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0001458412 FALSE 0001458412 2023-10-30 2023-10-30
 
 
 
 
 
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 30, 2023
 
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
)
901-4516
 
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 7.01.
 
Regulation FD Disclosure.
Furnished as
 
Exhibit 99.1 hereto
 
and incorporated
 
into this Item
 
7.01 by reference
 
is the investor
 
presentation that
 
CrossFirst Bankshares,
Inc. has prepared for use in connection with investor communications.
 
The
 
information
 
in
 
Item
 
7.01
 
of
 
this
 
Current
 
Report,
 
including
 
Exhibits
 
99.1,
 
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 stated in such a filing.
Item 9.01.
 
Financial Statements and Exhibits.
(d)
Exhibits
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
SIGNATURE
Pursuant to the requirements of the
 
Securities 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 30, 2023
CROSSFIRST BANKSHARES, INC.
 
 
 
 
 
 
 
By:
/s/ Benjamin R. Clouse
 
 
 
 
Benjamin R. Clouse
Chief Financial Officer
EX-99.1 5 exhibit991.htm EX-99.1 exhibit991
exhibit991p1i0
Exhibit 99.1
 
CROSSFIRST BANKSHARES, INC.
exhibit991p2i0
Third Quarter 2023 Investor Presentation Mike Maddox, President & CEO Ben Clouse, CFO FORWARD-LOOKING STATEMENTS CROSSFIRST BANKSHARES, INC. 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 relating to this presentation contain forward-looking statements regarding, among other things, our business plans; expansion targets and opportunities; post-closing plans, objectives, expectations and intentions with respect to the Tucson acquisition; expense management initiatives and the results expected to be realized from those initiatives; anticipated expenses, cash requirements and sources of liquidity; capital allocation strategies and plans; and future financial performance. These statements are often, but not always, made through the use of words or phrases such as “positioned,” “growth,” “estimate,” “believe,” “plan,” “future,” “opportunity,” “optimistic,” “anticipate,” “target,” “expectations,” “expect,” “will,” “strategy,” “goal, “focused,” “guidance,” “foresee” and similar words or phrases of a future or forward -looking nature. The inclusion of forward-looking information herein 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. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs, certain assumptions made by management, and financial trends that may affect our financial condition, results of operations, business strategy or financial needs, many of which, by their nature, are inherently uncertain and beyond our control. Our actual results could differ materially from those anticipated in such forward-looking statements. 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 due to a number of
 
factors, including without limitation, the following: impact 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 factor
 
s
 
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, acts of war or terrorism or other external events;
 
