ex991

Exhibit 99.1

October 17, 2022

CrossFirst Bankshares, Inc. Reports Third Quarter 2022

Results

Third Quarter 2022 Key Financial Performance Metrics

Net Income

ROAA

Net Interest Margin

(FTE)

Diluted EPS

ROE

$17.3 million

1.19%

3.56%

(1)(2)

$0.35

11.18%

LEAWOOD, Kan., October 17, 2022 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company

for CrossFirst Bank, today reported operating results for the third quarter of 2022,

with third quarter net income of $17.3 million, or $0.35

per diluted share, and year-to-date net income of $49.7 million, or $0.99 per diluted share.

CEO Commentary:

"As we reflect on our 15

anniversary as a Company, our team should be proud of the amazing growth we have driven and culture we have

created since our de novo start in 2007,” said CrossFirst’s CEO and President, Mike Maddox. “Our people drive our success and

I’m

excited about the many expanded roles we announced this quarter and this team that

will lead us forward.”

2022 Third Quarter Highlights:

•

$5.8 billion of assets with 5% operating revenue

(3)

growth compared to the second quarter of 2022

•

$149 million or 3.3% of total loan growth from the previous quarter and $445 million or 10.5% loan growth

from the same

quarter last year. Excluding PPP loans

(4)

, loan growth was $157 million from the previous quarter or 3.5% and was $547

million or 13.3% from the same quarter last year

•

Continued improvement in credit quality during the third quarter of 2022 as evidenced by the decrease in non-performing

assets to total assets ratio from 0.92% at September 30, 2021 to 0.31% at September

30, 2022

•

Return on Average

Assets of 1.19% and a Return on Equity of 11.18% for the quarter ended September 30, 2022

•

Net Interest Margin (Fully Tax-Equivalent)

(1)(2)

of 3.56% for the quarter ended September 30, 2022, compared to 3.23% for

the same quarter last year

Quarter-to-Date

Year-to-Date

September 30,

(Dollars in millions except per share data)

2022

2021

2022

2021

Operating revenue

(3)

53.5

40.7

152.4

134.1

Net income

17.3

21.0

49.7

48.6

Diluted earnings per share

0.35

0.41

0.99

0.93

Return on average assets

1.19

1.54

1.18

1.16

Return on average common equity

11.18

12.92

10.59

10.24

Net interest margin

(1)

3.50

3.17

3.40

3.07

Net interest margin, fully tax-equivalent

(1)(2)

3.56

3.23

3.46

3.12

Efficiency ratio

53.20

59.06

55.97

54.18

Non-GAAP core operating efficiency ratio, fully tax-equivalent

(2)(4)

52.32

50.45

54.61

51.15

(1)

The Company changed the annualization method on the available-for-sale securities portfolio from Actual/Actual to 30/360

and moved the unrealized

gain(loss) on available-for-sale securities from an interest-earning asset to a non-interest earning asset.

All periods presented reflect this change.

(2)

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%

(3)

Net interest income plus non-interest income

(4)

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

CROSSFIRST BANKSHARES, INC.

Income from Operations

Net Interest Income

Interest income was $65.6 million for the third quarter of 2022, an increase of 39% from

the third quarter of 2021 and an increase of 24%

from the previous quarter due to higher average loans outstanding and higher interest rates. Included in interest income for the third quarter

of 2022 was interest of $1 million as a result of several loans returning to accruing status.

Average earning assets totaled $5.6 billion for

the third quarter of 2022, an increase of $359 million or 7% from the same quarter in 2021. This increase in average earning assets was due

to an increase in average loans of $396 million.

Interest expense for the third quarter of 2022 was $15.9 million, which increased 159% from the prior quarter

and 188% from the same

quarter in 2021 due to significant changes in market rates in 2022.

Average interest-bearing deposits increased to $3.8 billion in the third

quarter of 2022, a 7% increase from the same prior year period. The cost of funds increased from the previous quarter

to 1.23%, compared

to 0.46% for the third quarter of 2021 driven by the higher interest rate environment.

Net interest income totaled $49.7 million for the third quarter of 2022, which was 6% higher than

the second quarter of 2022, and 19%

higher than the third quarter of 2021.

Tax-equivalent net interest margin increased to 3.56% in the current quarter from 3.52% in the

previous quarter and 3.23% in the third quarter of 2021. The income recorded from loans returning

to accruing status increased the tax

equivalent margin by 7 basis points in the current quarter.

