1

Exhibit 99.1

EARNINGS RELEASE

USCB Financial Holdings, Inc. Reports Record Fully Diluted EPS Since Going Public of $0.31 for Q2 2024 

MIAMI, FL – July 25, 2024 – USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB)

, the holding company for U.S. Century Bank (the “Bank”),

reported net income of $6.2 million or $0.31 per fully diluted share for the three months ended June 30, 2024, compared with net income of $4.2 million or $0.21 per

fully diluted share for the same period in 2023. 

“Today marks another milestone for our bank, as we report for the quarter a fully diluted EPS of $0.31. This achievement reflects the consistent execution of our strategic

initiatives, supported by disciplined risk management practices and an associate base committed to superior customer service,” said Luis de la Aguilera, Chairman,

President, and CEO. “Our focused efforts have resulted in a ROAA above 1.00%, strong NIM expansion, an efficiency ratio of 56% and continued stable credit metrics.”

said de la Aguilera. 

Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended June 30, 2024 compared to at or for the quarter

ended June 30, 2023 and annualized where appropriate.

Profitability

•

Annualized return on average assets for the quarter ended June 30, 2024 was 1.01% compared to 0.77% for the second quarter of 2023. 

•

Annualized return on average stockholders’ equity for the quarter ended June 30, 2024 was 12.63% compared to 9.13% for the second quarter of 2023. 

•

The efficiency ratio for the quarter ended June 30, 2024 was 56.33% compared to 65.25% for the second quarter of 2023. 

•

Net interest margin for the quarter ended June 30, 2024 was 2.94% compared to 2.73% for the second quarter of 2023.

•

Net interest income before provision for credit losses was $17.3 million for the quarter ended June 30, 2024, an increase of $3.1 million or 22.1% compared to the

second quarter of 2023.

Balance Sheet

•

Total assets were $2.5 billion at June 30, 2024, representing an increase of $232.4 million or 10.4% from June 30, 2023.

•

Total loans were $1.9 billion at June 30, 2024, representing an increase of $273.3 million or 17.1% from June 30, 2023.

•

Total deposits were $2.1 billion at June 30, 2024, representing an increase of $135.4 million or 7.0% from June 30, 2023.

•

Total stockholders’ equity was $201.0 million at June 30, 2024, representing an increase of $17.3 million or 9.4% from June 30, 2023. Total stockholders’ equity

included accumulated comprehensive loss of $44.7 million at June 30, 2024 compared to accumulated comprehensive loss of $46.3 million at June 30, 2023. 

Asset Quality

•

The allowance for credit losses (“ACL”) increased by $3.4 million to $22.2 million at June 30, 2024 from $18.8 million at June 30, 2023.

•

The ACL represented 1.19% of total loans at June 30, 2024 and 1.18% at June 30, 2023.

•

Non-performing loans to total loans was 0.04% at June 30, 2024 and 0.03% at June 30, 2023.

Non-interest Income and Non-interest Expense

•

Non-interest income was $3.2 million for the three months ended June 30, 2024, an increase of $1.4 million or 73.9% compared to $1.8 million for the same period

in 2023. 

•

Non-interest expense was $11. 6 million for the three months ended June 30, 2024, an increase of $1.1 million or 10.6% compared to $10.5 million for the same

period in 2023. 

Capital

•

On July 22, 2024, the Company’s Board of Directors declared a cash dividend of $0.05 per share of the Company’s Class A common stock. The dividend will be

paid on September 5, 2024 to shareholders of record at the close of business on August 15, 2024.

•

As of June 30, 2024,

total risk-based capital ratios for the Company and the Bank were 13.12% and 13.01%, respectively.

•

Tangible book value per common share (a non-GAAP measure) was $10.24 at June 30, 2024, representing an increase of $0.84 or 8.9% increase from $9.40 at June

30, 2023. 

•

During the quarter the Company repurchased 25,000 shares of Class A common stock at a weighted average cost per share of $12.04. The aggregate purchase price

for these transactions was approximately $301.0 thousand, including transaction costs. As of June 30, 2024, 547,980 shares remained authorized for repurchase

under the Company’s share repurchase programs. 

