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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 001-39028

CROSSFIRST BANKSHARES, INC.

(Exact Name of Registrant as Specified in its Charter)

Kansas			26-3212879
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
11440 Tomahawk Creek Parkway
Leawood	,	KS	66211
(Address of principal executive offices)			(Zip Code)

(913) 901-4516

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, par value $0.01 per share		CFB		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 25, 2024, the registrant had 49,300,685 shares of common stock, par value $0.01, outstanding.

Table of Contents

CROSSFIRST BANKSHARES, INC.

Form 10-Q for the Quarter Ended September 30, 2024

Index


Cautionary Note Regarding Forward-Looking Information	3
Part I. Financial Information
Item 1. Consolidated Financial Statements
Consolidated Statements of Financial Condition – Unaudited	5
Consolidated Statements of Operations – Unaudited	6
Consolidated Statements of Comprehensive Income (Loss) – Unaudited	7
Consolidated Statements of Stockholders’ Equity – Unaudited	8
Consolidated Statements of Cash Flows – Unaudited	9
Notes to Consolidated Financial Statements – Unaudited	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	40
Item 3. Quantitative and Qualitative Disclosures about Market Risk	57
Item 4. Controls and Procedures	59
Part II. Other Information
Item 1. Legal Proceedings	59
Item 1A. Risk Factors	59
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	65
Item 5. Other Information	65
Item 6. Exhibit Index	67
Signature	68

Table of Contents

Cautionary Note Regarding Forward-Looking Information

All statements contained in this quarterly report on Form 10-Q that do not directly and exclusively relate to historical facts constitute forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “could,” “predict,” “potential,” “believe,” “expect,” “will,” “anticipate,” “estimate,” “intend,” “projection,” “would,” “annualized,” “position,” “future” and “strategy,” or the negative of these words or other comparable words or phrases of a future or forward-looking nature. For example, our forward-looking statements include, without limitation, statements regarding our business plans, expectations, or opportunities for growth; the proposed merger of CrossFirst Bankshares, Inc., into First Busey Corporation (“Busey”), our expense control initiatives and the results expected to be realized from those initiatives; our anticipated financial results, expenses, cash requirements and sources of liquidity; our capital allocation strategies and plans; and our anticipated future financial performance.

Unless we state otherwise or the context otherwise requires, references in this Form 10-Q to “we,” “our,” “us,” “CrossFirst,” and the “Company” refer to CrossFirst Bankshares, Inc., and its consolidated subsidiaries. References in this Form 10-Q to “CrossFirst Bank” and the “Bank” refer to CrossFirst Bank, our wholly owned consolidated bank subsidiary.

These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs, certain assumptions made by management, and financial trends that may affect our financial condition, results of operations, business strategy or financial needs, many of which, by their nature, are inherently uncertain and beyond our control. Our actual results could differ materially from those anticipated in such forward-looking statements. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements due to a number of factors, including, without limitation: the possibility that the proposed transaction with Busey will not close when expected or at all because required regulatory, stockholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated (and the risk that required regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction); the possibility that the anticipated benefits of the proposed transaction will not be realized when expected or at all; the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all and to successfully integrate CrossFirst’s operations and those of Busey; effects of the announcement, pendency or completion of the proposed transaction on the ability of CrossFirst to retain clients and retain and hire key personnel and maintain relationships with our suppliers, and on our operating results and business generally; uncertain or unfavorable business or economic conditions and any regulatory responses thereto, including uncertainty and volatility in the financial markets, possible slowing or recessionary economic conditions and continuing or increasing inflation; geographic concentration of our markets; changes in market interest rates that affect the pricing of our products and our net interest income; our ability to effectively execute our growth strategy and manage our growth, including entering new lines of business or offering new or enhanced services or products; fluctuations in the fair value of our investments; our ability to successfully manage our credit risk, particularly in our commercial real estate, energy and commercial-based loan portfolios, and the sufficiency of our allowance for credit losses; declines in the values of the real estate and other collateral securing loans in our portfolio; an increase in non-performing assets; borrower and depositor concentration risks; risks associated with originating Small Business Administration loans; our dependence on our management team, including our ability to attract, hire and retain key employees and their client and community relationships; our ability to raise and maintain sufficient liquidity and capital; competition from banks, credit unions, FinTech companies and other financial services providers; the effectiveness of our risk management framework; accounting estimates; our ability to maintain effective internal control over financial reporting; our ability to keep pace with technological changes; system failures, service denials, cyber incidents or other failures, disruptions or security breaches; employee error, employee or client misconduct, fraud committed against the Company or our clients, or incomplete or inaccurate information about clients and counterparties; disruptions to our business caused by our third-party service providers; our ability to maintain our reputation; environmental liability or failure to comply with regulatory requirements affecting foreclosed properties; costs and effects of litigation, investigations or similar matters to which we may be subject; risk exposure from transactions with financial counterparties; severe weather, natural disasters, pandemics or other health crises, acts of war or terrorism, climate change and responses thereto, or other external events; compliance with (and changes in) laws, rules, regulations, interpretations or policies relating to or affecting financial institutions, including stringent capital requirements, higher FDIC insurance premiums and assessments, consumer protection laws and privacy laws and accounting, tax, trade, monetary and fiscal matters, including the policies of the Federal Reserve and as a result of government initiatives; systemic risks across the banking industry associated with the soundness of other financial institutions; volatility in our stock price and other risks associated with our common stock; changes in our dividend or share repurchase policies and practices; or other external events. Additional discussion of these and other risk factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (“2023 Form 10-K”), filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024, and in our other filings with the SEC.

