EX-99.2 4 exhibit992.htm exhibit992
exhibit992p1i0
Exhibit 99.2 USBC FINANCIAL HOLDINGS Second Quarter
 
2022 Earnings Presentation July 29, 2022 1
 
exhibit992p2i0
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. The words “may,” “will,”
 
“anticipate,” “should,” “would,” “believe,” “contemplate,” “expect
 
,” “aim,” “plan,” “estimate,” “continue,” and “intend,” as well as other
 
similar words and expressions of the future, are intended to identi
 
fy forward-looking statements. These forward-looking statements
 
include statements related to our projected growth, anticipated future
 
financial performance, and management’s long-term performance
 
goals, as well as statements relating to the anticipated effects on results
 
of operations and financial condition from expected developments
 
or events, or business and growth strategies, including anticipated
 
internal growth. These forward-looking statements involve significant
 
risks and uncertainties that could cause our actual results to differ
 
materially from those anticipated in such statements. Potential risks and
 
uncertainties include, but are not limited to: • the strength of the
 
United States economy in general and the strength of the local economies
 
in which we conduct operations; • the continuation of the COVID-19
 
pandemic and its impact on us, our employees, customers and
 
third-party service providers, and the ultimate extent of the impacts
 
of the pandemic and related government stimulus programs;
 
• our ability to successfully manage interest rate risk, credit
 
risk, liquidity risk, and other risks inherent to our industry; •
 
the accuracy of our financial statement estimates and assumptions,
 
including the estimates used for our credit loss reserve and deferred
 
tax asset valuation allowance; • the efficiency and effectiveness
 
of our internal control environment; • our ability to comply with the
extensive laws and regulations to which we are subject, including the
 
laws for each jurisdiction where we operate; • legislative or regulatory
 
changes and changes in accounting principles, policies, practices
 
or guidelines, including the effects of the forthcoming implementation
 
of the Current Expected Credit Losses (“CECL”) standard; •
 
the effects of our lack of a diversified loan portfolio and concentration
 
in the South Florida market, including the risks of geographic,
 
depositor, and industry concentrations, including our concentration
 
in loans secured by real estate; • the concentration of ownership of our
 
Class A common stock; • fluctuations in the price of our Class A common
 
stock; • our ability to fund or access the capital markets at attract
 
ive rates and terms and manage our growth, both organic growth as
 
well as growth through other means, such as future acquisitions; •
 
inflation, interest rate, unemployment rate, market, and
 
monetary fluctuations; • increased competition and its effect
 
on the pricing of our products and services as well as our interest rate
 
margin; • the effectiveness of our risk management strategies,
 
including operational risks, including, but not limited to, client,
 
employee, or third-party fraud and security breaches; and • other risks
 
described in this presentation and other filings we make with the
 
Securities and Exchange Commission (“SEC”). All forward-looking statements
 
are necessarily only estimates of future results, and there
 
can be no assurance that actual results will not differ materially
 
from expectations. Therefore, you are cautioned not to place
 
undue reliance on any forward-looking statements. Further, forward
 
-looking statements included in this presentation are made only as of the date
 
hereof, and we undertake no obligation to update or revise
 
any forward-looking statement to reflect events or circumstances after
 
the date on which the statement is made or to reflect the
occurrence of unanticipated events, unless required to do so under
 
the federal securities laws. You should also review the risk
 
factors described in the reports USCB Financial Holdings, Inc. filed
 
or will file with the SEC and, for periods prior to the completion
 
of the bank holding company reorganization in December
 
31, 2021, U.S Century Bank filed with the FDIC. Non-GAAP Financial Measures
 
This presentation includes financial information determined by
 
methods other than in accordance with generally accepted
 
accounting principles (“GAAP”). This financial information includes certain
 
operating performance measures. Management has included
 
these non-GAAP measures because it believes these measures may
 
provide useful supplemental information for evaluating the Company’s
 
underlying performance trends. Further, management uses
 
these measures in managing and evaluating the Company’s
 
business and intends to refer to them in discussions about our operations
 
and performance. Operating performance measures should be viewed
 
in addition to, and not as an alternative to or substitute for,
 
measures determined in accordance with GAAP, and are
 
not necessarily comparable to non-GAAP measures that may be presented
 
by other companies. To the extent applicable, reconciliations
 
of these non-GAAP measures to the most directly comparable
 
GAAP measures can be found in the ‘Non-GAAP Reconciliation Tables’
 
included in the presentation. You should assume that all
 
numbers are unaudited unless otherwise noted. 2
 
exhibit992p3i0
Q2 2022 Highlights Capital/Credit Credit metrics remain pristine.
 
