Executive Summary

OPHC’s year-end 2023 update (filed as an 8-K 2.02 with EX-99.1) highlighted strong balance sheet expansion: assets reached $791.1M (+35.53% YoY) and loans grew to $680.1M (+40.69% YoY), alongside shareholder equity of ~$70M .
The Bank reported net income of $13.81M before credit loss and tax, and $7.25M after those expenses for 2023; disclosures emphasized these are Bank-only, unaudited results and may differ materially from consolidated holding company results .
Management introduced a national SBA lending program targeting $50.0M in closings in 2024 and cited ~$20.0M of accounts receivable credit lines to Skilled Nursing Facilities (SNFs) as evidence of strategic execution; these initiatives are likely catalysts for funding growth and fee income .
No Q4 2023 earnings call transcript or detailed quarterly P&L/revenue/EPS was found in filings; consensus estimates from S&P Global were unavailable at time of analysis due to access limits, limiting direct “vs. estimates” comparisons .
Trajectory through Q3/Q4 showed rapid asset accumulation (Sep→Oct→Dec), a growing SNF financing portfolio, and elevated lending limits that expand capacity—Key near-term focus areas include scaling SBA origination, deposit mix, and NIM optimization .

What Went Well and What Went Wrong

What Went Well

Accelerated balance sheet and loan growth: assets rose to $791,052,397 (+35.53% YoY) and loans reached $680,069,842 (+40.69% YoY), signaling robust demand and origination momentum .
Strategic expansion initiatives: “Our newly started national SBA lending program is expected to achieve $50MM in closings during 2024” and “approximately $20MM in accounts receivable credit lines to Skilled Nursing Facilities throughout the country” underscore diversified growth vectors .
Customer acquisition/retention strength: “The Bank is on solid footing with strong support from our loyal business customers… Loan approval decisions are accomplished quickly… outreach efforts… have proven to be extremely rewarding” .

What Went Wrong

Limited quarterly granularity: Q4 press materials focus on year-end Bank-only, unaudited figures, with explicit caution that consolidated holding company results may be “materially different,” constraining precision on Q4 revenue/EPS/margins .
Incomplete “vs. estimates” view: S&P Global consensus estimates could not be retrieved (access limits), and company disclosures did not include quarterly EPS or revenue, limiting direct beat/miss assessment. Values retrieved from S&P Global*.
Non-GAAP reliance: Management cited “core earnings” (non-GAAP) for October, requiring reconciliation to GAAP and caution when extrapolating quarterly profitability trends .

Financial Results

Year-End Balance Sheet and Profitability (Bank-only; unaudited)

Metric	FY 2022	FY 2023
Total Assets ($USD)	$583,693,724	$791,052,397
Loan Portfolio ($USD)	$483,382,801	$680,069,842
Shareholder Equity ($USD)	—	~$70,000,000
Net Income (Before Credit Loss & Tax) ($USD)	—	$13,808,107
Net Income (After Credit Loss & Tax) ($USD)	—	$7,254,285

Notes:

These are OptimumBank (Bank-only) results, unaudited; consolidated OPHC results may differ materially .

Monthly Profitability (Non-GAAP “Core Earnings” Reconciliation)

Metric	Dec 31, 2022 (Month End)	Oct 31, 2023 (Month End)
Net Income ($USD)	$540,836	$749,888
Add: Taxes ($USD)	$184,351	$255,142
Add: Provision for Credit Losses ($USD)	$238,028	$405,870
Core Earnings (Non-GAAP) ($USD)	$963,215	$1,410,900

Asset Progression (Selected Periods)

Metric	Sep 2023 (Month End)	Oct 2023 (Month End)	Dec 31, 2023
Total Assets ($USD)	$712,700,000	$755,700,000	$791,052,397

Lending Capacity KPIs

KPI	Q3 2023	Q4 2023
Secured Lending Limit ($USD)	—	$18,749,670
Unsecured Lending Limit ($USD)	—	$11,249,802

Segment breakdown: Not applicable (community bank, segment detail not provided in filings).

