EX-99.1 5 exhibit991.htm EX-99.1 exhibit991
 
 
 
 
 
 
exhibit991p1i0
1
Exhibit 99.1
EARNINGS RELEASE
USCB Financial Holdings, Inc. Reports Record Fully Diluted EPS of
 
$0.38 for Q1 2025, a 65% increase over same
period last year; ROAA of 1.19% and ROAE of 14.15%
MIAMI, FL
 
– April
 
24, 2025
 
– USCB
 
Financial Holdings,
 
Inc. (the
 
“Company”) (NASDAQ:
 
USCB)
, the
 
holding company
 
for
U.S.
 
Century
 
Bank
 
(the
 
“Bank”),
 
reported
 
net
 
income
 
of
 
$7.7
 
million
 
or
 
$0.38
 
per
 
fully
 
diluted
 
share
 
for
 
the
 
three
 
months
 
ended
March 31, 2025, compared with net income of $4.6 million or $0.23 per
 
fully diluted share for the same period in 2024.
 
“We are proud to report a record quarter,
 
highlighted by fully diluted EPS of $0.38. This performance reflects solid execution across all
of our strategic priorities
 
including annualized double-digit loan and
 
deposit growth, maintaining disciplined pricing,
 
clean asset quality,
and strong cost controls.
 
Our return on average assets
 
was 1.19%, the highest since the
 
fourth quarter of 2021,” said
 
Luis de la Aguilera.
Chairman, President and CEO.
 
“Our continued focus on asset
 
quality,
 
profitability,
 
and growing the Bank
 
in a safe and sound manner
has positioned the Company
 
well to navigate
 
the current challenging market
 
and economic environment with
 
confidence and resilience.”
 
Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended March 31, 2025
compared to at or for the quarter ended March 31, 2024 and annualized
 
where appropriate.
Profitability
•
Annualized return
 
on average
 
assets for
 
the quarter
 
ended March 31,
 
2025 was
 
1.19% compared
 
to 0.76%
 
for the first
 
quarter of
2024.
 
•
Annualized return
 
on average stockholders’
 
equity for the
 
quarter ended March
 
31, 2025 was
 
14.15%
 
compared to 9.61%
 
for the
first quarter of 2024.
 
•
The efficiency ratio for the quarter ended March 31, 2025
 
was 52.79%
 
compared to 63.41% for the first quarter of 2024.
 
•
Net interest margin for the quarter ended March 31, 2025 was 3.10
 
%
 
compared to 2.62% for the first quarter of 2024.
•
Net interest income before
 
provision for credit losses was $19.1
 
million for the quarter ended
 
March 31, 2025, an increase of
 
$4.0
million or 26.1% compared to $15.2 million for the same period in
 
2024.
Balance Sheet
•
Total assets were $2.7 billion at March 31, 2025, representing an increase of $188.2 million or 7.6% from $2.5 billion at March 31,
2024.
•
Total loans held for investment were $2.0 billion at March 31, 2025, representing an increase of $215.0 million or
 
11.8% from $1.8
billion at March 31, 2024.
•
Total
 
deposits
 
were
 
$2.3 billion
 
at
 
March 31,
 
2025,
 
representing
 
an
 
increase
 
of
 
$206.8 million
 
or
 
9.8%
 
from
 
$2.1
 
billion
 
at
March 31, 2024.
•
Total stockholders’
 
equity was $225.1 million at
 
March 31, 2025, representing an increase
 
of $30.1 million or 15.4%
 
from $195.0
million at March 31, 2024.
 
Total stockholders’ equity included accumulated comprehensive loss
 
of $41.1 million at
 
March 31, 2025
compared to accumulated comprehensive loss of $45.4 million at March 31,
 
2024.
 
