Exhibit 99.1

1

 INVESTOR CONTACT

 July 18, 2022

Heather Worley

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

https://investors.crossfirstbankshares.com

CrossFirst Bankshares, Inc. Reports Second Quarter 2022

Results

Second Quarter 2022 Key Financial Performance Metrics

Net Income

ROAA

Net Interest Margin

(FTE)

Diluted EPS

ROE

$15.5 million

1.12%

3.52%

(1)

$0.31

10.15%

LEAWOOD, Kan., July 18, 2022 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for

CrossFirst Bank, today reported operating results for the second quarter of 2022, with second quarter net income of $15.5 million, or $0.31

per diluted share, and year-to-date net income of $32.4 million, or $0.64 per diluted share. 

CEO Commentary:

"In addition to our announcement about our planned acquisition of Central, we produced a very strong quarter of organic loan growth. We

also invested in talent to support our continued success by filling key roles with both internal promotions and adding high-caliber talent

from the outside,” said CrossFirst’s CEO and President, Mike Maddox. “We remain highly focused on credit quality, and we are

committed to managing through a challenging economy while delivering for our clients and stockholders.”

2022 Second Quarter Highlights:

•

Announced on June 13, 2022, an agreement under which CrossFirst Bank will acquire Central Bancorp, Inc.’s bank

subsidiary, Farmers & Stockmens Bank (“Central”), in an all-cash transaction

•

$5.7 billion of assets with 6% operating revenue growth compared to the second quarter of 2021

•

$179 million or 4% of total loan growth from the previous quarter and $290 million or 7% loan growth from the same quarter

last year; excluding PPP loans

(2)

, loan growth was $195 million from the previous quarter or 5% and was $473 million or

12% from the same quarter last year

•

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

assets to total assets ratio from 1.09% at June 30, 2021 to 0.54% at June 30, 2022

•

Return on Average Assets of 1.12% and a Return on Equity of 10.15% for the quarter ended June 30, 2022

•

Net Interest Margin (Fully Tax-Equivalent)

(1)

 of 3.52% for the quarter ended June 30, 2022, compared to 3.14% for the same

quarter last year

Quarter-to-Date

Year-to-Date

June 30,

June 30,

(Dollars in millions except per share data)

2022

2021

2022

2021

Operating revenue

(3)

$

50.9

$

48.2

$

99.0

$

93.4

Net income

$

15.5

$

15.6

$

32.4

$

27.6

Diluted earnings per share

$

0.31

$

0.30

$

0.64

$

0.53

Return on average assets

1.12

%

1.10

%

1.18

%

0.97

%

Return on average common equity

10.15

%

9.86

%

10.30

%

8.84

%

Net interest margin

(1)

3.46

%

3.08

%

3.35

%

3.02

%

Net interest margin, fully tax-equivalent

(1)(4)

3.52

%

3.14

%

3.41

%

3.07

%

Efficiency ratio

57.36

%

53.61

%

57.46

%

52.06

%

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

(2)(4)

55.08

%

53.34

%

55.83

%

51.51

%

(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)

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

(3)

Net interest income plus non-interest income.

(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.

2

Income from Operations

Net Interest Income

Interest income was $52.8 million for the second quarter of 2022, an increase of 9% from the second quarter of 2021 and an increase of

11% from the previous quarter due to higher average loans outstanding and higher interest rates. Average earning assets totaled $5.4 billion

for the second quarter of 2022, a decrease of $92 million or 2% from the same quarter in 2021. This decline in average earning assets was

largely driven by a decrease of $210 million in average interest-bearing deposits in other banks, the impact of which was outweighed by

the increase of $29 million in average loans and the associated loan yield increase.

Interest expense for the second quarter of 2022 was $6.1 million, slightly lower than the second quarter of 2021 and 32% higher than the

previous quarter. Average interest-bearing deposits decreased to $3.4 billion in the second quarter of 2022, a 13% decrease from the same

prior year period. The cost of funds increased from the previous quarter to 0.50%, compared to 0.39% for the first quarter of 2022, driven

by the higher interest rate environment.

