0001901637 False ☐ ☐ ☐ ☐ 0001901637 2024-07-29 2024-07-29
 
 
 
1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
 
D.C. 20549
__________________________
FORM
8-K
__________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
 
of 1934
Date of Report (Date of earliest event reported):
July 29, 2024
__________________________
USCB Financial Holdings, Inc.
(Exact name of Registrant as Specified in Its Charter)
 
__________________________
 
Florida
001-41196
87-4070846
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
2301 N.W. 87th Avenue
,
Doral
,
Florida
33172
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone
 
Number, Including Area Code: (
305
)
715-5200
 
__________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation
 
of the registrant under
any of the following provisions:
 
☐
Written communications pursuant
 
to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a
 
-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b)
 
under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
 
Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Class A common stock, $1.00 par value per share
USCB
The Nasdaq Stock Market LLC
Indicate by
 
check mark
 
whether the
 
registrant is
 
an emerging
 
growth company
 
as defined
 
in Rule
 
405 of
 
the Securities
 
Act of
 
1933
(§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b
 
-2 of this chapter).
Emerging growth company
☒
If
 
an
 
emerging
 
growth
 
company,
 
indicate
 
by
 
check
 
mark
 
if
 
the
 
registrant
 
has
 
elected
 
not
 
to
 
use
 
the
 
extended
 
transition
 
period
 
for
complying with any new or revised financial accounting standards provided
 
pursuant to Section 13(a) of the Exchange Act.
☐
 
2
Item 7.01. Regulation FD Disclosure.
USCB Financial Holdings,
 
Inc. is filing an
 
investor presentation (the
 
“Presentation”), which will
 
be used by the
 
management
team for presentations to investors and
 
others. A copy of the Presentation
 
is attached hereto as Exhibit 99.1 and
 
incorporated herein by
reference. The Presentation is
 
also available on the
 
Company’s website
 
at investors.uscenturybank.com.
 
Information contained herein,
including Exhibit 99.1, is being furnished and shall not be deemed “filed”
 
for the purposes of Section 18 of the Securities
 
Exchange Act
of 1934,
 
as amended
 
“Exchange Act”,
 
or otherwise
 
subject to
 
the liability
 
of such
 
section, and
 
shall not
 
be deemed
 
incorporated by
reference
 
in any
 
filing
 
under the
 
Securities
 
Act
 
of
 
1933,
 
as amended
 
,
 
or the
 
Exchange
 
Act,
 
regardless
 
of any
 
general
 
incorporation
language in such filing, except as shall be expressly set forth by specific
 
reference in such a filing.
 
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
 
Description
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
 
caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
USCB Financial Holdings, Inc.
By:
/s/ Robert Anderson
Name:
Robert Anderson
Title:
Chief Financial Officer
Date: July 29, 2024
exhibit991p1i0
 
Exhibit 99.1
INVESTOR PRESENTATION SECOND QUARTER 2024
 
NASDAQ: USCB USCB FINANCIAL HOLDINGS | U.S.
 
CENTURY BANK
exhibit991p2i0
 
FORWARD-LOOKING STATEMENTS This presentation
 
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,” “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 the 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, and 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 net 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 presentation 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
 
presentation are made only as of the date hereof, and we undertake
 
no obligation to update
 
or revise any forward-looking statements to reflect events or circumstances
 
occurring 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 USCB Financial
 
Holdings, Inc. filed or will file with the SEC. Non-GAAP
 
Financial Measures This presentation 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 financial measures because
 
it believes these measures may provide useful supplemental information for
 
evaluating the Company’s expectations 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 this presentation. All numbers included in this presentation
 
are unaudited unless otherwise noted. 2
exhibit991p3i0
 
TABLE OF CONTENTS (1) Who We Are (2) Growth
 
Strategy (3) Financial Review (4) Appendix 3
exhibit991p4i0
 
WE ARE A RELATIONSHIP-FIRST BANK Company Overview
 
Founded in 2002, U.S. Century Bank is a state-chartered bank
 
headquartered in South Florida 9th largest Florida headquartered
 
bank by deposits in Miami Dade County as of June 30, 2023 (1) The
 
Bank issued its initial public offering in July 2021, raising $40.0
 
million in equity capital Its holding company formed in 2021, USCB
 
Financial Holdings, Inc (NASDAQ: USCB), is included in the Russell
 
3000 Index Full service commercial bank offering products
 
and services tailored to meet the needs of small/medium Sized Businesses,
 
entrepreneurs and professionals in South Florida (Miami Dade,
 
Broward, and Palm Beach) SBA preferred lender, ranked
 
as a top SBA 7(a) community bank lender in Miami Dade and Broward counties
 
5-star Bauer Financial rating ASSETS $2.5B LOANS $1.9B DEPOSITS
 
$2.1B EQUITY $201M NPA/ASSETS 0.03% TOTAL RBC
 
13.12% ROAA 1.01% EPS $0.31 Commercial Banking Focused
 
on servicing small/medium-sized businesses within branch footprint
 
Offer relationship retail deposit products to owners and operators
 
of SMBs Ability for customers to access accounts through online
 
and mobile banking platforms Credit products include Asset Based
 
Loans, Lines of Credit and Term Loans Provide Treasury
 
Management services to clients Relationship-driven with flexible
 
solutions tailored to each client’s need South Florida 10 Branches
 
FDIC Deposit Market Share Report as of 6/30/23. Annualized.
 
