ex991

Exhibit 99.1

CrossFirst Bankshares, Inc. Reports Second Quarter 2023

Results

LEAWOOD, Kan., July 17, 2023 (GLOBE NEWSWIRE) -- CrossFirst Bankshares,

Inc. (Nasdaq: CFB), the bank holding company for

CrossFirst Bank, today reported second quarter net income of $16.0

million, or $0.33 per diluted common share, and adjusted net income

of $17.3 million, or $0.35 per diluted common share on an adjusted basis.

Second Quarter 2023 Key Financial Performance

Metrics

Net Income

ROAA

(1)

Net Interest Margin –

Fully Tax Equivalent

(“FTE”)

(1)

Diluted EPS

ROE

(1)

$16.0 million

0.93%

3.27%

$0.33

9.94%

Adjusted Second Quarter 2023 Key Financial Performance

Metrics

(2)

Adjusted Net Income

Adjusted ROAA

(1)

Net Interest Margin -

FTE

(1)

Adjusted Diluted

EPS

Adjusted ROE

(1)

$17.3 million

1.00%

3.27%

$0.35

10.74%

CEO Commentary:

“We delivered consistent, strong earnings, grew our capital, right-sized

our cost structure and maintained our deposit base in a challenging

environment,” said CrossFirst’s CEO and President, Mike Maddox.

Mr. Maddox continued, “We remain focused on serving our clients,

maintaining credit quality and executing on our strategic initiatives.”

2023

Second Quarter Highlights:

●

Received regulatory approval for the previously-announced acquisition

of Canyon Bancorporation, Inc. and its wholly owned

subsidiary, Canyon Community Bank, N.A., which is expected to

add low-cost liquidity and deepens our Arizona franchise;

the Company expects to close the transaction in the third quarter of 2023

●

Loans grew $149 million, or 2.6%, for the quarter and grew 7.9% year-to date;

loan growth was well diversified across

commercial and industrial, energy and commercial real estate – owner-occupied

●

Credit metrics remain strong with annualized net charge-offs of just 0.04%

of average total loans and a non-performing assets

to total assets ratio of 0.19%

●

Non-interest-bearing deposits stabilized, decreasing 4% from the prior quarter, while

total deposits increased 4.5% due to an

increase in wholesale funding sources at quarter-end

●

Identified meaningful non-interest expense savings for the remainder

of 2023, advancing our efficiency improvement goal

●

Book value per share grew to $13.39 while tangible book value per

common share

(2)

grew to $12.67

(1)

Ratios are annualized.

(2)

With the exception of Net Interest Margin - FTE, represents a non-GAAP financial measure. See “Table 5. Non-GAAP Financial Measures” for

a reconciliation of these measures.

Exhibit 99.1

Quarter-to-Date

Year-to-Date

(Dollars in millions except per share data)

June 30, 2023

March 31, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Operating revenue

(1)

60.3

62.6

50.9

123.0

99.0

Net income

16.0

16.1

15.5

32.2

32.4

Diluted earnings per common share

0.33

0.31

0.65

0.64

Return on average assets

0.93

0.97

1.12

0.95

1.18

Adjusted return on average assets

(2)

1.00

1.04

1.20

1.02

1.21

Return on average equity

9.94

10.53

10.15

10.23

10.30

Adjusted return on average equity

(2)

10.74

11.30

10.82

11.01

10.62

Net interest margin

3.23

3.60

3.46

3.41

3.35

Net interest margin -FTE

(3)

3.27

3.65

3.52

3.46

3.41

Efficiency ratio

62.02

60.81

57.36

61.41

57.46

Adjusted efficiency ratio - FTE

(2)(3)

57.27

56.42

53.95

56.84

55.26

(1)

Net interest income plus non-interest income.

(2)

Represents a non-GAAP financial measure. See "Table 5. Non-GAAP Financial Measures" for a reconciliation of these measures.

(3)

Tax exempt income is calculated on a tax-equivalent basis. Tax-free municipal securities are exempt from federal income taxes. The incremental federal

income tax rate used is 21.0%.

Income from Operations

Net income totaled $16.0

million, or $0.33 per diluted common share, for the second quarter of 2023, compared

to $16.1 million, or $0.33

per diluted common share, during the first quarter of 2023 and $15.5 million,

or $0.31 per diluted common share, during the second

quarter of 2022. On a linked quarter basis, net income was lower due

to a decrease in net interest income partially offset by lower

provision expense, lower non-interest expenses and higher non-interest

income.

Compared to the same period in the prior year, the

quarter’s results were impacted by higher net interest income and non-interest

income that were partially offset by higher provision

expense and non-interest expense.