Net interest income totaled $46.7 million for the second quarter of 2022, which was 8% higher than the first quarter of 2022, and 10%

higher than the second quarter of 2021. Tax-equivalent net interest margin increased to 3.52% in the current quarter from 3.29% in the

previous quarter and 3.14% in the second quarter of 2021. 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 second quarter of 2022. 

Non-Interest Income

Non-interest income decreased $1.6 million in the second quarter of 2022 or 28% compared to the same quarter of 2021 and decreased

$0.7 million compared to the first quarter of 2022. The decrease in non-interest income compared to the previous quarter was due to a $1.1

million decrease in credit card fees and $0.1 million decrease in swap fee income, partly offset by a $0.3 million increase in letter of credit

fees and $0.1 million increase in service charge income. The decrease in non-interest income compared to the same quarter of 2021, was

primarily due to $1.8 million in income from bank-owned life insurance proceeds received last year.

Non-Interest Expense

Non-interest expense for the second quarter of 2022 was $29.2 million, which increased 13% compared to the second quarter of 2021 and

increased 6% from the first quarter of 2022. Salaries and benefit costs were lower in the current quarter by $0.8 million compared to the

prior quarter. Furthermore, professional fees increased $0.3 million and data processing expenses increased $0.3 million, partly offset by a

slight decrease in software and communication expenses. Compared to the same quarter in the prior year, salaries and benefit costs were

$1.4 million higher mainly due to increased hiring for market expansion and increased incentive expenses. Additionally, software and

communication expenses increased $0.2 million, and data processing expenses increased $0.4 million, offset by a $0.7 million decrease in

foreclosed assets. The other non-interest expense increase for the second quarter of 2022 was primarily due to increases in travel and

meeting expenses and employee separation expense of $1.1 million.

CrossFirst’s effective tax rate for the second quarter of 2022 was 21%, as compared to 17% for the second quarter of 2021 and 20% in the

first quarter of 2022. The 4% effective tax rate increase compared to the same quarter in the prior year was primarily due to the $1.8

million in income from bank-owned life insurance proceeds received last year, which was not subject to tax. 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.

3

Balance Sheet Performance & Analysis

During the second quarter of 2022, total assets increased by $190 million or 3% compared to March 31, 2022, and increased $397 million

or 7% compared to June 30, 2021. Total assets increased on a linked quarter basis primarily due to a $179 million increase in loans. The

year-over-year increase was due to increases in loans of $310 million and cash and cash equivalents of $57 million. Non-interest-bearing

deposits increased $53 million compared to March 31, 2022, and increased $345 million from June 30, 2021. During the second quarter of

2022

, available-for-sale investment securities decreased $27 million to $696 million compared to March 31, 2022 primarily due to

unrealized losses from interest rate increases. The securities yields increased 7 basis points to a tax equivalent yield of 3.07% for the

second quarter of 2022 compared to the prior quarter.

Loan Results

During the second quarter of 2022, the Company produced an increase in average loans of $105 million compared to the first quarter of

2022, and an increase of $29 million or 1% compared to the second quarter of 2021. The linked quarter increase in average loans was

primarily a result of growth in the commercial and commercial real estate portfoli os. Net of PPP loans, average loans grew 3% compared

to the quarter ended March 31, 2022. Loan yields increased 28 basis points to 4.28% during the second quarter of 2022 and increased 29

basis points compared to the same prior year quarter.

2Q22

1Q22

4Q21

3Q21

2Q21

QoQ

Growth

($)

QoQ

Growth

(%)

(1)

YoY

Growth

($)

YoY

Growth

(%)

(1)

(Dollars in millions)

Average loans (gross)

Commercial and industrial

$

1,532

$

1,434

$

1,328

$

1,233

$

1,221

$

98

7

%

$

311

25

%

Energy

241

274

290

311

341

(33)

(12)

(100)

(29)

Commercial real estate

1,399

1,327

1,272

1,213

1,203

72

5

196

16

Construction and land development

581

593

579

611

633

(12)

(2)

(52)

(8)

Residential and multifamily real estate

609

604

612

659

659

5

1

(50)

(8)