2

Conference Call and Webcast

The Company will host a conference call on Friday, July 26, 2024, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended

June 30, 2024. To access the conference call, dial (833) 816-1416 (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 about us 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,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,” “continue,” and “intend,”, the negative of

these terms, 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 our results of operations and financial condition from expected or potential 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 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 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 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 lack of a significantly diversified loan portfolio and the concentration in the South Florida market, including the risks of geographic, depositor, and industry

concentrations, including our concentration in loans secured by real estate, in particular, commercial real estate;

•

the 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, and 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 interest rate spread and net interest margin;

•

the loss of key employees;

•

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.

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 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 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.

3

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 June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Interest income:

Loans, including fees

$

28,017

$

20,847

$

54,660

$

40,558

Investment securities

3,069

2,382

5,880

4,668

Interest-bearing deposits in financial institutions

1,531

1,051

2,964

1,433

Total interest income

32,617

24,280

63,504

46,659

Interest expense:

Interest-bearing checking

391

200

760

243

Savings and money market accounts

10,071

6,968

20,465

11,753

Time deposits

3,222

2,145

6,516

3,202

FHLB advances and other borrowings

1,622

794

3,294

1,291

Total interest expense

15,306

10,107

31,035

16,489

Net interest income before provision for credit losses

17,311

14,173

32,469

30,170

Provision for credit losses

786

38

1,196

239

Net interest income after provision for credit losses

16,525

14,135

31,273

29,931

Non-interest income:

Service fees

1,977

1,173

3,628

2,378

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

14

-

14

(21)

Gain on sale of loans held for sale, net

417

94

484

441

Other non-interest income

803

579

1,549

1,118

Total non-interest income

3,211

1,846

5,675

3,916

Non-interest expense:

Salaries and employee benefits

7,353

5,882

13,663

12,259

Occupancy

1,266

1,319

2,580

2,618

Regulatory assessments and fees

476

452

909

676

Consulting and legal fees

263

386

855

744

Network and information technology services

479

505

986

983

Other operating expense

1,723

1,908

3,741

3,348

Total non-interest expense

11,560

10,452

22,734

20,628

Net income before income tax expense

8,176

5,529

14,214

13,219

Income tax expense

1,967

1,333

3,393

3,214

Net income

$

6,209

$

4,196

$

10,821

$

10,005

Per share information: 

Net income per common share, basic

$

0.32

$

0.21

$

0.55

$

0.51

Net income per common share, diluted

$

0.31

$

0.21

$

0.55

$

0.51

Cash dividends declared

$

0.05

$

-

$

0.10

$

-

Weighted average shares outstanding:

Common shares, basic

19,650,681

19,590,359

19,642,006

19,722,152

Common shares, diluted

19,717,167

19,639,682

19,707,561

19,790,756

5

USCB FINANCIAL HOLDINGS, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(Dollars in thousands, except per share data)

As of or For the Three Months Ended

6/30/2024

3/31/2024

12/31/2023

9/30/2023

6/30/2023

Income statement data:

Net interest income

$

17,311

$

15,158

$

14,376

$

14,022

$

14,173

Provision for credit losses

786

410

1,475

653

38

Net interest income after provision for credit losses

16,525

14,748

12,901

13,369

14,135

Service fees

1,977

1,651

1,348

1,329

1,173

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

14

-

(883)

(955)

-

Gain on sale of loans held for sale, net

417

67

105

255

94

Other income

803

746

756

1,532

579

Total non-interest income

3,211

2,464

1,326

2,161

1,846

Salaries and employee benefits

7,353

6,310

6,104

6,066

5,882

Occupancy

1,266

1,314

1,262

1,350

1,319

Regulatory assessments and fees

476

433

412

365

452

Consulting and legal fees

263

592

642

513

386

Network and information technology services

479

507

552

481

505

Other operating expense

1,723

2,018

1,747

1,686

1,908

Total non-interest expense

11,560

11,174

10,719

10,461

10,452

Net income before income tax expense

8,176

6,038

3,508

5,069

5,529

Income tax expense

1,967

1,426

787

1,250

1,333

Net income

$

6,209

$

4,612

$

2,721

$

3,819

$

4,196

Per share information:

Net income per common share, basic

$

0.32

$

0.23

$

0.14

$

0.20

$

0.21

Net income per common share, diluted

$

0.31

$

0.23

$

0.14

$

0.19

$

0.21

Cash dividends declared

$

0.05

$

0.05

$

-

$

-

$

-

Balance sheet data (at period-end):

