USCB Financial Holdings, Inc. Reports Record Fully Diluted EPS of $0.38 for Q1 2025, a 65% increase over same period last year; ROAA of 1.19% and ROAE of 14.15%

Rhea-AI Summary

USCB Financial Holdings (NASDAQ: USCB) reported strong Q1 2025 financial results with net income of $7.7 million or $0.38 per diluted share, a 65% increase from $0.23 in Q1 2024.

Key performance metrics include:

• Return on average assets reached 1.19%, highest since Q4 2021
• Return on average equity improved to 14.15% from 9.61%
• Efficiency ratio enhanced to 52.79% from 63.41%
• Net interest margin increased to 3.10% from 2.62%

Balance sheet highlights show total assets of $2.7 billion (+7.6% YoY), loans of $2.0 billion (+11.8% YoY), and deposits of $2.3 billion (+9.8% YoY). The company declared a quarterly cash dividend of $0.10 per share, payable on June 5, 2025.

Positive

• Net income increased 67.4% YoY to $7.7 million
• EPS grew 65% YoY to $0.38 per diluted share
• Net interest margin expanded by 48 basis points to 3.10%
• Efficiency ratio improved significantly to 52.79% from 63.41%
• Double-digit growth in loans (11.8%) and deposits (9.8%)
• Non-interest income increased 50.8% YoY to $3.7 million

Negative

• Non-performing loans increased to $4.2 million from $456,000 YoY
• NPL ratio deteriorated to 0.20% from 0.03% YoY
• Provision for credit losses increased by $271,000 YoY
• Non-interest expense rose 7.9% YoY to $12.1 million

Insights

Banking Financial Analyst

USCB delivers exceptional Q1 with 65% EPS growth, improved efficiency ratio, and double-digit loan/deposit growth while maintaining strong asset quality.

USCB Financial Holdings has delivered exceptional Q1 2025 results with fully diluted EPS of $0.38, representing a 65% year-over-year increase from $0.23. Net income reached $7.7 million, up significantly from $4.6 million in Q1 2024, demonstrating strong execution across all strategic priorities.

The bank's profitability metrics show remarkable improvement. Return on average assets reached 1.19% (up from 0.76%), while return on average equity hit 14.15% (up from 9.61%). The efficiency ratio improved dramatically to 52.79% from 63.41%, demonstrating superior expense management relative to revenue generation.

Net interest margin expanded substantially to 3.10% from 2.62%, indicating successful navigation of interest rate challenges through optimized asset-liability pricing. This contributed to the 26.1% increase in net interest income before provisions, reaching $19.1 million.

Growth metrics show double-digit annualized increases in both loans (11.8% to $2.0 billion) and deposits (9.8% to $2.3 billion), while total assets grew 7.6% to $2.7 billion.

Asset quality remains broadly sound despite an increase in non-performing loans to 0.20% of total loans (from 0.03% a year earlier). In absolute terms, non-performing loans increased from $456 thousand to $4.2 million. The bank has increased its loan loss reserves appropriately, with the allowance for credit losses now representing 1.22% of total loans, up from 1.18%.

Capital levels remain robust with total risk-based capital ratios for the Company and Bank at 13.72% and 13.65% respectively. The declared quarterly dividend of $0.10 per share demonstrates management's confidence in sustainable profitability.

The tangible book value per share increased by 3.9% quarter-over-quarter to $11.23, though it remains impacted by $41.1 million in accumulated comprehensive losses, primarily from available-for-sale securities. This impact has decreased from $45.4 million a year earlier, suggesting gradual improvement.

MIAMI, April 24, 2025 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $7.7 million or $0.38 per fully diluted share for the three months ended March 31, 2025, compared with net income of $4.6 million or $0.23 per fully diluted share for the same period in 2024.

“We are proud to report a record quarter, highlighted by fully diluted EPS of $0.38. This performance reflects solid execution across all of our strategic priorities including annualized double-digit loan and deposit growth, maintaining disciplined pricing, clean asset quality, and strong cost controls. Our return on average assets was 1.19%, the highest since the fourth quarter of 2021,” said Luis de la Aguilera. Chairman, President and CEO. “Our continued focus on asset quality, profitability, and growing the Bank in a safe and sound manner has positioned the Company well to navigate the current challenging market and economic environment with confidence and resilience.”

Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended March 31, 2025 compared to at or for the quarter ended March 31, 2024 and annualized where appropriate.

Profitability

• Annualized return on average assets for the quarter ended March 31, 2025 was 1.19% compared to 0.76% for the first quarter of 2024.
  
  
• Annualized return on average stockholders’ equity for the quarter ended March 31, 2025 was 14.15% compared to 9.61% for the first quarter of 2024.
  
  
• The efficiency ratio for the quarter ended March 31, 2025 was 52.79% compared to 63.41% for the first quarter of 2024.
  
  
• Net interest margin for the quarter ended March 31, 2025 was 3.10% compared to 2.62% for the first quarter of 2024.
  
  
• Net interest income before provision for credit losses was $19.1 million for the quarter ended March 31, 2025, an increase of $4.0 million or 26.1% compared to $15.2 million for the same period in 2024.
  

Balance Sheet

• Total assets were $2.7 billion at March 31, 2025, representing an increase of $188.2 million or 7.6% from $2.5 billion at March 31, 2024.
  
  
• Total loans held for investment were $2.0 billion at March 31, 2025, representing an increase of $215.0 million or 11.8% from $1.8 billion at March 31, 2024.
  
  
• Total deposits were $2.3 billion at March 31, 2025, representing an increase of $206.8 million or 9.8% from $2.1 billion at March 31, 2024.
  
  
• Total stockholders’ equity was $225.1 million at March 31, 2025, representing an increase of $30.1 million or 15.4% from $195.0 million at March 31, 2024. Total stockholders’ equity included accumulated comprehensive loss of $41.1 million at March 31, 2025 compared to accumulated comprehensive loss of $45.4 million at March 31, 2024.
  

Asset Quality

• The allowance for credit losses (“ACL”) increased by $3.3 million to $24.7 million at March 31, 2025 from $21.5 million at March 31, 2024.
  
  
• The ACL represented 1.22% of total loans at March 31, 2025 and 1.18% at March 31, 2024.
  
  
• The provision for credit loss was $681 thousand for the quarter ended March 31, 2025, an increase of $271 thousand compared to $410 thousand for the same period in 2024.
  
  
• The ratio of non-performing loans to total loans was 0.20% at March 31, 2025 and 0.03% at March 31, 2024. Non-performing loans totaled $4.2 million at March 31, 2025 and $456 thousand at March 31, 2024.
  

Non-interest Income and Non-interest Expense

• Non-interest income was $3.7 million for the three months ended March 31, 2025, an increase of $1.3 million or 50.8% compared to $2.5 million for the same period in 2024.
  
  
• Non-interest expense was $12.1 million for the three months ended March 31, 2025, an increase of $0.9 million or 7.9% compared to $11.2 million for the same period in 2024.
  

Capital

• On April 21, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share of the Company’s Class A common stock. The dividend will be paid on June 5, 2025 to shareholders of record at the close of business on May 15, 2025.
  
  
• As of March 31, 2025, total risk-based capital ratios for the Company and the Bank were 13.72% and 13.65%, respectively.
  
  
• Tangible book value per common share (a non-GAAP measure) was $11.23 at March 31, 2025, representing increase of $0.42 or 3.9% from $10.81 at December 31, 2024. At March 31, 2025, tangible book value per common share was negatively affected by ($2.05) per share due to an accumulated comprehensive loss of $41.1 million mostly due to changes in the market value of the Company’s available for sale securities. At December 31, 2024, tangible book value per common share was negatively affected by ($2.24) per share due to an accumulated comprehensive loss of $44.5 million.
  

Conference Call and Webcast

The Company will host a conference call on Friday, April 25, 2025, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended March 31, 2025. 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,” “seek,” “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.

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 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 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, and market and monetary fluctuations;
• the effects of potential new or increased tariffs and trade restrictions
• impacts of international hostilities and geopolitical events;
• increased competition and its effect on the pricing of our products and services as well as our 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 security 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 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 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 Relations
InvestorRelations@uscentury.com