Diluted EPS for the quarter ended June 30, 2024. 4
exhibit991p5i0
 
LOCATED IN A VIBRANT ECONOMY Florida is one of
 
the largest business markets in the country As of the 3rd quarter
 
2023. Florida GDP reached $1.6 trillion, ranking as the 4th largest
 
economy in the U.S. (1) As of July 2024, CNBC’s ranked
 
Florida as the best economy among the 50 states based on economic
 
growth, job growth, state finances, housing market, and foreign
 
direct investment In November 2023, Florida’s unemployment rate
 
was 2.9%, ranking 9th lowest in the U.S., according to the
 
U.S. Bureau of Labor Statistics According to the 2023 report from
 
the U.S. Small Business Administration’s, Florida ranks 3rd among
 
states with the largest number of small businesses, estimated
 
3.1 million According to the U.S. Census Bureau the population
 
percent change , April 1, 2020 (estimates base) to July 31, 2023,
 
was 5.0% increase. The 1 million increase in population made
 
Florida the second state with highest population rate The tri-county area
 
of Miami-Dade, Broward and Palm Beach is the premier market within
 
the state of Florida According to the U.S. Small Business Administration’s
 
latest report, Miami-Dade MSA accounts for more than 1/3 of
 
small businesses in the state of Florida as of December 2022 A
 
diverse and vibrant economy Miami-Dade MSA has a rapidly growing
 
population The Miami-Dade MSA represents over 6 million
 
residents and will reach close to 7 million by 2025 (2)
 
Business-friendly tax structures, no personal income tax and a reasonable
 
cost living attract business to Florida Amazon is searching for
 
50,000 square feet of office space in the Miami area. Founder
 
Jeff Bezos announced that “he’s moving from Seattle to Miami, to
 
one of the hottest new influence frontiers and a rising tech hub“ (3)
 
DORAL HEADQUARTERS USAFacts Economy of Florida
 
as Q3 2023 Miami-Dade Beacon Council demographic overview projections
 
Fortune Magazine article “Jeff
Bezos Seattle to Miami” Nov 2023 5
exhibit991p6i0
 
ATTRACTIVE DEMOGRAPHICS Household Income Projected
 
Growth 2022-2027 (1) Miami leads expectations of income
 
growth with a 5-year growth rate of 16.98%. 9 cities within the current
 
USCB network are expected to have growth greater than the U.S.
 
and Florida averages Miami-Dade MSA is the premier market
 
within the state of Florida The Miami-Dade metro area
 
is the tenth largest MSA in the U.S. by total number of businesses, per
 
the North American Industry Classification System (NAICS)
 
database USCB network U.S. & Florida growth rates (1) Source:
 
