USCB 8-K
Uscb Financial Holdings, Inc. (USCB)
8-K
2025-04-24
For: 2025-04-24
View Original
Added on
April 06, 2026
1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
FORM
__________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(Exact name of Registrant as Specified in Its Charter)
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of Incorporation)
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(IRS Employer
Identification No.)
,
,
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(Zip Code)
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)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Trading
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
2
Item 2.02. Results of Operations and Financial Condition.
On April 24, 2025, USCB Financial Holdings, Inc. (the “Company”) issued a press release announcing its financial results for
the quarter ended March 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (“Form
8-K”) and is incorporated herein by reference.
The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of that section, and shall
not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange
Act except as expressly set forth by specific reference in such filing to this Form 8-K.
Item 7.01. Regulation FD Disclosure.
As previously announced, at 11:00 a.m. ET on April 25, 2025, the Company will hold an earnings conference call to discuss
its financial performance for the quarter ended March 31, 2025. A copy of the slides forming the basis of the presentation is being
furnished as Exhibit 99.2 to this Form 8-K and is incorporated herein by reference. A copy of the slides has also been posted to the
Company’s investor relations website, located at investors.uscenturybank.com.
The information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of
Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by
reference into any filing under the Securities Act or the Exchange Act except as set forth by specific reference in such filing to this Form
8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
99.2
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
USCB Financial Holdings, Inc.
By:
/s/ Robert Anderson
Name:
Robert Anderson
Title:
Chief Financial Officer
Date: April 24, 2025
1
Exhibit 99.1
EARNINGS RELEASE
USCB Financial Holdings, Inc. Reports Record Fully Diluted EPS of $0.38 for Q1 2025, a 65% increase over same
period last year; ROAA of 1.19% and ROAE of 14.15%
MIAMI, FL – April 24, 2025 – USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB)
, the holding company for
U.S. Century Bank (the “Bank”), reported net income of $7.7 million or $0.38 per fully diluted share for the three months ended
March 31, 2025, compared with net income of $4.6 million or $0.23 per fully diluted share for the same period in 2024.
“We are proud to report a record quarter, highlighted by fully diluted EPS of $0.38. This performance reflects solid execution across all
of our strategic priorities including annualized double-digit loan and deposit growth, maintaining disciplined pricing, clean asset quality,
and strong cost controls. Our return on average assets was 1.19%, the highest since the fourth quarter of 2021,” said Luis de la Aguilera.
Chairman, President and CEO. “Our continued focus on asset quality, profitability, and growing the Bank in a safe and sound manner
has positioned the Company well to navigate the current challenging market and economic environment with confidence and resilience.”
Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended March 31, 2025
compared to at or for the quarter ended March 31, 2024 and annualized where appropriate.
Profitability
•
Annualized return on average assets for the quarter ended March 31, 2025 was 1.19% compared to 0.76% for the first quarter of
2024.
•
Annualized return on average stockholders’ equity for the quarter ended March 31, 2025 was 14.15% compared to 9.61% for the
first quarter of 2024.
•
The efficiency ratio for the quarter ended March 31, 2025 was 52.79% compared to 63.41% for the first quarter of 2024.
•
Net interest margin for the quarter ended March 31, 2025 was 3.10 % compared to 2.62% for the first quarter of 2024.
•
Net interest income before provision for credit losses was $19.1 million for the quarter ended March 31, 2025, an increase of $4.0
million or 26.1% compared to $15.2 million for the same period in 2024.
Balance Sheet
•
Total assets were $2.7 billion at March 31, 2025, representing an increase of $188.2 million or 7.6% from $2.5 billion at March 31,
2024.
•
Total loans held for investment were $2.0 billion at March 31, 2025, representing an increase of $215.0 million or 11.8% from $1.8
billion at March 31, 2024.
•
Total deposits were $2.3 billion at March 31, 2025, representing an increase of $206.8 million or 9.8% from $2.1 billion at
March 31, 2024.
•
Total stockholders’ equity was $225.1 million at March 31, 2025, representing an increase of $30.1 million or 15.4% from $195.0
million at March 31, 2024. Total stockholders’ equity included accumulated comprehensive loss of $41.1 million at March 31, 2025
compared to accumulated comprehensive loss of $45.4 million at March 31, 2024.
Asset Quality
•
The allowance for credit losses (“ACL”) increased by $3.3 million to $24.7 million at March 31, 2025 from $21.5 million at
March 31, 2024.
•
The ACL represented 1.22% of total loans at March 31, 2025 and 1.18% at March 31, 2024.
2
•
The provision for credit loss was $681 thousand for the quarter ended March 31, 2025, an increase of $271 thousand compared to
$410 thousand for the same period in 2024.
•
The ratio of non-performing loans to total loans was 0.20% at March 31, 2025 and 0.03% at March 31, 2024. Non-performing loans
totaled $4.2 million at March 31, 2025 and $456 thousand at March 31, 2024.
Non-interest Income and Non-interest Expense
•
Non-interest income was $3.7 million for the three months ended March 31, 2025, an increase of $1.3 million or 50.8% compared
to $2.5 million for the same period in 2024.
•
Non-interest expense was $12.1 million for the three months ended March 31, 2025, an increase of $0.9 million or 7.9% compared
to $11.2 million for the same period in 2024.
Capital
•
On April 21, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share of the Company’s Class
A common stock. The dividend will be paid on June 5, 2025 to shareholders of record at the close of business on May 15, 2025.
