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Exhibit 99.1
CROSSFIRST BANKSHARES, INC.TM Q4 2021
Earnings Presentation
January 24, 2022
Mike Maddox, President & CEO
Ben Clouse, CFO
Randy Rapp, CCO & CRO
Heather Worley, Director of IR
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Legal
disclaimer
CROSSFIRST BANK
FORWARD
-
LOOKING STATEMENTS.
The financial results in this presentation reflect preliminary, unaudited results, which are not final until the Company’s An
nual Report on Form 10
K is filed.
This presentation and oral statements made during this meeting conta
in forward
looking statements. These forward
looking statements reflect our current views with respect to, among other things, future events and our financial performance
. These statements are often, but not always, made through the use of words or phrases
such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "se
ek," "estimate," "intend," "plan," "strive," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "out
look,
" 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 indus
try, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertai
n and beyond our control. Accordingly, we caution you that any such forward
-
looking statements are not guarantees of future perform
ance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe th
at the expectations reflected in these forward
looking statements are reasonable as of the date made, actual results may prove to b
e 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 thos
e indicated in these forward
looking statements, includ
ing, but not limited to, the
following: risks relating to the COVID
19 pandemic; risks related to general business and economic conditions and any regulatory responses to such conditions; our a
bility to effectively execute our
growth strategy and manage ou
r growth, including identifyi
ng and consummating suitable mergers and acquisitions; the geographic concentration of our markets; fluctuation of the fair v
alue of our investment securities due to factors outside our control; our ability to successfully mana
ge 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 att
ract, hire and retain qualified management personnel; interest rate fluctu
ations; our ability to raise
or maintain sufficient capital; competition from banks, credit unions and other financial services providers; the effectivene
ss 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 interrupt
ions, 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, in
vestigations or similar matters; risk exposure from transactions with financial counterparties; severe weather, acts of god,
acts
of war or terrorism; compliance with governmental and regulatory requirements; changes in the laws, rules, regulations, inter
pretations or policies relating to financial institutions, accounting, tax, trade, monetary and fiscal matters; compliance wi
th req
uirements associated
with bei
ng a public 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, and we do not undertake any obligation to
update or review any forward
-
looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
NON
GAAP FINANCIAL INFORMATION.
This presentation contains certain non
GAAP measures.
These non
GAAP measu
res, as calculated by CrossFirst, are not necessarily comparable to similarly titled measures reported by other companies.
Additionally, these non
GAAP measures are not measures of financial performance or liquidity under GAAP and should not be considered
alternatives to the Company’s
other financial information determined under GAAP. See reconciliations of certain non
GAAP measures included at the end of this presentation.
MARKET AND INDUSTRY DATA.
This presentation references certain market, industry and demographic data, forecasts and other statistical information. We h
ave obtained this data, forecasts and information from various independent, third party industry sources and publications. No
thing
in the data, forecasts or information used or derived from third party sources should be construed as advice. Some data and o
ther information are also based on our good faith estimates, which are derived from our review of industry publications and s
urveys
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 o
n market data currently available to us. Although we are not aware of any misstatem
ents regarding the economic, employment, industry and other market data presented herein, these estimates involve inherent ri
sks and uncertainties and are based on assumptions that are subject to change.
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CROSSFIRST BANK
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 to 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
25 years of experience in financial services, asset and wealth management, banking, retail and transportati
on, including public company CFO experience
Joined CrossFirst in July 2021 after serving as CFO of Waddell & Reed Financial, Inc. (formerly NYSE: WDR) until its acquisit
ion in 2021
Significant experience leading financial operations as well as driving oper
ational change
B.S. Business, Kansas State University; Master of Accountancy, Kansas State University
Obtained CPA designation and FINRA Series 27 license
Randy Rapp
Chief Risk Officer and Chief Credit Officer
More than 33 years of commercial banking exp
erience in Texas in various credit, production, risk and executive roles.
Joined CrossFirst in March 2019 after a 19
-
year career at Texas Capital Bank (NASDAQ:TCBI) serving as Executive Vice President and Chief Credit Officer from May 2015 un
til March 2019
B.B.A. Accounting, The University of Texas at Austin and M.B.A. Finance, Texas Christian University
Obtained CPA designation
Heather Worley
Director of Investor Relations
More than 15 years of experience in marketing, communications and investor relatio
ns in banking and finance
Joined CrossFirst in September 2021. Previously, SVP & Director of IR for Texas Capital Bancshares, Inc. (NASDAQ: TCBI)
Recognized by Institutional Investor magazine All
America Executive Team 2017
| Top Investor Relations Profess
ional & All
America Executive Team 2019 | Top Investor Relations Program
B.A. Communications, Mississippi State University
Other Senior Executives
Steve Peterson
Chief Banking Officer
of CrossFirst Bank
21+ years of banking
experience
Joined CrossFirst in
2011
Amy Fauss
Chief Operating &
Chief Human Relations Officer
of CrossFirst Bank
28+ years of banking experience
Joined CrossFirst in 2009
Jana Merfen
Chief Technology Officer
of CrossFirst Bank
12+ years of technology experience
Joined
CrossFirst in 2021
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Executing Strategic Initiatives CROSSFIRST BANK
Net Income
$5.8 $ 19.6 $30.7 $28.5 $62.5 $12.6 $72.0
$69.4 $83.0 2017 2018 2019 2020 2021
Net Income Pretax, Pre
Provision Profit (2)
Operating Revenue(1)
$78.5 $3.7 74.8 $116.5 $6.