The tax-equivalent adjustment, which accounts for income taxes saved on

the

interest earned on non-taxable securities and loans, was $0.8 million for the third quarter of 202

Non-Interest Income

Non-interest income increased by $4.9 million in the third quarter of 2022 compared

to the same quarter of 2021 and decreased $0.4

million compared to the second quarter of 2022.

The decrease in non-interest income compared to the previous quarter was due to $0.2

million in lower credit card fees and $0.3 million in lower letter of credit fees, partially offset by higher

analysis fees.

The increase in non-

interest income compared to the prior year was primarily the result of a $6.2 million impairment

loss on an equity investment that was

received as part of a restructured loan agreement in the prior year.

This variance was partially offset by increases in gains on available for

sale securities of $1.0 million and an increase in analysis fees of $0.4 million.

Non-Interest Expense

Non-interest expense for third quarter of 2022 was $28.5 million, which increased

18% compared to the third quarter of 2021, and

decreased 3% from the second quarter of 2022.

Salaries and benefit costs were higher in the current quarter by $1.2 million compared to

the prior quarter due to hiring in new markets and lines of business, severance payments recorded

in the third quarter and increased

incentive compensation expense related to performance. Furthermore,

deposit insurance premiums increased $0.2 million which were

offset by decreases of $0.5 million in professional fees and $0.3 million in data processing costs. Other non

-interest expenses were lower

by $1.5 million as a result of a $1.1 million employee separation expense recorded in the second quarter of 2022.

Compared to the same

quarter of 2021, salaries and benefits were up $2.9 million primarily because of increased hiring

for market and line of business expansion.

CrossFirst’s effective tax rate for the third quarter of 2022 was 20.3%, as compared

to 21.2% for the third quarter of 2021 and 20.6% in the

second quarter of 2022. For both comparable periods, the Company continued

to benefit from its tax-exempt municipal bond portfolio and

bank-owned life insurance. The tax-exempt benefit diminishes as the Company’s ratio of taxable income to

tax-exempt income increases.

CROSSFIRST BANKSHARES, INC.

Balance Sheet Performance & Analysis

During the third quarter of 2022, total assets increased by $141 million or 3% compared

to June 30, 2022, and increased $448 million or

8% compared to September 30, 2021. Total assets increased on a linked quarter basis primarily

due to a $149 million increase in loans.

The

year-over-year increase was due to an increase in loans of $453

million. Non-interest-bearing deposits decreased $50 million compared to

June 30, 2022, and increased $153 million from September 30, 2021. During the

third quarter of

2022

, available-for-sale investment

securities decreased $39 million to $657 million compared to June 30, 2022 primarily

due to unrealized losses from interest rate increases.

The securities yields remained consistent at a tax equivalent yield of 3.07% for the third quarter of 2022 compared

to the prior quarter.

Loan Results

During the third quarter of 2022, the Company produced an increase in average loans of $189 million compared

to the second quarter of

2022, and an increase of $396 million or 9% compared to the third quarter

of 2021. The linked quarter increase in average loans was

primarily a result of growth in the commercial and commercial real estate portfolios.

Loan yields increased 80 basis points to 5.08%

during the third quarter of 2022 and increased 108 basis points compared to the same prior year

quarter.

3Q22

2Q22

1Q22

4Q21

3Q21

QoQ

Growth

($)

QoQ

Growth

(%)

(1)

YoY

Growth

($)

YoY

Growth

(%)

(1)

(Dollars in millions)

Average loans (gross)

Commercial

1,630

1,532

1,434

1,328

1,233

397

Energy

211

241

274

290

311

(30)

(12)

(100)

(32)

Commercial real estate

1,439

1,399

1,327

1,272

1,213

226

Construction and land development

633

581

593

579

611

Residential and multifamily real estate

644

609

604

612

659

(15)

(2)

Paycheck Protection Program

147

(14)

(71)

(141)

(96)

Consumer

Total

4,627

4,438

4,333

4,221

4,231

189

396

Yield on average loans for the period

ending

5.08

4.28

4.00

4.17

4.00

(1)

Actual unrounded values are used to calculate the reported percent

disclosed. Accordingly, recalculations

using the amounts in millions as disclosed in this release may

not

produce the same amounts.

Deposit & Other Borrowing Results

During the third quarter of 2022, the Company produced an increase in average deposits of 8% compared

to the previous quarter, and an

increase of 11% in average deposits compared to the third quarter of 2021. The deposit increase for

the current quarter and the same

quarter in the prior year was driven by increases in transaction, saving and money market, and time deposits. As a result of the increasing

interest rate environment,

the Company had an increase of 78 basis points in the overall cost of deposits during the third quarter of 2022,

and an increase of 82 basis points in the last twelve months.

