USCB Financial Holdings, Inc. (the “Company”) (NASDAQ:
USCB), the holding company for U.S. Century Bank (the
“Bank”), reported net income of $2.7 million or $0.14 per diluted
share for the three months ended December 31, 2023, compared
to net income of $4.4 million or $0.22 per diluted share, for the
same period in 2022.
“I am pleased to announce the results of a
robust quarter at U.S. Century Bank, achieving loan production of
$186 million with $150 million in loan fundings having a weighted
average coupon of 8% on new loans,” said Luis de la Aguilera,
Chairman, President, and CEO.
“Despite facing one of the most aggressive
Federal Reserve tightening periods in history, we've observed a
steady improvement in our operating environment. Our Net Interest
Margin (NIM) improved 5 bps in comparison to the previous quarter.
Additionally, our accumulated comprehensive loss also showed
improvement in the fourth quarter decreasing by $7.0 million to
$44.3 million, which has increased our stockholders equity and
tangible book value. As part of our commitment to address NIM
compression, we executed a $10 million loss trade transaction
selling lower-yielding securities and reinvesting the funds in
higher-yielding investments. Acknowledging the industry-wide impact
of an inverted yield curve on earnings, our focus in 2024 is geared
towards continued higher-yield loan production, deposit pricing
discipline, and leveraging our proven business lines as lead
deposit aggregators,” said de la Aguilera.
Unless otherwise stated, all percentage
comparisons in the bullet points below are calculated at or for the
quarter ended December 31, 2023 compared to at or for the
quarter ended December 31, 2022 and annualized where
appropriate.
Profitability
- Annualized return on average assets
for the quarter ended December 31, 2023 was 0.48% compared to
0.86% for the fourth quarter of 2022. Operating pre-tax
pre-provision profit (PTPP) return on average assets (non-GAAP
financial measure) for the quarter ended December 31, 2023 was
1.03% compared to 1.69% for the fourth quarter of 2022.
- Annualized return on average
stockholders’ equity for the quarter ended December 31, 2023
was 5.88% compared to 9.91% for the fourth quarter of 2022.
- The efficiency ratio for the
quarter ended December 31, 2023 was 68.27% compared to 59.81%
for the fourth quarter of 2022. Operating efficiency ratio
(non-GAAP financial measure) for the quarter ended
December 31, 2023 was 64.63% compared to 53.46% for the fourth
quarter of 2022.
- Net interest margin for the quarter
ended December 31, 2023 was 2.65% compared to 3.45% for the
fourth quarter of 2022.
- Net interest income before
provision for credit losses was $14.4 million for the quarter
ended December 31, 2023, a decrease of $2.5 million or
14.8% compared to the fourth quarter of 2022.
Balance Sheet
- Total assets were $2.3 billion at
December 31, 2023, representing an increase of
$253.3 million or 12.1% from December 31, 2022.
- Total loans were $1.8 billion
at December 31, 2023, representing an increase of
$273.5 million or 18.1% from December 31, 2022.
- Total deposits were
$1.9 billion at December 31, 2023, representing an
increase of $107.9 million or 5.9% from December 31,
2022.
- Total stockholders’ equity was
$192.0 million at December 31, 2023, representing an
increase of $9.5 million or 5.2% from December 31, 2022. Total
stockholders’ equity includes accumulated comprehensive loss of
$44.3 million at December 31, 2023 compared to accumulated
comprehensive loss of $44.8 million at December 31, 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 $3.6 million
to $21.1 million at December 31, 2023 from $17.5 million at
December 31, 2022.
- The ACL represented 1.18% of total
loans at December 31, 2023 and 1.16% at December 31,
2022.
- Non-performing loans to total loans
was 0.03% at December 31, 2023 compared to 0.00% at
December 31, 2022.
Non-interest Income and
Non-interest Expense
- Non-interest income was $1.3
million for the three months ended December 31, 2023, an
increase of $1.4 million compared to negative $0.1 million for the
same period in 2022.
- Non-interest expense was
$10.7 million for the three months ended December 31,
2023, an increase of $705 thousand or 7.0% compared to $10.0
million for the same period in 2022.
Capital
- During the fourth quarter, the
Company repurchased 92,317 shares of the Company’s common stock at
a weighted average price per share of $10.45. The aggregate
purchase price for the repurchase was approximately $968 thousand,
including transaction costs. The repurchase was made through open
market transaction pursuant to the Company’s publicly announced
stock repurchase program. As of December 31, 2023, 80,080 shares
remained authorized for repurchase under the program.
