OptimumBank Holding, Inc. Financial Performance for the Second Quarter of 2024
OptimumBank Holdings (NASDAQ: OPHC) reported strong Q2 2024 financial results, with net income of $3.5 million ($0.34 per diluted share), up from $1.3 million in Q2 2023. Key highlights include:
- Net interest income increased 56% to $8.7 million
- Net interest margin improved to 3.79%
- Noninterest income surged 56% to $1.2 million
- Gross loans expanded 12% to $761.1 million
- Total deposits grew 19% to $762.6 million
The company's Tier 1 capital to total assets ratio was 9.68% as of June 30, 2024. Chairman Moishe Gubin expressed confidence in the company's ability to sustain momentum and deliver long-term value to shareholders.
OptimumBank Holdings (NASDAQ: OPHC) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un utile netto di 3,5 milioni di dollari (0,34 dollari per azione diluita), in aumento rispetto a 1,3 milioni di dollari nel secondo trimestre del 2023. I punti salienti includono:
- Il reddito netto da interessi è aumentato del 56% a 8,7 milioni di dollari
- Il margine d'interesse netto è migliorato a 3,79%
- Il reddito non da interessi è aumentato del 56% a 1,2 milioni di dollari
- I prestiti lordi sono cresciuti del 12% a 761,1 milioni di dollari
- I depositi totali sono cresciuti del 19% a 762,6 milioni di dollari
Il rapporto di capitale di livello 1 rispetto al totale delle attività della società era del 9,68% al 30 giugno 2024. Il presidente Moishe Gubin ha espresso fiducia nella capacità dell'azienda di mantenere lo slancio e fornire valore a lungo termine agli azionisti.
OptimumBank Holdings (NASDAQ: OPHC) reportó resultados financieros sólidos para el segundo trimestre de 2024, con un ingreso neto de 3,5 millones de dólares (0,34 dólares por acción diluida), un aumento desde 1,3 millones de dólares en el segundo trimestre de 2023. Los aspectos destacados incluyen:
- Los ingresos netos por intereses aumentaron un 56% a 8,7 millones de dólares
- El margen de interés neto mejoró a 3,79%
- Los ingresos no por intereses se dispararon un 56% a 1,2 millones de dólares
- Los préstamos brutos se expandieron un 12% a 761,1 millones de dólares
- Los depósitos totales crecieron un 19% a 762,6 millones de dólares
El ratio de capital de nivel 1 con respecto al total de activos de la compañía fue del 9,68% al 30 de junio de 2024. El presidente Moishe Gubin expresó confianza en la capacidad de la compañía para mantener el impulso y ofrecer valor a largo plazo a los accionistas.
옵티멈뱅크 홀딩스(NASDAQ: OPHC)는 2024년 2분기 강력한 재무 결과를 보고했으며, 순이익은 350만 달러 (희석주당 0.34달러)로, 2023년 2분기의 130만 달러에서 증가했습니다. 주요 하이라이트는 다음과 같습니다:
- 순이자 수익이 56% 증가하여 870만 달러에 달했습니다.
- 순이자 마진이 3.79%로 개선되었습니다.
- 비이자 수익이 56% 급증하여 120만 달러에 이르렀습니다.
- 총 대출이 12% 증가하여 7억 6110만 달러에 달했습니다.
- 총 예금이 19% 증가하여 7억 6260만 달러에 달했습니다.
회사의 1급 자본 대 총 자산 비율은 2024년 6월 30일 기준으로 9.68%입니다. 의장인 모이쉐 구빈은 회사가 모멘텀을 유지하고 장기적인 주주 가치를 제공할 수 있는 능력에 대한 자신감을 표명했습니다.
