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U.S. Century Bank Reports Second Quarter 2021 Results

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MIAMI, July 30, 2021--(BUSINESS WIRE)--U.S. Century Bank (the "Company") (NASDAQ: USCB) today announced 2021 second quarter financial results for the quarter ended June 30, 2021.

"We are thrilled to have completed our initial public offering and to be trading publicly. This milestone will help support the Company’s growth strategy as part of our long-term strategic expansion plan," said Luis de la Aguilera, President and Chief Executive Officer.

The Company reported net income of $4.1 million or $0.64 per diluted share of Class A common stock and $0.13 per diluted share of Class B common stock, for the quarter ended June 30, 2021, from net income of $1.4 million or $0.13 per diluted share of Class A common stock and $0.03 per diluted share of Class B common stock, for the quarter ended June 30, 2020.

Financial Highlights

  • Completed the initial public offering ("IPO") and issued 4,600,000 shares of Class A common stock, inclusive of the full exercise of the underwriters’ option to purchase an additional 600,000 shares. The securities were sold at a price to the public of $10.00 per share and began trading on the Nasdaq Global Market under the ticker symbol "USCB" on July 23, 2021. On July 27, 2021, the closing date of the IPO, the Company received total net proceeds of $42 million, after deducting the underwriting discount.

  • Net interest income was $12.5 million for the quarter ended June 30, 2021, representing an increase of $1.6 million or 14.75% as compared to the second quarter in 2020. The increase was primarily driven by higher investment income and lower interest expense on deposits.

  • Net interest margin ("NIM") was 3.14% for the three months ended June 30, 2021, a decrease of 21 basis points from 3.35% for the immediately preceding quarter ended March 31, 2021, and a decrease of 14 basis points from 3.28% for the second quarter in 2020. The decreases in NIM were largely due to lower benchmark interest rates.

  • The efficiency ratio for the three months ended June 30, 2021 was 62.00% as compared to 69.03% for the second quarter in 2020.

  • Average deposits for the quarter ended June 30, 2021 increased by $88.5 million or 6.59% compared to the immediately preceding quarter ended March 31, 2021 and by $265.7 million or 22.78% compared to the second quarter of 2020.

  • Average loans for the quarter ended June 30, 2021 increased by $16.7 million or 1.56% compared to the immediately preceding quarter ended March 31, 2021 and by $49.6 million or 4.78% compared to the second quarter of 2020.

  • Annualized return on average assets for the quarter ended June 30, 2021 was 0.98%, compared to 0.41% for the second quarter in 2020.

  • Annualized return on average stockholders’ equity for the quarter ended June 30, 2021 was 9.74%, compared to 3.55% for the second quarter in 2020.

  • Since March 2020, the Company has participated in all three rounds of the Small Business Administration ("SBA") Paycheck Protection Program ("PPP"), originating $168.4 million of PPP loans through June 30, 2021. As of June 30, 2021, $82.3 million in PPP loans had been forgiven.

  • On June 24, 2021, the Company purchased a yacht loan portfolio that is complementary to our business and stated strategy. The portfolio is tied to financed purchases of 24 vessels with an aggregate principal balance as of the date of purchase of $44.1 million.

  • On April 26, 2021, the Company completed the repurchase of all outstanding shares of our Class E Partially Cumulative Perpetual Preferred Stock ("Class E Preferred Stock"), for an aggregate repurchase price of $7.6 million, which is equal to the aggregate liquidation preference of $7.5 million plus declared and unpaid dividends. As of the date of this press release, no shares of Class E Preferred Stock remain outstanding.

  • Total risk-based capital ratio was 12.69% at June 30, 2021 compared to 14.14% for the second quarter in 2020.

  • Allowance for loan losses to total loans was 1.30% at June 30, 2021 compared to 1.45% at June 30, 2020.

  • Non-performing loans to total loans was less than 0.01% at June 30, 2021 compared to 0.53% for the second quarter in 2020.

  • Annualized net charge offs to average loans for the quarter ended June 30, 2021 was 0.06%.

  • Refer to the "Non-GAAP financial measures" Exhibits below for a reconciliation of the non-GAAP measures used.

