FORT LAUDERDALE, Fla., Jan. 30, 2015 (GLOBE NEWSWIRE) -- OptimumBank (Bank), the sole subsidiary of OptimumBank Holdings, Inc. (Nasdaq:OPHC) earned approximately $5.0 million for the fourth quarter and approximately $7.2 million year to date. The Bank now has had 12 consecutive months of solid profitability. In the fourth quarter, the Bank's Tier 1 capital increased by $664,000 to $9,150,000 for a Tier 1 leverage ratio of 7.67%.
Due to the strength of the Bank's earnings and projected core future earnings, the Bank was able to record its Deferred Tax Asset and a resulting $4.8 million one-time earnings adjustment in the fourth quarter. Bank Chairman Moishe Gubin said, "This allows Bank investors to see the Balance Sheet which shows the true value in the Bank compared to other local financial institutions." At the Holding Company level, book value per share increased from $.33 to $.85 in the fourth quarter.
In addition, Mr. Gubin stated, "For shareholders, customers and followers of the Bank stock, 2014 was the year when groundwork and plans established in 2013 came to fruition. On a core basis, in 2015 we expect to meet or surpass the 2014 results."
Mr. Gubin continued, "CEO Tim Terry and his management team outlined a plan to the Board of Directors and followed through. In 2015, the Bank will emphasize new Brand Awareness programs, continue with a successful affinity deposit program and revamp branch operations to better serve customers. Troubled assets will continue to be removed and quality loan growth will accelerate."
This press release includes forward-looking statements and OptimumBank Holdings, Inc. intends for such statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements describe OptimumBank Holdings, Inc.'s and OptimumBank's expectations regarding future events. Future events are difficult to predict and are subject to risk and uncertainty which could cause actual results to differ materially and adversely. OptimumBank Holdings, Inc. and OptimumBank undertakes no obligation to revise or amend any forward-looking statements to reflect subsequent events or circumstances.
CONTACT: Moishe Gubin, Chairman of the Board of the Bank, or Thomas Procelli, Chief Operating Officer of the Bank, at (954) 900-2800
Source:OptimumBank Holdings, Inc.