10-Q · May 8, 2026
USCB Financial Holdings, Inc. reported Q1 2026 results with revenue of $26.198M and net income of $9.351M, marking a 15.3% increase in net interest income. Earnings per share matched expectations at $0.47, featuring an…
Earnings analysis · 10-Q
USCB earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
USCB delivered improving core earnings in Q2 2026, with operating revenue up 14.5% year over year, net income up 11.5%, and NIM expanding to 3.49%. Loan and deposit growth remained strong, while non-performing loans…
Read full summary
USCB delivered improving core earnings in Q2 2026, with operating revenue up 14.5% year over year, net income up 11.5%, and NIM expanding to 3.49%. Loan and deposit growth remained strong, while non-performing loans declined and liquidity totaled $428 million. The principal offsets are continued CRE concentration, higher credit-loss provisioning, elevated uninsured deposits, and rising operating expenses; no formal risk-factor changes or numeric guidance were provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.49
- Segment
- Single reportable segment: all financial services operations are aggregated; segments were described as not material. Operating revenue was $27.947 million for Q2 2026.
What stood out
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Revenue increased sequentially and year over year
Operating revenue was $27.947 million in Q2 2026, up $1.763 million, or 6.7%, from $26.184 million in Q1 2026 and up $3.543 million, or 14.5%, from $24.404 million in Q2 2025. The quarter also exceeded the provided revenue consensus of $26.740 million by 4.52%.
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Earnings improved year over year
Net income rose to $9.078 million from $8.140 million in Q2 2025, an increase of $938 thousand, or 11.5%. Diluted EPS was $0.49 versus $0.40 a year earlier and $0.47 in Q1 2026; EPS matched the $0.49 consensus estimate.
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NII and NIM expanded
Net interest income before provision for credit losses increased 15.9% year over year to $24.387 million from $21.034 million. Net interest margin expanded 21 basis points to 3.49% from 3.28%, helped by lower deposit costs and a favorable earning-asset mix.
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Loan and deposit growth continued
Loans held for investment, net of deferred fees and costs, increased to $2.322 billion from $2.189 billion at December 31, 2025, a $133.1 million increase, or 12.3% annualized. Deposits increased to $2.452 billion from $2.345 billion, up $107.2 million, or 9.2% annualized.
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Non-performing loans declined
Asset quality improved: non-performing loans declined to $2.148 million from $3.138 million at December 31, 2025, and the non-performing-loan ratio fell to 0.09% from 0.14%. The allowance for credit losses remained substantial at $26.701 million, or 1.15% of total loans.
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Liquidity resources remained strong
Liquidity was reported at $428 million, consisting of $314 million in unpledged securities and $114 million in excess cash, plus $309 million of off-balance-sheet liquidity. The company stated that liquidity levels remained appropriate under base-case and stressed scenarios.
What to watch
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Concentrated commercial real estate exposure
Commercial real estate remained the primary lending exposure at $1.314 billion, or 56.6% of gross loans of $2.317 billion. Management’s hypothetical stress of two qualitative factors in the non-owner-occupied CRE portfolio increased the ACL by $6.0 million, or 22.3%.
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Uninsured deposits and maturities
Estimated uninsured deposits increased to 55% from 51% at December 31, 2025. Uninsured time deposits totaled $195.683 million, including $68.697 million maturing within three months, creating potential sensitivity to deposit pricing and liquidity conditions.
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Near-term wholesale funding maturities
FHLB advances totaled $240.9 million at June 30, 2026, including $112.0 million of fixed-rate advances and $128.9 million of daily-rate advances. Fixed-rate maturities include $37.0 million due July 13, 2026, $5.0 million due July 23, 2026, and $30.0 million due July 29, 2026.
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Credit-loss provision increased
The provision for credit losses increased to $1.267 million from $1.0 million in Q2 2025, primarily because of loan and off-balance-sheet commitment growth. The ACL for unfunded commitments rose to $1.3 million from $752 thousand at December 31, 2025.
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Operating expenses grew faster than fees
Non-interest expense increased 10.5% year over year to $13.966 million from $12.634 million. Salaries and employee benefits increased by $583 thousand, while other operating expenses increased by $436 thousand, including $312 thousand of excise tax expense.
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Negative accumulated comprehensive income
The filing states that there were no material changes to the risk factors disclosed in the 2025 Form 10-K. Nevertheless, accumulated comprehensive loss remained negative at $31.4 million and reduced tangible book value per share by $1.70.
Management's outlook
The 10-Q provides no numeric revenue or EPS guidance. Management states that liquidity resources were sufficient to fund loans and other cash needs; available liquidity was $428 million at June 30, 2026.
Earlier filings 4
10-K · March 13, 2026
USCB’s 2025 10-K emphasizes a South Florida‑focused, relationship banking strategy with specialty verticals (SBA, yacht lending, HOAs, private clients, correspondent banking) and a $2.8 billion consolidated asset base…
10-Q · August 8, 2025
USCB reported Q2 2025 revenue of $24,404,000 and GAAP diluted EPS of $0.40, up versus both the prior quarter and prior year. Loan balances and deposits grew materially (loans net $2,088,385,000; deposits $2,335,661,000)…
10-Q · May 9, 2025
USCB reported Q1 2025 total revenue (net interest income before provision plus non-interest income) of $22,831,000 and GAAP diluted EPS of $0.38, while net income rose to $7,658,000 from $4,612,000 in Q1 2024. Loan…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.