USCB Financial Holdings Inc.
04/25/2024 | Press release | Distributed by Public on 04/25/2024 14:02
Regulation FD Presentation - Form 8-K
1
EARNINGS RELEASE
USCB Financial Holdings, Inc. Reports Diluted EPS of $0.23 for Q1 2024 andannounces adoption of new 500,000
share repurchase program
MIAMI,FL - April 25,2024 - USCBFinancial Holdings, Inc. (the"Company") (NASDAQ: USCB)
, the holdingcompany for U.S. CenturyBank (the "Bank"),
reported net income of $4.6 million or$0.23 per diluted share for the threemonths ended March 31, 2024, compared withnet income of $5.8 million or $0.29per diluted
share for the same period in 2023.
"We are pleased to reporta robust startto the year, markedby a strongincrease in depositsof $165.7 millionfrom the closeof 2023. Thisachievement reflects ourdiligent
execution ofstrategic plans emphasizingorganic growth,including business andretail bankinginitiatives to deepenexisting relationships, newproduction hires, and
innovative deposit-aggregating business verticals," said Luis de la Aguilera,Chairman, President, and CEO. The growth in deposits continues to bolster our capacity for
safe and sound lending activities, delivering accretive quarter-over-quarter improvementin average loan coupon rates which contributes to interestincome."
"Last month,we initiateda dividendprogram startingwith arate of$0.05 pershare, underscoringour commitmentto deliveringshareholder value,"affirmed dela
Aguilera. "Looking ahead to the coming year and evaluatingour thriving Florida economy, we anticipate diversified sustainable growth in both loans anddeposits."
Unless otherwisestated, allpercentage comparisonsinthe bulletpoints belowarecalculated forthe quarterended March 31,2024 comparedto thequarter ended
March 31, 2023 and annualized where appropriate.
Profitability
•
Annualized return on average assets for the quarter ended March31, 2024 was 0.76% compared to 1.11% for the first quarter of 2023.
•
Annualized return on average stockholders' equity forthe quarter ended March 31, 2024 was 9.61% comparedto 12.85% for the first quarter of 2023.
•
The efficiency ratio for the quarter ended March 31, 2024 was 63.41%compared to 56.32% for the first quarter of 2023.
•
Net interest margin for the quarter ended March 31, 2024 was 2.62%compared to 3.22% for the first quarter of2023.
•
Net interest income before provision forcredit losses was $15.2 million for thequarter ended March 31, 2024, adecrease of $839 thousand or 5.2% comparedto
the first quarter of 2023.
Balance Sheet
•
Total assets were $2.5 billion at March 31, 2024, representing an increase of $325.3 million or15.0% from March 31, 2023.
•
Total loans were $1.8 billion at March 31, 2024, representing an increase of $240.8 million or15.2% from March 31, 2023.
•
Total deposits were $2.1 billion at March 31, 2024, representing an increase of $272.3 million or 14.9%from March 31, 2023.
•
Total stockholders' equity was$195.0 million atMarch 31, 2024, representingan increase of$11.2 million or 6.1%from March 31, 2023.Total stockholders' equity
included accumulated comprehensive loss of $45.4 million at March31, 2024 compared to accumulated comprehensive loss of $42.1 millionat March 31, 2023.
Asset Quality
•
The allowance for credit losses ("ACL") increased by $2.6 millionto $21.5 million at March 31, 2024 from $18.9 millionat March 31, 2023.
•
The allowance for credit losses represented 1.18% of total loansat March 31, 2024 and 1.20% at March 31, 2023.
•
Non-performing loans to total loans was 0.03% at both March31, 2024 and March 31, 2023.
Non-interest Income and Non-interest Expense
•
Non-interest income was $2.5 million for thethree months ended March 31, 2024, an increase of$394 thousand or 19.0%compared to $2.1 million forthe same
period in 2023.
•
Non-interest expense was $11.2 million for the three months ended March 31, 2024, an increase of $998thousand or 9.8% compared to $10.2 million for the same
period in 2023.
