CrossFirst Bankshares, Inc. (NASDAQ:CFB) Q1 2021 Earnings Conference Call April 22, 2021 5:00 PM ET Company Participants Matthew Needham - Director of IR Michael Maddox - President & CEO David O'Toole - CFO Randall Rapp - Chief Risk & Chief Credit Officer Conference Call Participants Michael Rose - Raymond James Jennifer Demba - Truist Securities Brady Gailey - KBW Andrew Liesch - Piper Sandler Matthew Olney - Stephens Operator Good day and thank you for standing by, and welcome to the CrossFirst Q1 2021 Ea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 001-39028 CROSSFIRST BANKSHARES, INC. (Exact Name of Registrant as Specified in its Charter) Kansas 26-3212879 (State or other juris ...

CROSSFIRST BANKSHARES, INC. NASDAQ: CFB | January 28th, 2021 Q4 AND FULL YEAR 2020 EARNINGS PRESENTATION LEGAL DISCLAIMER FORWARD-LOOKING STATEMENTS. The financial results in this presentation reflect preliminary, unaudited results, which are not final until the Company's Annual Report on Form 10-K is filed. This presentation and oral statements made during this meeting contain forward-looking statements. These forwardlooking statements reflect our current views with respect to, among other things, future e ...

CrossFirst Bankshares, Inc (NASDAQ:CFB) Q4 2020 Results Conference Call January 28, 2021 5:00 PM ET Company Participants Matt Needham - Director of Investor Relations Mike Maddox - President and Chief Executive Officer Dave O’Toole - Chief Financial Officer and Chief Investment Officer Randy Rapp - Chief Credit Officer of CrossFirst Bank Conference Call Participants Jennifer Demba - Truist Securities Brady Gailey - KBW Matthew Olney - Stephens Michael Rose - Raymond James Operator Thank you for standing by, ...

