CrossFirst Bankshares : Investor Presentation - Form 8-K

CROSSFIRST BANKSHARES, INC. TM Q3 2021Earnings PresentationOctober 19, 2021 Mike Maddox, President & CEOBenClouse, CFORandy Rapp, CCO & CROHeatherWorley, Director of IR 1

Legal disclaimer FORWARDLOOKING STATEMENTS.The financial results in this presentation reflect preliminary,unaudited results, which are not final until the Company'sQuarterly Reporton Form 10Qis filed.This presentation and oral statementsmade during this meeting contain forwardlooking statements. These forwardlooking statements reflect our current views with respect to, amongother things, future events and our financial performance.These statements are often, but not always, made through the useof words or phrases such as "may," "might," "should," "could,""predict," "potential," "believe," "expect," "continue," "will,""anticipate," "seek," "estimate," "intend," "plan," "strive," "projection,""goal," "target," "outlook," "aim," "would," "annualized" and"outlook," or the negative version of those words or other comparablewords or phrases of a future or forwardlooking nature. These forwardlooking statements are not historical facts, and are based on current expectations,estimates and projections about our industry, management'sbeliefs 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 forwardlookingstatements are not guarantees of future performance and aresubject to risks,

assumptions, estimates and uncertainties that are difficult to predict.Although we believe that the expectations reflected in these forwardlooking statements are reasonable as of the date made, actual resultsmay prove to be materially different from theresultsexpressedor implied by the forwardlooking statements. There areor will be important factors that could cause our actual results to differmaterially from those indicated in these forwardlooking statements, including,but not limited to, the following:risks relating to the COVID19pandemic; risks related to general business and economic conditionsand any regulatory responses to such conditions; our ability to effectivelyexecute our growth strategy and manage our growth, including identifyingand consummating suitable mergers and acquisitions; the geographicconcentration of our markets; fluctuation of the fair value of ourinvestment securities due to factors outside our control; our abilityto successfully manage our credit risk and the sufficiency ofour allowance;regulatory restrictions on our ability to growdue to our concentration in commercial real estate lending; our abilityto attract, hire and retain qualified management personnel; interestrate fluctuations; our ability to raise or maintain sufficient capital; competitionfrom banks, credit unions and other financial

services providers; the effectiveness of our risk management frameworkin mitigating risks and losses; our ability to maintai

n effective internal control over financial reporti

ng; our ability to keep pace with technological changes; system failuresand interruptions, cyber

attacks and security breaches; employee error,fraudulent activity by employees or clients and inaccurate or incomplete infor

mation about our clients and coun

terparties; our ability to maintain our reputation; costs and effectsof litigation, investigations or similar matters; risk

exposure from transactions with financial counterparties; severeweather, acts of god, acts of war or terrorism; compliance w

ith go

vernmental and regulatory requirements; changes in the laws, rules,regulations, interpretations or policies relating to fina

ncial institutions, accounting, tax, trade, monetary and fiscalmatters; compliance with requirements associated with beinga

publi

c company; level of coverage of our business by securities analysts;and future equity issuances.

Any forward

looking statement speaks only as of the date on which it is made, andwe do not undertake any obligation to update or review

any forward

-

looking s

tatement, whether as a result of new information, future developmentsor otherwise, except as required by law.

NON

GAAP FINANCIAL INFORMATION.

This

presentation contains certain nonGAAP measures.These nonGAAP measures, as calculatedby CrossFirst, are not necessarily comparable to similarly titledmeasures reported by other companies.Additionally,these nonGAAP measures are not measures of financial performanceor liquidity under GAAP and should not be considered alternatives to theCompany'sother financial information determined under GAAP.See reconciliations of certain nonGAAPmeasures included at the end of this presentation. MARKET AND INDUSTRYDATA. This presentation references certainmarket, industry and demographic data, forecasts and other statistical information.We have obtained this data, forecasts and information fromvarious independent, third party industry sources and publications.Nothing in the data, forecasts or information used or derived fromthird party sources should be construed as advice. Somedata and other information are also based on our good faith estimates,which are derived from our review ofindustry publicationsand surveys and independent sources. We believe that thesesources and estimates are reliable but have not independently verifiedthem. Statements as to our market position are basedon market data currently available to us. Althoughwe arenot aware of any misstatements regarding the

economic, employment, industry and other market data presentedherein, these estimates involve inherent risks and uncertainties andare based on assumptions that are subject to change.CROSSFIRSTBANKSHARES, INC. 2

Experienced Management TeamMike MaddoxPresident, CEO and DirectorJoined CrossFirst in 2008 after servingas Kansas City regional president for Intrust BankPracticinglawyer for more than six years before joining Intrust Bank Appointedto CEO June 1, 2020 after 12 years of serviceB.S. Business,University of Kansas; J.D. Law, University of Kansas; GraduateSchool of Banking at the University of WisconsinMadisonBen Clouse -Chief Financial Officer25 yearsof experience in financial services, asset and wealth management,banking, retail and transportation, including public companyCFO experienceJoined CrossFirst in July 2021 after serving as CFO of Waddell& Reed Financial, Inc. (formerly NYSE: WDR) until its acquisitionin 2021Significant experience leading financialoperations as well as driving operational changeB.S. Business, KansasState University; Master of Accountancy, Kansas State UniversityObtained CPA designation and FINRA Series 27 licenseRandyRapp ChiefRisk Officer and Chief Credit OfficerMore than 33 years of commercialbanking experience in Texas in various credit, production,risk and executive roles.Joined CrossFirst in March2019 after a 19 year career at Texas Capital Bank (NASDAQ:TCBI)serving as Executive Vice President and Chief Credit Officerfrom

