8-K - USCB - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

__________________________

FORM

8-K

__________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act

of 1934

Date of Report (Date of earliest event reported):

April 28, 2022

__________________________

USCB Financial Holdings, Inc.

(Exact name of Registrant as Specified in Its Charter)

__________________________

Florida

001-41196

87-4070846

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

2301 N.W. 87th Avenue

Miami

Florida

33172

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone

Number, Including Area Code: (

305

)

715-5200

__________________________

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:

☐

Written communications pursuant

to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a

-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b)

under the Exchange Act (17 CFR 240.14d-2(b))

☐

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:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Class A common stock, $1.00 par value per share

USCB

The Nasdaq Stock Market LLC

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

☒

emerging

growth

company,

indicate

check

mark

the

registrant

has

elected

not

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.

☐

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2022, USCB Financial Holdings, Inc. (the “Company”), issued a press release announcing its financial results for

the first quarter ended March 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on 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

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.

Item 7.01 Regulation FD Disclosure.

As previously announced, at 9:00 a.m. ET on April 29, 2022, the Company will hold an earnings conference

call to discuss its

financial performance for the quarter. A copy of the slides forming the

basis of the presentation is being

furnished as Exhibit 99.2 to this

Current Report on

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 Exhibits

99.1 and

99.2, is

being furnished

and shall

not be

deemed “filed”

for

purposes

Section

the

Exchange

Act,

otherwise

subject

the

liability

that

section,

and

shall

not

deemed

incorporated by reference into any filing under the Securities Act or the Exchange

Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

USCB Financial Holdings, Inc. Press Release, dated April 28, 2022

99.2

Earnings Presentation, dated April 29, 2022

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 28, 2022

exhibit991

Exhibit 99.1

EARNINGS RELEASE

USCB Financial Holdings, Inc. Reports First Quarter 2022 Results

MIAMI –

April 28,

2022 –

USCB Financial

Holdings, Inc.

(the “Company”)

(NASDAQ: USCB)

, the

holding company

for U.S.

Century Bank,

reported net

income of

$4.9 million

or $0.24

per diluted

share for

the three

months ended

March 31, 2022,

compared

with net income of $4.8 million or $0.78 and $0.16 per diluted share for Class A and Class B common stock, respectively,

for the same

period in 2021. On December 21, 2021, the Company agreed to exchange all the outstanding shares of Class B common stock for Class

A common stock at a ratio of 5

to 1. As of December 31, 2021, the Company’s only class of securities issued and

outstanding was Class

A common stock.

“Despite recent

broad macroeconomic

and geopolitical

concerns, I

am pleased

with our

first quarter

financial results,

which showed

continued growth in both

our loan and deposit portfolios.

We continue

to employ excess liquidity

to purchase securities and maximize

returns while maintaining pristine credit quality,”

said Luis de la Aguilera, President and Chief Executive Officer

(“CEO”).

During the first quarter

of 2022, the Board of

Directors (the “Board”) approved

a share repurchase program of

up to 750,000 shares of

Class A common stock. Under the repurchase program, the Company may purchase shares of Class A common stock on

a discretionary

basis from time to time

through open market repurchases, privately

negotiated transactions, or other means.

As of March 31, 2022, the

Company had not repurchased any shares.

During the quarter ended March 31, 2022, the Company appointed

the following three new Board members:

•

Ramon A.

Rodriguez (appointed

February 15,

2022) -

A well-respected

Certified Public

Accountant in

Florida with decades

experience,

currently

serves as

Chairman

and

CEO of

Cable

Insurance,

a property

and casualty

insurer

dedicated

to the

commercial automotive

market. Previously,

he was CEO

of Madsen Sapp

Mena Rodriguez &

Co. from 1971

until he retired

from

public

accounting

2009.

Mr.

Rodriguez

was

founder

and

board

member

DME

Corporation,

manufacturing

company in

the defense

and aerospace

sector,

from 1975

to 2009.

He also

served on

the board

of Republic

Services, Inc.,

solid waste company listed on the NYSE, from 1999 to 2020 and

is a past chairman of the board.

•

Robert E. Kafafian

(appointed March 28,

2022) - A recognized

banking industry leader

in performance measurement

and the

founder, Chairman and

CEO of The Kafafian Group, Inc.

He has a distinguished 40-year career

consulting and advising more

than 500 financial institutions across the United States

and has been instrumental in the

design and development of a nationally

recognized bank profitability software

product. Mr.

Kafafian is a frequent speaker

and writer on a variety

of banking subjects

and is often quoted in banking periodicals. He teaches at numerous state, regional,

and national banking schools.

•

Maria C. Alonso (appointed March 31,

2022) - A highly regarded business

executive with a proven track record

spanning more

than

years

across

banking,

marketing,

social

responsibility,

and

community

engagement,

most

recently

served

the

President and CEO

of United Way Miami, one

of the region’s largest philanthropies, from

2017 through 2021. Her

involvement

community

organizations

has

included:

New

World

School

the

Arts

(past

Executive

Committee

Chair),

Leadership

Florida,

International

Women’s

Forum,

Greater

Miami

Chamber

Commerce

(past

Board

Chair),

Miami-Dade

Beacon

Council

(past

One

Community,

One

Goal

Co-Chair),

Camillus

House,

Miami

Dade

College

Foundation,

The

Miami

Foundation,

and

Teach

for

America.

Ms.

Alonso

recognized

community

leader

having

received

numerous

awards

celebrating her civic, business, and philanthropic contributions to the South

Florida community.

Unless otherwise

stated,

all percentage

comparisons

the bullet

points

below

are

calculated

for

the

quarter

ended

March 31,

2022

versus the quarter ended March 31, 2021 and annualized where appropriate

Profitability

•

Annualized return

on average

assets for

the quarter

ended March 31,

2022 was

1.03% compared

to 1.23%

for the first

quarter of

2021.

•

Annualized return

on average stockholders’

equity for the

quarter ended

March 31, 2022 was

9.75%

compared to

11.30%

for the

first quarter of 2021.

•

The efficiency ratio for the quarter ended March 31, 2022

increased to 58.88% compared to 58.64% for the first quarter of 2021.

•

Net interest margin decreased to 3.22% for the quarter

ended March 31, 2022 compared to 3.35% for the first quarter of 2021.

•

Net interest income was $14.4 million for the quarter ended March 31, 2022, an increase of $1.9 million or 15.3% compared to the

first quarter of 2021. The increase was primarily driven by higher

loan and investment income along with lower deposit costs.

Balance Sheet

•

Total assets were $2.0

billion at March 31, 2022, representing an increase of $333.9 million or 20.4

from March 31, 2021.