S&P Global Market Intelligence. 6
exhibit991p7i0
 
ATTRACTIVE DEMOGRAPHICS 2nd second state with highest
 
population growth from April 1, 2020 to July 2023, totaling almost
 
1 million increase in population (1) 6th place GDP growth
 
in the U.S., 160 bps above national average in 1st quarter
 
of 2024 (2) Unemployment rate was 2.9% compared to the national rate
 
of 3.7% as of November 2023 (2) The labor force was
 
up 3% percent (+40,298) over the year in May 2024 (2) Palm Beach
 
County 2.9% unemployment rate below national average (3) Broward
 
County 2.8% unemployment
 
rate below national average (3) Miami-Dade County 2.2% unemployment
 
rate of below national average (3) United States Census
 
Bureau “QuickFacts Miami-Dade County, Florida” U.S. Bureau
 
of Labor Statistics November 2023 FloridaCommerce June Press
 
Release 2024 U.S. Bureau of Labor Statistics Miami, FL, Area
 
Economic Summary as of May 2024 7
exhibit991p8i0
 
SEASONED MANAGEMENT Luis de la Aguilera Chairman,
 
President & CEO Previously President & CEO of Total Bank 40+
 
years in banking Rob Anderson Chief Financial Officer
 
Previously CFO of Capstar Financial Holdings 18+ years in banking
 
Bill Turner Chief Credit Officer Previously CCO of Interamerican
 
Bank 35+ years in banking Oscar Gomez Head of Global Banking Division
 
Previously at Regions Bank 30+ years in banking Maricarmen
 
Logroño Nicholas Bustle Andres Collazo Chief Risk Officer
 
Chief Lending Officer Director
 
of Operations & IT Systems Previously at Doral Bank Previously
 
at Valley Bank Previously at TotalBank 20+ years in banking
 
35+ years in banking 33+ years in banking Martha Guerra
 
-Kattou Director of Sales & Marketing Previously at TotalBank
 
30+ years in banking Seasoned Management Team with Local
 
Banking Experience 8
exhibit991p9i0
 
ACCOMPLISHED BOARD OF DIRECTORS Luis de la Aguilera
 
Aida Levitan Chairman, President & CEO Board Member Previously
 
President & CEO of TotalBank President the Levitan Group Director
 
since 2016 Director since 2013 Kirk Wvcoff wwwvvwvw Board Member
 
Managing Partner, Patriot Financial Partners, L.P. Director
 
since 2015 Howard Feinglass Board Member Managing
 
Partner, Priam Capital Director since 2015 Ramón Abadin
 
Board Member Partner, Ramon A. Abadin P.A. Director since
 
2017 Bernardo Fernandez, Jr. Board Member CEO, Baptist Health
 
Medical Group Director since 2017 Ramon A. Rodriguez, CPA
 
Board Member Chairman and Chief Executive Officer
 
Cable Insurance Director since 2022 Robert Kafafian vWWWWWWS/
 
Board Member Founder, Chairman & Chief Executive Officer
 
The Kafafian Group, Inc. Maria C. Alonso Board Member CEO and
 
Regional Dean of Northeastern University, Miami Campus Director
 
since 2022 Director since 2022 Highly Accomplished and Aligned
 
Board with Complementary Track Records 9
exhibit991p10i0
 
OUR STRATEGY Organic Loan Growth Take advantage
 
of platform that we have developed post recap, capitalize on fragmented
 
Miami-Dade, Broward, and Palm Beach Counties community
 
banking market, and continue to build market share Capitalize
 
on inherent advantages over smaller community banks which lack
 
our product expertise and breadth of service Due to significant consolidation,
 
there exists a base of potential clients that desire to partner with a
 
bank that is locally headquartered Team Lift-offs Continue
 
to bring in top tier talent to U.S. Century Bank, with teams attracted
 
to culture, public currency and local decision making Overall
 
growth success will depend upon our ability to attract, retain, develop,
 
incentivize, and reward the human capital necessary to execute
 
growth strategy Attractive stock-based incentive compensation to attract
 
top tier talent Asset Purchases: Portfolio loan purchases from companies
 
exiting non-core lines of business; opportunistic to organic
 
growth initiatives Net capital can serve as dry powder to facilitate
 
meaningfully sized portfolio acquisitions Proactively evaluating
 
portfolio opportunities that are consistent with USCB’s credit
 
philosophy Strategic Acquisitions: Become an active acquirer
 
for Florida banks looking to find a partner Focused on strategic, financially
 
attractive acquisitions which support the Company’s organic
 
growth strategy without compromising the risk profile Potential
 
partners in Miami-Dade, Broward, and Palm Beach Counties
 
that may seek liquidity USCB is positioned to offer stock consideration
 
10
exhibit991p11i0
 
DIVERSIFIED BUSINESS VERTICALS Differentiated Banking
 
Product Offerings Specialty banking products, services and solutions designed
 
for small/medium businesses, homeowner associations, law firms,
 
medical practices and other professional services firms, yacht
 
lending and global banking services Jurist Advantage $245MM
 
Deposits Deposit aggregating focus/strategy Tailored products
 
& services for law offices, managing partners, associates and other
 
staff members Commercial deposits accounts, treasury management
 
,
 
commercial lending, student loan refinancing, residential loans and
 
credit card services Correspondent Banking $226MM Deposits
 
/ $113MM Loans Comprehensive range of both domestic and
 
international services with the latest in technology to ensure quick processing
 
Focus on Caribbean and Latin American countries Correspondent
 
banking services include letters of credit, foreign collections,
 
wire transfers, ForEx and trade finance Yacht Lending $190MM
 
Loans Yacht financing for larger vessels, transaction
 
range is $750k -$7.5MM. Brokered oriented business, 3 vendor
 
approved brokers Member of the National Marine Lenders Association
 
Acquired two yacht lending portfolios in 2021 and launched this
 
new vertical in 2022 Association Banking $131MM Deposits
 
/ $116MM Loans Deposit aggregating focus/strategy Banking
 
for Homeowner Associations and Property Managers Offer
 
deposit collection services and esoteric lending solutions ranging from insurance
 
premium and large capital improvements
 
financing Significant lending capacity to target large credits SBA
 
/ Small Business Lending $45MM Loans Relationship-oriented
 
business focused on delivering fast loan commitments to small and
 
medium-sized enterprises Predominately small business line of credits
 
and CD secured loans Affordable SBA loan provider Approved
 
by the SBA to participate in the
Preferred Lenders Program Medical Advantage New Business Line Deposit
 
aggregating focus/strategy As a concierge-level banking service,
 
MDAdvantage is designed to cater to the complex banking requirements
 
of medical professionals Offers a broad range of products and
 
services developed for physicians, dentists, and veterinarians
 
Balances as of June 30, 2024. 11
exhibit991p12i0
 
Q2 2024 HIGHLIGHTS GROWTH Average deposits increased
 
by $211.4 million or 11.3% compared to the second quarter
 
2023. Average loans increased $259.2 million or 16.5% compared
 
to the second quarter 2023. Liquidity sources on June 30, 2024,
 
totaled $615 million in on-balance sheet and off-balance
 
sheet sources. Tangible book value per common share (a non-GAAP
 
measure) was $10.24 at June 30, 2024, representing an increase
 
of $0.84 or 8.9% increase from $9.40 at June 30, 2023. PROFITABILITY
 
Net income was $6.2 million or $0.31 per diluted share, increase
 
of $2.0 million or 48% compared to the second quarter 2023. Net interest
 
income before provision increased $3.1 million or 22.1% for the quarter
 
compared to the second quarter 2023. ROAA was 1.01% in the
 
second quarter 2024 compared to 0.77% for the second quarter
 
2023. ROAE was 12.63% in the second quarter 2024 compared
 
to 9.13% for the second quarter 2023. CAPITAL/CREDIT The
 
Company’s Board of Directors declared a cash dividend of $0.05
 
per share of the Company’s Class A common stock on July 22
 
,
 
2024. The dividend will be paid on September 5, 2024, to shareholders
 
of record at the close of business on August 15, 2024. At June
 
30, 2024, two loans were classified as nonaccrual for a total of $758
 
thousand. ACL coverage ratio was 1.19% at June 30, 2024, and
 
1.18% at June 30, 2023. (1) Non-GAAP financial measure.
 
See reconciliation in this presentation. 12
exhibit991p13i0
 
HISTORICAL FINANCIALS EOP for Balance Sheet amounts Loans
 
In millions $735 $1,869 2016 2017 2018 2019 2020 2021 2022
 
2023 Q1 Q2 2024 2024 Deposits In millions $782 $2,057 2016
 
2017 2018 2019 2020 2021 2022 2023 Q1 Q2 2024 2024 Total
 
stockholders’ equity In millions $86 $201 2016 2017 2018 2019 2020
 
2021 2022 2023 Q1 Q2 2024 2024 ACL/Total Loans 1.17%
 
1.19% 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2024 Net charge
 
-offs ($1,019) ($2) 2016 2017 2018 2019 2020 2021 2022 2023
 
Q1 2024 Nonperforming Assets/Total Assets 1.58% 0.03%
 
2016 2017 2018 2019 2020 2021 2022 2023 Q1 2024 Net Interest
 
Income In millions $30 $59 2016 2017 2018 2019 2020 2021
 
2022 2023 Q1 2024 Efficiency ratio 94.15% 56.33% 2016 2017 2018
 
2019 2020 2021 2022 2023 Q1 2024 PTPP ROAA 0.24% 1.45%
 
2016 2017 2018 2019 2020 2021 2022 2023 Q1 2024 (1) Loan
 
amounts include deferred fees/costs. (2) ACL was calculated under
 
the CECL standard methodology for all periods after January 1st 2023,
 
and the incurred loss methodology for all periods before. (3)
 
Non-GAAP financial measure. See reconciliation in this presentation.
 