Asset Quality
•
The
 
allowance
 
for
 
credit
 
losses
 
(“ACL”)
 
increased
 
by
 
$3.3
 
million
 
to
 
$24.7
 
million
 
at
 
March 31,
 
2025
 
from
 
$21.5
 
million
 
at
March 31, 2024.
•
The ACL represented 1.22%
 
of total loans at March 31, 2025 and 1.18%
 
at March 31, 2024.
2
•
The provision for credit
 
loss was $681 thousand
 
for the quarter ended
 
March 31, 2025, an increase
 
of $271 thousand compared
 
to
$410 thousand for the same period in 2024.
•
The ratio of non-performing loans
 
to total loans was
 
0.20% at March 31, 2025 and 0.03%
 
at March 31, 2024. Non-performing loans
totaled $4.2 million at March 31, 2025 and $456 thousand at March 31, 2024.
Non-interest Income and Non-interest Expense
•
Non-interest income was $3.7 million
 
for the three months ended March 31,
 
2025, an increase of $1.3 million
 
or 50.8% compared
to $2.5 million for the same period in 2024.
 
•
Non-interest expense was $12.1 million for the three months ended March 31, 2025, an increase of $0.9 million or 7.9% compared
to $11.2 million for the same period in 2024.
 
Capital
•
On April 21, 2025, the
 
Company’s Board of Directors declared a quarterly cash
 
dividend of $0.10 per share
 
of the Company’s Class
A common stock. The dividend will be paid on June 5, 2025 to shareholders
 
of record at the close of business on May 15, 2025.
•
As of March 31, 2025,
total risk-based capital ratios for the Company and the Bank were 13.72%
 
and 13.65%, respectively.
•
Tangible
 
book value per
 
common share (a
 
non-GAAP measure)
 
was $11.23
 
at March 31, 2025,
 
representing increase
 
of $0.42 or
3.9% from
 
$10.81 at
 
December 31, 2024.
 
At March 31, 2025,
 
tangible book value
 
per common
 
share was negatively
 
affected by
($2.05)
 
per share
 
due to
 
an accumulated
 
comprehensive
 
loss of
 
$41.1 million
 
mostly due
 
to changes
 
in the
 
market value
 
of the
Company’s available for sale securities.
 
At December 31, 2024, tangible book value per common share was negatively affected by
($2.24) per share due to an accumulated comprehensive loss of $44.5 million.
Conference Call and Webcast
 
The Company
 
will host a
 
conference call
 
on Friday,
 
April
 
25, 2025,
 
at 11:00
 
a.m. Eastern Time
 
to discuss the
 
Company’s
 
unaudited
financial results for the quarter ended March 31,
 
2025. To access the conference call, dial (833) 816-1416 (U.S. toll-free)
 
and ask to join
the USCB Financial Holdings Call.
 
Additionally,
 
interested
 
parties can
 
listen to
 
a live
 
webcast
 
of the
 
call in
 
the “Investor
 
Relations” section
 
of the
 
Company’s
 
website
at www.uscentury.com
 
.
 
An archived version of the webcast will be available in the same location shortly after
 
the live call has ended.
About USCB Financial Holdings, Inc.
USCB Financial Holdings, Inc.
 
is the bank holding company for
 
U.S. Century Bank. Established in 2002,
 
U.S. Century Bank is one of
the largest
 
community banks
 
headquartered
 
in Miami,
 
and one
 
of the
 
largest community
 
banks in
 
the State
 
of Florida.
 
U.S. Century
Bank is rated 5-Stars by BauerFinancial, the nation’s leading independent
 
bank rating firm. U.S. Century Bank offers customers a wide
range of
 
financial products
 
and services
 
and supports
 
numerous community
 
organizations,
 
including
 
the Greater
 
Miami Chamber
 
of
Commerce, the South Florida Hispanic Chamber of Commerce, and ChamberSouth. For more information about us
 
or to find a banking
center near you, please call (305) 715-5200 or visit www.uscentury.com.
Forward-Looking Statements
This earnings release
 
may contain statements
 
that are not
 
historical in nature
 
and are intended
 
to be, and
 
are hereby identified
 
as, forward-
looking
 
statements
 
for
 
purposes
 
of
 
the
 
safe
 
harbor
 
provided
 
by
 
Section
 
21E
 
of
 
the
 
Securities
 
Exchange
 
Act
 
of
 
1934,
 
as
 
amended.
Forward-looking statements are
 
those that are
 
not historical facts.
 