- During 2023, the Company
repurchased 669,920 shares of the Company’s common stock at a
weighted average price per share of $11.28. The aggregate purchase
price for repurchases was approximately $7.6 million, including
transaction costs. The repurchases were made through open market
transactions pursuant to the Company’s publicly announced stock
repurchase program.
- As of December 31, 2023, total
risk-based capital ratios for the Company and the Bank were 12.78%
and 12.65%, respectively.
- Tangible book value per common
share (non-GAAP financial measure) at December 31, 2023 was $9.81,
representing an increase of $0.69 from December 31, 2022. Tangible
book value per common share at December 31, 2023 was negatively
affected by $2.26 due to an accumulated comprehensive loss of $44.3
million. At December 31, 2022, tangible book value per common
share of $9.12 was negatively affected by $2.24 due to $44.8
million in accumulated comprehensive loss.
Conference Call and Webcast
The Company will host a conference call on
Friday, January 26, 2024, at 11:00 a.m. Eastern Time to
discuss the Company’s unaudited financial results for the quarter
ended December 31, 2023. 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 at 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,” 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
the 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
net 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
cybersecurity-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 has 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 financial 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
RelationsInvestorRelations@uscentury.com
Media RelationsMartha
Guerra-Kattou MGuerra@uscentury.com
USCB FINANCIAL HOLDINGS, INC. |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
24,803 |
|
|
$ |
17,836 |
|
|
$ |
87,884 |
|
|
$ |
60,825 |
|
Investment securities |
|
2,511 |
|
|
|
2,306 |
|
|
|
10,012 |
|
|
|
9,346 |
|
Interest-bearing deposits in financial institutions |
|
662 |
|
|
|
455 |
|
|
|
3,121 |
|
|
|
929 |
|
Total interest income |
|
27,976 |
|
|
|
20,597 |
|
|
|
101,017 |
|
|
|
71,100 |
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
|
327 |
|
|
|
34 |
|
|
|
901 |
|
|
|
86 |
|
Savings and money market accounts |
|
9,126 |
|
|
|
2,866 |
|
|
|
29,658 |
|
|
|
5,173 |
|
Time deposits |
|
2,733 |
|
|
|
616 |
|
|
|
8,500 |
|
|
|
1,509 |
|
FHLB advances and other borrowings |
|
1,414 |
|
|
|
215 |
|
|
|
3,390 |
|
|
|
671 |
|
Total interest expense |
|
13,600 |
|
|
|
3,731 |
|
|
|
42,449 |
|
|
|
7,439 |
|
Net interest income before provision for credit losses |
|
14,376 |
|
|
|
16,866 |
|
|
|
58,568 |
|
|
|
63,661 |
|
Provision for credit losses |
|
1,475 |
|
|
|
880 |
|
|
|
2,367 |
|
|
|
2,495 |
|
Net interest income after provision for credit losses |
|
12,901 |
|
|
|
15,986 |
|
|
|
56,201 |
|
|
|
61,166 |
|
Non-interest
income: |
|
|
|
|
|
|
|
|
|
|
|
Service fees |
|
1,348 |
|
|
|
1,093 |
|
|
|
5,055 |
|
|
|
4,010 |
|
Gain (loss) on sale of securities available for sale, net |
|
(883 |
) |
|
|
(1,989 |
) |
|
|
(1,859 |
) |
|
|
(2,529 |
) |
Gain on sale of loans held for sale, net |
|
105 |
