USCB filing — read by section

Item 2. Management’s Discussion and Analysis

Item 2. 
Management's Discussion and Analysis of Financial Condition 
and Results of Operations 

 The 
following 
discussion 
and 
analysis 
is 
designed 
to 
provide 
a 
better 
understanding 
of 
the 
consolidated 
financial 
 condition 
and 
results 
of 
operations 
of the 
Company 
and the 
Bank, 
its wholly 
owned subsidiary, 
for 
the quarter 
and nine 
 months ended 
September 30, 2022. This 
discussion and analysis 
is best 
read in 
conjunction with 
the unaudited consolidated 
 financial 
statements 
and 
related 
footnotes 
included 
in 
this 
quarterly 
report 
on 
Form 
10-Q 
and 
the 
audited 
consolidated 
 financial statements 
and related 
footnotes 
included in 
the Annual 
Report filed 
on the 
Form 10-K 
(“2021 form 
10-K”) filed 
 with the Securities and Exchange Commission (“SEC”) for 
the year ended December 31, 2021. 
 This discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause 
 actual results to differ materially 
from management's expectations. Factors that could cause 
such differences are discussed 
 in the 
sections entitled 
"Forward-Looking Statements" 
and Item 
1A “Risk Factors" 
below and 
in the 
2021 Form 
10-K filed 
 with the SEC which is available at the SEC’s website www.sec.gov. 
 Throughout 
this 
document, 
references 
to 
“we,” 
“us,” 
“our,” 
and 
“the 
Company” 
generally 
refer 
to 
USCB 
Financial 
 Holdings, Inc. 
 Forward-Looking Statements 
 This Quarterly Report 
on Form 10-Q 
(“Form 10-Q”) contains 
statements that are 
not historical in 
nature and 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 (Exchange Act”). The words “may,” 
“will,” “anticipate,” “should,” “would,” 
 “believe,” 
“contemplate,” 
“expect,” 
“aim,” 
“plan,” 
“estimate,” 
“continue,” 
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, 
 but 
are 
not 
limited 
to, 
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 continuation 
of 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 the forthcoming implementation 
of the Current Expected Credit Losses (“CECL”) standard; 
 • 
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; 
 • 
fluctuations in the price 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; 
 • 
continuing high 
levels of 
inflation, changes 
in market 
interest rates, 
the unemployment 
rate, as 
well as 
monetary 
 fluctuations, in particular in reaction to inflation and changes 
in interest rates 
 • 
increased competition and its effect on the pricing 
of our products and services as well as our margin; 

 • 
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 in this Form 10-Q, the 2021 Form 
10-K and other filings we make with the SEC. 
 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 Form 
10-Q are 
made only 
as of the 
date 

 Table of Contents 
 
 32 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 hereof, and we undertake 
no obligation to update 
or revise any forward-looking 
statement to reflect events 
or circumstances 
 occurring 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 
described in 
the reports 
the Company 
 filed or 
will file 
with the SEC 
and, for 
periods prior 
to the 
completion of 
the bank 
holding company reorganization 
in December 
 2021, U.S. Century Bank (“Bank”) filed with the Federal 
Deposit Insurance Corporation (“FDIC”). 
 Non-GAAP Financial Measures 
 This Form 10-Q 
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 
section 
“Reconciliation 
and 
Management 
Explanation 
of 
Non-GAAP 
Financial 
 Measures” included in this Form 10-Q.
 Overview 
 The Company, 
the holding company of 
the Bank, reported 
net income of 
$5.6 million or 
$0.28 per diluted 
share for Class 
 A common stock for the three 
months ended September 30, 
2022, compared with 
net income of $6.6 
million or $5.11 loss 
 and $1.02 
loss per 
diluted 
share for 
Class A and 
Class B 
common stock, 
respectively, for 
the same 
period in 
2021. The 
 losses per share for the Class 
A and Class 
B common stock for the quarter ended September 30, 2021 reflected the effects 
 of the exchange and redemption 
of the Bank’s preferred 
shares. In December 2021, 
the Company agreed to 
exchange all 
 the outstanding 
shares 
of Class 
B common 
stock for 
Class A common 
stock at 
a ratio 
of one 
share of 
Class A common 
 stock for 
each five shares 
of Class B 
common stock. As 
of September 30, 
2022 and 
December 31, 2021, 
the Company’s 
 only class of securities issued and outstanding was Class A common stock. 
 During the 
first quarter 
of 2022, 
the Board 
of Directors 
(the “Board”) 
approved a 
share repurchase 
program of 
up to 
 750,000 shares of Class A common stock. 
Under the repurchase program, 
the Company may 
purchase shares of Class A 
 common stock 
on a 
discretionary basis 
from time 
to time. As 
of September 30, 
2022, the 
Company had 
not repurchased 
 any shares. 
 In 
evaluating 
our 
financial 
performance, 
we 
consider 
the 
level 
of 
and 
trends 
in 
net 
interest 
income, 
the 
net 
interest 
 margin, the cost of deposits, 
levels and composition of 
non-interest income and non-interest 
expense, performance ratios, 
 asset quality ratios, regulatory capital ratios, and any significant 
event or transaction. 
 Unless 
otherwise 
stated, 
all 
period 
comparisons 
in 
the 
bullet 
points 
below 
are 
calculated 
for 
the 
quarter 
ended 
 September 30, 2022 compared to the quarter ended September 
30, 2021 and annualized where appropriate: 
 • 
Net 
interest 
income 
increased 
$3.3 
million 
or 
24.5% 
to 
$16.8 million 
from 
$13.5 
million 
for 
the 
quarter 
ended 
 September 30, 2021. 
 • 
Net interest margin (“NIM”) increased to 3.47% from 3.19% 
for the third quarter of 2021. 

 • 
Total assets exceeded $2.0 billion, an increase of $183 
.5 million or 9.9%, compared to December 31, 2021. 

 • 
Total loans grew to $1.4 billion, an increase of $241.4 million 
or 20.3%, compared to December 31, 2021. 

 • 
Total deposits increased $206.3 million or 13.0% to $1.8 
billion from $1.6 billion at December 31, 2021. 

 • 
Annualized return on average assets was 1.09% compared 
to 1.50% at September 30, 2021. 
 • 
Annualized return on average stockholders’ equity was 11.90% compared to 
13.41% at September 30, 2021. 
 • 
The 
allowance 
for 
credit 
losses 
to 
total 
loans 
ratio 
decreased 
to 
1.16% 
at 
September 30, 
2022 
from 
1.27% 
at 
 September 30, 2021. 
 • 
Non-performing loans to total loans was 0.00% at September 
30, 2022 and September 30, 2021. 

 Table of Contents 
 
 33 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 • 
At September 30, 2022, the 
total risk-based capital ratio for 
the Company and the 
Bank was 13.65% 
and 13.58%, 
 respectively. 
 • 
Tangible book 
value 
per common 
share (a 
Non-GAAP 
financial measure) 
was $8.87 
as of 
September 30, 
2022, 
 compared 
to 
$10.10 
at 
September 30, 
2021. 
The 
decline 
was 
primarily 
driven 
by 
unrealized 
security 
losses 
in 
 accumulated 
other 
comprehensive 
income 
at 
September 30, 
2022. 
See 
“Reconciliation 
and 
Management 
 Explanation for Non-GAAP Financial Measures” for a reconciliation of 
this non-GAAP financial measure. 
 Critical Accounting Policies and Estimates 
 The 
consolidated 
financial 
statements 
are 
prepared 
based 
on 
the 
application 
of 
U.S. 
GAAP, 
the 
most 
significant 
of 
 which are described in Note 1 “Summary of Significant Accounting Policies” in the Company’s 2021 Form 10-K. To prepare 
 financial 
statements 
in 
conformity 
with 
GAAP, 
management 
makes 
estimates, 
assumptions, 
and 
judgments 
based 
on 
 available information. These estimates, 
assumptions, and judgments affect 
the amounts reported in 
the financial statements 
 and accompanying notes. These estimates, assumptions, 
and judgments are based on information available as of the date 
 of the financial statements and, 
as this information changes, actual results 
could differ from the estimates, assumptions and 
 judgments reflected 
in the 
financial statements. 
In particular, 
management 
has identified 
accounting 
policies that, 
due to 
 the estimates, assumptions and judgments inherent in those policies, are critical in understanding our financial statements. 
 Management has presented the application of these policies 
to the Audit and Risk Committee of our Board. 

 Allowance for Credit Losses 
 The allowance for credit 
losses (“ACL”) is 
a valuation allowance that 
is established through charges 
to earnings in the 
 form of 
a provision for 
credit losses. The 
amount of the 
ACL is 
affected by the 
following: (i) charge-offs 
of loans that 
decrease 
 the allowance; 
(ii) subsequent 
recoveries on 
loans previously 
charged off 
that increase 
the allowance; 
and (iii) 
provisions 
 for credit losses charged to 
income that increase the allowance. 
Management considers the policies 
related to the ACL as 
 the most critical to 
the financial statement 
presentation. The total 
ACL includes activity 
related to allowances 
calculated in 
 accordance with Accounting Standards Codification (“ASC”) 310, 
Receivables, and ASC 450, Contingencies. 
 Throughout the year, 
management estimates the probable 
incurred losses in the loan portfolio 
to determine if the ACL 
 is adequate to absorb such losses. The ACL 
consists of specific and general components. 
The specific component relates 
 to loans that 
are individually classified 
as impaired. We 
follow a loan 
review program to 
evaluate the credit 
risk existing in 
 the loan 
portfolio. Loans 
that have 
been identified 
as impaired 
are reviewed 
on a 
quarterly basis 
to determine 
whether a 
 specific reserve is required. The general component covers non-impaired loans 
and is based on our specific historical loan 
 loss experience, 
volume, growth and 
composition of the 
loan portfolio, 
the evaluation 
of our 
loan portfolio 
through our 
internal 
 loan review 
process, general 
current economic 
conditions both 
internal and 
external to 
us that 
may affect 
the borrower’s 
 ability to pay, value of collateral and 
other qualitative relevant risk factors. Based on a review of these estimates, 
we adjust 
 the ACL to a level determined by management to be adequate. 
Estimates of credit losses are inherently subjective as they 
 involve an exercise of judgment. 
 Income Taxes 
 Deferred tax 
assets and 
liabilities are 
recognized for 
the future 
tax consequences 
attributable to 
differences 
between 
 the financial statement carrying amounts of 
existing assets and liabilities and their 
respective tax bases and operating loss 
 and tax credit carryforwards. Deferred tax 
assets and liabilities are measured 
using enacted tax rates expected 
to apply to 
 taxable income 
in the 
years in 
which those 
temporary differences 
are expected 
to be 
recovered or 
settled. The 
effect 
on 
 deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment 
 date. 

 Management is required to assess whether a valuation allowance should be established on the net deferred tax assets 
 based on the 
consideration of 
all available evidence 
using a more 
likely than not 
standard. In its 
evaluation, management 
 considers taxable loss 
carry-back availability, expectation of sufficient 
taxable income, trends 
in earnings, the 
future reversal 
 of temporary differences, and available tax planning 
strategies. 
 The Company recognizes positions taken 
or expected to be 
taken in a tax 
return in accordance with existing accounting 
 guidance on 
income taxes 
which prescribes 
a recognition threshold 
and measurement 
process. Interest 
and penalties 
on 
 tax liabilities, if any, would 
be recorded in interest expense and other operating non-interest 
expense, respectively. 

