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cfb-20210722
0001458412false00014584122021-07-222021-07-22

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

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

July 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCFBThe Nasdaq Stock Market LLC

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.    Results of Operations and Financial Condition.
On July 22, 2021, CrossFirst Bankshares, Inc. (the “Company”) issued a press release regarding its financial results for its second 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
99.2
104Cover 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:July 22, 2021CROSSFIRST BANKSHARES, INC.
    
   By:/s/ David L. O'Toole
    David L. O'Toole
Principal Accounting Officer
Document
Exhibit 99.1

https://cdn.kscope.io/b4b63ee81e51e2d2f0293218420f37e7-cfblogoleftjustifieda02.jpg
FOR IMMEDIATE RELEASE
 CROSSFIRST BANKSHARES, INC. CONTACT:
July 22, 2021
     Matt Needham, Investor Relations / Media Contact
matt@crossfirst.com / (913) 312-6822
https://investors.crossfirstbankshares.com

CrossFirst Bankshares, Inc. Reports Second Quarter 2021 Results
Second Quarter 2021 Key Financial Performance Metrics
Net Income Diluted EPSPTPPNet Interest Margin (FTE)Efficiency RatioBook Value per Common Share
$15.6 million
$0.30
$22.3 million
3.12%
53.61%
$12.50
LEAWOOD, Kan., July 22, 2021 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for CrossFirst Bank, today reported its results for the second quarter of 2021, with net income of $15.6 million, or $0.30 per diluted share, and year-to-date net income of $27.6 million, or $0.53 per diluted share.
CEO Commentary:
"During the second quarter, we achieved the strongest profitability in the Company's history and I am extremely proud of our team for executing on several key strategic initiatives that provides a foundation for future growth and success," said CrossFirst’s CEO and President, Mike Maddox. "The Company took several steps to improve the efficiency of the balance sheet and reduce excess liquidity, which resulted in stronger performance metrics, improved margin, and stronger core earnings power. We grew our operating revenue 6% from the previous quarter and our asset quality metrics improved with the strengthening of the loan portfolio and economic recovery. We made great progress on our expansion efforts in Arizona and Frisco, which we believe will create long term value for the organization."
2021 Second Quarter Highlights:
•$5.3 billion of assets with 10% operating revenue growth compared to the second quarter of 2020
•Return on Average Assets of 1.10% and a Return on Equity of 9.86%
•Efficiency ratio of 53.61% for the second quarter of 2021 and a non-GAAP core efficiency ratio of 53.34% after adjusting for nonrecurring or non-core items and tax equivalent interest
•Net Interest Margin (Fully Tax-Equivalent) of 3.12% compared to 3.00% in the previous quarter
•Demand deposit growth of 3% from the previous quarter and 9% from same quarter last year; increased to 19% of total deposits
•Completed the $20 million share repurchase program at a weighted average price of $12.68
•Book value per share of $12.50 at June 30, 2021 compared to $11.66 at June 30, 2020
Quarter-to-DateYear-to-Date
June 30,June 30,
(Dollars in millions except per share data)2020202120202021
Operating revenue(1)
$43.8 $48.2 $84.1 $93.4 
Net income (loss)$(7.4)$15.6 $(3.5)$27.6 
Diluted earnings (loss) per share$(0.14)$0.30 $(0.07)$0.53 
Return on average assets(0.54)%1.10 %(0.14)%0.97 %
Return on average common equity(4.84)%9.86 %(1.15)%8.84 %
Non-GAAP core return on average tangible common equity(2)
0.03 %9.02 %1.30 %8.42 %
Net interest margin3.14 %3.07 %3.16 %3.01 %
Net interest margin, fully tax-equivalent(3)
3.19 %3.12 %3.22 %3.06 %
Efficiency ratio70.81 %53.61 %63.29 %52.06 %
Non-GAAP core operating efficiency ratio, tax-equivalent(2)(3)
53.09 %53.34 %53.61 %51.51 %
(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 these measures.
(3) Tax exempt income is calculated on a tax-equivalent basis. Tax-free municipal securities are exempt from federal income taxes. The incremental federal income tax rate used is 21.0%.
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CROSSFIRST BANKSHARES, INC.

COVID-19 and Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Programs Update
During the second quarter of 2021, the Company operated with open lobbies to the public, and it opened offices for employees, but remains flexible to respond to possible changes to federal, state and local requirements in the event of the COVID-19 pandemic's resurgence. As of June 30, 2021, the Company retained $197 million in loans produced through the Paycheck Protection Program ("PPP"), and the Company will continue to work through the forgiveness process for those loans with the Small Business Administration ("SBA"). In addition to PPP loans, we granted loan modifications and payment deferrals for many customers who requested additional relief. As of June 30, 2021, the Company still had several modified loans related to COVID-19, mostly in industries such as hospitality, entertainment, travel or other recreational activities directly impacted from the lockdowns.
Income from Operations
Net Interest Income
The Company produced interest income of $48.5 million for the second quarter of 2021, a decrease of 5% from the second quarter of 2020 and a slight increase from the previous quarter. Interest income was down from the second 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 $5.5 billion for the second quarter of 2021, an increase of $264 million or 5% from the same quarter in 2020. The tax-equivalent yield on earning assets increased from 3.50% to 3.57% during the second quarter of 2021, and was down from 3.96% recorded in the second quarter of 2020, primarily due to the movement of variable rate assets indexed to lower market rates. Year-to-date, the Company produced interest income of $96.6 million, which declined compared to the same period in 2020 primarily with the yield movements on earning assets.
Interest expense for the second quarter of 2021 was $6.2 million, or 39% lower than the second quarter of 2020 and 13% lower than the previous quarter. While average interest-bearing deposits increased to $3.9 billion in the second quarter of 2021, or a 11% increase from the same prior year period, overall interest expense on interest-bearing deposits continued to decline as a result of repricing due to lower market interest rates. Non-deposit funding costs for the second quarter of 2021 remained at 1.79%, while overall cost of funds for the quarter was 0.49%, compared to 0.56% for the first quarter of 2021. Year-to-date, the Company incurred interest expense of $13.2 million, a decrease of 49% from the same period in the prior year.

Net interest income totaled $42.3 million for the second quarter of 2021 or 3% higher than the first quarter of 2021, and 3% higher than the second quarter of 2020. Tax-equivalent net interest margin increased to 3.12% in the current quarter, from 3.00% in the previous quarter, and declined from 3.19% in the same quarter in 2020. The lower year-over-year yields reflect the repricing impact from a lower rate environment and lower priced new loans originated in the first quarter of 2021. The reduction of excess cash on the balance sheet improved overall margin during the second quarter of 2021 compared to the first quarter of 2021. During the second quarter of 2021, CrossFirst realized $2.1 million in fees primarily from the forgiveness of $139 million of PPP loans. The PPP loans yielded 3.84% for the current quarter and the Company will continue to recognize 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 second quarter of 2021. Year-to-date net interest income grew to $83.4 million, an increase of 5% from the same period in the prior year, while tax-equivalent net interest margin declined to 3.06% from 3.22%.
Non-Interest Income
Non-interest income increased $3.2 million in the second quarter of 2021 or 121% compared to the same quarter of 2020 and increased $1.7 million or 41% compared to the first quarter of 2021. During the second quarter of 2021, the Company recorded an increase of $0.6 million in credit card fees, $0.5 million in service charge income, and recognized a one-time $1.8 million benefit in bank-owned life insurance proceeds compared to the same quarter in 2020, which were the primary drivers of quarterly and year-to-date non-interest income growth. Year-to-date non-interest income was up $5.2 million or 111% compared to the same period in the prior year.


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CROSSFIRST BANKSHARES, INC.
Non-Interest Expense
Non-interest expense for the second quarter of 2021 was $25.8 million, which decreased 17% compared to the second quarter of 2020 and increased 13% from the first quarter of 2021. Salaries and benefit costs were higher in the current quarter by $2.1 million compared to the prior quarter and $1.7 million higher than the same quarter in the prior year mainly due to increased hiring for planned expansion efforts and a one-time $0.7 million dollar compensation benefit to a former executive. In addition, the Company recorded a $0.6 million valuation write-down on a foreclosed property held for sale on the balance sheet that increased non-interest expense for the second quarter of 2021. Year-to-date non-interest expense also decreased from the same period in the prior year primarily due to a one-time non-cash expense recorded in the second quarter of 2020. 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 second quarter of 2021 was 17% as compared to 10% for the second quarter of 2020. The 2021 quarter-to-date income tax expense was impacted by a $27.1 million increase in income before income taxes that increased taxes at the statutory rate by $5.7 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 second quarter of 2021, total assets decreased by $687 million or 11% compared to March 31, 2021 and $151 million or 3% compared to June 30, 2020. As part of the Company's efforts to improve the efficiency of its balance sheet, $162 million in PPP loans were forgiven and the Company reduced its first quarter cash position by over $400 million through a reduction of non-core wholesale, brokered, and institutional deposits. During the second quarter of 2021, available-for-sale investment securities increased $27 million to $712 million compared to March 31, 2021, while the overall average for the second quarter was $720 million. The securities yields increased 4 basis points to a tax equivalent yield of 2.93% for the second quarter of 2021 compared to the prior quarter.
Loan Results
The Company experienced a decrease in average loans of 2% since March 31, 2021, but increased average loans 1% year-over-year from June 30, 2020. The reduction in average loans was primarily a result of PPP forgiveness and pay downs of lower yielding commercial and industrial lines drawn on through the pandemic, which enhanced the previous quarter loan yields. Loan yields increased 5 basis points to 3.99% during the second quarter and declined 29 basis points over the last twelve months, commensurate with adjustable rate loan movements during 2020, competitive pricing from persistently low interest rates and related loan repricing.
(Dollars in millions)2Q203Q204Q201Q212Q21% of
Total		QoQ
Growth
($)
QoQ
Growth
(%)(1)
YoY
Growth
($)
YoY
Growth
(%)(1)
Average loans (gross)
Commercial and industrial$1,381 $1,308 $1,367 $1,329 $1,221 28 %$(108)(8)%$(160)(12)%
Energy404 393 381 351 341 8 (10)(3)(63)(16)
Commercial real estate1,115 1,169 1,194 1,183 1,203 27 20 2 88 8 
Construction and land development651 617 585 598 633 14 35 6 (18)(3)
Residential real estate517 583 664 688 659 15 (29)(4)142 27 
Paycheck Protection Program245 362 258 308 296 7 (12)(4)51 21 
Consumer44 45 45 50 56 1 6 12 12 27 
Total$4,357 $4,477 $4,494 $4,507 $4,409 100 %$(98)(2)%$52 1 %
Yield on average loans for the period ending4.28 %3.90 %4.00 %3.94 %3.99 %
(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.



