1
EARNINGS RELEASE
USCB Financial Holdings, Inc. Reports Third Quarter 2026 Fully Diluted EPS of $0.51, ROAA of 1.27%, and
ROAE of 16.03%
MIAMI, FL – October 22, 2026 – USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB)
, the holding company for
U.S. Century Bank (the “Bank”) , reported net income
of
$9.5 million or $0.51 per fully diluted share for the three months ended
September 30, 2026, compared with net income of $8.9 million or $0.45 per fully diluted share for the same period in 2025.
“Third quarter net income of $9.5 million was the highest quarterly net income since our initial public offering in 2021, and net income
of $28.0 million for the first nine months of 2026 has already surpassed full -year net income for every year since our IPO," said Luis de
la Aguilera, Chairman, President and CEO. "We delivered a return on average equity of 16.03% and a return on average assets of 1.27%.
Compared with the third quarter of 2025, net interest income grew 14.2%, loans grew 9.0%, and our net interest margin expanded 23
basis points to 3.37%. We remain focused on disciplined growth and building long-term value for our shareholders."
Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended September 30,
2026 compared to at or for the quarter ended September 30, 2025 and annualized where appropriate .
Profitability
•
Annualized return on average assets for the quarter s ended September 30, 2026 and 2025 was 1.27% .
•
Annualized return on average stockholders’ equity for the quarter ended September 30, 2026 was 16.03% compared to 15.74% for
the third quarter of 2025.
•
The efficiency ratio for the quarter ended September 30, 2026 was 54.62% compared to 52.28% for the third quarter
of
2025.
•
Net interest margin for the quarter ended September 30, 2026 was 3.37% compared to 3.14 % for the third quarter of 2025.
•
Net interest income before provision for credit losses was $24.3 million for the quarter ended September 30, 2026, an increase of
$3.0 million or 14.2% compared to $21.3 million for the same period in 2025.
Balance Sheet
•
Total assets were $3.0 billion at September 30, 2026, representing an increase of $243.5 million or 8.8% from $2.8 billion at
September 30, 2025 .
•
Total loans held for investment were $2.3 billion at September 30, 2026, representing an increase of $191.1 million or 9.0% from
$2.1 billion at September 30, 2025.
•
Total deposits were $2.4 billion at September 30, 2026, representing a decrease of $9.3 million or 0.4% from $2.5 billion at
September 30, 2025.
•
Total stockholders’ equity was $229.4 million at September 30, 2026, representing an increase of $20.3 million or 9.7% from $209.1
million at September 30, 2025. Total stockholders’ equity included accumulated other comprehensive loss of $43.3 million at
September 30, 2026 compared to accumulated other comprehensive loss of $37.8 million at September 30, 2025.
Asset Quality
•
The allowance for credit losses (“ACL”) increased by $2.1 million to $27.0 million at September 30, 2026 from $25.0 million at
September 30, 2025.
•
The ACL represented 1.16% of total loans at September 30, 2026 and 1.17% of total loans at September 30, 2025.
2
•
The provision for credit losses was $53 thousand for the quarter ended September 30, 2026, a decrease of $52 thousand compared
to $105 thousand for the same period in 2025.
•
The ratio of non-performing loans to total loans was 0.33% for the quarter ended September 30, 2026 and 0.06% for the quarter
ended September 30, 2025. Non-performing loans totaled $7.7 million at September 30, 2026 and $1.3 million at September 30,
2025.
Non-interest Income and Non-interest Expense
•
Non-interest income was $2.7 million for the three months ended September 30, 2026, a decrease
of
$1.0 million or 27.5% compared
to $3.7 million for the same period in 2025.
•
Non-interest expense was $14.7 million for the three months ended September 30, 2026, an increase of $1.7 million or 12.9%
compared to $13.0 million for the three months ended September 30, 2025.
