8-K
USCB FINANCIAL HOLDINGS, INC. (USCB)
1
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):
August 1, 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
☒
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 7.01. Regulation FD Disclosure.
USCB Financial Holdings,
Inc. is filing an
investor presentation (the
“Presentation”), which will
be used by the
management
team for presentations to investors and
others. A copy of the Presentation
is attached hereto as Exhibit 99.1 and
incorporated herein by
reference. The Presentation is
also available on the
Company’s website
at investors.uscenturybank.com.
Information contained herein,
including Exhibit 99.1, shall not be deemed filed for the purposes
of the Securities Exchange Act of 1934, as amended “Exchange Act”,
nor shall such information and Exhibit be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended
or the Exchange Act, except as shall be expressly set forth by specific reference
in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
USCB Financial Holdings, Inc. KBW Investor Presentation Q2 2022
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: August 1, 2022
exhibit991
1
Exhibit 99.1 U.S. CENTURY BANK
2
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. 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 statements. These forward-looking statements
include 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 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 continuation of 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 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 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 interest rate
margin; • 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 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 USCB Financial Holdings, Inc. filed
or will file with the SEC and, for periods prior to the completion
of the bank holding company reorganization in December
31, 2021, U.S Century Bank filed with the FDIC. 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 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 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. 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 in the presentation. You should assume that all
numbers are unaudited unless otherwise noted. Page 2 U.S. CENTURY
BANK
3
Table of Contents 1 Who We Are 2 Growth Strategy 3 Financial
Review 4 Appendix Page 3 U.S. CENTURY BANK
4
We are a Relationship-First, Business Bank Company Overview
Founded in 2002, U.S. Century Bank is a state-chartered bank
headquartered in South Florida 6th largest Florida headquartered
bank by deposits in Miami Dade County as of June 30, 2021. (1) Full service
commercial bank offering products and services tailored to
meet the needs of Small-to-Medium Sized Businesses (“SMBs”) and
catering to the needs of local business owners, entrepreneurs
and professionals in South Florida Relationship-first, business bank
that prioritizes building a strong relationship with the owners and
operators of SMBs and securing their personal retail deposit relationships
in addition to the commercial account Differentiated competitive
approach includes specialty banking services offered to homeowner
associations, professional services firms, and correspondent banking
services offered to financial institutions in Latin America and the
Caribbean meeting our risk profile Proven executive management team
with extensive local experience and a board of directors
with significant banking expertise Designated a Minority Depository
Institution (“MDI”) Board of directors is majority Hispanic,
management team is predominantly Hispanic, and the majority of employees
are bilingual or multilingual, providing U.S. Century Bank with
cultural familiarity with its markets and clients Financial Highlights
Q2 2022 Balance Sheet (EOP) Total Securities $456,135
Total Loans (1) $1,372,733 Total Assets $2,016,086
Total Deposits $1,738,720 Total Equity $180,068 Net
Interest Income $15,642 Non-interest Income $1,617 Revenue
$17,259 Provision for Credit Losses $705 Non-interest Expense $9,551
Net Income $5,295 Income Statement Diluted Earning Per
Share (EPS) Class A Common Stock $0.26 Diluted Operating EPS
(2) Class A Common Stock $0.26 Return On Average
Assets (ROAA) (3) 1.08% Return On Average
Equity (ROAE) (3) 11.38% Net Interest Margin (3) 3.37% Efficiency
Ratio 55.34% Branch Network Boca Raton Coral Springs Pompano
Fort Lauderdale Pembroke Pines Miami Coral Gables Key Largo U.S.
Century Bank: 10 Branches (1) FDIC Deposit Market Share Report as of
6/30/21. (2) Non-GAAP Measure. (3) Annualized. Page
4 U.S. CENTURY BANK
5
We Know Our Markets and Clients Florida is one of the largest
business markets in the country Ranked third in the United
States in 2020 for the number of businesses employing fewer than
500 people, according to data from the U.S. Small Business Administrat
ion’s Office of Advocacy for 2020 Approximately 2.7 million
such businesses In a 2020 study, Florida ranked #1 on Kauffman’s
Early Stage Entrepreneurship Index Miami-Dade MSA is the
premier market within the state of Florida Ranked #1 on the 2017 Kauffman
Index for Startup Activity The favorable business environment
in Florida has made Miami-Dade a top destination for corporate
relocations Blackstone Group Inc., Goldman Sachs Group Inc. and
Citadel Advisors LLC., have all established operations in South Florida
Our headquarters is Doral, a vibrant and rapidly growing market.
Accolades include: Ranked #3 in The Best Small Cities to Start
a Small Business: 2021 Report (Verizon) Named the fastest
growing city in Florida and 11th in the country: May 2017 (Florida
International University’s Metropolitan Center) Best city in
Florida for business start-ups: February 2015 (BusinessWeek) South
Florida represents an important part of the convergence
of Latin America, the Caribbean, Europe, and Asia According to S&P Global
Market Intelligence, approximately 68% of Miami-Dade and
Broward Counties is Hispanic Cubans represent the greatest percentage
of the Hispanic community in Miami-Dade and Broward Counties
A diverse and vibrant economy Miami-Dade MSA has a rapidly
growing population Business-friendly tax structures, no personal
income tax and a reasonable cost of living attract businesses
to Florida 18 Fortune 500 companies are located in Florida, with 7
in the Miami-Dade MSA We Know Our Markets We
are the 6th largest FL bank in Miami-Dade County by deposits
(1) We are one of 32 banks
headquartered in the Miami-Dade MSA We are the ONLY
bank headquartered in Doral, Miami-Dade County We Know
Our Clients Our Management team is predominantly Hispanic
Our Board has strong ties to the Community Most of our associates
are bilingual Source: S&P Global Market Intelligence, U.S.
Small Business Administration’s Office of Advocacy for
2020, North American Industry Classification System (NAICS) database,
U.S. Census Bureau, Fortune Magazine, Bureau of Economic
Analysis (1) FDIC Deposit Market Share Report. Page 5 U.S.