3
CROSSFIRST BANKSHARES, INC.
Deposit & Other Borrowing Results
The Company experienced an average reduction in deposits of 2% since March 31, 2021, and increased average deposits 10% year-over-year from June 30, 2020. After improving the efficiency of the balance sheet, the Company ended the quarter with a loan to deposit ratio of 97% at the end of the quarter compared to 89% at the end of the previous quarter. The deposit decrease for the quarter was primarily driven by a reduction in wholesale and institutional funded time deposits, transaction deposits, and money market accounts. In addition, the Company continued to improve the overall cost of deposits as the cost of interest bearing deposits declined 7 basis points during the second quarter of 2021, reflective of changes made to deposit pricing. The cost of interest bearing deposits has declined 45 basis points over the last twelve months primarily as a result of the lower interest rate environment.
(Dollars in millions)2Q203Q204Q201Q212Q21% of
Total		QoQ
Growth
($)
QoQ
Growth
(%)(1)
YoY Growth
($)
YoY
Growth
(%)(1)
Average deposits
Non-interest bearing deposits$746 $714 $732 $731 $802 17 %$71 10 %$56 8 %
Transaction deposits414 460 575 717 665 14 %(52)(7)%251 61 %
Savings and money market deposits1,933 1,995 2,158 2,422 2,385 51 %(37)(2)%452 23 %
Time deposits1,195 1,175 1,087 972 869 18 %(103)(11)%(326)(27)%
Total$4,288 $4,344 $4,552 $4,842 $4,721 100 %$(121)(2)%$433 10 %
Cost of deposits for the period ending0.79 %0.67 %0.58 %0.48 %0.41 %
Cost of interest-bearing deposits for
  the period ending		0.95 %0.80 %0.69 %0.57 %0.50 %
(1) Actual unrounded values are used to calculate the reported percent disclosed. Accordingly, recalculations using the amounts in millions as disclosed in this release may not produce the same amounts.

At June 30, 2021, other borrowings totaled $284 million, as compared to $287 million at March 31, 2021, and $501 million at June 30, 2020.

Asset Quality Position
Credit quality metrics generally improved during the second quarter of 2021 as classified assets decreased nearly $100 million and nonperforming assets to total assets decreased to 1.09% from 1.15% in the previous quarter. The improvement in credit metrics were primarily derived from upgrades in COVID-19 impacted segments and the Energy portfolio. Net charge-offs were $2.6 million for the second quarter of 2021 as compared to $8.2 million for the first quarter of 2021. The charge-offs for the current quarter were primarily related to several commercial and industrial credits partially impacted by COVID-19.

Overall credit risk remained elevated as the Company added $3.5 million to the allowance for loan loss due to changes in risk factors, charge-off activity, and the continued economic uncertainty regarding the recovery speed from the pandemic. The following table provides information regarding asset quality.

Asset quality (Dollars in millions)
2Q203Q204Q201Q212Q21
Non-accrual loans$37.5 $75.6 $75.1 $63.3 $54.7 
Other real estate owned2.5 2.3 2.3 2.3 1.7 
Nonperforming assets40.3 82.2 78.4 68.9 58.1 
Loans 90+ days past due and still accruing0.2 4.3 1.0 3.2 1.8 
Loans 30 - 89 days past due34.9 45.4 18.1 11.0 18.8 
Net charge-offs (recoveries)1.3 6.0 11.6 8.2 2.6 
Asset quality metrics (%)
2Q203Q204Q201Q212Q21
Nonperforming assets to total assets0.74 %1.49 %1.39 %1.15 %1.09 %
Allowance for loan loss to total loans1.61 1.70 1.70 1.65 1.78 
Allowance for loan loss to nonperforming loans189 95 99 112 134 
Net charge-offs (recoveries) to average loans(1)
0.12 0.54 1.03 0.74 0.23 
Provision to average loans(1)
1.94 0.97 0.96 0.67 0.32 
Classified Loans / (Total Capital + ALLL)34.9 43.2 40.9 38.2 24.0 
(1) Interim periods annualized.


4
CROSSFIRST BANKSHARES, INC.
Capital Position
At June 30, 2021, stockholders' equity totaled $637 million, or $12.50 per share, compared to $624 million, or $12.08 per share, at December 31, 2020. During the second quarter of 2021, CrossFirst completed its $20 million share repurchase program by purchasing 1,573,806 shares of common stock under the program at a weighted average price of $12.68 per share.
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 14% at June 30, 2021. The Company remains well-capitalized.
Conference Call and Webcast
CrossFirst will hold a conference call and webcast to discuss second quarter 2021 results on Thursday, July 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. 9690426. 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 July 29, 2021, accessible at (855) 859-2056 with conference ID no. 9690426.
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 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 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. (Nasdaq: CFB) is a Kansas corporation and a registered bank holding company for its wholly owned subsidiary CrossFirst Bank, which is headquartered in Leawood, Kansas. CrossFirst has nine full-service banking locations in Kansas, Missouri, Oklahoma, Texas, and Arizona that offer products and services to businesses, professionals, individuals, and families.

Unaudited Financial Tables


◦Table 1. Consolidated Balance Sheets
◦Table 2. Consolidated Statements of Operations
◦Table 3. 2020 - 2021 Year-to-Date Analysis of Changes in Net Interest Income
◦Table 4. 2020 - 2021 Quarterly Analysis of Changes in Net Interest Income
◦Table 5. Non-GAAP Financial Measures

5
CROSSFIRST BANKSHARES, INC.
TABLE 1. CONSOLIDATED BALANCE SHEETS

December 31, 2020June 30, 2021
(unaudited)
(Dollars in thousands)
Assets
Cash and cash equivalents$408,810 $220,814 
Available-for-sale securities - taxable177,238 187,553 
Available-for-sale securities - tax-exempt477,350 524,664 
 Loans, net of allowance for loan losses of $75,295 and $75,493 at December 31, 2020 and June 30, 2021, respectively
4,366,602 4,162,451 
Premises and equipment, net70,509 67,918 
Restricted equity securities15,543 13,329 
Interest receivable17,236 15,816 
Foreclosed assets held for sale2,347 1,718 
Bank-owned life insurance67,498 66,676 
Other56,170 50,495 
Total assets$5,659,303 $5,311,434 
Liabilities and stockholders’ equity
Deposits
Noninterest bearing$718,459 $818,887 
Savings, NOW and money market2,932,799 2,733,693 
Time1,043,482 804,047 
Total deposits4,694,740 4,356,627 
Federal funds purchased and repurchase agreements2,306 — 
Federal Home Loan Bank advances293,100 283,100 
Other borrowings963 986 
Interest payable and other liabilities43,766 33,531 
Total liabilities5,034,875 4,674,244 
Stockholders’ equity
Common stock, $0.01 par value:
authorized - 200,000,000 shares, issued - 52,289,129 and 52,532,486 shares at December 31, 2020 and June 30, 2021, respectively
523 525 
Treasury stock, at cost:
609,613 and 1,573,806 shares held at December 31, 2020 and June 30, 2021, respectively
(6,061)(20,000)
Additional paid-in capital522,911 524,637 
Retained earnings77,652 105,299 
Accumulated other comprehensive income29,403 26,729 
Total stockholders’ equity624,428 637,190 
Total liabilities and stockholders’ equity$5,659,303 $5,311,434 
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CROSSFIRST BANKSHARES, INC.
    TABLE 2. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months EndedSix Months Ended
June 30,June 30,
2020202120202021
(Dollars in thousands except per share data)
Interest Income
Loans, including fees$46,323 $43,846 $94,662 $87,604 
Available for sale securities - Taxable1,358 869 3,132 1,620 
Available for sale securities - Tax-exempt3,260 3,497 6,572 6,848 
Deposits with financial institutions45 110 536 238 
Dividends on bank stocks268 162 560 327 
Total interest income51,254 48,484 105,462 96,637 
Interest Expense
Deposits8,405 4,850 22,677 10,578 
Fed funds purchased and repurchase agreements46 2 108 3 
Advances from Federal Home Loan Bank1,620 1,280 3,231 2,563 
Other borrowings26 24 61 48 
Total interest expense10,097 6,156 26,077 13,192 
Net Interest Income41,157 42,328 79,385 83,445 
Provision for Loan Losses21,000 3,500 34,950 11,000 
Net Interest Income after Provision for Loan Losses20,157 38,828 44,435 72,445 
Non-Interest Income
Service charges and fees on customer accounts647 1,177 1,155 2,134 
Realized gain (loss) on available-for-sale securities320 (13)713 (3)
Income from bank-owned life insurance453 2,245 909 2,661 
Swap fees and credit valuation adjustments, net(32)(30)(41)125 
ATM and credit card interchange income896 1,506 1,381 3,834 
Other non-interest income350 940 612 1,218 
Total non-interest income2,634 5,825 4,729 9,969 
Non-Interest Expense
Salaries and employee benefits14,004 15,660 28,394 29,213 
Occupancy2,045 2,397 4,130 4,891 
Professional fees1,295 1,138 1,966 1,920 
Deposit insurance premiums1,039 917 2,055 2,068 
Data processing721 720 1,413 1,436 
Advertising223 435 723 738 
Software and communication937 1,034 1,813 2,099 
Foreclosed assets, net1,135 665 1,154 715 
Goodwill impairment7,397 — 7,397 — 
Other non-interest expense2,214 2,847 4,188 5,551 
Total non-interest expense31,010 25,813 53,233 48,631 
Net Income (Loss) Before Taxes(8,219)18,840 (4,069)33,783 
Income tax expense (benefit)(863)3,263 (570)6,171 
Net Income (Loss)(7,356)15,577 $(3,499)$27,612 
Basic Earnings (Loss) Per Share$(0.14)$0.30 $(0.07)$0.54 
Diluted Earnings (Loss) Share$(0.14)$0.30 $(0.07)$0.53 
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CROSSFIRST BANKSHARES, INC.
TABLE 3. YEAR-TO-DATE ANALYSIS OF CHANGES IN NET INTEREST INCOME
(UNAUDITED)
Six Months Ended
June 30,
20202021
Average BalanceInterest Income / Expense
Average Yield / Rate(3)
Average BalanceInterest Income / Expense
Average Yield / Rate(3)
(Dollars in thousands)
Interest-earning assets:
Securities - taxable$299,456 $3,692 2.48 %$214,178 $1,947 1.83 %
Securities - tax-exempt(1)
444,948 7,952 3.59 494,297 8,286 3.38 
Federal funds sold2,057 18 1.74 — — — 
Interest-bearing deposits in other banks172,294 518 0.60 429,930 238 0.11 
Gross loans, net of unearned income(2)
4,132,279 94,662 4.61 4,457,792 87,604 3.96 
Total interest-earning assets(1)
5,051,034 $106,842 4.25 %5,596,197 $98,075 3.53 %
Allowance for loan losses(59,267)(77,552)
Other non-interest-earning assets218,043 216,913 
Total assets$5,209,810 $5,735,558 
Interest-bearing liabilities
Transaction deposits$377,883 $1,131 0.60 %$690,514 $677 0.20 %
Savings and money market deposits1,909,881 9,388 0.99 2,403,318 4,495 0.38 
Time deposits1,180,704 12,158 2.07 920,307 5,406 1.18 
Total interest-bearing deposits3,468,468 22,677 1.31 4,014,139 10,578 0.53 
FHLB and short-term borrowings444,141 3,342 1.51 289,039 2,566 1.79 
Trust preferred securities, net of fair value
  adjustments		928 58 12.64 971 48 9.89 
Non-interest-bearing deposits643,659 — — 766,725 — — 
Cost of funds4,557,196 $26,077 1.15 %5,070,874 $13,192 0.52 %
Other liabilities40,406 35,017 
Stockholders’ equity612,208 629,667 
Total liabilities and stockholders' equity$5,209,810 $5,735,558 
Net interest income(1)
$80,765 $84,883 
Net interest spread(1)
3.10 %3.01 %
Net interest margin(1)
3.22 %3.06 %
(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.


