MIAMI, April 23, 2026 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the "Company") $(USCB)$, the holding company for U.S. Century Bank (the "Bank"), reported net income of $9.4 million or $0.51 per fully diluted share for the three months ended March 31, 2026, compared with net income of $7.7 million or $0.38 per fully diluted share for the same period in 2025.
"The Company delivered a record quarter driven by strong core earnings performance and disciplined balance sheet execution. Diluted earnings per share reached a record $0.51, while quarterly ROAA increased to 1.34%. Net income increased 22% year-over-year, supported by 15.3% growth in net interest income, reflecting effective asset deployment and continued margin resilience. Credit quality remained strong, underscoring the strength of the Company's underwriting standards and risk management framework," said Luis de la Aguilera, Chairman, President, and CEO.
Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended March 31, 2026 compared to at or for the quarter ended March 31, 2025 and annualized where appropriate.
Profitability
-- Annualized return on average assets for the quarter ended March 31, 2026
was 1.34% compared to 1.19% for the first quarter of 2025.
-- Annualized return on average stockholders' equity for the quarter ended
March 31, 2026 was 17.07% compared to 14.15% for the first quarter of
2025.
-- The efficiency ratio for the quarter ended March 31, 2026 was 52.34%
compared to 52.79% for the first quarter of 2025.
-- Net interest margin for the quarter ended March 31, 2026 was 3.27%
compared to 3.10% for the first quarter of 2025.
-- Net interest income before provision for credit losses was $22.0 million
for the quarter ended March 31, 2026, an increase of $2.9 million or
15.3% compared to $19.1 million for the same period in 2025.
-- The Company recognized a $619 thousand income tax benefit in the first
quarter of 2026 due to an adjustment to the deferred tax asset
calculation from 2025.
Balance Sheet
-- Total assets were $2.8 billion at March 31, 2026, representing an
increase of $168.4 million or 6.3% from $2.7 billion at March 31, 2025.
-- Total loans held for investment were $2.2 billion at March 31, 2026,
representing an increase of $204.8 million or 10.1% from $2.0 billion at
March 31, 2025.
-- Total deposits were $2.5 billion at March 31, 2026, representing an
increase of $184.0 million or 8.0% from $2.3 billion at March 31, 2025.
-- Total stockholders' equity was $223.2 million at March 31, 2026,
representing a decrease of $1.8 million or 0.8% from $225.1 million at
March 31, 2025. Total stockholders' equity included accumulated other
comprehensive loss of $31.3 million at March 31, 2026 compared to
accumulated other comprehensive loss of $41.1 million at March 31, 2025.
The decrease in total stockholders' equity was driven primarily by the
repurchase of 2.0 million shares of Class A common stock conducted in
September 2025 as previously disclosed.
Asset Quality
-- The allowance for credit losses ("ACL") increased by $1.4 million to
$26.1 million at March 31, 2026 from $24.7 million at March 31, 2025.
-- The ACL represented 1.16% of total loans at March 31, 2026 and 1.22% of
total loans at March 31, 2025.
-- The provision for credit loss was $801 thousand for the quarter ended
March 31, 2026, an increase of $120 thousand compared to $681 thousand
for the same period in 2025.
-- The ratio of non-performing loans to total loans was 0.16% for the
quarter ended March 31, 2026 and 0.20% for the quarter ended March 31,
2025. Non-performing loans totaled $3.6 million at March 31, 2026 and
$4.2 million at March 31, 2025.
Non-interest Income and Non-interest Expense
-- Non-interest income was $4.2 million for the three months ended March 31,
2026, an increase of $434 thousand or 11.7% compared to $3.7 million for
the same period in 2025.
-- Non-interest expense was $13.7 million for the three months ended
March 31, 2026, an increase of $1.7 million or 13.8% compared to $12.1
million for the three months ended March 31, 2025.
Capital
-- On April 20, 2026, the Company's Board of Directors declared a quarterly
cash dividend of $0.125 per share of the Company's Class A common stock.
The dividend will be paid on June 5, 2026 to shareholders of record at
the close of business on May 15, 2026.
-- As of March 31, 2026, total risk-based capital ratios for the Company and
the Bank were 14.09% and 13.96%, respectively, well in excess of
regulatory requirements (only applicable to the Bank currently).
-- Tangible book value per common share (non-GAAP financial measure) was
$12.23 at March 31, 2026, representing an increase of $1.00 or 8.9% from
$11.23 at March 31, 2025. At March 31, 2026, tangible book value per
common share was negatively affected by ($1.72) per share due to an
accumulated other comprehensive loss of $31.3 million mostly due to
changes in the market value of the Company's available for sale
securities. At March 31, 2025, tangible book value per common share was
negatively affected by ($2.05) per share due to an accumulated other
comprehensive loss of $41.1 million.
