USCB Financial Holdings, Inc. Reports Diluted EPS of $0.19 for Q3 2023

October 26, 2023 at 16:45 PM EDT

MIAMI, Oct. 26, 2023 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $3.8 million or $0.19 per diluted share for the three months ended September 30, 2023, compared with net income of $5.6 million or $0.28 per diluted share, for the same period in 2022.

“As we deliver our third quarter earnings, I am pleased to highlight the rebound in loan growth, following earlier concerns this year about the safety and soundness of the banking industry,” said Luis de la Aguilera, Chairman, President and CEO. “We are encouraged by the continued diversification of our loan growth, particularly the 59% in new non-CRE loans for the quarter,” reported de la Aguilera. “Our commitment to enhancing Net Interest Margin (NIM) is evident in the 8.00% weighted average coupon for the quarter on new loans, exceeding our portfolio average,” he said. “Furthermore, we took the opportunity to restructure our bank-owned life insurance, which bolstered BOLI revenue by $982 thousand this quarter, and we offset this one-time, non-recurring gain with a comparable size securities loss. This small portfolio restructuring will allow us to optimize our investment portfolio by transitioning from lower-yielding securities to higher-return investments,” said de la Aguilera. “Despite a decrease in NIM early in the third quarter, September’s NIM increased to 2.70% which reflects the resilience and adaptive spirit of our bank in fortifying our financial performance," said de la Aguilera.

Unless otherwise stated, all percentage comparisons in the bullet points below are calculated for the quarter ended September 30, 2023 compared to the quarter ended September 30, 2022 and annualized where appropriate.

Profitability

Annualized return on average assets for the quarter ended September 30, 2023 was 0.67% compared to 1.09% for the third quarter of 2022.
Annualized return on average stockholders’ equity for the quarter ended September 30, 2023 was 8.19% compared to 11.90% for the third quarter of 2022.
The efficiency ratio for the quarter ended September 30, 2023 was 64.64% compared to 54.58% for the third quarter of 2022.
Net interest margin for the quarter ended September 30, 2023 was 2.60% compared to 3.47% for the third quarter ended 2022.
Net interest income before provision for credit losses was $14.0 million for the quarter ended September 30, 2023, a decrease of $2.8 million or 16.4% compared to the third quarter of 2022.

Balance Sheet

Total assets were $2.2 billion at September 30, 2023, representing an increase of $207.1 million or 10.2% from September 30, 2022.
Total loans were $1.7 billion at September 30, 2023, representing an increase of $245.0 million or 17.1% from September 30, 2022.
Total deposits were $1.9 billion at September 30, 2023, representing an increase of $124.3 million or 6.9% from September 30, 2022.
Total stockholders’ equity was $182.9 million at September 30, 2023, representing an increase of $5.5 million or 3.1% from September 30, 2022. Total stockholders’ equity includes accumulated comprehensive loss of $51.2 million at September 30, 2023 compared to accumulated comprehensive loss of $45.2 million at September 30, 2022.

Asset Quality

Allowance for credit losses (“ACL”) was calculated under the Current Expected Credit Losses (“CECL”) standard methodology for all periods in 2023 and the incurred loss methodology for all periods in 2022.
The ACL increased by $2.9 million to $19.5 million at September 30, 2023 from $16.6 million at September 30, 2022.
The allowance for credit losses represented 1.16% of total loans at both September 30, 2023 and at September 30, 2022.
Non-performing loans to total loans was 0.03% at September 30, 2023 compared to 0.00% at September 30, 2022.

Non-interest Income and Non-interest Expense

Non-interest income was $2.2 million for the three months ended September 30, 2023, an increase of $372 thousand or 20.8% compared to $1.8 million for the same period in 2022.
Non-interest expense was $10.5 million for the three months ended September 30, 2023, an increase of $329 thousand or 3.2% compared to $10.1 million for the same period in 2022.

