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USCB Financial Holdings, Inc. Reports Diluted EPS of $0.19 for Q3 2023

MIAMI, Oct. 26, 2023 (GLOBE NEWSWIRE) --  USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $3.8 million or $0.19 per diluted share for the three months ended September 30, 2023, compared with net income of $5.6 million or $0.28 per diluted share, for the same period in 2022.

“As we deliver our third quarter earnings, I am pleased to highlight the rebound in loan growth, following earlier concerns this year about the safety and soundness of the banking industry,” said Luis de la Aguilera, Chairman, President and CEO. “We are encouraged by the continued diversification of our loan growth, particularly the 59% in new non-CRE loans for the quarter,” reported de la Aguilera. “Our commitment to enhancing Net Interest Margin (NIM) is evident in the 8.00% weighted average coupon for the quarter on new loans, exceeding our portfolio average,” he said. “Furthermore, we took the opportunity to restructure our bank-owned life insurance, which bolstered BOLI revenue by $982 thousand this quarter, and we offset this one-time, non-recurring gain with a comparable size securities loss. This small portfolio restructuring will allow us to optimize our investment portfolio by transitioning from lower-yielding securities to higher-return investments,” said de la Aguilera. “Despite a decrease in NIM early in the third quarter, September’s NIM increased to 2.70% which reflects the resilience and adaptive spirit of our bank in fortifying our financial performance," said de la Aguilera.

Unless otherwise stated, all percentage comparisons in the bullet points below are calculated for the quarter ended September 30, 2023 compared to the quarter ended September 30, 2022 and annualized where appropriate.

Profitability

  • Annualized return on average assets for the quarter ended September 30, 2023 was 0.67% compared to 1.09% for the third quarter of 2022.

  • Annualized return on average stockholders’ equity for the quarter ended September 30, 2023 was 8.19% compared to 11.90% for the third quarter of 2022.

  • The efficiency ratio for the quarter ended September 30, 2023 was 64.64% compared to 54.58% for the third quarter of 2022.

  • Net interest margin for the quarter ended September 30, 2023 was 2.60% compared to 3.47% for the third quarter ended 2022.

  • Net interest income before provision for credit losses was $14.0 million for the quarter ended September 30, 2023, a decrease of $2.8 million or 16.4% compared to the third quarter of 2022.

Balance Sheet

  • Total assets were $2.2 billion at September 30, 2023, representing an increase of $207.1 million or 10.2% from September 30, 2022.

  • Total loans were $1.7 billion at September 30, 2023, representing an increase of $245.0 million or 17.1% from September 30, 2022.

  • Total deposits were $1.9 billion at September 30, 2023, representing an increase of $124.3 million or 6.9% from September 30, 2022.

  • Total stockholders’ equity was $182.9 million at September 30, 2023, representing an increase of $5.5 million or 3.1% from September 30, 2022. Total stockholders’ equity includes accumulated comprehensive loss of $51.2 million at September 30, 2023 compared to accumulated comprehensive loss of $45.2 million at September 30, 2022.

Asset Quality

  • Allowance for credit losses (“ACL”) was calculated under the Current Expected Credit Losses (“CECL”) standard methodology for all periods in 2023 and the incurred loss methodology for all periods in 2022.

  • The ACL increased by $2.9 million to $19.5 million at September 30, 2023 from $16.6 million at September 30, 2022.

  • The allowance for credit losses represented 1.16% of total loans at both September 30, 2023 and at September 30, 2022.

  • Non-performing loans to total loans was 0.03% at September 30, 2023 compared to 0.00% at September 30, 2022.

Non-interest Income and Non-interest Expense

  • Non-interest income was $2.2 million for the three months ended September 30, 2023, an increase of $372 thousand or 20.8% compared to $1.8 million for the same period in 2022.

  • Non-interest expense was $10.5 million for the three months ended September 30, 2023, an increase of $329 thousand or 3.2% compared to $10.1 million for the same period in 2022.

Capital

  • As of September 30, 2023, 172,397 shares remain authorized for repurchase under the Company’s previously announced share repurchase program. No shares were repurchased during the third quarter 2023.

