OptimumBank (OPHC) 10-Q 10 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 10, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	000-50755
Entity Registrant Name	OPTIMUMBANK HOLDINGS, INC.
Entity Central Index Key	0001288855
Entity Tax Identification Number	55-0865043
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	2929 East Commercial Boulevard
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33308
City Area Code	954
Local Phone Number	900-2800
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	OPHC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,768,509

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets:
Cash and due from banks	$ 23,791	$ 13,681
Interest-bearing deposits with banks	50,002	45,289
Total cash and cash equivalents	73,793	58,970
Debt securities available for sale	25,434	34,394
Debt securities held-to-maturity (fair value of $547 and $1,071)	578	1,040
Loans, net of allowance for loan losses of $5,212 and $3,075	432,470	247,902
Federal Home Loan Bank stock	2,725	793
Premises and equipment, net	872	843
Right-of-use lease assets	1,459	1,737
Accrued interest receivable	1,202	971
Deferred tax asset	4,368	3,442
Other assets	1,924	1,786
Total assets	544,825	351,878
Liabilities:
Noninterest-bearing demand deposits	158,887	124,119
Savings, NOW and money-market deposits	138,985	155,102
Time deposits	124,330	13,236
Total deposits	422,202	292,457
Federal Home Loan Bank advances	68,000	18,000
Official checks	220	140
Operating lease liabilities	1,507	1,775
Other liabilities	1,691	996
Total liabilities	493,620	313,368
Commitments and contingencies (Notes 8 and 11)
Stockholders’ equity:
Preferred stock value
Common stock, $.01 par value; 10,000,000 shares authorized, 6,768,509 and 4,775,281 shares issued and outstanding	68	48
Additional paid-in capital	80,601	65,193
Accumulated deficit	(23,623)	(26,096)
Accumulated other comprehensive loss	(5,841)	(635)
Total stockholders’ equity	51,205	38,510
Total liabilities and stockholders’ equity	544,825	351,878
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock value
Series B Preferred Stock [Member]
Stockholders’ equity:
Preferred stock value

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt securities held to maturity, fair value	$ 547	$ 1,071
Loans, allowance for loan losses	$ 5,212	$ 3,075
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	6,000,000	6,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	6,768,509	4,775,281
Common stock, shares outstanding	6,768,509	4,775,281
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	1,020	1,020
Preferred stock, shares issued	1,020	760
Preferred stock, shares outstanding	1,020	760

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest income:
Loans	$ 5,000	$ 2,795	$ 12,027	$ 6,820
Debt securities	153	150	475	327
Other	341	28	480	81
Total interest income	5,494	2,973	12,982	7,228
Interest expense:
Deposits	803	146	1,148	480
Borrowings	386	62	549	241
Total interest expense	1,189	208	1,697	721
Net interest income	4,305	2,765	11,285	6,507
Provision for loan losses	1,374	582	2,757	955
Net interest income after provision for loan losses	2,931	2,183	8,528	5,552
Noninterest income:
Service charges and fees	637	375	1,906	816
Other	55	48	200	86
Total noninterest income	692	423	2,106	902
Noninterest expenses:
Salaries and employee benefits	1,421	921	4,063	2,347
Professional fees	129	141	418	393
Occupancy and equipment	185	156	527	467
Data processing	324	195	886	542
Insurance	24	23	72	69
Regulatory assessment	46	20	146	147
Other	591	233	1,208	780
Total noninterest expenses	2,720	1,689	7,320	4,745
Net earnings before income taxes	903	917	3,314	1,709
Income taxes	230		841
Net earnings	$ 673	$ 917	$ 2,473	$ 1,709
Net earnings per share - Basic and diluted	$ 0.11	$ 0.21	$ 0.44	$ 0.47

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net earnings	$ 673	$ 917	$ 2,473	$ 1,709
Change in unrealized loss on debt securities:
Unrealized (loss) gain arising during the period	(1,084)	233	(6,989)	(340)
Amortization of unrealized loss on debt securities transferred to held-to-maturity	1	18	12	98
Other comprehensive (loss) income before income taxes	(1,083)	251	(6,977)	(242)
Deferred income taxes	276		1,771	(25)
Total other comprehensive (loss) income	(807)	251	(5,206)	(267)
Comprehensive (loss) income	$ (134)	$ 1,168	$ (2,733)	$ 1,442

