USCB Financial (USCB) - 2025 Q1 - Quarterly Results

Financial Performance - USCB Financial Holdings reported a record fully diluted EPS of $0.38 for Q1 2025, a 65$0.23 in Q1 2024[1][2]. - Net income for Q1 2025 was $7.7 million, compared to$4.6 million in the same period last year, reflecting a significant year-over-year growth[1][2]. - Net income for Q1 2025 reached $7,658 million, compared to$4,612 million in Q1 2024, reflecting a significant increase of 66.4%[21]. - The company reported a pre-tax pre-provision (PTPP) income of $10,779,000 for Q1 2025, up from$6,448,000 in Q1 2024, a significant increase of 67.5%[30]. - The operating return on average assets for Q1 2025 was 1.19%, up from 0.76% in Q1 2024, indicating improved asset utilization[30]. Asset Growth - Total assets increased by $188.2 million or 7.6$2.7 billion as of March 31, 2025, compared to $2.5 billion a year earlier[6]. - Total assets as of March 31, 2025, were$2,677,382 million, up from $2,489,142 million a year earlier, indicating a growth of 7.6$2,606,593,000, up from $2,436,103,000 as of March 31, 2024, indicating a growth of 7$2,606,593,000, compared to $2,436,103,000 in Q1 2024, reflecting a year-over-year increase of 7$215.0 million or 11.8% to $2.0 billion in Q1 2025, compared to$1.8 billion in Q1 2024[6]. - Total deposits grew by $206.8 million or 9.8$2.3 billion as of March 31, 2025, compared to $2.1 billion a year earlier[6]. - Total deposits increased to$2,309,569 million as of March 31, 2025, compared to $2,102,794 million a year ago, marking a growth of 9.8$19,115 million, an increase from $15,158 million in Q1 2024, representing a year-over-year growth of 26.5$0.10 per share, up from $0.05 in the previous year, to be paid on June 5, 2025[13]. - Cash dividends declared increased to$0.10 per share in Q1 2025, compared to $0.05 per share in Q1 2024[21]. Credit Quality - The provision for credit losses was$681 thousand in Q1 2025, an increase of $271 thousand from$410 thousand in Q1 2024[13]. - The allowance for credit losses to total loans ratio remained stable at 1.22% as of March 31, 2025[24]. - Non-performing loans increased to $4,156 million as of March 31, 2025, from$456 million in Q1 2024, indicating a rise in asset quality concerns[24]. Capital Position - The leverage ratio improved to 9.61% as of March 31, 2025, compared to 8.91% a year earlier, reflecting a stronger capital position[21]. - The tangible book value per common share increased to $11.23 as of March 31, 2025, compared to$9.92 a year earlier, marking a growth of 13.2%[33].