U.S. Century Bank Reports Second Quarter 2021 Results

Rhea-AI Summary

U.S. Century Bank (NASDAQ: USCB) reported a strong financial performance for Q2 2021, with net income rising to $4.1 million or $0.64 per diluted share, up from $1.4 million in Q2 2020. The company completed its IPO, raising $42 million. Net interest income also increased by 14.75% year-over-year to $12.5 million, although net interest margin declined to 3.14%. Total assets reached $1.7 billion, with average deposits up by 6.59%. Non-performing loans fell to less than 0.01%, indicating improved asset quality.

Positive

• Net income increased to $4.1 million, up from $1.4 million year-over-year.
• Completed IPO raised $42 million to support growth strategy.
• Net interest income rose by 14.75% to $12.5 million.
• Total assets reached $1.7 billion, a 2.1% increase from the previous quarter.
• Non-performing loans decreased significantly to less than 0.01%.

Negative

• Net interest margin declined to 3.14%, down from 3.35% in the previous quarter.
• Total risk-based capital ratio decreased to 12.69% from 14.14% year-over-year.

U.S. Century Bank (the “Company”) (NASDAQ: USCB) today announced 2021 second quarter financial results for the quarter ended June 30, 2021.

“We are thrilled to have completed our initial public offering and to be trading publicly. This milestone will help support the Company’s growth strategy as part of our long-term strategic expansion plan,” said Luis de la Aguilera, President and Chief Executive Officer.

The Company reported net income of $4.1 million or $0.64 per diluted share of Class A common stock and $0.13 per diluted share of Class B common stock, for the quarter ended June 30, 2021, from net income of $1.4 million or $0.13 per diluted share of Class A common stock and $0.03 per diluted share of Class B common stock, for the quarter ended June 30, 2020.

Financial Highlights

• Completed the initial public offering (“IPO”) and issued 4,600,000 shares of Class A common stock, inclusive of the full exercise of the underwriters’ option to purchase an additional 600,000 shares. The securities were sold at a price to the public of $10.00 per share and began trading on the Nasdaq Global Market under the ticker symbol “USCB” on July 23, 2021. On July 27, 2021, the closing date of the IPO, the Company received total net proceeds of $42 million, after deducting the underwriting discount.

• Net interest income was $12.5 million for the quarter ended June 30, 2021, representing an increase of $1.6 million or 14.75% as compared to the second quarter in 2020. The increase was primarily driven by higher investment income and lower interest expense on deposits.

• Net interest margin (“NIM”) was 3.14% for the three months ended June 30, 2021, a decrease of 21 basis points from 3.35% for the immediately preceding quarter ended March 31, 2021, and a decrease of 14 basis points from 3.28% for the second quarter in 2020. The decreases in NIM were largely due to lower benchmark interest rates.

• The efficiency ratio for the three months ended June 30, 2021 was 62.00% as compared to 69.03% for the second quarter in 2020.

• Average deposits for the quarter ended June 30, 2021 increased by $88.5 million or 6.59% compared to the immediately preceding quarter ended March 31, 2021 and by $265.7 million or 22.78% compared to the second quarter of 2020.

• Average loans for the quarter ended June 30, 2021 increased by $16.7 million or 1.56% compared to the immediately preceding quarter ended March 31, 2021 and by $49.6 million or 4.78% compared to the second quarter of 2020.

• Annualized return on average assets for the quarter ended June 30, 2021 was 0.98%, compared to 0.41% for the second quarter in 2020.

• Annualized return on average stockholders’ equity for the quarter ended June 30, 2021 was 9.74%, compared to 3.55% for the second quarter in 2020.

• Since March 2020, the Company has participated in all three rounds of the Small Business Administration ("SBA") Paycheck Protection Program ("PPP"), originating $168.4 million of PPP loans through June 30, 2021. As of June 30, 2021, $82.3 million in PPP loans had been forgiven.

• On June 24, 2021, the Company purchased a yacht loan portfolio that is complementary to our business and stated strategy. The portfolio is tied to financed purchases of 24 vessels with an aggregate principal balance as of the date of purchase of $44.1 million.