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Series A Preferred Stock [Member] Preferred Stock [Member]	Series B Preferred Stock [Member] Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2020			$ 32	$ 50,263	$ (32,392)	$ (69)	$ 17,834
Beginning balance, shares at Dec. 31, 2020		400	3,203,455
Proceeds from the sale of preferred stock (unaudited)				4,000			4,000
Proceeds from the sale of preferred stock (unaudited), shares		160
Common stock issued for junior subordinated debenture (unaudited)				41			41
Common stock issued for junior subordinated debenture (unaudited), shares			11,042
Net change in unrealized loss on debt securities available for sale (unaudited)						(922)	(922)
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)						22	22
Net earnings					348		348
Ending balance, value at Mar. 31, 2021			$ 32	54,304	(32,044)	(969)	21,323
Ending balance, shares at Mar. 31, 2021		560	3,214,497
Beginning balance, value at Dec. 31, 2020			$ 32	50,263	(32,392)	(69)	17,834
Beginning balance, shares at Dec. 31, 2020		400	3,203,455
Net earnings							1,709
Ending balance, value at Sep. 30, 2021			$ 45	64,146	(30,683)	(336)	33,172
Ending balance, shares at Sep. 30, 2021		760	4,524,509
Beginning balance, value at Mar. 31, 2021			$ 32	54,304	(32,044)	(969)	21,323
Beginning balance, shares at Mar. 31, 2021		560	3,214,497
Proceeds from the sale of preferred stock (unaudited)				5,000			5,000
Proceeds from the sale of preferred stock (unaudited), shares		200
Common stock issued for junior subordinated debenture (unaudited)			$ 3	844			847
Common stock issued for junior subordinated debenture (unaudited), shares			282,377
Net change in unrealized loss on debt securities available for sale (unaudited)						349	349
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)						33	33
Net earnings					444		444
Proceeds from the sale of common stock (unaudited)			$ 3	1,173			1,176
Proceeds from the sale of common stock (unaudited), shares			262,417
Ending balance, value at Jun. 30, 2021			$ 38	61,321	(31,600)	(587)	29,172
Ending balance, shares at Jun. 30, 2021		760	3,759,291
Common stock issued for junior subordinated debenture (unaudited)			$ 4	1,217			1,221
Common stock issued for junior subordinated debenture (unaudited), shares			407,195
Net change in unrealized loss on debt securities available for sale (unaudited)						233	233
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)						18	18
Net earnings						917	917
Proceeds from the sale of common stock (unaudited)			$ 3	1,608			1,611
Proceeds from the sale of common stock (unaudited), shares			358,023
Ending balance, value at Sep. 30, 2021			$ 45	64,146	(30,683)	(336)	33,172
Ending balance, shares at Sep. 30, 2021		760	4,524,509
Beginning balance, value at Dec. 31, 2021			$ 48	65,193	(26,096)	(635)	38,510
Beginning balance, shares at Dec. 31, 2021		760	4,775,281
Proceeds from the sale of preferred stock (unaudited)				6,500			6,500
Proceeds from the sale of preferred stock (unaudited), shares		260
Net change in unrealized loss on debt securities available for sale (unaudited)						(2,078)	(2,078)
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)						7	7
Net earnings					855		855
Proceeds from the sale of common stock (unaudited)			$ 12	5,511			5,523
Proceeds from the sale of common stock (unaudited), shares			1,227,331
Ending balance, value at Mar. 31, 2022			$ 60	77,204	(25,241)	(2,706)	49,317
Ending balance, shares at Mar. 31, 2022		1,020	6,002,612
Beginning balance, value at Dec. 31, 2021			$ 48	65,193	(26,096)	(635)	38,510
Beginning balance, shares at Dec. 31, 2021		760	4,775,281
Net earnings							2,473
Ending balance, value at Sep. 30, 2022			$ 68	80,601	(23,623)	(5,841)	51,205
Ending balance, shares at Sep. 30, 2022		1,020	6,768,509
Beginning balance, value at Mar. 31, 2022			$ 60	77,204	(25,241)	(2,706)	49,317
Beginning balance, shares at Mar. 31, 2022		1,020	6,002,612
Net change in unrealized loss on debt securities available for sale (unaudited)						(2,332)	(2,332)
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)						4	4
Net earnings					945		945
Stock-based Compensation (unaudited)				96			96
Stock-based Compensation (unaudited), shares			24,493
Ending balance, value at Jun. 30, 2022			$ 60	77,300	(24,296)	(5,034)	48,030
Ending balance, shares at Jun. 30, 2022		1,020	6,027,105
Net change in unrealized loss on debt securities available for sale (unaudited)						(808)	(808)
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)						1	1
Net earnings					673		673
Proceeds from the sale of common stock (unaudited)			$ 7	3,027			3,034
Proceeds from the sale of common stock (unaudited), shares			674,222
Stock-based Compensation (unaudited)			$ 1	274			275
Stock-based Compensation (unaudited), shares			67,182
Ending balance, value at Sep. 30, 2022			$ 68	$ 80,601	$ (23,623)	$ (5,841)	$ 51,205
Ending balance, shares at Sep. 30, 2022		1,020	6,768,509

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net earnings	$ 2,473	$ 1,709
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Provision for loan losses	2,757	955
Depreciation and amortization	172	156
Deferred income taxes	845
Net accretion of fees, premiums and discounts	(283)	(586)
Stock-based compensation expense	371	200
(Increase) decrease in accrued interest receivable	(231)	473
Amortization of right of use asset	278	126
Net decrease in operating lease liabilities	(268)	(116)
Increase in other assets	(138)	(3,412)
Increase in official checks and other liabilities	775	470
Net cash provided by (used in) operating activities	6,751	(25)
Cash flows from investing activities:
Purchase of debt securities available for sale		(19,513)
Principal repayments of debt securities available for sale	1,814	2,184
Principal repayments of debt securities held-to-maturity	469	2,113
Net increase in loans	(186,880)	(53,564)
Purchases of premises and equipment	(201)	(314)
(Purchase) redemption of FHLB stock	(1,932)	299
Net cash used in investing activities	(186,730)	(68,795)
Cash flows from financing activities:
Net increase in deposits	129,745	90,987
Net increase (decrease) in FHLB Advances	50,000	(5,000)
Proceeds from sale of preferred stock	6,500	9,000
Proceeds from sale of common stock	8,557	2,787
Net cash provided by financing activities	194,802	97,774
Net increase in cash and cash equivalents	14,823	28,954
Cash and cash equivalents at beginning of the period	58,970	54,629
Cash and cash equivalents at end of the period	73,793	83,583
Cash paid during the period for:
Interest	1,640	776
Income taxes
Noncash transactions:
Change in accumulated other comprehensive loss, net change in unrealized loss on debt securities available for sale, net of income taxes	(5,206)	(267)
Amortization of unrealized loss on debt securities transferred to held-to-maturity	12	98
Right-of use lease assets obtained in exchange for operating lease liabilities		191
Increase in other liabilities for stock-based compensation		200
Issuance of common stock for Junior Subordinated Debenture		2,068
Issuance of common stock for Junior Subordinated Debenture interest payable		$ 41

General

General	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
General	(1) General 100 Basis of Presentation . In the opinion of management, the accompanying condensed consolidated financial statements of the Company contain all adjustments (consisting principally of normal recurring accruals) necessary to present fairly the financial position at September 30, 2022, and the results of operations and cash flows for the three and nine and nine (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (1) General, Continued. Comprehensive (Loss) Income Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated Other Comprehensive Loss September 30, December 31, 2022 2021 Unrealized loss on debt securities available for sale $ (7,805 ) $ (816 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (22 ) (34 ) Income tax benefit 1,986 215 Accumulated other comprehensive loss $ (5,841 ) $ (635 ) Income Taxes During the fourth quarter of 2021 the Company assessed its earnings history and trend over the past year and its estimate of future earnings, and the Company determined that it was more likely than not that the deferred tax assets would be realized in the near term. Accordingly, in the fourth quarter of 2021, the valuation allowance in the amount of $ 4 Reclassifications Recent Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 Financial Instruments-Credit Losses (Topic 326) (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited)