3Q22

2Q22

1Q22

4Q21

3Q21

QoQ

Growth

($)

QoQ

Growth

(%)

(1)

YoY

Growth

($)

YoY

Growth

(%)

(1)

(Dollars in millions)

Average deposits

Non-interest bearing deposits

1,138

1,150

1,157

1,058

910

(12)

(1)

228

Transaction deposits

531

507

586

543

511

Savings and money market deposits

2,520

2,334

2,303

2,272

2,276

186

244

Time deposits

734

560

587

662

752

174

(18)

(2)

Total

4,923

4,551

4,633

4,535

4,449

372

474

Cost of deposits for the period ending

1.20

0.42

0.31

0.33

0.38

Cost of interest-bearing deposits for the

period ending

1.56

0.56

0.41

0.43

0.47

(1)

Actual unrounded values are used to calculate the reported percent

disclosed. Accordingly, recalculations

using the amounts in millions as disclosed in this release may

not produce the same amounts.

At September 30, 2022, other borrowings totaled $206 million, as compared

to $298 million at June 30, 2022, and $278 million at

September 30, 2021.

CROSSFIRST BANKSHARES, INC.

Asset Quality Position

Non-performing assets decreased to $18.2 million at September 30,

2022 due to a $10.8 million decrease in non-accrual loans. The decline

is attributable primarily to decreases in non-accrual commercial and industrial and commercial real estate loans. The non

-performing

assets to total assets ratio decreased from 0.92% at September 30, 2021 to 0.31%

at September 30, 2022. Classified loans decreased

slightly during the third quarter due to reductions in classified commercial real estate loans,

bringing the ratio of classified loans to total

capital plus the allowance for credit losses to 11.3%.

The allowance for credit losses was $55.9 million or 1.19% of outstanding loans and 324% of non-accruing loans at

September 30, 2022.

The combined allowance for credit losses and accrual for off-balance

sheet credit risk from unfunded commitments (“RUC”) was $62.6

million or 1.34% of outstanding loans.

The allowance for credit losses to total loans decreased to 1.19% at September 30,

2022 from 1.23% at June 30, 2022. The improvements

in credit metrics compared to September 30, 2021 were primarily driven by upgrades restoring loans to an

accruing status in the

commercial and industrial and commercial real estate portfolios. Net charge-offs were $1.9

million for the third quarter of 2022 and

increased by $0.8 million from the prior quarter. The charge-offs for the current quarter were primarily related

to commercial and

industrial and energy credits. The following table provides information regarding asset quality.

Asset quality

(Dollars in millions)

3Q22

2Q22

1Q22

4Q21

3Q21

Non-accrual loans

16.9

27.7

33.1

31.4

48.1

Other real estate owned

1.0

1.1

Nonperforming assets

18.2

30.8

35.6

32.7

49.8

Loans 90+ days past due and still accruing

0.3

2.2

1.5

0.1

0.5

Loans 30 - 89 days past due

21.4

16.6

15.9

3.5

37.6

Net charge-offs (recoveries)

1.9

1.1

0.8

1.3

Asset quality metrics

(%)

3Q22

2Q22

1Q22

4Q21

3Q21

Nonperforming assets to total assets

0.31

0.54

0.64

0.58

0.92

Allowance for credit loss to total loans

1.19

1.23

1.27

1.37

1.51

Allowance for credit loss + RUC to total loans

(1)

1.34

1.35

1.38

Allowance for credit loss to nonperforming loans

324

187

160

185

132

Net charge-offs (recoveries) to average loans

(2)

0.16

0.10

0.07

0.13

Provision to average loans

(2)

0.29

0.19

(0.06)

(0.47)

(0.94)

Classified Loans / (Total Capital + ACL)

11.3

12.1

10.8

17.3

Classified Loans / (Total Capital + ACL + RUC)

(1)

11.2

12.0

10.7

(1)

Includes the accrual for off-balance sheet credit risk from

unfunded commitments that resulted from CECL adoption on January

1, 2022.

(2)

Interim periods annualized.

Capital Position

At September 30, 2022, stockholders' equity totaled $581 million, or $11.90 per share,

compared to $668 million, or $13.23 per share, at

December 31, 2021. During the third quarter of 2022, CrossFirst continued its share repurchase program

by purchasing 794,457 shares of

common stock outstanding. In addition, accumulated other comprehensive (loss) income

declined by $106 million between December 31,

2021 and September 30, 2022; driven by a $102 million decrease in the unrealized

(loss) gain on available-for-sale securities, net of tax.

