1

Exhibit 99.1

EARNINGS RELEASE

USCB Financial Holdings, Inc. Reports EPS of $0.29 and ROAA of 1.11% for Q1 2023

MIAMI, FL – April 27, 2023 – USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB)

, the holding company for

U.S. Century Bank (the “Bank”), reported net income of $5.8 million or $0.29 per diluted share for the three months ended March 31,

2023, compared with net income of $4.9 million or $0.24 per diluted share, for the same period in 2022. 

"The beginning of 2023 was marked by significant events such as the sudden failure of three banks, prompting heightened concerns

about the safety and soundness of the banking industry, and ongoing discussions of a potential recession. Despite these challenges, we

are pleased to announce that the USCB team delivered strong performance in the first quarter of 2023, reflecting our ability to navigate

this challenging operating environment with prudent consistency. Our financial results demonstrate robust earnings, driven by strong

loan production, and disciplined credit underwriting and risk management practices” said Luis de la Aguilera, President and Chief

Executive Officer. "Our strength and stability are reinforced by our growing core customer relationships, which have enabled us to

build a granular deposit base and diversified loan portfolio, in one of the most vibrant markets in the United States.” Mr. de la Aguilera

went on to say, “ our deposits are derived primarily from our local customers and communities. We do not have any material exposure

to either crypto currencies or investments or to crypto-related business.”

Unless otherwise stated, all percentage comparisons in the bullet points below are calculated for the quarter ended March 31, 2023

compared to the quarter ended March 31, 2022 and annualized where appropriate.

Profitability

•

Annualized return on average assets for the quarter ended March 31, 2023 was 1.11% compared to 1.03% for the first quarter of

2022. 

•

Annualized return on average stockholders’ equity for the quarter ended March 31, 2023 was 12.85% compared to 9.75% for the

first quarter of 2022. 

•

The efficiency ratio for the quarter ended March 31, 2023 was 56.32% compared to 58.88% for the first quarter of 2022. 

•

Net interest margin was 3.22% for both quarters ended March 31, 2023 and 2022.

•

Net interest income before provision for credit losses was $16.0 million for the quarter ended March 31, 2023, an increase of

$1.6 million or 11.3% compared to the first quarter of 2022.

Balance Sheet

•

Total assets were $2.2 billion at March 31, 2023, representing an increase of $196.6 million or 10.0% from March 31, 2022.

•

Total loans were $1.6 billion at March 31, 2023, representing an increase of $322.0 million or 25.6% from March 31, 2022.

•

Total deposits were $1. 8 billion at March 31, 2023, representing an increase of $117.2 million or 6.8% from March 31, 2022.

•

Total stockholders’ equity was $183.9 million at March 31, 2023, representing a decrease of $8.2 million or 4.3% from March 31,

2022. Total stockholders’ equity includes after-tax unrealized security losses of $42.1 million at March 31, 2023 compared to after-

tax unrealized security losses of $19.5 million at March 31, 2022.

Asset Quality

•

Effective January 1, 2023, the Company adopted ASU 2016-13 Current Expected Credit Losses (“CECL”) methodology for

estimating credit losses, which resulted in an increase to the allowance for credit losses of loans of $1.1 million and an increase to

the reserve for unfunded commitments of $259 thousand. This one-time cumulative adjustment resulted in an after-tax decrease of

$1.0 million in retained earnings. 

2

•

The allowance for credit losses increased by $3.8 million to $18.9 million at March 31, 2023 from $15.1 million at March 31, 2022.

•

The allowance for credit losses represented 1.20% of total loans at March 31, 2023 and at March 31, 2022. 

•

Non-performing loans to total loans was 0.03% at March 31, 2023 compared to 0.00% at March 31, 2022.

Non-interest Income and Non-interest Expense

•

Non-interest income was $2.1 million for the three months ended March 31, 2023, an increase of $125 thousand or 6.4% compared

to $1.9 million for the same period in 2022. 

