3
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
and balance sheet restructuring.
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;
•
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 procedures and processes;
•
our ability to comply with
the extensive laws and
regulations to which we are
subject, including the laws for
each jurisdiction where
we operate;
•
adverse changes or conditions in capital and financial markets, including
actual or potential stresses in the banking industry;
•
deposit attrition and the level of our uninsured deposits;
•
legislative
or
regulatory
changes and
changes
in
accounting
principles,
policies,
practices or
guidelines,
including
the on-going
effects of the 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;
•
effects of climate change;
•
the concentration of ownership of our common stock;
•
fluctuations in the price of our 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;
•
inflation, interest rate, unemployment rate, market and monetary fluctuations;
•
impacts of international hostilities and geopolitical events;
•
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 earnings release and other filings we make with the
Securities and Exchange Commission (“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
earnings release
are made
only as
of the
date hereof,
and we
undertake no
obligation
to
update or revise any forward-looking statement
to reflect events or circumstances after the date on which the statements
are 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.
Non-GAAP Financial Measures
This earnings
release 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
operations and
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.
Reconciliations
of
these
non-GAAP
measures
to
the most
directly
comparable
GAAP measures
can be
found
in the
‘Non-GAAP
Reconciliation
Tables’
included
in the
exhibits to this earnings
release.
All numbers included in this press release are unaudited unless otherwise noted.
Contacts:
Investor Relations
InvestorRelations@uscentury.com
Media Relations
MGuerra@uscentury.com