The ratio of common equity Tier 1 capital to risk-weighted assets was approximately 11% and the ratio of

total capital to risk-weighted

assets was approximately 12% at September 30, 2022. The Company remains well-capitalized.

CROSSFIRST BANKSHARES, INC.

Conference Call and Webcast

CrossFirst Bankshares, Inc. (Nasdaq: CFB), the parent company of CrossFirst Bank,

will host a conference call to review third quarter

financial results on Tuesday, October 18, 2022, at 10 a.m. CT / 11 a.m. ET. To access the event by telephone, please dial

(

833) 630-1956 at

least fifteen minutes prior to the start of the call and request access to the CrossFirst Bankshares

call. International callers should dial

(412) 317-1837 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/6enfwdfg. 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 4987463. 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, 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 “believes,” “could,” “will,” 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, credit quality and risk, ongoing impact of

the COVID-19 pandemic, industry

and technological changes, cyber incidents or other failures, disruptions or

security breaches, interest rates, commercial and residential real

estate values, economic and market conditions in the United States or internationally, funding availability,

accounting estimates and risk

management processes, the transition away from the London Interbank Offered Rate (LIBOR),

legislative and regulatory changes,

business strategy execution, hiring and retention of key personnel, competition, mortgage markets, fraud committed

against the Company,

environmental liability and severe weather, natural disasters, acts of war or terrorism or

other external events. 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, which is headquartered in Leawood, Kansas.

CrossFirst Bank has nine full-service banking locations in

Kansas, Missouri, Oklahoma, Texas, and Arizona that offer products and services to businesses, professionals, individuals, and families.

INVESTOR CONTACT

Heather Worley

Heather@crossfirst.com

(214)676-4666

https://investors.crossfirstbankshares.com

CROSSFIRST BANKSHARES, INC.

Unaudited Financial Tables

◦

Table 1. Consolidated Balance Sheets

◦

Table 2. Consolidated Statements of Operations

◦

Table 3. 2021 - 2022 Year-to-Date

Analysis of Changes in Net Interest Income

◦

Table 4. 2021 - 2022 Quarterly Analysis of

Changes in Net Interest Income

◦

Table 5. Non-GAAP Financial Measures

CROSSFIRST BANKSHARES, INC.

TABLE 1. CONSOLIDATED BALANCE SHEETS

September 30, 2022

December 31, 2021

(1)

(Unaudited)

(Dollars in thousands)

Assets

Cash and cash equivalents

309,135

482,727

Available-for-sale securities - taxable

174,004

192,146

Available-for-sale securities - tax-exempt

482,523

553,823

Loans, net of unearned fees

4,677,646

4,256,213

Allowance for credit losses on loans

(2)

55,864

58,375

Loans, net of the allowance for credit losses on loans

4,621,782

4,197,838

Premises and equipment, net

64,313

66,069

Restricted equity securities

9,277

11,927

Interest receivable

20,553

16,023

Foreclosed assets held for sale

973

1,148

Bank-owned life insurance

68,698

67,498

Other

97,719

32,258

Total assets

5,848,977

5,621,457

Liabilities and stockholders’ equity

Deposits

Non-interest-bearing

1,113,934

1,163,224

Savings, NOW and money market

3,123,410

2,895,986

Time

750,171

624,387

Total deposits

4,987,515

4,683,597

Federal Home Loan Bank advances

205,349

236,600

Other borrowings

1,048

1,009

Interest payable and other liabilities

74,518

32,678

Total liabilities

5,268,430

4,953,884

Stockholders’ equity

Common stock, $0.01 par value:

authorized - 200,000,000 shares, issued - 53,018,448 and 52,590,015 shares at

September 30, 2022 and December 31, 2021, respectively

530

526

Treasury stock, at cost:

4,230,752 and 2,139,970 shares held at September 30, 2022 and December 31,

2021, respectively

(59,328)

(28,347)

Additional paid-in capital

529,646

526,806

Retained earnings

194,148

147,099

Accumulated other comprehensive (loss) income

(84,449)

21,489

Total stockholders’ equity

580,547

667,573

Total liabilities and stockholders’ equity

5,848,977

5,621,457

(1)

The year-end Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures

required by accounting principles generally accepted in the United States of America.

(2)

As of December 31, 2021, this line represents the allowance for loan and lease losses.

CROSSFIRST BANKSHARES, INC.

