Business
USCB Financial Holdings, Inc. Reports ROAA of 1.09% and ROAE of 11.90% for 3Q2022
MIAMI, Oct. 27, 2022 (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, Oct. 27, 2022 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $5.6 million or $0.28 per diluted Class A share for the three months ended September 30, 2022, compared with net income of $6.6 million or $5.11 loss and $1.02 loss per diluted share for Class A and Class B common stock, respectively, for the same period in 2021. On December 21, 2021, the Company agreed to exchange all the outstanding shares of Class B common stock for Class A common stock at a ratio of 1 share of Class A common stock for each 5 shares of Class B common stock. As of December 31, 2021, the Company’s only class of securities issued and outstanding was Class A common stock. “We are pleased to report another quarter of strong financial performance during the third quarter of 2022. Our loan and deposit activities remain strong, with total assets and loans growing 16.1% and 21.7%, respectively, from September 30, 2021. Even with the changing economic outlook and all the uncertainty, our ability to attract and retain clients continues to fuel outsized growth.” said Luis de la Aguilera, President and Chief Executive Officer. “On September 28, 2022, Hurricane Ian made landfall in Florida as a category 4 hurricane affecting some areas of the state with significant flooding, wind damage and power outages. The Company has assessed the impact of the hurricane on our borrowers, including the value of collateral underlying our loans and the financial condition of our borrowers impacted by the storm. Management visited the 3 counties most impacted by the storm (Lee, Charlotte, and Collier counties) and observed negligible to no damage to our clients’ properties. We had 9 yachts in the path of the storm and are happy to report that all owners of the vessels reported no damage. Additionally, we have received no requests for loan modifications.” Unless otherwise stated, all percentage comparisons in the bullet points below are calculated for the quarter ended September 30, 2022 compared to the quarter ended September 30, 2021 and annualized where appropriate. Profitability Annualized return on average assets for the quarter ended September 30, 2022 was 1.09% compared to 1.50% for the third quarter of 2021.Annualized return on average stockholders’ equi...