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USCB Financial Holdings, Inc.

$23.1 +$4.90 (+26.92%)
NASDAQ · 14 Sep 2026 20:00 UTC
Previous Close
$23.16
Day Range
$23.09$23.66
Year Range
$16.36$23.89
Market Cap
421.9M
AVG Volume
63.19K
Trailing/Forward PE
15.05/9.91
PEG ratio
1.28
Dividend Yield
2.06%
Next Earnings Date
2026-10-22
Primary Exchange
NASDAQUS
Revenue (USD)
020M40M60M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Revenue (USD) by quarter
PeriodRevenue (USD)
26 Q243.14M
26 Q126.2M
25 Q433.46M
25 Q341.4M
25 Q239.52M
25 Q137.69M
24 Q437.79M
24 Q337M
24 Q235.83M
24 Q133.35M
Net Income (USD)
02.5M5M7.5M10M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Net Income (USD) by quarter
PeriodNet Income (USD)
26 Q29.08M
26 Q19.35M
25 Q41.36M
25 Q38.94M
25 Q28.14M
25 Q17.66M
24 Q46.9M
24 Q36.95M
24 Q26.21M
24 Q14.61M
Operating Income (USD)
05M10M15M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Operating Income (USD) by quarter
PeriodOperating Income (USD)
26 Q212.71M
26 Q111.69M
25 Q43.27M
25 Q311.8M
25 Q210.74M
25 Q110.1M
24 Q49.1M
24 Q39.16M
24 Q28.18M
24 Q16.04M
EBITDA (USD)
05M10M15M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB EBITDA (USD) by quarter
PeriodEBITDA (USD)
26 Q212.71M
26 Q111.85M
25 Q43.44M
25 Q311.96M
25 Q210.89M
25 Q110.25M
24 Q49.25M
24 Q39.31M
24 Q28.32M
24 Q16.18M
Cash Flows (USD)
-20M-10M010M20M30M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Cash Flows (USD) by quarter
PeriodCash Flows (USD)
26 Q224.21M
26 Q114.96M
25 Q4-10.11M
25 Q320.03M
25 Q217.99M
25 Q114.58M
24 Q4-3.11M
24 Q311.14M
24 Q218.23M
24 Q18M
EPS (USD)
00.20.40.624 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB EPS (USD) by quarter
PeriodEPS (USD)
26 Q20.49
26 Q10.51
25 Q40.07
25 Q30.45
25 Q20.4
25 Q10.38
24 Q40.34
24 Q30.35
24 Q20.31
24 Q10.23
Expenses (USD)
05M10M15MSG&ACapex24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Expenses (USD) by quarter
PeriodExpenses (USD)
26 Q210.35M
26 Q18.89M
25 Q414.37M
25 Q38.02M
25 Q29.6M
25 Q17.68M
24 Q47.99M
24 Q37.28M
24 Q27.44M
24 Q16.4M
Cash & Debt (USD)
0100M200M300M400MCashLong Term DebtShort Term Debt24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Cash & Debt (USD) by quarter
PeriodCash & Debt (USD)
26 Q2118.15M
26 Q1356.12M
25 Q482.34M
25 Q3380.99M
25 Q254.82M
25 Q1373.12M
24 Q4294.24M
24 Q3298.01M
24 Q2313.7M
24 Q1126.55M
Debt ratios
-10-50524 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Debt ratios by quarter
PeriodDebt ratios
26 Q24.37
26 Q1-6.92
25 Q40.23
25 Q3-7.66
25 Q21.52
25 Q1-6.93
24 Q4-3.71
24 Q3-6.22
24 Q2-6.07
24 Q12.23
Margins
0%25%50%75%100%24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Margins by quarter
PeriodMargins
26 Q261.85%
26 Q196.94%
25 Q453.89%
25 Q360.03%
25 Q259.14%
25 Q158.76%
24 Q458.09%
24 Q355.72%
24 Q255.09%
24 Q151.61%
Return on Capital
0%2%4%6%24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Return on Capital by quarter
PeriodReturn on Capital
26 Q23.89%
26 Q14.19%
25 Q40.64%
25 Q34.28%
25 Q23.51%
