What changed in this filing

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Item 1. Business

2023-03-24 compared with 2022-03-24 · 1030 added, 883 removed, 747 unchanged (72% of the section changed)

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Century Bank, a Florida state-chartered bank (the “Bank”), and is a bank holding company (a

(the “Federal

Holding Company Act

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Over the course

of 2021, the Bank simplified

its capitalization structure by

exchanging and/or repurchasing

all of its issued

and outstanding preferred

shares, including Class

C, Class D, and

Class E preferred stock.

Most recently,

in December 2021,

the Bank reached

agreements with

common stock,

all outstanding

Class B common stock for Class A common stock in a

1-for-5 reverse stock split.

of 2021, the Bank

simplified its capitalization structure

by exchanging and/or repurchasing

and outstanding

preferred shares,

including Class

preferred stock.

Bank reached agreements

common stock, to

outstanding Class B

stock for Class A common stock in a 1-for-5 stock

2021, the Bank

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shares of its

Class A common

of the Bank’s Class

A common stock were

sold at a price

to the public

of $10.00 per share

and began trading on

Class A common stock.

of the Bank’s Class A

common stock were sold

at a price to

the public of $10.00

per share and began

trading on the Nasdaq

Stock Market under ticker symbol “USCB”.

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in accordance

an Agreement and

Share Exchange dated

December 27, 2021

between the Bank

Agreement and Plan

of Share Exchange

dated December 27,

2021 between the

(the “Share Exchange Agreement”).

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Agreement, on the Effective

Date each issued and outstanding

share of the Bank’s

Class A common stock was

Date each issued and

outstanding share of the

Bank’s Class A common

stock was converted

into and exchanged

for one share

of the Company’s Class

A common stock.

the Bank became the

became stockholders of the Company.

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the information requirements of the Exchange

and, in accordance with Section 12(i) thereof, filed quarterly reports, proxy statements and other information with the FDIC.

As a result of the Reorganization, pursuant to Rule 12g-3(a) under the Exchange Act, the Company became the successor

Exchange Act, and the Company became subject to the information requirements of the Exchange Act and is now required

reports, proxy

statements and

other information with

the Company’s Class

Stock is “USCB”, which is the same as the Bank’s

former trading symbol.

accordance with Section

12(i) thereof, filed

quarterly reports, proxy

statements and other

information with the

Deposit Insurance Corporation

As a result of the Reorg

anization, pursuant to Rule

12g-3(a) under the Exchange

Act, the Company became the successor registrant to the Bank, the Company’s Class A common stock was deemed to be

registered under Section 12(b)

of the Exchange Act,

and the Company became

subject to the information

requirements of

the Exchange Act and

is now required to

file reports, proxy statements

and other information with

Exchange Commission

trading symbol

same as the Bank’s former trading symbol.

the Reorganization,

material assets

not conducted

had no material

had not conducted

or operations

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Reorganization.

Our strategy in becoming a publicly traded company and forming a BHC is to continue pursuing organic growth

as strategic acquisitions

if the opportunity

be further facilitated

public capital and

added flexibility provided by a BHC structure.

In this Annual Report, unless the context indicated otherwise, references

to “we,” “us,”, and “our” refer to the Company

and the Bank.

However, if the

discussion relates to a period before the Effective

Date, the terms refer only to the Bank.

traded company

was to continue

pursuing organic

well as strategic acquisitions if the opportunity arises,

which efforts will be further facilitated by access

to public capital and

the added flexibility provided by a holding company structure.

In this Annual Report on Form 10-K, unless the context indicated otherwise, references to “we,” “us,”, and “our” refer to

the Company and the Bank,

as the contest dictates.

However, if the discussion

relates to a period before

the Effective Date,

the terms refer only to the Bank.

Products and Services

Lending Services

value, relationship

-based banking

products, services

and solutions

value, relationship-based

banking products,

clients in the

markets we serve.

on serving small-to-medium sized businesses (“SMBs”) and

serving small-to-medium sized businesses (“SMBs”) and

catering to the needs

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professionals

USCB Financial Holdings, Inc.

providing comprehensive banking solutions

to SMBs to also secure the personal

retail deposit relationships of the owners,

retail deposit relationships of the

operators, and employees of our commercial lending clients, which has

been a cornerstone of our deposit growth strategy.

USCB Financial Holdings, Inc.

traditional commercial

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the following:

Small Business Administration

(SBA) lending:

Our SBA platform

originates loans under Sections

504 of the SBA program.

The 7(a) loan

program, SBA's most common

loan program, includes financial help for

small businesses with special requirements while

the 504 loan program provides long-term, fixed

rate financing

$5.0 million for

major fixed assets

that promote business

growth and job

in 2018, the platform

opportunity to generate

commercial and industrial

loans, or C&I loans,

to diversify our revenue

stream through originating

and selling SBA

of December 31, 2021,

Bank is a Preferred Lending

Partner with the SBA

which allows us to offer

the full range of SBA

loan products

prospective clients.

Administration

loan program,

includes financial

help for small businesses

with special requirements

while the 504 loan program

provides long-term, fixed

promote business

job creation.

an opportunity

commercial and

industrial loans,

loans, and to diversify our revenue stream through originating and

selling SBA 7(a) loans.

As of December 31,

2022, the Bank is a Preferred Lending Partner with the SBA

which allows us to offer the full range of SBA loan

lending authority

level, allowing

credit decisions

for prospective clients.

Yacht lending:

In 2021, two portfolios

of yacht loans were

purchased as part of

our strategic initiative to

a new business vertical and diversify our portfolio.

Our yacht lending vertical

provides yacht financing for

larger vessels, transactions range

$750 thousand to $7.5 million.

We target high

net-worth clients, in one

of the most active

yacht markets in the

two portfolios

our strategic

initiative to

new business vertical and diversify our portfolio.

Homeowner Association (“HOA”)

We provide banking

services to HOAs and

property managers,

including deposit collection,

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banking solutions

their partners,

associates, staff,

partners, assoc

iates, staff,

worth clients.

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banking clients for

Our compliance

experienced in issues related to foreign banking, and we have consistent open communication with our foreign

bank clients to ensure

proper compliance controls are maintained at

such institutions.

compliance team is

experienced in issues

related to foreign

banking, and we

have frequent and regular

open communication with

our foreign bank clients to ensure proper compliance

controls are maintained at such institutions.

Credit Practices

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that encourages prudent lending.

We believe our

understanding

strong asset quality

to our understanding

of and experience

with businesses within

in particular South

long-standing

relationships with clients

and our disciplined

underwriting processes.