• On April 26, 2021, the Company completed the repurchase of all outstanding shares of our Class E Partially Cumulative Perpetual Preferred Stock (“Class E Preferred Stock”), for an aggregate repurchase price of $7.6 million, which is equal to the aggregate liquidation preference of $7.5 million plus declared and unpaid dividends. As of the date of this press release, no shares of Class E Preferred Stock remain outstanding.

• Total risk-based capital ratio was 12.69% at June 30, 2021 compared to 14.14% for the second quarter in 2020.

• Allowance for loan losses to total loans was 1.30% at June 30, 2021 compared to 1.45% at June 30, 2020.

• Non-performing loans to total loans was less than 0.01% at June 30, 2021 compared to 0.53% for the second quarter in 2020.

• Annualized net charge offs to average loans for the quarter ended June 30, 2021 was 0.06%.

• Refer to the “Non-GAAP financial measures” Exhibits below for a reconciliation of the non-GAAP measures used.

Balance Sheet

Total assets were $1.7 billion at June 30, 2021, representing an increase of $33.6 million or 2.1% from the immediately preceding quarter ended March 31, 2021. The significant contributing factors to the overall increase included:

• Available-for-sale securities increased $54.5 million or 15.95% as excess liquidity was used to purchase investments.

• Total loans increased $41.1 million or 3.72% primarily due to the purchase of a yacht loan portfolio.

• Cash and equivalents declined $58.8 million primarily because of the purchase of investment securities and loans as mentioned previously.

Deposits totaled $1.4 billion at June 30, 2021, representing an increase of $34.5 million, or 2.5%, from the immediately preceding quarter ended March 31, 2021. The average cost of total deposits continued to decline, dropping by 8 basis points to 0.26% for the quarter ended June 30, 2021 from 0.34% for the immediately preceding quarter ended March 31, 2021, and 0.73% for the quarter ended June 30, 2020.

Asset Quality

Non-performing assets decreased by $0.7 million or 97.0% for the three months ended June 30, 2021 compared to the immediately preceding quarter ended March 31, 2021 and decreased $5.6 million or 99.6% from the second quarter ended June 30, 2020. For the three months ended June 30, 2021, non-performing assets to total assets was less than 0.01%, representing a decrease of nearly 0.04% or 97.1% from the immediately preceding quarter ended March 31, 2021.

The allowance for loan losses was $14.8 million at June 30, 2021, down from $15.0 million for the immediately preceding quarter ended March 31, 2021, and from $15.3 million for the quarter ended June 30, 2020.

Non-interest Income and Non-interest Expense

Non-interest income totaled $1.5 million for the three months ended June 30, 2021, representing an increase of approximately $0.6 million or 58.4% compared to the same period in 2020. The increase was primarily driven by higher service charges on deposits and gains on sale of loans held for sale.

Non-interest expense was $8.7 million for the three months ended June 30, 2021 compared to $8.2 million for the same period in 2020. The increase was primarily driven by higher employee headcount and professional fees.

About 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, with assets of $1.7 billion. U.S. Century is rated 5-star by BauerFinancial, the nation’s leading independent bank rating firm. Through its network of 11 branch locations and its online banking platform, U.S. Century Bank offers customers a wide range of financial products and services. U.S. Century Bank has received awards and accolades from numerous organizations for its philanthropic support and leadership, including the Beacon Council, Greater Miami Chamber of Commerce, South Florida Hispanic Chamber of Commerce and others. For more information or to find a U.S. Century branch near you, please call (305) 715-5200 or visit www.uscentury.com.

Forward-Looking Statements

Statements included in this earning release that are not historical in nature 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. The words “may,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,” “continue,” “may” 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 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.

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;
• the COVID-19 pandemic and its impact on us, our employees, customers and third-party service providers, and the ultimate extent of the impacts of the pandemic and related government stimulus programs;
• 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 environment;
• our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate;
• legislative or regulatory changes and changes in accounting principles, policies, practices or guidelines, including the effects of forthcoming CECL implementation;
• the effects of our lack of a diversified loan portfolio and concentration in the South Florida market, including the risks of geographic, depositor, and industry concentrations, including our concentration in loans secured by real estate;
• the concentration of ownership of our Class A 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;
• increased competition and its effect on pricing of our products and services as well as our margins;
• 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 from time to time in our filings with the FDIC.