The words “may,”
 
“will,” “anticipate,” “could,”
 
“should,” “would,”
“believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,” “seek,” “continue,” and “intend,”, the negative of these terms, as well as
other similar words
 
and expressions of
 
the future, are
 
intended to identify
 
forward-looking statements. These forward-looking
 
statements
include, but are not limited
 
to, statements related to our
 
projected growth, anticipated future
 
financial performance, and management’s
long-term performance goals, as well as statements
 
relating to the anticipated effects on our results of
 
operations and financial condition
from expected or potential developments or events, or business and
 
growth strategies, including anticipated internal growth and balance
sheet restructuring.
These forward-looking statements involve significant risks and uncertainties that could cause our actual
 
results to differ materially from
those anticipated in such statements. Potential risks and uncertainties include,
 
but are not limited to:
•
the strength of the United States economy in general and the strength of the local economies in
 
which we conduct operations;
3
•
our ability to successfully manage interest rate risk, credit risk, liquidity risk,
 
and other risks inherent to our industry;
•
the
 
accuracy
 
of
 
our
 
financial
 
statement
 
estimates
 
and
 
assumptions,
 
including
 
the
 
estimates
 
used
 
for
 
our
 
credit
 
loss
 
reserve
 
and
deferred tax asset valuation allowance;
•
the efficiency and effectiveness of our internal
 
control procedures and processes;
•
our ability to comply with
 
the extensive laws and
 
regulations to which we are
 
subject, including the laws for
 
each jurisdiction where
we operate;
•
adverse changes or conditions in capital and financial markets, including
 
actual or potential stresses in the banking industry;
•
deposit attrition and the level of our uninsured deposits;
•
legislative
 
or
 
regulatory
 
changes and
 
changes
 
in
 
accounting
 
principles,
 
policies,
 
practices or
 
guidelines,
 
including
 
the on-going
effects of the Current Expected Credit Losses (“CECL”) standard;
•
the
 
lack
 
of
 
a
 
significantly
 
diversified
 
loan
 
portfolio
 
and
 
the
 
concentration
 
in
 
the
 
South
 
Florida
 
market,
 
including
 
the
 
risks
 
of
geographic,
 
depositor,
 
and
 
industry
 
concentrations,
 
including
 
our
 
concentration
 
in
 
loans
 
secured
 
by
 
real
 
estate,
 
in
 
particular,
commercial real estate;
•
the effects of climate change;
•
the concentration of ownership of our common stock;
•
fluctuations in the price of our common stock;
•
our ability to
 
fund or access
 
the capital markets
 
at attractive rates
 
and terms and
 
manage our growth,
 
both organic
 
growth as well
as growth through other means, such as future acquisitions;
•
inflation, interest rate, unemployment rate, and market
 
and monetary fluctuations;
•
the effects of potential new or increased tariffs
 
and trade restrictions
•
impacts of international hostilities and geopolitical events;
•
increased competition
 
and its effect
 
on the pricing
 
of our products
 
and services as
 
well as our
 
interest rate spread
 
and net interest
margin;
•
the loss of key employees;
•
the effectiveness
 
of our risk management
 
strategies, including operational
 
risks, including, but
 
not limited to, client,
 
employee, or
third-party fraud and security breaches; and
•
other risks described in this earnings release and other filings we make with the
 
Securities and Exchange Commission (“SEC”).
All forward-looking
 
statements are
 
necessarily only
 
estimates of
 
future results,
 
and there
 
can be
 
no assurance
 
that actual
 
results will
not differ
 
materially from
 
expectations. Therefore,
 
you are
 
cautioned not
 
to place
 
undue reliance
 
on any
 
forward-looking statements.
Further, forward-looking statements included in this
 
earnings release are
 
made only as
 
of the date
 
hereof, and we
 
undertake no obligation
to update or revise any forward-looking statement to reflect events
 
or circumstances after the date on which the statements are made
 
or
to reflect the occurrence of unanticipated
 
events, unless required to do
 
so under the federal securities laws.
 