Our thorough underwriting

processes collaboratively

engage our seasoned business bankers, credit underwriters

and portfolio managers in the analysis of each loan request.

relationships

collaboratively

analysis of each loan request.

We manage our credit risk by analyzing metrics related

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loan portfolio

aggregate exposure to any given borrower relationship, we undertake a scaled review

of loan originations that may involve

our assessment

various industry

aggregate exposure to any given borrower relationship, we undertake

a scaled review of loan originations that may involve

senior credit officers, our Chief Credit Officer,

our Credit Committee or,

our Credit Committee or, ultimately,

our Board of Directors (“Board”).

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products including

checking accounts,

accounts, savings accounts and certificates of deposit with a

variety of terms and rates as well

as a robust suite of

commercial payments

as a robust suite of treasury,

commercial payments and cash

management services.

commercial and

consumer deposit

primary geographic footprint.

We do not believe our business to be seasonal

Additionally,

we offer deposit products

for municipalities and other

public entities.

Our deposit products are mainly offered

across our primary geographic footprint.

Title Services

transactions closed at the Bank.

Licensed in the State of Florida and approved by the Department of Insurance Regulation,

Florida Peninsula

began operations

service business

not only provides

diversification for

interest income but also provides our clients with access

to tile insurance services.

USCB Financial Holdings, Inc.

We do not believe our business to be seasonal

Our primary banking market is South

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operations to South Florida.

believe this trend is further

demonstrated by recent relocation

believe this trend is further demonstrated

by recent relocation

initiatives undertaken by large financial institutions such as Blackstone Group Inc., Goldman Sachs Group Inc., and Citadel

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United States Census Bureau,

Florida was the third

most populous state

in the country and the

three largest populations

were in Miami-Dade,

Broward, and Palm

Beach counties, all

located in South Florida.

residents, an increase of 3.0 million new residents.

The percentage change

in Florida’s population between April 2020 and

July 2021 alone was 1.1% according to the United States

Census Bureau.

Florida was the third most

populous state in the country

According to estimates

United States Census

2010 to 2021,

Florida’s population

increased to 21.8

million residents

The percentage

population between

2020 and July 2021 alone was 1.1% according to the

United States Census Bureau.

Our markets are highly competitive,

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We are an “emerging growth

or “EGC”, as defined in the Jumpstart

“EGC”, as defined in the Jumpstart

Our Business Startups Act of 2012 (the

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new or revised accounting standards.

words, an EGC can delay the adoption

of certain accounting standards until

words, an EGC can delay the adoption of

certain accounting standards until

those standards would otherwise apply to private

We intend to take advantage

of the benefits of this extended

We intend to take

advantage of the benefits of this extended

transition period, for as long as it is available.

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our organization’s

active engagement

and participation

seek the active

engagement and

participation of

diverse backgrounds

contributions of each individual in our Company is

recognized and supported.

Each team member is to

be treated fairly with

Each team member is to be

treated fairly with

equal access to opportunities and resources for success.

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workshops in an effort

financing needs of

the sectors of our

to reach the financing

sectors of our

communities in which

these workshops are

USCB Financial Holdings, Inc.

At December 31, 2022,

full-time equivalent employees.

we had 191 full

-time equivalent employees.

employees are parties

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age, gender, ethnicity, or other protected class status,

USCB Financial Holdings, Inc.

including an array of benefit plans and programs that

we believe is attractive to our current and prospective

including an array of benefit plans and programs

that we believe is attractive to our current and prospective employees.

Regulation and Supervision

regulations have

the operations

subsidiaries, including

Bank, which is currently the Company’s only subsidiary

Statutes, regulations and policies limit the activities in which we may engage and the

conduct of our permitted activities

protection of depositors, borrowers,

customers and clients, the

FDIC insurance funds

and the banking system

and not for the protection

of our stockholders or creditors.

In many cases, the applicable

regulatory authorities have broad

enforcement power over

bank holding companies,

banks and their subsidiaries,

including the power

to impose substantial

certain investments and other penalties for violations of

laws and regulations.

regulations have a material

effect on the operations

of USCB Financial Holdings,

direct and indirect subsidiaries,

including U.S.

Century Bank.

Statutes, regulations and

regulatory policies limit

the activities in

may engage and

the conduct of

our permitted

activities and establish capital requirements with which we must comply.

The regulatory framework

is intended primarily for

insurance funds

banking system

the protection

shareholders or

cases, the applicable regulatory

authorities have broad enforcement

power over bank holding

companies, banks and their

subsidiaries, including the power to impose substantial fines

and other penalties for violations of laws and regulations.

regulations are subject

and additional

statutes, regulations,

and corresponding

and additional statutes,

regulations, and corresponding

are unable to predict these future changes or the effects, if any, that these changes could have on the business, prospects,

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Bank and Bank Holding Company Regulation

state-chartered

comprehensive

examination, and enforcement by the FDIC and Florida Office of Financial Regulation (“FOFR”).

The FOFR supervises and

regulates all areas

of our operations

including, without limitation,

the making of

loans, the issuance

of securities, the

of our corporate affairs, the satisfaction of capital adequacy requirements, the payment of dividends, and

the establishment

or closing of banking centers.

In addition, our deposit accounts are insured by the Deposit Insurance Fund administered by

the FDIC to the maximum extent permitted by law, and the FDIC has certain supervisory

and enforcement powers over us.

examination, and enforcement by the FDIC and the Florida Office

of Financial Regulation (“FOFR”).

The FOFR supervises

and regulates

operations including,

without limitation,

of securities,

requirements,

establishment or closing

of banking centers.

In addition, our

deposit accounts

by the Deposit

Insurance Fund

administered by the FDIC to the maximum extent permitted by law, and the FDIC has certain supervisory

and enforcement

powers over us.

that directly

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Federal Reserve

regulation, inspection,

examination, supervision

and enforcement

by the Federal

Reserve Board

Federal Reserve

Board's jurisdiction

most instances,

indirectly controlled by a BHC.

which controls the Bank, is a BHC and,

as such, is subject to ongoing and comprehensive

regulation, examination and enforcement by the Federal

Reserve Board.

Prior Notice and Approval Requirements Related to

Banking laws impose prior notice,

approval, and ongoing regulatory requirements on

any stockholder or other party

and subsequently

indirect "control"

Reserve Board's jurisdiction also extends to any company

that is directly or indirectly controlled by a BHC.

