OptimumBank Holdings, Inc. reported significant growth in its financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total interest income surged to $15.3 million for the third quarter, a 72% increase from $8.9 million in 2023. For the nine-month period, interest income rose to $44.0 million, up 79% from $24.6 million in the prior year. This growth was driven by an increase in net interest income, which reached $9.0 million for the third quarter (up 52%) and $25.5 million for the nine months (up 54%).
Net earnings also saw substantial improvement, with the company reporting $3.3 million for the third quarter, a 160% increase from $1.3 million in 2023. For the nine months, net earnings totaled $9.2 million, compared to $3.7 million in the previous year, marking a 146% increase. Basic earnings per share rose to $0.34 for the third quarter and $1.02 for the nine months, compared to $0.18 and $0.52, respectively, in 2023.
The bank's total assets increased significantly to $945.2 million as of September 30, 2024, up from $791.3 million at the end of 2023. Total deposits also grew to $806.5 million, a rise of approximately $167 million from $639.6 million. The increase in total liabilities was in line with asset growth, reaching $852.5 million.
OptimumBank's loan portfolio expanded to $768.9 million, up from $671.1 million at the end of 2023, with notable increases in commercial real estate and land and construction loans. The allowance for credit losses was $8.3 million, representing 1.07% of loans outstanding, a slight decrease from 1.13% at the end of 2023.
Strategically, the company opened its third branch office in North Miami Beach in July 2024 and began offering U.S. Small Business Administration (SBA) 7A loans, totaling $4.7 million. The bank also issued 525,641 shares of Series C Preferred Stock, raising $2.1 million, and initiated an At-the-Market (ATM) offering program to sell up to $25 million in common stock.
Overall, OptimumBank Holdings, Inc. demonstrated robust growth in revenue and profitability, supported by strategic initiatives aimed at expanding its loan offerings and enhancing operational efficiency.
About OptimumBank Holdings, Inc.
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