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

Core Viewpoint - USCB Financial Holdings, Inc. reported a significant increase in net income for the second quarter of 2024, reflecting strong financial performance and effective strategic initiatives [1][2]. Financial Performance - Net income for the quarter ended June 30, 2024, was $6.2 million, or $0.31 per fully diluted share, compared to $4.2 million, or $0.21 per fully diluted share for the same period in 2023 [1][2]. - Annualized return on average assets (ROAA) was 1.01% for the quarter, up from 0.77% in the second quarter of 2023 [4]. - Annualized return on average stockholders' equity (ROE) increased to 12.63% from 9.13% year-over-year [4]. - The efficiency ratio improved to 56.33% from 65.25% in the same quarter last year [4]. Interest Income and Margin - Net interest margin (NIM) for the quarter was 2.94%, compared to 2.73% in the second quarter of 2023 [5]. - Net interest income before provision for credit losses was $17.3 million, an increase of $3.1 million or 22.1% from the previous year [5]. Balance Sheet Highlights - Total assets reached $2.5 billion, an increase of $232.4 million or 10.4% from June 30, 2023 [6]. - Total loans amounted to $1.9 billion, up by $273.3 million or 17.1% year-over-year [6]. - Total deposits were $2.1 billion, reflecting an increase of $135.4 million or 7.0% from the previous year [6]. Stockholders' Equity - Total stockholders' equity was $201.0 million, an increase of $17.3 million or 9.4% from June 30, 2023 [7]. - Tangible book value per common share increased to $10.24, up by $0.84 or 8.9% from the previous year [11]. Asset Quality - The allowance for credit losses increased by $3.4 million to $22.2 million, representing 1.19% of total loans [8]. - Non-performing loans to total loans ratio was 0.04%, slightly up from 0.03% in the previous year [8]. Non-Interest Income and Expenses - Non-interest income for the quarter was $3.2 million, an increase of $1.4 million or 73.9% compared to $1.8 million in the same period last year [8]. - Non-interest expense was $11.6 million, an increase of $1.1 million or 10.6% from $10.5 million in the previous year [9]. Capital and Dividends - The Board of Directors declared a cash dividend of $0.05 per share, payable on September 5, 2024 [10]. - As of June 30, 2024, total risk-based capital ratios for the Company and the Bank were 13.12% and 13.01%, respectively [10].