Paycheck Protection Program

20

42

84

147

296

(22)

(52)

(276)

(93)

Consumer

56

59

56

57

56

(3)

(5)

-

0

Total

$

4,438

$

4,333

$

4,221

$

4,231

$

4,409

$

105

2

%

$

29

1

%

Yield on average loans for the period

ending

4.28

%

4.00

%

4.17

%

4.00

%

3.99

%

(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 second quarter of 2022, the Company experienced a decrease in average deposits of 2% compared to the previous quarter, and a

4% decline in average deposits compared to the second quarter of 2021. The deposit reduction for the quarter was driven by decreases in

transaction deposits and time deposits. As a result of the increasing interest rate environment, the Company had an increase of 11 basis

points in the overall cost of deposits during the second quarter of 2022, and the cost of interest-bearing depo sits has increased 6 basis

points over the last twelve months.

2Q22

1Q22

4Q21

3Q21

2Q21

QoQ

Growth

($)

QoQ

Growth

(%)

(1)

YoY

Growth

($)

YoY

Growth

(%)

(1)

(Dollars in millions)

Average deposits

Non-interest-bearing deposits

$

1,150

$

1,157

$

1,058

$

910

$

802

$

(7)

(1)

%

$

348

43

%

Transaction deposits

507

586

543

511

665

(79)

(13)

(158)

(23)

Savings and money market deposits

2,334

2,303

2,272

2,276

2,385

31

1

(51)

(2)

Time deposits

560

587

662

752

869

(27)

(5)

(309)

(36)

Total

$

4,551

$

4,633

$

4,535

$

4,449

$

4,721

$

(82)

(2)

%

$

(170)

(4)

%

Cost of deposits for the period ending

0.42

%

0.31

%

0.33

%

0.38

%

0.41

%

Cost of interest-bearing deposits for the

period ending

0.56

%

0.41

%

0.43

%

0.47

%

0.50

%

(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 June 30, 2022, other borrowings totaled $298 million, as compared to $228 million at March 31, 2022, and $284 million at June 30,

2021.

CROSSFIRST BANKSHARES, INC.

4

Asset Quality Position

Non-performing assets decreased to $30.8 million due to a $5.4 million decrease in non-accrual loans. The decline is attributable to

decreases in non-accrual commercial and industrial and energy loans. The non-performing assets to total assets ratio decreased from 1.09%

at June 30, 2021 to 0.54% at June 30, 2022. Classified loans increased slightly during the second quarter due to some grade changes in the

commercial and industrial portfolio, but remained in an acceptable range at 12.1% of total capital plus the allowance for credit losses. 

The allowance for credit losses was $56 million or 1.23% of outstanding loans and 202% of non-accruing loans at June 30, 2022. The

combined allowance for credit losses and accrual for off-balance sheet credit risk from unfunded commitments (“RUC”) was $61 million

or 1.35% of outstanding loans and 221% of non-accruing loans at June 30, 2022. 

The allowance for credit losses to total loans decreased to 1.23% at June 30, 2022 from 1.27% at March 31, 2022. The improvements in

credit metrics compared to June 30, 2021 were primarily driven by upgrades in COVID-19 impacted segments and the Energy portfolio.

Net charge-offs were $1.1 million for the second quarter of 2022 and were consistent with 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)

2Q22

1Q22

4Q21

3Q21

2Q21

Non-accrual loans

$

27.7

$

33.1

$

31.4

$

48.1

$

54.7

Other real estate owned

1.0

1.0

1.1

1.1

1.7

Non-performing assets

30.8

35.6

32.7

49.8

58.1

Loans 90+ days past due and still accruing

2.2

1.5

0.1

0.5

1.8

Loans 30 - 89 days past due

16.6

15.9

3.5

37.6

18.8

Net charge-offs (recoveries)

1.1

1.1

0.8

1.3

2.6

Asset quality metrics

(%)

2Q22

1Q22

4Q21

3Q21

2Q21

Non-performing assets to total assets

0.54

%

0.64

%

0.58

%

0.92

%

1.09

%

Allowance for credit loss to total loans

1.23

1.27

1.37

1.51

1.78

Allowance for credit loss + RUC to total loans

(1)

