8-K

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

October 17, 2022

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

)

754-9704

Registrant's telephone number, including area code

N/A

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

CFB

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933

(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02.

Results of Operations and Financial Condition.

On October 17, 2022, CrossFirst Bankshares, Inc. (the “Company”) issued a press release announcing its financial results for its third

quarter of 2022. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The Company intends to hold a conference call to present information on its results of operations for the third quarter of 2022. The

investor presentation, which will accompany the call, is furnished as Exhibit 99.2 and incorporated herein by reference. 

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being “furnished” and shall not be deemed "filed"

for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any

filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a

filing.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits

99.1

Press Release Issued October 17, 2022

99.2

Investor Presentation

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its

behalf by the undersigned hereunto duly authorized.

Date:

October 17, 2022

CROSSFIRST BANKSHARES, INC.

By:

/s/ Benjamin R. Clouse

Benjamin R. Clouse

Chief Financial Officer

EX-99.1

Exhibit 99.1

1

October 17, 2022

CrossFirst Bankshares, Inc. Reports Third Quarter 2022

Results

Third Quarter 2022 Key Financial Performance Metrics

Net Income

ROAA

Net Interest Margin

(FTE)

Diluted EPS

ROE

$17.3 million

1.19%

3.56%

(1)(2)

$0.35

11.18%

LEAWOOD, Kan., October 17, 2022 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company

for CrossFirst Bank, today reported operating results for the third quarter of 2022, with third quarter net income of $17.3 million, or $0.35

per diluted share, and year-to-date net income of $49.7 million, or $0.99 per diluted share. 

CEO Commentary:

"As we reflect on our 15

th

 anniversary as a Company, our team should be proud of the amazing growth we have driven and culture we have

created since our de novo start in 2007,” said CrossFirst’s CEO and President, Mike Maddox. “Our people drive our success and I’m

excited about the many expanded roles we announced this quarter and this team that will lead us forward.”

2022 Third Quarter Highlights:

•

$5.8 billion of assets with 5% operating revenue

(3)

 growth compared to the second quarter of 2022

•

$149 million or 3.3% of total loan growth from the previous quarter and $445 million or 10.5% loan growth from the same

quarter last year. Excluding PPP loans

(4)

, loan growth was $157 million from the previous quarter or 3.5% and was $547

million or 13.3% from the same quarter last year

•

Continued improvement in credit quality during the third quarter of 2022 as evidenced by the decrease in non-performing

assets to total assets ratio from 0.92% at September 30, 2021 to 0.31% at September 30, 2022

•

Return on Average Assets of 1.19% and a Return on Equity of 11.18% for the quarter ended September 30, 2022

•

Net Interest Margin (Fully Tax-Equivalent)

(1)(2)

 of 3.56% for the quarter ended September 30, 2022, compared to 3.23% for

the same quarter last year

Quarter-to-Date

Year-to-Date

September 30,

September 30,

(Dollars in millions except per share data)

2022

2021

2022

2021

Operating revenue

(3)

$

53.5

$

40.7

$

152.4

$

134.1

Net income

$

17.3

$

21.0

$

49.7

$

48.6

Diluted earnings per share

$

0.35

$

0.41

$

0.99

$

0.93

Return on average assets

1.19

%

1.54

%

1.18

%

1.16

%

Return on average common equity

11.18

%

12.92

%

10.59

%

10.24

%

Net interest margin

(1)

3.50

%

3.17

%

3.40

%

3.07

%

Net interest margin, fully tax-equivalent

(1)(2)

3.56

%

3.23

%

3.46

%

3.12

%

Efficiency ratio

53.20

%

59.06

%

55.97

%

54.18

%

Non-GAAP core operating efficiency ratio, fully tax-equivalent

(2)(4)

52.32

%

50.45

%

54.61

%

51.15

%

(1)

The Company changed the annualization method on the available-for-sale securities portfolio from Actual/Actual to 30/360 and moved the unrealized

gain(loss) on available-for-sale securities from an interest-earning asset to a non-interest earning asset. All periods presented reflect this change. 

(2)

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% 

(3)

Net interest income plus non-interest income

(4)

Represents a non-GAAP measure. See "Table 5. Non-GAAP Financial Measures" for a reconciliation of these measures.

CROSSFIRST BANKSHARES, INC.

2

Income from Operations

Net Interest Income

Interest income was $65.6 million for the third quarter of 2022, an increase of 39% from the third quarter of 2021 and an increase of 24%

from the previous quarter due to higher average loans outstanding and higher interest rates. Included in interest income for the third quarter

of 2022 was interest of $1 million as a result of several loans returning to accruing status. Average earning assets totaled $5.6 billion for

the third quarter of 2022, an increase of $359 million or 7% from the same quarter in 2021. This increase in average earning assets was due

to an increase in average loans of $396 million.

Interest expense for the third quarter of 2022 was $15.9 million, which increased 159% from the prior quarter and 188% from the same

quarter in 2021 due to significant changes in market rates in 2022. Average interest-bearing deposits increased to $3.8 billion in the third

quarter of 2022, a 7% increase from the same prior year period. The cost of funds increased from the previous quarter to 1.23%, compared

to 0.46% for the third quarter of 2021 driven by the higher interest rate environment.

Net interest income totaled $49.7 million for the third quarter of 2022, which was 6% higher than the second quarter of 2022, and 19%

higher than the third quarter of 2021. Tax-equivalent net interest margin increased to 3.56% in the current quarter from 3.52% in the

previous quarter and 3.23% in the third quarter of 2021. The income recorded from loans returning to accruing status increased the tax

equivalent margin by 7 basis points in the current quarter. The tax-equivalent adjustment, which accounts for income taxes saved on the

interest earned on non-taxable securities and loans, was $0.8 million for the third quarter of 202 2. 

Non-Interest Income

Non-interest income increased by $4.9 million in the third quarter of 2022 compared to the same quarter of 2021 and decreased $0.4

million compared to the second quarter of 2022. The decrease in non-interest income compared to the previous quarter was due to $0.2

million in lower credit card fees and $0.3 million in lower letter of credit fees, partially offset by higher analysis fees. The increase in non-

interest income compared to the prior year was primarily the result of a $6.2 million impairment loss on an equity investment that was

received as part of a restructured loan agreement in the prior year. This variance was partially offset by increases in gains on available for

sale securities of $1.0 million and an increase in analysis fees of $0.4 million.

Non-Interest Expense

Non-interest expense for third quarter of 2022 was $28.5 million, which increased 18% compared to the third quarter of 2021, and

decreased 3% from the second quarter of 2022. Salaries and benefit costs were higher in the current quarter by $1.2 million compared to

the prior quarter due to hiring in new markets and lines of business, severance payments recorded in the third quarter and increased

incentive compensation expense related to performance. Furthermore, deposit insurance premiums increased $0.2 million which were

offset by decreases of $0.5 million in professional fees and $0.3 million in data processing costs. Other non -interest expenses were lower

by $1.5 million as a result of a $1.1 million employee separation expense recorded in the second quarter of 2022. Compared to the same

quarter of 2021, salaries and benefits were up $2.9 million primarily because of increased hiring for market and line of business expansion. 

CrossFirst’s effective tax rate for the third quarter of 2022 was 20.3%, as compared to 21.2% for the third quarter of 2021 and 20.6% in the

second quarter of 2022. For both comparable periods, the Company continued to benefit from its tax-exempt municipal bond portfolio and

bank-owned life insurance. The tax-exempt benefit diminishes as the Company’s ratio of taxable income to tax-exempt income increases.

CROSSFIRST BANKSHARES, INC.

3

Balance Sheet Performance & Analysis

During the third quarter of 2022, total assets increased by $141 million or 3% compared to June 30, 2022, and increased $448 million or

8% compared to September 30, 2021. Total assets increased on a linked quarter basis primarily due to a $149 million increase in loans. The

year-over-year increase was due to an increase in loans of $453 million. Non-interest-bearing deposits decreased $50 million compared to

June 30, 2022, and increased $153 million from September 30, 2021. During the third quarter of

2022

, available-for-sale investment

securities decreased $39 million to $657 million compared to June 30, 2022 primarily due to unrealized losses from interest rate increases.

The securities yields remained consistent at a tax equivalent yield of 3.07% for the third quarter of 2022 compared to the prior quarter.