Capital
•
On January 29, 2024, the Company's Board of Directors declared acash dividend of $0.05 per share of the Company's Class Acommon stock. The dividend was
paid on March 5, 2024 to shareholders of record at the close of business onFebruary 15, 2023. The aggregate amount distributed in connection with this dividend
was $1.0 million.
•
The Company's Board of Directors declared a cash dividend of $0.05 per share of the Company'sClass A common stock on April 22, 2024. The dividend will be
paid on June 5, 2024 to shareholders of record at the closeof business on May 15, 2024.
2
•
As of March 31, 2024,
total risk-based capital ratios for the Company and theBank were 12.98%and 12.89%, respectively.
•
Tangible book value per common share (a non-GAAP measure)of $9.92 was negatively affected by $2.31due to accumulated comprehensive loss of$45.4 million
at March 31, 2024.At March 31, 2023,tangiblebook value percommon share of$9.37 wasnegatively affected by$2.14 dueto $42.1million in accumulated
comprehensive loss.
•
During the quarter the Company repurchased 7,100shares of Class A common stock at a weighted averageprice per share of $11.15. The aggregate purchase price
for these transactions was approximately $79.2 thousand, including transactioncosts. As of March 31, 2024, 72,980 shares remain authorized for repurchaseunder
the Company's previously announced share repurchase program.
•
On April 22, 2024, the Board of Directors approved a new sharerepurchase program of up to 500,000 shares of Class A common stock orapproximately 2.5% of
the Company's issued and outstanding shares of common stock. Under the repurchase program, the Company may purchase shares of Class A common stock on a
discretionary basis from time totime through open market repurchases,privately negotiated transactions, orother means. The repurchase programhas no expiration
date and may be modified, suspended, or terminated at anytime. The new repurchase program will commence upon completionof the current repurchase program.
Repurchases under this program will be funded from theCompany's existing cash and cash equivalents orfuture cash flow.As of April 22, 2024, 572,980 shares
remain authorized for repurchase under the Company's share repurchase programs.
Conference Call and Webcast
The Company will hosta conference call onFriday, April 26, 2024, at 11:00 a.m.Eastern Time to discuss theCompany's unaudited financial results forthe quarter ended
March 31, 2024. To access the conference call, dial (833) 816-1416 (U.S. toll-free) and askto 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 locationshortly after the live call has ended.
About USCB Financial Holdings, Inc.
USCB FinancialHoldings, Inc. isthe bankholding company forU.S. CenturyBank. Established in2002, U.S. CenturyBank isone ofthe largestcommunity banks
headquartered inMiami, andone ofthe largestcommunity banksin theState ofFlorida. U.S.Century Bankis rated5-Stars byBauerFinancial, thenation's leading
independent bankrating firm. U.S.Century Bank offerscustomers awide rangeof financial productsand services andsupports numerous communityorganizations,
including the Greater Miami Chamber of Commerce,the South Florida Hispanic Chamber of Commerce,and ChamberSouth. For more information about usor to find a
banking center near you, please call (305) 715-5200 or visit www.uscentury.com.
Forward-Looking Statements
This earnings release may containstatements that are nothistorical in nature and areintended to be, and arehereby identified as, forward-lookingstatements for purposes
of the safe harbor provided by Section 21Eof 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,", thenegative of
these terms, as well as other similar words and expressions of the future, areintended to identify forward-looking statements. These forward-lookingstatements include,
but are not limitedto, statements related to ourprojected growth, anticipated future financial performance,and management's long-term performancegoals, as well as
statements relating to the anticipated effects on resultsof operations and financial condition from expected or potential developments or events, orbusiness and growth
strategies, including anticipated internal growth and balancesheet restructuring.