CENTURY BANK
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We Know Our Markets and Clients Household Income Projected
Growth 2022-2027 (1) Miami leads expectations of income growth with
a 5-year growth rate of 16.98%. 9 cities within the current USCB
network are expected to have growth greater than the US and Florida
averages
Miami-Dade MSA is the premier market within the state of Florida
The Miami-Dade metro area is the tenth largest MSA in the United
States by total number of businesses, per the North American Industry
Classification System (NAICS) database USCB network US
A
& Florida growth rates 18.00% 17.00% 16.00% 15.00% 14.00%
13.00% 12.00% 11.00% 10.00% 9.00% 8.00% 11.74% 11.90%
11.97% 12.02% 12.05% 12.10% 12.35% 12.39% 12.81%
13.20% 13.24% 13.26% 13.32% 13.37% 13.46% 13.47% 13.78%
13.99% 14.04% 14.16% 15.34%
15.61% 16.98% Tampa Coral Springs Palm Bay Jacksonville
Hollywood US Florida Pembroke Pines Hialeah Davie Spring
Hill Tallahassee Miramar Cape Coral Pompano Beach West
Palm Beach Orlando Clearwater Saint Petersburg Miami Gardens
Fort Lauderdale Port Sant Lucie
Miami Source: S&P Global Market Intelligence. Page 6 U.S. CENTURY
BANK
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Evolution of U.S. Century Bank 1st Recapitalization 2014 – 2015 Entered
into consent order with regulators in 2011 Significant deterioration
in asset quality, capital, and financial performance at
that time Recapitalization completed in March 2015 $65 million investment
led by Patriot Financial Partners and Priam LLC Approximately
$48M of net capital to the Bank, in the form of common and
preferred stock Approximately $12.2M paid to the U.S. Treasury
for the purchase of TARP securities Rebuild, Repair and Execute
2018 – Today Replaced entire legacy management team and reconstituted
the Board with 7 new directors Added key personnel with relevant
experience in growing a sound, scalable and profitable
bank Average length of service for ~85% of associates is less than
six years Reconstructed the credit function of the Bank and implemented
robust underwriting standards and procedures All key credit
and underwriting personnel were replaced Successfully resolved the
Bank’s problem assets balances Consent order terminated in
April 2016. Maintained a disciplined expense philosophy with
a focus on branch optimization Completed the initial public offering
(“IPO”) and issued 4,600,000 shares of Class A common
stock, the Bank received total net proceeds of $42 million Formed a
bank holding company on December 30, 2021 Simplified capital
structure and only have Class A common stock outstanding as of
June 30, 2022 Who We Were vs. Who We
Are Recapitalization (FY 2014) Q2 2022 DEPOSIT FRANCHISE
of Branches 21 10 Non-interest-Bearing Deposits/Deposits 22.10%
37.60% CAPITAL & ASSET QUALITY Total Risk-Based
Capital Ratio 6.60% 13.74% NPAs / Assets 6.04% 0.00%
BALANCE SHEET Total Assets $835 $2,016 Total Loans $715
$1,373 Total Deposits $761 $1,739 PROFITABILITY
ROAA (0.94%) 1.08% (1) Operating Pre-Tax Pre Provision ROAA (2)
(0.44%) 1.57% (1) Efficiency Ratio 111.20% 55.34% (1) Annualized.
(2) Non-GAAP Financial Measure. .Page 7 U.S. CENTURY
BANK
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Seasoned Management Team with Local Banking Experience
Management Team Luis de la Aguilera President, CEO & Director
Previously President & CEO of TotalBank 40+ years in banking
Rob Anderson Chief Financial Officer Previously CFO of Capstar Financial
Holdings 18+ years in banking Benigno Pazos Chief Credit Officer
Previously CCO of TotalBank 30+ years in banking Oscar
Gomez Head of Global Banking Division Previously at Regions
Bank 30+ years in banking Nicholas Bustle Chief Lending Officer
Previously at Valley Bank 35+ years in banking Andres Collazo Director
of Operations & IT Systems Previously at TotalBank
33+ years in banking Martha Guerra-Kattou Director of Sales & Marketing
Previously at TotalBank 30+ years in banking Board of Director
s
Aida Levitan Chairwoman of the Board Former CEO, Publicis
Sanchez & Levitan Director since 2013 Kirk Wycoff Board
Member Managing Partner, Patriot Financial Partners, L.P. Director
since 2015 Howard Feinglass Board Member Managing Partner,
Priam Capital Director since 2015 Robert E. Kafafian Board Member
CEO, The Kafafian Group, Inc. Director since 2022 Ramón Abadin
Board Member Partner, Ramon A. Abadin P.A. Director since
2017 Bernardo Fernandez, Jr. Board Member CEO, Baptist Health
Medical Group Director
since 2017 Maria C. Alonso Board Member Business executive &
Philanthropic leader Director since 2022 Ramon A. Rodriguez Board
Member CEO, Cable Insurance Director since 2022 Highly Accomplished
and Aligned Board with Complementary Track Records Page 8 U.S.
CENTURY BANK
9
We Are a Business Bank Commercial Banking Focused on
servicing small/medium-sized businesses within branch footprint Offer
relationship retail deposit products to owners and operators of
SMBs Ability for customers to access accounts through online and
mobile banking platforms Credit products include Asset Based Loans,
Lines of Credit and Term Loans Provide Treasury Management
services to clients Relationship-driven with flexible solutions tailored
to each client’s need Loan Mix Global banking 6% Commercial
and industrial 10% CRE - Non-owner occupied 51% CRE - Owner
occupied 10% Consumer and other 8% Residential real estate 15% Deposit
Mix Time Deposits 12% Non-interest-bearing deposits 38% Money
market and savings accounts 46% Interest-bearing deposits NOW
4% Private Client Group $178mm Deposits Tailored products
& services for law offices, managing partners, associates and
other staff members Commercial deposit accounts, treasury
management, commercial lending, student loan refinancing,
residential loans and credit card services Association Banking
$76mm Deposits / $64mm Loans Banking for Homeowner
Associations and Property Managers Offer deposit collection
services and lending solutions ranging from insurance premium and
large capital improvements financing Significant lending capacity
to target large credits SBA / Small Business Lending $54mm
Loans Relationship-oriented business focused on delivering fast
loan commitments to small and medium-sized enterprises Predominately
small business line of credits and CD secured loans Affordable
SBA loan provider Approved by the SBA to participate in the Preferred
Lenders Program Global Banking $150mm Deposits / $85mm Loans Comprehensive
range of both domestic and international services with the latest
in technology to ensure quick processing Focus on Caribbean and
Latin
American countries Correspondent banking services include letters
of credit, foreign collections, wire transfers, ForEx and trade finance
Yacht Financing $96mm Loans Yacht financing for larger
vessels, transaction range is $750k - $7.5MM. Brokered-oriented
business, 3 vendor approved brokers Member of the National Marine
Lenders Association Balances as of 6/30/2022 Page 9 U.S.