Conference Call and Webcast
The Company will host a conference call on Friday, April 24, 2026, at 11:00 a.m. Eastern Time to discuss the Company's unaudited financial results for the quarter ended March 31, 2026. 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 potential future additional 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 allowance for credit losses 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, including the enactment of the One Big
Beautiful Bill 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 our
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, retaliatory tariffs
and trade restrictions;
-- the impact 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 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 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,
--------------------------------
2026 2025
Interest income:
Loans, including fees $ 32,789 $ 30,245
Investment securities 3,411 3,024
Interest-bearing deposits in
financial institutions 832 709
------------- ------------
Total interest income 37,032 33,978
Interest expense:
Interest-bearing checking deposits 310 338
Savings and money market deposits 8,133 9,335
Time deposits 4,700 3,918
FHLB advances 1,040 1,272
Subordinated notes 801 -
------------- ------------
Total interest expense 14,984 14,863
------------- ------------
Net interest income before
provision for credit losses 22,048 19,115
------------- ------------
Provision for credit losses 801 681
------------- ------------
Net interest income after
provision for credit losses 21,247 18,434
Non-interest income:
Service fees 3,100 2,331
Gain on sale of securities available
for sale, net 14 -
Gain on sale of loans held for sale,
net 106 525
Other non-interest income 930 860
------------- ------------
Total non-interest income 4,150 3,716
Non-interest expense:
Salaries and employee benefits 8,570 7,636
Occupancy 1,316 1,284
Regulatory assessments and fees 484 421
Consulting and legal fees 561 193
Network and information technology
services 560 505
Other operating expense 2,220 2,013
------------- ------------
Total non-interest expense 13,711 12,052
------------- ------------
Income before income tax expense 11,686 10,098
Income tax expense 2,335 2,440
------------- ------------
Net income $ 9,351 $ 7,658
============= ============
Per share information:
Net income per common share, basic $ 0.51 $ 0.38
Net income per common share,
diluted $ 0.51 $ 0.38
Cash dividends declared $ 0.125 $ 0.10
Weighted average shares outstanding:
Common shares, basic 18,214,041 20,020,933
Common shares, diluted 18,454,006 20,319,535
USCB FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands, except per share data)
As of or For the Three Months Ended
------------------------------------------------------------------------------
3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025
-------------- -------------- -------------- --------------
Income statement data:
Net interest income
before provision for
credit losses $ 22,048 $ 22,207 $ 21,274 $ 21,034 $ 19,115
Provision for credit
losses 801 480 105 1,031 681
--------- --------- --------- --------- ---------
Net interest income
after provision
for credit losses 21,247 21,727 21,169 20,003 18,434
Service fees 3,100 2,209 2,661 2,402 2,331
Gain (loss) on sale
of securities
available for sale,
net 14 (7,498) (28) - -
Gain on sale of loans
held for sale, net 106 197 128 151 525
Other non-interest
income 930 914 923 817 860
--------- --------- --------- --------- ---------
Total non-interest
income 4,150 (4,178) 3,684 3,370 3,716
Salaries and employee
benefits 8,570 8,668 7,909 7,954 7,636
Occupancy 1,316 1,327 1,382 1,337 1,284
Regulatory
assessments and
fees 484 443 377 396 421
Consulting and legal
fees 561 900 585 263 193
Network and
information
technology services 560 599 656 564 505
Other operating
expense 2,220 2,338 2,139 2,120 2,013
--------- --------- --------- --------- ---------