OptimumBank Holdings (NASDAQ: OPHC) a rapporté de solides résultats financiers pour le deuxième trimestre 2024, avec un revenu net de 3,5 millions de dollars (0,34 dollar par action diluée), contre 1,3 million de dollars au deuxième trimestre 2023. Les points forts incluent :
- Le revenu net d'intérêts a augmenté de 56 % pour atteindre 8,7 millions de dollars
- La marge d'intérêt nette s'est améliorée à 3,79%
- Le revenu non d'intérêts a grimpé de 56 % pour atteindre 1,2 million de dollars
- Les prêts bruts ont progressé de 12 % pour atteindre 761,1 millions de dollars
- Les dépôts totaux ont augmenté de 19 % pour atteindre 762,6 millions de dollars
Le ratio de capital de niveau 1 par rapport au total des actifs de la société était de 9,68% au 30 juin 2024. Le président Moishe Gubin a exprimé sa confiance dans la capacité de l'entreprise à maintenir son élan et à offrir une valeur à long terme aux actionnaires.
OptimumBank Holdings (NASDAQ: OPHC) berichtete über starke Finanzzahlen für das zweite Quartal 2024, mit einem Nettoergebnis von 3,5 Millionen US-Dollar (0,34 US-Dollar pro verwässerter Aktie), gestiegen von 1,3 Millionen US-Dollar im zweiten Quartal 2023. Die wichtigsten Höhepunkte sind:
- Nettozinserträge stiegen um 56% auf 8,7 Millionen US-Dollar
- Nettozinsspanne verbesserte sich auf 3,79%
- Nichtzinsgebühren sprangen um 56% auf 1,2 Millionen US-Dollar
- Bruttokredite wuchsen um 12% auf 761,1 Millionen US-Dollar
- Gesamteinlagen stiegen um 19% auf 762,6 Millionen US-Dollar
Das Verhältnis von Tier-1-Kapital zu Gesamtvermögen der Gesellschaft betrug zum 30. Juni 2024 9,68%. Vorsitzender Moishe Gubin äußerte Vertrauen in die Fähigkeit des Unternehmens, das Momentum aufrechtzuerhalten und den Aktionären langfristigen Wert zu bieten.
- Net income increased significantly to $3.5 million in Q2 2024, up from $1.3 million in Q2 2023
- Net interest income grew by 56% year-over-year to $8.7 million
- Net interest margin improved to 3.79% from 3.73% in the same quarter last year
- Noninterest income surged 56% to $1.2 million
- Gross loans expanded by 12% to $761.1 million
- Total deposits grew by 19% to $762.6 million
- Tier 1 capital to total assets ratio remained strong at 9.68%
- Noninterest expenses increased by 30% to $5 million
- Uninsured deposits made up 27.4% of total deposits, although this decreased from 44.1% at the end of 2023
- Tier 1 capital to total assets ratio slightly decreased from 10.00% at the end of 2023 to 9.68% in Q2 2024
Insights
OptimumBank's Q2 2024 results show impressive growth and profitability. Net income surged to
The bank's loan portfolio grew
While expenses rose
OptimumBank's performance stands out in the current banking environment. The
The bank's deposit growth strategy appears successful, with a healthy mix of noninterest-bearing and time deposits. The significant reduction in uninsured deposits is a prudent move, enhancing stability. However, the
The planned ATM offering could provide additional capital for growth, but may dilute existing shareholders. With a loan-to-deposit ratio near
OptimumBank's Q2 results significantly outperformed market expectations. The
The improvement in net interest margin to
While the planned ATM offering may provide growth capital, it's important to monitor its impact on EPS. The bank's focus on operational efficiency, evidenced by the improving efficiency ratio despite
Fort Lauderdale, FL, Aug. 06, 2024 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (NASDAQ: OPHC) (“OptimumBank” or the “Company”) today reported strong financial performance for the second quarter of 2024. For the three months ended June 30, 2024, the Company achieved net income of
Key Financial Highlights:
Comparison of the Three-Month Periods Ended June 30, 2024, and 2023:
- Net interest income for the second quarter of 2024 reached
$8.7 million , a remarkable increase of56% from$5.6 million in the second quarter of 2023, driven by a54% rise in average interest-earning assets. - Net interest margin improved to
3.79% , up from3.73% in the same quarter last year, illustrating enhanced yield on assets despite rising deposit costs. - Noninterest income surged to
$1.2 million for the second quarter of 2024, up56% from$772,000 for the second quarter of 2023. This growth was primarily attributed to increased service charges and a notable rise in other noninterest income. - Noninterest expenses increased by
30% to$5 million for the first quarter of 2024, driven by employee compensation and benefits, data processing, and other operating costs.
