Business
USCB Financial Holdings, Inc. Reports Second Quarter 2022 Results
MIAMI, July 28, 2022 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank, reported net
About this update from Uscb Financial Holdings, Inc.
[{"type":"text","content":"MIAMI, July 28, 2022 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank, reported net income of $5.3 million or $0.26 per diluted share for the three months ended June 30, 2022, compared with net income of $4.1 million or $0.64 and $0.13 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. “Second quarter results demonstrated continued solid performance by our USCB team members. Total assets exceeded $2.0 billion for the first time, loans grew 19.9% from June 30, 2021, our net interest margin expanded to 3.37%, operating expenses remained in line with an efficiency ratio of 55.34%, and credit quality remains pristine. We are pleased with our profitability metrics and believe we will be able to continue to successfully execute on our strategy that delivers improved performance in the years to come,” 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 June 30, 2022 compared to the quarter ended June 30, 2021 and annualized where appropriate. Profitability Annualized return on average assets for the quarter ended June 30, 2022 was 1.08% compared to 0.98% for the second quarter of 2021.Annualized return on average stockholders’ equity for the quarter ended June 30, 2022 was 11.38% compared to 9.74% for the second quarter of 2021.The efficiency ratio for the quarter ended June 30, 2022 was 55.34% an improvement as compared to 62.00% for the second quarter of 2021.Net interest margin increased to 3.37% for the quarter ended June 30, 2022 compared to 3.14% for the second quarter of 2021.Net interest income before provision for credit losses was $15.6 million for the quarter ended June 30, 2022, an increase of $3.2 million or 25.4% compared to the second quarter of 2021. The increase was primarily driven by higher loan and investment securities income. Balance Sheet To...