13
exhibit991p14i0
 
FINANCIAL RESULTS In thousands (except per share
 
data) Balane Sheet (EOP) Total Securities $406,050 $433,030 $439,398
 
Total Loans (1) $1,869,249 $1,821,196 $1,595,959 Total
 
Assets $2,458,270 $2,489,142 $2,225,914 Total Deposits $2,056,702
 
$2,102,794 $1,921,301 Total Equity (2) $201,020 $195,011
 
$183,685 Income Statement Net Interest Income $17,311 $15,158
 
$14,173 Non-Interest Income $3,211 $2,464 $1,846 Total
 
Revenue $20,522 $17,622 $16,019 Provision for Credit Losses $786 $410
 
$38 Non-Interest Expense $11,560 $11,174 $10,452 Net Income
 
$6,209 $4,612 $4,196 Diluted Earning Per Share (EPS) $0.31
 
$0.23 $0.21 Weighted Average Diluted Shares 19,717,167
 
19,698,258 19,639,682 (1) Loan amounts include deferred
 
fees/costs. (2) Total Equity includes accumulated comprehensive
 
loss of $44.7 million for Q2 2024, $45.4 million for Q1 2024,
 
and $46.3 million for Q2 2023. 14
exhibit991p15i0
 
KEY PERFORMANCE INDICATORS Q2 2024 Q1 2024 Q2
 
2023 GROWTH Total Assets (EOP) $2,458,270 $2,489,142 $2,225,914
 
Total Loans (EOP) $1,869,249 $1,821,196 $1,595,959 Total
 
Deposits (EOP) $2,056,702 $2,102,794 $1,921,301 Tangible
 
Book Value/Share (1)(4) $10.24 $9.92 $9.40 PROFITABILITY
 
Return On Average Assets (ROAA) (3) 1.01% 0.76% 0.77%
 
Return On Average Equity (ROAE) (3) 12.63% 9.61% 9.13% Net
 
Interest Margin (3) 2.94% 2.62% 2.73% Efficiency Ratio
 
56.33% 63.41% 65.25% Non-Interest Expense/Avg Assets (3)
 
1.88% 1.84% 1.92% CAPITAL/CREDIT Tangible Common
 
Equity/Tangible Assets (1) 8.18% 7.83% 8.25% Total
 
Risk-Based Capital (2) 13.12% 12.98% 13.42% NCO/Avg Loans
 
(3) 0.00% 0.00% 0.01% NPA/Assets 0.03% 0.02% 0.02% Allowance
 
Credit Losses/Loans 1.19% 1.18% 1.18% (1) Non-GAAP financial
 
measures. See reconciliation in this presentation. (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. (3) Annualized.
 
(4) AOCI effect on tangible book value per share was ($2.28) for
 
Q2 2024, ($2.31) for Q1 2024 and ($2.37) for Q2 2023. 15
exhibit991p16i0
 
DEPOSIT PORTFOLIO Deposits AVG In millions $1,872
 
$1,941 $1,914 $2,049 $2,083 $277 $290 $282 $323 $316 $940
 
$1,011 $1,005 $1,098 $1,101 $53 $52 $50 $53 $56 $602 $588
 
$577 $575 $610 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2
 
2024 Non-interest-bearing deposits Money market and savings
 
Interest-bearing checking deposits Time deposits Deposit
 
Cost +525 bps Q2'24 vs Q4'21 0.25% 5.25% 5.50% 5.50% 5.50% 5.50%
 
0.25% 1.99% 2.39% 2.53% 2.76% 2.64% Q4 2021 Q1 2023 Q2
 
2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Deposit Cost Fed Fund
 
Rate (upper bound) Commentary Average deposits increased
 
$35.3 million or 6.9% annualized compared to the prior quarter
 
and increased $211.4 million or 11.3% compared to the second
 
quarter 2023. Average DDA deposits increased $35.6 million or 24.9%
 
annualized compared to prior quarter. Average DDA
 
balances comprised 29.3% of total average deposits for second quarter
 
2024. Cost of deposits decreased 12 bps compared to prior quarter.
 
Deposit beta of 46% since Q4 2021.
 