USCB Financial

comprehensive supervision, regulation, examination and

enforcement by the Federal Reserve Board.

Notice and Approval Requirements Related to Control

any shareholder

seeks to acquire direct

or indirect "control"

of an FDIC-insured

depository institution.

laws include the BHC Act and the Change in Bank Control Act.

Among other things, these laws require regulatory filings by

determination

laws include the

the Change in Bank Control Act.

Among other things,

these laws require regulatory filings by individuals

or companies that

acquire direct or

indirect "control" of

an FDIC-insured depository

The determination

of whether an

"controls" a depository

institution is based

the facts and

circumstances surrounding

the investment.

matter, a party

is deemed to control

a depository institution or

other company if the

party owns or controls

25% or more of

any class of voting stock.

Subject to rebuttal, a party may be presumed

to control a depository institution or other company

if the investor owns or controls 10%

or more of any class of voting

stock (and the entity’s securities are registered under the

shareholder).

circumstances,

surrounding the investment.

party is deemed

depository institution

or other company

depository institution,

majority of the board of directors of the depositary institution and/or exercises a controlling influence over

the management

and policies of such institution.

rebuttal, a party generally may be presumed

to control a depository institution or

circumstances, bank holding

companies are prohibited

from acquiring, without

prior approval, control

BHC or substantially

all the assets

thereof or more

of the voting

not already a

prohibited from acquiring, without prior approval,

control of any other bank

or BHC or substantially all the assets

more than 5% of the voting shares of a bank or BHC

which is not already a subsidiary.

USCB Financial Holdings, Inc.

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institution, are required to serve

of strength for

the institution.

this requirement,

the Company in

the future could

be required to

financial assistance to

the Bank should it

experience financial distress.

support may be

required to provide financial assistance

Century Bank should

it experience financial distress.

Such support may be

required at times when,

this statutory and Federal Reserve Policy requirement, a

BHC may not be inclined to provide it.

absent this statutory and

Federal Reserve Policy

requirement, a BHC

inclined to provide

Safety and Soundness Regulation

depository institutions and

any affiliates are

the appropriate agency

against each institution

subject to examination

As an insured depository

institution, we are subject to

prudential regulation and supervision

and must undergo regular

on-site examinations by our state and federal banking agencies.

The cost of examinations of insured depository institutions

and any affiliates are assessed

by the appropriate agency against

each institution or affiliate that

is subject to examination

necessary or appropriate.

file quarterly consolidated reports

of condition and

or call reports, with the FDIC and FOFR.

quarterly consolidated

condition and income,

or call reports,

the FDIC and FOFR.

The federal banking

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and soundness standards for

depository institutions including our

The safety and soundness

guidelines relate to, among

other things, our internal

controls, information systems, internal

audit systems, liquidity, capital adequacy, loan underwriting and documentation,

money laundering policies and procedures, transactions

with insiders, risk management, compensation, asset

depository institutions including

and soundness guidelines

relate to, among other

things, our internal

controls, information systems, internal audit systems, loan underwriting and documentation, anti-money laundering policies

compensation,

identification

problems at insured depository

institutions.

to fail to meet or

otherwise comply with

any of these standards,

FDIC could require us to submit a

plan for achieving and maintaining compliance.

If a financial institution fails to

acceptable compliance plan, or fails in any material respect to implement a compliance plan that has been accepted by the

FDIC, the FDIC is

required to issue an

order directing the institution

to cure the deficiency.

Until the deficiency cited

order is cured, the

FDIC may restrict

the financial institution’s

rate of growth, require

the financial institution to

capital, restrict

depository institutions.

otherwise comply

these standards, the

FDIC could require

compliance plan, or fails

in any material respect

to implement a compliance

plan that has been

accepted by the FDIC,

order directing

the institution

institution to

regulator deems

circumstances.

Noncompliance

guidelines may

also constitute

the deficiency.

deficiency cited

cured, the FDIC

may restrict the

financial institution’s

rate of growth,

require the financial

institution to increase

restrict the rates the institution pays on

deposits or require the institution to take any

action the regulator deems appropriate

under the circumstances.

Noncompliance with the standards established by the safety and soundness guidelines may also

constitute grounds

enforcement action,

including cease

penalty assessments.

the FDIC could terminate

our deposit insurance if

it determines that

our financial condition

was unsafe or

unsound or that

we engaged in unsafe

or unsound practices that

violated applicable rules, regulations,

or conditions enacted or imposed on us by our regulators.

management processes

internal controls

when evaluating

the activities

financial institutions they

orders and civil

money penalty

unsound or that we engaged in unsafe or unsound practices that violated applicable rules, regulations, orders or conditions

enacted or imposed on us by our regulators.

management processes and

strong internal

controls when

evaluating the

activities of

the financial

institutions they

Properly managing risks has been identified as critical to the conduct of safe and sound banking activities and has become

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agencies have identified

a spectrum of

risks facing a

banking institution including,

not limited to, credit, market, liquidity, interest rate, cybersecurity, operational, legal and reputational risk.

Recent regulatory

pronouncements

of risks facing

a banking institution

including, but

market, liquidity, interest rate,

cybersecurity, operational, legal and

reputational risk.

particular, recent

regulatory pronouncements

on operational

potential that

the potential that

inadequate information

operational problems,

controls, fraud

or unforeseen

in unexpected

services, use

cybersecurity are

critical sources

of operational

financial institutions

current environment.

senior management

information systems;

operational problems, breaches

in internal controls, fraud

or unforeseen deficiencies

will result in unexpected

cybersecurity

institutions are expected

in the current

expect to have

management information systems;

and comprehensive internal

controls to address these various risks.

and comprehensive internal controls

to address these various risks.

Permissible Activities and Investments

Bank regulatory

laws generally

activities other

determined by the

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or complementary

financial activity.

In addition, as a general matter, the establishment or

acquisition by the Company,

of a non-bank entity, or the initiation

of a non-banking

requires prior

regulatory approval

from the Federal

Reserve Board.

acquisitions or

the addition of

activities, the Federal Reserve

Board considers, among

other things, whether the

acquisition or the

activities can reasonably be

expected to produce benefits

to the public,

such as greater convenience,

increased competition

or gains in efficiency, that outweigh such possible adverse

effects as undue concentration of resources,

decreased or unfair

USCB Financial

financial holding company.

In addition, as

a general matter, the establishment or

acquisition by USCB Financial

Holdings, Inc., of a

non-bank entity,

activities, the Federal Reserve Board considers, among other things, whether the acquisition or the additional activities can

reasonably be expected

to produce benefits

to the public, such

as greater convenience,

increased competition or

concentration

competition, conflicts of interest or unsound banking practices.