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These forward-looking statements are made as of the date hereof, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in our business, results of operations or financial condition over time, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

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PART I - FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

CROSSFIRST BANKSHARES, INC.

Consolidated Statements of Financial Condition - Unaudited


	September 30, 2024		December 31, 2023

	(Dollars in thousands)
Assets
Cash and cash equivalents	$	236,937	$	255,229
Available-for-sale securities - taxable		454,077		413,217
Available-for-sale securities - tax-exempt		329,918		353,436
Loans, net of unearned fees		6,331,049		6,127,690
Allowance for credit losses on loans		77,757		73,462
Loans, net of the allowance for credit losses on loans		6,253,292		6,054,228
Premises and equipment, net		68,990		70,869
Restricted equity securities		3,715		3,950
Interest receivable		39,485		37,294
Foreclosed assets held for sale		5,248		—
Goodwill and other intangible assets, net		28,620		31,335
Bank-owned life insurance		72,290		70,810
Other		89,620		90,312
Total assets	$	7,582,192	$	7,380,680
Liabilities and stockholders’ equity
Deposits
Non-interest-bearing	$	900,794	$	990,458
Savings, NOW and money market		3,746,812		3,669,726
Time		1,986,670		1,831,092
Total deposits		6,634,276		6,491,276
Federal Home Loan Bank advances		76,221		77,889
Other borrowings		8,598		8,950
Interest payable and other liabilities		91,388		94,422
Total liabilities		6,810,483		6,672,537
Stockholders’ equity
Preferred stock, $0.01 par value: Authorized - 5,000,000 shares; issued - 7,750 shares at September 30, 2024 and December 31, 2023		—		—
Common stock, $0.01 par value: Authorized - 200,000,000 shares; issued - 53,638,827 and 53,326,641 shares at September 30, 2024 and December 31, 2023, respectively		536		533
Treasury stock, at cost: 4,340,033 and 3,990,753 shares held at September 30, 2024 and December 31, 2023, respectively		(62,753)		(58,251)
Additional paid-in capital		547,138		543,556
Retained earnings		328,380		272,351
Accumulated other comprehensive loss		(41,592)		(50,046)
Total stockholders’ equity		771,709		708,143
Total liabilities and stockholders’ equity	$	7,582,192	$	7,380,680

See Notes to Consolidated Financial Statements - Unaudited

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CROSSFIRST BANKSHARES, INC.

Consolidated Statements of Operations - Unaudited


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(Dollars in thousands, except per share data)
Interest Income
Loans, including fees	$	118,566	$	103,631	$	342,011	$	292,231
Available-for-sale securities - taxable		5,172		3,089		14,752		7,560
Available-for-sale securities - tax-exempt		2,426		3,365		7,533		10,730
Deposits with financial institutions		2,375		2,444		6,341		6,067
Dividends on bank stocks		113		127		352		753
Total interest income		128,652		112,656		370,989		317,341
Interest Expense
Deposits		66,736		56,297		192,547		141,685
Fed funds purchased and repurchase agreements		—		5		—		51
Federal Home Loan Bank Advances		689		1,003		2,602		7,128
Other borrowings		64		224		191		590
Total interest expense		67,489		57,529		195,340		149,454
Net Interest Income		61,163		55,127		175,649		167,887
Provision for Credit Losses		3,533		3,329		7,571		10,390
Net Interest Income after Provision for Credit Losses		57,630		51,798		168,078		157,497
Non-Interest Income
Service charges and fees on client accounts		2,320		2,249		6,757		6,188
ATM and credit card interchange income		1,523		1,436		4,578		3,913
Gain on sale of loans		170		739		1,147		2,131
Income from bank-owned life insurance		523		437		1,480		1,266
Swap fees and credit valuation adjustments, net		194		57		440		231
Other non-interest income		1,235		1,063		2,853		2,452
Total non-interest income		5,965		5,981		17,255		16,181
Non-Interest Expense
Salaries and employee benefits		23,346		22,017		70,093		68,700
Occupancy		3,181		3,183		9,568		9,211
Professional fees		2,517		1,945		4,572		5,533
Deposit insurance premiums		1,845		1,947		5,602		5,359
Data processing		771		904		3,460		3,203
Advertising		723		593		1,772		1,994
Software and communication		1,633		1,898		5,290		5,204
Foreclosed assets, net		36		—		289		128
Core deposit intangible amortization		878		922		2,715		2,546
Other non-interest expense		3,679		2,945		10,478		9,980
Total non-interest expense		38,609		36,354		113,839		111,858
Net Income Before Taxes		24,986		21,425		71,494		61,820
Income tax expense		5,337		4,562		15,000		12,802
Net Income	$	19,649	$	16,863	$	56,494	$	49,018
Basic Earnings Per Common Share	$	0.39	$	0.34	$	1.13	$	1.00
Diluted Earnings Per Common Share	$	0.39	$	0.34	$	1.12	$	0.99

See Notes to Consolidated Financial Statements - Unaudited

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CROSSFIRST BANKSHARES, INC.