•

Total deposits were $1.

billion at March 31, 2022, representing an increase of $309.1 million or 22.0%,

from March 31, 2021.

•

Total

shareholders’

equity

was

$192.0 million

March 31,

2022,

representing

increase

$21.6 million

12.7%

from

March 31, 2021.

•

Total loans were $1.3

billion at March 31, 2022, representing an increase of $154.4 million or 14.0% from

March 31, 2021.

Asset Quality

•

The allowance for credit losses was $15.1 million and $15.0 million as of March

31, 2022 and 2021, respectively.

•

The allowance

for credit

losses represented

1.20% of

total loans

at March 31,

2022 compared

to 1.36%

at March

31, 2021.

The

decrease in coverage was primarily driven by reduced uncertainty around

the economic impact of the COVID-19 pandemic on our

loan portfolio.

•

Non-performing loans to total loans was 0.00% at March 31, 2022 compared

to 0.06% at March 31, 2021.

Non-interest Income and Non-interest Expense

•

Non-interest

income totaled

$1.9

million

for

the

three

months

ended March 31,

2022

decrease

376

thousand

or 16.2%

compared to the same period in 2021. The decrease was primarily driven

by fewer loan sales resulting in gains.

•

Non-interest expense was $9.6 million for the three months ended March 31, 2022 compared to $8.7 million for the same period in

2021.

The

increase

was

primarily

driven

higher

salaries

and

employee

benefits

due

new

hires,

salary

compensation,

and

seasonal payroll taxes.

Capital

•

The Company and its wholly owned subsidiary, U.S. Century

Bank (the “Bank”), exceeded all regulatory capital requirements and

remained significantly

above “well-capitalized”

guidelines. As

of March 31,

2022,

total risk-based

capital ratio

for the Company

and the Bank was 14.49% and 14.41%, respectively.

Conference Call and Webcast

USCB Financial

Holdings, Inc.

(the “Company”),

will host a

conference call

on Friday,

April 29,

2022, at

9:00 a.m. Eastern

Time to

discuss the Company’s unaudited

financial results for the quarter ended March 31, 2022. To

access the conference call, dial (844) 221-

2148 (domestically) or (929) 517-0937 (internationally) and use conference

code 6069233.

Additionally,

interested

parties can

listen to

a live

webcast

of the

call in

the “Investor

Relations” section

of the

Company’s

website

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

financial

products

and

services

and

supports

numerous

community

organizations,

including

the

Greater

Miami

Chamber

Commerce, the South

Florida Hispanic Chamber

of Commerce, and

ChamberSouth. For more

information 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 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. The

words “may,”

“will,” “anticipate,” “should,”

“would,” “believe,”

“contemplate,” “expect,”

“aim,” “plan,”

“estimate,” “continue,”

and

“intend,”

well

other

similar

words

and

expressions

the

future,

are

intended

identify

forward-looking

statements.

These

forward-looking

statements

include

statements

our

projected

growth,

anticipated

future

financial

performance,

and

management’s long-term performance goals, as

well as

statements relating to

the anticipated effects

on results of

operations and financial

condition from expected developments or events, or business and

growth strategies, including anticipated internal growth.

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;

•

the COVID-19 pandemic and its impact on us, our employees, customers and third-party

service providers, and the ultimate extent

of the impacts of the pandemic and related government stimulus programs;

•

our ability to successfully manage interest rate risk, credit risk, liquidity risk,

and other risks inherent to our industry;

•

the

accuracy

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 environment;

•

our ability to comply with

the extensive laws and

regulations to which we are

subject, including the laws for

each jurisdiction where

we operate;

•

legislative or regulatory changes and changes in accounting principles, policies, practices or guidelines, including the effects of the

forthcoming implementation of the Current Expected Credit Losses (“CECL”)

standard;

•

the effects of

our lack of

a diversified loan

portfolio and concentration in

the South Florida

market, including the

risks of geographic,

depositor, and industry concentrations, including

our concentration in loans secured by real estate;

•

the concentration of ownership of our Class A common stock;

•

fluctuations in the price of our Class A 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, market, and monetary

fluctuations;

•

increased competition and its effect on the pricing of our products

and services as well as our margins;

•

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

update or

revise any

forward-looking statement

to reflect

events or

circumstances after

the date

on which

the statement

is 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 and, for periods prior to the completion of the bank holding

company reorganization in December 2021, the Bank

filed with the FDIC.

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

believes

these

measures

may

provide

useful

supplemental

information

for

evaluating

the

Company’s

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

addition

to,

and

not

alternative

substitute

for,

measures

determined

accordance

with

GAAP,

and

are

not

necessarily

comparable to non-GAAP

measures that may

be presented by

other companies. To

the extent applicable,

reconciliations of these

non-

GAAP measures to the most directly

comparable GAAP measures can be

found in the ‘Non-GAAP Reconciliation

Tables’ included

the exhibits to this earnings release.

You

should assume that all numbers are unaudited unless otherwise noted.

Contacts:

Investor Relations

InvestorRelations@uscentury.com

Media Relations

Martha Guerra-Kattou

MGuerra@uscentury.com

USCB FINANCIAL HOLDINGS, INC.

CONSOLIDATED STATEMENTS

OF INCOME (UNAUDITED)

(Dollars in thousands, except per share data)

Three Months Ended March 31,

2022

2021

Interest income:

Loans, including fees

12,982

11,868

Investment securities

2,329

1,844

Interest-bearing deposits in financial institutions

Total interest income

15,342

13,728

Interest expense:

Interest-bearing deposits

Savings and money markets accounts

551

548

Time deposits

259

554

Federal Home Loan Bank advances

137

Total interest expense

963

1,253

Net interest income before provision for credit losses

14,379

12,475

Provision for credit losses

(160)

Net interest income after provision for credit losses

14,379

12,635

Non-interest income:

Service fees

900

889

Gain on sale of securities available for sale, net

Gain on sale of loans held for sale, net

334

964

Loan settlement

161

Other non-interest income

529

406

Total non-interest income

1,945

2,321

Non-interest expense:

Salaries and employee benefits

5,875

5,278

Occupancy

1,270

1,387

Regulatory assessment and fees

213

178

Consulting and legal fees

517

185

Network and information technology services

387

508

Other operating

1,350

1,141

Total non-interest expense

9,612

8,677

Net income before income tax expense

6,712

6,279

Income tax expense

1,858

1,498

Net income

4,854

4,781

Preferred stock dividend

781

Net income available to common stockholders

4,854

4,000

Allocation of net income per common stock class:

(1)

Class A

4,854

3,042

Class B

958

Per share information:

(1)

Class A common stock

(2)

Net income per share, basic

0.24

0.78

Net income per share, diluted

0.24

0.78

Class B common stock

Net income per share, basic

0.16

Net income per share, diluted

0.16

Weighted average shares outstanding:

Class A common stock

(2)

Basic

19,994,953

3,889,469

Diluted

20,109,783

3,913,279

Class B common stock

Basic

6,121,052

Diluted

6,121,052

(1)

For the three months ended March 31, 2021, the allocation

of net income available to common stockholders

was based on the weighted average shares outstanding

per common share class to the total weighted average shares

outstanding during the period. The income allocation is calculated

using the weighted average shares

outstanding of Class B common stock on a as-converted basis (20%

per share equivalent to Class A common stock).