•
As of March 31, 2025,
total risk-based capital ratios for the Company and the Bank were 13.72% and 13.65%, respectively.
•
Tangible book value per common share (a non-GAAP measure) was $11.23 at March 31, 2025, representing increase of $0.42 or
3.9% from $10.81 at December 31, 2024. At March 31, 2025, tangible book value per common share was negatively affected by
($2.05) per share due to an accumulated comprehensive loss of $41.1 million mostly due to changes in the market value of the
Company’s available for sale securities. At December 31, 2024, tangible book value per common share was negatively affected by
($2.24) per share due to an accumulated comprehensive loss of $44.5 million.
Conference Call and Webcast
The Company will host a conference call on Friday, April 25, 2025, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited
financial results for the quarter ended March 31, 2025. 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 of
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 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:
•
the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
3
•
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 credit loss reserve and
deferred tax asset valuation allowance;
•
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 and changes in accounting principles, policies, practices or guidelines, including the on-going
effects of the Current Expected Credit Losses (“CECL”) standard;
•
the lack of a significantly diversified loan portfolio and the 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 future acquisitions;
•
inflation, interest rate, unemployment rate, and market and monetary fluctuations;
•
the effects of potential new or increased tariffs and trade restrictions
•
impacts 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, 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 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 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
Media Relations
Martha Guerra-Kattou
4
USCB FINANCIAL HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands, except per share data)
Three Months Ended March 31,
2025
2024
Interest income:
Loans, including fees
$
30,245
$
26,643
Investment securities
3,024
2,811
Interest-bearing deposits in financial institutions
709
1,433
Total interest income
33,978
30,887
Interest expense:
Interest-bearing checking deposits
338
369
Savings and money market deposits
9,335
10,394
Time deposits
3,918
3,294
FHLB advances and other borrowings
1,272
1,672
Total interest expense
14,863
15,729
Net interest income before provision for credit losses
19,115
15,158
Provision for credit losses
681
410
Net interest income after provision for credit losses
18,434
14,748
Non-interest income:
Service fees
2,331
1,651
Gain on sale of loans held for sale, net
525
67
Other non-interest income
860
746
Total non-interest income
3,716
2,464
Non-interest expense:
Salaries and employee benefits
7,636
6,310
Occupancy
1,284
1,314
Regulatory assessments and fees
421
433
Consulting and legal fees
193
592
Network and information technology services
505
507
Other operating expense
2,013
2,018
Total non-interest expense
12,052
11,174
Net income before income tax expense
10,098
6,038
Income tax expense
2,440
1,426
Net income
$
7,658
$
4,612
Per share information:
Net income per common share, basic
$
0.38
$
0.23
Net income per common share, diluted
$
0.38
$
0.23
Cash dividends declared
$
0.10
$
0.05
Weighted average shares outstanding:
Common shares, basic
20,020,933
19,633,330
Common shares, diluted
20,319,535
19,698,258
5
USCB FINANCIAL HOLDINGS, INC.
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in thousands, except per share data)
As of or For the Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Income statement data:
Net interest income
$
19,115
$
19,358
$
18,109
$
17,311
$
15,158
Provision for credit losses
681
1,030
931
786
410
Net interest income after provision for credit losses
18,434
18,328
17,178
16,525
14,748
Service fees
2,331
2,667
2,544
1,977
1,651
Gain on sale of securities available for sale, net
-
-
-
14
-
Gain on sale of loans held for sale, net
525
154
109
417
67
Other income
860
806
785
803
746
Total non-interest income
3,716
3,627
3,438
3,211
2,464
Salaries and employee benefits
7,636
7,930
7,200
7,353
6,310
Occupancy
1,284
1,337
1,341
1,266
1,314
Regulatory assessments and fees
421
405
452
476
433
Consulting and legal fees
193
552
161
263
592
Network and information technology services
505
494
513
479
507
Other operating expense
2,013
2,136
1,787
1,723
2,018
Total non-interest expense
12,052
12,854
11,454
11,560
11,174
Net income before income tax expense
10,098
9,101
9,162
8,176
6,038
Income tax expense
2,440
2,197
2,213
1,967
1,426
Net income
$
7,658
$
6,904
$
6,949
$
6,209
$
4,612
Per share information:
Net income per common share, basic
$
0.38
$
0.35
$
0.35
$
0.32
$
0.23
Net income per common share, diluted
$
0.38
$
0.34
$
0.35
$
0.31
$
0.23
Cash dividends declared
$
0.10
$
0.05
$
0.05
$
0.05
$
0.05
Balance sheet data (at period-end):
Cash and cash equivalents
$
97,984
$
77,035
$
38,486
$
77,261
$
126,546
Securities available-for-sale
$
275,139
$
260,221
$
259,527
$
236,444
$
259,992
Securities held-to-maturity
$
161,790
$
164,694
$
167,001
$
169,606
$
173,038
Total securities
$
436,929
$
424,915
$
426,528
$
406,050
$
433,030
Loans held for investment
(1)
$
2,036,212
$
1,972,848
$
1,931,362
$
1,869,249
$
1,821,196
Allowance for credit losses
$
(24,740)
$
(24,070)
$
(23,067)
$
(22,230)
$
(21,454)
Total assets
$
2,677,382
$
2,581,216
$
2,503,954
$
2,458,270
$
2,489,142
Non-interest-bearing demand deposits
$
605,489
$
575,159
$
637,313
$
579,243
$
576,626
Interest-bearing deposits
$
1,704,080
$
1,598,845
$
1,489,304
$
1,477,459
$
1,526,168
Total deposits
$
2,309,569
$
2,174,004
$
2,126,617
$
2,056,702
$
2,102,794
FHLB advances and other borrowings
$
108,000
$
163,000
$
118,000
$
162,000
$
162,000
Total liabilities
$
2,452,294
$
2,365,828
$
2,290,038
$
2,257,250
$
2,294,131
Total stockholders' equity
$
225,088
$
215,388
$
213,916
$
201,020
$
195,011
Capital ratios:
(2)
Leverage ratio
9.61%
9.53%
9.34%
9.03%
8.91%
Common equity tier 1 capital
12.48%
12.28%
12.01%
11.93%
11.80%
Tier 1 risk-based capital
12.48%
12.28%
12.01%
11.93%
11.80%
Total risk-based capital
13.72%
13.51%
13.22%
13.12%
12.98%
(1) Loan amounts include deferred fees/costs.
