USCB Financial Holdings, Inc. Reports Record Fully Diluted EPS of $0.35 for Q3 2024; ROAA of 1.11% and ROAE of 13.38%

October 31, 2024
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MIAMI, Oct. 31, 2024 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $6.9 million or $0.35 per fully diluted share for the three months ended September 30, 2024, compared with net income of $3.8 million or $0.19 per fully diluted share for the same period in 2023.

“We are proud to report our second consecutive quarter of record fully diluted earnings per share, demonstrating the strength of our strategic initiatives and operational performance.” said Luis de la Aguilera, Chairman, President, and CEO. “With a return on average assets of 1.11% and a NIM of 3.03%, we are effectively leveraging our assets to drive profitability. Additionally, our growth in non-interest income reflects our commitment to diversifying revenue streams and enhancing shareholder value. We remain focused on delivering strong performance and sustainable growth to our stakeholders.” said de la Aguilera.

Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended September 30, 2024 compared to at or for the quarter ended September 30, 2023 and annualized where appropriate.

Profitability

  • Annualized return on average assets for the quarter ended September 30, 2024 was 1.11% compared to 0.67% for the third quarter of 2023.

  • Annualized return on average stockholders’ equity for the quarter ended September 30, 2024 was 13.38% compared to 8.19% for the third quarter of 2023.

  • The efficiency ratio for the quarter ended September 30, 2024 was 53.16% compared to 64.64% for the third quarter of 2023.

  • Net interest margin for the quarter ended September 30, 2024 was 3.03% compared to 2.60% for the third quarter of 2023.

  • Net interest income before provision for credit losses was $18.1 million for the quarter ended September 30, 2024, an increase of $4.1 million or 29.1% compared to the third quarter of 2023.

Balance Sheet

  • Total assets were $2.5 billion at September 30, 2024, representing an increase of $259.4 million or 11.6% from $2.2 billion at September 30, 2023.

  • Total loans were $1.9 billion at September 30, 2024, representing an increase of $254.8 million or 15.2% from $1.7 billion at September 30, 2023.

  • Total deposits were $2.1 billion at September 30, 2024, representing an increase of $205.7 million or 10.7% from $1.9 billion at September 30, 2023.

  • Total stockholders’ equity was $213.9 million at September 30, 2024, representing an increase of $31.0 million or 17.0% from $182.9 million at September 30, 2023. Total stockholders’ equity included accumulated comprehensive loss of $38.0 million at September 30, 2024 compared to accumulated comprehensive loss of $51.2 million at September 30, 2023.

Asset Quality

  • The allowance for credit losses (“ACL”) increased by $3.6 million to $23.1 million at September 30, 2024 from $19.5 million at September 30, 2023.

  • The ACL represented 1.19% of total loans at September 30, 2024 and 1.16% at September 30, 2023.

  • Provision for credit loss was $931 thousand for the quarter ended September 30, 2024, an increase of $278 thousand compared to the third quarter of 2023.

  • Non-performing loans to total loans was 0.14% at September 30, 2024 and 0.03% at September 30, 2023. Nonperforming loans totaled $2.7 million at September 30, 2024 and $479 thousand at September 30, 2023.

Non-interest Income and Non-interest Expense

  • Non-interest income was $3.4 million for the three months ended September 30, 2024, an increase of $1.3 million or 59.1% compared to $2.2 million for the same period in 2023.

  • Non-interest expense was $11.5 million for the three months ended September 30, 2024, an increase of $1.0 million or 9.5% compared to $10.5 million for the same period in 2023.

Capital

  • On October 28, 2024, the Company’s Board of Directors declared a cash dividend of $0.05 per share of the Company’s Class A common stock. The dividend will be paid on December 5, 2024 to shareholders of record at the close of business on November 15, 2024.

  • As of September 30, 2024, total risk-based capital ratios for the Company and the Bank were 13.22% and 13.14%, respectively.

  • Tangible book value per common share (a non-GAAP measure) was $10.90 at September 30, 2024, representing an increase of $0.66 or 25.6% annualized from $10.24 at June 30, 2024. At September 30, 2024, tangible book value per common share was negatively affected by $1.94 due to an accumulated comprehensive loss of $38.0 million. At June 30, 2024, tangible book value per common share was negatively affected by $2.28 due to an accumulated comprehensive loss of $44.7 million.