Balance Sheet

Total assets were $1.7 billion at June 30, 2021, representing an increase of $33.6 million or 2.1% from the immediately preceding quarter ended March 31, 2021. The significant contributing factors to the overall increase included:

  • Available-for-sale securities increased $54.5 million or 15.95% as excess liquidity was used to purchase investments.

  • Total loans increased $41.1 million or 3.72% primarily due to the purchase of a yacht loan portfolio.

  • Cash and equivalents declined $58.8 million primarily because of the purchase of investment securities and loans as mentioned previously.

Deposits totaled $1.4 billion at June 30, 2021, representing an increase of $34.5 million, or 2.5%, from the immediately preceding quarter ended March 31, 2021. The average cost of total deposits continued to decline, dropping by 8 basis points to 0.26% for the quarter ended June 30, 2021 from 0.34% for the immediately preceding quarter ended March 31, 2021, and 0.73% for the quarter ended June 30, 2020.

Asset Quality

Non-performing assets decreased by $0.7 million or 97.0% for the three months ended June 30, 2021 compared to the immediately preceding quarter ended March 31, 2021 and decreased $5.6 million or 99.6% from the second quarter ended June 30, 2020. For the three months ended June 30, 2021, non-performing assets to total assets was less than 0.01%, representing a decrease of nearly 0.04% or 97.1% from the immediately preceding quarter ended March 31, 2021.

The allowance for loan losses was $14.8 million at June 30, 2021, down from $15.0 million for the immediately preceding quarter ended March 31, 2021, and from $15.3 million for the quarter ended June 30, 2020.

Non-interest Income and Non-interest Expense

Non-interest income totaled $1.5 million for the three months ended June 30, 2021, representing an increase of approximately $0.6 million or 58.4% compared to the same period in 2020. The increase was primarily driven by higher service charges on deposits and gains on sale of loans held for sale.

Non-interest expense was $8.7 million for the three months ended June 30, 2021 compared to $8.2 million for the same period in 2020. The increase was primarily driven by higher employee headcount and professional fees.

About U.S. Century Bank

Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest community banks in the state, with assets of $1.7 billion. U.S. Century is rated 5-star by BauerFinancial, the nation’s leading independent bank rating firm. Through its network of 11 branch locations and its online banking platform, U.S. Century Bank offers customers a wide range of financial products and services. U.S. Century Bank has received awards and accolades from numerous organizations for its philanthropic support and leadership, including the Beacon Council, Greater Miami Chamber of Commerce, South Florida Hispanic Chamber of Commerce and others. For more information or to find a U.S. Century branch near you, please call (305) 715-5200 or visit www.uscentury.com.

Forward-Looking Statements

Statements included in this earning release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. The words "may," "will," "anticipate," "should," "would," "believe," "contemplate," "expect," "aim," "plan," "estimate," "continue," "may" and "intend," as well as other similar words and expressions of the future, are intended to identify forward-looking statements. These forward-looking statements include statements related to our projected growth, anticipated future financial performance, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, or business and growth strategies, including anticipated internal growth.

These forward-looking statements involve significant risks and uncertainties that could cause our actual results to differ materially from those anticipated in such statements. Potential risks and uncertainties include, but are not limited to:

  • the strength of the United States economy in general and the strength of the local economies in which we conduct operations;

  • the COVID-19 pandemic and its impact on us, our employees, customers and third-party service providers, and the ultimate extent of the impacts of the pandemic and related government stimulus programs;

  • our ability to successfully manage interest rate risk, credit risk, liquidity risk, and other risks inherent to our industry;

  • the accuracy of our financial statement estimates and assumptions, including the estimates used for our credit loss reserve and deferred tax asset valuation allowance;

  • the efficiency and effectiveness of our internal control environment;

  • our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate;

  • legislative or regulatory changes and changes in accounting principles, policies, practices or guidelines, including the effects of forthcoming CECL implementation;

  • the effects of our lack of a diversified loan portfolio and concentration in the South Florida market, including the risks of geographic, depositor, and industry concentrations, including our concentration in loans secured by real estate;

  • the concentration of ownership of our Class A common stock;

  • our ability to fund or access the capital markets at attractive rates and terms and manage our growth, both organic growth as well as growth through other means, such as future acquisitions;

  • inflation, interest rate, unemployment rate, market, and monetary fluctuations;

  • increased competition and its effect on pricing of our products and services as well as our margins;

  • the effectiveness of our risk management strategies, including operational risks, including, but not limited to, client, employee, or third-party fraud and security breaches; and

  • other risks described from time to time in our filings with the FDIC.