(2) Reflects the Company's regulatory capital ratios which are provided for informational purposes only; as a small bank holding company, the Company is not subject
to regulatory capital requirements. The Bank's total risk-based capital at March 31, 2025 was 13.65%.
6
USCB FINANCIAL HOLDINGS, INC.
AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)
(Dollars in thousands)
As of or For the Three Months Ended
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Average balance sheet data:
Cash and cash equivalents
$
82,610
$
56,937
$
87,937
$
107,831
$
132,266
Securities available-for-sale
$
265,154
$
255,786
$
244,882
$
263,345
$
239,896
Securities held-to-maturity
$
163,510
$
165,831
$
168,632
$
171,682
$
174,142
Total securities
$
428,664
$
421,617
$
413,514
$
435,027
$
414,038
Loans held for investment
(1)
$
1,986,856
$
1,958,566
$
1,878,230
$
1,828,487
$
1,781,528
Total assets
$
2,606,593
$
2,544,592
$
2,485,434
$
2,479,222
$
2,436,103
Interest-bearing deposits
$
1,652,147
$
1,547,789
$
1,468,067
$
1,473,513
$
1,473,831
Non-interest-bearing demand deposits
$
563,040
$
590,829
$
609,456
$
610,370
$
574,760
Total deposits
$
2,215,187
$
2,138,618
$
2,077,523
$
2,083,883
$
2,048,591
FHLB advances and other borrowings
$
138,944
$
151,804
$
156,043
$
162,000
$
164,187
Total liabilities
$
2,387,088
$
2,328,877
$
2,278,793
$
2,281,467
$
2,243,011
Total stockholders' equity
$
219,505
$
215,715
$
206,641
$
197,755
$
193,092
Performance ratios:
Return on average assets
(2)
1.19%
1.08%
1.11%
1.01%
0.76%
Return on average equity
(2)
14.15%
12.73%
13.38%
12.63%
9.61%
Net interest margin
(2)
3.10%
3.16%
3.03%
2.94%
2.62%
Non-interest income to average assets
(2)
0.58%
0.57%
0.55%
0.52%
0.41%
Non-interest expense to average assets
(2)
1.88%
2.01%
1.83%
1.88%
1.84%
Efficiency ratio
(3)
52.79%
55.92%
53.16%
56.33%
63.41%
Loans by type (at period end):
(4)
Residential real estate
$
301,164
$
297,979
$
283,477
$
256,807
$
237,906
Commercial real estate
$
1,150,129
$
1,128,399
$
1,095,112
$
1,053,030
$
1,057,800
Commercial and industrial
$
256,326
$
258,311
$
246,539
$
248,525
$
228,045
Correspondent banks
$
103,026
$
82,438
$
103,815
$
112,510
$
100,182
Consumer and other
$
218,711
$
198,091
$
198,604
$
194,644
$
194,325
Asset quality data:
Allowance for credit losses to total loans
1.22%
1.22%
1.19%
1.19%
1.18%
Allowance for credit losses to non-performing loans
595%
889%
846%
2,933%
4,705%
Total non-performing loans
(5)
$
4,156
$
2,707
$
2,725
$
758
$
456
Non-performing loans to total loans
0.20%
0.14%
0.14%
0.04%
0.03%
Non-performing assets to total assets
(5)
0.16%
0.10%
0.11%
0.03%
0.02%
Net charge-offs (recoveries of) to average loans
(2)
0.00%
(0.00)%
(0.00)%
(0.00)%
(0.00)%
Net charge-offs (recovery) of credit losses
$
2
$
(11)
$
(6)
$
(2)
$
(7)
Interest rates and yields:
(2)
Loans held for investment
6.17%
6.25%
6.32%
6.16%
6.01%
Investment securities
2.81%
2.63%
2.61%
2.80%
2.69%
Total interest-earning assets
5.51%
5.57%
5.61%
5.54%
5.34%
Deposits
(6)
2.49%
2.48%
2.66%
2.64%
2.76%
FHLB advances and other borrowings
3.71%
3.81%
4.05%
4.03%
4.10%
Total interest-bearing liabilities
3.37%
3.47%
3.79%
3.76%
3.86%
Other information:
Full-time equivalent employees
201
199
198
197
199
(1) Loan amounts include deferred fees/costs.
(2) Annualized.