There were no loans classified as nonperforming. ACL coverage
 
ratio was 1.15%. Tangible Book Value per Share is at $9.00,
 
down $0.60 from prior quarter primarily due to AOCI. No shares
 
repurchased during the quarter; Board approved repurchase
 
program in place covering 750,000 shares of Class A common stock. Profitability
 
Net income was $5.3 million or $0.26 per diluted share.
 
ROAA was 1.08% and ROAE was 11.38%. Efficiency ratio was 55.34%.
 
NIM was 3.37% and NII was $15.6 million, up $3.2 million or
 
25.4% compared to second quarter 2021. Growth Average
 
deposits increased by $284.5 million or 19.9% compared to second quarter
 
2021. Total average loans, excluding PPP loans, increased
 
$102.3 million
 
or 34.9% annualized compared to prior quarter and $289.9
 
million or 29.3% compared to second quarter 2021. 3
 
exhibit992p4i0
Historical Financial Data Total Loans (1) in Millions $735 $1,373
 
2016 2017 2018 2019 2020 2021 Q1 Q2 2022 2022 Total Deposit
 
s
 
in millions $782 $1,739 2016 2017 2018 2019 2020 2021 Q1 Q2
 
2022 2022 Total Stockholders’ Equity in millions $86 $180
 
2016 2017 2018 2019 2020 2021 Q1 Q2 2022 2022 ACL/Total
 
Loans 1.17% 1.15% 2016 2017 2018 2019 2020 2021 Q1 Q2 2022
 
2022 Net Charge off in thousands (1,019) $180 2016 2017
 
2018 2019 2020 2021 Q1 Q2 2022 2022 Nonperforming Assets/Total
 
Assets 1.58% 0.00% 2016 2017 2018 2019 2020 2021 Q1 Q2 2022
 
2022 Total Revenue in millions $37 $63 2016 2017 2018 2019
 
2020 2021 Efficiency ratio 94.15% 55.34% 2016 2017 2018 2019
 
2020 2021 Q1 Q2 2022 2022 PTPP ROAA (2) 0.24% 1.57% 2016
 
2017 2018 2019 2020 2021 Q1 Q2 2022 2022 (1) Loan amounts
 
include deferred fees/costs. (2) Non-GAAP Financial Measure.
 
* As of end of period for Balance Sheet amounts. 4
 
exhibit992p5i0
Financial Results In thousands (except per share data) Q2 2022 Q1 2022
 
Q2 2021 Balance Sheet (EOP) Total Securities $456,135
 
$514,575 $395,804 Total Loans (1) $1,372,733 $1,258,388
 
$1,145,095 Total Assets $2,016,086 $1,967,252 $1,667,005
 
Total Deposits $1,738,720 $1,713,294 $1,438,776 Total
 
Equity $180,068 $192,039 $166,302 Income Statement Net Interest
 
Income $15,642 $14,379 $12,474 Non-interest Income $1,617 $1,945
 
$1,516 Total Revenue $17,259 $16,324 $13,990 Provision for
 
Credit Losses $705 $0 $0 Non-interest Expense $9,551 $9,612 $8,674 Net
 
Income $5,295 $4,854 $4,053 Net Income available to common
 
stockholders (2) $5,295 $4,854 $3,299 Diluted Earning Per
 
Share (EPS) (3) Class A Common Stock $0.26 $0.24 $0.64 Class
 
B Common Stock $0.00 $0.00 $0.13 (1) Loan amounts include deferred
 
fees/costs. (2) No preferred stock outstanding as of Q2’22 and Q1’22. (3)
 
