FORT LAUDERDALE, Fla., Aug. 18, 2015 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (NASDAQ:OPHC), the parent company of OptimumBank ("Company"), announced today net earnings for the second quarter ending June 30, 2015 of approximately $6,000, or $.00 per basic share, as compared to net earnings for the same period last year of approximately $1.3 million, or $.16 per basic share. Earnings last year had several one-time gains or other nonrecurring items.
OptimumBank (Bank), the sole subsidiary of the Company, earned approximately $143,000 for the second quarter of 2015. This continues a streak of positive quarterly earnings starting with the first quarter of 2014. Positive results were due to loan growth, an improving net interest margin and continued efforts to improve efficiencies.
Bank Chairman, Moishe Gubin, stated, "Core earnings continue to grow as the Bank benefits from initiatives undertaken over the past year." Mr. Gubin continued, "The bank has renewed its core processing contract at a lower cost and with new features, created affinity deposit products and streamlined operations."
OptimumBank loan volume is up 12% from June of 2014. Deposits have grown by 3% and securities have been reduced by 22% to fund the more profitable loan growth.
Mr. Gubin commented, "The pace of change will accelerate with new branding initiatives and branch enhancements."
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.