25 Q13.4%
24 Q43.21%
24 Q33.25%
24 Q23.09%
24 Q12.36%
Shares Outstanding
010M20M30M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Shares Outstanding by quarter
PeriodShares Outstanding
26 Q218.35M
26 Q118.34M
25 Q418.12M
25 Q319.52M
25 Q220.06M
25 Q120.02M
24 Q419.8M
24 Q319.62M
24 Q219.65M
24 Q119.63M
Dividends (USD)
00.050.10.15May 24Aug 24Nov 24Feb 25May 25Aug 25Nov 25Feb 26May 26Aug 26
USCB Dividends (USD) by quarter
PeriodDividends (USD)
Aug 260.12
May 260.12
Feb 260.12
Nov 250.1
Aug 250.1
May 250.1
Feb 250.1
Nov 240.05
Aug 240.05
May 240.05
Employee Count
010020030020212022202320242025
USCB Employee Count by quarter
PeriodEmployee Count
2025205
2024199
2023196
2022191
2021187
Book Value Per Share (USD)
05101524 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Book Value Per Share (USD) by quarter
PeriodBook Value Per Share (USD)
26 Q212.71
26 Q112.18
25 Q411.72
25 Q310.71
25 Q211.54
25 Q111.24
24 Q410.88
24 Q310.9
24 Q210.23
24 Q19.93
Total Assets (USD)
01B2B3B4B24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
USCB Total Assets (USD) by quarter
PeriodTotal Assets (USD)
26 Q23.02B
26 Q12.85B
25 Q42.8B
25 Q32.77B
25 Q22.72B
25 Q12.68B
24 Q42.58B
24 Q32.5B
24 Q22.46B
24 Q12.49B
PE Ratio
10152025med 12.6Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
USCB PE Ratio by quarter
PeriodPE Ratio
Sep 2614.79
Sep 2614.99
Aug 2614.32
Aug 2614.33
Aug 2614.35
Aug 2614.27
Jul 2614.49
Jul 2614.3
Jul 2613.51
Jul 2613.3
Jul 2613.49
Jun 2613.54
Jun 2612.63
Jun 2612.9
Jun 2612.4
May 2612.23
May 2612.28
May 2611.84
May 2612.42
May 2612.74
Apr 2613.27
Apr 2613.85
Apr 2613.66
Apr 2613.22
Mar 2612.74
Mar 2612.6
Mar 2612.59
Mar 2611.38
Feb 2611.68
Feb 2612.03
Feb 2612.18
Feb 2612.42
Jan 2611.63
Jan 2612.03
Jan 2612
Jan 2611.87
Jan 2611.23
Dec 2511.56
Dec 2511.82
Dec 2511.94
Dec 2511.24
Nov 2510.98
Nov 2511.17
Nov 2510.9
Nov 2511.01
Oct 2511.68
Oct 2511.7
Oct 2511.47
Oct 2511.12
Oct 2511.6
Sep 2511.84
Sep 2511.62
Sep 2511.74
Sep 2511.79
Aug 2511.76
Aug 2512.1
Aug 2511.37
Aug 2510.95
Aug 2511.68
Jul 2512.5
Jul 2512.48
Jul 2512.24
Jul 2512.28
Jun 2511.92
Jun 2511.53
Jun 2511.43
Jun 2511.95
May 2511.94
May 2512.03
May 2512.39
May 2512.23
May 2513.73
Apr 2512.98
Apr 2513.69
Apr 2513.45
Apr 2513.64
Mar 2514.97
Mar 2515.13
Mar 2514.64
Mar 2517.54
Feb 2518.65
Feb 2518.15
Feb 2517.89
Feb 2518.78
Jan 2518.17
Jan 2517.95
Jan 2517.43
Jan 2515.73
Jan 2517.04
Dec 2416.96
Dec 2416.38
Dec 2417.94
Dec 2418.95
Nov 2419.61
Nov 2419.66
Nov 2419.01
Nov 2422.16
Nov 2416.98
Oct 2416.7
Oct 2416.91
Free Cash Flow Yield
6%8%10%12%14%16%med 11.9%Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
USCB Free Cash Flow Yield by quarter
PeriodFree Cash Flow Yield
Sep 2611.55%
Sep 2611.4%
Aug 2611.93%
Aug 2611.92%
Aug 2611.91%
Aug 2611.98%
Jul 2610.64%
Jul 2610.79%
Jul 2611.42%
Jul 2611.6%
Jul 2611.43%
Jun 2611.39%
Jun 2612.21%
Jun 2611.96%
Jun 2612.45%
May 2612.61%
May 2612.56%
May 2613.03%
May 2612.43%
May 2612.78%
Apr 2612.27%
Apr 2611.76%
Apr 2611.92%
Apr 2612.32%