See footnote disclosure in the Non-GAAP table for common stock activity
 
(redemption and exchange of preferred stock, IPO, and exchange
 
of Class B common stock) which impacted diluted EPS for Q2’22
 
and Q1’22. 5
 
exhibit992p6i0
Key Performance Indicators Q2 2022 Q1 2022 Q2 2021 Capital/Credit Tangi
 
ble Common Equity/Tangible Assets(1) 8.93% 9.76% 8.50%
 
Total Risk-Based Capital (2) 13.74% 14.49% 12.69% NCO/Avg
 
Loans (3) 0.00% -0.01% 0.06% NPA/Assets 0.00% 0.00%
 
0.00% Allowance Credit Losses/Loans 1.15% 1.20% 1.30% Profitability
 
Return On Average Assets (ROAA) (3) 1.08% 1.03% 0.98%
 
Return On Average Equity (ROAE) (3) 11.38% 9.75% 9.74%
 
Net Interest Margin (3) 3.37% 3.22% 3.14% Efficiency Ratio 55.34%
 
58.88% 62.00% PTPP ROAA (1)(3) 1.57% 1.42% 1.28% Growth
 
In thousands (except for TBV/share) Total Assets (EOP) $2,016,086
 
$1,967,252 $1,667,005 Total Loans (EOP) $1,372,733 $1,258,388
 
$1,145,095 Total Deposits (EOP) $1,738,720 $1,713,294
 
$1,438,776 Tangible Book Value/Share (1) $9.00 $9.60
 
$27.71 (1) Non-GAAP Financial Measures. TBV/Share for Q2’22
 
and Q1’22, see footnote disclosure in the Non-GAAP table for
 
common stock activity (redemption and exchange of preferred
 
stock, IPO, and exchange of Class B common stock) which impacted TBV/share.
 
(2) The Company was established in Q4 2021. As such, the capital
 
ratios for Q2 2022 and Q1 2022 are for the Bank Holding Company
 
while Q2 2021 is for the Bank only. (3) Annualized. 6
 
exhibit992p7i0
Loan Portfolio Total Loans (AVG) in millions $1,300 $1,200
 
$1,100 $1,000 $900 $800 $1,088 $1,144 $1,159 $1,211 $1,296 $700
 
$99 $73 $51 $35 $18 $600 $989 $1,071 $1,108 $1,176 $1,278 Q2
 
2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Loans (Exd PPP)
 
PPP Loans Loan Yields 5.00% 4.50% 4.00% 3.50% 3.00% 2.50%
 
2.00% 1.50% 1.00% 4.19% 4.29% 4.32% 4.35% 435.00% 0.50%
 
0.28% 0.32% 0.33% 0.28% 1.30% 0.00% 3.91% 3.97% 399.00% 4.07%
 
4.22% + 31 bps Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2'22
 
vs Q2'21 Loan coupon Loan fees Commentary Total average
 
loans, excluding PPP loans, increased $102.3 million or 34.9% annualized
 
compared to prior quarter and $289.9 million or 29.3% compared
 
to second quarter 2021. Loan coupon increased 15 bps due to a higher
 
interest rate environment compared
 
to prior quarter and 31 bps increase compared to second quarter
 
2021. Loan fees decreased 15 bps from prior quarter as most of
 
the PPP loan fees have been recognized, normalizing the loan yield
 
composition. 7
 
exhibit992p8i0
Loan Portfolio Mix Loan Portfolio Mix Residential real estate
 
CRE – Non-owner occupied CRE – Owner occupied Commerical
 
and industrial Global Banking Consumer and other 8% 15% 51%
 
10% 10% 8% Commentary Total Loan balances at quarter
 
end was $1.373
 
billion. Commercial Real Estate (owner occupied and non-owner
 
occupied) was 61% or $843.4 million of the total loan portfolio. CRE
 
mix is diversified and granular. Retail makes up 30% of
 
total CRE or $252.6 million. Land/Construction 5% Other 4%
 
Retail 30% - LTV was 56.9% - Average loan size was $3.0
 
..million CRE - Owner occupied 17% Multifamily 16% Office
 
13% Hotels 8% Warehouse 7%
 
As of 6/30/22 8
 
exhibit992p9i0
Loan Production Net Loan Production Trend in millions $180 $160 $140
 
