Uscb Financial Holdings, Inc. · NASDAQ:USCB
Uscb Financial — Q3 2024 Earnings Presentation
21 slides from Uscb Financial's earnings presentation, 2024
Slide 1: Earnings Presentation Third Quarter 2024
EARNINGS PRESENTATION THIRD QUARTER 2024 NASDAQ: USCB
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation may contain statements that are not historical in nature and are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-l
Slide 3: Q3 2024 Highlights
Q3 2024 HIGHLIGHTS Average deposits increased by $136.1 million or 7.0% compared to the third quarter 2023. Average loans increased $267.4 million or 16.6% compared to the third quarter 2023. Liquidity sources as of September 30, 2024, aggregated $695 million in on-balance sheet and off-balance shee
Slide 4: Historical Financials
HISTORICAL FINANCIALS EOP for Balance Sheet amounts Loans (1) Deposits Total stockholders' equity In millions In millions In millions $2,127 $214 $1,931 $735 $782 $86 2016 2017 2018 2019 2020 2021 2022 2023 Q1 Q2 Q3 2016 2017 2018 2019 2020 2021 2022 2023 Q1 Q2 Q3 2016 2017 2018 2019 2020 2021 2022
Slide 5: Financial Results
FINANCIAL RESULTS In thousands (except per share data) Q3 2024 Q2 2024 Q3 2023 Total Securities $426,528 $406,050 $415,920 Balance Total Loans (1) $1,931,362 $1,869,249 $1,676,520 Total Assets $2,503,954 $2,458,270 $2,244,602 Sheet Total Deposits $2,126,617 $2,056,702 $1,920,922 (EOP) Total Equity (
Slide 6: Key Performance Indicators
KEY PERFORMANCE INDICATORS Q3 2024 Q2 2024 Q3 2023 In thousands (except for TBV/share) Total Assets (EOP) $2,503,954 $2,458,270 $2,244,602 Total Loans (EOP) $1,931,362 $1,869,249 $1,676,520 Total Deposits (EOP) $2,126,617 $2,056,702 $1,920,922 GROWTH Tangible Book Value/Share (1)(2) $10.90 $10.24 $9
Slide 7: Deposit Portfolio
DEPOSIT PORTFOLIO Deposits AVG Commentary In millions Average deposits slightly decreased to $2,083 $2,078 $1,941 $1,914 $2,049 $2,078 million compared to the prior $290 $282 $323 $316 $326 quarter and increased $136.1 million or 7.0% compared to the third quarter $1,098 $1,101 $1,085 2023. $1,011 $
Slide 8: Loan Portfolio
LOAN PORTFOLIO Total Loans (AVG) Commentary In millions Average loans increased $49.7 million or 10.8% annualized compared to prior quarter and $267.4 million or 16.6% compared to the third quarter 2023. $1,878 $1,782 $1,828 Loan coupon increased 16 bps $1,699 compared to the prior quarter and 79 $1
Slide 9: Loan Production
LOAN PRODUCTION Net Loan Production Trend Loan Composition Trend EOP (1) In millions In millions $180 8.00% 8.16% 8.50% $1,928 8.00% 8.01% $160 7.75% 8.00% 15% $140 7.50% $120 $100 7.00% $948 57% $80 $150 $155 $157 6.50% $60 $135 $131 28% $108 $95 6.00% $40 $91 $55 63% $20 $46 5.50% 28% $0 5.00% 9%
Slide 10: Net Interest Margin
NET INTEREST MARGIN Net Interest Income/Margin (1) Commentary In thousands (except ratios) $20,000 2.94% 3.03% 3.50% Net interest income increased $798 $18,000 2.62% 3.00% thousand or 18.3% annualized 2.65% $16,000 2.60% compared to prior quarter and $4.1 2.50% $14,000 million or 29.1% compared to t
Slide 11: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY Loan Portfolio Repricing Profile Loan Repricing Schedule by Rate Type Variable/Hybrid Rate Loans Hybrid ARM 3% 12% 23% 29% 38% Fixed Rate Variable Rate 44% 53% 65% 21% 12% Prime CMT SOFR 0-1 yrs. 1-2 yrs. 2-3 yrs >3 yrs. Static NII Simulation Year 1 & 2 $4,000 Year 1 Year 2