16
exhibit991p17i0
 
DEPOSIT AGGREGATING VERTICALS Deposits Trend
 
(EOP) In millions $88 $229 $312 $352 $446 $492 $554 $602
 
$48 $129 $138 $154 $177 $200 $209 $226 $10 $38 $77 $68 $97
 
$112 $134 $131 $30 $62 $97 $130 $172 $164 $211 $245
 
2018 2019 2020 2021 2022 2023 Q1 2024 Q2 2024 JA/PCG
 
HOA Corresponding Baking Commentary $514 million in deposit growth
 
compared to December 31, 2018. Growth by vertical from
 
2018 to Second Quarter 2024: JA/PCG: $215 million. HOA: $121
 
million. Correspondent Banking: $178 million. 17
exhibit991p18i0
 
LIQUIDITY EOP for Balance Sheet amounts Total Liquidity 38% 33%
 
27% 27% 25% 14% 10% 10% 12% 10% On Balance Sheet
 
Liquid Assets Total Liquidity Liquid Assets: On-Balance Sheet Liquidity
 
/ Total Assets Total Liquidity: Total Liquidity / Total
 
Assets Sources of Liquidity (in millions) 06/30/2024 On
 
Balance Sheet Liquidity Cash $4 Due from banks $69 Investment
 
securities unpledged $166 Total on balance sheet liquidity (Liquid
 
Assets) $239 Off Balance Sheet Liquidity FHLB excess capacity
 
$237 Federal Reserve Discount Window $34 Fed Fund Lines
 
$105 Total off balance sheet liquidity $376 Total Liquidity
 
$615 Commentary We believe we are well positioned to weather
 
the current economic environment. We have ample sources of liquidity
 
both on and off-balance sheet. Loans-to-deposits ratio increased
 
due to additional loan production during the quarter. Loan-to-Deposit
 
Ratio 83.1% 87.3% 91.9% 86.6% 90.9% Jun-24 Sep-24 Dec-24
 
Mar-24 Jun-24 18
exhibit991p19i0
 
LOAN PORTFOLIO Total Loans (AVG) In millions
 
$1,569 $1,611 $1,699 $1,782 $1,828 Q2 2023 Q3 2023 Q4 2023 Q1
 
2024 Q2 2024 Loan Yields 5.33% 5.55% 5.79% 6.01% 6.16%
 
0.02% 0.02% 0.00% 0.00% 0.00% +85 bos 5.31% 5.53% 5.79% 6.01%
 
6.16% Q2'23 vs Q2'24 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2
 
2024 Loan coupon Loan fees Commentary Average
 
loans increased $47.0 million or 10.6% annualized compared to prior
 
quarter and $259.2 million or 16.5% compared to the second quarter
 
2023. Loan coupon increased 15 bps compared to the prior quarter
 
and 85 bps compared to the second quarter 2023. 19
exhibit991p20i0
 
LOAN PRODUCTION Net Loan Production Trend In millions
 
7.20% 8.00% 8.16% 8.16% 8.01% $67 $51 $135 $55 $150 $46 $131
 
$91 $155 $108 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Loan
 
Production/Line changes Loan Amortization/payoffs New loans weighted
 
average coupon Loan Composition Trend EOP (1) In millions
 
$948 $1,866 28% 14% 63% 56% 9% 30% Jun-24 Jun-24 Residential
 
real estate Commercial real estate Real Estate Loans Commercial
 
and industrial, Correspondent banks, and Consumer and other Excludes
 
unearned fees/cost. Commentary $155.2 million in new loan
 
production in the second quarter 2024. Weighted average
 
coupon on new loans was 8.01% for second quarter 2024, 185 bps above
 
portfolio weighted average. Loan composition shift from real
 
estate loans to non-CRE loans is steadily increasing, further diversifying
 
our loan portfolio. 20
exhibit991p21i0
 
NET INTEREST MARGIN Net Interest Income/Margin (1) In thousands
 
(except ratios) 2.73% 2.60% 2.65% 2.62% 2.94% $14,173 $14,022
 
$14,376 $15,158 $17,311 Q2 2023 Q3 2023 Q4 2023 Q1 2024
 
Q2 2024 Net Interest Income NIM Interest-Earnings Assets
 
Mix (AVG) 4% 4% 2% 5% 4% 20% 21% 19% 18% 19%
 
76% 75% 7*9% 77% 77% Q2 2023 Q3 2023 Q4 2023 Q1
 
2024 Q2 2024 Total Loans Investment Securities Cash Balances
 
& Equivalents Commentary Net interest income increased
 
$2.2 million or 57.1% annualized compared to prior quarter and
 
$3.1 million or 22.1% compared to the second quarter 2023. Net interest
 
margin increased 32 bps compared to prior quarter and 21 bps compared
 
to second quarter 2023. NIM drivers: rationalization of deposit cost, new
 
loans at higher yields, and DDA growth. 21
exhibit991p22i0
 
INTEREST RATE SENSITIVITY Loan Portfolio Repricing
 
Profile by Rate Type Hybrid ARM 3% Fixed Rate 45% Variable
 
Rate 52% 20% 14% 66% Prime CMT SOFR Loan Repricing Schedule
 
Variable/Hybrid Rate Loans 32% 37% 12% 19% yrs.
 
1-2 yrs. 2-3 yrs. >3 yrs. Static NII Simulation Year 1
 
& 2 Year 1 Year 2 $7,000 $2,000 -$3,000 -100 2.3% -100
 
5.2% -$8,000 -3.1% +100 6.7% +100 -$13,000 22
exhibit991p23i0
 
SECURITIES PORTFOLIO EOP for Balance Sheet amounts, in
 
millions • Treasury • CMO • MBS CMBS SBA • Agency • Municipalities
 
Corporate • Bank Subordinated Debt 6% 35% 23% 16% 7% 6% 5%
 
2% Securities Portfolio Key Metrics Metrics as of 6/30/2024
 
Securities Portfolio s 406.1 AFS as % of portfolio 58% HIM as
 
% of portfolio is 42% Portfolio Yield 2.8% Average
 
Life 6.7 Mod Duration 5.3 AFS AO Cl $ (51.3) Commentary Securities
 
portfolio was $406.1 million; 58% of the portfolio is classified
 
as AFS, while 42% is classified as HTM. The modified duration
 
is 5.3 and the average life is 6.7 years. Duration has increased
 
as the result of higher rates and lower prepayments. We expect
 
to receive $23.6 million from the securities portfolio in the second
 
half of 2024 at current rates; these cashflows will support loan
 
growth or debt repayment. If rates drop 100 bps, we expect to receive
 
$25.5 million during the second half of 2024. 74% of the portfolio
 
is invested in mortgage-backed securities, boosting the liquidity.
 
