CrossFirst Bankshares 8K Reports First Quarter 2022 | CFB 18 Apr 22

Exhibit 99.1

INVESTOR CONTACT

April 18, 2022

Heather Worley

Heather@crossfirst.com | (214) 676-4666

https://investors.crossfirstbankshares.com

CrossFirst Bankshares, Inc. Reports First Quarter 2022

Results

First Quarter 2022 Key Financial Performance Metrics

Net Income

ROAA

Net Interest Margin

(FTE)

Diluted EPS

ROE

$16.8 million

1.23%

3.29%

(1)

$0.33

10.44%

LEAWOOD, Kan.,

April 18, 2022 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc.

(Nasdaq: CFB), the bank holding company for

CrossFirst Bank, today reported operating results for the first quarter of 2022, with first quarter net income of $16.8

million, or $0.33 per

diluted share.

CEO Commentary:

"We delivered a strong quarter of loan growth with solid financial results to start 2022.

We’ve made significant progress on our goals of

investing in talent and technology to support our continued success, and I’m excited about our progress and execution to further

our

strategy,” said CrossFirst’s CEO and President, Mike Maddox. “Our people are the foundation of

what we do, and we are committed to

being an employer of choice which is fundamental to delivering for our clients and

shareholders.”

2022 First Quarter Highlights:

•

$5.5 billion of assets, with net income for the quarter ended March 31, 2022 of $16.8 million, an

increase of $4.8 million or

40% compared to the first quarter of 2021

•

Implemented CECL on January 1, 2022, with a combined allowance for credit

losses (“ACL”) and reserve for off-balance

sheet credit risk from unfunded commitments (“RUC”) totaling $60 million or 1.39% of outstanding loans,

excluding

Paycheck Protection Program (“PPP”) loans, at March 31, 2022, compared to $58 million or

1.39% of outstanding loans,

excluding PPP loans, at December 31, 2021

•

Return on Average

Assets of 1.23% and a Return on Equity of 10.44% for the quarter ended March 31, 2022

•

Net Interest Margin (Fully Tax-Equivalent)

(1)

of 3.29% for the quarter ended March 31, 2022, compared to 3.01% for the

same quarter last year

•

$127 million of loan growth,

excluding PPP loans, from the previous quarter and $145 million or 3% loan growth from

the

same quarter last year

•

Book value per share of $12.53 at March 31, 2022 compared to $12.17 at March

31, 2021

Quarter-to-Date

March 31,

(Dollars in millions except per share data)

2022

2021

Operating revenue

(2)

48.1

45.3

Net income

16.8

12.0

Diluted earnings per share

0.33

0.23

Return on average assets

1.23

0.84

Return on average common equity

10.44

7.80

Net interest margin

(1)

3.24

2.97

Net interest margin, fully tax-equivalent

(1)(4)

3.29

3.01

Efficiency ratio

57.57

50.41

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

(3)(4)

56.66

49.64

(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)

Net interest income plus non-interest income.

(3)

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

(4)

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%.

CROSSFIRST BANKSHARES, INC.

Income from Operations

Net Interest Income

Interest income was $47.8 million for the first quarter of 2022, a decrease of 1% from the first quarter of 2021

and a decrease of 3% from

the previous quarter.

Interest income was slightly down from the first quarter of 2021 as a result of lower average loans outstanding and a

reduction of PPP fee income. Average earning assets totaled $5.4 billion for the first quarter of 2022, a decrease of $223 million or 4%

from the same quarter in 2021. For the first quarter of 2022, interest income declined compared

to the prior quarter primarily due to fewer

days in the quarter and nonaccrual loan movement.

Interest expense for the first quarter of 2022 was $4.6 million, or 34% lower than the first quarter of 2021

and 19% lower than the previous

quarter.

Average interest-bearing deposits decreased to $3.5 billion in the first quarter of 2022, or a 15% decrease from the same prior year

period. FHLB and short-term borrowing decreases also impacted interest

expense for the current quarter, decreasing $0.2 million or 14%

compared to the first quarter of 2021. The decline in cost of funds from the previous quarter to 0.39%, compared to 0.48% for

the fourth

quarter of 2021, was the primary driver of lower interest expense sequentially. The prepayment

of $40 million of FHLB advances in the

fourth quarter of 2021 was a primary driver of the higher cost of funds in the fourth

quarter. The prepayment penalty on the FHLB

advances contributed to a 0.05% increase in the previous quarter.