(3) Efficiency ratio is defined as total non-interest expense divided by 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 March 31,
2025
2024
Average
Balance
Interest
Yield/Rate
(1)
Average
Balance
Interest
Yield/Rate
(1)
Assets
Interest-earning assets:
Loans held for investment
(2)
$
1,986,856
$
30,245
6.17%
$
1,781,528
$
26,643
6.01%
Investment securities
(3)
436,935
3,024
2.81%
419,989
2,811
2.69%
Other interest-earning assets
75,182
709
3.82%
125,244
1,433
4.60%
Total interest-earning assets
2,498,973
33,978
5.51%
2,326,761
30,887
5.34%
Non-interest-earning assets
107,620
109,342
Total assets
$
2,606,593
$
2,436,103
Liabilities and stockholders' equity
Interest-bearing liabilities:
Interest-bearing checking deposits
$
53,611
338
2.56%
$
53,344
369
2.78%
Saving and money market deposits
1,199,027
9,335
3.16%
1,097,575
10,394
3.81%
Time deposits
399,509
3,918
3.98%
322,912
3,294
4.10%
Total interest-bearing deposits
1,652,147
13,591
3.34%
1,473,831
14,057
3.84%
FHLB advances and other borrowings
138,944
1,272
3.71%
164,187
1,672
4.10%
Total interest-bearing liabilities
1,791,091
14,863
3.37%
1,638,018
15,729
3.86%
Non-interest-bearing demand deposits
563,040
574,760
Other non-interest-bearing liabilities
32,957
30,233
Total liabilities
2,387,088
2,243,011
Stockholders' equity
219,505
193,092
Total liabilities and stockholders' equity
$
2,606,593
$
2,436,103
Net interest income
$
19,115
$
15,158
Net interest spread
(4)
2.14%
1.48%
Net interest margin
(5)
3.10%
2.62%
(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
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Pre-tax pre-provision ("PTPP") income:
(1)
Net income
$
7,658
$
6,904
$
6,949
$
6,209
$
4,612
Plus: Provision for income taxes
2,440
2,197
2,213
1,967
1,426
Plus: Provision for credit losses
681
1,030
931
786
410
PTPP income
$
10,779
$
10,131
$
10,093
$
8,962
$
6,448
PTPP return on average assets:
(1)
PTPP income
$
10,779
$
10,131
$
10,093
$
8,962
$
6,448
Average assets
$
2,606,593
$
2,544,592
$
2,485,434
$
2,479,222
$
2,436,103
PTPP return on average assets
(2)
1.68%
1.58%
1.62%
1.45%
1.06%
Operating net income:
(1)
Net income
$
7,658
$
6,904
$
6,949
$
6,209
$
4,612
Less: Net gains on sale of securities
-
-
-
14
-
Less: Tax effect on sale of securities
-
-
-
(4)
-
Operating net income
$
7,658
$
6,904
$
6,949
$
6,199
$
4,612
Operating PTPP income:
(1)
PTPP income
$
10,779
$
10,131
$
10,093
$
8,962
$
6,448
Less: Net gains on sale of securities
-
-
-
14
-
Operating PTPP income
$
10,779
$
10,131
$
10,093
$
8,948
$
6,448
Operating PTPP return on average assets:
(1)
Operating PTPP income
$
10,779
$
10,131
$
10,093
$
8,948
$
6,448
Average assets
$
2,606,593
$
2,544,592
$
2,485,434
$
2,479,222
$
2,436,103
Operating PTPP return on average assets
(2)
1.68%
1.58%
1.62%
1.45%
1.06%
Operating return on average assets:
(1)
Operating net income
$
7,658
$
6,904
$
6,949
$
6,199
$
4,612
Average assets
$
2,606,593
$
2,544,592
$
2,485,434
$
2,479,222
$
2,436,103
Operating return on average assets
(2)
1.19%
1.08%
1.11%
1.01%
0.76%
Operating return on average equity:
(1)
Operating net income
$
7,658
$
6,904
$
6,949
$
6,199
$
4,612
Average equity
$
219,505
$
215,715
$
206,641
$
197,755
$
193,092
Operating return on average equity
(2)
14.15%
12.73%
13.38%
12.61%
9.61%
Operating Revenue:
(1)
$
19,115
$
19,358
$
18,109
$
17,311
$
15,158
3,716
3,627
3,438
3,211
2,464
-
-
-
14
-
$
22,831
$
22,985
$
21,547
$
20,508
$
17,622
Operating Efficiency Ratio:
(1)
$
12,052
$
12,854
$
11,454
$
11,560
$
11,174
$
22,831
$
22,985
$
21,547
$
20,508
$
17,622
52.79%
55.92%
53.16%
56.37%
63.41%
(1) The Company believes these non-GAAP measurements are key indicators of the ongoing earnings power of the Company.
(2) Annualized.
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
3/31/2025
12/31/2024
9/30/2024
6/30/2024
3/31/2024
Tangible book value per common share (at period-end):
(1)
Total stockholders' equity
$
225,088
$
215,388
$
213,916
$
201,020
$
195,011
Less: Intangible assets
-
-
-
-
-
Tangible stockholders' equity
$
225,088
$
215,388
$
213,916
$
201,020
$
195,011
Total shares issued and outstanding (at period-end):
Total common shares issued and outstanding
20,048,385
19,924,632
19,620,632
19,630,632
19,650,463
Tangible book value per common share
(2)
$
11.23
$
10.81
$
10.90
$
10.24
$
9.92
Operating diluted net income per common share:
(1)
Operating net income
$
7,658
$
6,904
$
6,949
$
6,199
$
4,612
Total weighted average diluted shares of common stock
20,319,535
20,183,731
19,825,211
19,717,167
19,698,258
Operating diluted net income per common share:
$
0.38
$
0.34
0.35
0.31
0.23
Tangible Common Equity/Tangible Assets
(1)
$
225,088
$
215,388
$
213,916
$
201,020
$
195,011
(3)
$
2,677,382
2,581,216
2,503,954
2,458,270
2,489,142
Tangible Common Equity/Tangible Assets
8.41%
8.34%
8.54%
8.18%
7.83%
(1) The Company believes these non-GAAP 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 total assets is the same amount as total assets calculated under GAA
P.
