USCB Financial (USCB) - 2024 Q4 - Annual Results

Financial Performance - USCB Financial Holdings reported a fully diluted EPS of $0.34 for Q4 2024, up from$0.14 in Q4 2023, representing a 142.9% increase[1][2] - Net income for Q4 2024 was $6.9 million, compared to$2.7 million in Q4 2023, marking a significant year-over-year growth[1][2] - Non-interest income surged to $3.6 million, a 173.5$1.3 million in Q4 2023[12] - Net income for Q4 2024 was $6,904 thousand, compared to$2,721 thousand in Q4 2023, representing a 153.5% growth[21] - Basic net income per common share for Q4 2024 was $0.35, up from$0.14 in Q4 2023, reflecting a 150% increase[21] - Net income for the three months ended December 31, 2024, was $6,904 million, compared to$2,721 million for the same period last year, representing a year-over-year increase of 154%[35] - Operating revenue for the quarter was $22,985 million, an increase from$16,585 million in the same quarter last year, reflecting a growth of 38.5%[35] Asset and Loan Growth - Total assets reached $2.6 billion at December 31, 2024, an increase of$242.1 million or 10.4% from $2.3 billion a year earlier[6] - Total loans held for investment grew to$2.0 billion, reflecting a $192.0 million or 10.8$1.8 billion at the end of 2023[6] - Total assets as of December 31, 2024, were $2,581,216 thousand, an increase from$2,339,093 thousand as of December 31, 2023, representing a growth of 10.4%[24] - Loans held for investment increased to $1,972,848 thousand as of December 31, 2024, up from$1,780,827 thousand a year earlier, indicating a growth of 10.8%[24] - Total deposits increased to $2.2 billion, up$236.9 million or 12.2% from $1.9 billion at December 31, 2023[6] - Total deposits rose to$2,174,004 thousand as of December 31, 2024, compared to $1,937,139 thousand as of December 31, 2023, marking a 12.2$0.10 per share, doubling the previous dividend, to be paid on March 5, 2025[12] - Cash dividends declared for 2024 were $0.20 per share, compared to no dividends declared in 2023[21] Credit Quality and Allowance for Losses - The allowance for credit losses increased to$24.1 million, representing 1.22% of total loans, compared to 1.18% a year prior[12] - Provision for credit losses increased to $1,030 million for the quarter ended December 31, 2024, up from$410 million in the same quarter last year[35] - The allowance for credit losses to total loans was 1.22%, up from 1.18% a year ago, indicating a conservative approach to credit risk[28] - Non-performing loans totaled $2,707 thousand, with a non-performing loans to total loans ratio of 0.14$215,388 million at the end of December 2024, compared to $191,968 million a year earlier, representing a growth of 12.1$10.81 at the end of December 2024, up from $9.81 a year earlier, indicating a growth of 10.2$34,167 thousand, up 22.3% from $27,976 thousand in Q4 2023[21] - Net interest income after provision for credit losses increased to$18,328 thousand in Q4 2024, a 42.5% rise from $12,901 thousand in Q4 2023[21] - Net interest margin improved to 3.16% for the three months ended December 31, 2024, compared to 2.65% for the same period in 2023[31] Employment - The company employed 199 full-time equivalent employees, a slight increase from 196 employees a year ago[28]