Theseforward-looking statementsinvolve significantrisksanduncertainties thatcouldcauseouractualresults todiffermateriallyfromthoseanticipatedinsuch
statements. Potential risks and uncertainties include, but arenot limited to:
•
the strength of the United States economy in general and the strengthof 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 ofour financial statementestimates and assumptions,including the estimatesused for ourcredit loss reserveand deferred taxasset valuation allowance;
•
the efficiency and effectiveness of our internal control procedures and processes;
•
our ability to comply with the extensive laws and regulationsto which we are subject, including the laws foreach jurisdiction where we operate;
•
adverse changes or conditions in capital and financial markets,including actual or potential stresses in the bankingindustry;
•
deposit attrition and the level of our uninsured deposits;
•
legislative or regulatory changes and changes inaccounting principles, policies, practices or guidelines,including the on-going effects of the implementation of the
Current Expected Credit Losses ("CECL") standard;
•
the lack ofa significantly diversified loanportfolio and theconcentration in theSouth Florida market,including the risksof geographic, depositor,and industry
concentrations, including our concentration in loans securedby 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 thecapital markets at attractive rates and terms andmanage our growth, both organic growth aswell as growth through other means,
such as future acquisitions;
•
inflation, interest rate, unemployment rate, market and monetaryfluctuations;
•
impacts of international hostilities and geopolitical events;
•
increased competition and its effect on the pricing of our productsand services as well as our interest rate spreadand net interest margin;
•
the loss of key employees;
•
the effectiveness ofour riskmanagement strategies, includingoperational risks, including,but notlimited to, client,employee, or third-partyfraud andsecurity
breaches; and
•
other risks described in this earnings release and other filings wemake with the Securities and Exchange Commission ("SEC").
Allforward-lookingstatementsarenecessarilyonlyestimatesoffutureresults,andtherecanbenoassurancethatactualresultswillnotdiffermateriallyfrom
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, andwe undertake no obligation to update or reviseany forward-looking statement to reflect eventsor circumstances after the
date on whichthe statements are madeor to reflectthe occurrence of unanticipatedevents, unless required todo so underthe federal securitieslaws. Youshould also
review the risk factors described in the reports the Companyfiled or will file with the SEC.
3
Non-GAAP Financial Measures
This earningsrelease includesfinancial informationdetermined bymethods otherthan inaccordance withgenerally acceptedaccounting principles("GAAP"). This
financial information includescertain operating performancemeasures. Management hasincluded these non-GAAP measuresbecause it believesthese measures may
provide usefulsupplemental informationfor evaluatingthe Company'soperations andunderlying performancetrends. Further,management usesthese measuresin
managing and evaluating theCompany's businessand intends torefer to them indiscussions about our operationsand performance. Operating performancemeasures
should be viewed in addition to,and not as an alternative toor substitute for, measures determined in accordancewith GAAP, and are not necessarily comparable to non-
GAAP measures that maybe presented by other companies.Reconciliations of these non-GAAPmeasures to the mostdirectly comparable GAAP measurescan be found
in the 'Non-GAAP Reconciliation Tables' included in the exhibits to this earnings release.
All numbers included in this press release are unauditedunless otherwise noted.
Contacts:
Investor Relations
Media Relations
Martha Guerra-Kattou
4
USCB FINANCIAL HOLDINGS, INC.