1 $110.4 $150.2 $8.7 $141.5 $172.0 $11.7 $160.3 $182.4 $13.7 $168.7
2017 2018 2019 2020 2021
Diluted EPS
$0.12 $0.47 $0.58 $0.24 $1.33
2017 2018 2019 2020 20021
Classified Loans/(Total Capital + LLR)
13.3% 19.2%13.2% 40.9% 10.8%
2017 2018 2019 2020 2021
Defined as net interest income plus non interest income
(2)
Represents anon GAAP financial measure, see non GAAP reconciliation slides at the end of this presentation for more details
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Full Year 2021
Highlights and Summary CORSSFIRST BANK
Financial
Performance
Strong net income during 2021 of $69.4 million, up from $12.6 million in 2020
Net interest margin fully tax equivalent (FTE) of 3.15% in 2021 compared to 3.13% in 2020
Continued improvement in efficiency ratio to 54.5% in 2021 from 58
.1% in 2020
Credit
quality
Nonperforming assets to assets ratio decreased 58% from Q4 2020 to 0.58%
Net charge
-
offs to average loans ratio decreased 67% from full year 2020 to 0.30%
Classified loans to total capital ratio decreased 73.5% from Q4 2020 to 10
.8%
Balance
Sheet
6.6% (annualized) growth in total loans, ex PPP,* during Q4 2021
62% demand deposits growth from December 31, 2020, which represented 25% of total deposits at December 31, 2021
$1.9 billion in unfunded loan commitments as of December 31,
2021
* Represents a Non
GAAP financial measure, see Non
GAAP reconciliation slides at the end of the presentation for more detail.
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Strategic Initiative Achievements 2021 CROSSFIRST BANK
Shareholder
Focus
Purchased $8.4 million, or 1%, of outstandi
ng shares, during the fourth quarter as part of the $30 million share repurchase program announced in October 2021
Completed $20 million share repurchase program in Q2 2021 at a weighted average price of $12.68
Investing in
Technology
Signed a contract dur
ing the fourth quarter with Q2 Holdings
Brings a single unified platform to provide a seamless client experience for mobile, online, and voice banking
Offers the ability to further leverage innovative digital banking products, services, and features
Invest
ing in funds designed to support community banks
Announced investment in JAM FINTOP Banktech investment fund
In discussions with additional fintech investment funds that are designed to support community banks
Talent
Acquisition
Entered Phoenix market and
recruited experienced banking team
Added experienced banking executive David Felan to head the Texas growth strategy
Added 16 new producers in 2021, an increase of 18% from 2020
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Our Road to Success
ONE TEAM
Focusing on:
Elevating our Strong
Corporate Culture by Living our CrossFirst Values
Attracting and Retaining High Performing Talent
Well
-
being of our Employees
ONE BANK
Focusing on:
Targeting Businesses and Professionals
Branch
Lite
Technology Focused
Delivering Extraordinary Service and
Customer Experience
SHARED VISION
Focusing on:
Performance & Profitability
Seizing Growth Opportunities
Strong Credit Quality
Enhancing Products and Services
Managing Enterprise Risk
Contributing to our Communities
LEAWOOD, KS KANSAS CITY, MO TULSA, OK OK
LAHOMA CITY, OK PHOENIX, ZA FRISCO,TX DALLAS,TX
Total
Assets
$5.6 billion
Gross
Loans
$4.3 billion
Total
Deposits
$4.7 billion
Book Value/
Share
$13.23
Note: As of 12/31/21.
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CROSSFIRST BANKSAHERS, INC.TM
EXPANDING OUR FOOTPRINT
AREAS OF FOCUS
Continue to execute our organic growth strategy in existing markets
Focus on new expansion in target markets where we currently have client business
Evaluate expansion strategies in key target markets:
De Novo Expansion:
Hire experienced talent to expand i
n key growth markets
Strategic Acquisition:
Provides operational scale and synergies
Adds new lines of business
Adds fee income opportunities
POTENTIAL TARGET MARKETS
Austin, Texas
Fort Worth, Texas
Nashville, Tennessee
San Antonio, Texas
Denver, Colorado
Houston, Texas
Omaha, Nebraska
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Fourth Quarter 2021 Summary & Highlights CROSSFIRST BANK
Net Income
$20.8M ROA 1.50% NIM(FTE) 3.28% Diluted EPS $0.40 ROE 12.57%
Balance Sheet Updaets 1.6% (1) (2) Non
GAAP Loan growth QoQ 5.6 % Deposit growth QoQ 21.
0 % DAA Deposit growth QoQ 3.4%(2) tbv/Shared grothw QoQ
Credit Performance 0.58% NPAs/Asset 0.07% NCOs/Avg Loans 1.37% Reserves/Loans 11% Classified Loans/Capital + ALLL
Capital & Liquidity 12.46% CET 1 Capital Ratio 13.61% Total Risk
-
Based Capital 91% Lo
ans/Deposits 22% Cash and Securities/Assets
Efficiency 55.38% Q4 2021 GAAP Efficiency Ratio 54.5%(2) Q4 2021 Non
GAAP Efficiency Ratio 1.93% Non
-
Interest Expense/Avg Assets
Note: Interim periods are annualized.
Gross loans net of unearned income; excludes
PPP loans.
* Represents a non
GAAP financial measure. See Non
GAAP Reconciliation slides at the end of this presentation for additional detail.
