Optimumbank Hold - OPHC STOCK NEWS

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.

OptimumBank Holdings, Inc. (NASDAQ: OPHC) reported a significant increase in net earnings, reaching $6.3 million for the year ended December 31, 2023, compared to $4.0 million in 2022, marking a 56% rise. The company's stockholders' equity stood at $70 million. OptimumBank's loan portfolio surged by 41% to $680 million, with total assets at $791 million, net loans at $671 million, and total deposits at $640 million. Noninterest income rose by 17% to $3.4 million. The Company issued 72,221 shares of common stock in a private placement transaction to two accredited investors in Q1 2023 to foster growth. Chairman Moishe Gubin highlighted the successful strategic plan, improved asset quality, well-managed capital ratios, and enhanced financial performance, emphasizing strong community support and customer loyalty.

OptimumBank Holdings, Inc. (OPHC) reported a net income of $13,808,107 before credit loss and tax expenses, or $7,254,285 including those expenses for the year ended December 31, 2023. The Bank's shareholder equity amounted to $70 million, with assets growing to $791,052,397, a 35.53% increase from the prior year. The loan portfolio also saw a significant increase of 40.69% to $680,069,842. The Bank's secured lending limit is now at $18,749,670 and its unsecured lending limit is at $11,249,802. Chairman Moishe Gubin highlighted the success of the strategic plan and the newly started national SBA lending program, with expectations of achieving $50MM in closings in 2024. The Bank also provided approximately $20MM in accounts receivable credit lines to Skilled Nursing Facilities. Gubin emphasized the strong support from loyal business customers and the positive impact of community outreach efforts in South Florida.

OptimumBank Holdings, Inc. (NASDAQ: OPHC) saw a significant increase in assets to over $755.7 million in October 2023, with a $43 million rise from the prior month. The company's SNF portfolio has grown to over $28 million, and it has closed its first SBA Loan for $300,000 with a pipeline of $15 million in various stages of loan underwriting and processing. Core earnings for October 2023 increased to $1,410,900 from $963,215 in December 2022. The company's strategic plan focuses on growing the asset size, improving shareholder returns, and maintaining well-capitalized status under regulatory guidelines.

OptimumBank Holdings, Inc. (NASDAQ: OPHC) announces a $128 million increase in total assets to $713 million as of September 30, 2023, driven by growth in loans and deposits. Net loans grew by $96 million, deposits increased by $110 million, and total stockholders’ equity rose by $4 million. Net earnings for the nine months ending September 30, 2023, were $3,734,000 or $.52 per basic and diluted share. Noninterest income increased to $2,412,000 for the same period. Chairman Moishe Gubin highlighted a strong ROAE and outlined plans for expanding lending capabilities and evaluating M&A opportunities.

OptimumBank ends Q3 2023 with assets exceeding $712 million