Loan Results

During the third quarter of 2022, the Company produced an increase in average loans of $189 million compared to the second quarter of

2022, and an increase of $396 million or 9% compared to the third quarter of 2021. The linked quarter increase in average loans was

primarily a result of growth in the commercial and commercial real estate portfolios. Loan yields increased 80 basis points to 5.08%

during the third quarter of 2022 and increased 108 basis points compared to the same prior year quarter.

3Q22

2Q22

1Q22

4Q21

3Q21

QoQ

Growth

($)

QoQ

Growth

(%)

(1)

YoY

Growth

($)

YoY

Growth

(%)

(1)

(Dollars in millions)

Average loans (gross)

Commercial

$

1,630

$

1,532

$

1,434

$

1,328

$

1,233

$

98

6

%

$

397

32

%

Energy

211

241

274

290

311

(30)

(12)

(100)

(32)

Commercial real estate

1,439

1,399

1,327

1,272

1,213

40

3

226

19

Construction and land development

633

581

593

579

611

52

9

22

4

Residential and multifamily real estate

644

609

604

612

659

35

6

(15)

(2)

Paycheck Protection Program

6

20

42

84

147

(14)

(71)

(141)

(96)

Consumer

64

56

59

56

57

8

14

7

12

Total

$

4,627

$

4,438

$

4,333

$

4,221

$

4,231

$

189

4

%

$

396

9

%

Yield on average loans for the period

ending

5.08

%

4.28

%

4.00

%

4.17

%

4.00

%

(1)

Actual unrounded values are used to calculate the reported percent disclosed. Accordingly, recalculations using the amounts in millions as disclosed in this release may not

produce the same amounts.

Deposit & Other Borrowing Results

During the third quarter of 2022, the Company produced an increase in average deposits of 8% compared to the previous quarter, and an

increase of 11% in average deposits compared to the third quarter of 2021. The deposit increase for the current quarter and the same

quarter in the prior year was driven by increases in transaction, saving and money market, and time deposits. As a result of the increasing

interest rate environment, the Company had an increase of 78 basis points in the overall cost of deposits during the third quarter of 2022,

and an increase of 82 basis points in the last twelve months. 

3Q22

2Q22

1Q22

4Q21

3Q21

QoQ

Growth

($)

QoQ

Growth

(%)

(1)

YoY

Growth

($)

YoY

Growth

(%)

(1)

(Dollars in millions)

Average deposits

Non-interest bearing deposits

$

1,138

$

1,150

$

1,157

$

1,058

$

910

$

(12)

(1)

%

$

228

25

%

Transaction deposits

531

507

586

543

511

24

5

20

4

Savings and money market deposits

2,520

2,334

2,303

2,272

2,276

186

8

244

11

Time deposits

734

560

587

662

752

174

31

(18)

(2)

Total

$

4,923

$

4,551

$

4,633

$

4,535

$

4,449

$

372

8

%

$

474

11

%

Cost of deposits for the period ending

1.20

%

0.42

%

0.31

%

0.33

%

0.38

%

Cost of interest-bearing deposits for the

period ending

1.56

%

0.56

%

0.41

%

0.43

%

0.47

%

(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 September 30, 2022, other borrowings totaled $206 million, as compared to $298 million at June 30, 2022, and $278 million at

September 30, 2021.

CROSSFIRST BANKSHARES, INC.

4

Asset Quality Position

Non-performing assets decreased to $18.2 million at September 30, 2022 due to a $10.8 million decrease in non-accrual loans. The decline

is attributable primarily to decreases in non-accrual commercial and industrial and commercial real estate loans. The non -performing

assets to total assets ratio decreased from 0.92% at September 30, 2021 to 0.31% at September 30, 2022. Classified loans decreased

slightly during the third quarter due to reductions in classified commercial real estate loans, bringing the ratio of classified loans to total

capital plus the allowance for credit losses to 11.3%. 

The allowance for credit losses was $55.9 million or 1.19% of outstanding loans and 324% of non-accruing loans at September 30, 2022.

The combined allowance for credit losses and accrual for off-balance sheet credit risk from unfunded commitments (“RUC”) was $62.6

million or 1.34% of outstanding loans. 

The allowance for credit losses to total loans decreased to 1.19% at September 30, 2022 from 1.23% at June 30, 2022. The improvements

in credit metrics compared to September 30, 2021 were primarily driven by upgrades restoring loans to an accruing status in the

commercial and industrial and commercial real estate portfolios. Net charge-offs were $1.9 million for the third quarter of 2022 and

increased by $0.8 million from the prior quarter. The charge-offs for the current quarter were primarily related to commercial and

industrial and energy credits. The following table provides information regarding asset quality.

Asset quality

 (Dollars in millions)

3Q22

2Q22

1Q22

4Q21

3Q21

Non-accrual loans

$

16.9

$

27.7

$

33.1

$

31.4

$

48.1

Other real estate owned

1.0

1.0

1.0

1.1

1.1

Nonperforming assets

18.2

30.8

35.6

32.7

49.8

Loans 90+ days past due and still accruing

0.3

2.2

1.5

0.1

0.5

Loans 30 - 89 days past due

21.4

16.6

15.9

3.5

37.6

Net charge-offs (recoveries)

1.9

1.1

1.1

0.8

1.3

Asset quality metrics

(%)

3Q22

2Q22

1Q22

4Q21

3Q21

Nonperforming assets to total assets

0.31

%

0.54

%

0.64

%

0.58

%

0.92

%

Allowance for credit loss to total loans

1.19

1.23

1.27

1.37

1.51

Allowance for credit loss + RUC to total loans

(1)

1.34

1.35

1.38

-

-

Allowance for credit loss to nonperforming loans

324

187

160

185

132

Net charge-offs (recoveries) to average loans

(2)

0.16

0.10

0.10

0.07

0.13

Provision to average loans

(2)

0.29

0.19

(0.06)

(0.47)

(0.94)

Classified Loans / (Total Capital + ACL)

11.3

12.1

10.8

10.8

17.3

Classified Loans / (Total Capital + ACL + RUC)

(1)

11.2

12.0

10.7

-

-

(1)

Includes the accrual for off-balance sheet credit risk from unfunded commitments that resulted from CECL adoption on January 1, 2022.

(2)

Interim periods annualized.

Capital Position

At September 30, 2022, stockholders' equity totaled $581 million, or $11.90 per share, compared to $668 million, or $13.23 per share, at

December 31, 2021. During the third quarter of 2022, CrossFirst continued its share repurchase program by purchasing 794,457 shares of

common stock outstanding. In addition, accumulated other comprehensive (loss) income declined by $106 million between December 31,

2021 and September 30, 2022; driven by a $102 million decrease in the unrealized (loss) gain on available-for-sale securities, net of tax. 

The ratio of common equity Tier 1 capital to risk-weighted assets was approximately 11% and the ratio of total capital to risk-weighted

assets was approximately 12% at September 30, 2022. The Company remains well-capitalized. 

CROSSFIRST BANKSHARES, INC.

5

Conference Call and Webcast

CrossFirst Bankshares, Inc. (Nasdaq: CFB), the parent company of CrossFirst Bank, will host a conference call to review third quarter

financial results on Tuesday, October 18, 2022, at 10 a.m. CT / 11 a.m. ET. To access the event by telephone, please dial

(

833) 630-1956 at

least fifteen minutes prior to the start of the call and request access to the CrossFirst Bankshares call. International callers should dial

+1

(412) 317-1837 and request access as directed above. The call will also be broadcast live over the internet and can be accessed via the

following link: https://edge.media-server.com/mmc/p/6enfwdfg. Please visit the site at least 15 minutes prior to the call to allow time for

registration. For those unable to join the presentation, a replay of the call will be available two hours after the conclusion of the live call.

To access the replay, dial (877) 344-7529 and enter the replay access code 4987463. International callers should dial +1 (412) 317-0088

and enter the same access code. A replay of the webcast will also be available for 90 days on the company’s website

https://investors.crossfirstbankshares.com/.

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 regarding, among other things, our business plans, and

future 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 “believes,” “could,” “will,” and similar words or phrases. 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, credit quality and risk, ongoing impact of the COVID-19 pandemic, industry

and technological changes, cyber incidents or other failures, disruptions or security breaches, interest rates, commercial and residential real

estate values, economic and market conditions in the United States or internationally, funding availability, accounting estimates and risk

management processes, the transition away from the London Interbank Offered Rate (LIBOR), legislative and regulatory changes,

business strategy execution, hiring and retention of key personnel, competition, mortgage markets, fraud committed against the Company,

environmental liability and severe weather, natural disasters, acts of war or terrorism or other external events. These and other factors that

could cause results to differ materially from those described in the forward-looking statements, as well as a discussion of the risks and

uncertainties that may affect our business, can be found in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in

other filings we make with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this

communication, and we disclaim any obligation to update any forward-looking statement or to publicly announce the results of any

revisions to any of the forward-looking statements included herein, except as required by law.

