Kansas City 54% Oklahoma City 8% Tulsa & Energy 11% Wichita 16% Current PPP Loan Portfolio by Market (Based on $336 million Funded) $5.9 *

8 $7.5 $10.3 $5.8 $19.6 $28.5 $12.6 $3.9 $12.0 $14.1 $16.9 $16.4 $30.7 $62.5 $72.0 $18.1 $22.4 $- $10 $20 $30 $40 $50 $60 $70 $80 2015 2016 2017 2018 2019 2020 Q1 2020 Q1 2021 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 continued to increase in Q1 2021 ▪ Quarterly Pretax, Pre-provision Profit(2) ▪ +8% from Q4 2020 ▪ +24% from Q1 2020 ▪ Continued Noninterest Income growth ▪ +41% from Q4 2020 ▪ +99% from Q1 2020 ▪ Operating Revenue(1) growth ▪ +2% from Q4 2020 ▪ +12% from Q1 2020 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) Commentary $42.2 $54.1 $74.8 $110.4 $141.5 $160.3 $38.2 $41.1 $2.4 $3.4 $3.7 $6.1 $8.7 $11.7 $2.1 $4.2 $- $20 $40 $60 $80 $100 $120 $140 $160 $180 2015 2016 2017 2018 2019 2020 Q1 2020 Q1 2021 Operating Revenue(1) Net Interest Income Noninterest Income $44.6 $57.5 $78.5 $116.5 $150.2 $172.0 $40.3 $45.3 Q1 ‘20 – Q1 ‘21 Operating Revenue Growth: 12.3% Q1 ‘20 – Q1 ‘21 PTPP(2) Growth: 24.0%

9 ▪ Fully tax equivalent net interest margin decline of 12bps to 3.00% from Q4 2020 due to elevated cash levels primarily from the additional fiscal stimulus and Round 2 of PPP ▪ Re-pricing impact to loans of 6bps compared to Q4 2020 from persistently low interest rates ▪ Company offset margin pressure by adjusting pricing which reduced total deposit costs by 10bps compared to Q4 2020 ▪ Loan to deposit ratio decreased to 89% from 95% in Q4 2020 and 101% in Q1 2020 3.27% 3.24% 3.40% 3.39% 3.31% 3.13% 3.19% 2.98% 3.12% 3.00% 0% 1% 2% 3% 4% 2015 2016 2017 2018 2019 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Net Interest Margin - Fully Tax Equivalent (FTE) Commentary 4.62% 4.60% 4.89% 5.34% 5.52% 4.26% 4.98% 3.94% 0.91% 0.87% 0.99% 1.44% 1.89% 0.85% 1.46% 0.48% 0% 1% 2% 3% 4% 5% 6% 2015 2016 2017 2018 2019 2020 Q1 2020 Q1 2021 Yield on Loans & Cost of Deposits Yield on Loans Cost of Total Deposits

10 CMO (Fixed) 5.7% MBS (Fixed) 20.4% Municipal - Tax- Exempt 72.0% Municipal - Taxable 1.3% Other 0.6% Investment Portfolio Breakout as of March 31, 2021(1) ▪ Continue to exercise caution in the investment portfolio and maintain high-quality investment securities ▪ At the end of Q1 2021, the portfolio’s duration was approximately 4.9 years ▪ The fully taxable equivalent yield for Q1 2021 fell 7bps to 2.89% due to lower reinvestment yields ▪ During Q1 2021, $40 million of MBS/CMO paydowns were received and no securities were sold ▪ During Q1 2021, $72 million of new securities were purchased with an average tax equivalent yield of 1.70% ▪ The securities portfolio has unrealized gains of approximately $30 million as of March 31, 2021 Total: ~$685 million(1) (1) Based on approximate fair value. Commentary 2.78% 2.72% 2.79% 2.13% 1.45% 2.13% 1.72% 2.22% 2.18% 2.31% 2.33% 3.72% 3.63% 3.85% 3.62% 3.35% 3.05% 3.21% 3.07% 2.93% 2.96% 2.89% 0% 1% 2% 3% 4% 5% 2015 2016 2017 2018 2019 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Securities Yield - Fully Tax Equivalent Securities Yield - Cost of Funds Spread Securities Yield

11 $- $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 $13.6 $14.4 $3.3 $2.7 $1.1 $1.0 $1.8 $1.6 $3.0 $2.5 $- $5 $10 $15 $20 $25 Q1 2021 Q1 2020 146 203 305 353 357 328 333 $10.8 $10.5 $9.7 $11.6 $13.8 $17.3 $18.0 $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 Q1 2021 Employees (FTE) Assets/Employee (FTE) $22.2 $31.0 $23.0 $23.7 $22.8 1.80% 2.21% 1.67% 1.71% 1.60% 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 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Non-interest Expense Non-interest expenses/Average Assets Lowering Expenses Slowing Non-interest Expense Growth Assets per Employee (FTE) Note: Dollars are in millions and amounts shown are as of the end of the period. (1) Includes $7.4mm Goodwill Impairment. $22.2 $22.8 (1) $41 $62 $86 $88 $100 Q1 ‘20 – Q1 ‘21 Non-interest Expense (1)