Debt Securities

Debt Securities	9 Months Ended
	Sep. 30, 2022
Debt Securities
Debt Securities	(2) Debt Securities Schedule of Amortized Cost and Approximate Fair Values of Debt Securities Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At September 30, 2022: Available for sale: SBA Pool Securities $ 858 $ 1 $ (18 ) $ 841 Collateralized mortgage obligations 153 — (15 ) 138 Taxable municipal securities 16,740 — (4,919 ) 11,821 Mortgage-backed securities 15,488 — (2,854 ) 12,634 Total $ 33,239 $ 1 $ (7,806 ) $ 25,434 Held-to-maturity: Collateralized mortgage obligations $ 500 $ — (31 ) $ 469 Mortgage-backed securities 78 — — 78 Total $ 578 $ — (31 ) $ 547 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At December 31, 2021: Available for sale: SBA Pool Securities $ 1,097 $ 1 $ (26 ) $ 1,072 Collateralized mortgage obligations 210 7 — 217 Taxable municipal securities 16,766 19 (359 ) 16,426 Mortgage-backed securities 17,137 19 (477 ) 16,679 Total $ 35,210 $ 46 $ (862 ) $ 34,394 Held-to-maturity: Collateralized mortgage obligations $ 854 $ 28 — $ 882 Mortgage-backed securities 186 3 — 189 Total $ 1,040 $ 31 — $ 1,071 There were no sales of debt securities during the three and nine months ended September 30, 2022 and 2021. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (2) Debt Securities Continued. Debt Securities available for sale with gross unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position, is as follows (in thousands): Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category At September 30, 2022 Over Twelve Months Less Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value Available for Sale: SBA Pool Securities (18 ) 673 — — Collateralized mortgage obligation — — (15 ) 138 Taxable municipal securities (4,333 ) 10,150 (586 ) 1,670 Mortgage-backed securities (2,780 ) 12,076 (74 ) 558 Total $ (7,131 ) $ 22,899 $ (675 ) $ 2,366 At December 31, 2021 Over Twelve Months Less Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value Available for Sale: SBA Pool Securities (26 ) 895 — — Taxable municipal securities (81 ) 1,853 (278 ) 12,828 Mortgage-backed securities (242 ) 6,179 (235 ) 9,984 Total $ (349 ) $ 8,927 $ ( 513 ) $ 22,812 Management evaluates debt securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospectus of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At September 30, 2022 and December 31, 2021, the unrealized losses on forty-two and twenty-nine debt securities, respectively, were caused by market conditions. It is expected that the debt securities will not be settled at a price less than the book value of the investments. Because the decline in fair value is attributable to market conditions and not credit quality, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited)

Loans

Loans	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Loans	(3) Loans Schedule of Components of Loans September 30, December 31, 2022 2021 Residential real estate $ 34,558 $ 32,583 Multi-family real estate 67,966 48,592 Commercial real estate 294,696 129,468 Land and construction 6,998 3,772 Commercial 5,785 14,157 Consumer 28,099 22,827 Total loans 438,102 251,399 Deduct: Net deferred loan fees and costs (420 ) (422 ) Allowance for loan losses (5,212 ) (3,075 ) Loans, net $ 432,470 $ 247,902 An analysis of the change in the allowance for loan losses follows (in thousands): Schedule of Change in Allowance for Loan Losses Residential Real Estate Multi-Family Real Estate Commercial Real Estate Land and Construction Commercial Consumer Total Three Months Ended September 30, 2022: Beginning balance $ 514 $ 619 $ 2,340 $ 71 $ 67 $ 632 $ 4,243 Provision (Credit) for loan losses 34 129 754 (1 ) (2 ) 460 1,374 Charge-offs — — — — - (446 ) (446 ) Recoveries — — — — - 41 41 Ending balance $ 548 $ 748 $ 3,094 $ 70 $ 65 $ 687 $ 5,212 Three Months Ended September 30, 2021: Beginning balance $ 472 $ 392 $ 938 $ 57 $ 58 $ 314 $ 2,231 (Credit) provision for loan losses (29 ) 102 349 (10 ) 39 131 582 Charge-offs — — — — (10 ) (111 ) (121 ) Recoveries 3 — — — — — 3 Ending balance $ 446 $ 494 $ 1,287 $ 47 $ 87 $ 334 $ 2,695 Nine Months Ended September 30, 2022: Beginning balance $ 482 $ 535 $ 1,535 $ 32 $ 74 $ 417 $ 3,075 Provision for loan losses 66 213 1,559 38 25 856 2,757 Charge-offs — — — — (90 ) (655 ) (745 ) Recoveries — — — — 56 69 125 Ending balance $ 548 $ 748 $ 3,094 $ 70 $ 65 $ 687 $ 5,212 Nine Months Ended September 30, 2021: Beginning balance $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ 1,906 (Credit) provision for loan losses (46 ) 241 403 (13 ) 4 366 955 Charge-offs — — — — (20 ) (191 ) (211 ) Recoveries 29 — — 8 — 8 45 Ending balance $ 446 $ 494 $ 1,287 $ 47 $ 87 $ 334 $ 2,695 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Residential Multi-Family Commercial Real Estate Land and Construction Commercial Consumer Total At September 30, 2022: Individually evaluated for impairment: Recorded investment $ — $ — $ — $ — $ — $ — $ — Balance in allowance for loan losses $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment: Recorded investment $ 34,558 $ 67,966 $ 294,696 $ 6,998 $ 5,785 $ 28,099 $ 438,102 Balance in allowance for loan losses $ 548 $ 748 $ 3,094 $ 70 $ 65 $ 687 $ 5,212 At December 31, 2021: Individually evaluated for impairment: Recorded investment $ — $ — $ — $ — $ — $ — $ — Balance in allowance for loan losses $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment: Recorded investment $ 32,583 $ 48,592 $ 129,468 $ 3,772 $ 14,157 $ 22,827 $ 251,399 Collectively evaluated for impairment, Recorded investment $ 32,583 $ 48,592 $ 129,468 $ 3,772 $ 14,157 $ 22,827 $ 251,399 Balance in allowance for loan losses $ 481 $ 535 $ 1,535 $ 32 $ 72 $ 420 $ 3,075 Collectively evaluated for impairment, Balance in allowance for loan losses $ 481 $ 535 $ 1,535 $ 32 $ 72 $ 420 $ 3,075 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Residential Real Estate, Multi-Family Real Estate, Commercial Real Estate, Land and Construction. Commercial. Consumer. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Schedule of Loans by Credit Quality Pass OLEM Sub- Standard Doubtful Loss Total At September 30, 2022: Residential real estate $ 34,558 $ — $ — $ — $ — $ 34,558 Multi-family real estate 67,966 — — — — 67,966 Commercial real estate 291,968 1,483 1,245 — — 294,696 Land and construction 6,998 — — — — 6,998 Commercial 5,785 — — — — 5,785 Consumer 28,099 — — — — 28,099 Total $ 435,374 $ 1,483 $ 1,245 $ — $ — $ 438,102 At December 31, 2021: Residential real estate $ 30,080 $ — $ 2,503 $ — $ — $ 32,583 Multi-family real estate 47,962 630 — — — 48,592 Commercial real estate 125,620 3,848 — — — 129,468 Land and construction 3,772 — — — — 3,772 Commercial 13,960 197 — — — 14,157 Consumer 22,827 — — — — 22,827 Total $ 244,221 $ 4,675 $ 2,503 $ — $ — $ 251,399 Internally assigned loan grades are defined as follows: Pass – a Pass loan’s primary source of loan repayment is satisfactory, with secondary sources very likely to be realized if necessary. These are loans that conform in all aspects to bank policy and regulatory requirements, and no repayment risk has been identified. OLEM – an Other Loan Especially Mentioned has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Substandard – a Substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Included in this category are loans that are current on their payments, but the Bank is unable to document the source of repayment. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – a loan classified as Doubtful has all the weaknesses inherent in one classified as Substandard, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company charges off any loan classified as Doubtful. Loss – a loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. The Company fully charges off any loan classified as Loss. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Schedule of Age Analysis of Past-due Loans Accruing Loans 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Nonaccrual Loans Total Loans At September 30, 2022: Residential real estate $ — $ — $ — $ — $ 34,558 $ — $ 34,558 Multi-family real estate — — — — 67,966 — 67,966 Commercial real estate — — — — 294,696 — 294,696 Land and construction — — — — 6,998 — 6,998 Commercial — — — — 5,785 — 5,785 Consumer 58 73 — 131 27,968 — 28,099 Total $ 58 $ 73 $ — $ 131 $ 437,971 $ — $ 438,102 Accruing Loans 30-59 Days 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Nonaccrual Loans Total Loans At December 31, 2021: Residential real estate $ 198 $ — $ — $ 198 $ 32,385 $ — $ 32,583 Multi-family real estate — — — — 48,592 — 48,592 Commercial real estate — — — — 129,468 — 129,468 Land and construction — — — — 3,772 — 3,772 Commercial — — — — 14,157 — 14,157 Consumer 69 — — 69 22,758 — 22,827 Total $ 267 $ — $ — $ 267 $ 251,132 $ — $ 251,399 There were no impaired loans at September 30, 2022 or December 31, 2021. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Schedule of Interest Income Recognized and Received on Impaired Loans Three Months Ended September 30, 2022 2021 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential real estate $ — $ — $ — $ — $ — $ — Commercial real estate $ — $ — $ — $ — $ — $ — Commercial $ — $ — $ — $ — $ — $ — Total $ — $ — $ — $ — $ — $ — Nine Months Ended September 30, 2022 2021 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential real estate $ — $ — $ — $ — $ — $ — Commercial real estate $ — $ — $ — $ 658 $ 7 $ 7 Commercial $ — $ — $ — $ — $ — $ — Total $ — $ — $ — $ 658 $ 7 $ 7 No loans have been determined to be troubled debt restructurings (TDR’s) during the three and nine month periods ended September 30, 2022 or 2021. At September 30, 2022 and 2021, there were no loans modified and entered into as TDR’s within the past twelve months, that subsequently defaulted during the three and nine month periods ended September 30, 2022 or 2021.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	(4) Earnings Per Share Schedule of Basic and Diluted Loss Per Share 2022 2021 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Weighted-average number of common shares outstanding used to calculate basic and diluted earnings per common share 6,065,648 4,346,211 5,661,056 3,611,814 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited)