About CrossFirst Bankshares, Inc.

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 Bank has nine full-service banking locations in

Kansas, Missouri, Oklahoma, Texas, and Arizona that offer products and services to businesses, professionals, individuals, and families.

INVESTOR CONTACT

Heather Worley

Heather@crossfirst.com

(214)676-4666

https://investors.crossfirstbankshares.com

CROSSFIRST BANKSHARES, INC.

6

Unaudited Financial Tables

◦

◦

◦

◦

◦

CROSSFIRST BANKSHARES, INC.

7

TABLE 1. CONSOLIDATED BALANCE SHEETS

September 30, 2022

December 31, 2021

(1)

(Unaudited)

(Dollars in thousands)

Assets

Cash and cash equivalents

$

309,135

$

482,727

Available-for-sale securities - taxable

174,004

192,146

Available-for-sale securities - tax-exempt

482,523

553,823

Loans, net of unearned fees

4,677,646

4,256,213

Allowance for credit losses on loans

(2)

55,864

58,375

Loans, net of the allowance for credit losses on loans

4,621,782

4,197,838

Premises and equipment, net

64,313

66,069

Restricted equity securities

9,277

11,927

Interest receivable

20,553

16,023

Foreclosed assets held for sale

973

1,148

Bank-owned life insurance

68,698

67,498

Other

97,719

32,258

Total assets

$

5,848,977

$

5,621,457

Liabilities and stockholders’ equity

Deposits

Non-interest-bearing

$

1,113,934

$

1,163,224

Savings, NOW and money market

3,123,410

2,895,986

Time

750,171

624,387

Total deposits

4,987,515

4,683,597

Federal Home Loan Bank advances

205,349

236,600

Other borrowings

1,048

1,009

Interest payable and other liabilities

74,518

32,678

Total liabilities

5,268,430

4,953,884

Stockholders’ equity

Common stock, $0.01 par value:

authorized - 200,000,000 shares, issued - 53,018,448 and 52,590,015 shares at

September 30, 2022 and December 31, 2021, respectively

530

526

Treasury stock, at cost:

4,230,752 and 2,139,970 shares held at September 30, 2022 and December 31,

2021, respectively

(59,328)

(28,347)

Additional paid-in capital

529,646

526,806

Retained earnings

194,148

147,099

Accumulated other comprehensive (loss) income

(84,449)

21,489

Total stockholders’ equity

580,547

667,573

Total liabilities and stockholders’ equity

$

5,848,977

$

5,621,457

(1)

The year-end Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures

required by accounting principles generally accepted in the United States of America.

(2)

As of December 31, 2021, this line represents the allowance for loan and lease losses.

CROSSFIRST BANKSHARES, INC.

8

 TABLE 2. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2022

2021

2022

2021

(Dollars in thousands except per share data)

Interest Income

Loans, including fees

$

59,211

$

42,664

$

149,266

$

130,268

Available-for-sale securities - taxable

1,119

803

3,250

2,423

Available-for-sale securities - tax-exempt

3,905

3,562

11,442

10,410

Deposits with financial institutions

1,193

121

1,714

359

Dividends on bank stocks

122

161

478

488

Total interest income

65,550

47,311

166,150

143,948

Interest Expense

Deposits

14,909

4,211

23,152

14,789

Fed funds purchased and repurchase agreements

9

-

83

3

Federal Home Loan Bank Advances

898

1,275

3,302

3,838

Other borrowings

39

24

94

72

Total interest expense

15,855

5,510

26,631

18,702

Net Interest Income

49,695

41,801

139,519

125,246

Provision for Credit Losses

(1)

3,334

(10,000)

4,844

1,000

Net Interest Income after Provision for Credit Losses

(1)

46,361

51,801

134,675

124,246

Non-Interest Income

Service charges and fees on customer accounts

1,566

1,196

4,520

3,330

Realized (losses) gains on available-for-sale securities

(4)

1,046

(43)

1,043

Unrealized gains (losses) on equity securities, net

(87)

(6,210)

(261)

(6,243)

Income from bank-owned life insurance

405

427

1,200

3,088

Swap fees and credit valuation adjustments, net

(7)

31

123

156

ATM and credit card interchange income

1,326

1,735

5,513

5,569

Other non-interest income

581

670

1,870

1,921

Total non-interest income

3,780

(1,105)

12,922

8,864

Non-Interest Expense

Salaries and employee benefits

18,252

15,399

53,288

44,612

Occupancy

2,736

2,416

7,851

7,307

Professional fees

580

618

2,453

2,538

Deposit insurance premiums

903

927

2,355

2,995

Data processing

877

700

2,849

2,136

Advertising

796

596

2,247

1,334

Software and communication

1,222

999

3,689

3,098

Foreclosed assets, net

9

(35)

(30)

680

Other non-interest expense

3,076

2,416

10,617

7,967

Total non-interest expense

28,451

24,036

85,319

72,667

Net Income Before Taxes

21,690

26,660

62,278

60,443

Income tax expense

4,410

5,660

12,625

11,831

Net Income

$

17,280

$

21,000

$

49,653

$

48,612

Basic Earnings Per Share

$

0.35

$

0.41

$

1.00

$

0.95

Diluted Earnings Per Share

$

0.35

$

0.41

$

0.99

$

0.93

(1)

For the three and nine-months ended September 30, 2021, this line represents the provision for loan and lease losses.

CROSSFIRST BANKSHARES, INC.

9

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

INCOME

(UNAUDITED)

Nine Months Ended

September 30,

2022

2021

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(4)

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(4)

(Dollars in thousands)

Interest-earning assets:

Securities - taxable

(1)

$

218,421

$

3,728

2.28

%

$

207,691

$

2,911

1.87

%

Securities - tax-exempt

(1)(2)

549,490

11,442

2.78

507,986

12,596

3.32

Federal funds sold

-

-

-

-

-

-

Interest-bearing deposits in other banks

246,213

1,714

0.93

390,588

359

0.12

Gross loans, net of unearned income

(3)

4,466,887

149,266

4.47

4,381,213

130,268

3.98

Total interest-earning assets

(1)(2)

5,481,011

$

166,150

4.05

%

5,487,478

$

146,134

3.56

%

Allowance for credit losses

(57,213)

(76,726)

Other non-interest-earning assets

201,519

214,752

Total assets

$

5,625,317

$

5,625,504

Interest-bearing liabilities

Transaction deposits

$

541,933

$

2,134

0.89

%

$

629,959

$

936

0.20

%

Savings and money market deposits

2,386,205

15,285

0.86

2,360,559

6,402

0.36

Time deposits

627,458

5,733

1.22

863,592

7,451

1.15

Total interest-bearing deposits

3,555,596

23,152

0.87

3,854,110

14,789

0.51

FHLB and short-term borrowings

241,897

3,384

1.87

285,371

3,841

1.80

Trust preferred securities, net of fair value

adjustments

1,024

94

12.29

976

72

9.80

Non-interest-bearing deposits

1,148,150

-

-

814,924

-

-

Cost of funds

4,946,667

$

26,631

0.72

%

4,955,381

$

18,702

0.50

%

Other liabilities

51,634

35,385

Stockholders’ equity

627,016

634,738

Total liabilities and stockholders' equity

$

5,625,317

$

5,625,504

Net interest income

(2)

$

139,519

$

127,432

Net interest spread

(1)(2)

3.33

%

3.06

%

Net interest margin

(1)(2)

3.46

%

3.12

%

(1)

 The Company changed the annualization method on the available-for-sale securities portfolio from Actual/Actual to 30/360 and moved the unrealized gain

(loss) on available-for-sale securities from an interest-earning asset to a non-interest-earning asset. All periods presented reflect this change.

(2)

 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%.

(3)

Average gross loan balances include non-accrual loans.

(4)

Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed

in this release may not produce the same amounts.

CROSSFIRST BANKSHARES, INC.