The second quarter included severance charges of $1.3 million and acquisition

-related charges of $0.3 million, resulting in adjusted net

income of $17.3 million, or $0.35 per diluted common share on an

adjusted basis, compared to adjusted net income of $17.3 million, or

$0.35 per diluted common share, on an adjusted basis for the first quarter of

2023.

Net Interest Income

Fully tax equivalent net interest income totaled $55.3 million for

the quarter, compared to $59.0 million for the first quarter of 2023, as the

benefit from higher average earning assets, higher loan yields and one

additional day were more than offset by higher cost of funds.

Net

interest margin – FTE narrowed 38 basis points compared to the prior quarter

to 3.27%.

Average earning assets increased $217 million compared to the prior quarter

primarily due to higher average loan balances and average

investment balances. The increase in average loans and investments more than

offset the lower average cash balances.

The yield on

earning assets widened 31 basis points entirely due to stronger loan yields

from the repricing of variable rate loans as well as higher

pricing on new loans.

The cost of interest-bearing liabilities increased 68 basis points due to continued

pricing pressure on interest-bearing

deposits and due to the decrease in non-interest-bearing deposits experienced

late in the first quarter of 2023, which negatively impacted

the second quarter 2023 net interest margin.

Compared to the second quarter of 2022, net interest income – FTE increased $7.8

million while net interest margin - FTE decreased 25

basis points.

The higher income is due to 25% growth in average earning assets while the

net interest margin – FTE decreased as higher

loan yields were more than offset by a higher cost of funds due to the rising rate environment. The increase

in average earning assets was

entirely driven by higher average loan and investment balances, partially offset

by lower average cash balances.

The yield on earning

assets increased 2.41% due to new loan production as well as repricing of variable

rate loans.

The cost of funds increased 2.91% over the

same period due to pricing pressure on deposits as well as client migration

into higher cost deposit products compared to the prior year.

CROSSFIRST BANKSHARES, INC.

Non-Interest Income

Non-interest income increased $1.4 million compared to the first quarter

of 2023 and increased by $1.6 million compared to the same

quarter in 2022. The increase in non-interest income compared to both prior periods

was due to increases in service charges and fees and

gains on sales of loans.

Additionally,

ATM and credit card interchange income decreased compared to the prior

year due to one large

customer with pandemic-related activity that was not recurring.

Non-Interest Expense

Non-interest expense decreased $0.7 million from the first quarter of 2023 and

increased $8.2 million from the second quarter of 2022.

The second quarter of 2023 included $0.3 million of acquisition-related

expenses, most of which were included in professional fees, and

$1.3 million of employee separation costs included in salaries and employee

benefits.

The first quarter of 2023 included $1.5 million of

acquisition-related expenses with $1.1

million included in professional fees, $0.2 million in salaries and employee

benefits, $0.1 million in

advertising,

and $0.1 million in other non-interest expense. The second quarter of 2022 included $0.2 million

of acquisition-related

expenses,

most of which were included in professional fees, and $1.0 million of employee separation

costs included in other non-interest

expense.

Excluding these acquisition-related expenses and employee separation costs, non-interest

expense decreased $0.8 million

compared to the first quarter of 2023

and increased $7.9 million compared to the second quarter of 2022.

Compared to the prior quarter,

data processing and professional fees were $1.0 million lower due

to completion of projects in the first quarter.

Additionally, other non-

interest expenses

decreased $0.3

million primarily due to a decrease in discretionary expenses. Partially offsetting

these decreases was an

increase in deposit insurance premiums primarily due to growth in assets and

a higher assessment rate. Compared to the second quarter of

2022,

salaries and employee benefits costs were higher due to the addition of employees

as part of the Colorado and New Mexico

acquisition,

as well as merit increases. Occupancy costs increased due to the addition of a second location

in Dallas, Texas and new

properties in Colorado and New Mexico. Additionally, deposit insurance premiums increased as previously noted.

Software and

communication expenses increased due to technology for additional

employees and clients as well as new technology implementation.

Core deposit intangible amortization expense also increased compared

to the prior year as a result of the previously mentioned acquisition.

The Company’s effective tax rate for the second quarter of 2023

was 20.8%, as compared to 20.0% in the first quarter of 2023

and 20.6%

for the second quarter of 2022.

Statement of Financial Condition Performance & Analysis

During the second quarter of 2023, total assets increased by $0.2

billion, or 3%, compared to the end of the prior quarter and increased

$1.4 billion, or 25%,

compared to June 30, 2022. Total assets increased on a linked quarter basis primarily

due to a $0.1 billion increase in

loans.

The year-over-year increase was primarily due to an increase in loans of $1.3

billion, including $0.4 billion in acquired loans.