8
CROSSFIRST BANKSHARES, INC.
YEAR-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)
Six Months Ended
June 30, 2021 over 2020
Average VolumeYield/Rate
Net Change(2)
(Dollars in thousands)
Interest Income
Securities - taxable$(909)$(836)$(1,745)
Securities - tax-exempt(1)
825 (491)334 
Federal funds sold(18)— (18)
Interest-bearing deposits in other banks361 (641)(280)
Gross loans, net of unearned income7,019 (14,077)(7,058)
Total interest income(1)
7,278 (16,045)(8,767)
Interest Expense
Transaction deposits579 (1,033)(454)
Savings and money market deposits1,968 (6,861)(4,893)
Time deposits(2,289)(4,463)(6,752)
Total interest-bearing deposits258 (12,357)(12,099)
FHLB and short-term borrowings(1,312)536 (776)
Trust preferred securities, net of fair value adjustments3 (13)(10)
Total interest expense(1,051)(11,834)(12,885)
Net interest income(1)
$8,329 $(4,211)$4,118 
(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.

9
CROSSFIRST BANKSHARES, INC.
TABLE 4. 2020 - 2021 QUARTERLY ANALYSIS OF CHANGES IN NET INTEREST INCOME (UNAUDITED)
Three Months Ended
June 30,
20202021
Average BalanceInterest Income / Expense
Average Yield / Rate(3)
Average BalanceInterest Income / Expense
Average Yield / Rate(3)
(Dollars in thousands)
Interest-earning assets:
Securities - taxable$290,342 $1,626 2.25 %$211,158 $1,031 1.96 %
Securities - tax-exempt(1)
438,525 3,945 3.62 508,483 4,231 3.34 
Federal funds sold— — — — — — 
Interest-bearing deposits in other banks186,388 45 0.10 407,801 110 0.11 
Gross loans, net of unearned income(2) (3)
4,357,055 46,323 4.28 4,409,280 43,846 3.99 
Total interest-earning assets(1)
5,272,310 $51,939 3.96 %5,536,722 $49,218 3.57 %
Allowance for loan losses(60,889)(76,741)
Other non-interest-earning assets230,092 213,657 
Total assets$5,441,513 $5,673,638 
Interest-bearing liabilities
Transaction deposits$413,870 $266 0.26 %$664,552 $313 0.19 %
Savings and money market deposits1,932,723 2,653 0.55 2,385,074 2,107 0.35 
Time deposits1,195,445 5,486 1.85 869,176 2,430 1.12 
Total interest-bearing deposits3,542,038 8,405 0.95 3,918,802 4,850 0.50 
FHLB and short-term borrowings496,556 1,668 1.35 287,904 1,282 1.79 
Trust preferred securities, net of fair value
  adjustments		933 24 10.61 976 24 9.82 
Non-interest-bearing deposits745,864 — — 801,591 — — 
Cost of funds4,785,391 $10,097 0.85 %5,009,273 $6,156 0.49 %
Other liabilities44,656 30,948 
Total stockholders' equity611,466 633,417 
Total liabilities and stockholders' equity$5,441,513 $5,673,638 
Net interest income(1)
$41,842 $43,062 
Net interest spread(1)
3.11 %3.08 %
Net interest margin(1)
3.19 %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 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.

10
CROSSFIRST BANKSHARES, INC.
QUARTER-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)
Three Months Ended
June 30, 2021 over 2020
Average VolumeYield/Rate
Net Change(2)
(Dollars in thousands)
Interest Income
Securities - taxable$(404)$(191)$(595)
Securities - tax-exempt(1)
604 (318)286 
Federal funds sold— — — 
Interest-bearing deposits in other banks59 6 65 
Gross loans, net of unearned income575 (3,052)(2,477)
Total interest income(1)
834 (3,555)(2,721)
Interest Expense
Transaction deposits133 (86)47 
Savings and money market deposits541 (1,087)(546)
Time deposits(1,249)(1,807)(3,056)
Total interest-bearing deposits(575)(2,980)(3,555)
FHLB and short-term borrowings(831)445 (386)
Trust preferred securities, net of fair value adjustments1 (1)— 
Total interest expense(1,405)(2,536)(3,941)
Net interest income(1)
$2,239 $(1,019)$1,220 
(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.

11
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 ‘‘non-GAAP core operating income’’ 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.

▪Charges and adjustments associated with the full vesting of a former executive - We incurred additional charges in the second quarter of 2021 related to the acceleration of $0.7 million of certain cash, stock-based compensation, and employee costs.

▪Bank Owned Life Insurance - We obtain bank owned life insurance on key employees throughout the organization and received a $1.8 million benefit in the second quarter of 2021.

The most directly comparable GAAP financial measure for non-GAAP core operating income is net income (loss).
•We calculate "core return on average tangible common equity" as Non-GAAP core operating income (as defined above) 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 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 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.






12
CROSSFIRST BANKSHARES, INC.
Quarter EndedSix Months Ended
06/30/202009/30/202012/31/202003/31/202106/30/202106/30/202006/30/2021
(Dollars in thousands)
Non-GAAP core operating income:
Net income (loss)$(7,356)$8,006 $8,094 $12,035 $15,577 $(3,499)$27,612 
Add: Goodwill impairment(1)
7,397 — — — — 7,397 — 
Add: Accelerated employee benefits— — — — 719 — 719 
Less: Tax effect(2)
— — — — 210 — 210 
Accelerated employee benefits, net of tax— — — — 509 — 509 
Less: BOLI settlement benefits(1)
— — — — 1,841 — 1,841 
Non-GAAP core operating income $41 $8,006 $8,094 $12,035 $14,245 $3,898 $26,280 
(1) No tax effect.
(2) Represents the tax impact of the adjustments above at a tax rate of 21.0%, plus a permanent tax benefit associated with stock-based grants.
Quarter EndedSix Months Ended
06/30/202009/30/202012/31/202003/31/202106/30/202106/30/202006/30/2021
(Dollars in thousands)
Non-GAAP core return on average tangible common equity:
Net income (loss) available to common stockholders
$(7,356)$8,006 $8,094 $12,035 $15,577 $(3,499)$27,612 
Non-GAAP core operating income41 8,006 8,094 12,035 14,245 3,898 26,280 
Average common equity611,466 613,910 620,496 625,875 633,417 612,208 629,667 
Less: average goodwill and intangibles7,576 238 218 199 179 7,629 189 
Average tangible common equity603,890 613,672 620,278 625,676 633,238 604,579 629,478 
Return on average common equity(4.84)%5.19 %5.19 %7.80 %9.86 %(1.15)%8.84 %
Non-GAAP core return on average tangible common equity0.03 %5.19 %5.19 %7.80 %9.02 %1.30 %8.42 %


Quarter EndedSix Months Ended
06/30/202009/30/202012/31/202003/31/202106/30/202106/30/202006/30/2021
(Dollars in thousands)
Non-GAAP core operating return on average assets:
Net income (loss)
$(7,356)$8,006 $8,094 $12,035 $15,577 $(3,499)$27,612 
Non-GAAP core operating income41 8,006 8,094 12,035 14,245 3,898 26,280 
Average assets
$5,441,513 $5,486,252 $5,523,196 $5,798,167 $5,673,638 $5,209,810 $5,735,558 
Return on average assets
(0.54)%0.58 %0.58 %0.84 %1.10 %(0.14)%0.97 %
Non-GAAP core operating return on average assets
— %0.58 %0.58 %0.84 %1.01 %0.15 %0.92 %
13
CROSSFIRST BANKSHARES, INC.
Quarter Ended
06/30/202009/30/202012/31/202003/31/202106/30/2021
(Dollars in thousands except per share data)
Tangible common stockholders' equity:
Total stockholders' equity$608,092 $617,883 $624,428 $628,834 $637,190 
Less: goodwill and other intangible assets247 227 208 188 169 
Tangible common stockholders' equity$607,845 $617,656 $624,220 $628,646 $637,021 
Tangible book value per share:
Tangible common stockholders' equity$607,845 $617,656 $624,220 $628,646 $637,021 
Shares outstanding at end of period52,167,573 52,195,778 51,679,516 51,678,669 50,958,680 
Book value per share$11.66 $11.84 $12.08 $12.17 $12.50 
Tangible book value per share$11.65 $11.83 $12.08 $12.16 $12.50 

