OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Full

Fort Lauderdale, FL, Feb. 01 12, 2022 (GLOBE NEWSWIRE) — OptimumBank (the “Bank”) ended the year with net income of $5,412,000, which included a tax benefit of $1,550,000. Excluding the non-cash provision charge and tax benefit, the Bank earned $5,035,000, an increase of 415% from $978,000 last year. Loans increased 63% year over year to $247,902,000. Non-interest income generated was $1,433,000, an increase of 406%. This growth has been achieved while remaining well capitalized thanks to frequent injections of capital from investors.

President Moishe Gubin commented: “Our strategic plan, clear performance objectives and direction have achieved a classic turnaround marked by an improvement in asset quality, well-managed capital ratios and the search for good opportunities to improve financial performance in the short and long term. President Gubin continued “The bank is on solid footing with the strong support of our loyal business customers who continue to use us as their bank of choice and recommend us to their many friends and business associates. Our outreach efforts in South Florida communities over the past few years have proven to be extremely rewarding.

The Bank ended the year with assets of $350,039,000, a 49% increase over the previous year’s amount of $234,939,000. The Bank’s secured loan limit reached $8,834,500 and our unsecured loan limit reached $5,300,700. Loan approval decisions are made quickly when necessary to meet the needs of our clients.

About OptimumBank Holdings, Inc.

OptimumBank Holdings, Inc. operates as a bank holding company for OptimumBank which provides a range of personal and corporate banking services.

The company accepts interest-bearing and non-interest-bearing demand savings accounts, money market, NOW and term accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial and consumer loans, as well as loan lines for working capital needs. It also provides debit and ATM cards; investment, cash management, notary and night custody services; and direct deposits, money orders, cashiers checks, domestic collections, ATM and mail banking, and internet banking. In addition, the company is involved in the holding, management and disposal of seized real estate. It operates through 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 which can be identified by words 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 could cause actual results to differ materially from future results or are implied by such statements. These factors include, but are not limited to, our limited operating history, management of our anticipated growth, risks associated with integrating acquired websites, possible inadvertent infringement of intellectual property rights third parties, our ability to compete effectively, our acquisition strategy and a limited public market for our common stock, among other risks. The future results of OptimumBank Holdings, Inc. may also may also be affected by other risk factors listed from time to time in its filings with the SEC. Many factors are difficult to accurately predict and are generally beyond the company’s control. Forward-looking statements speak only as of the date on which they are made, and OptimumBank Holdings, Inc. does not undertake to update any forward-looking statements to reflect circumstances or events that occur after the date on which the forward-looking statements are made.

Investor Relations:
Optimum Bank Holdings. Inc.
[email protected]
+1.954.900.2850

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