Media Relations
Martha Guerra-Kattou
MGuerra@uscentury.com

USCB FINANCIAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands, except per share data)
	Three Months Ended March 31,
	2025				2024
Interest income:
Loans, including fees	$	30,245			$	26,643
Investment securities		3,024				2,811
Interest-bearing deposits in financial institutions		709				1,433
Total interest income		33,978				30,887
Interest expense:
Interest-bearing checking deposits		338				369
Savings and money market deposits		9,335				10,394
Time deposits		3,918				3,294
FHLB advances and other borrowings		1,272				1,672
Total interest expense		14,863				15,729
Net interest income before provision for credit losses		19,115				15,158
Provision for credit losses		681				410
Net interest income after provision for credit losses		18,434				14,748
Non-interest income:
Service fees		2,331				1,651
Gain on sale of loans held for sale, net		525				67
Other non-interest income		860				746
Total non-interest income		3,716				2,464
Non-interest expense:
Salaries and employee benefits		7,636				6,310
Occupancy		1,284				1,314
Regulatory assessments and fees		421				433
Consulting and legal fees		193				592
Network and information technology services		505				507
Other operating expense		2,013				2,018
Total non-interest expense		12,052				11,174
Net income before income tax expense		10,098				6,038
Income tax expense		2,440				1,426
Net income	$	7,658			$	4,612
Per share information:
Net income per common share, basic	$	0.38			$	0.23
Net income per common share, diluted	$	0.38			$	0.23
Cash dividends declared	$	0.10			$	0.05
Weighted average shares outstanding:
Common shares, basic		20,020,933				19,633,330
Common shares, diluted		20,319,535				19,698,258

USCB FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands, except per share data)
	As of or For the Three Months Ended
	3/31/2025				12/31/2024				9/30/2024				6/30/2024				3/31/2024
Income statement data:
Net interest income	$	19,115			$	19,358			$	18,109			$	17,311			$	15,158
Provision for credit losses		681				1,030				931				786				410
Net interest income after provision for credit losses		18,434				18,328				17,178				16,525				14,748
Service fees		2,331				2,667				2,544				1,977				1,651
Gain on sale of securities available for sale, net		-				-				-				14				-
Gain on sale of loans held for sale, net		525				154				109				417				67
Other income		860				806				785				803				746
Total non-interest income		3,716				3,627				3,438				3,211				2,464
Salaries and employee benefits		7,636				7,930				7,200				7,353				6,310
Occupancy		1,284				1,337				1,341				1,266				1,314
Regulatory assessments and fees		421				405				452				476				433
Consulting and legal fees		193				552				161				263				592
Network and information technology services		505				494				513				479				507
Other operating expense		2,013				2,136				1,787				1,723				2,018
Total non-interest expense		12,052				12,854				11,454				11,560				11,174
Net income before income tax expense		10,098				9,101				9,162				8,176				6,038
Income tax expense		2,440				2,197				2,213				1,967				1,426
Net income	$	7,658			$	6,904			$	6,949			$	6,209			$	4,612
Per share information:
Net income per common share, basic	$	0.38			$	0.35			$	0.35			$	0.32			$	0.23
Net income per common share, diluted	$	0.38			$	0.34			$	0.35			$	0.31			$	0.23
Cash dividends declared	$	0.10			$	0.05			$	0.05			$	0.05			$	0.05
Balance sheet data (at period-end):
Cash and cash equivalents	$	97,984			$	77,035			$	38,486			$	77,261			$	126,546
Securities available-for-sale	$	275,139			$	260,221			$	259,527			$	236,444			$	259,992
Securities held-to-maturity	$	161,790			$	164,694			$	167,001			$	169,606			$	173,038
Total securities	$	436,929			$	424,915			$	426,528			$	406,050			$	433,030
Loans held for investment (1)	$	2,036,212			$	1,972,848			$	1,931,362			$	1,869,249			$	1,821,196
Allowance for credit losses	$	(24,740	)		$	(24,070	)		$	(23,067	)		$	(22,230	)		$	(21,454	)
Total assets	$	2,677,382			$	2,581,216			$	2,503,954			$	2,458,270			$	2,489,142
Non-interest-bearing demand deposits	$	605,489			$	575,159			$	637,313			$	579,243			$	576,626
Interest-bearing deposits	$	1,704,080			$	1,598,845			$	1,489,304			$	1,477,459			$	1,526,168
Total deposits	$	2,309,569			$	2,174,004			$	2,126,617			$	2,056,702			$	2,102,794
FHLB advances and other borrowings	$	108,000			$	163,000			$	118,000			$	162,000			$	162,000
Total liabilities	$	2,452,294			$	2,365,828			$	2,290,038			$	2,257,250			$	2,294,131
Total stockholders' equity	$	225,088			$	215,388			$	213,916			$	201,020			$	195,011
Capital ratios:(2)
Leverage ratio		9.61	%			9.53	%			9.34	%			9.03	%			8.91	%
Common equity tier 1 capital		12.48	%			12.28	%			12.01	%			11.93	%			11.80	%
Tier 1 risk-based capital		12.48	%			12.28	%			12.01	%			11.93	%			11.80	%
Total risk-based capital		13.72	%			13.51	%			13.22	%			13.12	%			12.98	%
(1) Loan amounts include deferred fees/costs.
(2) Reflects the Company's regulatory capital ratios which are provided for informational purposes only; as a small bank holding company, the Company is not subject to regulatory capital requirements. The Bank's total risk-based capital at March 31, 2025 was 13.65%.

