OptimumBank Holdings Rockets Over 400 percent


 
 
05:24 11/16/2017

The week has so far been packed with monster movers from different sectors rallying hundreds of percents each day. Daily gains you can find nowhere else but in the stock market. The latest big mover to join the wining plays is Fort Lauderdale based OptimumBank Holdings, Inc. OPHC  that rallied to an intraday high of $13.96 on record volume shattering its previous 52 week high and currently trading in blue sky territory. This low float stock has had 4 halts today and more could be on the way due to the massive swings in both directions. OPHC  has a 657,000 float that has already rotated 4 times hence the wild price swings.

Friday’s session could present another shot at new highs.

OPHC  is one of South Florida’s smallest banks with $110.2 million in assets. The Company’s total assets decreased by $11.2 million to $108.5 million at September 30, 2017, from $119.7 million at December 31, 2016, primarily due to a reduction in total deposits. Total stockholders’ equity decreased approximately $0.5 million at September 30, 2017 from $3.1 million at December 31, 2016 to $2.6 million, primarily due to the net loss of $510,000 for the nine months ended September 30, 2017. As of September 30,2017, the Bank has provided for a reserve for BSA Compliance look back of $210.000.

For the year ended December 31,2016, the Bank’s total assets decreased by $6.9 million to $112.8 million at June 30, 2017, from $119.7 million at December 31, 2016, primarily due to a reduction in total loans. Total stockholders’ equity decreased approximately $0.4 million at June 30, 2017 from $3.1 million at December 31, 2016 to $2.7 million, due to the net loss of $452,000 for the six months ended June 30, 2017.

Clearly this Bank doesn’t have a clean bill of financial health but, after today’s monster move could a turnaround finally be around the corner for this ailing bank?


This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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