10

YEAR-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)

Nine Months Ended

September 30, 2022 over 2021

Average Volume

Yield/Rate

Net Change

(2)

(Dollars in thousands)

Interest Income

Securities - taxable

$

157

$

660

$

817

Securities - tax-exempt

(1)

987

(2,141)

(1,154)

Federal funds sold

-

-

-

Interest-bearing deposits in other banks

(176)

1,531

1,355

Gross loans, net of unearned income

2,614

16,384

18,998

Total interest income

(1)

3,582

16,434

20,016

Interest Expense

Transaction deposits

(207)

1,405

1,198

Savings and money market deposits

69

8,814

8,883

Time deposits

(2,137)

419

(1,718)

Total interest-bearing deposits

(2,275)

10,638

8,363

FHLB and short-term borrowings

(602)

146

(456)

Trust preferred securities, net of fair value adjustments

4

18

22

Total interest expense

(2,873)

10,802

7,929

Net interest income

(1)

$

6,455

$

5,632

$

12,087

(1)

 Tax exempt income is calculated on a tax-equivalent basis. Tax-free municipal securities are exempt from federal income taxes. The incremental income tax rate used is 21.0%.

(2)

 The change in interest not due solely to volume or rate has been allocated in proportion to the respective absolute dollar amounts of the change in volume or rate.

CROSSFIRST BANKSHARES, INC.

11

TABLE 4. 2021 - 2022 QUARTERLY ANALYSIS OF CHANGES IN NET INTEREST INCOME

(UNAUDITED)

Three Months Ended

September 30,

2022

2021

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(4)

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(4)

(Dollars in thousands)

Interest-earning assets:

Securities - taxable

(1)

$

213,775

$

1,241

2.32

%

$

194,929

$

964

1.96

%

Securities - tax-exempt

(1)(2)

560,541

3,905

2.79

534,917

4,310

3.20

Federal funds sold

-

-

-

-

-

-

Interest-bearing deposits in other banks

231,345

1,193

2.05

313,188

121

0.15

Gross loans, net of unearned income

(3)

4,626,684

59,211

5.08

4,230,553

42,664

4.00

Total interest-earning assets

(1)(2)

5,632,345

$

65,550

4.62

%

5,273,587

$

48,059

3.62

%

Allowance for credit losses

(56,995)

(75,103)

Other non-interest-earning assets

188,997

210,500

Total assets

$

5,764,347

$

5,408,984

Interest-bearing liabilities

Transaction deposits

$

531,999

$

1,539

1.95

%

$

510,823

$

259

0.20

%

Savings and money market deposits

2,519,574

10,568

1.66

2,276,436

1,907

0.33

Time deposits

733,607

2,802

1.52

752,012

2,045

1.08

Total interest-bearing deposits

3,785,180

14,909

1.56

3,539,271

4,211

0.47

FHLB and short-term borrowings

165,196

908

2.18

278,154

1,275

1.82

Trust preferred securities, net of fair value

adjustments

1,037

38

14.58

988

24

9.63

Non-interest-bearing deposits

1,137,626

-

-

909,750

-

-

Cost of funds

5,089,039

$

15,855

1.23

%

4,728,163

$

5,510

0.46

%

Other liabilities

62,102

36,106

Stockholders’ equity

613,206

644,715

Total liabilities and stockholders' equity

$

5,764,347

$

5,408,984

Net interest income

(2)

$

49,695

$

42,549

Net interest spread

(1)(2)

3.39

%

3.16

%

Net interest margin

(1)(2)

3.56

%

3.23

%

(1)

 The Company changed the annualization method on the available-for-sale securities portfolio from Actual/Actual to 30/360 and moved the unrealized gain

(loss) on available-for-sale securities from an interest-earning asset to a non-interest-earning asset. All periods presented reflect this change.

(2)

 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%.

(3)

Average loan balances include non-accrual loans.

(4)

Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed

in this release may not produce the same amounts.

CROSSFIRST BANKSHARES, INC.

12

QUARTER-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)

Three Months Ended

September 30, 2022 over 2021

Average Volume

Yield/Rate

Net Change

(2)

(Dollars in thousands)

Interest Income

Securities - taxable

$

95

$

182

$

277

Securities - tax-exempt

(1)

191

(596)

(405)

Federal funds sold

-

-

-

Interest-bearing deposits in other banks

(39)

1,111

1,072

Gross loans, net of unearned income

4,269

12,278

16,547

Total interest income

(1)

4,516

12,975

17,491

Interest Expense

Transaction deposits

6

1,274

1,280

Savings and money market deposits

223

8,438

8,661

Time deposits

(51)

808

757

Total interest-bearing deposits

178

10,520

10,698

FHLB and short-term borrowings

(585)

218

(367)

Trust preferred securities, net of fair value adjustments

1

13

14

Total interest expense

(406)

10,751

10,345

Net interest income

(1)

$

4,922

$

2,224

$

7,146

(1)

 Tax exempt income is calculated on a tax-equivalent basis. Tax-free municipal securities are exempt from federal income taxes. The incremental income tax rate used is 21.0%.

(2)

 The change in interest not due solely to volume or rate has been allocated in proportion to the respective absolute dollar amounts of the change in volume or rate.

CROSSFIRST BANKSHARES, INC.

13

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 (unaudited) 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 adjusted to remove non-core income and expense items

related to:

▪

Acquisition costs - We incurred expenses during the second and third quarter of 2022 related to the announced acquisition of

Central Bancorp, Inc.’s bank subsidiary, Farmers & Stockmens Bank.

▪

Employee separation - During the quarter ended June 30, 2022, the Company recorded $1.1 million expense related to

employee separation.

▪

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.

▪

Unrealized loss on equity security - During the quarter ended September 30, 2021, the Company recorded a $6.2 million

impairment loss related to an equity investment that was received as part of a restructured loan agreement.

The most directly comparable GAAP financial measure for non-GAAP core operating income is net income.

Management

believes that non-GAAP core operating income removes events that are not part of core business activities and are useful

analytical tools for investors to compare periods excluding these non-core expenses and charges.

•

We calculate "non-GAAP core operating return on average assets" as non-GAAP core operating income (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 divided by average assets. Management believes that non-GAAP core operating return on average

assets removes events that are not part of core business activities and are useful analytical tools for investors to compare

periods excluding these non-core expenses and charges.

•

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. Management believes that

tangible stockholders’ equity is important to many investors in the marketplace who are interested in changes from period to

period in our stockholders’ equity, exclusive of changes in intangible assets. 

•

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.

Management

believes that tangible book value per share is important to many investors in the marketplace who are interested in changes

from period to period in our stockholders’ equity, exclusive of changes in intangible assets. 

•

We calculate ‘‘non-GAAP loan growth, excluding PPP loans’’ as gross loans, net of unearned income subtracted by PPP

loans, net of unearned income. Management believes that loan growth, excluding PPP loans is important to investors

because it is a better representation of the overall loan portfolio activity when comparing between periods. 

•

We calculate "non-GAAP core operating efficiency ratio - fully tax equivalent (FTE)" as non-interest expense adjusted to

remove 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-core, non-interest income as defined

above under non-GAAP core operating income. The most directly comparable financial measure is the efficiency ratio.

Management believes that the non-GAAP core operating efficiency ratio is important to many investors because the ratio

removes events that are not part of core business activities and is a useful analytical tool.

CROSSFIRST BANKSHARES, INC.

14

Quarter Ended

Nine Months Ended

9/30/2022

6/30/2022

3/31/2022

12/31/2021

9/30/2021

9/30/2022

9/30/2021

(Dollars in thousands)

Non-GAAP core operating income:

Net income

$

17,280

$

15,545

$

16,828

$

20,801

$

21,000

$

49,653

$

48,612

Add: Acquisition costs

81

239

-

-

-

320

-

Less: Tax effect

(2)

17

50

-

-

-

67

-

Acquisition costs, net of tax

64

189

-

-

-

253

-

Add: Employee separation

-

1,063

-

-

-

1,063

-

Less: Tax effect

(2)

-

223

-

-

-

223

-

Employee separation, net of tax

-

840

-

-

-

840

-

Add: Unrealized loss on equity security

-

-

-

-

6,200

-

6,200

Less: Tax effect

(2)

-

-

-

-

1,302

-

1,302

Unrealized loss on equity security, net of tax

-

-

-

-

4,898

-

4,898

Add: Accelerated employee benefits

-

-

-

-

-

-

719

Less: Tax effect

(3)

-

-

-

-

-

-

210

Accelerated employee benefits, net of tax

-

-

-

-

-

-

509

Less: BOLI settlement benefits

(1)

-

-

-

-

-

-

1,841

Non-GAAP core operating income

$

17,344

$

16,574

$

16,828

$

20,801

$

25,898

$

50,746

$

52,178

(1)

No tax effect.

