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) November 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 November 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 November 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) |
||
| November 1, 2012
(Date) |
/s/ RICHARD L. BROWDY
Richard L. Browdy President |
| Exhibit Index | ||
| 99.1 | Press release dated November 1, 2012 | |
EXHIBIT 99.1
FORT LAUDERDALE, Fla., Nov. 1, 2012 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC), the parent company of OptimumBank ("Company"), announced today a net loss for the third quarter ending September 30, 2012 of approximately $(1.0) million, or $(.04) per basic share, as compared to a net loss for the same period last year of approximately $(.6) million, or $(.69) per basic share. The net loss for the nine month period ending September 30, 2012 was approximately $(2.4) million, or $(.09) per basic share, as compared to a net loss for the same period last year of approximately $(3.7) million, or $(4.50) per basic share.
For the nine month period ending September 30, 2012, the Company reduced non-performing assets by approximately 17.5% or $6.4 million to a total of $29.9 million. Chairman Moishe Gubin said, "There are a number of transactions in process that will likely further reduce non-performing assets over the next several months as well as raise our interest margin." During the third quarter ending September 2012, the Company's capital base was enhanced with an additional capital raise of $1.6 million. The Company's capital ratios exceeded its regulatory capital requirements at September 30, 2012, with a tier one leverage capital ratio of 9.21% and a total risk-based capital ratio of 13.90%.
Chairman Gubin noted, "We are very excited with our progress. The Company's lending activity has increased and our net interest margin has grown the last two months. For the nine month period ending September 30, 2012 non-interest expense decreased by $1.6 million compared to the same period last year due to the Company's substantial expense reduction efforts that began near the end of 2011. The current loan origination pipeline has grown to over $16 million and we anticipate returning to profitability in 2013."
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
(954) 776-2332