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USCB Financial Holdings Inc. (USCB-7.64%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income of $24.7 million for the year, compared to $16.5 million in the previous year. This increase is attributed to higher net interest income and non-interest income.
Net interest income before provision for credit losses was $69.9 million, an increase of $11.4 million or 19.4% from the previous year. The net interest margin improved to 2.94% from 2.79%.
Total assets grew to $2.6 billion, up by $242.1 million or 10.4% from the previous year. Total loans held for investment increased by $192.0 million or 10.8%, reaching $2.0 billion.
Non-performing assets totaled $2.7 million at the end of 2024, compared to $468 thousand at the end of 2023. The allowance for credit losses was 1.22% of total loans.
USCB Financial Holdings maintained a strong capital position with the bank being well-capitalized under regulatory capital requirements. The total risk-based capital ratio was 13.34%.
The company declared a quarterly cash dividend of $0.05 per share of Class A common stock throughout 2024.
During the year, USCB Financial Holdings repurchased 42,100 shares of Class A common stock at a weighted average price of $11.85 per share.
The filing also details the company's liquidity position, with $412.8 million in available liquidity on balance sheet and an additional $267.0 million in off-balance sheet liquidity.
USCB Financial Holdings continues to focus on its core deposit base and loan portfolio, with a significant portion of its growth attributed to its relationship-based banking model and diversified business verticals.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.