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 presentation 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 statement is 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 we describe in the reports we will file from time to time with the FDIC.

Non-GAAP Financial Measures

This earning 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 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. To the extent applicable, 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 earning release.

U.S. CENTURY BANK AND SUBSIDIARIES (UNAUDITED)
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2021			2020			2021				2020
Interest income:
Loans, including fees		$	11,538		$	11,974		$	23,406			$	23,710
Investment securities			1,968			1,218			3,812				2,482
Interest-bearing deposits in financial institutions			23			67			39				209
Total interest income			13,529			13,259			27,257				26,401
Interest expense:
Interest-bearing deposits			15			44			29				90
Savings and money markets accounts			523			763			1,071				1,890
Time deposits			379			1,306			933				2,718
Federal Home Loan Bank advances			138			275			275				718
Total interest expense			1,055			2,388			2,308				5,416
Net interest income before provision for loan losses			12,474			10,871			24,949				20,985
Provision for (recovery of) loan losses			-			1,750			(160	)			3,250
Net interest income after provision for loan losses			12,474			9,121			25,109				17,735
Non-interest income:
Service fees			903			581			1,792				1,459
Gain on sale of securities available for sale, net			187			5			249				423
Gain on sale of loans held for sale, net			23			-			987				228
Other non-interest income			403			371			809				758
Total non-interest income			1,516			957			3,837				2,868
Non-interest expense:
Salaries and employee benefits			5,213			4,792			10,491				9,862
Occupancy			1,411			1,436			2,798				2,835
Regulatory assessment and fees			195			165			373				341
Consulting and legal fees			373			270			558				429
Network and information technology services			332			412			840				749
Other operating			1,150			1,090			2,291				2,175
Total non-interest expense			8,674			8,165			17,351				16,391
Net income before income tax expense			5,316			1,913			11,595				4,212
Income tax expense			1,263			469			2,761				1,033
Net income			4,053			1,444			8,834				3,179
Preferred stock dividend			754			782			1,535				1,563
Net income available to common stockholders		$	3,299		$	662		$	7,299			$	1,616
Per share information:
Class A common stock (1)
Basic net income per share of common stock		$	0.65		$	0.13		$	1.43			$	0.32
Diluted net income per share of common stock		$	0.64		$	0.13		$	1.41			$	0.31
Class B common stock
Basic net income per share of common stock		$	0.13		$	0.03		$	0.29			$	0.06
Diluted net income per share of common stock		$	0.13		$	0.03		$	0.29			$	0.06
Weighted average shares outstanding:
Class A common stock (1)
Basic			3,889,469			3,887,469			3,889,469				3,887,469
Diluted			3,933,636			3,944,455			3,933,636				3,944,455
Class B common stock
Basic			6,121,052			6,121,052			6,121,052				6,121,052
Diluted			6,121,052			6,121,052			6,121,052				6,121,052
(1) On June 16, 2021, the Company effected a 1 for 5 reverse stock split of all the Class A common stock $1.00 par value. As of the effective date of June 16, 2021, each five shares of the Company's Class A common stock was combined into one fully paid share of Class A common stock. Any fractional shares resulting from this reverse stock split were rounded up to one whole share.