CENTURY BANK
10
Risk Management Risk Management Philosophy and Culture Management
has instilled a culture of adherence to well-developed risk management
procedures Management is responsible for day-to-day risk
management (identifying, evaluating, and addressing potential risks that
may exist at the enterprise, strategic, financial, operational, compliance
and reporting levels) Risk management division consists of four individuals
covering enterprise risk management, cybersecurity, third
-party risk, internal audit and loan reviews Compliance division
consists of seventeen individuals covering bank secrecy,
consumer compliance and investigations Both areas play an active role
in assessing corporate risks, compliance and collaborating with
management to mitigate identified risks Heightened focus on
BSA / AML / KYC compliance due to foreign exposure Individual country
loan exposure limited to 0% - 70% of total capital based on individual
country risk Global banking services offered exclusively to
institutions in countries meeting U.S. Century Bank’s robust risk
tolerance framework Highly experienced compliance team with
international compliance experience from larger banking institutions
Audit Committee consists of 4 members responsible for complete
oversight of Company’s risk management process: Bernardo Fernandez,
Ramón Abadin, Aida Levitan, and Ramon Rodriguez (Chair). Credit
Philosophy Conservative credit culture that encourages prudent and
desirable loans over unchecked growth Underwriting strength
stems from deep understanding of U.S. Century’s market,
long-standing relationships with clients, and disciplined process
Focused on maintaining a well-diversified and conservative loan portfolio
Robust Credit Administration Underwriting group supported by
experienced credit officers
with both credit and lending experience Effective and independent
loan review Credit Committee
meetings conduct in-depth loan portfolio monitoring, including concentration
limits Active monitoring and reporting on existing or emerging concentrations
and targeted reviews of any higher risk portfolios COVID-19
Pandemic Response Credit approach proved successful at protecting the
balance sheet: currently, no loans are under COVID-19 related deferrals
Proactively repositioned three lenders with prior special asset experience
to focus on asset work-out strategies for COVID-19 impacted industries
Moved expeditiously to provide assistance to clients on a case-by-case
basis Source: Bank documents Page 10 U.S. CENTURY BANK
11
Achieving Our Profitability Targets: Technology Initiatives
2016 2017 2018 2019 2020 2021 Paperless Account Opening lanuary
'16- April '16 eTran International letter Of Credit April'16-luly '16
/ Reporting Database May '16 - September '16 —— Instant Issue
Debit Card ‘ -“■once October '16 - March '17 > r F¡S Cash Management
Portal August '16 - March '17 > f (S) Fedlink Anywhere Sentrmher
‘,7 N y V 's / — —\ f —\ ' \ Network In-housing lanuaiy '18 - September
'18 e . Secureworks MSSP Secureworks www-^^vw. lanuaiy
18 - May 18 Microsoft Off ICE 36S February '18- September
'18 FT Horizon Core Conversion September '18 - September '19 Zelle I
Zelle P2P vsrvw 1 lune '19 - November ‘19
✓
00 NCR Image Deposit AIM March '19 - December '19 > banktel
Accounts Payable November '19-lanuary ‘20 Microsoft Collaboration
Applications February ‘20 - March '20 w ma, who PPP loan 0,'Sina,'°n
System May '20 - lune 20 Summit PPP loan Origination . cocer..r
Vt lonualy ,2I _ peb/uary '21 00 NCR I Treasury Management
Platform November '20 - August '21 Financial Data Aggregation lune
'21 - August ‘21 MANTL Remo,e Account Opening July 22 -
October '22 Abrigo CECL October 22 - December '22 <ÿ>aori90
Abrigo loan Origination System 2023 ir Pidgin pidgin 2023 EMV Debit
Cards August '16 - October '16 Source: Company management
Page 11 U.S. CENTURY BANK
12
Table of Contents 1 Who We are 2 Growth Strategy 3
Financial Review 4 Appendix Page 12 U.S. CENTURY BANK
13
Growth Strategies and Capital Deployment Opportunities Organic Loan
Growth: Take advantage of platform that we have developed
post recap, capitalize on fragmented South Florida community banking
market, and continue to build market share Capitalize on inherent advantages
over smaller community banks which lack our product expertise and
breadth of service Due to significant consolidation, there exists
a base of potential clients that desire to partner with a bank
that is locally headquartered Team Lift-outs: Continue to bring in
top tier talent to U.S. Century Bank, with teams attracted to culture,
public currency and local decision making Overall growth success
will depend upon our ability to attract, retain, develop, incentivize,
and reward the human capital necessary to execute growth strategy
Public currency may allow U.S. Century Bank to structure attractive
