OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Second Quarter Earnings
- OptimumBank's total assets increased by $47 million to $633 million as of June 30, 2023. Net loans grew by $42 million and deposits grew by $44 million. Net earnings for the six months ending June 30, 2023 were $2,465,000 compared to $1,800,000 for the same period in 2022. Noninterest income increased to $1,501,000. Net interest Margin (NIM) increased to 3.73%.
- None.
Fort Lauderdale, FL, Aug. 10, 2023 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (NASDAQ: OPHC) and subsidiary OptimumBank today announced the company’s total assets increased by approximately
Net earnings for the six months ending June 30, 2023 were
Noninterest income increased to
During the first six months of 2023, the Company issued 72,221 shares of its common stock in a private placement transaction to two accredited investors at a price of
At the holding company meeting held on August 9, 2023, Chairman Moishe Gubin commented “This was a great second quarter and we are proud that our stand-alone June month was our best month we have ever had.” Chairman Gubin continues to facilitate the execution of OptimumBank’s strategic plan which encompasses expanding lending capabilities, increasing the Bank’s core deposit base primarily with fee-based income businesses and by evaluating opportunistic M&A opportunities. Gubin remains focused on increasing the Loan-to-Deposit ratio by maintaining competitive pricing of the Bank’s products to improve the Net Interest Margin (NIM) to reach its maximum potential. The Bank continues to focus on the customer on its path to grow larger and stronger while still achieving community banking at its best, where customers are a name, not a number.
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 disposing 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
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