Estimated Short Term Cashflows -100 Base +100 2nd Half 2024
 
$25.5 $23.6 $22.2 2025 $45.2 $41.9 $39.1 2026 $50.5 $48.5 $46.4
 
Total $121.2 $114.0 $107.7 Securities Portfolio % 29.8%
 
28.1% 26.5% 23
exhibit991p24i0
 
ASSET QUALITY In thousands (except ratios) 1.18% 1.16% 1.18%
 
1.18% 1.19% $18,815 $19,493 $21,084 $21,454 $22,230 Q2 2023
 
Q3 2023 Q4 2023 Q1 2024 Q2 2024 Allowance for credit
 
losses ACL/Total loans Non-performing Loans In thousands (except
 
ratios) 0.03% 0.03% 0.03% 0.03% 0.04% $486 $479 $468 $456 $758
 
Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Non-accrual
 
loans Non-performing loans to total loans Commentary Allowance
 
for credit losses increased $776 thousand compared to prior quarter
 
and $3.4 million compared to second quarter 2023. ACL coverage
 
ratio was at 1.19% as of June 30, 2024. One C&I loan for $438 thousand
 
and one residential real estate loan for $320 thousand were
 
classified as nonaccrual as of June 30, 2024. Classified Loans to Total
 
Loans (1) Loans classified as substandard at period end. No loans
 
classified doubtful at dates presented. 24
exhibit991p25i0
 
LOAN PORTFOLIO MIX Loan Portfolio Mix (1) ■ Residential real
 
estate ■ CRE - Owner occupied ■ CRE - Non-owner occupied ■
 
Commercial and industrial Correspondent banks ■ Consumer and
 
other 11% 14% 9% 47% 13% 6% $1,866 MM CRE Loan Mix
 
Land/Construction 4% Other 3% Retail 26% Multifamily 19%
 
CRE - Owner Occupied 16% Office 12% Warehouse
 
12% Hotels 8% Land/Construction 4% $1,053MM Commentary Total
 
loan balance at quarter end was $1,866 million (1). Commercial
 
Real Estate (owner occupied and non-owner occupied) was 56%
 
or $1,053 million of the total loan portfolio(1). CRE mix
 
is diversified and granular. Retail non-owner occupied makes
 
up 26% of total CRE or $274.1 million. CRE Loan Portfolio (non-owner
 
occupied and owner occupied) Weighted Average
 
Loan Type LTV (1) DSCR (2) Average Loan Size (3) Retail
 
58% 1.81 $2.9 Multifamily 57% 1.45 $1.6 Office 56% 1.79 $1.5 Warehouse
 
59% 2.37 $1.5 Hotels 54% 2.22 $5.1 Other 57% 2.05 $1.7 Land/Construction
 
46% NA $2.1 (1) LTV - Loan to value ratio. (2) DSCR -
 
Debt service coverage ratio. (3) Balance in millions. 25
exhibit991p26i0
 
CRE OFFICE PORTFOLIO Owner Occupied Office by Business Type
 
$19.9 35% $17.9 31% $14.5 26% $4.4 8% Medical/Dental Other
 
Professional Other <$1MM Non-Owner Occupied Office
 
by Business Type $83.5 68% $20.9 17% $4.9 4% $13.0 11% Multi-Tenant
 
Medical/Dental Other <$1MM < 1 year 1 year to 3 years
 
3 years to 5 years 5 years to 10 years > 10 years 17% 27% 44% 12% 0%
 
Commentary Total office loan portfolio (owner occupied and
 
non-owner occupied) had 123 notes with an average balance
 
of $1.5 million dollars, LTV of 56%, and DSCR of 1.79X at quarter
 
end. The largest business type in the office portfolio is multi-tenant with
 
47% of the portfolio. South Florida’s office sector outperforms
 
the national average with a lower vacancy rate of 12% and
 
with a positive net absorption for three straight years as of Q1 2024. All
 
three major markets within South Florida were ranked
 
in the top 10 nationally for year-over-year rent growth. (1) CRE Office
 
Key Metrics As of 6/30/240 Avg. Loan Size in millions $ 1.5
 
NCOs / Average Loans 0.00% Delinquencies / Loans 0.00% Nonaccruals
 
/ Loans 0.00% Classified Loans / Loans 0.00% (1) Data points source:
 
CBRE, a NYSE-listed and worldwide commercial real estate services
 
& investment company with clients in 100+ countries, including over
 
95% of the Fortune 100. Published March 2024. 26
exhibit991p27i0
 
NON-INTEREST INCOME In thousands (except ratios) Q2 2024 Q1
 
2024 Q4 2023 Q3 2023 Q2 2023 Total Service fees
 
$1,977 $1,651 $1,348 $1,329 $1,173 Wire Fees $557 $521 $518
 
$502 $428 Swap Fees $650 $285 $16 $97 $44 Other $770 $845
 
$814 $730 $701 Gain (loss) on sale of securities available
 
for sale 14 - (883) (955) - Gain on sale of loans held for sale 417 67 105
 
255 94 Other income 803 746 756 1,532 579 Total non-interest
 
income $3,211 $2,464 $1,326 $2,161 $1,846 Average
 
total assets $2,479,222 $2,436,103 $2,268,811 $2,250,258 $2,183,542
 
Non-interest income/Average assets (1) 0.52% 0.41% 0.23%
 
0.38% 0.34% Commentary Service fees increased year
 
over year due to wire and loan swap fees. Gain on sale of SBA 7a loans represent
 
$417 thousand. Other non-interest income increased primarily due
 
to an increase in treasury management fees. Non-interest income
 
is 15.6% of total revenue for second quarter 2024 and 0.52%
 
to average assets, both metrics are higher than prior quarters.
 
(1) Annualized. 27
exhibit991p28i0
 
NON-INTEREST EXPENSE In thousands (except ratios) Q2 2024 Q1
 
2024 Q4 2023 Q3 2023 Q2 2023 Salaries and employee benefits
 
$7,353 $6,310 $6,104 $6,066 $5,882 Occupancy 1,266 1,314 1,262
 
1,350 1,319 Regulatory assessments and fees 476 433 412
 
365 452 Consulting and legal fees 263 592 642 513 386 Network and
 
information technology services 479 507 552 481 505 Other operating
 
expense 1,723 2,018 1,747 1,686 1,908 Total non-interest
 
expense $11,560 $11,174 $10,719 $10,461 $10,452 Efficiency
 
ratio 56.33% 63.41% 68.27% 64.64% 65.25% Average
 
total assets $2,479,222 $2,436,103 $2,268,811 $2,250,258 $2,183,542
 
Non-interest expense / Average assets (1) 1.88% 1.84%
 
1.87% 1.84% 1.92% Full-time equivalent employees 197 199 196
 
194 198 Commentary Salaries and benefits increased $1.0 million
 
compared to the prior quarter due to sales incentives, management
 
bonus accrual based on the Company’s performance, merit increases,
 
and stock-based compensation. Non-interest expense to average
 
assets remained under 2% for all periods. (1) Annualized. 28
exhibit991p29i0
 
CAPITAL Capital Ratios i Leverage Ratio TCE/TA I2' Tier
 
1 Risk- Based Capital Total Risk- Based Capital AOCI ln M libo
 
ns H Q22024 S 1 Q12024 I Q22023 K t^BÊ t^BÊ 9.03% 8.91%
 
9.32% 8.18% 7.83% 8.25% 11.93% 11.80% 12.27% 13.12%
 
12.98% 13.42% ($44.7) ($45.4) ($46.3) 5.00% NA 8.00%
 
10.00% Commentary The Company paid in June 2024 a cash dividend
 
of $0.05 per share of the Company’s Class A common stock,
 
the aggregate distributed amount in connection with this dividend
 
was $1.0 million. During the quarter, the Company repurchased
 
25,000 shares of common stock at a weighted average cost per
 
share of $12.04. Q2 2024 EOP common stock shares outstanding: 19,630,632.
 
(1) 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.
 
(2) Non-GAAP financial measures. See reconciliation in this presentation.
 
29
exhibit991p30i0
 
TAKEAWAYS Leading franchise located in
 
one of the most attractive banking markets in Florida and the U.S.
 