Capital
•
On October 19, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0. 125 per share of the Company’s
Class A common stock. The dividend will be paid on December 4, 2026 to shareholders of record at the close of business on
November 16, 202 6.
•
As of September 30, 2026,
total risk-based capital ratios for the Company and the Bank were 14.07% and 13.93%, respectively,
well in excess of the well-capitalized minimum threshold regulatory requirements .
•
Tangible book value per common share (non-GAAP financial measure) was $12.42 at September 30, 2026, representing an increase
of $0.87 or 7.6% from $11.55 at September 30, 2025 . At September 30, 2026, tangible book value per common share was negatively
affected by ($2.35) per share due to an accumulated other comprehensive loss of $43.3 million primarily due to changes in the
market value of the Company’s available for sale securities. At September 30, 2025, tangible book value per common share was
negatively affected by ($2.09) per share due to an accumulated other comprehensive loss of $37.8 million.
Conference Call and Webcast
The Company will host a conference call on Friday, October 23, 2026 , at 11:00 a.m. Eastern Time to discuss the Company’s unaudited
financial results for the quarter ended September 30, 2026 . To access the conference call, dial (833) 816-1416 (U.S. toll-free) and ask
to join the USCB Financial Holdings Call .
Additionally, interested parties can listen to a live webcast of the call in the “Investor Relations” section of the Company’s website
at
www.uscentury.com . An archived version of the webcast will be available in the same location shortly after the live call has ended.
About USCB Financial Holdings, Inc.
USCB Financial Holdings, Inc. is the bank holding company for U.S. Century Bank. Established in 2002, U.S. Century Bank is one of
the largest community banks headquartered in Miami, and one of the largest community banks in the State of Florida. U.S. Century
Bank is rated 5-Stars by BauerFinancial, the nation’s leading independent bank rating firm. U.S. Century Bank offers customers a wide
range of financial products and services and supports numerous community organizations, including the Greater Miami Chamber o
f
Commerce, the South Florida Hispanic Chamber of Commerce, and ChamberSouth. For more information about us or to find a banking
center near you, please call (305) 715 -5200 or visit www.uscentury.com.
Forward-Looking Statements
This earnings release may contain statements that are not historical in nature and are intended to be, and are hereby identified as, forward-
looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are those that are not historical facts. The words “may,” “will,” “anticipate,” “could,” “should,” “would,”
“believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,” “seek,” “continue,” and “intend,” the negative of these terms, as well as
other similar words and expressions of the future, are intended to identify forward -looking statements. These forward -looking statements
include, but are not limited to, statements related to our projected growth, anticipated future financial performance, and management’s
long-term performance goals, as well as statements relating to the anticipated effects on our results of operations and financial condition
from expected or potential developments or events, or business and growth strategies, including anticipated internal growth and potential
future additional balance sheet restructuring.
These forward -looking statements involve significant risks and uncertainties that could cause our actual results to differ materially from
those anticipated in such statements. Potential risks and uncertainties include, but are not limited to:
3
•
the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
•
our ability to successfully manage interest rate risk, credit risk, liquidity risk, and other risks inherent to our industry;
•
the accuracy of our financial statement estimates and assumptions, including the estimates used for our allowance for credit losses;
•
the efficiency and effectiveness of our internal control procedures and processes;
•
our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where
we operate;
•
adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry;
•
deposit attrition and the level of our uninsured deposits;
•
legislative or regulatory changes , including the enactment of the One Big Beautiful Bill and changes in accounting principles,
policies, practices or guidelines;
•
the lack of a significantly diversified loan portfolio and our concentration in the South Florida market, including the risks of
geographic, depositor, and industry concentrations, including our concentration in loans secured by real estate, in particular,
commercial real estate;
•
the effects of climate change;
•
the concentration of ownership of our common stock;
•
fluctuations in the price of our common stock;
•
our ability to fund or access the capital markets at attractive rates and terms and manage our growth, both organic growth as well
as growth through other means, such as potential future acquisitions;
•
inflation, interest rate, unemployment rate, and market and monetary fluctuations;
•
the effects of potential new or increased tariffs, retaliatory tariffs and trade restrictions;
•
the impact of international hostilities and geopolitical events;
•
increased competition and its effect on the pricing of our products and services as well as our interest rate spread and net interest
margin;
•
the loss of key employees ;
•
the effectiveness of our risk management strategies, including operational risks, including, but not limited to, client, employee, or
third-party fraud and security breaches; and
•
other risks described in this earnings release and other filings we make with the Securities and Exchange Commission (“SEC”).