1.35

1.38

-

-

-

Allowance for credit loss to non-performing loans

187

160

185

132

134

Net charge-offs (recoveries) to average loans

(2)

0.10

0.10

0.07

0.13

0.23

Provision to average loans

(2)

0.19

(0.06)

(0.47)

(0.94)

0.32

Classified Loans / (Total Capital + ACL)

12.1

10.8

10.8

17.3

24.0

Classified Loans / (Total Capital + ACL + RUC)

(1)

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 June 30, 2022, stockholders' equity totaled $608 million, or $12.27 per share, compared to $668 million, or $13.23 per share, at

December 31, 2021. During the second quarter of 2022, CrossFirst continued its share repurchase program by purchasing 237,993 shares

of common stock outstanding. In addition, accumulated other comprehensive income (loss) declined by $71 million between December

31, 2021 and June 30, 2022; driven by a $74 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 June 30, 2022. The Company remains well-capitalized. 

CROSSFIRST BANKSHARES, INC.

5

Conference Call and Webcast

CrossFirst will host a conference call to review second quarter 2022 financial results on Tuesday, July 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) 270-2148 at least fifteen

minutes prior to the start of the call and request access to the CrossFirst Bankshares, Inc. call. International callers should dial +1 (412)

902-6510 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/px7sxoby. 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, the

acquisition of Central, 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 “anticipate,” “believes,” “can,” “could,” “may,” “predicts,”

“potential,” “should,” “will,” “estimate,” “planned,” “projects,” “continuing,” “ongoing,” “expects,” “intends” 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.

CROSSFIRST BANKSHARES, INC.

6

Unaudited Financial Tables

◦

◦

◦

◦

◦

CROSSFIRST BANKSHARES, INC.

7

TABLE 1. CONSOLIDATED BALANCE SHEETS

June 30, 2022

December 31, 2021

(2)

(Unaudited)

(Dollars in thousands)

Assets

Cash and cash equivalents

$

277,678

$

482,727

Available-for-sale securities - taxable

186,154

192,146

Available-for-sale securities - tax-exempt

509,493

553,823

Loans, net of unearned fees

4,528,234

4,256,213

Allowance for credit losses on loans

(1)

55,817

58,375

Net loans

4,472,417

4,197,838

Premises and equipment, net

64,769

66,069

Restricted equity securities

14,946

11,927

Interest receivable

17,909

16,023

Foreclosed assets held for sale

973

1,148

Bank-owned life insurance

68,293

67,498

Other

95,679

32,258

Total assets

$

5,708,311

$

5,621,457

Liabilities and stockholders’ equity

Deposits

Non-interest-bearing

$

1,163,462

$

1,163,224

Savings, NOW and money market

2,847,887

2,895,986

Time

733,071

624,387

Total deposits

4,744,420

4,683,597

Federal Home Loan Bank advances

296,600

236,600

Other borrowings

1,041

1,009

Interest payable and other liabilities

58,234

32,678

Total liabilities

5,100,295

4,953,884

Stockholders’ equity

Common stock, $0.01 par value:

authorized - 200,000,000 shares, issued - 52,972,244 and 52,590,015 shares at June

30, 2022 and December 31, 2021, respectively

529

526

Treasury stock, at cost:

3,436,295 and 2,139,970 shares held at June 30, 2022 and December 31, 2021,

respectively

(48,501)

(28,347)

Additional paid-in capital

528,548

526,806

Retained earnings

176,869

147,099

Accumulated other comprehensive income (loss)

(49,429)

21,489

Total stockholders’ equity

608,016

667,573

Total liabilities and stockholders’ equity

$

5,708,311

$

5,621,457

(1)

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

(2)

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.

CROSSFIRST BANKSHARES, INC.