CONSOLIDATED STATEMENTSOF INCOME (UNAUDITED)
(Dollars in thousands, except per share data)
Three Months Ended March 31,
2024
2023
Interest income:
Loans, including fees
$
26,643
$
19,711
Investment securities
2,811
2,286
Interest-bearing deposits in financial institutions
1,433
382
Total interest income
30,887
22,379
Interest expense:
Interest-bearing checking
369
43
Savings and money market accounts
10,394
4,785
Time deposits
3,294
1,057
FHLB advances and other borrowings
1,672
497
Total interest expense
15,729
6,382
Net interest income before provision for credit losses
15,158
15,997
Provision for credit losses
410
201
Net interest income after provision for credit losses
14,748
15,796
Non-interest income:
Service fees
1,651
1,205
Gain (loss) on sale of securities available for sale, net
-
(21)
Gain on sale of loans held for sale, net
67
347
Other non-interest income
746
539
Total non-interest income
2,464
2,070
Non-interest expense:
Salaries and employee benefits
6,310
6,377
Occupancy
1,314
1,299
Regulatory assessments and fees
433
224
Consulting and legal fees
592
358
Network and information technology services
507
478
Other operating expense
2,018
1,440
Total non-interest expense
11,174
10,176
Net income before income tax expense
6,038
7,690
Income tax expense
1,426
1,881
Net income
$
4,612
$
5,809
Per share information:
Net income per common share, basic
$
0.23
$
0.29
Net income per common share, diluted
$
0.23
$
0.29
Cash dividends declared
$
0.05
$
-
Weighted average shares outstanding:
Common shares, basic
19,633,330
19,855,409
Common shares, diluted
19,698,258
19,940,606
5
USCB FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands, except per share data)
As of or For the Three Months Ended
3/31/2024
12/31/2023
9/30/2023
6/30/2023
3/31/2023
Income statement data:
Net interest income
$
15,158
$
14,376
$
14,022
$
14,173
$
15,997
Provision for credit losses
410
1,475
653
38
201
Net interest income after provision for credit losses
14,748
12,901
13,369
14,135
15,796
Service fees
1,651
1,348
1,329
1,173
1,205
Gain (loss) on sale of securities available for sale, net
-
(883)
(955)
-
(21)
Gain on sale of loans held for sale, net
67
105
255
94
347
Other income
746
756
1,532
579
539
Total non-interest income
2,464
1,326
2,161
1,846
2,070
Salaries and employee benefits
6,310
6,104
6,066
5,882
6,377
Occupancy
1,314
1,262
1,350
1,319
1,299
Regulatory assessments and fees
433
412
365
452
224
Consulting and legal fees
592
642
513
386
358
Network and information technology services
507
552
481
505
478
Other operating expense
2,018
1,747
1,686
1,908
1,440
Total non-interest expense
11,174
10,719
10,461
10,452
10,176
Net income before income tax expense
6,038
3,508
5,069
5,529
7,690
Income tax expense
1,426
787
1,250
1,333
1,881
Net income
$
4,612
$
2,721
$
3,819
$
4,196
$
5,809
Per share information:
Net income per common share, basic
$
0.23
$
0.14
$
0.20
$
0.21
$
0.29
Net income per common share, diluted
$
0.23
$
0.14
$
0.19
$
0.21
$
0.29
Cash dividends declared
$
0.05
$
-
$
-
$
-
$
-
Balance sheet data (at period-end):
Cash and cash equivalents
$
126,546
$
41,062
$
33,435
$
87,280
$
63,251
Securities available-for-sale
$
259,992
$
229,329
$
218,609
$
218,442
$
229,409
Securities held-to-maturity
$
173,038
$
174,974
$
197,311
$
220,956
$
186,428
Total securities
$
433,030
$
404,303
$
415,920
$
439,398
$
415,837
Loans held for investment
(1)
$
1,821,196
$
1,780,827
$
1,676,520
$
1,595,959
$
1,580,394
Allowance for credit losses
$
(21,454)
$
(21,084)
$
(19,493)
$
(18,815)
$
(18,887)
Total assets
$
2,489,142
$
2,339,093
$
2,244,602
$
2,225,914
$
2,163,821
Non-interest-bearing deposits
$
576,626
$
552,762
$
573,546
$
572,360
$
633,606
Interest-bearing deposits
$
1,526,168
$
1,384,377
$
1,347,376
$
1,348,941
$
1,196,856
Total deposits
$
2,102,794
$
1,937,139
$
1,920,922
$
1,921,301
$
1,830,462
FHLB advances and other borrowings
$
162,000
$
183,000
$
102,000
$
87,000
$
120,000
Total liabilities
$
2,294,131
$
2,147,125
$
2,061,718
$
2,042,229
$
1,979,963
Total stockholders' equity
$
195,011
$
191,968
$
182,884
$
183,685
$
183,858
Capital ratios:
(2)
Leverage ratio
8.91%
9.28%
9.26%
9.32%
9.36%
Common equity tier 1 capital
11.80%
11.62%
11.97%
12.27%
12.04%
Tier 1 risk-based capital
11.80%
11.62%
11.97%
12.27%
12.04%
Total risk-based capital
12.98%
12.78%
13.10%
13.42%
13.20%
(1)Loan amounts include deferred fees/costs.