TABLE 2. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended

Nine Months Ended

September 30,

2022

2021

2022

2021

(Dollars in thousands except per share data)

Interest Income

Loans, including fees

59,211

42,664

149,266

130,268

Available-for-sale securities - taxable

1,119

803

3,250

2,423

Available-for-sale securities - tax-exempt

3,905

3,562

11,442

10,410

Deposits with financial institutions

1,193

121

1,714

359

Dividends on bank stocks

122

161

478

488

Total interest income

65,550

47,311

166,150

143,948

Interest Expense

Deposits

14,909

4,211

23,152

14,789

Fed funds purchased and repurchase agreements

Federal Home Loan Bank Advances

898

1,275

3,302

3,838

Other borrowings

Total interest expense

15,855

5,510

26,631

18,702

Net Interest Income

49,695

41,801

139,519

125,246

Provision for Credit Losses

(1)

3,334

(10,000)

4,844

1,000

Net Interest Income after Provision for Credit Losses

(1)

46,361

51,801

134,675

124,246

Non-Interest Income

Service charges and fees on customer accounts

1,566

1,196

4,520

3,330

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

(4)

1,046

(43)

1,043

Unrealized gains (losses) on equity securities, net

(87)

(6,210)

(261)

(6,243)

Income from bank-owned life insurance

405

427

1,200

3,088

Swap fees and credit valuation adjustments, net

(7)

123

156

ATM

and credit card interchange income

1,326

1,735

5,513

5,569

Other non-interest income

581

670

1,870

1,921

Total non-interest income

3,780

(1,105)

12,922

8,864

Non-Interest Expense

Salaries and employee benefits

18,252

15,399

53,288

44,612

Occupancy

2,736

2,416

7,851

7,307

Professional fees

580

618

2,453

2,538

Deposit insurance premiums

903

927

2,355

2,995

Data processing

877

700

2,849

2,136

Advertising

796

596

2,247

1,334

Software and communication

1,222

999

3,689

3,098

Foreclosed assets, net

(35)

(30)

680

Other non-interest expense

3,076

2,416

10,617

7,967

Total non-interest expense

28,451

24,036

85,319

72,667

Net Income Before Taxes

21,690

26,660

62,278

60,443

Income tax expense

4,410

5,660

12,625

11,831

Net Income

17,280

21,000

49,653

48,612

Basic Earnings Per Share

0.35

0.41

1.00

0.95

Diluted Earnings Per Share

0.35

0.41

0.99

0.93

(1)

For the three and nine-months ended September 30, 2021, this line represents the provision for loan and lease losses.

CROSSFIRST BANKSHARES, INC.

TABLE 3. YEAR-TO-DATE

ANALYSIS OF CHANGES IN NET INTEREST

INCOME

(UNAUDITED)

Nine Months Ended

September 30,

2022

2021

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(4)

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(4)

(Dollars in thousands)

Interest-earning assets:

Securities - taxable

(1)

218,421

3,728

2.28

207,691

2,911

1.87

Securities - tax-exempt

(1)(2)

549,490

11,442

2.78

507,986

12,596

3.32

Federal funds sold

Interest-bearing deposits in other banks

246,213

1,714

0.93

390,588

359

0.12

Gross loans, net of unearned income

(3)

4,466,887

149,266

4.47

4,381,213

130,268

3.98

Total interest-earning assets

(1)(2)

5,481,011

166,150

4.05

5,487,478

146,134

3.56

Allowance for credit losses

(57,213)

(76,726)

Other non-interest-earning assets

201,519

214,752

Total assets

5,625,317

5,625,504

Interest-bearing liabilities

Transaction deposits

541,933

2,134

0.89

629,959

936

0.20

Savings and money market deposits

2,386,205

15,285

0.86

2,360,559

6,402

0.36

Time deposits

627,458

5,733

1.22

863,592

7,451

1.15

Total interest-bearing deposits

3,555,596

23,152

0.87

3,854,110

14,789

0.51

FHLB and short-term borrowings

241,897

3,384

1.87

285,371

3,841

1.80

Trust preferred securities, net of fair value

adjustments

1,024

12.29

976

9.80

Non-interest-bearing deposits

1,148,150

814,924

Cost of funds

4,946,667

26,631

0.72

4,955,381

18,702

0.50

Other liabilities

51,634

35,385

Stockholders’ equity

627,016

634,738

Total liabilities and stockholders' equity

5,625,317

5,625,504

Net interest income

(2)

139,519

127,432

Net interest spread

(1)(2)

3.33

3.06

Net interest margin

(1)(2)

3.46

3.12

(1)

The Company changed the annualization method on the available-for-sale securities portfolio from Actual/Actual to 30/360 and moved the

unrealized gain

(loss) on available-for-sale securities from an interest-earning asset to a non-interest-earning asset. All periods presented reflect this change.