 Table of Contents 
 
 34 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Segment Reporting 
 Management monitors the revenue streams for all its various 
products and services. The identifiable segments are not 
 material 
and 
operations 
are 
managed 
and 
financial 
performance 
is 
evaluated 
on 
an 
overall 
Company-wide 
basis. 
 Accordingly, all 
the financial service 
operations are 
considered by management 
to be 
aggregated in one 
reportable operating 
 segment.
 Results of Operations 
 General 
 The following 
tables present 
selected balance 
sheet, income 
statement, and 
profitability ratios 
for the 
dates indicated 
 (in thousands, except ratios): 
 September 30, 2022 
 December 31, 2021 
 Consolidated Balance Sheets: 
 Total 
assets 
 $ 
 2,037,453 
 $ 
 1,853,939 
 Total 
loans 
 (1)
 $ 
 1,431,513 
 $ 
 1,190,081 
 Total 
deposits 
 $ 
 1,796,642 
 $ 
 1,590,379 
 Total 
stockholders' equity 
 $ 
 177,417 
 $ 
 203,897 
 (1) 
Loan amounts include deferred fees/costs. 
 Three Months Ended September 30, 
 Nine Months Ended September 30, 
 2022 
 2021 
 2022 
 2021 
 Consolidated Statements of Operations: 
 Net interest income before provision for credit losses 
 $ 
 16,774 
 $ 
 13,471 
 $ 
 46,795 
 $ 
 38,420 
 Total 
non-interest income 
 $ 
 1,789 
 $ 
 4,217 
 $ 
 5,351 
 $ 
 8,054 
 Total 
non-interest expense 
 $ 
 10,132 
 $ 
 9,007 
 $ 
 29,295 
 $ 
 26,358 
 Net income 

 $ 
 5,558 
 $ 
 6,593 
 $ 
 15,707 
 $ 
 15,427 
 Net income (loss) available to common stockholders 
 $ 
 5,558 
 $ 
 (83,534) 
 $ 
 15,707 
 $ 
 (76,235) 
 Profitability: 
 Efficiency ratio 
 54.58% 
 50.92% 
 56.18% 
 56.72% 
 Net interest margin 

 3.47% 
 3.19% 
 3.36% 
 3.22% 
 The Company’s results 
of operations 
depend substantially on 
net interest income 
and non-interest income. 
Other factors 
 contributing 
to 
the 
results 
of 
operations 
include 
our 
provision 
for 
credit 
losses, 
non-interest 
expenses, 
and 
provision 
for 
 income taxes. 
 Three months ended September 30, 2022 compared to the three months 
ended September 30, 2021 

 Net income decreased 
to $5.6 million 
for the three 
months ended 
September 30, 2022 
from $6.6 
million for the 
same 
 period 
in 
2021. 
Net 
income 
available 
to 
common 
stockholders 
increased 
$89.0 
million 
for 
the 
three 
months 
ended 
 September 30, 2022 compared 
to the 
same period 
in 2021 
primarily because the 
2021 period 
reflected the 
effect of 
preferred 
 dividends paid and the $89.6 million exchange and redemption 
of the Bank’s preferred shares. 
 Nine months ended September 30, 2022 compared to nine months ended 
September 30, 2021 
 
Net income increased to $15.7 
million for the nine months 
ended September 30, 2022 
from $15.4 million for the 
same 
 period in 
2021. Net income 
available to 
common stockholders increased 
$91.9 million for 
the September 30, 2022 
compared 
 to the same 
period in 
2021 primarily 
because of 
an increase 
in net interest 
income in 2022 
and the 2021 
period reflected 
 the effect of preferred dividends paid and the $89.6 million 
exchange and redemption of the Bank’s preferred shares. 
 Net Interest Income 
 Net 
interest 
income 
is 
the 
difference 
between 
interest 
earned 
on 
interest-earning 
assets 
and 
interest 
incurred 
on 
 interest-bearing liabilities and 
is the 
primary driver of 
core earnings. Interest 
income is generated 
from interest and 
dividends 
 on 
interest-earning 
assets, 
including 
loans, 
investment 
securities 
and 
other 
short-term 
investments. 
Interest 
expense 
is 

 Table of Contents 
 
 35 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 incurred 
from 
interest 
paid 
on 
interest-bearing 
liabilities, 
including 
interest-bearing 
deposits, 
FHLB 
advances 
and 
other 
 borrowings. 
 To evaluate net 
interest income, we 
measure and monitor 
(i) yields on 
loans and other 
interest-earning assets, (ii) 
the 
 costs of deposits 
and other funding 
sources, (iii) net 
interest spread, and 
(iv) net interest margin. 
Net interest spread is 
equal 
 to the difference between yields earned on interest-earning assets and rates paid on interest-bearing liabilities. Net interest 
 margin is 
equal to 
the annualized 
net interest 
income 
divided by 
average interest 
-earning assets. 
Because 
non-interest-
 bearing sources of funds, such as non-interest-bearing deposits 
and stockholders’ equity, also fund 
interest-earning assets, 
 net interest margin includes the indirect benefit of these 
non-interest-bearing sources. 
 Changes in 
the market 
interest rates 
and interest 
rates we 
earn on 
interest-earning assets 
or pay on 
interest-bearing 
 liabilities, as well 
as the volume 
and types of 
interest-earning assets and interest-bearing 
and non-interest-bearing liabilities, 
 are usually the 
largest drivers 
of periodic changes 
in net interest 
spread, net interest 
margin and net 
interest income. 
Our 
 asset liability committee 
(“ALCO”) has 
in place asset-liability 
management techniques 
to manage major 
factors that 
affect 
 net interest income and net interest margin. 

 Table of Contents 
 
 36 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 The following table contains information related 
to average balance sheet, average yields 
on assets, and average costs 
 of liabilities for the periods indicated (in thousands): 
 Three Months Ended September 30, 
 2022 
 2021 
 Average 
 Balance 
 (1)
 Interest 
 Yield/Rate 
 (2)
 
 Average 
 Balance 
 Interest 
 Yield/Rate 
 (2)
 Assets 
 Interest-earning assets: 
 Loans 
 (3)
 $ 
 1,398,761 
 $ 
 15,954 
 4.53 
 % 
 $ 
 1,144,275 
 $ 
 12,538 
 4.29 
 % 
 Investment securities 
 (4)
 450,514 
 2,201 
 1.94 
 % 
 399,745 
 1,858 
 1.86 
 % 
 Other interest earnings assets 
 70,540 
 322 
 1.81 
 % 
 109,639 
 38 
 0.14 
 % 
 Total 
interest-earning assets 
 1,919,815 
 18,477 
 3.82 
 % 
 1,653,659 
 14,434 
 3.43 
 % 
 Non-interest earning assets 
 106,976 
 
 87,764 
 Total 
assets 
 $ 
 2,026,791 
 
 $ 
 1,741,423 
 Liabilities and stockholders' equity 
 
 Interest-bearing liabilities: 
 
 Interest-bearing checking 
 $ 
 66,585 
 19 
 0.11 
 % 
 $ 
 55,621 
 16 
 0.11 
 % 
 Money market and savings accounts 
 823,521 
 1,141 
 0.55 
 % 
 627,654 
 501 
 0.32 
 % 
 Time deposits 
 217,023 
 363 
 0.66 
 % 
 229,055 
 306 
 0.53 
 % 
 Total 
interest-bearing deposits 
 1,107,129 
 1,523 
 0.55 
 % 
 912,330 
 823 
 0.36 
 % 
 Borrowings and repurchase agreements 
 43,935 
 180 
 1.63 
 % 
 36,000 
 140 
 1.52 
 % 
 Total 
interest-bearing liabilities 
 1,151,064 
 1,703 
 0.59 
 % 
 948,330 
 963 
 0.40 
 % 
 Non-interest bearing demand deposits 
 655,853 
 
 564,928 
 Other non-interest-bearing liabilities 
 34,586 
 
 33,156 
 Total 
liabilities 
 1,841,503 
 
 1,546,414 
 Stockholders' equity 
 185,288 
 
 195,009 
 Total 
liabilities and stockholders' equity 
 $ 
 2,026,791 
 
 $ 
 1,741,423 
 Net interest income 
 
 $ 
 16,774 
 
 $ 
 13,471 
 Net interest spread 
 (5)
 3.23 
 % 
 3.03 
 % 
 Net interest margin 
 (6)
 3.47 
 % 
 3.19 
 % 
 (1) 
Average balances - Daily average balances are used 
to calculate yields/rates. 
 (2) 
Annualized. 
 (3) 
Average loan balances include non-accrual loans. Interest income 
on loans includes accretion of deferred 
loan fees, net of deferred loan costs. 
 (4) 
At fair value except for securities held to maturity. Includes FHLB stock. 
 (5) 
Net interest spread is the average yield on 
total interest-earning assets minus the average 
rate on total interest-bearing liabilities. 
 (6) 
Net interest margin is the ratio of net interest 
income to average total interest-earning assets. 

 Table of Contents 
 
 37 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Nine Months Ended September 30, 
 2022 
 2021 
 Average 
 Balance 
 (1)
 Interest 
 Yield/Rate 
 (2)
 Average 
 Balance 
 (1)
 Interest 
 Yield/Rate 
 (2)
 Assets 
 Interest-earning assets: 
 Loans 
 (3)
 $ 
 1,302,909 
 $ 
 42,989 
 4.41 
 % 
 $ 
 1,101,782 
 $ 
 35,944 
 4.30 
 % 
 Investment securities 
 (4)
 484,489 
 7,040 
 1.94 
 % 
 374,318 
 5,670 
 2.02 
 % 
 Other interest-earnings assets 
 76,655 
 474 
 0.83 
 % 
 96,561 
 77 
 0.11 
 % 
 Total 
interest-earning assets 
 1,864,053 
 50,503 
 3.62 
 % 
 1,572,661 
 41,691 
 3.50 
 % 
 Non-interest earning assets 
 105,914 
 86,407 
 Total 
assets 
 $ 
 1,969,967 
 $ 
 1,659,068 
 Liabilities and stockholders' equity 
 Interest-bearing liabilities: 
 Interest-bearing checking 
 $ 
 65,798 
 52 
 0.11 
 % 
 $ 
 50,971 
 45 
 0.12 
 % 
 Money market and savings accounts 
 780,564 
 2,307 
 0.40 
 % 
 601,550 
 1,572 
 0.35 
 % 
 Time deposits 
 221,504 
 893 
 0.54 
 % 
 237,633 
 1,239 
 0.70 
 % 
 Total 
interest-bearing deposits 
 1,067,866 
 3,252 
 0.30 
 % 
 890,154 
 2,856 
 0.43 
 % 
 Borrowings and repurchase agreements 
 38,788 
 456 
 1.57 
 % 
 36,000 
 415 
 1.52 
 % 
 Total 
interest-bearing liabilities 
 1,106,654 
 3,708 
 0.45 
 % 
 926,154 
 3,271 
 0.47 
 % 
 Non-interest bearing demand deposits 
 642,396 
 528,035 
 Other non-interest-bearing liabilities 
 29,608 
 26,954 
 Total 
liabilities 
 1,778,658 
 1,481,143 
 Stockholders' equity 
 191,309 
 177,925 
 Total 
liabilities and stockholders' equity 
 $ 
 1,969,967 
 $ 
 1,659,068 
 Net interest income 
 $ 
 46,795 
 $ 
 38,420 
 Net interest spread 
 (5)
 3.17 
 % 
 3.03 
 % 
 Net interest margin 
 (6)
 3.36 
 % 
 3.22 
 % 
 (1) 
Average balances - Daily average balances are used 
to calculate yields/rates. 
 (2) 
Annualized. 
 (3) 
Average loan balances include non-accrual loans. Interest income 
on loans includes accretion of deferred loan 
fees, net of deferred loan costs. 
 (4) 
At fair value except for securities held to maturity. Includes FHLB stock. 
 (5) 
Net interest spread is the average yield on 
total interest-earning assets minus the average 
rate on total interest-bearing liabilities. 
 (6) 
Net interest margin is the ratio of net interest 
income to average total interest-earning assets. 
 Three months ended September 30, 2022 compared to the three months 
ended September 30, 2021 

 Net interest income before the provision 
for credit losses was $16.8 million 
for the three months ended 
September 30, 
 2022, an 
increase 
of 
$3.3 million 
or 
24.5%, 
from 
$13.5 million 
for 
the same 
period in 
2021. This 
increase 
was 
primarily 
 attributable to higher income from larger loan and investment portfolios 
combined with an increase in the weighted average 
 loan yield. 