and 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. 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 hereof, 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
exhibit991p3i0
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. 2 ABOUT NON-GAAP FINANCIAL MEASURES CROSSFIRST BANKSHARES, INC. In addition to disclosing financial measures determined in accordance with U.S. generally accepted accounting principles (GAAP), we disclose non-GAAP financial measures, including “adjusted net income”, “adjusted diluted earnings per common share”, “tangible common stockholders’ equity”, “tangible book value per common share”, “adjusted return on average assets (ROAA)”, “adjusted return on average common equity (ROCE)”, “adjusted efficiency ratio – fully tax equivalent (FTE),” “pre-tax pre-provision (PTPP) profit” and “adjusted non-interest expense.” 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 expenditur es or gains that we believe are not indicative of our primary business operating results. 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 comparing 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 should not be relied on 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
exhibit991p4i0
measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is provided at the end of this presentation. 3 MANAGEMENT TEAM PRESENTERS CROSSFIRST BANKSHARES, INC. 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 Appointed as President and CEO June 1, 2020, after 12 years of service B.S. Business, University of Kansas; J.D. Law, University of Kansas; Graduate School of Banking at the University of Wisconsin – Madison Ben Clouse – Chief Financial Officer More than 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 B.S.
exhibit991p5i0
Business, Kansas State University; Master of Accountancy, Kansas State University Obtained CPA designation and FINRA Series 27 license 4 COMPANY OVERVIEW CROSSFIRST BANKSHARES, INC. The CrossFirst Story Began de novo operations in 2007, completed IPO in 2019 CrossFirst has grown primarily organically, as well as through four strategic acquisitions Maintains a branch -light business model with strategically placed locations across Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado and New Mexico Specialty industry verticals include family office, financial institutions, restaurant finance, energy, mortgage, and small business (SBA) Strategic Approach Realize enhanced profitability growth by gaining scale Operate in high-growth, dynamic markets and verticals Optimize our expense base to improve operating efficiency Attract, retain and develop talent to drive a highly-engaged workforce Leverage technology to elevate the client experience Employ effective enterprise risk management 3Q23 Company Highlights Full-service Branches 15 Listing Nasdaq: CFB Balance Sheet Total Assets $7.2 billion Total Loans $5.9 billion Total Deposits $6.3 billion ACL + RUC / Loans 1.31% Key Ratios 3Q23 ROAA / Adjusted ROAA(1) 0.94% / 1.04% 3Q23 ROCE/ Adjusted ROCE(1) 10.19% / 11.26% 3Q23 Net Interest Margin – FTE(2) 3.19% 3Q23 Efficiency Ratio/ Adjusted Efficiency Ratio-FTE(1)(2) 59.5% / 55.2% Common Equity Tier 1 9.7% Tier 1 Leverage 9.9% (1) Represents a non-GAAP financial measure, see non-GAAP reconciliation slides at the end of this presentation for more details. Ratios are annualized.