  • As of September 30, 2023, total risk-based capital ratios for the Company and the Bank were 13.10% and 13.06%, respectively.

  • Tangible book value per common share (a non-GAAP measure) of $9.36 was negatively affected by $2.62 due to accumulated comprehensive loss of $51.2 million at September 30, 2023. At September 30, 2022, tangible book value per common share of $8.87 was negatively affected by $2.26 due to $45.2 million in accumulated comprehensive loss.

Conference Call and Webcast

The Company will host a conference call on Friday, October 27, 2023, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended September 30, 2023. To access the conference call, dial (800) 715-9871 (U.S. toll-free) and ask to join the USCB Financial Holdings Call or provide conference ID 6813115.

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,” “should,” “would,” “believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,” “continue,” and “intend,” 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 results of operations and financial condition from expected 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, 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,
 2023  2022  2023  2022 
Interest income:           
Loans, including fees$22,523  $15,954  $63,081  $42,989 
Investment securities 2,833   2,201   7,501   7,040 
Interest-bearing deposits in financial institutions 1,026   322   2,459   474 
Total interest income 26,382   18,477   73,041   50,503 
Interest expense:           
Interest-bearing checking 331   19   574   52 
Savings and money market accounts 8,779   1,141   20,532   2,307 
Time deposits 2,565   363   5,767   893 
FHLB advances and other borrowings 685   180   1,976   456 
Total interest expense 12,360   1,703   28,849   3,708 
Net interest income before provision for credit losses 14,022   16,774   44,192   46,795 
Provision for credit losses 653   910   892   1,615 
Net interest income after provision for credit losses 13,369   15,864   43,300   45,180 
Non-interest income:               
Service fees 1,329   934   3,707   2,917 
Gain (loss) on sale of securities available for sale, net (955)  (558)  (976)  (540)
Gain on sale of loans held for sale, net 255   330   696   686 
Loan settlement -   -   -   161 
Other non-interest income 1,532   1,083   2,650   2,127 
Total non-interest income 2,161   1,789   6,077   5,351 
Non-interest expense:           
Salaries and employee benefits 6,066   6,075   18,325   17,863 
Occupancy 1,350   1,281   3,968   3,802 
Regulatory assessments and fees 365   269   1,041   708 
Consulting and legal fees 513   604   1,257   1,519 
Network and information technology services 481   488   1,464   1,323 
Other operating expense 1,686   1,415   5,034   4,080 
Total non-interest expense 10,461   10,132   31,089   29,295 
Net income before income tax expense 5,069   7,521   18,288   21,236 
Income tax expense 1,250   1,963   4,464   5,529 
Net income 3,819   5,558   13,824   15,707 
Per share information:            
Net income per common share, basic$0.20  $0.28  $0.70  $0.79 
Net income per common share, diluted$0.19  $0.28  $0.70  $0.78 
Weighted average shares outstanding:           
Common shares, basic 19,542,723   20,000,753   19,661,685   19,998,841 
Common shares, diluted 19,611,897   20,148,208   19,729,181   20,178,089 
            
 
 


USCB FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands, except per share data)
               