Deposits increased $0.3 billion compared to March 31, 2023, and

increased $1.4 billion from June 30, 2022, including $0.6 billion in

acquired deposits.

Loan Results

During the second quarter of 2023, loans increased

$149 million, or 11% annualized, compared to March 31, 2023, and increased

$1.3

billion, or 28%,

compared to June 30, 2022, including the impact of acquired loans which added 9%. The linked quarter

increase in loans

was a result of growth primarily in the commercial and industrial, energy and

commercial real estate – owner-occupied portfolios.

The

loan increase compared to June 30, 2022 was primarily due to growth in

the commercial and industrial, commercial

real estate – owner-

occupied and commercial real estate – non-owner-occupied portfolios and

included the impact of acquired loans.

6/30/23

3/31/23

12/31/22

9/30/22

6/30/22

% of

Total

QoQ

Growth

($)

QoQ

Growth

(%)

YoY

Growth

($)

YoY

Growth

(%)

(Dollars in millions)

Period-end loans (gross)

Commercial and industrial

2,058

2,034

1,975

1,689

1,600

458

Energy

233

194

173

179

233

Commercial real estate -

owner-occupied

543

478

437

362

373

170

Commercial real estate -

non-owner-occupied

2,480

2,472

2,315

1,988

1,897

583

Residential real estate

440

439

421

395

Consumer

Total

5,797

5,648

5,373

4,678

4,528

100

149

1,269

CROSSFIRST BANKSHARES, INC.

Deposit & Other Borrowing Results

During the second quarter of 2023, deposits increased 5%,

compared to March 31, 2023, and increased 29%,

compared to June 30, 2022.

The deposit increase compared to March 31, 2023 was due to increases

in time deposits, partially offset by decreases in all other deposit

categories. Approximately one-third of the time deposit increase was from new client money and shifts from

other deposit categories with

the balance representing an increase in wholesale funding. The deposit increase compared

to June 30, 2022 was due to increases in

transaction deposits, savings and money market deposits and time deposits, includin

acquired deposits, partially offset by decreases in

non-interest-bearing deposits.

6/30/23

3/31/23

12/31/22

9/30/22

6/30/22

QoQ

Growth

($)

QoQ

Growth

(%)

YoY

Growth

($)

YoY

Growth

(%)

(Dollars in millions)

Period-end deposits

Non-interest-bearing deposits

928

970

1,400

1,114

1,163

(42)

(4)

(235)

(20)

Transaction deposits

604

665

544

519

497

(61)

(9)

107

Savings and money market deposits

2,730

2,826

2,761

2,605

2,351

(96)

(3)

379

Time deposits

1,838

1,376

946

750

733

462

1,105

151

Total

6,100

5,837

5,651

4,988

4,744

263

1,356

Asset Quality and Provision for Credit Losses

The Company recorded $2.6 million of provision expense, compared

to $4.4 million in the prior quarter and $2.1 million in the prior year

second quarter. The current quarter’s provision expense was primarily driven by

loan growth and net charge-offs of $0.6 million.

Non-performing assets increased $2.1

million to $13.3 million at June 30, 2023 primarily due to an increase in non-accrual loans

partially

offset by the sale of one other real estate owned property. The non-performing assets to total

assets ratio decreased from 0.54% at June 30,

2022

to 0.19% at June 30, 2023.

Annualized net charge-offs were 0.04% for the quarter compared to 0.12% in

the prior quarter and 0.10%

in the prior year second quarter.

The allowance for credit losses was $67.6 million or 1.17% of outstanding

loans at June 30, 2023. The combined allowance for credit

losses and accrual for off-balance sheet credit risk from unfunded

commitments (“RUC”) was $75.3 million or 1.30% of outstanding loans

which was consistent with the linked quarter and lower than the prior year

second quarter, owing primarily to the reduction in specific

reserves on non-performing loans.

The following table provides information regarding asset quality.

Asset quality

(Dollars in millions)

6/30/23

3/31/23

12/31/22

9/30/22

6/30/22

Non-accrual loans

12.9

9.5

11.3

16.9

27.7

Other real estate owned

0.9

1.1

1.0

Loans 90+ days past due and still accruing

0.4

0.8

0.3

2.2

Non-performing assets

13.3

11.2

13.2

18.2

30.8

Loans 30 - 89 days past due

13.3

5.1

19.6

21.4

16.6

Net charge-offs (recoveries)

0.6

1.6

(0.3)

1.9

1.1

Asset quality metrics

(%)

6/30/23

3/31/23

12/31/22

9/30/22

6/30/22

Nonperforming assets to total assets

0.19

0.16

0.20

0.31

0.54

Allowance for credit losses to total loans

1.17

1.15

1.19

1.23

Allowance for credit losses + RUC to total loans

(2)

1.30

1.31

1.34

1.35

Allowance for credit losses to non-performing loans

508

629

514

324

187

Net charge-offs (recoveries) to average loans

(1)

0.04

0.12

(0.02)

0.16

0.10

Provision to average loans

(1)

0.18

0.32

0.53

0.29

0.19

Classified Loans / (Total Capital + ACL)

9.7

9.4

10.1

11.3

12.1

Classified Loans / (Total Capital + ACL + RUC)

(2)

9.6

9.3

10.0

11.2

12.0

(1)

Interim periods annualized.