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Net Interest Margin CROSSFIRST BANK
Yield on Loans & Cost of Deposits
4.89% 0.99% 5.34% 1.44% 5.52%
1.89% 4.26% 0.85% 4.02% 0.40%
2017 2018 2019 2020 2021
Yield on Loans Cost of Total Deposits
Net Interest Margin
Fully Tax Equivalent (FTE)
3.40% 3.39% 3.31% 3.13% 3.15%
2017 2018 2019 2020 2021
Fully tax
equivalent net interest margin increased 8bps to
3.28% in Q4 2021 from Q3 2021, primarily due to credit improvement and incremental loan fees
PPP Fees:
Realized $1.3 million in Q4 2021
$1.7 million of fees remain to be realized
Loan to deposit ratio decreased to 91% from 95% in Q3 2021
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PPP Loan
Summary CROSSFIRST BANK
PPP Timeline
$292 ($67) $336 $111 $225 ($161) $197 $129 $68 ($88) $109 $96 $13 ($44) $65
Q4 2020 End Q1 2021 Forgiven Q1 2021 End Q2 2021 Forgiven Q2 2021 End Q3 2021 Forgiven Q3 2021 End Q4 2021 Forgiven Q4 2021 E
nd 2020 PPP Loans
Loan Forgiveness 2021 PPP Loans
Face Recognition
$4.2 $2.4 $5.9 $
3.7 $2.2 $2.1 $4.7 $4.2 $0.5 $1.7 $3.0 $1.3 $1.7
Q4 2020 Q1 2021 Q1 2021 Q2 2021 Q2 2021 Q3 2021 Q3 2021Q4 2021 Q4 2021 Round 1 Unrecognized Fees Fee Recognized Round Unrecog
nized Fees
Note:
As of end of period; dollars in millions.
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Growth and expense management CROSSFIRST BANK
2020
-
2021
Non
-
Interest Expense
Details
$100.0
$19.7
$7.4
$8.7
S57.7
2020
$99.
$215
2021
Other
Goodwill Impairment
Technology
Occupancy
Salaries & Benefits
Assets and Non
-
Interest Expenses
2.53% $2,961 2.45% $4,107 $4,931 1.95% $5,659 1.84% $5,621 1.78%
2017 2018 2019 2020 2021
Total Assets Non
interest expense/Average Assets
Note: Dollars are in millions and amounts shown are as of the en
d of the period unless otherwise specified.
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Improving Efficiency
while Growing Assets CROSSFIRST BANK
7.1% 73.6% 58.4% 58.1%54.5%
74.0% 67.8% 57.4% 53.0% 52.0%
$2,931 $4,107 $4,931 $5,659 $ 5,621
2017 2018 2019 2020 2021
Total Assets Efficiency R
atio Non
GAAP Efficiency Ratio
own are as of the end of the period unless otherwise specified.
* Represents a non
GAAP financial measure. See Non
GAAP Reconciliation slides at the end of this presentation for add
itional detail.
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Stock Repurchase Activity CROSSFIRST BANK
51,680 51,679 50,959 51,003 50,450
610 88 876 0 566
Q42020 Q1 2021 Q2 2021 Q3 2021 Q4 2021
# of Shares Repurchased # Shares Outstanding
Repurchased 1% of outstanding shares in Q4 2021
and 3% of outstanding shares in full
-
year 2021
Return of accumulated capital and earnings to shareholders
Drives improvement in ROE and EPS
Little tangible book value dilution and a short earnback period
Note: shares in thousands
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Asset Quality Per
formance CROSSFIRST BANK
Nonperform
npd
ing Assets / Assets
1.6%
1.4%
1.2%
1.0% 0.8% 0.6% 0.4%
0.2%
0.0%
0.18% 0.43% 0.97% 1.39% 0.58%
2017 2018 2019 2020 2021
NPAs continue to improve as economic and business outlooks improve
Redu
ction in NPAs mostl
y related to upgrades in commercial and industrial and energy loans
49% of the nonperforming asset balance in Q4 2021 relates to energy credits
Classified Loans / (Total Capital + ALLL)
$3$0 $300
$2$0
S200
S1$0
$100
$50
$286.1 $268.9 $170.7
$124.1 $78.7 40.9% 38.2% 24.0% 17.3% 10.8%
Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021
Classified Loans Ratio
Classified loans continue to trend down due primarily to higher energy prices, improvements in customers’ businesses, and imp
roved
economic conditions
27% of classifieds in Q4 2021 relate to Energy, down from 37% in Q3 2021 and 38% in Q4 2020
Energy classifieds decreased 54% during the quarter and 80% from Q4 2020
Note: Dollar amounts are in millions.
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Asset Quality Performance
CROSSFIRST BANK
Net Charge
Offs / Average Loans(1)
1.0%
0 9%
0.8%
0.7%
0.6%
0.5%
0.4%
0.3%
0.2%
0.1%
0.0%
0.44% 0.07% 0.37% 0.89% 0.31%
2017 2018 2019 2020 2021
2021 had $12.9
million of net charge
offs related to loans in both energy
and commercial and industrial credits
Allowance for Loan Losses / Total Loans
SI 00
$80 ■ S60 ■ $40 ■ $20 ■ $0 ■
1.70% 1.65% 1.78% 1.51% 1.37%
$75.3 $74.6 $75.5 $64.2 $58.4
Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021
ALLL ALLL/Loans
Based on improved credit me
trics, reduced ALLL/Total Loans to 1.37% at end of Q4 2021 by releasing $5 million in reserves
Note: Dollar amounts are in millions.
Ratio is annualized for interim periods.
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CROSSFIRST BANKSHARES, INC.TMSupplemental information
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capital Rati
os CROSSFIRST BANK
Capital Ratios
8.62% 9.70% 10.65% 11.75% 12.53% 13.51% 12.20% 12.22% 13.43% 11.93% 11.94% 13.20% 12.46%12.48% 13.61%
2017 2018 2019 2020 2021
Common Equity Tier 1 Tier 1 Risk Based Total Risk
Based Capital
Maintaining strong capital leve
ls to support future growth
Continue to remain well capitalized as we return capital to shareholders
Execution of our profitable growth strategy further strengthening capital ratios
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Diverse loan portfolio CROSSFIRST BANK Loan Mix by Type ($4.3bn) Commercial Industrial33%Residential RealEstate 10%Owner Occupied Real Estate 8% SBA PPP1% Energy7%CommercialReal Estate40% Other 1%Note: Data as of December 31, 2021. 19
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Diverse loan portfolio CROSSFIRST BANK
CRE Loan Portfolio by Segment
$1.7bn)
Retail
14%
Multi
-
Family
16%
Other
23%
Office
15%
Industrial
14%
4 Family Res
Construction
7%
Hotel 11%
Commercial and Industrial Loan Breakdown
by Type ($1.4bn)
Financial Management 5%
Aircraft & Transportation 7%
Merchant Wholesalers 5%
18
Other Industries 42%
Manufacturing 12%
Business Loans to Individuals 8%
Health Care 6%
Engineering & Contracting 9% Restaurants 6%
Note: Data as of December 31, 2021.