Net interest income totaled $43.1 million for the first quarter of 2022 or 1% less than

the fourth quarter of 2021, and 5% higher than the

first quarter of 2021.

Tax-equivalent net interest margin decreased to 3.29% in the current quarter, from 3.30% in the previous quarter, and

increased from 3.01% in the same quarter in 2021.

During the first quarter of 2022, CrossFirst realized $0.9 million in fees from the

forgiveness of $34 million of PPP loans. The Company will continue to recognize fees over the life of the loans or as the loans

are

forgiven.

The tax-equivalent adjustment, which accounts for income taxes saved on the interest earned on nontaxable securities and loans,

was $0.8 million for the first quarter of 2022.

Non-Interest Income

Non-interest income increased $0.8 million in the first quarter of 2022 or 19% compared

to the same quarter of 2021 and increased $0.1

million compared to the fourth quarter of 2021. The increase in non-interest income compared

to the previous quarter was due to a $0.2

million increase in credit card fees and $0.2 million increase in service charge income, partly offset by a $0.2 million

decrease in letter of

credit fees. The increase in non-interest income compared to the same quarter of 2021, was primarily

due to increases of $0.3 million in

credit card fees and $0.5 million in service charge income.

Non-Interest Expense

Non-interest expense for the first quarter of 2022 was $27.7 million, which increased 21% compared

to the first quarter of 2021 and

increased 4% from the fourth quarter of 2021.

Salaries and benefit costs were higher in the current quarter by $1.5 million compared to

the prior quarter and $4.4 million higher than the same quarter in the prior year mainly due to increased

hiring for market expansion and

increased incentive expenses. Software and communication expenses increased

$0.2 million compared to the same quarter in the prior

year, offset by a $0.4 million decrease in deposit insurance premiums. Compared to the prior quarter,

occupancy expense increased $0.1

million and software and communication expenses increased $0.1 million, partly offset

by a decrease in other non-interest expenses.

CrossFirst’s effective tax rate for the first quarter of 2022 was 20%, as compared

to 19% for the first quarter of 2021 and 22% in the fourth

quarter of 2021. The tax rate for the first quarter of 2022 decreased slightly compared to the prior quarter due to the impact of

stock-based

awards vesting. For both comparable periods, the Company continued to benefit from the

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.

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.

CROSSFIRST BANKSHARES, INC.

Balance Sheet Performance & Analysis

During the first quarter of 2022, total assets decreased by $103 million or 2% compared to December

31, 2021, and decreased $480

million or 8% compared to March 31, 2021. Total assets decreased on a linked quarter basis primarily due to a

$206 million decrease in

cash and cash equivalents, partly offset by a $97 million increase in net loans.

The year-over-year decrease was due to decreases in cash

and cash equivalents of $354 million and PPP loan forgiveness of $305 million. Non-interest-bearing

deposits decreased $53 million

compared to December 31, 2021, and increased $316 million from March 31, 202

1. During the first quarter of

2022

, available-for-sale

investment securities decreased $23 million to $723 million compared to December 31,

2021. The securities yields decreased 2 basis

points to a tax equivalent yield of 3.00% for the first quarter of 2022 compared to the prior quarter.

Loan Results

During the first quarter of 2022, the Company experienced an increase in average loans of $112 million

compared to the fourth quarter of

2021, and a decrease of $174 million or 4% compared to the first quarter of 2021. The year-over-year

reduction in average loans was

primarily a result of PPP loan forgiveness. Net of PPP loans, average loans grew 4% compared to the quarter ended December

31, 2021.

Loan yields decreased 17 basis points to 4.00% during the first quarter of 2022 and increased

6 basis points compared to the same prior

year quarter.