Consolidated Statements of Comprehensive Income (Loss) - Unaudited


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023

	(Dollars in thousands)
Net Income	$	19,649	$	16,863	$	56,494	$	49,018
Other Comprehensive Income (Loss)
Unrealized gain (loss) on available-for-sale securities		25,271		(41,604)		9,101		(37,083)
Less: income tax expense (benefit)		5,916		(9,902)		2,497		(8,727)
Unrealized gain (loss) on available-for-sale securities, net of income tax		19,355		(31,702)		6,604		(28,356)
Reclassification adjustment for realized gain (loss) included in income		59		(60)		59		3
Less: income tax expense (benefit)		14		(14)		14		1
Less: reclassification adjustment for realized gain (loss) included in income, net of income tax		45		(46)		45		2

Unrealized gain (loss) on cash flow hedges		3,606		(2,289)		(671)		(4,381)
Less: income tax expense (benefit)		849		(545)		(150)		(1,041)
Unrealized gain (loss) on cash flow hedges, net of income tax		2,757		(1,744)		(521)		(3,340)
Reclassification adjustment for (loss) gain on cash flow hedges		(1,093)		93		(3,152)		102
Less: income tax (benefit) expense		(253)		22		(736)		24
Less: reclassification adjustment for (loss) gain on cash flow hedges, net of income tax		(840)		71		(2,416)		78
Other comprehensive income (loss)		22,907		(33,471)		8,454		(31,776)
Comprehensive Income (Loss)	$	42,556	$	(16,608)	$	64,948	$	17,242

See Notes to Consolidated Financial Statements - Unaudited

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CROSSFIRST BANKSHARES, INC.

Consolidated Statements of Stockholders’ Equity - Unaudited


													Accumulated
									Additional				Other
	Preferred Stock			Common Stock			Treasury		Paid-in		Retained		Comprehensive
	Shares	Amount		Shares	Amount		Stock		Capital		Earnings		Loss			Total

	(Dollars in thousands)
Balance at June 30, 2023	7,750	$	—	48,653,487	$	532	$	(64,127)	$	539,793	$	238,147	$	(62,862)	$	651,483
Net income	—		—	—		—		—		—		16,863		—		16,863
Other comprehensive loss - available-for-sale securities	—		—	—		—		—		—		—		(31,656)		(31,656)
Other comprehensive loss - cash flow hedges	—		—	—		—		—		—		—		(1,815)		(1,815)
Preferred dividends $20.00 per share	—		—	—		—		—		—		(155)		—		(155)
Issuance of shares from equity-based awards	—		—	43,904		1		—		165		—		—		166
Acquisition - purchase accounting	—		—	597,645		—		5,932		1,025		—		—		6,957
Stock-based compensation	—		—	—		—		—		1,208		—		—		1,208
Balance at September 30, 2023	7,750	$	—	49,295,036	$	533	$	(58,195)	$	542,191	$	254,855	$	(96,333)	$	643,051


													Accumulated
									Additional				Other
	Preferred Stock			Common Stock			Treasury		Paid-in		Retained		Comprehensive
	Shares	Amount		Shares	Amount		Stock		Capital		Earnings		Loss		Total

	(Dollars in thousands)
Balance at June 30, 2024	7,750	$	—	49,250,140	$	536	$	(62,761)	$	545,716	$	308,886	$	(64,499)	$	727,878
Net income	—		—	—		—		—		—		19,649		—		19,649
Other comprehensive gain - available-for-sale securities	—		—	—		—		—		—		—		19,310		19,310
Other comprehensive gain - cash flow hedges	—		—	—		—		—		—		—		3,597		3,597
Preferred dividends $20.00 per share	—		—	—		—		—		—		(155)		—		(155)
Issuance of shares from equity-based awards	—		—	48,654		—		—		67		—		—		67
Open market common shares repurchases	—		—	—		—		8		—		—		—		8
Stock-based compensation	—		—	—		—		—		1,355		—		—		1,355
Balance at September 30, 2024	7,750	$	—	49,298,794	$	536	$	(62,753)	$	547,138	$	328,380	$	(41,592)	$	771,709


													Accumulated
									Additional				Other
	Preferred Stock			Common Stock			Treasury		Paid-in		Retained		Comprehensive
	Shares	Amount		Shares	Amount		Stock		Capital		Earnings		Loss			Total

