2
•
The allowance for credit losses increased by
$3.8 million to $18.9 million at
March 31, 2023 from $15.1 million at
March 31, 2022.
•
The allowance for credit losses represented 1.20% of total loans at March 31, 2023
and at March 31, 2022.
•
Non-performing loans to total loans was 0.03% at March 31, 2023 compared
to 0.00% at March 31, 2022.
Non-interest Income and Non-interest Expense
•
Non-interest income was $2.1 million for the three months ended March 31, 2023, an increase of $125 thousand or 6.4% compared
to $1.9 million for the same period in 2022.
•
Non-interest expense was
$10.2
million for the
three months
ended March 31, 2023,
an increase
of $564 thousand
or 5.9%
compared
to the same period in 2022.
Capital
•
During the quarter the Company repurchased 500,000 shares
of USCB Financial Holdings Inc at
a weighted average price per
share
of $11.74.
The aggregate purchase price
for these transactions was
approximately $5.9 million,
including transaction costs.
These
repurchases were made through open market pursuant to the Company’s publicly announced
repurchase program.
As of March 31,
2023, 250,000 shares remain authorized under this program.
•
As of March 31, 2023,
total risk-based capital ratios for the Company and the Bank were 13.20% and 13.12%,
respectively.
•
Tangible
book value
per common
share of
$9.37 was
negatively affected
by $2.14
due to
after tax
unrealized security
losses of
$42.1 million at
March 31, 2023. At
March 31, 2022, tangible
book value of
$9.60 was negatively
affected by $0.97
due to $19.5
million after tax unrealized security losses.
Conference Call and Webcast
The Company
will host
a conference
call on
Friday,
April 28,
2023, at
11:00
a.m. Eastern Time
to discuss
the Company’s
unaudited
financial results for the quarter ended March 31,
2023. To access the conference call, dial (866) 652-5200 (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An archived version of the webcast will be available in the same location shortly after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 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;