(2) Reflects the Company's regulatory capital ratios which areprovided for information purposes only; as a small bank holdingcompany, the Company is not subject to
regulatory capital requirements.
6
USCB FINANCIAL HOLDINGS, INC.
AVERAGE BALANCES, RATIOS, AND OTHER DATA(UNAUDITED)
(Dollars in thousands)
As of or For the Three Months Ended
3/31/2024
12/31/2023
9/30/2023
6/30/2023
3/31/2023
Average balance sheet data:
Cash and cash equivalents
$
132,266
$
57,069
$
90,742
$
94,313
$
50,822
Securities available-for-sale
$
239,896
$
215,649
$
222,134
$
224,913
$
230,336
Securities held-to-maturity
$
174,142
$
181,151
$
218,694
$
192,628
$
187,826
Total securities
$
414,038
$
396,800
$
440,828
$
417,541
$
418,162
Loans held for investment
(1)
$
1,781,528
$
1,698,611
$
1,610,864
$
1,569,266
$
1,547,393
Total assets
$
2,436,103
$
2,268,811
$
2,250,258
$
2,183,542
$
2,120,218
Interest-bearing deposits
$
1,473,831
$
1,336,470
$
1,353,516
$
1,270,657
$
1,179,878
Non-interest-bearing deposits
$
574,760
$
577,133
$
587,917
$
601,778
$
664,369
Total deposits
$
2,048,591
$
1,913,603
$
1,941,433
$
1,872,435
$
1,844,247
FHLB advances and other borrowings
$
164,187
$
139,000
$
85,326
$
93,075
$
61,600
Total liabilities
$
2,243,011
$
2,085,182
$
2,065,357
$
1,999,304
$
1,936,847
Total stockholders' equity
$
193,092
$
183,629
$
184,901
$
184,238
$
183,371
Performance ratios:
Return on average assets
(2)
0.76%
0.48%
0.67%
0.77%
1.11%
Return on average equity
(2)
9.61%
5.88%
8.19%
9.13%
12.85%
Net interest margin
(2)
2.62%
2.65%
2.60%
2.73%
3.22%
Non-interest income (loss) to average assets
(2)
0.41%
0.23%
0.38%
0.34%
0.40%
Efficiency ratio
(3)
63.41%
68.27%
64.64%
65.25%
56.32%
Loans by type (at period end):
(4)
Residential real estate
$
237,906
$
204,419
$
188,880
$
183,093
$
184,427
Commercial real estate
$
1,057,800
$
1,047,593
$
1,005,280
$
989,401
$
987,757
Commercial and industrial
$
228,045
$
219,757
$
212,975
$
169,401
$
160,947
Foreign banks
$
100,182
$
114,945
$
94,640
$
85,409
$
97,405
Consumer and other
$
194,325
$
191,930
$
173,096
$
167,845
$
149,410
Asset quality data:
Allowance for credit losses to total loans
1.18%
1.18%
1.16%
1.18%
1.20%
Allowance for credit losses to non-performing loans
4,705%
4,505%
4,070%
3,871%
3,886%
Total non-performing loans
(5)
$
456
$
468
$
479
$
486
$
486
Non-performing loans to total loans
0.03%
0.03%
0.03%
0.03%
0.03%
Non-performing assets to total assets
(5)
0.02%
0.02%
0.02%
0.02%
0.02%
Net charge-offs (recoveries of) to average loans
(2)
(0.00)%
(0.00)%
(0.00)%
0.01%
(0.01)%
Net charge-offs (recovery) of credit losses
$
(7)
$
(3)
$
(5)
$
29
$
(49)
Interest rates and yields:
(2)
Loans
6.01%
5.79%
5.55%
5.33%
5.17%
Investment securities
2.69%
2.46%
2.52%
2.26%
2.20%
Total interest-earning assets
5.34%
5.16%
4.89%
4.68%
4.51%
Deposits
2.76%
2.53%
2.39%
1.99%
1.29%
FHLB advances and other borrowings
4.10%
4.04%
3.19%
3.42%
3.27%
Total interest-bearing liabilities
3.86%
3.66%
3.41%
2.97%
2.08%
Other information:
Full-time equivalent employees
199
196
194
198
196
(1)Loan amounts include deferred fees/costs.