(2)

Represents the tax impact of the adjustments at a tax rate of 21.0%.

(3)

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 Ended

Nine Months Ended

9/30/2022

6/30/2022

3/31/2022

12/31/2021

9/30/2021

9/30/2022

9/30/2021

(Dollars in thousands)

Non-GAAP core operating return on average assets:

Net income

$

17,280

$

15,545

$

16,828

$

20,801

$

21,000

$

49,653

$

48,612

Non-GAAP core operating income

17,344

16,574

16,828

20,801

25,898

50,746

52,178

Average assets

$

5,764,347

$

5,545,657

$

5,563,738

$

5,490,482

$

5,408,984

$

5,625,317

$

5,625,504

Return on average assets

1.19

%

1.12

%

1.23

%

1.50

%

1.54

%

1.18

%

1.16

%

Non-GAAP core operating return on average assets

1.19

%

1.20

%

1.23

%

1.50

%

1.90

%

1.21

%

1.24

%

CROSSFIRST BANKSHARES, INC.

15

Quarter Ended

9/30/2022

6/30/2022

3/31/2022

12/31/2021

9/30/2021

(Dollars in thousands except per share data)

Tangible common stockholders' equity:

Total stockholders' equity

$

580,547

$

608,016

$

623,199

$

667,573

$

652,407

Less: goodwill and other intangible assets

71

91

110

130

149

Tangible common stockholders' equity

$

580,476

$

607,925

$

623,089

$

667,443

$

652,258

Tangible book value per share:

Tangible common stockholders' equity

$

580,476

$

607,925

$

623,089

$

667,443

$

652,258

Shares outstanding at end of period

48,787,696

49,535,949

49,728,253

50,450,045

51,002,698

Book value per share

$

11.90

$

12.27

$

12.53

$

13.23

$

12.79

Tangible book value per share

$

11.90

$

12.27

$

12.53

$

13.23

$

12.79

Quarter Ended

9/30/2022

6/30/2022

3/31/2022

12/31/2021

9/30/2021

(Dollars in thousands)

Non-GAAP loan growth, excluding PPP loans:

Gross loans, net of unearned income

$

4,677,646

$

4,528,234

$

4,349,558

$

4,256,213

$

4,233,117

Less: PPP loans, net of unearned income

6,622

14,536

31,200

64,805

109,465

Non-PPP gross loans, net of unearned income

$

4,671,024

$

4,513,698

$

4,318,358

$

4,191,408

$

4,123,652

Year-over-year loan growth

10.50

%

Non-GAAP year-over-year loan growth excluding 

PPP loans

13.27

Linked quarter loan growth

3.30

Non-GAAP linked quarter loan growth excluding PPP loans

3.49

%

CROSSFIRST BANKSHARES, INC.

16

Quarter Ended

Nine Months Ended

9/30/2022

6/30/2022

3/31/2022

12/31/2021

9/30/2021

9/30/2022

9/30/2021

(Dollars in thousands)

Non-GAAP Core Operating Efficiency Ratio - Fully Tax

Equivalent (FTE)

Non-interest expense

$

28,451

$

29,203

$

27,666

$

26,715

$

24,036

$

85,319

$

72,667

Less: Accelerated employee benefits

-

-

-

-

-

-

719

Adjusted Non-interest expense (numerator)

$

28,451

$

29,203

$

27,666

$

26,715

$

24,036

$

85,319

$

71,948

Net interest income

49,695

46,709

43,115

43,445

41,801

139,519

125,246

Tax equivalent interest income

(1)

820

808

775

762

748

2,403

2,186

Non-interest income (loss)

3,780

4,201

4,942

4,796

(1,105)

12,922

8,864

Add: Acquisition costs

81

239

-

-

-

320

-

Add: Employee separation

-

1,063

-

-

-

1,063

-

Add: Unrealized loss on equity security

-

-

-

-

6,200

-

6,200

Less: BOLI settlement benefits

-

-

-

-

-

-

1,841

Total tax-equivalent income (denominator)

$

54,376

$

53,020

$

48,832

$

49,003

$

47,644

$

156,227

$

140,655

Efficiency Ratio

53.20

%

57.36

%

57.57

%

55.38

%

59.06

%

55.97

%

54.18

%

Non-GAAP Core Operating Efficiency Ratio - Fully Tax

Equivalent (FTE)

52.32

%

55.08

%

56.66

%

54.52

%

50.45

%

54.61

%

51.15

%

(1)

Tax exempt income (tax-free municipal securities) is calculated on a tax equivalent basis. The incremental tax rate used is 21.0%.

EX-99.2

Exhibit 99.2 

CROSSFIRST BANKSHARES, INC. NASDAQ: CFB 3rd Quarter 2022 Earnings Presentation October 18, 2022 

Legal disclaimer CROSSFIRST BANKSHARES, INC. 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 forward-looking statements include, but are not limited to, statements regarding our business plans, the acquisition of Central,* expansion targets and opportunities, and future financial performance. These statements are often, but not always, made through the use of words or phrases such as "positioning," "would," "could," "optimistic," "potential," "believe," "expect," "will make," "will," "anticipate," "looking forward," "growth," "intend," "plan," "position," "future," "goal," "target," "focus," "uncertainty,“ “strategy,” and "assuming" 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 ongoing 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 key 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; compliance with governmental and regulatory requirements; and changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, accounting, tax, trade, monetary and fiscal matters. These and other factors that could cause results to differ materially from those described in the forward -looking

statements, as well as a discussion of the risks and uncertainties that may affect our business, can be found in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and we disclaim any obligation to update any forward -looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law. 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. * CrossFirst announced its plans to acquire Farmers & Stockmens Bank (“Central”) on June 13, 2022. The closing of the merger is subject to regulatory approval. 2 

About non-gaap financial measures CROSSFIRST BANKSAHRES, INC. Certain of the financial measures and ratios we present, including “tangible common stockholders’ equity”, “tangible book value per share”, “non-GAAP core operating income”, “non-GAAP core operating return on average assets”, “non-GAAP loan growth, excluding PPP loans” and “non-GAAP core operating efficiency ratio – fully tax equivalent (FTE)” metrics, are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and compari ng past, present and future periods. These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a

reconciliation of the impact of the components adjusted for in the non -GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. CrossFirst does not provide a reconciliation of forward-looking non-GAAP financial measures to its comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of the information needed to calculate reconciling items and the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, CrossFirst does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for various cash and non-cash reconciling items (including items such as expected credit losses, acquisition - and disposition-related expenses, and restructuring costs) that would be difficult to predict with reasonable accuracy. For example, future expectations for credit losses depend on a variety of factors including general economic conditions that make estimation on a GAAP basis impractical. It is also difficult to anticipate the need for or magnitude of presently unforeseen one-time restructuring expenses. As a result, CrossFirst does not believe that a GAAP reconciliation to forward-looking non-GAAP financial measures would provide meaningful supplemental information about CrossFirst’s forward-looking measures. 3 

Our Road to Success CROSSFIRST BANKSAHRES, INC. ONE TEAM Elevating our Strong Corporate Culture by Living our CrossFirst Values Attracting and Retaining High Performing Talent Invest in well-being of our Employees Total Assets $5.8 billion ONE BANK Targeting Businesses and Professionals Branch-Light – Technology Focused Delivering Extraordinary Service and Customer Experience Enhancing Products and Services Gross Loans $4.7 billion SHARED VISION Performance & Profitability Seizing Growth Opportunities Strong Credit Quality Managing Enterprise Risk Contributing to our Communities Total Deposits $5.0 billion 4 

Our Growth CROSSFIRST BANKSAHRES, INC. Total Assets Compound Annual Growth Rates Since 2012 Total Assets 26.3% $565 $847 $1,120 $1,574 $2,133 $2,961 $4,107 $4,931 $5,659 $5,621 $5,849 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q3 2022 2012 Expanded into Wichita and Oklahoma City markets 2013 Expanded into Tulsa market through acquisition of Tulsa National Bancshares, Inc. (~$160mm in Total Assets) 2016 Expanded into Dallas market 2019 CrossFirst Bankshares, Inc. Initial Public Offering at $14.50; Nasdaq listed: CFB 2021 Expanded into Phoenix market Note: Dollars in chart are in millions. 5 