Total non-interest
expense 13,711 14,275 13,048 12,634 12,052
--------- --------- --------- --------- ---------
Net income before
income tax expense 11,686 3,274 11,805 10,739 10,098
Income tax expense 2,335 1,911 2,866 2,599 2,440
--------- --------- --------- --------- ---------
Net income $ 9,351 $ 1,363 $ 8,939 $ 8,140 $ 7,658
========= ========= ========= ========= =========
Per share information:
Net income per
common share,
basic $ 0.51 $ 0.08 $ 0.46 $ 0.41 $ 0.38
Net income per
common share,
diluted $ 0.51 $ 0.07 $ 0.45 $ 0.40 $ 0.38
Cash dividends
declared $ 0.125 $ 0.10 $ 0.10 $ 0.10 $ 0.10
Balance sheet data (at
period-end):
Cash and cash
equivalents $ 78,963 $ 38,477 $ 56,811 $ 54,819 $ 97,984
Securities
available-for-sale $ 277,160 $ 307,490 $ 324,179 $ 285,382 $ 275,139
Securities
held-to-maturity $ 149,931 $ 153,941 $ 156,365 $ 158,740 $ 161,790
Total securities $ 427,091 $ 461,431 $ 480,544 $ 444,122 $ 436,929
Loans held for
investment(1) $2,241,051 $2,189,257 $2,130,966 $2,113,318 $2,036,212
Allowance for credit
losses $ (26,102) $ (25,500) $ (24,964) $ (24,933) $ (24,740)
Total assets $2,845,735 $2,791,540 $2,767,945 $2,719,474 $2,677,382
Non-interest-bearing
demand deposits $ 620,714 $ 583,860 $ 584,240 $ 584,895 $ 605,489
Interest-bearing
deposits $1,872,866 $1,761,220 $1,871,374 $1,750,766 $1,704,080
Total deposits $2,493,580 $2,345,080 $2,455,614 $2,335,661 $2,309,569
FHLB advances $ 53,000 $ 158,250 $ 11,000 $ 108,000 $ 108,000
Subordinated notes $ 39,338 $ 39,300 $ 39,262 $ - $ -
Total liabilities $2,622,489 $2,574,357 $2,558,850 $2,487,891 $2,452,294
Total stockholders'
equity $ 223,246 $ 217,183 $ 209,095 $ 231,583 $ 225,088
Capital ratios:(2)
Leverage ratio 8.61% 8.46% 8.47% 9.72% 9.61%
Common equity tier 1
capital 11.09% 10.92% 11.17% 12.52% 12.48%
Tier 1 risk-based
capital 11.09% 10.92% 11.17% 12.52% 12.48%
Total risk-based
capital 14.09% 13.91% 14.20% 13.73% 13.72%
(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, 2026 was 13.96%.
USCB FINANCIAL HOLDINGS, INC.
AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)
(Dollars in thousands)
As of or For the Three Months Ended
------------------------------------------------------------------------------
3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025
Average balance sheet
data:
Cash and cash
equivalents $ 112,107 $ 82,338 $ 139,389 $ 71,388 $ 82,610
Securities
available-for-sale $ 295,065 $ 332,356 $ 299,892 $ 281,840 $ 265,154
Securities
held-to-maturity $ 152,144 $ 155,269 $ 157,702 $ 160,443 $ 163,510
Total securities $ 447,209 $ 487,625 $ 457,594 $ 442,283 $ 428,664
Loans held for
investment((1) $2,177,734 $2,130,898 $2,099,043 $2,057,445 $1,986,856
Total assets $2,834,717 $2,799,863 $2,798,115 $2,677,198 $2,606,593
Interest-bearing
deposits $1,842,283 $1,857,218 $1,887,545 $1,710,568 $1,652,147
Non-interest-bearing
demand deposits $ 584,784 $ 595,969 $ 569,522 $ 580,121 $ 563,040
Total deposits $2,427,067 $2,453,187 $2,457,067 $2,290,689 $2,215,187
FHLB advances $ 110,045 $ 51,462 $ 40,065 $ 116,527 $ 138,944
Subordinated notes $ 39,313 $ 39,287 $ 26,029 $ - $ -
Total liabilities $2,612,491 $2,587,470 $2,572,799 $2,448,706 $2,387,088
Total stockholders'
equity $ 222,226 $ 212,393 $ 225,316 $ 228,492 $ 219,505
Performance ratios:
Return on average
assets(2) 1.34% 0.19% 1.27% 1.22% 1.19%
Return on average
equity(2) 17.07% 2.55% 15.74% 14.29% 14.15%
Net interest
margin(2) 3.27% 3.27% 3.14% 3.28% 3.10%
Non-interest income
to average
assets(2) 0.59% (0.59)% 0.52% 0.50% 0.58%
Non-interest expense
to average
assets(2) 1.96% 2.02% 1.85% 1.89% 1.88%
Efficiency ratio(3) 52.34% 79.18% 52.28% 51.77% 52.79%
Loans by type (at
period end):(4)
Residential real
estate $ 346,917 $ 307,692 $ 316,557 $ 307,020 $ 301,164
Commercial real
estate $1,259,642 $1,244,835 $1,226,121 $1,206,621 $1,150,129
Commercial and
industrial $ 291,333 $ 295,548 $ 269,430 $ 263,966 $ 256,326