May 2015 until March 2019.B.B.A. Accounting, TheUniversity of Texas at Austin and M.B.A. Finance, TexasChristian UniversityObtained CPA designation HeatherWorley Director of Investor RelationsMore than 15 years of experience in marketing, communicationsand investor relations in banking and financeJoined CrossFirst inSeptember2021. Previously, SVP & Director of IR for Texas CapitalBancshares, Inc. (NASDAQ: TCBI) Recognized by Institutional Investormagazine AllAmerica Executive Team 2017| Top Investor Relations Professional & AllAmerica ExecutiveTeam 2019 | Top Investor Relations ProgramB.A.Communications, Mississippi State UniversityOther Senior ExecutivesSteve PetersonChief Banking Officerof CrossFirstBank21+ years of banking experienceJoinedCrossFirst in 2011 Amy FaussChief Operating&Chief Human Relations Officer of CrossFirst Bank28+ years of banking experienceJoined CrossFirst in 2009 Jana MerfenChief Technology Officerof CrossFirst Bank12+ years of technologyexperienceJoined CrossFirst in 2021CROSSFIRSTBANKSHARES, INC. 3

Q3 2021 and YTD 2021Highlights and SummaryFinancialPerformance Strong net income during Q3 2021of $21 million and YTD net income of $48.6 millionNet interestmargin fully tax equivalent (FTE) of 3.20% compared to 3.12%in Q2 2021 Continued improvementin YTD efficiency ratioBalanceSheet 8.2% (annualized) growth in total loans, ex PPP,during Q3 202117% demand deposits growth fromJune 30, 2021 which now account for 22% of total deposits$1.7 billion inunfunded loan commitments as of September 30, 2021Strategic Initiatives$30 million share repurchase authorizationFocuson hiring and recruiting experienced revenue generators Continuestrong earnings momentum Enhance digital products to betterserve our clientsGrow lending verticals * Represents aNonGAAP financial measure, see NonGAAPreconciliation slides at the end of the presentation for moredetail. CROSSFIRST BANKSHARES, INC. 4

Our Road to Success ONE TEAMFocusing on:Elevating ourStrong Corporate Culture by Living our CrossFirst ValuesAttracting and Retaining High Performing TalentWellbeingof our Employees ONE BANKFocusing on:TargetingBusinesses and ProfessionalsBranchLiteTechnology FocusedDelivering Extraordinary Service andCustomer ExperienceSHARED VISIONFocusing on:Performance& ProfitabilitySeizing Growth OpportunitiesStrong Credit QualityEnhancingProducts and ServicesManaging Enterprise RiskContributingto our Communities 3rd Largest Bank Headquarteredin KansasCity MSA Total Assets $5.4 billion GrossLoans$4.2 billion TotalDeposits $4.4 billion Book Value/Share$12.79 Note: As of 9/30/21. CROSSFIRST BANKSHARES, INC. 5

2020 Impact ReportWe are committed to our employees,clients, and communities, which is why we created ourfirst ever Impact Report to show our commitment to being a forcefor good in our communities.Highlights the meaningful differencewe are making in the lives of our employees, our clients and in our communitiesBenchmark of where we are today and a baseline to measure our continuedsuccess in the future COMMUNITYIMPACTWe buildstrong relationships within our communities and support the passionsof our employees.Supported over 100 organizations in 2020 withdonations and sponsorships Employees donated $25,000, which wasmatched by CrossFirst for a total philanthropic investment of $50,000in the communities where we live and work through our GenerousGiving program DIVERSITY, EQUITY AND INCLUSIONWe believe that an equitable and inclusive environment with diverseteams supports our core values.IDEA (Inclusion, Diversity,Equity, and Accountability) Champions enhance an inclusiveculture through company events andparticipationin our recruitment effortsIn 2020, we employed 328 individualsacross a diverse representation of 58% female, 42% maleand 13% of whom are ethnically diverseBESTINCLASSCULTUREWeembrace and encourage our employees'

strengths and talents to deliver on our extraordinary service promise. Longpartnered with the GALLUP® organization in the administrationof its CliftonStrengths® assessment for each employee and Q12Survey to measure employee engagementMaintained a consistentemployee engagement score in 2020CROSSFIRSTBANKSHARES, INC. 6

EXPANDING OUR FOOTPRINT

AREAS OF FOCUS

Continue to execut

e our organic growth strategy in existing markets

Focus on new expansion in target markets where we currentlyhave client business

Evaluate expansion strategies in key target markets:

De Novo Expansi

on:

Hire experienced talent to expand in key growth marke

Strategic Acquisition:

Provides operational scale and synergies

Adds new lines of business

Adds fee income opportunities POTENTIAL TARGETMARKETS Fort Worth, Texas

Austin, Texas

Denver, Colorado

Omaha, Nebraska Houston, Texas

San Antonio, Texas

Nashville, Tennessee

CROSSFIRST BANKSHARES, INC. 7

Earnings Growth Net Income $8.0 Q3 2020 $8.1 Q4 2020 $12.0 Q1 2021$15.6 Q2 2021 $21.0 Q3 2021 Diluted EPS $0.15 Q3 2020 $0.15Q4 2020 $0.23 Q1 2021 $0.30 Q2 2021 $0.41 Q3 2021 Consistentlygrowing netincome and earnings per share Q32021 $6.2 million unrealized loss on an equity securityQ32021 $10 million release from reserves reversesthe majority of the 2021 provisioning due to improved credit quality, economic recovery in the markets we serve, and relatively static loan balanceAs of June 30, 2021, the Company had provisioned $11 millionfor loan losses YTDYTDCROSSFIRST BANKSHARES,INC. 8

