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OptimumBank Holdings, Inc. (Nasdaq: OPHC) is a bank holding company headquartered in Ft. Lauderdale, Florida. Founded in 2000, it serves as the parent company for OptimumBank, which provides community banking services to both individuals and businesses in Broward, Miami-Dade, and Palm Beach counties. The bank’s core objective is to offer tailored banking solutions, focusing on traditional in-person banking, unlike large financial institutions that often charge exorbitant fees.
OptimumBank’s range of services encompasses consumer and commercial banking, including demand interest-bearing and non-interest-bearing accounts, negotiable order of withdrawal accounts, money market deposit accounts, debit cards, and automated teller machines (ATMs). The principal sources of funds for its lending activities come from deposits, borrowings, loan repayments, and the maturity of investment securities.
The bank is recognized for its expertise in real estate and commercial lending. Recent achievements include significant growth and customer satisfaction driven by competitive rates and personalized banking experiences. Their business and financial solutions include Business Banking, Business Lending, SBA Lending Solutions, Treasury Management, and Personal Banking. These services are designed to meet the financial needs of their diverse clientele, helping businesses and individuals achieve their financial goals.
OptimumBank Holdings, Inc. is committed to maintaining strong investor relations. They regularly update shareholders through annual meetings and provide insights into the company's performance and future plans. The next Annual Shareholder Meeting and Investor Day is scheduled for May 29, 2024, offering both in-person and virtual attendance options. For more details, interested parties can contact Investor Relations at investor@optimumbank.com or call +1.954.900.2850.
Note: Statements provided by OptimumBank Holdings, Inc. are subject to risks and uncertainties as detailed in their filings with the Securities and Exchange Commission. Forward-looking statements speak only as of their date, and the company does not commit to updating these statements to reflect changes in circumstances.
OptimumBank (NYSE American: OPHC) has achieved Preferred Lender status under the U.S. Small Business Administration (SBA) Preferred Lenders Program (PLP), the highest recognition for SBA lenders. This designation enables OptimumBank to make final credit decisions on behalf of the SBA, significantly accelerating the loan approval process.
The bank can now offer SBA 7(a) loans up to $5 million with competitive rates for various business needs, including working capital, equipment purchases, and commercial real estate. As a Preferred Lender, OptimumBank gains autonomy to approve, close, service, and liquidate SBA-guaranteed loans, streamlining the process for business owners seeking capital.
OptimumBank Holdings (NYSE American: OPHC) reported strong financial results for the year ended December 31, 2024. The company achieved net income of $13.1 million ($1.39 per basic share), up from $6.3 million in 2023.
Key highlights include:
- Net interest income reached $34.7 million, up 46.3% year-over-year
- Net interest margin improved to 3.83% from 3.75%
- Gross loans expanded 18.2% to $804.0 million
- Total deposits grew 20.7% to $772.2 million
- Bank's Tier 1 capital ratio improved to 10.91% from 10.00%
The company's noninterest income grew 33.9% to $4.6 million, while noninterest expenses increased 32.7% to $19.5 million due to investments in talent, technology, and infrastructure. The allowance for credit losses increased 12.7% to $8.66 million, covering 115% of nonperforming loans.
OptimumBank Holdings (OPHC) announced the resignation of board member Martin Schmidt from both OptimumBank and OptimumBank Holdings boards, effective January 28, 2025. Schmidt, who served as Director since August 2015, has been credited with helping the bank navigate through regulatory issues, resulting in a strong capital structure and significant growth.
Chairman Moishe Gubin acknowledged Schmidt's nearly decade-long service, highlighting his contributions to the bank's success. Schmidt, a South Florida resident, will continue to support the bank's success despite his departure. OptimumBank operates in Broward County, Florida, providing various consumer and commercial banking services, including deposit accounts, real estate loans, and digital banking solutions.
OptimumBank (OPHC) has announced its participation in the upcoming Sequire Investor Summit 2025, scheduled for January 21st-23rd, 2025, at Condado Vanderbilt Hotel in San Juan, Puerto Rico. The event presents significant opportunities for funds, companies, and investors to connect and share insights.