U.S. CENTURY BANK AND SUBSIDIARIES (UNAUDITED)
SELECTED FINANCIAL DATA
(Dollars in thousands, except per share data)
		As of and for the three months ended
		6/30/2021				3/31/2021				12/31/2020				9/30/2020				6/30/2020
Income Statement Data:
Net interest income		$	12,474			$	12,475			$	11,499			$	11,113			$	10,871
Provision for (recovery of) loan losses			-				(160	)			-				-				1,750
Net interest income after provision for loan losses			12,474				12,635				11,499				11,113				9,121
Service fees			903				889				1,030				777				581
Gain on sale of securities available for sale, net			187				62				11				-				5
Gain (loss) on sale of loans held for sale, net			23				964				(1	)			612				-
Other income			403				406				414				386				371
Total non-interest income			1,516				2,321				1,454				1,775				957
Salaries and employee benefits			5,213				5,278				4,435				4,907				4,792
Occupancy			1,411				1,387				1,402				1,419				1,436
Regulatory assessment and fees			195				178				171				179				165
Consulting and legal fees			373				185				274				342				270
Network and information technology services			332				508				380				407				412
Other operating			1,150				1,141				1,603				1,126				1,090
Total non-interest expense			8,674				8,677				8,265				8,380				8,165
Net income before income tax expense			5,316				6,279				4,688				4,508				1,913
Income tax expense			1,263				1,498				449				1,106				469
Net income			4,053				4,781				4,239				3,402				1,444
Preferred stock dividend			754				781				782			$	782				782
Net income available to common stockholders		$	3,299			$	4,000			$	3,457			$	2,620			$	662
Class A common stock (1)
Net income per share, basic		$	0.65			$	0.78			$	0.68			$	0.51			$	0.13
Net income per share, diluted		$	0.64			$	0.78			$	0.67			$	0.51			$	0.13
Class B common stock
Net income per share, basic		$	0.13			$	0.16			$	0.14			$	0.10			$	0.03
Net income per share, diluted		$	0.13			$	0.16			$	0.14			$	0.10			$	0.03
Balance Sheet Data (at period end):
Cash and cash equivalents		$	47,117			$	105,940			$	47,734			$	177,411			$	116,567
Securities available-for-sale		$	395,804			$	341,344			$	334,322			$	189,507			$	178,393
Loans held for investment (2)		$	1,145,095			$	1,103,981			$	1,038,504			$	1,042,106			$	1,054,148
Allowance for loan losses		$	(14,848	)		$	(15,009	)		$	(15,086	)		$	(15,207	)		$	(15,323	)
Total assets		$	1,667,005			$	1,633,359			$	1,501,742			$	1,491,036			$	1,432,126
Non-interest-bearing deposits		$	555,993			$	516,550			$	442,467			$	416,564			$	416,572
Interest-bearing deposits		$	882,783			$	887,681			$	830,935			$	836,058			$	780,275
Federal Home Loan Bank advances and other borrowings		$	36,000			$	36,000			$	36,000			$	41,000			$	44,000
Total liabilities		$	1,500,703			$	1,462,934			$	1,330,741			$	1,322,450			$	1,266,511
Total stockholders' equity		$	166,302			$	170,425			$	171,001			$	168,586			$	165,615
Capital ratios:
Tier 1 leverage ratio			7.91	%			8.57	%			8.61	%			8.73	%			8.80	%
Common equity tier 1 RWA*			9.24	%			9.47	%			9.71	%			9.68	%			9.43	%
Tier 1 capital to RWA*			11.44	%			12.54	%			12.99	%			13.08	%			12.89	%
Total capital to RWA*			12.69	%			13.80	%			14.24	%			14.34	%			14.14	%
* RWA = risk weighted assets
(1) Adjusted for the 1 for 5 reverse stock split for all periods shown.
(2) Loan amounts include deferred fees/costs.