Mar 2612.78%
Mar 2612.92%
Mar 2612.93%
Mar 2613.74%
Feb 2613.39%
Feb 2613.01%
Feb 2612.84%
Feb 2612.59%
Jan 2613.45%
Jan 2613%
Jan 2613.04%
Jan 2613.18%
Jan 2613.93%
Dec 2513.54%
Dec 2513.24%
Dec 2513.1%
Dec 2513.91%
Nov 2514.25%
Nov 2514.01%
Nov 2514.35%
Nov 2514.2%
Oct 2511.73%
Oct 2511.71%
Oct 2511.94%
Oct 2512.31%
Oct 2511.81%
Sep 2511.57%
Sep 2511.78%
Sep 2511.66%
Sep 2511.61%
Aug 2511.64%
Aug 2511.31%
Aug 2512.04%
Aug 2512.5%
Aug 2512.62%
Jul 2511.78%
Jul 2511.8%
Jul 2512.04%
Jul 2512%
Jun 2512.36%
Jun 2512.78%
Jun 2512.89%
Jun 2512.33%
May 2512.34%
May 2512.25%
May 2511.89%
May 2512.05%
May 2510.11%
Apr 2510.7%
Apr 2510.14%
Apr 2510.32%
Apr 2510.18%
Mar 259.27%
Mar 259.18%
Mar 259.49%
Mar 258.72%
Feb 258.2%
Feb 258.43%
Feb 258.56%
Feb 258.15%
Jan 258.42%
Jan 258.52%
Jan 258.78%
Jan 259.73%
Jan 258.98%
Dec 249.02%
Dec 249.34%
Dec 248.53%
Dec 248.08%
Nov 247.8%
Nov 247.78%
Nov 248.05%
Nov 247.4%
Nov 249.66%
Oct 249.83%
Oct 249.7%
Price to Sales
22.252.52.7533.25med 2.36Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
USCB Price to Sales by quarter
PeriodPrice to Sales
Sep 262.95
Sep 262.99
Aug 262.85
Aug 262.86
Aug 262.86
Aug 262.84
Jul 262.87
Jul 262.83
Jul 262.67
Jul 262.63
Jul 262.67
Jun 262.68
Jun 262.5
Jun 262.55
Jun 262.45
May 262.42
May 262.43
May 262.34
May 262.45
May 262.19
Apr 262.28
Apr 262.38
Apr 262.34
Apr 262.27
Mar 262.19
Mar 262.16
Mar 262.16
Mar 262.3
Feb 262.36
Feb 262.43
Feb 262.46
Feb 262.51
Jan 262.35
Jan 262.43
Jan 262.43
Jan 262.4
Jan 262.27
Dec 252.34
Dec 252.39
Dec 252.42
Dec 252.27
Nov 252.22
Nov 252.26
Nov 252.21
Nov 252.23
Oct 252.28
Oct 252.28
Oct 252.24
Oct 252.17
Oct 252.26
Sep 252.31
Sep 252.27
Sep 252.29
Sep 252.3
Aug 252.29
Aug 252.36
Aug 252.22
Aug 252.14
Aug 252.18
Jul 252.34
Jul 252.33
Jul 252.29
Jul 252.29
Jun 252.23
Jun 252.15
Jun 252.14
Jun 252.23
May 252.23
May 252.25
May 252.32
May 252.29
May 252.35
Apr 252.22
Apr 252.35
Apr 252.3
Apr 252.34
Mar 252.57
Mar 252.59
Mar 252.51
Mar 252.65
Feb 252.82
Feb 252.74
Feb 252.71
Feb 252.84
Jan 252.75
Jan 252.72
Jan 252.64
Jan 252.38
Jan 252.58
Dec 242.56
Dec 242.48
Dec 242.71
Dec 242.87
Nov 242.97
Nov 242.97
Nov 242.87
Nov 243.03
Nov 242.32
Oct 242.28
Oct 242.31
EV/EBITDA
05101520med 6.45Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
USCB EV/EBITDA by quarter
PeriodEV/EBITDA
Sep 2615
Sep 2615.15
Aug 2614.66
Aug 2614.67
Aug 2614.69
Aug 2614.63
Jul 263.65
Jul 263.5
Jul 262.93
Jul 262.78
Jul 262.91
Jun 262.95
Jun 262.29
Jun 262.48
Jun 262.12
May 262
May 262.04
May 261.71
May 262.13
May 269.33
Apr 269.71
Apr 2610.12
Apr 269.99
Apr 269.67
Mar 269.33
Mar 269.23
Mar 269.23
Mar 260.85
Feb 261.07
Feb 261.32
Feb 261.44
Feb 261.62
Jan 261.03
Jan 261.33
Jan 261.3
Jan 261.2
Jan 260.73
Dec 250.97
Dec 251.17
Dec 251.26
Dec 250.74
Nov 250.54
Nov 250.68
Nov 250.49
Nov 250.57
Oct 2510.24
Oct 2510.25
Oct 2510.08
Oct 259.82
Oct 2510.18
Sep 2510.36
Sep 2510.2
Sep 2510.29
Sep 2510.32
Aug 2510.3
Aug 2510.56
Aug 2510.01
Aug 259.7
Aug 251.79
Jul 252.4
Jul 252.38
Jul 252.2