	(Dollars in thousands)
Balance at December 31, 2022	—	$	—	48,448,215	$	530	$	(64,127)	$	530,658	$	206,095	$	(64,557)	$	608,599
Net income	—		—	—		—		—		—		49,018		—		49,018
Other comprehensive loss - available-for-sale securities	—		—	—		—		—		—		—		(28,358)		(28,358)
Other comprehensive loss - cash flow hedges	—		—	—		—		—		—		—		(3,418)		(3,418)
Issuance of preferred shares	7,750		—	—		—		—		7,750		—		—		7,750
Preferred dividends $33.33 per share	—		—	—		—		—		—		(258)		—		(258)
Issuance of shares from equity-based awards	—		—	249,176		3		—		(535)		—		—		(532)
Warrants exercised, cash settled	—		—	—		—		—		(418)		—		—		(418)
Acquisition - purchase accounting	—		—	597,645		—		5,932		1,025		—		—		6,957
Stock-based compensation	—		—	—		—		—		3,711		—		—		3,711
Balance at September 30, 2023	7,750	$	—	49,295,036	$	533	$	(58,195)	$	542,191	$	254,855	$	(96,333)	$	643,051


													Accumulated
									Additional				Other
	Preferred Stock			Common Stock			Treasury		Paid-in		Retained		Comprehensive
	Shares	Amount		Shares	Amount		Stock		Capital		Earnings		Loss			Total

	(Dollars in thousands)
Balance at December 31, 2023	7,750	$	—	49,335,888	$	533	$	(58,251)	$	543,556	$	272,351	$	(50,046)	$	708,143
Net income	—		—	—		—		—		—		56,494		—		56,494
Other comprehensive gain - available-for-sale securities	—		—	—		—		—		—		—		6,559		6,559
Other comprehensive gain - cash flow hedges	—		—	—		—		—		—		—		1,895		1,895
Preferred dividends $60.00 per share	—		—	—		—		—		—		(465)		—		(465)
Issuance of shares from equity-based awards	—		—	312,186		3		—		(583)		—		—		(580)
Open market common shares repurchases	—		—	(349,280)		—		(4,502)		—		—		—		(4,502)
Stock-based compensation	—		—	—		—		—		4,165		—		—		4,165
Balance at September 30, 2024	7,750	$	—	49,298,794	$	536	$	(62,753)	$	547,138	$	328,380	$	(41,592)	$	771,709

See Notes to Consolidated Financial Statements - Unaudited

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CROSSFIRST BANKSHARES, INC.

Consolidated Statements of Cash Flows - Unaudited


		For the Nine Months Ended September 30,
	2024		2023

	(Dollars in thousands)
Operating Activities
Net income	$	56,494	$	49,018
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		7,217		7,041
Provision for credit losses		7,571		10,390
Accretion of discounts on loans		(1,414)		(2,029)
Accretion of discounts and amortization of premiums on securities		512		2,378
Stock-based compensation		4,165		3,711
Loss (gain) on disposal of fixed assets		50		(67)
Loss on sale of foreclosed assets and related impairments		—		80
Gain on sale of loans		(1,147)		(2,131)
Origination of loans held for sale		(1,612)		(36,972)
Proceeds from sale of loans held for sale		3,523		39,775
Deferred income taxes		(595)		(1,208)
Net increase in bank owned life insurance		(1,480)		(1,266)
Net realized gains on equity securities		(18)		—
Net realized gains on available-for-sale securities		(59)		(3)
Dividends on FHLB stock		(334)		(745)
Changes in:
Interest receivable		(2,191)		(5,612)
Other assets		1,058		2,132
Other liabilities		(476)		6,691
Net cash provided by operating activities		71,264		71,183
Investing Activities
Net change in loans		(212,432)		(470,706)
Purchases of available-for-sale and equity securities		(77,168)		(152,158)
Proceeds from maturities of available-for-sale securities		46,475		18,890
Proceeds from sale of available-for-sale and equity securities		20,371		67,230
Proceeds from the sale of foreclosed assets		—		1,050
Purchase of premises and equipment		(2,594)		(6,953)
Proceeds from the sale of premises and equipment and related insurance claims		145		67
Purchase of restricted equity securities		(11,156)		(10,290)
Proceeds from sale of restricted equity securities		11,742		21,006
Terminated cash flow hedges		(549)		—
Net cash activity from acquisitions		—		19,279
Net cash used in investing activities		(225,166)		(512,585)
Financing Activities
Net decrease in demand deposits, savings, NOW and money market accounts		(12,578)		(264,944)
Net increase in time deposits		155,578		779,701
Net increase in fed funds purchased and repurchase agreements		—		505
Net decrease in federal funds sold		—		(20,000)
Proceeds from Federal Home Loan Bank advances		—		22,414
Repayment of Federal Home Loan Bank advances		(1,845)		(77,295)
Net proceeds of lines of credit		—		(72,468)
Proceeds from issuance of preferred shares, net of issuance cost		—		7,750
Issuance of common shares, net of issuance cost		3		3
Proceeds from employee stock purchase plan		533		402
Repurchase of common stock		(4,500)		—
Acquisition of common stock for tax withholding obligations		(1,116)		(937)
Settlement of warrants		—		(418)
Dividends paid on preferred stock		(465)		(258)
Net cash provided by financing activities		135,610		374,455
Decrease in Cash and Cash Equivalents		(18,292)		(66,947)
Cash and Cash Equivalents, Beginning of Period		255,229		300,138
Cash and Cash Equivalents, End of Period	$	236,937	$	233,191
Supplemental Cash Flows Information
Interest paid	$	191,554	$	137,281
Income taxes paid		17,465		17,614
Repossessed assets in settlement of loans		5,248		—

See Notes to Consolidated Financial Statements - Unaudited

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CROSSFIRST BANKSHARES, INC.

