OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Third Quarter Results

Rhea-AI Summary

OptimumBank Holdings reported a strong financial performance for the nine months and three months ending September 30, 2021. The net income reached $1.709 million and $917,000 respectively, reflecting effective execution of their business strategy. Total assets increased by $40.9 million, reaching $335 million. Shareholders' equity rose by $4 million to $33.1 million, fueled by common stock issuances. The company is expanding its presence in South Florida, with a new office opening in North Miami Beach next year.

Positive

• Net income for Q3 2021 increased to $917,000.
• Total assets rose by $40.9 million to $335 million.
• Shareholders' equity grew by $4 million to $33.1 million.
• Strong customer relationships reported.
• Expansion in South Florida with new office opening.

Negative

• None.

Summary of Results:

Fort Lauderdale, FL, Nov. 09, 2021 (GLOBE NEWSWIRE) -- For the nine months ended September 30, 2021, net income totaled $1,709,000 and for the three months ended September 30, 2021, net income totaled $917,000. Total assets increased by $40.9 million to $335 million compared to 294.1 million from the prior quarter.

Chairman Moishe Gubin commented, “our net income continues to improve as expected by executing effectively our business plan.” Gubin continued “our loyal relationships supporting our company continue to be strong and extremely happy as customers and referring business to the bank religiously.” 

CEO Tim Terry commented, “The Bank is well received in our local area lending market as we have been successful in building a strong staff of lending production officers. Additionally, we are expanding our presence in the tri-county area of South Florida with a record high statutory secured lending limit of over $8.25 million dollars. Additionally, we have a new office scheduled to be open in North Miami Beach during the second quarter of 2022.”

At September 30, 2021, shareholders’ equity amounted to $33.1 million, which represents an increase of $4 million compared to $29.1 million recorded in the recorded in the prior quarter. The increase is primarily comprised of common stock issuance of $2.8 million, net income of $917,000 and decrease of unrealized losses on investments of $251,000.

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 were the financial results for OptimumBank Holdings for Q3 2021?

OptimumBank Holdings reported a net income of $917,000 for Q3 2021.

How much did OptimumBank Holdings' total assets increase by in Q3 2021?

Total assets increased by $40.9 million, reaching $335 million.

What was the shareholders' equity for OptimumBank Holdings as of September 30, 2021?

Shareholders' equity amounted to $33.1 million as of September 30, 2021.

Is OptimumBank Holdings planning to expand its operations?

Yes, OptimumBank Holdings is expanding in South Florida and plans to open a new office in North Miami Beach in Q2 2022.