All forward -looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will
not differ materially from expectations. Therefore, you are cautioned not to place undue reliance on any forward -looking statements.
Further, any forward -looking statements included in this earnings release are made only as of the date hereof, and we undertake no
obligation to update or revise any forward -looking statement to reflect events or circumstances occurring after the date on which the
statements are made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws. You
should also review the risk factors described in the reports the Company has filed or will file with the SEC.
Non-GAAP Financial Measures
This earnings release includes financial information determined by methods other than in accordance with generally accepted accounting
principles (“GAAP”). This financial information includes certain operating performance measures. Management has included these non-
GAAP measures because it believes these measures may provide useful supplemental information for evaluating the Company’s
operations and underlying performance trends. Further, management uses these measures in managing and evaluating the Company’s
business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be
viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not
necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of these non-GAAP
measures to the most directly comparable GAAP measures can be found in the ‘Non-GAAP Reconciliation Tables’ included in the
exhibits to this earnings release.
All numbers included in this press release are unaudited unless otherwise noted.
Contacts:
Investor Relations
InvestorRelations@uscentury.com
Media Relations
Martha Guerra-Kattou
MGuerra@uscentury.com
4
USCB FINANCIAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Interest income:
Loans, including fees
$
35,547
$
32,866
$
103,235
$
95,057
Investment securities
4,013
3,522
11,282
9,978
Interest-bearing deposits in financial institutions
639
1,332
2,294
2,817
Total interest income
40,199
37,720
116,811
107,852
Interest expense:
Interest-bearing checking deposits
357
286
978
909
Savings and money market deposits
8,554
10,343
25,165
29,088
Time deposits
4,974
5,036
14,302
13,297
FHLB advances
1,213
377
3,229
2,731
Subordinated notes
801
404
2,402
404
Total interest expense
15,899
16,446
46,076
46,429
Net interest income before provision for credit losses
24,300
21,274
70,735
61,423
Provision for credit losses
53
105
2,121
1,817
Net interest income after provision for credit losses
24,247
21,169
68,614
59,606
Non-interest income:
Service fees
1,542
2,661
7,243
7,394
Gain (loss) on sale of securities available-for-sale, net
-
(28)
14
(28)
Gain on sale of loans held for sale, net
165
128
271
804
Other non-interest income
965
923
2,854
2,600
Total non-interest income
2,672
3,684
10,382
10,770
Non-interest expense:
Salaries and employee benefits
9,295
7,909
26,402
23,499
Occupancy
1,352
1,382
4,037
4,003
Regulatory assessments and fees
392
377
1,273
1,194
Consulting and legal fees
663
585
1,807
1,041
Network and information technology services
802
656
1,886
1,725
Other operating expense
2,227
2,139
7,003
6,272
Total non-interest expense
14,731
13,048
42,408
37,734
Income before income tax expense
12,188
11,805
36,588
32,642
Income tax expense
2,660
2,866
8,631
7,905
Net income
$
9,528
$
8,939
$
27,957
$
24,737
