OPHC OptimumBank Holdings Inc

OptimumBank Holdings, Inc., (NASDAQ: OPHC) The Company had net earnings of $6.3 million for the year ended December 31, 2023, compared to net earnings of $4.0 million for the year ended December 31, 2022 an increase of 56%; and with $70 million of Stockholders’ equity. The Company’s only business is the ownership and operation of OptimumBank. To facilitate growth, the Company issued 72,221 shares of its common stock in a private placement transaction to two accredited investors during the first quarter of 2023.

The Company ended the year with total assets of $791 million, net loans of $671 million, and total deposits of $640 million. The loan portfolio increased 41% to $680 million from the prior year end balance of $483 million. Noninterest income generated was $3.4 million, an increase of 17% from the prior year amount of $2.9 million. This growth was accomplished while staying well capitalized by regulatory adequacy requirements throughout the year with the Company’s capital to total assets ratio at 10.00%, year-ended, December 31, 2023.

Chairman Moishe Gubin commented: “Our strategic plan, clear performance objectives and dedicated leadership have achieved a classic turnaround and the board and management continue to focus on maximizing shareholder value marked by improved asset quality, well managed capital ratios, and finding the right opportunities to improve short and long-term financial performance. Chairman Gubin continued “the Bank is on solid footing with strong support from our loyal business customers who continue to use us as their bank of choice as well as referring us to their many friends and business associates. As of January 31, 2024, the Bank’s secured lending limit has reached $18,749,670 and our unsecured lending limit to $11,249,670. Loan approval decisions are accomplished quickly when necessary to meet the needs of our customers. Our outreach efforts in the communities throughout South Florida over the past several years have proven to be extremely rewarding.”

About OptimumBank Holdings, Inc.

OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses.

The company accepts demand interest-bearing and noninterest-bearing savings, money market, NOW and time deposit accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial, and consumer loans, as well as lending lines for working capital needs. It also provides debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposits, money orders, cashier's checks, domestic collections, drive-in tellers, and banking by mail, as well as Internet banking services. In addition, the company engages in holding, managing, and disposal of foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

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 Holdings. Inc.investor@optimumbank.com+1.954.900.2850