Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-04-20

Crossfirst Bankshares (CFB)

Fiscal year 2023 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,924,315
Michael Maddox total, FY2023
38th
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against CFB
7 companies name CFB as a compensation peer

Each company listed discloses CFB in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CFB in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Maddox$712,500$0$593,019$0$514,823$0$103,973$1,924,315
President & CEO
Benjamin Clouse447,1690225,8960213,030029,071915,166
Chief Financial Officer
W. Randall Rapp427,5000220,9050203,562040,283892,250
President, CrossFirst Bank

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2023 totalFY2022 totalFY2021 totalΔ FY20222023
Michael Maddox$1,924,315$1,636,171+288,144
Benjamin Clouse915,166
W. Randall Rapp892,250954,794−62,544

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Benjamin ClouseOTHER$225,896
Michael MaddoxOTHER593,019
W. Randall RappOTHER220,905
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
W. Randall RappPSU19,106$259,459
Michael MaddoxPSU59,079802,293
Michael MaddoxRSU34,154463,811
W. Randall RappRSU20,699281,092
Benjamin ClouseRSU13,284180,397
Benjamin ClousePSU13,413182,149
W. Randall RappOption4,28613.46
Michael MaddoxOption17,85714.14
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation should reflect Company, business line, and individual performance. We seek to deliver a mix of fixed and variable compensation that is aligned with stockholder interests and the long-term interests of the Company and that appropriately balances risk and reward. Our compensation should be competitive relative to our peers to attract, motivate and retain a talented executive team.

CEO STI target (% of salary)75%
CEO LTI target (% of salary)
Independent consultantMeridian
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Rodney K. BrennemanIndependent · Board Chair · Compensation (Chair) · Nominating/Governance · Comp. (Chair)$93,500$35,008$0$0$128,508
Lance A. HumphreysIndependent · Compensation · Nominating/Governance (Chair) · Nominating (Chair)58,50035,0080093,508
Michael K. RobinsonIndependent · Risk (Chair)55,00035,0080090,008
Kevin S. RauckmanIndependent · Audit (Chair)55,00035,0080090,008
Ronald C. GeistIndependent · Compensation · Nominating/Governance42,00035,0080077,008
Steven W. CapleIndependent · Audit40,00035,0080075,008
Jennifer M. GrigsbyIndependent · Audit40,00035,0080075,008
Stephen K. SwinsonIndependent · Audit40,00035,0080075,008
Grey StognerIndependent · Risk38,50035,0080073,508
Mason D. KingIndependent · Risk38,50035,0080073,508
George E. Hansen IIIIndependent · Risk · Not standing for re-election38,50035,0080073,508
George C. BruceIndependent · Nominating/Governance38,50035,0080073,508
James W. KuykendallIndependent · Compensation38,50035,0080073,508
Michael J. MaddoxEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$35,000
Annual equity retainer$35,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 20,000
Stock ownership guideline$150,000
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$616,500
Equity awards (grant-date value)$455,104
All other compensation$0
Total cost of the board$1,071,604