12 68.5% 70.6% 79.1% 73.6% 58.4% 58.1% 55.1% 50.4% 64.7% 66.0% 72.3% 67.7% 57.3% 53.0% 54.2% 49.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2015 2016 2017 2018 2019 2020 Q1 2020 Q1 2021 Efficiency Ratio / Non-GAAP Core Efficiency Ratio FTE(1) GAAP Non-GAAP ▪ CrossFirst’s branch-lite model demonstrates an efficient infrastructure that scales operating revenue with asset growth ▪ ROAA rebounding as provisioning decreases and the Company continues to increase profitability ▪ Core efficiency performance is improving consistent with management’s initiatives (1) Represents a non-GAAP financial measure, see non-GAAP reconciliation slides in the supplemental information for more detail 0.31% (0.54%) 0.58% 0.58% 0.84% 1.46% 0.94% 1.48% 1.49% 1.57% (1.50%) (1.00%) (0.50%) 0.00% 0.50% 1.00% 1.50% 2.00% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 ROAA PTPP ROAA Pretax, pre-provision ROAA (1) (1) Commentary 0.53% 0.56% 0.24% 0.56% 0.63% 0.24% 0.31% 0.84% 0.53% 0.56% 0.40% 0.57% 0.61% 0.37% 0.31% 0.84% 0% 0% 0% 0% 0% 1% 1% 1% 1% 1% 2015 2016 2017 2018 2019 2020 Q1 2020 Q1 2021 Return on Average Assets / Non-GAAP ROAA(1) GAAP Non-GAAP

13 ▪ Prudently maintained ALLL/Total Loans at 1.65%, or 1.79% excluding PPP loans, at end of Q1 2021 ▪ Q1 2021 provision of $7.5 million off- set by charge-off activity ▪ Classified loans decreased due to charge-offs, improvements in customer businesses, and workout processes ▪ 44% of classifieds in Q1 2021 relate to Energy; spring borrowing base redeterminations will be conducted in late May and June of 2021 ▪ Maintained strong capital levels to provide ample liquidity to meet clients’ needs and weather economic downturns ▪ The Company had $1.3 billion in unfunded loan commitments as of March 31, 2021 ▪ Stronger earnings have been able to support over $900 million of asset growth as most capital ratios remain flat year over year Note: Dollar amounts are in millions. Commentary Commentary 12.08% 11.99% 11.95% 11.93% 12.00%12.10% 12.01% 11.97% 11.94% 12.02% 13.17% 13.27% 13.23% 13.20% 13.27% 0% 2% 4% 6% 8% 10% 12% 14% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Capital Ratios Common Equity Tier 1 Tier 1 Risk Based Total Risk-Based Capital $104.5 $237.1 $299.9 $286.1 $268.9 15.8% 34.9% 43.2% 40.9% 38.2% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% $- $50 $100 $150 $200 $250 $300 $350 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Classified Loans / (Total Capital +LLR) $51.5 $71.2 $76.0 $75.3 $74.6 1.29% 1.61% 1.70% 1.70% 1.65% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% $- $10 $20 $30 $40 $50 $60 $70 $80 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Allowance for Loan Losses / Total Loans

14 0.04% 0.11% 0.44% 0.07% 0.31% 0.89% 0.12% 0.54% 1.03% 0.74% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 2015 2016 2017 2018 2019 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Net Charge-Offs / Average Loans(1) 0.08% 0.20% 0.18% 0.43% 0.97% 1.39% 0.74% 1.49% 1.39% 1.15% 0.0% 0.5% 1.0% 1.5% 2.0% 2015 2016 2017 2018 2019 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Nonperforming Assets / Assets ▪ NPAs continue to improve as economic and business outlooks improve ▪ Reduction in NPAs was a direct result of an upgrade to a COVID impacted loan in hospitality ▪ 43% of the nonperforming asset balance in Q1 2021 relates to energy credits ▪ Q1 2021 had $8.2 million of net charge-offs related to several commercial and industrial credits ▪ Q4 2020 had $11.6 million of net charge-offs. 62% were commercial and industrial loans and 24% were from the energy portfolio (1) Ratio is annualized for interim periods. Commentary Commentary