 Included with loan interest income are PPP interest and loan fees totaling $145 
thousand and $1.1 million for the three 
 months ended 
September 30, 
2022 and 
2021, respectively 
. 
PPP loan 
fees are 
recognized upon 
loan forgiveness 
by the 
 SBA. 

 Net interest margin 
increased to 3.47% 
for the quarter 
ended September 30, 
2022 from 3.19% 
for the same 
period in 
 2021. This increase was primarily due to the yields 
for loans and other interest-earning assets increasing. 
 Nine Months Ended September 30, 2022 compared to nine months ended 
September 30, 2021 
 Net interest income before the provision for credit losses 
was $46.8 million for the nine months 
ended September 30, 2022, 
 an increase of $8.4 million 
or 21.8%, from $38.4 million 
for the same period in 
2021. This increase was 
primarily attributable 
 to higher income from larger loan and investment portfolio 
s. 
 Included with loan interest income are 
PPP interest and loan fees totaling $1.6 
million and $3.5 million for the 
nine months 
 ended September 30, 2022 and 2021, respectively. PPP loan fees are recognized 
upon loan forgiveness by the SBA. 

 Table of Contents 
 
 38 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Net interest 
margin increased to 
3.36% at September 30, 
2022 from 3.22% 
for the 
same period in 
2021. The 
yield on interest 
 earnings assets increased 12 bps, with a decrease of 
2 bps in interest-bearing liability rates. 

 Provision for Credit Losses 
 The ACL 
represents probable incurred losses in our portfolio. We maintain an adequate ACL 
that can mitigate probable 
 losses inherent 
in the 
loan portfolio. 
The ACL is increased 
by the 
provision for 
credit losses 
and is 
decreased by 
charge-
 offs, 
net 
of 
recoveries 
on 
prior 
loan 
charge-offs. 
There 
are 
multiple 
credit 
quality 
metrics 
that 
we 
use 
to 
base 
our 
 determination of 
the amount 
of the 
ACL and 
corresponding 
provision for 
credit losses. 
These credit 
metrics evaluate 
the 
 credit 
quality 
and 
level 
of 
credit 
risk 
inherent 
in 
our 
loan 
portfolio, 
assess 
non-performing 
loans 
and 
charge-offs 
levels, 
 considers statistical and historical trends and economic conditions 
and other applicable factors. 

 Three months ended September 30, 2022 compared to the three months 
ended September 30, 2021 

 The 
provision 
for 
credit 
loss 
was 
$910 
thousand 
for 
the 
three 
months 
ended 
September 30, 
2022 
compared 
to 
no 
 provision 
recorded 
for 
the 
same 
period 
in 
2021. 
The 
primary 
driver 
of 
the 
provision 
expense 
in 
the 
2022 
period 
was 
 attributable to loan growth. 

 Nine Months Ended September 30, 2022 compared to nine months ended 
September 30, 2021 
 
The provision for 
credit loss was 
$1.6 million for 
the nine months 
ended September 30, 2022 
compared to a 
net recovery 
 of $160 thousand for the same period in 2021. The primary driver of the provision expense was attribut 
able to loan growth. 
 The ACL as a percentage of total loans decreased 
to 1.16% at September 30, 
2022 compared to 1.27% 
at September 30, 
 2021 due to the growth of the loan portfolio. 
 See “Allowance for Credit Losses” below for further discussion 
on how the ACL is calculated. 

 Non-Interest Income 
 Our services and products generate service charges and fees, mainly from our depository 
accounts. We also generate 
 income from gain on sale of loans though our swap and SBA 
programs. In addition, we own and are beneficiaries of the life 
 insurance policies 
on some 
of our 
employees and 
generate income 
on the 
increase in 
the cash 
surrender value 
of these 
 policies. 
 The following table presents the components of non-interest 
income for the dates indicated (in thousands): 
 Three Months Ended September 30, 
 Nine Months Ended September 30, 
 2022 
 2021 
 2022 
 2021 
 Service fees 
 $ 
 934 
 $ 
 856 
 $ 
 2,917 
 $ 
 2,648 
 Gain (loss) on sale of securities available for sale, net 
 (558) 
 (70) 
 (540) 
 179 
 Gain on sale of loans held for sale, net 
 330 
 532 
 686 
 1,519 
 Loan settlement 
 - 
 2,500 
 161 
 2,500 
 Other non-interest income 
 1,083 
 399 
 2,127 
 1,208 
 Total 
non-interest income 
 $ 
 1,789 
 $ 
 4,217 
 $ 
 5,351 
 $ 
 8,054 
 Three months ended September 30, 2022 compared to the three months 
ended September 30, 2021 

 Non-interest income 
for the 
three months 
ended September 30, 
2022 decreased 
$2.4 million 
or 57.7%, 
compared to 
 the same period in 
2021. This decrease was 
primarily driven by a 
non-recurring $2.5 million 
default interest recovery 
from 
 a prior 
lending customer 
of the Bank. 
The loan 
was originated 
in 2008 
and subsequently 
went through 
many iterations 
of 
 credit collection. This payment reflects the final payment and settlement 
of lien judgements against the customer. 

 Nine Months Ended September 30, 2022 compared to nine months ended 
September 30, 2021 

 Non-interest income for the nine months ended September 30, 2022 decreased $2.7 million or 
33.6%, compared to the 
 same period 
in 2021. 
This decrease 
was primarily 
driven by 
a non-recurring 
$2.5 million 
default interest 
recovery from 
a 
 prior lending customer of the Bank, as discussed above. 

 Table of Contents 
 
 39 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Non-Interest Expense 
 The following table presents the components of non-interest 
expense for the dates indicated (in thousands):
 Three Months Ended September 30, 
 Nine Months Ended September 30, 
 2022 
 2021 
 2022 
 2021 
 Salaries and employee benefits 
 $ 
 6,075 
 $ 
 5,313 
 $ 
 17,863 
 $ 
 15,804 
 Occupancy 
 1,281 
 1,192 
 3,802 
 3,990 
 Regulatory assessment and fees 
 269 
 317 
 708 
 690 
 Consulting and legal fees 
 604 
 357 
 1,519 
 915 
 Network and information technology services 
 488 
 358 
 1,323 
 1,198 
 Other operating 
 1,415 
 1,470 
 4,080 
 3,761 
 Total 
non-interest expense 
 $ 
 10,132 
 $ 
 9,007 
 $ 
 29,295 
 $ 
 26,358 
 Three months ended September 30, 2022 compared to the three months 
ended September 30, 2021 

 Non-interest expense 
for the 
three months 
ended September 30, 
2022 increased 
$1.1 million 
or 12.5%, 
compared to 
 the same period in 2021. The increase 
was primarily driven by higher salaries 
and employee benefits expense 
due to new 
 hires and increased salary compensation. 
 Nine Months Ended September 30, 2022 compared to nine months ended 
September 30, 2021 

 Non-interest expense for the nine months 
ended September 30, 2022 increased $2.9 million or 
11.1%, compared to the 
 same period in 2021. 
The increase was primarily driven by 
higher salaries and employee benefits expense 
due to new hires 
 and increased salary compensation. 
 Provision for Income Tax 
 Fluctuations in the effective tax rate reflect the effect of the differences in the inclusion or deductibility of certain income 
 and expenses for 
income tax purposes. 
Therefore, future 
decisions on the 
investments we choose 
will affect our 
effective 
 tax rate. 
The cash 
surrender value 
of bank-owned 
life insurance 
policies covering 
key employees, 
purchasing municipal 
 bonds, and overall levels of taxable income will be important 
elements in determining our effective tax rate. 
 Three months ended September 30, 2022 compared to the three months 
ended September 30, 2021 

 Income tax 
expense for 
the three 
months ended 
September 30, 2022 
decreased to 
$2.0 million 
from $2.1 million 
for 
 the same period 
in 2021. The 
effective tax 
rate for the 
three months 
ended September 30, 
2022 was 
26.1% compared 
to 
 24.1% for the same period in 2021. 
 Nine Months Ended September 30, 2022 compared to nine months ended 
September 30, 2021 

 Income tax expense for the 
nine months ended September 30, 
2022 increased to $5.5 
million from $4.8 million for 
the 
 same period 
in 2021. 
The Company’s 
effective tax 
rate was 
26.0% for 
the 2022 
period compared 
to 23.9% 
for the 
same 
 period in 2021. 
 For 
a 
further 
discussion 
of 
income 
taxes, 
see 
Note 
4 
“Income 
Taxes” 
to 
the 
unaudited 
Consolidated 
Financial 
 Statements in this Form 10-Q. 
 Analysis of Financial Condition 
 Total 
assets at September 30, 
2022 were $2.0 billion, 
an increase of $183.5 
million, or 9.9%, over 
total assets of $1.9 
 billion 
at 
December 31, 
2021. 
Total 
loans 
increased 
$241.4 
million, 
or 
20.3%, 
to 
$1.4 
billion 
at 
September 30, 
2022 
 compared 
to 
$1.2 
billion 
at 
December 31, 
2021. 
Total 
deposits 
increased 
by 
$206.3 
million, 
or 
13.0%, 
to 
$1.8 
billion 
at 
 September 30, 2022 compared to December 31, 2021. 
 Investment Securities 
 The investment portfolio 
is used and 
managed to provide 
liquidity through cash 
flows, marketability 
and, if necessary, 
 collateral for 
borrowings. The 
investment portfolio 
is also 
used as 
a tool 
to manage 
interest rate 
risk and 
the Company’s 

