exhibit991

Exhibit 99.1

EARNINGS RELEASE

USCB Financial Holdings, Inc. Reports EPS of $0.21 for Q2 2023

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

, the holding company for U.S.

Century Bank

(the “Bank”), reported

net income of

$4.2 million or

$0.21 per diluted

share for the

three months ended

June 30, 2023,

compared with net income of $5.3 million or $0.26 per diluted share, for the

same period in 2022.

The Company announced

on June 28, 2023 the

appointment of Luis de la

Aguilera to succeed Aida

Levitan, Ph.D. as Chairman

of the

Board of Directors

for both the

Company and the

Bank. Levitan had

served as chairman

of the Board

since 2017 and

will continue

contribute as a valued member of the Board.

“I am deeply grateful

for the privilege of

serving as Chairman of

this respected institution

for the past six years.

I extend my

heartfelt

thanks

the

Board

Directors,

our

dedicated

employees,

and

supportive

community

for

their

unwavering

commitment

and

collaboration,” said Aida Levitan, Ph.D., who will continue

as Board Director. “It is with

great confidence, that our Board of Directors

passes its leadership

as Chairman to

Luis de La

Aguilera, President and

CEO, along with

confirming Kirk

Wycoff,

Managing Partner

of Patriot Financial Partners, as Lead Independent Director.”

“As President

and CEO

of USCB

Financial Holdings,

Inc., I

am honored

to assume

the additional

responsibility of

Chairman of

the

Board.

Our unwavering

focus remains

on organic

and sustainable

growth,

ensuring

that USCB

Financial

Holdings

Inc. continues

thrive in

a sound

and prudent

manner.

are a

leading franchise

in what

I feel

is one

of the

most attractive

banking markets

in the

United States,” said de la

Aguilera. “On behalf of the

Board and the entire USCB team,

I thank Aida Levitan for her

leadership for the

past six years.”

“Like others in the industry today,

we are navigating a challenging operational environment with an inverted yield curve,

higher deposit

cost,

and

liquidity

concerns.

Despite

these

headwinds,

continue

execute

our

plans,

steadily

growing

both

loans

and

deposits,

underscoring our

resilience and

commitment to

serve our

customers and

community.

As we

look forward

to the

third quarter,

we are

encouraged by

increased and diversified

loan demand, which

positions us well

for the second

half of 2023,”

said Luis de

la Aguilera,

Chairman, President, and CEO.

Unless

otherwise

stated,

all

percentage

comparisons

the

bullet

points

below

are

calculated

for

the

quarter

ended

June 30,

2023

compared to the quarter ended June 30, 2022 and annualized where

appropriate.

Profitability

•

Annualized return on

average assets for the

quarter ended June 30,

2023 was 0.77%

compared to 1.08%

for the second

quarter of

2022.

•

Annualized

return on

average stockholders’

equity for

the quarter

ended June

30, 2023

was 9.13

compared to

11.38%

for the

second quarter of 2022.

•

The efficiency ratio for the quarter ended June 30, 2023 was 65.25%

compared to 55.34% for the second quarter of 2022.

•

Net interest margin for the quarter ended June 30, 2023 was 2.73

compared to 3.37% for the same quarter ended 2022.

•

Net

interest

income

before

provision

for

credit

losses

was

$14.2 million

for

the

quarter

ended

June 30,

2023,

decrease

$1.5 million or 9.4% compared to the second quarter of 2022.

Balance Sheet

•

Total assets were $2.2

billion at June 30, 2023, representing an increase of $209.8 million or

10.4% from June 30, 2022.

•

Total loans were $1.6

billion at June 30, 2023, representing an increase of $223.2 million or 16.3% from

June 30, 2022.

•

Total deposits were $1.

billion at June 30, 2023, representing an increase of $182.6 million or 10.5%

from June 30, 2022.

•

Total

stockholders’

equity was

$183.7 million

at June 30,

2023, representing

an increase

of $3.6

million or

2.0%

from June 30,

2022.

Total

stockholders’ equity includes

after-tax unrealized security

losses of $47.1 million

at June 30, 2023 compared

to after-

tax unrealized security losses of $36.9 million at June 30, 2022.

