OptimumBank (OPHC) 10-K 8 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 08, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
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 Blvd. Suite 303
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, par value $0.01 per share
Trading Symbol	OPHC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 16,404,918
Entity Common Stock, Shares Outstanding		7,867,386
Documents Incorporated By Reference	Portions of the Proxy Statement for the 2024 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days of the issuer’s fiscal year end are incorporated by reference into Part III, Items 10 through 14, of this Annual Report on Form 10-K.
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	400
Auditor Name	HACKER, JOHNSON & SMITH PA
Auditor Location	Fort Lauderdale, Florida

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and due from banks	$ 14,009	$ 19,788
Interest-bearing deposits with banks	62,654	52,048
Total cash and cash equivalents	76,663	71,836
Debt securities available for sale	24,355	25,102
Debt securities held-to-maturity (fair value of $326 and $504)	360	540
Loans, net of allowance for credit losses of $7,683 and $5,793	671,094	477,218
Federal Home Loan Bank stock	3,354	600
Premises and equipment, net	1,375	934
Right-of-use lease assets	2,161	2,119
Accrued interest receivable	2,474	1,444
Deferred tax asset	2,903	3,836
Other assets	6,515	1,590
Total assets	791,254	585,219
Liabilities:
Noninterest-bearing demand deposits	194,892	159,193
Savings, NOW and money-market deposits	322,932	108,726
Time deposits	121,757	239,980
Total deposits	639,581	507,899
Federal Home Loan Bank advances	62,000	10,000
Federal Reserve Bank advances	13,600
Operating lease liabilities	2,248	2,172
Other liabilities	3,818	2,568
Total liabilities	721,247	522,639
Commitments and contingencies (Notes 8 and 14)
Stockholders’ equity:
Preferred stock, value
Common stock, $.01 par value; 30,000,000 and 10,000,000 shares authorized, 7,250,219 and 7,058,897 shares issued and outstanding	72	71
Additional paid-in capital	91,221	90,408
Accumulated deficit	(15,971)	(22,073)
Accumulated other comprehensive loss	(5,315)	(5,826)
Total stockholders’ equity	70,007	62,580
Total liabilities and stockholders’ equity	791,254	585,219
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Series B Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt securities held to maturity, fair value	$ 326	$ 504
Allowance for credit losses	$ 7,683	$ 5,793
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	30,000,000	10,000,000
Common stock, shares issued	7,250,219	7,058,897
Common stock, shares outstanding	7,250,219	7,058,897
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	1,520	1,520
Preferred stock, shares issued	1,360	1,360
Preferred stock, shares outstanding	1,360	1,360

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest income:
Loans	$ 31,759	$ 17,952
Debt securities	686	649
Other	3,335	1,281
Total interest income	35,780	19,882
Interest expense:
Deposits	11,599	3,234
Borrowings	468	812
Total interest expense	12,067	4,046
Net interest income	23,713	15,836
Credit loss expense	4,047	3,466
Net interest income after credit loss expense	19,666	12,370
Noninterest income:
Service charges and fees	3,329	2,550
Other	123	410
Total noninterest income	3,452	2,960
Noninterest expenses:
Salaries and employee benefits	8,261	5,449
Professional fees	729	546
Occupancy and equipment	773	717
Data processing	1,699	1,227
Regulatory assessment	550	255
Litigation Settlement	375
Other	2,274	1,744
Total noninterest expenses	14,661	9,938
Net earnings before income taxes	8,457	5,392
Income taxes	2,174	1,369
Net earnings	$ 6,283	$ 4,023
Net earnings per share - Basic	$ 0.87	$ 0.68
Net earnings per share - Diluted	$ 0.87	$ 0.68

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net earnings	$ 6,283	$ 4,023
Change in unrealized gain on debt securities:
Unrealized gain (loss) arising during the year	680	(6,970)
Amortization of unrealized loss on debt securities transferred to held-to-maturity	5	16
Other comprehensive income (loss) before income taxes	685	(6,954)
Deferred income taxes	(174)	1,763
Total other comprehensive income (loss)	511	(5,191)
Comprehensive income (loss)	$ 6,794	$ (1,168)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2021			$ 48	$ 65,193	$ (26,096)	$ (635)	$ 38,510
Balance, shares at Dec. 31, 2021		760	4,775,281
Proceeds from the sale of preferred stock				15,000			15,000
Proceeds from the sale of preferred stock, shares		600
Proceeds from the sale of common stock			$ 22	9,844			9,866
Proceeds from the sale of common stock, shares			2,191,940
Stock-based compensation			$ 1	371			372