8

 TABLE 2. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2021

2022

2021

(Dollars in thousands except per share data)

Interest Income

Loans, including fees

$

47,327

$

43,846

$

90,055

$

87,604

Available-for-sale securities - taxable

1,086

869

2,130

1,620

Available-for-sale securities - tax-exempt

3,845

3,497

7,537

6,848

Deposits with financial institutions

369

110

521

238

Dividends on bank stocks

213

162

357

327

Total interest income

52,840

48,484

100,600

96,637

Interest Expense

Deposits

4,732

4,850

8,243

10,578

Fed funds purchased and repurchase agreements

74

2

74

3

Federal Home Loan Bank Advances

1,294

1,280

2,403

2,563

Other borrowings

31

24

56

48

Total interest expense

6,131

6,156

10,776

13,192

Net Interest Income

46,709

42,328

89,824

83,445

Provision for Credit Losses

(1)

2,135

3,500

1,510

11,000

Net Interest Income after Provision for Credit Losses

(1)

44,574

38,828

88,314

72,445

Non-Interest Income

Service charges and fees on customer accounts

1,546

1,177

2,954

2,134

Realized losses on available-for-sale securities

(12)

(13)

(38)

(3)

Unrealized losses on equity securities, net

(71)

6

(174)

(33)

Income from bank-owned life insurance

407

2,245

795

2,661

Swap fees and credit valuation adjustments, net

12

(30)

130

125

ATM and credit card interchange income

1,521

1,506

4,185

3,834

Other non-interest income

798

934

1,291

1,251

Total non-interest income

4,201

5,825

9,143

9,969

Non-Interest Expense

Salaries and employee benefits

17,095

15,660

35,036

29,213

Occupancy

2,622

2,397

5,115

4,891

Professional fees

1,068

1,138

1,873

1,920

Deposit insurance premiums

713

917

1,450

2,068

Data processing

1,160

720

1,972

1,436

Advertising

757

435

1,449

738

Software and communication

1,198

1,034

2,468

2,099

Foreclosed assets, net

15

665

(38)

715

Other non-interest expense

4,575

2,847

7,544

5,551

Total non-interest expense

29,203

25,813

56,869

48,631

Net Income Before Taxes

19,572

18,840

40,588

33,783

Income tax expense

4,027

3,263

8,215

6,171

Net Income

$

15,545

$

15,577

$

32,373

$

27,612

Basic Earnings Per Share

$

0.31

$

0.30

$

0.65

$

0.54

Diluted Earnings Per Share

$

0.31

$

0.30

$

0.64

$

0.53

(1)

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

CROSSFIRST BANKSHARES, INC.

9

TABLE 3. YEAR-TO-DATE ANALYSIS OF CHANGES IN NET INTEREST

INCOME

(UNAUDITED)

Six Months Ended

June 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)

$

220,783

$

2,487

2.26

%

$

209,730

$

1,947

1.86

%

Securities - tax-exempt

(1)(2)

543,873

9,120

3.35

464,208

8,286

3.57

Federal funds sold

-

-

-

-

-

-

Interest-bearing deposits in other banks

253,771

521

0.41

429,930

238

0.11

Gross loans, net of unearned income

(3)

4,385,664

90,055

4.14

4,457,792

87,604

3.96

Total interest-earning assets

(1)(2)

5,404,091

$

102,183

3.81

%

5,561,660

$

98,075

3.55

%

Allowance for credit losses

(57,324)

(77,552)

Other non-interest-earning assets

207,881

251,450

Total assets

$

5,554,648

$

5,735,558

Interest-bearing liabilities

Transaction deposits

$

546,982

$

596

0.22

%

$

690,514

$

677

0.20

%

Savings and money market deposits

2,318,415

4,716

0.41

2,403,318

4,495

0.38

Time deposits

573,503

2,931

1.03

920,307

5,406

1.18

Total interest-bearing deposits

3,438,900

8,243

0.48

4,014,139

10,578

0.53

FHLB and short-term borrowings

280,883

2,477

1.78

289,039

2,566

1.79

Trust preferred securities, net of fair value

adjustments

1,018

56

11.11

971

48

9.89

Non-interest-bearing deposits

1,153,499

-

-

766,725

-

-

Cost of funds

4,874,300

$

10,776

0.44

%

5,070,874

$

13,192

0.52

%

Other liabilities

46,312

35,017

Stockholders’ equity

634,036

629,667

Total liabilities and stockholders' equity

$

5,554,648

$

5,735,558

Net interest income

(2)

$

91,407

$

84,883

Net interest spread

(1)(2)

3.37

%

3.03

%

Net interest margin

(1)(2)

3.41

%

3.07

%

(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.

