FORT LAUDERDALE, Fla., May 15, 2015 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC), the parent company of OptimumBank ("Company"), announced today a net loss for the first quarter ending March 31, 2015 of approximately $(182,000), or $(.02) per basic share, as compared to net earnings for the same period last year of approximately $330,000, or $.04 per basic share. The loss was due to shareholder related expenses such as NASDAQ listing services and one time compensation for select OPHC directors.
OptimumBank (Bank), the sole subsidiary of the Company, earned approximately $107,000 for the first quarter of 2015, following 2014 annual earnings of approximately $2.2 million. This compared to a net loss of approximately ($6.7) million in 2013. OptimumBank continues to improve its core earnings momentum and is becoming less reliant on periodic earning gains. Events that occurred in 2014 that will show benefits in 2015:
- Development of strong alliances to improve loan production capabilities
- Increased emphasis on training and employee development
- Expanded marketing and participation in community events
- Introduction of Affinity Reward programs for non-profit organizations
- Roll out of mobile capture for making bank deposits
Bank Chairman Moishe Gubin commented, "During 2014, many of our performance ratios improved. Our Net Interest Margin increased from 2.95% to 4.15% and our Loan Yields increased from 5.26% to 6.01%, due to an improved asset mix and a decrease of $4.5 million in nonaccrual loans." In addition, Mr. Gubin added, "The Bank efficiency ratio improved from 263% (due to losses in 2013) to 66.26% in 2014 (due to income). Another way of looking at this is that the Bank has a profitability margin of 34%."
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 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. undertakes no obligation to revise or amend any forward-looking statements to reflect subsequent events or circumstances.
CONTACT: Moishe Gubin, Chairman of the Bank Board, or Thomas Procelli, Chief Operating Officer, at: (954) 900-2800
Source:OptimumBank Holdings, Inc.