Correspondent banks $ 128,722 $ 127,968 $ 104,598 $ 110,155 $ 103,026
Consumer and other $ 207,794 $ 207,215 $ 207,939 $ 218,426 $ 218,711
Asset quality data:
Allowance for credit
losses to total
loans 1.16% 1.16% 1.17% 1.18% 1.22%
Allowance for credit
losses to
non-performing
loans 717% 813% 1906% 1825% 595%
Total non-performing
loans((5) $ 3,640 $ 3,138 $ 1,310 $ 1,366 $ 4,156
Non-performing loans
to total loans 0.16% 0.14% 0.06% 0.06% 0.20%
Non-performing assets
to total assets((5) 0.13% 0.11% 0.05% 0.05% 0.16%
Net charge-offs
(recoveries of) to
average loans(2) (0.00)% (0.00)% (0.00)% 0.14% 0.00%
Net charge-offs
(recovery) of credit
losses $ (4) $ (11) $ (4) $ 702 $ 2
Interest rates and
yields:(2)
Loans held for
investment 6.11% 6.16% 6.21% 6.23% 6.17%
Investment securities 3.05% 3.01% 3.03% 3.06% 2.81%
Total
interest-earning
assets 5.49% 5.54% 5.56% 5.64% 5.51%
Deposits((6) 2.20% 2.28% 2.53% 2.46% 2.49%
FHLB advances 3.83% 3.91% 3.73% 3.72% 3.71%
Subordinated notes 8.26% 8.09% 6.16% - -
Total
interest-bearing
liabilities 3.05% 3.14% 3.34% 3.32% 3.37%
Other information:
Full-time equivalent
employees 211 204 206 203 201
(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,
--------------------------------------------------------------------------------
2026 2025
--------------------------------------- ---------------------------------------
Average Average
Balance Interest Yield/Rate(1) Balance Interest Yield/Rate(1)
---------- --------------- ---------------
Assets
Interest-earning
assets:
Loans held for
investment((2) $2,177,734 $ 32,789 6.11% $1,986,856 $ 30,245 6.17%
Investment
securities(3) 454,262 3,411 3.05% 436,935 3,024 2.81%
Other
interest-earning
assets 105,457 832 3.20% 75,182 709 3.82%
--------- ------ --------- ------
Total
interest-earning
assets 2,737,453 37,032 5.49% 2,498,973 33,978 5.51%
Non-interest-earning
assets 97,264 107,620
--------- ---------
Total assets $2,834,717 $2,606,593
========= =========
Liabilities and
stockholders' equity
Interest-bearing
liabilities:
Interest-bearing
checking deposits $ 52,099 310 2.41% $ 53,611 338 2.56%
Saving and money
market deposits 1,256,418 8,133 2.63% 1,199,027 9,335 3.16%
Time deposits 533,766 4,700 3.57% 399,509 3,918 3.98%
--------- ------ --------- ------
Total
interest-bearing
deposits 1,842,283 13,143 2.89% 1,652,147 13,591 3.34%
FHLB advances 110,045 1,040 3.83% 138,944 1,272 3.71%
Subordinated notes 39,313 801 8.26% - - -%
--------- ------ --------- ------
Total
interest-bearing
liabilities 1,991,641 14,984 3.05% 1,791,091 14,863 3.37%
Non-interest-bearing
demand deposits 584,784 563,040
Other
non-interest-bearing
liabilities 36,066 32,957
--------- ---------
Total liabilities 2,612,491 2,387,088
Stockholders' equity 222,226 219,505
--------- ---------
Total liabilities
and stockholders'
equity $2,834,717 $2,606,593
========= =========
Net interest income $ 22,048 $ 19,115
====== ======
Net interest spread(4) 2.44% 2.14%
Net interest margin(5) 3.27% 3.10%
(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
----------------------------------------------------------------------------------------
3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025
Pre-tax
pre-provision
("PTPP")
income:(1)
Net income $ 9,351 $ 1,363 $ 8,939 $ 8,140 $ 7,658
Plus: Income
tax expense 2,335 1,911 2,866 2,599 2,440
Plus:
Provision
for credit
losses 801 480 105 1,031 681
--------- --------- --------- --------- ---------
PTPP income $ 12,487 $ 3,754 $ 11,910 $ 11,770 $ 10,779
========= ========= ========= ========= =========
PTPP return on
average
assets:(1)
PTPP income $ 12,487 $ 3,754 $ 11,910 $ 11,770 $ 10,779
Average
assets $2,834,717 $2,799,863 $2,798,115 $2,677,198 $2,606,593
PTPP return
on average
assets(2) 1.79% 0.53% 1.69% 1.76% 1.68%
Operating net
income:(1)
Net income $ 9,351 $ 1,363 $ 8,939 $ 8,140 $ 7,658
Less: Net
gains
(losses) on
sale of
securities 14 (7,498) (28) - -
Less: Tax
effect on
sale of
securities (4) 1,900 7 - -