USCB FINANCIAL HOLDINGS, INC.
AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)
(Dollars in thousands)
	As of or For the Three Months Ended
	3/31/2025				12/31/2024				9/30/2024				6/30/2024				3/31/2024
Average balance sheet data:
Cash and cash equivalents	$	82,610			$	56,937			$	87,937			$	107,831			$	132,266
Securities available-for-sale	$	265,154			$	255,786			$	244,882			$	263,345			$	239,896
Securities held-to-maturity	$	163,510			$	165,831			$	168,632			$	171,682			$	174,142
Total securities	$	428,664			$	421,617			$	413,514			$	435,027			$	414,038
Loans held for investment(1)	$	1,986,856			$	1,958,566			$	1,878,230			$	1,828,487			$	1,781,528
Total assets	$	2,606,593			$	2,544,592			$	2,485,434			$	2,479,222			$	2,436,103
Interest-bearing deposits	$	1,652,147			$	1,547,789			$	1,468,067			$	1,473,513			$	1,473,831
Non-interest-bearing demand deposits	$	563,040			$	590,829			$	609,456			$	610,370			$	574,760
Total deposits	$	2,215,187			$	2,138,618			$	2,077,523			$	2,083,883			$	2,048,591
FHLB advances and other borrowings	$	138,944			$	151,804			$	156,043			$	162,000			$	164,187
Total liabilities	$	2,387,088			$	2,328,877			$	2,278,793			$	2,281,467			$	2,243,011
Total stockholders' equity	$	219,505			$	215,715			$	206,641			$	197,755			$	193,092
Performance ratios:
Return on average assets (2)		1.19	%			1.08	%			1.11	%			1.01	%			0.76	%
Return on average equity (2)		14.15	%			12.73	%			13.38	%			12.63	%			9.61	%
Net interest margin (2)		3.10	%			3.16	%			3.03	%			2.94	%			2.62	%
Non-interest income to average assets (2)		0.58	%			0.57	%			0.55	%			0.52	%			0.41	%
Non-interest expense to average assets (2)		1.88	%			2.01	%			1.83	%			1.88	%			1.84	%
Efficiency ratio (3)		52.79	%			55.92	%			53.16	%			56.33	%			63.41	%
Loans by type (at period end): (4)
Residential real estate	$	301,164			$	297,979			$	283,477			$	256,807			$	237,906
Commercial real estate	$	1,150,129			$	1,128,399			$	1,095,112			$	1,053,030			$	1,057,800
Commercial and industrial	$	256,326			$	258,311			$	246,539			$	248,525			$	228,045
Correspondent banks	$	103,026			$	82,438			$	103,815			$	112,510			$	100,182
Consumer and other	$	218,711			$	198,091			$	198,604			$	194,644			$	194,325
Asset quality data:
Allowance for credit losses to total loans		1.22	%			1.22	%			1.19	%			1.19	%			1.18	%
Allowance for credit losses to non-performing loans		595	%			889	%			846	%			2,933	%			4,705	%
Total non-performing loans(5)	$	4,156			$	2,707			$	2,725			$	758			$	456
Non-performing loans to total loans		0.20	%			0.14	%			0.14	%			0.04	%			0.03	%
Non-performing assets to total assets(5)		0.16	%			0.10	%			0.11	%			0.03	%			0.02	%
Net charge-offs (recoveries of) to average loans (2)		0.00	%			(0.00	)%			(0.00	)%			(0.00	)%			(0.00	)%
Net charge-offs (recovery) of credit losses	$	2			$	(11	)		$	(6	)		$	(2	)		$	(7	)
Interest rates and yields:(2)
Loans held for investment		6.17	%			6.25	%			6.32	%			6.16	%			6.01	%
Investment securities		2.81	%			2.63	%			2.61	%			2.80	%			2.69	%
Total interest-earning assets		5.51	%			5.57	%			5.61	%			5.54	%			5.34	%
Deposits(6)		2.49	%			2.48	%			2.66	%			2.64	%			2.76	%
FHLB advances and other borrowings		3.71	%			3.81	%			4.05	%			4.03	%			4.10	%
Total interest-bearing liabilities		3.37	%			3.47	%			3.79	%			3.76	%			3.86	%
Other information:
Full-time equivalent employees		201				199				198				197				199
(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 for total non-performing loans and total non-performing assets are the same at the dates presented since there was no other real estate owned (OREO) recorded at any of the dates presented.
(6) Reflects effect of non-interest-bearing deposits.

