ex991

Exhibit 99.1

CrossFirst Bankshares, Inc. Reports First Quarter 2023

Results

LEAWOOD, Kan.,

April 17, 2023 (GLOBE NEWSWIRE) -- CrossFirst Bankshares,

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

CrossFirst Bank, today reported first quarter net income of $16.1

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

$17.3 million, or $0.35 per diluted common share.

First Quarter 2023 Key Financial Performance Metrics

Net Income

ROAA

(1)

Net Interest Margin –

Fully Tax Equivalent

(“FTE”)

(1)

Diluted EPS

ROE

(1)

$16.1 million

0.97%

3.65%

$0.33

10.53%

Adjusted First 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

1.04%

3.65%

$0.35

11.30%

(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.

CEO Commentary:

“We continued our momentum into the first quarter producing strong earnings, growth

in our capital and improvement in our credit quality

against a challenging backdrop,” said CrossFirst’s CEO and President, Mike Maddox.

Mr. Maddox continued, “We maintain a diversified

balance sheet with significant liquidity to withstand market volatility.

We are fortunate to have an experienced team of bankers and

leaders, and I am extremely proud of the way they have navigated the recent turmoil

within our industry, with a focus on serving our

clients and continuing to build franchise value.”

2023

First Quarter Highlights:

●

Completed the Central bank core systems conversion

●

Loans grew $275 million for the quarter with our newer markets and verticals contributing

meaningfully as we realize scale

in those areas

●

Credit quality improved with non-performing assets decreasing

$2.0 million and the non-performing assets to total assets

ratio decreasing to 0.16% at quarter end

●

Recorded $4.4 million of provision expense during the quarter driven by loan growth

and net charge-offs of $1.6 million, or

0.12% of average loans

●

Deposits increased $186 million due to a $405 million increase in wholesale

deposits.

Non-interest-bearing accounts were

lower as elevated deposits at year-end were deployed

early in the quarter in addition to clients migrating into savings and

money market accounts

●

Net interest margin – FTE of 3.65% widened four basis points for the quarter

entirely due to the benefit of non-interest-

bearing deposits

●

Issued $7.8 million of non-cumulative Series A Preferred Stock further bolstering our capital position

Exhibit 99.1

Quarter-to-Date

(Dollars in millions except per share data)

March 31, 2023

December 31, 2022

March 31, 2022

Operating revenue

(1)

62.6

58.4

48.1

Net income

16.1

11.9

16.8

Diluted earnings per common share

0.33

0.24

0.33

Return on average assets

0.97

0.77

1.23

Adjusted return on average assets

(2)

1.04

1.15

1.23

Return on average equity

10.53

8.04

10.44

Adjusted return on average equity

(2)

11.30

12.03

10.44

Net interest margin

3.60

3.56

3.24

Net interest margin

–

FTE

(3)

3.65

3.61

3.29

Efficiency ratio

60.81

62.40

57.57

Adjusted efficiency ratio

–

FTE

(2)(3)

56.42

55.01

56.66

(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 $16.1 million or $0.33 per diluted share

for the first quarter of 2023, compared to $11.9 million or $0.24 per diluted

share during the fourth quarter of 2022 and $16.8 million or $0.33 per

diluted share during the first quarter of 2022. On a linked quarter

basis, net income was higher due to an increase in net interest income partially

offset by higher non-interest expenses.

The first quarter of

2023 included $1.5 million of acquisition-related non-interest expense and the

fourth quarter of 2022 included acquisition-related non-

interest expense of $3.6

million and a $4.4 million acquisition-related Day 1 CECL provision expense.

Compared to the same period in

the prior year, the quarter’s results were impacted

by better net interest income that was more than offset by higher provision expense and

non-interest expense.

Adjusted net income for the first quarter of 2023 totaled $17.3 million or $0.35 per diluted

share compared to $17.9 million or $0.36 per

diluted share for the fourth quarter of 2022. The linked quarter’s adjusted

net income was lower by $0.6 million as increases in net interest

income were more than offset by higher provision expense and higher non-interest

expense.

Net Interest Income

Fully tax equivalent (“FTE”) net interest income totaled $59.0 million for

the quarter compared to $54.8 million for the fourth quarter of

2022, increasing due to higher average earning assets and stronger loan yields, partially

offset by higher cost of funds and two fewer days.

Net interest margin – FTE widened 4 basis points to 3.65% compared to the

prior quarter entirely due to the benefit of non-interest-bearing

deposits.