 As of or For the Three Months Ended
 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Income statement data:              
Net interest income$14,022  $14,173  $15,997  $16,866  $16,774 
Provision for credit losses 653   38   201   880   910 
Net interest income after provision for credit losses 13,369   14,135   15,796   15,986   15,864 
Service fees 1,329   1,173   1,205   1,093   934 
Gain (loss) on sale of securities available for sale, net (955)  -   (21)  (1,989)  (558)
Gain on sale of loans held for sale, net 255   94   347   205   330 
Other income 1,532   579   539   568   1,083 
Total non-interest income 2,161   1,846   2,070   (123)  1,789 
Salaries and employee benefits 6,066   5,882   6,377   6,080   6,075 
Occupancy 1,350   1,319   1,299   1,256   1,281 
Regulatory assessments and fees 365   452   224   222   269 
Consulting and legal fees 513   386   358   371   604 
Network and information technology services 481   505   478   483   488 
Other operating expense 1,686   1,908   1,440   1,602   1,415 
Total non-interest expense 10,461   10,452   10,176   10,014   10,132 
Net income before income tax expense 5,069   5,529   7,690   5,849   7,521 
Income tax expense 1,250   1,333   1,881   1,415   1,963 
Net income$3,819  $4,196  $5,809  $4,434  $5,558 
Per share information:              
Net income per common share, basic$0.20  $0.21  $0.29  $0.22  $0.28 
Net income per common share, diluted$0.19  $0.21  $0.29  $0.22  $0.28 
Balance sheet data (at period-end):                    
Cash and cash equivalents$33,435  $87,280  $63,251  $54,168  $73,326 
Securities available-for-sale$218,609  $218,442  $229,409  $230,140  $248,571 
Securities held-to-maturity$197,311  $220,956  $186,428  $188,699  $178,865 
Total securities$415,920  $439,398  $415,837  $418,839  $427,436 
Loans held for investment (1)$1,676,520  $1,595,959  $1,580,394  $1,507,338  $1,431,513 
Allowance for credit losses$(19,493) $(18,815) $(18,887) $(17,487) $(16,604)
Total assets$2,244,602  $2,225,914  $2,163,821  $2,085,834  $2,037,453 
Non-interest-bearing deposits$573,546  $572,360  $633,606  $629,776  $662,808 
Interest-bearing deposits$1,347,376  $1,348,941  $1,196,856  $1,199,505  $1,133,834 
Total deposits$1,920,922  $1,921,301  $1,830,462  $1,829,281  $1,796,642 
FHLB advances and other borrowings$102,000  $87,000  $120,000  $46,000  $26,000 
Total liabilities$2,061,718  $2,042,229  $1,979,963  $1,903,406  $1,860,036 
Total stockholders' equity$182,884  $183,685  $183,858  $182,428  $177,417 
Capital ratios:(2)                    
Leverage ratio 9.26%  9.32%  9.36%  9.61%  9.48%
Common equity tier 1 capital 11.97%  12.27%  12.04%  12.53%  12.56%
Tier 1 risk-based capital 11.97%  12.27%  12.04%  12.53%  12.56%
Total risk-based capital 13.10%  13.42%  13.20%  13.65%  13.65%
               
(1) Loan amounts include deferred fees/costs.
(2) Reflects the Company's regulatory capital ratios which are provided for information purposes only; as a small bank holding company, the Company is not subject to regulatory capital requirements.
 


USCB FINANCIAL HOLDINGS, INC.
AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)
(Dollars in thousands)
               