Quarter EndedSix Months Ended
06/30/202009/30/202012/31/202003/31/202106/30/202106/30/202006/30/2021
(Dollars in thousands)
Non-GAAP Core Operating Efficiency Ratio - Fully Tax Equivalent (FTE)
Non-interest expense$31,010 $23,011 $23,732 $22,818 $25,813 $53,233 $48,631 
Less: Accelerated employee benefits— — — — 719 — 719 
Less: goodwill impairment7,397 — — — — 7,397 — 
Adjusted Non-interest expense (numerator)$23,613 $23,011 $23,732 $22,818 $25,094 $45,836 $47,912 
Net interest income41,157 39,327 41,537 41,117 42,328 79,385 83,445 
Tax-equivalent interest income(1)
685 669 683 704 734 1,380 1,438 
Non-interest income2,634 4,063 2,949 4,144 5,825 4,729 9,969 
Less: BOLI settlement benefits— — — — 1,841 — 1,841 
Total tax-equivalent income (denominator)$44,476 $44,059 $45,169 $45,965 $47,046 $85,494 $93,011 
Efficiency Ratio70.81 %53.03 %53.35 %50.41 %53.61 %63.29 %52.06 %
Non-GAAP Core Operating Efficiency Ratio - Fully Tax Equivalent (FTE)53.09 %52.23 %52.54 %49.64 %53.34 %53.61 %51.51 %
(1) Tax exempt income (tax-free municipal securities) is calculated on a tax-equivalent basis. The incremental tax rate used is 21.0%.
(2) Represents the tax impact of the adjustments above at a tax rate of 21.0%, plus a permanent tax benefit associated with stock-based grants.
Quarter EndedSix Months Ended
06/30/202009/30/202012/31/202003/31/202106/30/202106/30/202006/30/2021
(Dollars in thousands)
Non-GAAP Pre-Tax Pre-Provision Profit
Net income (loss) before taxes$(8,219)$9,504 $9,879 $14,943 $18,840 $(4,069)$33,783 
Add: Provision for loan losses21,000 10,875 10,875 7,500 3,500 34,950 11,000 
Non-GAAP Pre-Tax Pre-Provision Profit$12,781 $20,379 $20,754 $22,443 $22,340 $30,881 $44,783 
14
exhibit992q22021presenta
Q2 2021 Earnings Presentation J u l y 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 COO & CHRO 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 15+ years of experience Joined CrossFirst in 2018 Matt Needham – Managing Director of Strategy and Investor Relations • 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 and Director • 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 – Chief Investment Officer and Director • More than 40 years of experience in banking, accounting, valuation and investment banking • Founding shareholder and director of CrossFirst Bank and was CFO from 2008 to July 2021 • 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 and Chief Credit Officer • 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 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 Ben Clouse – Chief Financial Officer of CrossFirst • 25 years of experience in financial services, asset and wealth management, banking, retail and transportation, including public company CFO experience • Joined CrossFirst in July 2021 after serving as CFO of Waddell & Reed Financial, Inc. (formerly NYSE: WDR) until its acquisition in 2021 • Significant experience leading financial operations as well as driving operational change • Obtained CPA designation and FINRA Series 27 license

 
4 Net Income PTPP NIM (FTE) Diluted EPS ROAA $15.6M $22.3M 3.12% 1.10% 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) Gross loans net of unearned income; excludes PPP loans. Balance Sheet Update Credit Performance Capital & Liquidity 0% Loan growth YoY 1% Deposit growth YoY 7% TBV / Share growth YoY 9% DDA Deposit growth YoY 1.09% NPAs / Asset 0.23% NCOs / Avg Loans 1.87% Reserves / Loans 24% Classified Loans / Capital + ALLL 12.40% CET 1 Capital Ratio 13.67% Total Risk-Based Capital 18% Cash and Securities / Assets 97% Loans / Deposits Efficiency 53.61% Q2 2021 Efficiency Ratio $15.9M Assets / Employee 1.82% Non-Interest Expense / Avg Assets $0.30 (2) (1) (2) (1)

 
5 ✓ Strongest quarterly net income in Company's history during Q2 2021 of $15.6 million and YTD net income of $27.6 million (includes $11 million of loan loss provisions) ✓ Quarterly Return on Average Assets of 1.10% and Return on Equity of 9.86% ✓ Net Interest Margin Fully Tax Equivalent (FTE) of 3.12% compared to 3.00% in Q1 2021 ✓ Efficiency ratio of 53.6% for Q2 2021 and 52.1% for the YTD, a non-GAAP core efficiency ratio (1) of 51.7% for YTD 2021 after adjusting for nonrecurring items ✓ At June 30, 2021, stockholders' equity totaled $637 million, or $12.50 per share, compared to $624 million, or $12.08 per share, at December 31, 2020 ✓ $5.3 billion of assets, a quarter-over-quarter reduction to improve balance sheet efficiency ✓ Reduced cash position by strategically lowering core institutional, wholesale, and brokered deposit exposure ✓ 9% Demand Deposits growth from June 30, 2020 and now account for 19% of total deposits ✓ 2021 loan-to-deposit ratio of 97.3% Financial Performance Balance Sheet Strategic Initiatives ✓ Completed $20 million dollar share repurchase program at a weighted average price of $12.68 ✓ Expanded into new Phoenix, AZ market and increased Frisco, TX office banking team ✓ Ben Clouse assumed the role of CFO, Dave O’Toole to assist with transition ✓ Further reduced Energy portfolio concentration (1) Represents a Non-GAAP financial measure, see Non-GAAP reconciliation slides at the end of the presentation for more detail.

 
6 Total Assets Total Deposits Book Value / Share $5.3 billion Gross Loans $4.3 billion $4.4 billion $12.50 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 6/30/21. 3rd Largest Bank Headquartered in Kansas City MSA

 
7 7 Note: Dollars are in millions. (1) Defined as net interest income plus non-interest income ▪ 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 as non-interest income offset net interest margin pressure $42.2 $54.1 $74.8 $110.4 $141.5 $160.3 $79.4 $83.4 $2.4 $3.4 $3.7 $6.1 $8.7 $11.7 $4.7 $10.0 $- $20 $40 $60 $80 $100 $120 $140 $160 $180 2015 2016 2017 2018 2019 2020 YTD 2020 YTD 2021 Operating Revenue(1) Net Interest Income Non-Interest Income $44.6 $57.5 $78.5 $116.5 $150.2 $172.0 $84.1 $93.4 $993 $1,297 $1,996 $3,061 $3,852 $4,442 $4,238 $1,295 $1,694 $2,303 $3,208 $3,924 $4,695 $4,357 $0 $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 Q2 2021 Balance Sheet Growth Gross Loans Net of Unearned Income Total Deposits FY 2020 2015 -2020 QoQ YoY YoY CAGR Gross Loans -6% -4% 15% 35% Total Deposits -14% 1% 20% 29% Total Assets -11% -3% 15% 29% Balance Sheet Q2 2021 ▪ The Company improved balance sheet efficiency in Q2 2021 which enhanced earnings, but impacted balance sheet growth metrics ▪ Loan growth affected by PPP forgiveness and paydowns of low yielding commercial and industrial lines drawn on during the pandemic ▪ Reduced excess cash compared to prior quarter by rolling off wholesale and non-relational institution deposits FY 2020 2015 -2020 QoQ YoY YoY CAGR Net Interest Income 3% 3% 13% 31% Non-Interest Income 41% 121% 35% 38% Total Revenue 6% 10% 15% 31% Q2 2021 Operating Revenue

 
8 ▪ Fully tax-equivalent net interest margin increased 12bps to 3.12% from Q1 2021 due to improvement in balance sheet and reduction of excess cash ▪ Loan yield increased 5bps compared to Q1 2021 from reduction of lower yielding commercial & industrial loans and increased fees ▪ The Company further offset margin pressure by adjusting deposit pricing which reduced total deposit costs by 7bps compared to Q1 2021 ▪ Loan to deposit ratio increased to 97% from 89% in Q1 2021, but decreased from 103% in Q2 2020 3.27% 3.24% 3.40% 3.39% 3.31% 3.13% 2.98% 3.12% 3.00% 3.12% 0% 1% 2% 3% 4% 2015 2016 2017 2018 2019 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Net Interest Margin - (FTE) Commentary 4.62% 4.60% 4.89% 5.34% 5.52% 4.26% 4.28% 3.99% 0.91% 0.87% 0.99% 1.44% 1.89% 0.85% 0.79% 0.41% 0% 1% 2% 3% 4% 5% 6% 2015 2016 2017 2018 2019 2020 Q2 2020 Q2 2021 Yield on Loans & Cost of Deposits Yield on Loans Cost of Total Deposits

 
9 CMO (Fixed) 4.1% MBS (Fixed) 20.4% Municipal - Tax- Exempt 73.7% Municipal - Taxable 1.2% Other 0.6% Investment Portfolio Breakout as of June 30, 2021(1) ▪ Continue to exercise caution in the investment portfolio and maintain high-quality investment securities ▪ At the end of Q2 2021, the portfolio’s duration was approximately 5.0 years ▪ The fully taxable equivalent yield for Q2 2021 rose 4bps to 2.93% ▪ During Q2 2021, $23 million of MBS/CMO paydowns were received and no securities were sold ▪ During Q2 2021, $49 million of new securities were purchased with an average tax equivalent yield of 2.24% ▪ The securities portfolio has unrealized gains of approximately $35 million as of June 30, 2021 Total: ~$712 million(1) (1) Based on approximate fair value. Commentary 2.78% 2.72% 2.79% 2.13% 1.45% 2.13% 2.22% 2.18% 2.31% 2.33% 2.44% 3.72% 3.63% 3.85% 3.62% 3.35% 3.05% 3.07% 2.93% 2.96% 2.89% 2.93% 0% 1% 2% 3% 4% 5% 2015 2016 2017 2018 2019 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Securities Yield - Fully Tax-Equivalent Securities Yield - Cost of Funds Spread Securities Yield