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Balance Sheet Growth CROSSFIRST BANK
$ 1,996 $2,303 $3,061 $3,852 $3,924 $4,442
$4,695 $4,256 $4,684
2017 2018 2019 2020 2021
Gross loans net of uneamed fees Total deposit
Balance Sheet
FY 2021
YoY
2017
2021
CAGR
Cross Loans
▼
4%
16%
Gross Loans ex PPP
A
1%
Total Deposits
A
0%
15%
Total Assets
▼
1%
14%
Annualized loan
growth of 6.6% during Q4 2021, excluding the impact of PPP*
$227 million in PPP loans were forgiven in 2021
$44 million in PPP loans were forgiven in Q4 2021
Note: Dollars are in millions.
* Represents a non
GAAP financial measure. See Non
-
GAAP Reconciliat
ion slides at the end of this presentation for additional detail.
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improving core funding base CROSSFIRST BANK
Total Deposits
$2,303
$3,208
$3,924
$4,695
$4,684
$2,012
$2,724
$3,402
$3,976
$3,520
$291
$484
$522
$718
$1,163
2017
2018
2019
2020
2021
Cost of Deposits 0.99%
1.44%
1.89%
0.85%
0.40%
DDA Other Deposits
Improved the cost of deposits by increasing percentage of DDA accounts
Demand deposits 5
year CAGR of 32%
+62% compared to 2020 year
-
end
+21% compared to Q3 2021
Number of DDA
accounts increased by 868 in 2021
Deposit costs have trended down due to the persistent low
rate environment and management’s focus on increasing demand deposits
Focus on Core Funding*
21%
21%
19%
14%
6%
6%
9%
10%
6%
2017
2018
2019
2020
2021
Wholesale D
eposits Brokered Deposits
Note: Dollars are in millions and amounts shown are as of the end of the period.
* As a percentage of Bank assets
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Loan Portfolio CROSSFIRST BANKGross Loans by Type $2,002 $3,069 $3,862 $4,455 $4,270 $191$284 $360$447 $470$797 $1,293 $1,736 $2,032 $2,055 $243$358 $409$345 $279$771 $1,134 $1,357 $1,631 $1,466 20172018 20192020 2021Loan Yield4.89%5.34%5.52% 4.26%4.02% Commercial Energy Commercial Real Estate ConsumerThe loan portfolio, excluding PPP loans,at Q4 2021 grew 1.6% from previous quarterLoan yields increased primarily due to credit improvement and incremental loan feesContinued pressure on real estate due to cap rates and long-term finance rates for our customers Line utilization continues to be less than historical average Note: Dollars are in millions and amounts shown are as of the end of the period.23
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Securities portfolio CROSSFIRST BANK
Investment Portfolio Breakout as of December 31, 2021
Municipal
Taxable
1.0%
MBS
(Fixed)1
21.7%
Other,
0.6%
Total: ~$746
million*
CMO (Fixed)
2.5%
At the end of Q4 2021, the portfolio’s duration was approximately 5.2 years
The fully taxable equivalent yield for Q4 2021 increased 2bps to 2.89%
The securities portfolio has unrealized gai
ns of approximately $29 million as of December 31, 2021
During Q4 2021, $14 million of MBS/CMO paydowns were received and $40 million of MBS securities and $16 million of Tax
Exempt Municipal bonds were purchased with an average tax
equivalent yield of 1.9
3%
Securities Yield
Fully Tax Equivalent
3.85%
3.62%
3.35%
3.05%
2.90%
2.79%
2.13%
1.45%
2.13%
2.40%
2017
2017
2017
2017
2017
Securities Yield
Cost of Funds Spread Securities Yield
* Based on approximate fair value.
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CrossFirst Energy Portfolio
CROSSFIRST BANK
Portfolio Composition
Collateral base is predominately comprised of properties with sufficient production history to establish reliable production
trends
Typically, only lend as a senior secured lender in single bank
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 midstream energy companies.
Energy portfolio represents 7% of the entire loan
portfolio
Energy by Composition 12/31/2021
# Loans
Loan Amount
% Total
Avg % Hedged(1)
Hedge Price(2)
Oil
34
$159
57%
44%
$52.01
Natural Gas
11
$113
41%
50%
$2.98
Other Sources
$7
2%
Total
49
$279
100%
40% (1)
Energy Portfolio and
Tangible Equity(3)
98%
79%
69%
55%
42%
$243
$249
$358
$453
$409
$594
$345
$624
$279
$667
2017
2018
2019
2020
2021
Energy Portfolio Tangible Equity (3) Energy as % of Tanbile Equity (3)
Energy Loans by Risk Rating
3.3% of Reserves on Energy Portfolio
$243
$358
$409
$345
$279
$26
$13
$7
$109
$21
$12
$9
$90
$73
$205
$340
$393
$146
$184
2017
2018
2019
2020
2021
Pass Special Mention Substandard
Note: Data as of 12/31/21.
Note: Loan dollars in millions;
Weighted Average.
Hedged rolling 12 month; Oil price in $ per barrel an
d natural gas price in $ per MMBtu.
Represents a non
GAAP financial measure, see non
GAAP reconciliation slides in the supplemental information for more detail.
