Financial Performance - The company reported net earnings of $2.377 million for Q1 2024, a 106% increase from $1.153 million in Q1 2023 [1] - Total assets reached $940 million, with net loans of $746 million and total deposits of $798 million [2] - The loan portfolio increased by 50.4% to $755.9 million from $502.5 million in the prior year [2] - Noninterest income rose by 69.96% to $1.2 million from $729 thousand in the previous year [2] Business Strategy - The company aims to slow loan growth in the short term while exploring prudent growth opportunities, including expanding its footprint and additional lines of business [3] - The introduction of U.S. Small Business Administration (SBA) 7A loans is part of the strategy to diversify the loan portfolio [3] - The company is focused on increasing on-balance sheet liquidity by identifying deposit growth opportunities among existing customers and prospects [4] Organizational Development - The company plans to evaluate the performance of recent changes to its business model throughout 2024 and may modify its plans as necessary [4] - A review of human resources will be conducted to assess the appropriateness of the current organizational structure for the newly established $1 billion bank [4] Company Overview - OptimumBank Holdings, Inc. operates as a bank holding company providing a range of consumer and commercial banking services [5] - The company offers various deposit accounts, loans, and banking services, and operates through banking offices in Broward County, Florida [6]
OptimumBank Holdings, Inc. (the "Company") (OPHC-NASDAQ) Announces First Quarter Results