 
10 146 203 305 353 357 328 335 $10.8 $10.5 $9.7 $11.6 $13.8 $17.3 $15.9 $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 Q2 2021 Employees (FTE) Assets/Employee (FTE) $- $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) $29.2 $28.4 $6.8 $6.1 $2.1 $2.1 $3.5 $3.2 $7.0 $6.0 $7.4 $- $10 $20 $30 $40 $50 $60 YTD 2021 YTD 2020 $31.0 $23.0 $23.7 $22.8 $25.8 2.21% 1.67% 1.71% 1.60% 1.82% 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 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Non-interest Expense Non-interest expenses/Average Assets Managing Expenses Non-interest Expense Management Assets per Employee (FTE) Note: Dollars are in millions and amounts shown are as of the end of the period unless otherwise specified. (1) Includes $7.4mm Goodwill Impairment. (2) Dollars are in billions. $53.2 $48.6 (1) $62 $86 $88 $100 YTD ‘20 – YTD ‘21 Non-interest Expense (1) $41 $31 Average Assets $5.4 $5.5 $5.5 $5.8 $5.7 (2) Total Assets $1.6 $2.1 $3.0 $4.1 $4.9(2) $5.7 $5.3 (1)

 
1111 35.3% 28.7% 36.6% 48.4% 28.9% 14.5% 11.1% 24.0% 32.8% 53.0% 38.1% 2.2% 14.1% (8.6%) 68.5% 70.6% 79.1% 73.6% 58.4% 58.1% 52.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% -20% -10% 0% 10% 20% 30% 40% 50% 60% 2015 2016 2017 2018 2019 2020 YTD 2021 E ffic ie n c y R a tio R e ve n u e a n d E xp e n s e G ro w th Operating Revenue Growth Noninterest Expense Growth Efficiency Ratio Non-GAAP Efficiency Ratio Improving Efficiency while Growing Revenue (1) Represents a Non-GAAP financial measure, see Non-GAAP reconciliation slides at the end of the presentation for more detail. (2) 2020 Non-interest expense Non-GAAP label non-GAAP reconcile [Excludes $7.4 million goodwill impairment charge] recorded in Q2 of 2020 (2) (2) 6.1%5.6% (2) (2) 53.0%(1) 51.5%(1) (1)

 
12 0.53% 0.56% 0.24% 0.56% 0.63% 0.24% (0.14%) 0.97% 0.53% 0.56% 0.40% 0.57% 0.61% 0.37% 0.15% 0.92% 0% 0% 0% 0% 1% 1% 1% 1% 2015 2016 2017 2018 2019 2020 YTD 2020 YTD 2021 Return on Average Assets / Non-GAAP ROAA(1) GAAP Non-GAAP $7.5 $10.3 $5.8 $19.6 $28.5 $12.6 ($3.5) $27.6 $14.1 $16.9 $16.4 $30.7 $62.5 $72.0 $30.9 $44.8 $(10) $- $10 $20 $30 $40 $50 $60 $70 $80 2015 2016 2017 2018 2019 2020 YTD 2020 YTD 2021 Earnings Performance Net Income Pretax, Pre-Provision Profit ▪ Strongest quarterly earnings in Company history in Q2 2021 ▪ The Company’s earnings power continued to increase in Q2 2021 ▪ Net Income grew from Q1 2021 despite elevated provisioning ▪ ROAA rebounding as provisioning decreased and the Company continued to increase profitability Note: Dollars in charts are in millions. (1) Represents a Non-GAAP financial measure, see Non-GAAP reconciliation slides at the end of the presentation for more detail. (2) 2020 Non-interest expense Non-GAAP label non-GAAP reconcile [Excludes $7.4 million goodwill impairment charge] recorded in Q2 of 2020 Commentary YTD ‘20 – YTD ‘21 PTPP(1) Growth: 45.0% (0.54%) 0.58% 0.58% 0.84% 1.10% 0.94% 1.48% 1.49% 1.57% 1.58% (1.50%) (1.00%) (0.50%) 0.00% 0.50% 1.00% 1.50% 2.00% Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 ROAA PTPP ROAA Pretax, pre-provision (1) ROAA $3.9 (2) 0.00% (2) (1) (1)

 
13 ▪ Prudently maintained ALLL/Total Loans at 1.78%, or 1.87% excluding PPP loans, at end of Q2 2021 ▪ Q2 2021 provision of $3.5 million which is down significantly from prior quarters based on lower charge-off activity and improved credit metrics ▪ Classified loans decreased materially due primarily to higher energy prices, improvements in customers’ businesses, and improved economic conditions ▪ 43% of classifieds in Q2 2021 relate to Energy, but Energy classifieds decreased 38% during the quarter ▪ Maintained strong capital levels to support future growth ▪ The Bank had $1.7 billion in unfunded loan commitments as of June 30, 2021 ▪ Capital stress test shows CrossFirst well-capitalized under extreme scenarios Note: Dollar amounts are in millions. Commentary Commentary 11.99% 11.95% 11.93% 12.00% 12.40%12.01% 11.97% 11.94% 12.02% 12.42% 13.27% 13.23% 13.20% 13.27% 13.67% 0% 2% 4% 6% 8% 10% 12% 14% 16% Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Capital Ratios Common Equity Tier 1 Tier 1 Risk Based Total Risk-Based Capital $71.2 $76.0 $75.3 $74.6 $75.5 1.61% 1.70% 1.70% 1.65% 1.78% 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 $100 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Allowance for Loan Losses / Total Loans $237.1 $299.9 $286.1 $268.9 $170.7 34.9% 43.2% 40.9% 38.2% 24.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% $- $50 $100 $150 $200 $250 $300 $350 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Classified Loans / (Total Capital +LLR)

 
14 $3,506 $3,727 $3,827 $4,022 $4,016 $3,945 $4,062 $3,843 $48 $48 $79 $170 $177 $224 $192 $239 $85 $87 $105 $237 $300 $286 $269 $170 $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 Q2 2021 Pass Special Mention (Criticized) Substandard & Doubtful (Classified) 14 Note: Dollar amounts are in millions. $4,011 $4,429 $4,493 $4,455 $4,523 $4,252 $3,639 $3,862 2% 3% 5% 7%2% 6%6% 4% % Substandard & Doubtful 0.88% 0.15% 0.41% 0.72% 0.30% 0.06% 0.22% 0.24% 0.02% 0.12% 0.00% 0.00% 0.10% 0.02% 0.07% 0.04% 1.20% 1.03% 0.66% 0.85% 1.68% 1.68% 1.40% 1.29% Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Past Due Trends as % of Total Loans 30-89 Past Due 90+ Past Due Non-accrual Loans

 
15 $15 $94 $109 ($35 ) $74 $72 $18 $90 ($53 ) $37 $11 $66 $77 ($27 ) $50 $6 $4 $10 $10 $0 $50 $100 $150 $200 $250 $300 $350 Q1 2020 Net Increases in Classifieds Q4 2020 Net Decreases in Classifieds Q2 2021 Classified Loans Through the Pandemic Energy Commercial & Industrial Commercial Real Estate Other 15 Note: Dollar amounts are in millions. (1) Represents net change from March 31, 2020, to December 31,2020. (2) Represents net change from December 31, 2020, to June 30, 2021. $104 $286 $171 Summary of Q2 2020 to Q4 2020 Net Changes(1) Loan Type $ Energy +$94 Commercial & Industrial +$18 Commercial Real Estate +$66 Other +$4 Total Net Downgrades $182 Summary of 2021 Changes(2) Loan Type $ Energy ($35) Commercial & Industrial ($53) Commercial Real Estate ($27) Residential & Multifamily $0 Total Net Upgrades ($115) ▪ Most of our classified assets at June 30, 2021 remain in Energy and COVID-related industries like hospitality, entertainment, travel, or other recreational activities directly impacted from the lockdowns

 
16 0.04% 0.11% 0.44% 0.07% 0.31% 0.89% 0.54% 1.03% 0.74% 0.23% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 2015 2016 2017 2018 2019 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Net Charge-Offs / Average Loans(1) 0.08% 0.20% 0.18% 0.43% 0.97% 1.39% 1.49% 1.39% 1.15% 1.09% 0.0% 0.5% 1.0% 1.5% 2.0% 2015 2016 2017 2018 2019 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Nonperforming Assets / Assets ▪ NPAs continue to improve as economic and business outlooks improve ▪ Reduction in NPAs mostly resulted from paydowns or upgrades in energy loans and commercial and industrial loans ▪ 46% of the nonperforming asset balance in Q2 2021 relates to energy credits ▪ Q2 2021 had $2.6 million of net charge-offs related to two commercial and industrial credits ▪ Q1 2021 had $8.2 million of net charge-offs related to several commercial and industrial credits (1) Ratio is annualized for interim periods. Commentary Commentary

 
17

 
18 ▪ Historically, loan growth has been primarily organic and very strong ▪ The loan portfolio, excluding PPP loans, at Q2 2021 contracted 3% 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 $103 million and a combination of shared national credits and syndications purchased totaled $351 million at June 30, 2021 ▪ Loan participations sold of $253 million and syndications sold of $126 million at June 30, 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% Owner Occupied Real Estate 8% SBA PPP 5% Commercial Real Estate 27% Construction & Land Development 15% Energy 8% Residential Real Estate 8% Other 1% Q2 2021 Gross Loan Composition Commentary Loan Yield $464 $452 $474 $452 $454$442 $463 $447 $460 $379 0 50 100 150 200 250 300 350 400 450 500 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Loan Participations and Syndications Net Purchases and Sales Purchases Sales $1,285 $1,291 1,339 1,284 1,188 $390 $384 $345 $343 $326 $1,141 $1,196 $1,180 $1,192 $1,209 $662 $588 $563 $617 $623 $536 $618 $681 $688 $642 $46 $47 $55 $63 $67 $369 $369 $292 $336 $197 -$300 $200 $700 $1,200 $1,700 $2,200 $2,700 $3,200 $3,700 $4,200 $4,700 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Commercial & Industrial Energy Commercial Real Estate Construction & Land Development Residential Real Estate Consumer SBA/ PPP $4,429 $4,493 $4,523 $4,252 $4,455 3.94%4.00% 3.99%3.90%4.28%