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	(5) Stock-Based Compensation The Company is authorized to grant stock options, stock grants and other forms of equity-based compensation under its 2018 Equity Incentive Plan (the “2018 Plan”). The plan has been approved by the shareholders. The Company is authorized to issue up to 550,000 158,421 No During the third quarter of 2022, the Company issued 67,182 275,000

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	(6) Fair Value Measurements Debt securities available for sale measured at fair value on a recurring basis are summarized below (in thousands): Schedule of Debt Securities Available-for-sale Measured at Fair Value on Recurring Basis Fair Value (Level 1) (Level 2) (Level 3) Fair Value Measurements Using Quoted Prices In Active Significant Other Significant Identical Observable Unobservable Fair Value Assets Inputs Inputs At September 30, 2022: SBA Pool Securities $ 841 $ — $ 841 $ — Collateralized mortgage obligations 138 — 138 — Taxable municipal securities 11,821 — 11,821 — Mortgage-backed securities 12,634 — 12,634 — Total $ 25,434 $ — $ 25,434 $ — At December 31, 2021: SBA Pool Securities $ 1,072 $ — $ 1,072 $ — Collateralized mortgage obligations 217 — 217 — Taxable municipal securities 16,426 — 16,426 — Mortgage-backed securities 16,679 — 16,679 — Total $ 34,394 $ — $ 34,394 $ —

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Investments, All Other Investments [Abstract]
Fair Value of Financial Instruments	(7) Fair Value of Financial Instruments Schedule of Estimated Fair Value of Financial Instruments At September 30, 2022 At December 31, 2021 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 73,793 $ 73,793 1 $ 58,970 $ 58,970 1 Debt securities available for sale 25,434 25,434 2 34,394 34,394 2 Debt securities held-to-maturity 578 547 2 1,040 1,071 2 Loans 432,470 432,309 3 247,902 247,788 3 Federal Home Loan Bank stock 2,725 2,725 3 793 793 3 Accrued interest receivable 1,202 1,202 3 971 971 3 Financial liabilities: Deposit liabilities 422,202 423,250 3 292,457 292,537 3 Federal Home Loan Bank advances 68,000 67,758 3 18,000 18,021 3 Off-balance sheet financial instruments — — 3 — — 3 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited)

Off- Balance Sheet Financial In

Off- Balance Sheet Financial Instruments	9 Months Ended
	Sep. 30, 2022
Off- Balance Sheet Financial Instruments
Off- Balance Sheet Financial Instruments	(8) Off- Balance Sheet Financial Instruments The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the counterparty. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit to customers is essentially the same as that involved in extending loan facilities to customers. The Bank generally holds collateral supporting those commitments. Standby letters of credit generally have expiration dates within one year. Commitments to extend credit, unused lines of credit, and standby letters of credit typically result in loans with a market interest rate when funded. A summary of the contractual amounts of the Company’s financial instruments with off-balance-sheet risk at September 30, 2022 follows (in thousands): Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 20,335 Unused lines of credit $ 19,962 Standby letters of credit $ 4,313

Regulatory Matters

Regulatory Matters	9 Months Ended
	Sep. 30, 2022
Regulatory Matters	(9) Regulatory Matters (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (9) Regulatory Matters, Continued. Management believes, as of September 30, 2022 and December 31, 2021, that the Bank meets all capital adequacy requirements to which it is subject. The Bank’s actual capital amounts and percentages are presented in the table ($ in thousands): Schedule of Capital Amounts, Ratios and Regulatory Thresholds Actual To Be Well Capitalized Under Amount % Amount % As of September 30, 2022: Tier I Capital to Total Assets $ 54,520 10.77 % $ 45,554 9.00 % As of December 31, 2021: Tier I Capital to Total Assets $ 35,338 10.64 % $ 28,235 8.50 %

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Preferred Stock	(10) Preferred Stock During the first quarter of 2022, the Company issued 260 25,000 6,500,000 OptimumBank Holding Inc. is authorized to issue 1,020 25,000 The Preferred Stock is convertible into shares of common stock, at the option of the Company, subject to the prior fulfilment of the following conditions: (i) such conversion shall have been approved by the holders of a majority of the outstanding common stock of the Company; and (ii) such conversion shall not result in any holder of the Series B Preferred Stock and any persons with whom the holder may be acting in concert, becoming beneficial owners of more than 9.9 25,000 The Series B is subdivided into Series B-1 and Series B-2 Preferred Stock. The Company is authorized to issue 760 260 Series B-2 has substantially the same rights, preferences, powers, restrictions and limitations, except that the initial conversion price of the Series B-1 is $ 2.50 4.00