Exhibit 99.2
EARNINGS PRESENTATION FIRST QUARTER 2025 NASDAQ: USCB USCB FINANCIAL HOLDINGS
FORWARD-LOOKING STATEMENTS This presentation 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,” “continue,” “seek,” 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 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: 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 credit loss reserve and deferred tax asset valuation allowance; 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 the 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 and changes in accounting principles, policies, practices or guidelines, including the on-going effects of the implementation of the Current Expected Credit Losses (“CECL”) standard; the lack of a significantly diversified loan portfolio and the 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 future acquisitions; inflation, interest rate, unemployment rate, and market and monetary fluctuations; the effects of potential new or increased tariffs and trade restrictions; impacts of international hostilities and geopolitical events; increased competition and its effect on the pricing of our products and services as well as our net 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 presentation 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, forward-looking statements included in this presentation are made only as of the date hereof, and we undertake no obligation to update or revise any forward-looking statements 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 securi ties laws. You should also review the risk factors described in the reports USCB Financial Holdings, Inc. filed or will file with the SEC. Non-GAAP Financial Measures This presentation 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 financial measures because it believes these measures may provide useful supplemental information for evaluating the Company’s expectations 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 financial measures reconciliation tables included in this presentation. All numbers included in this presentation are unaudited unless otherwise noted. 2
Q1 2025 HIGHLIGHTS GROWTH Average deposits increased by $166.6 million or 8.1% compared to the first quarter 2024. Average loans increased $205.3 million or 11.5% compared to the first quarter 2024. Liquidity sources as of March 31, 2025, aggregated $826 million in on-balance sheet and off-balance sheet sources. Tangible book value per common share (a non-GAAP measure) (1) at March 31, 2025, increased $0.42 or 3.9% to $11.23, compared to $10.81 at December 31, 2024. TBV for March 31, 2025, included an AOCI impact of ($2.05) and December 31 2024 ($2.24). PROFITATIBLITY Net income was $7.7 million or $0.38 per diluted share, an increase of $3.0 million or 66.0% compared to the first quarter 2024. Net interest income before provision increased $4.0 million or 26.1% for the quarter compared to the first quarter 2024. Non-interest expense increased $878 thousand or 7.9% for the quarter compared to the first quarter 2024. ROAA was 1.19% for the first quarter 2025 compared to 0.76% for the first quarter 2024. ROAE was 14.15% for the first quarter 2025 compared to 9.61% for the first quarter 2024.YY CAPITAL/CREDIT The Company’s Board of Directors declared a $0.10 per share of the Company’s Class A common stock dividend on April 21, 2025. The dividend will be paid on June 5, 2025, to shareholders of record at the close of business on May 15, 2025. At March 31, 2025, non-performing loans totaled $4.2 million. ACL coverage ratio was 1.22% at March 31, 2025, and 1.18% at March 31, 2024. Total stockholders' equity increased by $30.1 million or 15.4% compared to March 31, 2024. (1) Non-GAAP financial measure. See reconciliation in this presentation. 3
HISTORICAL FINANCIALS EOP for Balance Sheet amounts Loans In millions $735 $5,036 Deposits In millions $782 $2,310 Total Stockholders’ equity In millions $86 $225 ACL/Total Loans 1.17% 1.22% Net Charge-offs ($1,019) ($26) Nonperforming Assets/Total Assets 1.58% 0.16% Net Interest Income In millions $30 $70 Efficiency ratio 94.15% 52.79% PTPP ROAA 0.24% 1.68% (1) Loan amounts include deferred fees/costs. (2) ACL was calculated under the CECL standard methodology for all periods beginning January 1, 2023, and the incurred loss methodology for all periods before. (3) Non-GAAP financial measure. See reconciliation in this presentation. 4
FINANCIAL RESULTS In thousands (except per share data) 2025 Q4 2024 Q1 Balance Sheet (EOP) Income Statement Total Securities $436,929 $424,915 $433,030 Total Loans (1) $2,036,212 $1,972,848 $1,821,196 Total Assets $2,677,382 $2,581,216 $2,489,142 Total Deposits $2,309,569 $2,174,004 $2,102,794 Total Equity (2) $225,088 $215,388 $195,011 Net Interest Income $19,115 $19,358 $15,158 Non-Interest Income $3,716 $3,627 $2,464 Total Revenue (3) $22,831 $22,985 $17,622 Provision for Credit Losses $681 $1,030 $410 Non-Interest Expense $12,052 $12,854 $11,174 Net Income $7,658 $6,904 $4,612 Diluted Earning Per Share (EPS) $0.38 $0.34 $0.23 We ighted Average Diluted Shares 20,319,535 20,183,731 19,698,258 (1) Loan amounts include deferred fees/costs. (2) Total Equity includes accumulated comprehensive loss of $41.1 million for Q1 2025, $44.5 million for Q4 2024, and $45.4 million for Q1 2024. (3) Equals net interest income plus non-interest income. 5
