FORT LAUDERDALE, Fla., Oct. 30, 2014 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC), the parent company of OptimumBank ("Company"), announced today a net loss for the third quarter ending September 30, 2014 of approximately $(79,000), or $(.01) per basic share, as compared to a net loss for the same period last year of approximately $(325,000), or $(.05) per basic share. For the year to date, the net profit is $1.6 million, or $.19 per basic share, as compared to a net loss for the first nine months last year of approximately $(4.7) million, or $(.60) per basic share.
OptimumBank (Bank), the sole subsidiary of the Company, earned approximately $100,000 for the third quarter and approximately $2.1 million YTD compared to a loss of approximately $(4.4) million in the prior YTD period. The Bank now has had nine months of solid profitability. In the third quarter, the Bank's Tier one capital increased by $1,059,996 to $8,485,544.
Losses at the Holding Company for the quarter resulted primarily from $162,000 in administrative and legal expenses associated with the NASDAQ listing and Annual shareholder meeting along with other customary operating expenses. In addition, the Company made donations in support of not for profit organizations in our community. Bank Chairman Moishe Gubin commented, "the Company's customer base has been supportive through the recession and our subsequent rebuilding efforts. We must continue to show our commitment to them."
Mr. Gubin reiterated his position that 2014 will be a banner year for the company and that several new initiatives, such as an affinity deposit program for non-profits and more aggressive advertising of products and services have been introduced. These efforts, along with continued improvements in operational efficiencies will provide a powerful start to 2015.
This press release includes forward-looking statements and OptimumBank Holdings, Inc. intends for such statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements describe OptimumBank Holdings, Inc.'s expectations regarding future events. Future events are difficult to predict and are subject to risk and uncertainty which could cause actual results to differ materially and adversely. OptimumBank Holdings, Inc. undertakes no obligation to revise or amend any forward-looking statements to reflect subsequent events or circumstances.