25
![ex992p26i0.jpg](https://capedge.com/proxy/8-K/0001562762-22-000017/ex992p26i0.jpg)
Quarterly selected financials CROSSFIRST BANK
(Dollars in thousands, except per
share data)
CrossFirst Bankshares, Inc. Quarterly Financials
For the Three Months Ended
12/31/21
9/30/21
6/30/21
3/31/21
12/31/20
Income Statement Data:
Interest income
49,202
47,311
48,484
48,153
49,534
Interest expense
5,757
5,510
6,156
7,036
,997
Net interest income
43,445
41,801
42,328
41,117
41,537
Provision for loan losses
(5,000)
(10,000)
3,500
7,500
10,875
Non
interest income
4,796
(1,105)
5,825
4,144
2,949
Non
interest expense
26,715
24,036
25,813
22,818
23,732
Net income before
taxes
26,526
26,660
18,840
14,943
9,879
Income tax expense
5,725
5,660
3,263
2,908
1,785
Net income
20,801
21,000
15,577
12,035
8,094
Non
-
GAAP core operating income(1)
20,801
25,898
14,245
12,035
8,094
Balance Sheet Data:
Cash and cash equivalent
482,727
316,722
220,814
630,787
408,810
Securities
745,969
708,106
712,217
685,454
654,588
Gross loans (net of unearned income)
4,256,213
4,233,117
4,237,944
4,508,600
4,441,897
Allowance for loan losses
58,375
64,152
75,493
74,551
75,295
Goodwill and intangibles
130
149
169
188
208
Total assets
5,621,457
5,401,151
5,311,434
5,998,074
5,659,303
Non
interest bearing deposits
1,163,224
960,999
818,887
794,559
718,459
Total deposits
4,683,597
4,436,597
4,356,627
5,051,570
4,694,740
Borrowings and repurchase agreements
236,600
276,600
283,100
286,394
295,406
Trust preferred securities, net of fair value adjustments
1,009
997
986
974
963
Stockholders' Equity
667,573
652,407
637,190
628,834
624,428
Tangible common stockholders' equity(1
667,443
652,257
637,021
628,646
624,220
Share and Per Share Data:
Basic earnings per common share
0.41
0.41
0.30
0.23
0.16
Diluted earning per common share
0.40
0.41
0.30
0.23
0.15
Book value per share
13.23
12.79
12.50
12.17
12.08
Tangible book value per share(1)
13.23
12.79
12.50
12.16
12.08
Basic weighted average common shares outstanding
50,893,493
50,990,113
51,466,885
51,657,204
51,970,116
Diluted weigh
ted average common shares outstanding
51,660,723
51,605,721
52,209,541
52,381,474
52,463,645
Shares outstanding at end of period
50,450,045
51,002,698
50,958,680
51,678,669
51,679,516
(1) Represents a non
GAAP financial measure. See Non
GAAP Reconciliation slides at the end of this presentation for additional detai
![ex992p27i0.jpg](https://capedge.com/proxy/8-K/0001562762-22-000017/ex992p27i0.jpg)
Quarterly selected financials CROSSFIRST BANK CrossFirst Bankshares, Inc. Quarterly Financials For the Three Months Ended 12/
31/21 9/30/21 6/30/21 3/31/21 12/31/20 Selected Ratios: Return on average assets(1) 1.50 % 1.54 % 1.10 % 0.84 %
0.58 % Non
GAAP core operating return on average assets(1)(2) 1.50 1.90 1.01 0.84 0.58 Return on average common equity 12.57 12.92 9.86
7.80 5.19 Yield on earning assets 3.65 3.56 3.51 3.45 3.67 Yield on earning assets
tax equivalent(3) 3.70 3.62 3.57 3.
50 3.71 Yield on securities 2.49 2.46 2.52 2.48 2.56 Yield on securities
tax equivalent(3) 2.89 2.87 2.93 2.89 2.96 Yield on loans 4.17 4.00 3.99 3.94 4.00 Cost of funds 0.48 0.46 0.49 0.56 0.65 Cos
t of interest
bearing liabilities 0.61 0.57 0.59 0.65 0.
77 Cost of interest
bearing deposits 0.43 0.47 0.50 0.57 0.69 Cost of deposits 0.33 0.38 0.41 0.48 0.58 Cost of other borrowings 3.03 1.82 1.79 1
.79 1.78 Net interest margin
tax equivalent(3) 3.28 3.20 3.12 3.00 3.12 Non
interest expense to average asset
s 1.93 1.76 1.82 1.60 1.71 Efficiency ratio(4) 55.38 59.06 53.61 50.41 53.35 Non
GAAP core operating efficiency ratio (FTE)(2)(4) 54.52 50.45 53.34 49.64 52.54 Non
interest bearing deposits to total deposits 24.84 21.66 18.80 15.73 15.30 Loans to deposits
90.87 % 95.41 % 97.28 % 89.25 % 94.61 % Credit Quality Ratios: Allowance for loans losses to total loans 1.37 % 1.51 % 1.78 %
1.65 % 1.70 % Nonperforming assets to total assets 0.58 0.92 1.09 1.15 1.39 Nonperforming loans to total loans 0.74 1.15 1.33
1.48
1.71 Allowance for loans losses to nonperforming loans 185.19 131.76 133.79 112.10 98.98 Net charge
offs (recoveries) to average loans(1) 0.07 % 0.13 % 0.23 % 0.74 % 1.03 % Capital Ratios: Total stockholders' equity to total
assets 11.88 % 12.08 % 12.00 %
10.48 % 11.03 % Common equity tier 1 capital ratio 12.46
12.61 12.40 12.00 11.93 Tier 1 risk
based capital ratio 12.48 12.63 12.42 12.02 11.94 Total risk
based capital ratio 13.61 13.88 13.67 13.27 13.20 Tier 1 leverage ratio 11.84 % 11.77 % 10.81 % 10.51
% 10.93 % (1) Interim periods are annualized. (2) Represe
nts a non
GAAP financial measure. See Non