Stock-based compensation, shares			91,676
Net change in unrealized loss on debt securities available for sale						(5,207)	(5,207)
Amortization of unrealized loss on debt securities transferred to held-to-maturity						16	16
Net earnings					4,023		4,023
Balance at Dec. 31, 2022			$ 71	90,408	(22,073)	(5,826)	62,580
Balance, shares at Dec. 31, 2022		1,360	7,058,897
Proceeds from the sale of common stock				324			324
Proceeds from the sale of common stock, shares			72,221
Stock-based compensation			$ 1	489			490
Stock-based compensation, shares			119,101
Net change in unrealized loss on debt securities available for sale						506	506
Amortization of unrealized loss on debt securities transferred to held-to-maturity						5	5
Net earnings					6,283		6,283
Additional allowance recognized due to adoption of Topic 326					(181)		(181)
Balance at Dec. 31, 2023			$ 72	$ 91,221	$ (15,971)	$ (5,315)	$ 70,007
Balance, shares at Dec. 31, 2023		1,360	7,250,219

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net earnings	$ 6,283	$ 4,023
Adjustments to reconcile net earnings to net cash provided by operating activities:
Credit loss expense	4,047	3,466
Depreciation and amortization	227	231
Deferred income taxes	821	1,369
Net accretion of fees, premiums and discounts	(4)	(271)
Stock-based compensation expense	490	372
Increase in accrued interest receivable	(1,030)	(473)
Amortization of right-of-use asset	333	338
Net decrease in operating lease liabilities	(299)	(323)
(increase) decrease in other assets	(4,925)	196
Increase in other liabilities	939	1,432
Net cash provided by operating activities	6,882	10,360
Cash flows from investing activities:
Principal repayments of debt securities available for sale	1,430	2,127
Principal repayments of debt securities held-to-maturity	184	509
Net increase in loans	(197,853)	(232,309)
Purchases of premises and equipment	(668)	(322)
(Purchase) redemption of FHLB stock	(2,754)	193
Net cash used in investing activities	(199,661)	(229,802)
Cash flows from financing activities:
Net increase in deposits	131,682	215,442
Net decrease in FHLB Advances	52,000	(8,000)
Net increase in FRB Advances	13,600
Proceeds from sale of preferred stock		15,000
Proceeds from sale of common stock	324	9,866
Net cash provided by financing activities	197,606	232,308
Net increase in cash and cash equivalents	4,827	12,866
Cash and cash equivalents at beginning of the year	71,836	58,970
Cash and cash equivalents at end of the year	76,663	71,836
Cash paid during the year for:
Interest	11,799	3,929
Income taxes	1,070
Noncash transactions:
Change in accumulated other comprehensive income (loss), net change in unrealized loss on debt securities available for sale, net of income taxes	506	(5,207)
Amortization of unrealized loss on debt securities transferred to held-to-maturity	5	16
Reduction stockholders’ equity due to adoption of Topic 326, net	(181)
Right-of use lease assets obtained in exchange for operating lease liabilities	$ 375	$ 720

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies Organization 100 Basis of Presentation Use of Estimates Cash and Cash Equivalents The Company may be required by law or regulation to maintain cash reserves in the form of vault cash or deposit with Federal Reserve Banks or in Pass-through accounts with other banks. This requirement is based on the amount of the Bank’s transaction deposit accounts. As of December 31, 2023, and 2022, the Bank did not have a reserve requirement as the Federal Reserve Board lowered the requirements to zero for all depository institutions. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Debt Securities Loans Commitment fees and loan origination fees are deferred and certain direct origination costs are capitalized. Both are recognized as an adjustment of the yield of the related loan. The accrual of interest on loans is discontinued at the time the loan is ninety days delinquent unless the loan is well collateralized and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Adoption of New Accounting Standards. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2023, are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The adoption of CECL resulted in the recognition of $ 218,000 23,000 60,000 181,000 Allowance for Credit Losses (“ACL”) ACL - Debt Securities Available for Sale. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Changes in the ACL are recorded as credit loss expense. Losses are charged against the ACL when management believes the collectability of the debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the debt securities available for sale and does not record an ACL on accrued interest receivable. As of December 31, 2023, the accrued interest receivable for debt securities available for sale recognized in accrued interest receivable was $ 167,000 ACL – Debt Securities Held to Maturity. ACL - Loans. Management uses systematic methodologies to determine its ACL for loans and certain off- balance sheet credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. Management estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of the expected credit losses. Adjustments to historical loss information are made for the differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. The Company’s ACL recorded in the balance sheet reflects management’s best estimate of expected credit losses. The Company recognizes in earnings the amount needed to adjust the ACL for management’s current estimate of expected credit losses. The Company’s ACL is calculated using collectively evaluated and individually evaluated loans. The ACL is measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogenous segments for analysis. The Company’s ACL is measured based on FDIC call report codes as these types of loans exhibit similar risk characteristics. The loan portfolio is further segmented by loan product type, collateral codes, occupancy codes, property code or lien position and are representative of the manner in which the Company lends. The ACL for each segment is measured through the use of the average charge-off method. In accordance with the average charge-off method, an annual loss rate is applied to the amortized cost of an asset or pool of assets over the remaining expected life. The annual loss rate consists of historical and forecasted loss components. The forecasted component is applied using loss rates from historical periods that management believes are representative of economic conditions over a full economic cycle. For certain loan segments with limited credit loss histories, management determined the loss experience of peer banks provides the best basis for its assessment of expected credit losses. Other loan segments with more established loss histories utilize historical loss experience of the Company. Management determined that the appropriate historical loss period will begin in the first quarter of 2001 and continue through the most recent quarter, which represents a full peak to peak economic cycle. Additionally, management has determined that the Company’s reasonable and supportable forecast period is one year. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Included in its systematic methodology to determine its ACL, management considers the need to qualitatively adjust model results for risk factors that are not considered within the Company’s loss estimation process but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors (“Q-Factors”) may increase or decrease management’s estimate of expected credit losses by a calculated percentage based upon the estimated level of risk. The various risks that may be considered in making Q-Factor adjustments include, among other things, the impact of 1) changes in lending policies and procedures, including changes in underwriting standards; 2) changes in international, national, regional and local economic conditions; 3) changes in the volume and severity of past due and nonaccrual status; 4) the effect of any concentrations of credit and changes in the levels of such concentrations; 5) changes in the experience, depth, and ability of lending management; 6) changes in nature and volume of the portfolio; 7) trends in underlying collateral values; 8) changes in the quality of the loan review system and 9) the effect of other external factors (i.e., competition, legal and regulatory requirements) on the level of estimated credit losses. The annual loss rates, as defined above, adjusted for Q-Factors, are applied to the amortized loan balances over each subsequent period and aggregated to arrive at the General ACL. The amortized loan balances are adjusted based on management’s estimate of loan repayments in future periods. When a loan no longer shares similar risk characteristics with its segment, the asset is assessed to determine whether it should be included in another segment or should be individually evaluated. Under ASC 326, the Company has adopted the collateral maintenance practical expedient to measure the ACL based on the fair value of collateral. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining ACL. A Specific ACL is calculated on an individual loan basis based on the shortfall between the fair value of the loan’s collateral, which is adjusted for selling costs, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. Financial assets that have been individually evaluated can be returned to a pool for purposes of estimating the expected credit loss to the extent their credit profile improves and that the repayment terms were not considered to be unique to the asset. Management measures expected credit losses over the contractual term of a loan. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: ● Management has a reasonable expectation at the reporting date that a loan modification will be executed with an individual borrower. ● The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. The Company follows its nonaccrual policy by reversing contractual interest income in the consolidated statements of earnings when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an ACL on accrued interest receivable. As of December 31, 2023, the accrued interest receivable for loans was $ 2,218,000 Prior to the adoption of ASC 326, the allowance for loan losses represented management’s best estimate of inherent losses that had been incurred within the existing portfolio of loans. The allowance for loan losses included allowance allocations calculated in accordance with ASC 310, “Receivables” and allowance allocations calculated in accordance with ASC 450, “Contingencies.” (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued ACL - Off -Balance Sheet Credit Exposures. The Company has a variety of assets that have a component that qualifies as an off-balance sheet exposure. These primarily include commitments to extend credit, construction loans, standby letters of credit, and unfunded commitments under revolving lines of credit. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Management has determined that a majority of the Company’s off-balance-sheet credit exposures are not unconditionally cancellable. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over their expected lives. Management used its judgement to determinate funding rates. Management applied the funding rates, along with the loss factor rate determined for each pooled loan segment, to unfunded loan commitments, excluding unconditionally cancellable exposures and letters of credit, to arrive at the reserve for unfunded loan commitments. As of December 31, 2023, the liability recorded for expected credit losses on unfunded commitments was $ 311,000 Premises and Equipment Leases Transfer of Financial Assets Revenue Recognition Service Charges on Deposit Accounts (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Income Taxes Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company provides reserves for potential payments of tax related to uncertain tax positions. These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company and the Bank file a consolidated income tax return. Income taxes are allocated proportionately to the Company and the Bank as though separate income tax returns were filed. Advertising 102,000 59,000 Stock Compensation Plan Net Earnings Per Share Schedule of Weighted Average Number of Common Shares Outstanding Year Ended December 31, 2023 2022 Weighted-average number of common shares outstanding used to calculate basic and diluted net earnings per common share 7,238,680 5,954,847 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Off-Balance-Sheet Financial Instruments Fair Value Measurements Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable. Valuations may be obtained from, or corroborated by, third-party pricing services. Level 3: Unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort. The following describes valuation methodologies used for assets measured at fair value: Debt Securities. Impaired Loans (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Fair Values of Financial Instruments Cash and Cash Equivalents. Debt Securities. Loans. Federal Home Loan Bank Stock. 100 Accrued Interest Receivable. Deposit Liabilities. Federal Home Loan Bank and Federal Reserve Bank Advances. Off-Balance-Sheet Financial Instruments. Comprehensive Loss (Income) Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated and Other Comprehensive (Loss) 2023 2022 December 31, 2023 2022 Unrealized loss on debt securities available for sale $ (7,106 ) $ (7,786 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to debt securities held-to-maturity (13 ) (18 ) Income tax benefit 1,804 1,978 Accumulated other comprehensive loss $ (5,315 ) $ (5,826 ) (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Reclassifications

Debt Securities

Debt Securities	12 Months Ended
	Dec. 31, 2023
Debt Securities