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	(11) Contingencies

General (Policies)

General (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation . In the opinion of management, the accompanying condensed consolidated financial statements of the Company contain all adjustments (consisting principally of normal recurring accruals) necessary to present fairly the financial position at September 30, 2022, and the results of operations and cash flows for the three and nine and nine (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (1) General, Continued.
Comprehensive (Loss) Income	Comprehensive (Loss) Income Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated Other Comprehensive Loss September 30, December 31, 2022 2021 Unrealized loss on debt securities available for sale $ (7,805 ) $ (816 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (22 ) (34 ) Income tax benefit 1,986 215 Accumulated other comprehensive loss $ (5,841 ) $ (635 )
Income Taxes	Income Taxes During the fourth quarter of 2021 the Company assessed its earnings history and trend over the past year and its estimate of future earnings, and the Company determined that it was more likely than not that the deferred tax assets would be realized in the near term. Accordingly, in the fourth quarter of 2021, the valuation allowance in the amount of $ 4
Reclassifications	Reclassifications
Recent Pronouncements	Recent Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 Financial Instruments-Credit Losses (Topic 326)

General (Tables)

General (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated Other Comprehensive Loss September 30, December 31, 2022 2021 Unrealized loss on debt securities available for sale $ (7,805 ) $ (816 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (22 ) (34 ) Income tax benefit 1,986 215 Accumulated other comprehensive loss $ (5,841 ) $ (635 )

Debt Securities (Tables)

Debt Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Securities
Schedule of Amortized Cost and Approximate Fair Values of Debt Securities	Schedule of Amortized Cost and Approximate Fair Values of Debt Securities Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At September 30, 2022: Available for sale: SBA Pool Securities $ 858 $ 1 $ (18 ) $ 841 Collateralized mortgage obligations 153 — (15 ) 138 Taxable municipal securities 16,740 — (4,919 ) 11,821 Mortgage-backed securities 15,488 — (2,854 ) 12,634 Total $ 33,239 $ 1 $ (7,806 ) $ 25,434 Held-to-maturity: Collateralized mortgage obligations $ 500 $ — (31 ) $ 469 Mortgage-backed securities 78 — — 78 Total $ 578 $ — (31 ) $ 547 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At December 31, 2021: Available for sale: SBA Pool Securities $ 1,097 $ 1 $ (26 ) $ 1,072 Collateralized mortgage obligations 210 7 — 217 Taxable municipal securities 16,766 19 (359 ) 16,426 Mortgage-backed securities 17,137 19 (477 ) 16,679 Total $ 35,210 $ 46 $ (862 ) $ 34,394 Held-to-maturity: Collateralized mortgage obligations $ 854 $ 28 — $ 882 Mortgage-backed securities 186 3 — 189 Total $ 1,040 $ 31 — $ 1,071
Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category	Debt Securities available for sale with gross unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position, is as follows (in thousands): Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category At September 30, 2022 Over Twelve Months Less Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value Available for Sale: SBA Pool Securities (18 ) 673 — — Collateralized mortgage obligation — — (15 ) 138 Taxable municipal securities (4,333 ) 10,150 (586 ) 1,670 Mortgage-backed securities (2,780 ) 12,076 (74 ) 558 Total $ (7,131 ) $ 22,899 $ (675 ) $ 2,366 At December 31, 2021 Over Twelve Months Less Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value Available for Sale: SBA Pool Securities (26 ) 895 — — Taxable municipal securities (81 ) 1,853 (278 ) 12,828 Mortgage-backed securities (242 ) 6,179 (235 ) 9,984 Total $ (349 ) $ 8,927 $ ( 513 ) $ 22,812