Third Quarter2021 Summary & Highlights Net Income $21.0M ROAA1.54% NIM (FTE) 3.20% Diluted EPSA $0.41 ROE 12.92%Balance Sheet Update 2%NonGAAPLoan growthQoQ2%(1)(2)Deposit growthQoQ 17%DDADeposit growthQoQ 2%TBV/ Share growth QoQ Credit Performance 0.92%NPAs/Asset 0.13%NCOs /AvgLoans 1.56%NonGAAPReserves /Loans (1) (2)17%Classified Loans /Capital + ALLLCapital & Liquidity 12.61%CET 1 CapitalRatio 13.88%Total RiskBased Capital 95% Loans /Deposits19% Cash and Securities /Assets Efficiency 59.1%Q3 2021GAAPEfficiency Ratio 50.5% Q3 2021NonGAAPEfficiency Ratio 1.76%NonInterestExpense /Avg Assets $15.3MAssets /EmployeeNote: Interim periods are annualized.Gross loans net of unearnedincome; excludes PPP loans.Represents a nonGAAP financialmeasure. See Non-GAAP Reconciliation slides at the end of thispresentation for additional detail. CROSSFIRST BANKSHARES,INC. 9

Commentary

Fully tax

equivalent net interest margin increased 8bps to 3.20% from Q2 2021,primarily due to improved cost of funds

Reduced time deposits and wholesale funding

Increased no

interest

bearing deposits

Loan yield increased 1bps compared to Q2 2

021 due to a decrease in PPP loan balance and nonaccrualchanges offsetting lower loan fees

Loan to deposit ratio decreased to 95% from 97% in Q2 2021 anddecreased from 100% in Q3 2020

Yield on Loans & Cost of Deposits 4.89% 0.99% 2017 5.34%1.44% 2018 5.52% 1.89% 2019 4.26% 0.85% 2020 3.90% 0.67%Q3 2020 4.0

0% 0.38% Q3 2021

Yield on loans Cost of Total Deposits

Net Interest Margin

-

Fully Tax Equivalent (FTE)

3.40% 2017 3.39% 2018

3.31%

2019 3.13% 2020 3.12% Q4 2020 3.00% Q1 2021 3.12% Q2 20213.20% Q3 20

21

CROSSFIRST BANKSHARES, INC. 10

Operating Revenue Growth Operating Revenue(1)

$78.5 $3.7 $74.8 201

7

$116.5 $6.1

$110.4 2018 $150.2 $8.7 $141.5 2019 $172.0 $11.7 $160.32020 $127.5

$8.8 $118.7 YTD 2020 $127.5 $8.8 $118.7 YTD 2020$134.1 $8.9 $125.2 $138.4 $13.2 $125.2 YTD 2021 Non

GAAP No

GAAP

Non

GAAP Non

GAAP Net Interest Income (2) Non

Interest Income (2) Historically, our balance sheet growth combinedwith a relatively stable ne

t interest margin has enabled robust operating revenue growth

Q3 2021 Non

Interest Income was impacted by a $6.2 million impairment of aninvestment in a business acquired as part of a loan restructu

ring Operating Revenue (1) Q3 2021 QoQ YoY FY 2020YoY 2017

2020 CAGR

Net income Interest

1% 6% 13% 29% Non

GAAP Non

nterest Income (2) 28% 25%

Non

GAAP Total

Revenue (2) 1% 8%

Operating Revenue (1) Q3 2021 QoQ YoY FY 2020 YoY2017

2020 CAGR Non

Interest Income

119%

127% 35% 47% Total Revenue

15%

6% 15% 30%

Note: Dollars are in millions.

Defined as Net Intere

st Income plus Non

Interest income

Represents a non

GAAP financial measure. See Non

GAAP Reconciliation slides at the end of this presentation foradditional detail.

CROSSFIRST BANKSHARES, INC. 11

Growth and expense management$2,961 2017 $4,107 2018 $4,9312019 $5,659 2020 2.53% 2.45% 1.95% 1.84% Total Assets Noninterest expense / Average Assets Q3 YTD'20YTD '21 NonInterest Expense $76.2$14.7 $7.4 $4.8$5.3 $43.0 YTD 2020 $72.7 $15.6 $5.2 $7.3 $44.6 YTD 2021 OtherTechnology Salaries & Benefits Goodwill Impairment OccupancyNote: Dollars are in millions and amounts shown are asof the end of the period unless otherwise specified. * Includes $7.4 milliongoodwill impairmentCROSSFIRST BANKSHARES,INC. 12

Improving Efficiency while Growing Assets79.1% 73.6% 58.4% 58.1%54.2% 74.0% 67.8% 57.4% 53.0% 51.2% % $2,961 $4,107$4,931 $5,659 $5,401 2017 2018 2019 2020 YTD 2021TotalAssets Efficiency Ratio NonGAAP EfficiencyRatioNote: Dollars are in millions and amountsshown are as of the end of the period unless otherwise specified.*Represents a nonGAAP financial measure. SeeNonGAAP Reconciliation slides at the endof this presentation for additional detail.CROSSFIRST BANKSHARES,INC. 13

Capital Ratios CommentaryMaintained strong capital levels to support futuregrowthAnticipates remaining well capitalized whileutilizing capital for the share buyback programExecution of our profitablegrowth strategy further strengthened capital ratiosCapital ratios16% 14% 12% 10% 8% 6% 4% 2% 0% 11.95% 11.97% 13.23%Q3 2020 11.93% 11.94% 13.20% Q4 2020 12.00% 12.02%13.27% Q1 2021 12.40% 12.42% 13.67% Q2 2021 12.61% 12.63%13.88% Q3 2021 Common Equity Tier 1 Tier 1 RiskBased Total RiskBased CapitalCROSSFIRSTBANKSHARES, INC. 14

