OptimumBank Holdings, Inc. Reports Strong Financial Performance in Q3 2024

OptimumBank Holdings, Inc. (NASDAQ: OPHC) announced on November 8, 2024, through a press release detailing its unaudited results for the period ending September 30, 2024. The financial report highlighted substantial growth in both earnings and profitability compared to the same period in 2023. Net income reached $3.3 million for the third quarter of 2024, translating to $0.34 per basic share and $0.32 per diluted share, a significant increase from the $1.2 million net income reported in the corresponding period in 2023.

Key Financial Highlights included:

– Net interest income surged to $8.962 million, a notable 51.5% increase from $5.914 million in the third quarter of 2023, primarily driven by a 44.9% rise in average interest-earning assets.
– The net interest margin saw an increase to 3.96%, up from 3.79% in the same quarter of the previous year, reflecting growth in average interest-earning assets and the impact of higher costs on interest-bearing deposits.
– Noninterest income rose to $1.115 million for the third quarter of 2024, marking a 22.4% increase from $911,000 in the same period in 2023, driven mainly by higher service charges and other noninterest income.

OptimumBank displayed significant asset and deposit growth, with gross loans expanding to $778 million as of September 30, 2024, and total deposits increasing by 26.1% to $806.5 million, from $639.5 million as of December 31, 2023. The bank’s total deposits comprised a substantial 134.5% increase in time deposits, boosting its capital position.

Moishe Gubin, Chairman of OptimumBank Holdings, Inc., expressed satisfaction with the robust financial performance achieved in Q3 2024,

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read OptimumBank’s 8K filing here.

About OptimumBank

OptimumBank Holdings, Inc operates as the bank holding company for OptimumBank that provides various consumer and commercial banking services to individuals and businesses. It accepts demand interest-bearing and noninterest-bearing, savings, money market, and NOW accounts, as well as time deposits, wire transfers, ACH services, and certificates of deposit.