 Table of Contents 
 
 40 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 capital 
market 
risk 
exposure. 
The 
philosophy 
of 
the 
portfolio 
is 
to 
maximize 
the 
Company’s 
profitability 
taking 
into 
 consideration the Company’s 
risk appetite and 
tolerance, manage 
the asset composition 
and diversification, 
and maintain 
 adequate risk-based capital ratios. 
 The 
investment 
portfolio 
is 
managed 
in 
accordance 
with 
the 
Asset 
and 
Liability 
Management 
(“ALM”) 
policy, 
which 
 includes 
investment 
guidelines, 
approved 
by 
the 
Board. 
Such 
policy 
is 
reviewed 
at 
least 
annually 
or 
more 
frequently 
if 
 deemed necessary, 
depending on 
market 
conditions 
and/or 
unexpected 
events. 
The investment 
portfolio 
composition 
is 
 subject to change 
depending on the 
funding and liquidity 
needs of 
the Company, and the interest 
risk management objective 
 directed 
by 
the 
ALCO. 
The 
portfolio 
of 
investments 
also 
can 
be 
used 
to 
modify 
the 
duration 
of 
the 
balance 
sheet. 
The 
 allocation of cash into securities takes into consideration anticipated 
future cash flows (uses and sources) and all available 
 sources of credit. 
 Our investment portfolio consists 
primarily of securities issued 
by U.S. government-sponsored agencies, 
U.S. 
agency 
 mortgage-backed securities, 
collateralized mortgage 
obligation securities, 
municipal securities, 
and other 
debt securities, 
 all with varying contractual maturities and coupons. Due to the optionality embedded in these securities, the final maturities 
 do not 
necessarily represent the 
expected life of 
the portfolio. Some 
of these 
securities will be 
called or paid 
down depending 
 on capital market conditions and expectations. The investment portfolio is regularly reviewed by the Chief Financial Officer, 
 Treasurer, 
and the ALCO 
of the Company 
to ensure an 
appropriate risk and 
return profile as 
well as for 
adherence to the 
 investment policy. 
 During the 
quarter ended 
September 30, 2022 
and year 
ended December 31, 
2021, the 
Company transferred, 
at fair 
 value, $63.8 million and $68.7 million, respectively, of securities from available-for-sale (“AFS”) to held-to-maturity (“HTM”). 
 The 
related 
net 
unrealized 
losses 
of 
$10.6 
million 
and 
net 
unrealized 
gains 
of 
$1.1 million, 
respectively, 
remained 
in 
 accumulated 
other 
comprehensive 
income 
(“AOCI”) 
and 
are 
being 
amortized 
over 
the 
remaining 
life 
of 
the 
transferred 
 securities. No gains or losses were recognized to income at 
transfer date. 
 The book value of the AFS securities is adjusted monthly 
for unrealized gain or loss as a valuation allowance, 
and any 
 gain 
or 
loss 
is 
reported 
on 
an 
after-tax 
basis 
as 
a 
component 
of 
other 
comprehensive 
income 
in 
stockholders’ 
equity. 
 Periodically, 
we 
may 
need 
to 
assess 
whether 
there 
have 
been 
any 
events 
or 
unexpected 
economic 
circumstances 
to 
 indicate that 
a security 
on which 
there is 
an unrealized 
loss is 
impaired on 
an other-than-temporary 
basis (“OTTI”). 
If the 
 impairment 
is 
deemed 
to 
be 
permanent, 
an 
analysis 
is 
then 
made 
considering 
many 
factors, 
including 
the 
severity 
and 
 duration of the impairment, the severity 
of the event, our intent and 
ability to hold the security for a 
period of time sufficient 
 for a 
recovery in 
value, recent 
events specific 
to the 
issuer or 
industry, 
any related 
credit events, 
and for 
debt securities, 
 external 
credit 
ratings 
and 
recent 
downgrades 
related 
to 
deterioration 
of 
credit 
quality. 
Securities 
on 
which 
there 
is 
an 
 unrealized loss 
that is 
deemed to 
be OTTI 
are written 
down to 
fair value, 
with the 
write-down recorded 
as a 
realized loss 
 under line item 
“Gain (loss) on 
sale of securities 
available-for-sale, 
net” of the Consolidated 
Statements of Operations. 
As 
 of September 30, 
2022, there 
are no 
securities 
which management 
has classified 
as OTTI. 
For further 
discussion 
of our 
 analysis 
on 
impaired 
investment 
securities 
for 
OTTI, 
see 
Note 2 
“Investment 
Securities” 
to 
the 
unaudited 
Consolidated 
 Financial Statements in this Form 10-Q. 
 AFS and 
HTM investment 
securities decreased 
$96.8 million or 
18.5% to 
$427.4 million at 
September 30, 2022 
from 
 $524.2 million 
at December 
31, 2021. 
Investment 
securities 
decreased 
due to 
payments received 
and 
higher unrealized 
 losses. 
Management 
reinvested 
excess 
cash 
balances 
into 
high 
credit 
quality 
investments 
to 
increase 
the 
Company’s 
 profitability 
and 
modify 
the 
Company’s 
balance 
sheet 
duration 
according 
to 
the 
ALM 
policy. 
As 
of 
September 30, 
2022, 
 corporate 
bond 
securities 
with 
a 
market 
value 
of 
$39.1 million 
were 
pledged 
to 
secure 
public 
deposits. 
The 
investment 
 portfolio does not have any tax-exempt securities. 

 Table of Contents 
 
 41 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 The 
following 
table 
presents 
the 
amortized 
cost 
and 
fair 
value 
of 
investment 
securities 
for 
the 
dates 
indicated 
(in 
 thousands): 
 September 30, 2022 
 December 31, 2021 
 Available-for-sale: 
 Amortized 
 Cost 
 Fair Value 
 Amortized 
 Cost 
 Fair Value 
 U.S. Government Agency 
 $ 
 10,400 
 $ 
 9,028 
 $ 
 10,564 
 $ 
 10,520 
 Collateralized mortgage obligations 
 121,760 
 100,048 
 160,506 
 156,829 
 Mortgage-backed securities - residential 
 92,649 
 76,707 
 120,643 
 118,842 
 Mortgage-backed securities - commercial 
 30,818 
 26,935 
 49,905 
 50,117 
 Municipal securities 
 25,104 
 18,629 
 25,164 
 24,276 
 Bank subordinated debt securities 
 14,503 
 13,562 
 27,003 
 28,408 
 Corporate bonds 
 4,039 
 3,662 
 12,068 
 12,550 
 $ 
 299,273 
 $ 
 248,571 
 $ 
 405,853 
 $ 
 401,542 
 Held-to-maturity: 
 U.S. Government Agency 
 $ 
 45,243 
 $ 
 39,439 
 $ 
 34,505 
 $ 
 33,904 
 Collateralized mortgage obligations 
 70,424 
 63,651 
 44,820 
 43,799 
 Mortgage-backed securities - residential 
 40,574 
 35,730 
 26,920 
 26,352 
 Mortgage-backed securities - commercial 
 11,483 
 10,967 
 3,103 
 3,013 
 Corporate bonds 
 11,141 
 9,952 
 13,310 
 13,089 
 $ 
 178,865 
 $ 
 159,739 
 $ 
 122,658 
 $ 
 120,157 
 The following 
table shows 
the weighted 
average yields, 
categorized by 
contractual maturity, 
for investment 
securities 
 as of September 30, 2022 (in thousands, 
except ratios): 

 Within 1 year 
 After 1 year through 
 5 years 
 After 5 years through 
 10 years 
 After 10 years 
 Total 
 Amortized 
 Cost 
 Yield 
 Amortized 
 Cost 
 Yield 
 Amortized 
 Cost 
 Yield 
 Amortized 
 Cost 
 Yield 
 Amortized 
 Cost 
 Yield 
 Available-for-sale: 
 U.S. Government Agency 
 $ 
 - 
 0.00% 
 $ 
 - 
 0.00% 
 $ 
 - 
 0.00% 
 $ 
 10,400 
 2.03% 
 $ 
 10,400 
 2.03% 
 U.S. Treasury 
 - 
 0.00% 
 - 
 0.00% 
 - 
 0.00% 
 - 
 0.00% 
 - 
 0.00% 
 Collateralized mortgage obligations 
 - 
 0.00% 
 - 
 0.00% 
 - 
 0.00% 
 121,760 
 1.50% 
 121,760 
 1.50% 
 MBS - residential 
 - 
 0.00% 
 - 
 0.00% 
 - 
 0.00% 
 92,649 
 1.62% 
 92,649 
 1.62% 
 MBS - commercial 
 - 
 0.00% 
 - 
 0.00% 
 - 
 0.00% 
 30,818 
 1.90% 
 30,818 
 1.90% 
 Municipal securities 

 - 
 0.00% 
 - 
 0.00% 
 1,000 
 2.05% 
 24,104 
 1.72% 
 25,104 
 1.73% 
 Bank subordinated debt securities 
 - 
 0.00% 
 - 
 0.00% 
 14,503 
 4.57% 
 - 
 0.00% 
 14,503 
 4.57% 
 Corporate bonds 
 - 
 0.00% 
 4,039 
 2.50% 
 - 
 0.00% 
 - 
 0.00% 
 4,039 
 2.50% 
 $ 
 - 
 $ 
 4,039 
 $ 
 15,503 
 $ 
 279,731 
 $ 
 299,273 
 1.78% 
 Held-to-maturity: 
 U.S. Government Agency 
 $ 
 - 
 0.00% 
 $ 
 7,896 
 1.03% 
 $ 
 20,342 
 1.45% 
 $ 
 17,005 
 2.03% 
 $ 
 45,243 
 1.59% 
 Collateralized mortgage obligations 
 - 
 0.00% 
 - 
 0.00% 
 - 
 0.00% 
 70,424 
 1.66% 
 70,424 
 1.66% 
 MBS - residential 
 - 
 0.00% 
 1,337 
 2.98% 
 9,204 
 1.61% 
 30,033 
 1.72% 
 40,574 
 1.74% 
 MBS - commercial 
 - 
 0.00% 
 - 
 0.00% 
 3,092 
 1.62% 
 8,391 
 1.69% 
 11,483 
 1.67% 
 Corporate bonds 
 1,522 
 2.25% 
 9,619 
 2.79% 
 - 
 0.00% 
 - 
 0.00% 
 11,141 
 2.71% 
 $ 
 1,522 
 $ 
 18,852 
 $ 
 32,638 
 $ 
 125,853 
 $ 
 178,865 
 1.73% 
 Loans 
 Loans are the 
largest category of 
interest-earning assets 
on the unaudited 
Consolidated Balance 
Sheets, and usually 
 provide 
higher 
yields 
than 
the 
remainder 
of 
the 
interest-earning 
assets. 
Higher 
yields 
typically 
carry 
inherent 
credit 
and 
 liquidity risks in comparison to lower 
yield assets. The Company manages 
and mitigates such risks in accordance 
with the 
 credit and ALM policies, risk tolerance and balance sheet composition. 

 Table of Contents 
 
 42 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 The following table shows the loan portfolio composition 
as of the dates indicated (in thousands): 
 
 September 30, 2022 
 December 31, 2021 
 Total 
 Percent of 
 Total 
 Total 
 Percent of 
 Total 
 Residential Real Estate 
 $ 
 186,551 
 13.0 
 % 
 $ 
 201,359 
 16.9 
 % 
 Commercial Real Estate 
 928,531 
 64.9 
 % 
 704,988 
 59.2 
 % 
 Commercial and Industrial 
 121,145 
 8.5 
 % 
 146,592 
 12.3 
 % 
 Foreign Banks 
 94,450 
 6.6 
 % 
 59,491 
 5.0 
 % 
 Consumer and Other 

 100,845 
 7.0 
 % 
 79,229 
 6.6 
 % 
 Total 
gross loans 
 1,431,522 
 100.0 
 % 
 1,191,659 
 100.0 
 % 
 Less: Deferred fees (cost) 
 9 
 
 1,578 
 Total 
loans net of deferred fees (cost) 
 1,431,513 
 1,190,081 
 Less: Allowance for credit losses 
 16,604 
 15,057 
 Total 
net loans 
 $ 
 1,414,909 
 $ 
 1,175,024 
 Total 
loans 
increased 
by 
$241.4 million 
or 
20.3% 
at 
September 30, 
2022 
compared 
to 
December 31, 
2021. 
The 
 commercial real estate 
and to 
a lesser 
extent, foreign banks 
and consumer and 
other loan 
segments had the 
most significant 
 growth partially offset 
by declines in 
the commercial and 
industrial and residential 
real estate loan 
segments. Commercial 
 and industrial loans declined primarily because of continuing 
PPP loan forgiveness. 
 Our 
loan 
portfolio 
continues 
to 
grow, 
with 
commercial 
real 
estate 
lending 
as 
the 
primary 
focus 
which 
represented 
 approximately 64.9% of the total 
gross loan portfolio as of 
September 30, 2022. We do 
not expect any significant changes 
 over the foreseeable 
future in 
the composition 
of our 
loan portfolio 
or in 
our emphasis 
on commercial 
real estate 
lending. 
 Our loan growth strategy since inception has been reflective of the market 
in which we operate and of our strategic plan as 
 approved by the Board. 
 Most of the 
commercial real estate 
exposure represents 
loans to commercial 
businesses secured 
by owner-occupied 
 real estate. 
The growth 
experienced in 
recent years 
is primarily 
due to 
implementation of 
our relationship-based 
banking 
 model and 
the success 
of our 
relationship managers 
in competing 
for new 
business 
in a 
highly competitive 
metropolitan 
 area. Many 
of our 
larger loan 
clients have 
long-term relationships 
with members 
of our 
senior management 
team or 
our 
 relationship managers that date back to former institutions. 

