OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces First Quarter Results for OptimumBank (the “Bank”)
May 11 2021 - 12:59PM
OptimumBank Holdings, Inc. (OPHC-NASDAQ)
Summary of Results:
The Company’s total assets increased by
approximately $17.5 million to $252.6 million at March 31, 2021,
from $235.1 million at December 31, 2020, primarily due to an
increase in loans and debt securities. Total stockholders’ equity
increased by approximately $3.5 million to $21.3 million at March
31, 2021, from $17.8 million at December 31, 2020, primarily due to
proceeds from the sale of preferred stock and net earnings of
$348,000.
Chairman Moishe Gubin commented, “Growth in
income continues to increase as planned; and total assets now
exceed $250 million. A significant increase in the size and number
of commercial bank accounts has contributed to the bank’s fee
income, which has grown from $47M in December to $73M in March
(total of $176M for the quarter due to wire and ACH fees).”
CEO Tim Terry commented, “The Bank was well
received in our local area lending market for our ‘First Round’ of
Payroll Protection Program (PPP) lending efforts to keep small
business operating in time of need during the current Covid-19
economy. The successful ‘Second Round’ of loans additionally
contributed to our efforts in fostering strong and long-lasting
banking relationship with both our new and existing customers.”
Multiple capital contributions have assisted
this year with an increased lending activity to existing customers;
and, enabling the Bank’s ability to engage in lending and marketing
its services to many new businesses with larger borrowing
requirements as well as those seeking “Advanced Cash Management”
services. The Company currently intends to acquire the remaining
Trust Preferred Securities in 2021 in exchange for shares of its
common stock in the second quarter.
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
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