•

Non-interest expense was $10.2 million for the three months ended March 31, 2023, an increase of $564 thousand or 5.9% compared

to the same period in 2022. 

Capital

•

During the quarter the Company repurchased 500,000 shares of USCB Financial Holdings Inc at a weighted average price per share

of $11.74. The aggregate purchase price for these transactions was approximately $5.9 million, including transaction costs. These

repurchases were made through open market pursuant to the Company’s publicly announced repurchase program. As of March 31,

2023, 250,000 shares remain authorized under this program.

•

As of March 31, 2023,

total risk-based capital ratios for the Company and the Bank were 13.20% and 13.12%, respectively.

•

Tangible book value per common share of $9.37 was negatively affected by $2.14 due to after tax unrealized security losses of

$42.1 million at March 31, 2023. At March 31, 2022, tangible book value of $9.60 was negatively affected by $0.97 due to $19.5

million after tax unrealized security losses.

Conference Call and Webcast

The Company will host a conference call on Friday, April 28, 2023, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited

financial results for the quarter ended March 31, 2023. To access the conference call, dial (866) 652-5200 (U.S. toll-free) and ask to join

the USCB Financial Holdings Call. 

Additionally, interested parties can listen to a live webcast of the call in the “Investor Relations” section of the Company’s website

at www.uscentury.com . An archived version of the webcast will be available in the same location shortly after the live call has ended.

About USCB Financial Holdings, Inc.

USCB Financial Holdings, Inc. is the bank holding company for U.S. Century Bank. Established in 2002, U.S. Century Bank is one of

the largest community banks headquartered in Miami, and one of the largest community banks in the State of Florida. U.S. Century

Bank is rated 5-Stars by BauerFinancial, the nation’s leading independent bank rating firm. U.S. Century Bank offers customers a wide

range of financial products and services and supports numerous community organizations, including the Greater Miami Chamber of

Commerce, the South Florida Hispanic Chamber of Commerce, and ChamberSouth. For more information or to find a banking center

near you, please call (305) 715-5200 or visit www.uscentury.com.

Forward-Looking Statements

This earnings release 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-looking statements are those that are not historical facts. 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 identify forward-looking statements. These forward-looking statements include, but are not limited to, 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 and balance sheet restructuring.

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;

•

our ability to successfully manage interest rate risk, credit risk, liquidity risk, and other risks inherent to our industry;

3

•

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;

•

adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry;

•

deposit attrition and the level of our uninsured deposits;

•

legislative or regulatory changes and changes in accounting principles, policies, practices or guidelines, including the on-going

effects of the 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;

•

effects of climate change;

•

the concentration of ownership of our common stock;

•

fluctuations in the price of our common stock;

•

our ability to fund or access the capital markets at attractive 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;

•

impacts of international hostilities and geopolitical events;

•

increased competition and its effect on the pricing of our products and services as well as our 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 earnings release 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 earnings release 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 statements are 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 the Company filed or will file with the SEC and, for periods prior to the completion of the bank holding

company reorganization in December 2021, the Bank filed with the FDIC.

Non-GAAP Financial Measures

This earnings release 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. 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 exhibits to this

earnings release.

All numbers included in this press release are unaudited unless otherwise noted.

Contacts:

Investor Relations

InvestorRelations@uscentury.com

Media Relations

Martha Guerra-Kattou 

MGuerra@uscentury.com

4

USCB FINANCIAL HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(Dollars in thousands, except per share data)

Three Months Ended March 31,

2023

2022

Interest income:

Loans, including fees

$

19,711

$

12,982

Investment securities

2,286

2,329

Interest-bearing deposits in financial institutions

382

31

Total interest income

22,379

15,342

Interest expense:

Interest-bearing checking

43

16

Savings and money market accounts

4,785

551

Time deposits

1,057

259

FHLB advances and other borrowings

497

137

Total interest expense

6,382

963

Net interest income before provision for credit losses

15,997

14,379

Provision for credit losses

201

-

Net interest income after provision for credit losses

15,796

14,379

Non-interest income:

Service fees

1,205

900

Gain (loss) on sale of securities available for sale, net

(21)

21

Gain on sale of loans held for sale, net

347

334

Loan settlement

-

161

Other non-interest income

539

529

Total non-interest income

2,070

1,945

Non-interest expense:

Salaries and employee benefits

6,377

5,875

Occupancy

1,299

1,270

Regulatory assessments and fees

224

213

Consulting and legal fees

358

517

Network and information technology services

478

387

Other operating expense

1,440

1,350

Total non-interest expense

10,176

9,612

Net income before income tax expense

7,690

6,712

Income tax expense

1,881

1,858

Net income

5,809

4,854

Per share information:

Net income per common share, basic

$

0.29

$

0.24

Net income per common share, diluted

$

0.29

$

0.24

Weighted average shares outstanding:

Common shares, basic

19,855,409

19,994,953

Common shares, diluted

19,940,606

20,109,783

5

USCB FINANCIAL HOLDINGS, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(Dollars in thousands, except per share data)

As of or For the Three Months Ended

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

Income statement data:

Net interest income

$

15,997

$

16,866

$

16,774

$

15,642

$

14,379

Provision for credit losses

201

880

910

705

-

Net interest income after provision for credit losses

15,796

15,986

15,864

14,937

14,379

Service fees

1,205

1,093

934

1,083

900

Gain (loss) on sale of securities available for sale, net

(21)

(1,989)

(558)

(3)

21

Gain on sale of loans held for sale, net

347

205

330

22

334

Loan settlement

-

-

-

-

161

Other income

539

568

1,083

515

529

Total non-interest income

2,070

(123)

1,789

1,617

1,945

Salaries and employee benefits

6,377

6,080

6,075

5,913

5,875

Occupancy

1,299

1,256

1,281

1,251

1,270

Regulatory assessments and fees

224

222

269

226

213

Consulting and legal fees

358

371

604

398

517

Network and information technology services

478

483

488

448

387

Other operating expense

1,440

1,602

1,415

1,315

1,350

Total non-interest expense

10,176

10,014

10,132

9,551

9,612

Net income before income tax expense

7,690

5,849

7,521

7,003

6,712

Income tax expense

1,881

1,415

1,963

1,708

1,858

Net income

$

5,809

$

4,434

$

5,558

$

5,295

$

4,854

Per share information:

Net income per common share, basic

$

0.29

$

0.22

$

0.28

$

0.26

$

0.24

Net income per common share, diluted

$

0.29

$

0.22

$

0.28

$

0.26

$

0.24

Balance sheet data (at period-end):

Cash and cash equivalents

$

63,251

$

54,168

$

73,326

$

83,272

$

94,113

Securities available-for-sale

$

229,409

$

230,140

$

248,571

$

339,464

$

392,214

Securities held-to-maturity

$

186,428

$

188,699

$

178,865

$

116,671

$

122,361

Total securities

$

415,837

$

418,839

$

427,436

$

456,135

$

514,575

Loans held for investment

(1)

$

1,580,394

$

1,507,338

$

1,431,513

$

1,372,733

$

1,258,388

Allowance for credit losses

$

(18,887)

$

(17,487)

$

(16,604)

$

(15,786)

$

(15,074)

Total assets

$

2,163,821

$

2,085,834

$

2,037,453

$

2,016,086

$

1,967,252

Non-interest-bearing deposits

$

633,606

$

629,776

$

662,808

$

653,708

$

656,622

Interest-bearing deposits

$

1,196,856

$

1,199,505

$

1,133,834

$

1,085,012

$

1,056,672

Total deposits

$

1,830,462

$

1,829,281

$

1,796,642

$

1,738,720

$

1,713,294

FHLB advances and other borrowings

$

120,000

$

46,000

$

26,000

$

66,000

$

36,000

Total liabilities

$

1,979,963

$

1,903,406

$

1,860,036

$

1,836,018

$

1,775,213

Total stockholders' equity

$

183,858

$

182,428

$

177,417

$

180,068

$

192,039

Capital ratios:

(2)

Leverage ratio

9.36%

9.61%

9.48%

9.43%

9.47%

Common equity tier 1 capital

12.04%

12.53%

12.56%

12.65%

13.35%

Tier 1 risk-based capital

12.04%

12.53%

12.56%

12.65%

13.35%

Total risk-based capital 

13.20%

13.65%

13.65%

13.74%

14.49%

(1) Loan amounts include deferred fees/costs.