Jul 252.23
Jun 251.96
Jun 251.67
Jun 251.6
Jun 251.99
May 251.98
May 252.04
May 252.32
May 252.2
May 256.53
Apr 255.97
Apr 256.5
Apr 256.32
Apr 256.47
Mar 257.46
Mar 257.57
Mar 257.21
Mar 256.87
Feb 257.7
Feb 257.32
Feb 257.13
Feb 257.79
Jan 257.34
Jan 257.18
Jan 256.78
Jan 255.52
Jan 256.49
Dec 246.43
Dec 246
Dec 247.17
Dec 247.92
Nov 248.41
Nov 248.45
Nov 247.96
Nov 2410.4
Nov 246.55
Oct 246.34
Oct 246.5
Price/Operating Cashflow
68101214med 8.34Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
USCB Price/Operating Cashflow by quarter
PeriodPrice/Operating Cashflow
Sep 268.49
Sep 268.6
Aug 268.22
Aug 268.22
Aug 268.23
Aug 268.19
Jul 269.27
Jul 269.14
Jul 268.64
Jul 268.51
Jul 268.63
Jun 268.66
Jun 268.08
Jun 268.25
Jun 267.93
May 267.82
May 267.86
May 267.57
May 267.94
May 267.77
Apr 268.09
Apr 268.44
Apr 268.33
Apr 268.06
Mar 267.77
Mar 267.68
Mar 267.68
Mar 267.24
Feb 267.43
Feb 267.65
Feb 267.74
Feb 267.9
Jan 267.4
Jan 267.65
Jan 267.63
Jan 267.54
Jan 267.14
Dec 257.35
Dec 257.51
Dec 257.59
Dec 257.15
Nov 256.98
Nov 257.1
Nov 256.93
Nov 257
Oct 258.48
Oct 258.49
Oct 258.33
Oct 258.08
Oct 258.42
Sep 258.6
Sep 258.44
Sep 258.53
Sep 258.56
Aug 258.54
Aug 258.79
Aug 258.26
Aug 257.95
Aug 257.88
Jul 258.43
Jul 258.42
Jul 258.25
Jul 258.28
Jun 258.04
Jun 257.77
Jun 257.71
Jun 258.06
May 258.05
May 258.11
May 258.36
May 258.25
May 259.8
Apr 259.26
Apr 259.77
Apr 259.6
Apr 259.74
Mar 2510.69
Mar 2510.8
Mar 2510.45
Mar 2511.36
Feb 2512.08
Feb 2511.75
Feb 2511.58
Feb 2512.16
Jan 2511.77
Jan 2511.63
Jan 2511.28
Jan 2510.19
Jan 2511.03
Dec 2410.98
Dec 2410.61
Dec 2411.62
Dec 2412.27
Nov 2412.7
Nov 2412.73
Nov 2412.31
Nov 2413.38
Nov 2410.25
Oct 2410.08
Oct 2410.21
Price to Book
1.41.61.82med 1.63Dec 24Apr 25Jul 25Oct 25Feb 26May 26Sep 26
USCB Price to Book by quarter
PeriodPrice to Book
Sep 261.82
Sep 261.85
Aug 261.76
Aug 261.77
Aug 261.77
Aug 261.76
Jul 261.8
Jul 261.78
Jul 261.68
Jul 261.66
Jul 261.68
Jun 261.69
Jun 261.57
Jun 261.61
Jun 261.54
May 261.52
May 261.53
May 261.47
May 261.55
May 261.57
Apr 261.63
Apr 261.7
Apr 261.68
Apr 261.62
Mar 261.57
Mar 261.55
Mar 261.55
Mar 261.72
Feb 261.77
Feb 261.82
Feb 261.84
Feb 261.88
Jan 261.76
Jan 261.82
Jan 261.82
Jan 261.8
Jan 261.7
Dec 251.75
Dec 251.79
Dec 251.81
Dec 251.7
Nov 251.66
Nov 251.69
Nov 251.65
Nov 251.67
Oct 251.5
Oct 251.5
Oct 251.47
Oct 251.42
Oct 251.48
Sep 251.52
Sep 251.49
Sep 251.5
Sep 251.51
Aug 251.51
Aug 251.55
Aug 251.46
Aug 251.4
Aug 251.44
Jul 251.54
Jul 251.54
Jul 251.51
Jul 251.51
Jun 251.47
Jun 251.42
Jun 251.41
Jun 251.47
May 251.47
May 251.48
May 251.53
May 251.51
May 251.57
Apr 251.49
Apr 251.57
Apr 251.54
Apr 251.56
Mar 251.72
Mar 251.73
Mar 251.68
Mar 251.68
Feb 251.79
Feb 251.74
Feb 251.71
Feb 251.8
Jan 251.74
Jan 251.72
Jan 251.67
Jan 251.51
Jan 251.63
Dec 241.62
Dec 241.57
Dec 241.72
Dec 241.82
Nov 241.88
Nov 241.88
Nov 241.82
Nov 241.91
Nov 241.47
Oct 241.44
Oct 241.46
USCB Financial Holdings, Inc.
USCB
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News: USCB