(2)

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%.

(3)

Average gross loan balances include non-accrual loans.

(4)

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.

YEAR-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)

Nine Months Ended

September 30, 2022 over 2021

Average Volume

Yield/Rate

Net Change

(2)

(Dollars in thousands)

Interest Income

Securities - taxable

157

660

817

Securities - tax-exempt

(1)

987

(2,141)

(1,154)

Federal funds sold

Interest-bearing deposits in other banks

(176)

1,531

1,355

Gross loans, net of unearned income

2,614

16,384

18,998

Total interest income

(1)

3,582

16,434

20,016

Interest Expense

Transaction deposits

(207)

1,405

1,198

Savings and money market deposits

8,814

8,883

Time deposits

(2,137)

419

(1,718)

Total interest-bearing deposits

(2,275)

10,638

8,363

FHLB and short-term borrowings

(602)

146

(456)

Trust preferred securities, net of fair value adjustments

Total interest expense

(2,873)

10,802

7,929

Net interest income

(1)

6,455

5,632

12,087

(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)

The change in interest not due solely to volume or rate

has been allocated in proportion to the respective absolute dollar amounts

of the change in volume or rate.

CROSSFIRST BANKSHARES, INC.

TABLE 4. 2021 - 2022 QUARTERLY ANALYSIS OF

CHANGES IN NET INTEREST INCOME

(UNAUDITED)

Three Months Ended

September 30,

2022

2021

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(4)

Average

Balance

Interest

Income /

Expense

Average

Yield /

Rate

(4)

(Dollars in thousands)

Interest-earning assets:

Securities - taxable

(1)

213,775

1,241

2.32

194,929

964

1.96

Securities - tax-exempt

(1)(2)

560,541

3,905

2.79

534,917

4,310

3.20

Federal funds sold

Interest-bearing deposits in other banks

231,345

1,193

2.05

313,188

121

0.15

Gross loans, net of unearned income

(3)

4,626,684

59,211

5.08

4,230,553

42,664

4.00

Total interest-earning assets

(1)(2)

5,632,345

65,550

4.62

5,273,587

48,059

3.62

Allowance for credit losses

(56,995)

(75,103)

Other non-interest-earning assets

188,997

210,500

Total assets

5,764,347

5,408,984

Interest-bearing liabilities

Transaction deposits

531,999

1,539

1.95

510,823

259

0.20

Savings and money market deposits

2,519,574

10,568

1.66

2,276,436

1,907

0.33

Time deposits

733,607

2,802

1.52

752,012

2,045

1.08

Total interest-bearing deposits

3,785,180

14,909

1.56

3,539,271

4,211

0.47

FHLB and short-term borrowings

165,196

908

2.18

278,154

1,275

1.82

Trust preferred securities, net of fair value

adjustments

1,037

14.58

988

9.63

Non-interest-bearing deposits

1,137,626

909,750

Cost of funds

5,089,039

15,855

1.23

4,728,163

5,510

0.46

Other liabilities

62,102

36,106

Stockholders’ equity

613,206

644,715

Total liabilities and stockholders' equity

5,764,347

5,408,984

Net interest income

(2)

49,695

42,549

Net interest spread

(1)(2)

3.39

3.16

Net interest margin

(1)(2)

3.56

3.23

(1)

The Company changed the annualization method on the available-for-sale securities portfolio from Actual/Actual to 30/360 and moved

the unrealized gain

(loss) on available-for-sale securities from an interest-earning asset to a non-interest-earning asset. All periods presented reflect this change.

(2)

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%.

(3)

Average loan balances include non-accrual loans.

(4)

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.

QUARTER-TO-DATE VOLUME & RATE VARIANCE TO NET INTEREST INCOME (UNAUDITED)

Three Months Ended

September 30, 2022 over 2021

Average Volume

Yield/Rate

Net Change

(2)

(Dollars in thousands)

Interest Income

Securities - taxable

182

277

Securities - tax-exempt

(1)

191

(596)

(405)

Federal funds sold

Interest-bearing deposits in other banks

(39)

1,111

1,072

Gross loans, net of unearned income

4,269

12,278

16,547

Total interest income

(1)

4,516

12,975

17,491

Interest Expense

Transaction deposits

1,274

1,280

Savings and money market deposits

223

8,438

8,661

Time deposits

(51)

808

757

Total interest-bearing deposits

178

10,520

10,698

FHLB and short-term borrowings

(585)

218

(367)

Trust preferred securities, net of fair value adjustments

Total interest expense

(406)

10,751

10,345

Net interest income

(1)

4,922

2,224

7,146

(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)

The change in interest not due solely to volume or rate

has been allocated in proportion to the respective absolute dollar amounts

of the change in volume or rate.