$120 $100 $80 $60 $40 $20 $144 $104 $117 $88 $119
 
$106 $141 $74 $169 $56 0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2
 
2022 Loan Production/Line changes Loan Amortization/payoffs
 
Commentary Q2 loan growth driven by increased production levels and
 
lower payoffs and paydowns. Payoffs and paydowns slowing with
 
increase in interest rates. $169 million loan production in Q2
 
2022 is attributable to $158 million in new loans and $11 million
 
in net increase
 
of existing lines of credit. 9
 
exhibit992p10i0
Paycheck Protection Program (PPP) 3 successful rounds of PPP loans,
 
originating $168.4 million. Forgiveness of the last round of
 
PPP loans is in process. SBA PPP Loans In thousands (except
 
for ROAA) Q2 2022 Q1 2022 Q2 2021 Pre-Tax Income $7,003
 
$6,712 $5,316 Net Income $5,295 $4,854 $4,053 Average
 
Assets $1,968,381 $1,913,484 $1,660,060 ROAA (1) 1.08% 1.03% 0.98%
 
of which PPP Income (2) $484 $1,001 $925 Unrealized PPP
 
Fees EOP $149 $590 $3,169 PPP Balance EOP $13,507 $24,646 $84,240
 
PPP AVG. Balance $17,643 $34,901 $99,563 (1) Annualized.
 
(2) PPP Income includes loan fees and interest income. 10
 
exhibit992p11i0
Deposit Portfolio Deposits (AVG) in millions $2,000 $1,800
 
$1,600 $1,400 $1,200 $1,000 $800 $600 $1,432 $1,477 $1,562 $1,650
 
$1,717 $400 $236 $229 $228 $223 $224 $200 $608 $628 $674
 
$736 $781 $0 $52 $55 $56 $56 $67 $5,536 $5,565 $5,604 $5,626
 
$5,645 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Non-interest-bearing
 
deposits Money market and savings Interest-bearing demand
 
deposits Time deposits Deposit Cost (1) 0.26% 0.22% 0.21% 0.20%
 
0.21% 0.25% 0.25% 0.25% 0.50% 0.21% Q2 2021 Q3 2021 Q4
 
2021 Q1 2022 Q2 2022 Commentary Average deposits increased
 
$66.4 million or 16.1% annualized compared to prior quarter and
 
$284.5 million or 19.9% compared to second quarter 2021. Average
 
DDA deposits grew $18.6 million or 11.9% annualized compared to
 
prior quarter and $109.1 million or 20.4% compared to second quarter
 
2021. DDA balances comprise 37.6% of total deposits at June
 
30, 2022. Deposit cost increased 1bps compared to prior quarter
 
and decreased 5 bps compared to second quarter 2021. 11
 
exhibit992p12i0
Net Interest Margin Net Interest Income/Margin (1) in thousands
 
(exceptions) Net Interest Income NIM NIM excluding PPP Loans
 
Interest-Earning Assets Mix (AVG) Total Loans
 
(excluding PPP Loans) Investment Securities PPP Loans Cash
 
Balance & Equivalents Commentary Net interest income increased
 
by $1.3 million or 35.2% annualized compared to prior quarter and
 
$3.2 million or 25.4% compared
 
to second quarter 2021. NIM impacted by an increase in interest rates
 
and a shift in balance sheet mix. Loan production growth shifted
 
assets to a higher yielding asset class and was funded by cash
 
balances, a lower securities portfolio and growth in new deposits
 
.
 
NIM of 3.37% up 15 bps from prior quarter and up 23 bps from
 
second quarter 2021 demonstrating an asset sensitive balance
 
sheet. 12
 
exhibit992p13i0
Interest Rate Sensitivity Loan Portfolio Repricing Profile by Rate Type
 
Hybrid ARM 6% Variable Rate 53% Fixed Rate 41% 22%
 
18% 60% 22% Loan Repricing Schedule Variable/Hybrid Rate
 
Loans 46% 37% 6% 11% 46% 0-4-1 yrs. 1-2 yrs. 2-4 yrs
 
Static NII Simulation Year 1 & 2 $5,000 $4,000 $3,000 $2,000
 
3.3% 5.9% $1,000 $2,371 $4,178 $0 0.2% 0.1% Net interst income ($
 
in thousands) $138 $70 +200 +100 +200 Changes from base (%)
 
Years 1 Years 2 As of 6/30/22 13
 
exhibit992p14i0
Non-interest Income In thousands (except ratios) Q2 2022 Q1 2022 Q4
 