(2)Annualized.
(3)Efficiency ratio is defined as total non-interest expense dividedby sum of net interest income and total non-interestincome.
(4)Loan amounts exclude deferred fees/costs.
(5)The amounts for total non-performing loans and total non-performingassets are the same at the dates presented since there wereno impaired investments or other
real estate owned (OREO) recorded.
7
USCB FINANCIAL HOLDINGS, INC.
NET INTEREST MARGIN (UNAUDITED)
(Dollars in thousands)
Three Months Ended March 31,
2024
2023
Average
Balance
Interest
Yield/Rate
(1)
Average
Balance
Interest
Yield/Rate
(1)
Assets
Interest-earning assets:
Loans
(2)
$
1,781,528
$
26,643
6.01%
$
1,547,393
$
19,711
5.17%
Investment securities
(3)
419,989
2,811
2.69%
421,717
2,286
2.20%
Other interest-earning assets
125,244
1,433
4.60%
43,084
382
3.60%
Total interest-earning assets
2,326,761
30,887
5.34%
2,012,194
22,379
4.51%
Non-interest-earning assets
109,342
108,024
Total assets
$
2,436,103
$
2,120,218
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing checking
$
53,344
369
2.78%
$
58,087
43
0.30%
Saving and money market deposits
1,097,575
10,394
3.81%
897,061
4,785
2.16%
Time deposits
322,912
3,294
4.10%
224,730
1,057
1.91%
Total interest-bearing deposits
1,473,831
14,057
3.84%
1,179,878
5,885
2.02%
FHLB advances and other borrowings
164,187
1,672
4.10%
61,600
497
3.27%
Total interest-bearing liabilities
1,638,018
15,729
3.86%
1,241,478
6,382
2.08%
Non-interest-bearing demand deposits
574,760
664,369
Other non-interest-bearing liabilities
30,233
31,000
Total liabilities
2,243,011
1,936,847
Stockholders' equity
193,092
183,371
Total liabilities and stockholders' equity
$
2,436,103
$
2,120,218
Net interest income
$
15,158
$
15,997
Net interest spread
(4)
1.48%
2.43%
Net interest margin
(5)
2.62%
3.22%
(1)Annualized.
(2)Average loan balances include non-accrual loans. Interest income on loans includes accretionof deferred loan fees, net of deferred loan costs.
(3)At fair value except for securities held to maturity. This amount includes FHLBstock.
(4)Net interest spread is the average yield earned on totalinterest-earning assets minus the average rate paid on total interest-bearingliabilities.
(5)Net interest margin is the ratio of net interest income to totalinterest-earning assets.