Notes to Consolidated Financial Statements - Unaudited

Note 1: Nature of Operations and Summary of Significant Accounting Policies

Organization and Nature of Operations

CrossFirst Bankshares, Inc. (“Bankshares or “CrossFirst”) is a bank holding company whose principal activities are the ownership and management of its wholly-owned subsidiary, CrossFirst Bank (the “Bank”). In addition, the Bank has three subsidiaries, including CrossFirst Investments, Inc. (“CFI”), which holds investments in marketable securities, CFBSA I, LLC and CFBSA II, LLC.

On August 26, 2024, Bankshares and First Busey Corporation, a Nevada corporation (“Busey”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Bankshares will merge with and into Busey, with Busey as the surviving corporation in the merger (the “Merger”). The Merger Agreement further provides that at a date and time following the Merger as determined by Busey, CrossFirst Bank, a Kansas state-chartered bank and a wholly owned subsidiary of CrossFirst, will merge with and into Busey Bank, an Illinois state-chartered bank and a wholly owned subsidiary of Busey, with Busey Bank as the surviving bank. The transaction is subject to customary closing conditions, including the approval of both Busey and CrossFirst stockholders and the regulatory approvals for the holding company merger and the bank merger. Subject to obtaining these approvals, the parties currently expect to close the holding company merger in the first or second quarter of 2025.

Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, par value $0.01 per share, of CrossFirst (“CrossFirst Common Stock”) outstanding immediately prior to the Effective Time, other than certain shares held by CrossFirst or Busey, will be converted into the right to receive 0.6675 of a share of common stock, par value $0.001 per share, of Busey. Holders of CrossFirst Common Stock will receive cash in lieu of fractional shares.

At the Effective Time, each share of Series A Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, of CrossFirst (“CrossFirst Preferred Stock” or “Series A Preferred Stock”) outstanding immediately prior to the Effective Time will be converted into the right to receive one share of a newly created series of preferred stock of Busey, provided that at the election of Busey, Busey may cause the CrossFirst Preferred Stock to be converted in the Merger at the Effective Time into the right to receive an amount of cash equal to the liquidation preference thereof, plus the amount of any accrued and unpaid dividends thereon through the Effective Time.

The Bank is engaged in providing a full range of banking and financial services to individual and corporate clients primarily through its branches in: (i) Leawood, Kansas; (ii) Wichita, Kansas; (iii) Kansas City, Missouri; (iv) Oklahoma City, Oklahoma; (v) Tulsa, Oklahoma; (vi) Dallas, Texas; (vii) Fort Worth, Texas; (viii) Frisco, Texas; (ix) Phoenix, Arizona; (x) Tucson, Arizona; (xi) Colorado Springs, Colorado; (xii) Denver, Colorado; and (xiii) Clayton, New Mexico.

Basis of Presentation

The accompanying interim unaudited consolidated financial statements serve to update the CrossFirst Bankshares, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 and include the consolidated accounts of Bankshares, the Bank, CFI, CFBSA I, LLC and CFBSA II, LLC (together, referred to herein as the “Company”). The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and where applicable, with general practices in the banking industry or guidelines prescribed by bank regulatory agencies. However, they may not include all information and notes necessary to constitute a complete set of financial statements under GAAP applicable to annual periods and accordingly should be read in conjunction with the financial information contained in the Company's most recent Annual Report on Form 10-K. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results presented. All such adjustments are of a normal recurring

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nature. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications of prior years' amounts are made whenever necessary to conform to current period presentation. The results of operations for the interim period are not necessarily indicative of the results that may be expected for the full year or any other interim period. All amounts are in thousands, except share data, or as otherwise noted.

GAAP requires management to make estimates that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosures of contingent assets and liabilities. By their nature, estimates are based on judgment and available information. Management has made significant estimates in certain areas, such as the fair values of financial instruments, and the allowance for credit losses (“ACL”). Because of the inherent uncertainties associated with any estimation process and future changes in market and economic conditions, it is possible that actual results could differ significantly from those estimates.

The Company's significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 1 of the audited financial statements and notes for the year ended December 31, 2023 and are contained in the Company's Annual Report on Form 10-K for that period. There have been no significant changes to the application of significant accounting policies since December 31, 2023.

