3
USCB Financial Holdings, Inc.
Q3 2023Q1 2024 Form 10-Q
Item 1.
Financial Statements
USCB FINANCIAL HOLDINGS, INC
Consolidated Balance Sheets – Unaudited
(Dollars in thousands, except share data)
September 30, 2023March 31, 2024
December 31, 20222023
ASSETS:
Cash and due from banks
$
5,0749,601
$
6,6058,019
Interest-bearing deposits in banks
28,361116,945
47,56333,043
Total cash and cash equivalents
33,435126,546
54,16841,062
Investment securities held to maturity, net of allowance of $
1612
08
, respectively (fair value $
171,294152,156
and $
169,088155,510
, respectively)
197,311173,038
188,699174,974
Investment securities available for sale, at fair value
218,609259,992
230,140229,329
Federal Home Loan Bank stock, at cost
6,3055,532
2,88210,153
Loans held for investment, net of allowance of $
19,49321,454
17,48721,084
, respectively
1,657,0271,799,742
1,489,8511,759,743
Accrued interest receivable
8,92011,579
7,54610,688
Premises and equipment, net
4,9514,787
5,2634,836
Bank owned life insurance
51,37752,192
42,78151,781
Deferred tax assets, net
40,43036,249
42,36037,282
Lease right-of-use asset
12,16610,680
14,39511,423
Other assets
14,0718,805
7,7497,822
Total assets
$
2,244,6022,489,142
$
2,085,8342,339,093
LIABILITIES:
Deposits:
Demand deposits
$
573,546576,626
$
629,776552,762
Money market and savings accounts
1,016,5641,141,422
915,8531,048,272
Interest-bearing checking
46,53757,839
66,67547,702
Time deposits
284,275326,907
216,977288,403
Total deposits
1,920,9222,102,794
1,829,2811,937,139
Federal Home Loan Bank advances
and otherborrowings102,000162,000
46,000183,000
Lease liability
12,16610,680
14,39511,423
Accrued interest and other liabilities
26,63018,657
13,73015,563
Total liabilities
2,061,7182,294,131
1,903,4062,147,125
Commitments and contingencies (See Notes 5
and 10)
.(nil)
(nil)
STOCKHOLDERS' EQUITY:
Preferred stock - Class C; $
1.00
1,000
per share liquidation preference;
52,748
authorized;
0
0
issued and outstanding as of
September 30, 2023March 31, 2024
and December 31,
20222023-
-
Preferred stock - Class D; $
1.00
5.00
per share liquidation preference;
12,309,480
authorized;
0
0
issued and outstanding as of
September 30, 2023March 31, 2024
and December 31,
20222023-
-
Preferred stock - Class E; $
1.00
1,000
per share liquidation preference;
3,185,024
authorized;
0
0
issued and outstanding as of
September 30, 2023March 31, 2024
and December 31,
20222023-
-
Common stock - Class A Voting; $
1.00
45,000,000
19,542,29019,650,463
outstanding
as of
September 30, 2023,March 31, 2024,20,000,75319,575,435
issued and outstanding as of December 31,
2022202319,54219,650
20,00119,575
Common stock - Class B Non-voting; $
1.00
8,000,000
0
0
outstanding as of
September 30, 2023March 31, 2024 and
December
December 31,
20222023-
-
Additional paid-in capital on common stock
305,837305,740
311,282305,212
Accumulated deficit
(91,269)(84,952)
(104,104)(88,548)
Accumulated other comprehensive loss
(51,226)(45,427)
(44,751)(44,271)
Total stockholders' equity
182,884195,011
182,428191,968
Total liabilities and stockholders' equity
$
2,244,6022,489,142
$
2,085,8342,339,093
The accompanying notes are an integral part of
these unaudited consolidated financial statements.