DRIVEN BY OUR EXTRAORDINARY CULTURE CROSSFIRST BANKSHARES, INC. FOCUSING ON OUR CORE VALUES At CrossFirst Bank, extraordinary service is the unifying purpose at the very heart of our organization. To deliver on our purpose, each of our employees operate under four values that define our approach to banking: CHARACTER Who You Are COMPETENCE What You Can Do COMMITMENT What You Want To Do CONNECTION What Others See In You INVESTING IN OUR PEOPLE & CLIENTS We prioritize and invest in creating opportunities to help employees grow and build their careers: A culture and leadership-driven onboarding program for new hires A development program designed for emerging leaders that explores core leadership concepts and foundational concepts of the banking industry As a GALLUP® Strengths-Based organizati on, provide every employee access to their unique CliftonStrengths®. POSITIONING FOR SUCCESS We strive to build an equitable and inclusive environment with diverse teams. We strive to hire and retain diverse, top-tier talent: 2021 New Hires were 21% ethnically diverse Overall company is 59% female new hires GALLUP® Q12 Survey 68% engaged employees; with more than 94% of employee s responding, we received our highest scores ever for employee engagement 6 

EXPANDING OUR FOOTPRINT CROSSFIRST BANKSHARES, INC. AREAS OF FOCUS Continue to execute our organic growth strategy in new and existing markets Focus new expansion in target markets where we currently have client business Evaluate expansion strategies in key target markets: De Novo Expansion: Hire experien ced talent to expand in key growth markets Strategic Acquisition*: Provides operational scale and synergies Adds new lines of business Adds fee income opportunities CURRENT AND POTENTIAL TARGET MARKETS Austin, Texas Houston, Texas San Antonio, Texas Nashville, Tennessee Omaha, Nebraska Legend: Current CFB Location Planned CFB Location* Target CFB Locations * Anticipated benefits as transaction closing is subject to regulatory approval. 7 

THIRD Quarter 2022 Highlights CROSSFIRST BANKSAHRES, INC. Financial Performance Net Income $17.3 Diluted EPS $0.35 ROE 11.18% ROA 1.19% Net Income Net interest income increased 6% on strong loan growth and increased yield Non-interest expenses declined, partially offset by continued production hiring Fully tax equivalent NIM increased 4bps to 3.56% during Q3 2022 and has expanded 33bps from Q3 2021(1) Balance Sheet Loan portfolio increased 3% from Q2 2022; the portfolio increased 11% from Q3 2021 Total deposits increased 5% from the prior quarter and 12% from Q3 2021; DDA as a percentage of total deposits was 22% in Q3 2022 Credit Quality Classified loans / total capital + combined ACL ratio(2) of 11% has declined from 17% at Q3 2021 NCOs / average loans of 0.16% for the quarter and 0.11% on a trailing-twelve-month basis NPAs / assets decreased 23bps during the quarter to 0.31% and have declined 61bps from Q3 2021 (1) For all quarters presented, investment yield accrual calculation changed to 30/360 from actual/actual and excludes unrealized gains and losses in the investment portfolio and earning assets. (2) Includes the accrual for off-balance sheet credit risk from unfunded commitments (“RUC”) that resulted from CECL adoption on January 1, 2022. 8 

Net Interest Margin CROSSFIRST BANKSAHRES, INC. Yield on Loans & Cost of Deposits 4.00% 0.38% 4.17% 0.33% 4.00% 0.31% 4.28% 0.42% 5.08% 1.20% Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 Yield on Loans Cost of Total Deposits Net Interest Margin - Fully Tax Equivalent (FTE)* 2.30% 3.00% 3.29% 5.20% 3.56% Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 Fully tax-equivalent net interest margin increased 4bps from Q2 2022, primarily due to higher loan yields, loan growth, and accrual improvements, offset by an increase in funding costs Cost of deposits increased 78ps from Q2 2022 due to market rate increases Loan to deposit ratio decreased to 94% from 95% in Q2 2022 Current funding structure allows for significant additional capacity for borrowing or wholesale funding if necessary * For all quarters presented, investment yield accrual calculation changed to 30/360 from actual/actual and excludes unrealized gains and losses in the investment portfolio and earning assets 9 

Net Interest Income Sensitivity CROSSFIRST BANKSAHRES, INC. Net Interest Income Impact From Rate Changes (1.93%) (0.92%) 0.20% 0.95% 4.06% 1.93% 6.11% 2.92% 8.19% 3.92% -100 pbs +100 bps +200 bps +300 bps +400 bps Rate Shock* Rate Ramp* Anticipated asset sensitivity with rate increases driving potential expansion of net interest income Loans: Rate Reset and Cash Flow Profile 60% 9% 9% 19% 3% 3-Jan 12-Apr 2-Jan 5-Feb >5 years Months Months Years Years Roughly 69% of Company’s earning assets reprice or mature over the next 12 months, with 53% in month one Note: Data as of September 30, 2022 * Rate Shock analysis: measures instantaneous parallel shifts in market rates Rate Ramp analysis: rate changes occur gradually over 12 months time Balance sheet size and mix held constant from month end position and includes average YTD loan fees (excluding PPP fees) 10 

Asset Quality Performance CROSSFIRST BANKSHARES, INC. Classified Loans / (Total Capital +ACL + RUC*) $124.1 $78.7 $73.3 $81.5 $72.1 17.3% 10.8% 10.7% 12.0% 11.2% Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 Classified loans decreased 12% 10% of classifieds in Q3 2022 relate to energy, down from 15% in Q2 2022 Nonperforming Assets / Assets 0.92% 0.58% 0.64% 0.54% 0.31% Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 NPAs decreased due to continued improvements and successful workouts with borrowers 30% of the non-performing asset balance in Q3 2022 relates to energy credits Note: Dollar amounts are in millions. * Includes the accrual for off-balance sheet credit risk from unfunded commitments (“RUC”) that resulted from CECL adoption on January 1, 2022. 11 

Asset Quality Performance CROSSFIRST BANKSAHRES, INC. Net Charge-Offs / Average Loans(1) 0.13% 0.07% 0.10% 0.10% 0.16% Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 Q3 2022 included $1.9 million of net charge-offs which consisted of loans in both energy and commercial and industrial credits Allowance for Credit Losses + RUC / Total Loans 1.51% 1.37% 1.38% 1.35% 1.34% $64.2 $58.4 $55.2 $4.9 $55.8 $5.3 $55.9 $6.7 Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 AcL RUC AcL + RUC / Total Loans ACL + RUC / Total Loans decreased slightly to 1.34% at end of Q3 2022 primarily due to a change in portfolio mix Allowance for credit losses to non-accruing loans at the end of Q3 2022 was 324% Note: Dollar amounts are in millions Ratio is annualized for interim periods. 12 

2022 Guidance CROSSFIRST BANKSHARES, INC. Business Driver Annual Outlook Loans Expect 8-10% core loan growth Deposits Expect continued deposit growth to fund lending growth with a continued focus on improving the DDA mix Net Interest Margin (NIM) Expect NIM to be in a range of 3.45 to 3.55%, assuming a Fed Funds rate of 4.50 to 4.75% at year-end Combined ACL / Loans Anticipated to remain in the 1.30% to 1.45% range, based on current economic conditions Effective Tax Rate Expect to remain in the 20-22% range Note: Guidance excludes any impact from the anticipated closing of the Central acquisition. 13 

CROSSFIRST BANKSAHRES, INC. Supplemental information 14 

Stock Repurchase Activity CROSSFIRST BANKSAHRES, INC. 51,003 50,450 49,728 4,953 48,788 0 566 1058 238 794 Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 # of Shares Purchased # Shares Outstanding Repurchased 1.6% of outstanding shares in Q3 2022 Drives improvement in ROE and EPS Little tangible book value dilution and a short earnback period Note: shares in thousands. 15 

capital Ratios CROSSFIRST BANKSAHRES, INC. Capital Ratios 12.6% 12.6% 13.9% 12.5% 12.5% 13.6% 11.9% 11.9% 12.9% 11.5% 11.5% 12.6% 11.0% 11.1% 12.1% Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 Common Euqity Tear 1 Tier 1 Risk Based Total Risk-Baed Capital Maintaining strong capital levels to support future growth Remain well capitalized as we return capital to shareholders through share repurchases Execution of our profitable growth strategy supports capital ratios Capital ratios have decreased due to share repurchase activity and loan growth 16 

Diverse loan portfolio CROSSFIRST BANKSAHRES, INC. Loan Mix by Type ($4.7bn) Owner Occupied Real Estate 8% Energy 4% CRE 43% Residential Real Estate 8% Other 1% C&I 36% Note: Gross loans, (net of unearned income) data as of September 30, 2022. 17 