Related Party Transactions

The Bank extends credit and receives deposits from related parties. In management’s opinion, the loans and deposits were made in the ordinary course of business and made on similar terms as those prevailing at the time with other persons. Related party loans totaled $10 million and $12 million, while related party deposits totaled $90 million and $106 million, at September 30, 2024 and December 31, 2023, respectively. Related parties also owned $6 million of the Company’s Series A Preferred Stock at September 30, 2024.

Recent Accounting Pronouncements

Accounting pronouncements not yet adopted by the Company

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures on both an annual and interim basis about significant segment expenses, including for companies with only one reportable segment. This ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company expects to adopt this ASU as of December 31, 2024 and include the required disclosures in a segment reporting footnote in its year-end financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which requires updates to rate reconciliation disclosures and information on income taxes paid on an annual basis. This ASU is effective on a prospective basis with retrospective application permitted for annual periods beginning after December 15, 2024. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures.

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Note 2: Securities

Available-for-Sale (“AFS”) Securities

AFS securities are summarized as follows as of the dates indicated:


	September 30, 2024
			Gross		Gross
			Unrealized		Unrealized		Approximate
	Amortized Cost		Gains		Losses		Fair Value

	(Dollars in thousands)
Mortgage-backed - GSE residential	$	239,492	$	1,570	$	17,954	$	223,108
Collateralized mortgage obligations - GSE residential		97,029		1,285		518		97,796
State and political subdivisions		371,365		163		39,514		332,014
Small Business Administration loan pools		120,221		1,963		1		122,183
Corporate bonds		9,580		—		686		8,894
Total available-for-sale securities	$	837,687	$	4,981	$	58,673	$	783,995


	December 31, 2023
			Gross		Gross
			Unrealized		Unrealized		Approximate
	Amortized Cost		Gains		Losses		Fair Value

	(Dollars in thousands)
Federal agency obligations	$	9,988	$	84	$	—	$	10,072
U.S. Treasury securities		4,965		3		—		4,968
Mortgage-backed - GSE residential		233,203		629		21,370		212,462
Collateralized mortgage obligations - GSE residential		50,125		493		674		49,944
State and political subdivisions		396,349		497		40,949		355,897
Small Business Administration loan pools		125,017		722		961		124,778
Corporate bonds		9,740		—		1,208		8,532
Total available-for-sale securities	$	829,387	$	2,428	$	65,162	$	766,653

The carrying value of securities pledged as collateral was $45 million and $40 million at September 30, 2024 and December 31, 2023, respectively.

As of September 30, 2024 and December 31, 2023, the AFS securities had $6 million and $7 million, respectively, of accrued interest excluded from the amortized cost basis and presented in “interest receivable” on the consolidated statements of financial condition.

The following tables summarize the gross realized gains and losses from sales or maturities of AFS securities as of the dates shown:

For the Three Months Ended

For the Nine Months Ended

September 30, 2024

Gross

Net

Gross

Net

Realized

Gains

Losses

Gain

Gains

Losses

Gain

(Dollars in thousands)

Available-for-sale securities

158

(99)

163

(104)

For the Three Months Ended

For the Nine Months Ended

September 30, 2023

Gross

Net

Gross

Net

Realized

Gains

Losses

Loss

Gains

Losses

Gain

(Dollars in thousands)

Available-for-sale securities

(128)

(60)

335

(332)

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The following tables summarize AFS securities gross unrealized losses, as of the dates shown, along with the length of time in an unrealized loss position:


	September 30, 2024
	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized		Number of	Fair		Unrealized		Number of	Fair		Unrealized		Number of
	Value		Losses		Securities	Value		Losses		Securities	Value		Losses		Securities

	(Dollars in thousands)
Available-for-Sale Securities
Mortgage-backed - GSE residential	$	2,536	$	16	2	$	130,091	$	17,938	51	$	132,627	$	17,954	53
Collateralized mortgage obligations - GSE residential		30,667		69	5		11,499		449	17		42,166		518	22
State and political subdivisions		8,048		66	4		308,136		39,448	200		316,184		39,514	204
Small Business Administration loan pools		—		—	—		70		1	4		70		1	4
Corporate bonds		—		—	—		8,895		686	4		8,895		686	4
Total temporarily impaired AFS securities	$	41,251	$	151	11	$	458,691	$	58,522	276	$	499,942	$	58,673	287


	December 31, 2023
	Less than 12 Months					12 Months or More					Total
	Fair		Unrealized		Number of	Fair		Unrealized		Number of	Fair		Unrealized		Number of
	Value		Losses		Securities	Value		Losses		Securities	Value		Losses		Securities

	(Dollars in thousands)
Available-for-Sale Securities
Federal agency obligations	$	—	$	—	—	$	—	$	—	—	$	—	$	—	—
U.S. Treasury securities		—		—	—		—		—	—		—		—	—
Mortgage-backed - GSE residential		21,523		56	5		137,626		21,314	52		159,149		21,370	57
Collateralized mortgage obligations - GSE residential		17,707		135	4		8,469		539	17		26,176		674	21
State and political subdivisions		33,577		207	20		287,128		40,742	190		320,705		40,949	210
Small Business Administration loan pools		76,380		959	11		91		2	4		76,471		961	15
Corporate bonds		—		—	—		8,532		1,208	5		8,532		1,208	5
Total temporarily impaired AFS securities	$	149,187	$	1,357	40	$	441,846	$	63,805	268	$	591,033	$	65,162	308

Management evaluated all of the AFS securities in an unrealized loss position at September 30, 2024. The unrealized losses in the Company’s investment portfolio were primarily caused by interest rate changes. The Company does not intend to sell the investments, and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis. The Company did not record any credit losses on AFS securities during the nine months ended September 30, 2024 or the year ended December 31, 2023.