15 Energy as % of Tangible Equity $393 $371 $210 $187 $146 $142 $9 $13 $72 $59 $90 $82 $7 $15 $108 $138 $109 $119 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Pass Special Mention Substandard & Doubtful Energy Loans by Risk Rating [5.9% of Reserves on Energy Portfolio] $137 $169 $243 $358 $409 $345 $343 $122 $177 $249 $453 $594 $624 $629 112% 95% 98% 79% 69% 55% 55% 0% 20% 40% 60% 80% 100% 120% 0 100 200 300 400 500 600 700 800 2015 2016 2017 2018 2019 2020 Q1 2021 Energy Portfolio Tangible Equity Energy by Composition 3/31/2021 # Loans $ Loan Amount % Total Avg % Hedged(1) Hedge Price(2) Oil 37 $203 59% 37% $46.76 Natural Gas 14 $130 38% 55% $2.29 Other Sources 1 $10 3% 0% Total 52 $343 100% 43% (1) Note: Data as of 3/31/21. Note: Loan dollars in millions; collateral base is predominately comprised of properties with sufficient production history to establish reliable production trends; 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. (1) Weighted Average. (2) Hedged rolling 12 month; Oil price in $ per barrel and natural gas price in $ per MMBtu. (3) Represents a non-GAAP financial measure, see non-GAAP reconciliation slides in the supplemental information for more detail. Energy Portfolio and Tangible Equity Energy Exposure by State Texas 18% Oklahoma 22% Ohio 19% Kansas 1% Michigan 7% W. Virginia 6%Louisiana 7% 6 Other States 20% $399 $390 $384 $409 $345 $343 (3) (3) (3)

16 $3,506 $3,727 $3,827 $4,022 $4,016 $3,945 $4,062 $48 $48 $79 $170 $177 $224 $192 $85 $87 $105 $237 $300 $286 $269 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Pass Special Mention (Criticized) Substandard & Doubtful (Classified) 16 $3,639 $3,862 $4,011 $4,429 2% 3% 5% % Substandard & Doubtful Migration of Credit by Risk Weighting (in $ millions) 7%2% 6% $4,493 ➢ COVID-related loan modifications were less than 2% of our total assets at 3/31/21 ➢ Most of our classified assets at 3/31/21 remained in Energy and COVID-related industries like hospitality, entertainment, travel, or other recreational activities directly impacted from the lockdowns $4,523 6% $4,455

18 $993 $1,297 $1,996 $3,061 $3,852 $4,442 $4,002 $4,509 $- $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 Q1 2020 Q1 2021 Gross Loans (Net of Unearned Income) $1,355 $1,285 $1,291 1,339 1,284 $399 $390 $384 $345 $343 $1,085 $1,141 $1,196 $1,180 $1,192 $625 $662 $588 $563 $617 $504 $536 $618 $681 $688 $43 $46 $47 $55 $63 $369 $369 $292 $336 -$300 $200 $700 $1,200 $1,700 $2,200 $2,700 $3,200 $3,700 $4,200 $4,700 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Commercial & Industrial Energy Commercial Real Estate Construction & Land Development Residential Real Estate Consumer SBA/ PPP 4.98% 4.28% 3.90% ▪ Historically, loan growth has been primarily organic and very strong ▪ Loan growth for Q1 2021, excluding PPP loans, was a modest 1% from previous quarter ▪ Diversification remains a core tenet ▪ Generally, the Company only buys syndicated loans with borrowers for which the Company could lead the next borrowing opportunity ▪ Purchased loan participations totaled $76 million and a combination of shared national credits and syndications purchased totaled $376 million at March 31, 2021 ▪ Loan participations sold of $303 million and syndications sold of $157 million at March 31, 2021 Note: Dollars in charts are in millions. Amounts shown are as of the end of the period. Gross Loans by Type Commercial & Industrial 28% Energy 8% Commercial Real Estate 26% SBA / PPP 8% Construction & Land Development 14% Residential Real Estate 15% Consumer 1% Q1 2021 Gross Loan Composition Commentary $4,429 4.00% 3.94%Loan Yield $4,493 $4,523 $4,011 $4,455

19 $1,295 $1,694 $2,303 $3,208 $3,924 $4,695 $3,973 $5,052 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 2015 2016 2017 2018 2019 2020 Q1 2020 Q1 2021 Total Deposits Savings & MMA 49% Time Deposits < $100,000 5% Time Deposits ≥ $100,000 13% DDA 16% Transaction Deposits 17% ▪ CrossFirst generated significant growth in deposits during Q1 2021 ▪ Deposit growth continues to come from higher yielding money market accounts, transaction deposits, and DDA ▪ DDA increased 40% compared to Q1 2020 ▪ Linked quarter increase in transaction deposits of 8% ▪ Brokered deposits were $147 million at end of Q1 2021, down 45% from Q1 2020, and down 22% from Q4 2020 ▪ Deposit costs have trended down due to the persistent low-rate environment Commentary Deposit Mix by Type Note: Dollars are in millions and amounts shown are as of the end of the period. $567 $750 $754 $718 $795 $538 $399 $508 $778 $841 $1,765 $1,994 $2,090 $2,155 $2,484 $379 $416 $391 $304 $260 $724 $745 $750 $740 $672 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Non-interest bearing deposits Transaction Deposits Savings & MMA Time Deposits < $100,000 Time Deposits ≥ $100,000 Q1 2021 Deposit Composition 0.79%1.46% 0.67% 0.58% 0.48% Cost of Deposits $3,973 $4,304 $4,493 $4,695 $5,052