  • During the quarter, the Company repurchased 10,000 shares of Class A common stock at a weighted average cost per share of $12.03. The aggregate purchase price for these transactions was approximately $120 thousand, including transaction costs. As of September 30, 2024, 537,980 shares remained authorized for repurchase under the Company’s share repurchase programs.

Conference Call and Webcast

The Company will host a conference call on Friday, November 1, 2024, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended September 30, 2024. 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,” “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;
  • 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 implementation 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;
  • 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

 
USCB FINANCIAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands, except per share data)
            
 Three Months Ended
September 30,		 Nine Months Ended
September 30,
 2024 2023  2024 2023 
Interest income:           
Loans, including fees$29,819 $22,523  $84,479 $63,081 
Investment securities 2,754  2,833   8,634  7,501 
Interest-bearing deposits in financial institutions 989  1,026   3,953  2,459 
Total interest income 33,562  26,382   97,066  73,041 
Interest expense:           
Interest-bearing checking deposits 411  331   1,171  574 
Savings and money market accounts 10,064  8,779   30,529  20,532 
Time deposits 3,391  2,565   9,907  5,767 
FHLB advances and other borrowings 1,587  685   4,881  1,976 
Total interest expense 15,453  12,360   46,488  28,849 
Net interest income before provision for credit losses 18,109  14,022   50,578  44,192 
Provision for credit losses 931  653   2,127  892 
Net interest income after provision for credit losses 17,178  13,369   48,451  43,300 
Non-interest income:           
Service fees 2,544  1,329   6,172  3,707 
Gain (loss) on sale of securities available for sale, net -  (955)  14  (976)
Gain on sale of loans held for sale, net 109  255   593  696 
Other non-interest income 785  1,532   2,334  2,650 
Total non-interest income 3,438  2,161   9,113  6,077 
Non-interest expense:           
Salaries and employee benefits 7,200  6,066   20,863  18,325 
Occupancy 1,341  1,350   3,921  3,968 
Regulatory assessments and fees 452  365   1,361  1,041 
Consulting and legal fees 161  513   1,016  1,257 
Network and information technology services 513  481   1,499  1,464 
Other operating expense 1,787  1,686   5,528  5,034 
Total non-interest expense 11,454  10,461   34,188  31,089 
Net income before income tax expense 9,162  5,069   23,376  18,288 
Income tax expense 2,213  1,250   5,606  4,464 
Net income$6,949 $3,819  $17,770 $13,824 
Per share information:            
Net income per common share, basic$0.35 $0.20  $0.90 $0.70 
Net income per common share, diluted$0.35 $0.19  $0.90 $0.70 
Cash dividends declared$0.05 $-  $0.15 $- 
Weighted average shares outstanding:           
Common shares, basic 19,621,447  19,542,723   19,653,103  19,661,685 
Common shares, diluted 19,825,211  19,611,897   19,761,242  19,729,181 
 
 


 
USCB FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands, except per share data)
               
