OPHC - OptimumBank expects $1.3M fee income from PPP loans

OptimumBank Holdings ([[OPHC]] +1.9%) Chairman Moishe Gubin expects the bank will get $1.3M of fee income from Paycheck Protection Program loans "when all is said and done," he said in his comments at the company's annual meeting yesterday.The bank closed 267 PPP loans totaling $17.7M for Q1 2021 with $3.9M of those already forgiven.Since the pandemic began, OPHC granted six-month forbearances on 58 loans totaling $43.7M, which accounted for 31.5% of its gross loan portfolio. Since then, the forbearances have expired and all borrowers resumed their monthly mortgage portfolios, Gubin said.In Q1 2021 the bank posted net income before allowance for loan losses of $324,000, an improvement of $443,000 from a $119,000 loss in Q1 2020.The bank's net interest income increased 112%, or by $903,000, Y/Y as a result of continued fee income and ACH fees while simultaneously balancing expenses.OPHC is trading ~10% higher year-to-date.

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OptimumBank expects $1.3M fee income from PPP loans