You
 
should also review the
risk factors described in the reports the Company filed or will file with the SEC.
Non-GAAP Financial Measures
This earnings release
 
includes financial information determined
 
by methods other
 
than in accordance
 
with generally accepted
 
accounting
principles (“GAAP”). This financial
 
information includes certain
 
operating performance measures. Management
 
has included these
 
non-
GAAP
 
measures
 
because
 
it
 
believes
 
these
 
measures
 
may
 
provide
 
useful
 
supplemental
 
information
 
for
 
evaluating
 
the
 
Company’s
operations and
 
underlying performance
 
trends. Further,
 
management uses these
 
measures in
 
managing and
 
evaluating the Company’s
business and intends to refer to
 
them in discussions about our operations
 
and performance. Operating performance
 
measures should be
viewed
 
in
 
addition
 
to,
 
and
 
not
 
as
 
an
 
alternative
 
to
 
or
 
substitute
 
for,
 
measures
 
determined
 
in
 
accordance
 
with
 
GAAP,
 
and
 
are
 
not
necessarily
 
comparable
 
to
 
non-GAAP
 
measures
 
that
 
may
 
be
 
presented
 
by
 
other
 
companies.
 
Reconciliations
 
of
 
these
 
non-GAAP
measures
 
to
 
the most
 
directly
 
comparable
 
GAAP measures
 
can be
 
found
 
in the
 
‘Non-GAAP
 
Reconciliation
 
Tables’
 
included
 
in the
exhibits to this earnings release.
All numbers included in this press release are unaudited unless otherwise noted.
Contacts:
Investor Relations
InvestorRelations@uscentury.com
Media Relations
Martha Guerra-Kattou
 
MGuerra@uscentury.com
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4
USCB FINANCIAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS
 
OF INCOME (UNAUDITED)
(Dollars in thousands, except per share data)
Three Months Ended March 31,
2025
2024
Interest income:
Loans, including fees
$
30,245
$
26,643
Investment securities
3,024
2,811
Interest-bearing deposits in financial institutions
709
1,433
Total interest income
33,978
30,887
Interest expense:
Interest-bearing checking deposits
338
369
Savings and money market deposits
9,335
10,394
Time deposits
3,918
3,294
FHLB advances and other borrowings
1,272
1,672
Total interest expense
14,863
15,729
Net interest income before provision for credit losses
19,115
15,158
Provision for credit losses
681
410
Net interest income after provision for credit losses
18,434
14,748
Non-interest income:
 
 
Service fees
2,331
1,651
Gain on sale of loans held for sale, net
525
67
Other non-interest income
860
746
Total non-interest income
3,716
2,464
Non-interest expense:
Salaries and employee benefits
7,636
6,310
Occupancy
1,284
1,314
Regulatory assessments and fees
421
433
Consulting and legal fees
193
592
Network and information technology services
505
507
Other operating expense
2,013
2,018
Total non-interest expense
12,052
11,174
Net income before income tax expense
10,098
6,038
Income tax expense
2,440
1,426
Net income
$
7,658
$
4,612
Per share information:
 
Net income per common share, basic
$
0.38
$
0.23
Net income per common share, diluted
$
0.38
$
0.23
Cash dividends declared
$
0.10
$
0.05
Weighted average shares outstanding:
 