1Q22

4Q21

3Q21

2Q21

1Q21

QoQ

Growth

($)

(1)

QoQ

Growth

(%)

(1)(2)

YoY

Growth

($)

YoY

Growth

(%)

(2)

(Dollars in millions)

Average loans (gross)

Commercial

1,434

1,328

1,233

1,221

1,329

106

105

Energy

274

290

311

341

351

(16)

(6)

(77)

(22)

Commercial real estate

1,327

1,272

1,213

1,203

1,183

144

Construction and land development

593

579

611

633

598

(5)

(1)

Residential and multifamily real estate

604

612

659

688

(8)

(1)

(84)

(12)

Paycheck Protection Program

147

296

308

(42)

(50)

(266)

(86)

Consumer

Total

4,333

4,221

4,231

4,409

4,507

112

(174)

(4)

Yield on average loans for the period

ending

4.00

4.17

4.00

3.99

3.94

(1)

Represents current quarter to prior quarter change.

(2)

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 2022, the Company experienced an increase in average deposits of

2% compared to the previous quarter, and a

4% decline in average deposits compared to the first quarter of 2021. The deposit growth for the

quarter was driven by a continued

increase in non-interest-bearing and transaction deposits, which represented

25% and 13% of total deposits, respectively, at March 31,

2022. In addition, the Company continued to improve the overall cost of deposits, which declined

2 basis points during the first quarter of

2022.

The cost of interest-bearing deposits has declined 16 basis points over the last twelve months primarily

as a result of the lower

interest rate environment.

1Q22

4Q21

3Q21

2Q21

1Q21

QoQ

Growth

($)

(1)

QoQ

Growth

(%)

(1)(2)

YoY

Growth

($)

YoY

Growth

(%)

(2)

(Dollars in millions)

Average deposits

Non-interest bearing deposits

1,157

1,058

910

802

731

426

Transaction deposits

586

543

511

665

717

(131)

(18)

Savings and money market deposits

2,303

2,272

2,276

2,385

2,422

(119)

(5)

Time deposits

587

662

752

869

972

(75)

(11)

(385)

(40)

Total

4,633

4,535

4,449

4,721

4,842

(209)

(4)

Cost of deposits for the period ending

0.31

0.33

0.38

0.41

0.48

Cost of interest-bearing deposits for the

period ending

0.41

0.43

0.47

0.50

0.57

(1)

Represents current quarter to prior quarter change.

(2)

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.

CROSSFIRST BANKSHARES, INC.

At March 31, 2022, other borrowings totaled $228 million, as compared to $238 million at December

31, 2021, and $287 million at

March 31, 2021.

Asset Quality Position

Credit quality metrics generally improved during the first quarter of 2022 as the allowance for credit losses (“ACL”)

decreased by $3

million compared to the prior quarter, reflecting some stabilization in the Company’s

economic outlook. The allowance for credit losses

was $55 million or 1.27% of outstanding loans and 167% of nonaccruing loans at March 31, 2022. The combined allowance for credit

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

(“RUC”) was $60 million or 1.38% of outstanding loans

and 182% of nonaccruing loans at March 31, 2022. Excluding PPP loans, the allowance

for credit losses was 1.28% of outstanding loans

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

sheet credit risk from unfunded loan commitments was 1.39%.

The allowance for credit losses to total loans decreased to 1.27% at March 31, 2022 from 1.37%

at December 31, 2021. The improvements

in credit metrics compared to March 31, 2021 were primarily driven by upgrades in COVID-19

impacted segments and the Energy

portfolio. Net charge-offs were $1.1 million for the first quarter of 2022 as compared to $0.8 million for the

fourth quarter of 2021. 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)

1Q22

4Q21

3Q21

2Q21

1Q21

Non-accrual loans

33.1

31.4

48.1

54.7

63.3

Other real estate owned

1.0

1.1

1.7

2.3

Nonperforming assets

35.6

32.7

49.8

58.1

68.9

Loans 90+ days past due and still accruing

1.5

0.1

0.5

1.8

3.2

Loans 30 - 89 days past due

15.9

3.5

37.6

18.8

11.0

Net charge-offs (recoveries)

1.1

0.8

1.3

2.6

8.2

Asset quality metrics

(%)

1Q22

4Q21

3Q21

2Q21

1Q21

Nonperforming assets to total assets

0.64

0.58

0.92

1.09

1.15

Allowance for credit loss to total loans

1.27

1.37

1.51

1.78

1.65

Allowance for credit loss + RUC to total loans

(1)

