OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces First Quarter Earnings
26 Mai 2023 - 10:00PM
OptimumBank Holdings, Inc. (NASDAQ: OPHC) and subsidiary
OptimumBank today announced the company’s total assets increased by
approximately $37 million to $622 million as of March 31, 2023,
from $585 million at December 31, 2022, primarily due to increases
in loans, and cash and cash equivalents. The growth in assets was
attributable to the success of the Company’s efforts to increase
loans and deposits from new customers. Net loans grew by $18
million. Deposits grew by approximately $19 million to $527 million
as of March 31, 2023 from $508 million at December 31, 2022. The
Company increased the Federal Home Loan Bank advances by $15
million to $25 million as of March 31, 2023. Total stockholders’
equity increased by approximately $2 million to $65 million at
March 31, 2023, from $63 million as of December 31, 2022, primarily
due to proceeds from common stock sales and changes in unrealized
loss on debt securities available for sale and net earnings.
Net earnings for the three months ending March
31, 2023 were $1,153,000 or $.16 per basic and diluted share
compared to net earnings of $855,000 or $.17 per basic and diluted
share for the three months ended March 31, 2022. The increase in
net earnings during the three months ending March 31, 2023 compared
to three months ending March 31, 2022 is primarily attributed to an
increase in net interest income and non-interest income, partially
offset by the increase in credit loss expense and non-interest
expense. Loan growth for the period required an increase in the
allowance for credit losses of $560,000. However, there have been
relatively no losses in recent years besides some write-offs in the
bank’s high-yielding consumer loan portfolio.
Noninterest income increased to $729,000 for the
three months ending March 31, 2023 as compared to $650,000 for the
three months ending March 31, 2022. This is due to increased wire
transfer and ACH fees.
During the first quarter of 2023 the Company
issued 72,221 shares of its common stock in a private placement
transaction to 2 accredited investors at a price of $4.50 per
share. None of these investors was an officer, director or
affiliate of the Company. The Company issued these shares in
accordance with Section 4(a)(2) of the Securities Act as a
transaction by an issuer not involving a public offering.
The most recent performance measurements ranked
OptimumBank within the top ten Florida banks in both asset and loan
growth over the last twelve months. Also, OptimumBank ranked within
the top twenty-five most efficiently run banks in Florida and for
having the highest return on average assets for C-Corps status
institutions during the first quarter of 2023.
Chairman Moishe Gubin continues to facilitate
the execution for the OptimumBank’s strategic plan which
encompasses expanding lending capabilities, increasing the Bank’s
core deposit base primarily with fee-based income businesses and by
evaluating opportunistic M&A opportunities. Gubin remains
focused on increasing the Loan-to-Deposit ratio by maintaining
competitive pricing of the Bank’s products to improve the Net
Interest Margin (NIM) to reach its maximum potential. The Bank
continues to focus on the customer on its path to grow larger and
stronger while still achieving community banking at its best, where
customers are a name, not a number.
About OptimumBank Holdings,
Inc.
OptimumBank Holdings, Inc. operates as the bank
holding company for OptimumBank that provides a range of consumer
and commercial banking services to individuals and businesses. The
company accepts demand interest-bearing and noninterest-bearing,
savings, money market, NOW, and time deposit accounts, as well as
certificates of deposit; and offers residential and commercial real
estate, commercial, and consumer loans, as well as lending lines
for working capital needs. It also provides debit and ATM cards;
investment, cash management, and notary and night depository
services; and direct deposits, money orders, cashier's checks,
domestic collections, drive-in tellers, and banking by mail, as
well as Internet banking services. In addition, the company engages
in holding, managing, and disposing foreclosed real estate. It
operates through banking offices located in Broward County,
Florida. OptimumBank Holdings, Inc. was founded in 2000 and is
based in Fort Lauderdale, Florida.
Safe Harbor Statement:
This press release contains forward-looking
statements that can be identified by terminology such as
"believes," "expects," "potential," "plans," "suggests," "may,"
"should," "could," "intends," or similar expressions. Many
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from any future results or implied by such
statements. These factors include, but are not limited to, our
limited operating history, managing our expected growth, risks
associated with integration of acquired websites, possible
inadvertent infringement of third-party intellectual property
rights, our ability to effectively compete, our acquisition
strategy, and a limited public market for our common stock, among
other risks. OptimumBank Holdings, Inc.'s future results may also
be impacted by other risk factors listed from time-to-time in its
SEC filings. Many factors are difficult to predict accurately and
are generally beyond the company's control. Forward looking
statements speak only as to the date they are made and OptimumBank
Holdings, Inc. does not undertake to update forward-looking
statements to reflect circumstances or events that occur after the
date the forward-looking statements are made.
Investor Relations:OptimumBank Holdings.
Inc.investor@optimumbank.com +1.954.900.2850
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