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%
MIAMI, April 24, 2025 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the "Company") $(USCB)$, 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,
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