Slide 12: Asset Quality
ASSET QUALITY Allowance for Credit Losses Commentary In thousands (except ratios) Allowance for credit losses increased 24,000 1.18% 1.18% 1.19% 1.19% 1.20% $837 thousand compared to prior 1.16% 1.18% quarter and $3.6 million compared to 22,000 1.16% third quarter 2023. 20,000 1.14% 1.12% ACL covera
Slide 13: Loan Portfolio Mix
LOAN PORTFOLIO MIX Loan Portfolio Mix (1) Commentary Total loan balance at quarter end was Residential real estate 10% $1,928 million (1). 15% 5% CRE - Owner occupied Commercial Real Estate (owner 10% occupied and non-owner occupied) CRE - Non-owner occupied 13% was 57% or $1,095 million of the tota
Slide 14: CRE Office Portfolio
CRE OFFICE PORTFOLIO Owner Occupied Office by Business Type Commentary In Millions as of 9/30/2024 $0.0 Total office loan portfolio (owner occupied and non-owner occupied) had 120 notes with an $16.4 $19.2 25% average balance of $1.5 million, LTV of 56%, 30% Medical/Dental and DSCR of 1.94X at quart
Slide 15: Non-Interest Income
NON-INTEREST INCOME In thousands (except ratios) Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Total service fees $2,544 $1,977 $1,651 $1,348 $1,329 Wire fees $563 $557 $521 $518 $502 Swap fees $1,285 $650 $285 $16 $97 Other $696 $770 $845 $814 $730 Gain (loss) on sale of securities available for sale - 1
Slide 16: Non-Interest Expense
NON-INTEREST EXPENSE In thousands (except ratios) Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Salaries and employee benefits $7,200 $7,353 $6,310 $6,104 $6,066 Occupancy 1,341 1,266 1,314 1,262 1,350 Regulatory assessments and fees 452 476 433 412 365 Consulting and legal fees 161 263 592 642 513 Networ
Slide 17: Capital
CAPITAL Capital Ratios (1) Q3 2024 Q2 2024 Q3 2023 Well- Capitalized Leverage Ratio 9.34% 9.03% 9.26% 5.00% TCE/TA (2) 8.54% 8.18% 8.15% NA Tier 1 Risk- Based Capital 12.01% 11.93% 11.97% 8.00% Total Risk- 13.22% 13.12% 13.10% 10.00% Based Capital AOCI ($38.0) ($44.7) ($51.2) In Millions Commentary
Slide 18: Takeaways
TAKEAWAYS Leading franchise located in Strong asset quality, one of the most attractive with minimal charge- Robust organic growth banking markets in Florida offs experienced since and the U.S. 2015 recapitalization Strong profitability, Core funded deposit Experienced and tested with pathway for ba
Slide 19: Appendix - Non-GAAP Reconciliation
APPENDIX - NON-GAAP RECONCILIATION In thousands (except ratios) As of or For the Three Months Ended 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Pre-tax pre-provision ("PTPP") incom e: (1) Net income $ 6,949 $ 6,209 $ 4,612 $ 2,721 $ 3,819 Plus: Provision for income taxes 2,213 1,967 1,426 787
Slide 20: Appendix - Non-GAAP Reconciliation
APPENDIX - NON-GAAP RECONCILIATION In thousands (except ratios and share data) As of or For the Three Months Ended 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 Tangible book value per com m on share (at period-end): (1) Total stockholders' equity $ 213,916 $ 201,020 $ 195,011 $ 191,968 $ 182,8
Slide 21: Contact Information
CONTACT INFORMATION LOU DE LA AGUILERA ROB ANDERSON Chairman, President & CEO EVP, Chief Financial Officer (305) 715-5186 (305) 715-5393 laguilera@uscentury.com rob.anderson@uscentury.com INVESTOR RELATIONS InvestorRelations@uscentury.com 21
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