USCB Financial Holdings, Inc. has recently released its 10-Q report, providing insights into the company's financial performance for the three and nine months ended September 30, 2024. As the bank holding company for U.S. Century Bank, it offers various personal and business banking products and services, including deposit products, loan products, and online banking services.
In the third quarter of 2024, the company reported a net income of $6.9 million, or $0.35 per diluted share of common stock, compared to $3.8 million, or $0.19 per diluted share of common stock, for the same period in 2023. Furthermore, the Board of Directors declared its fourth quarterly cash dividend of $0.05 per share of the Company’s Class A common stock, with 10,000 shares of Class A common stock repurchased at a weighted average price per share of $11.99 during the third quarter of 2024.
Key financial highlights include an increase in net interest income by 29.1% to $18.1 million for the three months ended September 30, 2024, from $14.0 million for the same period in 2023. Total assets were $2.5 billion at September 30, 2024, representing an increase of $259.4 million or 11.6% from September 30, 2023, and total loans were $1.9 billion at September 30, 2024, representing an increase of $254.8 million or 15.2% from September 30, 2023.
The company's annualized return on average assets for the quarter ended September 30, 2024, was 1.11%, compared to 0.67% for the same period in 2023, and the net interest margin was 3.03% for the three months ended September 30, 2024, compared to 2.60% for the same period in 2023. Additionally, the ACL to total loans was 1.19% at September 30, 2024, and non-performing loans to total loans was 0.14% at September 30, 2024.
USCB Financial Holdings, Inc. reported total assets of $2,503,954 and total loans of $1,931,362 as of September 30, 2024. The efficiency ratio for the third quarter of 2024 was 53.16%, compared to 64.64% for the same period in 2023, reflecting improved operational efficiency.
The company's net interest income, which is the primary driver of core earnings, increased significantly, contributing to a higher net income for the three and nine months ended September 30, 2024, compared to the same periods in 2023. These financial results indicate a positive trend in the company's performance and financial position. As a result of these announcements, the company's shares have moved -0.3% on the market, and are now trading at a price of $20.33. For the full picture, make sure to review USCB Financial's 10-Q report.