Capital

As of September 30, 2023, 172,397 shares remain authorized for repurchase under the Company’s previously announced share repurchase program. No shares were repurchased during the third quarter 2023.
As of September 30, 2023, total risk-based capital ratios for the Company and the Bank were 13.10% and 13.06%, respectively.
Tangible book value per common share (a non-GAAP measure) of $9.36 was negatively affected by $2.62 due to accumulated comprehensive loss of $51.2 million at September 30, 2023. At September 30, 2022, tangible book value per common share of $8.87 was negatively affected by $2.26 due to $45.2 million in accumulated comprehensive loss.

Conference Call and Webcast

The Company will host a conference call on Friday, October 27, 2023, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended September 30, 2023. To access the conference call, dial (800) 715-9871 (U.S. toll-free) and ask to join the USCB Financial Holdings Call or provide conference ID 6813115.

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,” “should,” “would,” “believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,” “continue,” and “intend,” as well as other similar words and expressions of the future, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements related to our projected growth, anticipated future financial performance, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, or business and growth strategies, including anticipated internal growth and balance sheet restructuring.

These forward-looking statements involve significant risks and uncertainties that could cause our actual results to differ materially from those anticipated in such statements. Potential risks and uncertainties include, but are not limited to:

the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
our ability to successfully manage interest rate risk, credit risk, liquidity risk, and other risks inherent to our industry;
the accuracy of our financial statement estimates and assumptions, including the estimates used for our credit loss reserve and deferred tax asset valuation allowance;
the efficiency and effectiveness of our internal control procedures and processes;
our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate;
adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry;
deposit attrition and the level of our uninsured deposits;
legislative or regulatory changes and changes in accounting principles, policies, practices or guidelines, including the on-going effects of the implementation of the Current Expected Credit Losses (“CECL”) standard;
the lack of a significantly diversified loan portfolio and the concentration in the South Florida market, including the risks of geographic, depositor, and industry concentrations, including our concentration in loans secured by real estate, in particular, commercial real estate;
the effects of climate change;
the concentration of ownership of our common stock;
fluctuations in the price of our common stock;
our ability to fund or access the capital markets at attractive rates and terms and manage our growth, both organic growth as well as growth through other means, such as future acquisitions;
inflation, interest rate, unemployment rate, market and monetary fluctuations;
impacts of international hostilities and geopolitical events;
increased competition and its effect on the pricing of our products and services as well as our 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 September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Interest income:
Loans, including fees	$	22,523		$	15,954		$	63,081		$	42,989
Investment securities		2,833			2,201			7,501			7,040
Interest-bearing deposits in financial institutions		1,026			322			2,459			474
Total interest income		26,382			18,477			73,041			50,503
Interest expense:
Interest-bearing checking		331			19			574			52
Savings and money market accounts		8,779			1,141			20,532			2,307
Time deposits		2,565			363			5,767			893
FHLB advances and other borrowings		685			180			1,976			456
Total interest expense		12,360			1,703			28,849			3,708
Net interest income before provision for credit losses		14,022			16,774			44,192			46,795
Provision for credit losses		653			910			892			1,615
Net interest income after provision for credit losses		13,369			15,864			43,300			45,180
Non-interest income:
Service fees		1,329			934			3,707			2,917
Gain (loss) on sale of securities available for sale, net		(955	)		(558	)		(976	)		(540	)
Gain on sale of loans held for sale, net		255			330			696			686
Loan settlement		-			-			-			161
Other non-interest income		1,532			1,083			2,650			2,127
Total non-interest income		2,161			1,789			6,077			5,351
Non-interest expense:
Salaries and employee benefits		6,066			6,075			18,325			17,863
Occupancy		1,350			1,281			3,968			3,802
Regulatory assessments and fees		365			269			1,041			708
Consulting and legal fees		513			604			1,257			1,519
Network and information technology services		481			488			1,464			1,323
Other operating expense		1,686			1,415			5,034			4,080
Total non-interest expense		10,461			10,132			31,089			29,295
Net income before income tax expense		5,069			7,521			18,288			21,236
Income tax expense		1,250			1,963			4,464			5,529
Net income		3,819			5,558			13,824			15,707
Per share information:
Net income per common share, basic	$	0.20		$	0.28		$	0.70		$	0.79
Net income per common share, diluted	$	0.19		$	0.28		$	0.70		$	0.78
Weighted average shares outstanding:
Common shares, basic		19,542,723			20,000,753			19,661,685			19,998,841
Common shares, diluted		19,611,897			20,148,208			19,729,181			20,178,089

