Business
USCB Financial Holdings, Inc. Reports Fully Diluted EPS of $0.34 for Q4 2024 and doubles the quarterly dividend to $0.10 per share; ROAA of 1.08% and ROAE of 12.73%
MIAMI, Jan. 23, 2025 (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. 23, 2025 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $6.9 million or $0.34 per fully diluted share for the three months ended December 31, 2024, compared with net income of $2.7 million or $0.14 per fully diluted share for the same period in 2023. “The results in Q4 2024, highlight a record year for USCB. The team outperformed our internal budget and delivered impressive results for our shareholders. A year ago, we posted $0.14 per share in diluted EPS in Q4 2023 and more than doubled those earnings this quarter to $0.34 per share. Our continued focus on reducing deposit costs has contributed to the net interest margin (NIM) expansion, helping us maintain solid profitability. While we did experience an increase in non-interest expense, primarily due to non-routine items, overall profitability was consistent with the third quarter. Given the earnings power of the Company, outlook for 2025, and strong capital levels, the board approved to double the quarterly cash dividend to $0.10 per share. For 2025, we remain focused on managing operating costs efficiently to drive sustainable performance and delivering value to our shareholders,” said Luis de la Aguilera, Chairman, President, and CEO. Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended December 31, 2024 compared to at or for the quarter ended December 31, 2023 and annualized where appropriate. Profitability Annualized return on average assets for the quarter ended December 31, 2024 was 1.08% compared to 0.48% for the fourth quarter of 2023. Annualized return on average stockholders’ equity for the quarter ended December 31, 2024 was 12.73% compared to 5.88% for the fourth quarter of 2023. The efficiency ratio for the quarter ended December 31, 2024 was 55.92% compared to 68.27% for the fourth quarter of 2023. Net interest margin for the quarter ended December 31, 2024 was 3.16% compared to 2.65% for the fourth quarter of 2023.Net interest income before provision for credit losses was $19.4 million for the quarter ended December 31, 2024, an increase of $5.0 million or 34.7% compared to the fourth quarter of 2023. Balance Sheet Total assets were $2.6 billion at December 31, 2024, re...