stock-based incentive compensation to attract top tier
talent Asset Purchases: Portfolio loan purchases from companies exiting
non-core lines of business; opportunistic to organic growth
initiatives Net capital generated in IPO can serve as dry powder
to facilitate meaningfully
sized portfolio acquisitions Proactively evaluating portfolio opportunities
that are consistent with U.S. Century’s credit philosophy Strategic
Acquisitions: Become an active acquirer for Florida banks looking
to find a partner Focused on strategic, financially attractive acquisitions
which support U.S. Century Bank’s organic growth strategy
without compromising the risk profile Numerous potential partners
in South Florida that may seek liquidity Public currency
will make U.S. Century Bank better positioned to offer stock consideration
Page 13 U.S. CENTURY BANK
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Table of Contents 1 Who We are 2 Growth Strategy 3
Financial Review 4 Appendix Page 14 U.S. CENTURY BANK
15
Historical Financial Data Total Loans (1) in Millions $735 $1,373
2016 2017 2018 2019 2020 2021 Q1 Q2 2022 2022 Total Deposits
in millions $782 $1,739 2016 2017 2018 2019 2020 2021 Q1 Q2
2022 2022 Total
Stockholders’ Equity in millions $86 $180 2016 2017 2018 2019
2020 2021 Q1 Q2 2022 2022 ACL/Total Loans 1.17%
1.15% 2016 2017 2018 2019 2020 2021 Q1 Q2 2022 2022 Net Charge
off in thousands (1,019) $180 2016 2017 2018 2019 2020 2021 Q1
Q2 2022 2022 Nonperforming Assets/Total Assets 1.58% 0.00%
2016 2017 2018 2019 2020 2021 Q1 Q2 2022 2022 Total
Revenue in millions $37 $63 2016 2017 2018 2019 2020 2021 Efficiency
ratio 94.15% 55.34% 2016 2017 2018 2019 2020 2021 Q1 Q2
2022 2022 PTPP ROAA (2) 0.24% 1.57% 2016 2017 2018
2019 2020 2021 Q1 Q2 2022 2022 (1) Loan amounts include deferred
fees/costs. (2) Non-GAAP Financial Measure. * As of end of period for
Balance Sheet amounts Page 15 U.S. CENTURY BANK
16
Q2 ‘22 Performance Update Capital/ Credit Credit metrics remain
pristine. There were no loans classified as nonperforming. ACL coverage
ratio was 1.15%. Tangible Book Value per Share
is at $9.00, down $0.60 from prior quarter primarily due to AOCI. No
shares repurchased during the quarter; Board approved
repurchase program in place covering 750,000 shares of Class A common
stock. Profitability Net income was $5.3 million or $0.26 per diluted
share. ROAA was 1.08% and ROAE was 11.38%. Efficiency
ratio was 55.34%. NIM was 3.37% and NII was $15.6 million,
up $3.2 million or 25.4% compared to second quarter 2021.
Growth Average deposits increased by $284.5 million or 19.9%
compared to second quarter 2021. Total average loans, excluding
PPP loans, increased $102.3 million or 34.9% annualized compared
to prior quarter and $289.9 million or 29.3% compared to second
quarter 2021. Page 16 U.S. CENTURY BANK
17
Q2 ‘22 Performance Update In thousands (except per share data)
Q2 2022 Q1 2022 Q2 2021 Balance Sheet (EOP) Total Securities $456,135
$514,575 $395,804 Total Loans (1) $1,372,733 $1,258,388 $1,145,095
Total Assets $2,016,086 $1,967,252 $1,667,005 Total
Deposits $1,738,720 $1,713,294 $1,438,776 Total Equity
$180,068 $192,039 $166,302 Income Statement Net Interest
Income $15,642 $14,379 $12,474 Non-interest Income $1,617 $1,945
$1,516 Total Revenue $17,259 $16,324 $13,990 Provision for
Credit Losses $705 $0 $0 Non-interest Expense $9,551 $9,612 $8,674
Net Income $5,295 $4,854 $4,053 Net Income available to common
stockholders (2) $5,295 $4,854 $3,299 Diluted Earning Per
Share (EPS) (3) Class A Common Stock $0.26 $0.24 $0.64 Class
B Common Stock $0.00 $0.00 $0.13
(1) Loan amounts include deferred fees/costs. (2) No preferred
stock outstanding for Q2 and Q1 2022. (3) 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 diluted EPS for Q2’22 and Q1’22. Page 17 U.S.
CENTURY BANK
18
Q2 ‘22 Performance Update Q2 2022 Q1 2022 Q2 2021 Credit/Capital
Tangible Common Equity/Tangible Assets(1) 8.93% 9.76%
8.50% Total Risk-Based Capital (2) 13.74% 14.49% 12.69%
NCO/Avg Loans (3) 0.00% -0.01% 0.06% NPA/Assets
0.00% 0.00% 0.00% Allowance Credit Losses/Loans 1.15% 1.20%
1.30% Profitability Return On Average Assets (ROAA) (3)
1.08% 1.03% 0.98% Return On Average Equity (ROAE)
(3) 11.38% 9.75% 9.74% Net Interest Margin (3) 3.37% 3.22%
3.14% Efficiency Ratio 55.34% 58.88% 62.00% PTPP ROAA (1)(3)
1.57% 1.42% 1.28% Growth In thousands (except for TBV/share)
Total Assets (EOP) $2,016,086 $1,967,252 $1,667,005 Total Loans
(EOP) $1,372,733 $1,258,388 $1,145,095 Total Deposits (EOP)
$1,738,720 $1,713,294 $1,438,776 Tangible Book Value/Share
(1) $9.00 $9.60 $27.71 (1) Non-GAAP Financial Measures. TBV/Share
for Q2’22 and Q1’22, 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) The Company was established in
Q4 2021. As such, the capital ratios for Q2 2022 and Q1 2022
are for the Bank Holding Company while Q2 2021 is for the Bank only.