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2023

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Crossfirst Bankshares names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Crossfirst Bankshares.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Nicolet Bankshares, Inc.2025Michael Daniels$850,000$12,391,200$0$1,593,750$14,944,068
2Byline Bancorp, Inc.2025Roberto Herencia937,2221,992,46301,567,4834,537,621
3First Busey Corporation2025Van Dukeman918,7891,939,68601,109,0804,030,080
4First Foundation, Inc.2024Thomas Shafer132,7553,880,000004,013,755
5National Bank Holdings Corporation2025G. Timothy Laney930,7691,444,94601,153,2413,725,952
6Enterprise Financial Services Corp.2025James Lally930,3681,307,773328,0461,005,6533,620,031
7Stock Yards Bancorp, Inc.2025James Hillebrand875,000656,250218,7501,487,5003,380,337
8Veritex Holdings, Inc.2024C. Malcolm Holland, III850,0001,144,032003,187,601
9Old Second Bancorp, Inc.2025James Eccher914,2171,075,0660852,3003,108,135
10Equity Bancshares, Inc.2025Brad Elliott857,995663,156281,500854,4273,073,975
11Stellar Bancorp, Inc.2024Robert Franklin, Jr785,0001,088,1060763,1512,678,922
12Origin Bancorp, Inc.2025Drake Mills835,8001,002,9840733,0632,640,828
13First Financial Corporation2025Norman D. Lowery675,350523,5030486,2522,395,725
141st Source Corporation2025Andrea Short526,3461,054,9770476,1502,190,564
15Crossfirst Bankshares2023Michael Maddox712,500593,0190514,8231,924,315
16Mercantile Bank Corporation2025Raymond Reitsma734,600471,2830462,7981,769,983
17QCR Holdings, Inc.2025Todd Gipple430,760490,3890558,1461,713,726
Triumph Bancorp, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Crossfirst Bankshares94.68%RSU 50 · PSU 50Yes — Relative Total Shareholder Return (TSR)Meridian
1st Source Corporationnot disclosednot disclosedNoPearl Meyer
Byline Bancorp, Inc.not disclosedPSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Pearl Meyer
Enterprise Financial Services Corp.119%PSU 60 · Options 20 · RSU 20Yes — TSRWillis Towers Watson
Equity Bancshares, Inc.132.1%RSU 50 · PSU 50Yes — Total Stockholder Return (TSR)Blanchard Consulting Group
First Busey Corporation116.5%PSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Pearl Meyer
First Financial Corporation126.05%RSU 100NoPearl Meyer
First Foundation, Inc.0%RSU 100not disclosedPearl Meyer
Mercantile Bank Corporation105.6%PSU 65 · RSU 35NoAON
National Bank Holdings Corporation124%PSU 50 · RSU 50NoPay Governance
Nicolet Bankshares, Inc.not disclosednot disclosedNoPearl Meyer & Partners, LLC
Old Second Bancorp, Inc.118.4%RSU 50 · PSU 50NoAON/McLagan
Origin Bancorp, Inc.109.6%PSU 50 · RSU 50NoMeridian Compensation Partners, LLC
QCR Holdings, Inc.not disclosedRSU 100not disclosedFrederic W. Cook & Co., Inc.
Stellar Bancorp, Inc.102.33%PSU 60 · RSU 40NoAon Human Capital Solutions
Stock Yards Bancorp, Inc.200%PSU 75 · Options 25NoAon's Human Capital Solutions
Triumph Bancorp, Inc.not disclosednot disclosednot disclosednot disclosed
Veritex Holdings, Inc.98.5%PSU 60 · RSU 40NoPearl Meyer

