Business
U.S. Century Bank Reports Third Quarter 2021 Results
MIAMI, Oct. 28, 2021 (GLOBE NEWSWIRE) -- U.S. Century Bank (the “Company” or the “Bank”) (NASDAQ: USCB) reported net income of $6.6 million for the three
About this update from Uscb Financial Holdings, Inc.
[{"type":"text","content":"MIAMI, Oct. 28, 2021 (GLOBE NEWSWIRE) -- U.S. Century Bank (the “Company” or the “Bank”) (NASDAQ: USCB) reported net income of $6.6 million for the three months ended September 30, 2021, compared with net income of $3.4 million for the same period in 2020. The Company reported net loss per diluted share for the three months ended September 30, 2021 of $5.11 and $1.02 for Class A and Class B common stock, respectively, compared to net income per diluted share for the same period in 2020 of $0.51 and $0.10 for Class A and Class B common stock, respectively. In the third quarter of 2021, the Company completed an exchange of then outstanding preferred shares for Class A common shares and thereafter redeemed the remaining outstanding preferred shares, at a liquidation value that exceeded book value, causing a one-time reduction in net income available to common stockholders of $89.6 million. Additionally, the reported net income of $6.6 million for the third quarter in 2021 includes a default interest recovery of $2.5 million ($0.11 EPS impact) from a prior lending customer of the Bank. The loan was originated in 2008 and subsequently went through many iterations of credit collection. This payment reflects the final payment and settlement of lien judgments against the customer. Operating net income per diluted share (non-GAAP) for the three months ended September 30, 2021 was $0.37 and $0.07 for Class A and Class B common stock, respectively, compared to operating net income per diluted share (non-GAAP) for the same period in 2020 of $0.51 and $0.10 for Class A and Class B, respectively. Operating net income per diluted share (non-GAAP) in the third quarter of 2021 excludes the $89.6 million one-time accounting impact of the exchange and redemption of the preferred shares. A reconciliation of non-GAAP measures to GAAP measures appears at the end of this press release. “I am extremely proud about the milestones that we have achieved in such a short amount of time despite the many and varied challenges of the COVID-19 pandemic. During the third quarter of 2021, we issued 4,600,000 shares of Class A common stock at a price of $10.00 per share through the completion of our initial public offering. We also managed to simplify our capital structure through the exchange and redemption of the remaining Class C and Class D preferred shares.” ...