(3) Annualized. Page 18 U.S. CENTURY BANK
19
Loan Portfolio Total Loans (AVG) in millions $1,300 $1,200
$1,100 $1,000 $900 $800 $1,088 $1,144 $1,159 $1,211 $1,296 $700
$99 $73 $51 $35 $18 $600 $989 $1,071 $1,108 $1,176 $1,278 Q2
2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Loans (Exd PPP)
PPP Loans Loan Yields 5.00% 4.50% 4.00% 3.50% 3.00% 2.50%
2.00% 1.50% 1.00% 4.19% 4.29% 4.32% 4.35% 435.00% 0.50%
0.28% 0.32% 0.33% 0.28% 1.30% 0.00% 3.91% 3.97% 399.00% 4.07%
4.22% + 31 bps Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q2'22
vs Q2'21 Loan coupon Loan fees Commentary Total average
loans, excluding PPP loans, increased $102.3 million or 34.9% annualized
compared to prior quarter and $289.9 million or 29.3% compared
to second quarter 2021. Loan coupon increased 15 bps due to a higher
interest rate environment compared
to prior quarter and 31 bps increase compared to second quarter
- Loan fees decreased 15 bps from prior quarter as most of
the PPP loan fees have been recognized, normalizing the loan yield
composition. Page 19 U.S. CENTURY BANK
20
Loan Portfolio Mix Loan Portfolio Mix Residential real estate
CRE – Non-owner occupied CRE – Owner occupied Commerical
and industrial Global Banking Consumer and other 8% 15% 51%
10% 10% 8% Commentary Total Loan balances at quarter
end was $1.373 billion. Commercial Real Estate (owner
occupied and non-owner occupied) was 61% or $843.4 million of the total
loan portfolio. CRE mix is diversified and granular. Retail
makes up 30% of total CRE or $252.6 million. Land/Construction
5% Other 4% Retail 30% - LTV was 56.9% - Average
loan size was $3.0 ..million CRE - Owner occupied 17% Multifamily
16% Office 13% Hotels 8% Warehouse 7% As of 6/30/22
Page 20 U.S. CENTURY BANK
21
Loan Production Net Loan Production Trend in millions $180 $160 $140
$120 $100 $80 $60 $40 $20 $144 $104 $117 $88 $119
$106 $141 $74 $169 $56 0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2
2022 Loan Production/Line changes Loan Amortization/payoffs
Commentary Q2 loan growth driven by increased production levels and
lower payoffs and paydowns. Payoffs and paydowns slowing with
increase in interest rates. $169 million loan production in Q2
2022 is attributable to $158 million in new loans and $11
million in net increase of existing lines of credit. Page 21 U.S. CENTURY
BANK
22
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. SBA PPP Loans In thousands (except
for ROAA) Q2 2022 Q1 2022 Q2 2021 Pre-Tax Income $7,003
$6,712 $5,316 Net Income $5,295 $4,854 $4,053 Average
Assets $1,968,381 $1,913,484 $1,660,060 ROAA (1) 1.08% 1.03% 0.98%
of which PPP Income (2) $484 $1,001 $925 Unrealized PPP
Fees EOP $149 $590 $3,169 PPP Balance EOP $13,507 $24,646 $84,240
PPP AVG. Balance $17,643 $34,901 $99,563 (1) Annualized.
(2) PPP Income includes loan fees and interest income. Page 22 U.S.
CENTURY BANK
23
Deposit Portfolio Deposits (AVG) in millions $2,000 $1,800
$1,600 $1,400 $1,200 $1,000 $800 $600 $1,432 $1,477 $1,562 $1,650
$1,717 $400 $236 $229 $228 $223 $224 $200 $608 $628 $674
$736 $781 $0 $52 $55 $56 $56 $67 $5,536 $5,565 $5,604 $5,626
$5,645 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Non-interest-bearing
deposits Money market and savings Interest-bearing demand
deposits Time deposits Deposit Cost (1) 0.26% 0.22% 0.21% 0.20%
0.21% 0.25% 0.25% 0.25% 0.50% 0.21% Q2 2021 Q3 2021 Q4
2021 Q1 2022 Q2 2022 Commentary Average deposits increased
$66.4 million or 16.1% annualized compared to prior quarter and
$284.5 million or 19.9% compared to second quarter 2021. Average
DDA deposits grew $18.6 million or 11.9% annualized compared to
prior quarter and $109.1 million or 20.4% compared to second quarter
DDA balances comprised 37.6% of total deposits as of June 30,
Deposit cost increased 1bps compared to prior quarter
and decreased 5 bps compared to second quarter 2021. Page 23 U.S.
CENTURY BANK
24
Net Interest Margin Net Interest Income/Margin (1) in thousands
(exceptions) Net Interest Income NIM NIM excluding PPP Loans
Interest-Earning Assets Mix (AVG) Total Loans
(excluding PPP Loans) Investment Securities PPP Loans Cash
Balance & Equivalents Commentary Net interest income increased
by $1.3 million or 35.2% annualized compared to prior quarter and
$3.2 million or 25.4% compared
to second quarter 2021. NIM impacted by an increase in interest rates
and a shift in balance sheet mix. Loan production growth shifted
assets to a higher yielding asset class and was funded by cash
balances, a lower securities portfolio and growth in new deposits.
NIM of 3.37% up 15 bps from prior quarter and up 23 bps from
second quarter 2021 demonstrating an asset sensitive balance
sheet. Page 24 U.S. CENTURY BANK
25
Interest Rate Sensitivity Loan Portfolio Repricing Profile by Rate Type
Hybrid ARM 6% Variable Rate 53% Fixed Rate 41% 22%
18% 60% 22% Loan Repricing Schedule Variable/Hybrid Rate
Loans 46% 37% 6% 11% 46% 0-4-1 yrs. 1-2 yrs. 2-4 yrs
Static NII Simulation Year 1 & 2 $5,000 $4,000 $3,000 $2,000
3.3% 5.9% $1,000 $2,371 $4,178 $0 0.2% 0.1% Net interst income ($
in thousands) $138 $70 +200 +100 +200 Changes from base (%)
Years 1 Years 2 As of 6/30/22 Page 25 U.S. CENTURY
BANK
26
Non-interest Income In thousands (except ratios) Q2 2022 Q1 2022 Q4
2021 Q3 2021 Q2 2021 Service fees $1,083 $900 $961 $856 $903
Gain (loss)
on sale of securities available for sale (3) 21 35 (70) 187 Gain on
sale of loans held for sale 22 334 107 532 23 Gain on sale of other
assets - - 983 - - Loan settlement - 161 - 2,500 - Other income 515
529 558 399 403 Total non-interest income $1,617 $1,945 $2,644
$4,217 $1,516 Average total assets $1,968,381 $1,913,484
$1,828,037 $1,741,423 $1,660,060 Non-interest income / Average
assets (1) 0.33% 0.41% 0.57% 0.96% 0.37% Total Revenue
$17,259 $16,324 $16,720 $17,688 $13,990 Non-interest income
as % of total revenue 9.37% 11.91% 15.81% 23.85% 10.84%
Commentary Service fees and other income remain consistent quarter
over quarter. Fluctuation of non-interest income primarily impacted
by one-time items in prior quarters. Prudently managing securities with
minimal losses ($3 thousand) in Q2 2022 as interest rates increase.