Average earning assets increased $521 million compared to the prior quarter

due to higher average loan balances. The increase in average

balances of loans outstanding more than offset lower average cash and federal

funds sold balances.

The yield on earning assets increased

entirely due to stronger loan yields due to the repricing of variable loans as well as higher

pricing on new loans.

The cost of funds

increased due to continued pricing pressure on deposits as well as the mix of deposits shifting

into higher cost products.

Despite the

offsetting changes in the yield on earning assets and the cost of funds, net interest margin

– FTE widened due to the benefit of non-interest

bearing-deposits.

Compared to the first quarter of 2022, FTE net interest income increased

$15.1 million and net interest margin - FTE increased 36 basis

points.

The higher income and margin were primarily due to increases in average

earning assets from strong loan growth and an increase

in the loan yields, partially offset by a higher cost of funds due to the rising rate

environment.

Average earning assets grew $1.2 billion, or 21%, compared to the first quarter

of 2022.

The increase was entirely driven by higher

average loan and investment portfolio balances, partially offset by lower

average cash balances.

The yield on earning assets increased

2.44% due to new loan production as well as repricing of variable rate loans.

The cost of funds increased 2.27% 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 $0.1

million compared to the fourth quarter of 2022 and decreased by $0.5 million

compared to the same

quarter in 2022. The increase in non-interest income compared to the previous quarter

was due to increases in service charges and fees and

credit card interchange income offset by decreases in other non-interest income.

In addition, gains on sale of loans increased from the

addition of Central.

The decrease compared to the prior year was primarily the result of a decrease in credit

card fees due to one large

customer with pandemic-related activity that was not recurring.

The lower credit card fees were partially offset by increases in service

charges and fees, as well as gains on securities and gains on sales of loans.

Non-Interest Expense

Non-interest expense increased $1.7 million from the fourth quarter

of 2022 and increased $10.4 million from the first quarter of 2022.

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.

million in other non-interest expense.

The fourth quarter of 2022

included $3.6 million of acquisition-related expenses with $1.2 million

included in professional fees, $1.0 million in salaries and employee

benefits, $1.1 million in data processing, and $0.2 million

in other non-interest expense.

Excluding these acquisition-related expenses,

non-interest expense increased $3.8 million compared to the fourth quarter

of 2022 and increased $8.9 million compared to the first quarter

of 2022.

Compared to the fourth quarter of 2022, salaries and employee benefits costs were higher

due to merit increases and the addition

of employees as part of the Central acquisition.

Additionally, deposit insurance premiums increased primarily due

to an increase in the

assessment rate and growth in assets.

Other non-interest expense increased compared to the prior quarter primarily

due to core deposit

intangible amortization as a result of the Central acquisition and an

increase in commercial credit card fees. Compared to the first quarter

of 2022 salaries and employee benefits

costs were higher due to merit increases, hiring in new markets,

and the addition of employees as

part of the Central acquisition. Professional fees increased primarily

due to increases in consulting costs related to the digital banking

conversion, increased recruiting costs, and timing of legal fees.

Additionally, deposit insurance premiums increased due to an increase

the assessment rate and increases in assets. Other non-interest expense increased compared

to the prior year primarily due to core deposit

intangible amortization as a result of the Central acquisition and increased

post-pandemic travel expenses.

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

was 20.0%, as compared to 21.9% in the fourth quarter of 2022 and 19.9%

for the first quarter of 2022. The fourth quarter of 2022 included a $0.3 million

charge related to certain non-deductible acquisition costs

which caused a higher rate for that period.

Statement of Financial Condition Performance & Analysis

During the first quarter of 2023, total assets increased by $0.3 billion

or 4% compared to the end of the prior quarter and increased $1.4

billion or 25% compared to March 31, 2022. Total assets increased on a linked quarter basis primarily

due to a $0.3 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 from the Central

acquisition.

Deposits increased $0.2 billion compared to December 31, 2022, and

increased $1.2 billion from March 31, 2022, including

$0.6 billion from the Central acquisition.

Loan Results

During the first quarter of 2023, loans increased

$275 million compared to December 31, 2022,

and increased $1.3 billion or 30%

compared to March 31, 2022, including the impact of the Central acquisition

The linked quarter increase in loans was a result of growth

across most of our loan categories.