Asset and Deposit Growth:
- Gross loans expanded to
$761.1 million as of June 30, 2024, an12% increase from December 31, 2023, reflecting robust business growth. The allowance for credit losses increased to$8.2 million or1.08% of loans outstanding at June 30, 2024, compared to$7.7 million or1.13% of loans outstanding at December 31, 2023. - Total deposits grew by
19% to$762.6 million . This increase was driven by a combination of higher noninterest-bearing demand deposits and an increase in time deposits.
Capital Position:
- Tier 1 capital to total assets ratio was
9.68% as of June 30, 2024, compared to10.00% at the end of 2023, reflecting a solid capital base supporting continued growth.
Chairman of the Board Commentary
Moishe Gubin, Chairman of OptimumBank Holdings, Inc., stated, “Our strong financial performance in the second quarter of 2024 underscores the noteworthy progress we have made. Achieving net income of
“Despite the rising deposit costs, our net interest margin improved to
“We have made appropriate strides in expanding our loan portfolio, which grew by
“Our capital position remains strong, with a Tier 1 capital to total assets ratio of
Chairman Gubin’s comments align with the company’s reported financial performance and strategic achievements, emphasizing growth, operational efficiency, and a strong market position.
Net Interest Income and Net Interest Margin
Comparison of the Three-Month Periods Ended June 30, 2024, and 2023
(Dollars in thousands) | June 30, 2024 | June 30, 2023 | % Change | |||||
Average interest Earning assets | $ | 923,822 | $ | 599,550 | 54.1 | % | ||
Net interest income | $ | 8,742 | $ | 5,592 | 56.3 | % | ||
Net interest margin | 3.79 | % | 3.73 | % | 6 bps |
Net interest income for the second quarter of 2024 was
Compared to the first quarter of 2024, net interest income was
Noninterest Income
Three Months and Six Months Ended June 30 2024, and 2023
(Dollars in thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | ||||
Service charges and fees | $ | 864 | $ | 759 | $ | 1,832 | $ | 1,478 |
Other | $ | 337 | $ | 13 | $ | 608 | $ | 23 |
Total noninterest income | $ | 1,201 | $ | 772 | $ | 2,440 | $ | 1,501 |
Noninterest income for the second quarter of 2024 was
Noninterest Expense
Three Months and Six Months Ended June 30 2024, and 2023
(Dollars in thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | ||||
Salaries and employee benefits | $ | 3,031 | $ | 2,041 | $ | 5,879 | $ | 4,007 |
Professional fees | $ | 238 | $ | 171 | $ | 433 | $ | 368 |
Occupancy and equipment | $ | 202 | $ | 188 | $ | 408 | $ | 377 |
Data processing | $ | 575 | $ | 385 | $ | 1,129 | $ | 751 |
Regulatory assessment | $ | 231 | $ | 224 | $ | 352 | $ | 433 |
Litigation Settlement | — | $ | 375 | — | $ | 375 | ||
Other | $ | 807 | $ | 518 | $ | 1,591 | $ | 1,013 |
Total noninterest expenses | $ | 5,084 | $ | 3,902 | $ | 9,792 | $ | 7,324 |
Noninterest expense for the second quarter of 2024 was
Compared to the second quarter of 2023, noninterest expenses increased by
Deposits
Deposits Summary
Condensed Consolidated Balance Sheets
(Dollars in thousands) | June 30, 2024 | December 31, 2023 | % Change June 30, 2024, vs. December 31, 2023 | |||