1.38

Allowance for credit loss to nonperforming loans

160

185

132

134

112

Net charge-offs (recoveries) to average loans

(2)

0.10

0.07

0.13

0.23

0.74

Provision to average loans

(2)

(0.06)

(0.47)

(0.94)

0.32

0.67

Classified Loans / (Total Capital + ACL)

10.8

17.3

24.0

38.2

Classified Loans / (Total Capital + ACL + RUC)

(1)

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 March 31, 2022, stockholders' equity totaled $623 million, or $12.53 per share, compared to

$668 million, or $13.23 per share, at

December 31, 2021. During the first quarter of 2022, CrossFirst continued its $30 million share repurchase program

by purchasing

1,058,332 shares or 2% of common stock outstanding. In addition, accumulated other comprehensive

income (loss) declined by $43

million between December 31, 2021 and March 31, 2022; driven by

a $45 million decrease in the unrealized gain (loss) on available-for-

sale securities, net of tax.

The ratio of common equity Tier 1 capital to risk-weighted assets was approximately 12% and the total capital to

risk-weighted assets was

approximately 13% at March 31, 2022. The Company remains well-capitalized.

CROSSFIRST BANKSHARES, INC.

Conference Call and Webcast

CrossFirst will hold a conference call to review first quarter 2022 financial

results on Tuesday, April 19, 2022, 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 (877) 621-5851

at least fifteen minutes

prior to the start of the call and provide conference number 6954906. International callers should dial

+1 (470) 495-9492 and enter the

same conference number.

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/moxcfams.

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 (855) 859-2056 and provide conference number 6954906, passcode 9067. International callers

should dial +1 (404) 537-3406

and enter the same confirmation number. 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. These forward-looking statements reflect the Company's

current views with respect to, among other things, future events and its 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 “anticipate,” “believes,”

“can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,”

“continuing,” “ongoing,” “expects,”

“intends” and similar words or phrases. Any forward-looking statements in this earnings release may turn out to be inaccurate. 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, those listed from time

to time in reports that the Company files with the

Securities and Exchange Commission as well as the uncertain impact of the COVID-19 pandemic

and geopolitical events. These forward-

looking statements are made as of the date of this communication, and the Company

does not intend, and assumes no obligation, to update

any forward-looking statement to reflect events or circumstances after the date on which the statement is made or

to reflect the occurrence

of unanticipated events or circumstances, except as required by law.

About CrossFirst Bank

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 has nine full-service banking locations in Kansas,

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

CROSSFIRST BANKSHARES, INC.

Unaudited Financial Tables

◦

Table 1. Consolidated Balance Sheets

◦

Table 2. Consolidated Statements of Operations

◦

Table 3. 2021 - 2022 Quarterly Analysis of

Changes in Net Interest Income

◦

Table 4. Linked Quarterly Analysis of Changes

in Net Interest Income

◦

Table 5. Non-GAAP Financial Measures

CROSSFIRST BANKSHARES, INC.

TABLE 1. CONSOLIDATED BALANCE SHEETS

March 31, 2022

December 31, 2021

(Unaudited)

(Dollars in thousands)

Assets

Cash and cash equivalents

276,927

482,727

Available-for-sale securities - taxable

196,721

192,146

Available-for-sale securities - tax-exempt

526,057

553,823

Loans

4,349,568

4,256,213

Allowance for credit losses on loans

(1)

55,231

58,375

Net loans

4,294,337

4,197,838

Premises and equipment, net

65,799

66,069

Restricted equity securities

10,526

11,927

Interest receivable

16,933

16,023

Foreclosed assets held for sale

973

1,148

Bank-owned life insurance

67,886

67,498

Other

61,962

32,258

Total assets

5,518,121

5,621,457

Liabilities and stockholders’ equity

Deposits

Noninterest-bearing

1,110,284

1,163,224

Savings, NOW and money market

2,999,329

2,895,986

Time

512,067

624,387

Total deposits

4,621,680

4,683,597

Federal Home Loan Bank advances

226,600

236,600

Other borrowings

1,022

1,009

Interest payable and other liabilities

45,620

32,678

Total liabilities

4,894,922

4,953,884

Stockholders’ equity

Common stock, $0.01 par value:

authorized - 200,000,000 shares, issued - 52,926,555 and 52,590,015 shares at

March 31, 2022 and December 31, 2021, respectively

529

526

Treasury stock, at cost:

3,198,302 and 2,139,970 shares held at March 31, 2022 and December 31, 2021,

respectively

(45,109)

(28,347)

Additional paid-in capital

527,468

526,806

Retained earnings

161,323

147,099

Accumulated other comprehensive income (loss)

(21,012)

21,489

Total stockholders’ equity

623,199

667,573

Total liabilities and stockholders’ equity

5,518,121

5,621,457

(1)

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

CROSSFIRST BANKSHARES, INC.

TABLE 2. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended

March 31,

2022

2021

(Dollars in thousands except per share data)

Interest Income

Loans, including fees

42,728

43,758

Available-for-sale securities - taxable

1,044

751

Available-for-sale securities - tax-exempt

3,692

3,351

Deposits with financial institutions

152

128

Dividends on bank stocks

144

165

Total interest income

47,760

48,153

Interest Expense

Deposits

3,511

5,728

Fed funds purchased and repurchase agreements

Federal Home Loan Bank Advances

1,109

1,283

Other borrowings

Total interest expense

4,645

7,036

Net Interest Income

43,115

41,117

Provision for Credit Losses

(1)

(625)

7,500

Net Interest Income after Provision for Credit Losses

(1)

43,740

33,617

Non-Interest Income

Service charges and fees on customer accounts

1,408

957

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

(26)

Unrealized gains (losses), net on equity securities

(103)

(39)

Income from bank-owned life insurance

388

416

Swap fees and credit valuation adjustments, net

118

155

ATM

and credit card interchange income

2,664

2,328

Other non-interest income

493

317

Total non-interest income

4,942

4,144

Non-Interest Expense

Salaries and employee benefits

17,941

13,553

Occupancy

2,493

2,494

Professional fees

805

782

Deposit insurance premiums

737

1,151

Data processing

812

716

Advertising

692

303

Software and communication

1,270

1,065

Foreclosed assets, net

(53)

Other non-interest expense

2,969

2,704

Total non-interest expense

27,666

22,818

Net Income Before Taxes

21,016

14,943

Income tax expense

4,188

2,908

Net Income

16,828

12,035

Basic Earnings Per Share

0.33

0.23

Diluted Earnings Per Share

0.33

0.23

(1)

For the three-months ended March 31, 2021, this line represents the provision for loan losses.

CROSSFIRST BANKSHARES, INC.

TABLE 3. 2021 - 2022 QUARTERLY ANALYSIS OF

CHANGES IN NET INTEREST

INCOME

(UNAUDITED)

Three Months Ended

March 31,

2022

2021

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

(1)

220,802

1,188

2.15

211,646

916

1.73

Securities - tax-exempt

(1)(2)

533,674

4,467

3.35

449,925

4,055

3.61

Federal funds sold

Interest-bearing deposits in other banks

309,948

152

0.20

452,305

128

0.11

Gross loans, net of unearned income

(3)

4,332,831

42,728

4.00

4,506,843

43,758

3.94

Total interest-earning assets

(1)(2)

5,397,255

48,535

3.64

5,620,719

48,857

3.52

Allowance for credit losses

(57,922)

(78,371)

Other non-interest-earning assets

224,405

255,819

Total assets

5,563,738

5,798,167

Interest-bearing liabilities

Transaction deposits

585,990

222

0.15

716,763

364

0.21

Savings and money market deposits

2,302,552

1,847

0.33

2,421,765

2,388

0.40

Time deposits

587,452

1,442

1.00

972,006

2,976

1.24

Total interest-bearing deposits

3,475,994

3,511

0.41

4,110,534

5,728

0.57

FHLB and short-term borrowings

231,156

1,109

1.95

290,187

1,284

1.79

Trust preferred securities, net of fair value

adjustments

1,012

10.25

965

9.96

Non-interest-bearing deposits

1,157,387

731,472

Cost of funds

4,865,549

4,645

0.39

5,133,158

7,036

0.56

Other liabilities

44,442

39,134

Stockholders’ equity

653,747

625,875

Total liabilities and stockholders' equity

5,563,738

5,798,167

Net interest income

(2)