 
Common shares, basic
20,020,933
19,633,330
Common shares, diluted
20,319,535
19,698,258
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5
USCB FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands, except per share data)
As of or For the Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Income statement data:
Net interest income
$
19,115
$
19,358
$
18,109
$
17,311
$
15,158
Provision for credit losses
681
1,030
931
786
410
Net interest income after provision for credit losses
18,434
18,328
17,178
16,525
14,748
Service fees
2,331
2,667
2,544
1,977
1,651
Gain on sale of securities available for sale, net
-
-
-
14
-
Gain on sale of loans held for sale, net
525
154
109
417
67
Other income
860
806
785
803
746
Total non-interest income
3,716
3,627
3,438
3,211
2,464
Salaries and employee benefits
7,636
7,930
7,200
7,353
6,310
Occupancy
1,284
1,337
1,341
1,266
1,314
Regulatory assessments and fees
421
405
452
476
433
Consulting and legal fees
193
552
161
263
592
Network and information technology services
505
494
513
479
507
Other operating expense
2,013
2,136
1,787
1,723
2,018
Total non-interest expense
12,052
12,854
11,454
11,560
11,174
Net income before income tax expense
10,098
9,101
9,162
8,176
6,038
Income tax expense
2,440
2,197
2,213
1,967
1,426
Net income
$
7,658
$
6,904
$
6,949
$
6,209
$
4,612
Per share information:
Net income per common share, basic
$
0.38
$
0.35
$
0.35
$
0.32
$
0.23
Net income per common share, diluted
$
0.38
$
0.34
$
0.35
$
0.31
$
0.23
Cash dividends declared
$
0.10
$
0.05
$
0.05
$
0.05
$
0.05
Balance sheet data (at period-end):
 
 
 
Cash and cash equivalents
$
97,984
$
77,035
$
38,486
$
77,261
$
126,546
Securities available-for-sale
$
275,139
$
260,221
$
259,527
$
236,444
$
259,992
Securities held-to-maturity
$
161,790
$
164,694
$
167,001
$
169,606
$
173,038
Total securities
$
436,929
$
424,915
$
426,528
$
406,050
$
433,030
Loans held for investment
(1)
$
2,036,212
$
1,972,848
$
1,931,362
$
1,869,249
$
1,821,196
Allowance for credit losses
$
(24,740)
$
(24,070)
$
(23,067)
$
(22,230)
$
(21,454)
Total assets
$
2,677,382
$
2,581,216
$
2,503,954
$
2,458,270
$
2,489,142
Non-interest-bearing demand deposits
$
605,489
$
575,159
$
637,313
$
579,243
$
576,626
Interest-bearing deposits
$
1,704,080
$
1,598,845
$
1,489,304
$
1,477,459
$
1,526,168
Total deposits
$
2,309,569
$
2,174,004
$
2,126,617
$
2,056,702
$
2,102,794
FHLB advances and other borrowings
$
108,000
$
163,000
$
118,000
$
162,000
$
162,000
Total liabilities
$
2,452,294
$
2,365,828
$
2,290,038
$
2,257,250
$
2,294,131
Total stockholders' equity
$
225,088
$
215,388
$
213,916
$
201,020
$
195,011
Capital ratios:
(2)
 
 
 
Leverage ratio
9.61%
9.53%
9.34%
9.03%
8.91%
Common equity tier 1 capital
12.48%
12.28%
12.01%
11.93%
11.80%
Tier 1 risk-based capital
12.48%
12.28%
12.01%
11.93%
11.80%
Total risk-based capital
 
13.72%
13.51%
13.22%
13.12%
12.98%
(1)
 
Loan amounts include deferred fees/costs.
(2)
 
Reflects the Company's regulatory capital ratios which
 
are provided for informational purposes only; as a small
 
bank holding company, the Company is not subject
to regulatory capital requirements. The Bank's total risk-based
 
capital at March 31, 2025 was 13.65%.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
USCB FINANCIAL HOLDINGS, INC.
AVERAGE BALANCES, RATIOS, AND OTHER DATA
 
