2
•
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.
