OptimumBank Holdings, Inc. (OPHC-NASDAQ) announces second
FORT LAUDERDALE, FL, August 01, 2022 (Globe Newswire) — OptimumBank, a Florida banking corporation (“Bank”), ended the second quarter of 2022 with pre-tax income of $1,499,000 after a loan impairment provision of $991,000. . , Its loan portfolio grew $348.9 million in the quarter, or 27.5% over the prior quarter’s closing balance of $273,685,000. During the second quarter, net interest margin shows a positive trend starting from 3.75% in April to 4.25% in June. Non-interest income, including service charges on deposit accounts and fees for other banking services, generated $764,000 in other income in the quarter. As of June 30, 2022, deposits have exceeded $343,541,000.
OptimumBank Holdings, Inc. Having received $11.5 million this year, the bank is well capitalized with a leverage capital ratio of 12.85% and is well positioned to grow its portfolio with a legal secured lending limit of $12,664,500. During June 2022, net worth increased from $76 million to $464.6 million, compared to $388.6 million in the previous month. The net change in total assets was driven mostly by a $26.3 million increase in cash and investments, as well as a $49.2 million increase in debt.
Moishe Gubin, President, commented: “We are proud to be recognized as one of the nation’s top commercial bank lenders this year, with asset sizes ranging from $300M to $1B. Additionally, we generated $135,495,405 year-on-year -Completed year-over-year loan closings and continued a growing and robust pipeline of month-to-month lending opportunities.With an experienced management team and staff we continue to improve our customer service over time, contributing to our strong performance in the second quarter. Our expectations are for continued momentum over several quarters for assets of approximately $500 million initially during the third quarter of this year. Additionally, we are confident we will be able to meet provisioning expense by the end of the year. and exceed $9MM in net income before tax.
What is particularly beneficial is that over 12% of our loan portfolio is focused in supporting health care, schools and religious institutions in our communities. As we move forward, we will continue our efforts to increase our lending support to these borrowers.”
OptimumBank Holdings, Inc. about
OptimumBank Holdings, Inc. Operates as the bank holding company for OptimumBank providing a range of consumer and commercial banking services to individuals and businesses. The company accepts demand interest-bearing and non-interest-bearing, savings, money market, NOW, and fixed deposit accounts as well as certificates of deposit; and provides lending for residential and commercial real estate, commercial and consumer loans, as well as working capital needs. It also offers Debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposit, money order, cashier’s check, home collection, drive-in teller, and banking by mail, as well as Internet banking services. In addition, the company engages in keeping, managing and disposing of foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is located in Fort Lauderdale, Florida.
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Optimum Bank Holdings. Inc.