-
GAAP Reconciliation slides at the end of this presentation for additional detail. (3) Tax
exempt income is calculated on a tax
equivalent basis. Tax
exempt
income includes municipal securities, which is exempt from federal taxation. A tax rate of 21% is used. (4) Efficiency ratio
is non
interest expense divided by the sum of net interest income and non
interest income; non
GAAP core operating efficiency ratio
(FTE) is adjusted for non
core or non
recurring items 27
![ex992p28i0.jpg](https://capedge.com/proxy/8-K/0001562762-22-000017/ex992p28i0.jpg)
Non
-
gaap reconciliations CROSSFRIST BANK For the Three Months Ended (Dollars in thousands) 12/31/21 9/30/21 6/30/21 3/31/21 12/31
/20 Non
GAAP Core Operating Income: Net income $ 20,801 $ 21,00
0 $ 15,577 $ 12,035 $ 8,094 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 $ 20,801 $ 25,898 $ 14,245 $ 12,035 $ 8,094 Non
GAAP Core Operating Return on Average Assets: Net income $ 20,801 $ 21,000
$ 15,577 $ 12,035 $ 8,094 Non
GAAP core operating income 20,801 25,898 14,245 12,035 8,094 Average assets $ 5,490,482 $ 5,408,984 $ 5,673,638 $ 5,798,167 $
5,523,196 GAAP return on average assets 1.50 % 1.54 % 1.10 % 0.84 % 0.58 % Non
GAAP core operating
return on average assets 1.50 % 1.90 % 1.01 % 0.84 % 0.58 % Non
GAAP Core Operating Return on Average Equity: Net income available to common stockholders $ 20,801 $ 21,000 $ 15,577 $ 12,035
$ 8,094 Non
GAAP core operating income available to common stockho
lders 20,801 25,898 14,245 12,035 8,094 Average common equity 656,415 644,715 633,417 625,875 620,496 Less: average goodwill
and intangibles 140 160 179 199 218 Average Tangible Equity $ 656,275 $ 644,555 $ 633,238 $ 625,676 $ 620,278 GAAP return on
averag
e common equity 12.57 % 12.92 % 9.86 % 7.80 % 5.19 % Non
GAAP core return on average tangible common equity 12.57 % 15.94 % 9.02 % 7.80 % 5.19 % Non
GAAP Core Operating Efficiency Ratio: Non
interest expense $ 26,715 $ 24,036 $ 25,813 $ 22,818 $ 23,732 Les
s: Accelerated employee benefits
719
Non
GAAP non
interest expense (numerator) $ 26,715 $ 24,036 $ 25,094 $ 22,818 $ 23,732 Net interest income 43,445 41,801 42,328 41,117 41,
537 Tax equivalent interest income(4) 762 748 734 704 683 Non
interest in
come 4,796 (1,105) 5,825 4,144 2,949
Add: Unrealized loss on equity security
6,200
Less: BOLI settlement benefits
1,841
-
Non
GAAP operating revenue (denominator) $ 49,003 $ 47,644 $ 47,046 $ 45,965 $ 45,169 GAAP Efficiency Ratio 55.38 % 59.0
6 % 53.61 % 50.41 % 53.35 % Non
GAAP core operating efficiency ratio (FTE) 54.52 % 50.45 % 53.34 % 49.64 % 52.54 % No tax effect. Represents the tax impact o
f the adjustments at a tax rate of 21.0%. Represents the tax impact of the adjustments above at a t
ax rate of 21.0%, plus a permanent ta
x benefit associated with stock
based grants. Tax exempt income (tax
free municipal securities) is calculated on a tax equivalent basis. The incremental tax rate used is 21.0%. 28
![ex992p29i0.jpg](https://capedge.com/proxy/8-K/0001562762-22-000017/ex992p29i0.jpg)
Non
-
gaap reconciliations (Cont.)
CROSSFIRST BANK For the Three Months Ended (Dollars in thousands, except per share data) 12/31/21 9/30/21 6/30/21 3/31/21 12/
31/20 Tangible common stockholders' equity: Stockholders' equity $ 667,573 $ 652,407 $ 637,190 $ 628,834 $ 624,428 Less: good
will a
nd other intangible assets 130 149 169 188 208 Tangible Stockholders' Equity $ 667,443 $ 652,258 $ 637,021 $ 628,646 $ 624,22
0 Shares outstanding at end of period 50,450,045 51,002,698 50,958,680 51,678,669 51,679,516 Book value per share $ 13.23 $ 1
2.79 $
12.50 $ 12.17 $ 12.08 Tangible book value per share $ 13.23 $ 12.79 $ 12.50 $ 12.16 $ 12.08 12/31/2021 Gross loans, net ot un
earned income $ 4,256,213 Less: PPP loans, net ot unearned income 64,805 f'Jon
-
PPP gross loans, net ot unearned income $ 4,131,408
Year
over
-
year loan growth (4.18} X f'Jon
-
GAAP year
-
over
year loan grow th excluding PPP loans 1.00 Linked quarter loan grow th 0.55 f'Jon
-
G A AP linked quarter loan grow th excluding PPP loans 1.64 X Allowance tor loan losses $ 58,375 Allowance tor loan
losses to gross loans, net ot unearned income 1.37 X Allowance tor loan losses to non
PPP gross loans, net ot unearned income 1.39 X For (he Three Months Ended 9/30/2021 6/30/2021 3/31/2021 12/31/2020 $ 4,233,11
7 $ 4,237,944 $ 4,508,600 $ 4,441,897 109,465
197,084 336,355 292,230 $ 4,123,652 $ 4,040,860 $ 4,172,245 $ 4,149,667 X X $ 64,152 $ 75,493 $ 74,551 $ 75,295 1.51 X 1.78 X
1.65 X 1.70 1.56 X 1.87 X 1.79 X 1.81 29