(2)

For the three months ended March 31, 2021, the common

stock outstanding, weighted average shares and net

income per share for the Class A common stock were

adjusted to reflect the 1 for 5 reverse stock split that occurred

in June 2021.

USCB FINANCIAL HOLDINGS, INC.

SELECTED FINANCIAL DATA (UNAUDITED)

(Dollars in thousands, except per share data)

As of or For the Three Months Ended

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

Income Statement Data:

Net interest income

14,379

14,076

13,471

12,474

12,475

Provision for credit losses

(160)

Net interest income after provision for credit losses

14,379

14,076

13,471

12,474

12,635

Service fees

900

961

856

903

889

Gain (loss) on sale of securities available for sale, net

(70)

187

Gain on sale of loans held for sale, net

334

107

532

964

Gain on sale of other assets

983

Loan settlement

161

2,500

Other income

529

558

399

403

406

Total non-interest income

1,945

2,644

4,217

1,516

2,321

Salaries and employee benefits

5,875

5,634

5,313

5,213

5,278

Occupancy

1,270

1,267

1,192

1,411

1,387

Regulatory assessment and fees

213

317

195

178

Consulting and legal fees

517

539

357

373

185

Network and information technology services

387

268

358

332

508

Other operating

1,350

1,518

1,470

1,150

1,141

Total non-interest expenses

9,612

9,319

9,007

8,674

8,677

Net income before income tax expense

6,712

7,401

8,681

5,316

6,279

Income tax expense

1,858

1,751

2,088

1,263

1,498

Net income

4,854

5,650

6,593

4,053

4,781

Preferred stock dividend

542

754

781

Exchange and redemption of preferred shares

89,585

Net income (loss) available to common stockholders

4,854

5,650

(83,534)

3,299

4,000

Allocation of net income (loss) per common stock class:

(1)

Class A

4,854

5,650

(77,278)

2,509

3,042

Class B

(6,256)

790

958

Per share information:

Class A common stock

(2)

Net income (loss) per share, basic

0.24

0.30

(5.11)

0.65

0.78

Net income (loss) per share, diluted

0.24

0.30

(5.11)

0.64

0.78

Class B common stock

Net income (loss) per share, basic

(1.02)

0.13

0.16

Net income (loss) per share, diluted

(1.02)

0.13

0.16

Balance Sheet Data (at period-end):

Cash and cash equivalents

94,113

46,228

69,597

47,117

105,940

Securities available-for-sale

392,214

401,542

328,171

395,804

341,344

Securities held-to-maturity

122,361

122,658

99,866

Total securities

514,575

524,200

428,037

395,804

341,344

Loans held for investment

(3)

1,258,388

1,190,081

1,176,412

1,145,095

1,103,981

Allowance for credit losses

(15,074)

(15,057)

(14,900)

(14,848)

(15,009)

Total assets

1,967,252

1,853,939

1,755,011

1,667,005

1,633,359

Non-interest-bearing deposits

656,622

605,425

570,091

555,993

516,550

Interest-bearing deposits

1,056,672

984,954

914,498

882,783

887,681

Total deposits

1,713,294

1,590,379

1,484,589

1,438,776

1,404,231

Federal Home Loan Bank advances and other borrowings

36,000

Total liabilities

1,775,213

1,650,042

1,553,093

1,500,703

1,462,934

Total stockholders' equity

192,039

203,897

201,918

166,302

170,425

Capital ratios:

(4)

Leverage ratio

9.47%

9.55%

9.69%

7.91%

8.57%

Common equity tier 1 capital

13.35%

13.70%

13.85%

9.24%

9.47%

Tier 1 risk-based capital

13.35%

13.70%

13.85%

11.44%

12.54%

Total risk-based capital

14.49%

14.92%

15.10%

12.69%

13.80%

(1)

The allocation of net income (loss) available to common

stockholders was based on the weighted average

shares outstanding per common share class to the total

weighted average shares outstanding during each period. The income

(loss) allocation is calculated using the weighted average shares

outstanding of Class B common

stock on a as-converted basis (20% per share equivalent

to Class A common stock).

(2)

The quarters ended June 30, 2021 and prior were all adjusted

for the 1 for 5 reverse stock split.

(3)

Loan amounts include deferred fees/costs.

(4)

The Bank Holding Company was formed during

the quarter ended December 31, 2021. As such, the capital ratios

for Q1 2022 and Q4 2021 are for the Bank

Holding Company and for Q3 2021 and prior are for the

Bank.

USCB FINANCIAL HOLDINGS, INC.

AVERAGE BALANCES, RATIOS, AND OTHER (UNAUDITED)

(Dollars in thousands)

As of or For the Three Months Ended

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

Average balance sheet data:

Cash and cash equivalents

99,911

87,819

116,622

108,028

86,157

Securities available-for-sale

385,748

374,589

346,407

382,990

334,723

Securities held-to-maturity

122,381

114,108

51,238

Total securities

508,129

488,697

397,645

382,990

334,723

Loans held for investment

(1)

1,211,432

1,158,755

1,144,275

1,088,492

1,071,782

Total assets

1,913,484

1,828,037

1,741,423

1,660,060

1,573,881

Interest-bearing deposits

1,023,844

958,241

912,330

896,271

861,300

Non-interest-bearing deposits

626,400

603,735

564,928

535,894

482,376

Total deposits

1,650,244

1,561,976

1,477,258

1,432,165

1,343,676

Federal Home Loan Bank advances and other borrowings

36,011

36,000

Total liabilities

1,711,624

1,625,675

1,546,414

1,493,129

1,402,305

Total stockholders' equity

201,860

202,362

195,009

166,931

171,576

Performance ratios:

Return on average assets

(2)

1.03%

1.23%

1.50%

0.98%

1.23%

Return on average equity

(2)

9.75%

11.08%

13.41%

9.74%

11.30%

Net interest margin

(2)

3.22%

3.19%

3.14%

3.35%

Non-interest income to average assets

(2)

