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% increase from $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% increase from $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% increase[24] Efficiency and Cost Management - The efficiency ratio improved to 55.92% in Q4 2024, down from 68.27% in Q4 2023, indicating better cost management[6] - The operating efficiency ratio improved to 55.92% for the quarter ended December 31, 2024, compared to 64.63% in the same quarter last year[35] Dividends and Shareholder Returns - The board approved a quarterly cash dividend of $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%[28] Capital and Equity - Total stockholders' equity reached $215,388 million at the end of December 2024, compared to $191,968 million a year earlier, representing a growth of 12.1%[38] - The leverage ratio improved to 9.53% as of December 31, 2024, up from 9.28% a year prior, indicating enhanced capital strength[24] - Tangible book value per common share was $10.81 at the end of December 2024, up from $9.81 a year earlier, indicating a growth of 10.2%[38] - Tangible Common Equity/Tangible Assets ratio was 8.34% at the end of December 2024, down from 8.21% a year ago[38] Interest Income and Margin - Total interest income for Q4 2024 was $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]
USCB Financial (USCB) - 2024 Q4 - Annual Results