Total Deposits | $ | 762,646 | $ | 639,581 | 19.2 | % |
Noninterest-bearing demand deposits | $ | 230,947 | $ | 194,892 | 18.5 | % |
Savings, NOW, and money-market deposits | $ | 300,378 | $ | 322,932 | -7.0 | % |
Time deposits | $ | 231,321 | $ | 121,757 | 90.1 | % |
Six Months Ended June 30 2024, and 2023
(Dollars in thousands) | 2024 | 2023 | % Change | |||
Net Increase in Deposits | $ | 123,065 | $ | 43,732 | 181.2 | % |
Interest Rates on Deposits
(Dollars in thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | ||
Interest-bearing Deposits: | ||||
Savings, NOW, and money-market deposits averages | $ | 325,734 | $ | 129,890 |
Interest Expense on Savings, NOW, and money-market deposits | $ | 2,550 | $ | 395 |
Time Deposits averages | $ | 258,325 | $ | 229,376 |
Interest Expense on Time Deposits | $ | 3,369 | $ | 2,161 |
Total Interest-bearing Deposits averages | $ | 634,535 | $ | 369,596 |
Total Interest Expense on Deposits | $ | 5,919 | $ | 2,556 |
Deposit Composition
(Percentage of Total Deposits) | June 30, 2024 | December 31, 2023 | ||
Uninsured Deposits to Total Deposits | 27.4 | % | 44.1 | % |
Noninterest Deposits to Total Deposits | 30.3 | % | 30.5 | % |
Total deposits were
Capital
Capital Requirements to be Well Capitalized
Date | Tier 1 Capital to Total Assets | % | ||
June 30, 2024 | $ | 92,135 | 9.68 | % |
December 31, 2023 | $ | 74,999 | 10.00 | % |
As of June 30, 2024, the Tier 1 capital to total assets ratio was
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 & Corporate Relations
Contact: Seth Denison
Telephone: (305) 401-4140 / SDenison@OptimumBank.com
Select Financial Data
Condensed Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
June 30, | December 31, | |||||||
2024 | 2023 | |||||||
(Unaudited) | (audited) | |||||||
Assets: | ||||||||
Cash and due from banks | $ | 11,923 | $ | 14,009 | ||||
Interest-bearing deposits with banks | 92,133 | 62,654 | ||||||
Total cash and cash equivalents | 104,056 | 76,663 | ||||||
Debt securities available for sale | 23,540 | 24,355 | ||||||
Debt securities held-to-maturity (fair value of | 315 | 360 | ||||||
Loans, net of allowance for credit losses of | 751,903 | 671,094 | ||||||
Federal Home Loan Bank stock | 2,691 | 3,354 | ||||||
Premises and equipment, net | 1,877 | 1,375 | ||||||
Right-of-use lease assets | 2,021 | 2,161 | ||||||
Accrued interest receivable | 2,994 | 2,474 | ||||||
Deferred tax asset | 3,024 | 2,903 | ||||||
Other assets | 7,357 | 6,515 | ||||||
Total assets | $ | 899,778 | $ | 791,254 | ||||
Liabilities and Stockholders’ Equity: | ||||||||
Liabilities: | ||||||||
Noninterest-bearing demand deposits | $ | 230,947 | $ | 194,892 | ||||
Savings, NOW and money-market deposits | 300,378 | 322,932 | ||||||
Time deposits | 231,321 | 121,757 | ||||||
Total deposits | 762,646 | 639,581 | ||||||
Federal Home Loan Bank advances | 45,000 | 62,000 | ||||||
Federal Reserve Bank advances | — | 13,600 | ||||||
Operating lease liabilities | 2,122 | 2,248 | ||||||
Other liabilities | 3,039 | 3,818 | ||||||
Total liabilities | 812,807 | 721,247 | ||||||