Asset Quality

•

Allowance for

credit losses

(“ACL”) was

calculated under

the Current

Expected Credit

Losses (“CECL”)

standard methodology

for the first and second quarter of 2023 and the incurred loss methodology for the

preceding quarters.

•

The ACL increased by $3.0 million to $18.8 million at June 30, 2023 from

$15.8 million at June 30, 2022.

•

The allowance for credit losses represented 1.18% of total loans at June 30, 2023

compared to 1.15% at

June 30, 2022.

•

Non-performing loans to total loans was 0.03% at June 30, 2023 compared

to 0.00% at June 30, 2022.

Non-interest Income and Non-interest Expense

•

Non-interest income was $1.8 million for the three months ended

June 30, 2023, an increase of $229 thousand or 14.2%

compared

to $1.6 million for the same period in 2022.

•

Non-interest expense was $10.5 million for the three months ended June 30, 2023, an increase of $901 thousand or 9.4% compared

to the same period in 2022.

Capital

•

During the quarter the Company repurchased 77,603 shares of USCB Financial Holdings Inc. at a weighted average price per

of $9.58. The

aggregate purchase price

for these transactions

was approximately $746.9

thousand, including transaction

costs. These

repurchases were

made through

open market pursuant

to the Company’s

publicly announced

repurchase program.

As of June

30,

2023, 172,397 shares remain authorized for repurchase under the program.

•

As of June 30, 2023,

total risk-based capital ratios for the Company and the Bank were 13.42% and

13.38%, respectively.

•

Tangible book value per

common share (a

non-GAAP measure) of

$9.40 was negatively

affected by $2.41

due to after

tax unrealized

security losses of $47.1 million at

June 30, 2023. At June 30, 2022, tangible book

value of $9.00 was negatively affected

by $1.84

due to $36.9 million after tax unrealized security losses.

Conference Call and Webcast

The Company

will host

a conference

call on

Friday,

July 28,

2023, at

11:00

a.m. Eastern Time

to discuss

the Company’s

unaudited

financial results for the quarter

ended June 30, 2023. To

access the conference call, dial (800)

715-9871 (U.S. toll-free)

and ask to join

the USCB Financial Holdings Call or provide conference ID 6813115

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

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

the

safe

harbor

provided

Section

21E

the

Securities

Exchange

Act

1934,

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;

•

the

accuracy

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 procedures and processes;

•

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

regulatory

changes and

changes

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

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.

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

believes

these

measures

may

provide

useful

supplemental

information

for

evaluating

the

Company’s

operations and

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

addition

to,

and

not

alternative

substitute

for,

measures

determined

accordance

with

GAAP,

and

are

not

necessarily

comparable

non-GAAP

measures

that

may

presented

other

companies.

Reconciliations

these

non-GAAP

measures

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

USCB FINANCIAL HOLDINGS, INC.

CONSOLIDATED STATEMENTS

OF INCOME (UNAUDITED)

(Dollars in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

Interest income:

Loans, including fees

20,847

14,053

40,558

27,035

Investment securities

2,382

2,510

4,668

4,839

Interest-bearing deposits in financial institutions

1,051

121

1,433

152

Total interest income

24,280

16,684

46,659

32,026

Interest expense:

Interest-bearing checking

200

243

Savings and money market accounts

6,968

615

11,753

1,166

Time deposits

2,145

271

3,202

530

FHLB advances and other borrowings

794

139

1,291

276

Total interest expense

10,107

1,042

16,489

2,005

Net interest income before provision for credit losses

14,173

15,642

30,170

30,021

Provision for credit losses

705

239

705

Net interest income after provision for credit losses

14,135

14,937

29,931

29,316

Non-interest income:

Service fees

1,173

1,083

2,378

1,983

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

(3)

(21)

Gain on sale of loans held for sale, net

441

356

Loan settlement

161

Other non-interest income

579

515

1,118

1,044

Total non-interest income

1,846

1,617

3,916

3,562

Non-interest expense:

Salaries and employee benefits

5,882

5,913

12,259

11,788

Occupancy

1,319

1,251

2,618

2,521

Regulatory assessments and fees

452

226

676

439

Consulting and legal fees

386

398

744

915

Network and information technology services

505

448

983

835

Other operating expense

1,908

1,315

3,348

2,665

Total non-interest expense

10,452

9,551

20,628

19,163

Net income before income tax expense

5,529

7,003

13,219

13,715

Income tax expense

1,333

1,708

3,214

3,566

Net income

4,196

5,295

10,005

10,149

Per share information:

Net income per common share, basic

0.21

0.26

0.51

Net income per common share, diluted

0.21

0.26

0.51

0.50

Weighted average shares outstanding:

Common shares, basic

19,590,359

20,000,753

19,722,152

19,997,869

Common shares, diluted

19,639,682

20,171,261

19,790,756

20,192,918

USCB FINANCIAL HOLDINGS, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(Dollars in thousands, except per share data)

As of or For the Three Months Ended

6/30/2023

3/31/2023

12/31/2022

9/30/2022

6/30/2022

Income statement data:

Net interest income

14,173

15,997

16,866

16,774

15,642

Provision for credit losses

201

880

910

705

Net interest income after provision for credit losses

14,135

15,796

15,986

15,864

14,937

Service fees

1,173

1,205

1,093

934

1,083

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

(21)

(1,989)

(558)

(3)

Gain on sale of loans held for sale, net

347

205

330

Other income

579

539

568

1,083

515

Total non-interest income

1,846

2,070

(123)

1,789

1,617

Salaries and employee benefits

5,882

6,377

6,080

6,075

5,913

Occupancy

1,319

1,299

1,256

1,281

1,251

Regulatory assessments and fees

452

224

222

269

226

Consulting and legal fees

386

358

371

604

398

Network and information technology services

505

478

483

488

448

Other operating expense

1,908

1,440

1,602

1,415

1,315

Total non-interest expense

10,452

10,176

10,014

10,132

9,551

Net income before income tax expense

5,529

7,690

5,849

7,521

7,003

Income tax expense

1,333

1,881

1,415

1,963

1,708

Net income

4,196

5,809

4,434

5,558

5,295

Per share information:

Net income per common share, basic

0.21

0.29

0.22

0.28

0.26

Net income per common share, diluted

0.21

0.29

0.22

0.28

0.26

Balance sheet data (at period-end):

Cash and cash equivalents

87,280

63,251

54,168

73,326

83,272

Securities available-for-sale

218,442

229,409

230,140

248,571

339,464

Securities held-to-maturity

220,956

186,428

188,699

178,865

116,671

Total securities

439,398

415,837

418,839

427,436

456,135

Loans held for investment

(1)

1,595,959

1,580,394

1,507,338

1,431,513

1,372,733

Allowance for credit losses

(18,815)

(18,887)

(17,487)

(16,604)

(15,786)

Total assets

2,225,914

2,163,821

2,085,834

2,037,453

2,016,086

Non-interest-bearing deposits

572,360

633,606

629,776

662,808

653,708

Interest-bearing deposits

1,348,941

1,196,856

1,199,505

1,133,834

1,085,012

Total deposits

1,921,301

1,830,462

1,829,281

1,796,642

1,738,720

FHLB advances and other borrowings

87,000

120,000

46,000

26,000

66,000

Total liabilities

2,042,229

1,979,963

1,903,406

1,860,036

1,836,018

Total stockholders' equity

183,685

183,858

182,428

177,417

180,068

Capital ratios:

(2)

Leverage ratio

9.32%

9.36%

9.61%

9.48%

9.43%

Common equity tier 1 capital

12.27%

12.04%

12.53%

12.56%

12.65%

Tier 1 risk-based capital

12.27%

12.04%

12.53%

12.56%

12.65%

Total risk-based capital

13.42%

13.20%

13.65%

13.74%

(1)

Loan amounts include deferred fees/costs.

(2) Reflects the Company's regulatory capital ratios

USCB FINANCIAL HOLDINGS, INC.