(2)

Includes the accrual for off-balance sheet credit risk from

unfunded commitments

CROSSFIRST BANKSHARES, INC.

Capital Position

At June 30, 2023, stockholders' equity totaled $651 million, or $13.39

per common share, compared to $645 million, or $13.28 per

common share, at March 31, 2023. The increase was due to net income partially offset

by an increase in accumulated other comprehensive

loss from the unrealized loss on available-for-sale securities, net of tax.

Tangible book value per common share was $12.67 at June 30, 2023,

an increase of $0.13 from March 31, 2023.

The ratio of common

equity Tier 1 capital to risk-weighted assets was approximately 9.5%, and the ratio of total capital to

risk-weighted assets was

approximately 10.7% at June 30, 2023.

CROSSFIRST BANKSHARES, INC.

Conference Call and Webcast

Management will host a conference call to review second quarter financial

results on Tuesday, July 18, 2023, at 10 a.m. CT / 11 a.m. ET.

The conference call and webcast may also include discussion of Company

developments, forward-looking statements and other material

information about business and financial matters. To access the event by telephone,

please dial

(

844)

481-2831 at least fifteen minutes

prior to the start of the call and request access to the CrossFirst Bankshares call. International

callers should dial

(412) 317-1851 and

request access as directed above.

The call will also be broadcast live over the internet and can be accessed via the following link:

https://edge.media-server.com/mmc/p/2trnbcdr.

Please visit the site at least 15 minutes prior to the call to allow time for registration.

For

those unable to join the presentation, a replay of the call will be available two hours

after the conclusion of the live call. To access the

replay, dial (877) 344-7529 and enter the replay access code 8140702

International callers should dial +1 (412) 317-0088 and enter the

same access code. A replay of the webcast will also be available for 90 days on the Company’s website

https://investors.crossfirstbankshares.com/.

Cautionary Notice about Forward-Looking Statements

The financial results in this press release reflect preliminary, unaudited

results, which are not final until the Company’s Quarterly Report

on Form 10-Q is filed. This earnings release contains forward-looking statements regarding,

among other things, our business plans,

expansion targets and opportunities, expected completion and timing

of completion of our acquisition of Canyon Bancorporation, Inc.,

and

future financial performance. Any statements about management’s expectations, beliefs, plans, predictions,

forecasts, objectives,

assumptions or future events or performance are not historical facts and may be forward-looking.

These statements are often, but not

always, made through the use of words or phrases such as “growth,” “approximately,”

“believe,” “future,” “optimistic,” “opportunity,”

“anticipated,” “expectations,” “expect,” “will,” “initiatives,” “could,”

“strategy,” “goal,” “focused,” “work toward” and similar words or

phrases. The inclusion of forward-looking information in this earnings release should

not be regarded as a representation by us or any

other person that the future plans, estimates or expectations contemplated by

us will be achieved.

The Company has based these forward-

looking statements largely on its current expectations and projections about

future events and financial trends that it believes may affect its

financial condition, results of operations, business strategy and

financial needs. Our actual results could differ materially from those

anticipated in such forward-looking statements.

Accordingly, the Company cautions you that any such forward-looking statements

are not a guarantee of future performance and that

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. Such factors include, without limitation, a decline in general

business and economic conditions and any regulatory

responses thereto, including uncertainty and volatility in the financial markets; interest

rate fluctuations; our ability to effectively execute

our growth strategy and manage our growth, including identifying and consummating

suitable mergers and acquisitions, entering new lines

of business or offering new or enhanced services or products; the transition

away from the London Interbank Offered Rate (LIBOR);

fluctuations in fair value of our investments due to factors outside of our control;

our ability to successfully manage credit risk and the

sufficiency of our allowance; geographic concentration of our

markets; economic impact on our commercial real estate and commercial-

based loan portfolios, including declines in commercial and residential real estate values;

an increase in non-performing assets; our ability

to attract, hire and retain key personnel; maintaining and increasing customer

deposits, funding availability,

liquidity and our ability to

raise and maintain sufficient capital; competition from banks, credit unions

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; cyber incidents or other failures, disruptions