0.41%

0.57%

0.96%

0.37%

0.60%

Efficiency ratio

(3)

58.88%

55.74%

50.92%

62.00%

58.64%

Loans by type (at period end):

(4)

Residential real estate

204,317

201,359

201,124

213,575

231,554

Commercial real estate

782,072

704,988

693,469

673,944

650,762

Commercial and industrial

134,832

146,592

137,486

155,440

174,546

Foreign banks

63,985

59,491

58,839

62,042

45,659

Consumer and other

73,765

79,229

87,515

43,979

5,627

Asset quality data:

Allowance for credit losses to total loans

1.20%

1.27%

1.30%

1.36%

Allowance for credit losses to non-performing loans

1,265%

82,778%

74,240%

2,214%

Non-accrual loans less non-accrual TDRs

1,190

228

Non-accrual TDRs

450

Loans- over 90 days past due and accruing

Total non-performing loans

(5)

1,190

678

Non-performing loans to total loans

0.10%

0.00%

0.06%

Non-performing assets to total assets

0.06%

0.00%

0.04%

Net charge-offs (recoveries of) to average loans

(2)

(0.01)%

(0.05)%

(0.02)%

0.06%

(0.03)%

Net charge-offs (recovery of) credit losses

(17)

(157)

(51)

160

(83)

Interest rates and yields:

(2)

Loans

4.35%

4.32%

4.29%

4.19%

4.43%

Investment securities

1.85%

1.81%

1.86%

2.04%

2.19%

Total interest-earning assets

3.43%

3.41%

3.43%

3.41%

3.69%

Deposits

0.20%

0.21%

0.22%

0.26%

0.34%

Borrowings and repurchase agreements

1.54%

1.51%

1.52%

Total interest-bearing liabilities

0.37%

0.38%

0.40%

0.45%

0.57%

Other information:

Full-time equivalent employees

190

187

184

183

186

(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 for the periods presented since there were

no impaired investments or

other real estate owned (OREO) recorded.

USCB FINANCIAL

HOLDINGS, INC.

NET INTEREST MARGIN (UNAUDITED)

(Dollars in thousands)

Three Months Ended March 31,

2022

2021

Average

Balance

Interest

Yield/Rate

(1)

Average

Balance

Interest

Yield/Rate

(1)

Assets

Interest-earning assets:

Loans

(2)

1,211,432

12,982

4.35%

1,071,782

11,868

4.43%

Investment securities

(3)

510,257

2,329

1.85%

337,434

1,844

2.19%

Other interest-earnings assets

90,137

0.14%

78,568

0.08%

Total interest-earning assets

1,811,826

15,342

3.43%

1,487,784

13,728

3.69%

Non-interest-earning assets

101,658

86,097

Total assets

1,913,484

1,573,881

Liabilities and stockholders' equity

Interest-bearing liabilities:

Interest-bearing demand deposits

64,436

0.10%

44,549

0.13%

Saving and money market deposits

736,134

551

0.30%

568,595

548

0.39%

Time deposits

223,274

259

0.47%

248,156

554

0.91%

Total interest-bearing deposits

1,023,844

826

0.33%

861,300

1,116

0.53%

Borrowings and repurchase agreements

36,011

137

1.54%

36,000

137

1.52%

Total interest-bearing liabilities

1,059,855

963

0.37%

897,300

1,253

0.57%

Non-interest-bearing demand deposits

626,400

482,376

Other non-interest-bearing liabilities

25,369

22,629

Total

liabilities

1,711,624

1,402,305

Stockholders' equity

201,860

171,576

Total liabilities and stockholders' equity

1,913,484

1,573,881

Net interest income

14,379

12,475

Net interest spread

(4)

3.07%

3.13%

Net interest margin

(5)

3.22%

3.35%

(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 on total interest-earning

assets minus the average rate on total interest-bearing liabilities.

(5)

Net interest margin is the ratio of net interest income to total

interest-earning assets.

USCB FINANCIAL HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(Dollars in thousands)

As of or For the Three Months Ended

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

Pre-Tax Pre-Provision ("PTPP") Income:

Net income

4,854

5,650

6,593

4,053

4,781

Plus: Provision for income taxes

1,858

1,751

2,088

1,263

1,498

Plus: Provision for (recovery of) credit losses

(160)

PTPP income

6,712

7,401

8,681

5,316

6,119

PTPP Return on Average Assets:

PTPP income

6,712

7,401

8,681

5,316

6,119

Average assets

1,913,484

1,828,037

1,741,423

1,660,060

1,573,881

PTPP return on average assets

(1)

1.42%

1.61%

1.98%

1.28%

1.58%

Operating Net Income:

Net income

4,854

5,650

6,593

4,053

4,781

Less: Net gains (losses) on sale of securities

(70)

187

Less: Tax effect on sale of securities

(5)

(9)

(46)

(15)

Operating net income

4,838

5,624

6,646

3,912

4,734

Operating PTPP Income:

PTPP income

6,712

7,401

8,681

5,316

6,119

Less: Net gains (losses) on sale of securities

(70)

187

Operating PTPP Income

6,691

7,366

8,751

5,129

6,057

Operating PTPP Return on Average Assets:

Operating PTPP income

6,691

7,366

8,751

5,129

6,057

Average assets

1,913,484

1,828,037

1,741,423

1,660,060

1,573,881

Operating PTPP Return on average assets

(1)

1.42%

1.60%

1.99%

1.24%

1.56%

Operating Return on Average Assets:

Operating net income

4,838

5,624

6,646

3,912

4,734

Average assets

1,913,484

1,828,037

1,741,423

1,660,060

1,573,881

Operating return on average assets

(1)

1.03%

1.22%

1.51%

0.95%

1.22%

(1)

Annualized.

