Business
USCB Financial Holdings, Inc. Reports EPS of $0.22, Operating EPS of $0.29 for Q4 2022
MIAMI, Jan. 26, 2023 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”),
About this update from Uscb Financial Holdings, Inc.
[{"type":"text","content":"MIAMI, Jan. 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 $4.4 million or $0.22 per diluted share for the three months ended December 31, 2022, compared with net income of $5.7 million or $0.30 per diluted share, for the same period in 2021. Near quarter end, the Bank executed a portfolio restructuring strategy which resulted in a sale of $17.0 million of its lower-yielding available-for-sale securities for an after-tax loss of $1.5 million or $0.07 EPS in the quarter. Proceeds from the sale will be reinvested in securities and loans currently yielding, on average, 430-460 basis points higher than the securities that were sold. The loss on sale of securities is expected to have a nominal impact on tangible book value, as such loss was previously reflected in capital through accumulated other comprehensive income (AOCI). Additionally, the reinvestment from the sale proceeds into higher yielding earning assets will have a $0.03 EPS positive impact on 2023 earnings. Excluding gain (loss) from the sale of securities, Non-GAAP Operating net income was $5.9 million or $0.29 per diluted share for the fourth quarter ended December 31, 2022, compared to $5.6 million or $0.30 per diluted share, for the same period in 2021. \"Despite a challenging operating environment, 2022 afforded us extraordinary opportunities for growth and profitability. While a soft landing for the economy is expected in 2023, we are taking a prudent approach with our balance sheet by limiting growth in certain assets, maintaining appropriate capital and reserve levels, managing liquidity, and preparing for a range of economic scenarios,” said Luis de la Aguilera, President and Chief Executive Officer. Unless otherwise stated, all percentage comparisons in the bullet points below are calculated for the quarter ended December 31, 2022 compared to the quarter ended December 31, 2021 and annualized where appropriate. Profitability Annualized return on average assets for the quarter ended December 31, 2022 was 0.86% compared to 1.23% for the fourth quarter of 2021. Non-GAAP Operating return on assets for the quarter ended December 31, 2022 was 1.14% compared to 1.22% for the fourth quarter of 2021.Annualized return on average stockholders’ equity f...