or security breaches; employee error, fraud committed

against the Company or our clients, or incomplete or inaccurate information

about clients and counterparties; mortgage markets; our

ability to maintain our reputation; costs and effects of litigation; environmental liability;

risk exposure from transactions with financial

counterparties; severe weather, natural disasters, acts of war or terrorism or

other external events; and changes in laws, rules, regulations,

interpretations or policies relating to financial institutions. These and other factors

that could cause results to differ materially from those

described in the forward-looking statements, as well as a discussion of the

risks and uncertainties that may affect our business, can be

found in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and

Exchange Commission. These forward-looking statements are made as of the date of

this communication, and we disclaim any obligation

to update any forward-looking statement or to publicly announce the results

of any revisions to any of the forward-looking statements

included herein, except as required by law.

About CrossFirst Bankshares, Inc.

CrossFirst Bankshares, Inc. (Nasdaq: CFB) is a Kansas corporation and a registered

bank holding company for its wholly owned

subsidiary,

CrossFirst Bank, a full-service financial institution that offers products and

services to businesses, professionals, individuals,

and families. CrossFirst Bank, headquartered in Leawood, Kansas, has locations

in Kansas, Missouri, Oklahoma, Texas, Arizona,

Colorado, and New Mexico.

INVESTOR CONTACT

Mike Daley, Chief Accounting Officer and Head of Investor Relations

mike.daley@crossfirstbank.com

(913) 754-9707

https://investors.crossfirstbankshares.com

CROSSFIRST BANKSHARES, INC.

TABLE 1. CONSOLIDATED STATEMENTS OF FINANCIAL

CONDITION (UNAUDITED)

June 30, 2023

March 31, 2023

December 31, 2022

(Dollars in thousands)

Assets

Cash and cash equivalents

342,497

262,971

300,138

Available-for-sale securities - taxable

297,097

280,408

198,808

Available-for-sale securities - tax-exempt

446,803

470,843

488,093

Loans, net of unearned fees

5,796,599

5,647,639

5,372,729

Allowance for credit losses on loans

67,567

65,130

61,775

Loans, net of the allowance for credit losses on loans

5,729,032

5,582,509

5,310,954

Premises and equipment, net

68,539

67,311

65,984

Restricted equity securities

13,060

16,700

12,536

Interest receivable

33,303

30,385

29,507

Foreclosed assets held for sale

855

1,130

Goodwill and other intangible assets, net

27,457

28,259

29,081

Bank-owned life insurance

69,929

69,511

69,101

Other

92,461

84,978

95,754

Total assets

7,120,178

6,894,730

6,601,086

Liabilities and stockholders’ equity

Deposits

Non-interest-bearing

928,098

969,701

1,400,260

Savings,

NOW and money market

3,333,514

3,491,586

3,305,481

Time

1,838,455

1,376,027

945,567

Total deposits

6,100,067

5,837,314

5,651,308

Federal Home Loan Bank advances

262,708

314,031

218,111

Other borrowings

14,320

17,970

35,457

Interest payable and other liabilities

91,600

79,924

87,611

Total liabilities

6,468,695

6,249,239

5,992,487

Stockholders’ equity

Preferred Stock, $0.01 par value:

Authorized - 15,000 shares,

issued - 7,750 at June 30, 2023 and March 31, 2023 and no

shares at December 31, 2022

Common Stock, $0.01 par value:

Authorized - 200,000,000

shares, issued - 53,241,885, 53,189,016 and 53,036,613 shares

at June 30, 2023, March 31, 2023 and December 31, 2022,

respectively

532

530

Treasury stock, at cost:

4,588,398 shares held at June 30,

2023, March 31, 2023 and December 31, 2022

(64,127)

Additional paid-in capital

539,793

539,023

530,658

Retained earnings

238,147

222,203

206,095

Accumulated other comprehensive loss

(62,862)

(52,140)

(64,557)

Total stockholders’ equity

651,483

645,491

608,599

Total liabilities and stockholders’ equity

7,120,178

6,894,730

6,601,086

CROSSFIRST BANKSHARES, INC.