USCB FINANCIAL HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES (UNAUDITED)

(Dollars in thousands, except per share data)

As of or For the Three Months Ended

3/31/2022

12/31/2021

9/30/2021

6/30/2021

3/31/2021

Tangible book value per common share (at period-end):

(1)

Total stockholders' equity (GAAP)

192,039

203,897

201,918

166,302

170,425

Less: Intangible assets

Less: Preferred stock

24,616

32,077

Tangible stockholders' equity (non-GAAP)

192,039

203,897

201,918

141,686

138,348

Total shares issued and outstanding (at period-end):

(2)

Class A common shares

20,000,753

19,991,753

18,767,541

3,889,469

Class B common shares

1,224,212

Total common shares issued and outstanding

20,000,753

19,991,753

5,113,681

Tangible book value per common share (non-GAAP)

9.60

10.20

10.10

27.71

27.05

Operating net income available to common stockholders:

(1)

Net income (GAAP)

4,854

5,650

6,593

4,053

4,781

Less: Preferred dividends

542

754

781

Less: Exchange and redemption of preferred shares

89,585

Net income (loss) available to common stockholders (GAAP)

4,854

5,650

(83,534)

3,299

4,000

Add back: Exchange and redemption of preferred shares

89,585

Operating net income avail. to common stock (non-GAAP)

4,854

5,650

6,051

3,299

4,000

Allocation of operating net income per common stock

class:

Class A common stock

4,854

5,650

5,598

2,509

3,042

Class B common stock

453

790

958

Weighted average shares outstanding:

Class A common stock

Basic

19,994,953

18,913,914

15,121,460

3,889,469

Diluted

20,109,783

19,023,686

15,187,729

3,933,636

3,913,279

Class B common stock

Basic

6,121,052

Diluted

6,121,052

Diluted EPS:

(3) (4)

Class A common stock

Net income (loss) per diluted share (GAAP)

0.24

0.30

(5.11)

0.64

0.78

Add back: Exchange and redemption of preferred shares

5.48

Operating net income per diluted share (non-GAAP)

0.24

0.30

0.37

0.64

0.78

Class B common stock

Net income (loss) per diluted share (GAAP)

(1.02)

0.13

0.16

Add back: Exchange and redemption of preferred shares

1.09

Operating net income per diluted share (non-GAAP)

0.07

0.13

0.16

(1)

The Company believes these non-GAAP measurements

are a key indicator of the ongoing earnings power

of the Company.

(2)

During the quarter ended September 30, 2021, 47,473

shares of Class C preferred stock and 11,061,552 shares of Class D

preferred stock converted into 10,278,072

shares of Class A common stock. Additionally, the Bank closed on the initial public offering

of its Class A common stock on July 27, 2021, in which it

issued

4,600,000 shares of Class A common stock. As such, the

total shares issued and outstanding of Class A common stock

was 18,767,541 shares at September 30, 2021.

(3)

During the quarter ended September 30, 2021, basic

net loss per share is the same as diluted net loss per share

as the inclusion of all potential common shares

outstanding would have been antidilutive.

(4)

During the quarter ended December 31, 2021, the Company

entered into agreements with the Class B shareholders

to exchange all outstanding Class B non-voting

stock for Class A voting common stock at a ratio of

5 to 1. In calculating net income (loss) per diluted share

for the prior quarters presented, the allocation of operating

net income available to common stockholders was based

on the weighted average shares outstanding per common share

class to the total weighted average shares

outstanding during each period. The operating net income allocation

was calculated using the weighted average shares

outstanding of Class B common stock on a as-

converted basis.

exhibit992

Exhibit 99.2USCB FINANCIAL HOLDINGSFirst Quarter

2022Earnings PresentationApril 29,

20221

Forward

Looking Statements

This presentation may contain statements that are not historical

in nature 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 amend

ed. The words “may,” “will,” “anticipate,” “should,” “would,”

“believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,”

“continue,” and “intend,” as well as other similar words and expressions

of the future, are intended to identify forward

looking st

atements. These forward

looking statements include statements related to our projected growth, anticipated

future financial performance, and manageme

nt’s long

term performance goals, as well as statements relating to the anticipated

effects on results of o

perations and financial condition from expected developments

or events, or business and growth strategies, including anticipa

ted internal growth.

These forward

looking statements involve significant risks and uncertainties that could

cause our actual resul

ts to differ materially from those anticipated in such statements.

Potential risks and uncertainties include, but are not lim

ited to:

the strength of the United States economy in general and

the strength of the local economies in which we conduct operati

ons;

the COVID

19 pandemic and its impact on us, our employees, customers and third

party service providers, and the ultimate extent of the impacts of

the pandemic and related government stimulus programs;

our ability to successfully manage interest ra

te 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 a

nd deferred tax asset valuation allowance;

the

efficiency and effectiveness of our internal control environment;

our ability to comply with the extensive laws and regulations

to which we are subject, including the laws for each jurisdiction where

we operate;

legislative or regulatory changes and ch

anges in accounting principles, policies, practices or guidelines,

including the effects of the forthcoming implementation of

the

Current Expected Credit Losses (“CECL”)

tandard;

the effects of our lack of a diversified loan portfolio and concentration

in the South Florida market, including the risks of geographic, depositor,

and industry concentrations, including our concent

ration in loans secured by

real estate;

the concentration of ownership of our Class A common stock;

fluctuations in the price o

f our Class A common stock;

our ability to fund or access the capital markets at attractive

rates and terms and manage our growt

h, both organic growth as well as growth through other means,

such as future acquisitions;

inflation, interest rate,

unemployment rate, market, and monetary fluctuations;

increased competition and its effect on the pricing of our products

and services as well as our margins;

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 expectati

ons. Therefore, you are cautioned not to place undue reliance

on any forward

looking statements. Further, forward

looking statemen

ts included in this presentation are made only as of the date hereof,

and we undertake no obligation to update or revise any

forward

look

ing statement to reflect events or circumstances after the date on

which the statement is made or to reflect the occurr

ence 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 and, for periods prior to the completion

of the bank holding company reorganization in December 31, 2021,

the Bank filed with the FDIC.NonGAAP

Financial MeasuresThis 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 nonGAAP measures because it believes these

measures may provide useful supplemental information for evaluating

the Company’s 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

asan alternative to or substitute for, measures

determined in accordance with GAAP, and are not necessarily

comparable to nonGAAP measures that

may be presented by other companies. To the extent applicable,

reconciliations of these nonGAAP measures to the most directly comparable

GAAP measures can be found in the ‘NonGAAP

Reconciliation Tables’ included in the presentation.You should assume

that all numbers are unaudited unless otherwise noted.2

Q1 2022 Highlights

Capital/

Credit

Credit metrics rema

in pristine.

There were no loans classified as nonperforming.

ACL coverage ratio was 1.20% in line with pre

pandemic levels.

On January 24, 2022 the Board of Directors approved a share

repurchase program for 750,000 shares of Class A common stock.

ere we

re no repurchases in the quarter.

Recovered $161k in default interest from a prior loan customer of

the Bank.

Profitability

Net income was $4.9 million or $0.24 per diluted share.

Income tax expenses increased due to a one

time adjustment to DTA of $300k.

ROAA was 1.03% and ROAE was 9.75%.

Efficiency ratio was 58.88%.

NIM was 3.22% and NII was $14.4 million, up $1.9 million or

15.3% compared to first quarter 2021.

Growth

Deployed cash by growing loans and purchasing securities.

Average deposits increased by

$306.6 million or 22.8% compared to first quarter 2021.

Average loans excluding PPP increased by $217.4 million

or 22.7% compared to first quarter 2021.

