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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2024

 

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to _________

 

Commission File Number: 000-50755

 

OPTIMUMBANK HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Florida   55-0865043

(State or other jurisdiction of

incorporation or organization)

  

(IRS Employer

Identification No.)

 

2929 East Commercial Boulevard, Fort Lauderdale, FL 33308

(Address of principal executive offices, Zip Code)

 

954-900-2800

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $.01 Par Value   OPHC   NASDAQ Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer ☐   Accelerated filer ☐
Non-accelerated filer ☒   Smaller reporting company ☒
    Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 9,677,431 shares of common stock, $.01 par value, issued and outstanding as of August 5, 2024.

 

 

 

 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

INDEX

 

  Page
   
PART I. FINANCIAL INFORMATION 1
   
Item 1. Financial Statements 1
   
Condensed Consolidated Balance Sheets — June 30, 2024 (unaudited) and December 31, 2023 (audited) 1
   
Condensed Consolidated Statements of Earnings — Three and Six Months ended June 30, 2024 and 2023 (unaudited) 2
   
Condensed Consolidated Statements of Comprehensive Income — Three and Six Months ended June 30, 2024 and 2023 (unaudited) 3
   
Condensed Consolidated Statements of Stockholders’ Equity — Three and Six Months ended June 30, 2024 and 2023 (unaudited) 4
   
Condensed Consolidated Statements of Cash Flows —Six Months ended June 30, 2024 and 2023 (unaudited) 5
   
Notes to Condensed Consolidated Financial Statements (unaudited) 6
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 19
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk 25
   
Item 4. Controls and Procedures 25
   
PART II. OTHER INFORMATION 25
   
Item 1. Legal Proceedings 25
   
Item 1A. Risk Factors 25
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25
   
Item 3. Default Upon Senior Securities 25
   
Item 4. Mine Safety Disclosures 25
   
Item 5. Other Information 25
   
Item 6. Exhibits 25
   
SIGNATURES 26

 

i

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Condensed Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

 

    June 30,     December 31,  
    2024     2023  
      (Unaudited)       (audited)  
Assets:                
Cash and due from banks   $ 11,923     $ 14,009  
Interest-bearing deposits with banks     92,133       62,654  
Total cash and cash equivalents     104,056       76,663  
Debt securities available for sale     23,540       24,355  
Debt securities held-to-maturity (fair value of $280 and $326)     315       360  
Loans, net of allowance for credit losses of $8,208 and $7,683     751,903       671,094  
Federal Home Loan Bank stock     2,691       3,354  
Premises and equipment, net     1,877       1,375  
Right-of-use lease assets     2,021       2,161  
Accrued interest receivable     2,994       2,474  
Deferred tax asset     3,024       2,903  
Other assets     7,357       6,515  
                 
Total assets   $ 899,778     $ 791,254  
Liabilities and Stockholders’ Equity:                
                 
Liabilities:                
Noninterest-bearing demand deposits   $ 230,947     $ 194,892  
Savings, NOW and money-market deposits     300,378       322,932  
Time deposits     231,321       121,757  
                 
Total deposits     762,646       639,581  
                 
Federal Home Loan Bank advances     45,000       62,000  
Federal Reserve Bank advances     —       13,600  
Operating lease liabilities     2,122       2,248  
Other liabilities     3,039       3,818  
                 
Total liabilities     812,807       721,247  
                 
Commitments and contingencies (Notes 8 and 11)     -        -   
Stockholders’ equity:                
Preferred stock, no par value 6,000,000 shares authorized:     —       —  
Series A Preferred, no par value, no shares issued and outstanding     —       —  
Series B Convertible Preferred, no par value, 1,520 shares authorized, 1,360 shares issued and outstanding     —       —  
Series C Convertible Preferred, no par value, 4,000,000 and 0 shares authorized, 525,641 and 0 shares issued and outstanding     —       —  
Common stock, $.01 par value; 30,000,000 shares authorized, 9,677,431 and 7,250,218 shares issued and outstanding     96       72  
Additional paid-in capital     102,424       91,221  
Accumulated deficit     (10,098 )     (15,971 )
Accumulated other comprehensive loss     (5,451 )     (5,315 )
                 
Total stockholders’ equity     86,971       70,007  
Total liabilities and stockholders’ equity   $ 899,778     $ 791,254  

 

See accompanying notes to condensed consolidated financial statements.