TABLE 2. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended

Six Months Ended

June 30,

March 31

June 30,

2023

2022

2023

2022

(Dollars in thousands except per share data)

Interest Income

Loans, including fees

98,982

89,618

47,327

188,600

90,055

Available-for-sale securities - taxable

2,622

1,849

1,086

4,471

2,130

Available-for-sale securities - tax-exempt

3,571

3,794

3,845

7,365

7,537

Deposits with financial institutions

1,609

2,014

369

3,623

521

Dividends on bank stocks

364

262

213

626

357

Total interest income

107,148

97,537

52,840

204,685

100,600

Interest Expense

Deposits

48,663

36,725

4,732

85,388

8,243

Fed funds purchased and repurchase agreements

Federal Home Loan Bank Advances

3,734

2,391

1,294

6,125

2,403

Other borrowings

212

154

366

Total interest expense

52,609

39,316

6,131

91,925

10,776

Net Interest Income

54,539

58,221

46,709

112,760

89,824

Provision for Credit Losses

2,640

4,421

2,135

7,061

1,510

Net Interest Income after Provision for Credit

Losses

51,899

53,800

44,574

105,699

88,314

Non-Interest Income

Service charges and fees on customer accounts

2,110

1,829

1,546

3,939

2,954

ATM and credit card interchange income

1,213

1,264

1,521

2,477

4,185

Realized gains (losses) on available-for-sale securities

(12)

(38)

Gain on sale of loans

1,205

187

1,392

Gains (losses) on equity securities, net

(71)

(174)

Income from bank-owned life insurance

418

411

407

829

795

Swap fees and credit valuation adjustments, net

174

130

Other non-interest income

743

567

798

1,310

1,291

Total non-interest income

5,779

4,421

4,201

10,200

9,143

Non-Interest Expense

Salaries and employee benefits

24,061

22,622

17,095

46,683

35,036

Occupancy

3,054

2,974

2,622

6,028

5,115

Professional fees

970

2,618

1,068

3,588

1,873

Deposit insurance premiums

1,881

1,531

713

3,412

1,450

Data processing

1,057

1,242

1,160

2,299

1,972

Advertising

649

752

757

1,401

1,449

Software and communication

1,655

1,651

1,198

3,306

2,468

Foreclosed assets, net

(21)

149

128

(38)

Other non-interest expense

3,304

3,731

4,555

7,035

7,505

Core deposit intangible amortization

802

822

1,624

Total non-interest expense

37,412

38,092

29,203

75,504

56,869

Net Income Before Taxes

20,266

20,129

19,572

40,395

40,588

Income tax expense

4,219

4,021

4,027

8,240

8,215

Net Income

16,047

16,108

15,545

32,155

32,373

Basic Earnings Per Common Share

0.33

0.31

0.66

0.65

Diluted Earnings Per Common Share

0.33

0.31

0.65

0.64

CROSSFIRST BANKSHARES, INC.

TABLE 3. YEAR-TO-DATE ANALYSIS OF

CHANGES IN NET INTEREST

INCOME - FTE

(UNAUDITED)

Six Months Ended

June 30,

2023

2022

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(3)

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(3)

(Dollars in thousands)

Interest-earning assets:

Securities - taxable

302,763

5,097

3.37

220,783

2,487

2.26

Securities - tax-exempt - FTE

(1)

527,047

8,912

3.38

543,873

9,120

3.35

Federal funds sold

873

1.39

Interest-bearing deposits in other banks

170,287

3,617

4.28

253,771

521

0.41

Gross loans, net of unearned income

(2)

5,658,698

188,600

6.72

4,385,664

90,055

4.14

Total interest-earning assets - FTE

(1)

6,659,668

206,232

6.24

5,404,091

102,183

3.81

Allowance for loan losses

(64,664)

(57,324)

Other non-interest-earning assets

226,983

207,881

Total assets

6,821,987

5,554,648

Interest-bearing liabilities

Transaction deposits

570,661

7,839

2.77

546,982

596

0.22

Savings and money market deposits

2,794,201

50,496

3.64

2,318,415

4,716

0.41

Time deposits

1,357,688

27,053

4.02

573,503

2,931

1.03

Total interest-bearing deposits

4,722,550

85,388

3.65

3,438,900

8,243

0.48

FHLB and short-term borrowings

311,471

6,423

4.16

280,883

2,477

1.78

Trust preferred securities, net of fair value

adjustments

1,070

114

21.49

1,018

11.11

Non-interest-bearing deposits

1,057,268

1,153,499

Cost of funds

6,092,359

91,925

3.04

4,874,300

10,776

0.44

Other liabilities

95,702

46,312

Stockholders’ equity

633,926

634,036

Total liabilities and stockholders' equity

6,821,987

5,554,648

Net interest income - FTE

(1)

114,307

91,407

Net interest spread - FTE

(1)

3.20

3.37

Net interest margin - FTE

(1)

3.46

3.41

(1)

Tax exempt income is calculated on a tax-equivalent basis. Tax-free municipal securities are exempt from federal income taxes. The incremental income tax

rate used is 21.0%.

(2)

Average gross loan balances include non-accrual loans.

