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Fort Lauderdale, FL, April 29, 2022 (GLOBE NEWSWIRE) -- OptimumBank, a Florida banking corporation (the “Bank”) ended the first quarter of 2022 with a pre-tax income of $1,348,072, after a loan loss provision of $392,577. Its loan portfolio increased this quarter to $277,520,567 million, or by 10.3% over the prior quarter’s ending balance amount of $251,420,941. During the first quarter, the net interest margin portrays a positive trend beginning at 3.47% in January and reaching 3.60% in March. Noninterest income including service charges on deposit accounts and fees for other banking services generated $650,000 in other income this quarter. At March 31, 2022, deposits have grown to over $318MM.
Having received 11.5 million dollars from OptimumBank Holdings, Inc., the Bank is well capitalized with a leverage capital ratio of 12.53% and well positioned to grow its portfolio with a legal secured lending limit of $12,139,067. Included in Chairman Gubin’s comments at the Annual Shareholder meeting held on April 26, 2022, he stated: “At this point, capital is not an obstacle to the Company’s growth…the Company and the Bank are fortunate to enjoy broad-based Boards of Directors with access to capital”. Also stated in his comments: “As we succeed, we will keep pushing the goals further out so that we can improve our results and truly succeed in bringing returns to all of our shareholders.”
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.
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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.
OptimumBank Holdings. Inc.