OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Third Quarter Results

Fort Lauderdale, FL, Nov. 11, 2022 (GLOBE NEWSWIRE) — OptimumBank Holdings, Inc., (the “Company”) ended the third quarter of 2022 with a pre-tax income of $903,000, after a loan loss provision of $1,374,000. Total Assets are $544.8 million, and the loan portfolio increased this quarter to $438.1 million or by 23.9% over the prior quarter’s ending balance amount of $353.5 million. The third quarter net interest margin was 3.53%, down 51 basis points compared to the previous quarter. The loan portfolio growth during this quarter was funded by a higher percentage of interest-bearing liabilities at higher interest rates. Chairman Gubin stated “Overall, we had a solid third quarter, remain on target with our strategic planning and still performing better than most of our peers in most banking metrics.” Non-interest income, including service charges on deposit accounts and fees for other banking services, generated $692,000 this quarter. At September 30, 2022, deposits have grown to over $422.2 million.

Read more at globenewswire.com