USCB FINANCIAL HOLDINGS, INC.
NET INTEREST MARGIN (UNAUDITED)
(Dollars in thousands)
	Three Months Ended March 31,
	2025									2024
	Average Balance			Interest			Yield/Rate (1)			Average Balance			Interest			Yield/Rate (1)
Assets
Interest-earning assets:
Loans held for investment(2)	$	1,986,856		$	30,245		6.17	%		$	1,781,528		$	26,643		6.01	%
Investment securities (3)		436,935			3,024		2.81	%			419,989			2,811		2.69	%
Other interest-earning assets		75,182			709		3.82	%			125,244			1,433		4.60	%
Total interest-earning assets		2,498,973			33,978		5.51	%			2,326,761			30,887		5.34	%
Non-interest-earning assets		107,620									109,342
Total assets	$	2,606,593								$	2,436,103
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing checking deposits	$	53,611			338		2.56	%		$	53,344			369		2.78	%
Saving and money market deposits		1,199,027			9,335		3.16	%			1,097,575			10,394		3.81	%
Time deposits		399,509			3,918		3.98	%			322,912			3,294		4.10	%
Total interest-bearing deposits		1,652,147			13,591		3.34	%			1,473,831			14,057		3.84	%
FHLB advances and other borrowings		138,944			1,272		3.71	%			164,187			1,672		4.10	%
Total interest-bearing liabilities		1,791,091			14,863		3.37	%			1,638,018			15,729		3.86	%
Non-interest-bearing demand deposits		563,040									574,760
Other non-interest-bearing liabilities		32,957									30,233
Total liabilities		2,387,088									2,243,011
Stockholders' equity		219,505									193,092
Total liabilities and stockholders' equity	$	2,606,593								$	2,436,103
Net interest income				$	19,115								$	15,158
Net interest spread (4)							2.14	%								1.48	%
Net interest margin (5)							3.10	%								2.62	%
(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
	3/31/2025				12/31/2024				9/30/2024				6/30/2024				3/31/2024
Pre-tax pre-provision ("PTPP") income:(1)
Net income	$	7,658			$	6,904			$	6,949			$	6,209			$	4,612
Plus: Provision for income taxes		2,440				2,197				2,213				1,967				1,426
Plus: Provision for credit losses		681				1,030				931				786				410
PTPP income	$	10,779			$	10,131			$	10,093			$	8,962			$	6,448
PTPP return on average assets:(1)
PTPP income	$	10,779			$	10,131			$	10,093			$	8,962			$	6,448
Average assets	$	2,606,593			$	2,544,592			$	2,485,434			$	2,479,222			$	2,436,103
PTPP return on average assets (2)		1.68	%			1.58	%			1.62	%			1.45	%			1.06	%
Operating net income:(1)
Net income	$	7,658			$	6,904			$	6,949			$	6,209			$	4,612
Less: Net gains on sale of securities		-				-				-				14				-
Less: Tax effect on sale of securities		-				-				-				(4	)			-
Operating net income	$	7,658			$	6,904			$	6,949			$	6,199			$	4,612
Operating PTPP income:(1)
PTPP income	$	10,779			$	10,131			$	10,093			$	8,962			$	6,448
Less: Net gains on sale of securities		-				-				-				14				-
Operating PTPP income	$	10,779			$	10,131			$	10,093			$	8,948			$	6,448
Operating PTPP return on average assets:(1)
Operating PTPP income	$	10,779			$	10,131			$	10,093			$	8,948			$	6,448
Average assets	$	2,606,593			$	2,544,592			$	2,485,434			$	2,479,222			$	2,436,103
Operating PTPP return on average assets (2)		1.68	%			1.58	%			1.62	%			1.45	%			1.06	%
Operating return on average assets:(1)
Operating net income	$	7,658			$	6,904			$	6,949			$	6,199			$	4,612
Average assets	$	2,606,593			$	2,544,592			$	2,485,434			$	2,479,222			$	2,436,103
Operating return on average assets (2)		1.19	%			1.08	%			1.11	%			1.01	%			0.76	%