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The amortized cost, fair value, and weighted average yield of AFS securities by contractual maturity, are shown below:


	September 30, 2024
	Within			After One to			After Five to			After
	One Year			Five Years			Ten Years			Ten Years			Total

	(Dollars in thousands)
Available-for-sale securities
Mortgage-backed - GSE residential⁽¹⁾
Amortized cost	$	—		$	—		$	775		$	238,717		$	239,492
Estimated fair value	$	—		$	—		$	730		$	222,378		$	223,108
Weighted average yield⁽²⁾		—	%		—	%		2.23	%		3.30	%		3.29	%
Collateralized mortgage obligations - GSE residential⁽¹⁾
Amortized cost	$	—		$	1,990		$	17,915		$	77,124		$	97,029
Estimated fair value	$	—		$	1,942		$	18,046		$	77,808		$	97,796
Weighted average yield⁽²⁾		—	%		2.80	%		5.12	%		5.99	%		5.77	%
State and political subdivisions⁽¹⁾
Amortized cost	$	519		$	3,331		$	58,405		$	309,110		$	371,365
Estimated fair value	$	532		$	3,344		$	57,785		$	270,353		$	332,014
Weighted average yield⁽²⁾		4.10	%		4.34	%		2.94	%		2.50	%		2.59	%
Small Business Administration loan pools⁽¹⁾
Amortized cost	$	6		$	65		$	—		$	120,150		$	120,221
Estimated fair value	$	6		$	64		$	—		$	122,113		$	122,183
Weighted average yield⁽²⁾		5.01	%		4.10	%		—	%		4.96	%		4.96	%
Corporate bonds⁽¹⁾
Amortized cost	$	—		$	88		$	9,492		$	—		$	9,580
Estimated fair value	$	—		$	85		$	8,809		$	—		$	8,894
Weighted average yield⁽²⁾		—	%		5.30	%		5.71	%		—	%		5.71	%
Total available-for-sale securities
Amortized cost	$	525		$	5,474		$	86,587		$	745,101		$	837,687
Estimated fair value	$	538		$	5,435		$	85,370		$	692,652		$	783,995
Weighted average yield⁽²⁾		4.11	%		3.79	%		3.69	%		3.51	%		3.53	%

⁽¹⁾	Actual maturities may differ from contractual maturities because issuers may have the rights to call or prepay obligations with or without prepayment penalties.

⁽²⁾	Yields are calculated based on amortized cost using 30/360 day basis. Tax-exempt securities are not tax effected.

Equity Securities

Equity securities consist of $7.3 million of private equity investments. Equity securities are included in other assets on the consolidated statements of financial condition.

The Company elected a measurement alternative for its private equity investments that did not have a readily determinable fair value and did not qualify for the practical expedient to estimate fair value using the net asset value per share. A cost basis was calculated for the equity investments. The recorded balance will adjust for any impairment or any observable price changes for an identical or similar investment of the same issuer. No such events occurred during the three- or nine-month periods ended September 30, 2024.

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The following is a summary of the recorded fair value and the unrealized and realized gains and losses recognized in net income on equity securities:


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

	(Dollars in thousands)
Net gains recognized during the reporting period on equity securities	$	3	$	98	$	16	$	114
Less: net gains recognized during the period on equity securities sold during the period		—		93		18		93
Unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date	$	3	$	5	$	(2)	$	21

Note 3: Loans and Allowance for Credit Losses

The table below shows the loan portfolio composition including carrying value by segment as of the dates shown. The carrying value of loans is net of discounts, fees, costs, and fair value marks of $24 million and $25 million as of September 30, 2024 and December 31, 2023, respectively.


	September 30, 2024				December 31, 2023

	Amount		% of Loans		Amount		% of Loans

	(Dollars in thousands)
Commercial and industrial	$	2,221,014	35	%	$	2,160,212	35	%
Energy		224,036	4			214,218	3
Commercial real estate - owner-occupied		583,305	9			566,253	9
Commercial real estate - non-owner-occupied		2,802,954	44			2,685,534	44
Residential real estate		476,336	8			464,095	8
Consumer		23,404	-			37,378	1
Loans, net of unearned fees		6,331,049	100	%		6,127,690	100	%
Less: Allowance for credit losses on loans		(77,757)				(73,462)
Loans, net of the allowance for credit losses on loans	$	6,253,292			$	6,054,228

Accrued interest of $33 million and $30 million at September 30, 2024 and December 31, 2023, respectively, presented in “interest receivable” on the consolidated statements of financial condition is excluded from the amortized cost basis disclosed in the above table.