Our newer markets and verticals contributed meaningfully to the quarter’s

loan growth as we realize

scale in those areas. The loan increase compared to March 31, 2022 was primarily due to growth

in the commercial and industrial,

commercial and industrial lines of credit and commercial real estate portfolios

and included the impact of the Central acquisition.

CROSSFIRST BANKSHARES, INC.

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

% of

Total

QoQ

Growth

($)

QoQ

Growth

(%)

(1)

YoY

Growth

($)

YoY

Growth

(%)

(1)

(Dollars in millions)

Loans, net of unearned fees

Commercial and industrial

987

1,018

858

812

803

(31)

(3)

184

Commercial and industrial lines of

credit

1,047

957

831

788

678

369

Energy

194

173

179

233

271

(77)

(28)

Commercial real estate

1,809

1,719

1,400

1,436

1,376

433

Construction and land development

845

795

674

584

564

281

Residential real estate

412

409

394

371

366

Multifamily real estate

296

238

276

250

243

Consumer

(6)

(9)

Total

5,648

5,373

4,678

4,528

4,350

100

275

1,298

(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 first quarter of 2023, deposits increased 3% compared

to December 31, 2022, and increased

26% compared to March 31, 2022.

The deposit increase compared to December 31, 2022 was due to increases

in transaction deposits, savings and money market deposits,

and time deposits offset by decreases in non-interest-bearing deposits. The deposit increase compared

to March 31, 2022 was due to

increases in transaction deposits, savings and money market deposits, and

time deposits, including amounts related to the Central

acquisition, partially offset by decreases in non-interest-bearing deposits.

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

QoQ

Growth

($)

QoQ

Growth

(%)

(1)

YoY

Growth

($)

YoY

Growth

(%)

(1)

(Dollars in millions)

Period-end deposits

Non-interest-bearing deposits

970

1,400

1,114

1,163

1,110

(430)

(31)

(140)

(13)

Transaction deposits

665

544

519

497

565

121

100

Savings and money market

deposits

2,826

2,761

2,605

2,351

2,435

391

Time deposits

1,376

946

750

733

512

430

864

169

Total

5,837

5,651

4,988

4,744

4,622

186

1,215

(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 March 31, 2023, other borrowings totaled $332 million, as compared

to $254 million at December 31, 2022, and $228 million at

March 31, 2022, and increased due to short-term liquidity needs.

Asset Quality and Provision for Credit Losses

The Company recorded $4.4 million of provision expense, compared

to $6.7 million in the linked quarter and a ($0.6) million release of

provision in the prior year first quarter. The prior quarter’s provision included $4.4 million of acquisition-related

Day 1 CECL provision

expense for the Central loan portfolio. The current quarter’s provision

expense was driven by loan growth and net charge-offs of $1.6

million.

Non-performing assets decreased to $11.2 million at March 31,

2023 primarily due to a $1.8 million decrease from the charge-off of one

commercial and industrial loan, as well as paydowns.

The non-performing assets to total assets ratio decreased from 0.64% at March

31,

2022

to 0.16% at March 31, 2023. In addition, classified loans decreased $0.7 million during

the first quarter.

Net charge-offs were $1.6

million for the first quarter of 2023

compared to net recoveries of ($0.3) million in the prior quarter and net charge-offs of $1.1

million in

the prior year first quarter.

The allowance for credit losses was $65.1 million or 1.15% of outstanding

loans at March 31, 2023. The combined allowance for credit

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

commitments (“RUC”) was $73.2 million or 1.30% of outstanding loans

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

owing primarily to the reduction in specific

reserves on non-performing loans.

CROSSFIRST BANKSHARES, INC.

The following table provides information regarding asset quality.

Asset quality

(Dollars in millions)

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

Non-accrual loans

9.5

11.3

16.9

27.7

33.1

Other real estate owned

0.9

1.1

1.0

Loans 90+ days past due and still accruing

0.8

0.3

2.2

1.5

Non-performing assets

11.2

13.2

18.2

30.8

35.6

Loans 30 - 89 days past due

5.1

19.6

21.4

16.6

15.9

Net charge-offs (recoveries)

1.6

(0.3)

1.9

1.1

Asset quality metrics

(%)

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

Non-performing assets to total assets

0.16

0.20

0.31

0.54

0.64

Allowance for credit losses to total loans

1.15

1.19

1.23

1.27

Allowance for credit losses + RUC to total loans

(2)

1.30

1.31

1.34

1.35

1.38

Allowance for credit losses to non-performing loans

629

514

324

187

160

Net charge-offs (recoveries) to average loans

(1)

0.12

(0.02)

0.16

0.10

Provision to average loans

(1)

0.32

0.53

0.29

0.19

(0.06)

Classified Loans / (Total Capital + ACL)

9.4

10.1

11.3

12.1

10.8

Classified Loans / (Total Capital + ACL + RUC)

(2)

9.3

10.0

11.2

12.0

10.7

(1)

Interim periods annualized.