 From a 
liquidity perspective, 
our loan 
portfolio provides 
us with 
additional 
liquidity due 
to repayments 
or unexpected 
 prepayments. 
The 
following 
table 
shows 
maturities 
and 
sensitivity 
to 
interest 
rate 
changes 
for 
the 
loan 
portfolio 
at 
 September 30, 2022 (in thousands): 
 Due in 1 year or 
 less 
 Due in 1 to 5 
 years 
 Due after 5 to 15 
 years 
 Due after 15 
 years 
 Total 
 Residential Real Estate 
 $ 
 10,603 
 $ 
 12,527 
 $ 
 82,484 
 $ 
 80,937 
 $ 
 186,551 
 Commercial Real Estate 
 39,073 
 204,811 
 672,940 
 11,707 
 928,531 
 Commercial and Industrial 
 12,219 
 26,366 
 41,570 
 40,990 
 121,145 
 Foreign Banks 
 94,450 
 - 
 - 
 - 
 94,450 
 Consumer and Other 
 2,522 
 2,552 
 6,480 
 89,291 
 100,845 
 Total 
gross loans 
 $ 
 158,867 
 $ 
 246,256 
 $ 
 803,474 
 $ 
 222,925 
 $ 
 1,431,522 
 Interest rate sensitivity: 
 Fixed interest rates 
 $ 
 130,707 
 $ 
 162,789 
 $ 
 151,089 
 $ 
 115,904 
 $ 
 560,489 
 Floating or adjustable rates 
 28,160 
 83,467 
 652,385 
 107,021 
 871,033 
 Total 
gross loans 
 $ 
 158,867 
 $ 
 246,256 
 $ 
 803,474 
 $ 
 222,925 
 $ 
 1,431,522 
 The information 
presented 
in the 
table above 
is based 
upon the 
contractual 
maturities of 
the individual 
loans, which 
 may be 
subject to 
renewal at 
their contractual 
maturity. 
Renewals will 
depend on 
approval by 
our credit 
department and 
 balance sheet 
composition at the 
time of 
the analysis, 
as well 
as any 
modification of terms 
at the 
loan’s maturity. Additionally, 
 maturity 
concentrations, 
loan 
duration, 
prepayment 
speeds 
and 
other 
interest 
rate 
sensitivity 
measures 
are 
discussed, 
 reviewed, and analyzed by the ALCO. Decisions on term 
rate modifications are discussed as well. 

 As of 
September 30, 2022, 
approximately 60.8% 
of the 
loans have 
adjustable/variable 
rates and 
39.2% of 
the loans 
 have fixed rates. The adjustable/variable rate loans re-price to different benchmarks 
and tenors in different periods of time. 

 Table of Contents 
 
 43 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 By contractual characteristics, 
there are no material concentrations 
on anniversary repricing. Additionally, 
it is important to 
 note that 
most of 
our loans have 
interest rate floors. 
This embedded option 
protects the Company 
from a decrease 
in interest 
 rates and positions us to gain in the scenario of higher interest 
rates. 
 Asset Quality 

 Our asset quality grading 
analysis estimates the capability of 
the borrower to repay 
the contractual obligation of 
the loan 
 agreement as scheduled or at all. The Company’s internal credit risk grading system is based on experiences with similarly 
 graded loans. Internal credit 
risk grades are reviewed 
at least once a 
year, and 
more frequently as 
needed. Internal credit 
 risk ratings 
may change 
based on 
management’s 
assessment of 
the results 
from the 
annual review, 
portfolio monitoring, 
 and other developments observed with borrowers. 

 The internal credit risk grades used by the Company to 
assess the credit worthiness of a loan are shown below: 
 Pass 
 – Loans indicate different levels of satisfactory 
financial condition and performance. 

 Special Mention
 
– Loans classified as special mention have a potential weakness 
that deserves management’s 
 close attention. If left uncorrected, these potential weaknesses 
may result in deterioration of the repayment 
 prospects for the loan or of the institution’s 
credit position at some future date. 

 Substandard 
 – Loans classified as substandard are inadequately protected 
by the current net worth and paying 
 capacity of the obligator or of the collateral pledged, if 
any. Loans so classified 
have a well-defined weakness or 
 weaknesses that jeopardize the liquidation of the debt. 
They are characterized by the distinct possibility that the 
 institution will sustain some loss if the deficiencies are 
not corrected. 

 Doubtful
 
– Loans classified as doubtful have all the weaknesses inherent 
in those classified at substandard, with 
 the added characteristic that the weaknesses make collection 
or liquidation in full on the basis of currently existing 
 facts, conditions, and values, highly questionable and improbable. 

 Loss 
 – Loans classified as loss are considered uncollectible. 
 Loan credit exposures by internally assigned grades are 
as follows for the dates indicated (in thousands): 

 September 30, 2022 
 Pass 
 Special Mention 
 Substandard 
 Doubtful 
 Total 
 Residential Real Estate 
 $ 
 186,551 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 186,551 
 Commercial Real Estate 
 928,131 
 - 
 400 
 - 
 928,531 
 Commercial and Industrial 
 120,806 
 - 
 339 
 - 
 121,145 
 Foreign Banks 
 94,450 
 - 
 - 
 - 
 94,450 
 Consumer and Other 

 100,642 
 - 
 203 
 - 
 100,845 
 $ 
 1,430,580 
 $ 
 - 
 $ 
 942 
 $ 
 - 
 $ 
 1,431,522 
 December 31, 2021 
 Pass 
 Special Mention 
 Substandard 
 Doubtful 
 Total 
 Residential Real Estate 
 $ 
 196,778 
 $ 
 - 
 $ 
 4,581 
 $ 
 - 
 $ 
 201,359 
 Commercial Real Estate 
 703,349 
 1,222 
 417 
 - 
 704,988 
 Commercial and Industrial 
 146,039 
 - 
 553 
 - 
 146,592 
 Foreign Banks 
 59,491 
 - 
 - 
 - 
 59,491 
 Consumer and Other 

 79,005 
 - 
 224 
 - 
 79,229 
 $ 
 1,184,662 
 $ 
 1,222 
 $ 
 5,775 
 $ 
 - 
 $ 
 1,191,659 

 Table of Contents 
 
 44 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Non-Performing Assets 
 The following table presents non-performing assets as 
of the dates shown (in thousands, 
except ratios): 
 September 30, 2022 
 December 31, 2021 
 Non-accrual loans, less non-accrual TDR loans 
 $ 
 - 
 $ 
 1,190 
 Non-accrual TDRs 
 - 
 - 
 Loans past due over 90 days and still accruing 
 - 
 - 
 Total 
non-performing loans 
 - 
 1,190 
 Other real estate owned 
 - 
 - 
 Total 
non-performing assets 
 $ 
 - 
 $ 
 1,190 
 Asset quality ratios: 
 Allowance for credit losses to total loans 
 1.16% 
 1.27% 
 Allowance for credit losses to non-performing loans 
 0% 
 1,265% 
 Non-performing loans to total loans 
 0% 
 0.10% 
 Non-performing 
assets include 
all loans 
categorized as 
non-accrual or 
restructured, 
impaired securities, 
non-accrual 
 troubled debt restructuring 
(“TDRs”), other real 
estate owned (“OREO”) 
and other repossessed 
assets. Problem 
loans for 
 which the collection 
or liquidation 
in full 
is reasonably 
uncertain are 
placed on 
a non-accrual 
status. This 
determination is 
 based on current existing facts concerning collateral values and the paying capacity of 
the borrower. When the collection of 
 the full contractual 
balance is unlikely, 
the loan is 
placed on non-accrual 
to avoid overstating 
the Company’s 
income for a 
 loan with increased credit risk. 

 If the 
principal or 
interest on 
a commercial 
loan becomes 
due and 
unpaid for 
90 days 
or more, 
the loan 
is placed 
on 
 non-accrual status as of 
the date it becomes 
90 days past due 
and remains in non-accrual 
status until it meets 
the criteria 
 for restoration to accrual status. 
Residential loans, on 
the other hand, are placed 
on non-accrual status when 
the principal 
 or interest 
becomes due 
and unpaid 
for 120 
days or 
more and 
remains in 
non-accrual status 
until it 
meets the 
criteria for 
 restoration 
to 
accrual 
status. 
Restoring 
a 
loan 
to 
accrual 
status 
is 
possible 
when 
the 
borrower 
resumes 
payment 
of 
all 
 principal and interest 
payments for a period 
of six months 
and the Company 
has a documented 
expectation of repayment 
 of the remaining contractual principal and interest or the 
loan becomes secured and in the process of collection. 
 A TDR is 
a debtor 
that is experiencing 
financial difficulties 
and to whom 
the Company grants 
a loan concession. 
This 
 determination is performed during the annual review process 
or whenever problems surface regarding the client’s ability 
to 
 repay in 
accordance with 
the original 
terms of 
the loan 
or line 
of credit. 
In general, 
a borrower 
that can 
obtain funds 
from 
 sources other than the Company at market interest rates at or near those for non-troubled debt is not involved in a troubled 
 debt restructuring. 
The concessions 
are given 
to the 
debtor in 
various 
forms, 
including interest 
rate reductions, 
principal 
 forgiveness, 
extension 
of 
maturity 
date, 
waiver, 
or 
deferral 
of 
payments 
and 
other 
concessions 
intended 
to 
minimize 
 potential losses. 
 The following tables present performing and non-performing 
TDRs at the dates indicated (in thousands): 
 September 30, 2022 
 December 31, 2021 
 Accrual Status 
 Non-Accrual 
 Status 
 Total TDRs 
 Accrual Status 
 Non-Accrual 
 Status 
 Total TDRs 
 Residential real estate 
 $ 
 7,257 
 $ 
 - 
 $ 
 7,257 
 $ 
 7,815 
 $ 
 - 
 $ 
 7,815 
 Commercial real estate 
 586 
 - 
 586 
 696 
 - 
 696 
 Commercial and industrial 
 92 
 - 
 92 
 141 
 - 
 141 
 Consumer and other 

 203 
 - 
 203 
 224 
 - 
 224 
 Total 
 $ 
 8,138 
 $ 
 - 
 $ 
 8,138 
 $ 
 8,876 
 $ 
 - 
 $ 
 8,876 
 The Company allocated $309 thousand and $360 
thousand of specific allowance for TDR loans 
at September 30, 2022 
 and December 31, 2021, respectively. There was no commitment to lend additional funds to these TDR 
customers at either 
 date. 

 During 
the 
quarter 
ended 
September 30, 
2022 
and 
2021, 
there 
were 
no 
defaults 
on 
TDR 
loans 
within 
the 
prior 
12 
 months. Additionally, 
the Company did 
not have any 
new TDR loans 
during the three 
months ended September 
30, 2022 
 and 2021. 
 For further discussion 
on non-performing loans, 
see Note 3 
“Loans” to the 
unaudited Consolidated Financial Statements 
 on this Form 10-Q. 

 Table of Contents 
 
 45 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Allowance for Credit Losses 
 In 
determining 
the 
balance 
of 
the 
allowance 
account, 
loans 
are 
pooled 
by 
product 
segments 
with 
similar 
risk 
 characteristics and management 
evaluates the ACL on 
each segment and on 
a regular basis to maintain 
the allowance at 
 an 
adequate 
level 
based 
on 
factors 
which, 
in 
management’s 
judgment, 
deserve 
current 
recognition 
in 
estimating 
credit 
 losses. 
Such 
factors 
include 
changes 
in 
prevailing 
economic 
conditions, 
historical 
loss 
experience, 
delinquency 
trends, 
 changes in the composition and size of the loan portfolio 
and the overall credit worthiness of the borrowers. 
 Additionally, 
qualitative adjustments 
are made to 
the ACL when, 
based on management’s 
judgment, there are 
factors 
 impacting the allowance estimate not considered by the 
quantitative calculations. 