Financial Results

In thousands (except per share data)

Balance

Sheet

(EOP)

Income

Statement

Q1 2022 Q4 2021 Q1 2021

Total Securities

$514,575

$524,200

$341,344

Total Loans

( $1,258,388

$1,190,081

$1,103,981

Total Assets

$1,967,252

$1,853,939

$1,633,359

Total Deposits

$1,713,294

$1,590,379

$1,404,231

Total Equity

$192,039

$203,897

$170,4

Net Interest Income

$14,379

$14,076

$12,475

Non

interest Income $1,945

$2,644

$2,321

Revenue

$16,324

$16,720

$14,796

Provision for Credit Losses

($160)

Non

interest Expense $9,612

$9,319

$8,677

Net Income

$4,854

$5,650

$4,781

Net Income

available to common

s stockholders

$4,854

$5,650

$4,000

Diluted Earning Per Share (EPS)

Class A Common Stock

$0.24

$0.30

$0.78

Class B Common Stock

$0.00

$0.16

(1)

Loan amounts include deferred fees/costs.

(2)

See footnote disclosure in the Non G

AAP table for common stock activity (redemption and exchange

of preferred stock, IPO,

and exchange of Class B common stock) which impacted diluted EPS

for Q1’22 and Q4’21.

Key Performance Indicators

Q1 2022

Q4 2021

Q1 2021

Capital/

Credit

Tangible Common Equity/Tangible Assets(1)

9.76%

11.00%

8.47%

Total Risk Based Capital (2)

14.49%

14.92%

13.80%

NCO/Avg Loans (3)

0.01%

0.05%

0.03%

NPA/Assets

0.00%

0.06%

0.04%

Allowance Credit Losses/Loans

1.20%

1.27%

1.36%

Profitability

Return On Avera

ge Assets (ROAA) (2)

1.03%

1.23%

Return On Average Equity (ROAE) (2)

9.75%

11.08%

11.30%

Net Interest Margin (2)

3.22%

3.19%

3.35%

Efficiency Ratio

58.88%

55.74%

58.64%

PTPP ROAA (1)(2)

1.42%

1.61%

1.58%

In thousands (except for TBV/share)

Growth

Total Assets (EOP)

$1,967,252

$1,853,939

$1,633,359

Total Loans (EOP)

$1,258,388

$1,190,081

$1,103,981

Total Deposits (EOP)

$1,713,294

$1,590,379

$1,404,231

Tangible Book Value/Share (1)

$9.60

$10.20

$27.05

(1) Non

GAAP Financial Measures. TBV/Share

for Q1’22 and Q4’21, see footnote disclosure in the Non

GAAP table for common stock activity (redemption and exchange

of preferred stock, IPO, and exchange of Class B common stock)

which impacted TBV/share.

(2) Bank Holding Company was created in Q4 2021.

As such, the capital ratios for Q1 2022 and Q4 2021 are

for the Bank Holding Company while Q1 2021 is for the Bank only.

(2) Annualized.

Loan PortfolioIn millions$1,200$1,072$1,088$1,144$1,159$1,211$1,100$113$99$73$51$35 $1,000

$359 $984$1,071$118$1,176$900 $800 $700$600Q1 2021

Q2 2021 Q3 2021 Q4 2021 Q1 2022Loans (Excl PPP)PPP

LoansCommentaryTotal average loans excluding PPP

loans increased $68.9 million or 25.2% annualized compared to prior

quarter and $217.4 million or 22.7% compared to first quarter

2021.Loan yields up slightly from prior quarters with

the loan coupon up 12bps from first quarter 2021 and 8bps from

prior quarter PPP loans was $34.9 million in

the first quarter 2022, a decrease of $77.7 million from the first

quarter 2021.Loan Yields5.00% 4.30%1.90%4.29%4.32%4.35%

4.50%0.48%0.28%0.32% 0.33%0.28%4.00%3.90%9.10%3.97%3.99%4.07%3.50%

3.00%2.50%2.00%1.50%1.00% 0.50%0.00%Q1

2021Q2 2021Q3 2021Q4

2021Q1 2022

Paycheck Protection Program (PPP)3

successful rounds of PPP loans, originating $168.4 million. Forgiveness

of the last round of PPP loans is in process.In thousands (except

for ROAA)Q1 2022Q4 2021Q1 2021PreTax

Income$6,712$7,401$6,279Net Income$4,854$5,650$4,781Average Assets$1,913,484

$1,828,037$1,573,881 ROAA (1)1.03%1.23%1.23%PPP

Loansof whichPPP Income$1,001$978

$1,477Unrealized PPP Fees EOP$590$1,506$3,131PPP

Balance EOP$24,646$42,424 $113,949PPP AVG.

Balance$34,901$51,098$112,625(1) Annualized.

Deposit PortfolioDeposits (AVG) In millions$1,800

$1,344$1,432$1,477$1,562$1,650$1,600$248$236$229$228$223

$1,400$569$608$628$674$736$1,200$45$52$55$56$65$1,000$482$536$565$604$626$800

$600$400$200$0Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Noninterest

bearing depositsInterestbearing demand depositsMoney market and

savingsTiem deposits Deposit Cost (1)0.25%

0.25%0.25%0.25%0.34% 0.26%0.22%0.21%0.20%Q1 2021Q2 2021Q3 2021

Q4 2021 Q1 2022 Deposit CostsFed Funds Rate

(upper bound)CommentaryAverage deposits increased

$88.2 million or 22.9% annualized compared to prior quarter and $306.6

million or 22.8% compared to first quarter 2021. No wholesale

deposits.DDA averagedeposits grew $22.4 million or 15.2%

annualized compared to prior quarter and $144.0 million or 29.9%

compared to first quarter 2021.DDA

balances comprise 38.0% of total deposits at March 31, 2022. 14 bps

decrease in deposit cost compared to first quarter 2021.(1)

Annualized.