(UNAUDITED)
(Dollars in thousands)
As of or For the Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Average balance sheet data:
Cash and cash equivalents
$
82,610
$
56,937
$
87,937
$
107,831
$
132,266
Securities available-for-sale
$
265,154
$
255,786
$
244,882
$
263,345
$
239,896
Securities held-to-maturity
$
163,510
$
165,831
$
168,632
$
171,682
$
174,142
Total securities
$
428,664
$
421,617
$
413,514
$
435,027
$
414,038
Loans held for investment
(1)
$
1,986,856
$
1,958,566
$
1,878,230
$
1,828,487
$
1,781,528
Total assets
$
2,606,593
$
2,544,592
$
2,485,434
$
2,479,222
$
2,436,103
Interest-bearing deposits
$
1,652,147
$
1,547,789
$
1,468,067
$
1,473,513
$
1,473,831
Non-interest-bearing demand deposits
$
563,040
$
590,829
$
609,456
$
610,370
$
574,760
Total deposits
$
2,215,187
$
2,138,618
$
2,077,523
$
2,083,883
$
2,048,591
FHLB advances and other borrowings
$
138,944
$
151,804
$
156,043
$
162,000
$
164,187
Total liabilities
$
2,387,088
$
2,328,877
$
2,278,793
$
2,281,467
$
2,243,011
Total stockholders' equity
$
219,505
$
215,715
$
206,641
$
197,755
$
193,092
Performance ratios:
Return on average assets
(2)
1.19%
1.08%
1.11%
1.01%
0.76%
Return on average equity
(2)
14.15%
12.73%
13.38%
12.63%
9.61%
Net interest margin
(2)
3.10%
3.16%
3.03%
2.94%
2.62%
Non-interest income to average assets
(2)
0.58%
0.57%
0.55%
0.52%
0.41%
Non-interest expense to average assets
(2)
1.88%
2.01%
1.83%
1.88%
1.84%
Efficiency ratio
(3)
52.79%
55.92%
53.16%
56.33%
63.41%
Loans by type (at period end):
(4)
Residential real estate
$
301,164
$
297,979
$
283,477
$
256,807
$
237,906
Commercial real estate
$
1,150,129
$
1,128,399
$
1,095,112
$
1,053,030
$
1,057,800
Commercial and industrial
$
256,326
$
258,311
$
246,539
$
248,525
$
228,045
Correspondent banks
$
103,026
$
82,438
$
103,815
$
112,510
$
100,182
Consumer and other
 
$
218,711
$
198,091
$
198,604
$
194,644
$
194,325
Asset quality data:
Allowance for credit losses to total loans
1.22%
1.22%
1.19%
1.19%
1.18%
Allowance for credit losses to non-performing loans
595%
889%
846%
2,933%
4,705%
Total non-performing loans
(5)
$
4,156
$
2,707
$
2,725
$
758
 
$
456
Non-performing loans to total loans
0.20%
0.14%
0.14%
0.04%
0.03%
Non-performing assets to total assets
(5)
0.16%
0.10%
0.11%
0.03%
0.02%
Net charge-offs (recoveries of) to average loans
(2)
0.00%
(0.00)%
(0.00)%
(0.00)%
(0.00)%
Net charge-offs (recovery) of credit losses
$
2
$
(11)
$
(6)
$
(2)
$
(7)
Interest rates and yields:
(2)
Loans held for investment
 
6.17%
6.25%
6.32%
6.16%
6.01%
Investment securities
 
2.81%
2.63%
2.61%
2.80%
2.69%
Total interest-earning assets
5.51%
5.57%
5.61%
5.54%
5.34%
Deposits
(6)
2.49%
2.48%
2.66%
2.64%
2.76%
FHLB advances and other borrowings
3.71%
3.81%
4.05%
4.03%
4.10%
Total interest-bearing liabilities
3.37%
3.47%
3.79%
3.76%
3.86%
Other information:
Full-time equivalent employees
201
199
198
197
199
(1)
 
Loan amounts include deferred fees/costs.
(2)
 
Annualized.
(3)
 
Efficiency ratio is defined as total non-interest expense divided
 
by sum of net interest income and total non-interest
 
income.
(4)
 
Loan amounts exclude deferred fees/costs.
(5)
 
The amounts for total non-performing loans and total non-performing
 
assets are the same at the dates presented since there was
 
no other real estate owned (OREO)
recorded at any of the dates presented.
(6) Reflects effect of non-interest-bearing deposits.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
USCB FINANCIAL HOLDINGS, INC.
 
