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 |