AVERAGE BALANCES, RATIOS, AND OTHER DATA

(UNAUDITED)

(Dollars in thousands)

As of or For the Three Months Ended

6/30/2023

3/31/2023

12/31/2022

9/30/2022

6/30/2022

Average balance sheet data:

Cash and cash equivalents

94,313

50,822

61,892

77,887

80,254

Securities available-for-sale

224,913

230,336

242,144

331,206

370,933

Securities held-to-maturity

192,628

187,826

184,459

116,733

120,130

Total securities

417,541

418,162

426,603

447,939

491,063

Loans held for investment

(1)

1,569,266

1,547,393

1,456,780

1,398,761

1,296,476

Total assets

2,183,542

2,120,218

2,051,867

2,026,791

1,968,381

Interest-bearing deposits

1,270,657

1,179,878

1,150,049

1,107,129

1,071,709

Non-interest-bearing deposits

601,778

664,369

653,820

655,853

644,975

Total deposits

1,872,435

1,844,247

1,803,869

1,762,982

1,716,684

FHLB advances and other borrowings

93,075

61,600

37,500

43,935

36,330

Total liabilities

1,999,304

1,936,847

1,874,311

1,841,503

1,781,784

Total stockholders' equity

184,238

183,371

177,556

185,288

186,597

Performance ratios:

Return on average assets

(2)

0.77%

1.11%

0.86%

1.09%

1.08%

Return on average equity

(2)

9.13%

12.85%

9.91%

11.90%

11.38%

Net interest margin

(2)

2.73%

3.22%

3.45%

3.47%

3.37%

Non-interest income to average assets

(2)

0.34%

0.40%

(0.02)%

0.35%

0.33%

Efficiency ratio

(3)

65.25%

56.32%

59.81%

54.58%

55.34%

Loans by type (at period end):

(4)

Residential real estate

183,093

184,427

185,636

186,551

203,662

Commercial real estate

989,401

987,757

970,410

928,531

843,445

Commercial and industrial

169,401

160,947

126,984

121,145

131,271

Foreign banks

85,409

97,405

93,769

94,450

84,770

Consumer and other

167,845

149,410

130,429

100,845

109,250

Asset quality data:

Allowance for credit losses to total loans

1.18%

1.20%

1.16%

1.15%

Allowance for credit losses to non-performing loans

3,871%

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%

(0.01)%

(0.00)%

0.03%

(0.00)%

Net charge-offs (recovery of) credit losses

(49)

(2)

(7)

Interest rates and yields:

(2)

Loans

5.33%

5.17%

4.86%

4.53%

4.35%

Investment securities

2.26%

2.20%

2.13%

1.94%

2.04%

Total interest-earning assets

4.68%

4.51%

4.21%

3.82%

3.60%

Deposits

1.99%

1.29%

0.77%

0.34%

0.21%

FHLB advances and other borrowings

3.42%

3.27%

2.27%

1.63%

1.53%

Total interest-bearing liabilities

2.97%

2.08%

1.25%

0.59%

0.38%

Other information:

Full-time equivalent employees

198

196

191

192

(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.

USCB FINANCIAL HOLDINGS, INC.

NET INTEREST MARGIN (UNAUDITED)

(Dollars in thousands)

Three Months Ended June 30,

2023

2022

Average

Balance

Interest

Yield/Rate

(1)

Average

Balance

Interest

Yield/Rate

(1)

Assets

Interest-earning assets:

Loans

(2)

1,569,266

20,847

5.33%

1,296,476

14,053

4.35%

Investment securities

(3)

422,544

2,382

2.26%

493,352

2,510

2.04%

Other interest-earnings assets

87,536

1,051

4.82%

69,503

121

0.70%

Total interest-earning assets

2,079,346

24,280

4.68%

1,859,331

16,684

3.60%

Non-interest-earning assets

104,196

109,050

Total assets

2,183,542

1,968,381

Liabilities and stockholders' equity

Interest-bearing liabilities:

Interest-bearing checking

53,561

200

1.50%

66,349

0.10%

Saving and money market deposits

940,095

6,968

2.97%

781,076

615

0.32%

Time deposits

277,001

2,145

3.11%

224,284

271

0.48%

Total interest-bearing deposits

1,270,657

9,313

2.94%

1,071,709

903

0.34%

FHLB advances and other borrowings

93,075

794

3.42%

36,330

139

1.53%

Total interest-bearing liabilities

1,363,732

10,107

2.97%

1,108,039

1,042

0.38%

Non-interest-bearing demand deposits

601,778

644,975

Other non-interest-bearing liabilities

33,794

28,770

Total

liabilities

1,999,304

1,781,784

Stockholders' equity

184,238

186,597

Total liabilities and stockholders' equity

2,183,542

1,968,381

Net interest income

14,173

15,642

Net interest spread

(4)

1.71%

3.22%

Net interest margin

(5)

2.73%

3.37%

(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 earned on total

interest-earning assets minus the average rate paid on total interest-bearing

liabilities.