Diverse loan portfolio CROSSFIRST BANKSAHRES, INC. CRE Loan Portfolio by Segment ($2.0bn) Retail 15% Office 15% Industrial 13% 1-4 Family Res Construction 8% Hotel 9% Other 25% Multi -Family 15% C&I Loan Breakdown by Type ($1.7bn) Financial Management 4% Aircraft & Transportation 6% Merchant Wholesalers 3% Other Industries 49% Manufacturing 11% Business Loans to Individuals 6% Health Care 4% Engineering & Contracting 11% Restaurants 6% Note: Data as of September 30, 2022. 18 

Combined Allowance for Credit Losses CROSSFIRST BANKSHARES, INC. ACL and Reserve for Unfunded Commitments $61.1 ($1.9) ($0.2) $3.6 $62.6 Q2 QTD Individual Growth and Q3 2022 Net Charge-Offs Analysis Qualitative Factors 2022 End #nd ALC + RUC*Reserve Note: As of end of period; dollars in millions. * Includes the accrual for off-balance sheet credit risk from unfunded commitments (“RUC”) that resulted from CECL adoption on January 1, 2022. 19 

expense management CROSSFIRST BANKSHARES, INC. $24.0 $26.7 $27.7 $29.2 $28.5 $4.5 $5.9 $5.2 $7.1 $5.4 $1.7 $1.9 $2.1 $2.4 $2.1 $2.4 $2.4 $2.5 $2.6 $2.7 $15.4 $16.5 $17.9 $17.1 $18.3 Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 Salaries & Benefits Occupancy Data Processing, Software & Comm. Other Investments in talent and technology continue to account for the increase in expenses year over year Other expense in Q2 2022 included $1.1 million of employee separation costs Salaries and benefits were higher due to the increased hiring in new markets and business lines and increased incentive compensation due to performance Note: Dollars are in millions and amounts shown are as of the end of the period unless otherwise specified. 20 

Improving Core Funding Base CROSSFIRST BANKSAHRES, INC. Total Deposits and % DDA $4,437 $4,684 $4,622 $4,744 $4,988 $3,476 $3,521 $3,512 $3,581 $3,874 $961 $1,163 $1,110 $1,163 $1,114 Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 DDA Other Deposits Cost of Deposits 0.38% 0.33% 0.31% 0.42% 1.20% Total demand deposits increased 16% since Q3 2021 Cost of deposits increased 78bps this quarter, due to market rate increases Non-interest-bearing deposits were 22% of total deposits this quarter Note: Dollars are in millions and amounts shown are as of the end of the period. 21 

Securities portfolio CROSSFIRST BANKSHARES, INC. Investment Portfolio Breakout as of September 30, 2022 Municipal - Taxable, 1.0% Municipal - Tax-Exempt, 73.5% CMO (Fixed), 1.8% Other, 0.8% MBS (Fixed), 22.9% Total: ~$657 million At the end of Q3 2022, the portfolio’s duration was approximately 5.5 years The fully taxable equivalent yield for Q3 2022 remained consistent at 3.07% The securities portfolio has unrealized losses of approximately $108 million as of September 30, 2022 During Q3 2022, $8 million of securities were purchased at an average tax-equivalent yield of 5.19% and there were $6 million in MBS paydowns Securities Yield – Fully Tax Equivalent (2) 3.04% 3.02% 3.00% 3.07% 3.07% 2.58% 2.54% 2.61% 2.57% 1.84% Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 Securities Yield - Cost of Funds Spread Based on approximate fair value. A tax rate of 21% is used to calculate the fully tax equivalent yield 22 

Quarterly selected financials (unaudited) CROSSFIRST BANKSAHRES, INC. (Dollar; in thousands except perchare data: CrossFIrst Bankshares, Inc. Quarterly Financials For the Three Months Ended 9/30/22 6/30/22 3/31/22 12/31/21 9/30/21 Income Statement Data: Interest income Interest expense s 65,550 15.855 s 52840 6131 s 47,760 4,645 s 49202 5757 s 475n 5510 Net interest income 49.695 46.709 43,115 43,445 41,801 Provision for credit losses 3354 2.155 (625) (5.000) (10.000) Non-interest income 3780 4201 4,942 4,796 0105) Non-interest expense 28.451 29203 27666 26.715 24.036 Net income before taxes 21690 19372 21016 26.526 26.660 Income tax expense 4,410 4,027 4.188 5725 5660 Net income 17280 15545 16,828 20.801 21.000 Non-GAAP core operating income'1 s 17344 s 16374 s 16,828 s 20.801 s 25898 Balance Sheet Data: Cash and cash equivalents s 309135 s 277,678 s 276.927 s 482727 s 316,722 Securities 656.527 695647 722778 745.969 708.106 ) Gross loans (net of unearned income) 4,677,646 4,528254 4349568 4256215 4233,117 Allowance for credit losses1 55.864 55.817 55251 58375 64152 Goodwill and intangibles 71 91 no 130 149 Total assets 5.848.977 5708311 5518,121 5621,457 5401,151 Non-interest bearing deposits 1115.934 1.163.462 1,110284 1,163224 960.999 Total deposits 4987515 4,744,420 4,621680 4683597 4.436.597 Borrowings and repurchase agreements 205349 296.606 226.600 236.600 276.600 Trust preferred securities net of fair value adjustments 1048 1035 1022 1.009 997 Stockholders Equity 580.547 608.016 623.199 667573 652407 Tangible common stockholders'equity11 s 580.476 s 607,924 s 623.089 s 667,443 s 652257 Share and Per Share Data: Basic earnings per com mon share s 035 s 031 s 033 s 0.41 s 0.41 Diluted earnings per common share 035 031 033 0.40 0.41 Book value per share 1190 1227 1253 1323 1279 Tangible

book value per share s 1190 s 1227 s 1253 s 1523 s 1279 Basic weighted average common shares outstanding 49266.811 49.758263 50251297 50893.493 50990.113 Diluted weighted average common shares outstanding 49,721,493 50203.725 50.910,490 51660723 51605.721 Shares outstanding at end of period 48787696 _ 49.555949 49.728253 50450045 51.002698 Represents a non-GAAP financial measure. See Non-GAAP Reconciliation slides at the end of this presentation for additional detail. Implemented CECL on January 1, 2022, all prior quarters presented represent the allowance for loan losses. 23 

Quarterly selected financials (unaudited) CROSSFIRST BANKSAHRES, INC. 9/30/22 Selected-RaUQs; Return or average assets1: 1-19% Non-GAAP core operating return on average assetS1);: 119 Return on average common equity 11.18 Yield on earning assets 462 Yield on earning assets - tax equivalent^ 4.62 Yield on securities 266 Yield on securities - tax equivale nt’3 3.07 Yield on bans 508 Cost of funds 125 Cos tof interest-bearing liabilities 159 Cost of interest-bearing deposits 156 Cost of de posits 120 Cost of other borrowings 2.13 Net interest margin - tax equivalent3 3.56 Non-interest expense to average assets 1.96 Efficiency ratio ’1 5520 Non-GAAR core operating efficiency ratio {FTE)ow 5229 Non-iinterest bearing de posits to total de posits 2255 Loans to deposits 9579 % Credit Quality Ratios; Allowance for credit losses to total loans 1.19 % Allowance for credit losses * RUC to total loartí51 154 Non performing assets to total assets 051 Nonperforming bans to total loans 057 Allowance for credit losses to nonperforming loans 523.89 Net charge -offs (recoveries) to average loans11 0.16 % Capital Patios: Total stockholders' equity to total assets 9.92 % Common equity tier 1 capital ratio 11.04 Tier 1 risk-based capital ratio Ï105 Total risk-based capital ratio 1209 Tier 1 leverage ratio T1.45 % CrossFIrst Bankshares, Inc. Quarterly Financials For the Three Months Ended 6/30/22 3/31/22 12/31/21 9/30/21 1.12 % 123 % 150 % 154 % 120 123 150 1.90 10.15 10.44 1257 12.92 592 559 365 3.56 3.98 364 3.72 3.64 266 259 2.49 246 507 300 302 304 428 400 4.17 4.00 050 059 0.48 0.46 0.66 051 0.61 057 0.56 0.41 0.43 0.47 0.42 051 033 058 166 195 303 1.82 552 529 330 323 2.n 202 193 1.76 5756 5757 5538 59.06 5508 5666 5452 50.45 2452 24.02 24.84 21.66 9544 % 94.11 % 9087 % 95.41 % 125 % 127 % 157 % 151 % 155 158 - - 054 064 058 0.92 0.66 0.79 0.74 115 186.92 15960