Asset Qua

lity Performance

Commentary

NPAs continue to improve as economic and business outlooksimprove

Reduction in NPAs mostly related to upgrades in commercialand industrial loans adversely effected by the pandemic

51% of the nonperforming asset balanc

e in Q3 2

021 relates to energy credits

OREO balances reduced to $1.1 million

Commentary

Classified loans continue to trend down due primarily to higher energyprices, improvements in customers' businesses, and imp

roved economic conditions

37% of classifieds in Q3 2

021 relate to Energy, down from 43% in Q2 2021 and 46%in Q3 2020

Energy classifieds decreased 37% during the quarter and 67% fromQ3 2020

Asset Quality Performance Nonperforming Assets / Assets1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% 0.18% 2

017 0.43%

2018 0.97% 2019 1.39% 2020 1.39% Q4 2020 1.15% Q1 2021 1.09%Q2 2021 0.92% Q3 2021 Classified Loans / (Total Capital +ALLL)

$350 $300 $250 $200 $150 $100 $50 $

$299.9 43.2% Q3 2020 $286.1 40.9% Q4 2020 $268.9 38.2%Q1 2021 $170.7 24.0% Q2 2021 $124.1 17

.3% Q3 2021

Classified

Loans Ratio Note: Dollar amounts are in millions. CROSSFIRSTBANKSHARES, INC. 15

Asset Quality PerformanceCommentaryQ3 2021 had $1.3 million of net chargeoffs related to one energy and two commercial and industrial creditsQ2 2021 had $2.6 million of net chargeoffs related to two commercialand industrial creditsQ1 2021 had $8.2 million of net charge-offs related to several commercial and industrial credits CommentaryPrudently reduced ALLL/Total Loans to 1.51%, or1.56%excluding PPP loans(2), at end of Q3 2021 by releasing $10 millionin reserves$3.5 million of provisions were added to the reservesin Q2 2021$7.5 million of provisions wereadded to the reserves in Q1 2021Net ChargeOffs/ Average Loans(1) 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% 0.44%2017 0.07% 2018 0.51% 2019 0.89% 2020 1.05% Q4 2020 0.74%Q1 2021 0.23% Q2 2021 0.13% Q3 2021 Allowance forLoan Losses / Total Loans $100 $90 $80 $70 $60 $50 $40 $30$20 $10 $0 1.70% 1.70% 1.65% 1.78% 1.51% $76.0 $75.3 $74.6$75.5 $64.2 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 ALLLALLL/LoansNote: Dollar amounts are in millions. Ratio is annualizedfor interim periods.Represents a nonGAAP financialmeasure. See NonGAAP Reconciliationslides at the end of this presentation for additional detail. CROSSFIRSTBANKSHARES, INC. 16

Supplemental InformationCROSSFIRST BANKSHARES,INC. 17

$30 MILLIONCOMMON STOCKBUYBACK BENEFITSReturn of accumulated capital and earnings to shareholdersFacilitated byconsistency in core earningsAnticipate enhanced earnings pershare with little tangible book value dilution and a short earnbackperiod Expect improved ROE by deploying accumulated capital BALANCESHEETEFFECTS AS OF 9/30/21 Key capital ratiosremain wellcapitalizedRetain strategic growth capabilitiesOrganic expansionM&A opportunitiesIncreasesdiluted EPS by ~$0.05 or ~4.4% Increases ROATCE by ~38bpsBuying back ~4.4% of outstanding shares*Effects based on share price and outstanding shares as of 9/30/21CROSSFIRSTBANKSHARES, INC. 18

Balance Sheet Growth

$1,996 $2,303 $3,061 $3,208 $

3,852 $3,924 $4,442 $4,695 $4,233 $4,437 2017 2018 20192020 Q3 2021 Gross loans net of unearned fees Total depositsBalance

Sheet Q3 2021 QoQ YoY FY 2020 YoY 2017

020 CAGR Gross Loans 0%

5% 15% 31% Gross

Loans ex PPP* 2% 0%

7% 24% Total Deposits 2%

1% 20% 27% Total Assets 2%

2% 15% 24%

Annualized loan growth of 8% during Q3 2021, excluding theimpact of PPP*

$88 million in PPP loans were forgiven in Q3 2021

Depo

sit growth of 7% annualized during Q3 2021

Includes 17% QoQ increase in non

-

interest

bearing deposits Note: Dollars are in millions.

* Represents a non

GAAP financial measure. See Non

GAAP Reconciliation slides at the end of this presentation foradditiona

l detail.

CROSSFIRST BANKSHARES, INC. 19

loan portfolio Details CommentaryThe loan portfolio, excluding PPPloans, at Q3 2021 grew 8.2% annualized from previous quarter*Diversification remains a core tenetGenerally,the Company only buys syndicated loans with borrowers forwhich the Company could lead the next borrowing opportunityQ32021 purchased loan participations totaled $160 million and a combinationof shared national credits and syndications purchased totaled$289 millionQ3 2021 loan participations sold of $221 million andsyndications sold of $131 million at September 30, 2021$84million of total shared national credits at September 30, 2021GrossLoans by Type Loan Yield $4,493 $4,455 $4,523 $4,252$4,246 $47 $618 $369 $588 $1,196 $384 $1,291 Q3 20203.90% $4,455 $555 $681 $292 $563 $1,180 $345 $1,339 Q42020 4.00% $4,523 $63 $688 $336 $617 $1,192 $342 $1,284 Q12021 3.94% $4,252 $67 $642 $197 $623 $1,209 $326 $1,188 Q22021 3.99% $4,246 $62 $621 $109 $585 $1,267 $296 $1,306 Q32021 4.00% Commercial & Industrial Commercial realestate PPP Consumer Energy Construction & Land DevelopmentResidential & Multifamily Real Estate Loan Participations and Syndications Net Purchases and Sales $452 $463 $474 $447 $452 $460 $454$ 379 $449 $352 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021