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(2) The incremental federal income tax rate used in calculating tax-exempt income on a tax-equivalent basis is 21.0% 5 FOOTPRINT AND OPERATING STRUCTURE CROSSFIRST BANKSHARES, INC.
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CrossFirst Bank Locations METRO MAR KETS Kansas City Dallas Fort-Worth Phoenix Denver COMMUNITY MARKETS Wichita Oklahoma City Tulsa Colorado Springs Clayton Tucson INDUSTRY VERTICALS Family Office Financial Institutions Restaurant Finance Energy Mortgage Small Business (SBA) 6 Investment Highlights CROSSFIRST BANKSHARES, INC.
exhibit991p8i0
Excellent Markets Metro Markets, including Dallas, Kansas City, Phoenix and Denver, provide attractive growth opportunities Stable, legacy Community Markets provide steady stream of earnings and strong funding Improved Growth and Profitability Since 2012, total asset compounded annual growth rate of 27% Operating revenue grew over 40% from 2019 to 2022 Net income doubled from 2019 to 2022 Optimization of investments in new markets and verticals Strong Balance Sheet Loan portfolio is largely variable, approximately 70% at September 30, 2023 Liquidity of 34% of assets, using on- and off-balance sheet sources; 100% AFS securities portfolio Granular deposit portfolio across geographies and industries Well -diversified loan portfolio by industry and geography across C&I and CRE Clean Credit Portfolio Net charge-offs to loans ratio of 0.05% annualized on a trailing 12-month basis Strong reserve levels at 1.20% of loans 7 Improving Core Metrics CROSSFIRST BANKSHARES, INC. Net Income $28.5 $12.6 $69.4 $61.6 $16.1 $16.0 $16.9 2019 2020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Operating Revenue (1) $150.2 $172.0 $182.4 $210.8 $62.6 $60.3 $61.1 $8.7 $11.7 $13.7 $17.3 $4.4 $5.8 $6.0 $141.5 $160.3 $168.7 $193.5 $58.2 $54.5 $55.1 2019 2020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Net Interest Income Non-Interest Income Adjusted Net Income (2) & PTPP Profit(2) $27.4 $62.5 $20.0 $72.0 $73.0 $83.0 $68.6 $89.1 $17.4 $24.6 $17.3 $22.9 $18.6 $24.8 2019 2020 2021 2022 Q1 2023 Q2 2023 Q3 2023 Adjusted Net Income Pretax, Pre-Provision Profit Non-performing Assets /Total Assets 0.97% 1.39% 0.58% 0.20% 0.16% 0.19% 0.50% 2019 2020 2021 2022 Q1 2023 Q2 2023 Q3 2023Credit returned to performing in early Q34 2023 Note: Dollar amounts are in millions, other than per share amounts and the ratio of non-performing assets to total assets is presented as of the end of the respective period (1) Defined as net interest income plus non-interest income (2) Represents a non-GAAP financial measure, see non-GAAP reconciliation slides at the end of this presentation for more details 8 OUR GROWTH CROSSFIRST BANKSHARES, INC. Total Assets Compound Annual Growth Rates $ince 2012 Total Assets 27.4% $565 $847 $1,220 $1,574 $2,133 $2,961 $4,107 $4,931 $5,659 $5,621 $6,601 $7,177 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q3 2023 2007 Began de novo operations 2012 Expanded into Wichita & 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; Nasdaq listed: CFB 2021 Expanded into Phoenix market 2022 Expanded into Colorado and New Mexico markets through acquisition of Farmers & Stockmens Bank (aka Central Bank & Trust) (~$648mm in Total Assets) 2023 Expanded into Tucson market through acquisition of Canyon Bankshares, Inc. (~$106mm in Total Assets) Note: Dollars in chart are in millions. 9
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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 operates with four values that define our
 
