CrossFirst Bankshares : Q4 2022 Earnings Presentation

CROSSFIRST BANKSHARES, INC.

NASDAQ: CFB

4th Quarter and Full Year 2022 Earnings Presentation January 23, 2023

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 relating to this presentation 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 impacts of 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 "positioned," "optimistic," "potential," "believe," "expect," "will make," "will," "anticipate," "growth," "intend," "plan," "future," "goal," "target," "uncertainty," "strategy," "opportunities," "feel," "expectations," 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 related to general business and economic conditions and any regulatory responses to such conditions; interest rate fluctuations, 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; 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; risks relating to the ongoing COVID-19 pandemic; 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 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 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 acquired Farmers & Stockmens Bank (referred to herein as "Central") on November 22, 2022.

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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 share", "pre-taxpre-provision profit", "tangible common stockholders' equity", "tangible book value per share", "adjusted return on average assets (ROAA)", "adjusted return on common equity (ROE)" and "adjusted efficiency ratio

- fully tax equivalent (FTE)."

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 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 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.

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Net Income

Operating Revenue(1)

Adjusted Net Income(2) & PTPP Profit(2)	Non-performing Assets / Total Assets

Note: Dollar amounts are in millions, other than per share amounts
(1)	Defined as net interest income plus non-interest income	4
(2)	Represents a non-GAAP financial measure, see non-GAAP reconciliation slides at the end of this presentation for more details

$61.6 Million	$1.23	9.97%	1.07%

$68.6 Million

$1.37

11.11%

1.19%

• Net interest income increased 15% compared to 2021 due to the higher rate environment, coupled with strong organic loan growth
• Adjusted ROE of 11.11% is highest since our IPO in 2019
• Fully tax equivalent NIM increased 33bps to 3.50% for full year 2022 compared to full year 2021(2)(3)
• Completed acquisition of Central adding $389 million of loans and $570 million of deposits
• Loan portfolio increased $1.1 billion, or 26% from year-end 2021, with organic loan growth of 17% for the year
• Total deposits increased $968 million, including $570 million from the Central acquisition. DDA as a percentage of total deposits was 25% at December 31, 2022
• Credit quality improved meaningfully with the non-performing assets ratio at 0.20% at year end and full year net charge offs of just 0.08%

(1)	Represents a non-GAAP financial measure, see non-GAAP reconciliation slides at the end of this presentation for more details
(2)	For all periods 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	5
(3)	The incremental Federal income tax rate used in calculating tax exempt income on a tax equivalent basis is 21.0%