20 Other 16% Manufacturing 10% Real Estate Activity 8% Business Loans to Individuals 6% Recreation 6% Health Care 6% Administrative Services 6% Engineering & Contracting 5% Restaurants 5% Financial Management 5% Motor Vehicle & Parts Dealers 4% Security Services 1% Aircraft & Transportation 7% Rental & Leasing Services 4% Credit Related Activities 3% Professional & Technical Services 3% Merchant Wholesalers 5% Commercial & Industrial 28% Energy 8% Commercial Real Estate 40% Residential Real Estate 15% SBA PPP 8% Other 1% Commercial and Industrial Loan Breakdown by Type ($1.3bn) (1) Multi-Family 24% Retail 10% Office 13% Industrial (excludes Self- Storage) 11% 1-4 Family Res Construction 8%Hotel 10%Senior Living 6% Other 3% Raw Land 3% Medical 4% C-Store 2% Self Storage 3% Land Development 3% Loan Mix by Type ($4.5bn) (1)(2) CRE Loan Portfolio by Segment ($1.8bn)(2) Remaining States 16% TX 44% OK 12% KS 9% MO 8% CO 4% FL 3% AZ 2% CA 2% CRE Loans by Geography ($1.8bn)(2) Note: Data as of March 31, 2021. (1) Shown as a percentage of loan portfolio, net of unearned income. (2) CRE as defined by regulators (including construction and development).

21 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 ▪ $21 million of outstanding hotel loans in the portfolio are classified, down from $29 million in Q4 2020 ▪ 96% of the outstanding loans, by dollar amount, have recourse provisions ▪ Hotel Construction borrowers are sophisticated sponsors with significant invested equity and resources ▪ $5.4 million of reserves are allocated to hotel portfolio, representing 3.0% of the total outstanding hotel portfolio Hotels by Brand Ownership Note: Data as of 3/31/21. (1) Weighted average. Hotel & Lodging 3/31/2021 ($ millions) # Loans Amount Outstanding Unfunded Commitments Average Size Amount Classified Completed Hotels 15 $157 $0 $10 $21 In-Progress Construction 3 $22 $13 $7 $0 Total 18 $179 $13 $10 (1) $21

22Note: Historic 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. (Dol lars in thousands , except per share data) As of or for the Three Months Ended March 31, 2015 2016 2017 2018 2019 2020 2020 2021 Income Statement Data Interest income $54,116 $69,069 $97,816 $156,880 $216,218 $203,448 $54,208 $48,153 Interest expense 11,849 15,016 22,998 46,512 74,774 43,199 15,980 7,036 Net interest income 42,267 54,053 74,818 110,368 141,444 160,249 38,228 41,117 Provision for loan losses 5,975 6,500 12,000 13,500 29,900 56,700 13,950 7,500 Non-interest income 2,365 3,407 3,679 6,083 8,707 11,733 2,087 4,144 Non-interest expense 30,562 40,587 62,089 85,755 87,640 99,968 22,215 22,818 Income before taxes 8,095 10,373 4,408 17,196 32,611 15,314 4,150 14,943 Income tax expense (benefit) 626 62 (1,441) (2,394) 4,138 2,713 293 2,908 Net Income 7,469 10,311 5,849 19,590 28,473 12,601 3,857 12,035 Preferred stock dividends 2,066 2,100 2,100 2,100 175 0 0 0 Net income available to common stockholders 5,403 8,211 3,749 17,490 28,298 12,601 3,857 12,035 Non-GAAP core operating income (1) 7,469 10,311 9,716 19,940 27,427 19,998 3,857 12,035 Balance Sheet Data Cash and cash equivalents $79,418 $155,972 $130,820 $216,541 $187,320 $408,810 $158,987 $630,787 Available-for-sale securities 459,524 591,008 701,534 661,628 739,473 654,588 733,024 685,454 Gross loans (net of unearned income) 992,726 1,296,886 1,996,029 3,060,747 3,852,244 4,441,897 4,002,451 4,508,600 Allowance for loan losses (15,526) (20,786) (26,091) (37,826) (56,896) (75,295) (51,458) (74,551) Goodwill and other intangibles 8,100 7,998 7,897 7,796 7,694 208 7,669 188 Total assets 1,574,346 2,133,106 2,961,118 4,107,215 4,931,233 5,659,303 5,067,407 5,998,074 Non-interest-bearing deposits 123,430 198,088 290,906 484,284 521,826 718,459 567,215 794,559 Total deposits 1,294,812 1,694,301 2,303,364 3,208,097 3,923,759 4,694,740 3,972,822 5,051,570 Borrowings and repurchase agreements 112,430 216,709 357,837 388,391 373,664 295,406 441,626 286,394 Trust preferred securities, net of fair value adj. 792 819 850 884 921 963 931 974 Preferred Stock, liquidation value 30,000 30,000 30,000 30,000 0 0 0 0 Total Stockholders' Equity 160,004 214,837 287,147 490,336 601,644 624,428 611,946 628,834 Tangible Stockholders' Equity (1) 121,904 176,839 249,250 452,540 593,950 624,220 604,277 628,646 Share and Per Share Data: Basic earnings per share $0.29 $0.39 $0.12 $0.48 $0.59 $0.24 $0.07 $0.23 Diluted earnings per share 0.28 0.39 0.12 0.47 0.58 0.24 0.07 0.23 Book value per share 6.61 7.34 8.38 10.21 11.58 12.08 11.75 12.17 Tangible book value per share (1) 6.20 7.02 8.12 10.04 11.43 12.08 11.60 12.16 Wtd. avg. common shares out. - basic 18,640,678 20,820,784 30,086,530 36,422,612 47,679,184 52,070,624 52,071,484 51,657,204 Wtd. avg. common shares out. - diluted 19,378,290 21,305,874 30,963,424 37,492,567 48,576,135 52,548,547 52,660,270 52,381,474 Shares outstanding at end of period 19,661,718 25,194,872 30,686,256 45,074,322 51,969,203 51,679,516 52,098,062 51,678,669 As of Year or for the Year Ended December 31,