2021 Q3 2021 Q2 2021 Service fees $1,083 $900 $961 $856 $903
 
Gain (loss) on sale of securities available for sale (3) 21 35 (70)
 
187 Gain on sale of loans held for sale 22 334 107 532 23 Gain
 
on sale of other assets - - 983 - - Loan settlement - 161 - 2,500 - Other
 
income 515 529 558 399 403 Total non-interest income $1,617
 
$1,945 $2,644 $4,217 $1,516 Average total assets $1,968,381
 
$1,913,484 $1,828,037 $1,741,423 $1,660,060
 
Non-interest income / Average assets (1) 0.33% 0.41% 0.57%
 
0.96% 0.37% Total Revenue $17,259 $16,324 $16,720
 
$17,688 $13,990 Non-interest income as % of total revenue 9.37%
 
11.91% 15.81% 23.85% 10.84% Commentary Service fees
 
and other income remain consistent quarter over quarter. Fluctuation
 
of non-interest income primarily impacted by one-time items
 
in prior quarters. Prudently managing securities with minimal losses
 
($3 thousand) in Q2 2022 as interest rates increase. (1)
 
Annualized. 14
 
exhibit992p15i0
Non-interest Expense In thousands (except ratios and FTE) Q2 2022
 
Q1 2022 Q4 2021 Q3 2021 Q2 2021 Salaries and employee benefits
 
$5,913 $5,875 $5,634 $5,313 $5,213 Occupancy 1,251 1,270
 
1,267 1,192 1,411 Regulatory assessment and fees 226 213 93 317
 
195 Consulting and legal fees 398 517 539 357 373 Network and
 
information technology services 448 387 268 358 332 Other
 
operating expense 1,315 1,350 1,518 1,470 1,150 Total non-interest
 
expenses $9,551 $9,612 $9,319 $9,007 $8,674 Efficiency ratio 55.34%
 
58.88% 55.74% 50.92% 62.00% Average total assets $1,968,381
 
$1,913,484 $1,828,037 $1,741,423 $1,660,060 Non-interest
 
expense / Average assets (1) 1.95% 2.04% 2.02% 2.05% 2.10%
 
Full-time equivalent employees 192 190 187 184 183 Commentary
 
Salaries and employee benefits increased primarily due to 2 new
 
FTEs. Consulting and legal fees normalizing after one-time expenses
 
related to the holding company reorganization in Q1 2022 and Q4
 
2021. Higher revenue and slightly lower non-interest expense improved
 
efficiency ratio to 55.34%. (1) Annualized. 15
exhibit992p16i0
Asset Quality Allowance for Credit Losses In thousands except ratios 1.40%
 
1.33% 1.31% 1.22% 1.16% 1.30% 1.27% 1.27% 1.20% 1.15% $1,848
 
$14,900 $15,057 $15,074 $15,786 Q2 2021 Q3 2021 Q4 2021
 
Q1 2022 Q2 2022 Allowance for credit losses ACL/Total
 
loans ACL/Total loans excluding PPP Loans Commentary
 
ACL coverage ratio is at 1.15% or 1.16% excluding PPP loans,
 
in line with pre-pandemic levels. No loans classified as non-performing.
 
No OREOs. CECL modeling progressing as planned; first parallel run
 
was completed in Q2 2022. Non-performing Loans In thousands
 
(except ratios) 1400 1200 1000 800 600 400 200 0 $20 0.00% $18
 
0.00% $1,190 0.10% $0 0.00% $0 0.00% Q2 2021 Q3 2021 Q4
 
2021 Q1 2022 Q2 2022 Non-accrual TDRs Non-accrual loans
 
less non-accrual TDRs Non-performing loans to total loans 16
 
exhibit992p17i0
Capital Capital Ratios11*! Q2 2022 Leverage Ratio 9.43% TCE/TA{2)
 
8.93% Tier 1 Risk Based Capital 12.65% Total Risk Based
 
Capital 13.74% Q1 2022 Q2 2021 Well-
 
Capitalized 9.47% 7.91% 5.00% 9.76% 8.50% NA 13.35% 11.44%
 
8.00% 12.69% 10.00% 14.49% Commentary All capital ratios remain
 
significantly above “well capitalized” guidelines. Q2 2022 EOP
 
shares outstanding: Class A Common Stock: 20,000,753 No
 
shares repurchased during the quarter; Board approved repurchase
 
program in place covering 750,000 shares of Class A common stock. (1)
 