 
19 Cost of Deposits $750 $754 $718 $795 $819 $399 $508 $778 $841 $659 $1,994 $2,090 $2,155 $2,484 $2,075 $416 $391 $304 $260 $223 $745 $750 $740 $672 $581 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Non-interest bearing deposits Transaction Deposits Savings & MMA Time Deposits < $100,000 Time Deposits ≥ $100,000 Savings & MMA 48% Time Deposits < $100,000 5% Time Deposits ≥ $100,000 13% DDA 19% Transaction Deposits 15% ▪ CrossFirst worked to improve the efficiency of its balance sheet in Q2 2021, lowering brokered, wholesale and institutional interest-bearing accounts ▪ Brokered deposits were $117 million at end of Q2 2021, down 62% from Q2 2020, and down 20% from Q1 2021 ▪ Deposit costs have trended down due to the persistent low-rate environment and management’s balance sheet strategy ▪ Demand deposits increased ▪ +9% compared to Q2 2020 ▪ +3% compared to Q1 2021 Commentary Deposit Mix by Type Note: Dollars are in millions and amounts shown are as of the end of the period. * As a percentage of Bank assets Q2 2021 Deposit Composition 0.67%0.79% 0.58% 0.48% 0.41% $4,304 $4,493 $4,695 $5,052 18% 17% 14% 8% 8%7% 9% 6% 2% 2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Focus on Core Funding Wholesale Deposits Brokered Deposits $4,357 *

 
20 Energy as % of Tangible Equity $393 $371 $210 $187 $146 $142 $151 $9 $13 $72 $59 $90 $82 $102 $7 $15 $108 $138 $109 $119 $73 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Pass Special Mention Substandard & Doubtful Energy Loans by Risk Rating 5.5% of Reserves on Energy Portfolio $137 $169 $243 $358 $409 $345 $326 $122 $177 $249 $453 $594 $624 $637 112% 95% 98% 79% 69% 55% 51% 0% 20% 40% 60% 80% 100% 120% 0 100 200 300 400 500 600 700 800 2015 2016 2017 2018 2019 2020 Q2 2021 Energy Portfolio Tangible Equity Energy by Composition 6/30/2021 # Loans $ Loan Amount % Total Avg % Hedged(1) Hedge Price(2) Oil 37 $195 60% 36% $47.00 Natural Gas 14 $123 38% 49% $2.53 Other Sources 3 $8 2% 0% Total 54 $326 100% 40% (1) Note: Data as of 6/30/21. 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 Oklahoma 24% Ohio 20% Texas 17% Michigan 6% W. Virginia 6% Arkansas 6% Louisiana 5% 8 Other States 16% $399 $390 $384 $409 $345 $343 (3) (3) (3) $326

 
21 Marriott 35% Boutique Hotel 1% Choice 5% IHG 6% Oakwood 18% Hilton 19% ESH 16% Hotel & Lodging Portfolio Dynamics ▪ Primarily loaning to established brand 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, the same amount as in Q1 2021 ▪ 96% of the outstanding loans, by dollar amount, have recourse provisions ▪ Hotel Construction borrowers are sophisticated sponsors with significant invested equity and resources ▪ $5.5 million of reserves are allocated to hotel portfolio, representing 3.0% of the total outstanding hotel portfolio Hotels by Brand Ownership Note: Data as of 6/30/21. (1) Weighted average. Hotel & Lodging 6/30/2021 ($ millions) # Loans Amount Outstanding Unfunded Commitments Average Size Amount Classified Completed Hotels 15 $168 $0 $11 $21 In-Progress Construction 2 $15 $10 $8 $0 Total 17 $183 $10 $11(1) $21

 
22 0.06% 1.36% 2.87% -0.32% 0.19% 0.88% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% +100 bps +200 bps +300 bps Net Interest Income Impact Rate Shock Rate Shock Rate Ramp 60% 13% 9% 16% 2% 1 - 3 Months 4 -12 Months 1-2 Years 2-5 Years > 5 Years 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% Loans: Rate Reset and Cash Flow Profile ▪ Company’s position is relatively neutral to slightly asset sensitive as of June 30, 2021 and includes PPP loans ▪ Hypothetical change in net interest income in a +100 bp, +200 bp, and +300bp: ▪ $695 million of floating rate loans have interest rate floors that are higher than current rates ▪ 0% to 0.5%: $290 million ▪ 0.51% to 1.0%: $315 million ▪ Greater than 1.0%: $90 million ▪ Deposit rate structure is highly variable and typically adjusts with Fed Reserve movements ▪ Roughly 65% of Company’s earning assets reprice or mature over the next 12 months ▪ Top 3 Indices for floating rate loans ▪ LIBOR: $1,377 million ▪ Prime: $1,012 million ▪ US Treasury: $384 million Commentary * Note: Rate Shock analysis, measures instantaneous parallel shifts in market rates; Rate Ramp analysis, rate changes occur gradually over 12 months, time; Company decided to exclude the down rate environment from analysis due to Fed Funds Rate range of 0.0% - 0.25% * Represents 73% of entire loan repricing schedule over next twelve months *

 
2323 $44 $26 $63 $16 $37 $11 $59 $14 $70 $46 $96 $20 $- $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 $68 ($77 ) ($67 ) ($161 ) $111 $129 $0 $50 $100 $150 $200 $250 $300 $350 $400 Q3 2020 End Q4 2020 Forgiven Q4 2020 End Q1 2021 Forgiven Q1 2021 End Q2 2021 Forgiven Q2 2021 End PPP Timeline 2020 PPP Loans Loan Forgiveness 2021 PPP Loans Note: As of end of period; dollars in millions. (1) $2.4 million consists of $1.9 million from Round 1 and $0.5 million from Round 2. (2) $2.1 million consists of $1.7 million from Round 1 and $0.4 million from Round 2 $336 $9.9 $2.2 $3.2 $2.6 $2.4 $2.1 $3.7 $4.7 $0 $2 $4 $6 $8 $10 $12 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 Q2 2021 Q2 2021 Fee Recognition Round 1 Unrecognized Fees Fee Recognized Round 2 Unrecognized Fees ▪ Weighted average rate of approximately 3.8%, in Q2 2021 ▪ $4.7 million in anticipated fees remain from Rounds 1 and 2 ▪ $22 million of new PPP loans were written in Q2 2021 ▪ 53 new customers from Round 2 representing 9% of funding ▪ Round 1 (2020 programs) were 2-year programs while Round 2 (2021 program) is a 5-year program Commentary Total $369 Total $133 Dallas & Frisco 10% Kansas City 46% Oklahoma City 10% Tulsa & Energy 20% Wichita 14% Round 2 PPP Loan Portfolio by Market (Based on $197 million Funded) (1) (2) $197 (1) (2)

 
24 Other 17% Manufacturing 11%Real Estate Activity 7% Business Loans to Individuals 8% Recreation 6% Health Care 8% Administrative Services 1% Engineering & Contracting 5% Restaurants 5% Financial Management 5% Motor Vehicle & Parts Dealers 4% Security Services 2% Aircraft & Transportation 7% Rental & Leasing Services 4% Credit Related Activities 2% Professional & Technical Services 3% Merchant Wholesalers 5% Commercial & Industrial 28% Owner Occupied Real Estate 8% SBA PPP 5% Energy 8% Commercial Real Estate 42% Residential Real Estate 8% Other 1% Commercial and Industrial Loan Breakdown by Type ($1.2bn) Multi-Family 22% Retail 11% Office 13% Industrial (excludes Self- Storage) 9% 1-4 Family Res Construction 9%Hotel 11%Senior Living 7% Other 3% Raw Land 4% Medical 4% C-Store 2% Self Storage 3% Land Development 2% Loan Mix by Type ($4.3bn) (1) CRE Loan Portfolio by Segment ($1.8bn)(1) Remaining States 17% TX 40% OK 12% KS 10% MO 9%CO 4% FL 3% AZ 3% CA 2% CRE Loans by Geography ($1.8bn)(1) Note: Data as of June 30, 2021. (1) CRE as defined by regulators (including construction and development).