approach to banking: character, competence, commitment, and
 
connection. These are not just words at CrossFirst. They are
 
core values that guide our actions, decisions, and vision. 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 using a variety of training
 
and development programs. These include online, classroom, and
 
on-the-job learning formats. Our CrossFirst training programs include:
 
An immersive, multi-day culture and leadership-driven onboarding
 
program for all new hires to advance and preserve our values
 
and operating standards A development program designed for emerging
 
leaders that explores core leadership concepts and the foundations
 
of the banking industry As a GALLUP® Strengths-Based organization,
 
our very first commitment to every new employee is that we
 
will value them and provide access to their unique CliftonStrengths®
 
\
 
POSITIONING FOR SUCCESS We strive to build an equitable and
 
inclusive environment with diverse teams who support our core
 
values and strategic initiatives. We strive to hire and retain
 
top-tier talent to drive growth and extraordinary service. 26%
 
of 2023 new hires through 9/30/2023 were ethnically diverse 67% of
 
workforce is female as of 9/30/2023 68% Engaged employees
 
as measured by GALLUP® Q12 Survey; 89% employee
 
response rate Recently recognized as one of seven
recipients of the GALLUP®
 
Don Clifton Strengths-Based Culture award – a worldwide honor
 
10
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THIRD QUARTER 2023 HIGHLIGHTS CROSSFIRST BANKSHARES, INC. Financial Performance Net Income $16.9 Million Diluted EPS $0.34 Adjusted«2» Net Income $18.6 Million Adjusted'2» Diluted EPS $037 ROCE«1» 10.19% ROAA'1) 0.94% Adjusted«1)«2» ROCE 11.26% Adjusted«1»«2) ROAA 1.04% Profitability Improving profitability as operating revenue, adjusted diluted EPS and adjusted ROCE increased compared to the prior quarter and the prior year third quarter YTD 2023 operating revenue grew 21% compared to the prior year Completed the previously-announced acquisition of Canyon Bancorporation, Inc. and its wholly owned subsidiary, Canyon Community Bank, N.A. (“Tucson Acquisition”) Balance Sheet Loans grew $149 million, or 2.6% for the quarter and 10.7% year-to-date; excluding the Tucson acquisition, grew 0.8% for the quarter and 8.7% year-to-date Deposits grew $232 million, or 3.8% for the quarter and 12.0% year-to-date; excluding the Tucson acquisition, grew 1.1% for the quarter and 9.1% year-to-date Credit Quality Nonperforming assets increased to 0.50% of total assets, but were contained within a few relationships of manageable size Net charge-offs of $1.3 million were previously reserved and represented an annualized rate of 0.09% of average loans Capital Book value per common share was $13.04 and tangible book value per common sh are was $12.23 at September 30, 2023 CET1 capital ratio was 9.7% and total risk-based capital ratio was 10.9%, both increasing from June 30, 2023 levels 1. Ratios are annualized 2.
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Represents a non-GAAP financial measure, see non-GAAP reconciliation slides at the end of this presentation for more details 11 DIVERSE LOAN PORTFOLIO CROSSFIRST BANKSHARES, INC. Consumer 1% CRE - Non-Owner-Occupied 43% Commercial 34% CRE - Owner-Occupied 10% Residential Real Estate 8% Energy 4% CRE – Non-Owner-Occupied by Segment Industrial, 19% Retail, 16% Multi-Family, 14% Office, 12% Hotel, 11% 1-4 Fam Res Const, 7% Other, 21% Commercial by Loan Type Manufacturing, 10% Restaurants, 9% Engineering & Contracting, 7% Credit Related Activities, 7% Financial Management, 6% Health Care, 6% Real Estate Activity, 6% Aircraft & Transportation, 5% Bus Lns to Individuals, 5% Merchant Wholesalers, 3% Other Industries, 36% Note: Gross loans, (net of unearned income) data as of September 30, 2023. 12 ASSET QUALITY PERFORMANCE CROSSFIRST BANKSHARES, INC. Classified Loans $5.6 $6.5 $6.9 $11.9 $72.1 $67.7 $67.0 $69.5 $101.1 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Classified Loans Acquired Classified Loans Non-performing Assets / Total Assets 0.31% 0.20% 0.16% 0.19% 0.50% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Credit returned to performing in early Q4 2023 Net Charge-offs (Recoveries) / Average Loans(1) 0.16% -0.02% 0.12% 0.04% 0.09% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Allowance for Credit Losses + RUC(2) 1.34% 1.31% 1.30% 1.30% 1.31% $62.6 $70.5 $73.2 $75.3 $77.7 $6.7 $8.7 $8.1 $7.7 $6.1 $55.9 $61.8 $65.1 $67.6 $71.6 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 ACL RUC ACL+RUC / Total Loans Note: Dollars are in millions and amounts shown are as of the end of the period. 1. Ratio is annualized for interim periods 2. RUC includes the accrual for off-balance sheet credit risk for unfunded commitments 13
