0001171843-12-002797.txt : 20120730 0001171843-12-002797.hdr.sgml : 20120730 20120730163603 ACCESSION NUMBER: 0001171843-12-002797 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120730 DATE AS OF CHANGE: 20120730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OptimumBank Holdings, Inc. CENTRAL INDEX KEY: 0001288855 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 000000000 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50755 FILM NUMBER: 12994042 BUSINESS ADDRESS: STREET 1: 10197 CLEARY BOULEVARD CITY: PLANTATION STATE: FL ZIP: 33324 BUSINESS PHONE: 954-452-9501 MAIL ADDRESS: STREET 1: 10197 CLEARY BOULEVARD CITY: PLANTATION STATE: FL ZIP: 33324 8-K 1 document.htm FORM 8-K FILING DOCUMENT Form 8-K Filing

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) July 30, 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 July 30, 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 July 30, 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)


July 30, 2012
(Date)
  /s/   RICHARD L. BROWDY
Richard L. Browdy
President


  Exhibit Index
  99.1 Press release dated July 30, 2012






EX-99 2 newsrelease.htm PRESS RELEASE OptimumBank Holdings, Inc. Announces Second Quarter 2012 Results

EXHIBIT 99.1

OptimumBank Holdings, Inc. Announces Second Quarter 2012 Results

FORT LAUDERDALE, Fla., July 30, 2012 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC), the parent company of OptimumBank, announced today a net loss for the second quarter ended June 30, 2012 of approximately $(0.8) million, or $(.03) per basic share, as compared to a net loss for the same period last year of approximately $(2.0) million, or $(2.40) per basic share.  The 2012 second quarter loss increased from the previous quarter's loss of $(0.6) million primarily due to a $154,000 provision for loan losses recorded in the June 2012 quarter as compared to a $27,000 provision recorded in the March 2012 quarter. Chairman Moishe Gubin said, "We are still experiencing some weakness in real estate valuations, but overall we believe the real estate market in Florida has stabilized and local values are rising."   

The net loss for the six months ended June 30, 2012 was approximately $(1.4) million, or $(.05) per basic share, as compared to a net loss for the same period last year of approximately $(3.1) million, or $(3.82) per basic share.  The $1.7 million reduction in losses for the comparative six month periods was primarily due to a significant reduction in the provision for loan losses in 2012 as compared to 2011. The year to date provision for loan loss was $181,000 during the six months ended June 2012 compared to an $894,000 provision for the same period in 2011. Chairman Gubin said, "Operating losses appear to be stabilizing as we continue to focus our efforts on cost containment and income generation."

The Company improved its credit quality during the June 2012 quarter with non-performing assets declining during the quarter by approximately 12% or $4.2 million to a total of $30.8 million. Chairman Gubin commented,  "Returning to profitability depends on reducing non-performing assets and originating new loans. We are focused on both strategies with our emphasis on lending to small and medium sized businesses." Lending volumes rose during the June 2012 quarter with $4.4 million in loan originations. 

The Company's capital ratios exceeded its regulatory capital requirements at June 30, 2012, with a tier one leverage capital ratio of 8.63% and a total risk-based capital ratio of was 13.18%. The Company expects to raise additional capital during the September 2012 quarter with an additional $2.7 million investment from Chairman Gubin, subject to regulatory approval, and approximately $2.0 million from other investors.   Chairman Gubin said, "I believe the Company has a great future and I am here to support it."

The Company recently upgraded its internet business banking systems and 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 at (954) 776-2332