The Company was established in Q4 2021. As such, the capital ratios
 
for Q2 2022 and Q1 2022 are for the Company while Q2 2021
 
is for the Bank only. (2) Non-GAAP. 17
 
exhibit992p18i0
Takeaways Leading Franchise Located in one of the Most Attractive
 
Banking Markets in Florida and the U.S. Experienced and Tested
 
Management Team Robust Organic Growth Strong Asset
 
Quality, with Minimal Charge-offs Experienced Since Recapitalization
 
Strong Profitability, with Pathway For Future Enhancement
 
Identified Core Funded Deposit Base with 37.6% Non-Interest-Bearing
 
Deposits (EOP) 18
 
exhibit992p19i0
Non-GAAP Reconciliation In thousands (except ratios) 6/30/2022
 
Pre-Tax Pre-Provis ion f TIPP") Income: Netincora?$5.295
 
Rus: Provision forincone taxes 1.708 Rus: Revision for credit losses
 
705 PIPP incone _S 7,708 PTPP Return on Average As sets:
 
PIPP incone$7.708 Average assets$1,96S,3S1 PIPP return
 
on average assets 1.57% Oner at in g Net Inc ome: Net incone$5.295
 
Less: Net gains (tosses) on sale of securities (3) Less: Tax effect
 
on sale of securities 1_ Operating net income _S 5.297 Operating
 
PTPP Income: PIPP incone$7,708 Less: Net gains (tosses) on sale of
 
securities (3) Operating PTPP Incone _S 7.711 Operating PTPP
 
Return on Average Assets: Operating PIPP incone$7,711 Average
 
assets$1,968,381 Operating PIPP Return on average assets 1.57% Oper
 
at in g Return on Aver ag e Assets : Operating net income$5.297
 
Average assets$1,968,381 Operating return on average
 
assets ' ' 1.08% As of or for the three months ended 3/31/2022
 
12/31/2021 9/30/2021 6/30/2021 S 4.854 S 5.650 S 6.593 S 4.053
 
1.S58 1.751 2088 1.263 S 6.712 S 7.401 S 8.681 S 5.316 S 6.712
 
S 7.401 S 8.681 S 5.316 S 1,913,484$1,828,037$1,741,423$1,660,060 1.42%
 
1.61% 1.98% 1.28% s 4.854 S 5.650 S 6.593 S 4.053 21 35 (70) 187
 
ÍSL <2L 17 S 4.S3S S 5.624 $ 6.646 S 3.912 S 6,712$7,401$8,681$5,316
 
21 35 JTC^ 181 S 6.691$7,366$S.751$5.129 S 6,691 S 7,366
 
S 8,751 S 5,129 S 1,913,484$1,828,037$1,741,423$1,660,060
 
1.42% 1.60% 1.99% 1.24% S 4.838 S 5.624
 
S 6.616 S 3.912 S 1,913,484$1,828,037$1,741,423$1,660,060 1.03%
 
1.22% 1.51% 0.95% (1) Annualized 19
 
exhibit992p20i0
Non-GAAP Reconciliation In thousands (except per share data)
 
In thousands (except per A. of i»d for ike ar»ao»a-. tided fl 1 6 30.2022
 
3 31 2022 12 3 1 2021 9 30 2021 6 30.2021 Ti agible Bock Va
 
lie per Cor* noi Shire (it period-ead): loulclockholdcrc'eoas
 
v
 
(GA AP| S ISXObS s 192019 S 201 *9 7 s 201.918 S 166.102 lecc
 
: Inundóle jccclc ----- Less : Preferred cioc k 24016 tangible cioc (holders'equity
 
(non-GAA Pk S 180.068 s 192019 s 201*97 S 201.918 S 141086 Toral
 
iteres lifted and ontiB nding (at period-end): ('lice A commcn shares
 
20.0C0.TSJ 20.000.TS.1 19.991.75.1 18767041 .1*89.469 Giles (¡common
 
chares 1.224.2 12 1-Î24J2I2 1 oialcomm.cn chares issued and
 
ou island mg 200CO .75 l 20.000.7S 1 1.7SJ I.TSJ 5.1110*1
 
1 angible book vatac percommon chare (non-GA AP) ' ' V s s
 
10.20 s s yj 0 penda* Net I»coa e Available nCcauM S lock k olden
 
: Sel meóme (GAA P> S s 4*54 s 5/k50 s 6091 s 4.0 S.1 Lecc :
 
