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U.S. CENTURY BANK U.S. Century Bank Reports Second Quarter 2021 Results July 30 , 2021 MIAMI -- ( BUSINESS WIRE ) -- Jul . 30 , 2021-- U.S. Century Bank ( the " Company " ) ( NASDAQ : USCB ) today announced 2021 second quarter financial results for the quarter ended June 30 , 2021 . " We are thrilled to have completed our initial public offering and to be trading publicly . This milestone will help support the Company's growth strategy as part of our long - term strategic expansion plan , " said Luis de la Aguilera , President and Chief Executive Officer . The Company reported net income of $ 4.1 million or $ 0.64 per diluted share of Class A common stock and $ 0.13 per diluted share of Class B common stock , for the quarter ended June 30 , 2021 , from net income of $ 1.4 million or $ 0.13 per diluted share of Class A common stock and $ 0.03 per diluted share of Class B common stock , for the quarter ended June 30 , 2020 . Financial Highlights • Completed the initial public offering ( " IPO " ) and issued 4,600,000 shares of Class A common stock , inclusive of the full exercise of the underwriters ' option to purchase an additional 600,000 shares . The securities were sold at a price to the public of $ 10.00 per share and began trading on the Nasdaq Global Market under the ticker symbol " USCB " on July 23 , 2021. On July 27 , 2021 , the closing date of the IPO , the Company received total net proceeds of $ 42 million , after deducting the underwriting discount . • Net interest income was $ 12.5 million for the quarter ended June 30 , 2021 , representing an increase of $ 1.6 million or 14.75 % as compared to the second quarter in 2020. The increase was primarily driven by higher investment income and lower interest expense on deposits . • Net interest margin ( " NIM " ) was 3.14 % for the three months ended June 30 , 2021 , a decrease of 21 basis points from 3.35 % for the immediately preceding quarter ended March 31 , 2021 , and a decrease of 14 basis points from 3.28 % for the second quarter in 2020. The decreases in NIM were largely due to lower benchmark interest rates . • The efficiency ratio for the three months ended June 30 , 2021 was 62.00 % as compared to 69.03 % for the second quarter in 2020 . • Average deposits for the quarter ended June 30 , 2021 increased by $ 88.5 million or 6.59 % compared to the immediately preceding quarter ended March 31 , 2021 and by $ 265.7 million or 22.78 % compared to the second quarter of 2020 . • Average loans for the quarter ended June 30 , 2021 increased by $ 16.7 million or 1.56 % compared to the immediately preceding quarter ended March 31 , 2021 and by $ 49.6 million or 4.78 % compared to the second quarter of 2020 . • Annualized return on average assets for the quarter ended June 30 , 2021 was 0.98 % , compared to 0.41 % for the second quarter in 2020 . • Annualized return on average stockholders ' equity for the quarter ended June 30 , 2021 was 9.74 % , compared to 3.55 % for the second quarter in 2020 . • Since March 2020 , the Company has participated in all three rounds of the Small Business Administration ( " SBA " ) Paycheck Protection Program ( " PPP " ) , originating $ 168.4 million of PPP loans through June 30 , 2021. As of June 30 , 2021 , $ 82.3 million in PPP loans had been forgiven . • On June 24 , 2021 , the Company purchased a yacht loan portfolio that is complementary to our business and stated strategy . The portfolio is tied to financed purchases of 24 vessels with an aggregate principal balance as of the date of purchase of $ 44.1 million . • On April 26 , 2021 , the Company completed the repurchase of all outstanding shares of our Class E Partially Cumulative Perpetual Preferred Stock ( " Class E Preferred Stock " ) , for an aggregate repurchase price of $ 7.6 million , which is equal to the aggregate liquidation preference of $ 7.5 million plus declared and unpaid dividends . As of the date of this press release , no shares of Class E Preferred Stock remain outstanding . • Total risk - based capital ratio was 12.69 % at June 30 , 2021 compared to 14.14 % for the second quarter in 2020 .