Robust organic growth Strong asset quality, with minimal
 
charge-offs experienced since 2015 recapitalization Experienced
 
and tested management team Strong profitability, with pathway
 
for future enhancement identified Core funded deposit base
 
with 28% non-interest-bearing deposits (EOP) 30
exhibit991p31i0
 
APPENDIX – RISK MANAGEMENT Risk Management Philosophy and
 
Culture Management has instilled a culture of adherence
 
to well-developed risk management procedures Management is responsible
 
for day-to-day risk management (identifying, evaluating, and addressing
 
potential risks that may exist at the enterprise, strategic, financial,
 
operational, compliance and reporting levels) Risk management
 
division consists of four individuals covering enterprise risk management,
 
cybersecurity, third-party risk, internal audit and loan
 
reviews Compliance division consists of seventeen individuals
 
covering bank secrecy, consumer compliance and investigations
 
Both areas play an active role in assessing corporate risks, compliance
 
and collaborating with management to mitigate identified risks Heightened
 
focus on BSA / AML / KYC compliance due to foreign exposure
 
Individual country loan exposure limited to 0% - 70% of total capital
 
based on individual country risk Global banking services
 
offered exclusively to institutions in countries meeting U.S.
 
Century Bank’s robust risk tolerance framework Highly experienced
 
compliance team with international compliance experience
 
from larger banking institutions Audit Committee consist of 4 members
 
responsible for complete oversight of Company’s risk management
 
process: Ramon Rodriguez (Chair), Bernardo Fernandez, Ramón Abadin
 
and Maria Alonso Credit Philosophy Conservative credit culture
 
that encourages prudent and desirable loans over unchecked
 
growth Underwriting strength stems from deep understanding of U.S.
 
Century Bank’s market, long-standing relationships with clients,
 
and disciplined process Focused on maintaining a well-diversified
 
and conservative loan portfolio Robust Credit Administration Underwriting
 
group supported by experienced credit officers
 
with both credit and lending experience Effective and independent loan
review Credit Committee meetings conduct in-depth loan portfolio monitoring,
 
including concentration limits Active monitoring and reporting
 
on existing or emerging concentrations and targeted reviews of
 
any higher risk portfolios 31
exhibit991p32i0
 
APPENDIX – DIGITAL INITIATIVES 2016 2017 2018
 
2019 • • Paperless Account Openii ' ' ■=> Januory '16-April '16
 
eTran international Letter Of Credit April '16 -July '16 _ Reporting
 
Database Q May ‘16 - September '16 f=IS EMV Debit Cards August
 
‘16 - October '16 <*'«m0nce instant issue Debit Card October
 
'16 - March '17 f=IS Cash Management Portal August '16 - March '17
 
& Fedlink Anywhere April ‘17 - September '17 f > Network Irv
 
housing Januory '18 - September 'is - . Secureworks MSSP
 
Secvreworks ~~—■ Januory 18-May '18 Microsoft OFFICE 365 February
 
'18 - September '18 <=
 
Horizon Core Conversion September '18 - September 19 Zelle Zelle
 
P2P WAV 1 June '19 - November '19 y E image
 
Deposit ATM March '19 - December '¡9 > banktel Accounts
 
Payable November '19 -Januory 20 'Microsoft Collaboration Applications
 
February '20 - March '20 .. vi Hvi ppp loan Origination System May
 
‘20 -Jure ‘20 Summit PPP Loan Origination '-Vcool-. Januory ,21
 
_ Febniory <21 Continued next slide 32
exhibit991p33i0
 
APPENDIX – DIGITAL INITIATIVES r 2022 2023 2024
 
- 2025 MANTL Remote Account Opening October '21 -
 
March '22 Sw Secureworks MXDR platform Feb '22-Juty 221 y — rK
 
atXKJO Loan otigifafR»1 system ^ June '22 - May 23 f
 
FtdW* FED Now payments January ‘23 - October 23 f a. PBX
 
(SaaS) - Teams Calling tU November '23- March 2a
 
< > CRM system Wire fraud application Account analysis solution ACH
 
Positive Pay/ACH Alert Zelle for Small Business Ring Central
 
call reporting October '22 - March '23 1 J Ring Central call reporting
 
|^l October '22 - March '23 r* 'N Pidgin real time payments
 
P'd9'n January '23 - October 23 _ Cloud (laasj for DR environment July
 
'23 - December '23 V y 'N Commercial Account Opening ^ V r~ ^
 
Financial reporting application ^ V r Seem Solution 33
exhibit991p34i0
 
APPENDIX – YACHT FINANCING SEGMENT 2024 Boat
 
Shows Tampa Boat Show Mar 1-3, 2024 Naples Boat Show Jan
 
18-21, 2024 Vero Beach Boat Show Nov 23-24, 2024
 
Palm Beach Boat Show Mar 21-24, 2024 Ft. Lauderdale Boat
 
Show Oct 30 - Nov 3, 2024 Miami Boat Show Feb 14-18, 2024
 
Commentary Prime location: 2nd largest coastline state in the U.S.(1)
 
The Bank’s proximity to multiple yachting hubs and boat shows,
 
offers easy access to a vast network of marinas and costal communities
 
Financing: The Bank offers financing for larger vessels, transaction range
 
is $750k -$7.5MM Networking and Partnerships: Brokered
 
oriented business, 3 vendor approved brokers Member of the National
 
Marine Lenders Association Booming yacht market in Florida(2):
 
Recreational Boating Annual economic impact as of 2023 was $31.3
 
billion More than 1 million registered boats $5.4 billion in sales
 
of new boats, engines, trailer, and accessories 95% of boats sold
 
in the U.S. are domestically manufactured, and 93% of boat
 
manufacturers are small business U.S. Century Bank World Atlas.
 