43,890

41,821

Net interest spread

(1)(2)

3.25

2.96

Net interest margin

(1)(2)

3.29

3.01

(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 nonaccrual 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

March 31, 2022 over 2021

Average Volume

Yield/Rate

Net Change

(2)

(Dollars in thousands)

Interest Income

Securities - taxable

231

272

Securities - tax-exempt

(1)

716

(304)

412

Federal funds sold

Interest-bearing deposits in other banks

(49)

Gross loans, net of unearned income

(1,708)

678

(1,030)

Total interest income

(1)

(1,000)

678

(322)

Interest Expense

Transaction deposits

(59)

(83)

(142)

Savings and money market deposits

(113)

(428)

(541)

Time deposits

(1,022)

(512)

(1,534)

Total interest-bearing deposits

(1,194)

(1,023)

(2,217)

FHLB and short-term borrowings

(277)

102

(175)

Trust preferred securities, net of fair value adjustments

Total interest expense

(1,470)

(921)

(2,391)

Net interest income

(1)

470

1,599

2,069

(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. LINKED QUARTERLY ANALYSIS OF

CHANGES IN NET INTEREST INCOME

(UNAUDITED)

Three Months Ended

March 31, 2022

December 31, 2021

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

220,802

1,188

2.15

194,850

1,044

2.14

Securities - tax-exempt

(1)

533,674

4,467

3.35

522,860

4,385

3.35

Federal funds sold

Interest-bearing deposits in other banks

309,948

152

0.20

387,828

143

0.15

Gross loans, net of unearned income

(2)

4,332,831

42,728

4.00

4,220,842

44,392

4.17

Total interest-earning assets

(1)

5,397,255

48,535

3.64

5,326,380

49,964

3.72

Allowance for credit losses

(57,922)

(64,102)

Other non-interest-earning assets

224,405

228,204

Total assets

5,563,738

5,490,482

Interest-bearing liabilities

Transaction deposits

585,990

222

0.15

543,088

216

0.16

Savings and money market deposits

2,302,552

1,847

0.33

2,272,307

1,824

0.32

Time deposits

587,452

1,442

1.00

661,978

1,694

1.02

Total interest-bearing deposits

3,475,994

3,511

0.41

3,477,373

3,734

0.43

FHLB and short-term borrowings

231,156

1,109

1.95

261,600

1,999

3.03

Trust preferred securities, net of fair value

adjustments

1,012

10.25

1,000

9.67

Non-interest-bearing deposits

1,157,387

1,058,462

Cost of funds

4,865,549

4,645

0.39

4,798,435

5,757

0.48

Other liabilities

44,442

35,632

Stockholders’ equity

653,747

656,415

Total liabilities and stockholders' equity

5,563,738

5,490,482

Net interest income

(1)

43,890

44,207

Net interest spread

(1)

3.25

3.24

Net interest margin

(1)

3.29

3.30

(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 nonaccrual 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.

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

Three Months Ended

March 31, 2022 over December 31, 2021

Average Volume

Yield/Rate

Net Change

(2)

(Dollars in thousands)

Interest Income

Securities - taxable

140

144

Securities - tax-exempt

(1)

(8)

Federal funds sold

Interest-bearing deposits in other banks

(33)

Gross loans, net of unearned income

785

(2,449)

(1,664)

Total interest income

(1)

982

(2,411)

(1,429)

Interest Expense

Transaction deposits

(5)

Savings and money market deposits

Time deposits

(215)

(37)

(252)

Total interest-bearing deposits

(195)

(28)

(223)

FHLB and short-term borrowings

(217)

(673)

(890)

Trust preferred securities, net of fair value adjustments

Total interest expense

(412)

(700)

(1,112)

Net interest income

(1)

1,394

(1,711)

(317)

(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 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-recurring or non-core income and

expense items related to:

▪

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.

•

We calculate "core return on average tangible common equity" as non-GAAP core operating income (as defined above)

divided by average tangible common equity. Average tangible

common equity is calculated as average common equity less

average goodwill and intangibles and average preferred equity. The most directly comparable GAAP measure is return on

average common equity.

•

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.