Commitments and contingencies (Notes 8 and 11) | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, no par value 6,000,000 shares authorized: | — | — | ||||||
Series A Preferred, no par value, no shares issued and outstanding | — | — | ||||||
Series B Convertible Preferred, no par value, 1,520 shares authorized, 1,360 shares issued and outstanding | — | — | ||||||
Series C Convertible Preferred, no par value, 4,000,000 and 0 shares authorized, 525,641 and 0 shares issued and outstanding | — | — | ||||||
Common stock, $.01 par value; 30,000,000 shares authorized, 9,677,431 and 7,250,218 shares issued and outstanding | 96 | 72 | ||||||
Additional paid-in capital | 102,424 | 91,221 | ||||||
Accumulated deficit | (10,098 | ) | (15,971 | ) | ||||
Accumulated other comprehensive loss | (5,451 | ) | (5,315 | ) | ||||
Total stockholders’ equity | 86,971 | 70,007 | ||||||
Total liabilities and stockholders’ equity | $ | 899,778 | $ | 791,254 |
Condensed Consolidated Statements of Earnings (Unaudited)
(in thousands, except per share amounts)
Three Months Ended | |||||||
June 30, | |||||||
2024 | 2023 | ||||||
Interest income: | |||||||
Loans | $ | 12,948 | $ | 7,252 | |||
Debt securities | 165 | 172 | |||||
Other | 2,075 | 755 | |||||
Total interest income | 15,188 | 8,179 | |||||
Interest expense: | |||||||
Deposits | 5,919 | 2,556 | |||||
Borrowings | 527 | 31 | |||||
Total interest expense | 6,446 | 2,587 | |||||
Net interest income | 8,742 | 5,592 | |||||
Credit loss expense | 195 | 704 | |||||
Net interest income after credit loss expense | 8,547 | 4,888 | |||||
Noninterest income: | |||||||
Service charges and fees | 864 | 759 | |||||
Other | 337 | 13 | |||||
Total noninterest income | 1,201 | 772 | |||||
Noninterest expenses: | |||||||
Salaries and employee benefits | 3,031 | 2,041 | |||||
Professional fees | 238 | 171 | |||||
Occupancy and equipment | 202 | 188 | |||||
Data processing | 575 | 385 | |||||
Regulatory assessment | 231 | 224 | |||||
Litigation Settlement | — | 375 | |||||
Other | 807 | 518 | |||||
Total noninterest expenses | 5,084 | 3,902 | |||||
Net earnings before income taxes | 4,664 | 1,758 | |||||
Income taxes | 1,168 | 446 | |||||
Net earnings | $ | 3,496 | $ | 1,312 | |||
Net earnings per share - Basic | $ | 0.36 | $ | 0.18 | |||
Net earnings per share - Diluted | 0.34 | $ | 0.18 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In thousands)
Three Months Ended | ||||||||
June 30, | ||||||||
2024 | 2023 | |||||||
Net earnings | $ | 3,496 | $ | 1,312 | ||||
Other comprehensive income (loss): | ||||||||
Change in unrealized loss on debt securities: | ||||||||
Unrealized gain (loss) arising during the period | 312 | (380 | ) | |||||
Amortization of unrealized loss on debt securities transferred to held-to-maturity | 1 | 1 | ||||||
Other comprehensive income (loss) before income taxes | 313 | (379 | ) | |||||
Deferred income tax (provision) benefit | (67 | ) | 91 | |||||
Total other comprehensive income (loss) | 246 | (288 | ) | |||||
Comprehensive income | $ | 3,742 | $ | 1,024 |
FAQ
What was OptimumBank Holdings' (OPHC) net income for Q2 2024?
How much did OptimumBank's (OPHC) net interest income grow in Q2 2024 compared to Q2 2023?
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