 The following table presents ACL and net charge-offs to average loans by 
type for the periods indicated (in thousands): 
 Residential 
 Real Estate 
 Commercial 
 Real Estate 
 Commercial 
 and Industrial 
 Foreign 

 Banks 
 Consumer 
 and Other 
 Total 
 Three Months Ended September 30, 2022 
 
 Beginning balance 
 $ 
 2,366 
 $ 
 9,290 
 $ 
 2,671 
 $ 
 651 
 $ 
 808 
 $ 
 15,786 
 Provision for credit losses 
 (1,009) 
 695 
 1,126 
 74 
 24 
 910 
 Recoveries 
 1 
 - 
 - 
 - 
 - 
 1 
 Charge-offs 
 - 
 - 
 (88) 
 - 
 (5) 
 (93) 
 Ending Balance 

 $ 
 1,358 
 $ 
 9,985 
 $ 
 3,709 
 $ 
 725 
 $ 
 827 
 $ 
 16,604 
 Average loans 
 $ 
 190,757 
 887,000 
 119,993 
 94,628 
 106,382 
 1,398,761 
 Net charge-offs to average loans 
 
 0.00% 
 0.00% 
 0.29% 
 0.00% 
 0.02% 
 0.03% 
 Nine Months Ended September 30, 2022 
 
 Beginning balance 
 $ 
 2,498 
 $ 
 8,758 
 $ 
 2,775 
 $ 
 457 
 $ 
 569 
 $ 
 15,057 
 Provision for credit losses 
 (1,157) 
 1,227 
 1,011 
 268 
 266 
 1,615 
 Recoveries 
 33 
 - 
 11 
 - 
 3 
 47 
 Charge-offs 
 (16) 
 - 
 (88) 
 - 
 (11) 
 (115) 
 Ending Balance 

 $ 
 1,358 
 $ 
 9,985 
 $ 
 3,709 
 $ 
 725 
 $ 
 827 
 $ 
 16,604 
 Average loans 
 $ 
 195,863 
 809,411 
 128,625 
 77,237 
 91,773 
 1,302,909 
 Charge-offs 
 -0.02% 
 0.00% 
 0.12% 
 0.00% 
 0.02% 
 0.01% 
 Residential 
 Real Estate 
 Commercial 
 Real Estate 
 Commercial 
 and Industrial 
 Foreign 

 Banks 
 Consumer 
 and Other 
 Total 
 Three Months Ended September 30, 2021 
 
 Beginning balance 
 $ 
 2,540 
 $ 
 8,752 
 $ 
 2,467 
 $ 
 554 
 $ 
 535 
 $ 
 14,848 
 Provision for credit losses 
 (787) 
 719 
 277 
 (29) 
 (180) 
 - 
 Recoveries 
 48 
 - 
 3.00 
 - 
 3 
 54 
 Charge-offs 
 - 
 - 
 - 
 - 
 (2) 
 (2) 
 Ending Balance 

 $ 
 1,801 
 $ 
 9,471 
 $ 
 2,747 
 $ 
 525 
 $ 
 356 
 $ 
 14,900 
 Average loans 
 $ 
 218,295 
 $ 
 690,923 
 $ 
 170,874 
 $ 
 51,538 
 $ 
 12,645 
 $ 
 1,144,275 
 Net charge-offs to average loans 
 
 -0.09% 
 0.00% 
 -0.01% 
 0.00% 
 -0.03% 
 -0.02% 
 Nine Months Ended September 30, 2021 
 
 Beginning balance 
 $ 
 3,408 
 $ 
 9,453 
 $ 
 1,689 
 $ 
 348 
 $ 
 188 
 $ 
 15,086 
 Provision for credit losses 
 (1,434) 
 18 
 904 
 177 
 175 
 (160) 
 Recoveries 
 56 
 - 
 154 
 - 
 5 
 215 
 Charge-offs 
 (229) 
 - 
 - 
 - 
 (12) 
 (241) 
 Ending Balance 

 $ 
 1,801 
 $ 
 9,471 
 $ 
 2,747 
 $ 
 525 
 $ 
 356 
 $ 
 14,900 
 
 Average loans 
 $ 
 217,511 
 $ 
 648,692 
 $ 
 156,985 
 $ 
 49,974 
 $ 
 28,620 
 $ 
 1,101,782 
 Net charge-offs to average loans 
 0.16% 
 0.00% 
 -0.20% 
 0.00% 
 0.05% 
 0.00% 

 Table of Contents 
 
 46 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Bank-Owned Life Insurance 
 As of September 30, 
2022, the combined 
cash surrender 
value of all 
bank-owned life 
insurance (“BOLI”) 
policies was 
 $42.5 
million. 
Changes 
in 
cash 
surrender 
value 
are 
recorded 
to 
non-interest 
income 
in 
the 
unaudited 
Consolidated 
 Statements of Operations. The Company had BOLI policies with five insurance carriers. The Company is the beneficiary of 
 these policies. 
 Deposits 
 Customer deposits are the 
primary funding source for 
the Bank’s growth. 
Through our network of 
banking centers, we 
 offer a competitive array of deposit 
accounts and treasury management services designed 
to meet our customers’ business 
 needs. 
Our 
primary 
deposit 
customers 
are 
small-to-medium 
sized 
businesses 
(“SMBs”), 
and 
the 
personal 
business 
of 
 owners and operators of these SMBs, as well as the retail/consumer 
relationships of the employees of these businesses. 

 The following table 
presents the daily 
average balance and 
average rate paid 
on deposits by 
category for 
the periods 
 presented (in thousands, except ratios): 
 Three Months Ended September 30, 
 2022 
 2021 
 Average Balance 
 Average Rate 
 Paid 
 Average Balance 
 Average Rate 
 Paid 
 Non-interest-bearing checking 
 $ 
 655,853 
 0.00% 
 $ 
 564,928 
 0.00% 
 Interest-bearing checking 
 66,585 
 0.11% 
 55,621 
 0.11% 
 Money market and savings deposits 
 823,521 
 0.55% 
 627,654 
 0.32% 
 Time deposits 
 217,023 
 0.66% 
 229,055 
 0.53% 
 Total 
 $ 
 1,762,982 
 0.34% 
 $ 
 1,477,258 
 0.22% 
 The 
uninsured 
deposits 
are 
estimated 
based 
on 
the 
FDIC 
deposit 
insurance 
limit 
of 
$250 thousand 
for 
all 
deposit 
 accounts 
at 
the 
Bank 
per 
account 
holder. 
Total 
estimated 
uninsured 
deposits 
were 
$1.1 billion 
and 
$897.8 million 
at 
 September 30, 2022 and December 31, 2021, respectively. 

 The following table shows 
scheduled maturities of uninsured time deposits as of September 
30, 2022 (in thousands): 
 September 30, 2022 
 Three months or less 
 $ 
 23,451 
 Over three through six months 
 27,044 
 Over six though twelve months 
 27,134 
 Over twelve months 
 24,555 
 $ 
 102,184 
 Other Liabilities 
 The Company collects from commercial loan customers 
funds which are held in escrow for future payment of 
real 
 estate taxes and insurance. These escrow funds are disbursed 
by the Company directly to the insurance companies 
and 
 taxing authority of the borrower. 
Escrow funds are recorded as other liabilities. 

 As of September 30, 2022 escrow balances totaled $15.3 million 
compared to $4.0 million at December 31, 2021. 
 Borrowings 
 As a member 
of the FHLB, 
we are eligible 
to obtain 
advances with 
various terms 
and conditions. 
This accessibility 
of 
 additional funding allows us to efficiently and timely meet both expected 
and unexpected outgoing cash flows and collateral 
 needs without adversely affecting either daily operations 
or the financial condition of the Company. 
 As of 
September 30, 
2022, we 
had $26.0 
million 
of fixed-rate 
advances 
outstanding 
from the 
FHLB with 
a weighted 
 average rate of 1.39%. 
Maturity dates for the 
advances are between 
third quarter 2023 
and third quarter 
2025 as detailed 
 in the table below. 

 Table of Contents 
 
 47 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 The following table presents the FHLB fixed rate advances 
as of September 30, 2022 (in thousands): 
 Interest Rate 
 Type of Rate 
 Maturity Date 
 Amount 
 2.05% 
 Fixed 
 March 27, 2025 
 $ 
 10,000 
 1.07% 
 Fixed 
 July 18, 2025 
 6,000 
 1.04% 
 Fixed 
 July 30, 2024 
 5,000 
 0.81% 
 Fixed 
 August 17, 2023 
 5,000 
 $ 
 26,000 
 We 
have 
also 
established 
Fed 
Funds 
lines 
of 
credit 
with 
our 
upstream 
correspondent 
banks 
to 
manage 
temporary 
 fluctuations in our daily cash balances. As of September 30, 2022, there were no outstanding balances with the Fed Funds 
 lines of credit.
 Off-Balance Sheet Arrangements 
 We engage 
in various financial 
transactions in 
our operations 
that, under GAAP, 
may not be 
included on 
the balance 
 sheet. To 
meet the financing needs 
of our customers we may 
include commitments to extend 
credit and standby 
letters of 
 credit. To 
a varying 
degree, such 
commitments involve 
elements of 
credit, market, 
and interest 
rate risk 
in excess 
of the 
 amount recognized 
in the 
balance sheet. 
We use 
more conservative 
credit and 
collateral policies 
in making 
these credit 
 commitments than 
we do 
for on-balance 
sheet items. 
We are 
not aware 
of any accounting 
loss to 
be incurred 
by funding 
 these commitments; 
however, 
we 
maintain 
an 
allowance 
for 
off-balance 
sheet 
credit 
risk 
which 
is recorded 
under 
other 
 liabilities on the unaudited Consolidated Balance Sheets. 
 Since commitments associated with letters of 
credit and commitments to extend 
credit may expire unused, the 
amounts 
 shown 
do 
not 
necessarily 
reflect 
actual 
future 
cash 
funding 
requirements. 
The 
following 
table 
presents 
lending 
related 
 commitments outstanding as of the dates indicated (in thousands 
): 
 September 30, 2022 
 December 31, 2021 
 Commitments to grant loans and unfunded lines of credit 
 $ 
 119,830 
 $ 
 134,877 
 Standby and commercial letters of credit 
 5,413 
 6,420 
 Total 
 $ 
 125,243 
 $ 
 141,297 
 Commitments to extend credit are agreements to lend funds to a client, as long as there is no violation of any condition 
 established 
in 
the 
contract, 
for 
a 
specific 
purpose. 
Commitments 
generally 
have 
variable 
interest 
rates, 
fixed 
expiration 
 dates or 
other 
termination 
clauses 
and 
may require 
payment 
of 
a fee. 
Since many 
of the 
commitments 
are 
expected to 
 expire without being 
fully drawn, the 
total commitment 
amounts disclosed 
above do not 
necessarily represent 
future cash 
 requirements. 
 Unfunded lines of credit represent unused portions of credit facilities to our current borrowers that represent no change 
 in credit risk in our portfolio. Lines 
of credit generally have variable interest 
rates. The maximum potential amount 
of future 
 payments we could 
be required to 
make is represented 
by the contractual 
amount of the 
commitment, less 
the amount of 
 any advances made. 
 Letters of credit are 
conditional commitments issued 
by us to guarantee 
the performance of a 
client to a third 
party. 
In 
 the event of nonperformance by 
the client in accordance with the 
terms of the agreement with the 
third party, 
we would be 
 required to fund 
the commitment. 
If the commitment 
is funded, we 
would be entitled 
to seek recovery 
from the client 
from 
 the underlying collateral, 
which can include 
commercial real estate, 
physical plant and 
property, inventory, receivables, cash 
 or marketable securities. 
 Asset and Liability Management Committee 
 Members 
of 
senior 
management 
and 
our 
Board 
make 
up 
the 
asset 
and 
liability 
management 
committee, 
or 
ALCO. 
 Senior management is responsible for ensuring that Board 
approved strategies, policies, and procedures for managing and 
 mitigating risks are appropriately executed within the designated 
lines of authority and responsibility in a timely 
manner. 
 ALCO 
oversees 
the 
establishment, 
approval, 
implementation, 
and 
review 
of 
interest 
rate 
risk, 
management, 
and 
 mitigation strategies, ALM related policies, ALCO procedures 
and risk tolerances and appetite. 
 While some degree 
of IRR (“Interest 
Rate Risk”) is 
inherent to the banking 
business, we 
believe our ALCO 
has put in 
 place sound risk management practices to identify, 
quantify, monitor, 
and limit IRR exposures. 