 As of or For the Three Months Ended
 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Average balance sheet data:              
Cash and cash equivalents$90,742  $94,313  $50,822  $61,892  $77,887 
Securities available-for-sale$222,134  $224,913  $230,336  $242,144  $331,206 
Securities held-to-maturity$218,694  $192,628  $187,826  $184,459  $116,733 
Total securities$440,828  $417,541  $418,162  $426,603  $447,939 
Loans held for investment(1)$1,610,864  $1,569,266  $1,547,393  $1,456,780  $1,398,761 
Total assets$2,250,258  $2,183,542  $2,120,218  $2,051,867  $2,026,791 
Interest-bearing deposits$1,353,516  $1,270,657  $1,179,878  $1,150,049  $1,107,129 
Non-interest-bearing deposits$587,917  $601,778  $664,369  $653,820  $655,853 
Total deposits$1,941,433  $1,872,435  $1,844,247  $1,803,869  $1,762,982 
FHLB advances and other borrowings$85,326  $93,075  $61,600  $37,500  $43,935 
Total liabilities$2,065,357  $1,999,304  $1,936,847  $1,874,311  $1,841,503 
Total stockholders' equity$184,901  $184,238  $183,371  $177,556  $185,288 
Performance ratios:              
Return on average assets (2) 0.67%  0.77%  1.11%  0.86%  1.09%
Return on average equity (2) 8.19%  9.13%  12.85%  9.91%  11.90%
Net interest margin (2) 2.60%  2.73%  3.22%  3.45%  3.47%
Non-interest income (loss) to average assets (2) 0.38%  0.34%  0.40%  (0.02)%  0.35%
Efficiency ratio (3) 64.64%  65.25%  56.32%  59.81%  54.58%
Loans by type (at period end): (4)              
Residential real estate$188,880  $183,093  $184,427  $185,636  $186,551 
Commercial real estate$1,005,280  $989,401  $987,757  $970,410  $928,531 
Commercial and industrial$212,975  $169,401  $160,947  $126,984  $121,145 
Foreign banks$94,640  $85,409  $97,405  $93,769  $94,450 
Consumer and other$173,096  $167,845  $149,410  $130,429  $100,845 
Asset quality data:              
Allowance for credit losses to total loans 1.16%  1.18%  1.20%  1.16%  1.16%
Allowance for credit losses to non-performing loans 4,070%  3,871%  3,886%  -%  -%
Total non-performing loans(5)$479  $486  $486  $-  $- 
Non-performing loans to total loans 0.03%  0.03%  0.03%  -%  -%
Non-performing assets to total assets(5) 0.02%  0.02%  0.02%  -%  -%
Net charge-offs (recoveries of) to average loans (2) (0.00)%  0.01%  (0.01)%  (0.00)%  0.03%
Net charge-offs (recovery) of credit losses$(5) $29  $(49) $(2) $91 
Interest rates and yields:(2)              
Loans 5.55%  5.33%  5.17%  4.86%  4.53%
Investment securities 2.52%  2.26%  2.20%  2.13%  1.94%
Total interest-earning assets 4.89%  4.68%  4.51%  4.21%  3.82%
Deposits 2.39%  1.99%  1.29%  0.77%  0.34%
FHLB advances and other borrowings 3.19%  3.42%  3.27%  2.27%  1.63%
Total interest-bearing liabilities 3.41%  2.97%  2.08%  1.25%  0.59%
Other information:                   
Full-time equivalent employees 194   198   196   191   191 
               
(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 were no impaired investments or other real estate owned (OREO) recorded.


USCB FINANCIAL HOLDINGS, INC.
NET INTEREST MARGIN (UNAUDITED)
(Dollars in thousands)
                
 Three Months Ended September 30,
 2023  2022 
 Average
Balance
 Interest Yield/Rate (1) Average
Balance
 Interest Yield/Rate (1)
Assets               
Interest-earning assets:               
Loans (2)$1,610,864 $22,523 5.55% $1,398,761 $15,954 4.53%
Investment securities (3) 445,828  2,833 2.52%  450,514  2,201 1.94%
Other interest-earnings assets 83,479  1,026 4.88%  70,540  322 1.81%
Total interest-earning assets 2,140,171  26,382 4.89%  1,919,815  18,477 3.82%
Non-interest-earning assets 110,087         106,976       
Total assets$2,250,258      $2,026,791     
Liabilities and stockholders' equity                     
Interest-bearing liabilities:               
Interest-bearing checking$52,080  331 2.52% $66,585  19 0.11%
Saving and money market deposits 1,011,164  8,779 3.44%  823,521  1,141 0.55%
Time deposits 290,272  2,565 3.51%  217,023  363 0.66%
Total interest-bearing deposits 1,353,516  11,675 3.42%  1,107,129  1,523 0.55%
FHLB advances and other borrowings 85,326  685 3.19%  43,935  180 1.63%
Total interest-bearing liabilities 1,438,842  12,360 3.41%  1,151,064  1,703 0.59%
Non-interest-bearing demand deposits 587,917         655,853        
Other non-interest-bearing liabilities 38,598       34,586     
Total liabilities 2,065,357         1,841,503       
Stockholders' equity 184,901       185,288     
Total liabilities and stockholders' equity$2,250,258        $2,026,791       
Net interest income   $14,022      $16,774  
Net interest spread (4)      1.48%       3.23%
Net interest margin (5)      2.60%       3.47%
                