(1) Annualized. Page 26 U.S. CENTURY BANK
27
Non-interest Expense In thousands (except ratios and FTE) Q2 2022
Q1 2022 Q4 2021 Q3 2021 Q2 2021 Salaries and employee benefits
$5,913 $5,875 $5,634 $5,313 $5,213 Occupancy 1,251 1,270
1,267 1,192 1,411 Regulatory assessment and fees 226 213 93 317
195 Consulting and legal fees 398 517 539 357 373 Network and
information technology services 448 387 268 358 332 Other
operating expense 1,315
1,350 1,518 1,470 1,150 Total non-interest expenses $9,551
$9,612 $9,319 $9,007 $8,674 Efficiency ratio 55.34% 58.88%
55.74% 50.92% 62.00% Average total assets $1,968,381 $1,913,484
$1,828,037 $1,741,423 $1,660,060 Non-interest expense / Average
assets (1) 1.95% 2.04% 2.02% 2.05% 2.10% Full-time equivalent employees
192 190 187 184 183 Commentary Salaries and employee benefits
increased primarily due to 2 new FTEs. Consulting and legal
fees normalizing after one-time expenses related to the holding company
reorganization in Q1 2022 and Q4 2021. Higher revenue
and slightly lower non-interest expense improved efficiency ratio to
55.34%. (1) Annualized. Page 27 U.S. CENTURY BANK
28
Following the 2015 Recapitalization, we undertook a complete reorganization
of the Bank, starting with the replacement of the executive
management team with individuals who brought with them larger
-bank and public company expertise In 2015, Ben Pazos joined as Chief
Credit Officer to lead and reconstruct the credit function of the
Bank, implementing robust underwriting standards and procedures
and developing a problem asset resolution strategy Proactively
resolved the Bank’s significant problem assets and imposed enhanced
underwriting standards and procedures Based upon our aggregate
exposure to any given borrower relationship, we undertake a scaled review
of loan originations that may involve senior credit officers, our
Chief Credit Officer, our Credit Committee or, ultimately, our
Board We manage our credit risk by analyzing metrics related
to our lines of business, which allows us to maintain a conservative
and well-diversified loan portfolio reflective of our assessment of various
industry sectors As a result of these measures, our level of nonperforming
assets, or NPAs, improved significantly from 6.04%
of total assets as of December 31, 2014 to 0.00% of total assets as
of June 30, 2022 As of June 30, 2022, the Bank had no loans under
COVID-19 related deferral status Asset Quality Allowance for
Credit Losses In thousands except ratios 1.40% 1.33% 1.31% 1.22%
1.16% 1.30% 1.27% 1.27% 1.20% 1.15% $1,848 $14,900 $15,057
$15,074 $15,786 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2
2022 Allowance for credit losses ACL/Total loans ACL/Total
loans excluding PPP Loans Non-performing Loans In thousands
(except ratios) 1400 1200 1000 800 600 400 200 0 $20 0.00%
$18 0.00% $1,190 0.10% $0 0.00% $0 0.00% Q2 2021 Q3 2021
Q4 2021 Q1 2022 Q2 2022 Non-accrual TDRs Non-accrual
loans less non-accrual TDRs Non-performing loans to total loans Page 28 U.S.
CENTURY BANK
29
Capital Capital Ratios11*! Q2 2022 Leverage Ratio 9.43% TCE/TA{2)
8.93% Tier 1 Risk Based Capital 12.65% Total Risk Based
Capital 13.74% Q1 2022 Q2 2021 Well-
Capitalized 9.47% 7.91% 5.00% 9.76% 8.50% NA 13.35% 11.44%
8.00% 12.69% 10.00% 14.49% Commentary All capital ratios remain
significantly above “well capitalized” guidelines. Q2 2022 EOP
shares outstanding: Class A Common Stock: 20,000,753 No
shares repurchased during the quarter; Board approved repurchase
program in place covering 750,000 shares of Class A common stock. (1)
The Company was established in Q4 2021. As such, the capital ratios
for Q2 2022 and Q1 2022 are for the Company while Q2 2021
is for the Bank only. (2) Non-GAAP. Page 29 U.S.
CENTURY BANK
30
Table of Contents 1 Who We are 2 Growth Strategy 3
Financial Review 4 Appendix Page 30 U.S. CENTURY BANK
31
USCB Highlights U.S. CENTURY BANK Leading Franchise Located
in One of the Most Attractive Banking Markets in Florida and
the U.S. Experienced and Tested Management Team Robust
Organic Balance Sheet Growth Low Risk, Commercially Oriented
Loan Portfolio Strong Asset Quality, with Minimal Charge
-offs Experienced Since Recapitalization Strong Profitability, with
Pathway For Further Enhancement Identified Core Funded Deposit
Base with 37.6% Non-Interest Bearing Deposits Balanced Liquidity
Profile – 79.0% Loan / Deposit Ratio To Support Future Loan
Growth Page 31 U.S. CENTURY BANK
32
Seasoned Management Team with Local Banking Experience
Name Title Years at USCB Prior Experience Luis de la Aguilera
President, CEO & Director 6
Former President and CEO of TotalBank
Served in management and loan production positions at Ocean
Bank from 1989-2000
Served in business development and lending positions at Republic National
Bank from 1982-1988
Director of the Florida Banker’s Association from 2012 - present
Former Florida Representative for the American Banking Association’s
Government Relations Council
40+ years in banking Rob Anderson Chief Financial Officer
1
Former Chief Financial Officer of Capstar Financial Holdings, Inc.