Purchases Sales Note: Dollars in charts are in millions. Amounts shownare as of the end of the period.* Represents a non-GAAPfinancial measure. See NonGAAP Reconciliationslides at the end of this presentationfor additional detail. CROSSFIRST BANKSHARES, INC.20

Improving core funding baseCommentary Demanddeposits increased +27% compared to Q3 2020+17% comparedto Q2 2021Improved the cost of deposits by increasing DDA andlowering time deposit and money market accounts Deposit costs havetrended down due to the persistent lowrateenvironment and management's balance sheet strategy$4,493$1,141 $2,090 $508 $754 Q3 2020 $4,695 $1,044 $2,155 $778 $718Q4 2020 $5,052 $932 $2,484 $ 841 $795 Q1 2021 $4,357$804$2,075 $659 $819 Q2 2021 $4,437 $701 $2,103 $672 4961 Q32021 Cost of Deposits 0.67% 0.58% 0.48% 0.41% 0.38%Noninterest bearing deposits Transaction depositsSavings & MMA Time Deposits Focus on Core Funding 17% 14%8% 8% 7% 9% 6% 2% 2% 2% Q3 2020 Q4 2020 Q1 2021 Q2 2021Q3 2021 Wholesale Deposits Brokered Deposits Q3 2021 DepositComposition Time Deposits 16% Transaction Deposits 15%DDA 22% Savings & MMA 47%Note: Dollarsare in millions and amounts shown are as of the end of the period.*As a percentage of Bank assetsCROSSFIRSTBANKSHARES, INC. 21

PPP Loan Summary CommentaryWeighted average rateof approximately 5.5%, in Q3 2021$3.0 million in anticipated fees remainfrom Rounds 1 and 2Round 1 (2020 programs) were2year programs while Round 2 (2021 program)is a 5year programPPP Loan SummaryPPP Timeline$369 ($77) $292 ($67) $336 $111 $225 ($161) $197$129 $68 ($88) $109 $96 $13 Q3 2020 End Q4 2020 ForgivenQ4 2020 End Q1 2021 Forgiven Q1 2021 End Q2 2021Forgiven Q2 2021 End Q3 2021Forgiven Q3 2021 End 2020PPP Loans Loan Forgiveness 2021 PPP Loans Fee Recognition$9.9 $3.2 $2.6 $2.4 $3.7 $2.2 $2.1 $4.2 $0.5 $1.7 $3.0 Q2 2020 Q32020 Q4 2020 Q1 2021 (1) Q1 2021 Q2 2021 (2) Q2 2021 Q3 2021(3) Q3 2021 Round 1 Unrecognized Fees Fee RecognizedRound 2 Unrecognized FeesNote: As of end of period;dollars in millions.(1) $2.4 million consists of$1.9 million from Round 1 and $0.5 million from Round 2(2)$2.1 million consists of $1.7 million from Round 1 and $0.4million from Round 2(3) $1.7 million consists of$0.5 million from Round 1 and $1.2 million from Round 2 CROSSFIRSTBANKSHARES, INC. 22

Commentary Continue to exercise caution in the investment portfolioand ma

intain high

quality investment securities

At the end of Q3 2021, the portfolio's duration was approximately5.1 years

The fully taxable equivalent yield for Q3 2021 fell 6bps to 2.87

During Q3 2021, $18 million of MBS/CMO paydowns werereceived and no sec

urities were sold

During Q3 2021, $14 million of Tax

Exempt Municipal bonds were sold with a realized gain of $1 million

The securities portfolio has unrealized gains of approximately$26 million as of September 30, 2021

Securities portfolio

Investment Portfolio Breakout as of September 30, 2021 Municipal

Taxable

MBS (Fixed)

18.8%

Other, 0.6% CMO (Fixed) 3.2% Municipal

Tax

Exempt

76.2% Total: ~$708 million(1) Securities Yield

Fu

lly Tax Equivalent

Securities Yield

Fully Tax Equivalent

3.85% 3.62% 3.35% 3.05% 2.93%

2.96% 2.89% 2.93% 2.87% 2.79% 2.13% 1.45% 2.13%2.18% 2.31% 2.33%

2.44% 2.41% 2017 2018 2019 2020 Q3 2020 Q4 2020 Q12021 Q2 2021 Q3 2021 Securities Yield

Cost of Funds Spread Securities Yield

Based on approximate fair value

. CROSSFIRST BANKSHARES, INC. 23

CrossFirst Energy Portfolio

Portfolio Composition

Portfolio Composition

Collateral base is predominately comprised of properties with sufficientproduction history to establish reliable production

trends

Typically, only lend as a senior secured lender in singlebank transactions and as a cash flow lender

Exploration & Production lending only on proven and producing reserves

CrossFirst typically does not lend to shale, oil field services, or midstreamenerg

y companies.