Per share information:
Net income per common share, basic
$
0.52
$
0.46
$
1.52
$
1.25
Net income per common share, diluted
$
0.51
$
0.45
$
1.51
$
1.23
Cash dividends declared
$
0.125
$
0.10
$
0.375
$
0.30
Weighted average shares outstanding:
Common shares, basic
18,467,835
19,524,798
18,343,870
19,866,514
Common shares, diluted
18,662,385
19,755,820
18,518,527
20,106,050
5
USCB FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands, except per share data)
As of or For the Three Months Ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
Income statement data:
Net interest income before provision for credit losses
$
24,300
$
24,387
$
22,048
$
22,207
$
21,274
Provision for credit losses
53
1,267
801
480
105
Net interest income after provision for credit losses
24,247
23,120
21,247
21,727
21,169
Service fees
1,542
2,601
3,100
2,209
2,661
Gain (loss) on sale of securities available for sale, net
-
-
14
(7,498)
(28)
Gain on sale of loans held for sale, net
165
-
106
197
128
Other non-interest income
965
959
930
914
923
Total non-interest income
2,672
3,560
4,150
(4,178)
3,684
Salaries and employee benefits
9,295
8,537
8,570
8,668
7,909
Occupancy
1,352
1,369
1,316
1,327
1,382
Regulatory assessments and fees
392
397
484
443
377
Consulting and legal fees
663
583
561
900
585
Network and information technology services
802
524
560
599
656
Other operating expense
2,227
2,556
2,220
2,338
2,139
Total non-interest expense
14,731
13,966
13,711
14,275
13,048
Income before income tax expense
12,188
12,714
11,686
3,274
11,805
Income tax expense
2,660
3,636
2,335
1,911
2,866
Net income
$
9,528
$
9,078
$
9,351
$
1,363
$
8,939
Per share information:
Net income per common share, basic
$
0.52
$
0.49
$
0.51
$
0.08
$
0.46
Net income per common share, diluted
$
0.51
$
0.49
$
0.51
$
0.07
$
0.45
Cash dividends declared
$
0.125
$
0.125
$
0.125
$
0.10
$
0.10
Balance sheet data (at period-end):
Cash and cash equivalents
$
92,727
$
118,154
$
78,963
$
38,477
$
56,811
Securities available -for-sale
$
342,624
$
332,859
$
277,160
$
307,490
$
324,179
Securities held-to-maturity
$
133,101
$
136,127
$
149,931
$
153,941
$
156,365
Total securities
$
475,725
$
468,986
$
427,091
$
461,431
$
480,544
Loans held for investment
(1)
$
2,322,094
$
2,322,385
$
2,241,051
$
2,189,257
$
2,130,966
Allowance for credit losses
$
(27,018)
$
(26,701)
$
(26,102)
$
(25,500)
$
(24,964)
Total assets
$
3,011,481
$
3,019,701
$
2,845,735
$
2,791,540
$
2,767,945
Non-interest -bearing demand deposits
$
601,792
$
618,062
$
620,714
$
583,860
$
584,240
Interest-bearing deposits
$
1,844,523
$
1,834,209
$
1,872,866
$
1,761,220
$
1,871,374
Total deposits
$
2,446,315
$
2,452,271
$
2,493,580
$
2,345,080
$
2,455,614
FHLB advances
$
232,000
$
240,900
$
53,000
$
158,250
$
11,000
Subordinated notes
$
39,414
$
39,376
$
39,338
$
39,300
$
39,262
Total liabilities
$
2,782,119
$
2,786,463
$
2,622,489
$
2,574,357
$
2,558,850
Total stockholders' equity
$
229,362
$
233,238
$
223,246
$
217,183
$
209,095
Capital ratios:
(2)
Leverage ratio
8.88%
8.81%
8.61%
8.46%
8.47%
Common equity tier 1 capital
11.23%
11.01%
11.09%
10.92%
11.17%
Tier 1 risk-based capital
11.23%
11.01%
11.09%
10.92%
11.17%
Total risk-based capital
14.07%
13.88%
14.09%
13.91%
14.20%
(1) Loan amounts include deferred fees/costs.
(2) Reflects the Company's regulatory capital ratios. The Bank's total risk -based capital ratio at September 30, 2026 was 13.93%.