 
25Note: 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) For the Six Months Ended June 30, 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 $105,462 $96,637 Interest expense 11,849 15,016 22,998 46,512 74,774 43,199 26,077 13,192 Net interest income 42,267 54,053 74,818 110,368 141,444 160,249 79,385 83,445 Provision for loan losses 5,975 6,500 12,000 13,500 29,900 56,700 34,950 11,000 Non-interest income 2,365 3,407 3,679 6,083 8,707 11,733 4,729 9,969 Non-interest expense 30,562 40,587 62,089 85,755 87,640 99,968 53,233 48,631 Income (loss) before taxes 8,095 10,373 4,408 17,196 32,611 15,314 (4,069) 33,783 Income tax expense (benefit) 626 62 (1,441) (2,394) 4,138 2,713 (570) 6,171 Net Income (loss) 7,469 10,311 5,849 19,590 28,473 12,601 (3,499) 27,612 Preferred stock dividends 2,066 2,100 2,100 2,100 175 0 0 0 Net income (loss) available to common stockholders 5,403 8,211 3,749 17,490 28,298 12,601 (3,499) 27,612 Non-GAAP core operating income (1) 7,469 10,311 9,716 19,940 27,427 19,998 3,898 26,280 Balance Sheet Data Cash and cash equivalents $79,418 $155,972 $130,820 $216,541 $187,320 $408,810 $194,371 $220,814 Available-for-sale securities 459,524 591,008 701,534 661,628 739,473 654,588 697,847 712,217 Gross loans (net of unearned income) 992,726 1,296,886 1,996,029 3,060,747 3,852,244 4,441,897 4,413,224 4,237,944 Allowance for loan losses (15,526) (20,786) (26,091) (37,826) (56,896) (75,295) (71,185) (75,493) Goodwill and other intangibles 8,100 7,998 7,897 7,796 7,694 208 247 169 Total assets 1,574,346 2,133,106 2,961,118 4,107,215 4,931,233 5,659,303 5,462,254 5,311,434 Non-interest-bearing deposits 123,430 198,088 290,906 484,284 521,826 718,459 750,333 818,887 Total deposits 1,294,812 1,694,301 2,303,364 3,208,097 3,923,759 4,694,740 4,304,143 4,356,627 Borrowings and repurchase agreements 112,430 216,709 357,837 388,391 373,664 295,406 500,498 283,100 Trust preferred securities, net of fair value adj. 792 819 850 884 921 963 942 986 Preferred Stock, liquidation value 30,000 30,000 30,000 30,000 0 0 0 0 Total Stockholders' Equity 160,004 214,837 287,147 490,336 601,644 624,428 608,092 637,190 Tangible Stockholders' Equity (1) 121,904 176,839 249,250 452,540 593,950 624,220 607,845 637,021 Share and Per Share Data: Basic earnings per share $0.29 $0.39 $0.12 $0.48 $0.59 $0.24 ($0.07) $0.54 Diluted earnings per share 0.28 0.39 0.12 0.47 0.58 0.24 (0.07) 0.53 Book value per share 6.61 7.34 8.38 10.21 11.58 12.08 11.66 12.50 Tangible book value per share (1) 6.20 7.02 8.12 10.04 11.43 12.08 11.65 12.50 Wtd. avg. common shares out. - basic 18,640,678 20,820,784 30,086,530 36,422,612 47,679,184 52,070,624 52,088,239 51,561,519 Wtd. avg. common shares out. - diluted 19,378,290 21,305,874 30,963,424 37,492,567 48,576,135 52,548,547 52,586,209 52,294,982 Shares outstanding at end of period 19,661,718 25,194,872 30,686,256 45,074,322 51,969,203 51,679,516 52,167,573 50,958,680 For the Year Ended December 31,

 
26 (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. For the Six Months Ended June 30, 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% (0.14%) 0.97% Non-GAAP core operating return on average assets (1) 0.53 0.56 0.40 0.57 0.61 0.37 0.15 0.92 Return on average common equity 4.60 5.51 1.53 5.34 5.38 2.05 (1.15) 8.84 Non-GAAP core operating return on average common equity (1) 4.60 5.51 3.11 5.45 5.18 3.25 1.28 8.42 Yield on earning assets - tax equivalent (2) 4.14 4.08 4.37 4.77 5.04 3.96 4.25 3.53 Yield on securities - tax equivalent (2) 3.72 3.63 3.85 3.62 3.35 3.05 3.15 2.91 Yield on loans 4.62 4.60 4.89 5.34 5.52 4.26 4.61 3.96 Cost of interest-bearing deposits 1.01 0.96 1.12 1.71 2.21 1.02 1.31 0.53 Cost of funds 0.94 0.91 1.06 1.49 1.90 0.92 1.15 0.52 Cost of total deposits 0.91 0.87 0.99 1.44 1.89 0.85 1.11 0.45 Net interest margin - tax equivalent (2) 3.27 3.24 3.40 3.39 3.31 3.13 3.22 3.06 Non-interest expense to average assets 2.17 2.21 2.53 2.45 1.95 1.84 2.01 1.71 Efficiency ratio (3) 68.48 70.64 79.10 73.64 58.37 58.13 63.29 52.06 Non-GAAP core operating efficiency ratio FTE (1)(3) 64.66 66.04 73.97 67.77 57.41 52.98 53.61 51.74 Non-interest-bearing deposits to total deposits 9.53 11.69 12.63 15.10 13.30 15.30 17.43 18.80 Loans to deposits 76.67 76.54 86.66 95.41 98.18 94.61 102.53 97.28 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% 1.61% 1.78% Non-performing assets to total assets 0.08 0.20 0.18 0.43 0.97 1.39 0.74 1.09 Non-performing loans to total loans 0.12 0.33 0.27 0.58 1.15 1.71 0.86 1.33 Allowance for loans losses to non-performing loans 1,336.38 493.14 481.68 212.30 128.54 98.98 188.55 133.79 Net charge-offs to average loans 0.04 0.11 0.44 0.07 0.31 0.89 1.01 0.49 Capital Rat ios : Total stockholders' equity to total assets 10.16% 10.07% 9.70% 11.94% 12.20% 11.03% 11.13% 12.00% Common equity tier 1 capital ratio 8.50 9.78 8.62 11.75 12.20 11.93 11.99 12.40 Tier 1 risk-based capital ratio 10.70 11.38 9.70 12.53 12.22 11.94 12.01 12.42 Total risk-based capital ratio 11.82 12.51 10.65 13.51 13.43 13.20 13.27 13.67 Tier 1 leverage ratio 9.72 10.48 9.71 12.43 12.06 10.93 10.75 10.81 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 for additional detail. (Dol lars in thousands , except per share data) 6/30/20 9/30/20 12/31/20 3/31/21 6/30/21 Income Statement Data Interest income $51,254 $48,452 $49,534 $48,153 $48,484 Interest expense 10,097 9,125 7,997 7,036 6,156 Net interest income 41,157 39,327 41,537 41,117 42,328 Provision for loan losses 21,000 10,875 10,875 7,500 3,500 Non-interest income 2,634 4,063 2,949 4,144 5,825 Non-interest expense 31,010 23,011 23,732 22,818 25,813 Income (loss) before taxes (8,219) 9,504 9,879 14,943 18,840 Income tax expense (benefit) (863) 1,498 1,785 2,908 3,263 Net income (loss) (7,356) 8,006 8,094 12,035 15,577 Preferred stock dividends 0 0 0 0 0 Net income (loss) available to common stockholders (7,356) 8,006 8,094 12,035 15,577 Non-GAAP core operating income (1) 41 8,006 8,094 12,035 14,245 Balance Sheet Data Cash and cash equivalents $194,371 $223,636 $408,810 $630,787 $220,814 Securities 697,847 649,901 654,588 685,454 712,217 Gross loans (net of unearned income) 4,413,224 4,477,809 4,441,897 4,508,600 4,237,944 Allowance for loan losses (71,185) (76,035) (75,295) (74,551) (75,493) Goodwill and intangibles 247 227 208 188 169 Total assets 5,462,254 5,505,696 5,659,303 5,998,074 5,311,434 Non-interest bearing deposits 750,333 754,172 718,459 794,559 818,887 Total deposits 4,304,143 4,492,549 4,694,740 5,051,570 4,356,627 Borrowings and repurchase agreements 500,498 349,631 295,406 286,394 283,100 Trust preferred securities, net of fair value adj. 942 952 963 974 986 Preferred Stock 0 0 0 0 0 Stockholders' Equity 608,092 617,883 624,428 628,834 637,190 Tangible Stockholders' Equity (1) 607,845 617,656 624,220 628,646 637,021 Share and Per Share Data: Basic earnings (loss) per common share ($0.14) $0.15 $0.16 $0.23 $0.30 Dilutive earnings (loss) per common share (0.14) 0.15 0.15 0.23 0.30 Book value per common share 11.66 11.84 12.08 12.17 12.50 Tangible book value per common share (1) 11.65 11.83 12.08 12.16 12.50 Wtd. avg. common shares out. - basic 52,104,994 52,136,286 51,970,116 51,657,204 51,466,885 Wtd. avg. common shares out. - diluted 52,493,177 52,560,126 52,463,645 52,381,474 52,209,541 Shares outstanding at end of period 52,167,573 52,195,778 51,679,516 51,678,669 50,958,680 For the Three Months Ended CrossFirs t Bankshares , Inc Quarterly Financ ials

 
28 (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. (4) Efficiency ratio is non-interest expense divided by the sum of net interest income and non-interest income 6/30/20 9/30/20 12/31/20 3/31/21 6/30/21 Selected Rat ios : Return on average assets (1) - (0.54%) 0.58% 0.58% 0.84% - 1.10% Non-GAAP core operating return on average assets (1)(2) - - 0.58 0.58 0.84 - 1.01 Return on average common equity - (4.84) 5.19 5.19 7.80 - 9.86 Yield on earning assets - 3.91 3.61 3.67 3.45 - 3.51 Yield on earning assets - tax equivalent (3) - 3.96 3.66 3.71 3.50 - 3.57 Yield on securities - 2.70 2.55 2.56 2.48 - 2.52 Yield on securities - tax equivalent (3) - 3.07 2.93 2.96 2.89 - 2.93 Yield on loans - 4.28 3.90 4.00 3.94 - 3.99 Costs of interest bearing liabilities - 1.01 0.88 0.77 0.65 - 0.59 Cost of interest-bearing deposits - 0.95 0.80 0.69 0.57 - 0.50 Cost of funds - 0.85 0.75 0.65 0.56 - 0.49 Cost of Deposits - 0.79 0.67 0.58 0.48 - 0.41 Cost of other borrowings - 1.35 1.50 1.78 1.79 - 1.79 Net interest margin - tax equivalent (3) - 3.19 2.98 3.12 3.00 3.12 Noninterest expense to average assets - 2.21 1.67 1.71 1.60 - 1.82 Efficiency ratio (4) - 70.81 53.03 53.35 50.41 - 53.61 Non-GAAP core operating efficiency ratio (FTE) (2)(4) - 53.09 52.23 52.54 49.64 - 53.79 Noninterest bearing deposits to total deposits - 17.43 16.79 15.30 15.73 - 18.80 Loans to deposits - 102.53 99.67 94.61 89.25 - 97.28 Credi t Qual i ty Rat ios : Allowance for loans losses to total loans 1.61% 1.70% 1.70% 1.65% 1.78% Nonperforming assets to total assets 0.74 1.49 1.39 1.15 1.09 Nonperforming loans to total loans 0.86 1.78 1.71 1.48 1.33 Allowance for loans losses to nonperforming loans 188.55 95.18 98.98 112.10 133.79 Net charge-offs to average loans (1) 0.12 0.54 1.03 0.74 0.23 Capital Rat ios : Total stockholders' equity to total assets - 11.13% 11.22% 11.03% 10.48% - 12.00% Common equity tier 1 capital ratio - 11.99 11.95 11.93 12.00 - 12.40 Tier 1 risk-based capital ratio - 12.01 11.97 11.94 12.02 - 12.42 Total risk-based capital ratio - 13.27 13.23 13.20 13.27 - 13.67 Tier 1 leverage ratio - 10.75 10.85 10.93 10.51 - 10.81 For the Three Months Ended CrossFirs t Bankshares , Inc Quarterly Financ ials

