Optimumbank Hold Stock Price, News & Analysis

OptimumBank reported a pre-tax income of $1,499,000 for Q2 2022 after a loan loss provision of $991,000. The loan portfolio increased to $348.9 million, up 27.5% from the previous quarter. The net interest margin rose from 3.75% in April to 4.25% in June. Noninterest income totaled $764,000, with deposits exceeding $343,541,000. With a leverage capital ratio of 12.85%, the Bank is well-positioned for growth, aiming for approximately $500M in assets in Q3 2022 and over $9MM in net income by year-end.

Heng Fai Ambrose Chan has resigned from the Boards of OptimumBank and OptimumBank Holding, Inc. effective April 30, 2022, due to workload and time zone differences. Serving since June 2018, Mr. Chan contributed significantly to the company’s recovery and growth, enhancing its capital structure and loan portfolio. The Board expressed gratitude for his loyalty and input over his tenure. The company continues to provide diverse banking services in Florida, focusing on consumer and commercial banking.

OptimumBank reported a pre-tax income of $1,348,072 for Q1 2022, following a loan loss provision of $392,577. The loan portfolio grew 10.3% to $277.5 million, with deposits exceeding $318 million. The net interest margin improved from 3.47% to 3.60% over the quarter. The company remains well-capitalized with a leverage capital ratio of 12.53% and a secured lending limit of $12.1 million.

Chairman Gubin expressed optimism about growth possibilities and the commitment to enhancing shareholder returns.

OptimumBank Holdings (OPHC) reported significant growth in 2021, achieving a net income of $3.07 million compared to a loss of $0.78 million in 2020. The bank's total loans surged by 63% to $247 million, with an impressive 10% growth in Q1 2022. Fee income skyrocketed 389% to $1.33 million in 2021, with expectations to exceed $2.6 million in 2022. The total assets increased by 50% to $351 million by year-end 2021, anticipated to surpass $500 million by the end of 2022. The strategic focus remains on enhancing online banking services and expanding customer relations.

OptimumBank reported a significant increase in total loans, reaching $251.4 million in 2021, up from $154.9 million in 2020 and $104.2 million in 2019. The bank's loan portfolio includes various sectors, such as residential and commercial real estate. In January 2022, OptimumBank closed its first healthcare facility loan, aimed at addressing financing needs in the Senior Healthcare Industry. The bank currently has multiple nursing facilities seeking financing, totaling an estimated $30 million to $40 million in future accounts receivable financing.

OptimumBank reported a significant net income of $5,412,000 for the year, which includes a tax benefit of $1,550,000. Excluding non-cash provisions, earnings reached $5,035,000, up 415% from last year. Loan growth surged 63% to $247,902,000, and noninterest income increased 406% to $1,433,000. Assets grew by 49% to $350,039,000. Chairman Moishe Gubin highlighted improved asset quality and strong community relationships, positioning the bank for continued growth.

OptimumBank has reported a strong performance with year-to-date earnings of $2.24 million as of September 30, 2021. The Bank is entering the skilled nursing lending space, having approved its first Senior Healthcare Facility loan as part of a strategic plan targeting the senior healthcare industry. Chairman Moishe Gubin emphasizes the growing demand for care due to an increasing senior population. The inclusion of industry veterans Michael Blisko and Michael Johnson in leadership roles aims to enhance the Bank's relationships and business initiatives in this sector.

OptimumBank Holdings reported a strong financial performance for the nine months and three months ending September 30, 2021. The net income reached $1.709 million and $917,000 respectively, reflecting effective execution of their business strategy. Total assets increased by $40.9 million, reaching $335 million. Shareholders' equity rose by $4 million to $33.1 million, fueled by common stock issuances. The company is expanding its presence in South Florida, with a new office opening in North Miami Beach next year.

OptimumBank Holdings reported notable growth in the second quarter of 2021, with net earnings reaching $444,000 and total assets increasing to $294.1 million. The loan portfolio expanded by $38.3 million to $190 million, reflecting a strong demand for lending services. Additionally, non-interest income from wire and ACH fees amounted to $478,000. The issuance of 200 shares of preferred stock for $5 million aims to bolster lending capabilities, supporting further growth.