OptimumBank Holdings Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2011
January 30, 2012 at 04:15 pm EST
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OptimumBank Holdings Inc. announced financial results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported net loss of approximately $57,000, or $0.003 per basic share, compared to a net loss for the same period in the prior year of approximately $1.7 million, or $2.06 per share. The company's 2011 fourth quarter results also significantly improved compared to the previous two quarters. In the quarters ended September 30, 2011 and June 30, 2011, the company recorded net losses of approximately $0.6 million, or $0.69 per basic share and $2.0 million or $2.40 per basic share, respectively.
The company reported a net loss of $3.7 million or $0.17 per basic share for the year ended December 31, 2011 compared to a net loss of $8.5 million or $10.32 per basic share for the same period last year. Non-performing assets have been a significant drain on the company's resources for over two years. These assets decreased by approximately $2.1 million during 2011, to $36.3 million at December 31, 2011.
OptimumBank Holdings, Inc. is a bank holding company for OptimumBank (the Bank). The Bank is a state-chartered bank, which offers a variety of community banking services to individual and corporate customers through its two banking offices located in Broward County, Florida. The Bank provides a range of consumer and commercial banking services to individuals and businesses. The Bankâs services offered includes demand interest-bearing and noninterest-bearing accounts, money market deposit accounts, negotiable order of withdrawal (NOW) accounts, time deposits, Visa debit and automated teller machine (ATM) cards, cash management, direct deposits, notary services, money orders, night depository, cashierâs checks, domestic collections, and banking by mail. It provides ATM cards and Visa debit cards, as a part of the Star, Presto and Cirrus networks, thereby permitting customers to utilize the convenience of ATMs worldwide. The Bank offers business lending lines for working capital needs.