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regulators have adopted

risk-based capital adequacy

guidelines for bank

holding companies and

their subsidiary banks

and banks without bank

holding companies based on

the Basel III

risk-based capital

adequacy guidelines for

bank holding companies

their subsidiary banks and

banks without bank holding

companies based on the

Basel III standards.

Under these guidelines,

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among banks and bank holding

companies, to account for off-balance sheet exposure,

to minimize disincentives for holding

companies, to account for off-balance sheet

exposure, to minimize disincentives for holding

liquid assets, and

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consistency in

evaluating the capital

major banks throughout

evaluating the

capital adequacy

banks throughout the

The resulting

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and off-balance sheet

implementing the capital

adequacy guidelines became

effective, with various

phase-in periods, on

rules implementing the

capital adequacy guidelines

became effective, with

various phase-in periods,

represent a significant change to the prior general risk-based capital rules and are

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given risk-weights

similar credit

credit conversion

them to asset

3 unchanged sentences

be assigned to

risk category,

performing first

mortgage loans

fully secured

certain multi-family

property, which carry a 50% risk rating.

Most investment securities

(including, primarily, general

obligation claims on states

properties, which carry

investment securities (including,

primarily, general obligation claims on

revenue bonds, which have a 50% risk-weight,

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contingencies

(including commercial

unconditionally cancelable commitments have a 0% factor.

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framework, the rules include a new

minimum ratio of Common Equity

Tier 1 Capital to Risk-Weighted

Assets of 4.5%.

rules also create a Common Equity Tier 1 Capital

conservation buffer of 2.5% of risk

-weighted assets.

This buffer is added

minimum ratio of Common

Equity Tier 1 Capital to Risk

-Weighted Assets of 4.5%.

rules also create a Common Equity Tier 1 Capital conservation

buffer of 2.5% of risk-weighted assets.

buffer is added

to each of the three risk-based capital

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the institution’s

Common Equity

distributions

discretionary

payments will

or prohibited

institution’s

discretionary

The new capital regulations

may also impact the

treatment of accumulated

other comprehensive income,

subject to this limitation include

dividends, share buybacks, discretionary payments on

Tier 1 instruments, and discretionary

bonus payments.

comprehensive

regulatory capital purposes.

the new rules, AOCI generally

the rules, AOCI generally

flows through to regulatory

capital, however,

banks and their holding companies (if any)

may make a one-time irrevocable opt-out

election to continue to treat AOCI the

old regulations

for regulatory

capital purposes.

This election

report filed after

January 1, 2015.

capital, however, community banks

and their holding companies (if any) were allowed to make a

one-time irrevocable opt-out election to continue to treat AOCI

regulations for

regulatory capital

opt-out election.

Additionally,

the new rules

also permit community

with less than $15.0 billion in total assets to continue to count certain non-qualifying capital instruments issued prior to May

community banks

with less than

$15 billion in

total assets to

continue to count

certain non-qualifying

capital instruments

issued prior to

19, 2010 as Tier 1 capital, including trust preferred securities

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capital treatment.

On September 17, 2019, the

federal banking agencies jointly finalized

a rule intended to simplify

the regulatory capital

requirements described above for qualifying community banking organizations

that opt into the Community Bank Leverage

the Regulatory

capital requirements

described above

for qualifying

organizations

that opt into the

Community Bank Leverage Ratio, or

CBLR, framework, as required by Section

201 of the Regulatory Relief

beginning with

31, 2020 call

the final rule,

if a qualifying

CBLR framework

available for

community banking

organization opts

capitalized ratio

prompt corrective

action regulations

described elsewhere

offering circular

be required to

report or calculate

risk-based capital.

qualify for the

CBLR framework

requirements under the

framework, it will

be considered to

well-capitalized ratio requirements

corrective action regulations described elsewhere

in this Form 10-K

and will not be

required to report or

calculate risk-based

qualify for the CBLR

framework, a community

banking organization must

1 leverage ratio

of greater than

9%, less than

$10.0 billion in

total consolidated assets,

off-balance sheet

exposures of 25%

or less of total

consolidated assets, and

trading assets and

liabilities of 5%

have a tier 1 leverage

USCB Financial Holdings, Inc.

total consolidated assets.

consolidated assets, and trading assets and

liabilities of 5% or less of total consolidated

However, Section

4012 of the CARES Act required that the CBLR be temporarily lowered to 8%.

The federal regulators issued a rule implementing the lower CBLR effective April 23, 2020.

rule also established a two-

quarter grace period

for a qualifying

institution whose

leverage ratio falls

requirement so

bank maintains a leverage ratio of 7% or greater.

Another rule was issued to transition back to the 9% CBLR

by increasing

the Coronavirus Aid,

Relief and Economic

Security Act (the

“CARES Act”) required

that the CBLR

be temporarily lowered

The federal regulators issued a

rule implementing the lower CBLR effective April 23, 2020.

rule also established

a two-quarter grace period for a qualifying institution whose leverage ratio falls below the 8% CBLR requirement so long as

increasing the ratio to 8.5%

for calendar year 2021 and

9% thereafter.

Although the Bank is a

qualifying community banking

organization, the Bank has elected

not to opt in to the CBLR framework

at this time and will continue to

follow the Basel III

at this time and will continue to follow

the Basel III

capital requirements as described above.

Matters” of the Consolidated Financial Statements filed herewith

for further details.

“well capitalized”

Matters” of the Consolidated Financial Statements

included in this Annual Report Form 10-K for further details.

Prompt Corrective Action

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federal bank regulatory

agencies must take

"prompt corrective

agencies must

take "prompt corrective

undercapitalized

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undercapitalized,"

subjected to differential regulation corresponding

to the capital category within which the institution falls.

regulation corresponding to the capital category within which the

institution falls.

As of December

2021, a depository

institution was

"well capitalized"

depository institution

was deemed to

be "well capitalized"

if the banking

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unsound practice.

regulatory scrutiny of

a financial institution

degree of regulatory

scrutiny of a

financial institution

undercapitalized

3 unchanged sentences

the institution

enforcement remedies

bank regulatory

regulatory agencies,

of deposit insurance

1 unchanged sentence

business activities, and

appointment of the

appointment of

FDIC as conservator or receiver.

depending upon the severity of the capital deficiency

Commercial Real Estate Concentration Guidelines

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concentration

commercial real

estate lending,

commercial real

estate, (iii)

total reported loans

for construction, land

development, and other

land representing 100%

total reported

for construction, land development,

and other land representing

100% or more of

total capital, or (iv) total

commercial real

construction)

outstanding balance of

the institutions commercial

real estate portfolio

has increased by

may be identified for further supervisory analysis of a potential

concentration risk.