23 (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. As of or for the Three Months Ended March 31, 2015 2016 2017 2018 2019 2020 2020 2021 Selected Rat ios : Return on average assets 0.53% 0.56% 0.24% 0.56% 0.63% 0.24 0.31% 0.84% Non-GAAP core operating return on average assets (1) 0.53 0.56 0.40 0.57 0.61 0.37 0.31 0.84 Return on average common equity 4.60 5.51 1.53 5.34 5.38 2.05 2.53 7.80 Non-GAAP core operating return on average common equity (1) 4.60 5.51 3.11 5.45 5.18 3.25 2.53 7.80 Yield on earning assets - tax equivalent (2) 4.14 4.08 4.37 4.77 5.04 3.96 4.57 3.50 Yield on securities - tax equivalent (2) 3.72 3.63 3.85 3.62 3.35 3.05 3.21 2.89 Yield on loans 4.62 4.60 4.89 5.34 5.52 4.26 4.98 3.94 Cost of interest-bearing deposits 1.01 0.96 1.12 1.71 2.21 1.02 1.69 0.57 Cost of funds 0.94 0.91 1.06 1.49 1.90 0.92 1.49 0.56 Cost of total deposits 0.91 0.87 0.99 1.44 1.89 0.85 1.46 0.48 Net interest margin - tax equivalent (2) 3.27 3.24 3.40 3.39 3.31 3.13 3.24 3.00 Non-interest expense to average assets 2.17 2.21 2.53 2.45 1.95 1.84 1.80 1.60 Efficiency ratio (3) 68.48 70.64 79.10 73.64 58.37 58.13 55.10 50.41 Non-GAAP core operating efficiency ratio FTE (1)(3) 64.66 66.04 72.33 67.68 57.25 52.98 54.17 49.64 Non-interest-bearing deposits to total deposits 9.53 11.69 12.63 15.10 13.30 15.30 14.28 15.73 Loans to deposits 76.67 76.54 86.66 95.41 98.18 94.61 100.75 89.25 Credi t Qual i ty Rat ios : Allowance for loans losses to total loans 1.56% 1.60% 1.30% 1.23% 1.48% 1.70% 1.29% 1.65% Non-performing assets to total assets 0.08 0.20 0.18 0.43 0.97 1.39 0.59 1.15 Non-performing loans to total loans 0.12 0.33 0.27 0.58 1.15 1.71 0.66 1.48 Allowance for loans losses to non-performing loans 1,336.38 493.14 481.68 212.30 128.54 98.98 195.99 112.10 Net charge-offs to average loans 0.04 0.11 0.44 0.07 0.31 0.89 2.00 0.74 Capital Rat ios : Total stockholders' equity to total assets 10.16% 10.07% 9.70% 11.94% 12.20% 11.03% 12.08% 10.48% Common equity tier 1 capital ratio 8.50 9.78 8.62 11.75 12.20 11.93 12.08 12.00 Tier 1 risk-based capital ratio 10.70 11.38 9.70 12.53 12.22 11.94 12.10 12.02 Total risk-based capital ratio 11.82 12.51 10.65 13.51 13.43 13.20 13.17 13.27 Tier 1 leverage ratio 9.72 10.48 9.71 12.43 12.06 10.93 11.81 10.51 As of Year or for the Year Ended December 31,

