Business
USCB Financial Holdings, Inc. Reports Diluted EPS of $0.23 for Q1 2024 and Announces Adoption of New 500,000 Share Repurchase Program
MIAMI, April 25, 2024 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the
About this update from Uscb Financial Holdings, Inc.
[{"type":"text","content":"MIAMI, April 25, 2024 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $4.6 million or $0.23 per diluted share for the three months ended March 31, 2024, compared with net income of $5.8 million or $0.29 per diluted share for the same period in 2023. “We are pleased to report a robust start to the year, marked by a strong increase in deposits of $165.7 million from the close of 2023. This achievement reflects our diligent execution of strategic plans emphasizing organic growth, including business and retail banking initiatives to deepen existing relationships, new production hires, and innovative deposit-aggregating business verticals,” said Luis de la Aguilera, Chairman, President, and CEO. The growth in deposits continues to bolster our capacity for safe and sound lending activities, delivering accretive quarter-over-quarter improvement in average loan coupon rates which contributes to interest income.” “Last month, we initiated a dividend program starting with a rate of $0.05 per share, underscoring our commitment to delivering shareholder value,” affirmed de la Aguilera. “Looking ahead to the coming year and evaluating our thriving Florida economy, we anticipate diversified sustainable growth in both loans and deposits.” Unless otherwise stated, all percentage comparisons in the bullet points below are calculated for the quarter ended March 31, 2024 compared to the quarter ended March 31, 2023 and annualized where appropriate. Profitability Annualized return on average assets for the quarter ended March 31, 2024 was 0.76% compared to 1.11% for the first quarter of 2023.Annualized return on average stockholders’ equity for the quarter ended March 31, 2024 was 9.61% compared to 12.85% for the first quarter of 2023.The efficiency ratio for the quarter ended March 31, 2024 was 63.41% compared to 56.32% for the first quarter of 2023.Net interest margin for the quarter ended March 31, 2024 was 2.62% compared to 3.22% for the first quarter of 2023.Net interest income before provision for credit losses was $15.2 million for the quarter ended March 31, 2024, a decrease of $839 thousand or 5.2% compared to the first quarter of 2023. Balance Sheet Total assets were $2.5 billion at March 31, 2024, representing an increase of $...