Uscb Financial Holdings, Inc. · NASDAQ:USCB
Uscb Financial — Q1 2024 Earnings Presentation
21 slides from Uscb Financial's earnings presentation, 2024
Slide 1: Earnings Presentation First Quarter 2024
EARNINGS PRESENTATION FIRST 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: Q1 2024 Highlights
Q1 2024 HIGHLIGHTS Average deposits increased by $204.3 million or 11.1% compared to the first quarter 2023. Average loans increased $234.1 million or 15.1% compared to the first quarter 2023. Liquidity sources on March 31, 2024, totaled $673 million in on-balance sheet and off-balance sheet sources
Slide 4: Historical Financials
HISTORICAL FINANCIALS EOP for Balance Sheet amounts Loans (1) Deposits Total stockholders' equity In millions In millions In millions $1,821 $2,103 $195 $735 $782 $86 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2016 2017 2018 2019 2020 2021 2022 2023 Q1 2024
Slide 5: Financial Results
FINANCIAL RESULTS In thousands (except per share data) Q1 2024 Q4 2023 Q1 2023 Total Securities $433,030 $404,303 $415,837 Balance Total Loans (1) $1,821,196 $1,780,827 $1,580,394 Total Assets $2,489,142 $2,339,093 $2,163,821 Sheet Total Deposits $2,102,794 $1,937,139 $1,830,462 (EOP) Total Equity (
Slide 6: Key Performance Indicators
KEY PERFORMANCE INDICATORS Q1 2024 Q4 2023 Q1 2023 In thousands (except for TBV/share) Total Assets (EOP) $2,489,142 $2,339,093 $2,163,821 Total Loans (EOP) $1,821,196 $1,780,827 $1,580,394 Total Deposits (EOP) $2,102,794 $1,937,139 $1,830,462 GROWTH Tangible Book Value/Share (1)(4) $9.92 $9.81 $9.3
Slide 7: Deposit Portfolio
DEPOSIT PORTFOLIO Deposits AVG Commentary In millions Average deposits increased $135.0 $1,941 $1,914 $2,049 million or 28.4% annualized compared $1,844 $1,872 $290 $323 to the prior quarter and increased $225 $277 $282 $204.3 million or 11.1% compared to the first quarter 2023. $897 $940 $1,011 $1,
Slide 8: Loan Portfolio
LOAN PORTFOLIO Total Loans (AVG) Commentary In millions Average loans increased $82.9 million or 19.6% annualized compared to prior quarter and $234.1 million or 15.1% compared to the first quarter 2023. $1,782 $1,699 $1,547 $1,569 $1,611 Loan coupon increased 22 bps compared to the prior quarter an
Slide 9: Loan Production
LOAN PRODUCTION Net Loan Production Trend Loan Composition Trend EOP (1) In millions In millions $1,818 $160 8.00% 8.00% 8.16% 9.00% 13% $140 7.20% 8.00% 6.66% 7.00% $120 6.00% $948 $100 58% 5.00% 28% $80 $150 4.00% $135 $131 $60 3.00% $40 $94 $91 63% $67 2.00% $51 $55 $46 29% $20 1.00% $22 9% $0 0.
Slide 10: Net Interest Margin
NET INTEREST MARGIN Net Interest Income/Margin (1) Commentary In thousands (except ratios) $18,000 3.22% 3.50% Net interest income increased $782 $16,000 2.65% 2.62% 3.00% thousand or 21.8% annualized 2.73% 2.60% $14,000 compared to the fourth quarter 2023. 2.50% $12,000 $10,000 2.00% NIM had a slig
Slide 11: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY Loan Portfolio Repricing Profile Loan Repricing Schedule by Rate Type Variable/Hybrid Rate Loans Hybrid ARM 4% 18% 16% 36% 40% Fixed Rate Variable Rate 42% 54% 66% 10% 14% Prime CMT SOFR 0-1 yrs. 1-2 yrs. 2-3 yrs >3 yrs. Static NII Simulation Year 1 & 2 Year 1 Year 2 $7,000
Slide 12: Asset Quality
ASSET QUALITY Allowance for Credit Losses Commentary In thousands (except ratios) ACL coverage ratio was at 1.18% on 22,000 1.20% 1.18% 1.18% 1.18% 1.20% March 31, 2024, same as the prior 21,000 1.16% 1.18% quarter. 20,000 1.16% 19,000 1.14% One C&I loan for $456 thousand was 18,000 1.12% classified
Slide 13: Loan Portfolio Mix
LOAN PORTFOLIO MIX Loan Portfolio Mix (1) Commentary Total loan balance at quarter end was Residential real estate $1,818 million (1). 11% 13% CRE - Owner occupied 5% Commercial Real Estate (owner occupied 10% and non-owner occupied) was 58% or CRE - Non-owner occupied 13% $1,058 million of the tota
Slide 14: CRE Office Portfolio
CRE OFFICE PORTFOLIO Owner Occupied Office by Business Type Commentary In Millions as of 3/31/2024 $0.0 Total office loan portfolio (owner occupied and non-owner occupied) had 128 notes with an $20.1 $19.2 average balance of $1.5 million dollars, LTV of 32% 31% Medical/Dental 57%, and DSCR of 1.96X
Slide 15: Non-Interest Income
NON-INTEREST INCOME In thousands (except ratios) Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Service fees $1,651 $1,348 $1,329 $1,173 $1,205 Gain (loss) on sale of securities available for sale - (883) (955) - (21) Gain on sale of loans held for sale 67 105 255 94 347 Other income 746 756 1,532 579 539
Slide 16: Non-Interest Expense
NON-INTEREST EXPENSE In thousands (except ratios) Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Salaries and employee benefits $6,310 $6,104 $6,066 $5,882 $6,377 Occupancy 1,314 1,262 1,350 1,319 1,299 Regulatory assessments and fees 433 412 365 452 224 Consulting and legal fees 592 642 513 386 358 Networ
Slide 17: Capital
CAPITAL Capital Ratios (1) Q1 2024 Q4 2023 Q1 2023 Well- Capitalized Leverage Ratio 8.91% 9.28% 9.36% 5.00% TCE/TA (2) 7.83% 8.09% 8.50% NA Tier 1 Risk- Based Capital 11.80% 11.62% 12.04% 8.00% Total Risk- 12.98% 12.78% 13.20% 10.00% Based Capital AOCI ($45.4) ($44.3) ($42.1) 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 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 Pre-tax pre-provision ("PTPP") incom e: (1) Net income $ 4,612 $ 2,721 $ 3,819 $ 4,196 $ 5,809 Plus: Provision for income taxes 1,426 787 1,250 1,333
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 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 Tangible book value per com m on share (at period-end): (1) Total stockholders' equity $ 195,011 $ 191,968 $ 182,884 $ 183,685 $ 183,8
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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