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DEPOSIT TRENDS CROSSFIRST BANKSHARES, INC. $4,988 $5,651 $5,837 $6,100 $633 $750 $946 $1,376 $1,838 $1,744 $2,605 $2,761 $2,826 $2,730 $2,757 $519 $544 $665 $604 $809 $1,114 $1,400 $970 $928 $1,029 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 DDA Transaction Savings & Money Mkt Time #DDA Deposits 22% 25% 17% 15% 16% Note: Dollars are in millions and amounts shown are as of the end of the period. 14 NET INTEREST MARGIN CROSSFIRST BANKSHARES, INC. Yield on Loans & Cost of Deposits 5.08% 1.20% 5.93% 2.03% 6.56% 2.57% 6.87% 3.33% 6.96% 3.59% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Yield on Loans Cost of Total Deposits Net Interest Margin – Fully Tax Equivalent (FTE)(1) 3.56% 3.61% 3.65% 3.27% 3.19% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Net Interest Income Impact From Rate Changes 0.79% 1.05% 0.98% 0.75% 0.34% 0.36% (0.07)% (0.36)% (0.12)% (0.68)% -300 bps -200 bps -100 bps +100 bps +200 bps Rate Shock Rate Ramp Loans: Rate Reset and Cash Flow Profile 68% of earning assets reprice or mature within the next 12 months, including 47% in month one 58% 10% 11% 18% 3% 1-3 Months 4-12 Months 1-2 Years 2-5 Years >5 Years (1) Ratio is annualized for interim periods; the incremental Federal income tax rate used in calculating tax exempt income on a tax equivalent basis is 21.0% 15 EXPENSE MANAGEMENT CROSSFIRST BANKSHARES, INC. $28.5 $36.4 $38.1 $37.4 $36.3 $0.1 $3.9 $2.3 $1.1 $2.2 $1.3 $28.4 $32.6 $35.8 $35.0 $34.1 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Non-interest Expenses as a % of Avereage Assets 1.96% 2.35% 2.30% 2.17% 2.03% Adjusted Non-interest Expense (1) Separation Costs Acquisition Costs + CDI Amortization Note: Dollars are in millions and amounts shown are as of the end of the period unless otherwise specified. (1) Represents a non-GAAP financial measure that is calculated as the numerator of the Adjusted Efficiency Ratio – Fully Tax Equivalent; see non-GAAP reconciliation slides at the end of this presentation for more details 16
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AMPLE LIQUIDITY AND FLEXIBILITY CROSSFIRST BANKSHARES, INC. Total Liquidity - $2.42B | 34% of Total Assets 12/31/2022 Municipal - Tax-Exempt, 71% MBS (Fixed), 24% SBA + Agencies, 1% Other, 4% Gross $769 Million Net $686 Million Duration: 5.2 years Securities Portfolio Portfolio Strategy Shift 9/30/2023 Municipal - Tax-Exempt, 54% MBS (Fixed), 23% SBA + Agencies, 16% Treasuries, 2% Other,5% Gross $870 Million Net $751 Million Duration: 5.6 years Total Liquidity – 9/30/2023 On-balance Sheet Liquidity Securities Portfolio $751M Cash & Equivalents $233M $984M Off-balance Sheet Liquidity $1.436B Total Liquidity $2.420B Off-Balance Sheet Liquidity Available Brokered Deposits & Wholesale Funding, 9% Available Credit Lines, FHLB & FRB, 91% TOTAL $1.436B Investment Strategy 2022 and Prior Tax-exempt Municipal strategy focused on maximizing yield in a low-interest rate environment Tax-exempt securities added asset duration to offset short duration in loan portfolio MBS securities provided cashflow Investment Strategy 2023 and Beyond Reducing Municipal concentration and focusing reinvestment in lower risk-weighted assets Restructuring portfolio to increase liquidity and provide more balanced cash flow Improved performance with ~40bps pick up in tax-equivalent yield during 2023 17 CAPITAL RATIOS CROSSFIRST BANKSHARES, INC. 11.00% 9.50% 9.40% 9.50% 9.70% 11.10% 9.50% 9.50% 9.60% 9.80% 12.10% 10.50% 10.50% 10.70% 10.90% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Common Equity Tier 1 Tier 1 Risk-Based Total Risk-Based Capital Capital deployed during Q4 2022 with the closing of the Colorado/New Mexico acquisition and through significant organic loan growth Maintaining capital levels to support future growth Remain well capitalized as we deploy capital to support growth initiatives 18
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NON-GAAP RECONCILIATIONS CROSSFIRST BANKSHARES,
 