Multiple finance roles with larger institutions including Bank of America
and Capital One where he served as business line CFO
Certified public accountant (CPA) (Inactive)
18+ years in banking Benigno Pazos Chief Credit Officer 5
Former Chief Credit Officer of TotalBank
Served as Lender and Relationship Manager for 22 years
Served in Credit Administration for 6 years
Certified public accountant (CPA)
33+ years in banking Oscar Gomez Head of Global Banking
Division 14
Former Executive Vice President of Global Correspondent
Banking and International Private Banking at Regions Bank
30+ years in banking Andres Collazo Director of Operations & IT
Systems 5
Former Senior Vice President and IT and Bank Operations
Manager of TotalBank
Handled field operations, item processing, and IT for BB&T,
South Florida Express and Regions Bank
33+ years in banking Nicholas Bustle Chief Lending Officer
2
Served in various executive roles with regional and national banks
including as Miami Dade County Market President and First Senior
Vice President – Commercial Banking at Valley Bank
in 2019
35+ years in banking Martha Guerra-Kattou Director of Sales
& Marketing 5
Former Director of Sales of TotalBank
Served as Vice President of Branch Administration and Senior Vice
President of Project Management at TotalBank
30+ years in banking Page 32 U.S. CENTURY BANK
33
Highly Accomplished and Aligned Board with Complementary Track
Records Name Title Years at USCB Prior Experience
Aida Levitan Chairwoman 8
Serves on the boards of the IMPAC Fund, Spanish Cultural
Center of Miami, President of ArtesMiami, Inc. and Trustee Emertia
of the Perez Art Museum Miami
Formerly served as Vice Chair of the national Smithsonian Latino
Center, Communications Chair of the National Museum of the American
Latino Commission, Chair of the Aetna Latino Advisory Council,
and former President of the Association of Hispanic Advertising Agenci
es (AHAA)
Former Vice Chair/President of Bromley Communications and former
CEO of Publicis Sanchez & Levitan
Director since 2013, Chairwoman since 2017 Kirk Wycoff
Director 6
Founder and Managing Partner of Patriot Financial Partners, L.P.
Former Chairman, President and CEO of Continental Bank Holdings,
Inc.
Former Chairman, President and CEO of Progress Financial Corp.
Former Chairman and CEO of Crusader Savings Bank, FSB
Serves on the Boards of Banc of California, Inc., Franklin Security
Bancorp, Radius Bancorp, Grasshopper Bancorp, Inc., Auxilior
Capital Partners, Inc., Numerated Growth Technologies, Progress
Leasing Company, Guaranty Bancorp, Porter Bancorp,
LendingClub Bank, National Association and Miria Holdings, Inc.
Director since 2015 Howard Feinglass Director 6
Founder and Managing Partner of Priam Capital
Director of Howard Bancorp, Inc. and Howard Bank since
2018
Director of non-profit Riverside Hawks
Former Principal of Odyssey Partners
Director since 2015 Ramón Abadin Director 4
Founder and Partner of Ramon A. Abadin P.A.
Serves on the Boards of WestCare and Florida Lawyers Mutual
Insurance Company
Former President of the Florida Bar
Former President of the Cuban American Bar
Association
Director since 2017 Bernardo Fernandez, Jr. Director
4
CEO of Baptist Health Medical Group
Former Chair of the Florida Board of Medicine and Head of
Section of Vascular Medicine of Cleveland Clinic Florida
Serving as a member of the Orange Bowl Committee and the
Board of Trustees of St. Thomas University
Former CEO and President of Cleveland Clinic Florida
2013 Recipient of the National Hospital CEO of the Year
from The Association of Hispanic Healthcare Executives
Director since 2017 Note: Excludes CEO who is also on board
of directors; Page 33 U.S. CENTURY BANK
34
Highly Accomplished and Aligned Board with Complementary Track
Records Name Title Years at USCB Prior Experience
Ramon A. Rodriguez Director Less than 1
Chairman and CEO of Cable Insurance, a property and casualty
insurer dedicated to the commercial automotive market
Former CEO of Madsen Sapp Mena Rodriguez & Co.
Founder and board member of DME Corporation
Served on the board of Republic Services, Inc.
Director since 2022 Robert E. Kafafian Director Less than
1
Founder, Chairman and Chief Executive Officer (“CEO”)
of The Kafafian Group, Inc.
40-year career consulting and advising more than 500 financial
institutions across the United States
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
Director since 2022 Maria C. Alonso Director Less than 1
Served as the President and CEO of United Way Miami
Record spanning more than 25 years across banking, marketing,
social responsibility, and community engagement
Involvement in community organizations has included: New
World School of the Arts (past Executive Committee
Chair), Leadership Florida, International Women’s Forum,
Greater Miami Chamber of 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.
Recognized community leader having received numerous awards celebrating
her civic, business, and philanthropic contributions to the South
Florida community.