 Table of Contents 
 
 48 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 When assessing 
the scope 
of IRR 
exposure 
and 
impact on 
the consolidated 
balance 
sheet, cash 
flows and 
income 
 statement, 
management 
considers 
both 
earnings 
and 
economic 
impacts. 
Asset 
price 
variations, 
deposit 
volatility 
and 
 reduced earnings or outright losses could adversely affect 
the Company’s liquidity, 
performance, and capital adequacy. 
 Income simulations 
are used 
to assess 
the impact 
of changing 
rates on 
earnings under 
different rates 
scenarios and 
 time horizons. 
These simulations 
utilize both 
instantaneous and 
parallel changes 
in the 
level of 
interest rates, 
as well 
as 
 non-parallel changes such as changing slopes (flat and steeping) and 
twists of the yield curve. 
Static simulation models are 
 based on current exposures and 
assume a constant balance sheet with 
no new growth. Dynamic simulation analysis 
is also 
 utilized to have a 
more comprehensive assessment 
on IRR. This simulation 
relies on detailed 
assumptions outlined in 
our 
 budget and strategic plan, and in assumptions regarding changes in 
existing lines of business, new business, management 
 strategies and client expected behavior. 
 To 
have 
a 
more 
complete 
picture 
of 
IRR, 
the 
Company 
also 
evaluates 
the 
economic 
value 
of 
equity 
(“EVE”). 
This 
 assessment 
allows 
us 
to 
measure 
the 
degree 
to 
which 
the 
economic 
values 
will 
change 
under 
different 
interest 
rate 
 scenarios (parallel and non-parallel). The economic value approach focuses on a longer-term time horizon and captures all 
 future cash flows expected 
from existing assets and 
liabilities. The economic value 
model utilizes a static 
approach in that 
 the analysis 
does not 
incorporate new 
business; rather, 
the analysis 
shows a 
snapshot in 
time of 
the risk 
inherent in 
the 
 balance sheet.
 Market and Interest Rate Risk Management 
 According to our last 
ALCO model run as 
of September 30, 2022, 
we are net interest 
income neutral for year 
one and 
 asset-sensitive 
for 
year 
two. This 
indicates 
that for 
year 
one, 
our net 
interest 
income 
fluctuations 
will be 
minimal due 
to 
 changes 
in interest 
rates 
and 
for year 
two, 
that 
our assets 
generally reprice 
faster 
than our 
liabilities, 
which 
results 
in 
a 
 favorable impact to 
net interest income 
when market 
interest rates increase. 
Many assumptions are 
used to 
calculate the 
 impact of interest rate variations 
on our net interest income, such 
as asset prepayment speeds, 
non-maturity deposit price 
 sensitivity, pricing correlations, 
deposit truncations and decay rates, and key rate drivers. 
 Because of the inherent use 
of these estimates and 
assumptions in the model, 
our actual results may, 
and most likely 
 will, differ from static measures results. 
In addition, static measures like EVE 
do not include actions that management 
may 
 undertake to manage the risks in response to anticipated changes in interest rates or client deposit behavior. As part of our 
 ALM strategy 
and 
policy, 
management 
has the 
ability 
to modify 
the 
balance sheet 
to 
either increase 
asset 
duration 
and 
 decrease liability 
duration to reduce 
asset sensitivity, 
or to decrease 
asset duration and 
increase liability duration 
in order 
 to increase asset sensitivity. 
 According to 
our model, 
as of 
September 30, 2022, 
NIM will 
remain mostly 
flat for 
year one 
and should 
increase for 
 year 
two 
under 
static 
rate 
scenarios 
(-400 
basis 
points 
or 
+400 
basis 
points). 
For 
the 
static 
forecast 
in 
year 
one, 
the 
 estimated NIM 
will remain 
stable from 
the base 
case scenario 
to 
a +400 
basis points 
scenario. Additionally, 
utilizing an 
 EVE 
approach, 
we 
analyze 
the 
risk 
to 
capital 
from 
the 
effects 
of 
various 
interest 
rate 
scenarios 
through 
a 
long-term 
 discounted cash 
flow model. 
This measures 
the difference 
between the 
economic 
value of 
our assets 
and the 
economic 
 value 
of 
our 
liabilities, 
which 
is 
a 
proxy 
for 
our 
liquidation 
value. 
According 
to 
our 
balance 
sheet 
composition, 
and 
as 
 expected, our model stipulates 
that an increase of 
rates will have a 
negative impact on 
the EVE. Results and 
analysis are 
 presented quarterly to the Board, and strategies are defined. 
 Liquidity 
 Liquidity is defined 
as a Company’s 
capacity to meet 
its cash and 
collateral obligations at 
a reasonable cost. 
Maintaining 
 an adequate level of liquidity depends on the Company’s ability to 
efficiently meet both expected and unexpected cash flow 
 and collateral needs without adversely affecting 
either daily operations or the financial condition of the 
Company. 
 Liquidity risk 
is the 
risk that 
we will 
be unable 
to meet 
our short-term 
and long-term 
obligations as 
they become 
due 
 because of an inability 
to liquidate assets or 
obtain relatively adequate funding. The 
Company’s obligations, and the funding 
 sources 
used 
to 
meet 
them, 
depend 
significantly 
on 
our 
business 
mix, 
balance 
sheet 
structure 
and 
composition, 
credit 
 quality of our assets and the cash flow profiles of our on- 
and off-balance sheet obligations. 
 In managing 
inflows and 
outflows, 
management 
regularly 
monitors situations 
that can 
give rise 
to increased 
liquidity 
 risk. These 
include funding 
mismatches, market 
constraints on 
the ability 
to convert 
assets (particularly 
investments) into 
 cash or in accessing sources of funds (i.e., market liquidity), 
and contingent liquidity events. 

 Table of Contents 
 
 49 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Changes in macroeconomic conditions, as well as exposure 
to credit, market, operational, legal and reputational 
risks, 
 such as 
cybersecurity risk, 
could have 
an unexpected 
impact on 
the Company’s 
liquidity risk 
profile and 
are factored 
into 
 the assessment of liquidity and the ALM framework. 
 Management has established 
a comprehensive and 
holistic management process for 
identifying, measuring, monitoring 
 and 
mitigating 
liquidity 
risk. 
Due 
to 
its 
critical 
importance 
to 
the 
viability 
of 
the 
Company, 
liquidity 
risk 
management 
is 
 integrated into our risk management processes, 
Contingency Funding Plan and ALM policy. 
 Critical elements of our liquidity 
risk management include: effective corporate governance consisting of 
oversight by the 
 Board and active 
involvement of senior 
management; appropriate strategies, policies, 
procedures, and limits 
used to identify 
 and mitigate liquidity risk; comprehensive liquidity risk measurement and 
monitoring systems (including assessments of the 
 current and prospective cash flows or sources and uses of funds) that are commensurate with the complexity and 
business 
 activities of 
the Company; 
active management 
of intraday 
liquidity and 
collateral; an 
appropriately diverse 
mix of 
existing 
 and 
potential 
future 
funding 
sources; 
adequate 
levels 
of 
highly 
liquid 
marketable 
securities 
free 
of 
legal, 
regulatory, 
or 
 operational 
impediments, 
that 
can 
be 
used 
to 
meet 
liquidity 
needs 
in 
stressful 
situations; 
comprehensive 
contingency 
 funding plans 
that sufficiently address 
potential adverse liquidity 
events and emergency 
cash flow 
requirements; and internal 
 controls 
and 
internal 
audit 
processes 
sufficient 
to 
determine 
the 
adequacy 
of 
the 
institution’s 
liquidity 
risk 
management 
 process. 
 We 
expect 
funds 
to 
be 
available 
from 
several 
basic 
banking 
activity 
sources, 
including 
the 
core 
deposit 
base, 
the 
 repayment and maturity of loans and investment security 
cash flows. Other potential funding sources include 
federal funds 
 purchased, brokered certificates 
of deposit, listing 
certificates of deposit, 
and borrowings 
from the FHLB. 
Accordingly, 
our 
 liquidity 
resources 
were 
adequate 
to 
fund 
loans 
and 
meet 
other 
cash 
needs 
as 
necessary. 
We 
do 
not 
expect 
liquidity 
 resources to be compromised at this time.
 Capital Adequacy 
 As of 
September 30, 
2022, the 
Bank was 
well capitalized 
under the 
FDIC’s 
prompt corrective 
action framework. 
We 
 also follow the capital conservation buffer framework, and 
as of September 30, 2022, we exceeded the 
capital conversation 
 buffer in all capital ratios, 
according to our actual ratios. The 
following table presents the capital ratios 
for both the Company 
 and the Bank at the dates indicated (in thousands, 
except ratios): 
 Actual 
 Minimum Capital 
 Requirements 

 To be Well Capitalized 
 Under Prompt Corrective 
 Action Provisions 
 Amount 
 Ratio 
 Amount 
 Ratio 
 Amount 
 Ratio 
 September 30, 2022:
 (1)
 Total 
risk-based capital: 
 USCB Financial Holdings, Inc. 
 $ 
 210,887 
 13.65 
 % 
 $ 
 123,613 
 8.00 
 % 
 $ 
 154,517 
 10.00 
 % 
 U.S. Century Bank 
 $ 
 209,784 
 13.58 
 % 
 $ 
 123,613 
 8.00 
 % 
 $ 
 154,517 
 10.00 
 % 
 Tier 1 risk-based capital: 
 
 USCB Financial Holdings, Inc. 
 $ 
 194,036 
 12.56 
 % 
 $ 
 92,710 
 6.00 
 % 
 $ 
 123,613 
 8.00 
 % 
 U.S. Century Bank 
 $ 
 192,933 
 12.49 
 % 
 $ 
 92,710 
 6.00 
 % 
 $ 
 123,613 
 8.00 
 % 
 Common equity tier 1 capital: 
 USCB Financial Holdings, Inc. 
 $ 
 194,036 
 12.56 
 % 
 $ 
 69,532 
 4.50 
 % 
 $ 
 100,436 
 6.50 
 % 
 U.S. Century Bank 
 $ 
 192,933 
 12.49 
 % 
 $ 
 69,532 
 4.50 
 % 
 $ 
 100,436 
 6.50 
 % 
 Leverage ratio: 
 
 USCB Financial Holdings, Inc. 
 $ 
 194,036 
 9.48 
 % 
 $ 
 81,829 
 4.00 
 % 
 $ 
 102,286 
 5.00 
 % 
 U.S. Century Bank 
 $ 
 192,933 
 9.43 
 % 
 $ 
 81,829 
 4.00 
 % 
 $ 
 102,286 
 5.00 
 % 
 December 31, 2021:
 (1)
 Total 
risk-based capital 
 $ 
 186,735 
 14.92 
 % 
 $ 
 100,125 
 8.00 
 % 
 $ 
 125,157 
 10.00 
 % 
 Tier 1 risk-based capital 
 $ 
 171,484 
 13.70 
 % 
 $ 
 75,094 
 6.00 
 % 
 $ 
 100,125 
 8.00 
 % 
 Common equity tier 1 capital 
 $ 
 171,484 
 13.70 
 % 
 $ 
 56,321 
 4.50 
 % 
 $ 
 81,352 
 6.50 
 % 
 Leverage ratio 
 $ 
 171,484 
 9.55 
 % 
 $ 
 71,825 
 4.00 
 % 
 $ 
 89,781 
 5.00 
 % 
 (1) 
As of December 31, 2021, the regulatory capital 
ratios for both USCB Financial Holdings, Inc. and 
U.S. Century Bank were the same since there 
 was no activity between both of these entities. 
The Company is not subject to regulatory capital 
requirements as a small bank holding 
company. 
 Accordingly, the Company's capital ratios are provided for informational purposes 
only. 