24 (1) Represents a non-GAAP financial measure. See Non-GAAP Reconciliation slides at the end of this presentation for additional detail. (Dol lars in thousands , except per share data) 3/31/20 6/30/20 9/30/20 12/31/20 3/31/21 Income Statement Data Interest income $54,208 $51,254 $48,452 $49,534 $48,153 Interest expense 15,980 10,097 9,125 7,997 7,036 Net interest income 38,228 41,157 39,327 41,537 41,117 Provision for loan losses 13,950 21,000 10,875 10,875 7,500 Non-interest income 2,087 2,634 4,063 2,949 4,144 Non-interest expense 22,215 31,010 23,011 23,732 22,818 Income (loss) before taxes 4,150 (8,219) 9,504 9,879 14,943 Income tax expense (benefit) 293 (863) 1,498 1,785 2,908 Net income (loss) 3,857 (7,356) 8,006 8,094 12,035 Preferred stock dividends 0 0 0 0 0 Net income (loss) available to common stockholders 3,857 (7,356) 8,006 8,094 12,035 Non-GAAP core operating income (1) 3,857 41 8,006 8,094 12,035 Balance Sheet Data Cash and cash equivalents $158,987 $194,371 $223,636 $408,810 $630,787 Securities 733,024 697,847 649,901 654,588 685,454 Gross loans (net of unearned income) 4,002,451 4,413,224 4,477,809 4,441,897 4,508,600 Allowance for loan losses (51,458) (71,185) (76,035) (75,295) (74,551) Goodwill and intangibles 7,669 247 227 208 188 Total assets 5,067,407 5,462,254 5,505,696 5,659,303 5,998,074 Non-interest bearing deposits 567,215 750,333 754,172 718,459 794,559 Total deposits 3,972,822 4,304,143 4,492,549 4,694,740 5,051,570 Borrowings and repurchase agreements 441,626 500,498 349,631 295,406 286,394 Trust preferred securities, net of fair value adj. 931 942 952 963 974 Preferred Stock 0 0 0 0 0 Stockholders' Equity 611,946 608,092 617,883 624,428 628,834 Tangible Stockholders' Equity (1) 604,277 607,845 617,656 624,220 628,646 Share and Per Share Data: Basic earnings (loss) per common share $0.07 ($0.14) $0.15 $0.16 $0.23 Dilutive earnings (loss) per common share 0.07 (0.14) 0.15 0.15 0.23 Book value per common share 11.75 11.66 11.84 12.08 12.17 Tangible book value per common share (1) 11.60 11.65 11.83 12.08 12.16 Wtd. avg. common shares out. - basic 52,071,484 52,104,994 52,136,286 51,970,116 51,657,204 Wtd. avg. common shares out. - diluted 52,660,270 52,493,177 52,560,126 52,463,645 52,381,474 Shares outstanding at end of period 52,098,062 52,167,573 52,195,778 51,679,516 51,678,669 CrossFirs t Bankshares , Inc Quarterly Financ ials As of or for the Three Months Ended

25 (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 3/31/20 6/30/20 9/30/20 12/31/20 3/31/21 Selected Rat ios : Return on average assets (1) 0.31% (0.54%) 0.58% 0.58% 0.84% Non-GAAP core operating return on average assets (1)(2) 0.31 - 0.58 0.58 0.84 Return on average common equity 2.53 (4.84) 5.19 5.19 7.80 Yield on earning assets 4.52 3.91 3.61 3.67 3.45 Yield on earning assets - tax equivalent (3) 4.57 3.96 3.66 3.71 3.50 Yield on securities 2.85 2.70 2.55 2.56 2.48 Yield on securities - tax equivalent (3) 3.21 3.07 2.93 2.96 2.89 Yield on loans 4.98 4.28 3.90 4.00 3.94 Costs of interest bearing liabilities 1.70 1.01 0.88 0.77 0.65 Cost of interest-bearing deposits 1.69 0.95 0.80 0.69 0.57 Cost of funds 1.49 0.85 0.75 0.65 0.56 Cost of Deposits 1.46 0.79 0.67 0.58 0.48 Cost of other borrowings 1.72 1.35 1.50 1.78 1.79 Net interest margin - tax equivalent (3) 3.24 3.19 2.98 3.12 3.00 Noninterest expense to average assets 1.80 2.21 1.67 1.71 1.60 Efficiency ratio (4) 55.10 70.81 53.03 53.35 50.41 Non-GAAP core operating efficiency ratio (FTE) (2)(4) 54.17 53.09 52.23 52.54 49.64 Noninterest bearing deposits to total deposits 14.28 17.43 16.79 15.30 15.73 Loans to deposits 100.75 102.53 99.67 94.61 89.25 Credi t Qual i ty Rat ios : Allowance for loans losses to total loans 1.29% 1.61% 1.70% 1.70% 1.65% Nonperforming assets to total assets 0.59 0.74 1.49 1.39 1.15 Nonperforming loans to total loans 0.66 0.86 1.78 1.71 1.48 Allowance for loans losses to nonperforming loans 195.99 188.55 95.18 98.98 112.10 Net charge-offs to average loans (1) 2.00 0.12 0.54 1.03 0.74 Capi tal Rat ios : Total stockholders' equity to total assets 12.08% 11.13% 11.22% 11.03% 10.48% Common equity tier 1 capital ratio 12.08 11.99 11.95 11.93 12.00 Tier 1 risk-based capital ratio 12.10 12.01 11.97 11.94 12.02 Total risk-based capital ratio 13.17 13.27 13.23 13.20 13.27 Tier 1 leverage ratio 11.81 10.75 10.85 10.93 10.51 CrossFirs t Bankshares , Inc Quarterly Financ ials As of or for the Three Months Ended