10

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

Six Months Ended

June 30, 2022 over 2021

Average Volume

Yield/Rate

Net Change

(2)

(Dollars in thousands)

Interest Income

Securities - taxable

$

107

$

433

$

540

Securities - tax-exempt

(1)

987

(153)

834

Federal funds sold

-

-

-

Interest-bearing deposits in other banks

(132)

415

283

Gross loans, net of unearned income

(1,434)

3,885

2,451

Total interest income

(1)

(472)

4,580

4,108

Interest Expense

Transaction deposits

(151)

70

(81)

Savings and money market deposits

(163)

384

221

Time deposits

(1,840)

(635)

(2,475)

Total interest-bearing deposits

(2,154)

(181)

(2,335)

FHLB and short-term borrowings

(71)

(18)

(89)

Trust preferred securities, net of fair value adjustments

2

6

8

Total interest expense

(2,223)

(193)

(2,416)

Net interest income

(1)

$

1,751

$

4,773

$

6,524

(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.

11

TABLE 4. 2021 - 2022 QUARTERLY ANALYSIS OF CHANGES IN NET INTEREST INCOME

(UNAUDITED)

Three Months Ended

June 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)

$

220,763

$

1,299

2.35

%

$

207,835

$

1,031

1.99

%

Securities - tax-exempt

(1)(2)

553,960

4,653

3.36

478,334

4,231

3.54

Federal funds sold

-

-

-

-

-

-

Interest-bearing deposits in other banks

198,210

369

0.75

407,801

110

0.11

Gross loans, net of unearned income

(3)

4,437,917

47,327

4.28

4,409,280

43,846

3.99

Total interest-earning assets

(1)(2)

5,410,850

$

53,648

3.98

%

5,503,250

$

49,218

3.59

%

Allowance for credit losses

(56,732)

(76,741)

Other non-interest-earning assets

191,539

247,129

Total assets

$

5,545,657

$

5,673,638

Interest-bearing liabilities

Transaction deposits

$

508,403

$

374

0.29

%

$

664,552

$

313

0.19

%

Savings and money market deposits

2,334,103

2,869

0.49

2,385,074

2,107

0.35

Time deposits

559,708

1,489

1.07

869,176

2,430

1.12

Total interest-bearing deposits

3,402,214

4,732

0.56

3,918,802

4,850

0.50

FHLB and short-term borrowings

330,064

1,368

1.66

287,904

1,282

1.79

Trust preferred securities, net of fair value

adjustments

1,024

29

11.94

976

24

9.82

Non-interest-bearing deposits

1,149,654

-

-

801,591

-

-

Cost of funds

4,882,956

$

6,129

0.50

%

5,009,273

$

6,156

0.49

%

Other liabilities

48,160

30,948

Stockholders’ equity

614,541

633,417

Total liabilities and stockholders' equity

$

5,545,657

$

5,673,638

Net interest income

(2)

$

47,519

$

43,062

Net interest spread

(1)(2)

3.48

%

3.10

%

Net interest margin

(1)(2)

3.52

%

3.14

%

(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.

12

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

Three Months Ended

June 30, 2022 over 2021

Average Volume

Yield/Rate

Net Change

(2)

(Dollars in thousands)

Interest Income

Securities - taxable

$

67

$

201

$

268

Securities - tax-exempt

(1)

643

(221)

422

Federal funds sold

-

-

-

Interest-bearing deposits in other banks

(84)

343

259

Gross loans, net of unearned income

287

3,194

3,481

Total interest income

(1)

913

3,517

4,430

Interest Expense

Transaction deposits

(86)

147

61

Savings and money market deposits

(46)

808

762

Time deposits

(827)

(114)

(941)

Total interest-bearing deposits

(959)

841

(118)

FHLB and short-term borrowings

179

(93)

86

Trust preferred securities, net of fair value adjustments

1

4

5

Total interest expense

(779)

752

(27)

Net interest income

(1)

$

1,692

$

2,765

$

4,457

(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.