USCB FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands, except per share data)

	As of or For the Three Months Ended
	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
Income statement data:
Net interest income	$	14,022		$	14,173		$	15,997		$	16,866		$	16,774
Provision for credit losses		653			38			201			880			910
Net interest income after provision for credit losses		13,369			14,135			15,796			15,986			15,864
Service fees		1,329			1,173			1,205			1,093			934
Gain (loss) on sale of securities available for sale, net		(955	)		-			(21	)		(1,989	)		(558	)
Gain on sale of loans held for sale, net		255			94			347			205			330
Other income		1,532			579			539			568			1,083
Total non-interest income		2,161			1,846			2,070			(123	)		1,789
Salaries and employee benefits		6,066			5,882			6,377			6,080			6,075
Occupancy		1,350			1,319			1,299			1,256			1,281
Regulatory assessments and fees		365			452			224			222			269
Consulting and legal fees		513			386			358			371			604
Network and information technology services		481			505			478			483			488
Other operating expense		1,686			1,908			1,440			1,602			1,415
Total non-interest expense		10,461			10,452			10,176			10,014			10,132
Net income before income tax expense		5,069			5,529			7,690			5,849			7,521
Income tax expense		1,250			1,333			1,881			1,415			1,963
Net income	$	3,819		$	4,196		$	5,809		$	4,434		$	5,558
Per share information:
Net income per common share, basic	$	0.20		$	0.21		$	0.29		$	0.22		$	0.28
Net income per common share, diluted	$	0.19		$	0.21		$	0.29		$	0.22		$	0.28
Balance sheet data (at period-end):
Cash and cash equivalents	$	33,435		$	87,280		$	63,251		$	54,168		$	73,326
Securities available-for-sale	$	218,609		$	218,442		$	229,409		$	230,140		$	248,571
Securities held-to-maturity	$	197,311		$	220,956		$	186,428		$	188,699		$	178,865
Total securities	$	415,920		$	439,398		$	415,837		$	418,839		$	427,436
Loans held for investment ⁽¹⁾	$	1,676,520		$	1,595,959		$	1,580,394		$	1,507,338		$	1,431,513
Allowance for credit losses	$	(19,493	)	$	(18,815	)	$	(18,887	)	$	(17,487	)	$	(16,604	)
Total assets	$	2,244,602		$	2,225,914		$	2,163,821		$	2,085,834		$	2,037,453
Non-interest-bearing deposits	$	573,546		$	572,360		$	633,606		$	629,776		$	662,808
Interest-bearing deposits	$	1,347,376		$	1,348,941		$	1,196,856		$	1,199,505		$	1,133,834
Total deposits	$	1,920,922		$	1,921,301		$	1,830,462		$	1,829,281		$	1,796,642
FHLB advances and other borrowings	$	102,000		$	87,000		$	120,000		$	46,000		$	26,000
Total liabilities	$	2,061,718		$	2,042,229		$	1,979,963		$	1,903,406		$	1,860,036
Total stockholders' equity	$	182,884		$	183,685		$	183,858		$	182,428		$	177,417
Capital ratios:⁽²⁾
Leverage ratio		9.26	%		9.32	%		9.36	%		9.61	%		9.48	%
Common equity tier 1 capital		11.97	%		12.27	%		12.04	%		12.53	%		12.56	%
Tier 1 risk-based capital		11.97	%		12.27	%		12.04	%		12.53	%		12.56	%
Total risk-based capital		13.10	%		13.42	%		13.20	%		13.65	%		13.65	%

(1) Loan amounts include deferred fees/costs.
(2) Reflects the Company's regulatory capital ratios which are provided for information purposes only; as a small bank holding company, the Company is not subject to regulatory capital requirements.