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 2022
Receivables [Abstract]
Schedule of Components of Loans	Schedule of Components of Loans September 30, December 31, 2022 2021 Residential real estate $ 34,558 $ 32,583 Multi-family real estate 67,966 48,592 Commercial real estate 294,696 129,468 Land and construction 6,998 3,772 Commercial 5,785 14,157 Consumer 28,099 22,827 Total loans 438,102 251,399 Deduct: Net deferred loan fees and costs (420 ) (422 ) Allowance for loan losses (5,212 ) (3,075 ) Loans, net $ 432,470 $ 247,902
Schedule of Change in Allowance for Loan Losses	Schedule of Change in Allowance for Loan Losses Residential Real Estate Multi-Family Real Estate Commercial Real Estate Land and Construction Commercial Consumer Total Three Months Ended September 30, 2022: Beginning balance $ 514 $ 619 $ 2,340 $ 71 $ 67 $ 632 $ 4,243 Provision (Credit) for loan losses 34 129 754 (1 ) (2 ) 460 1,374 Charge-offs — — — — - (446 ) (446 ) Recoveries — — — — - 41 41 Ending balance $ 548 $ 748 $ 3,094 $ 70 $ 65 $ 687 $ 5,212 Three Months Ended September 30, 2021: Beginning balance $ 472 $ 392 $ 938 $ 57 $ 58 $ 314 $ 2,231 (Credit) provision for loan losses (29 ) 102 349 (10 ) 39 131 582 Charge-offs — — — — (10 ) (111 ) (121 ) Recoveries 3 — — — — — 3 Ending balance $ 446 $ 494 $ 1,287 $ 47 $ 87 $ 334 $ 2,695 Nine Months Ended September 30, 2022: Beginning balance $ 482 $ 535 $ 1,535 $ 32 $ 74 $ 417 $ 3,075 Provision for loan losses 66 213 1,559 38 25 856 2,757 Charge-offs — — — — (90 ) (655 ) (745 ) Recoveries — — — — 56 69 125 Ending balance $ 548 $ 748 $ 3,094 $ 70 $ 65 $ 687 $ 5,212 Nine Months Ended September 30, 2021: Beginning balance $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ 1,906 (Credit) provision for loan losses (46 ) 241 403 (13 ) 4 366 955 Charge-offs — — — — (20 ) (191 ) (211 ) Recoveries 29 — — 8 — 8 45 Ending balance $ 446 $ 494 $ 1,287 $ 47 $ 87 $ 334 $ 2,695 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Residential Multi-Family Commercial Real Estate Land and Construction Commercial Consumer Total At September 30, 2022: Individually evaluated for impairment: Recorded investment $ — $ — $ — $ — $ — $ — $ — Balance in allowance for loan losses $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment: Recorded investment $ 34,558 $ 67,966 $ 294,696 $ 6,998 $ 5,785 $ 28,099 $ 438,102 Balance in allowance for loan losses $ 548 $ 748 $ 3,094 $ 70 $ 65 $ 687 $ 5,212 At December 31, 2021: Individually evaluated for impairment: Recorded investment $ — $ — $ — $ — $ — $ — $ — Balance in allowance for loan losses $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment: Recorded investment $ 32,583 $ 48,592 $ 129,468 $ 3,772 $ 14,157 $ 22,827 $ 251,399 Collectively evaluated for impairment, Recorded investment $ 32,583 $ 48,592 $ 129,468 $ 3,772 $ 14,157 $ 22,827 $ 251,399 Balance in allowance for loan losses $ 481 $ 535 $ 1,535 $ 32 $ 72 $ 420 $ 3,075 Collectively evaluated for impairment, Balance in allowance for loan losses $ 481 $ 535 $ 1,535 $ 32 $ 72 $ 420 $ 3,075
Schedule of Loans by Credit Quality	Schedule of Loans by Credit Quality Pass OLEM Sub- Standard Doubtful Loss Total At September 30, 2022: Residential real estate $ 34,558 $ — $ — $ — $ — $ 34,558 Multi-family real estate 67,966 — — — — 67,966 Commercial real estate 291,968 1,483 1,245 — — 294,696 Land and construction 6,998 — — — — 6,998 Commercial 5,785 — — — — 5,785 Consumer 28,099 — — — — 28,099 Total $ 435,374 $ 1,483 $ 1,245 $ — $ — $ 438,102 At December 31, 2021: Residential real estate $ 30,080 $ — $ 2,503 $ — $ — $ 32,583 Multi-family real estate 47,962 630 — — — 48,592 Commercial real estate 125,620 3,848 — — — 129,468 Land and construction 3,772 — — — — 3,772 Commercial 13,960 197 — — — 14,157 Consumer 22,827 — — — — 22,827 Total $ 244,221 $ 4,675 $ 2,503 $ — $ — $ 251,399
Schedule of Age Analysis of Past-due Loans	Schedule of Age Analysis of Past-due Loans Accruing Loans 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Nonaccrual Loans Total Loans At September 30, 2022: Residential real estate $ — $ — $ — $ — $ 34,558 $ — $ 34,558 Multi-family real estate — — — — 67,966 — 67,966 Commercial real estate — — — — 294,696 — 294,696 Land and construction — — — — 6,998 — 6,998 Commercial — — — — 5,785 — 5,785 Consumer 58 73 — 131 27,968 — 28,099 Total $ 58 $ 73 $ — $ 131 $ 437,971 $ — $ 438,102 Accruing Loans 30-59 Days 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Nonaccrual Loans Total Loans At December 31, 2021: Residential real estate $ 198 $ — $ — $ 198 $ 32,385 $ — $ 32,583 Multi-family real estate — — — — 48,592 — 48,592 Commercial real estate — — — — 129,468 — 129,468 Land and construction — — — — 3,772 — 3,772 Commercial — — — — 14,157 — 14,157 Consumer 69 — — 69 22,758 — 22,827 Total $ 267 $ — $ — $ 267 $ 251,132 $ — $ 251,399
Schedule of Interest Income Recognized and Received on Impaired Loans	Schedule of Interest Income Recognized and Received on Impaired Loans Three Months Ended September 30, 2022 2021 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential real estate $ — $ — $ — $ — $ — $ — Commercial real estate $ — $ — $ — $ — $ — $ — Commercial $ — $ — $ — $ — $ — $ — Total $ — $ — $ — $ — $ — $ — Nine Months Ended September 30, 2022 2021 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential real estate $ — $ — $ — $ — $ — $ — Commercial real estate $ — $ — $ — $ 658 $ 7 $ 7 Commercial $ — $ — $ — $ — $ — $ — Total $ — $ — $ — $ 658 $ 7 $ 7

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss Per Share	Schedule of Basic and Diluted Loss Per Share 2022 2021 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Weighted-average number of common shares outstanding used to calculate basic and diluted earnings per common share 6,065,648 4,346,211 5,661,056 3,611,814 (continued)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Debt Securities Available-for-sale Measured at Fair Value on Recurring Basis	Debt securities available for sale measured at fair value on a recurring basis are summarized below (in thousands): Schedule of Debt Securities Available-for-sale Measured at Fair Value on Recurring Basis Fair Value (Level 1) (Level 2) (Level 3) Fair Value Measurements Using Quoted Prices In Active Significant Other Significant Identical Observable Unobservable Fair Value Assets Inputs Inputs At September 30, 2022: SBA Pool Securities $ 841 $ — $ 841 $ — Collateralized mortgage obligations 138 — 138 — Taxable municipal securities 11,821 — 11,821 — Mortgage-backed securities 12,634 — 12,634 — Total $ 25,434 $ — $ 25,434 $ — At December 31, 2021: SBA Pool Securities $ 1,072 $ — $ 1,072 $ — Collateralized mortgage obligations 217 — 217 — Taxable municipal securities 16,426 — 16,426 — Mortgage-backed securities 16,679 — 16,679 — Total $ 34,394 $ — $ 34,394 $ —

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, All Other Investments [Abstract]
Schedule of Estimated Fair Value of Financial Instruments	Schedule of Estimated Fair Value of Financial Instruments At September 30, 2022 At December 31, 2021 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 73,793 $ 73,793 1 $ 58,970 $ 58,970 1 Debt securities available for sale 25,434 25,434 2 34,394 34,394 2 Debt securities held-to-maturity 578 547 2 1,040 1,071 2 Loans 432,470 432,309 3 247,902 247,788 3 Federal Home Loan Bank stock 2,725 2,725 3 793 793 3 Accrued interest receivable 1,202 1,202 3 971 971 3 Financial liabilities: Deposit liabilities 422,202 423,250 3 292,457 292,537 3 Federal Home Loan Bank advances 68,000 67,758 3 18,000 18,021 3 Off-balance sheet financial instruments — — 3 — — 3

Off- Balance Sheet Financial _2

Off- Balance Sheet Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Off- Balance Sheet Financial Instruments
Schedule of Off-Balance Sheet Risks of Financial Instruments	Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 20,335 Unused lines of credit $ 19,962 Standby letters of credit $ 4,313

Regulatory Matters (Tables)

Regulatory Matters (Tables)	9 Months Ended
	Sep. 30, 2022
Schedule of Capital Amounts, Ratios and Regulatory Thresholds	Schedule of Capital Amounts, Ratios and Regulatory Thresholds Actual To Be Well Capitalized Under Amount % Amount % As of September 30, 2022: Tier I Capital to Total Assets $ 54,520 10.77 % $ 45,554 9.00 % As of December 31, 2021: Tier I Capital to Total Assets $ 35,338 10.64 % $ 28,235 8.50 %