![ex992p30i0.jpg](https://capedge.com/proxy/8-K/0001562762-22-000017/ex992p30i0.jpg)
Historical Financial Information CROSSFIRST BANK (Dollars in thousands, except per
share data) For the Year Ended December 31, 2021 2020 2019 2018 2017 Income Statement Data: Interest income $ 193,150 $ 203,4
48 $ 216,218 $ 156,880 $ 97,816 Interest expense 24,459 43,199 74,774 46,512 22,998 Net interest income 168,691 160,249 141,4
44 11
0,368 74,818 Provision for loan losses (4,000) 56,700 29,900 13,500 12,000 Non
interest income 13,660 11,733 8,707 6,083 3,679 Non
interest expense 99,382 99,968 87,640 85,755 62,089 Net income before taxes 86,969 15,314 32,611 17,196 4,408 Income tax expe
nse (benefit) 17,556 2,713 4,138 (2,394) (1,441) Net income 69,413 12,601 28,473 19,590 5,849 Non
GAAP core operating income(1) $ 72,979 $ 19,998 $ 27,427 $ 19,940 $ 9,716 Balance Sheet Data: Cash and cash equivalents $ 482
,727 $ 408,810 $ 187,320 $ 216,54
1 $ 130,820 Securities 745,969 654,588 739,473 661,628 701,534 Gross loans (net of unearned income) 4,256,213 4,441,897 3,852
,244 3,060,747 1,996,029 Allowance for loan losses 58,375 75,295 56,896 37,826 26,091 Goodwill and intangibles 130 208 7,694
7,796
7,897 Total assets 5,621,457 5,659,306 4,931,233 4,107,215 2,961,118 Non
interest bearing deposits 1,163,224 718,459 521,826 484,284 290,906 Total deposits 4,683,597 4,694,740 3,923,759 3,208,097 2,
303,364 Borrowings and repurchase agreements 236,600 295,4
06 373,664 388,391 357,837 Preferred Stock, liquidation value
30,000 30,000 Stockholders' Equity 667,573 624,428 601,644 490,336 287,147 Tangible common stockholders' equity(1) $ 667,443
$ 624,220 $ 593,950 $ 452,540 $ 249,250 Share and Per Share Dat
a: Basic earnings per common share $ 1.35 $ 0.24 $ 0.59 $ 0.48 $ 0.12 Diluted earnings per common share 1.33 0.24 0.58 0.47 0
.12 Book value per share 13.23
12.08 11.58 10.21 8.38 Tangible book value per share(1) $ 13.23 $ 12.08 $ 11.43 $ 10.04 $ 8.12 Basic
weighted average common shares outstanding 51,291,428 52,070,624 47,679,184 36,422,612 30,086,530 Diluted weighted average co
mmon shares outstanding 52,030
,582 52,548,547 48,576,135 37,492,567 30,963,424 Shares outstanding at end of period 50,450,045 51,6
79,516 51,969,203 45,074,322 30,686,256 (1) Represents a non
-
GAAP financial measure. See Non
GAAP Reconciliation slides at the end of this presentation for additional detail. 30
![ex992p31i0.jpg](https://capedge.com/proxy/8-K/0001562762-22-000017/ex992p31i0.jpg)
Historical Financial Information CROSSFIRST BANK For the Year Ended Dece
mber 31, 2021 2020 2019 2018 2017 Selected Ratios: Return on average assets(1) 1.24 % 0.24 % 0.63 % 0.56 % 0.24 % Non
-
GAAP core operating return on average assets(1)(2) 1.31 0.37 0.61 0.57 0.40 Return on average common equity 10.84 2.05 5.38 5
.34 1.53 Yiel
d on earning assets
tax equivalent(3) 3.60 3.96 5.04 4.77 4.37 Yield on securities
tax equivalent(3) 2.90 3.05 3.35 3.62 3.85 Yield on loans 4.02 4.26 5.52 5.34 4.89 Cost of funds 0.50 0.92 1.90 1.49 1.06 Cos
t of interest
bearing deposits 0.49 1.02 2.2
1 1.71 1.12 Cost of deposits 0.40 0.85 1.89 1.44 0.99 Net interest margin
tax equivalent(3) 3.15 3.13 3.31 3.39 3.40 Non
-
interest expense to average assets 1.78 1.84 1.95 2.45 2.53 Efficiency ratio(4) 54.50 58.13 58.37 73.64 79.10 Non
GAAP core operating
efficiency ratio (FTE)(2)(4) 52.02 52.98 57.25 67.68 72.33 Non
interest bearing deposits to total deposits 24.84 15.30 13.30 15.10 12.63 Loans to deposits 90.87 % 94.61 % 98.18 % 95.41 % 8
6.66 % Credit Quality Ratios: Allowance for loans losses to total l
oans 1.37 % 1.70 % 1.48 % 1.23 % 1.30 % Nonperforming assets to total assets 0.58 1.39 0.97 0.43 0.18 Nonperforming loans to
total loans 0.74 1.71 1.15 0.58 0.27 Allowance for loans losses to nonperforming loans 185.19 98.98 128.54 212.30 481.68 Net
charge
offs (recoveries) to average loans(1) 0.30 % 0.89 % 0.31 % 0.07 % 0.44 % Capital Ratios: Total stockholders' equity to total
assets 11.88 % 11.03 % 12.20 % 11.94 % 9.70 % Common equity tier 1 capital ratio 12.46 11.93 12.20 11.75 8.62 Tier 1 risk
-
based ca
pital ratio 12.48 11.94 12.22 12.53 9.70 Total risk
based capital ratio 13.61 13.20 13.43 13.51 10.65 Tier 1 leverage ratio 11.84 % 10.93 % 12.06 % 12.43 % 9.71 % (1) Interim pe
riods are annualized. (2) Represents a non
GAAP financial measure. See Non
-
GAAP
Reconciliation slides at the end of this presentation for additional detail. (3) Tax
exempt income is calculated on a tax
equivalent basis. Tax
exempt income includes municipal securities, which is exempt from federal t
axation. A tax rate of 21% is used.