CROSSFIRST BANKSHARES, INC.

TABLE 5. NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures

In addition to disclosing financial measures determined in accordance with GAAP, the

Company discloses non-GAAP financial measures

in this release. The Company believes that the non-GAAP financial measures presented

in this release reflect industry conventions, or

standard measures within the industry, and provide useful information to the Company's management,

investors and other parties

interested in the Company's operating performance. These measurements should be considered

in addition to, but not as a substitute for,

financial information prepared in accordance with GAAP. We have defined below each of

the non-GAAP measures we use in this release,

but these measures may not be synonymous to similar measurement terms used by

other companies.

CrossFirst provides reconciliations (unaudited) of these non-GAAP measures

below. The measures used in this release include the

following:

•

We calculate ‘‘non-GAAP core operating income’’ as net income adjusted to remove

non-core income and expense items

related to:

▪

Acquisition costs - We incurred expenses during the second and third quarter of 2022 related to the announced acquisition of

Central Bancorp, Inc.’s bank subsidiary, Farmers & Stockmens Bank.

▪

Employee separation - During the quarter ended June 30, 2022, the Company recorded

$1.1 million expense related to

employee separation.

▪

Charges and adjustments associated with the full vesting of a former executive - We incurred additional charges in the second

quarter of 2021 related to the acceleration of $0.7 million of certain cash, stock-based compensation,

and employee costs.

▪

Bank Owned Life Insurance - We obtain bank owned life insurance on key employees throughout the organization and

received a $1.8 million benefit in the second quarter of 2021.

▪

Unrealized loss on equity security - During the quarter ended September 30, 2021, the Company

recorded a $6.2 million

impairment loss related to an equity investment that was received as part of a restructured loan agreement.

The most directly comparable GAAP financial measure for non-GAAP core operating

income is net income.

Management

believes that non-GAAP core operating income removes events that are not part of core

business activities and are useful

analytical tools for investors to compare periods excluding these non-core expenses and charges.

•

We calculate "non-GAAP core operating return on average assets" as non-GAAP core operating income (as defined

above)

divided by average assets. The most directly comparable GAAP financial measure is return on average assets, which is

calculated as net income divided by average assets. Management believes that non-GAAP core operating

return on average

assets removes events that are not part of core business activities and are useful analytical tools for

investors to compare

periods excluding these non-core expenses and charges.

•

We calculate "tangible common stockholders' equity" as total stockholders' equity less goodwill and intangibles and

preferred equity. The most directly comparable GAAP measure is total stockholders' equity. Management believes that

tangible stockholders’ equity is important to many investors in the marketplace who are interested in changes from period

period in our stockholders’ equity, exclusive of changes in intangible assets.

•

We calculate ‘‘tangible book value per share’’ as tangible common stockholders'

equity (as defined above) divided by the

total number of shares outstanding. The most directly comparable GAAP measure is book value per share.

Management

believes that tangible book value per share is important to many investors in the marketplace who are interested in changes

from period to period in our stockholders’ equity, exclusive of changes in intangible assets.

•

We calculate ‘‘non-GAAP loan growth, excluding PPP loans’’ as gross loans, net of unearned income

subtracted by PPP

loans, net of unearned income. Management believes that loan growth, excluding PPP loans is important

to investors

because it is a better representation of the overall loan portfolio activity when comparing between

periods.

•

We calculate "non-GAAP core operating efficiency ratio - fully tax equivalent (FTE)" as non-interest expense

adjusted to

remove non-core, non-interest expenses as defined above

under non-GAAP core operating income divided by net interest

income on a fully tax-equivalent basis plus non-interest income adjusted to remove non-core, non-interest

income as defined

above under non-GAAP core operating income. The most directly comparable financial measure is the efficiency ratio.

Management believes that the non-GAAP core operating efficiency ratio is important to many investors

because the ratio

removes events that are not part of core business activities and is a useful analytical tool.

CROSSFIRST BANKSHARES, INC.