December 31, 2021,

of construction

total capital

and therefore,

100% threshold

the paragraph

paragraph above,

December 31, 2021, our

ratio of total

commercial real estate

institution’s

portfolio has

identified for

further supervisory analysis of a potential concentration

As of December

31, 2022, our

ratio of construction

loans to total

capital was 298%,

but the outstanding

risk-based capital

therefore, we

paragraph above, as

31, 2022, our

ratio of total

commercial real

estate portfolio

deemed to have a concentration in commercial real estate

lending under applicable regulatory guidelines.

risk-based capital

390% and the outstanding balance of

the institution’s commercial real estate portfolio increased by 50%

or more in the prior

a concentration

in commercial

lending under

applicable regulatory

concentration is

present, under

banking regulator’

guidance, management

should employ

risk management practices that address key elements,

including board and management oversight and strategic

portfolio management,

of underwriting

assessment and

market analysis

maintenance of

increased capital

commercial real

To address the commercial real estate lending concentration,

USCB Financial Holdings has

previously established

lending framework

specific exposures

commercial real

appropriate actions, as necessary.

USCB Financial Holdings, Inc.

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or other distribution

institutions are also

prohibited from

paying management

controlling persons

other affiliates or,

with certain limited exceptions,

making capital distributions,

including dividends, if

after such transaction

retained net profits which accrued prior to

the preceding two years, but we must, before the declaration of

a dividend on our

common stock, carry 20% of

our net profits for such

preceding period as is covered by

the dividend to our surplus

and preferred

and outstanding.

Florida law, we are prohibited from declaring

a dividend at any time

at which our net

income from the current year

with the retained net income from the preceding two years is a loss or which would cause our capital accounts to fall below

the minimum amount required by law, regulation, order,

or any written agreement with a state or federal regulatory agency.

are dependent

our principal

with respect to capital

is subject to statutory

and regulatory restrictions

that limit the

amount available for

such distribution

Insured depository institutions are also prohibited from

paying management fees to any controlling persons

or, with certain

limited exceptions,

capital distributions,

including dividends,

such transaction

the institution

preceding two years, but we must, before the declaration of a dividend on our common stock, under applicable Florida law,

carry 20% of our net profits for such preceding period as is

covered by the dividend to our surplus fund, until the same shall

at least equal the amount of our common stock and preferred stock, if

any, then issued and outstanding.

Under Florida law,

we are prohibited

from declaring

year combined

the preceding

minimum amount required by law,

regulation, order, or

any written agreement with a state or federal regulatory agency.

source of funds

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other payments.

policy of the

Federal Reserve

is the policy

of the Federal

Board that BHCs

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the organization’s expected future

needs and financial

provides that

that undermines

financial condition.

provides that BHCs should not maintain a level of cash dividends that undermines the BHC’s ability to serve as a source of

strength to its banking subsidiaries.

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Guidelines adopted by

banking agencies pursuant

FDIA prohibit

excessive compensation as

the federal banking

agencies pursuant to

prohibit excessive compensation

disproportionate to the services performed by an executive

officer, employee,

director or principal shareholder.

officer, employee, director

or principal shareholder.

In June 2010,

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organizations to imprudent risk,

(ii) be compatible with

effective controls and risk

(ii) be compatible with effective

controls and risk management,

and (iii) be supported by

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could lead to supervisory or enforcement actions

prohibiting incentive-based payment arrangements at specified regulated entities, such as us, having at least $1.0 billion in

prohibiting incentive-based

payment arrangements

at specified regulated

entities, such

having at least

$1 billion in

inappropriate

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such regulations

second proposed rule in April 2016.

The second proposed rule would apply to all banks

with at least $1.0 billion in average

total consolidated assets.

regulations have not been

adopted as of the date

If adopted, these or

other similar

regulations would impose

limitations on the manner

in which we may

structure compensation for our

executives and other

finalization of such policies is not known at this time.

USCB Financial Holdings, Inc.

second proposed

proposed rule

would apply to

institutions, with

least $1 billion in average total

consolidated assets.

Final regulations have not been adopted as

of the date of this Form 10-

compensation for our executives and other

employees that go beyond the requirements

The scope and content

federal banking

agencies’ policies

compensation are

evolving, but the timeframe for finalization of such policies

is not known at this time.

Limits on Transactions with Affiliates and

Insured depository institutions are subject to restrictions

on their ability to conduct transactions with

affiliates and other

on their ability to conduct transactions

with affiliates and other

related parties.

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and collateral

Transactions covered by Section 23A include loans, extensions of credit, investment in securities issued by an

affiliate, and

acquisitions of assets from an

Section 23B of

the Federal Reserve Act requires

that most types of transactions by

depository institution as

if the transaction

were conducted between

the insured depository institution

and an unaffiliated third

An affiliate of a

bank is any entity that controls,

is controlled by or

is under common control with

company context, the

parent bank holding

Financial Holdings, Inc.,

and any companies

controlled by such parent holding company (excluding

subsidiaries of the bank) are affiliates of the bank.

requirements on certain transactions by

an insured depository institution with,

or for the benefit

of, its affiliates.

covered by Section 23A include loans,

extensions of credit, investment

in securities issued by an affiliate,

and acquisitions

of assets from

an affiliate.

Federal Reserve

Act requires that

most types of

transactions by

institution as if the transaction were conducted with an

unaffiliated third party.

USCB Financial Holdings, Inc.

An affiliate of a bank

is any company or entity

that controls, is controlled by

or is under common

control with the bank.

companies that are

controlled by such

parent holding company

(excluding subsidiaries of the

bank) are affiliates of

Loans to executive officers and directors of an insured depository institution or any of its affiliates or to any person who

directly or indirectly, or acting through or in concert with one or more persons,

owns, controls or has the power to vote more

owns, controls or has the power to vote

than 10% of any class of voting securities of a bank, which we

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corresponding

Section 13(k)

through FDIC regulations) relating to the prohibition on personal loans to executives (which exempts financial institutions in

compliance with the insider lending restrictions of Section

22(h) of the Federal Reserve Act).

restrictions of Section 22(h) of the Federal Reserve Act).

