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USCB Financial Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $6,949,000 from $3,819,000 in the same quarter the previous year. This increase is attributed to higher interest income from a larger loan portfolio and increased activity in fee-generating transactions.
Net interest income before provision for credit losses was $18,109,000, up from $14,022,000 in the previous year, driven by higher income from loans and an increase in the weighted average loan yield.
The company's total assets were $2.5 billion as of September 30, 2024, representing an increase from $2.34 billion at the end of 2023. Total loans increased to $1.93 billion from $1.78 billion during the same period.
Total deposits were $2.13 billion as of September 30, 2024, up from $1.94 billion at the end of 2023.
The provision for credit losses was $931,000 for the quarter, compared to $653,000 in the same quarter of the previous year. The increase was primarily due to loan growth.
Non-interest income increased to $3,438,000 from $2,161,000, driven by growth in SWAP loan fees.
Non-interest expense increased to $11,454,000 from $10,461,000, primarily due to an increase in salaries and employee benefits.
The company's allowance for credit losses was $23,067,000 as of September 30, 2024, compared to $21,084,000 at the end of 2023.
USCB Financial Holdings reported a tangible book value per common share of $10.90 as of September 30, 2024, up from $9.81 at the end of 2023.
The company declared a quarterly cash dividend of $0.05 per share for the fourth quarter of 2024, to be paid on December 5, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the USCB Financial Holdings Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.