The following is a summary of the USCB Financial Holdings, Inc. (USCB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• USCB reported a strong Q1 2024 performance with net income of $4.6 million or $0.23 per diluted share.

• They experienced significant growth in average deposits (11.1%) and loans (15.1%) compared to Q1 2023.

• The company paid its first-ever cash dividend to shareholders, totalling $1 million.

• The Board approved a new share repurchase program, acquiring up to 500,000 shares of Class A common stock.

• An increase in net interest income and noninterest income was observed due to a larger balance sheet and an increase in loan yield.

Business Progress:

• USCB expanded business lines in 2023 and introduced a new deposit aggregating vertical aimed at healthcare professionals.

• Non-CRE loans grew to make up 29% of the total loan portfolio, showing a successful attempt at diversification.

• The company's share repurchase program is going strong, with 572,980 shares still available for repurchase.

• USCB hired new teams to boost relationship funding, leading to the discontinuation of higher-priced, non-relationship funding.

• The company sees strong potential in its SBA lending, with a solid pipeline promising high yield in the upcoming quarters.

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.