Optimumbank Hold Stock Price, News & Analysis

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.

OptimumBank Holdings announced the completion of its acquisition of trust preferred securities (TruPS) through an exchange offer, issuing 689,572 shares of common stock for TruPS valued at $2,068,716. Directors Chan Heng Fai Ambrose and Michael Blisko received part of these shares. The acquisition allows the termination of the Trust, increasing stockholders’ equity and enhancing the bank’s capacity to raise additional funds. Since 2020, the company has raised over $19.5 million, supporting growth and regulatory compliance.

OptimumBank Holdings, Inc. (OPHC) announced a private exchange offer for its Trust Preferred Securities, effective until July 8, 2021. Holders can exchange their securities for shares of common stock, with a maximum of 700,000 shares to be issued. The exchange price will be the lesser of $3.00 per share or the common stock's closing price on the expiration date. The total value of exchanged securities is capped at $2.1 million. The offering aims to be exempt from SEC registration and is intended for accredited investors only.

OptimumBank Holdings (OPHC) reported strong performance in Q1 2021, achieving a net income of $324K, up from a loss of $119K in Q1 2020. The bank closed 267 PPP loans worth $17.7M and expects $1.3M in fee income from these loans. Total assets grew by 79% to approximately $252M, driven by $61M in new loans. Non-maturity deposits surged by 98% or $103.7M, enhancing liquidity. The bank also plans to close its Plantation branch and open a new location nearby. Management remains optimistic about future growth and shareholder returns.

OptimumBank Holdings, Inc. (OPHC) reported a substantial increase in total assets, rising by $17.5 million to $252.6 million as of March 31, 2021, largely due to loans and debt securities. Stockholders' equity also grew by $3.5 million to $21.3 million, driven by preferred stock sales and net earnings of $348,000. The bank's fee income surged from $47 million to $73 million over the quarter, attributed to an increase in commercial accounts. CEO Tim Terry highlighted strong local lending efforts and plans to acquire Trust Preferred Securities in 2021.

OptimumBank Holdings (OPHC) reported a net loss of $42,000 for the year, primarily due to a $1,020,000 loan loss provision. Excluding this, the Bank earned $1,062,000. Total loans increased by 59% to $154.9 million, and fee income surged 63% to $293,000. Despite challenges from Covid-19, the Bank supported local businesses, booking $19.2 million in Payroll Protection Plan loans. Operating expenses remained stable, aided by capital injections from investors. The Chairman emphasized the importance of community ties and professional leadership.