Schedule of Accumulated Other C

Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Unrealized loss on debt securities available for sale	$ (7,805)	$ (816)
Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity	(22)	(34)
Income tax benefit	1,986	215
Accumulated other comprehensive loss	$ (5,841)	$ (635)

General (Details Narrative)

General (Details Narrative) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Sep. 30, 2022
Deferred tax assets valuation allowance	$ 4
Optimum Bank [Member]
Equity method investment, ownership percentage		100%

Schedule of Amortized Cost and

Schedule of Amortized Cost and Approximate Fair Values of Debt Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Impairment Effects on Earnings Per Share [Line Items]
Available for sale, amortized cost	$ 33,239	$ 35,210
Available for sale, gross unrealized gains	1	46
Available for sale, gross unrealized losses	(7,806)	(862)
Available for sale, fair value	25,434	34,394
Held-to-maturity, amortized cost	578	1,040
Held-to-maturity, gross unrealized gains		31
Held-to-maturity, gross unrealized losses	(31)
Held-to-maturity, fair value	547	1,071
Taxable Municipal Bonds [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for sale, amortized cost	16,740	16,766
Available for sale, gross unrealized gains		19
Available for sale, gross unrealized losses	(4,919)	(359)
Available for sale, fair value	11,821	16,426
SBA Pool Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for sale, amortized cost	858	1,097
Available for sale, gross unrealized gains	1	1
Available for sale, gross unrealized losses	(18)	(26)
Available for sale, fair value	841	1,072
Collateralized Mortgage Obligations [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for sale, amortized cost	153	210
Available for sale, gross unrealized gains		7
Available for sale, gross unrealized losses	(15)
Available for sale, fair value	138	217
Held-to-maturity, amortized cost	500	854
Held-to-maturity, gross unrealized gains		28
Held-to-maturity, gross unrealized losses	(31)
Held-to-maturity, fair value	469	882
Collateralized Mortgage-Backed Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for sale, amortized cost	15,488	17,137
Available for sale, gross unrealized gains		19
Available for sale, gross unrealized losses	(2,854)	(477)
Available for sale, fair value	12,634	16,679
Held-to-maturity, amortized cost	78	186
Held-to-maturity, gross unrealized gains		3
Held-to-maturity, gross unrealized losses
Held-to-maturity, fair value	$ 78	$ 189

Schedule of Debt Securities wit

Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	$ (7,131)	$ (349)
Available for Sale, Securities Position Over 12 Months, Fair Value	22,899	8,927
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses	(675)	513
Available for Sale, Securities Position Less than 12 Month, Fair Value	2,366	22,812
Taxable Municipal Bonds [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	(4,333)	(81)
Available for Sale, Securities Position Over 12 Months, Fair Value	10,150	1,853
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses	(586)	(278)
Available for Sale, Securities Position Less than 12 Month, Fair Value	1,670	12,828
SBA Pool Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	(18)	(26)
Available for Sale, Securities Position Over 12 Months, Fair Value	673	895
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses
Available for Sale, Securities Position Less than 12 Month, Fair Value
Collateralized Mortgage Obligations [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses
Available for Sale, Securities Position Over 12 Months, Fair Value
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses	(15)
Available for Sale, Securities Position Less than 12 Month, Fair Value	138
Collateralized Mortgage-Backed Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	(2,780)	(242)
Available for Sale, Securities Position Over 12 Months, Fair Value	12,076	6,179
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses	(74)	(235)
Available for Sale, Securities Position Less than 12 Month, Fair Value	$ 558	$ 9,984

Schedule of Components of Loans

Schedule of Components of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total loans	$ 438,102		$ 251,399
Net deferred loan fees and costs	(420)		(422)
Allowance for loan losses	(5,212)	$ (4,243)	(3,075)	$ (2,695)	$ (2,231)	$ (1,906)
Loans, net	432,470		247,902
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	34,558		32,583
Allowance for loan losses	(548)	(514)	(482)	(446)	(472)	(463)
Multi-Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total loans	67,966		48,592
Allowance for loan losses	(748)	(619)	(535)	(494)	(392)	(253)
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	294,696		129,468
Allowance for loan losses	(3,094)	(2,340)	(1,535)	(1,287)	(938)	(884)
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Total loans	6,998		3,772
Allowance for loan losses	(70)	(71)	(32)	(47)	(57)	(52)
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	5,785		14,157
Allowance for loan losses	(65)	(67)	(74)	(87)	(58)	(103)
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	28,099		22,827
Allowance for loan losses	$ (687)	$ (632)	$ (417)	$ (334)	$ (314)	$ (151)

Schedule of Change in Allowance

Schedule of Change in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Beginning balance	$ 4,243	$ 2,231	$ 3,075	$ 1,906
(Credit) provision for loan losses	1,374	582	2,757	955
Charge-offs	(446)	(121)	(745)	(211)
Recoveries	41	3	125	45
Ending balance	5,212	2,695	5,212	2,695
Recorded investment
Balance in allowance for loan losses
Collectively evaluated for impairment, Recorded investment	438,102		438,102		251,399
Collectively evaluated for impairment, Balance in allowance for loan losses	5,212		5,212		3,075
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	514	472	482	463
(Credit) provision for loan losses	34	(29)	66	(46)
Charge-offs
Recoveries		3		29
Ending balance	548	446	548	446
Recorded investment
Balance in allowance for loan losses
Collectively evaluated for impairment, Recorded investment	34,558		34,558		32,583
Collectively evaluated for impairment, Balance in allowance for loan losses	548		548		481
Multi-Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	619	392	535	253
(Credit) provision for loan losses	129	102	213	241
Charge-offs
Recoveries
Ending balance	748	494	748	494
Recorded investment
Balance in allowance for loan losses
Collectively evaluated for impairment, Recorded investment	67,966		67,966		48,592
Collectively evaluated for impairment, Balance in allowance for loan losses	748		748		535
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	2,340	938	1,535	884
(Credit) provision for loan losses	754	349	1,559	403
Charge-offs
Recoveries
Ending balance	3,094	1,287	3,094	1,287
Recorded investment
Balance in allowance for loan losses
Collectively evaluated for impairment, Recorded investment	294,696		294,696		129,468
Collectively evaluated for impairment, Balance in allowance for loan losses	3,094		3,094		1,535
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	71	57	32	52
(Credit) provision for loan losses	(1)	(10)	38	(13)
Charge-offs
Recoveries				8
Ending balance	70	47	70	47
Recorded investment
Balance in allowance for loan losses
Collectively evaluated for impairment, Recorded investment	6,998		6,998		3,772
Collectively evaluated for impairment, Balance in allowance for loan losses	70		70		32
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	67	58	74	103
(Credit) provision for loan losses	(2)	39	25	4
Charge-offs		(10)	(90)	(20)
Recoveries			56
Ending balance	65	87	65	87
Recorded investment
Balance in allowance for loan losses
Collectively evaluated for impairment, Recorded investment	5,785		5,785		14,157
Collectively evaluated for impairment, Balance in allowance for loan losses	65		65		72
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	632	314	417	151
(Credit) provision for loan losses	460	131	856	366
Charge-offs	(446)	(111)	(655)	(191)
Recoveries	41		69	8
Ending balance	687	$ 334	687	$ 334
Recorded investment
Balance in allowance for loan losses
Collectively evaluated for impairment, Recorded investment	28,099		28,099		22,827
Collectively evaluated for impairment, Balance in allowance for loan losses	$ 687		$ 687		$ 420