(5)

Net interest margin is the ratio of net interest income to total

interest-earning assets.

USCB FINANCIAL HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(Dollars in thousands)

As of or For the Three Months Ended

6/30/2023

3/31/2023

12/31/2022

9/30/2022

6/30/2022

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

(1)

Net income

4,196

5,809

4,434

5,558

5,295

Plus: Provision for income taxes

1,333

1,881

1,415

1,963

1,708

Plus: Provision for credit losses

201

880

910

705

PTPP income

5,567

7,891

6,729

8,431

7,708

PTPP return on average assets:

(1)

PTPP income

5,567

7,891

6,729

8,431

7,708

Average assets

2,183,542

2,120,218

2,051,867

2,026,791

1,968,381

PTPP return on average assets

(2)

1.02%

1.51%

1.30%

1.65%

1.57%

Operating net income:

(1)

Net income

4,196

5,809

4,434

5,558

5,295

Less: Net gains (losses) on sale of securities

(21)

(1,989)

(558)

(3)

Less: Tax effect on sale of securities

504

141

Operating net income

4,196

5,825

5,919

5,975

5,297

Operating PTPP income:

(1)

PTPP income

5,567

7,891

6,729

8,431

7,708

Less: Net gains (losses) on sale of securities

(21)

(1,989)

(558)

(3)

Operating PTPP income

5,567

7,912

8,718

8,989

7,711

Operating PTPP return on average assets:

(1)

Operating PTPP income

5,567

7,912

8,718

8,989

7,711

Average assets

2,183,542

2,120,218

2,051,867

2,026,791

1,968,381

Operating PTPP return on average assets

(2)

1.02%

1.51%

1.69%

1.76%

1.57%

Operating return on average assets:

(1)

Operating net income

4,196

5,825

5,919

5,975

5,297

Average assets

2,183,542

2,120,218

2,051,867

2,026,791

1,968,381

Operating return on average assets

(2)

0.77%

1.11%

1.14%

1.17%

1.08%

Operating return on average equity:

(1)

Operating net income

4,196

5,825

5,919

5,975

5,297

Average equity

184,238

183,371

177,556

185,288

186,597

Operating return on average equity

(2)

9.13%

12.88%

13.23%

12.79%

11.39%

Operating Revenue:

(1)

Net interest income

14,173

15,997

16,866

16,774

15,642

Non-interest income

1,846

2,070

(123)

1,789

1,617

Less: Net gains (losses) on sale of securities

(21)

(1,989)

(558)

(3)

Operating revenue

16,019

18,088

18,732

19,121

17,262

Operating Efficiency Ratio:

(1)

Total non-interest expense

10,452

10,176

10,014

10,132

9,551

Operating revenue

16,019

18,088

18,732

19,121

17,262

Operating efficiency ratio

65.25%

56.26%

53.46%

52.99%

55.33%

(1) The Company believes these non-GAAP measurements are

key indicators of the ongoing earnings power of the

Company.

(2)

Annualized.

USCB FINANCIAL HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(Dollars in thousands, except per share data)

As of or For the Three Months Ended

6/30/2023

3/31/2023

12/31/2022

9/30/2022

6/30/2022

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

(1)

Total stockholders' equity

183,685

183,858

182,428

177,417

180,068

Less: Intangible assets

Tangible stockholders' equity

183,685

183,858

182,428

177,417

180,068

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

Total common shares issued and outstanding

19,544,777

19,622,380

20,000,753

Tangible book value per common share

(2)

9.40

9.37

9.12

8.87

9.00

Operating diluted net income per common share:

(1)

Operating net income

4,196

5,825

5,919

5,975

5,297

Total weighted average diluted shares of common stock

19,639,682

19,940,606

20,172,438

20,148,208

20,171,261

Operating diluted net income per common share:

0.21

0.29

0.30

0.26

Tangible Common Equity/Tangible Assets

Tangible stockholders' equity

183,685

183,858

182,428

177,417

180,068

Tangible assets

2,225,914

2,163,821

2,085,834

2,037,453

2,016,086

Tangible Common Equity/Tangible Assets

8.25%

8.50%

8.75%

8.71%

8.93%

(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.