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
SBA Loan Closings ($USD)	FY 2024	—	$50,000,000	New
SNF Accounts Receivable Credit Lines ($USD)	FY 2023 Execution	—	~$20,000,000 achieved	Operational update (not guidance)

Earnings Call Themes & Trends

No Q4 2023 earnings call transcript was found; themes tracked from press releases and 8-Ks.

Topic	Previous Mentions (Q-2)	Previous Mentions (Q-1: Q3 2023)	Current Period (Q4 2023)	Trend
SBA National Lending Program	Pipeline of $15MM; first SBA loan closed $300,000	Strategic plan focused on expansion and competitive pricing	Expected $50MM closings in 2024	Scaling from pilot/pipeline to targeted annual production
SNF A/R Financing	SNF portfolio >$28MM	—	~$20MM credit lines provided (progress cited)	Continued growth; diversified lending niche
Net Interest Margin (NIM) Focus	—	Emphasis on improving NIM via pricing, raising Loan-to-Deposit ratio	Continued growth with strong customer support; no numeric NIM disclosed	Ongoing margin optimization focus
M&A Evaluation	—	Evaluating M&A as buyer	Not updated numerically	Strategic option, no new detail
Community Outreach/Regional Presence	—	“Community banking at its best… customers are a name, not a number”	Outreach efforts across South Florida “extremely rewarding”	Relationship-led growth reinforcing deposits/loans

Management Commentary

“Our strategic plan, clear performance objectives and dedicated leadership have achieved well managed capital ratios, and finding the right opportunities to improve short and long-term financial performance.”
“Our newly started national SBA lending program is expected to achieve $50MM in closings during 2024 and we have accomplished significant progress this year in providing approximately $20MM in accounts receivable credit lines to Skilled Nursing Facilities throughout the country.”
“The Bank is on solid footing with strong support from our loyal business customers… Loan approval decisions are accomplished quickly… Our outreach efforts… have proven to be extremely rewarding.”
Strategic backdrop: focus on expanding lending capabilities, increasing core deposits (particularly fee-based businesses), evaluating M&A, and improving NIM via competitive pricing and loan-to-deposit ratio management .

Q&A Highlights

No Q4 2023 earnings call transcript was available to review; therefore, no Q&A themes or clarifications could be extracted from a call transcript. We searched OPHC filings and transcripts within the Q4 window but found none [Search did not return results].

Estimates Context

S&P Global (Capital IQ) consensus estimates for Q4 2023 EPS/revenue were unavailable due to access limits at time of analysis. Values retrieved from S&P Global*.
Company disclosures for Q4 did not include consolidated OPHC quarterly EPS or revenue, precluding direct beat/miss quantification vs. Street.

Key Takeaways for Investors

Strong balance sheet scaling into year-end: assets $791.1M (+35.53% YoY) and loans $680.1M (+40.69% YoY) underpin topline growth potential, with ~$70M equity supporting capacity .
SBA program provides a tangible 2024 growth catalyst; the $50.0M closings target could drive both loan growth and potential fee income—watch quarterly production cadence for confirmation .
Niche SNF A/R financing continues to expand (~$20.0M credit lines in 2023, portfolio >$28.0M earlier), diversifying lending mix and potentially enhancing yields/risk-adjusted returns .
Margin management remains a key lever—management’s focus on competitive pricing and loan-to-deposit ratio signals prioritization of NIM resilience amid rate dynamics .
Disclosure caveat: figures are Bank-only, unaudited; consolidated holding company results may be materially different—investors should look for the 10-K/holding-company detail to reconcile .
With limited Street coverage and no transcript, near-term stock narrative may hinge on visible origination progress (SBA), deposit mix improvements, and upcoming consolidated filings.
Risk management watchlist: provision levels (noted in core earnings reconciliation) and credit trends as growth accelerates; monitor quarterly credit loss and tax impacts for earnings durability .

Footnote: Values retrieved from S&P Global*

OptimumBank Holdings, Inc. (OPHC)·Q4 2023 Earnings Summary