OptimumBank Reports Net Income for First Half of 2018


Fort Lauderdale, FL., July 31, 2018 (GLOBE NEWSWIRE) -- OptimumBank (www.OptimumBank.com), the wholly owned subsidiary of OptimumBank Holdings, Inc. (OPHC), recently filed their second quarter call report with the Federal Deposit Insurance Corporation. 

The Bank reported net income for the six months ended June 30, 2018 of $2,088,000. Management brought $2,100,000 of the excess allowance for loan losses into income. While keeping the allowance for loan losses at 2.60% of total loans. The allowance is considered strong with The Bank reporting no past due loans or non-performing loans at June 30, 2018.

The Tier 1 Leverage Ratio to Total Average Assets increased to 13.05% and Total Capital Ratio to Total Risk Weighted Assets increased to 17.27%.

“The Bank’s achievements during the first six months of 2018 places the Bank in a position to enter into a growth mode which will increase profitability and maximize the shareholder value. We continue to work hard to grow the bank and deliver value to both shareholders and clients.” Said Moishe Gubin, the Chairman of OptimumBank.

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.