NET INTEREST MARGIN (UNAUDITED)
(Dollars in thousands)
Three Months Ended March 31,
2025
2024
Average
 
Balance
Interest
Yield/Rate
(1)
Average
 
Balance
Interest
Yield/Rate
(1)
Assets
Interest-earning assets:
Loans held for investment
(2)
$
1,986,856
$
30,245
6.17%
$
1,781,528
$
26,643
6.01%
Investment securities
(3)
436,935
3,024
2.81%
419,989
2,811
2.69%
Other interest-earning assets
75,182
709
3.82%
125,244
1,433
4.60%
Total interest-earning assets
2,498,973
33,978
5.51%
2,326,761
30,887
5.34%
Non-interest-earning assets
107,620
 
 
109,342
 
 
Total assets
$
2,606,593
$
2,436,103
Liabilities and stockholders' equity
 
 
 
 
 
 
Interest-bearing liabilities:
Interest-bearing checking deposits
$
53,611
338
2.56%
$
53,344
369
2.78%
Saving and money market deposits
1,199,027
9,335
3.16%
1,097,575
10,394
3.81%
Time deposits
399,509
3,918
3.98%
322,912
3,294
4.10%
Total interest-bearing deposits
1,652,147
13,591
3.34%
1,473,831
14,057
3.84%
FHLB advances and other borrowings
138,944
1,272
3.71%
164,187
1,672
4.10%
Total interest-bearing liabilities
1,791,091
14,863
3.37%
1,638,018
15,729
3.86%
Non-interest-bearing demand deposits
563,040
 
 
574,760
 
 
Other non-interest-bearing liabilities
32,957
30,233
Total liabilities
2,387,088
 
 
2,243,011
 
 
Stockholders' equity
219,505
193,092
Total liabilities and stockholders' equity
$
2,606,593
 
 
$
2,436,103
 
 
Net interest income
$
19,115
$
15,158
Net interest spread
(4)
2.14%
1.48%
Net interest margin
(5)
3.10%
2.62%
(1)
 
Annualized.
(2)
 
Average loan balances include non-accrual loans. Interest income on loans includes accretion
 
of deferred loan fees, net of deferred loan costs.
(3)
 
At fair value except for securities held to maturity. This amount includes FHLB
 
stock.
(4)
 
Net interest spread is the average yield earned on total
 
interest-earning assets minus the average rate paid on total interest-bearing
 
liabilities.
(5)
 
Net interest margin is the ratio of net interest income to total
 
interest-earning assets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
USCB FINANCIAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in thousands)
As of or For the Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Pre-tax pre-provision ("PTPP") income:
(1)
Net income
$
7,658
$
6,904
$
6,949
$
6,209
$
4,612
Plus: Provision for income taxes
2,440
2,197
2,213
1,967
1,426
Plus: Provision for credit losses
681
1,030
931
786
410
PTPP income
$
10,779
$
10,131
$
10,093
$
8,962
$
6,448
PTPP return on average assets:
(1)
 
 
 
 
 
PTPP income
$
10,779
$
10,131
$
10,093
$
8,962
$
6,448
Average assets
$
2,606,593
$
2,544,592
$
2,485,434
$
2,479,222
$
2,436,103
PTPP return on average assets
(2)
1.68%
1.58%
1.62%
1.45%
1.06%
 
 
 
 
 
Operating net income:
(1)
Net income
$
7,658
$
6,904
$
6,949
$
6,209
$
4,612
Less: Net gains on sale of securities
-
-
-
14
-
Less: Tax effect on sale of securities
-
-
-
(4)
-
Operating net income
$
7,658
$
6,904
$
6,949
$
6,199
$
4,612
 
 
 
 
 
