OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces

Third Quarter Results for OptimumBank (the “Bank”) continued

Fort Lauderdale, FL., Dec. 17, 2020 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (OPHC-NASDAQ)

Recap of Results (see press release of December 7, 2020):

OPHC previously announced the Bank’s third quarter net income of $345,000, which excludes an allowance for losses provision expense of $523,000. Net interest income increased from $2,450,000 for the nine-month period ended September 30, 2019 to $3,631,000 for the nine-month period ended September 30, 2020, representing a 48% increase. This growth was accomplished while staying well capitalized via frequent capital injections from investors.

Additional Matters:

Importantly, the overall income results are not solely the result of loans and capital infusions, but also stem from significant changes in deposit mix and other borrowings. Critically, fee income through wire and ACH fees have climbed substantially. For the nine-month period ended September 30, 2019, such income was $64,000 as compared to $192,000 for the nine-month period ended September 30, 2020. Annualized, fee income now has an important stabilizing affect from only a few years back.

Chairman Moishe Gubin commented: “The Board and management take seriously the process of strategic planning and continuous improvements in processes and profitability. Traditional community banking relies heavily on net interest income. OptimumBank has strategically invested in improving non-balance sheet fee income, which has been successful, while maintaining a careful review of its risks.

As has been noted in the past, OPHC has an unusually strong and diverse Board of Directors. One strength is in the process of strategic planning while another is the formation of action plans to accomplish targeted goals. Such goals include increasing branch efficiency, additional payment services, and the acquisition of Banks or Non-Banks that would add product lines and geographic reach.

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 Holodings, Inc.



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