OptimumBank Holdings, Inc. (the “Company”) (OPHC-NASDAQ) Announces Full Year Results
March 12 2024 - 4:55PM
OptimumBank Holdings, Inc., (NASDAQ: OPHC) The Company had net
earnings of $6.3 million for the year ended December 31, 2023,
compared to net earnings of $4.0 million for the year ended
December 31, 2022 an increase of 56%; and with $70 million of
Stockholders’ equity. The Company’s only business is the ownership
and operation of OptimumBank. To facilitate growth, the Company
issued 72,221 shares of its common stock in a private placement
transaction to two accredited investors during the first quarter of
2023.
The Company ended the year with total assets of
$791 million, net loans of $671 million, and total deposits of $640
million. The loan portfolio increased 41% to $680 million from the
prior year end balance of $483 million. Noninterest income
generated was $3.4 million, an increase of 17% from the prior year
amount of $2.9 million. This growth was accomplished while staying
well capitalized by regulatory adequacy requirements throughout the
year with the Company’s capital to total assets ratio at 10.00%,
year-ended, December 31, 2023.
Chairman Moishe Gubin
commented: “Our strategic plan, clear performance
objectives and dedicated leadership have achieved a
classic turnaround and the board and management continue to focus
on maximizing shareholder value marked by improved asset quality,
well managed capital ratios, and finding the right opportunities to
improve short and long-term financial performance. Chairman Gubin
continued “the Bank is on solid footing with strong support
from our loyal business customers who continue to use us as their
bank of choice as well as referring us to their many friends and
business associates. As of January 31, 2024, the Bank’s secured
lending limit has reached $18,749,670 and our unsecured lending
limit to $11,249,670. Loan approval decisions are accomplished
quickly when necessary to meet the needs of our customers. Our
outreach efforts in the communities throughout South Florida over
the past several years have proven to be extremely rewarding.”
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 disposal of
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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