FDIC Deposit Insurance

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institutions.

insurance amount which an insured bank may offer

is $250 thousand per depositor.

Additionally,

FDIC-insured depository institutions are

required to pay deposit insurance

assessments to the FDIC.

insurance amount is $250 thousand per depositor.

Additionally, FDIC

-insured depository institutions are required

to pay deposit insurance assessments

institution's deposit

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assessment base,

which is defined

as average total assets minus

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and then applies

a pricing multiplier

that is the same

a pricing multiplier that

all institutions.

institution’s rate

must be within

a certain minimum

and a certain

maximum range, and

the range varies

the institution’s

institution’s rate must

certain minimum and

a certain maximum,

and the range varies

institution’s

composite CAMELS

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by multiplying

bank’s assessment base by the total base assessment

assessment base by the total base assessment

FDIC finalized

deposit insurance

assessment rates

basis points, beginning

with the first quarterly

assessment period of

2023 (January 1,

2023 through March

FDIC, as required

under the Federal

Deposit Insurance

Act, established

September 2020 to

restore the Deposit

Insurance Fund (“DIF”) reserve ratio to meet or exceed

the statutory minimum of 1.35 percent within eight

insurance assessment

FDIC’s recent

projections, however,

the FDIC determined that the DIF reserve

ratio is at risk of not reaching

the statutory minimum by the statutory

September 30, 2028 without increasing

the deposit insurance assessment rates.

increased assessment would improve

the likelihood

required minimum

statutory deadline,

FDIC’s Amended Restoration

The FDIC also

concurrently maintained the

Designated Reserve Ratio

(“DDR”) for the

DIF at 2 percent for 2023.

The new assessment rate

schedules will remain in effect unless and until the reserve ratio meets

or exceeds 2 percent

in order to support

growth in the DIF

in progressing toward

the FDIC’s long-term

goal of a 2 percent

Progressively lower assessment

rate schedules will take effect

when the reserve ratio reaches

2 percent, and again

when it reaches

revised assessment

rate schedule will remain

in effect unless

and until the

reserve ratio

meets or exceeds 2 percent, absent further action by the FDIC.

terminate deposit

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insured depositors)

and certain claims

administrative

including the Company,

with respect to any extensions of credit they may have made to such insured depository institution.

uninsured depositors,

along with the

FDIC, will have

priority in payment

ahead of unsecured,

deposit creditors,

including U.S.

Century Bank,

extensions of

depository institution.

USCB Financial Holdings, Inc.

Overdraft Fee Regulation

The Electronic Fund Transfer Act prohibits

financial institutions from charging consumers fees

for paying overdrafts on

financial institutions from charging consumers

fees for paying overdrafts on

automated teller machines, or

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of transactions.

If a consumer

does not opt in,

any ATM transaction or debit that overdraws

USCB Financial Holdings, Inc.

the consumer’s account

will be denied.

Overdrafts on

electronic bill

institution’s overdraft

services, including

associated with

and the consumer’s

participating in the overdraft service offering.

Financial institutions must provide

consumers who do not opt in with

account terms, conditions and features (including pricing)

that they provide to consumers who do opt in.

Federal Home Loan Bank System

If a consumer does

not opt in, any

ATM transaction or debit that overdraws

the consumer’s

on the payment

and regular electronic

bill payments

institution’s

provide consumers

pricing) that they provide to consumers who do opt in.

Federal Reserve System and Federal Home Loan

regional FHLBs.

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each calendar

$15.0 million),

outstanding advances

(borrowings) from

our outstanding

under the activity-based stock ownership requirement.

Anti-Money Laundering Regulation

policies, procedures

and controls, a

designated compliance

an ongoing employee

training program,

and testing of

As a financial

institution, we

must maintain

anti-money laundering

programs that

include established

internal policies,

program by an independent audit function in accordance

with the Bank Secrecy Act of 1970, as amended (“BSA”), and the

regulations issued

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prohibited from

into certain specified financial transactions and account relationships and must meet enhanced standards for due diligence

your customer”

dealings with

institutions, foreign

relationships to

guard against

money laundering

report transactions

certain dollar

amount thresholds

suspicious transactions.

Certain laws, such

renewed through

into specified

relationships

meet enhanced

standards for

diligence and

“knowing your customer” in

their dealings with

foreign financial institutions, foreign

customers and other

high risk customers.

relationships

against money laundering

and to report transactions

that meet certain

dollar amount thresholds

any suspicious

transactions.

the USA PATRIOT Act, enacted in

2001 and renewed

through 2019, as

described below,

enforcement authorities

with increased

financial information

provide law enforcement authorities with increased access

to financial information maintained by banks.

Anti-money laundering

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regulators routinely examine institutions for compliance with these obligations, and this area has become a particular focus

of the regulators in recent years.

addition, the regulators are required to consider compliance with the

in connection

regulatory review

applications.

recent years,

regulators have

banking institutions’

compliance with

anti-money laundering

requirements and,

delayed approval

their expansionary proposals because

of deficiencies in such

institutions’ anti-money laundering

The regulators

penalty sanctions against institutions found to be in

violation of the anti-money laundering regulations.

institutions’

The regulators and other

governmental authorities have

been active in imposing

“cease and desist” orders

significant money penalty sanctions against institutions

found to be in violation of the anti-money laundering regulations.

The USA PATRIOT Act became effective on October 26, 2001 and amended

The USA PATRIOT Act requires

banks to establish anti-money laundering programs

that include, at a minimum:

that contains

bank’s compliance

and regulations;

and procedures

for monitoring

and reporting

of suspicious

a designated compliance officer;

employee training for bank employees;

an independent audit function to test the efficacy

of the bank’s anti-money laundering program;

procedures to verify the identity of each bank customer upon

the opening of accounts;

heightened due diligence policies,

procedures and controls applicable to

certain foreign accounts and

relationships;

USCB Financial Holdings, Inc.

required reports to law enforcement and/or financial regulators to assist in the deterrence and prevention of money

laundering activities.

Additionally,

the USA PATRIOT

Act requires each financial

institution to develop a

customer identification program,

CIP, as part of its anti-money

laundering program.

components of the

CIP are identification

verification, government

list comparison,

record retention.

the financial

institution to

determine the

true identity

and anticipated

account activity

determination, the

financial institution

among other things, collect certain information from customers at the time they enter

into the customer relationship with the

financial institution.

This information must

reasonable time.

all customers

against any CIP-related government lists of known or suspected terrorists or other “sanctioned” persons.

