OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Full Year Results for OptimumBank (the “Bank”)

Rhea-AI Summary

OptimumBank reported a significant net income of $5,412,000 for the year, which includes a tax benefit of $1,550,000. Excluding non-cash provisions, earnings reached $5,035,000, up 415% from last year. Loan growth surged 63% to $247,902,000, and noninterest income increased 406% to $1,433,000. Assets grew by 49% to $350,039,000. Chairman Moishe Gubin highlighted improved asset quality and strong community relationships, positioning the bank for continued growth.

Positive

• Net income of $5,412,000 including a tax benefit.
• Earnings excluding provisions increased by 415% to $5,035,000.
• Loans surged 63% year-over-year, reaching $247,902,000.
• Noninterest income grew 406% to $1,433,000.
• Assets rose by 49% to $350,039,000.

Negative

• None.

Fort Lauderdale, FL, Feb. 01, 2022 (GLOBE NEWSWIRE) -- OptimumBank (the “Bank”) ended the year with a net income of $5,412,000, which included a tax benefit of $1,550,000. Excluding the non-cash provision expense and tax benefit, the Bank earned $5,035,000, a 415% increase over the prior year’s amount of $978,000. Loans increased 63% year-over-year to $247,902,000. Noninterest income generated was $1,433,000, an increase of 406%. This growth was accomplished while staying well capitalized through frequent capital injections from investors.

Chairman Moishe Gubin commented: “Our strategic plan, clear performance objectives and dedicated leadership have achieved a classic turnaround 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. Our outreach efforts in the communities throughout South Florida over the past several years have proven to be extremely rewarding.”

The Bank ended the year with asset of $350,039,000, a 49% increase over the prior year’s amount of $234,939,000. The Bank’s secured lending limit has reached $8,834,500 and our unsecured lending limit to $5,300,700. Loan approval decisions are accomplished quickly when necessary to meet the needs of our customers.

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

FAQ

What was OptimumBank's net income for 2022?

OptimumBank reported a net income of $5,412,000 for the year.

How much did OptimumBank's loans increase in 2022?

Loans increased by 63% year-over-year, totaling $247,902,000.

What is the noninterest income reported by OptimumBank?

OptimumBank generated noninterest income of $1,433,000, a 406% increase.

What was the total asset value of OptimumBank at the end of 2022?

OptimumBank ended the year with total assets of $350,039,000.

What strategic improvements did OptimumBank implement?

OptimumBank focused on improved asset quality and managed capital ratios for financial performance.