 As of or For the Three Months Ended
 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
Income statement data:              
Net interest income$18,109  $17,311  $15,158  $14,376  $14,022 
Provision for credit losses 931   786   410   1,475   653 
Net interest income after provision for credit losses 17,178   16,525   14,748   12,901   13,369 
Service fees 2,544   1,977   1,651   1,348   1,329 
Gain (loss) on sale of securities available for sale, net -   14   -   (883)  (955)
Gain on sale of loans held for sale, net 109   417   67   105   255 
Other income 785   803   746   756   1,532 
Total non-interest income 3,438   3,211   2,464   1,326   2,161 
Salaries and employee benefits 7,200   7,353   6,310   6,104   6,066 
Occupancy 1,341   1,266   1,314   1,262   1,350 
Regulatory assessments and fees 452   476   433   412   365 
Consulting and legal fees 161   263   592   642   513 
Network and information technology services 513   479   507   552   481 
Other operating expense 1,787   1,723   2,018   1,747   1,686 
Total non-interest expense 11,454   11,560   11,174   10,719   10,461 
Net income before income tax expense 9,162   8,176   6,038   3,508   5,069 
Income tax expense 2,213   1,967   1,426   787   1,250 
Net income$6,949  $6,209  $4,612  $2,721  $3,819 
Per share information:              
Net income per common share, basic$0.35  $0.32  $0.23  $0.14  $0.20 
Net income per common share, diluted$0.35  $0.31  $0.23  $0.14  $0.19 
Cash dividends declared$0.05  $0.05  $0.05  $-  $- 
Balance sheet data (at period-end):              
Cash and cash equivalents$38,486  $77,261  $126,546  $41,062  $33,435 
Securities available-for-sale$259,527  $236,444  $259,992  $229,329  $218,609 
Securities held-to-maturity$167,001  $169,606  $173,038  $174,974  $197,311 
Total securities$426,528  $406,050  $433,030  $404,303  $415,920 
Loans held for investment (1)$1,931,362  $1,869,249  $1,821,196  $1,780,827  $1,676,520 
Allowance for credit losses$(23,067) $(22,230) $(21,454) $(21,084) $(19,493)
Total assets$2,503,954  $2,458,270  $2,489,142  $2,339,093  $2,244,602 
Non-interest-bearing demand deposits$637,313  $579,243  $576,626  $552,762  $573,546 
Interest-bearing deposits$1,489,304  $1,477,459  $1,526,168  $1,384,377  $1,347,376 
Total deposits$2,126,617  $2,056,702  $2,102,794  $1,937,139  $1,920,922 
FHLB advances and other borrowings$118,000  $162,000  $162,000  $183,000  $102,000 
Total liabilities$2,290,038  $2,257,250  $2,294,131  $2,147,125  $2,061,718 
Total stockholders' equity$213,916  $201,020  $195,011  $191,968  $182,884 
Capital ratios:(2)              
Leverage ratio 9.34%  9.03%  8.91%  9.28%  9.26%
Common equity tier 1 capital 12.01%  11.93%  11.80%  11.62%  11.97%
Tier 1 risk-based capital 12.01%  11.93%  11.80%  11.62%  11.97%
Total risk-based capital 13.22%  13.12%  12.98%  12.78%  13.10%
               
(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 for third quarter 2024 was 13.14%.
 


 
USCB FINANCIAL HOLDINGS, INC.
AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)
(Dollars in thousands)
               