U.S. CENTURY BANK AND SUBSIDIARIES (UNAUDITED)
AVERAGE BALANCES, RATIOS, AND OTHER
(Dollars in thousands)
		As of and for the three months ended
		6/30/2021				3/31/2021				12/31/2020				9/30/2020				6/30/2020
Average balance sheet data:
Cash and cash equivalents		$	108,028			$	86,157			$	154,415			$	159,230			$	103,997
Securities available-for-sale		$	382,990			$	334,723			$	251,294			$	187,096			$	173,467
Loans held for investment		$	1,088,492			$	1,071,782			$	1,036,249			$	1,032,264			$	1,038,869
Total assets		$	1,660,060			$	1,573,881			$	1,522,735			$	1,460,732			$	1,404,417
Interest-bearing deposits		$	896,271			$	861,300			$	854,206			$	813,031			$	770,869
Total deposits		$	1,432,165			$	1,343,676			$	1,291,427			$	1,222,900			$	1,166,490
Federal Home Loan Bank advances and other borrowings		$	36,000			$	36,000			$	37,522			$	43,935			$	48,835
Total liabilities		$	1,493,129			$	1,402,305			$	1,353,424			$	1,293,905			$	1,240,630
Total stockholders' equity		$	166,931			$	171,576			$	169,311			$	166,827			$	163,787
Performance ratios:
Return on average assets (1)			0.98	%			1.23	%			1.11	%			0.93	%			0.41	%
Return on average equity (1)			9.74	%			11.30	%			9.96	%			8.11	%			3.55	%
Net interest margin (1)			3.14	%			3.35	%			3.14	%			3.17	%			3.28	%
Non-interest income to average assets (1)			0.37	%			0.60	%			0.38	%			0.48	%			0.27	%
Efficiency ratio (2)			62.00	%			58.64	%			63.81	%			65.02	%			69.03	%
Loans by type (at period end):(3)
Residential real estate			213,575				231,554				232,754				247,620				268,123
Commercial real estate			673,944				650,762				606,425				603,544				599,315
Commercial and industrial			155,440				174,546				157,330				159,882				158,735
Foreign banks			62,042				45,659				38,999				27,847				25,694
Consumer and other			43,979				5,627				5,507				6,356				6,036
Asset quality data:
Allowance for loan losses to total loans			1.30	%			1.36	%			1.45	%			1.46	%			1.45	%
Allowance for loan losses to non-performing loans			74240	%			2214	%			956	%			930	%			273	%
Non-accrual loans less TDRs			20				228				303				4				2,609
Trouble debt restructurings			-				450				1,275				1,632				355
Loans - over 90 days past due and accruing			-				-				-				-				2,647
Total non-performing loans (4)			20				678				1,578				1,636				5,611
Non-performing loans to total loans			0.00	%			0.06	%			0.15	%			0.16	%			0.53	%
Non-performing assets to total assets			0.00	%			0.04	%			0.11	%			0.11	%			0.39	%
Net charge-offs (recovery of) loan losses to average loans (1)			0.06	%			-0.03	%			0.05	%			0.04	%			0.02	%
Net charge-offs (recovery of) loan losses			160				(83	)			121				116				48
Interest rates and yields:
Loans			4.19	%			4.43	%			4.36	%			4.48	%			4.56	%
Investment securities			2.04	%			2.19	%			2.35	%			2.68	%			2.76	%
Total interest-earning assets			3.41	%			3.69	%			3.57	%			3.75	%			4.00	%
Deposits			0.26	%			0.34	%			0.44	%			0.59	%			0.73	%
Borrowings and repurchase agreements			1.52	%			1.52	%			1.55	%			1.84	%			2.23	%
Total interest-bearing liabilities			0.45	%			0.57	%			0.71	%			0.94	%			1.17	%
Other information:
Full-time equivalent employees			183				186				179				178				170
(1) Annualized.
(2) Efficiency ratio is defined as total non-interest expense divided by sum of net interest income and total non-interest income.
(3) Loan amounts exclude deferred fees/costs.
(4) The amounts for total non-performing loans and total non-performing assets are the same for the periods presented since there were no impaired investments or other real estate owned (OREO) recorded.

U.S. CENTURY BANK AND SUBSIDIARIES (UNAUDITED)
NET INTEREST INCOME
(Dollars in thousands)
		Three Months Ended June 30,
		2021									2020
		Average Balance			Interest			Yield/Rate (1)			Average Balance			Interest			Yield/Rate (1)
Assets
Interest-earning assets:
Loans (2)		$	1,088,492		$	11,538		4.19	%		$	1,038,869		$	11,974		4.56	%
Investment securities			385,090			1,968		2.04	%			176,744			1,218		2.76	%
Other interest earnings assets			101,134			23		0.09	%			95,464			67		0.28	%
Total interest-earning assets			1,574,716			13,529		3.41	%			1,311,077			13,259		4.00	%
Allowance for loan losses			85,344									93,340
Total assets		$	1,660,060								$	1,404,417
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing demand deposits		$	52,620			15		0.11	%		$	43,480			44		0.41	%
Saving and money market deposits			607,752			523		0.35	%			440,505			763		0.69	%
Time deposits			235,899			379		0.65	%			286,884			1,306		1.83	%
Total interest-bearing deposits			896,271			917		0.41	%			770,869			2,113		1.10	%
Borrowings and repurchase agreements			36,000			138		1.52	%			48,835			275		2.23	%
Total interest-bearing liabilities			932,271			1,055		0.45	%			819,704			2,388		1.17	%
Non-interest bearing demand deposits			535,894									395,621
Other non-interest-bearing liabilities			24,964									25,305
Total liabilities			1,493,129									1,240,630
Stockholders' equity			166,931									163,787
Total liabilities and stockholders' equity		$	1,660,060								$	1,404,417
Net interest income					$	12,474								$	10,871
Net interest spread (3)								2.95	%								2.84	%
Net interest margin (4)								3.14	%								3.28	%
(1) Annualized.
(2) Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(3) Net interest spread is the average yield on total interest-earning assets minus the average rate on total interest-bearing liabilities.
(4) Net interest margin is the ratio of net interest income to total interest-earning assets.