(2)

Includes the accrual for off-balance sheet credit risk from

unfunded commitments

Capital Position

At March 31, 2023, stockholders' equity totaled $645 million, or $13.28

per common share, compared to $609 million, or $12.56 per

common share, at December 31, 2022. The increase was primarily due to net income,

the issuance of preferred stock and an increase in

accumulated other comprehensive income driven by a decrease in the unrealized

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

Tangible book value per common share

(1)

was $12.54 at March 31, 2023 and increased $0.58 compared to December 31, 2022

The ratio

of common equity Tier 1 capital to risk-weighted assets was approximately 9.4%, and

the ratio of total capital to risk-weighted assets was

approximately 10.5% at March 31, 2023.

(1)

Represents a non-GAAP financial measure. See “Table

5. Non-GAAP Financial Measures” for a reconciliation

of this measure.

CROSSFIRST BANKSHARES, INC.

Conference Call and Webcast

Management will host a conference call to review first quarter financial

results on Tuesday, April 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/77e58i2m. 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 2572639.

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, 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 “positioning,” “growth,” “approximately,”

“believe,” “plan,” “future,” “opportunity,” “anticipate,” “target,” “expectations,”

“expect,” “will,” “strategy,” “goal,” “focused,” “foresee”

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

Heather Worley

Heather@crossfirst.com

(214)676-4666

https://investors.crossfirstbankshares.com

CROSSFIRST BANKSHARES, INC.

TABLE 1. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

March 31, 2023

December 31, 2022

(Dollars in thousands)

Assets

Cash and cash equivalents

262,971

300,138

Available-for-sale securities - taxable

280,408

198,808

Available-for-sale securities - tax-exempt

470,843

488,093

Loans, net of unearned fees

5,647,639

5,372,729

Allowance for credit losses on loans

65,130

61,775

Loans, net of the allowance for credit losses on loans

5,582,509

5,310,954

Premises and equipment, net

67,311

65,984

Restricted equity securities

16,700

12,536

Interest receivable

30,385

29,507

Foreclosed assets held for sale

855

1,130

Goodwill and other intangible assets, net

28,259

29,081

Bank-owned life insurance

69,511

69,101

Other

84,978

95,754

Total assets

6,894,730

6,601,086

Liabilities and stockholders’ equity

Deposits

Non-interest-bearing

969,701

1,400,260

Savings, NOW and money market

3,491,586

3,305,481

Time

1,376,027

945,567

Total deposits

5,837,314

5,651,308

Federal Home Loan Bank advances

314,031

218,111

Other borrowings

17,970

35,457

Interest payable and other liabilities

79,924

87,611

Total liabilities

6,249,239

5,992,487

Stockholders’ equity

Preferred Stock, $0.01 par value:

Authorized - 15,000 shares, issued - 7,750 and

no shares at March 31, 2023 and December 31, 2022, respectively

Common Stock, $0.01 par value:

Authorized - 200,000,000 shares, issued -

53,189,016 and 53,036,613 shares at March 31, 2023 and December

31, 2022,

respectively

532

530

Treasury stock, at cost:

4,588,398 shares held at March 31, 2023 and December

31, 2022

(64,127)

Additional paid-in capital

539,023

530,658

Retained earnings

222,203

206,095

Accumulated other comprehensive loss

(52,140)

(64,557)

Total stockholders’ equity

645,491

608,599

Total liabilities and stockholders’ equity

6,894,730

6,601,086

CROSSFIRST BANKSHARES, INC.