|
|
|
205 |
|
|
|
801 |
|
|
|
891 |
|
Loan settlement |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
161 |
|
Other non-interest income |
|
756 |
|
|
|
568 |
|
|
|
3,406 |
|
|
|
2,695 |
|
Total non-interest income |
|
1,326 |
|
|
|
(123 |
) |
|
|
7,403 |
|
|
|
5,228 |
|
Non-interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
6,104 |
|
|
|
6,080 |
|
|
|
24,429 |
|
|
|
23,943 |
|
Occupancy |
|
1,262 |
|
|
|
1,256 |
|
|
|
5,230 |
|
|
|
5,058 |
|
Regulatory assessments and fees |
|
412 |
|
|
|
222 |
|
|
|
1,453 |
|
|
|
930 |
|
Consulting and legal fees |
|
642 |
|
|
|
371 |
|
|
|
1,899 |
|
|
|
1,890 |
|
Network and information technology services |
|
552 |
|
|
|
483 |
|
|
|
2,016 |
|
|
|
1,806 |
|
Other operating expense |
|
1,747 |
|
|
|
1,602 |
|
|
|
6,781 |
|
|
|
5,682 |
|
Total non-interest expense |
|
10,719 |
|
|
|
10,014 |
|
|
|
41,808 |
|
|
|
39,309 |
|
Net income before income tax expense |
|
3,508 |
|
|
|
5,849 |
|
|
|
21,796 |
|
|
|
27,085 |
|
Income tax expense |
|
787 |
|
|
|
1,415 |
|
|
|
5,251 |
|
|
|
6,944 |
|
Net income |
$ |
2,721 |
|
|
$ |
4,434 |
|
|
$ |
16,545 |
|
|
$ |
20,141 |
|
Per share
information: |
|
|
|
|
|
|
|
|
|
|
|
Net income per common share, basic |
$ |
0.14 |
|
|
$ |
0.22 |
|
|
$ |
0.84 |
|
|
$ |
1.01 |
|
Net income per common share, diluted |
$ |
0.14 |
|
|
$ |
0.22 |
|
|
$ |
0.84 |
|
|
$ |
1.00 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Common shares, basic |
|
19,503,043 |
|
|
|
20,000,753 |
|
|
|
19,621,698 |
|
|
|
19,999,323 |
|
Common shares, diluted |
|
19,573,350 |
|
|
|
20,172,438 |
|
|
|
19,687,634 |
|
|
|
20,176,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USCB FINANCIAL HOLDINGS, INC. |
SELECTED FINANCIAL DATA (UNAUDITED) |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of or For the Three Months Ended |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
Income statement
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
14,376 |
|
|
$ |
14,022 |
|
|
$ |
14,173 |
|
|
$ |
15,997 |
|
|
$ |
16,866 |
|
Provision for credit losses |
|
1,475 |
|
|
|
653 |
|
|
|
38 |
|
|
|
201 |
|
|
|
880 |
|
Net interest income after provision for credit losses |
|
12,901 |
|
|
|
13,369 |
|
|
|
14,135 |
|
|
|
15,796 |
|
|
|
15,986 |
|
Service fees |
|
1,348 |
|
|
|
1,329 |
|
|
|
1,173 |
|
|
|
1,205 |
|
|
|
1,093 |
|
Gain (loss) on sale of securities available for sale, net |
|
(883 |
) |
|
|
(955 |
) |
|
|
- |
|
|
|
(21 |
) |
|
|
(1,989 |
) |
Gain on sale of loans held for sale, net |
|
105 |
|
|
|
255 |
|
|
|
94 |
|
|
|
347 |
|
|
|
205 |
|
Other income |
|
756 |
|
|
|
1,532 |
|
|
|
579 |
|
|
|
539 |
|
|
|
568 |
|
Total non-interest income |
|
1,326 |
|
|
|
2,161 |
|
|
|
1,846 |
|
|
|
2,070 |
|
|
|
(123 |
) |
Salaries and employee benefits |
|
6,104 |
|
|
|
6,066 |
|
|
|
5,882 |
|
|
|
6,377 |
|
|
|
6,080 |
|
Occupancy |
|
1,262 |
|
|
|
1,350 |
|
|
|
1,319 |
|
|
|
1,299 |
|
|
|
1,256 |
|
Regulatory assessments and fees |
|
412 |
|
|
|
365 |
|
|
|
452 |
|
|
|
224 |
|
|
|
222 |
|
Consulting and legal fees |
|
642 |
|
|
|
513 |
|
|
|
386 |
|
|
|
358 |
|
|
|
371 |
|
Network and information technology services |
|
552 |
|
|
|
481 |
|
|
|
505 |
|
|
|
478 |
|
|
|
483 |
