UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 1, 2012
OptimumBank Holdings, Inc.
(Exact name of registrant as specified in its charter)
Florida |
000-50755 |
55-0865043 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
2477 E. Commercial Blvd., Ft. Lauderdale, FL 33308 |
33308 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (954) 776-2332
________________________________________________________________________________
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 2.02. Results of Operations and Financial Condition.
On May 1, 2012 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated May 1, 2012
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| OptimumBank Holdings, Inc.
(Registrant) |
||
| May 1, 2012
(Date) |
/s/ RICHARD L. BROWDY
Richard L. Browdy President |
| Exhibit Index | ||
| 99.1 | Press release dated May 1, 2012 | |
EXHIBIT 99.1
FORT LAUDERDALE, Fla., May 1, 2012 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC), the parent company of OptimumBank, announced today a net loss for the first quarter ended March 31, 2012 of approximately $.6 million, or $.03 per basic share, as compared to a net loss for the same period last year of approximately $1.2 million, or $1.41 per basic share. The 2012 first quarter loss increased from the previous quarter's loss of $53,000, primarily due to an $.8 million credit for loan losses recorded in the December 2011 quarter as compared to a $27,000 provision recorded in the March 2012 quarter. Chairman Moishe Gubin noted, "Our results show marked improvement from the same period in the prior year due to our implementation of effective cost control measures. Our net interest income before provision for loan losses for the March 2012 quarter compared to the December 2011 quarter, increased by approximately 9% to $.7 million, and our noninterest expenses declined by approximately 23% to $1.2 million."
During the first quarter, non-performing assets decreased by approximately $.4 million to $35.9 million at March 31, 2012. Chairman Gubin commented, "Based on scheduled closings in the second quarter, we expect disposals of our problem assets in the second quarter to outpace our first quarter reductions."
The Company's capital position this quarter improved significantly with $1.8 million in new capital added from further sales in the Company's private placement stock offering which commenced in 2011. Chairman Gubin noted, "With almost $10.4 million in new capital, we are now in excess of all our regulatory capital requirements with a tier one leverage capital ratio of 9.16% and a total risk-based capital ratio of 13.20%."
During the first quarter of 2012, OptimumBank installed new business banking software to attract new commercial deposit customers with lower cost deposits. The Bank's lending pipeline continues to grow and increased loan originations are expected during the second quarter of 2012. Chairman Gubin noted, "We are successfully implementing our current strategy of containing costs, increasing loan originations, reducing problem assets, reducing our cost of funds, and augmenting capital. With signs of an improving economy, we expect 2012 to be a pivotal year in our return to profitability."
The Company offers a wide array of lending and retail banking products to individuals and businesses in Broward, Miami-Dade and Palm Beach Counties through its executive offices and three branch offices in Broward County, Florida.
The OptimumBank Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3232
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.
CONTACT: Moishe Gubin, Chairman of the Board
or Richard L. Browdy, President
(954) 776-2332