Business
USCB Financial Holdings, Inc. Reports EPS of $0.29 and ROAA of 1.11% for Q1 2023
MIAMI, April 27, 2023 (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 27, 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 $5.8 million or $0.29 per diluted share for the three months ended March 31, 2023, compared with net income of $4.9 million or $0.24 per diluted share, for the same period in 2022. “The beginning of 2023 was marked by significant events such as the sudden failure of three banks, prompting heightened concerns about the safety and soundness of the banking industry, and ongoing discussions of a potential recession. Despite these challenges, we are pleased to announce that the USCB team delivered strong performance in the first quarter of 2023, reflecting our ability to navigate this challenging operating environment with prudent consistency. Our financial results demonstrate robust earnings, driven by strong loan production, and disciplined credit underwriting and risk management practices,” said Luis de la Aguilera, President and Chief Executive Officer. “Our strength and stability are reinforced by our growing core customer relationships, which have enabled us to build a granular deposit base and diversified loan portfolio, in one of the most vibrant markets in the United States.” Mr. de la Aguilera went on to say, “Our deposits are derived primarily from our local customers and communities. We do not have any material exposure to either crypto currencies or investments or to crypto-related business.” Unless otherwise stated, all percentage comparisons in the bullet points below are calculated for the quarter ended March 31, 2023 compared to the quarter ended March 31, 2022 and annualized where appropriate. Profitability Annualized return on average assets for the quarter ended March 31, 2023 was 1.11% compared to 1.03% for the first quarter of 2022. Annualized return on average stockholders’ equity for the quarter ended March 31, 2023 was 12.85% compared to 9.75% for the first quarter of 2022. The efficiency ratio for the quarter ended March 31, 2023 was 56.32% compared to 58.88% for the first quarter of 2022. Net interest margin was 3.22% for both quarters ended March 31, 2023 and 2022.Net interest income before provision for credit losses was $16.0 million for the quarter ended March 31, 2023, an increase of $1.6 million or 11.3% compared to the f...