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FOR IMMEDIATE RELEASE April 22 , 2021 CROSSFIRST BANKSHARES , INC . CrossFirst Bankshares , Inc. Reports First Quarter 2021 Results First Quarter 2021 Key Financial Performance Metrics Net Income CROSSFIRST BANKSHARES , INC . CONTACT : Matt Needham , Investor Relations / Media Contact ( 913 ) 312-6822 https://investors.crossfirstbankshares.com Diluted EPS PTPP Net Interest Margin ( FTE ) Efficiency Ratio Book Value per Common Share $ 0.23 $ 22.4 million 50.41 % $ 12.17 $ 12.0 million 3.00 % LEAWOOD , Kan . , April 22 , 2021 ( GLOBE NEWSWIRE ) -- CrossFirst Bankshares , Inc. ( Nasdaq : CFB ) , the bank holding company for CrossFirst Bank , today reported its results for the first quarter of 2021 , including net income of $ 12.0 million , or $ 0.23 per diluted share . CEO Commentary : " I am extremely proud of our team's effort as we posted our highest quarterly net income to date for the first quarter , despite still having elevated provisioning and additional margin compression from persistently low interest rates , " said CrossFirst's CEO and President Mike Maddox . " The Company's performance was impacted by continued organic growth and enhanced by the efficiency initiatives we implemented in 2020 , which contributed to generating positive operating revenue growth and our highest quarterly pre - tax , pre - provision profits to date for the first quarter . Our asset quality and related metrics continued to trend in the right direction as a result of the economic recovery , additional fiscal stimulus , regulatory relief , and stronger energy prices . " 2021 First Quarter Highlights : . $ 6.0 billion of assets with 12 % operating revenue growth compared to the first quarter of 2020 • • Pre - tax , pre - provision profit ( PTPP ) , a non - GAAP financial measure , of $ 22.4 million for the first quarter , or an increase of 24 % , compared to $ 18.1 million reported in the first quarter of 2020 Efficiency ratio of 50.41 % for the first quarter of 2021 and a non - GAAP core efficiency ratio of 49.64 % after adjusting for nonrecurring or non - core items and tax equivalent interest • $ 68 million of loan growth from the previous quarter and $ 512 million or 13 % from same quarter last year • $ 357 million of deposit growth from the previous quarter and $ 1.1 billion or 27 % from same quarter last year • Book value per share of $ 12.17 at March 31 , 2021 compared to $ 11.75 at March 31 , 2020 Quarter - to - Date March 31 , ( Dollars in millions except per share data ) Operating revenue ( 1 ) Net income Diluted earnings per share Return on average assets Return on average common equity Non - GAAP return on average tangible common equity ( 2 ) Net interest margin 2020 2021 $ 40.3 $ 45.3 $ 3.9 $ 12.0 $ 0.07 $ 0.23 0.31 % 0.84 % 2.53 % 7.80 % 2.56 % 7.80 % 3.19 % 2.95 % Net interest margin , fully tax - equivalent ( 3 ) 3.24 % 3.00 % Efficiency ratio Non - GAAP core operating efficiency ratio , fully tax - equivalent ( 2 ) ( 3 ) ( 1 ) Net interest income plus non - interest income . ( 2 ) 55.10 % 50.41 % 54.17 % 49.64 % Represents a non - GAAP measure . See " Table 5. Non - GAAP Financial Measures " for a reconciliation of this measure . ( 3 ) Tax exempt income is calculated on a tax - equivalent basis . Tax - free municipal securities are exempt from federal income taxes . The incremental federal income tax rate used is 21.0 % . 1