Debt Securities	(2) Debt Securities Schedule of Amortized Cost and Approximate Fair Values of Debt Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value At December 31, 2023: Available for sale: SBA Pool Securities $ 706 $ — $ (16 ) $ 690 Collateralized mortgage obligations 138 — (15 ) 123 Taxable municipal securities 16,690 — (4,480 ) 12,210 Mortgage-backed securities 13,927 — (2,595 ) 11,332 Total $ 31,461 $ — $ (7,106 ) $ 24,355 Held-to-maturity: Collateralized mortgage obligations $ 353 $ — $ (35 ) $ 318 Mortgage-backed securities 7 1 — 8 Total $ 360 $ 1 (35 ) $ 326 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (2) Debt Securities, Continued Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value At December 31, 2022: Available for sale: SBA Pool Securities $ 834 $ 1 $ (18 ) $ 817 Collateralized mortgage obligations 145 — (15 ) 130 Taxable municipal securities 16,729 — (5,109 ) 11,620 Mortgage-backed securities 15,180 — (2,645 ) 12,535 Total $ 32,888 $ 1 $ (7,787 ) $ 25,102 Held-to-maturity: Collateralized mortgage obligations $ 475 $ — $ (35 ) $ 440 Mortgage-backed securities 65 — (1 ) 64 Total $ 540 $ — $ (36 ) $ 504 There were no Debt securities 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 Available for Sale with Gross Unrealized Losses, by Investment Category Over Twelve Months Less Than Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value At December 31, 2023: Available for Sale: SBA Pool Securities $ (16 ) 690 — — Collateralized mortgage obligations $ — — (15 ) 123 Taxable municipal securities $ (4,480 ) 12,210 — — Mortgage-backed securities $ (2,595 ) 11,332 — — Total (7,091 ) 24,232 (15 ) 123 At December 31, 2022: Available for Sale: SBA Pool Securities $ 18 $ 657 $ — $ — Collateralized mortgage obligations — — 15 130 Taxable municipal securities $ 5,109 $ 11,620 $ — $ — Mortgage-backed securities $ 2,621 $ 12,292 $ 24 $ 243 Total 7,748 24,569 39 373 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (2) Debt Securities, Continued At December 31, 2023 and 2022, the unrealized losses on forty twenty-nine Management evaluates debt securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the financial condition and near-term prospects of the issuer including looking at default and delinquency rates, (2) the outlook for receiving the contractual cash flows of the investments, (3) the length of time and the extent to which the fair value has been less than cost, (4) the intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value or for a debt security whether it is more-likely-than-not that the Company will be required to sell the debt security prior to recovering its fair value, (5) the anticipated outlook for changes in the general level of interest rates, (6) credit ratings, (7) third party guarantees, and (8) collateral values. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, the results of reviews of the issuer’s financial condition, and the issuer’s anticipated ability to pay the contractual cash flows of the investments. The Company performed an analysis that determined that the mortgage-backed securities, collateralized mortgage obligations, and U.S. government securities, have a zero expected credit loss as they have the full faith and credit backing of the U.S. government or one of its agencies. Municipal bonds that do not have a zero expected credit loss are evaluated at least quarterly to determine whether there is a credit loss associated with a decline in fair value. At December 31, 2023 and 2022 all municipal securities were rated as investment grade. All debt securities in an unrealized loss position as of December 31, 2023 continue to perform as scheduled and the Company does not believe that there is a credit loss or that credit loss expense is necessary. Also, as part of our evaluation of our intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, the Company considers our investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. The Company does not currently intend to sell the investments within the portfolio, and it is not more-likely-than-not that a sale will be required. Management continues to monitor all of our investments with a high degree of scrutiny. There can be no assurance that in a future period, conditions may exist at that time indicating that some or all of the Company’s securities may be sold that would require a charge to earnings as credit loss expense in such period. The Company’s debt securities available-for-sale and held-to-maturity all have contractual maturity dates which are greater than ten years as of December 31, 2023. Expected maturities of these debt securities will differ from contractual maturities because borrowers have the right to call or repay obligations with or without call or prepayment penalties.