(3)

Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed

in this release may not produce the same amounts.

CROSSFIRST BANKSHARES, INC.

TABLE 4. QUARTERLY

ANALYSIS OF CHANGES IN NET INTEREST INCOME – FTE (UNAUDITED)

Three Months Ended

June 30, 2023

March 31, 2023

June 30, 2022

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(3)

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(3)

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(3)

(Dollars in thousands)

Interest-earning assets:

Securities - taxable

336,446

2,986

3.55

268,705

2,111

3.14

220,763

1,299

2.35

Securities - tax-exempt - FTE

(1)

511,993

4,321

3.38

542,268

4,591

3.39

553,960

4,653

3.36

Federal funds sold

1,757

1.15

Interest-bearing deposits in other banks

145,559

1,609

4.43

195,289

2,009

4.17

198,210

369

0.75

Gross loans, net of unearned income

(2)

5,776,137

98,982

6.87

5,539,954

89,618

6.56

4,437,917

47,327

4.28

Total interest-earning assets - FTE

(1)

6,770,135

107,898

6.39

6,547,973

98,334

6.08

5,410,850

53,648

3.98

Allowance for loan losses

(66,078)

(63,235)

(56,732)

Other non-interest-earning assets

225,915

228,063

191,539

Total assets

6,929,972

6,712,801

5,545,657

Interest-bearing liabilities

Transaction deposits

598,646

4,339

2.91

542,366

3,500

2.62

508,403

374

0.29

Savings and money market deposits

2,707,637

26,927

3.99

2,881,726

23,569

3.32

2,334,103

2,869

0.49

Time deposits

1,612,105

17,397

4.33

1,100,444

9,656

3.56

559,708

1,489

1.07

Total interest-bearing deposits

4,918,388

48,663

3.97

4,524,536

36,725

3.29

3,402,214

4,732

0.56

FHLB and short-term borrowings

349,763

3,888

4.46

272,754

2,535

3.77

330,064

1,368

1.66

Trust preferred securities, net of fair value

adjustments

1,077

21.60

1,062

21.39

1,024

11.94

Non-interest-bearing deposits

921,259

1,194,788

1,149,654

Cost of funds

6,190,487

52,609

3.41

5,993,140

39,316

2.66

4,882,956

6,129

0.50

Other liabilities

91,994

99,451

48,160

Stockholders’ equity

647,491

620,210

614,541

Total liabilities and stockholders' equity

6,929,972

6,712,801

5,545,657

Net interest income - FTE

(1)

55,289

59,018

47,519

Net interest spread - FTE

(1)

2.98

3.42

3.48

Net interest margin - FTE

(1)

3.27

3.65

3.52

(1)

Tax exempt income is calculated on a tax-equivalent basis.

Tax-free municipal securities are exempt from federal

income taxes. The incremental income tax rate

used is 21.0%.

(2)

Average loan balances include non-accrual loans.

(3)

Actual unrounded values are used to calculate the reported

yield or rate disclosed. Accordingly,

recalculations using the amounts in thousands as disclosed in

this release may

not produce the same amounts.

CROSSFIRST BANKSHARES, INC.

TABLE 5. NON-GAAP FINANCIAL

MEASURES

Non-GAAP Financial Measures

In addition to disclosing financial measures determined in accordance

with U.S. generally accepted accounting principles (GAAP), the

Company discloses non-GAAP financial measures in this release including “tangible common

stockholders’ equity,” “tangible book value

per common share,” “adjusted efficiency ratio – fully tax equivalent

(FTE),” “adjusted net income,” “adjusted diluted earnings per

common share,” “adjusted return on average assets (ROAA),” and “adjusted return

on equity (ROE).”

We consider the use of select non-

GAAP financial measures and ratios to be useful for financial and operational decision making and useful

in evaluating period-to-period

comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information

regarding our

performance by excluding certain expenditures or gains that we believe

are not indicative of our primary business operating results. We

believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our

performance and

when planning, forecasting, analyzing and comparing past, present

and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented

in accordance with GAAP

and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we

present may differ from non-GAAP financial measures used by our peers or other companies. We compensate

for these limitations by

providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation

of the

impact of the components adjusted for in the non-GAAP financial measure so that both measures and the

individual components may be

considered when analyzing our performance.

A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures follows.

CROSSFIRST BANKSHARES, INC.