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael MaddoxDEF 14A2024-03-260001558370-24-003893Section “2023 Summary Compensation Table” · page 38. As printed: 1,924,315. Filing ↗machine: t121 · r6 · c16 · span 932186–932195
2Section 01, Benjamin ClouseDEF 14A2024-03-260001558370-24-003893Section “2023 Summary Compensation Table” · page 38. As printed: 915,166. Filing ↗machine: t121 · r8 · c16 · span 940802–940809
3Section 01, W. Randall RappDEF 14A2024-03-260001558370-24-003893Section “2023 Summary Compensation Table” · page 38. As printed: 892,250. Filing ↗machine: t121 · r10 · c16 · span 950318–950325
4Section 03, Benjamin Clouse OTHERDEF 14A2024-03-260001558370-24-003893Section “COMPENSATION COMMITTEE” · grants of plan-based awards table. Filing ↗machine: t121 · r8 · c8 · span 938883–938890
5Section 03, Michael Maddox OTHERDEF 14A2024-03-260001558370-24-003893Section “COMPENSATION COMMITTEE” · grants of plan-based awards table. Filing ↗machine: t121 · r6 · c8 · span 929768–929775
6Section 03, W. Randall Rapp OTHERDEF 14A2024-03-260001558370-24-003893Section “COMPENSATION COMMITTEE” · grants of plan-based awards table. Filing ↗machine: t121 · r10 · c8 · span 948143–948150
7Section 08, Rodney K. BrennemanDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 128,508. Filing ↗machine: t72 · r5 · c11 · span 570508–570515
8Section 08, Lance A. HumphreysDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 93,508. Filing ↗machine: t72 · r11 · c11 · span 588055–588061
9Section 08, Michael K. RobinsonDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 90,008. Filing ↗machine: t72 · r15 · c11 · span 599751–599757
10Section 08, Kevin S. RauckmanDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 90,008. Filing ↗machine: t72 · r14 · c11 · span 596826–596832
11Section 08, Ronald C. GeistDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 77,008. Filing ↗machine: t72 · r8 · c11 · span 579276–579282
12Section 08, Steven W. CapleDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 75,008. Filing ↗machine: t72 · r7 · c11 · span 576355–576361
13Section 08, Jennifer M. GrigsbyDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 75,008. Filing ↗machine: t72 · r9 · c11 · span 582201–582207
14Section 08, Stephen K. SwinsonDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 75,008. Filing ↗machine: t72 · r17 · c11 · span 605625–605631
15Section 08, Grey StognerDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 73,508. Filing ↗machine: t72 · r16 · c11 · span 602673–602679
16Section 08, Mason D. KingDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 73,508. Filing ↗machine: t72 · r12 · c11 · span 590978–590984
17Section 08, George E. Hansen IIIDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 73,508. Filing ↗machine: t72 · r10 · c11 · span 585131–585137
18Section 08, George C. BruceDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 73,508. Filing ↗machine: t72 · r6 · c11 · span 573430–573436
19Section 08, James W. KuykendallDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 73,508. Filing ↗machine: t72 · r13 · c11 · span 593903–593909
20Section 08, Michael J. MaddoxDEF 14A2024-03-260001558370-24-003893Section “Director Compensation”. As printed: 0. Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 09b board cost (computed)ComputedcomputedCash 616,500 + equity 455,104 + all other 0 = 1,071,604, summed across the director compensation table rows.machine: formula: Σ = 1,071,604
23Nicolet Bankshares, Inc., Section 10b CEO totalDEF 14A2026-03-240001174850-26-000086CEO total compensation as printed in Nicolet Bankshares, Inc.'s own proxy. As printed: 14,944,068. Filing ↗machine: t24 · r3 · c21 · span 428027–428037
24Byline Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-200001193125-26-162758CEO total compensation as printed in Byline Bancorp, Inc.'s own proxy. As printed: 4,537,621. Filing ↗machine: span 1703328–1703337
25First Busey Corporation, Section 10b CEO totalDEF 14A2026-04-130000314489-26-000021CEO total compensation as printed in First Busey Corporation's own proxy. As printed: 4,030,080. Filing ↗machine: t31 · r2 · c24 · span 687336–687345
26First Foundation, Inc., Section 10b CEO totalDEF 14A2025-04-170001104659-25-036041CEO total compensation as printed in First Foundation, Inc.'s own proxy. As printed: 4,013,755. Filing ↗machine: r1 · c41 · span 687747–687756
27National Bank Holdings Corporation, Section 10b CEO totalDEF 14A2026-04-030001475841-26-000013CEO total compensation as printed in National Bank Holdings Corporation's own proxy. As printed: 3,725,952. Filing ↗machine: t193 · r7 · c18 · span 923534–923543
28Enterprise Financial Services Corp., Section 10b CEO totalDEF 14A2026-03-310001025835-26-000079CEO total compensation as printed in Enterprise Financial Services Corp.'s own proxy. As printed: 3,620,031. Filing ↗machine: span 458805–458814