USCB FINANCIAL HOLDINGS, INC.
AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)
(Dollars in thousands)

	As of or For the Three Months Ended
	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
Average balance sheet data:
Cash and cash equivalents	$	90,742		$	94,313		$	50,822		$	61,892		$	77,887
Securities available-for-sale	$	222,134		$	224,913		$	230,336		$	242,144		$	331,206
Securities held-to-maturity	$	218,694		$	192,628		$	187,826		$	184,459		$	116,733
Total securities	$	440,828		$	417,541		$	418,162		$	426,603		$	447,939
Loans held for investment⁽¹⁾	$	1,610,864		$	1,569,266		$	1,547,393		$	1,456,780		$	1,398,761
Total assets	$	2,250,258		$	2,183,542		$	2,120,218		$	2,051,867		$	2,026,791
Interest-bearing deposits	$	1,353,516		$	1,270,657		$	1,179,878		$	1,150,049		$	1,107,129
Non-interest-bearing deposits	$	587,917		$	601,778		$	664,369		$	653,820		$	655,853
Total deposits	$	1,941,433		$	1,872,435		$	1,844,247		$	1,803,869		$	1,762,982
FHLB advances and other borrowings	$	85,326		$	93,075		$	61,600		$	37,500		$	43,935
Total liabilities	$	2,065,357		$	1,999,304		$	1,936,847		$	1,874,311		$	1,841,503
Total stockholders' equity	$	184,901		$	184,238		$	183,371		$	177,556		$	185,288
Performance ratios:
Return on average assets ⁽²⁾		0.67	%		0.77	%		1.11	%		0.86	%		1.09	%
Return on average equity ⁽²⁾		8.19	%		9.13	%		12.85	%		9.91	%		11.90	%
Net interest margin ⁽²⁾		2.60	%		2.73	%		3.22	%		3.45	%		3.47	%
Non-interest income (loss) to average assets ⁽²⁾		0.38	%		0.34	%		0.40	%		(0.02	)%		0.35	%
Efficiency ratio ⁽³⁾		64.64	%		65.25	%		56.32	%		59.81	%		54.58	%
Loans by type (at period end): ⁽⁴⁾
Residential real estate	$	188,880		$	183,093		$	184,427		$	185,636		$	186,551
Commercial real estate	$	1,005,280		$	989,401		$	987,757		$	970,410		$	928,531
Commercial and industrial	$	212,975		$	169,401		$	160,947		$	126,984		$	121,145
Foreign banks	$	94,640		$	85,409		$	97,405		$	93,769		$	94,450
Consumer and other	$	173,096		$	167,845		$	149,410		$	130,429		$	100,845
Asset quality data:
Allowance for credit losses to total loans		1.16	%		1.18	%		1.20	%		1.16	%		1.16	%
Allowance for credit losses to non-performing loans		4,070	%		3,871	%		3,886	%		-	%		-	%
Total non-performing loans⁽⁵⁾	$	479		$	486		$	486		$	-		$	-
Non-performing loans to total loans		0.03	%		0.03	%		0.03	%		-	%		-	%
Non-performing assets to total assets⁽⁵⁾		0.02	%		0.02	%		0.02	%		-	%		-	%
Net charge-offs (recoveries of) to average loans ⁽²⁾		(0.00	)%		0.01	%		(0.01	)%		(0.00	)%		0.03	%
Net charge-offs (recovery) of credit losses	$	(5	)	$	29		$	(49	)	$	(2	)	$	91
Interest rates and yields:⁽²⁾
Loans		5.55	%		5.33	%		5.17	%		4.86	%		4.53	%
Investment securities		2.52	%		2.26	%		2.20	%		2.13	%		1.94	%
Total interest-earning assets		4.89	%		4.68	%		4.51	%		4.21	%		3.82	%
Deposits		2.39	%		1.99	%		1.29	%		0.77	%		0.34	%
FHLB advances and other borrowings		3.19	%		3.42	%		3.27	%		2.27	%		1.63	%
Total interest-bearing liabilities		3.41	%		2.97	%		2.08	%		1.25	%		0.59	%
Other information:
Full-time equivalent employees		194			198			196			191			191