8
USCB FINANCIAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in thousands)
As of or For the Three Months Ended
3/31/2024
12/31/2023
9/30/2023
6/30/2023
3/31/2023
Pre-tax pre-provision ("PTPP") income:
(1)
Net income
$
4,612
$
2,721
$
3,819
$
4,196
$
5,809
Plus: Provision for income taxes
1,426
787
1,250
1,333
1,881
Plus: Provision for credit losses
410
1,475
653
38
201
PTPP income
$
6,448
$
4,983
$
5,722
$
5,567
$
7,891
PTPP return on average assets:
(1)
PTPP income
$
6,448
$
4,983
$
5,722
$
5,567
$
7,891
Average assets
$
2,436,103
$
2,268,811
$
2,250,258
$
2,183,542
$
2,120,218
PTPP return on average assets
(2)
1.06%
0.87%
1.01%
1.02%
1.51%
Operating net income:
(1)
Net income
$
4,612
$
2,721
$
3,819
$
4,196
$
5,809
Less: Net gains (losses) on sale of securities
-
(883)
(955)
-
(21)
Less: Tax effect on sale of securities
-
224
242
-
5
Operating net income
$
4,612
$
3,380
$
4,532
$
4,196
$
5,825
Operating PTPP income:
(1)
PTPP income
$
6,448
$
4,983
$
5,722
$
5,567
$
7,891
Less: Net gains (losses) on sale of securities
-
(883)
(955)
-
(21)
Operating PTPP income
$
6,448
$
5,866
$
6,677
$
5,567
$
7,912
Operating PTPP return on average assets:
(1)
Operating PTPP income
$
6,448
$
5,866
$
6,677
$
5,567
$
7,912
Average assets
$
2,436,103
$
2,268,811
$
2,250,258
$
2,183,542
$
2,120,218
Operating PTPP return on average assets
(2)
1.06%
1.03%
1.18%
1.02%
1.51%
Operating return on average assets:
(1)
Operating net income
$
4,612
$
3,380
$
4,532
$
4,196
$
5,825
Average assets
$
2,436,103
$
2,268,811
$
2,250,258
$
2,183,542
$
2,120,218
Operating return on average assets
(2)
0.76%
0.59%
0.80%
0.77%
1.11%
Operating return on average equity:
(1)
Operating net income
$
4,612
$
3,380
$
4,532
$
4,196
$
5,825
Average equity
$
193,092
$
183,629
$
184,901
$
184,238
$
183,371
Operating return on average equity
(2)
9.61%
7.30%
9.72%
9.13%
12.88%
Operating Revenue:
(1)
Net interest income
$
15,158
$
14,376
$
14,022
$
14,173
$
15,997
Non-interest income
2,464
1,326
2,161
1,846
2,070
Less: Net gains (losses) on sale of securities
-
(883)
(955)
-
(21)
Operating revenue
$
17,622
$
16,585
$
17,138
$
16,019
$
18,088
Operating Efficiency Ratio:
(1)
Total non-interest expense
$
11,174
$
10,719
$
10,461
$
10,452
$
10,176
Operating revenue
$
17,622
$
16,585
$
17,138
$
16,019
$
18,088
Operating efficiency ratio
63.41%
64.63%
61.04%
65.25%
56.26%
(1) The Company believes these non-GAAP measurements arekey indicators of the ongoing earnings power of theCompany.
(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
3/31/2024
12/31/2023
9/30/2023
6/30/2023
3/31/2023
Tangible book value per common share (at period-end):
(1)
Total stockholders' equity
$
195,011
$
191,968
$
182,884
$
183,685
$
183,858
Less: Intangible assets
-
-
-
-
-
Tangible stockholders' equity
$
195,011
$
191,968
$
182,884
$
183,685
$
183,858
Total shares issued and outstanding (at period-end):
Total common shares issued and outstanding
19,650,463
19,575,435
19,542,290
19,544,777
19,622,380
Tangible book value per common share
(2)
$
9.92
$
9.81
$
9.36
$
9.40
$
9.37
Operating diluted net income per common share:
(1)
Operating net income
$
4,612
$
3,380
$
4,532
$
4,196
$
5,825
Total weighted average diluted shares of common stock
19,698,258
19,573,350
19,611,897
19,639,682
19,940,606
Operating diluted net income per common share:
$
0.23
$
0.17
$
0.23
$
0.21
$
0.29
Tangible Common Equity/Tangible Assets
(1)
Tangible stockholders' equity
$
195,011
$
191,968
$
182,884
$
183,685
$
183,858
Tangible total assets
(3)
$
2,489,142
$
2,339,093
$
2,244,602
$
2,225,914
$
2,163,821
Tangible Common Equity/Tangible Assets
7.83%
8.21%
8.15%
8.25%
8.50%
(1)The Company believes these non-GAAP measurementsare key indicators of the ongoing earnings powerof the Company.
(2)Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstandingstock options.
(3) Since the Company has no intangible assets, tangibletotal assets is the same amount as total assets calculatedunder GAA
P.