Exhibit 99.1

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CrossFirst Bankshares, Inc. Reports First Quarter 2024 Results

LEAWOOD, Kan., April 15, 2024 (GLOBE NEWSWIRE) -- CrossFirst Bankshares, Inc. (Nasdaq: CFB), the bank holding company for CrossFirst Bank, today reported first quarter net income of $18.2 million, or $0.36 per diluted common share.

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“CrossFirst had a solid first quarter with strong organic loan and deposit growth, stable credit quality, expansion of non-interest income, and an increase in earnings,” said Mike Maddox, President and CEO of CrossFirst Bankshares, Inc. “We benefit from operating in dynamic markets and continued to gain leverage in our operating model this quarter as we executed our strategy to serve our clients and drive enhanced shareholder return.”

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CROSSFIRST BANKSHARES, INC.

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Income from Operations

Net income totaled $18.2 million, or $0.36 per diluted common share, for the first quarter of 2024, compared to $17.7 million, or $0.35 per diluted common share, during the fourth quarter of 2023 and $16.1 million, or $0.33 per diluted common share, during the first quarter of 2023. On a linked quarter basis, net income was higher due to an increase in non-interest income as well as lower provision expense, partially offset by a decrease in net interest income and higher non-interest expense. Compared to the same period in the prior year, the quarter’s results reflect higher non-interest income in addition to lower provision expense and non-interest expense partially offset by lower net interest income.  

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Net Interest Income

Net interest income – FTE decreased $0.5 million compared to the fourth quarter of 2023 as the benefit from higher average earning assets was more than offset by net interest margin – FTE contracting three basis points to 3.20% and one less day. The yield on earning assets increased nine basis points due to stronger yields on both loans and taxable securities but was reduced by seven basis points from a hedge that was used to manage interest rate risk. The cost of funds increased due to continued pricing pressure on interest-bearing deposits and a reduction in average non-interest-bearing deposits. Average earning assets increased $80 million compared to the prior quarter primarily due to higher average loan balances partially offset by lower average securities balances.

Compared to the first quarter of 2023, net interest income – FTE decreased $1.9 million as the benefit from higher average earning assets and one additional day were more than offset by a 45 basis point reduction in net interest margin - FTE. The yield on earning assets increased 64 basis points due to stronger loan yields and higher yields on securities. The cost of a rate hedge also lowered the earning asset yield by seven basis points. The cost of funds increased 1.20% compared to the first quarter of 2023 due to pricing pressure on deposits, client migration into higher cost deposit products, as well as the reduction in average non-interest-bearing deposits compared to the prior year. The increase in average earning assets was driven by higher average loan and investment balances, partially offset by lower average cash balances.

Non-Interest Income

Non-interest income increased $1.1 million compared to the fourth quarter of 2023 and increased $1.2 million compared to the same quarter in 2023. The increase compared to the linked quarter was primarily due to losses on the sale of available-for-sale securities due to a bond portfolio repositioning in the fourth quarter of 2023. Compared to the same quarter in the prior year, the increase was primarily due to increases in customer service charges and fees, stronger credit card interchange income and higher gains on sales of loans.

Non-Interest Expense

Non-interest expense increased $2.5 million from the fourth quarter of 2023 and decreased $0.6 million from the first quarter of 2023. The fourth quarter of 2023 included $1.3 million of acquisition-related expenses with $0.5 million each in salaries and benefits and professional fees and $0.3 million in software and communication. 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 benefits, $0.1 million in advertising, and

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$0.1 million in other non-interest expense. Excluding these acquisition-related expenses, non-interest expense increased $3.8 million compared to the fourth quarter of 2023 and increased $0.9 million compared to the first quarter of 2023. On an adjusted basis, salaries and employee benefits were higher for both comparative periods primarily due to merit increases and higher incentives. Occupancy costs increased compared to the first quarter of 2023 due to new locations in the high-growth Dallas-Fort Worth market and from our Tucson acquisition. Professional fees decreased on an adjusted basis from the same period in the prior year due to reduced project expenses. Advertising expenses decreased due to seasonality. Additionally, deposit insurance premiums increased compared to the same period in the prior year due to growth in assets and a higher assessment rate.

