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Parent Company Condensed Financial Information
12 Months Ended
Dec. 31, 2022
Parent Company Condensed Financial Information [Abstract]  
Parent Company Condensed Financial Information
17.
 
PARENT COMPANY
 
CONDENSED FINANCIAL INFORMATION
 
In December
 
2021, USCB
 
Financial Holdings,
 
Inc. was
 
formed as
 
the parent
 
bank holding
 
company of
 
U.S. Century
Bank.
 
The
 
condensed
 
balance
 
sheet
 
is
 
presented
 
below
 
for
 
USCB
 
Financial
 
Holdings,
 
Inc.
 
at
 
the
 
dates
 
indicated
 
(in
thousands):
December 31, 2022
December 31, 2021
ASSETS:
Cash and Cash Equivalents
$
1,102
$
-
Investment in bank subsidiary
 
181,326
 
203,897
Other assets
-
-
Total
 
assets
$
182,428
$
203,897
LIABILITIES AND STOCKHOLDERS' EQUITY:
Other liabilities
$
-
$
-
Stockholders' equity
182,428
203,897
Total
 
liabilities and stockholders' equity
$
182,428
$
203,897
December 31, 2022
December 31, 2021
INCOME:
Dividends from subsidiaries
$
1,000
$
-
Service fees from subsidiaries
-
-
Total
$
1,000
$
-
EXPENSE:
Employee compensation and benefits
 
-
 
-
Total
-
-
Income before income taxes and undistributed subsidiary income
1,000
Provision (benefit) for income taxes
-
-
Equity in undisbursed subsidiary income
19,141
Net Income
 
$
20,141
$
-
December 31, 2022
December 31, 2021
Cash flows from operating activities:
Net income
$
20,141
$
-
Adjustments to reconcile net income to net cash provided
 
by operating
activities:
-
Equity in undistributed earnings of subsidiaries
(19,141)
-
Other
-
Net cash provided by operating activities
$
1,000
$
-
Cash flows from investing activities:
Capital contributions to subsidiary
-
-
Other
-
-
Net cash used in investing activities
 
-
-
Cash flows from financing activities:
Dividends paid
-
-
Proceeds from exercise of stock options
102
-
Repurchase of common stock
-
-
Net cash (used in) provided by financing activities
102
-
Net increase (decrease) in cash and cash equivalents
 
1,102
-
Cash and cash equivalents, beginning of period
 
-
-
Cash and cash equivalents, end of period
 
$
1,102
$
-
The
 
condensed
 
income
 
statement
 
is
 
presented
 
below
 
for
 
USCB
 
Financial
 
Holdings,
 
Inc.
 
at
 
the
 
dates
 
indicated
 
(in
thousands):
The condensed cash flow is presented below for USCB
 
Financial Holdings, Inc. at the dates indicated (in thousands):