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. Therefore, you are cautioned not to place undue reliance on any forward-looking statements. Further, forward-looking statements included in this presentation are made only as of the date hereof, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws. You should also review the risk factors we describe in the reports we will file from time to time with the FDIC.

Non-GAAP Financial Measures

This earning release includes financial information determined by methods other than in accordance with generally accepted accounting principles ("GAAP"). This financial information includes certain operating performance measures. Management has included these non-GAAP measures because it believes these measures may provide useful supplemental information for evaluating the Company’s underlying performance trends. Further, management uses these measures in managing and evaluating the Company’s business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the ‘Non-GAAP Reconciliation Tables’ included in the exhibits to this earning release.

U.S. CENTURY BANK AND SUBSIDIARIES (UNAUDITED)

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2021

2020

2021

2020

Interest income:

Loans, including fees

$

11,538

$

11,974

$

23,406

$

23,710

Investment securities

1,968

1,218

3,812

2,482

Interest-bearing deposits in financial institutions

23

67

39

209

Total interest income

13,529

13,259

27,257

26,401

Interest expense:

Interest-bearing deposits

15

44

29

90

Savings and money markets accounts

523

763

1,071

1,890

Time deposits

379

1,306

933

2,718

Federal Home Loan Bank advances

138

275

275

718

Total interest expense

1,055

2,388

2,308

5,416

Net interest income before provision for loan losses

12,474

10,871

24,949

20,985

Provision for (recovery of) loan losses

-

1,750

(160

)

3,250

Net interest income after provision for loan losses

12,474

9,121

25,109

17,735

Non-interest income:

Service fees

903

581

1,792

1,459

Gain on sale of securities available for sale, net

187

5

249

423

Gain on sale of loans held for sale, net

23

-

987

228

Other non-interest income

403

371

809

758

Total non-interest income

1,516

957

3,837

2,868

Non-interest expense:

Salaries and employee benefits

5,213

4,792

10,491

9,862

Occupancy

1,411

1,436

2,798

2,835

Regulatory assessment and fees

195

165

373

341

Consulting and legal fees

373

270

558

429

Network and information technology services

332

412

840

749

Other operating

1,150

1,090

2,291

2,175

Total non-interest expense

8,674

8,165

17,351

16,391

Net income before income tax expense

5,316

1,913

11,595

4,212

Income tax expense

1,263

469

2,761

1,033

Net income

4,053

1,444

8,834

3,179

Preferred stock dividend

754

782

1,535

1,563

Net income available to common stockholders

$

3,299

$

662

$

7,299

$

1,616

Per share information:

Class A common stock (1)

Basic net income per share of common stock

$

0.65

$

0.13

$

1.43

$

0.32

Diluted net income per share of common stock

$

0.64

$

0.13

$

1.41

$

0.31

Class B common stock

Basic net income per share of common stock

$

0.13

$

0.03

$

0.29

$

0.06

Diluted net income per share of common stock

$

0.13

$

0.03

$

0.29

$

0.06

Weighted average shares outstanding:

Class A common stock (1)

Basic

3,889,469

3,887,469

3,889,469

3,887,469

Diluted

3,933,636

3,944,455

3,933,636

3,944,455

Class B common stock

Basic

6,121,052

6,121,052

6,121,052

6,121,052

Diluted

6,121,052

6,121,052

6,121,052

6,121,052

(1) On June 16, 2021, the Company effected a 1 for 5 reverse stock split of all the Class A common stock $1.00 par value. As of the effective date of June 16, 2021, each five shares of the Company's Class A common stock was combined into one fully paid share of Class A common stock. Any fractional shares resulting from this reverse stock split were rounded up to one whole share.