 Table of Contents 
 
 50 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Impact of Inflation 
 Our 
Consolidated 
Financial 
Statements 
and 
related 
notes 
have 
been 
prepared 
in 
accordance 
with 
U.S. 
GAAP, 
 which require the measurement of financial 
position and operating results in terms 
of historical dollars, without considering 
 the changes in the 
relative purchasing power 
of money over time 
due to inflation. The 
impact of inflation is 
reflected in the 
 increased cost of operations. 
Unlike most industrial companies, 
nearly all our assets and 
liabilities are monetary in 
nature. 
 As a result, 
interest rates have a 
greater impact on our 
performance than do the 
effects of general levels 
of inflation. Periods 
 of high inflation 
are often accompanied 
by relatively higher 
interest rates, and 
periods of low 
inflation are accompanied 
by 
 relatively lower interest rates. 
As market interest rates 
rise or fall in relation 
to the rates earned 
on loans and investments, 
 the 
value 
of 
these 
assets 
decreases 
or 
increases 
respectively. 
Inflation 
can 
also 
impact 
core 
non-interest 
expenses 
 associated with delivering the Company’s services. 
 Recently Issued Accounting Pronouncements
 
 Recently issued accounting 
pronouncements are discussed 
in Note 1 “Summary 
of Significant Accounting Policies” 
to 
 the unaudited Consolidated Financial Statements in this 
Form 10-Q.

 Table of Contents 
 
 51 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Reconciliation and Management Explanation of Non 
-GAAP Financial 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. The following table reconciles the non-GAAP financial measurement 
 of operating net income available 
to common stockholders for the periods presented (in thousands, 
except per share data):
 As of or For the Three Months Ended 
 9/30/2022 
 6/30/2022 
 3/31/2022 
 12/31/2021 
 9/30/2021 
 Pre-Tax Pre-Provision ("PTPP") Income: 
 
Net income 

 $ 
 5,558 
 $ 
 5,295 
 $ 
 4,854 
 $ 
 5,650 
 $ 
 6,593 
 
Plus: Provision for income taxes 
 1,963 
 1,708 
 $ 
 1,858 
 $ 
 1,751 
 $ 
 2,088 
 
Plus: Provision for credit losses 
 910 
 705 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 
PTPP income 
 $ 
 8,431 
 $ 
 7,708 
 $ 
 6,712 
 $ 
 7,401 
 $ 
 8,681 
 PTPP Return on Average Assets: 
 
PTPP income 
 $ 
 8,431 
 $ 
 7,708 
 $ 
 6,712 
 $ 
 7,401 
 $ 
 8,681 
 
Average assets 
 $ 
 2,026,791 
 $ 
 1,968,381 
 $ 
 1,913,484 
 $ 
 1,828,037 
 $ 
 1,741,423 
 
PTPP return on average assets
 (1)
 1.65% 
 $ 
 1.57% 
 $ 
 1.42% 
 $ 
 1.61% 
 $ 
 1.98% 
 Operating Net Income: 
 
Net income 
 $ 
 5,558 
 $ 
 5,295 
 $ 
 4,854 
 $ 
 5,650 
 $ 
 6,593 
 
Less: Net gains (losses) on sale of 
securities 
 (558) 
 $ 
 (3) 
 $ 
 21 
 $ 
 35 
 $ 
 (70) 
 
Less: Tax effect on sale of securities 
 141 
 $ 
 1 
 $ 
 (5) 
 $ 
 (9) 
 $ 
 17 
 
Operating net income 
 $ 
 5,975 
 $ 
 5,297 
 $ 
 4,838 
 $ 
 5,624 
 $ 
 6,646 
 Operating PTPP Income: 
 
PTPP income 
 $ 
 8,431 
 $ 
 7,708 
 $ 
 6,712 
 $ 
 7,401 
 $ 
 8,681 
 
Less: Net gains (losses) on sale of 
securities 
 (558) 
 $ 
 (3) 
 $ 
 21 
 $ 
 35 
 $ 
 (70) 
 
Operating PTPP Income 
 $ 
 8,989 
 $ 
 7,711 
 $ 
 6,691 
 $ 
 7,366 
 $ 
 8,751 
 Operating PTPP Return on Average Assets: 
 
Operating PTPP income 
 $ 
 8,989 
 $ 
 7,711 
 $ 
 6,691 
 $ 
 7,366 
 $ 
 8,751 
 
Average assets 
 $ 
 2,026,791 
 $ 
 1,968,381 
 $ 
 1,913,484 
 $ 
 1,828,037 
 $ 
 1,741,423 
 
Operating PTPP return on average assets
 (1)
 1.76% 
 $ 
 1.57% 
 $ 
 1.42% 
 $ 
 1.60% 
 $ 
 1.99% 
 Operating Return on Average Assets: 
 
Operating net income 
 $ 
 5,975 
 $ 
 5,297 
 $ 
 4,838 
 $ 
 5,624 
 $ 
 6,646 
 
Average assets 
 $ 
 2,026,791 
 $ 
 1,968,381 
 $ 
 1,913,484 
 $ 
 1,828,037 
 $ 
 1,741,423 
 
Operating return on average assets
 (1)
 1.17% 
 $ 
 1.08% 
 $ 
 1.03% 
 $ 
 1.22% 
 $ 
 1.51% 
 (1) 
Annualized. 

 Table of Contents 
 
 52 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 As of or For the Three Months Ended 
 9/30/2022 
 6/30/2022 
 3/31/2022 
 12/31/2021 
 9/30/2021 
 Tangible book value per common share (at period-end):
 (1)
 Total stockholders' equity 
 $ 
 177,417 
 $ 
 180,068 
 $ 
 192,039 
 $ 
 203,897 
 $ 
 201,918 
 Less: Intangible assets 
 - 
 - 
 - 
 - 
 - 
 Less: Preferred stock 
 - 
 - 
 - 
 - 
 - 
 Tangible stockholders' equity 
 $ 
 177,417 
 $ 
 180,068 
 $ 
 192,039 
 $ 
 203,897 
 $ 
 201,918 
 Total shares issued and outstanding (at period-end):
 (2)
 Class A common shares 
 20,000,753 
 20,000,753 
 20,000,753 
 19,991,753 
 18,767,541 
 Class B common shares 
 - 
 - 
 - 
 - 
 1,224,212 
 Total common shares issued and outstanding 
 20,000,753 
 20,000,753 
 20,000,753 
 19,991,753 
 19,991,753 
 Tangible book value per common share
 (3)
 $ 
 8.87 
 $ 
 9.00 
 $ 
 9.60 
 $ 
 10.20 
 $ 
 10.10 
 
 Operating net income available to common stockholders:
 (1)
 Net income 
 $ 
 5,558 
 $ 
 5,295 
 $ 
 4,854 
 $ 
 5,650 
 $ 
 6,593 
 Less: Preferred dividends 
 - 
 - 
 - 
 - 
 542 
 Less: Exchange and redemption of preferred shares
 (2)
 - 
 - 
 - 
 - 
 89,585 
 Net income (loss) available to common stockholders 
 5,558 
 5,295 
 4,854 
 5,650 
 (83,534) 
 Add back: Exchange and redemption of preferred 
shares 
 - 
 - 
 - 
 - 
 89,585 
 Operating net income avail. to common stock 
 $ 
 5,558 
 $ 
 5,295 
 $ 
 4,854 
 $ 
 5,650 
 $ 
 6,051 
 Allocation of operating net income per common 
stock class: 
 
 Class A common stock 
 $ 
 5,558 
 $ 
 5,295 
 $ 
 4,854 
 $ 
 5,650 
 $ 
 5,598 
 Class B common stock 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 453 
 Weighted average shares outstanding: 
 Class A common stock 
 
 Basic 
 20,000,753 
 20,000,753 
 19,994,953 
 18,913,914 
 15,121,460 
 Diluted 
 20,148,208 
 20,171,261 
 20,109,783 
 19,023,686 
 15,121,460 
 Class B common stock 
 Basic 
 - 
 - 
 - 
 - 
 6,121,052 
 Diluted 
 - 
 - 
 - 
 - 
 6,121,052 
 Diluted EPS: 
 (4) (5)
 
 Class A common stock 
 Net income (loss) per diluted share 
 $ 
 0.28 
 $ 
 0.26 
 $ 
 0.24 
 $ 
 0.30 
 $ 
 (5.11) 
 Add back: Exchange and redemption of preferred 
shares 
 - 
 - 
 - 
 - 
 5.48 
 Operating net income per diluted share 
 $ 
 0.28 
 $ 
 0.26 
 $ 
 0.24 
 $ 
 0.30 
 $ 
 0.37 
 Class B common stock 
 Net loss per diluted share 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 (1.02) 
 Add back: Exchange and redemption of preferred 
shares 
 - 
 - 
 - 
 - 
 1.09 
 Operating net income per diluted share 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 - 
 $ 
 0.07 
 (1) 
The Company believes these non-GAAP measurements are 
a key indicator of the ongoing earnings power 
of the Company. 
 (2) 
During the quarter ended September 30, 2021, 
47,473 shares of Class C preferred stock and 
11,061,552 shares of Class D preferred stock were 
 converted into 10,278,072 shares of Class A common 
stock. Additionally, the Bank completed its initial public offering of its Class 
A common stock on 
 July 27, 2021, in which it issued 4,600,000 shares 
of Class A common stock. As such, the total 
shares issued and outstanding of Class A common stock 
 was 18,767,541 shares at September 30, 2021. 
 (3) Excludes the dilutive effect, if any, of shares of common stock issuable 
upon exercise of outstanding stock options. 
 (4) 
During the quarter ended September 30, 2021, 
basic net loss per share is the same as 
diluted net loss per share as the inclusion of all 
potential 
 common shares outstanding would have been antidilutive. 

 (5) 
During the quarter ended December 31, 2021, 
the Company entered into agreements with 
the Class B shareholders to exchange all 
outstanding 
 Class B non-voting common stock for Class A 
voting common stock at a ratio of 1 share of Class 
A common stock for each 5 shares of Class B non-
 voting common stock. In calculating net income 
(loss) per diluted share for the prior quarters 
presented, the allocation of operating net income 
available 
 to common stockholders was based on the weighted 
average shares outstanding per common share 
class to the total weighted average shares 
 outstanding during each period. The operating net 
income allocation was calculated using the weighted 
average shares outstanding of Class B common 
 stock on an as-converted basis. 

 Table of Contents 
 
 53 
USCB Financial Holdings, Inc. 
Q3 2022 Form 10-Q 
 Item 3. 
Quantitative and Qualitative Disclosures About Market Risk 
 
 As a smaller reporting company, 
we are not required to provide the information required 
by this item.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.
USCB FINANCIAL HOLDINGS, INC. 10-Q

Item 2. Management’s Discussion and Analysis