6
USCB FINANCIAL HOLDINGS, INC.
AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)
(Dollars in thousands)
As of or For the Three Months Ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
Average balance sheet data:
Cash and cash equivalents
$
81,521
$
87,949
$
112,107
$
82,338
$
139,389
Securities available -for-sale
$
334,203
$
314,581
$
295,065
$
332,356
$
299,892
Securities held-to-maturity
$
134,917
$
140,533
$
152,144
$
155,269
$
157,702
Total securities
$
469,120
$
455,114
$
447,209
$
487,625
$
457,594
Loans held for investment
(1)
$
2,309,091
$
2,258,965
$
2,177,734
$
2,130,898
$
2,099,043
Total assets
$
2,965,481
$
2,900,725
$
2,834,717
$
2,799,863
$
2,798,115
Interest-bearing deposits
$
1,900,985
$
1,856,763
$
1,842,283
$
1,857,218
$
1,887,545
Non-interest -bearing demand deposits
$
610,271
$
632,198
$
584,784
$
595,969
$
569,522
Total deposits
$
2,511,256
$
2,488,961
$
2,427,067
$
2,453,187
$
2,457,067
FHLB advances
$
121,110
$
100,685
$
110,045
$
51,462
$
40,065
Subordinated notes
$
39,389
$
39,351
$
39,313
$
39,287
$
26,029
Total liabilities
$
2,729,596
$
2,671,792
$
2,612,491
$
2,587,470
$
2,572,799
Total stockholders' equity
$
235,885
$
228,933
$
222,226
$
212,393
$
225,316
Performance ratios:
Return on average assets
(2)
1.27%
1.26%
1.34%
0.19%
1.27%
Return on average equity
(2)
16.03%
15.90%
17.07%
2.55%
15.74%
Net interest margin
(2)
3.37%
3.49%
3.27%
3.27%
3.14%
Non-interest income to average assets
(2)
0.36%
0.49%
0.59%
(0.59)%
0.52%
Non-interest expense to average assets
(2)
1.97%
1.93%
1.96%
2.02%
1.85%
Efficiency ratio
(3)
54.62%
49.97%
52.34%
79.18%
52.28%
Loans by type (at period end):
(4)
Residential real estate
$
347,565
$
356,747
$
346,917
$
307,692
$
316,557
Commercial real estate
$
1,349,240
$
1,314,367
$
1,259,642
$
1,244,835
$
1,226,121
Commercial and industrial
$
298,362
$
300,265
$
291,333
$
295,548
$
269,430
Correspondent banks
$
128,168
$
137,912
$
128,722
$
127,968
$
104,598
Consumer and other
$
193,688
$
207,404
$
207,794
$
207,215
$
207,939
Asset quality data:
Allowance for credit losses to total loans
1.16%
1.15%
1.16%
1.16%
1.17%
Allowance for credit losses to non -performing loans
351%
1243%
717%
813%
1906%
Total non-performing loans
(5)
$
7,689
$
2,148
$
3,640
$
3,138
$
1,310
Non-performing loans to total loans
0.33%
0.09%
0.16%
0.14%
0.06%
Non-performing assets to total assets
(5)
0.26%
0.07%
0.13%
0.11%
0.05%
Net charge-offs (recoveries of) to average loans
(2)
0.00%
0.05%
(0.00)%
(0.00)%
(0.00)%
Net charge-offs (recoveries) of credit losses
$
23
$
288
$
(4)
$
(11)
$
(4)
Interest rates and yields:
(2)
Loans held for investment
6.11%
6.20%
6.11%
6.16%
6.21%
Investment securities
3.34%
3.35%
3.05%
3.01%
3.03%
Total interest -earning assets
5.57%
5.67%
5.49%
5.54%
5.56%
Deposits
(6)
2.19%
2.16%
2.20%
2.28%
2.53%
FHLB advances
3.97%
3.89%
3.83%
3.91%
3.73%
Subordinated notes
8.07%
8.15%
8.26%
8.09%
6.16%
Total interest -bearing liabilities
3.06%
3.05%
3.05%
3.14%
3.34%
Other information:
Full-time equivalent employees
222
216
211
204
206
(1) Loan amounts include deferred fees/costs.