Schedule of Loans by Credit Qua

Schedule of Loans by Credit Quality (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Risk rated loans	$ 438,102	$ 251,399
Pass [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	435,374	244,221
Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	1,483	4,675
Substandard [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	1,245	2,503
Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Loss [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	34,558	32,583
Residential Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	34,558	30,080
Residential Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Residential Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans		2,503
Residential Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Residential Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Multi-Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	67,966	48,592
Multi-Family Real Estate [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	67,966	47,962
Multi-Family Real Estate [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans		630
Multi-Family Real Estate [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Multi-Family Real Estate [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Multi-Family Real Estate [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	294,696	129,468
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	291,968	125,620
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	1,483	3,848
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	1,245
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Commercial Real Estate Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	6,998	3,772
Construction Loans [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	6,998	3,772
Construction Loans [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Construction Loans [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Construction Loans [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Construction Loans [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	5,785	14,157
Commercial Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	5,785	13,960
Commercial Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans		197
Commercial Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Commercial Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Commercial Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	28,099	22,827
Consumer Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans	28,099	22,827
Consumer Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Consumer Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Consumer Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans
Consumer Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Risk rated loans

Schedule of Age Analysis of Pas

Schedule of Age Analysis of Past-due Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Nonaccrual loans
Total loans	438,102	251,399
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	58	267
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	73
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	131	267
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	437,971	251,132
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual loans
Total loans	34,558	32,583
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss		198
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss		198
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	34,558	32,385
Multi-Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual loans
Total loans	67,966	48,592
Multi-Family Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Multi-Family Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Multi-Family Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Multi-Family Real Estate [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Multi-Family Real Estate [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	67,966	48,592
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual loans
Total loans	294,696	129,468
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	294,696	129,468
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual loans
Total loans	6,998	3,772
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Construction Loans [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Construction Loans [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	6,998	3,772
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual loans
Total loans	5,785	14,157
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	5,785	14,157
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Nonaccrual loans
Total loans	28,099	22,827
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	58	69
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	73
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	131	69
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 27,968	$ 22,758

Schedule of Interest Income Rec

Schedule of Interest Income Recognized and Received on Impaired Loans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable, Past Due [Line Items]
Impaired loans - average recorded investment				$ 658
Impaired loans - interest income recognized				7
Impaired loans - interest income received				7
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Impaired loans - average recorded investment
Impaired loans - interest income recognized
Impaired loans - interest income received
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Impaired loans - average recorded investment				658
Impaired loans - interest income recognized				7
Impaired loans - interest income received				7
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Impaired loans - average recorded investment
Impaired loans - interest income recognized
Impaired loans - interest income received

Schedule of Basic and Diluted L

Schedule of Basic and Diluted Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Weighted-average number of common shares outstanding used to calculate basic and diluted earnings per common share	6,065,648	4,346,211	5,661,056	3,611,814

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative)	3 Months Ended
	Sep. 30, 2022 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, outstanding	0
Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, issued for services	67,182
Stock based compensation | $	$ 275,000
2018 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, granted	158,421
Maximum [Member] | 2018 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, issued	550,000

Schedule of Debt Securities Ava

Schedule of Debt Securities Available-for-sale Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	$ 25,434	$ 34,394
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	25,434	34,394
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	25,434	34,394
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale
SBA Pool Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	841	1,072
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	841	1,072
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale
Collateralized Mortgage Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	138	217
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	138	217
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale
Taxable Municipal Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	11,821	16,426
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	11,821	16,426
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale
Collateralized Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	12,634	16,679
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale	12,634	16,679
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-Sale

Schedule of Estimated Fair Valu

Schedule of Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Cash and cash equivalents	$ 73,793	$ 58,970
Debt securities available for sale	25,434	34,394
Debt securities held-to-maturity	578	1,040
Loans	432,470	247,902
Federal home loan bank stock	2,725	793
Accrued interest receivable	1,202	971
Deposit liabilities	422,202	292,457
Federal home loan bank advances	68,000	18,000
Off-balance sheet financial instruments
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Cash and cash equivalents	73,793	58,970
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Debt securities available for sale	25,434	34,394
Debt securities held-to-maturity	547	1,071
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Loans	432,309	247,788
Federal home loan bank stock	2,725	793
Accrued interest receivable	1,202	971
Deposit liabilities	423,250	292,537
Federal home loan bank advances	67,758	18,021
Off-balance sheet financial instruments

Schedule of Off-Balance Sheet R

Schedule of Off-Balance Sheet Risks of Financial Instruments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Off- Balance Sheet Financial Instruments
Commitments to extend credit	$ 20,335
Unused lines of credit	19,962
Standby letters of credit	$ 4,313

Schedule of Capital Amounts, Ra

Schedule of Capital Amounts, Ratios and Regulatory Thresholds (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Tier I Capital to Total Assets, Amount	$ 54,520	$ 35,338
Tier I Capital to Total Assets, Ratio	0.1077	0.1064
Tier I Capital to Total Assets To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework), Amount	$ 45,554	$ 28,235
Tier I Capital to Total Assets To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework), Ratio	0.0900	0.0850

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during period, value, new issues	$ 3,034,000	$ 5,523,000	$ 1,611,000	$ 1,176,000
Preferred stock, shares authorized	6,000,000				6,000,000	6,000,000
Series B Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized	1,020				1,020
Preferred stock, shares issued	1,020				1,020
Stockholders beneficial ownership percentage of outstanding shares of common stock					9.90%
Preferred stock, liquidation	$ 25,000				$ 25,000
Series B-1 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized	760				760
Preferred stock, shares issued	760				760
Preferred stock, convertible, conversion price	$ 2.50				$ 2.50
Series B-2 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized	260				260
Preferred stock, shares issued	260				260
Preferred stock, convertible, conversion price	$ 4				$ 4
Series B Participating Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares issued, price per share	$ 25,000				$ 25,000
Un Related Party [Member] | Series B-2 Participating Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued during period, shares, new issues		260
Shares issued, price per share		$ 25,000
Stock issued during period, value, new issues		$ 6,500,000