TABLE 2. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended

March 31, 2023

December 31, 2022

March 31, 2022

(Dollars in thousands except per share data)

Interest Income

Loans, including fees

89,618

74,872

42,728

Available-for-sale securities - taxable

1,849

1,327

1,044

Available-for-sale securities - tax-exempt

3,794

3,896

3,692

Deposits with financial institutions

2,014

2,037

152

Dividends on bank stocks

262

231

144

Total interest income

97,537

82,363

47,760

Interest Expense

Deposits

36,725

26,830

3,511

Fed funds purchased and repurchase agreements

Federal Home Loan Bank Advances

2,391

1,457

1,109

Other borrowings

154

Total interest expense

39,316

28,348

4,645

Net Interest Income

58,221

54,015

43,115

Provision for Credit Losses

4,421

6,657

(625)

Net Interest Income after Provision for Credit Losses

53,800

47,358

43,740

Non-Interest Income

Service charges and fees on customer accounts

1,829

1,708

1,408

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

139

(26)

Gain on sale of loans

187

Gains (losses) on equity securities, net

(103)

Income from bank-owned life insurance

411

402

388

Swap fees and credit valuation adjustments, net

118

ATM and credit card interchange income

1,264

1,010

2,664

Other non-interest income

567

908

493

Total non-interest income

4,421

4,359

4,942

Non-Interest Expense

Salaries and employee benefits

22,622

22,000

17,941

Occupancy

2,974

2,812

2,493

Professional fees

2,618

2,822

805

Deposit insurance premiums

1,531

999

737

Data processing

1,242

1,901

812

Advertising

752

954

692

Software and communication

1,651

1,404

1,270

Foreclosed assets, net

149

(53)

Other non-interest expense

4,553

3,518

2,969

Total non-interest expense

38,092

36,423

27,666

Net Income Before Taxes

20,129

15,294

21,016

Income tax expense

4,021

3,348

4,188

Net Income

16,108

11,946

16,828

Basic Earnings Per Common Share

0.33

0.25

0.33

Diluted Earnings Per Common Share

0.33

0.24

0.33

CROSSFIRST BANKSHARES, INC.

TABLE 3. 2022 – 2023 QUARTERLY ANALYSIS OF

CHANGES IN NET INTEREST

INCOME - FTE

(UNAUDITED)

Three Months Ended

March 31,

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

268,705

2,111

3.14

220,802

1,188

2.15

Securities - tax-exempt - FTE

(1)

542,268

4,591

3.39

533,674

4,467

3.35

Federal funds sold

1,757

1.15

Interest-bearing deposits in other banks

195,289

2,009

4.17

309,948

152

0.20

Gross loans, net of unearned income

(2)

5,539,954

89,618

6.56

4,332,831

42,728

4.00

Total interest-earning assets - FTE

(1)

6,547,973

98,334

6.08

5,397,255

48,535

3.64

Allowance for loan losses

(63,235)

(57,922)

Other non-interest-earning assets

228,063

224,405

Total assets

6,712,801

5,563,738

Interest-bearing liabilities

Transaction deposits

542,366

3,500

2.62

585,990

222

0.15

Savings and money market deposits

2,881,726

23,569

3.32

2,302,552

1,847

0.33

Time deposits

1,100,444

9,656

3.56

587,452

1,442

1.00

Total interest-bearing deposits

4,524,536

36,725

3.29

3,475,994

3,511

0.41

FHLB and short-term borrowings

272,754

2,535

3.77

231,156

1,109

1.95

Trust preferred securities, net of fair value

adjustments

1,062

21.39

1,012

10.25

Non-interest-bearing deposits

1,194,788

1,157,387

Cost of funds

5,993,140

39,316

2.66

4,865,549

4,645

0.39

Other liabilities

99,451

44,442

Stockholders’ equity

620,210

653,747

Total liabilities and stockholders' equity

6,712,801

5,563,738

Net interest income - FTE

(1)

59,018

43,890

Net interest spread - FTE

(1)

3.42

3.25

Net interest margin - FTE

(1)

3.65

3.29

(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. LINKED QUARTERLY ANALYSIS OF

CHANGES IN NET INTEREST INCOME – FTE

(UNAUDITED)

Three Months Ended

March 31, 2023

December 31, 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

268,705

2,111

3.14

227,701

1,558

2.74

Securities - tax-exempt - FTE

(1)

542,268

4,591

3.39

558,393

4,714

3.38

Federal funds sold

1,757

1.15

12,453

1.59

Interest-bearing deposits in other banks

195,289

2,009

4.17

218,549

1,987

3.61

Gross loans, net of unearned income

(2)

5,539,954

89,618

6.56

5,009,667

74,872

5.93

Total interest-earning assets - FTE

(1)

6,547,973

98,334

6.08

6,026,763

83,181

5.48

Allowance for loan losses

(63,235)

(57,909)

