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

Fort Lauderdale, FL, Aug. 09, 2022 (GLOBE NEWSWIRE) -- OptimumBank, a Florida banking corporation (the “Bank”) ended the second quarter of 2022 with a pre-tax income of $1,266M, after a loan loss provision of $991M. Its loan portfolio increased this quarter to $353,597M or by 27.4% over the prior quarter’s ending balance amount of $277,508M. During the second quarter, the net interest margin reflects a positive trend beginning at 3.56% in January and reaching 4.04% in June. Non-interest income, including service charges on deposit accounts and fees for other banking services, generated $764M this quarter. At June 30, 2022, deposits have grown to over $341,819M.

Chairman Gubin stated “I am proud that we are performing better than most of our peers in most banking metrics. As of June 30, 2022, the Bank is well capitalized under regulatory guidelines with a leverage capital ratio of 12.85% with no impaired loans during calendar year 2022. Year-to-date fully diluted earnings per share is $0.33 and with a normal run rate of $750M we expect it to reach $0.66 by the end of the year."

As Chairman Gubin previously stated in a press release published earlier this month: “We are proud to be recognized this year as one of the top commercial bank lenders in the country with asset size ranging from $300M to $1B. Additionally, we accomplished year-to-date loan closings of $135,495,405 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 second quarter. Our expectations are for continued momentum over many successive quarters initially leading to approximately $500M in assets during the third quarter of this year. Additionally, we believe we will exceed $9MM 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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