(1) Loan amounts include deferred fees/costs.
(2) Annualized.
(3) Efficiency ratio is defined as total non-interest expense divided by sum of net interest income and total non-interest income.
(4) Loan amounts exclude deferred fees/costs.
(5) The amounts for total non-performing loans and total non-performing assets are the same at the dates presented since there were no impaired investments or other real estate owned (OREO) recorded.

USCB FINANCIAL HOLDINGS, INC.
NET INTEREST MARGIN (UNAUDITED)
(Dollars in thousands)

	Three Months Ended September 30,
	2023						2022
	Average Balance		Interest		Yield/Rate ⁽¹⁾		Average Balance		Interest		Yield/Rate ⁽¹⁾
Assets
Interest-earning assets:
Loans ⁽²⁾	$	1,610,864	$	22,523	5.55	%	$	1,398,761	$	15,954	4.53	%
Investment securities ⁽³⁾		445,828		2,833	2.52	%		450,514		2,201	1.94	%
Other interest-earnings assets		83,479		1,026	4.88	%		70,540		322	1.81	%
Total interest-earning assets		2,140,171		26,382	4.89	%		1,919,815		18,477	3.82	%
Non-interest-earning assets		110,087						106,976
Total assets	$	2,250,258					$	2,026,791
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing checking	$	52,080		331	2.52	%	$	66,585		19	0.11	%
Saving and money market deposits		1,011,164		8,779	3.44	%		823,521		1,141	0.55	%
Time deposits		290,272		2,565	3.51	%		217,023		363	0.66	%
Total interest-bearing deposits		1,353,516		11,675	3.42	%		1,107,129		1,523	0.55	%
FHLB advances and other borrowings		85,326		685	3.19	%		43,935		180	1.63	%
Total interest-bearing liabilities		1,438,842		12,360	3.41	%		1,151,064		1,703	0.59	%
Non-interest-bearing demand deposits		587,917						655,853
Other non-interest-bearing liabilities		38,598						34,586
Total liabilities		2,065,357						1,841,503
Stockholders' equity		184,901						185,288
Total liabilities and stockholders' equity	$	2,250,258					$	2,026,791
Net interest income			$	14,022					$	16,774
Net interest spread ⁽⁴⁾					1.48	%					3.23	%
Net interest margin ⁽⁵⁾					2.60	%					3.47	%

(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
	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
Pre-tax pre-provision ("PTPP") income:⁽¹⁾
Net income	$	3,819		$	4,196		$	5,809		$	4,434		$	5,558
Plus: Provision for income taxes		1,250			1,333			1,881			1,415			1,963
Plus: Provision for credit losses		653			38			201			880			910
PTPP income	$	5,722		$	5,567		$	7,891		$	6,729		$	8,431

PTPP return on average assets:⁽¹⁾
PTPP income	$	5,722		$	5,567		$	7,891		$	6,729		$	8,431
Average assets	$	2,250,258		$	2,183,542		$	2,120,218		$	2,051,867		$	2,026,791
PTPP return on average assets ⁽²⁾		1.01	%		1.02	%		1.51	%		1.30	%		1.65	%

Operating net income:⁽¹⁾
Net income	$	3,819		$	4,196		$	5,809		$	4,434		$	5,558
Less: Net gains (losses) on sale of securities		(955	)		-			(21	)		(1,989	)		(558	)
Less: Tax effect on sale of securities		242			-			5			504			141
Operating net income	$	4,532		$	4,196		$	5,825		$	5,919		$	5,975

