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Forward-Looking Information
All statements contained in this quarterly report on Form 10-Q that do not directly
and exclusively relate to historical facts
constitute forward-looking statements. These statements are often, but not always, made
through the use of words or phrases such as
“may,” “might,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,”
“will,” “anticipate,” “seek,” “estimate,” “intend,”
“plan,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,”
“annualized,” “position” and “outlook,” or the negative of these words
or other comparable words or phrases of a future or forward-looking nature.
For example, our forward-looking statements include
statements regarding our business plans, expectations, or opportunities
for growth; the impact of the acquisition of Canyon
Bancorporation, Inc. and Canyon Community Bank, N.A. (collectively
“Canyon”); our expense management initiatives and the results
expected to be realized from those initiatives; our anticipated financial
results, expenses, cash requirements and sources of liquidity; and
our capital allocation strategies and plans.
Unless we state otherwise or the context otherwise requires, references
in this Form 10-Q to “we,” “our,” “us,” and the
“Company” refer to CrossFirst Bankshares, Inc., and its consolidated subsidiaries.
References in this Form 10-Q to “CrossFirst Bank”
and the “Bank” refer to CrossFirst Bank, our wholly owned consolidated
bank subsidiary.
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 a guarantee 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 due to a number of factors, including, without
limitation: impacts on us and our clients of a decline in general business and
economic conditions and any regulatory responses thereto,
including uncertainty and volatility in the financial markets; interest rate fluctuations;
our ability to effectively execute our growth
strategy and manage our growth, including identifying and consummating
suitable mergers and acquisitions, entering new lines of
business or offering new or enhanced services or products; fluctuations in fair value
of our investments due to factors outside of our
control; our ability to successfully manage credit risk and the sufficiency of our
allowance; geographic concentration of our markets;
economic impact on our commercial real estate and commercial-based loan
portfolios, including declines in commercial and residential
real estate values; an increase in non-performing assets; our ability to
attract, hire and retain key personnel; maintaining and increasing
customer deposits, funding availability, liquidity and our ability to raise and
maintain sufficient capital; competition from banks, credit
unions and other financial services providers; the effectiveness of our risk
management framework; accounting estimates; our ability to
maintain effective internal control over financial reporting; our ability
to keep pace with technological changes; cyber incidents or other
failures, disruptions or security breaches; employee error, fraud committed
against the Company or our clients, or incomplete or
inaccurate information about clients and counterparties; mortgage markets; our
ability to maintain our reputation; costs and effects of
litigation; environmental liability; risk exposure from transactions with financial
counterparties; severe weather, natural disasters,
pandemics or other external events; changes in laws, rules, regulations,
interpretations or policies relating to financial institutions,
including stringent capital requirements, higher FDIC insurance premiums and
assessments, consumer protection laws and privacy laws;
volatility in our stock price; the ability of our Board to issue our preferred stock; risks
inherent with proposed business acquisitions and
the failure to achieve projected synergies; or other external events.
Additional discussion of these and other risk factors can be found in
our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (“2022 Form 10-K”), filed with the Securities and
Exchange Commission (“SEC”) on March 3, 2023, and in our other filings
with the SEC.
Except as required by law, the Company undertakes no obligation to
update or revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or
changes in our business, results of operations or financial condition over
time. Given these risks and uncertainties, readers are cautioned not to place undue reliance
on such forward-looking statements.