Plus: Tax
(benefit)
liability
expense from
prior
periods (619) (3) 1,096 (4) - - -
--------- --------- --------- --------- ---------
Operating
net
income $ 8,722 $ 8,057 $ 8,960 $ 8,140 $ 7,658
========= ========= ========= ========= =========
Operating
return on
average
assets:(1)
Operating net
income $ 8,722 $ 8,057 $ 8,960 $ 8,140 $ 7,658
Average
assets $2,834,717 $2,799,863 $2,798,115 $2,677,198 $2,606,593
Operating
net income
return on
average
assets(2) 1.25% 1.14% 1.27% 1.22% 1.19%
Operating
return on
average
equity:(1)
Operating net
income $ 8,722 $ 8,057 $ 8,960 $ 8,140 $ 7,658
Average
equity $ 222,226 $ 212,393 $ 225,316 $ 228,492 $ 219,505
Operating
net income
return on
average
equity(2) 15.92% 15.05% 15.78% 14.29% 14.15%
Operating
revenue:(1)
Net interest
income $ 22,048 $ 22,207 $ 21,274 $ 21,034 $ 19,115
Non-interest
income 4,150 (4,178) 3,684 3,370 3,716
Less: Net
gains
(losses) on
sale of
securities 14 (7,498) (28) - -
--------- --------- --------- --------- ---------
Operating
revenue $ 26,184 $ 25,527 $ 24,986 $ 24,404 $ 22,831
========= ========= ========= ========= =========
Operating
efficiency
ratio:(1)
Total
non-interest
expense $ 13,711 $ 14,275 $ 13,048 $ 12,634 $ 12,052
Operating
revenue $ 26,184 $ 25,527 $ 24,986 $ 24,404 $ 22,831
Operating
efficiency
ratio 52.36% 55.92% 52.22% 51.77% 52.79%
(1) The Company believes these non-GAAP financial
measurements are key indicators of the ongoing earnings
power of the Company.
(2) Annualized.
(3) The Company recognized a $619 thousand income
tax benefit in first quarter of 2026 due to an adjustment
to the deferred tax asset calculation from 2025.
(4) State tax liability expenses for 2024 and for
the first three quarters of 2025 were recognized during
the fourth quarter of 2025. The state tax expense
is related to taxes due on interest income on loans
whose collateral are located outside of the State
of Florida.
USCB FINANCIAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in thousands, except per share data)
As of or For the Three Months Ended
-----------------------------------------------------------------------------------
3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025
Tangible book value
per common share (at
period-end):(1)( (4)
Total
stockholders'
equity $ 223,246 $ 217,183 $ 209,095 $ 231,583 $ 225,088
Less: Intangible
assets - - - - -
Tangible
stockholders'
equity $ 223,246 $ 217,183 $ 209,095 $ 231,583 $ 225,088
Total shares issued
and outstanding (at
period-end):
Total common
shares issued
and outstanding 18,257,400 18,137,885 18,107,385 20,078,385 20,048,385
---------- ---------- ---------- ---------- ----------
Tangible book
value per
common
share((2) $ 12.23 $ 11.97 $ 11.55 $ 11.53 $ 11.23
========== ========== ========== ========== ==========
Operating diluted net
income per common
share:(1)
Operating net
income $ 8,722 $ 8,057 $ 8,960 $ 8,140 $ 7,658
Total weighted
average diluted
shares of common
stock 18,454,006 18,348,725 19,755,820 20,295,794 20,319,535
---------- ---------- ---------- ---------- ----------
Operating
diluted net
income per
common share: $ 0.47 $ 0.44 $ 0.45 $ 0.40 $ 0.38
========== ========== ========== ========== ==========
Tangible Common
Equity/Tangible
Assets(1)(4)
Tangible
stockholders'
equity $ 223,246 $ 217,183 $ 209,095 $ 231,583 $ 225,088
Tangible total
assets((3) $ 2,845,735 $ 2,791,540 $ 2,767,945 $ 2,719,474 $ 2,677,382
Tangible Common
Equity/Tangible
Assets 7.84% 7.78% 7.55% 8.52% 8.41%
(1) The Company believes these non-GAAP financial
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
stockholders' equity and tangible total assets are
the same amounts as stockholders' equity and total
assets, respectively, as calculated under GAAP.
(4) The decrease in total stockholders' equity was
driven primarily by the repurchase of 2.0 million
shares of Class A common stock conducted in September
2025.
(END) Dow Jones Newswires
April 23, 2026 16:30 ET (20:30 GMT)