Operating PTPP income:⁽¹⁾
PTPP income	$	5,722		$	5,567		$	7,891		$	6,729		$	8,431
Less: Net gains (losses) on sale of securities		(955	)		-			(21	)		(1,989	)		(558	)
Operating PTPP income	$	6,677		$	5,567		$	7,912		$	8,718		$	8,989

Operating PTPP return on average assets:⁽¹⁾
Operating PTPP income	$	6,677		$	5,567		$	7,912		$	8,718		$	8,989
Average assets	$	2,250,258		$	2,183,542		$	2,120,218		$	2,051,867		$	2,026,791
Operating PTPP return on average assets ⁽²⁾		1.18	%		1.02	%		1.51	%		1.69	%		1.76	%

Operating return on average assets:⁽¹⁾
Operating net income	$	4,532		$	4,196		$	5,825		$	5,919		$	5,975
Average assets	$	2,250,258		$	2,183,542		$	2,120,218		$	2,051,867		$	2,026,791
Operating return on average assets ⁽²⁾		0.80	%		0.77	%		1.11	%		1.14	%		1.17	%

Operating return on average equity:⁽¹⁾
Operating net income	$	4,532		$	4,196		$	5,825		$	5,919		$	5,975
Average equity	$	184,901		$	184,238		$	183,371		$	177,556		$	185,288
Operating return on average equity ⁽²⁾		9.72	%		9.13	%		12.88	%		13.23	%		12.79	%

Operating Revenue:⁽¹⁾
Net interest income	$	14,022		$	14,173		$	15,997		$	16,866		$	16,774
Non-interest income		2,161			1,846			2,070			(123	)		1,789
Less: Net gains (losses) on sale of securities		(955	)		-			(21	)		(1,989	)		(558	)
Operating revenue	$	17,138		$	16,019		$	18,088		$	18,732		$	19,121

Operating Efficiency Ratio:⁽¹⁾
Total non-interest expense	$	10,461		$	10,452		$	10,176		$	10,014		$	10,132
Operating revenue	$	17,138		$	16,019		$	18,088		$	18,732		$	19,121
Operating efficiency ratio		61.04	%		65.25	%		56.26	%		53.46	%		52.99	%

(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
	9/30/2023			6/30/2023			3/31/2023			12/31/2022			9/30/2022
Tangible book value per common share (at period-end):⁽¹⁾
Total stockholders' equity	$	182,884		$	183,685		$	183,858		$	182,428		$	177,417
Less: Intangible assets		-			-			-			-			-
Tangible stockholders' equity	$	182,884		$	183,685		$	183,858		$	182,428		$	177,417
Total shares issued and outstanding (at period-end):
Total common shares issued and outstanding		19,542,290			19,544,777			19,622,380			20,000,753			20,000,753
Tangible book value per common share⁽²⁾	$	9.36		$	9.40		$	9.37		$	9.12		$	8.87

Operating diluted net income per common share:⁽¹⁾
Operating net income	$	4,532		$	4,196		$	5,825		$	5,919		$	5,975
Total weighted average diluted shares of common stock		19,611,897			19,639,682			19,940,606			20,172,438			20,148,208
Operating diluted net income per common share:	$	0.23		$	0.21		$	0.29		$	0.29		$	0.30

Tangible Common Equity/Tangible Assets⁽¹⁾
Tangible stockholders' equity	$	182,884		$	183,685		$	183,858		$	182,428		$	177,417
Tangible total assets⁽³⁾	$	2,244,602		$	2,225,914		$	2,163,821		$	2,085,834		$	2,037,453
Tangible Common Equity/Tangible Assets		8.15	%		8.25	%		8.50	%		8.75	%		8.71	%

(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.

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USCB Financial Holdings, Inc. Reports Diluted EPS of $0.19 for Q3 2023