Have decreased number of energy loans by 9 to 49, or 16%,since Q2 2020

Energy by Composition 9/30/2021

# Loans

Loan Amount

% Total

Avg % Hedged(1)

Hedge Price(2)

Oil

35

$175

59%

38%

$47.60

Natural Gas

13

$121

41%

49%

$2.62

Other Sources

0%

0%

Total

$296

100%

40% (1)

Energy Portfolio and

Tangible Equity(3)

98% 79% 69% 55% 45% $243 $249 2017 $358 $453 2018

$409 $594 2019 $345 $624 2020 $296 $652 Q3 2021 EnergyPortfolio Tangible Equity(3) Energy

(3)

Energy Loans by Risk Rating

4.2% of Reserves on Energy Portfolio $399 $15 $371 Q1 2020

13 $390 $108 $72 $210 Q2 2020 $384 $138 $59 $187 Q32020 $345 $109 $90 $1

46 Q4 2020 $343 $119 $82 $142 Q1 2021 $326

$73 $102 $151 Q2 2021 $296 $46 $116 $134 Q3 2021 PassSpecial Mention Substandard & Doubtful

Note: Data as of 9/30/21.

Note: Loan

dollars in millions;Weighted Average.Hedged rolling 12 month; Oil price in $ per barrel and natural gasprice in $ per MMBtu.Represents a nonGAAP financial measure,see nonGAAP reconciliation slides in the supplementalinformation for more detail.CROSSFIRST BANKSHARES,INC. 24

Diverse loan portfolio Loan Mix by Type ($4.2bn) (1) ResidentialReal Estate9% Other 1% Commercial & Industrial31% Owner Occupied Real Estate8%SBA PPP 3% Energy7% Commercial Real Estate 41%CRE LoanPortfolio by Segment ($1.7bn)(1) Multi-Family 20% Other18% Senior Living 7% Hotel 11% 14 FamilyRes Construction 8% Industrial 9% Office 15% Retail 12%Commercial and Industrial Loan Breakdownby Type ($1.3bn)Real Estate Activity 4% Business Loans to Individuals 8% Recreation5% Health Care 7% Administrative Services 5% Engineering& Contracting 7% Restaurants 4% Financial Management 4% Aircraft& Transportation 5% Merchant Wholesalers 4% 18 Other Industries35% CRE Loans by Geography ($1.7b)(1) Remaining States 18%AZ 2% FL 4% NC 4% CO 4% MO 8% KS 10% OK13%TX 37%Note: Data as of September 30, 2021.CRE as definedby regulators (including construction and development). CROSSFIRSTBANKSHARES, INC. 25

Quarterly Selected Financials

(Dollars in thousands, except per share data)

CrossFirst Bankshares, Inc. Quarterly Financials

For the Three Months Ended

9/30/21

6/30/21

3/31/21

12/31/20

9/30/20

Income Statement Data:

Interest income

47,311

48,484

48,153

49,534

48,452

Interest expense

5,510

6,156

7,036

7,997

9,125

Net interest income

41,801

42,328

41,117

41,537

39,327

Provision for loan losses

(10,000)

3,500

7,500

10,875

10,875

Non

interest income

(1,105)

5,825

4,144

2,949

4,06

3

Non

interest expense

24,036

25,813

22,818

23,732

23,011

Net income before taxes

26,660

18,840

14,943

9,879

9,504

Income tax expense

5,660

3,263

2,908

1,785

1,498

Net income

21,000

15,577

12,035

8,094

8,006

Non

GAAP core operating income(1)

25,898

14,245

12,035

8,094

8,006

Balance Sheet Data:

Cash and cash equivalents

$

316,722

220,814

630,787

$

408,810

223,636

Securities

708,106

712,217

685,454

654,588

649,901

Gross loans (net of unearned income)

4,233,117

4,237,944

4,508,600

4,441,897

4,477,809

Allowance

for loan losses

64,152

75,493

74,551

75,295

76,035

Goodwill and intangibles

149

169

188

208

227

Total assets

5,401,151

5,311,434

5,998,074

5,659,303

5,505,696

Non

interest

bearing deposits

960,999

818,887

794,559

718

,459

754,172

Total deposits

4,436,597

4,356,627

5,051,570

4,694,740

4,492,549

Borrowings and repurchase agreements

276,600

283,100

286,394

295,406

349,631

Trust preferred securities, net of fair value adjustments

997

986

974

963

952

Stockholders' Equity

652,407

637,190

628,834

624,428

617,883

Tangible c

ommon stockholders' equity(1)

652,257

637,021

628,646

624,220

617,656

Share and Per Share Data:

Basic earnings per common share

0.41

0.30

$

0.23

0.16

0.15

Diluted e

arning per common share

0.41

0.30

0.23

0.15

0.15

Book value per share

12.79

12.50

12.17

12.08

11.84

Tangible book value per share(1)

12.79

12.50

12.16

12.08

11.83

Basic weighted average common shares outstanding

50,990,113

51,466,885

51,657,204

51,970,116

52,136,286

Diluted weighted average common shares outstanding

51,605,721

52,209,541

52,381,474

52,463,645

52,560,126

Shares outstanding at end of period

51,002,698

50,958,680

51,678,669

51,679,516

52,195,778

(1) Represents a non

GAAP

financial measure. See Non

GAAP Reconciliation slides at the end of this presentation for additionaldetail.

