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OptimumBank Holdings, Inc. (Nasdaq: OPHC) is a bank holding company headquartered in Ft. Lauderdale, Florida. Founded in 2000, it serves as the parent company for OptimumBank, which provides community banking services to both individuals and businesses in Broward, Miami-Dade, and Palm Beach counties. The bank’s core objective is to offer tailored banking solutions, focusing on traditional in-person banking, unlike large financial institutions that often charge exorbitant fees.
OptimumBank’s range of services encompasses consumer and commercial banking, including demand interest-bearing and non-interest-bearing accounts, negotiable order of withdrawal accounts, money market deposit accounts, debit cards, and automated teller machines (ATMs). The principal sources of funds for its lending activities come from deposits, borrowings, loan repayments, and the maturity of investment securities.
The bank is recognized for its expertise in real estate and commercial lending. Recent achievements include significant growth and customer satisfaction driven by competitive rates and personalized banking experiences. Their business and financial solutions include Business Banking, Business Lending, SBA Lending Solutions, Treasury Management, and Personal Banking. These services are designed to meet the financial needs of their diverse clientele, helping businesses and individuals achieve their financial goals.
OptimumBank Holdings, Inc. is committed to maintaining strong investor relations. They regularly update shareholders through annual meetings and provide insights into the company's performance and future plans. The next Annual Shareholder Meeting and Investor Day is scheduled for May 29, 2024, offering both in-person and virtual attendance options. For more details, interested parties can contact Investor Relations at investor@optimumbank.com or call +1.954.900.2850.
Note: Statements provided by OptimumBank Holdings, Inc. are subject to risks and uncertainties as detailed in their filings with the Securities and Exchange Commission. Forward-looking statements speak only as of their date, and the company does not commit to updating these statements to reflect changes in circumstances.
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 (Nasdaq: OPHC) is set to host its inaugural Virtual Banking Conference on September 12, 2024, via live webcast. The event, organized in collaboration with Moody's and Nasdaq, will feature top market experts discussing important financial topics including the US budget deficit, interest rates, inflation, bank balance sheet risks, and geopolitical challenges.
The conference will be headlined by notable speakers including John Kasich, former Governor of Ohio, and Sheila Bair, former Chair of the FDIC. Two panels will address Global Economic Trends and Inflation's Impact, featuring industry leaders from Nasdaq, Tressis, Rosenberg Research, Moody's, and more.
This free event is open to all registrants, starting at 9:00 AM and concluding before noon. Interested parties can find more information and register at virtualbankingconference2024.com.
OptimumBank Holdings (Nasdaq: OPHC) announced its Annual Shareholder Meeting and Investor Day will occur on Wednesday, May 29, 2024, at its headquarters in Ft. Lauderdale, Florida. The event starts at 10:00 am ET and can also be attended virtually via a webcast. Interested participants should register through the provided webcast link or email Seth Denison at OptimumBank. Further details, including the Chairman of the Board's Letter to Shareholders, are available online.
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.
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