U.S. CENTURY BANK AND SUBSIDIARIES (UNAUDITED)

SELECTED FINANCIAL DATA

(Dollars in thousands, except per share data)

As of and for the three months ended

6/30/2021

3/31/2021

12/31/2020

9/30/2020

6/30/2020

Income Statement Data:

Net interest income

$

12,474

$

12,475

$

11,499

$

11,113

$

10,871

Provision for (recovery of) loan losses

-

(160

)

-

-

1,750

Net interest income after provision for loan losses

12,474

12,635

11,499

11,113

9,121

Service fees

903

889

1,030

777

581

Gain on sale of securities available for sale, net

187

62

11

-

5

Gain (loss) on sale of loans held for sale, net

23

964

(1

)

612

-

Other income

403

406

414

386

371

Total non-interest income

1,516

2,321

1,454

1,775

957

Salaries and employee benefits

5,213

5,278

4,435

4,907

4,792

Occupancy

1,411

1,387

1,402

1,419

1,436

Regulatory assessment and fees

195

178

171

179

165

Consulting and legal fees

373

185

274

342

270

Network and information technology services

332

508

380

407

412

Other operating

1,150

1,141

1,603

1,126

1,090

Total non-interest expense

8,674

8,677

8,265

8,380

8,165

Net income before income tax expense

5,316

6,279

4,688

4,508

1,913

Income tax expense

1,263

1,498

449

1,106

469

Net income

4,053

4,781

4,239

3,402

1,444

Preferred stock dividend

754

781

782

$

782

782

Net income available to common stockholders

$

3,299

$

4,000

$

3,457

$

2,620

$

662

Class A common stock (1)

Net income per share, basic

$

0.65

$

0.78

$

0.68

$

0.51

$

0.13

Net income per share, diluted

$

0.64

$

0.78

$

0.67

$

0.51

$

0.13

Class B common stock

Net income per share, basic

$

0.13

$

0.16

$

0.14

$

0.10

$

0.03

Net income per share, diluted

$

0.13

$

0.16

$

0.14

$

0.10

$

0.03

Balance Sheet Data (at period end):

Cash and cash equivalents

$

47,117

$

105,940

$

47,734

$

177,411

$

116,567

Securities available-for-sale

$

395,804

$

341,344

$

334,322

$

189,507

$

178,393

Loans held for investment (2)

$

1,145,095

$

1,103,981

$

1,038,504

$

1,042,106

$

1,054,148

Allowance for loan losses

$

(14,848

)

$

(15,009

)

$

(15,086

)

$

(15,207

)

$

(15,323

)

Total assets

$

1,667,005

$

1,633,359

$

1,501,742

$

1,491,036

$

1,432,126

Non-interest-bearing deposits

$

555,993

$

516,550

$

442,467

$

416,564

$

416,572

Interest-bearing deposits

$

882,783

$

887,681

$

830,935

$

836,058

$

780,275

Federal Home Loan Bank advances and other borrowings

$

36,000

$

36,000

$

36,000

$

41,000

$

44,000

Total liabilities

$

1,500,703

$

1,462,934

$

1,330,741

$

1,322,450

$

1,266,511

Total stockholders' equity

$

166,302

$

170,425

$

171,001

$

168,586

$

165,615

Capital ratios:

Tier 1 leverage ratio

7.91

%

8.57

%

8.61

%

8.73

%

8.80

%

Common equity tier 1 RWA*

9.24

%

9.47

%

9.71

%

9.68

%

9.43

%

Tier 1 capital to RWA*

11.44

%

12.54

%

12.99

%

13.08

%

12.89

%

Total capital to RWA*

12.69

%

13.80

%

14.24

%

14.34

%

14.14

%

* RWA = risk weighted assets

(1) Adjusted for the 1 for 5 reverse stock split for all periods shown.

(2) Loan amounts include deferred fees/costs.

U.S. CENTURY BANK AND SUBSIDIARIES (UNAUDITED)

AVERAGE BALANCES, RATIOS, AND OTHER

(Dollars in thousands)

As of and for the three months ended

6/30/2021

3/31/2021

12/31/2020

9/30/2020

6/30/2020

Average balance sheet data:

Cash and cash equivalents

$

108,028

$

86,157

$

154,415

$

159,230

$

103,997

Securities available-for-sale

$

382,990

$

334,723

$

251,294

$

187,096

$

173,467

Loans held for investment

$

1,088,492

$

1,071,782

$

1,036,249

$

1,032,264

$

1,038,869

Total assets

$

1,660,060

$

1,573,881

$

1,522,735

$

1,460,732

$

1,404,417

Interest-bearing deposits

$

896,271

$

861,300

$

854,206

$

813,031

...