 
29(1) Represents the tax impact of the adjustments above at a tax rate of 25.73% from 2015 through 2020 and at 21% for 2021, plus a permanent tax benefit associated with stock-based grants. (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) For the Six Months Ended June 30, 2015 2016 2017 2018 2019 2020 2020 2021 Non -GAAP Core Operat ing Income: Net Income (loss) $7,469 $10,311 $5,849 $19,590 $28,473 $12,601 ($3,499) $27,612 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 7,397 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 Add: Accelerated employee benefits 0 0 0 0 0 0 0 719 Less: Tax effect (2) 0 0 0 0 0 0 0 210 Accelerated employee benefits, net of tax 0 0 0 0 0 0 0 509 Less: BOLI settlement benefits (3) 0 0 0 0 0 0 0 1,841 Non-GAAP core operating income $7,469 $10,311 $9,716 $19,940 $27,427 $19,998 $3,898 $26,280 Non -GAAP Core Operat ing Retu rn on Average Assets : Net Income (loss) $7,469 $10,311 $5,849 $19,590 $28,473 $12,601 ($3,499) $27,612 Non-GAAP core operating income 7,469 10,311 9,716 19,940 27,427 19,998 3,898 26,280 Average Assets 1,410,447 1,839,563 2,452,797 3,494,655 4,499,764 5,358,479 5,209,810 5,735,558 GAAP return on average assets 0.53% 0.56% 0.24% 0.56% 0.63% 0.24% (0.14%) 0.97% Non-GAAP core operating return on average assets 0.53% 0.56% 0.40% 0.57% 0.61% 0.37% 0.15% 0.92% Non -GAAP Core Operat ing Retu rn on Average Equ i ty: Net Income (loss) $7,469 $10,311 $5,849 $19,590 $28,473 $12,601 ($3,499) $27,612 Non-GAAP core operating income 7,469 10,311 9,716 19,940 27,427 19,998 3,898 26,280 Less: Preferred stock dividends 2,066 2,100 2,100 2,100 175 0 0 0 Net Income (loss) available to common stockholders 5,403 8,211 3,749 17,490 28,298 12,601 (3,499) 27,612 Non-GAAP core operating income available to common stockholders 5,403 8,211 7,616 17,840 27,252 19,998 3,898 26,280 Average common equity 117,343 149,132 245,193 327,446 526,225 614,726 612,208 629,667 Intangible Assets 8,152 8,050 7,949 7,847 7,746 208 7,629 189 Average Tangible Equity 109,191 141,082 237,244 319,599 518,479 614,518 604,579 629,478 GAAP return on average common equity 4.60% 5.51% 1.53% 5.34% 5.38% 2.05% (1.15%) 8.84% Non-GAAP core return on average tangible common equity 4.95% 5.82% 3.21% 5.58% 5.26% 3.25% 1.30% 8.42% 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 $53,233 $48,631 Less: accelerated employee benefits 0 0 0 0 0 0 0 719 Less: goodwill impairment 0 0 0 0 0 7,397 7,397 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 45,836 47,912 Net interest income 42,267 54,053 74,818 110,368 141,444 160,249 79,385 83,445 Tax-equivalent interest income 2,637 4,001 5,439 3,099 2,522 2,732 1,380 1,438 Non-interest income 2,365 3,407 3,679 6,083 8,707 11,733 4,729 9,969 Add: fixed asset impairments 0 0 1,903 171 424 0 0 0 Less: BOLI settlement benefits (1) 0 0 0 0 0 0 0 1,841 Non-GAAP Operating revenue (denominator) 47,269 61,461 83,936 119,550 152,673 174,714 85,494 93,011 GAAP efficiency ratio 68.48% 70.64% 79.10% 73.64% 58.37% 58.13% 63.29% 52.06% Non-GAAP core operating efficiency ratio (FTE) 64.66% 66.04% 73.97% 67.77% 57.41% 52.98% 53.61% 51.51% For the Year Ended December 31,

 
30 (1) No tax effect associated with the goodwill impairment and BOLI settlement benefits. (2) Interim periods are annualized. (Dollars in thousands) June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 June 30, 2021 Non-GAAP Core Operating Income: Net Income (loss) ($7,356) $8,006 $8,094 $12,035 $15,577 Add: Goodwill Impairment (1) 7,397 0 0 0 0 Add: Accelerated employee benefits 0 0 0 0 719 Less: Tax effect (2) 0 0 0 0 210 Accelerated employee benefits, net of tax 0 0 0 0 509 Less: BOLI settlement benefits (1) 0 0 0 0 1,841 Non-GAAP core operating income $41 $8,006 $8,094 $12,035 $14,245 Non-GAAP Core Operating Return on Average Assets: Net Income (loss) ($7,356) $8,006 $8,094 $12,035 $15,577 Non-GAAP core operating income 41 8,006 8,094 12,035 14,245 Average Assets 5,441,513 5,486,252 5,523,196 5,798,167 5,673,638 GAAP return on average assets (2) (0.54%) 0.58% 0.58% 0.84% 1.10% Non-GAAP core operating return on average assets (2) 0.00% 0.58% 0.58% 0.84% 1.01% Non-GAAP Core Operating Return on Average Equity: Net Income (loss) available to common stockholders ($7,356) $8,006 $8,094 $12,035 $15,577 Non-GAAP core operating income available to common stockholders 41 8,006 8,094 12,035 14,245 Average common equity 611,466 613,910 620,496 625,875 633,417 Less: Average Goodwill and Intangible Assets 7,576 238 218 199 179 Average Tangible Equity 603,890 613,672 620,278 625,676 633,238 GAAP return on average common equity (4.84%) 5.19% 5.19% 7.80% 9.86% Non-GAAP core return on average tangible common equity 0.03% 5.19% 5.19% 7.80% 9.02% Non-GAAP Core Operating Efficiency Ratio: Non-interest expense $31,010 $23,011 $23,732 $22,818 $25,813 Less: Accelerated employee benefits 0 0 0 0 719 Less: Goodwill Impairment 7,397 0 0 0 0 Non-GAAP non-interest expense (numerator) 23,613 23,011 23,732 22,818 25,094 Net interest income 41,157 39,327 41,537 41,117 42,328 Tax-equivalent interest income 685 669 683 704 734 Non-interest income 2,634 4,063 2,949 4,144 5,825 Less: BOLI settlement benefits (1) 0 0 0 0 1,841 Non-GAAP operating revenue (denominator) 44,476 44,059 45,169 45,965 47,046 GAAP efficiency ratio 70.81% 53.03% 53.35% 50.41% 53.61% Non-GAAP core operating efficiency ratio (FTE) 53.09% 52.23% 52.54% 49.64% 53.34% For the Three Months Ended

 
31 (Dollars in thousands, except per share data) 6/30/20 9/30/20 12/31/20 3/31/21 6/30/21 Pre-Tax Pre-Provis ion Prof i t Income (loss) before Taxes (8,219) 9,504 9,879 14,943 18,840 Provision for Credit loss 21,000 10,875 10,875 7,500 3,500 Pre-Tax Pre-Provis ion Prof i t 12,781 20,379 20,754 22,443 22,340 Average Assets 5,441,513 5,486,252 5,523,196 5,798,167 5,673,638 Pre-Tax Pre-Provis ion Retu rn on Average Assets 0.94% 1.48% 1.49% 1.57% 1.58% Tangible Stockholders ' Equ i ty: Stockholders' equity $608,092 $617,883 $624,428 $628,834 $637,190 Less: goodwill and intangible assets 247 227 208 188 169 Less: preferred stock 0 0 0 0 0 Tangible Stockholders' Equity $607,845 $617,656 $624,220 $628,646 $637,021 Shares outstanding at end of period 52,167,573 52,195,778 51,679,516 51,678,669 50,958,680 Book value per common share $11.66 $11.84 $12.08 $12.17 $12.50 Tangible book value per common share $11.65 $11.83 $12.08 $12.16 $12.50 For the Three Months Ended (Dol lars in thousands , except per share data) For the Six Months Ended June 30, 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 (4,069) 33,783 Provision for Credit loss 5,975 6,500 12,000 13,500 29,900 56,700 34,950 11,000 Pre-Tax Pre-Provis ion Prof i t 14,070 16,873 16,408 30,696 62,511 72,014 30,881 44,783 Average Assets 1,410,447 1,839,563 2,452,797 3,494,655 4,499,764 5,358,479 5,209,810 5,735,558 Pre-Tax Pre-Provis ion Retu rn on Average Assets 1.00% 0.92% 0.67% 0.88% 1.39% 1.34% 1.20% 1.57% Tangible Stockholders ' Equ i ty: Stockholders' equity $160,004 $214,837 $287,147 $490,336 $601,644 $624,428 $608,092 $637,190 Less: goodwill and intangible assets 8,100 7,998 7,897 7,796 7,694 208 247 169 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 $607,845 $637,021 Shares outstanding at end of period 19,661,718 25,194,872 30,686,256 45,074,322 51,969,203 51,679,516 52,167,573 50,958,680 Book value per common share $6.61 $7.34 $8.38 $10.21 $11.58 $12.08 $11.66 $12.50 Tangible book value per common share $6.20 $7.02 $8.12 $10.04 $11.43 $12.08 $11.65 $12.50 For the Year Ended December 31,