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) January 31, 2013
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 January 31, 2013 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 January 31, 2013
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) |
||
| January 31, 2013
(Date) |
/s/ RICHARD L. BROWDY
Richard L. Browdy President |
| Exhibit Index | ||
| 99.1 | Press release dated January 31, 2013 | |
EXHIBIT 99.1
FORT LAUDERDALE, Fla., Jan. 31, 2013 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC), the parent company of OptimumBank ("Company"), announced today a net loss for the fourth quarter ending December 31, 2012 of approximately $(2.3) million, or $(.07) per basic share, as compared to a net loss for the same period last year of approximately $(57,000), or $(.003) per basic share. The net loss for the year ending December 31, 2012 was approximately $(4.7) million, or $(.15) per basic share, as compared to a net loss for the prior year of approximately $(3.7) million, or $(.17) per basic share.
A large portion of the net loss for the 2012 fourth quarter was a $1.3 million provision for loan losses resulting from lower current valuations of several older problem loan relationships. Chairman Moishe Gubin said, "I am disappointed with the results, but I believe we have dealt with the majority of the legacy issues since the recapitalization of the Company in late 2011."
For the year ending December 31, 2012, the Company reduced non-performing assets by approximately 22.7% or $8.2 million to a total of $28.0 million. Chairman Gubin noted, "We continue to have a number of transactions in process that should further reduce non-performing assets in 2013." Mr. Gubin also said, "Core demand deposits grew 8% this year as a result of new business relationships, which helped reduce the Company's cost of funds at December 31, 2012 to a historical low."
The Company's capital ratios exceeded its regulatory capital requirements at December 31, 2012, with a tier one leverage capital ratio of 8.12% and a total risk-based capital ratio of 12.22%.
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