 As of or For the Three Months Ended
 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
Average balance sheet data:              
Cash and cash equivalents$87,937  $107,831  $132,266  $57,069  $90,742 
Securities available-for-sale$244,881  $263,345  $239,896  $215,649  $222,134 
Securities held-to-maturity$168,632  $171,682  $174,142  $181,151  $218,694 
Total securities$413,514  $435,027  $414,038  $396,800  $440,828 
Loans held for investment(1)$1,878,230  $1,828,487  $1,781,528  $1,698,611  $1,610,864 
Total assets$2,485,434  $2,479,222  $2,436,103  $2,268,811  $2,250,258 
Interest-bearing deposits$1,468,067  $1,473,513  $1,473,831  $1,336,470  $1,353,516 
Non-interest-bearing demand deposits$609,456  $610,370  $574,760  $577,133  $587,917 
Total deposits$2,077,523  $2,083,883  $2,048,591  $1,913,603  $1,941,433 
FHLB advances and other borrowings$156,043  $162,000  $164,187  $139,000  $85,326 
Total liabilities$2,278,793  $2,281,467  $2,243,011  $2,085,182  $2,065,357 
Total stockholders' equity$206,641  $197,755  $193,092  $183,629  $184,901 
Performance ratios:              
Return on average assets (2) 1.11%  1.01%  0.76%  0.48%  0.67%
Return on average equity (2) 13.38%  12.63%  9.61%  5.88%  8.19%
Net interest margin (2) 3.03%  2.94%  2.62%  2.65%  2.60%
Non-interest income to average assets (2) 0.55%  0.52%  0.41%  0.23%  0.38%
Non-interest expense to average assets (2) 1.83%  1.88%  1.84%  1.87%  1.84%
Efficiency ratio (3) 53.16%  56.33%  63.41%  68.27%  64.64%
Loans by type (at period end): (4)              
Residential real estate$283,477  $256,807  $237,906  $204,419  $188,880 
Commercial real estate$1,095,112  $1,053,030  $1,057,800  $1,047,593  $1,005,280 
Commercial and industrial$246,539  $248,525  $228,045  $219,757  $212,975 
Correspondent banks$103,815  $112,510  $100,182  $114,945  $94,640 
Consumer and other$198,604  $194,644  $194,325  $191,930  $173,096 
Asset quality data:              
Allowance for credit losses to total loans 1.19%  1.19%  1.18%  1.18%  1.16%
Allowance for credit losses to non-performing loans 846%  2,933%  4,705%  4,505%  4,070%
Total non-performing loans(5)$2,725  $758  $456  $468  $479 
Non-performing loans to total loans 0.14%  0.04%  0.03%  0.03%  0.03%
Non-performing assets to total assets(5) 0.11%  0.03%  0.02%  0.02%  0.02%
Net charge-offs (recoveries of) to average loans (2) (0.00)%  (0.00)%  (0.00)%  (0.00)%  (0.00)%
Net charge-offs (recovery) of credit losses$(6) $(2) $(7) $(3) $(5)
Interest rates and yields:(2)              
Loans 6.32%  6.16%  6.01%  5.79%  5.55%
Investment securities 2.61%  2.80%  2.69%  2.46%  2.52%
Total interest-earning assets 5.61%  5.54%  5.34%  5.16%  4.89%
Deposits(6) 2.66%  2.64%  2.76%  2.53%  2.39%
FHLB advances and other borrowings 4.05%  4.03%  4.10%  4.04%  3.19%
Total interest-bearing liabilities 3.79%  3.76%  3.86%  3.66%  3.41%
Other information:              
Full-time equivalent employees 198   197   199   196   194 
               
(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.
(6) Reflects effect of non-interest-bearing deposits.
 


 
USCB FINANCIAL HOLDINGS, INC.
NET INTEREST MARGIN (UNAUDITED)
(Dollars in thousands)
                
 Three Months Ended September 30,
 2024  2023 
 Average
Balance		 Interest Yield/Rate (1) Average
Balance		 Interest Yield/Rate (1)
Assets               
Interest-earning assets:               
Loans (2)$1,878,230 $29,819 6.32% $1,610,864 $22,523 5.55%
Investment securities (3) 419,315  2,754 2.61%  445,828  2,833 2.52%
Other interest-earning assets 80,378  989 4.89%  83,479  1,026 4.88%
Total interest-earning assets 2,377,923  33,562 5.61%  2,140,171  26,382 4.89%
Non-interest-earning assets 107,511       110,087     
Total assets$2,485,434      $2,250,258     
Liabilities and stockholders' equity               
Interest-bearing liabilities:               
Interest-bearing checking deposits$57,925  411 2.82% $52,080  331 2.52%
Saving and money market deposits 1,084,562  10,064 3.69%  1,011,164  8,779 3.44%
Time deposits 325,580  3,391 4.14%  290,272  2,565 3.51%
Total interest-bearing deposits 1,468,067  13,866 3.76%  1,353,516  11,675 3.42%
FHLB advances and other borrowings 156,043  1,587 4.05%  85,326  685 3.19%
Total interest-bearing liabilities 1,624,110  15,453 3.79%  1,438,842  12,360 3.41%
Non-interest-bearing demand deposits 609,456       587,917     
Other non-interest-bearing liabilities 45,227       38,598     
Total liabilities 2,278,793       2,065,357     
Stockholders' equity 206,641       184,901     
Total liabilities and stockholders' equity$2,485,434      $2,250,258     
Net interest income   $18,109      $14,022  
Net interest spread (4)      1.82%       1.48%
Net interest margin (5)      3.03%       2.60%
                
(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.
 