18519 131.76 0.10 % 0.10 % 007 % 013 % 10.65 % 1129 % 11.88 % 1208 % 1151 1188 12.46 12.61 1155 1190 12.48 12.63 1260 1292 1361 13.88 11.77 % 1161 % 11.84 % 1177 % (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; non-GAAP core operating efficiency ratio (FTE) is adjusted for non-core or non-recurring items (5) Includes the accrual for off-balance sheet credit risk from unfunded commitments (“RUC”) that resulted from CECL adoption on January 1, 2022. 24 

Non-gaap reconciliations CROSSFIRST BANKSAHRES, INC. For the Three Months Ended (Dollars in thousand!) 9/30/22 6/30/22 3/3*22 12/31/21 9/30/21 Net income s 17.2» s 15.545 s «828 s 20»1 s 210» Add Acquisition costs 81 239 less:Taxeffect"’ 17 M Acquisition costs. ne 1 o ( 1 a« 64 B9 Add Em Uo.tc separation 1063 - - • LessiTaiefect"1 223 Em doyee separalion.nf* ol la« 840 Add Lbirmiral loss on ojiitysocnity • • 62» Less: Taxefecl"1 1302 Lbirmirod losson mutysccLnty.netofla* 4898 Non GAAP core operating income non-GAAP CoreQwiatna Return on A vana* A »9tt: s 17.3« s «.574 s «828 s 20»1 s 26898 Nel Income s 17.2» s «545 s «828 s 20»1 s 210» Non GAAP coreoperat'ngincome Avnagcassebs s 17.3« 5.764347 s «574 5.545657 s «828 6563739 s 20»1 5.490482 s 26898 6406984 GAAP return on average assets 119 % 112 9i 123 % 150 % 154 9b Non GAAP co re opnabng return onaacrageassets IS 9i 120 9i 123 % 150 9i 190 9» Non -GAAP core Qreiatina Ernenne» Ratio: Non Irenes! rapense (rumeraor) s 28.451 s 29203 s 278» s 26.7« s 24036 Nelireeiea income 49.695 46709 4216 42445 41801 Taxcgjivalere interns! income1'' 820 808 775 762 748 Non Irenes! ficome a7» 4201 4342 4796 <4*35» Add.AcgUsitian costs 81 239 Add: Em^ta yec separation • 1063 - - • Add. Jrrmliaid loss o n ajuty secuiily 62» Non GAAP opnabngre»nje (deromirntor) s 54376 s 53020 s 48832 s 49003 s 47.6« GAAP DfidmcyRalo 5320 % 5736 % 57.57 % 5638 % 5906 % Non GAAP core opnabng eiidency ratio (FTE) 5232 % 5508 % 56.» % 5452 % »45 96 Represents the tax impact of the adjustments at a tax rate of 21.0%. Tax exempt income (tax-free municipal securities) is calculated on a tax equivalent basis. The incremental tax rate used is 21.0%. 25 

NON-GAAP RECONCILIATIONS CROSSFIRST BANKSHARES, INC. As of or for the Year Ended December 31, Nine Months Ended September 30, 2021 2020 2019 2018 2022 2021 Non-GAAP core Operating income: Net income Add: Acquisition costs Less Tax effect" s 69.413 s 12601 S 28.473 S 19.590 s 49.655 320 67 s 48.612 Acquisition costs net of tax - - - - 255 - Add: Employee separation - - - - 1.063 - Less Tax effect" - - - - 223 - Employee separation, net of tax - - - - 840 - Add: Unrealized loss on equity security 6200 - - - - 6200 Less Tax effect*1 1302 - - - - 1.302 Unrealized loss on equity security, net of tax 4.898 - - - - 4.898 Add: restructuring charges - - - 4.735 - - Less Tax effect1 - - - 1381 - - Restructuring charges net of tax - - - 3352 - - Add: fixed asset impairments - - 424 171 - - Less Tax effect5* - - 109 44 - - Fixed asset impairments net of tax - - 315 127 - - Add: Goodwill impairments* - 7.397 - - - - Add: State tax credit 3 - - (1261) (3329) - - Add: Accelerated employee benefits 719 - - - - 719 Less Tax effect ~* 210 - - - - 210 Accelerated employee benefits net of tax 509 - - - - 509 Less BOU settlement benefits5* 1.841 - - - - 1841 Non-GAAP core operating income l 72979 * '9993 5 27.A27 5 19.940 50.7-6 V 52178 Non-GAAP Core Operating Return on Average. Assets: Net income s 69.413 s 12601 S 28.473 S 19.590 s 49.655 s 48.612 Non-GAAP core operating income 72979 19998 27.427 19.940 50.746 52178 Average assets s 5.591.471 s 5.358.479 S 4. ¿99.764 S 3.494.655 s 5625.317 s 5.625.304 GAAP Return on average assets 124 % 024 % 0.63 % 0.56 % 1.18 % 1.16 % Non-GAAP core operating return on average assets 121 % 0.37 % 0.61 % 0.57 % 121 % 124 % Represents the tax impact of the adjustments above at a tax rate of 25.73% from 2018 through 2020 and at 21% for 2021 and 2022, plus a permanent tax benefit associated with stock -based grants. Represents

the tax impact of the adjustments above at a tax rate of 25.73% for fiscal years 2018 and after. No tax effect associated with the 2017 Tax Act adjustment or state tax credit or the goodwill impairment. 26 

NON-GAAP RECONCILIATIONS CROSSFIRST BANKSHARES, INC. As of or for the Year Ended Nine Months Ended December 31,September 30, 2021 2020 —I 2019 2018 2022 — X 2021 Non-CAAP Core Operating Efficiency Ratio: Non-interest expense S 99382 S 99,968 s 87,640 S 85,755 S 85,319 S 72,667 Less: Accelerated employee benefits 719 - - - - 719 Less: goodwill impairment - 7,397 - - - - Less: restructuring charges - - - 4,733 - - Non-CAAP non-interest expense (numerator) s 98,663 s 92371 s 87,640 $ 81,022 s 85,319 s 71,948 Net interest income 168,691 160,249 141,444 110,368 139,519 125,246 Tax equivalent interest income1' 2,948 2,732 2,522 3,099 2,403 2,186 Non-interest income 13,660 11,733 8,707 6,083 12,922 8,864 Add: Acquisition costs - - - - 320 - Add: Employee separation - - - - 1,063 - Add: Unrealized loss on equity security 6,200 - - - - 6,200 Add: fixed asset impairments - - 424 171 - - Less: BOU settlement benefits21 1,841 - - - - 1,841 Non-CAAP Operating revenue (denominator) S 189,658 s 174,714 s 153,097 $ 119,721 s 156227 s 140,655 CAAP Efficiency Ratio 54.50 % 58.13 % 5837 % 73.64 % 55.97 % 54.18 % Non-CAAP Core Operating Efficiency Ratio (FTE) 52.02 % 52.98 % 5725 % 67.68 % 54.61 % 51.15 % Tax exempt income (tax-free municipal securities) is calculated on a tax equivalent basis. The incremental tax rate used is 21.0%. No tax effect associated with the 2017 Tax Act adjustment or state tax credit or the goodwill impairment. 27 

Non-gaap reconciliations CROSSFIRST BANKSAHRES, INC. 9/30/22 (Dollars in thousands, except per share data) Stockholders equity Less: Goodwill and other intangible assets s 580.547 71 Tangible Stockholders Equity 580.476 Share outstanding at end of period 48.787.69 6 Book value per share s 1190 Tangible book value per sha e $ 1190 For the Three Months Ended 6/30/22 3/3V22 s 608.016 91 s 623.199 It) s 607 925 $ 623.089 49.535.949 49.728253 s 2.27 s 12.53 s 2.27 5 12.53 12/31/21 9/30/21 s 667.573 CO s 652.407 149 s 667.443 s 652 2 58 50.450.045 51.002.698 s G23 s 12.79 s G23 s 12.79 28

XML

Cover	Oct. 17, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 17, 2022
Entity Registrant Name	CROSSFIRST BANKSHARES, INC.
Entity Incorporation, State or Country Code	KS
Entity File Number	001-39028
Entity Tax Identification Number	26-3212879
Entity Address, Address Line One	11440 Tomahawk Creek Parkway
Entity Address, City or Town	Leawood
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66211
City Area Code	913
Local Phone Number	754-9704
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CFB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Central Index Key	0001458412
Amendment Flag	false