|
Other operating expense |
|
1,747 |
|
|
|
1,686 |
|
|
|
1,908 |
|
|
|
1,440 |
|
|
|
1,602 |
|
Total non-interest expense |
|
10,719 |
|
|
|
10,461 |
|
|
|
10,452 |
|
|
|
10,176 |
|
|
|
10,014 |
|
Net income before income tax expense |
|
3,508 |
|
|
|
5,069 |
|
|
|
5,529 |
|
|
|
7,690 |
|
|
|
5,849 |
|
Income tax expense |
|
787 |
|
|
|
1,250 |
|
|
|
1,333 |
|
|
|
1,881 |
|
|
|
1,415 |
|
Net income |
$ |
2,721 |
|
|
$ |
3,819 |
|
|
$ |
4,196 |
|
|
$ |
5,809 |
|
|
$ |
4,434 |
|
Per share
information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share, basic |
$ |
0.14 |
|
|
$ |
0.20 |
|
|
$ |
0.21 |
|
|
$ |
0.29 |
|
|
$ |
0.22 |
|
Net income per common share, diluted |
$ |
0.14 |
|
|
$ |
0.19 |
|
|
$ |
0.21 |
|
|
$ |
0.29 |
|
|
$ |
0.22 |
|
Balance sheet data (at
period-end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
41,062 |
|
|
$ |
33,435 |
|
|
$ |
87,280 |
|
|
$ |
63,251 |
|
|
$ |
54,168 |
|
Securities available-for-sale |
$ |
229,329 |
|
|
$ |
218,609 |
|
|
$ |
218,442 |
|
|
$ |
229,409 |
|
|
$ |
230,140 |
|
Securities held-to-maturity |
$ |
174,974 |
|
|
$ |
197,311 |
|
|
$ |
220,956 |
|
|
$ |
186,428 |
|
|
$ |
188,699 |
|
Total securities |
$ |
404,303 |
|
|
$ |
415,920 |
|
|
$ |
439,398 |
|
|
$ |
415,837 |
|
|
$ |
418,839 |
|
Loans held for investment(1) |
$ |
1,780,827 |
|
|
$ |
1,676,520 |
|
|
$ |
1,595,959 |
|
|
$ |
1,580,394 |
|
|
$ |
1,507,338 |
|
Allowance for credit losses |
$ |
(21,084 |
) |
|
$ |
(19,493 |
) |
|
$ |
(18,815 |
) |
|
$ |
(18,887 |
) |
|
$ |
(17,487 |
) |
Total assets |
$ |
2,339,093 |
|
|
$ |
2,244,602 |
|
|
$ |
2,225,914 |
|
|
$ |
2,163,821 |
|
|
$ |
2,085,834 |
|
Non-interest-bearing deposits |
$ |
552,762 |
|
|
$ |
573,546 |
|
|
$ |
572,360 |
|
|
$ |
633,606 |
|
|
$ |
629,776 |
|
Interest-bearing deposits |
$ |
1,384,377 |
|
|
$ |
1,347,376 |
|
|
$ |
1,348,941 |
|
|
$ |
1,196,856 |
|
|
$ |
1,199,505 |
|
Total deposits |
$ |
1,937,139 |
|
|
$ |
1,920,922 |
|
|
$ |
1,921,301 |
|
|
$ |
1,830,462 |
|
|
$ |
1,829,281 |
|
FHLB advances and other borrowings |
$ |
183,000 |
|
|
$ |
102,000 |
|
|
$ |
87,000 |
|
|
$ |
120,000 |
|
|
$ |
46,000 |
|
Total liabilities |
$ |
2,147,125 |
|
|
$ |
2,061,718 |
|
|
$ |
2,042,229 |
|
|
$ |
1,979,963 |
|
|
$ |
1,903,406 |
|
Total stockholders' equity |
$ |
191,968 |
|
|
$ |
182,884 |
|
|
$ |
183,685 |
|
|
$ |
183,858 |
|
|
$ |
182,428 |
|
Capital
ratios:(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leverage ratio |
|
9.28 |
% |
|
|
9.26 |
% |
|
|
9.32 |
% |
|
|
9.36 |
% |
|
|
9.61 |
% |
Common equity tier 1 capital |
|
11.62 |
% |
|
|
11.97 |
% |
|
|
12.27 |
% |
|
|
12.04 |
% |
|
|
12.53 |
% |
Tier 1 risk-based capital |
|
11.62 |
% |
|
|
11.97 |
% |
|
|
12.27 |
% |
|
|
12.04 |
% |
|
|
12.53 |
% |
Total risk-based capital |
|
12.78 |
% |
|
|
13.10 |
% |
|
|
13.42 |
% |
|
|
13.20 |
% |
|
|
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 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
Average balance sheet
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
57,069 |
|
|
$ |
90,742 |
|
|
$ |
94,313 |
|
|
$ |
50,822 |
|
|
$ |
61,892 |
|
Securities available-for-sale |
$ |
215,649 |
|
|
$ |
222,134 |
|
|
$ |
224,913 |
|
|
$ |