 
USCB FINANCIAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in thousands)
               
 As of or For the Three Months Ended
 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
Pre-tax pre-provision ("PTPP") income:(1)              
Net income$6,949  $6,209  $4,612  $2,721  $3,819 
Plus: Provision for income taxes 2,213   1,967   1,426   787   1,250 
Plus: Provision for credit losses 931   786   410   1,475   653 
PTPP income$10,093  $8,962  $6,448  $4,983  $5,722 
               
PTPP return on average assets:(1)              
PTPP income$10,093  $8,962  $6,448  $4,983  $5,722 
Average assets$2,485,434  $2,479,222  $2,436,103  $2,268,811  $2,250,258 
PTPP return on average assets (2) 1.62%  1.45%  1.06%  0.87%  1.01%
               
Operating net income:(1)              
Net income$6,949  $6,209  $4,612  $2,721  $3,819 
Less: Net gains (losses) on sale of securities -   14   -   (883)  (955)
Less: Tax effect on sale of securities -   (4)  -   224   242 
Operating net income$6,949  $6,199  $4,612  $3,380  $4,532 
               
Operating PTPP income:(1)              
PTPP income$10,093  $8,962  $6,448  $4,983  $5,722 
Less: Net gains (losses) on sale of securities -   14   -   (883)  (955)
Operating PTPP income$10,093  $8,948  $6,448  $5,866  $6,677 
               
Operating PTPP return on average assets:(1)              
Operating PTPP income$10,093  $8,948  $6,448  $5,866  $6,677 
Average assets$2,485,434  $2,479,222  $2,436,103  $2,268,811  $2,250,258 
Operating PTPP return on average assets (2) 1.62%  1.45%  1.06%  1.03%  1.18%
               
Operating return on average assets:(1)              
Operating net income$6,949  $6,199  $4,612  $3,380  $4,532 
Average assets$2,485,434  $2,479,222  $2,436,103  $2,268,811  $2,250,258 
Operating return on average assets (2) 1.11%  1.01%  0.76%  0.59%  0.80%
               
Operating return on average equity:(1)              
Operating net income$6,949  $6,199  $4,612  $3,380  $4,532 
Average equity$206,641  $197,755  $193,092  $183,629  $184,901 
Operating return on average equity (2) 13.38%  12.61%  9.61%  7.30%  9.72%
               
Operating Revenue:(1)              
Net interest income$18,109  $17,311  $15,158  $14,376  $14,022 
Non-interest income 3,438   3,211   2,464   1,326   2,161 
Less: Net gains (losses) on sale of securities -   14   -   (883)  (955)
Operating revenue$21,547  $20,508  $17,622  $16,585  $17,138 
               
Operating Efficiency Ratio:(1)              
Total non-interest expense$11,454  $11,560  $11,174  $10,719  $10,461 
Operating revenue$21,547  $20,508  $17,622  $16,585  $17,138 
Operating efficiency ratio 53.16%  56.37%  63.41%  64.63%  61.04%
               
(1) The Company believes these non-GAAP measurements are key indicators of the ongoing earnings power of the Company.
(2) Annualized.
 


 
USCB FINANCIAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in thousands, except per share data)
               
 As of or For the Three Months Ended
 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023
Tangible book value per common share (at period-end):(1)              
Total stockholders' equity$213,916  $201,020  $195,011  $191,968  $182,884 
Less: Intangible assets -   -   -   -   - 
Tangible stockholders' equity$213,916  $201,020  $195,011  $191,968  $182,884 
Total shares issued and outstanding (at period-end):              
Total common shares issued and outstanding 19,620,632   19,630,632   19,650,463   19,575,435   19,542,290 
Tangible book value per common share(2)$10.90  $10.24  $9.92  $9.81  $9.36 
               
Operating diluted net income per common share:(1)              
Operating net income$6,949  $6,199  $4,612  $3,380  $4,532 
Total weighted average diluted shares of common stock 19,825,211   19,717,167   19,698,258   19,573,350   19,611,897 
Operating diluted net income per common share:$0.35  $0.31  $0.23  $0.17  $0.23 
               
Tangible Common Equity/Tangible Assets(1)              
Tangible stockholders' equity$213,916  $201,020  $195,011  $191,968  $182,884 
Tangible total assets(3)$2,503,954  $2,458,270  $2,489,142  $2,339,093  $2,244,602 
Tangible Common Equity/Tangible Assets 8.54%  8.18%  7.83%  8.21%  8.15%
               
(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 GAAP.

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