INC. Quarter Ended Nine Months Ended Adjusted net Income: Net
 
income (GAAP} Add: Acquisition costs Add: Acquisition -DaylCECL
 
provision Add: Employee separation Less: Tax effect
 
 
S >6.363 1,328 900 (463) s 16,047 338 1,300 (344) s (Dollars in
 
thousands, except per share data) 16.108 $ 11,946 $ 17280 1,477
 
5570 31 4,400 (310) (2,045) (17) s 49,018 $ 3,143 900 1300 0.122)
 
49,653 320 1,063 (290) Adjusted net Income Preferred
 
stock dividends Diluted weighted average common shares outstanding Earnings
 
per common share - diluted (GAAP) Adjusted earnings per common
 
share - diluted Quarter Ended Nine Months Ended 12/31/2022
 
(Dollars in thousands) Adjusted return on average assets: Net
 
income (GAAP)
 
$ 16.363 $ 16,047 $ 16.108 $ 11,946 S 17280 $ 49,018 S 49,653
 
Adjusted net income 13,623 17241 17,275 17,871 17244 53.239
 
50,746 Average assets $ 7,114228 $ 6929,972 $ 6,712.801
 
$ 6,159,783 S 5,764247 $ 6,920,471 $ 5,625217 Return on average
 
assets (GAAP) Adjusted return on average assets Nine Months Ended
 
Quarter Ended 3/31/2023 12/31/2022 (Dollars in thousands) Adjusted
 
return on average
 
common equity: Net income (GAAP} $ 16.363 $ 16,047 S 16,105 S
 
11,946 S 17280 $ 49,018 $ 49,653 Preferred stock dividends 155 103
 
- - - 258 - Net income attributable to common shareholders (GAAP}
 
$ 16,708 $ 15,944 S 16,108 S 11,946 S 17280 $ 48,760 $
 
49,653 Adjusted net income 13,623 17341 17,275 17,871 17344 53,239
 
50,746 Preferred stock dividends 155 103 - - - 258 * Net income
 
attributable to common shareholders (GAAP) $ 18,463 $ 17238
 
S 17,275 S 17,871 $ 17344 $ 52,981 $ 50,746 Average
 
common equity $ 650,494 S 639,741 $ 619,952 S 589,587 S 613,206 $
 
636,841 $ 627,016 Return on average common equity (GAAP) Adjusted
 
return on average common equity (1)
exhibit991p20i0
Represents the tax impact of the adjustments at a tax rate of 21.0%, plus permanent tax expense associated with merger related transactions. 19 NON-GAAP RECONCILIATIONS CROSSFIRST BANKSHARES, INC. 9/30/2023 Tangible common stockholders' equity: Total stockholders 'equity (GAAP) Less: goodwill and other intangible assets Less: preferred stock Tangible common stockholders' equity Tangible book value per common share: Tangible common stockholders 'equity Common sha res outstanding at end of period Book value per common share (GAAP) Tangible book value per common share s 643,051 32293 7,750 s 603.008 49,295,036 Quarter Ended 6/30/2023 3/31/2023 12/31/202 2 9/30/2022 (Dollars in thousands, except per chore dato) s 651,483 27,457 7,750 s 645,491 28.259 7,750 s 616276 $ 609,482 48.655,487 48,600,618 s 608,599 29,081 s 580.547 71 S 579513 $ 580,476 48,448,215 48,78 7,696 Quarter Ended Nine Months Ended 3/31/2023 12/31/2022 (Dollars in thousands) Adjusted Efficiency Ratio - Fully Tax Equivalent (FTE)m Non-interest expense S 36354 $ 37,412 $ 38,092 S 36,423 S 28,451 $ ni.sss s 85319 Less: Acquisition costs (1328) (338) 0.477) (3370) (81) (3,143) (320) Less: Core deposit intangible amortization (922) (802) (822) (291) - (2,546) - Less: Employee separation - (1300) - - - 0.300) 0.063) Adjusted Non-interest expense (numerator) $ 34,104 $ 34,972 $ 35,793 S 32362 S 28370 5 104,869 S 83,936 Net interest income 55,127 54,539 58,221 54,015 49,695 167,887 139319 Tax equivalent interest income(1) 707 750 797 813 820 2254 2,403 Non-interest income (toss) 5,981 5,779 4,421 4359 3780 16,181 12,922 Total tax-equivalent income (denominator) $ $ 5 Efficiency Ratio (GAAP) Adjusted Efficiency Ratio - Fully Tax Equivalent (FTE)m 20 NON-GAAP RECONCILIATIONS CROSSFIRST BANKSHARES, INC. Adjusted net income: Net income Add: Acquisition costs Add: Acquisition - Day 1 CECL provision Add: Employee separation Add: Unrealized loss on equity security Add: Accelerated employee benefits Add: Goodwill impairment11 Add: Fixed asset impairment Less: State tax credit111 Less: BO LI settlement benefits111 Less: Tax effect21 Adjusted net income Diluted weighted average common shares outstanding Diluted earnings per share Adjusted diluted earnings per share Twelve Months Ended 12/31/2022 12/31/2021 12/31/2020 12/31/2019 (Dollars in thousands, except per share data) 61,599 3,890 4,400 1,063 (2.555) 68,617 50,002,054 1.23 £ 69,413 6200 719 (1.841) 0512) 72,979 52,030,582 133 1.40 $ 12,601 7,397 19,998 52,548,547 024 038 $ 28,473 424 (1.361) (109) 27,427 48,576,135 038 036 137 Twelve Months Ended Three Months Ended 9/30/2023 6/30/2023 3/31/2023 12/31/2022 12/31/2021 12/31/2020 12/31/2019 (Dollars in thousands) Pre-Tax Pre-Provision Profit: Net income before taxes Add: Provision for credit losses $ 21,425 3329 $ 20266 2,640 $ 20,129 4,421 $ 77572 11301 $ 86,969 (4,000) $ 15314 56,700 $ 32,611 29,900 Pre-Tax Pre-Provision Profit (1) No tax effect. (2) Represents the tax impact of the adjustments at a tax rate of 21.0%, plus permanent tax expense associated with merger related transactions and permanent tax benefit associated with stock-based grants. 21
exhibit991p21i0