Net Interest Margin Net Interest Income/Margin (1)In

thousands (except ratios)$16,0003.50%3.14%3.19%3.19%

3.22%$14,0003.19%3.10%

3.08%3.06%3.05%$12,000 $12,475$12,474$13,471$14,076$14,379$10,000 $8,000

$6,000 $4,000 $2,000

Q1 2021Q2 2021Q3 2021Q4

2021Q1 2022Net Interest IncomeNIMNIM

excluding PPP Loans Interest Earning Assets Mix (AVG)

100%5%7%6%5%5%90%23%24%24%28%28% 80%8%6%

5%3%2%70%64%63%65%64%65%

60%50%40%30%20% 10%0%Q1

2021Q2 2021Q3 2021Q4

2021Q1 2022Total Loans (excluding

PPP loans)PPP LoansInvestment SecuritiesCash

Balances & EquivalentsCommentary Net interest income increased

by $303K or 8.7% annualized compared to last quarter and $1.9 million

or 15.3% compared to first quarter 2021.NII growth

driven by lower deposit cost and higher interest income generated

by a larger loan and investment portfolio.NIM impacted by shift in balance sheet

mix. Cash balances and securities make up 33.1% of total interest

earning assets in the first quarter 2022. (1) Annualized.9

Interest Rate SensitivityLoan Portfolio Repricing

Profileby Rate TypeHybrid ARM7%Variable

Rate51%Fixed Rate42%25%54%21%Loan

Repricing Schedule

Variable/Hybrid Rate Loans36%46%5%

13%yrs 12 yrs 23

yrs >3 yrsCMTPrimeLiborStatic

NII Simulation Year 1 & 2$6,000$5,000$4,000$3,000

$2,0001.80%2.00%4.16% 7.90%$1,000$704$1,311$2,534$4,814

100200100 200Year

1Year 2Net Interest Income

(in '000)Changes in NII (%)As of

3/31/2210

Non

interest Income

In thousands (except ratios)

Q1 2022

Q4 2021

Q3 2021

Q2 2021

Q1 2021

Service fees

$900

$961

$856

$903

$889

Gain (loss) on sale of securities available for sale

(70)

187

Gain on sale of lo

ans held for sale

334

107

532

964

Gain on sale of other assets

983

Loan settlement

161

2,500

Other income

529

558

399

403

406

Total non

interest income

$1,945

$2,644

$4,217

$1,516

$2,321

Average total assets

$1,913,484

$1,828,037

$1,741,423

$1,660,060

$1,573,881

Non

interest income / Average assets (1)

0.41%

0.57%

0.96%

0.37%

0.60%

Revenue

$16,324

$16,720

$17,688

$13,990

$14,796

Non

interest income as % of revenue

11.91%

15.81%

23.85%

10.84%

15.69%

Commentary

$161k default interest

recovery from a prior loan customer of the Bank.

Gain on sale of loans up from prior quarter due to SBA 7a activity.

(1) Annualized.

Non

interest Expense

In thousands (except ratios and FTE)

Q1 2022

Q4 2021

Q3 2021

Q2 2021

Q1 2021

Salaries and

employee benefits

$5,875

$5,634

$5,313

$5,213

$5,278

Occupancy

1,270

1,267

1,192

1,411

1,387

Regulatory assessment and fees

213

317

195

178

Consulting and legal fees

517

539

357

373

185

Network and information technology services

387

268

358

332

508

Other operating

1,350

1,518

1,470

1,150

1,141

Total non

interest expenses

$9,612

$9,319

$9,007

$8,674

$8,677

Efficiency ratio

58.88%

55.74%

50.92%

62.00%

58.64%

Average total assets

$1,913,484

$1,828,037

$1,741,423

$1,660,060

$1,573,881

Non

interest expens

e / Average assets (1)

2.04%

2.02%

2.05%

2.10%

2.24%

Full

time equivalent employees

190

187

184

183

186

Commentary

Salaries and employee benefits increased primarily due to new hires,

increases in salary compensation, and seasonal increase

in payroll taxes

3 new hires were revenue producers.

Consulting and legal fees contains $181k of one

time expense related to the formation of the bank holding company.

Absent this one

time cost, the efficiency ratio would have been 57.78%.

(1) Annualized.

Business Verticals

EOP (in millions)

PCG

(1)

HOA

(2)

(3)

Global

Yachts

Deposits

Q1 2022

$149

$74

$141

Q4 2021

$130

$68

$154

Q1 2021

$117

$79

$137

Loans

Q1 2022

$62

$40

$67

$68

Q4 2021

$46

$39

$62

$80

Q1 2021

$29

$43

$46

(1) JA/PCG: Jurist

Advantage/Private Client Group.

(2) HOA: Homeowners Association.

(3) Does not include PPP Loans.

Asset Quality

Allowance for Credit Losses

In thousands (except ratios)

$15,100

5.10%

1.40%

1.33%

1.31%

2.20%

$15,050

1.36%

1.30%

1.27%

1.20%

$15,0

$15,009

$14,848

$14,900

$15,057

$15,074

$14,950

$14,900

$14,850

$14,800

$14,750

$14,700

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Allowance for credit loss

ACL/Total loans

ACL/Total loans excluding PPP loans

Commentary

ACL coverage ratio is at 1.20% or 1.22% excluding PPP loans,

in line with pre

pandemic levels.

No loans classified as non

performing.

No OREOs.

CECL modeling progressing as planned; initial results expected

in Q2.

Non

performing Loans

In thousands (except

ratios)

$1,400 $678 $20 $1,190 $0 $1,200 0.06% 0.00% $18 0.10% 0.00%

$1,000 $228 0.00% $1,190 $800 $450 $600 $400 $200

$0 Q1 2021 Q2

2021 Q3 2021 Q4 2021 Q1 2022 Non

accrual TDRs Non

accrual loans less non

accrual TDRs Non

performing loans to total loans

Capital Capital Ratios Q1 2022 Q4 2021 Q1 2021 WellCapitalized

Leverage Ratio 9.47% 9.55% 8.57% 5.00% TCE/TA 9.76% 11.00%

8.47% NA Tier 1 Risk Based Capital 13.35% 13.70% 12.54%

8.00% Total Risk Based Capital 14.49% 14.92% 13.80%

10.00% Commentary All capital ratios remain significantly above

“well capitalized” guidelinesOn January 24, 2022,

the Board of Directors approved a share repurchase

program for 750,000 shares of Class A common stock. There were

no repurchases in the quarter.Q1 2022 EOP Shares outstanding:

Class A Common Stock: 20,000,753 (1) Bank Holding Company

was created in Q4 2021. As such, the capital ratios for Q1 2022

and Q4 2021 are for the Bank HoldingCompany

while Q1 2021 is for the Bank only.(2) NonGAAP.