230,336 |
|
|
$ |
242,144 |
|
Securities held-to-maturity |
$ |
181,151 |
|
|
$ |
218,694 |
|
|
$ |
192,628 |
|
|
$ |
187,826 |
|
|
$ |
184,459 |
|
Total securities |
$ |
396,800 |
|
|
$ |
440,828 |
|
|
$ |
417,541 |
|
|
$ |
418,162 |
|
|
$ |
426,603 |
|
Loans held for investment(1) |
$ |
1,698,611 |
|
|
$ |
1,610,864 |
|
|
$ |
1,569,266 |
|
|
$ |
1,547,393 |
|
|
$ |
1,456,780 |
|
Total assets |
$ |
2,268,811 |
|
|
$ |
2,250,258 |
|
|
$ |
2,183,542 |
|
|
$ |
2,120,218 |
|
|
$ |
2,051,867 |
|
Interest-bearing deposits |
$ |
1,336,470 |
|
|
$ |
1,353,516 |
|
|
$ |
1,270,657 |
|
|
$ |
1,179,878 |
|
|
$ |
1,150,049 |
|
Non-interest-bearing deposits |
$ |
577,133 |
|
|
$ |
587,917 |
|
|
$ |
601,778 |
|
|
$ |
664,369 |
|
|
$ |
653,820 |
|
Total deposits |
$ |
1,913,603 |
|
|
$ |
1,941,433 |
|
|
$ |
1,872,435 |
|
|
$ |
1,844,247 |
|
|
$ |
1,803,869 |
|
FHLB advances and other borrowings |
$ |
139,000 |
|
|
$ |
85,326 |
|
|
$ |
93,075 |
|
|
$ |
61,600 |
|
|
$ |
37,500 |
|
Total liabilities |
$ |
2,085,182 |
|
|
$ |
2,065,357 |
|
|
$ |
1,999,304 |
|
|
$ |
1,936,847 |
|
|
$ |
1,874,311 |
|
Total stockholders' equity |
$ |
183,629 |
|
|
$ |
184,901 |
|
|
$ |
184,238 |
|
|
$ |
183,371 |
|
|
$ |
177,556 |
|
Performance
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets(2) |
|
0.48 |
% |
|
|
0.67 |
% |
|
|
0.77 |
% |
|
|
1.11 |
% |
|
|
0.86 |
% |
Return on average equity(2) |
|
5.88 |
% |
|
|
8.19 |
% |
|
|
9.13 |
% |
|
|
12.85 |
% |
|
|
9.91 |
% |
Net interest margin(2) |
|
2.65 |
% |
|
|
2.60 |
% |
|
|
2.73 |
% |
|
|
3.22 |
% |
|
|
3.45 |
% |
Non-interest income (loss) to average assets(2) |
|
0.23 |
% |
|
|
0.38 |
% |
|
|
0.34 |
% |
|
|
0.40 |
% |
|
|
(0.02 |
)% |
Efficiency ratio(3) |
|
68.27 |
% |
|
|
64.64 |
% |
|
|
65.25 |
% |
|
|
56.32 |
% |
|
|
59.81 |
% |
Loans by type (at
period end):(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
$ |
204,419 |
|
|
$ |
188,880 |
|
|
$ |
183,093 |
|
|
$ |
184,427 |
|
|
$ |
185,636 |
|
Commercial real estate |
$ |
1,047,593 |
|
|
$ |
1,005,280 |
|
|
$ |
989,401 |
|
|
$ |
987,757 |
|
|
$ |
970,410 |
|
Commercial and industrial |
$ |
219,757 |
|
|
$ |
212,975 |
|
|
$ |
169,401 |
|
|
$ |
160,947 |
|
|
$ |
126,984 |
|
Foreign banks |
$ |
114,945 |
|
|
$ |
94,640 |
|
|
$ |
85,409 |
|
|
$ |
97,405 |
|
|
$ |
93,769 |
|
Consumer and other |
$ |
191,930 |
|
|
$ |
173,096 |
|
|
$ |
167,845 |
|
|
$ |
149,410 |
|
|
$ |
130,429 |
|
Asset quality
data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses to total loans |
|
1.18 |
% |
|
|
1.16 |
% |
|
|
1.18 |
% |
|
|
1.20 |
% |
|
|
1.16 |
% |
Allowance for credit losses to non-performing loans |
|
4,505 |
% |
|
|
4,070 |
% |
|
|
3,871 |
% |
|
|
3,886 |
% |
|
|
- |
% |
Total non-performing loans(5) |
$ |
468 |
|
|
$ |
479 |
|
|
$ |
486 |
|
|
$ |
486 |
|
|
$ |
- |
|
Non-performing loans to total loans |
|
0.03 |
% |
|
|
0.03 |
% |
|
|
0.03 |
% |
|
|
0.03 |
% |
|
|
- |
% |
Non-performing assets to total assets(5) |
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
- |
% |
Net charge-offs (recoveries of) to average loans(2) |
|
(0.00 |
)% |
|
|
(0.00 |
)% |
|
|
0.01 |
% |
|
|
(0.01 |
)% |
|
|
(0.00 |
)% |
Net charge-offs (recovery) of credit losses |