•

We calculate ‘‘non-GAAP core operating return on average common equity’’ as non-GAAP core operating income

(as

defined above) less preferred dividends divided by average common equity. The most directly comparable GAAP financial

measure is return on average common equity, which is calculated as net income less preferred dividends divided by average

common equity.

•

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.

•

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.

•

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

adjusted to

remove non-recurring, or 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-recurring, or non-

core, non-interest income as defined above under non-GAAP core operating

income. The most directly comparable financial

measure is the efficiency ratio.

•

We calculate "non-GAAP pre-tax pre-provision profit" as net income before taxes plus the provision for credit losses.

CROSSFIRST BANKSHARES, INC.

Quarter Ended

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

(Dollars in thousands)

Non-GAAP core operating income:

Net income

16,828

20,801

21,000

15,577

12,035

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

16,828

20,801

25,898

14,245

12,035

(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

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

(Dollars in thousands)

Non-GAAP core return on average tangible common equity:

Net income available to common stockholders

16,828

20,801

21,000

15,577

12,035

Non-GAAP core operating income

16,828

20,801

25,898

14,245

12,035

Average common equity

653,747

656,415

644,715

633,417

625,875

Less: average goodwill and intangibles

121

140

160

179

199

Average tangible common equity

653,626

656,275

644,555

633,238

625,676

Return on average common equity

10.44

12.57

12.92

9.86

7.80

Non-GAAP core return on average tangible common

equity

10.44

12.57

15.94

9.02

7.80

Quarter Ended

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

(Dollars in thousands)

Non-GAAP core operating return on average assets:

Net income

16,828

20,801

21,000

15,577

12,035

Non-GAAP core operating income

16,828

20,801

25,898

14,245

12,035

Average assets

5,563,738

5,490,482

5,408,984

5,673,638

5,798,167

Return on average assets

1.23

1.50

1.54

1.10

0.84

Non-GAAP core operating return on average assets

1.23

1.50

1.90

1.01

0.84

CROSSFIRST BANKSHARES, INC.

Quarter Ended

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

(Dollars in thousands except per share data)

Tangible common stockholders' equity:

Total stockholders' equity

623,199

667,573

652,407

637,190

628,834

Less: goodwill and other intangible assets

110

130

149

169

188

Tangible common stockholders' equity

623,089

667,443

652,258

637,021

628,646

Tangible book value per

Tangible common stockholders' equity

623,089

667,443

652,257

637,021

628,646

Shares outstanding at end of period

49,728,253

50,450,045

51,002,698

50,958,680

51,678,669

Book value per share

12.53

13.23

12.79

12.50

12.17

Tangible book value per

12.53

13.23

12.79

12.50

12.16

Quarter Ended

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

(Dollars in thousands)

Non-GAAP Core Operating Efficiency Ratio - Fully Tax

Equivalent (FTE)

Non-interest expense

27,666

26,715

24,036

25,813

22,818

Less: Accelerated employee benefits

719

Adjusted Non-interest expense (numerator)

27,666

26,715

24,036

25,094

22,818

Net interest income

43,115

43,445

41,801

42,328

41,117

Tax equivalent interest income

(1)

775

762

748

734

704

Non-interest income (loss)

4,942

4,796

(1,105)

5,825

4,144

Add: Unrealized loss on equity security

6,200

Less: BOLI settlement benefits

1,841

Total tax-equivalent income (denominator)

48,832

49,003

47,644

47,046

45,965

Efficiency Ratio

57.57

55.38

59.06

53.61

50.41

Non-GAAP Core Operating Efficiency Ratio - Fully Tax

Equivalent (FTE)

56.66

54.52

50.45

53.34

49.64

(1)

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

The incremental tax rate used is 21.0%.

Quarter Ended

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

(Dollars in thousands)

Non-GAAP Pre-Tax

Pre-Provision Profit

Net income before taxes

21,016

26,526

26,660

18,840

14,943

Add: Provision for credit losses

(625)

(5,000)

(10,000)

3,500

7,500

Non-GAAP Pre-Tax

Pre-Provision Profit

20,391

21,526

16,660

22,340

22,443

CrossFirst Bankshares (CFB) 8-KCrossFirst Bankshares, Inc. Reports First Quarter 2022