USCB Financial Holdings Announces Inaugural Dividend Program

By Stephen Nakrosis

USCB Financial Holdings has announced that its board of directors has approved a cash dividend program, with the company set to pay an inaugural dividend of 5 cents per share of Class A common stock.

The dividend is scheduled to be paid on March 5 to shareholders of record as of the close of business on Feb. 15. According to the company, this first cash dividend represents an aggregate payout of approximately $978,000, which amounts to 36% of the company’s reported fourth-quarter 2023 net income.

With an annualized yield of 1.65%, based on the company’s closing stock price of $12.15 on Jan. 26, the dividend amounts to 20 cents annually, USCB stated.

Moving forward, any future dividends will be subject to quarterly review and approval by the board.

Luis de la Aguilera, Chairman, President, and CEO, expressed his satisfaction with the board’s decision to initiate a dividend program. He emphasized that this move reflects the confidence in the company’s performance and the commitment to driving shareholder value. Additionally, de la Aguilera highlighted the importance of maintaining a strong balance sheet to support the growth of their bank, particularly after a challenging year in the banking sector.

USCB Financial Holdings serves as the holding company for U.S. Century Bank, which operates primarily in South Florida.