13

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 in the second 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 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. Management believes that non-GAAP core return on average tangible common equity

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 to

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. 

CROSSFIRST BANKSHARES, INC.

14

•

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.

•

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

Management believes that non-GAAP pre-tax pre-provision profit is important to many investors because the calculation

removes the tax impact on the financials and gives investors insight into the operating income of the company.

CROSSFIRST BANKSHARES, INC.

15

Quarter Ended

Six Months Ended

6/30/2022

3/31/2022

12/31/2021

9/30/2021

6/30/2021

6/30/2022

6/30/2021

(Dollars in thousands)

Non-GAAP core operating income:

Net income

$

15,545

$

16,828

$

20,801

$

21,000

$

15,577

$

32,373

$

27,612

Add: Acquisition costs

239

-

-

-

-

239

-

Less: Tax effect

(1)

50

-

-

-

-

50

-

Acquisition costs, net of tax

189

-

-

-

-

189

-

Add: Employee separation

1,063

-

-

-

-

1,063

-

Less: Tax effect

(1)

223

-

-

-

-

223

-

Employee separation, net of tax

840

-

-

-

-

840

-

Add: Unrealized loss on equity security

-

-

-

6,200

-

-

-

Less: Tax effect

(1)

-

-

-

1,302

-

-

-

Unrealized loss on equity security, net of tax

-

-

-

4,898

-

-

-

Add: Accelerated employee benefits

-

-

-

-

719

-

719

Less: Tax effect

(2)

-

-

-

-

210

-

210

Accelerated employee benefits, net of tax

-

-

-

-

509

-

509

Less: BOLI settlement benefits

(3)

-

-

-

-

1,841

-

1,841

Non-GAAP core operating income

$

16,574

$

16,828

$

20,801

$

25,898

$

14,245

$

33,402

$

26,280

(1)

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

(2)

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.

(3)

No tax effect.

Quarter Ended

Six Months Ended

6/30/2022

3/31/2022

12/31/2021

9/30/2021

6/30/2021

6/30/2022

6/30/2021

(Dollars in thousands)

Non-GAAP core return on average tangible common equity:

Net income available to common stockholders

$

15,545

$

16,828

$

20,801

$

21,000

$

15,577

$

32,373

$

27,612

Non-GAAP core operating income

16,574

16,828

20,801

25,898

14,245

33,402

26,280

Average common equity

614,541

653,747

656,415

644,715

633,417

634,036

629,667

Less: average goodwill and intangibles

101

121

140

160

179

111

189

Average tangible common equity

$

614,440

$

653,626

$

656,275

$

644,555

$

633,238

$

633,925

$

629,478

Return on average common equity

10.15

%

10.44

%

12.57

%

12.92

%

9.86

%

10.30

%

8.84

%

Non-GAAP core return on average tangible common

equity

10.82

%

10.44

%

12.57

%

15.94

%

9.02

%

10.63

%

8.42

%

CROSSFIRST BANKSHARES, INC.

16

Quarter Ended

Six Months Ended

6/30/2022

3/31/2022

12/31/2021

9/30/2021

6/30/2021

6/30/2022

6/30/2021

(Dollars in thousands)

Non-GAAP core operating return on average assets:

Net income

$

15,545

$

16,828

$

20,801

$

21,000

$

15,577

$

32,373

$

27,612

Non-GAAP core operating income

16,574

16,828

20,801

25,898

14,245

33,402

26,280

Average assets

$

5,545,657

$

5,563,738

$

5,490,482

$

5,408,984

$

5,673,638

$

5,554,648

$

5,735,558

Return on average assets

1.12

%

1.23

%

1.50

%

1.54

%

1.10

%

1.18

%

0.97

%

Non-GAAP core operating return on average assets

1.20

%

1.23

%

1.50

%

1.90

%

1.01

%

1.21

%

0.92

%

Quarter Ended

6/30/2022

3/31/2022

12/31/2021

9/30/2021

6/30/2021

(Dollars in thousands except per share data)