Financial Performance - Total assets reached $5.5 billion, a 12% increase from December 31, 2019[140] - Loan growth of $64 million from the previous quarter and $854 million or 23% over the last twelve months[140] - Deposit growth of $188 million from the previous quarter and $834 million or 23% over the last twelve months[140] - Efficiency ratio improved to 53% for Q3 2020 due to optimized staffing and controlled spending[140] - Book value per share increased to $11.84 at September 30, 2020, compared to $11.59 at the same date in 2019[140] - Net interest income for 2020 was $39,996 thousand, an increase from $36,409 thousand in 2019, reflecting a growth of approximately 7%[154] - Total assets increased to $5,486,252 thousand in 2020 from $4,610,958 thousand in 2019, representing a growth of about 19%[154] - Gross loans, net of unearned income, rose to $4,477,211 thousand in 2020, up from $3,540,707 thousand in 2019, indicating an increase of approximately 27%[154] - Total interest-earning assets for 2020 were $5,341,940 thousand, compared to $4,456,624 thousand in 2019, marking an increase of approximately 20%[154] - Total non-interest income for the three months ended September 30, 2020, was $4,063,000, a 26% increase compared to $3,212,000 for the same period in 2019[166] Loan and Deposit Activity - The company’s gross loans increased by $631 million or 16% from December 31, 2019, driven primarily by PPP loans, which represented 58% of the net loan growth[181] - The residential real estate loan portfolio saw a $219 million or 55% increase, attributed to new loan funding of approximately $113 million and strengthened relationships with key developers[182] - The commercial real estate portfolio increased by $172 million or 17%, with significant activity in the Dallas and Kansas City markets[183] - Deposits totaled $4 billion, an increase of $569 million or 14% from December 31, 2019, driven by noninterest-bearing deposits from PPP loans[205] Asset Quality and Loan Losses - Total loan modifications due to COVID-19 amounted to $317.7 million, representing 7% of gross loans[145] - The allowance for loan losses increased to $75,970 thousand in 2020 from $43,327 thousand in 2019, representing a rise of approximately 76%[154] - Nonperforming assets include non-accrual loans, loans past due 90 days or more, and foreclosed assets, impacting overall asset quality metrics[195] - Nonaccrual loans increased by $38 million during the quarter ended September 30, 2020, primarily due to a commercial loan restructuring and loans impacted by the COVID-19 pandemic and low oil prices[196] - Total nonperforming loans reached $79.884 million as of September 30, 2020, compared to $37.754 million on June 30, 2020[198] Interest Rate and Funding - The net interest margin decreased to 2.98% in 2020 from 3.24% in 2019, showing a decline of about 8%[154] - The average yield on gross loans was 3.90% in 2020, down from 5.53% in 2019, reflecting a decrease of about 29%[154] - The cost of funds for 2020 was $9,125 thousand, compared to $19,743 thousand in 2019, indicating a decrease of about 54%[154] - The company anticipates net interest margin to improve to around 3.05% during the fourth quarter of 2020 if nonaccrual loans are maintained and cost of funds is reduced[163] - The company expects the cost of funds to remain flat or slightly decline in the fourth quarter of 2020 as time deposits and other borrowings mature[162] Non-Interest Income and Expenses - Service charges and fees on customer accounts increased by 1,000% for the three months ended September 30, 2020, compared to the same period in 2019, reaching $792,000[166] - Gain on sale of available-for-sale debt securities increased to $1,012,000 for the three months ended September 30, 2020, compared to $34,000 for the same period in 2019, reflecting a 2,876% increase[167] - Total non-interest expense for the three months ended September 30, 2020, was $23,011,000, a 9% increase compared to $21,172,000 for the same period in 2019[172] - Professional fees increased by 165% for the three months ended September 30, 2020, reaching $1,132,000, compared to $427,000 for the same period in 2019[172] - Salary and employee benefits increased by 3% for the three months ended September 30, 2020, totaling $14,628,000, compared to $14,256,000 for the same period in 2019[172] Strategic Initiatives and Market Conditions - The Company opened its second full-service bank in the Dallas metropolitan area[140] - A $20 million common stock buyback program was announced[140] - The company performed a goodwill impairment review resulting in a $7 million impairment for the Tulsa market reporting unit[177] - The company expects further declines in the energy portfolio, which decreased by $24 million or 6% from December 31, 2019, as part of a strategy to reduce oil and gas loan concentrations[183] - The Company had approximately $39 million of potential problem loans as of September 30, 2020, which may result in disclosure as impaired loans next quarter[204] Risk Management - Interest rate risk management is crucial for the Company, with the objective to maximize income while minimizing interest rate risk[221] - The Funds Management Committee (FMC) utilizes gap reports, earnings simulation, and economic value of equity to measure interest rate risk[222] - A hypothetical +100 basis point shock as of September 30, 2020 would result in a 0.3% increase in net interest income, primarily due to 70% of earning assets repricing or maturing within the next 12 months[228] - The mix of adjustable loans or loans maturing in one year or less to total loans was 71%, contributing to the increase in net interest income in a rising rate environment[228] - The Company excluded the down rate environment from its analysis for the period ended September 30, 2020, due to the already low interest rate environment[223]

CROSSFIRST BANKSHARES, INC. NASDAQ: CFB | October 20th, 2020 Q3 2020 EARNINGS PRESENTATION LEGAL DISCLAIMER 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 forwardlooking statements reflect our current views with respect to, among other things, future events and o ...