26(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. (Dol lars in thousands) As of or for the Three Months Ended March 31, 2015 2016 2017 2018 2019 2020 2020 2021 Non -GAAP Core Operat ing Income: Net Income $7,469 $10,311 $5,849 $19,590 $28,473 $12,601 $3,857 $12,035 Add: restructuring charges 0 0 0 4,733 0 0 0 0 Less: Tax effect (1) 0 0 0 1,381 0 0 0 0 Restructuring charges, net of tax 0 0 0 3,352 0 0 0 0 Add: fixed asset impairments 0 0 1,903 171 424 0 0 0 Less: Tax effect (2) 0 0 737 44 109 0 0 0 Fixed asset impairments, net of tax 0 0 1,166 127 315 0 0 0 Add: Goodwill impairment (3) 0 0 0 0 0 7,397 0 0 Add: State tax credit (3) 0 0 0 (3,129) (1,361) 0 0 0 Add: 2017 Tax Cut and Jobs Act (3) 0 0 2,701 0 0 0 0 0 Non-GAAP core operating income $7,469 $10,311 $9,716 $19,940 $27,427 $19,998 $3,857 $12,035 Non -GAAP Core Operat ing Retu rn on Average Assets : Net Income $7,469 $10,311 $5,849 $19,590 $28,473 $12,601 $3,857 $12,035 Non-GAAP core operating income 7,469 10,311 9,716 19,940 27,427 19,998 3,857 12,035 Average Assets 1,410,447 1,839,563 2,452,797 3,494,655 4,499,764 5,358,479 4,975,531 5,798,167 GAAP return on average assets 0.53% 0.56% 0.24% 0.56% 0.63% 0.24% 0.31% 0.84% Non-GAAP core operating return on average assets 0.53% 0.56% 0.40% 0.57% 0.61% 0.37% 0.31% 0.84% Non -GAAP Core Operat ing Retu rn on Average Equ i ty: Net Income $7,469 $10,311 $5,849 $19,590 $28,473 $12,601 $3,857 $12,035 Non-GAAP core operating income 7,469 10,311 9,716 19,940 27,427 19,998 3,857 12,035 Less: Preferred stock dividends 2,066 2,100 2,100 2,100 175 0 0 0 Net Income available to common stockholders 5,403 8,211 3,749 17,490 28,298 12,601 3,857 12,035 Non-GAAP core operating income available to common stockholders 5,403 8,211 7,616 17,840 27,252 19,998 3,857 12,035 Average common equity 117,343 149,132 245,193 327,446 526,225 614,726 612,959 625,875 Intangible Assets 8,152 8,050 7,949 7,847 7,746 208 7,683 188 Average Tangible Equity 109,191 141,082 237,244 319,599 518,479 614,518 605,276 625,687 GAAP return on average common equity 4.60% 5.51% 1.53% 5.34% 5.38% 2.05% 2.53% 7.80% Non-GAAP core return on average tangible common equity 4.95% 5.82% 3.21% 5.58% 5.26% 3.25% 2.56% 7.80% Non -GAAP Core Operat ing E f f ic iency Rat io: Non-interest expense $30,562 $40,587 $62,089 $85,755 $87,640 $99,968 $22,215 $22,818 Less: goodwill impairment 0 0 0 0 0 7,397 0 0 Less: restructuring charges 0 0 0 4,733 0 0 0 0 Non-GAAP non-interest expense (numerator) 30,562 40,587 62,089 81,022 87,640 92,571 22,215 22,818 Net interest income 42,267 54,053 74,818 110,368 141,444 160,249 38,228 41,117 Tax-equivalent interest income 2,637 4,001 5,439 3,099 2,522 2,732 695 704 Non-interest income 2,365 3,407 3,679 6,083 8,707 11,733 2,087 4,144 Add: fixed asset impairments 0 0 1,903 171 424 0 0 0 Non-GAAP Operating revenue (denominator) 47,269 61,461 85,839 119,721 153,097 174,714 41,010 45,965 GAAP efficiency ratio 68.48% 70.64% 79.10% 73.64% 58.37% 58.13% 55.10% 50.41% Non-GAAP core operating efficiency ratio (FTE) 64.66% 66.04% 72.33% 67.68% 57.25% 52.98% 54.17% 49.64% As of Year or for the Year Ended December 31,