(2) Reflects the Company's capital ratios

6

USCB FINANCIAL HOLDINGS, INC.

AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)

(Dollars in thousands)

As of or For the Three Months Ended

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

Average balance sheet data:

Cash and cash equivalents

$

50,822

$

61,892

$

77,887

$

80,254

$

99,911

Securities available-for-sale

$

230,336

$

242,144

$

331,206

$

370,933

$

385,748

Securities held-to-maturity

$

187,826

$

184,459

$

116,733

$

120,130

$

122,381

Total securities

$

418,162

$

426,603

$

447,939

$

491,063

$

508,129

Loans held for investment

(1)

$

1,547,393

$

1,456,780

$

1,398,761

$

1,296,476

$

1,211,432

Total assets

$

2,120,218

$

2,051,867

$

2,026,791

$

1,968,381

$

1,913,484

Interest-bearing deposits

$

1,179,878

$

1,150,049

$

1,107,129

$

1,071,709

$

1,023,844

Non-interest-bearing deposits

$

664,369

$

653,820

$

655,853

$

644,975

$

626,400

Total deposits

$

1,844,247

$

1,803,869

$

1,762,982

$

1,716,684

$

1,650,244

FHLB advances and other borrowings

$

61,600

$

37,500

$

43,935

$

36,330

$

36,011

Total liabilities

$

1,936,847

$

1,874,311

$

1,841,503

$

1,781,784

$

1,711,624

Total stockholders' equity

$

183,371

$

177,556

$

185,288

$

186,597

$

201,860

Performance ratios:

Return on average assets

(2)

1.11%

0.86%

1.09%

1.08%

1.03%

Return on average equity

(2)

12.85%

9.91%

11.90%

11.38%

9.75%

Net interest margin

(2)

3.22%

3.45%

3.47%

3.37%

3.22%

Non-interest income to average assets

(2)

0.40%

(0.02)%

0.35%

0.33%

0.41%

Efficiency ratio

(3)

56.32%

59.81%

54.58%

55.34%

58.88%

Loans by type (at period end):

(4)

Residential real estate

$

184,427

$

185,636

$

186,551

$

203,662

$

204,317

Commercial real estate

$

987,757

$

970,410

$

928,531

$

843,445

$

782,072

Commercial and industrial

$

160,947

$

126,984

$

121,145

$

131,271

$

134,832

Foreign banks

$

97,405

$

93,769

$

94,450

$

84,770

$

63,985

Consumer and other 

$

149,410

$

130,429

$

100,845

$

109,250

$

73,765

Asset quality data:

Allowance for credit losses to total loans

1.20%

1.16%

1.16%

1.15%

1.20%

Allowance for credit losses to non-performing loans

3,886%

- %

- %

- %

- %

Total non-performing loans

(5)

$

486

$

-

$

-

$

-

$

-

Non-performing loans to total loans

0.03%

- %

- %

- %

- %

Non-performing assets to total assets

0.02%

- %

- %

- %

- %

Net charge-offs (recoveries of) to average loans

(2)

(0.01)%

(0.00)%

0.03%

(0.00)%

(0.01)%

Net charge-offs (recovery of) credit losses

$

(49)

$

(2)

$

91

$

(7)

$

(17)

Interest rates and yields:

(2)

Loans

5.17%

4.86%

4.53%

4.35%

4.35%

Investment securities 

2.20%

2.13%

1.94%

2.04%

1.85%

Total interest-earning assets

4.51%

4.21%

3.82%

3.60%

3.43%

Deposits

1.29%

0.77%

0.34%

0.21%

0.20%

FHLB advances and other borrowings

3.27%

2.27%

1.63%

1.53%

1.54%

Total interest-bearing liabilities

2.08%

1.25%

0.59%

0.38%

0.37%

Other information:

Full-time equivalent employees

196

191

191

192

190

(1) Loan amounts include deferred fees/costs.

