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OptimumBank Holdings (NASDAQ: OPHC) announced its first-quarter results for 2024, highlighting a significant increase in net earnings to $2.377 million, up 106% from $1.153 million in Q1 2023. The company’s stockholders' equity stands at $83 million. In Q1, OptimumBank issued 2,311,552 common shares in a private placement, ending the quarter with total assets of $940 million, loans of $746 million, and deposits of $798 million.
The loan portfolio saw a 50.4% increase, reaching $755.9 million from $502.5 million in Q1 2023. Noninterest income rose by 69.96% to $1.2 million. The capital to total assets ratio is at 10.20% as of March 31, 2024. The bank has introduced SBA 7A loans and aims to expand its deposit base and footprint.
Chairman Moishe Gubin emphasized the bank's balanced growth and future plans for strategic expansion and portfolio diversification, while maintaining strong credit standards.