Takeaways Leading Franchise Located in one of the Most Attractive

Banking Markets in Florida and the U.S. Experienced and Tested

ManagementTeam Robust Organic Growth Low Risk, Commercially

Oriented Loan Portfolio Strong Asset Quality, with Minimal

Chargeoffs Experienced Since Recapitalization

Strong Profitability, with Pathway For Future Enhancement Identified

Core Funded Deposit Base with 38.3% NonInterestBearing Deposits (EOP)

Balanced Liquidity Profile –73.4% Loan / Deposit

Ratio to Support Future Loan Deployment16

Non

GAAP Reconciliation In thousands (except ratios) 3/31/2022

Pre

Tax Pre

Provision ("PTPP") Income: Net income$ 4,854 Plus: Provision for income

taxes 1,858 Plus: Provision for (recovery, of) credit

losses

PTPP income$ 6,712 PTPP Return on Aver

age Assets: PTPP income$ 6,712 Average assets$ 1,913,484

PTPP return on average assets 'I; 1.42% Operating Net Income: Net

come$ 4854 Less: Net gains (loss es) on sale of securities 21

Less: Tax effect on sale of securities (5) Operating net income

$ 4.S

38 Operating PTPP Income: PTPP income$ 6,712 Less: Net

gains (losses) on sale of securities 21 Operating PTPP Income $ 6,691

Operating PTPP Return on Average Assets: Operating

PTPP income$ 6,691 Average assets$ 1,913,484 Operating

PTPP Return on aver

age as

sets;1; 1.42% Operating Return on Average Assets: Operating

net income$ 4,83S Average assets$ 1,913,484 Operating return

on a

verage assets '1; 1.03% As of or for the three months ended 12/31/2021

9/30/2021 6/30/2021 3/31/2021 S 5,650$ 6,593$ 4,053$ 4

,781

1,751 2,088 1263 1,498 : : : QM S 7,401 $$,6S1$ 5,316$ 6,119

S 7,401$ 8,681$ 5216$ 6,119 S 1,828,037$ 1,741,423$ 1,660,060$

,573,881 1.61% 1.98% 1.28% 1.58% s 5,650 S 6,593 S 4,053 S

4,781 35 (70) 187 62 2L 17 &L Q5) S 5.624 S 6.646 S 3.912 S

4.734

S 7,40

1$$,6S1$ 5216$ 6,119 35 (70)_ 187 62 S 7,366$ 8,8751 $ 5,129$

6,057 S 7,366$ 8,751$ 5,129$ 6,057 S 1,828,037$ 1,741,423$ 1,66

0,060$ 1,573,881 1.60% 1.99% 1.24% 1.56% S 5,624$ 6,646$ 3,912$

4,734 S 1,828,037$ 1,741,423$ 1,660,060$ 1,5738SI 1.22% 1.51%

0.95%

1.22% (1) Annualized 17

Non

GAAP Reconciliation In thousands (except per share data) As

of and for the three mouths ended /I

3/31/2022 12/31/2021 9/30/2021 6/30/2021 3/31/2021 Tangible

Book Value per Common Share (at period

end):' Total stockholders

' equity (GAAP) $ 192,039 $ 203,897 $ 201,918 $ 166,302

$ 170,425 Less: Intangible assets _ _ _ _ _ Less: Preferred

stock . .

. 24.616 32.077 Tangible stockholders' equity (non

GAAP) $ 192,039 $ 203,897 $ 201,918 $ 141,686 $ 138,34S Total

shares issued and

outstanding (at period

end): (?> Class A common shares 20,000,753 19,991,753 18,767,541

3,SS9,469 3,889,469 Class B common shares _ _ 1224212 1224,2

12 1224,212 Total common shares issued and outstanding

20,000,753 19,991,753 19,991,753 5,113,681 5,113,681

Tangible book value per common share (non

GAAP) $ 9.60 $ 1020 $ 10.10 $ 27.71 $ 27.05 Operating Net Income

Available to Common Stockholders:1,1 Net income (GAAP) $

4,8

54 $ 5,650 $ 6,593 $ 4,053 $ •

« CO r

T Less: Preferred dividends 542 754 781 Less: E

xchange and redemption of preferred shares _ _ 89.5S5 _ _ Net

income (loss) available to common stockholders (GAAP) 4,854

5,6

50 (83,534) 3,299 4,000 Add back: Exchange and redemption of

preferred shares _ _ S9.5S5 _ _ Operating net income avail,

to c

ommon

stock (non

GAAP) $ 4,854 $ 5,650 $ 6,051 $ 3,299 $ 4,000 Allocation of operating

net income per conation stock class: Class A common sto

ck $ 4,854 $ 5,650 $ 5,598 $ 2,509 $ 3,042 Class B common stock

$ $ $ 453 $ 790 $ 958 Weighted average shares outstandin

g: Class A common stock Basic 19,994,953 18,913,914 15,121,460

3,889,469 3,889,469 Diluted 20.109.783 19.023.6S6 15.187.729

.933.636 3.913.279 Class B common stock Basic _ _ 6,121,052

6,121,052 6,121,052 Diluted

6,121,052 6,121,052 6,121,052 Diluted E

PS:<7> <3) <4> Class A common stock Net income (loss) per

diluted share

(GAAP) $ 024 $ 030 $ (5.11) $ 0.64 $ 0.78 Add back: Exchange and

redemption of preferred shares

5.48

Operating net income per diluted share (nonGAAP) $

024 $ 030 $ 037 $ 0.64 $ 0.78 Class B common stock Net income

(loss) per diluted share (GAAP) $ $ _ $ (1.02) $ 0.13 $ 0.16

Add back: Exchange and redemption of preferred shares

_ _ 1.09 _ _ Operating net income per diluted share (nonGAAP)

$ $ $ 0.07 $ 0.13 $ 0.16 1. The

Company believes these nonGAAP measurements

are a key indicator of die ongoing earnings power of die

Company 2. During the quarter ended September 30.2021.47.473

shares of Class C preferred stock and 11.061,552 shares of

Class D preferred stock converted into 1027S,072 shares of Class A

common stock. Additionally, die Bank closed on die initial

public offering of its Class A common stock in July 27,2021.

in which it issued 4.600,000 shares of Class A common stock. As

such, die total shares issued and outstanding

of Class A common stock was 18,767,541 shares at September

30,2021. 3. For die quarter ended September 30,2021, basic net loss

per share is the same as diluted net loss per share as the inclusion

of all potential common shares outstanding would have beenantidilutive.

During the quarter ended December 31,2021, die Company entered

into agreements with die Class B shareholdersto exchange

all outstanding Class B nonvoting stock for

Class A voting common stock at a ratio of 5 to 1. In calculating net

income (loss) per diluted share for the prior quarters presented,

die allocation of operating net income available to common stockholders

was base don the weighted average shares outstanding per common

share class to the total weighted average shares outstanding during

each period. The operating net income allocation was calculated

using die weighted average shares outstanding of Class B common

stock on asconverted basis. 18

Contact Information Lou de la AguileraPresident, CEO

& Director(305) 7155186 laguilera@uscentury.com

Rob AndersonChief Financial Officer (305) 7155393 rob.anderson@uscentury.com

Investor Relations InvestorRelations@uscentury.com19