Financial Data and Key Metrics Changes - The bank reported net income of $8 million or $0.15 per share for the quarter, with record pre-tax, pre-provision profits despite the pandemic [12][33] - Net interest income declined 4% on a linked quarter basis to $39.3 million, but was 10% above the third quarter of 2019 [24] - The net interest margin (NIM) decreased by 21 basis points from 3.19% to 2.98% during the quarter [24] - Non-interest income increased by 54% on a linked quarter basis and 26% year-over-year, driven by credit card fees, service charges, and securities gains [34] Business Line Data and Key Metrics Changes - Loan and deposit growth year-over-year was 23%, with quarter-over-quarter loans growing conservatively at 1.6% excluding PPP loans [13] - Overall deposits grew by 4.4% from the previous quarter, including robust demand deposit growth year-to-date [13] - Non-interest expenses were relatively flat on a linked quarter basis, with a reduction in headcount from 364 to 332 employees [35] Market Data and Key Metrics Changes - The Midwest and Southwest markets served by the bank have unemployment rates lower than the national average, with steady economic improvement [10] - The bank continues to hold approximately $369 million of PPP loans, with a significant portion expected to be forgiven in the first half of 2021 [21] Company Strategy and Development Direction - The company is focusing on fee income generating opportunities to diversify revenue and alleviate margin pressure [14] - A share repurchase program of up to $20 million was approved, reflecting confidence in the company's strength and direction [11] - The bank opened two new strategic locations in Dallas and Kansas City to expand its presence in fast-growing markets [16] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the bank's performance amidst a challenging macroeconomic climate and emphasized the importance of operational efficiencies [7][8] - The bank plans to continue building reserves throughout 2020 to strengthen its balance sheet for a stronger 2021 [8][49] - Management remains cautious in assessing and underwriting new credits while actively engaging with customers [19] Other Important Information - The bank's efficiency ratios were reported at 59% year-to-date and 53% for the quarter, despite non-recurring charges impacting these ratios [36] - The bank's criticized and classified loan total at the end of the quarter was $477 million, with classified loans at approximately $300 million [75] Q&A Session Summary Question: Can you provide more color on the $6 million of net charge-offs? - The charge-offs included several loans in the energy space and a couple in the C&I portfolio, with no systemic issues identified [53][54] Question: What contributed to the increase in non-performing assets (NPA)? - The increase was primarily due to one energy transaction and a restructured C&I loan, but NPAs decreased post-restructure [55][56] Question: What are the expectations for the buyback program? - The company aims to be prudent with the buyback, evaluating market conditions while maintaining a strong capital position [57][58] Question: Are there more cost management levers available for 2021? - The company has optimized staffing levels and expects cost reductions to positively impact 2021 [59] Question: What areas are seeing loan growth opportunities? - Loan growth is primarily coming from Texas and Kansas City, particularly in industrial and Class A multifamily real estate [61][62] Question: What are the expected trends for card fees? - Increased activity in the healthcare sector has driven card fees up, and this trend may continue in the near term [63][64] Question: What are the criticized and classified loan balances at the end of the quarter? - Criticized and classified loan totals were $477 million and approximately $300 million, respectively [75] Question: When do you expect reserve levels to peak? - Reserve levels are expected to peak at the end of the year, close to the 2% mark [76]

Financial Performance - CrossFirst Bankshares reported a net loss of $3.5 million YTD 2020, compared to a net income of $18.8 million in 2019, impacted by COVID-19 provisioning[8, 23] - Pre-tax, pre-provision net income (PTPP) reached $30.9 million YTD 2020, a 14% increase from $27.2 million in the same period in 2019[8, 24] - Q2 2020 operating revenue grew by 20% compared to Q2 2019[8, 24] - The company reported a Q2 2020 net loss of $7.4 million, or ($0.14) per diluted share, including a $21.0 million loan loss provision and a $7.4 million non-cash goodwill impairment[24] Balance Sheet and Capitalization - Total assets amounted to $5.5 billion as of June 30, 2020[8, 21] - Gross loans totaled $4.413 billion, and deposits reached $4.304 billion[23] - The Common Equity Tier 1 (CET1) capital ratio was 11.99%, and the Total Risk-Based Capital ratio was 13.27%[23] Asset Quality - Non-Performing Assets (NPAs) to Assets ratio was 0.74%[23] - Net Charge-Offs (NCOs) to Average Loans ratio was 1.01%[23] - Reserves to Loans ratio stood at 1.61%, and Reserves to Non-Performing Loans (NPLs) ratio was 189%[23] Strategic Initiatives - The company is focused on organic growth in core markets, leveraging its relationship banking team[17] - CrossFirst is pursuing expansion opportunities through market development, including a new branch in Frisco, TX, opened on July 13, and relocating the Kansas City, MO branch[18] - The bank maintains a branch-lite structure and is heavily invested in technology[18]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-39028 CROSSFIRST BANKSHARES, INC. (Exact Name of Registrant as Specified in its Charter) Kansas 26-3212879 (State or other juris ...

CROSSFIRST BANKSHARES, INC. NASDAQ: CFB | July 23tʰ, 2020 Q2 2020 EARNINGS PRESENTATION LEGAL DISCLAIMER 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 forwardlooking statements reflect our current views with respect to, among other things, future events and our ...