$ |
(3 |
) |
|
$ |
(5 |
) |
|
$ |
29 |
|
|
$ |
(49 |
) |
|
$ |
(2 |
) |
Interest rates and
yields:(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
5.79 |
% |
|
|
5.55 |
% |
|
|
5.33 |
% |
|
|
5.17 |
% |
|
|
4.86 |
% |
Investment securities |
|
2.46 |
% |
|
|
2.52 |
% |
|
|
2.26 |
% |
|
|
2.20 |
% |
|
|
2.13 |
% |
Total interest-earning assets |
|
5.16 |
% |
|
|
4.89 |
% |
|
|
4.68 |
% |
|
|
4.51 |
% |
|
|
4.21 |
% |
Deposits |
|
2.53 |
% |
|
|
2.39 |
% |
|
|
1.99 |
% |
|
|
1.29 |
% |
|
|
0.77 |
% |
FHLB advances and other borrowings |
|
4.04 |
% |
|
|
3.19 |
% |
|
|
3.42 |
% |
|
|
3.27 |
% |
|
|
2.27 |
% |
Total interest-bearing liabilities |
|
3.66 |
% |
|
|
3.41 |
% |
|
|
2.97 |
% |
|
|
2.08 |
% |
|
|
1.25 |
% |
Other
information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent employees |
|
196 |
|
|
|
194 |
|
|
|
198 |
|
|
|
196 |
|
|
|
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 and
percentages 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 December 31, |
|
2023 |
|
|
2022 |
|
|
AverageBalance |
|
Interest |
|
Yield/Rate(1) |
|
AverageBalance |
|
Interest |
|
Yield/Rate(1) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans(2) |
$ |
1,698,611 |
|
$ |
24,803 |
|
5.79 |
% |
|
$ |
1,456,780 |
|
$ |
17,836 |
|
4.86 |
% |
Investment securities(3) |
|
404,850 |
|
|
2,511 |
|
2.46 |
% |
|
|
429,020 |
|
|
2,306 |
|
2.13 |
% |
Other interest-earnings assets |
|
49,583 |
|
|
662 |
|
5.30 |
% |
|
|
53,717 |
|
|
455 |
|
3.36 |
% |
Total interest-earning assets |
|
2,153,044 |
|
|
27,976 |
|
5.16 |
% |
|
|
1,939,517 |
|
|
20,597 |
|
4.21 |
% |
Non-interest-earning assets |
|
115,767 |
|
|
|
|
|
|
|
112,350 |
|
|
|
|
|
Total assets |
$ |
2,268,811 |
|
|
|
|
|
|
$ |
2,051,867 |
|
|
|
|
|
Liabilities and
stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
$ |
49,675 |
|
|
327 |
|
2.61 |
% |
|
$ |
61,976 |
|
|
34 |
|
0.22 |
% |
Saving and money market deposits |
|
1,004,805 |
|
|
9,126 |
|
3.60 |
% |
|
|
871,269 |
|
|
2,866 |
|
1.31 |
% |
Time deposits |
|
281,990 |
|
|
2,733 |
|
3.85 |
% |
|
|
216,804 |
|
|
616 |
|
1.13 |
% |
Total interest-bearing deposits |
|
1,336,470 |
|
|
12,186 |
|
3.62 |
% |
|
|
1,150,049 |
|
|
3,516 |
|
1.21 |
% |
FHLB advances and other borrowings |
|
139,000 |
|
|
1,414 |
|
4.04 |
% |
|
|
37,500 |
|
|
215 |
|
2.27 |
% |
Total interest-bearing liabilities |
|
1,475,470 |
|
|
13,600 |
|
3.66 |
% |
|
|
1,187,549 |
|
|
3,731 |
|
1.25 |
% |
Non-interest-bearing demand deposits |
|
577,133 |
|
|
|
|
|
|
|
653,820 |
|
|
|
|
|
Other non-interest-bearing liabilities |
|
32,579 |
|
|
|
|
|
|
|
32,942 |
|
|
|
|
|
Total liabilities |
|
2,085,182 |
|
|
|
|
|
|
|
1,874,311 |
|
|
|
|
|
Stockholders' equity |
|
183,629 |
|
|
|
|
|
|
|
177,556 |
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
2,268,811 |
|
|
|
|
|
|
$ |
2,051,867 |
|
|
|
|
|
Net interest income |
|
|
|
$ |
14,376 |
|
|
|
|
|
|
$ |
16,866 |
|
|
Net interest spread(4) |
|
|
|
|
|
|
1.50 |
% |
|
|
|
|
|
|
|
2.96 |
% |
Net interest margin(5) |
|
|
|
|
|
|
2.65 |
% |
|
|
|
|
|
|
|
3.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
Pre-tax pre-provision
("PTPP") income:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,721 |