(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
 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Pre-tax pre-provision ("PTPP") income:(1)              
Net income$3,819  $4,196  $5,809  $4,434  $5,558 
Plus: Provision for income taxes 1,250   1,333   1,881   1,415   1,963 
Plus: Provision for credit losses 653   38   201   880   910 
PTPP income$5,722  $5,567  $7,891  $6,729  $8,431 
               
PTPP return on average assets:(1)                   
PTPP income$5,722  $5,567  $7,891  $6,729  $8,431 
Average assets$2,250,258  $2,183,542  $2,120,218  $2,051,867  $2,026,791 
PTPP return on average assets (2) 1.01%  1.02%  1.51%  1.30%  1.65%
                    
Operating net income:(1)              
Net income$3,819  $4,196  $5,809  $4,434  $5,558 
Less: Net gains (losses) on sale of securities (955)  -   (21)  (1,989)  (558)
Less: Tax effect on sale of securities 242   -   5   504   141 
Operating net income$4,532  $4,196  $5,825  $5,919  $5,975 
                    
Operating PTPP income:(1)              
PTPP income$5,722  $5,567  $7,891  $6,729  $8,431 
Less: Net gains (losses) on sale of securities (955)  -   (21)  (1,989)  (558)
Operating PTPP income$6,677  $5,567  $7,912  $8,718  $8,989 
               
Operating PTPP return on average assets:(1)                   
Operating PTPP income$6,677  $5,567  $7,912  $8,718  $8,989 
Average assets$2,250,258  $2,183,542  $2,120,218  $2,051,867  $2,026,791 
Operating PTPP return on average assets (2) 1.18%  1.02%  1.51%  1.69%  1.76%
                    
Operating return on average assets:(1)              
Operating net income$4,532  $4,196  $5,825  $5,919  $5,975 
Average assets$2,250,258  $2,183,542  $2,120,218  $2,051,867  $2,026,791 
Operating return on average assets (2) 0.80%  0.77%  1.11%  1.14%  1.17%
               
Operating return on average equity:(1)              
Operating net income$4,532  $4,196  $5,825  $5,919  $5,975 
Average equity$184,901  $184,238  $183,371  $177,556  $185,288 
Operating return on average equity (2) 9.72%  9.13%  12.88%  13.23%  12.79%
               
Operating Revenue:(1)              
Net interest income$14,022  $14,173  $15,997  $16,866  $16,774 
Non-interest income 2,161   1,846   2,070   (123)  1,789 
Less: Net gains (losses) on sale of securities (955)  -   (21)  (1,989)  (558)
Operating revenue$17,138  $16,019  $18,088  $18,732  $19,121 
               
Operating Efficiency Ratio:(1)              
Total non-interest expense$10,461  $10,452  $10,176  $10,014  $10,132 
Operating revenue$17,138  $16,019  $18,088  $18,732  $19,121 
Operating efficiency ratio 61.04%  65.25%  56.26%  53.46%  52.99%
               
(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
 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022
Tangible book value per common share (at period-end):(1)              
Total stockholders' equity$182,884  $183,685  $183,858  $182,428  $177,417 
Less: Intangible assets -   -   -   -   - 
Tangible stockholders' equity$182,884  $183,685  $183,858  $182,428  $177,417 
Total shares issued and outstanding (at period-end):              
Total common shares issued and outstanding 19,542,290   19,544,777   19,622,380   20,000,753   20,000,753 
Tangible book value per common share(2)$9.36  $9.40  $9.37  $9.12  $8.87 
               
Operating diluted net income per common share:(1)              
Operating net income$4,532  $4,196  $5,825  $5,919  $5,975 
Total weighted average diluted shares of common stock 19,611,897   19,639,682   19,940,606   20,172,438   20,148,208 
Operating diluted net income per common share:$0.23  $0.21  $0.29  $0.29  $0.30 
               
Tangible Common Equity/Tangible Assets(1)              
Tangible stockholders' equity$182,884  $183,685  $183,858  $182,428  $177,417 
Tangible total assets(3)$2,244,602  $2,225,914  $2,163,821  $2,085,834  $2,037,453 
Tangible Common Equity/Tangible Assets 8.15%  8.25%  8.50%  8.75%  8.71%
               
(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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