OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces First Quarter Results for OptimumBank
11 Maggio 2023 - 4:00PM
OptimumBank Holdings, Inc. (OPHC-NASDAQ). OptimumBank, a Florida
banking corporation (the “Bank”) reports in first quarter of 2023 a
pre-tax income of $1,885,000, after a loan loss provision of
$765,000. Its loan portfolio increased this quarter to $502
million, or by 4% over the prior quarter’s ending balance amount of
$483 million. Despite the Federal Reserve raised the federal funds
rate multiple times throughout last year, the Bank’s net interest
margin now portrays a positive trend of recovery beginning at 3.40%
in January and reaching 3.66% at the end of March. Noninterest
income including service charges on deposit accounts and fees for
other banking services generated $729,000 in other income this
quarter. At March 31, 2023, deposits have grown to $528,918,000.
The Bank is well capitalized with a leverage
capital ratio of 11.24% and well positioned to continue growth of
its lending portfolio with a legal secured lending limit of
$16,913,000. During the first three months ended in March 2023,
total assets increased by $37,2 million to $620.9 million. The net
change in total assets was mostly driven by a $14.3 million
increases in cash and investments, plus a $18.9 million increases
in loans. Total loans for first quarter 2023 amounted to $501.9
million. Over 11% of the loan portfolio is concentrated in
supporting healthcare, assisted living, schools and religious
institutions in our communities.
Moishe Gubin, Chairman commented: “We continue
to have a growing and robust pipeline of lending opportunities
month after month. With a seasoned management team and staff in
place we are closing loans in a timely manner with superior
customer service. The Bank’s loan portfolio growth initiatives are
shortly to include both National SBA and Jumbo Residential lending.
Our expectations are for continued momentum in loan growth over the
remaining three quarters of this year paving the way to
reaching approximately $850 million in assets and exceed $10
million in core earnings before provision expense.”
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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