|
|
$ |
3,819 |
|
|
$ |
4,196 |
|
|
$ |
5,809 |
|
|
$ |
4,434 |
|
Plus: Provision for income taxes |
|
787 |
|
|
|
1,250 |
|
|
|
1,333 |
|
|
|
1,881 |
|
|
|
1,415 |
|
Plus: Provision for credit losses |
|
1,475 |
|
|
|
653 |
|
|
|
38 |
|
|
|
201 |
|
|
|
880 |
|
PTPP income |
$ |
4,983 |
|
|
$ |
5,722 |
|
|
$ |
5,567 |
|
|
$ |
7,891 |
|
|
$ |
6,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTPP return on average
assets:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTPP income |
$ |
4,983 |
|
|
$ |
5,722 |
|
|
$ |
5,567 |
|
|
$ |
7,891 |
|
|
$ |
6,729 |
|
Average assets |
$ |
2,268,811 |
|
|
$ |
2,250,258 |
|
|
$ |
2,183,542 |
|
|
$ |
2,120,218 |
|
|
$ |
2,051,867 |
|
PTPP return on average assets(2) |
|
0.87 |
% |
|
|
1.01 |
% |
|
|
1.02 |
% |
|
|
1.51 |
% |
|
|
1.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net
income:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,721 |
|
|
$ |
3,819 |
|
|
$ |
4,196 |
|
|
$ |
5,809 |
|
|
$ |
4,434 |
|
Less: Net gains (losses) on sale of securities |
|
(883 |
) |
|
|
(955 |
) |
|
|
- |
|
|
|
(21 |
) |
|
|
(1,989 |
) |
Less: Tax effect on sale of securities |
|
224 |
|
|
|
242 |
|
|
|
- |
|
|
|
5 |
|
|
|
504 |
|
Operating net income |
$ |
3,380 |
|
|
$ |
4,532 |
|
|
$ |
4,196 |
|
|
$ |
5,825 |
|
|
$ |
5,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating PTPP
income:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PTPP income |
$ |
4,983 |
|
|
$ |
5,722 |
|
|
$ |
5,567 |
|
|
$ |
7,891 |
|
|
$ |
6,729 |
|
Less: Net gains (losses) on sale of securities |
|
(883 |
) |
|
|
(955 |
) |
|
|
- |
|
|
|
(21 |
) |
|
|
(1,989 |
) |
Operating PTPP income |
$ |
5,866 |
|
|
$ |
6,677 |
|
|
$ |
5,567 |
|
|
$ |
7,912 |
|
|
$ |
8,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating PTPP return
on average assets:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating PTPP income |
$ |
5,866 |
|
|
$ |
6,677 |
|
|
$ |
5,567 |
|
|
$ |
7,912 |
|
|
$ |
8,718 |
|
Average assets |
$ |
2,268,811 |
|
|
$ |
2,250,258 |
|
|
$ |
2,183,542 |
|
|
$ |
2,120,218 |
|
|
$ |
2,051,867 |
|
Operating PTPP return on average assets(2) |
|
1.03 |
% |
|
|
1.18 |
% |
|
|
1.02 |
% |
|
|
1.51 |
% |
|
|
1.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average assets:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income |
$ |
3,380 |
|
|
$ |
4,532 |
|
|
$ |
4,196 |
|
|
$ |
5,825 |
|
|
$ |
5,919 |
|
Average assets |
$ |
2,268,811 |
|
|
$ |
2,250,258 |
|
|
$ |
2,183,542 |
|
|
$ |
2,120,218 |
|
|
$ |
2,051,867 |
|
Operating return on average assets(2) |
|
0.59 |
% |
|
|
0.80 |
% |
|
|
0.77 |
% |
|
|
1.11 |
% |
|
|
1.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating return on
average equity:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income |
$ |
3,380 |
|
|
$ |
4,532 |
|
|
$ |
4,196 |
|
|
$ |
5,825 |
|
|
$ |
5,919 |
|
Average equity |
$ |
183,629 |
|
|
$ |
184,901 |
|
|
$ |
184,238 |
|
|
$ |
183,371 |
|
|
$ |
177,556 |
|
Operating return on average equity(2) |
|
7.30 |
% |
|
|
9.72 |
% |
|
|
9.13 |
% |
|
|
12.88 |
% |
|
|
13.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenue:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
14,376 |
|
|
$ |