Cash and cash equivalents

$

77,261

$

126,546

$

41,062

$

33,435

$

87,280

Securities available-for-sale

$

236,444

$

259,992

$

229,329

$

218,609

$

218,442

Securities held-to-maturity

$

169,606

$

173,038

$

174,974

$

197,311

$

220,956

Total securities

$

406,050

$

433,030

$

404,303

$

415,920

$

439,398

Loans held for investment

(1)

$

1,869,249

$

1,821,196

$

1,780,827

$

1,676,520

$

1,595,959

Allowance for credit losses

$

(22,230)

$

(21,454)

$

(21,084)

$

(19,493)

$

(18,815)

Total assets

$

2,458,270

$

2,489,142

$

2,339,093

$

2,244,602

$

2,225,914

Non-interest-bearing demand deposits

$

579,243

$

576,626

$

552,762

$

573,546

$

572,360

Interest-bearing deposits

$

1,477,459

$

1,526,168

$

1,384,377

$

1,347,376

$

1,348,941

Total deposits

$

2,056,702

$

2,102,794

$

1,937,139

$

1,920,922

$

1,921,301

FHLB advances and other borrowings

$

162,000

$

162,000

$

183,000

$

102,000

$

87,000

Total liabilities

$

2,257,250

$

2,294,131

$

2,147,125

$

2,061,718

$

2,042,229

Total stockholders' equity

$

201,020

$

195,011

$

191,968

$

182,884

$

183,685

Capital ratios:

(2)

Leverage ratio

9.03%

8.91%

9.28%

9.26%

9.32%

Common equity tier 1 capital

11.93%

11.80%

11.62%

11.97%

12.27%

Tier 1 risk-based capital

11.93%

11.80%

11.62%

11.97%

12.27%

Total risk-based capital 

13.12%

12.98%

12.78%

13.10%

13.42%

(1) Loan amounts include deferred fees/costs.

(2) Reflects the Company's regulatory capital ratios which are provided for informational purposes only; as a small bank holding company, the Company is not subject

to regulatory capital requirements. The Bank's total risk-based capital for second quarter 2024 was 13.01%.

6

USCB FINANCIAL HOLDINGS, INC.

AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)

(Dollars in thousands)

As of or For the Three Months Ended

6/30/2024

3/31/2024

12/31/2023

9/30/2023

6/30/2023

Average balance sheet data:

Cash and cash equivalents

$

107,831

$

132,266

$

57,069

$

90,742

$

94,313

Securities available-for-sale

$

263,345

$

239,896

$

215,649

$

222,134

$

224,913

Securities held-to-maturity

$

171,682

$

174,142

$

181,151

$

218,694

$

192,628

Total securities

$

435,027

$

414,038

$

396,800

$

440,828

$

417,541

Loans held for investment

(1)

$

1,828,487

$

1,781,528

$

1,698,611

$

1,610,864

$

1,569,266

Total assets

$

2,479,222

$

2,436,103

$

2,268,811

$

2,250,258

$

2,183,542

Interest-bearing deposits

$

1,473,513

$

1,473,831

$

1,336,470

$

1,353,516

$

1,270,657

Non-interest-bearing demand deposits

$

610,370

$

574,760

$

577,133

$

587,917

$

601,778

Total deposits

$

2,083,883

$

2,048,591

$

1,913,603

$

1,941,433

$

1,872,435

FHLB advances and other borrowings

$

162,000

$

164,187

$

139,000

$

85,326

$

93,075

Total liabilities

$

2,281,467

$

2,243,011

$

2,085,182

$

2,065,357

$

1,999,304

Total stockholders' equity

$

197,755

$

193,092

$

183,629

$

184,901

$

184,238

Performance ratios:

Return on average assets

(2)

1.01%

0.76%

0.48%

0.67%

0.77%

Return on average equity

(2)

12.63%

9.61%

5.88%

8.19%

9.13%

Net interest margin

(2)

2.94%

2.62%

2.65%

2.60%

2.73%

Non-interest income to average assets

(2)

0.52%

0.41%

0.23%

0.38%

0.34%

Efficiency ratio

(3)

56.33%

63.41%

68.27%

64.64%

65.25%

Loans by type (at period end):

(4)

