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

Fort Lauderdale, FL, Nov. 11, 2022 (GLOBE NEWSWIRE) -- 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.

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OptimumBank Holdings. Inc.



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