$

770,869

Total deposits

$

1,432,165

$

1,343,676

$

1,291,427

$

1,222,900

$

1,166,490

Federal Home Loan Bank advances and other borrowings

$

36,000

$

36,000

$

37,522

$

43,935

$

48,835

Total liabilities

$

1,493,129

$

1,402,305

$

1,353,424

$

1,293,905

$

1,240,630

Total stockholders' equity

$

166,931

$

171,576

$

169,311

$

166,827

$

163,787

Performance ratios:

Return on average assets (1)

0.98

%

1.23

%

1.11

%

0.93

%

0.41

%

Return on average equity (1)

9.74

%

11.30

%

9.96

%

8.11

%

3.55

%

Net interest margin (1)

3.14

%

3.35

%

3.14

%

3.17

%

3.28

%

Non-interest income to average assets (1)

0.37

%

0.60

%

0.38

%

0.48

%

0.27

%

Efficiency ratio (2)

62.00

%

58.64

%

63.81

%

65.02

%

69.03

%

Loans by type (at period end):(3)

Residential real estate

213,575

231,554

232,754

247,620

268,123

Commercial real estate

673,944

650,762

606,425

603,544

599,315

Commercial and industrial

155,440

174,546

157,330

159,882

158,735

Foreign banks

62,042

45,659

38,999

27,847

25,694

Consumer and other

43,979

5,627

5,507

6,356

6,036

Asset quality data:

Allowance for loan losses to total loans

1.30

%

1.36

%

1.45

%

1.46

%

1.45

%

Allowance for loan losses to non-performing loans

74240

%

2214

%

956

%

930

%

273

%

Non-accrual loans less TDRs

20

228

303

4

2,609

Trouble debt restructurings

-

450

1,275

1,632

355

Loans - over 90 days past due and accruing

-

-

-

-

2,647

Total non-performing loans (4)

20

678

1,578

1,636

5,611

Non-performing loans to total loans

0.00

%

0.06

%

0.15

%

0.16

%

0.53

%

Non-performing assets to total assets

0.00

%

0.04

%

0.11

%

0.11

%

0.39

%

Net charge-offs (recovery of) loan losses to average loans (1)

0.06

%

-0.03

%

0.05

%

0.04

%

0.02

%

Net charge-offs (recovery of) loan losses

160

(83

)

121

116

48

Interest rates and yields:

Loans

4.19

%

4.43

%

4.36

%

4.48

%

4.56

%

Investment securities

2.04

%

2.19

%

2.35

%

2.68

%

2.76

%

Total interest-earning assets

3.41

%

3.69

%

3.57

%

3.75

%

4.00

%

Deposits

0.26

%

0.34

%

0.44

%

0.59

%

0.73

%

Borrowings and repurchase agreements

1.52

%

1.52

%

1.55

%

1.84

%

2.23

%

Total interest-bearing liabilities

0.45

%

0.57

%

0.71

%

0.94

%

1.17

%

Other information:

Full-time equivalent employees

183

186

179

178

170

(1) Annualized.

(2) Efficiency ratio is defined as total non-interest expense divided by sum of net interest income and total non-interest income.

(3) Loan amounts exclude deferred fees/costs.

(4) The amounts for total non-performing loans and total non-performing assets are the same for the periods presented since there were no impaired investments or other real estate owned (OREO) recorded.