 

1

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Condensed Consolidated Statements of Earnings (Unaudited)

(in thousands, except per share amounts)

 

    2024     2023     2024     2023  
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2024     2023     2024     2023  
Interest income:                                
Loans   $ 12,948     $ 7,252     $ 24,784     $ 13,841  
Debt securities     165       172       336       350  
Other     2,075       755       3,534       1,504  
                                 
Total interest income     15,188       8,179       28,654       15,695  
                                 
Interest expense:                                
Deposits     5,919       2,556       10,997       4,988  
Borrowings     527       31       1,164       56  
                                 
Total interest expense     6,446       2,587       12,161       5,044  
                                 
Net interest income     8,742       5,592       16,493       10,651  
                                 
Credit loss expense     195       704       1,253       1,524  
                                 
Net interest income after credit loss expense     8,547       4,888       15,240       9,127  
                                 
Noninterest income:                                
Service charges and fees     864       759       1,832       1,478  
Other     337       13       608       23  
                                 
Total noninterest income     1,201       772       2,440       1,501  
                                 
Noninterest expenses:                                
Salaries and employee benefits     3,031       2,041       5,879       4,007  
Professional fees     238       171       433       368  
Occupancy and equipment     202       188       408       377  
Data processing     575       385       1,129       751  
Regulatory assessment     231       224       352       433  
Litigation Settlement     —       375       —       375  
Other     807       518       1,591       1,013  
                                 
Total noninterest expenses     5,084       3,902       9,792       7,324  
                                 
Net earnings before income taxes     4,664       1,758       7,888       3,304  
                                 
Income taxes     1,168       446       2,015       839  
                                 
Net earnings   $ 3,496     $ 1,312     $ 5,873     $ 2,465  
                                 
Net earnings per share - Basic   $ 0.36     $ 0.18     $ 0.68     $ 0.34  
Net earnings per share - Diluted     0.34     $ 0.18     $ 0.66     $ 0.34  

 

See accompanying notes to condensed consolidated financial statements.

 

2

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

 

    2024     2023     2024     2023  
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2024     2023     2024     2023  
                         
Net earnings   $ 3,496     $ 1,312     $ 5,873     $ 2,465  
                                 
Other comprehensive income (loss):                                
Change in unrealized loss on debt securities:                                
Unrealized gain (loss) arising during the period     312       (380 )     (201 )     335  
                                 
Amortization of unrealized loss on debt securities transferred to held-to-maturity     1       1       1       2  
                                 
Other comprehensive income (loss) before income taxes     313       (379 )     (200 )     337  
                                 
Deferred income tax (provision) benefit     (67 )     91       64       (85 )
                                 
Total other comprehensive income (loss)     246       (288 )     (136 )     252  
                                 
Comprehensive income   $ 3,742     $ 1,024     $ 5,737     $ 2,717  

 

See accompanying notes to condensed consolidated financial statements.

 

3

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Condensed Consolidated Statements of Stockholders’ Equity

Three and Six Months Ended June 30, 2024 and 2023

(Dollars in thousands)

 

    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Capital     Deficit     Loss     Equity  
    Preferred Stock                             Additional           Accumulated        
    Series A     Series B     Series C     Common Stock     Paid-In     Accumulated     Comprehensive     Stockholders’  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount     Capital     Deficit     Loss     Equity  
                                                                         
Balance at December 31, 2022 (audited)     —     $ —       1,360       —       —       —       7,058,897       71       90,408       (22,073 )     (5,826 )        62,580  
                                                                                                 
Additional allowance recognized due to adoption of Topic 326 (audited)     —       —       —       —       —       —       —       —       —       (181 )     —       (181 )
                                                                                                 
Proceeds from the sale of common stock (unaudited)     —       —       —       —       —       —       72,221       —       324       —       —       324  
                                                                                                 
Stock-based Compensation (unaudited)     —       —       —       —       —       —       119,101       1       489       —       —       490  
                                                                                                 
Net change in unrealized loss on debt securities available for sale (unaudited)     —       —       —       —       —       —       —       —       —       —       538       538  
                                                                                                 
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)     —       —       —       —       —       —       —       —       —       —       1       1  
                                                                                                 
Net earnings (unaudited)     —       —       —       —       —       —       —       —       —       1,153       —       1,153  
                                                                                                 
Balance at March 31, 2023 (unaudited)     —       —       1,360       —       —       —       7,250,219       72       91,221       (21,101 )     (5,287 )     64,905  
                                                                                                 
Net change in unrealized loss on debt securities available for sale (unaudited)     —       —       —       —       —       —       —       —       —       —       (289 )     (289 )
                                                                                                 
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)     —       —       —       —       —       —       —       —       —       —       1       1  
                                                                                                 
Net earnings (unaudited)     —       —       —       —       —       —       —       —       —       1,312       —       1,312  
                                                                                                 
Balance at June 30, 2023 (unaudited)     —       —       1,360       —       —       —       7,250,219       72       91,221       (19,789 )     (5,575 )     65,929  
                                                                                                 
Balance at December 31, 2023 (audited)     —     $ —       1,360     $ —       —     $ —       7,250,219     $ 72     $ 91,221     $ (15,971 )   $ (5,315 )   $ 70,007  
                                                                                                 
Proceeds from sale of preferred stock (net of offering costs of $118) (unaudited)     —       —       —       —       525,641       —       —       —       1,932       —       —       1,932  
                                                                                                 
Proceeds from sale of common stock (net of offering costs of $339) (unaudited)     —       —       —       —       —       —       2,311,552       23       8,780       —       —       8,803  
                                                                                                 
Stock-based Compensation (unaudited)