Residential real estate

$

256,807

$

237,906

$

204,419

$

188,880

$

183,093

Commercial real estate

$

1,053,030

$

1,057,800

$

1,047,593

$

1,005,280

$

989,401

Commercial and industrial

$

248,525

$

228,045

$

219,757

$

212,975

$

169,401

Correspondent banks

$

112,510

$

100,182

$

114,945

$

94,640

$

85,409

Consumer and other 

$

194,644

$

194,325

$

191,930

$

173,096

$

167,845

Asset quality data:

Allowance for credit losses to total loans

1.19%

1.18%

1.18%

1.16%

1.18%

Allowance for credit losses to non-performing loans

2,933%

4,705%

4,505%

4,070%

3,871%

Total non-performing loans

(5)

$

758

$

456

$

468

$

479

$

486

Non-performing loans to total loans

0.04%

0.03%

0.03%

0.03%

0.03%

Non-performing assets to total assets

(5)

0.03%

0.02%

0.02%

0.02%

0.02%

Net charge-offs (recoveries of) to average loans

(2)

(0.00)%

(0.00)%

(0.00)%

(0.00)%

0.01%

Net charge-offs (recovery) of credit losses

$

(2)

$

(7)

$

(3)

$

(5)

$

29

Interest rates and yields:

(2)

Loans

6.16%

6.01%

5.79%

5.55%

5.33%

Investment securities 

2.80%

2.69%

2.46%

2.52%

2.26%

Total interest-earning assets

5.54%

5.34%

5.16%

4.89%

4.68%

Deposits

2.64%

2.76%

2.53%

2.39%

1.99%

FHLB advances and other borrowings

4.03%

4.10%

4.04%

3.19%

3.42%

Total interest-bearing liabilities

3.76%

3.86%

3.66%

3.41%

2.97%

Other information:

Full-time equivalent employees

197

199

196

194

198

(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 other real estate owned (OREO)

recorded.

7

USCB FINANCIAL HOLDINGS, INC. 

NET INTEREST MARGIN (UNAUDITED)

(Dollars in thousands)

Three Months Ended June 30,

2024

2023

Average 

Balance

Interest

Yield/Rate

(1)

Average 

Balance

Interest

Yield/Rate

(1)

Assets

Interest-earning assets:

Loans

(2)

$

1,828,487

$

28,017

6.16%

$

1,569,266

$

20,847

5.33%

Investment securities

(3)

440,559

3,069

2.80%

422,544

2,382

2.26%

Other interest-earning assets

100,371

1,531

6.13%

87,536

1,051

4.82%

Total interest-earning assets

2,369,417

32,617

5.54%

2,079,346

24,280

4.68%

Non-interest-earning assets

109,805

104,196

Total assets

$

2,479,222

$

2,183,542

Liabilities and stockholders' equity

Interest-bearing liabilities:

Interest-bearing checking deposits

$

56,369

391

2.79%

$

53,561

200

1.50%

Saving and money market deposits

1,101,272

10,071

3.68%

940,095

6,968

2.97%

Time deposits

315,872

3,222

4.10%

277,001

2,145

3.11%

Total interest-bearing deposits

1,473,513

13,684

3.74%

1,270,657

9,313

2.94%

FHLB advances and other borrowings

162,000

1,622

4.03%

93,075

794

3.42%

Total interest-bearing liabilities

1,635,513

15,306

3.76%

1,363,732

10,107

2.97%

Non-interest-bearing demand deposits

610,370

601,778

Other non-interest-bearing liabilities

35,584

33,794

Total liabilities

2,281,467

1,999,304

Stockholders' equity

197,755

184,238

Total liabilities and stockholders' equity

$

2,479,222

$

2,183,542

Net interest income

$

17,311

$

14,173

Net interest spread

(4)

1.78%

1.71%

Net interest margin

(5)

2.94%

2.73%

(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.