On May 11, 2018,

Financial Crimes Enforcement

Network, or FinCEN, issued

a final rule under

the BSA requiring

to identify and verify the

identity of the natural persons behind

their customers that are legal entities—the beneficial owners.

The Office of Foreign Assets Control

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as defined by

various Executive

Orders and Acts

various Executive Orders

publishes lists of

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“sanctioned” persons.

If a bank finds

finds a name on

any transaction, account

or wire transfer

list, it must

freeze the account

and/or block the transaction or

wire transfer.

We utilize an outside

vendor to oversee the

daily monitoring and surveillance

notifications.

transfers and customer files.

These checks are performed

using software that is updated each time a modification

to the lists provided by OFAC

that is on an

it must freeze

and/or block the transaction or wire transfer.

We utilize an outside vendor to oversee

the inspection of our accounts and the

filing of any notifications.

We also monitor

high-risk OFAC

areas such as new

accounts, wire transfers

and customer files.

These checks are performed using software that is updated each time

a modification is made to the lists provided by

and other agencies of Specially Designated Nationals

and Blocked Persons.

USCB Financial Holdings, Inc.

Consumer Laws and Regulations

Our activities

state statutes

and regulations

protect consumers

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Truth-In-Lending

consumer borrowers

and including

substantial requirements

servicing, as

the Dodd-Frank Act

consumer borrowers and including substantial new requirements for mortgage lending and servicing, as mandated

by the Dodd-Frank Act

the Home Mortgage Disclosure Act of 1975 and Regulation C, requiring

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basis of race,

color, religion,

or other prohibited factors in extending credit;

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Our deposit operations are also subject to federal laws,

thousand and imposes other limits on deposit-taking;

the FDIA, which, among other things, limits the amount of

deposit insurance available per account to $250,000 and

imposes other limits on deposit-taking;

Financial Privacy Act,

which imposes a

duty to maintain

the confidentiality of

consumer financial records

maintain the confidentiality

of consumer financial

and prescribes procedures for complying with administrative subpoenas

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liabilities arising

electronic banking

USCB Financial Holdings, Inc.

Regulation DD,

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institutions and accounts.

institutions must deal with clients when taking

deposits or making loans to such

institutions must deal with clients when

taking deposits or making loans to

such clients.

We must comply with the applicable

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consumers and, in some circumstances, allow consumers

nonaffiliated

including the FDIC, have adopted guidelines for establishing information security standards and

cybersecurity programs for

implementing safeguards.

These guidelines,

along with related

regulatory guidance, increasingly focus

on risk management

and processes related to information technology and the use

to prevent disclosure

of certain personal

information to a

nonaffiliated third

Federal banking agencies,

including the

FDIC, have adopted

guidelines for establishing information

security standards and cybersecurity

programs for implementing

processes related to information technology and the use

of third parties in the provision of financial services.

1 unchanged sentence

to state laws governing customer privacy and cybersecurity.

The Florida Information Protection Act of 2014 requires notification to the Florida Department of Legal Affairs of any breach

involving personal

information that

people as well

notification of

affected individuals

The Florida Information Protection Act of 2014 (“Florida Act”) requires notification of the

Florida Department of Legal Affairs

of any breach involving

personal information that

affects more than

500 people as

well as requiring notification

individuals of

requires us to

take reasonable measures

form containing personal information and take all reasonable measures to dispose, or arrange for the disposal, of

records containing

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costs and expenses will continue into the future.

USCB Financial Holdings, Inc.

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau (“CFPB”) is

an independent regulatory authority housed within the

has broad authority

to regulate the

offering and provision of

consumer financial products and

institutions subject to its authority

from engaging

in “unfair and deceptive or

abusive acts or practices”

with respect to their

institutions with more than $10.0 billion

in assets for compliance with federal

consumer laws.

an independent regulatory authority housed within the Federal

Reserve Board.

The CFPB has broad authority to regulate the offering and provision of consumer

financial products and to

prevent institutions subject to its authority from engaging in “unfair

and deceptive or abusive acts or practices” with respect

offering of consumer

financial products or

supervise and examine

institutions with more than

$10 billion in assets for

compliance with federal consumer

The authority to supervise

examine depository institutions with $10.0 billion or less in assets, such as our Bank, for compliance with federal consumer

largely with those

institutions’ primary regulators.

However, the CFPB may

participate in examinations

primary regulators.

may participate

in examinations

are permitted

adopt consumer protection laws

and regulations that are

stricter than the regulations

promulgated by the CFPB,

attorneys general are permitted to enforce consumer protection

rules adopted by the CFPB against certain

institutions.

examine depository

institutions with

$10 billion or

less in assets,

compliance with federal

laws remains largely with those institutions’ primary

federal regulators.

However, the CFPB may participate in examinations

of these smaller institutions

on a “sampling basis”

and may refer potential

enforcement actions against

such institutions to

their primary regulators.

CFPB may participate

in examinations of

addition, states are

to adopt consumer

protection laws and

regulations that are stricter

than the regulations promulgated

attorneys general are permitted to enforce consumer

protection rules adopted by the CFPB against certain institutions.

The Volcker Rule

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in short term

securities and

derivatives and

from investing

sponsoring certain

investment companies

rule as “covered funds”

(including not only hedge

funds, commodity pools and

private equity funds, but

also a range of

trading in securities and derivatives and from

investing in and sponsoring certain investment companies defined

funds” (including

commodity pools

equity funds,

securitization structures

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final rules).

This statutory

commonly called

statutory provision

the “Volcker Rule.” At December 31, 2022, we are not

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size, which is below

the $10.0 billion in assets Volcker

the $10.0 billion Volcker

Rule threshold.

Community Reinvestment Act and Fair Lending Requirements

Reinvestment Act (“CRA”).

The CRA and its

corresponding regulations are

intended to encourage

banks to help meet

credit needs of the communities

they serve, including low-

Community Reinvestment Act (“CRA”).

its corresponding regulations are

intended to encourage banks

meet the credit needs of

the communities they serve,

including low-

and moderate-income neighborhoods,

consistent with safe and

sound banking practices.

consistent with

safe and sound banking practices.

meeting applicable

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further requires

community credit

evaluating applications

banking centers

requirements in

certain other

may establish

In connection

with their assessments

performance, the FDIC

and FOFR assign

into account our

USCB Financial Holdings, Inc.

subject to analogous state CRA requirements

in Florida and certain other states

in which we may establish branch

“outstanding,”

“satisfactory,”

noncompliance.”