Operating PTPP income:
(1)
PTPP income
$
10,779
$
10,131
$
10,093
$
8,962
$
6,448
Less: Net gains on sale of securities
-
-
-
14
-
Operating PTPP income
$
10,779
$
10,131
$
10,093
$
8,948
$
6,448
Operating PTPP return on average assets:
(1)
 
 
 
 
 
Operating PTPP income
$
10,779
$
10,131
$
10,093
$
8,948
$
6,448
Average assets
$
2,606,593
$
2,544,592
$
2,485,434
$
2,479,222
$
2,436,103
Operating PTPP return on average assets
(2)
1.68%
1.58%
1.62%
1.45%
1.06%
 
 
 
 
 
Operating return on average assets:
(1)
Operating net income
$
7,658
$
6,904
$
6,949
$
6,199
$
4,612
Average assets
$
2,606,593
$
2,544,592
$
2,485,434
$
2,479,222
$
2,436,103
Operating return on average assets
(2)
1.19%
1.08%
1.11%
1.01%
0.76%
Operating return on average equity:
(1)
Operating net income
$
7,658
$
6,904
$
6,949
$
6,199
$
4,612
Average equity
$
219,505
$
215,715
$
206,641
$
197,755
$
193,092
Operating return on average equity
(2)
14.15%
12.73%
13.38%
12.61%
9.61%
Operating Revenue:
(1)
 
Net interest income
$
19,115
 
$
19,358
 
$
18,109
 
$
17,311
 
$
15,158
 
Non-interest income
 
3,716
3,627
3,438
 
3,211
 
2,464
 
Less: Net gains on sale of securities
-
-
-
14
-
 
Operating revenue
$
22,831
$
22,985
$
21,547
$
20,508
$
17,622
Operating Efficiency Ratio:
(1)
 
Total non-interest expense
$
12,052
 
$
12,854
 
$
11,454
 
$
11,560
 
$
11,174
 
Operating revenue
$
22,831
$
22,985
$
21,547
$
20,508
$
17,622
 
Operating efficiency ratio
52.79%
55.92%
53.16%
56.37%
63.41%
(1) The Company believes these non-GAAP measurements are
 
key indicators of the ongoing earnings power of the
 
Company.
(2)
 
Annualized.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9
USCB FINANCIAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in thousands, except per share data)
As of or For the Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Tangible book value per common share (at period-end):
(1)
Total stockholders' equity
$
225,088
$
215,388
$
213,916
$
201,020
$
195,011
Less: Intangible assets
-
-
-
-
-
Tangible stockholders' equity
$
225,088
$
215,388
$
213,916
$
201,020
$
195,011
Total shares issued and outstanding (at period-end):
Total common shares issued and outstanding
20,048,385
19,924,632
19,620,632
19,630,632
19,650,463
Tangible book value per common share
(2)
$
11.23
$
10.81
$
10.90
$
10.24
$
9.92
Operating diluted net income per common share:
(1)
Operating net income
$
7,658
$
6,904
$
6,949
$
6,199
$
4,612
Total weighted average diluted shares of common stock
20,319,535
20,183,731
19,825,211
19,717,167
19,698,258
Operating diluted net income per common share:
$
0.38
$
0.34
 
$
 
0.35
 
$
 
0.31
 
$
 
0.23
Tangible Common Equity/Tangible Assets
(1)
 
Tangible stockholders' equity
$
225,088
$
215,388
$
213,916
$
201,020
$
195,011
 
Tangible total assets
(3)
$
2,677,382
 
$
 
2,581,216
 
$
 
2,503,954
 
$
 
2,458,270
 
$
 
2,489,142
Tangible Common Equity/Tangible Assets
8.41%
8.34%
8.54%
8.18%
7.83%
(1)
 
The Company believes these non-GAAP measurements
 
are key indicators of the ongoing earnings power
 
of the Company.
(2)
 
Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding
 
stock options.
(3) Since the Company has no intangible assets, tangible
 
total assets is the same amount as total assets calculated
 
under GAA
P.