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U.S. CENTURY BANK U.S. Century Bank Reports Third Quarter 2021 Results October 28 , 2021 -- MIAMI , Oct. 28 , 2021 ( GLOBE NEWSWIRE ) U.S. Century Bank ( the " Company " or the " Bank " ) ( NASDAQ : USCB ) reported net income of $ 6.6 million for the three months ended September 30 , 2021 , compared with net income of $ 3.4 million for the same period in 2020. The Company reported net loss per diluted share for the three months ended September 30 , 2021 of $ 5.11 and $ 1.02 for Class A and Class B common stock , respectively , compared to net income per diluted share for the same period in 2020 of $ 0.51 and $ 0.10 for Class A and Class B common stock , respectively . In the third quarter of 2021 , the Company completed an exchange of then outstanding preferred shares for Class A common shares and thereafter redeemed the remaining outstanding preferred shares , at a liquidation value that exceeded book value , causing a one - time reduction in net income available to common stockholders of $ 89.6 million . Additionally , the reported net income of $ 6.6 million for the third quarter in 2021 includes a default interest recovery of $ 2.5 million ( $ 0.11 EPS impact ) 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 judgments against the customer . Operating net income per diluted share ( non - GAAP ) for the three months ended September 30 , 2021 was $ 0.37 and $ 0.07 for Class A and Class B common stock , respectively , compared to operating net income per diluted share ( non - GAAP ) for the same period in 2020 of $ 0.51 and $ 0.10 for Class A and Class B , respectively . Operating net income per diluted share ( non - GAAP ) in the third quarter of 2021 excludes the $ 89.6 million one - time accounting impact of the exchange and redemption of the preferred shares . A reconciliation of non - GAAP measures to GAAP measures appears at the end of this press release . " I am extremely proud about the milestones that we have achieved in such a short amount of time despite the many and varied challenges of the COVID - 19 pandemic . During the third quarter of 2021 , we issued 4,600,000 shares of Class A common stock at a price of $ 10.00 per share through the completion of our initial public offering . We also managed to simplify our capital structure through the exchange and redemption of the remaining Class C and Class D preferred shares . " said Luis de la Aguilera , President and Chief Executive Officer . Profitability • Annualized return on average assets for the quarter ended September 30 , 2021 was 1.50 % compared to 0.93 % in the third quarter of 2020 . • Annualized return on average stockholders ' equity for the quarter ended September 30 , 2021 was 13.41 % compared to 8.11 % in the third quarter of 2020 . • The efficiency ratio for the quarter ended September 30 , 2021 decreased to 50.92 % compared to 65.02 % for the third quarter in 2020 . • Net interest margin ( NIM ) increased to 3.19 % for the quarter ended September 30 , 2021 compared to 3.17 % for the third quarter in 2020 . • Net interest income was $ 13.5 million for the quarter ended September 30 , 2021 , an increase of $ 2.4 million or 21.21 % compared to the third quarter in 2020. The increase was primarily driven by higher loan and investment income along with lower deposit costs . Balance Sheet • Total assets were $ 1.8 billion at September 30 , 2021 , representing an increase of $ 264.0 million or 17.70 % from the third quarter in 2020 . • Total deposits were $ 1.5 billion at September 30 , 2021 , representing an increase of $ 232.0 million or 18.52 % , from the third quarter in 2020 . • Total shareholders ' equity was $ 201.9 million at September 30 , 2021 , representing an increase of $ 33.3 million or 19.77 % from the third quarter in 2020 . • Total loans were $ 1.2 billion at September 30 , 2021 , representing an increase of $ 134.3 million or 12.89 % from the third quarter in 2020 . • The Company purchased a portfolio of yacht loans within the quarter . The portfolio includes loans that are secured by 30 vessels with an aggregate principal balance of $ 48.0 million .