Director since 2022 Note: Excludes CEO who is also on board
of directors; Page 34 U.S. CENTURY BANK
35
Non-GAAP Reconciliation In thousands (except ratios) 6/30/2022
Pre-Tax Pre-Provis ion f TIPP") Income: Netincora?$5.295
Rus: Provision forincone taxes 1.708 Rus: Revision for credit losses
705 PIPP incone _S 7,708 PTPP Return on Average As sets:
PIPP incone$7.708 Average assets$1,96S,3S1 PIPP return
on average assets 1.57% Oner at in g Net Inc ome: Net incone$5.295
Less: Net gains (tosses) on sale of securities (3) Less: Tax effect
on sale of securities 1_ Operating net income _S 5.297 Operating
PTPP Income: PIPP incone$7,708 Less: Net gains (tosses) on sale of
securities (3) Operating PTPP Incone _S 7.711 Operating PTPP
Return on Average Assets: Operating PIPP incone$7,711 Average
assets$1,968,381 Operating PIPP Return on average assets 1.57% Oper
at in g Return on Aver ag e Assets : Operating net income$5.297
Average assets$1,968,381 Operating return on average
assets ' ' 1.08% As of or for the three months ended 3/31/2022
12/31/2021 9/30/2021 6/30/2021 S 4.854 S 5.650 S 6.593 S 4.053
1.S58 1.751 2088 1.263 S 6.712 S 7.401 S 8.681 S 5.316 S 6.712
S 7.401 S 8.681 S 5.316 S 1,913,484$1,828,037$1,741,423$1,660,060 1.42%
1.61% 1.98% 1.28% s 4.854 S 5.650 S 6.593 S 4.053 21 35 (70) 187
ÍSL <2L 17 S 4.S3S S 5.624 $ 6.646 S 3.912 S 6,712$7,401$8,681$5,316
21 35 JTC^ 181 S 6.691$7,366$S.751$5.129 S 6,691 S 7,366 S
8,751 S 5,129 S 1,913,484$1,828,037$1,741,423$1,660,060 1.42%
1.60% 1.99% 1.24% S 4.838 S 5.624 S 6.616 S 3.912 S 1,913,484$1,828,037$1,741,423$1,660,060
1.03% 1.22% 1.51% 0.95% (1) Annualized Page 35 U.S.
CENTURY BANK
36
Non-GAAP Reconciliation In thousands (except per share data)
In thousands (except per A. of i»d for ike ar»ao»a-. tided fl 1 6 30.2022
3 31 2022 12 3 1 2021 9 30 2021 6 30.2021 Ti agible Bock Va
lie per Cor* noi Shire (it period-ead): loulclockholdcrc'eoas
v
(GA AP| S ISXObS s 192019 S 201 *9 7 s 201.918 S 166.102 lecc
: Inundóle jccclc ----- Less : Preferred cioc k 24016 tangible cioc (holders'equity
(non-GAA Pk S 180.068 s 192019 s 201*97 S 201.918 S 141086 Toral
iteres lifted and ontiB nding (at period-end): ('lice A commcn shares
20.0C0.TSJ 20.000.TS.1 19.991.75.1 18767041 .1*89.469 Giles (¡common
chares 1.224.2 12 1-Î24J2I2 1 oialcomm.cn chares issued and
ou island mg 200CO .75 l 20.000.7S 1 1.7SJ I.TSJ 5.1110*1
1 angible book vatac percommon chare (non-GA AP) ' ' V s s
10.20 s s yj 0 penda* Net I»coa e Available nCcauM S lock k olden
: Sel meóme (GAA P> S s 4*54 s 5/k50 s 6091 s 4.0 S.1 Lecc :
Preferred dividende - 542 754 Lecc: (-«change and red cmpu.cn of
preferred charec . . . 89085 . Sel meóme (bee) available a>
common stockholders (GA AP> SJ9S 4ÃS4 SOSO (8.10.14) 1.299 Add
back: (exchange and redemplicn ofpreferred charec
89085 Operatmg nel mcom: avail lo comnun clock (non-GAA P| s SJ9S s 4*34
s SOSO s 6031 s 1’99 A lie cation of operating net income per
comm on ¡to ci cia n: £ « *o \ s s < V«4 s S « /-*.» s S « <ú« s s Glass
(¡comm.cn clock$ ***** 4SI 790 Weighed average liarei
on a tan ding: Gla.cc A common clock llacK 20.000.75! 19.994.95.1
I&.9I.1.9I4 IS. 12 1.460 .1*89.469 Dialed 20171.261 20.109.7*
J 19.021086 15.187.729 1.911016 Glass (¡ commcn clock Hack:
. . . 6.121052 6.121052 Dialed - - - 6121052 6.121052 Dita ted I
PS: "*"* ' (Jan \ common c lock Sel income (fc>cc)perdiluted share«"; A
AP)$0.26 S 0.24 S 0-10 S (5.11) S 0X4 A dd back: Met an»e
and redcmptmn of pie ferret] cha res ; ; ; • 4» • Operating nel
mcom:
per dita led chare (non -<t\ Aft Class licommcn clock Nel income (toee)perdiluted
chare(GA AP)$s$S (1.02) S 0.11 Add back: (--«change
and redcmptmn ofpre ferred charec 1.09 Operating nel mcom: perditaled
chare (non-GA AP) 4 «$ (t) The Company belbves these non GAAP
measurements are key bdicaars of iie ongaing earnbgs pc» er of
the Conjjany. 2. During the quarter ended Sept entier 30. 2021.47.473
shares of Class C preferred sack and 11.061.552 shares of Class
D preferred sack * ere comer ad bto 10278.072 shares of Class A
com non stock. AcMitbnally. the Bank closed on iie initial
pubic dieting of is Cass A common sack on July 27. 2021. in which
it issued 4.600.COO shares of Class A common stock. As such,
the toal shares issued rad outstanding d Class A com non sack* as 18.767.541
shares at Scptentier 30. 2021. 3. EjcIjJcs iie dlutivc effect,
if any. of shares of com moi sack ¿suable upon eiocBc of outsanding
stock options. 4. During the quarter ended Septentier 30. 2021. basic
net loss per share is the same as dluad net bss per share
as the inebsion of all poanaal common shacs outstanding would have been
anadiuáve. 5. During the quarter ended December 31.2021.
iie Company entered into agreements * ih the Class B common shrr
ehobers a cachangc el outsanding Class B non-votbg common
stockfer Class A voting common stockât a ratio of 1 shrre
of Cbss A common stockfor each 5 shares of Class B non-votbg common
stock, h catulaang net income (Ices) per dluad share for
the prbr quarters presented., iie allocrsion of operating net income avalabfc
a common slockhobers was based on the weighad average shares
outsanding per common share class a iie aal w eithted average
shares outsand'ng djrbq each period. The operatbq net bcome albcatbn wascalcubted
usinq the weiqhad averaqe shares outsandinq of Cbss B common
stockon an as converted basis. Page 36 U.S. CENTURY
BANK