8

USCB FINANCIAL HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(Dollars in thousands)

As of or For the Three Months Ended

6/30/2024

3/31/2024

12/31/2023

9/30/2023

6/30/2023

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

(1)

Net income

$

6,209

$

4,612

$

2,721

$

3,819

$

4,196

Plus: Provision for income taxes

1,967

1,426

787

1,250

1,333

Plus: Provision for credit losses

786

410

1,475

653

38

PTPP income

$

8,962

$

6,448

$

4,983

$

5,722

$

5,567

PTPP return on average assets:

(1)

PTPP income

$

8,962

$

6,448

$

4,983

$

5,722

$

5,567

Average assets

$

2,479,222

$

2,436,103

$

2,268,811

$

2,250,258

$

2,183,542

PTPP return on average assets

(2)

1.45%

1.06%

0.87%

1.01%

1.02%

Operating net income:

(1)

Net income

$

6,209

$

4,612

$

2,721

$

3,819

$

4,196

Less: Net gains (losses) on sale of securities

14

-

(883)

(955)

-

Less: Tax effect on sale of securities

(4)

-

224

242

-

Operating net income

$

6,199

$

4,612

$

3,380

$

4,532

$

4,196

Operating PTPP income:

(1)

PTPP income

$

8,962

$

6,448

$

4,983

$

5,722

$

5,567

Less: Net gains (losses) on sale of securities

14

-

(883)

(955)

-

Operating PTPP income

$

8,948

$

6,448

$

5,866

$

6,677

$

5,567

Operating PTPP return on average assets:

(1)

Operating PTPP income

$

8,948

$

6,448

$

5,866

$

6,677

$

5,567

Average assets

$

2,479,222

$

2,436,103

$

2,268,811

$

2,250,258

$

2,183,542

Operating PTPP return on average assets

(2)

1.45%

1.06%

1.03%

1.18%

1.02%

Operating return on average assets:

(1)

Operating net income

$

6,199

$

4,612

$

3,380

$

4,532

$

4,196

Average assets

$

2,479,222

$

2,436,103

$

2,268,811

$

2,250,258

$

2,183,542

Operating return on average assets

(2)

1.01%

0.76%

0.59%

0.80%

0.77%

Operating return on average equity:

(1)

Operating net income

$

6,199

$

4,612

$

3,380

$

4,532

$

4,196

Average equity

$

197,755

$

193,092

$

183,629

$

184,901

$

184,238

Operating return on average equity

(2)

12.61%

9.61%

7.30%

9.72%

9.13%

Operating Revenue:

(1)

 Net interest income

$

17,311

$

15,158

$

14,376

$

14,022

$

14,173

 Non-interest income

3,211

2,464

1,326

2,161

1,846

 Less: Net gains (losses) on sale of securities

14

-

(883)

(955)

-

 Operating revenue

$

20,508

$

17,622

$

16,585

$

17,138

$

16,019

Operating Efficiency Ratio:

(1)

 Total non-interest expense

$

11,560

$

11,174

$

10,719

$

10,461

$

10,452

 Operating revenue

$

20,508

$

17,622

$

16,585

$

17,138

$

16,019

 Operating efficiency ratio

56.37%

63.41%

64.63%

61.04%

65.25%

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

(2) 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

6/30/2024

3/31/2024

12/31/2023

9/30/2023

6/30/2023

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

(1)

Total stockholders' equity

$

201,020

$

195,011

$

191,968

$

182,884

$

183,685

Less: Intangible assets

-

-

-

-

-

Tangible stockholders' equity

$

201,020

$

195,011

$

191,968

$

182,884

$

183,685

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

Total common shares issued and outstanding

19,630,632

19,650,463

19,575,435

19,542,290

19,544,777

Tangible book value per common share

(2)

$

10.24

$

9.92

$

9.81

$

9.36

$

9.40

Operating diluted net income per common share:

(1)

Operating net income

$

6,199

$

4,612

$

3,380

$

4,532

$

4,196

Total weighted average diluted shares of common stock

19,717,167

19,698,258

19,573,350

19,611,897

19,639,682

Operating diluted net income per common share:

$

0.31

$

0.23

 $ 

0.17

 $ 

0.23

 $ 

0.21

Tangible Common Equity/Tangible Assets

(1)

 Tangible stockholders' equity

$

201,020

$

195,011

$

191,968

$

182,884

$

183,685

 Tangible total assets

(3)

$

2,458,270

 $ 

2,489,142

 $ 

2,339,093

 $ 

2,244,602

 $ 

2,225,914

Tangible Common Equity/Tangible Assets

8.18%

7.83%

8.21%

8.15%

8.25%

(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.

(3) Since the Company has no intangible assets, tangible total assets is the same amount as total assets calculated under GAA

P.