CROSSFIRST BANKSHARES, INC. 26

Quarterly Selected Financials

CrossFirst Bankshares, Inc. Quarterly Financials

For the Three Months Ended

9/30/21

6/30/21

3/31/21

12/31/20

9/30/20

Selected Ratios:

Return on average assets(1)

1.54

%

1.10

%

0.84

%

0.58

%

0.58

%

Non

GAAP core operating return on average assets(1)(2)

1.90

1.01

0.84

0.58

0.58

Return on average common equity

12.92

9.86

7.80

5.19

5.19

Yield on earning assets

3.56

3.51

3.45

3.67

3.61

Yield on earning assets

tax equivalent(3)

3.62

3.57

3.50

3.71

3.66

Yield on securities

2.46

2.52

2.48

2.56

2.55

Yield on securities

tax equivalent(3)

2.87

2.93

2.89

2.96

2.93

Yield on loans

4.0

3.99

3.94

4.00

3.90

Cost of funds

0.46

0.49

0.56

0.65

0.75

Cost of interest

bearing liabilities

0.57

0.59

0.65

0.77

0.88

Cost of interest

bearing deposits

0.47

0.50

0.57

0.69

0.80

Cost of deposits

0.38

0.41

0.48

0.58

0.67

Cost of other

borrowings

1.82

1.79

1.79

1.78

1.50

Net interest margin

tax equivalent(3)

3.20

3.12

3.00

3.12

2.98

Non

interest expense to average assets

1.76

1.82

1.60

1.71

1.67

Efficiency ratio(4)

59.06

53.61

50.41

53.35

53.03

Non

GAAP core operating

efficiency ratio (FTE)(2)(4)

50.45

53.34

49.64

52.54

52.23

non

interest

bearing deposits to total deposits

21.66

18.80

15.73

15.30

16.79

Loans to deposits

95.41

%

97.28

%

89.25

94.61

%

99.67

%

Credit Quality Ratios:

Allowance for loans losses

to total lo

ans

1.51

%

1.78

%

1.65

1.70

1.70

Nonperforming assets to total assets

0.92

1.09

1.15

1.39

1.49

Nonperforming loans to total loans

1.15

1.33

1.48

1.71

1.78

Allowance for loans losses to nonperforming loans

131.76

133.79

112.10

98.98

95.18

et

charge

offs (recoveries) to average loans(1)

0.13

%

0.23

%

0.74

%

1.03

0.54

Capital Ratios:

Total stockholders' equity to total assets

12.08

%

12.00

%

10.48

%

11.03

11.22

Common equity tier 1 capital ratio

12.61

12.40

12.00

11.93

11.95

Tier 1

risk

based capital ratio

12.63

12.42

12.02

11.94

11.97

Total risk

based capital ratio

13.88

13.67

13.27

13.20

13.23

Tier 1 leverage ratio

11.77

10.81

10.51

10.93

%

10.85

%

(1) Interim periods are annualized.

(2) Represents a non

GAAP

financial measure.

See Non

GAAP Reconciliation slides at the end of this presentation foradditional detail.

(3) Tax

exempt income is calculated on a tax

equivalent basis. Tax

exempt income includes municipal securities, which is exempt from federaltaxati

on. A tax rate of 21% is used.

(4) Efficiency ratio is non

interest expense divided by the sum of net interest income andnon

interest income; non

GAAP core operating efficiency ratio (FTE) is adjusted fornon

core or non

recurring items

CROSSFIRST BANKSHAR

ES, INC. 27

Non

Gaap Reconciliation

For the Three Months Ended

(Dollars in thousands)

9/30/21

6/30/21

3/31/21

12/31/20

9/30/20

Non

GAAP Core Operating Income:

Net income

21,000

15,577

12,035

8,094

8,006

Add: Unrealized loss on equity

security

6,200

-

Less: Tax effect(2)

1,302

Unrealized loss on equity security, net of tax

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

25,898

14,245

12,035

8,094

8,006

Non

GAAP Core Operating Return on Average Assets:

Net income

21,000

15,577

12,035

8,094

8,006

Non

GAAP core operating

income

25,898

14,245

12,035

8,094

8,006

Average assets

$

5,408,984

5,673,638

5,798,167

$

5,523,196

5,486,252

GAAP return on average assets

1.54

%

1.10

%

0.84

%

0.58

%

0.58

%

Non

GAAP core operating return on average assets

1.90

%

1.01

%

0.84

0.58

0.58

Non

GAAP Core Operating Re

turn on Average Equity:

Net income available to common stockholders

21,000

15,577

12,035

8,094

8,006

Non

GAAP core operating income available to common stockholders

25,898

14,245

12,035

8,094

8,006

Average common equity

644,715

633,417

625,875

620,496

613,910

Less: average goodwill and intangibles

160

179

199

218

238

Average Tangible Equity

644,555

633,238

$

625,676

620,278

613,672

GAAP return on average common equity

12.92

9.86

7.80

19

5.19

%

Non

GAAP core return on average tangible c

ommon equity

15.94

%

9.02

%

7.80

%

5.19

%

5.19

Non

GAAP Core Operating Efficiency Ratio:

Non

interest expense

24,036

25,813

22,818

23,732

23,011

Less: Accelerated employee benefits

719

Non

GAAP non

interest expense (numerator)

24,036

25,094

22,818

23,732

23,011

Net interest income

41,801

42,328

41,117

41,537

39,327

Tax equivalent interest income(4)

748

734

704

683

669

Non

interest income

(1,105)

5,825

4,144

2,949

4,063

Add: Unrealized loss on equity security

6,200

-

Less:

BOLI settlement benefits

1,841

Non

GAAP operating revenue (denominator)

47,644

$

47,046

$

45,965

$

45,169

44,059

GAAP Efficiency Ratio

59.06

%

53.61

%

50.41

%

53.35

53.03

%

Non

GAAP core operating efficiency ratio (FTE)

50.45

%

53.34

49.64

52.54

%

52.23

%

No tax effect.

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

Represents the tax impact of the adjustments above at a tax rate of 21.0%,plus a per

manent tax benefit associated with stock

based grants.

Tax exempt income

(tax

free municipal securities) is calculated on a tax equivalent basis. The incrementaltax rate used is 21.0%.

CROSSFIRST BANKSHARES, INC. 28

Non

gaap

reconciliations (Cont.)