“satisfactory”

noncompliance.” We

“satisfactory” CRA

both regulatory

examinations.

corrective measures that may be required for a violation of certain fair lending laws, the federal banking agencies may take

compliance with such laws and CRA

into account when regulating and supervising

other activities of the bank, including

expansionary proposals such

application to

establish bank

centers, merge

liabilities of

to substantive

and corrective

measures that may

be required for

a violation of

certain fair lending

laws, the federal

banking agencies may

take compliance

regulating and

supervising other

activities of

expansionary proposals such as when a bank submits

an application to establish bank branches, merge with

another bank,

An unsatisfactory

could substantially

such transaction.

The regulatory

agency's assessment

institution's record

made available to the public at www.ffiec.gov/craratings

the liabilities

unsatisfactory

substantially delay

regulatory agency's

assessment of

the institution's

available to the

www.ffiec.gov/craratings.

Following its most

recent CRA performance

evaluation in March

Century Bank received an overall rating of "Satisfactory."

Call Reports and Examination Cycle

institutions,

institutions and

banking agencies

international

activities to file

the most streamlined

version of the

quarterly call report,

and to reduce

data reportable on

certain streamlined

All institutions, regardless of size, submit

a quarterly call report that includes

data used by federal banking agencies

monitor the condition, performance, and

risk profile of individual institutions

and the industry as a

In June 2019, the

federal banking agencies issued a

final rule to permit insured depository

institutions with total assets of

less than $5 billion

or international

report, and to reduce data reportable on certain streamlined

call report submissions.

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the monetary policies

of the Federal Reserve.

Changes in the discount rate

on member bank borrowing, availability of borrowing

at the “discount

requirements against member banks’ deposits

and assets of foreign banking centers

and the imposition of and changes in

reserve requirements against certain

borrowings by banks and

their affiliates are

instruments of monetary

USCB Financial Holdings, Inc.

available to the Federal Reserve.

monetary policies are used in

varying combinations to influence overall growth and

distributions of bank loans, investments and deposits, which may affect interest

rates charged on loans or paid on deposits.

had a significant

the operating

commercial banks

mandate of price

stability and full

employment in the

a lesser degree

by short-term and

long-term changes in

the international trade balance and in the fiscal policies of the U.S.

Future changes in monetary policy and

effect of such changes on our business and earnings

in the future cannot be predicted.

Federal Reserve

bank borrowing,

availability of

operations, changes

interest rate,

imposition of

reserve requirements

against certain

borrowings by

influence overall growth and distributions of bank loans, investments and deposits,

which may affect interest rates charged

operating results

of commercial

Reserve Board’s

policies are primarily influenced by the dual mandate of price stability and

full employment, and to a lesser degree by short-

international

changes in monetary policy and the effect of such changes on our business and earnings in the future cannot be

Future Legislation and Regulation

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processes, require us to

increase our regulatory

capital or modify our

increase our regulatory capital

or modify our

opportunities

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institutions like

programs have

been implemented

through rules and guidance adopted by federal

departments and agencies, including the

departments and agencies, including the U.S.

Department of Treasury,

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other federal bank

regulatory authorities,

including those with

direct supervisory

jurisdiction over us.

Furthermore, as the COVID-19 pandemic evolves,

federal regulatory authorities continue

regulatory authorities, including

those with direct

supervisory jurisdiction

Furthermore, as the COVID-19 pandemic

evolves, federal regulatory authorities continue

to issue additional guidance with

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Appropriations

program, the Paycheck

Protection Program, or PPP, to fund operational

costs of eligible

businesses, organizations and self-

employed persons

impacted by COVID

are fully guaranteed

and are eligible

to be forgiven

certain conditions

are satisfied.

USCB Financial Holdings, Inc.

program, the Paycheck Protection

Program, or PPP, to fund operational costs

of eligible businesses, organizations

employed persons impacted by COVID-19.

These loans are eligible to be forgiven if

certain conditions are satisfied and are

fully guaranteed by the SBA.

Additionally,

loan payments

was available

borrowers through

collateral or

personal guarantees were required.

On December 27, 2020, President Trump signed the Consolidated Appropriations

Small Businesses,

Nonprofits, and

Among other things, the HHSB Act renewed the PPP,

allocating $284.5 billion for both new first time PPP loans under

extending and amending the

the HHSB Act also

creates a new grant program

loan payments will also be deferred

for the first six months of the

PPP commenced on

available to qualified

borrowers through August

No collateral

guarantees were required.

On December 27, 2020,

President Trump signed the Consolidated Appropriations Act, 2021 into

law which included the Economic Aid to Hard-Hit Small Businesses,

Nonprofits, and Venues Act, or

the HHSB Act.

other things, the HHSB Act renewed the

allocating $284.45 billion for both new first time PPP

loans under the existing

the expansion

qualified, existing

PPP borrowers.

amending the PPP,

the HHSB Act also creates

a new grant program

for “shuttered venue operators.”

December 31, 2021, we had 414 active PPP loans remaining

totaling $42.4 million in outstanding principal balances.

Appropriations

suspend requirements under

generally accepted accounting

principles (“GAAP”) for

loan modifications

to borrowers affected

by COVID-19 that may

otherwise be characterized

as troubled debt restructurings

and suspend any determination

thereto if (i) the

borrower was not

days past due

As of December 31,

31, 2019, (ii)

the modifications are

to COVID-19, and (iii)

the modification occurs between

March 1, 2020

and the earlier of

60 days after

the date of termination

of the national

emergency or January 1,

regulatory authorities also issued

guidance to encourage banks

2022, we had 6 active PPP loans remaining totaling $1.3

Appropriations

modifications

portfolio in deferral status associated with the COVID-19 pandemic.

See Note 3 “Loans” of the Consolidated Financial Statements

filed herewith for further details.

USCB Financial Holdings, Inc.

characterized as troubled

debt restructurings and

suspend any determination

related thereto if (i)

the borrower was

modifications are

COVID-19, and

occurs between March 1, 2020 and

the earlier of 60 days after the

date of termination of the national emergency or

modifications

borrowers affected by

December 31, 2022, there

our portfolio

status associated

with the COVID-19 pandemic.

Available Information

www.uscentury.com.

Reports on Form 10-K,

Quarterly Reports on

Form 10-Q, Current

Reports on Form

10-K, Quarterly Reports

on Form 10-Q,

Current Reports on Form

8-K, and if applicable,

5 unchanged sentences

electronically

In addition, the FDIC and the SEC maintains a

website that contains reports and other information that

information that is filed.

USCB Financial Holdings, Inc.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business