KEY PERFORMANCE INDICATORS In thousands (except for TBV/share) Q1 2025 Q4 2024 Q1 2024 GROWTH PROFITABILITY CAPITAL/CREDIT Total Assets (EOP) $2,677,382 $2,581,216 $2,489,142 Total Loans (EOP) (1) $2,036,212 $1,972,848 $1,821,196 Total Deposits (EOP) $2,309,569 $2,174,004 $2,102,794 Tangible Book Value/Share (2)(3) $11.23 $10.81 $9.92 Return On Average Assets (ROAA) (4) 1.19% 1.08% 0.76% Return On Average Equity (ROAE) (4) 14.15% 12.73% 9.61% Net Interest Margin (4) 3.10% 3.16% 2.62% Efficiency Ratio 52.79% 55.92% 63.41% Non-Interest Expense/Avg. Assets (4) 1.88% 2.01% 1.84% Tangible Common Equity/Tangible Assets (2) 8.41% 8.34% 7.83% Total Risk-Based Capital (5) 13.72% 13.51% 12.98% NCO/Avg Loans (4) 0.00% 0.00% 0.00% NPA/Assets 0.16% 0.10% 0.02% Allowance for Credit Losses/Loans 1.22% 1.22% 1.18% (1) Loan amounts include deferred fees/costs. (2) Non-GAAP financial measures. See reconciliation in this presentation. (3) AOCI effect on tangible book value per share was ($2.05) for Q1 2025, ($2.24) for Q4 2024 and ($2.31) for Q1 2024. (4) Annualized. (5) Reflects the Company's regulatory capital ratios which are provided for informational purposes only; as a small bank holding company, the Company is not subject to regulatory capital requirements. 6
DEPOSIT PORTFOLIO Deposits AVG In millions $2,049 $2,083 $2,078 $2,139 $2,215 $323 $316 $326 $341 $400 $1,098 $1,101 $1,085 $1,156 $1,199 $53 $56 $58 $51 $53 $575 $610 $609 $591 $563 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Non-interest bearing deposits Interest-bearing checking deposits Money market and savings Time deposits Deposit Cost 2.76% 3.84% 2.64% 3.74% 2.66% 3.76% 2.48% 3.43% 2.49% 3.34% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Deposit Cost Interest-Bearing Deposit Cost Commentary Average deposits increased $76.6 million or 14.5% annualized compared to the prior quarter and increased $166.6 million or 8.1% compared to the first quarter 2024. DDA average balance decreased $27.8 million compared to prior quarter. However, EOP DDA balance increased $30.3 million compared to prior quarter. Interest-bearing deposit costs decreased 9 bps compared to prior quarter. However, the decrease in DDA average balance maintained the deposit cost at 2.49% for first quarter 2025. (1) Reflects effect of non-interest-bearing deposits. 7
LOAN PORTFOLIO Total Loans (VG) In millions 6.01% 6.16% 6.32% 6.25% 6.17% $1,782 $1,828 $1,878 $1,959 $1,987 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Loan Loan Yields Gross Total Loans (EOP) $1,818 $1,865 $1,928 $1,965 $2,029 $194 $195 $199 $198 $219 $100 $112 $104 $82 $103 $228 $248 $247 $258 $256 $238 $257 $283 $298 $301 $1,058 $1,053 $1,095 $1,128 $1,150 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Commercial real estate Residential real estate Commercial and industrial Correspondent banks Consumer and other Commentary Average loans increased $28.3 million or 5.9% annualized compared to prior quarter and $205.3 million or 11.5% compared to the first quarter 2024. Loan yield decreased 8 bps compared to the prior quarter and increased 16 bps compared to the first quarter 2024. Loan yield drivers: Higher loan production occurred late in the quarter, limiting the full impact of the new loan yields on quarterly results. Loan EOP balance increased $63.4 million or 13% annualized compared to prior quarter. SOFR index 90-day average for the first quarter 2025 decreased to 4.35% from 4.69% for the prior quarter, affecting approximately 28% of the variable-rate loan portfolio. (1) Excludes deferred fees/cost. 8
LOAN PRODUCTION Net Loan Production Trend In millions 8.16% 8.01% 7.75% 7.14% 6.67% $131 $91 $155 $108 $157 $95 $161 $123 $182 $119 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Loan Production/Line changes Loan Amortization/payoffs New loans weighted average coupon Loan Composition Trend EOP In millions $948.00 $2,029.00 28% 15% 63% 57% 9% 28% Jun-25 Mar-25 Residential real estate Commercial real estate Real Estate Loans Commercial and industrial, Correspondent banks, and Consumer and other Commentary Of the $63 million in net loan gross production, $20.1 million or 32% was generated by Correspondent banking. The weighted average coupon on new loans was 6.67% for the first quarter of 2025, 50 bps above the portfolio weighted average yield. Excluding new correspondent bank loans, the weighted average coupon for new loans increased to 7.15%. Correspondent bank loans consist of self-liquidating short-term trade financing loans, mostly with 180-day terms. Loan composition shift from real estate loans to non-CRE loans further diversifies our loan portfolio. 9