(2) Annualized.
(3) Efficiency ratio is defined as total non-interest expense divided by the sum of net interest income and total non -interest income.
(4) Loan amounts exclude deferred fees/costs.
(5) The amounts for total non-performing loans and total non-performing assets are the same at the dates presented since there was no other real estate owned (OREO)
recorded at any of the dates presented.
(6) Reflects effect of non -interest -bearing deposits.
7
USCB FINANCIAL HOLDINGS, INC.
NET INTEREST MARGIN (UNAUDITED)
(Dollars in thousands)
Three Months Ended September 30,
2026
2025
Average
Balance
Interest
Yield/Rate
(1)
Average
Balance
Interest
Yield/Rate
(1)
Assets
Interest-earning assets:
Loans held for investment
(2)
$
2,309,091
$
35,547
6.11%
$
2,099,043
$
32,866
6.21%
Investment securities
(3)
476,825
4,013
3.34%
461,303
3,522
3.03%
Other interest-earning assets
75,399
639
3.36%
130,740
1,332
4.04%
Total interest -earning assets
2,861,315
40,199
5.57%
2,691,086
37,720
5.56%
Non-interest -earning assets
104,166
107,029
Total assets
$
2,965,481
$
2,798,115
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing checking deposits
$
68,264
357
2.07%
$
47,338
286
2.40%
Savings and money market deposits
1,286,075
8,554
2.64%
1,319,862
10,343
3.11%
Time deposits
546,646
4,974
3.61%
520,345
5,036
3.84%
Total interest -bearing deposits
1,900,985
13,885
2.90%
1,887,545
15,665
3.29%
FHLB advances
121,110
1,213
3.97%
40,065
377
3.73%
Subordinated notes
39,389
801
8.07%
26,029
404
6.16%
Total interest -bearing liabilities
2,061,484
15,899
3.06%
1,953,639
16,446
3.34%
Non-interest -bearing demand deposits
610,271
569,522
Other non-interest -bearing liabilities
57,841
49,638
Total liabilities
2,729,596
2,572,799
Stockholders' equity
235,885
225,316
Total liabilities and stockholders' equity
$
2,965,481
$
2,798,115
Net interest income
$
24,300
$
21,274
Net interest spread
(4)
2.51%
2.22%
Net interest margin
(5)
3.37%
3.14%
(1) Annualized.
(2) Average loan balances include non-accrual loans. Interest income on loans includes accretion of deferred loan fees, net of deferred loan costs.
(3) At fair value except for securities held-to-maturity. This amount includes FHLB stock.
(4) Net interest spread is the average yield earned on total interest -earning assets minus the average rate paid on total interest -bearing liabilities.
(5) Net interest margin is the ratio of net interest income to total interest -earning assets.