27 (1) No tax effect associated with the state tax credit or the goodwill impairment. (2) Interim periods are annualized. (Dollars in thousands) March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 Non-GAAP Core Operating Income: Net Income (loss) $3,857 ($7,356) $8,006 $8,094 $12,035 Add: Goodwill Impairment (1) 0 7,397 0 0 0 Non-GAAP core operating income $3,857 $41 $8,006 $8,094 $12,035 Non-GAAP Core Operating Return on Average Assets: Net Income (loss) $3,857 ($7,356) $8,006 $8,094 $12,035 Non-GAAP core operating income 3,857 41 8,006 8,094 12,035 Average Assets 4,975,531 5,441,513 5,486,252 5,523,196 5,798,167 GAAP return on average assets (2) 0.31% (0.54%) 0.58% 0.58% 0.84% Non-GAAP core operating return on average assets (2) 0.31% 0.00% 0.58% 0.58% 0.84% Non-GAAP Core Operating Efficiency Ratio: Non-interest expense $22,215 $31,010 $23,011 $23,732 $22,818 Less: Goodwill Impairment $0 $7,397 $0 $0 $0 Less: restructuring charges 0 0 0 0 0 Non-GAAP non-interest expense (numerator) 22,215 23,613 23,011 23,732 22,818 Net interest income 38,228 41,157 39,327 41,537 41,117 Tax-equivalent interest income 695 685 669 683 704 Non-interest income 2,087 2,634 4,063 2,949 4,144 Add: fixed asset impairments 0 0 0 0 0 Non-GAAP operating revenue (denominator) 41,010 44,476 44,059 45,169 45,965 GAAP efficiency ratio 55.10% 70.81% 53.03% 53.35% 50.41% Non-GAAP core operating efficiency ratio (FTE) 54.17% 53.09% 52.23% 52.54% 49.64% As of or for the Three Months Ended

28 (Dol lars in thousands , except per share data) As of or for the Three Months Ended March 31, 2015 2016 2017 2018 2019 2020 2020 2021 Pre-Tax Pre-Provis ion Prof i t Income before Taxes 8,095 10,373 4,408 17,196 32,611 15,314 4,150 14,943 Provision for Credit loss 5,975 6,500 12,000 13,500 29,900 56,700 13,950 7,500 Pre-Tax Pre-Provis ion Prof i t 14,070 16,873 16,408 30,696 62,511 72,014 18,100 22,443 Average Assets 1,410,447 1,839,563 2,452,797 3,494,655 4,499,764 5,358,479 4,975,531 5,798,167 Pre-Tax Pre-Provis ion Retu rn on Average Assets 1.00% 0.92% 0.67% 0.88% 1.39% 1.34% 1.46% 1.57% Tangible Stockholders ' Equ i ty: Stockholders' equity $160,004 $214,837 $287,147 $490,336 $601,644 $624,428 $611,946 $628,834 Less: goodwill and intangible assets 8,100 7,998 7,897 7,796 7,694 208 7,669 188 Less: preferred stock 30,000 30,000 30,000 30,000 0 0 0 0 Tangible Stockholders' Equity $121,904 $176,839 $249,250 $452,540 $593,950 $624,220 $604,277 $628,646 Shares outstanding at end of period 19,661,718 25,194,872 30,686,256 45,074,322 51,969,203 51,679,516 52,098,062 51,678,669 Book value per common share $6.61 $7.34 $8.38 $10.21 $11.58 $12.08 $11.75 $12.17 Tangible book value per common share $6.20 $7.02 $8.12 $10.04 $11.43 $12.08 $11.60 $12.16 As of or for the Year Ended December 31, (Dollars in thousands, except per share data) 3/31/20 6/30/20 9/30/20 12/31/20 3/31/21 Pre-Tax Pre-Provis ion Prof i t Income (loss) before Taxes 4,150 (8,219) 9,504 9,879 14,943 Provision for Credit loss 13,950 21,000 10,875 10,875 7,500 Pre-Tax Pre-Provis ion Prof i t 18,100 12,781 20,379 20,754 22,443 Average Assets 4,975,531 5,441,513 5,486,252 5,523,196 5,798,167 Pre-Tax Pre-Provis ion Retu rn on Average Assets 1.46% 0.94% 1.48% 1.49% 1.57% Tangible Stockholders ' Equ i ty: Stockholders' equity $611,946 $608,092 $617,883 $624,428 $628,834 Less: goodwill and intangible assets 7,669 247 227 208 188 Less: preferred stock 0 0 0 0 0 Tangible Stockholders' Equity $604,277 $607,845 $617,656 $624,220 $628,646 Shares outstanding at end of period 52,098,062 52,167,573 52,195,778 51,679,516 51,678,669 Book value per common share $11.75 $11.66 $11.84 $12.08 $12.17 Tangible book value per common share $11.60 $11.65 $11.83 $12.08 $12.16 As of or for the Three Months Ended