NET INTEREST MARGIN Net Interest Income/Margin In thousands (except ratios) 2.62% 2.94% 3.03% 3.16% 3.10% $15,158 $17,311 $18,109 $19,358 $19,115 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net Interest Income NIM Interest-Earning Assets Mix (AVG) 5% 4% 3% 2% 3% 18% 19% 18% 18% 17% 77% 77% 79% 80% 80% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total Loans Investment Securities Cash Balances and Equivalents Commentary Net interest income decreased $243 thousand or 5.1% annualized compared to prior quarter and increased $4.0 million or 26.1% compared to the first quarter 2024. Net interest margin decreased 6 bps compared to prior quarter and increased 48 bps compared to first quarter 2024. NIM Drivers: Net interest income was negatively impacted by lower day count compared to prior quarter. SOFR index 90-day average for the first quarter 2025 decreased to 4.35% from 4.69% for the prior quarter, affecting 28% of the variable-rate loan portfolio. Cash balances and equivalents increased by $25.6 million or 52% compared to prior quarter. Decrease of 10 bps in the cost of interest-bearing liabilities was offset by lower loan yield. (1) Annualized. 10
INTEREST RATE SENSITIVITY Loan Portfolio Repricing Profile by Rate Type Hybrid ARM 3% Fixed Rate 42% Variable Rate 55% 28% 10% 62% Prime CMT SOFR 24% 42% 12% 22% yrs. 1-2 yrs. 2-3 yrs >3 yrs. Static NII Simulation year 1 & 2 -100 1.1% 4.5% Net interest income changes from base ($in thousands and % change) -1.5% +100 -5.5% +100 11
ASSET QUALITY Allowance for Credit Losses (in thousands (except ratios) 1.18% 1.19% 1.19% 1.22% 1.22% $21,454 $22,230 $23,067 $24,070 $24,740 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Allowance for credit loss ACL/Total Loans Non-performing Loans In thousand s (except ratios) 0.03% 0.04% 0.14% 0.14% 0.20% $456 $758 $2,725 $2,707 $4,156 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Non-accrual loans Non-performing loans to total loans Commentary Allowance for credit losses increased $670 thousand compared to prior quarter and $3.3 million compared to first quarter 2024. ACL coverage ratio was at 1.22% as of March 31, 2025. Non-performing loans to total loans was 0.20% at March 31, 2025. Substandard loans totaled $9.0 million at March 31, 2025. Classified Loans to Total Loans 0.44% 0.45% 0.36% 0.37% 0.44% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 (1) Loans classified as substandard at period end. No loans classified doubtful at any of the dates presented. 12
LOAN PORTFOLIO MIX Loan Portfolio Mix (1) Residential real estate CRE - Owner occupied CRE - Non-owner occupied Commercial and industrial Correspondent banks Consumer and other 11% 15% 47% 10% 12% 5% $2,029 MM CRE :Loan Mix Land/Construction 4% Other 3% Retail 26% Multifamily 18% CRE - Owner Occupied 17% Warehouse 12% Hotels 10% $1,150MM CRE Loan Portfolio (non-owner occupied and owner occupied) Weighted Average Loan Type Outstanding Balance (1) LTV (2) DSCR (3) Average Loan Size (1) Retail $325 56% 1.60 $3.0 Multifamily $208 57% 1.34 $1.7 Office $220 55% 1.90 $1.5 Warehouse $190 55% 1.72 $1.6 Hotel $109 59% 1.89 $4.5 Other $51 57% 1.90 $1.7 Land/Construction $47 51% NA $2.5 (1) Balance in millions. Excludes deferred fees/cost. (2) LTV - Loan to value ratio. (3) DSCR - Debt service coverage ratio. 13
NON-INTEREST INCOME In thousands (except ratios) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Total service fees $2,331 $2,667 $2,544 $1,977 $1,651 Wire fees $570 $587 $563 $557 $521 Swap fees $93 $1,076 $1,285 $650 $285 Other $1,668 $1,004 $696 $770 $845 Gain on sale of securities available for sale - - - 14 - Gain on sale of loans held for sale 525 154 109 417 67 Other income 860 806 785 803 746 Total non-interest income $3,716 $3,627 $3,438 $3,211 $2,464 Average total assets $2,606,593 $2,544,592 $2,485,434 $2,479,222 $2,436,103 Non-interest income/Average assets (1) 0.58% 0.57% 0.55% 0.52% 0.41% Commentary Service fees increased $680 thousand compared to the first quarter 2024 mainly due loan pre-payment penalties and title insurance fees. Income from SWAP loans decreased due to market conditions during the first quarter 2025. Gain on sale of SBA 7a loans represented $525 thousand for the first quarter 2025. Non-interest income was 16.3% of total revenue for first quarter 2025 and 0.58% to average assets; both metrics are higher compared to first quarter 2024. 14