(4) Efficiency ratio is non
interest expense divided by the sum of net interest income and non
interest income; non
GAAP core operating efficiency ratio (FTE) is adjusted for non
core or non
-
recurring items 31
![ex992p32i0.jpg](https://capedge.com/proxy/8-K/0001562762-22-000017/ex992p32i0.jpg)
Non
gaap reconciliations CROSSFIRST BANK
As of or for the Year Ended December 31, 2021 2020 2019 2018 2017 Non
GAAP core operating income: Net income $ 69,413 $ 12,601 $ 28,473 $ 19,590 $ 5,849 Add: Unrealized loss on equity security 6,
200
-
Less: Tax effect(1) 1,302
-
Unrealized los
s 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
424 171 1,903 Less: Tax effect(2)
109 44 737 Fixe
d asset impairments, net of tax
315 127 1,166 Add: Goodwill impairment(3)
7,397
Add: State tax credit(3)
-
(1,361) (3,129)
Add: 2017 Tax Cut and Jobs Act(3)
-
2,701 Add: Accelerated employee benefits 719
Less: Tax effect (2) 2
10
-
Accelerated employee benefits, net of tax 509
-
Less: BOLI settlement benefits(3) 1,841
-
Non
GAAP core operating income $ 72,979 $ 19,998 $ 27,427 $ 19,940 $ 9,716 Non
GAAP Core Operating Return on Average Assets: Net income $ 69,41
3 $ 12,601 $ 28,473 $ 19,590 $ 5,849 Non
GAAP core operating income 72,979 19,998 27,427 19,940 9,716 Average assets $ 5,591,471 $ 5,358,479 $ 4,499,764 $ 3,494,655 $
2,452,797 GAAP Return on average assets 1.24 % 0.24 % 0.63 % 0.56 % 0.24 % Non
GAAP core
operating return on average assets 1.31 % 0.37 % 0.61 % 0.57 % 0.40 % Non
GAAP Core Operating Return on Average Equity: Net income $ 69,413 $ 12,601 $ 28,473 $ 19,590 $ 5,849 Non
GAAP core operating income 72,979 19,998 27,427 19,940 9,716 Less: Preferred
stock dividends
-
175 2,100 2,100 Net income available to common stockholders 69,413 12,601 28,298 17,490 3,749 Non
GAAP core operating income available to common stockholders 72,979 19,998 27,252 17,840 7,616 Average
common equity 640,202 614,726 526,22
5 327,446 245,193 Intangible Assets 170 3,898 7,746 7,847 7,949 Average Tangible Equity $ 640,032 $ 610,828 $ 518,479 $ 319,5
99 $ 237,244 GAAP return on average common equity 10.84 % 2.05 % 5.38 % 5.34 % 1.53 % Non
GAAP
core return on average tangible comm
on equity 11.40 % 3.27 % 5.26 % 5.58 % 3.21 % Non
GAAP Core Operating Efficiency Ratio: Non
interest expense $ 99,382 $ 99,968 $ 87,640 $ 85,755 $ 62,089 Less: Accelerated employee benefits 719
Less: goodwill impairment
7,397
Less: restruct
uring charges
-
4,733
Non
GAAP non
-
interest expense (numerator) $ 98,663 $ 92,571 $ 87,640 $ 81,022 $ 62,089 Net interest income 168,691 160,249 141,444 110,368
74,818 Tax equivalent interest income 2,948 2,732 2,5
22 3,099 5,439 Non
interest income 1
3,660 11,733 8,707 6,083 3,679 Add: Unrealized loss on equity security 6,200
-
Add: fixed asset impairments
424 171 1,903 Less: BOLI settlement benefits(1) 1,841
Non
GAAP Operating revenue (denominator) $ 189,658 $ 174,714 $ 153,097 $ 119
,721 $ 85,839 GAAP Efficiency Ratio 54.50 % 58.13 % 58.37 % 73.64 % 79.10 % Non
-
GAAP Core Operating Efficiency Ratio (FTE) 52.02 % 52.98 % 57.25 % 67.68 % 72.33 % Represents the tax impact of the adjustmen
ts above at a tax rate of 25.73% from 2015 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 rate of 25.73% for fiscal years 2018 and after; 38.
73% for fiscal years prior to 2018. No tax effect asso
ciated with the 2017 Tax Act adjustment or state tax credit or the goodwill impairment. 32
![ex992p33i0.jpg](https://capedge.com/proxy/8-K/0001562762-22-000017/ex992p33i0.jpg)
Non
gaap reconciliations CROSSFIRST BANK
(Dollars in thousands, except per share data) For the Year Ended
December 31,
2021
2020
2019
2018
2017
Pre
Tax Pre
Pro
vision Profit
Net income before taxes $ 86,969
$ 15,314
$ 32,611
$ 17,196
$ 4,408
Add: Provision for loan losses
(4,000)
56,700
29,900
13,500
12,000
Pre
Tax Pre
Provision Profit
82,969
72,014
62,511
30,696
16,408
Average Assets
5,591,471
5,358,479
4,499,764
3,494,655
2,452,797
Pre
Tax Pre
Provision Return on Average Assets
1.48 %
1.34 %
1.39 %
0.88 %
0.67 %
Tangible common stockholders' equity:
Stockholders' equity $ 667,573
$ 624,428
$ 601,644
$ 490,336
$ 287,147
Less: goodwill and other intangible
assets
130
208
7,694
7,796
7,897
Less: preferred stock
-
30,000
30,000
Tangible Stockholders' Equity $ 667,443
$ 624,220
$ 593,950
$ 452,540
$ 249,250
Shares outstanding at end of period
50,450,045
51,679,516
51,969,203
45,074,322
30,686,256
Book valu
e per share $ 13.23
$ 12.08
$ 11.58
$ 10.21
$ 8.38
Tangible book value per share $ 13.23
$ 12.08
$ 11.43
$ 10.04
$ 8.12
33