Quarter Ended

Nine Months Ended

9/30/2022

6/30/2022

3/31/2022

12/31/2021

9/30/2021

9/30/2022

9/30/2021

(Dollars in thousands)

Non-GAAP core operating income:

Net income

17,280

15,545

16,828

20,801

21,000

49,653

48,612

Add: Acquisition costs

239

320

Less: Tax effect

(2)

Acquisition costs, net of tax

189

253

Add: Employee separation

1,063

Less: Tax effect

(2)

223

Employee separation, net of tax

840

Add: Unrealized loss on equity security

6,200

Less: Tax effect

(2)

1,302

Unrealized loss on equity security, net of tax

4,898

Add: Accelerated employee benefits

719

Less: Tax effect

(3)

210

Accelerated employee benefits, net of tax

509

Less: BOLI settlement benefits

(1)

1,841

Non-GAAP core operating income

17,344

16,574

16,828

20,801

25,898

50,746

52,178

(1)

No tax effect.

(2)

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

(3)

Represents the tax impact of the adjustments above at a tax rate of 21.0%, plus a permanent tax benefit associated with stock-based grants.

Quarter Ended

Nine Months Ended

9/30/2022

6/30/2022

3/31/2022

12/31/2021

9/30/2021

9/30/2022

9/30/2021

(Dollars in thousands)

Non-GAAP core operating return on average assets:

Net income

17,280

15,545

16,828

20,801

21,000

49,653

48,612

Non-GAAP core operating income

17,344

16,574

16,828

20,801

25,898

50,746

52,178

Average assets

5,764,347

5,545,657

5,563,738

5,490,482

5,408,984

5,625,317

5,625,504

Return on average assets

1.19

1.12

1.23

1.50

1.54

1.18

1.16

Non-GAAP core operating return on average assets

1.19

1.20

1.23

1.50

1.90

1.21

1.24

CROSSFIRST BANKSHARES, INC.

Quarter Ended

9/30/2022

6/30/2022

3/31/2022

12/31/2021

9/30/2021

(Dollars in thousands except per share data)

Tangible common stockholders' equity:

Total stockholders' equity

580,547

608,016

623,199

667,573

652,407

Less: goodwill and other intangible assets

110

130

149

Tangible common stockholders' equity

580,476

607,925

623,089

667,443

652,258

Tangible book value per

Tangible common stockholders' equity

580,476

607,925

623,089

667,443

652,258

Shares outstanding at end of period

48,787,696

49,535,949

49,728,253

50,450,045

51,002,698

Book value per share

11.90

12.27

12.53

13.23

12.79

Tangible book value per

11.90

12.27

12.53

13.23

12.79

Quarter Ended

9/30/2022

6/30/2022

3/31/2022

12/31/2021

9/30/2021

(Dollars in thousands)

Non-GAAP loan growth, excluding PPP loans:

Gross loans, net of unearned income

4,677,646

4,528,234

4,349,558

4,256,213

4,233,117

Less: PPP loans, net of unearned income

6,622

14,536

31,200

64,805

109,465

Non-PPP gross loans, net of unearned income

4,671,024

4,513,698

4,318,358

4,191,408

4,123,652

Year-over-year loan growth

10.50

Non-GAAP year-over-year loan growth excluding

PPP loans

13.27

Linked quarter loan growth

3.30

Non-GAAP linked quarter loan growth excluding PPP loans

3.49

CROSSFIRST BANKSHARES, INC.

Quarter Ended

Nine Months Ended

9/30/2022

6/30/2022

3/31/2022

12/31/2021

9/30/2021

9/30/2022

9/30/2021

(Dollars in thousands)

Non-GAAP Core Operating Efficiency Ratio - Fully Tax

Equivalent (FTE)

Non-interest expense

28,451

29,203

27,666

26,715

24,036

85,319

72,667

Less: Accelerated employee benefits

719

Adjusted Non-interest expense (numerator)

28,451

29,203

27,666

26,715

24,036

85,319

71,948

Net interest income

49,695

46,709

43,115

43,445

41,801

139,519

125,246

Tax equivalent interest income

(1)

820

808

775

762

748

2,403

2,186

Non-interest income (loss)

3,780

4,201

4,942

4,796

(1,105)

12,922

8,864

Add: Acquisition costs

239

320

Add: Employee separation

1,063

Add: Unrealized loss on equity security

6,200

Less: BOLI settlement benefits

1,841

Total tax-equivalent income (denominator)

54,376

53,020

48,832

49,003

47,644

156,227

140,655

Efficiency Ratio

53.20

57.36

57.57

55.38

59.06

55.97

54.18

Non-GAAP Core Operating Efficiency Ratio - Fully Tax

Equivalent (FTE)

52.32

55.08

56.66

54.52

50.45

54.61

51.15

(1)

Tax exempt income (tax-free municipal securities) is calculated on a tax equivalent basis.

The incremental tax rate used is 21.0%.