The Company’s effective tax rate for the first quarter of 2024 was 20.8%, compared to 20.8% in the fourth quarter of 2023 and 20.0% for the first quarter of 2023. The first quarter of 2023 benefited from higher income on tax exempt securities relative to pre-tax income.

Statement of Financial Condition Performance & Analysis

During the first quarter of 2024, total assets increased $0.1 billion, or 1%, compared to the end of the prior quarter and increased $0.6 billion, or 8%, compared to March 31, 2023. Total assets increased for both comparative periods primarily due to an increase in loans. Compared to March 31, 2023, the loan increase included loans acquired from the Tucson acquisition. Deposits increased $0.1 billion compared to December 31, 2023, and increased $0.7 billion from March 31, 2023, including $0.2 billion in acquired deposits compared to the same period in the prior year.

Loan Results

During the first quarter of 2024, loans increased $121 million, or 2%, compared to December 31, 2023. Loans increased $601 million, or 11%, compared to March 31, 2023, including $106 million, net, from the Tucson acquisition. The loan increase compared to December 31, 2023 was primarily due to growth in the commercial and industrial and the commercial real estate – non-owner-occupied portfolios. Compared to March 31, 2023, the loan increase was primarily due to growth in the commercial and industrial, commercial real estate – owner-occupied and commercial real estate – non-owner-occupied portfolios. The increases in the commercial real estate portfolios were primarily due to funding of prior commitments.

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Deposit & Other Borrowing Results

During the first quarter of 2024, deposits increased 1%, compared to December 31, 2023, and increased 13%, compared to March 31, 2023. The deposit increase compared to December 31, 2023 was due to increases in transaction deposits, savings and money market deposits and time deposits, partially offset by decreases in non-interest-bearing deposits. The total deposit increase compared to March 31, 2023 was due to increases in transaction deposits, savings and money market deposits and time deposits, including $165 million related to the Tucson acquisition, partially offset by decreases in non-interest-bearing deposits.

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CROSSFIRST BANKSHARES, INC.

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FHLB and Other borrowings ended the quarter at $86.8 million compared to the same amount at December 31, 2023 and $332.0 million at March 31, 2023. Compared to the same period in the prior year, borrowings were reduced due to client deposit growth, including acquired deposits.

Asset Quality and Provision for Credit Losses

The Company recorded $1.7 million of provision expense, compared to $4.1 million in the prior quarter and $4.4 million in the prior year first quarter. The current quarter’s provision expense was primarily driven by loan growth and an increase in specific reserves and was partially offset by a $1.2 million decrease in the reserve for unfunded commitments.

Non-performing assets decreased $4.4 million to $20.4 million, or 0.27% of total assets, at March 31, 2024.  The decrease was due to client principal reductions, partial charge-offs on non-accrual loans, and two credits that were 90+ days past due and still accruing at the end of the fourth quarter, which were brought current during the first quarter. Additionally, one commercial construction non-accrual credit was moved to other real estate owned during the quarter. Annualized net charge-offs were 0.10% for the quarter compared to 0.12% in the prior quarter and 0.12% in the prior year first quarter.

The allowance for credit losses was $74.9 million as of March 31, 2024 and was consistent with the prior quarter at 1.20% of outstanding loans. The combined allowance for credit losses and accrual for off-balance sheet credit risk from unfunded commitments (“RUC”) was $80.1 million or 1.28% of outstanding loans.

The following table provides information regarding asset quality.

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Capital Position

At March 31, 2024, stockholders’ equity totaled $715 million, or $14.47 of book value per common share, compared to $708 million, or $14.35 of book value per common share, at December 31, 2023.

Tangible book value per common share⁽¹⁾ was $13.70 at March 31, 2024, an increase of $0.14, or 1%, from December 31, 2023. The increase was primarily due to net income, partially offset by the change in other comprehensive loss and share repurchases. The ratio of common equity Tier 1 capital to risk-weighted assets was approximately 10.2%, and the ratio of total capital to risk-weighted assets was approximately 11.4% at March 31, 2024.