14,022 |
|
|
$ |
14,173 |
|
|
$ |
15,997 |
|
|
$ |
16,866 |
|
Non-interest income |
|
1,326 |
|
|
|
2,161 |
|
|
|
1,846 |
|
|
|
2,070 |
|
|
|
(123 |
) |
Less: Net gains (losses) on sale of securities |
|
(883 |
) |
|
|
(955 |
) |
|
|
- |
|
|
|
(21 |
) |
|
|
(1,989 |
) |
Operating revenue |
$ |
16,585 |
|
|
$ |
17,138 |
|
|
$ |
16,019 |
|
|
$ |
18,088 |
|
|
$ |
18,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Efficiency
Ratio:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense |
$ |
10,719 |
|
|
$ |
10,461 |
|
|
$ |
10,452 |
|
|
$ |
10,176 |
|
|
$ |
10,014 |
|
Operating revenue |
$ |
16,585 |
|
|
$ |
17,138 |
|
|
$ |
16,019 |
|
|
$ |
18,088 |
|
|
$ |
18,732 |
|
Operating efficiency ratio |
|
64.63 |
% |
|
|
61.04 |
% |
|
|
65.25 |
% |
|
|
56.26 |
% |
|
|
53.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
Tangible book value
per common share (at period-end):(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
$ |
191,968 |
|
|
$ |
182,884 |
|
|
$ |
183,685 |
|
|
$ |
183,858 |
|
|
$ |
182,428 |
|
Less: Intangible assets(2) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Tangible stockholders' equity(2) |
$ |
191,968 |
|
|
$ |
182,884 |
|
|
$ |
183,685 |
|
|
$ |
183,858 |
|
|
$ |
182,428 |
|
Total shares issued and outstanding (at
period-end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common shares issued and outstanding |
|
19,575,435 |
|
|
|
19,542,290 |
|
|
|
19,544,777 |
|
|
|
19,622,380 |
|
|
|
20,000,753 |
|
Tangible book value per common share(2) (3) |
$ |
9.81 |
|
|
$ |
9.36 |
|
|
$ |
9.40 |
|
|
$ |
9.37 |
|
|
$ |
9.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating diluted net
income per common share:(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income |
$ |
3,380 |
|
|
$ |
4,532 |
|
|
$ |
4,196 |
|
|
$ |
5,825 |
|
|
$ |
5,919 |
|
Total weighted average diluted shares of common stock |
|
19,573,350 |
|
|
|
19,611,897 |
|
|
|
19,639,682 |
|
|
|
19,940,606 |
|
|
|
20,172,438 |
|
Operating diluted net income per common share: |
$ |
0.17 |
|
|
$ |
0.23 |
|
|
$ |
0.21 |
|
|
$ |
0.29 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity/Tangible Assets(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders' equity |
$ |
191,968 |
|
|
$ |
182,884 |
|
|
$ |
183,685 |
|
|
$ |
183,858 |
|
|
$ |
182,428 |
|
Tangible total assets(2) |
$ |
2,339,093 |
|
|
$ |
2,244,602 |
|
|
$ |
2,225,914 |
|
|
$ |
2,163,821 |
|
|
$ |
2,085,834 |
|
Tangible Common Equity/Tangible Assets(2) |
|
8.21 |
% |
|
|
8.15 |
% |
|
|
8.25 |
% |
|
|
8.50 |
% |
|
|
8.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The Company
believes these non-GAAP measurements are key indicators of the
ongoing earnings power of the Company. |
(2) Since the
Company has no intangible assets, tangible stockholders' equity,
tangible book value per share and tangible total assets are the
same amounts as stockholders' equity, book value per share and
total assets calculated under GAAP. |
(3) Excludes the
dilutive effect, if any, of shares of common stock issuable upon
exercise of outstanding stock options. |
USCB Financial (NASDAQ:USCB)
過去 株価チャート
から 7 2024 まで 8 2024
USCB Financial (NASDAQ:USCB)
過去 株価チャート
から 8 2023 まで 8 2024