Optima Bank & Trust Announces 2016 Results and 2017 ForecastMay 02, 2017
Contact: Gemma Waite
Vice President, Marketing & Community Relations
Optima Bank & Trust
Office: (603) 433-9672
Mobile: (207) 831-0329
Optima Bank & Trust Announces 2016 Results and 2017 Forecast
PORTSMOUTH, NH (May 1, 2017) – Optima Bank & Trust, the only locally-owned, commercial bank in Portsmouth held the 2017 Annual Meeting of its shareholders on April 20 at the Portsmouth Country Club. Bank president and CEO, Daniel Morrison, announced exceptional results for 2016 and a positive outlook for the year ahead.
“I am pleased to report that 2016 was the best year yet for Optima Bank & Trust Company,” said Morrison. “The Bank once again posted record earnings and continued to be one of the fastest growing and most profitable banks in the state of New Hampshire.”
Morrison reported that total assets grew by 16% to $427 million from $369 million at December 31, 2015. In 2016, total loans grew by 9% from $315 million to $343 million, and total deposits grew by 16% from $342 million to $398 million. Net interest income, the Bank’s primary revenue source, was $11.5 million in 2016, up from $10.6 million in 2015. Non-interest income was $2.4 million, up 14% from last year. For 2016, net income was $2.1 million.
Morrison reported that the outlook for 2017 is very positive, even better than 2016.
“We are off to an excellent start, with continuing double digit growth, and we expect this to be another great year,” said Morrison. “In the first quarter, total assets were up about 16% from last year, loans are up 15% from a year ago, and deposits are up more than 19% from the same time last year.”
At the end of the first quarter of 2017 Optima reported $437 million in total assets. According to home mortgage data released by the Federal Reserve, Optima Bank is the number one bank in mortgage originations in the New Hampshire seacoast.
“We had the best first quarter we’ve ever had, in terms of loan volume, and we still have a huge pipeline of loans to close in coming weeks,” said Morrison.
The Bank now has seven locations, including the corporate headquarters at Two Harbour Place, five full-service branches and one loan office. Morrison recapped the Bank’s expansion in downtown Portsmouth and future expansion in the Dover market.
“Last fall we expanded in downtown Portsmouth, moving our retail space out of the first floor of our headquarters, into a new building across the street,” said Morrison. “The move allowed us to renovate the ground floor of our headquarters at Two Harbour Place, adding more cubicles to make room for support staff, such as loan servicing and underwriting.”
The Bank currently has a loan office at 130 Central Avenue, which will be replaced with a full-service branch at 920 Central Avenue later this year.
Morrison bragged to shareholders about his dedicated staff and stressed that their efforts to provide high-quality customer service to businesses and individuals throughout New Hampshire as key to the Bank’s success.
“These people make me very proud, everywhere I go, I brag about our staff. They’re the best bankers you can find anywhere,” said Morrison. “They’re smart, educated, experienced, and they work hard. They are the ones who make Optima Bank what it is.”
About Optima Bank & Trust: Founded in 2008, Optima Bank & Trust is an award-winning, locally-owned commercial bank headquartered in Portsmouth, New Hampshire. With five full-service branches and a loan office, the Bank's focus is on providing exceptional service to commercial and personal customers for deposit products and commercial and residential lending. For more information, visit optimabank.com or call (603) 433-9600. Optima Bank & Trust can also be found on Facebook, Twitter and LinkedIn.
Photo caption: Daniel Morrison, Chairman, President & CEO of Optima Bank & Trust addresses Optima Bank shareholders at the Bank’s 2017 Annual Meeting.Contact:Gemma Waite French, Vice President Marketinggfrench@optimabank.com, (603) 433-9672