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Conference Call and Webcast

Management will host a conference call to review first quarter results on Tuesday, April 16, 2024, 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 +1 (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/aereecnp. 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 1377131. 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 Note 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; growth opportunities; expense control initiatives; anticipated expenses, cash requirements and sources of liquidity; capital allocation strategies and plans; and future financial performance. These statements are often, but not always, made through the use of words or phrases such as “growth,” “plan,” “guidance,” “believe,” “future,” “opportunities,” “anticipate,” “expectations,” “expect,” “will,” “goal,” “focus,” “intend,” “positioning,” “initiatives” and similar words or phrases of a future or forward-looking nature. The inclusion of forward-looking information herein 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. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs, certain assumptions made by management, and financial trends that may affect our financial condition, results of operations, business strategy or financial needs, many of which, by their nature, are inherently uncertain and beyond our control. Our actual results could differ materially from those anticipated in such forward-looking statements.

Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, 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, including , without limitation, the following: uncertain or unfavorable business or economic conditions and any regulatory responses thereto, including uncertainty and volatility in the financial markets, possible slowing or recessionary economic conditions and continuing or increasing inflation; geographic concentration of our markets; changes in market interest rates that affect the pricing of our products and our net interest income; our ability to effectively execute our growth strategy and manage our growth, including identifying, consummating and integrating suitable mergers and acquisitions, entering new lines of business or offering new or enhanced services or products; fluctuations in the fair value of our investments; our ability to successfully manage our credit risk, particularly in our commercial real estate, energy and commercial-based loan portfolios, and the sufficiency of our allowance for credit losses; declines in the values of the real estate and other collateral securing loans in our portfolio; an increase in non-performing assets; borrower and depositor concentration risks; risks associated with originating Small Business Administration loans; our dependence on our management team, including our ability to attract, hire and retain key employees and their client and community relationships; our ability to raise and maintain sufficient liquidity and capital; competition from banks, credit unions, FinTech companies 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; system failures, service denials, cyber incidents or other failures, disruptions or security breaches; employee error, employee or client misconduct, fraud committed against the Company or our clients, or incomplete or inaccurate information about clients and counterparties; disruptions to our business caused by our third-party service providers; our ability to maintain our reputation; environmental liability or failure to comply with regulatory requirements affecting foreclosed properties; costs and effects of litigation, investigations or similar matters to which we may be subject; risk exposure from transactions with financial counterparties; severe weather, natural disasters, pandemics or other health crises, acts of war or terrorism, climate change and responses thereto, or other external events; compliance with (and changes in) laws, rules, regulations, interpretations or policies relating to or affecting financial institutions, including stringent capital requirements, higher FDIC insurance premiums and assessments, consumer protection laws and privacy laws and accounting, tax, trade, monetary and fiscal matters, including the policies of the Federal Reserve and as a result of government initiatives; systemic risks across the banking industry associated with the soundness of other financial institutions; volatility in our stock price and other risks associated with our common stock; changes in our dividend or share repurchase policies and practices 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 hereof, 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.

CROSSFIRST BANKSHARES, INC.

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About CrossFirst Bankshares, Inc.

CrossFirst Bankshares, Inc. (Nasdaq: CFB) is a Kansas corporation and a registered bank holding company for its wholly owned subsidiary, CrossFirst Bank, a full-service financial institution that offers products and services to businesses, professionals, individuals, and families. CrossFirst Bank, headquartered in Leawood, Kansas, has locations in Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado, and New Mexico.

INVESTOR CONTACT

Mike Daley, Chief Accounting Officer and Head of Investor Relations

mike.daley@crossfirstbank.com

(913) 754-9707

https://investors.crossfirstbankshares.com

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CROSSFIRST BANKSHARES, INC.

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TABLE 1. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

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TABLE 2. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

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TABLE 3. QUARTERLY ANALYSIS OF CHANGES IN NET INTEREST INCOME – FTE (UNAUDITED)

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TABLE 4. 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 average common equity (ROCE).” 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.

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