Financial Performance - USCB Financial Holdings reported a record fully diluted EPS of $0.38 for Q1 2025, a 65% increase from $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% to $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%[21]. - Total assets as of March 31, 2025, were $2,606,593,000, up from $2,436,103,000 as of March 31, 2024, indicating a growth of 7%[30]. - Average assets for Q1 2025 were $2,606,593,000, compared to $2,436,103,000 in Q1 2024, reflecting a year-over-year increase of 7%[30]. Loan and Deposit Growth - Total loans held for investment rose by $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% to $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%[21]. Income and Efficiency - Net interest income for Q1 2025 was $19,115 million, an increase from $15,158 million in Q1 2024, representing a year-over-year growth of 26.5%[21]. - The net interest margin improved to 3.10% in Q1 2025 from 2.62% in Q1 2024, reflecting enhanced profitability on interest-earning assets[27]. - The efficiency ratio improved to 52.79% in Q1 2025 from 63.41% in Q1 2024, reflecting better cost management[6]. - The operating efficiency ratio decreased to 52.79% in Q1 2025 from 63.41% in Q1 2024, indicating improved cost management[30]. Dividends and Shareholder Returns - The Company declared a quarterly cash dividend of $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].
USCB Financial (USCB) - 2025 Q1 - Quarterly Results