Tangible common stockholders' equity:

Total stockholders' equity

$

608,016

$

623,199

$

667,573

$

652,407

$

637,190

Less: goodwill and other intangible assets

91

110

130

149

169

Tangible common stockholders' equity

$

607,925

$

623,089

$

667,443

$

652,258

$

637,021

Tangible book value per share:

Tangible common stockholders' equity

$

607,925

$

623,089

$

667,443

$

652,257

$

637,021

Shares outstanding at end of period

49,535,949

49,728,253

50,450,045

51,002,698

50,958,680

Book value per share

$

12.27

$

12.53

$

13.23

$

12.79

$

12.50

Tangible book value per share

$

12.27

$

12.53

$

13.23

$

12.79

$

12.50

Quarter Ended

6/30/2022

3/31/2022

12/31/2021

9/30/2021

6/30/2021

(Dollars in thousands)

Non-GAAP loan growth, excluding PPP loans:

Gross loans, net of unearned income

$

4,528,234

$

4,349,558

$

4,256,213

$

4,233,117

$

4,237,944

Less: PPP loans, net of unearned income

14,536

31,200

64,805

109,465

197,084

Non-PPP gross loans, net of unearned income

$

4,513,698

$

4,318,358

$

4,191,408

$

4,123,652

$

4,040,860

Year-over-year loan growth

6.85

%

Non-GAAP year-over-year loan growth excluding 

PPP loans

12.00

Linked quarter loan growth

4.11

Non-GAAP linked quarter loan growth excluding PPP loans

4.52

%

CROSSFIRST BANKSHARES, INC.

17

Quarter Ended

Six Months Ended

6/30/2022

3/31/2022

12/31/2021

9/30/2021

6/30/2021

6/30/2022

6/30/2021

(Dollars in thousands)

Non-GAAP Core Operating Efficiency Ratio - Fully Tax

Equivalent (FTE)

Non-interest expense

$

29,203

$

27,666

$

26,715

$

24,036

$

25,813

$

56,869

$

48,631

Less: Accelerated employee benefits

-

-

-

-

719

-

719

Adjusted Non-interest expense (numerator)

$

29,203

$

27,666

$

26,715

$

24,036

$

25,094

$

56,869

$

47,912

Net interest income

46,709

43,115

43,445

41,801

42,328

89,824

83,445

Tax equivalent interest income

(1)

810

775

762

748

734

1,583

1,438

Non-interest income (loss)

4,201

4,942

4,796

(1,105)

5,825

9,143

9,969

Add: Acquisition costs

239

-

-

-

-

239

-

Add: Employee separation

1,063

-

-

-

-

1,063

-

Add: Unrealized loss on equity security

-

-

-

6,200

-

-

-

Less: BOLI settlement benefits

(2)

-

-

-

-

1,841

-

1,841

Total tax-equivalent income (denominator)

$

53,022

$

48,832

$

49,003

$

47,644

$

47,046

$

101,852

$

93,011

Efficiency Ratio

57.36

%

57.57

%

55.38

%

59.06

%

53.61

%

57.46

%

52.06

%

Non-GAAP Core Operating Efficiency Ratio - Fully Tax

Equivalent (FTE)

55.08

%

56.66

%

54.52

%

50.45

%

53.34

%

55.83

%

51.51

%

(1)

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

(2)

No tax effect.

Quarter Ended

Six Months Ended

6/30/2022

3/31/2022

12/31/2021

9/30/2021

6/30/2021

6/30/2022

6/30/2021

(Dollars in thousands)

Non-GAAP Pre-Tax Pre-Provision Profit

Net income before taxes

$

19,572

$

21,016

$

26,526

$

26,660

$

18,840

$

40,588

$

33,783

Add: Provision for credit losses

2,135

(625)

(5,000)

(10,000)

3,500

1,510

11,000

Non-GAAP Pre-Tax Pre-Provision Profit

$

21,707

$

20,391

$

21,526

$

16,660

$

22,340

$

42,098

$

44,783