For the Year Ended

December 31,

Nine Months Ended

September 30,

2017

2018

2019

2020

2021

2020

Non

GAAP core operating income:

Net income

5,849

19,590

$

28,473

12,601

48,612

4,507

Add: Unrealized loss on equity security

6,200

Less: Tax effect(1)

1,302

Unrealized loss on equity security, net of tax

4,898

Add: restructuring charges

4,733

Less: Tax effect(1)

1,381

Restructuring charges, net of tax

3,352

Add: fixed

asset impairments

1,903

171

424

Less: Tax effect(2)

737

44

109

-

Fixed asset impairments, net of tax

1,166

127

315

Add: Goodwill impairment(3)

-

7,397

7,397

Add: State tax credit(3)

(3,129)

(1,361)

-

Add: 2017 Tax Cut and

Jobs Act(3)

2,701

-

Add: Accelerated employee benefits

719

Less: Tax effect (2)

210

Accelerated employee benefits, net of tax

-

-

509

-

Less: BOLI settlement benefits(3)

-

1,841

Non

GAAP core operating income

9,716

19,940

27,427

19,998

52,178

11,904

Non

-

GAAP Core Operating Return on Average Assets:

Net income

5,849

19,590

28,473

12,601

48,612

4,507

Non

GAAP core operating income

9,716

19,940

27,427

19,998

52,178

11,904

Average assets

2,452,797

3,494,655

4,499,764

5,358,479

5,625,504

5,302,970

GAAP Return on average assets

0.24

0.56

0.63

0.24

%

1.16

%

0.11

%

Non

GAAP core operating return on average assets

0.40

%

0.57

%

0.61

%

0.37

1.24

0.30

Non

GAAP Core

Operating Return on Average Equity:

Net income

5,849

$

19,590

$

28,

473

$

12,601

$

48,612

$

4,507

Non

GAAP core operating income

9,716

19,940

27,427

19,998

52,178

11,904

Less: Preferred stock dividends

2,100

2,100

175

Net income available to

common stockholders

3,749

17,490

28,298

12,601

48,612

4,507

Non

GAAP core operating income available to common stockholders

7,616

17,840

27,252

19,998

52,178

11,904

Average common equity

245,193

327,446

526,225

614,726

634,738

612,782

Intangible Assets

7,9

49

7,847

7,746

208

179

5,138

Average Tangible Equity

237,244

319,599

$

5

18,479

614,518

634,559

$

607,644

GAAP return on average common equity

1.53

5.34

5.38

2.05

%

10.24

0.98

Non

GAAP core return on average tangible common equity

3.21

%

5.58

%

5.26

3.25

10.99

2.62

Non

GAAP Core Operating Efficiency Ratio:

Non

interest expense

62,089

85,755

87,640

99,968

72,667

76,244

Less: Accelerated employee benefits

-

719

-

Less: goodwill impairment

-

7,397

-

7,397

Less: restructuring charges

4,733

Non

GAAP non

interest

expense (numerator)

62,089

81,022

87,640

92,571

71,948

68,847

Net interest income

74,818

110,368

141,444

160,249

125,246

118,712

Tax equivalent interest income

5,439

3,099

2,522

2,732

2,186

2,050

Non

interest income

3,679

6,083

8,707

11,733

8,864

8,792

Add: Unrealized loss on equity security

6,200

Add: fixed asset impairments

1,903

171

424

Less: BOLI settlement benefits(1)

1,841

Represents the

tax impact of the adjustments above at a tax rate of 25.73% from2015 through 2020 and at 21% for 2021, plus a permanent tax

benefit associated with stock

based grants.

Represents the tax impact of the adjustments above at a tax rateof 25.73% for fiscal y

ears 2018 and after; 38.73% for fiscal years prior to 2018.

No tax effect associated with the 2017 Tax Act adjustmentor state tax credit or the goodwill impairment.

.

CROSSFIRST BANKSHARES, INC. 29

Non

Gaap ReconciliationS (CONT.)

For the Three Months

Ended

(Dollars in thousands, except per share data)

9/30/21

6/30/21

3/31/21

12/31/20

9/30/20

Tangible common stockholders' equity:

Stockholders' equity

652,407

637,190

628,834

624,428

617,883

Less: goodwill and other intangible assets

149

169

188

208

227

Tangible Stockholders' Equity

652,258

637,021

628,646

624,220

617,656

Shares outstanding at end of period

51,002,698

50,958,680

51,678,669

51,679,516

52,195,778

Book value per share

12.79

12.50

12.17

12.08

11.84

Tangible book value per share

12.79

12.50

$

12.16

12.08

11.83

For the Three Months Ended

9/30/2021

6/30/2021

3/31/2021

12/31/2020

9/30/2020

Gross loans, net of unearned income

$4,233,117 $4,237,944 $4,508,600 $4,441,897 $4,477,809

Less: PPP loans,

net of unearned income

109,465 197,084 336,355 292,230 369,260

Non

PPP gross loans, net of unearned income

$4,123,652 $4,040,860 $4,172,245 $4,149,667 $4,108,549

Year

over

year loan growth

(5.46)%

Non

GAAP year

over

year loan growth excluding PPP loans

0.0

Linked quarter loan growth

(0.11)

Non

GAAP linked quarter loan growth excluding PPP loans

2.05%

Allowance for loan losses

$64,152 $75,493 $74,551 $75,295 $76,035 Allowance for loan lossesto gross loans, net of

unearned income 1.51% 1.78% 1.65% 1.70% 1.70% Allowance forloan losses to non-PPP gross loans, net of unearned income1.56% 1.87%1.79% 1.81% 1.85%