Preferred dividende - 542 754 Lecc: (-«change and red cmpu.cn of preferred
 
charec . . . 89085 . Sel meóme (bee) available a> common stockholders (GA
 
AP> SJ9S 4ÃS4 SOSO (8.10.14) 1.299 Add back: (exchange
 
and redemplicn ofpreferred charec 89085 Operatmg nel mcom:
 
avail lo comnun clock (non-GAA P| s SJ9S s 4*34 s SOSO s 6031
 
s 1’99 A lie cation of operating net income per comm on ¡to ci cia
 
n: £ « *o \ s s < V«4 s S « /-*.» s S « <ú« s s Glass (¡comm.cn
 
clock$ ***** 4SI 790 Weighed average liarei on a tan ding: Gla.cc
 
A common clock llacK 20.000.75! 19.994.95.1 I&.9I.1.9I4 IS. 12
 
1.460 .1*89.469 Dialed 20171.261 20.109.7* J 19.021086 15.187.729
 
1.911016 Glass (¡ commcn clock Hack: . . . 6.121052 6.121052 Dialed
 
- - - 6121052 6.121052 Dita ted I PS: "*"* ' (Jan \ common c
 
lock Sel income (fc>cc)perdiluted share«"; A AP)$0.26 S 0.24
 
S 0-10 S (5.11) S 0X4 A dd back: Met an»e and redcmptmn of pie
 
ferret] cha res ; ; ; • 4» • Operating nel mcom:
per dita led chare (non -<t\ Aft Class licommcn clock Nel income (toee)perdil
 
uted chare(GA AP)$s$S (1.02) S 0.11 Add back: (--«change
 
and redcmptmn ofpre ferred charec 1.09 Operating nel mcom: perditaled
 
chare (non-GA AP) 4 «$ (t) The Company belbves these non GAAP
 
measurements are key bdicaars of iie ongaing earnbgs pc» er of
 
the Conjjany. 2. During the quarter ended Sept entier 30. 2021.47.473
 
shares of Class C preferred sack and 11.061.552 shares of Class
 
D preferred sack * ere comer ad bto 10278.072 shares of Class A
 
com non stock. AcMitbnally. the Bank closed on iie initial
 
pubic dieting of is Cass A common sack on July 27. 2021. in which
 
it issued 4.600.COO shares of Class A common stock. As such,
 
the toal shares issued rad outstanding d Class A com non sack* as 18.767.541
 
shares at Scptentier 30. 2021. 3. EjcIjJcs iie dlutivc effect,
 
if any. of shares of com moi sack ¿suable upon eiocBc of outsanding
 
stock options. 4. During the quarter ended Septentier 30. 2021. basic
 
net loss per share is the same as dluad net bss per share
 
as the inebsion of all poanaal common shacs outstanding would have been
 
anadiuáve. 5. During the quarter ended December 31.2021.
 
iie Company entered into agreements * ih the Class B common shrr
 
ehobers a cachangc el outsanding Class B non-votbg common
 
stockfer Class A voting common stockât a ratio of 1 shrre of
 
Cbss A common stockfor each 5 shares of Class B non-votbg common
 
stock, h catulaang net income (Ices) per dluad share for
 
the prbr quarters presented., iie allocrsion of operating net income avalabfc
 
a common slockhobers was based on the weighad average shares
 
outsanding per common share class a iie aal w eithted average
 
shares outsand'ng djrbq each period. The operatbq net bcome albcatbn wascalcubted
 
usinq the weiqhad averaqe shares outsandinq of Cbss B common
 
stockon an as converted basis. 20
 
exhibit992p21i0
Contact Information Lou de la Aguilera President, CEO & Director
 
(305) 715-5186 laguilera@uscentury.com Rob Anderson Chief
 
Financial Officer (305) 715-5393 rob.anderson@uscentury.com Investor
 
Relations InvestorRelations@uscentury.com 21