National Marine Manufacturers Association 2023 Florida Economic
 
Impact Study 34
exhibit991p35i0
 
APPENDIX - NON-GAAP RECONCILIATION In thousands
 
(except ratios) As of or For the Three Months Ended 6/30/2024 3/31/2024
 
12/31/2023 9/30/2023 6/30/2023 Pre-tax pre-provision ("PTPP”)
 
income: (1) Net income S 6,209 S 4,612 S 2,721 S 3,819 S 4,196
 
Plus: Provision for in come taxes Plus: Provision for credit losses
 
1,967 786 1,426 410 787 1,475 1,250 653 1,333 38 PTPP income s
 
8,962 s 6,448 s 4,983 s 5,722 s 5,567 PTPP return on average
 
assets: (1) PTPP income s 8,962 s 6,448 s 4,983 s 5,722 s 5,567
 
Average assets s 2,479,222 s 2,436,103 s 2,268,811 s 2,250,258
 
s 2,183,542 PTPP return on average assets (2) 1.45% 1.06% 0.87%
 
1.01% 1.02% Operating
 
net income: (1) Net in come Less: Net gains (losses) on sale of securities
 
s 6,209 14 s 4,612 s 2,721 (883) s 3,819 (955) s 4,196 Less: Tax
 
effect on sale of securities Operating net income s (4) 6,199 s 4,612
 
s 224 3,380 s 242 4,532 s 4,196 Operating PTPP income: (1)
 
PTPP income s 8,962 s 6,448 s 4,983 s 5,722 s 5,567 Less: Net gains (losses)
 
on sale of securities 14 - (883) (955) - Operating PTPP income s
 
8,948 s 6,448 s 5,866 s 6,677 s 5,567 Operating PTPP return on average
 
assets: (1) Operating PTPP income s 8,948 s 6,448 s 5,866 s 6,677 s 5,567
 
Average assets s 2,479,222 s 2,436,103 s 2,268,811 s 2,250,258
 
s 2,183,542 Operating PTPP return on average assets (2) 1.45% 1.06%
 
1.03% 1.18% 1.02% Operating PTPP return on average
 
assets: (1) Operating PTPP income s 8,948 s 6,448 s 5,866 s 6,677 s 5,567
 
Average assets /o s 2,479,222 4 A C 0/ s 2,436,103 4 flCQ/
 
s 2,268,811 4 AOQ/ s 2,250,258 4 A OQ/ s 2,183,542 4 A^Q/ Operating
 
PTPP return on average assets Operating return on average
 
assets: (2) (1) 1.4tr/o 1. Ut>/o i.Uo/o 1.1 O Tb 1 .J¿Vo Operating
 
net income Average assets s s 6,199 2,479,222 s s 4,612 2,436,103
 
s s 3,380 2,268,811 s s 4,532 2,250,258 s s 4,196 2,183,542 Operating
 
return on average assets
(2) 1.01% 0.76% 0.59% 0.80% 0.77% Operating return on average
 
equity: (1) Operating net income s 6,199 s 4,612 s 3,380 s 4,532 s 4,196
 
Average equity s 197,755 s 193,092 s 183,629 s 184,901 s 184,238
 
Operating return on average equity (2) 12.61% 9.61%
 
7.30% 9.72% 9.13% Operating Revenue: filât intûrâPT io Ahmû
 
(1) Ç 17 711 Ç a c 1 qo Ç 14,376 1,326 s 14,022 2,161 s 14,173
 
1,846 i4ci imeresi income Non-interest income I f I I 3,211 I
 
D, I %>ö 2,464 Less: Net gains (losses) on sale of securities 14 -
 
(883) (955) - Operating revenue s 20,508 s 17,622 s 16,585
 
s 17,138 s 16,019 Operating Efficiency Ratio: (1) Total non-interest
 
expense s 11,560 s 11,174 s 10,719 s 10,461 s 10,452 Operating
 
revenue s 20,508 s 17,622 s 16,585 s 17,138 s 16,019 Operating efficiency
 
ratio 56.37% 63.41% 64.63% 61.04% 65.25% 1. The Company
 
believes these non-GAAP measurements are key indicators of
 
the ongoing earnings power of the Company. 2. Annualized.
 
35
exhibit991p36i0
 
APPENDIX - NON-GAAP RECONCILIATION In thousands
 
(except ratios) As of or For the Three Months Ended 6/30/2024 3/31/2024
 
12/31/2023 9/30/2023 6/30/2023 Tangible book value
 
per common share (at period-end): (1) Total stockholders'
 
equity $ 201,020 S 195,011 S 191.968 S 182.884 S 183,685
 
Less: Intangible assets - - - - - Tangible stockholders' equity
 
$ 201,020 $ 195,011 S 191.968 S 182.884 S 183,685 Total
 
s hares is sued and outstanding (at period-end): Total common
 
shares issued and outstanding 19.630,632 19.650.463 19.575.435
 
19.542.290 19.544.777 Tangible book value per common share
 
(2) $ 10.24 $ 9.92 $ 9.81 $ 9.36 $ 9.40 Operating diluted net income
 
per common share: Operating net income Total weighted average
 
diluted shares of common stock (1) $ 6,199
 
19 717 167 $ 4,612 19 698 258 S 3,380 19 573 350 S 4,532 19
 
611 897 S 4,196 19 639 682 Operating diluted net income per
 
common share: S 0.31 S 0.23 S 0.17 S 1 V 1 1 J V V 1 0.23 S 021 Tangible
 
Common Equity/Tangible Assets (1) Tangible stockholders’
 
equity $ 201,020 $ 195,011 $ 191.968 $ 182.884 $ 183,685 Tangible
 
total assets (3) $ 2.458.270 $ 2.489.142 $ 2,339,093 $ 2244.602
 
S 2,225,914 Tangible Common Equity/Tangible Assets
 
8.18% 7.83% 821% 8.15% 825% (1 ) The Company believes these
 
non-GAAP measurements are key indicators of the ongoing earnings
 
pow er of the Company. (2) Excludes the dilutive effect,
 
if any, of shares of common stock issuable upon exercise of outstanding
 
stock options. 36
exhibit991p37i0
 
CONTACT INFORMATION LOU DE LA AGUILERA
 
Chairman, President & CEO (305) 715-5186 laguilera@uscentury.com
 
ROB ANDERSON EVP, Chief Financial Officer (305)
 
715-5393 rob.anderson@uscentury.com INVESTOR RELATIONS
 
InvestorRelations@uscentury.com 37
 
v3.24.2
Cover Page
Jul. 29, 2024
Cover Page  
Entity Central Index Key 0001901637
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 29, 2024
Entity Registrant Name USCB Financial Holdings, Inc.
Entity Incorporation State Country Code FL
Entity File Number 001-41196
Entity Tax Identification Number 87-4070846
Entity Address, Address Line One 2301 N.W. 87th Avenue
Entity Address, City or Town Doral
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33172
City Area Code 305
Local Phone Number 715-5200
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Class A common stock, $1.00 par value per share
Trading Symbol USCB
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period false
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