8
USCB FINANCIAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in thousands)
As of or For the Three Months Ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
Pre-tax pre-provision ("PTPP") income:
(1)
Net income
$
9,528
$
9,078
$
9,351
$
1,363
$
8,939
Plus: Income tax expense
2,660
3,636
2,335
1,911
2,866
Plus: Provision for credit losses
53
1,267
801
480
105
PTPP income
$
12,241
$
13,981
$
12,487
$
3,754
$
11,910
PTPP return on average assets:
(1)
PTPP income
$
12,241
$
13,981
$
12,487
$
3,754
$
11,910
Average assets
$
2,965,481
$
2,900,725
$
2,834,717
$
2,799,863
$
2,798,115
PTPP return on average assets
(2)
1.64%
1.93%
1.79%
0.53%
1.69%
Operating net income:
(1)
Net income
$
9,528
$
9,078
$
9,351
$
1,363
$
8,939
Less: Net gain (loss) on sale of securities
-
-
14
(7,498)
(28)
Less: Tax effect on sale of securities
-
-
(4)
1,900
7
Plus: Tax (benefit) liability expense from prior periods
-
-
(619)
(3)
1,096
(4)
-
Operating net income
$
9,528
$
9,078
$
8,722
$
8,057
$
8,960
Operating return on average assets:
(1)
Operating net income
$
9,528
$
9,078
$
8,722
$
8,057
$
8,960
Average assets
$
2,965,481
$
2,900,725
$
2,834,717
$
2,799,863
$
2,798,115
Operating net income return on average assets
(2)
1.27%
1.26%
1.25%
1.14%
1.27%
Operating return on average equity:
(1)
Operating net income
$
9,528
$
9,078
$
8,722
$
8,057
$
8,960
Average equity
$
235,885
$
228,933
$
222,226
$
212,393
$
225,316
Operating net income return on average equity
(2)
16.03%
15.90%
15.92%
15.05%
15.78%
Operating revenue:
(1)
$
24,300
$
24,387
$
22,048
$
22,207
$
21,274
2,672
3,560
4,150
(4,178)
3,684
-
-
14
(7,498)
(28)
$
26,972
$
27,947
$
26,184
$
25,527
$
24,986
Operating efficiency ratio:
(1)
$
14,731
$
13,966
$
13,711
$
14,275
$
13,048
$
26,972
$
27,947
$
26,184
$
25,527
$
24,986
54.62%
49.97%
52.36%
55.92%
52.22%
(1) The Company believes these non-GAAP financial measurements are key indicators of the ongoing earnings power of the Company.
(2) Annualized.
(3) The Company recognized a $619 thousand income tax benefit in the first quarter of 2026 due to an adjustment to the defer red tax asset calculation from 2025.
(4) State tax liability expenses for 2024 and for the first three quarters of 2025 were recognized during the fourth quarter of 2025. The state tax expense is related to
taxes due on interest income on loans whose collateral is located outside of the State of Florida.
9
USCB FINANCIAL HOLDINGS, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in thousands, except per share data)
As of or For the Three Months Ended
9/30/2026
6/30/2026
3/31/2026
12/31/2025
9/30/2025
Tangible book value per common share (at period-end):
(1)
Total stockholders' equity
$
229,362
$
233,238
$
223,246
$
217,183
$
209,095
Less: Intangible assets
-
-
-
-
-
Tangible stockholders' equity
(3)
$
229,362
$
233,238
$
223,246
$
217,183
$
209,095
Total shares issued and outstanding (at period-end):
Total common shares issued and outstanding
18,465,077
18,459,470
18,257,400
18,137,885
18,107,385
Tangible book value per common share
(2)
$
12.42
$
12.64
$
12.23
$
11.97
$
11.55
Operating diluted net income per common share:
(1)
Operating net income
$
9,528
$
9,078
$
8,722
$
8,057
$
8,960
Total weighted average diluted shares of common stock
18,662,385
18,509,572
18,454,006
18,348,725
19,755,820
Operating diluted net income per common share:
$
0.51
$
0.49
$
0.47
$
0.44
$
0.45
Tangible Common Equity/Tangible Assets
(1)
(3)
$
229,362
$
233,238
$
223,246
$
217,183
$
209,095
(3)
$
3,011,481
$
3,019,701
$
2,845,735
$
2,791,540
$
2,767,945
Tangible Common Equity/Tangible Assets
7.62%
7.72%
7.84%
7.78%
7.55%
(1) The Company believes these non-GAAP financial measurements are key indicators of the ongoing earnings power of the Company.
(2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.
(3) Since the Company has no intangible assets, tangible stockholders’ equity and tangible total assets are the same amounts as stockholders’ equity and total assets,
respectively, as calculated under GAAP.