The location is strategically chosen, as Puerto Rico hosts numerous family offices, funds, and wealthy investors due to its favorable tax benefits, being one of the few places where US citizens can enjoy virtually no federal or state income taxes. Chairman Moishe Gubin expressed enthusiasm about presenting their fast-growing, high-performing bank to a new investor audience.
OptimumBank Holdings (OPHC) announced its transfer from Nasdaq to the NYSE American, with trading expected to begin on December 31, 2024, under the same ticker symbol 'OPHC'. The company will continue trading on Nasdaq until market close on December 30, 2024.
Chairman Moishe Gubin expressed excitement about the move, stating it should increase the liquidity and visibility of their common stock. The company joins other institutions like Strawberry Fields REIT (STRW) on the NYSE American. OptimumBank operates through three banking offices in Broward and Miami-Dade Counties, Florida, offering community banking services with FDIC-insured deposits.
OptimumBank Holdings (NASDAQ: OPHC) reported strong Q3 2024 financial results with net income of $3.3 million ($0.34 per basic share), up from $1.2 million in Q3 2023. Net interest income increased 51.5% to $8.962 million, driven by a 44.9% rise in average interest-earning assets. The net interest margin improved to 3.96%. Total deposits grew 26.1% to $806.5 million, while gross loans expanded to $778 million. The company's Tier 1 capital ratio strengthened to 10.38%, supporting continued growth.
OptimumBank Holdings reported strong Q3 2024 financial results with net income of $3.3 million ($0.34 per basic share), up from $1.2 million ($0.18 per share) in Q3 2023. Net interest income increased 51.5% to $8.962 million, driven by 44.9% growth in average interest-earning assets. The net interest margin improved to 3.96% from 3.79%. Total deposits grew 26.1% to $806.5 million, with time deposits rising 134.5%. Gross loans expanded to $778 million, while the Tier 1 capital ratio strengthened to 10.38%. Noninterest income increased 22.4% to $1.115 million, reflecting higher service charges and fees.
OptimumBank (NASDAQ: OPHC), a Ft. Lauderdale-based business and community banking institution, will present at the 17th annual LD Micro Main Event on October 29, 2024, at 11:30 AM PST at the Luxe Sunset Boulevard Hotel in Los Angeles. Moishe Gubin, Chairman of the Board, will represent OptimumBank at this significant industry event.
The LD Micro Main Event XVII, running from October 28th to 30th, 2024, will feature approximately 150 companies presenting to investors. Chris Lahiji, Founder of LD Micro, emphasized the event's importance in the small and micro-cap sector. Gubin expressed excitement about showcasing OptimumBank's community-based banking model and its adaptability to Florida's evolving banking landscape.
Investors, advisors, and analysts are invited to attend in person or online. The event will include keynotes, company presentations, and private investor meetings, providing a platform for OptimumBank to connect with potential investors and highlight its unique position in the market.
OptimumBank (Nasdaq: OPHC) is hosting the inaugural Virtual Banking Conference on September 12, 2024, via live webcast. The event features two panels with top market experts discussing US budget deficit, interest rates, inflation, and geopolitical issues. Notable speakers include John Kasich (former Ohio Governor), Phil Mackintosh (Nasdaq Chief Economist), and Sheila Bair (former FDIC Chair). The conference runs from 9:00 AM to noon and is free to attend, but registration is required. This premier gathering aims to provide insights into current financial and economic trends.
OptimumBank (Nasdaq: OPHC) has announced new participants for its inaugural Virtual Banking Conference on September 12, 2024. The event will feature discussions on critical financial topics including the US budget deficit, interest rates, and geopolitical risks. Notable speakers include John Kasich, former Governor of Ohio, and Sheila Bair, former FDIC Chair. Two panels will address Global Economic Trends and Inflation's Impact, featuring experts from Nasdaq, S&P Global, and various financial institutions. The free event will be streamed live from 9:00 AM to noon, with access on a first-come, first-served basis.
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