U.S. CENTURY BANK AND SUBSIDIARIES (UNAUDITED)
NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
		As of and for the three months ended
		6/30/2021				3/31/2021				12/31/2020				9/30/2020				6/30/2020
PTPP Income:
Net Income		$	4,053			$	4,781			$	4,239			$	3,402			$	1,444
Plus: Provision for income taxes			1,263				1,498				449				1,106				469
Plus: Provision for (recovery of) loan losses			-				(160	)			-				-				1,750
PTPP income		$	5,316			$	6,119			$	4,688			$	4,508			$	3,663
PTPP Return on Average Assets:
PTPP income		$	5,316			$	6,119			$	4,688			$	4,508			$	3,663
Average assets		$	1,660,060			$	1,573,881			$	1,522,735			$	1,460,732			$	1,404,417
PTPP return on average assets (1)			1.28	%			1.58	%			1.22	%			1.23	%			1.05	%
Operating Net Income:
Net income		$	4,053			$	4,781			$	4,239			$	3,402			$	1,444
Less: Net gains on sale of securities			187				62				11				-				5
Less: Tax effect on sale of securities			(46	)			(15	)			(3	)			-				(1	)
Operating net income		$	3,912			$	4,734			$	4,231			$	3,402			$	1,440
Operating PTPP Income:
PTPP income		$	5,316			$	6,119			$	4,688			$	4,508			$	3,663
Less: Net gains on sale of securities			187				62				11				-				5
Operating PTPP Income		$	5,129			$	6,057			$	4,677			$	4,508			$	3,658
Operating PTPP Return on Average Assets:
Operating PTPP income		$	5,129			$	6,057			$	4,677			$	4,508			$	3,658
Average assets		$	1,660,060			$	1,573,881			$	1,522,735			$	1,460,732			$	1,404,417
Operating PTPP Return on average assets (1)			1.24	%			1.56	%			1.22	%			1.23	%			1.05	%
Operating Return on Average Asset:
Operating net income		$	3,912			$	4,734			$	4,231			$	3,402			$	1,440
Average assets		$	1,660,060			$	1,573,881			$	1,522,735			$	1,460,732			$	1,404,417
Operating return on average assets (1)			0.95	%			1.22	%			1.11	%			0.93	%			0.41	%
(1) Annualized.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210730005530/en/

FAQ

What are the Q2 2021 financial results for U.S. Century Bank (USCB)?

U.S. Century Bank reported Q2 2021 net income of $4.1 million or $0.64 per diluted share, a significant increase from $1.4 million in Q2 2020.

How did U.S. Century Bank's IPO impact its financial position?

The IPO raised $42 million, enhancing U.S. Century Bank's growth strategy and financial position.

What was the change in net interest income for U.S. Century Bank in Q2 2021?

Net interest income increased by 14.75% to $12.5 million compared to the same quarter last year.

What is the status of non-performing loans for U.S. Century Bank as of June 30, 2021?

Non-performing loans were less than 0.01% of total loans, a significant improvement from 0.53% in Q2 2020.

What were the total assets of U.S. Century Bank at the end of Q2 2021?

Total assets reached $1.7 billion, reflecting a 2.1% increase from the previous quarter.