NON-INTEREST EXPENSE In thousands (except ratios) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Salaries and employee benefits $7,636 $7,930 $7,200 $7,353 $6,310 Occupancy 1,284 1,337 1,341 1,266 1,314 Regulatory assessments and fees 421 405 452 476 433 Consulting and legal fees 193 552 161 263 592 Network and information technology services 505 494 513 479 507 Other operating expense 2,013 2,136 1,787 1,723 2,018 Total non-interest expense $12,052 $12,854 $11,454 $11,560 $11,174 Efficiency ratio 52.79% 55.92% 53.16% 56.33% 63.41% Non-interest expense/Average assets (1) 1.88% 2.01% 1.83% 1.88% 1.84% Full-time equivalent employees 201 199 198 197 199 Commentary Efficiency ratio for the first quarter of 2025 was 52.79%, the lowest since the third quarter of 2021. Salaries and employee benefits decreased $294 thousand compared to prior quarter due to sales incentives and management bonus accruals based on the Company’s performance as compared to prior quarter. Consulting and legal expenses decreased $359 thousand due to legal expense reimbursement during the first quarter 2025 compared to prior quarter. Annualized. 15
CAPITAL Capital Ql 2025 04 2024 Leverage Ratio 59 9.61% 599 9.53% TCE/TA (2) 8.41% 8.34% Tier 1 Risk- Based Capital 12.48% 12.28% Total Risk- Based Capital 13.72% 13.51% AOCI In Millions ($41.1) ($44.5) “22 9 9 8.91% 5.00% 7.83% NA 11.80% 8.00% 12.98% 10.00% ($45.4) Commentary The Company paid in March 2025 a cash dividend of $0.10 per share of the Company’s Class A common stock; the aggregate distributed dividend amount was $2.0 million. AOCI was ($41.1) million or ($2.05) per share as of March 31, 2025. Q1 2025 EOP common stock shares outstanding: 20,048,385. (1) Reflects the Company's regulatory capital ratios which are provided for informational purposes only; as a small bank holding company, the Company is not subject to regulatory capital requirements. (2) Non-GAAP financial measures. See reconciliation in this presentation. 16
TAKEAWAYS Leading franchise located in one of the most attractive banking markets in Florida and the U.S. Robust organic growth Strong asset quality, with minimal charge-offs experienced since 2015 recapitalization Experienced and tested management team Strong profitability, with pathway for future enhancement identified Core funded deposit base with 26% non-interest-bearing deposits (EOP) 17
APPENDIX - NON-GAAP RECONCILIATION In thousands (except ratios) As of or For the Three Months Ended 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Pre-tax pre-provision ("PTPP") income: (1) Net income $ 7,658 $ 6,904 $ 6,949 $ 6,209 $ 4,612 Rus: Provision for income taxes 2,440 2,197 2,213 1,967 1,426 Rus: provision for cred it los ses 681 1,030 931 786 410 PTPP income s 10,779 s 10,131 s 10,093 s 8,962 s 6,448 PTPP return on average assets: (1) PTPP income s 10,779 s 10,131 s 10.093 s 8,962 s 6.448 Average assets $ 2,606,593 $ 2,544,592 $ 2.485.434 $ 2,479,222 $ 2.436.103 PTPP return on average assets (2) 1.68% 1.58% 1 62% 1.45% 1.06% Operating net income: (1) Net income s 7,658 s 6,904 s 6,949 s 6.209 s 4,612 Less: Net gains on sale of securities - - - 14 - Less: Tax effect on sale of securities - - - (4) - Operating net inc ome s 7,658 s 6,904 s 6,949 s 6,199 s 4,612 Operating PTPP incom e: (1) PTPP income s 10,779 s 10,131 s 10,093 s 8,962 s 6,448 Less: Net gains on sale of securities - - - 14 - Opera ting PTFP inc ome S 10,779 $ 10,131 $ 10,093 $ 8,948 $ 6,448 Operating PTPP return on average assets: (1) Operating PTFP inc ome S 10,779 S 10,131 S 10,093 S 8,948 S 6,448 Average assets $ 2,606,593 $ 2,544,592 $ 2,485,434 $ 2,479,222 $ 2,436,103 Operating PTFP return on average assets (2) 1.68% 1.58% 1.62% 1.45% 1.06% 18
APPENDIX - NON-GAAP RECONCILIATION In thousands (except ratios and share data) As of or For the Three Months Ended 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 Tangible book value per common share (at period-end): (1) Total stockholders’ equity $ 225,088 $ 215,388 $ 213,916 $ 201,020 $ 195,01 1 Less: Intangible assets - - - - - Less: Preferred stock Tangible stockholders’ equity s 225,088 s 215,388 s 213,916 s 201,020 s 195,011 Total shares issued and outstanding (at period-end): Total common shares issued and outstanding 20,048,385 19,924,632 19,620,632 19,630,632 19,650,463 Tangible book value per common share (2) S 11.23 S 10.81 S 10.90 S 10.24 S 9.92 Operating diluted net incom e per com mons hare: (1) Operating net income $ 7,658 $ 6,904 $ 6,949 $ 6,199 $ 4,612 Total weighted average diluted shares of common stock 20,319,535 20,183,731 19,825,211 19,717,167 19,698,258 Operating diluted net income per common share: s 0.38 s 0.34 s 0.35 s 0.31 s 0.23 Tangible Com m on Equity/Tangible Assets (1) Tangible stockholders’ equity s 225,088 s 215,388 s 213,916 s 201,020 s 195,011 Tangible total assets (3) $ 2,677,382 $ 2,581,216 $ 2,503,954 $ 2,458,270 $ 2,489,142 Tangible Common Equity/Tangible Assets 8.41% 8.34% 8.54% 8.18% 7.83% 1. The Company believes these non-GAAP measurements are key indicators of the ongoing earnings pow er 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 total assets is the same amount as total assets calculated under GAAP. 19
CONTACT INFORMATION LOU DE LA AGUILERA Chairman, President & CEO [email protected] ROB ANDERSON EVP, Chief Financial Officer (305) 715-5393 [email protected] INVESTOR RELATIONS [email protected] 20