OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Third Quarter Results
11 Novembro 2022 - 5:30PM
OptimumBank Holdings, Inc., (the “Company”) ended the third quarter
of 2022 with a pre-tax income of $903,000, after a loan loss
provision of $1,374,000. Total Assets are $544.8 million, and the
loan portfolio increased this quarter to $438.1 million or by 23.9%
over the prior quarter’s ending balance amount of $353.5 million.
The third quarter net interest margin was 3.53%, down 51 basis
points compared to the previous quarter. The loan portfolio growth
during this quarter was funded by a higher percentage of
interest-bearing liabilities at higher interest rates. Chairman
Gubin stated “Overall, we had a solid third quarter, remain on
target with our strategic planning and still performing better than
most of our peers in most banking metrics.” Non-interest income,
including service charges on deposit accounts and fees for other
banking services, generated $692,000 this quarter. At September 30,
2022, deposits have grown to over $422.2 million.
At September 30, 2022 the Bank is well
capitalized under regulatory guidelines with a leverage capital
ratio of 10.77% with no impaired loans during calendar year 2022.
The Year-to-date Company’s fully diluted consolidated earnings per
share is $0.44. The Company has normal run rate of $750,000 and we
expect earnings per share to reach $0.66 by the end of the year.
The Company has experienced record growth in the last several years
largely thanks to its lending within the local community and has
steadily built a reputation for consistency and stellar
service.
Chairman Gubin stated: “We are proud to be
recognized this year as one of the top commercial bank lenders in
the country in our asset size range. Additionally, we have
accomplished year-to-date loan closings of $227,202,560 and
continue to have a growing and robust pipeline of lending
opportunities month after month. With a seasoned management team
and staff in place we are closing loans in a timely manner with
superior customer service contributing to our strong performance in
the third quarter. Our expectations are for continued momentum over
many successive quarters initially leading to the Bank
surpassing $600 million in total assets during the fourth quarter
of this year. Additionally, we believe we will exceed $9.5 million
in net income before provision expense and tax by the end of the
year.”
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
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