U.S. CENTURY BANK AND SUBSIDIARIES (UNAUDITED)

NET INTEREST INCOME

(Dollars in thousands)

Three Months Ended June 30,

2021

2020

Average
Balance

Interest

Yield/Rate (1)

Average
Balance

Interest

Yield/Rate (1)

Assets

Interest-earning assets:

Loans (2)

$

1,088,492

$

11,538

4.19

%

$

1,038,869

$

11,974

4.56

%

Investment securities

385,090

1,968

2.04

%

176,744

1,218

2.76

%

Other interest earnings assets

101,134

23

0.09

%

95,464

67

0.28

%

Total interest-earning assets

1,574,716

13,529

3.41

%

1,311,077

13,259

4.00

%

Allowance for loan losses

85,344

93,340

Total assets

$

1,660,060

$

1,404,417

Liabilities and stockholders' equity

Interest-bearing liabilities:

Interest-bearing demand deposits

$

52,620

15

0.11

%

$

43,480

44

0.41

%

Saving and money market deposits

607,752

523

0.35

%

440,505

763

0.69

%

Time deposits

235,899

379

0.65

%

286,884

1,306

1.83

%

Total interest-bearing deposits

896,271

917

0.41

%

770,869

2,113

1.10

%

Borrowings and repurchase agreements

36,000

138

1.52

%

48,835

275

2.23

%

Total interest-bearing liabilities

932,271

1,055

0.45

%

819,704

2,388

1.17

%

Non-interest bearing demand deposits

535,894

395,621

Other non-interest-bearing liabilities

24,964

25,305

Total liabilities

1,493,129

1,240,630

Stockholders' equity

166,931

163,787

Total liabilities and stockholders' equity

$

1,660,060

$

1,404,417

Net interest income

$

12,474

$

10,871

Net interest spread (3)

2.95

%

2.84

%

Net interest margin (4)

3.14

%

3.28

%

(1) Annualized.

(2) Average loan balances include non-accrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(3) Net interest spread is the average yield on total interest-earning assets minus the average rate on total interest-bearing liabilities.

(4) Net interest margin is the ratio of net interest income to total interest-earning assets.

U.S. CENTURY BANK AND SUBSIDIARIES (UNAUDITED)

NON-GAAP FINANCIAL MEASURES

(Dollars in thousands)

As of and for the three months ended

6/30/2021

3/31/2021

12/31/2020

9/30/2020

6/30/2020

PTPP Income:

Net Income

$

4,053

$

4,781

$

4,239

$

3,402

$

1,444

Plus: Provision for income taxes

1,263

1,498

449

1,106

469

Plus: Provision for (recovery of) loan losses

-

(160

)

-

-

1,750

PTPP income

$

5,316

$

6,119

$

4,688

$

4,508

$

3,663

PTPP Return on Average Assets:

PTPP income

$

5,316

$

6,119

$

4,688

$

4,508

$

3,663

Average assets

$

1,660,060

$

1,573,881

$

1,522,735

$

1,460,732

$

1,404,417

PTPP return on average assets (1)

1.28

%

1.58

%

1.22

%

1.23

%

1.05

%

Operating Net Income:

Net income

$

4,053

$

4,781

$

4,239

$

3,402

$

1,444

Less: Net gains on sale of securities

187

62

11

-

5

Less: Tax effect on sale of securities

(46

)

(15

)

(3

)

-

(1

)

Operating net income

$

3,912

$

4,734

$

4,231

$

3,402

$

1,440

Operating PTPP Income:

PTPP income

$

5,316

$

6,119

$

4,688

$

4,508

$

3,663

Less: Net gains on sale of securities

187

62

11

-

5

Operating PTPP Income

$

5,129

$

6,057

$

4,677

$

4,508

$

3,658

Operating PTPP Return on Average Assets:

Operating PTPP income

$

5,129

$

6,057

$

4,677

$

4,508

$

3,658

Average assets

$

1,660,060

$

1,573,881

$

1,522,735

$

1,460,732

$

1,404,417

Operating PTPP Return on average assets (1)

1.24

%

1.56

%

1.22

%

1.23

%

1.05

%

Operating Return on Average Asset:

Operating net income

$

3,912

$

4,734

$

4,231

$

3,402

$

1,440

Average assets

$

1,660,060

$

1,573,881

$

1,522,735

$

1,460,732

$

1,404,417

Operating return on average assets (1)

0.95

%

1.22

%

1.11

%

0.93

%

0.41

%

(1) Annualized.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210730005530/en/

Contacts

Investor Relations
InvestorRelations@uscentury.com

Media Relations
Martha Guerra-Kattou
MGuerra@uscentury.com
(305) 715-5141

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