OptimumBank Holdings, Inc. Provides an Update Post the Annual Shareholder Meeting

UNITED STATES


Fort Lauderdale, FL, June 04, 2018 (GLOBE NEWSWIRE) -- Optimum Bank Holdings, Inc. the parent company of Optimum Bank (www.OptimumBank.com) (OPHC), a bank that provides a range of consumer and commercial banking services to individuals and businesses is pleased to provide an update to shareholders post the Annual Shareholder Meeting which occurred on May 29, 2018. “We are very pleased to announce the many achievements the Bank has accomplished over the past year. We continue to work hard to grow the bank and deliver value to both shareholders and clients.” Said Moishe Gubin, the Chairman of Optimum Bank.

Mr. Gubin continued “the bank is a great combination of old school banking with all the bells and whistles and technology of the largest banks in the country. We are very proud of the relationships we have with our clients and the comfort they have in banking with Optimum. We are striving every day to make Optimum the best in class for personal and business banking”.    

Some of our notable achievements include the following:

  • Zero non-performing assets as of 12/31/2017.
  • Real Estate Loans comprise 91.2% of loan portfolio with 36.2% being secured by 1 to 4 family dwellings.
  • Bank has successfully eliminated $39 million in brokered deposits. Transitioned to deposits in non-maturity local deposits.
  • Reserve for loan losses is overfunded at 5.5% of total loans. Net recoveries for 2017 were approximately $76,000. Management expects to bring a significant amount of the reserve back into income in 2018.
  • Bank strengthened the management team in 2017 with additions of Mr. David Reno and Mr. David Edgar.
  • Bank tier 1 capital to total assets strong at 8.89% and total capital to risk weighted assets of 15.08%.
  • Net interest margin increase to 3.2% from 3.1%.
  • Bank has started to derive income from additional traditional revenue streams such as overdraft fees and wire fees.
  • Bank has completed accruing for expenses related to regulatory matters. 2017 and 2016 expenses totaled $305,000 and $60,000 respectively.  

  

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 three 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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