Operating return on average equity:(1)
Operating net income	$	7,658			$	6,904			$	6,949			$	6,199			$	4,612
Average equity	$	219,505			$	215,715			$	206,641			$	197,755			$	193,092
Operating return on average equity (2)		14.15	%			12.73	%			13.38	%			12.61	%			9.61	%
Operating Revenue:(1)
Net interest income	$	19,115			$	19,358			$	18,109			$	17,311			$	15,158
Non-interest income		3,716				3,627				3,438				3,211				2,464
Less: Net gains on sale of securities		-				-				-				14				-
Operating revenue	$	22,831			$	22,985			$	21,547			$	20,508			$	17,622
Operating Efficiency Ratio:(1)
Total non-interest expense	$	12,052			$	12,854			$	11,454			$	11,560			$	11,174
Operating revenue	$	22,831			$	22,985			$	21,547			$	20,508			$	17,622
Operating efficiency ratio		52.79	%			55.92	%			53.16	%			56.37	%			63.41	%
(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
	3/31/2025				12/31/2024				9/30/2024				6/30/2024				3/31/2024
Tangible book value per common share (at period-end):(1)
Total stockholders' equity	$	225,088			$	215,388			$	213,916			$	201,020			$	195,011
Less: Intangible assets		-				-				-				-				-
Tangible stockholders' equity	$	225,088			$	215,388			$	213,916			$	201,020			$	195,011
Total shares issued and outstanding (at period-end):
Total common shares issued and outstanding		20,048,385				19,924,632				19,620,632				19,630,632				19,650,463
Tangible book value per common share(2)	$	11.23			$	10.81			$	10.90			$	10.24			$	9.92
Operating diluted net income per common share:(1)
Operating net income	$	7,658			$	6,904			$	6,949			$	6,199			$	4,612
Total weighted average diluted shares of common stock		20,319,535				20,183,731				19,825,211				19,717,167				19,698,258
Operating diluted net income per common share:	$	0.38			$	0.34			$	0.35			$	0.31			$	0.23
Tangible Common Equity/Tangible Assets(1)
Tangible stockholders' equity	$	225,088			$	215,388			$	213,916			$	201,020			$	195,011
Tangible total assets(3)	$	2,677,382			$	2,581,216			$	2,503,954			$	2,458,270			$	2,489,142
Tangible Common Equity/Tangible Assets		8.41	%			8.34	%			8.54	%			8.18	%			7.83	%
(1) The Company believes these non-GAAP measurements are key indicators of the ongoing earnings power of the Company.
(2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.
(3) Since the Company has no intangible assets, tangible total assets is the same amount as total assets calculated under GAAP.

FAQ

What was USCB Financial Holdings' earnings per share (EPS) in Q1 2025?

USCB Financial Holdings reported record earnings of $0.38 per diluted share in Q1 2025, representing a 65% increase from $0.23 in Q1 2024.

How much did USCB's loan portfolio grow in Q1 2025?

USCB's total loans held for investment increased by $215.0 million or 11.8% year-over-year to $2.0 billion at March 31, 2025.

What is USCB's dividend payment for Q1 2025?

USCB declared a quarterly cash dividend of $0.10 per share, payable on June 5, 2025, to shareholders of record as of May 15, 2025.

How did USCB's asset quality metrics change in Q1 2025?

Non-performing loans increased to $4.2 million (0.20% of total loans) from $456,000 (0.03%) year-over-year, while the allowance for credit losses rose to $24.7 million.

What was USCB's return on average assets (ROAA) in Q1 2025?

USCB achieved an ROAA of 1.19% in Q1 2025, up from 0.76% in Q1 2024, marking the highest return since Q4 2021.