(2) Annualized.

(3) Efficiency ratio is defined as total non-interest expense divided by sum of net interest income and total non-interest income.

(4) Loan amounts exclude deferred fees/costs.

(5) The amounts for total non-performing loans and total non-performing assets are the same at the dates presented since there were no impaired investments or other

real estate owned (OREO) recorded.

7

USCB FINANCIAL HOLDINGS, INC. 

NET INTEREST MARGIN (UNAUDITED)

(Dollars in thousands)

Three Months Ended March 31,

2023

2022

Average 

Balance

Interest

Yield/Rate

(1)

Average 

Balance

Interest

Yield/Rate

(1)

Assets

Interest-earning assets:

Loans

(2)

$

1,547,393

$

19,711

5.17%

$

1,211,432

$

12,982

4.35%

Investment securities

(3)

421,717

2,286

2.20%

510,257

2,329

1.85%

Other interest-earnings assets

43,084

382

3.60%

90,137

31

0.14%

Total interest-earning assets

2,012,194

22,379

4.51%

1,811,826

15,342

3.43%

Non-interest-earning assets

108,024

101,658

Total assets

$

2,120,218

$

1,913,484

Liabilities and stockholders' equity

Interest-bearing liabilities:

Interest-bearing checking

$

58,087

43

0.30%

$

64,436

16

0.10%

Saving and money market deposits

897,061

4,785

2.16%

736,134

551

0.30%

Time deposits

224,730

1,057

1.91%

223,274

259

0.47%

Total interest-bearing deposits

1,179,878

5,885

2.02%

1,023,844

826

0.33%

FHLB advances and other borrowings

61,600

497

3.27%

36,011

137

1.54%

Total interest-bearing liabilities

1,241,478

6,382

2.08%

1,059,855

963

0.37%

Non-interest-bearing demand deposits

664,369

626,400

Other non-interest-bearing liabilities

31,000

25,369

Total liabilities

1,936,847

1,711,624

Stockholders' equity

183,371

201,860

Total liabilities and stockholders' equity

$

2,120,218

$

1,913,484

Net interest income

$

15,997

$

14,379

Net interest spread

(4)

2.43%

3.07%

Net interest margin

(5)

3.22%

3.22%

(1) Annualized.

(2) Average loan balances include non-accrual loans. Interest income on loans includes accretion of deferred loan fees, net of deferred loan costs.

(3) At fair value except for securities held to maturity. This amount includes FHLB stock.

(4) Net interest spread is the average yield on total interest-earning assets minus the average rate on total interest-bearing liabilities.

(5) Net interest margin is the ratio of net interest income to total interest-earning assets.

8

USCB FINANCIAL HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(Dollars in thousands)

As of or For the Three Months Ended

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

Pre-tax pre-provision ("PTPP") income:

Net income

$

5,809

$

4,434

$

5,558

$

5,295

$

4,854

Plus: Provision for income taxes

1,881

1,415

1,963

1,708

1,858

Plus: Provision for credit losses

201

880

910

705

-

PTPP income

$

7,891

$

6,729

$

8,431

$

7,708

$

6,712

PTPP return on average assets:

PTPP income

$

7,891

$

6,729

$

8,431

$

7,708

$

6,712

Average assets

$

2,120,218

$

2,051,867

$

2,026,791

$

1,968,381

$

1,913,484

PTPP return on average assets

(1)

1.51%

1.30%

1.65%

1.57%

1.42%

Operating net income:

Net income

$

5,809

$

4,434

$

5,558

$

5,295

$

4,854

Less: Net gains (losses) on sale of securities

(21)

(1,989)

(558)

(3)

21

Less: Tax effect on sale of securities

5

504

141

1

(5)

Operating net income

$

5,825

$

5,919

$

5,975

$

5,297

$

4,838

Operating PTPP income:

PTPP income

$

7,891

$

6,729

$

8,431

$

7,708

$

6,712

Less: Net gains (losses) on sale of securities

(21)

(1,989)

(558)

(3)

21

Operating PTPP income

$

7,912

$

8,718

$

8,989

$

7,711

$

6,691

Operating PTPP return on average assets:

Operating PTPP income

$

7,912

$

8,718

$

8,989

$

7,711

$

6,691

Average assets

$

2,120,218

$

2,051,867

$

2,026,791

$

1,968,381

$

1,913,484

Operating PTPP return on average assets

(1)

1.51%

1.69%

1.76%

1.57%

1.42%

Operating return on average assets:

Operating net income

$

5,825

$

5,919

$

5,975

$

5,297

$

4,838

Average assets

$

2,120,218

$

2,051,867

$

2,026,791

$

1,968,381

$

1,913,484

Operating return on average assets

(1)

1.11%

1.14%

1.17%

1.08%

1.03%

Operating return on average equity:

Operating net income

$

5,825

$

5,919

$

5,975

$

5,297

$

4,838

Average equity

$

183,371

$

177,556

$

185,288

$

186,597

$

201,860

Operating return on average equity 

12.88%

13.23%

12.79%

11.39%

9.72%

Operating Revenue:

 Net interest income

$

15,997

$

16,866

$

16,774

$

15,642

$

14,379

 Non-interest income

2,070

(123)

1,789

1,617

1,945

 Less: Net gains (losses) on sale of securities

(21)

(1,989)

(558)

(3)

21

 Operating revenue

$

18,088

$

18,732

$

19,121

$

17,262

$

16,303

Operating Efficiency Ratio:

 Total non-interest expense

$

10,176

$

10,014

$

10,132

$

9,551

$

9,612

 Operating revenue

$

18,088

$

18,732

$

19,121

$

17,262

$

16,303

 Operating efficiency ratio

56.26%

53.46%

52.99%

55.33%

58.96%

(1) Annualized.

9

USCB FINANCIAL HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(Dollars in thousands, except per share data)

As of or For the Three Months Ended

3/31/2023

12/31/2022

9/30/2022

6/30/2022

3/31/2022

Tangible book value per common share (at period-end):

(1)

Total stockholders' equity

$

183,858

$

182,428

$

177,417

$

180,068

$

192,039

Less: Intangible assets

-

-

-

-

-

Tangible stockholders' equity

$

183,858

$

182,428

$

177,417

$

180,068

$

192,039

Total shares issued and outstanding (at period-end):

Total common shares issued and outstanding

19,622,380

20,000,753

20,000,753

20,000,753

20,000,753

Tangible book value per common share

(2)

$

9.37

$

9.12

$

8.87

$

9.00

$

9.60

Operating diluted net income per common share:

(1)

Operating net income

$

5,825

$

5,919

$

5,975

$

5,297

$

4,838

Total weighted average diluted shares of common stock

19,940,606

20,172,438

20,148,208

20,171,261

20,109,783

Operating diluted net income per common share:

$

0.29

$

0.29

 $ 

0.30

 $ 

0.26

 $ 

0.24

Tangible Common Equity/Tangible Assets

 Tangible stockholders' equity

$

183,858

$

182,428

$

177,417

$

180,068

$

192,039

 Tangible assets

$

2,163,821

 $ 

2,085,834

 $ 

2,037,453

 $ 

2,016,086

 $ 

1,967,252

Tangible Common Equity/Tangible Assets

8.50%

8.75%

8.71%

8.93%

9.76%

(1) The Company believes these non-GAAP measurements are key indicators of the ongoing earnings power of the Company.

(2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.