Dimensional Fund Advisors LP Has $3.69 Million Stock Holdings in USCB Financial Holdings, Inc. $USCB

defenseworld.net · 13 Aug 2026

Dimensional Fund Advisors LP Has $3.69 Million Stock Holdings in USCB Financial Holdings, Inc. $USCB

Dimensional Fund Advisors LP raised its holdings in USCB Financial Holdings, Inc. (NASDAQ: USCB) by 15.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 198,845 shares of the company's stock after buying an additional 26,267 shares during the period. Dimensional Fund

USCB Financial Holdings, Inc. (USCB) Q2 2026 Earnings Call Transcript

seekingalpha.com · 24 Jul 2026

USCB Financial Holdings, Inc. (USCB) Q2 2026 Earnings Call Transcript

USCB Financial Holdings, Inc. (USCB) Q2 2026 Earnings Call Transcript

USCB Financial Q2 Earnings Call Highlights

marketbeat.com · 24 Jul 2026

USCB Financial Q2 Earnings Call Highlights

USCB Financial NASDAQ: USCB reported second-quarter 2026 net income of $9.1 million, or $0.49 per diluted share, up from $0.40 per diluted share a year earlier. The company said the quarter was marked by record loan production, higher net interest margin, controlled expenses and continued low credit losses as total assets surpassed $3 billion.

USCB Financial (USCB) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

zacks.com · 23 Jul 2026

USCB Financial (USCB) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

Although the revenue and EPS for USCB Financial (USCB) give a sense of how its business performed in the quarter ended June 2026, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

USCB Financial Holdings, Inc. (USCB) Q2 Earnings Match Estimates

zacks.com · 23 Jul 2026

USCB Financial Holdings, Inc. (USCB) Q2 Earnings Match Estimates

USCB Financial Holdings, Inc. (USCB) came out with quarterly earnings of $0.49 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.4 per share a year ago.

USCB Financial Holdings, Inc. Surpasses $3 Billion in Assets with 14.6% Annualized Linked-Quarter Loan Growth; Achieves Q2 2026 EPS of $0.49, 3.49% Net Interest Margin, ROAA of 1.26%, and ROAE of 15.90%

globenewswire.com · 23 Jul 2026

USCB Financial Holdings, Inc. Surpasses $3 Billion in Assets with 14.6% Annualized Linked-Quarter Loan Growth; Achieves Q2 2026 EPS of $0.49, 3.49% Net Interest Margin, ROAA of 1.26%, and ROAE of 15.90%

MIAMI, July 23, 2026 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $9.1 million or $0.49 per fully diluted share for the three months ended June 30, 2026, compared with net income of $8.1 million or $0.40 per fully diluted share for the same period in 2025.

USCB Financial Holdings, Inc. Declares Quarterly Cash Dividend on Common Stock

globenewswire.com · 20 Jul 2026

USCB Financial Holdings, Inc. Declares Quarterly Cash Dividend on Common Stock

MIAMI, July 20, 2026 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the "Company") (NASDAQ: USCB), the holding company for U. S. Century Bank, announced today that its Board of Directors declared a regular quarterly cash dividend of $0. 125 per share of Class A common stock, payable on September 4, 2026, to shareholders of record as of the close of business on August 17, 2026.

USCB Financial Holdings, Inc. Declares Quarterly Cash Dividend on Common Stock

globenewswire.com · 20 Jul 2026

USCB Financial Holdings, Inc. Declares Quarterly Cash Dividend on Common Stock

MIAMI, July 20, 2026 (GLOBE NEWSWIRE) -- USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank, announced today that its Board of Directors declared a regular quarterly cash dividend of $0.125 per share of Class A common stock, payable on September 4, 2026, to shareholders of record as of the close of business on August 17, 2026. Future dividend payments are subject to quarterly review and approval by the Board of Directors.

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