Quarter Ended

Six Months Ended

6/30/2023

3/31/2023

12/31/2022

9/30/2022

6/30/2022

6/30/2023

6/30/2022

(Dollars in thousands, except per share data)

Adjusted net income:

Net income

16,047

16,108

11,946

17,280

15,545

32,155

32,373

Add: Acquisition costs

338

1,477

3,570

239

1,815

239

Add: Acquisition - Day 1 CECL provision

4,400

Add: Employee separation

1,300

1,063

1,300

1,063

Less: Tax effect

(1)

(344)

(310)

(2,045)

(17)

(273)

(654)

(273)

Adjusted net income

17,341

17,275

17,871

17,344

16,574

34,616

33,402

Preferred stock dividends

103

Diluted weighted average common shares outstanding

48,943,325

49,043,621

49,165,578

49,725,207

50,203,725

48,994,807

50,561,868

Diluted earnings per common share

0.33

0.24

0.35

0.31

0.65

0.64

Adjusted diluted earnings per common share

0.35

0.36

0.35

0.33

0.70

0.66

(1)

Represents the tax impact of the adjustments at a tax rate of 21.0%, plus permanent tax expense associated with merger related transactions

Quarter Ended

Six Months Ended

6/30/2023

3/31/2023

12/31/2022

9/30/2022

6/30/2022

6/30/2023

6/30/2022

(Dollars in thousands)

Adjusted return on average assets:

Net income

16,047

16,108

11,946

17,280

15,545

32,155

32,373

Adjusted net income

17,341

17,275

17,871

17,344

16,574

34,616

33,402

Average assets

6,929,972

6,712,801

6,159,783

5,764,347

5,545,657

6,821,987

5,554,648

Return on average assets

0.93

0.97

0.77

1.19

1.12

0.95

1.18

Adjusted return on average assets

1.00

1.04

1.15

1.19

1.20

1.02

1.21

Quarter Ended

Six Months Ended

6/30/2023

3/31/2023

12/31/2022

9/30/2022

6/30/2022

6/30/2023

6/30/2022

(Dollars in thousands)

Adjusted return on average equity:

Net income

16,047

16,108

11,946

17,280

15,545

32,155

32,373

Adjusted net income

17,341

17,275

17,871

17,344

16,574

34,616

33,402

Average equity

647,491

620,210

589,587

613,206

614,541

633,926

634,036

Return on average equity

9.94

10.53

8.04

11.18

10.15

10.23

10.30

Adjusted return on average equity

10.74

11.30

12.03

11.22

10.82

11.01

10.62

CROSSFIRST BANKSHARES, INC.

Quarter Ended

6/30/2023

3/31/2023

12/31/2022

9/30/2022

6/30/2022

(Dollars in thousands, except per share data)

Tangible common stockholders' equity:

Total stockholders' equity

651,483

645,491

608,599

580,547

608,016

611946000

Less: goodwill and other intangible assets

27,457

28,259

29,081

Less: preferred stock

7,750

7669000

Tangible common stockholders' equity

616,276

609,482

579,518

580,476

607,925

Tangible book value per common share:

Tangible common stockholders' equity

616,276

609,482

579,518

580,476

607,925

604277000

Common shares outstanding at end of period

48,653,487

48,600,618

48,448,215

48,787,696

49,535,949

52098062

Book value per common share

13.39

13.28

12.56

11.90

12.27

11.75

Tangible book value per common share

12.67

12.54

11.96

11.90

12.27

11.6

Quarter Ended

Six Months Ended

6/30/2023

3/31/2023

12/31/2022

9/30/2022

6/30/2022

6/30/2023

6/30/2022

(Dollars in thousands)

Adjusted Efficiency Ratio - Fully Tax Equivalent (FTE)

(1)

Non-interest expense

37,412

38,092

36,423

28,451

29,203

75,504

56,869

Less: Acquisition costs

(338)

(1,477)

(3,570)

(81)

(239)

(1,815)

(239)

Less: Core deposit intangible amortization

(802)

(822)

(291)

(1,624)

Less: Employee separation

(1,300)

(1,063)

(1,300)

(1,063)

Adjusted Non-interest expense (numerator)

34,972

35,793

32,562

28,370

27,901

70,765

55,567

Net interest income

54,539

58,221

54,015

49,695

46,709

112,760

89,824

Tax equivalent interest income

(1)

750

797

818

820

808

1,547

1,583

Non-interest income

5,779

4,421

4,359

3,780

4,201

10,200

9,143

Total tax-equivalent income (denominator)

61,068

63,439

59,192

54,295

51,718

124,507

100,550

Efficiency Ratio

62.02

60.81

62.40

53.20

57.36

61.41

57.46

Adjusted Efficiency Ratio - Fully Tax Equivalent (FTE)

(1)

57.27

56.42

55.01

52.25

53.95

56.84

55.26

(1)

Tax exempt income (tax-free municipal securities) is calculated on a tax equivalent basis. The incremental tax rate used is 21.0%.