The Company aggregates the loan portfolio by similar credit risk characteristics. The loan segments are described in additional detail below:

●

Commercial and Industrial - The category includes loans and lines of credit to commercial and industrial clients for use in property, plant, and equipment purchases, business operations, expansions and for working capital needs. Loan terms typically require amortizing payments that decrease the outstanding loan balance while the lines of credit typically require interest-only payments with maturities ranging from one- to three-years. Lines of credit allow the borrower to draw down and repay the line of credit based on the borrower’s cash flow needs. Repayment is primarily from the cash flow of a borrower’s principal business operation. Credit risk is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations.

●

Energy - The category includes loans to oil and natural gas clients for use in financing working capital needs, exploration and production activities, and acquisitions. The loans are repaid primarily from the conversion of crude oil and natural gas to cash. Credit risk is driven by creditworthiness of a borrower and the economic

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conditions that impact the cash flow stability from business operations. Energy loans are typically collateralized with the underlying oil and gas reserves.

●

Commercial Real Estate - Owner-Occupied - The category includes relationships where the Company is usually the primary provider of financial services for the company and/or the principals and the primary source of repayment is through the cash flows generated by the borrowers’ business operations. Owner-occupied commercial real estate loans are typically secured by a first lien mortgage on real property plus assignments of all leases related to the properties. Credit risk may be impacted by the creditworthiness of a borrower, property values and the local economies in the borrower’s market areas.

●

Commercial Real Estate – Non-Owner-Occupied - The category includes loans that typically involve larger principal amounts and repayment of these loans is generally dependent on the leasing income generated from tenants. These are viewed primarily as cash flow loans and secondarily as loans secured by real estate.

Additionally, the category includes construction and land development loans that are based upon estimates of costs and estimated value of the completed project. Independent appraisals and a financial analysis of the developers and property owners are completed. Sources of repayment include secondary market permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are higher risk than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions, and the availability of long-term financing.

The category also includes loans that are secured by multifamily properties. Repayment of these loans is primarily dependent on occupancy rates and rental income.

Credit risk for non-owner-occupied commercial real estate loans may be impacted by the creditworthiness of a borrower, property values and the local economies in the borrower’s market areas.

●

Residential Real Estate - The category includes loans that are generally secured by owner-occupied 1-4 family residences. Repayment of these loans is primarily dependent on the personal income and credit rating of the borrowers. We also offer open- and closed-ended home equity loans, which are loans generally secured by second lien positions on residential real estate. Credit risk in these loans can be impacted by economic conditions within or outside the borrower’s market areas that might impact either property values or a borrower’s personal income.

●

Consumer - The category includes personal lines of credit and various term loans such as automobile loans and loans for other personal purposes. Repayment is primarily dependent on the personal income and credit rating of the borrowers. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the borrower’s market area) and the creditworthiness of a borrower.

Risk Ratings

The Company uses a series of grades which reflect its assessment of the credit quality of loans based on an analysis of the borrower's financial condition, liquidity and ability to meet contractual debt service requirements. Risk ratings are established for loans at origination and are monitored on an ongoing basis. The rating assigned to a loan reflects the risks posed by the borrower’s expected performance and the transaction’s structure. Performance metrics used to determine a risk rating include, but are not limited to, cash flow adequacy, liquidity, and collateral. A description of the loan risk ratings follows:

●

Pass - The category includes loans that are considered satisfactory and borrowers that generally maintain good liquidity and financial condition, or the credit is currently protected with sales trends remaining flat or declining. Most ratios compare favorably with industry norms and Company policies. Debt is programmed and timely repayment is expected.

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●

Special Mention - The category includes borrowers that generally exhibit adverse trends in operations or an imbalanced position in their balance sheet that has not reached a point where repayment is jeopardized. Credits are currently protected but, if left uncorrected, the potential weaknesses may result in deterioration of the repayment prospects for the credit or in the Company’s credit or lien position at a future date. These credits are not adversely classified and do not expose the Company to enough risk to warrant adverse classification.

●

Substandard - The category includes borrowers that generally exhibit well-defined weakness(es) that jeopardize repayment. Credits are inadequately protected by the current worth and paying capacity of the obligor or of the collateral pledged. A distinct possibility exists that the Company will sustain some loss if deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard. Substandard loans include both performing and non-performing loans and are broken out in the table below.

●

Doubtful - The category includes borrowers that exhibit weaknesses inherent in a substandard credit and characteristics that these weaknesses make collection or liquidation in full highly questionable or improbable based on existing facts, conditions, and values. Because of reasonably specific pending factors, which may work to the advantage and strengthening of the assets, classification as a loss is deferred until its more exact status may be determined.

●

Loss - Credits that are considered uncollectible or of such little value that their continuance as a bankable asset is not warranted.

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CROSSFIRST BANKSHARES, INC. 10-Q