FORT LAUDERDALE, Fla., July 29, 2014 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC), the parent company of OptimumBank ("Company"), announced today a net profit for the second quarter ending June 30, 2014 of approximately $1.3 million, or $.16 per basic share, as compared to a net loss for the same period last year of approximately $(2.3) million, or $(.29) per basic share. For the year to date, the net profit is $1.7 million, or $.21 per basic share, as compared to a net loss for the first six months last year of approximately $(4.4) million, or $(.56) per basic share.
Chairman Gubin said, "The second quarter results, along with the successful start of a capital raise, a new Director and the notice from NASDAQ of continued listing have all the makings for 2014 being a watershed year for the Company." Mr. Gubin continued, "Our resiliency has brought us to the stage where the Company is ahead of its Strategic Plan for the year in terms of organic capital generation and earnings. The Bank's non-performing assets have decreased by 47.9% this year. The Net Interest Margin is above our peer group average and improving. Our continued success in achieving solid and sustained profitability, building a quality balance sheet and strengthening our capital position will be accomplished with the support of committed employees, directors and shareholders, as well as a broadening base of loyal customers and business partners."
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.