OptimumBank Holdings, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total assets reaching $933 million, an increase of $142 million from the previous year. The company achieved a net income of $13.1 million, a substantial rise of 109% compared to $6.3 million in 2023. This growth was primarily driven by a 67% increase in total interest income, which rose to $59.6 million, largely due to higher loan volumes and interest rates. The bank's net interest income also saw a notable increase of 46%, totaling $34.7 million.
The bank's loan portfolio expanded significantly, with net loans increasing by $124 million to $795 million. This growth was attributed to successful lending strategies in the competitive South Florida market, particularly in commercial real estate, which saw an increase of $63 million. The bank also began offering U.S. Small Business Administration (SBA) guaranteed loans during the third quarter of 2023, contributing to a small business loan portfolio that grew from $1.4 million in 2023 to $9 million by the end of 2024.
OptimumBank's total deposits increased by $133 million to $772 million, with a notable shift towards time deposits, which rose to $281.9 million from $121.8 million in the previous year. The bank also introduced brokered deposits for the first time, which accounted for 19% of total deposits. The increase in deposits was complemented by a rise in the bank's employee headcount, which grew from 60 to 73 full-time employees, reflecting the bank's expansion efforts.
The bank's capital position remained strong, with a Tier 1 leverage ratio of 10.91% as of December 31, 2024, exceeding the minimum regulatory requirements. Management indicated that the bank is well-positioned to continue its growth trajectory, focusing on expanding its lending portfolio while maintaining credit quality. The outlook for 2025 includes further investments in technology to enhance operational efficiency and the potential for geographic expansion beyond its current markets in Florida.
About OptimumBank Holdings, Inc.
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