29Stock Yards Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-120001437749-26-007879CEO total compensation as printed in Stock Yards Bancorp, Inc.'s own proxy. As printed: 3,380,337. Filing ↗machine: r3 · c32 · span 991255–991264
30Veritex Holdings, Inc., Section 10b CEO totalDEF 14A2025-04-290001501570-25-000053CEO total compensation as printed in Veritex Holdings, Inc.'s own proxy. As printed: 3,187,601. Filing ↗machine: t26 · r2 · c23 · span 595706–595715
31Old Second Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-060001104659-26-039829CEO total compensation as printed in Old Second Bancorp, Inc.'s own proxy. As printed: 3,108,135. Filing ↗machine: t130 · r8 · c16 · span 753236–753245
32Equity Bancshares, Inc., Section 10b CEO totalDEF 14A2026-03-120001193125-26-103215CEO total compensation as printed in Equity Bancshares, Inc.'s own proxy. As printed: 3,073,975. Filing ↗machine: t185 · r2 · c31 · span 655068–655077
33Stellar Bancorp, Inc., Section 10b CEO totalDEF 14A2025-04-100001104659-25-033748CEO total compensation as printed in Stellar Bancorp, Inc.'s own proxy. As printed: 2,678,922. Filing ↗machine: t25 · r1 · c47 · span 884964–884973
34Origin Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-130001552781-26-000112CEO total compensation as printed in Origin Bancorp, Inc.'s own proxy. As printed: 2,640,828. Filing ↗machine: t377 · r1 · c8 · span 1011378–1011387
35First Financial Corporation, Section 10b CEO totalDEF 14A2026-03-170000714562-26-000017CEO total compensation as printed in First Financial Corporation's own proxy. As printed: 2,395,725. Filing ↗machine: r2 · c8 · span 818114–818123
361st Source Corporation, Section 10b CEO totalDEF 14A2026-03-130000034782-26-000021CEO total compensation as printed in 1st Source Corporation's own proxy. As printed: 2,190,564. Filing ↗machine: t33 · r8 · c10 · span 732069–732078
37Crossfirst Bankshares (subject), Section 10b CEO totalDEF 14A2024-03-260001558370-24-003893CEO total compensation as printed in Crossfirst Bankshares's own proxy. As printed: 1,924,315. Filing ↗machine: t121 · r6 · c16 · span 932186–932195
38Mercantile Bank Corporation, Section 10b CEO totalDEF 14A2026-04-020001437749-26-010964CEO total compensation as printed in Mercantile Bank Corporation's own proxy. As printed: 1,769,983. Filing ↗machine: t42 · r1 · c20 · span 302151–302160
39QCR Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-090001171843-26-002356CEO total compensation as printed in QCR Holdings, Inc.'s own proxy. As printed: 1,713,726. Filing ↗machine: span 516480–516489
40Section 10a, First Busey Corporation reciprocityDEF 14A0000314489-26-000021First Busey Corporation's most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
41Section 10a, National Bank Holdings Corporation reciprocityDEF 14A0001475841-26-000013National Bank Holdings Corporation's most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
42Section 10a, First Foundation, Inc. reciprocityDEF 14A0001104659-25-036041First Foundation, Inc.'s most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
43Section 10a, 1st Source Corporation reciprocityDEF 14A0000034782-26-0000211st Source Corporation's most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
44Section 10a, Mercantile Bank Corporation reciprocityDEF 14A0001437749-26-010964Mercantile Bank Corporation's most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
45Section 10a, Enterprise Financial Services Corp. reciprocityDEF 14A0001025835-26-000079Enterprise Financial Services Corp.'s most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
46Section 10a, Veritex Holdings, Inc. reciprocityDEF 14A0001501570-25-000053Veritex Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
47Section 10a, Nicolet Bankshares, Inc. reciprocityDEF 14A0001174850-26-000086Nicolet Bankshares, Inc. names Crossfirst Bankshares in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, QCR Holdings, Inc. reciprocityDEF 14A0001171843-26-002356QCR Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
49Section 10a, Byline Bancorp, Inc. reciprocityDEF 14A0001193125-26-162758Byline Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
50Section 10a, Equity Bancshares, Inc. reciprocityDEF 14A0001193125-26-103215Equity Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
51Section 10a, Stock Yards Bancorp, Inc. reciprocityDEF 14A0001437749-26-007879Stock Yards Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
52Section 10a, Triumph Bancorp, Inc. reciprocityDEF 14A0001193125-26-102190Triumph Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
53Section 10a, Stellar Bancorp, Inc. reciprocityDEF 14A0001104659-25-033748Stellar Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
54Section 10a, Old Second Bancorp, Inc. reciprocityDEF 14A0001104659-26-039829Old Second Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗
55Section 10a, First Financial Corporation reciprocityDEF 14A0000714562-26-000017First Financial Corporation's most recent proxy was read; its disclosed peer group does not include Crossfirst Bankshares. Filing ↗