OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces First Quarter Earnings

Fort Lauderdale, FL, May 26, 2023 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (NASDAQ: OPHC) and subsidiary OptimumBank today announced the company’s total assets increased by approximately $37 million to $622 million as of March 31, 2023, from $585 million at December 31, 2022, primarily due to increases in loans, and cash and cash equivalents. The growth in assets was attributable to the success of the Company’s efforts to increase loans and deposits from new customers. Net loans grew by $18 million. Deposits grew by approximately $19 million to $527 million as of March 31, 2023 from $508 million at December 31, 2022. The Company increased the Federal Home Loan Bank advances by $15 million to $25 million as of March 31, 2023. Total stockholders’ equity increased by approximately $2 million to $65 million at March 31, 2023, from $63 million as of December 31, 2022, primarily due to proceeds from common stock sales and changes in unrealized loss on debt securities available for sale and net earnings.