Other non-interest-earning assets

228,063

190,929

Total assets

6,712,801

6,159,783

Interest-bearing liabilities

Transaction deposits

542,366

3,500

2.62

528,725

2,772

2.08

Savings and money market deposits

2,881,726

23,569

3.32

2,742,026

18,359

2.66

Time deposits

1,100,444

9,656

3.56

868,029

5,699

2.60

Total interest-bearing deposits

4,524,536

36,725

3.29

4,138,780

26,830

2.57

FHLB and short-term borrowings

272,754

2,535

3.77

202,705

1,470

2.88

Trust preferred securities, net of fair value

adjustments

1,062

21.39

1,213

15.70

Non-interest-bearing deposits

1,194,788

1,141,977

Cost of funds

5,993,140

39,316

2.66

5,484,675

28,348

2.05

Other liabilities

99,451

85,521

Stockholders’ equity

620,210

589,587

Total liabilities and stockholders' equity

6,712,801

6,159,783

Net interest income - FTE

(1)

59,018

54,833

Net interest spread - FTE

(1)

3.42

3.43

Net interest margin - FTE

(1)

3.65

3.61

(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

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

(Dollars in thousands, except per share data)

Adjusted net income:

Net income

16,108

11,946

17,280

15,545

16,828

Add: Acquisition costs

1,477

3,570

239

Add: Acquisition - Day 1 CECL provision

4,400

Add: Employee separation

1,063

Less: Tax effect

(1)

(310)

(2,045)

(17)

(273)

Adjusted net income

17,275

17,871

17,344

16,574

16,828

Diluted weighted average common shares outstanding

49,043,621

49,165,578

49,725,207

50,203,725

50,910,490

Diluted earnings per common share

0.33

0.24

0.35

0.31

0.33

Adjusted diluted earnings per common share

0.35

0.36

0.35

0.33

(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

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

(Dollars in thousands)

Adjusted return on average assets:

Net income

16,108

11,946

17,280

15,545

16,828

Adjusted net income

17,275

17,871

17,344

16,574

16,828

Average assets

6,712,801

6,159,783

5,764,347

5,545,657

5,563,738

Return on average assets

0.97

0.77

1.19

1.12

1.23

Adjusted return on average assets

1.04

1.15

1.19

1.20

1.23

Quarter Ended

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

(Dollars in thousands)

Adjusted return on average equity:

Net income

16,108

11,946

17,280

15,545

16,828

Adjusted net income

17,275

17,871

17,344

16,574

16,828

Average equity

620,210

589,587

613,206

614,541

653,747

Return on average equity

10.53

8.04

11.18

10.15

10.44

Adjusted return on average equity

11.30

12.03

11.22

10.82

10.44

CROSSFIRST BANKSHARES, INC.

Quarter Ended

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

(Dollars in thousands, except per share data)

Tangible common stockholders' equity:

Total stockholders' equity

645,491

608,599

580,547

608,016

623,199

Less: goodwill and other intangible assets

28,259

29,081

110

Less: preferred stock

7,750

Tangible common stockholders' equity

609,482

579,518

580,476

607,925

623,089

Tangible book value per common share:

Tangible common stockholders' equity

609,482

579,518

580,476

607,925

623,089

Common shares outstanding at end of period

48,600,618

48,448,215

48,787,696

49,535,949

49,728,253

Book value per common share

13.28

12.56

11.90

12.27

12.53

Tangible book value per common share

12.54

11.96

11.90

12.27

12.53

Quarter Ended

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

(Dollars in thousands)

Adjusted Efficiency Ratio - Fully Tax Equivalent (FTE)

(1)

Non-interest expense

38,092

36,423

28,451

29,203

27,666

Less: Acquisition costs

(1,477)

(3,570)

(81)

(239)

Less: Core deposit intangible amortization

(822)

(291)

Less: Employee separation

(1,063)

Adjusted Non-interest expense (numerator)

35,793

32,562

28,370

27,901

27,666

Net interest income

58,221

54,015

49,695

46,709

43,115

Tax equivalent interest income

(1)

797

818

820

808

775

Non-interest income

4,421

4,359

3,780

4,201

4,942

Total tax-equivalent income (denominator)

63,439

59,192

54,295

51,718

48,832

Efficiency Ratio

60.81

62.40

53.20

57.36

57.57

Adjusted Efficiency Ratio - Fully Tax Equivalent (FTE)

(1)

56.42

55.01

52.25

53.95

56.66

(1)

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