Midyear Numbers Show Bright Start to 2020
Fort Lauderdale, FL, Sept. 10, 2020 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (OPHC-NASDAQ)
Select First Half Results
Half year net Income:
Balance Sheet Trends
Last year, OptimumBank (the “Bank”) implemented various strategies to improve its earnings which yielded significant growth. Specifically, as of June 30, 2020, loans increased by
In preparation for this growth, the Bank had undertaken a significant program of increasing non-maturity deposits such as checking accounts and Money Market accounts. This reduced the need to generate higher priced time deposits (CD’s). It also allows the Bank to adjust prices to the current market which have recently fallen to near zero percent.
Income Statement
Interest income increased by
Noninterest income amounted to
Total noninterest expenses decreased
It should also be noted (as mentioned above) that the Bank took a non-cash charge to earnings to fund the ALLL of
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.
Investor Relations:
OptimumBank Holodings, Inc.
investor@optimumbank.com
+1.954.900.2805