Loans

Loans	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Loans	(3) Loans Schedule of Components of Loans 2023 2022 At December 31, 2023 2022 Residential real estate $ 71,400 $ 50,354 Multi-family real estate 67,498 69,555 Commercial real estate 422,680 310,695 Land and construction 32,600 17,286 Commercial 41,870 5,165 Consumer 44,023 30,323 Total loans 680,071 483,378 Deduct: Net deferred loan fees (1,294 ) (367 ) Allowance for credit losses (7,683 ) (5,793 ) Loans, net $ 671,094 $ 477,218 The Company makes the majority of its loans to borrowers in Broward County, Florida and portions of Palm Beach and Miami-Dade Counties, Florida. Although the Company has a diversified loan portfolio, a significant portion of its borrowers’ ability to repay their loans and meet their contractual obligations to the Company is dependent upon the economy in Broward, Palm Beach and Miami-Dade Counties, Florida. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (3) Loans, Continued. Schedule of Changes in Allowance for Loan Losses Residential Real Estate Multi-Family Real Estate Commercial Real Estate Land and Construction Commercial Consumer Total Year Ended December 31, 2023: Beginning balance 768 748 3,262 173 277 565 5,793 Additional allowance recognized due to adoption of Topic 326 33 327 (367 ) 278 (262 ) 209 218 Balance January 1, 2023 801 1,075 2,895 451 15 774 6,011 Credit loss expense 219 (34 ) 898 568 250 1,858 3,759 Provision for loan losses Charge-offs — — — — (71 ) (2,371 ) (2,442 ) Recoveries — — — — 87 268 355 Ending balance 1,020 1,041 3,793 1,019 281 529 7,683 Year Ended December 31, 2022: Beginning balance 482 535 1,535 32 74 417 3,075 Provision for loan losses 286 213 1,727 141 244 855 3,466 Charge-offs — — — — (97 ) (804 ) (901 ) Recoveries — — — — 56 97 153 Ending balance 768 $ 748 $ 3,262 $ 173 $ 277 $ 565 $ 5,793 The balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2022 follows (in thousands): At December 31, 2022: Residential Real Estate Multi-Family Real Estate Commercial Real Estate Land and Construction Commercial Consumer Total Collectively evaluated for impairment: Recorded investment $ 50,354 $ 69,555 $ 310,695 $ 17,286 $ 5,165 $ 30,323 $ 483,378 Balance in allowance for loan losses $ 768 $ 748 $ 3,262 $ 173 $ 277 $ 565 $ 5,793 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (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 Consolidated Financial Statements (3) Loans, Continued. Schedule of Loans by Credit Quality Pass OLEM (Other Loans Especially Mentioned) Sub- standard Doubtful Loss Total At December 31, 2023: Residential real estate $ 71,400 $ — $ — $ — $ — $ 71,400 Multi-family real estate 67,498 — — — — 67,498 Commercial real estate 421,471 — 1,209 — — 422,680 Land and construction 32,600 — — — — 32,600 Commercial 41,870 — — — — 41,870 Consumer 42,998 — 1,025 — — 44,023 Total $ 677,837 $ — $ 2,234 $ — $ — $ 680,071 At December 31, 2022: Residential real estate $ 50,354 $ — $ — $ — $ — $ 50,354 Multi-family real estate 69,555 — — — — 69,555 Commercial real estate 309,458 — 1,237 — — 310,695 Land and construction 17,286 — — — — 17,286 Commercial 5,165 — — — — 5,165 Consumer 30,323 — — — — 30,323 Total $ 482,141 $ — $ 1,237 $ — $ — $ 483,378 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 sound 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 as 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 affected in the future. The Company fully charges off any loan classified as Loss. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (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 December 31, 2023: Residential real estate $ — $ — $ — $ — $ 71,400 $ — $ 71,400 Multi-family real estate — — — — 67,498 — 67,498 Commercial real estate — — — — 422,680 — 422,680 Land and construction — — — — 32,600 — 32,600 Commercial — — — — 41,870 — 41,870 Consumer 230 208 — 438 42,560 1,025 44,023 Total $ 230 $ 208 $ — $ 438 $ 678,608 $ 1,025 $ 680,071 At December 31, 2022: Residential real estate $ — $ — $ — $ — $ 50,354 $ — $ 50,354 Multi-family real estate — — — — 69,555 — 69,555 Commercial real estate — — — — 310,695 — 310,695 Land and construction — — — — 17,286 — 17,286 Commercial — — — — 5,165 — 5,165 Consumer 150 27 — 177 30,146 — 30,323 Total $ 150 $ 27 $ — $ 177 $ 483,201 $ — $ 483,378 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (3) Loans, Continued. Schedule of Amortized Cost Basis Term Loans Revolving Loans Amortized Cost Basis by Origination Year Revolving Converted to Term Land and construction 2023 2022 2021 2020 2019 Prior Loans (Amortized Cost Basis) Loans (Amortized Cost Basis) Total Pass $ 11,869 $ 14,933 $ 2,689 $ 1,488 $ 1,621 $ — $ — $ — $ 32,600 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 11,869 $ 14,933 $ 2,689 $ 1,488 $ 1,621 $ — $ — $ — $ 32,600 Current period Gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential real estate Pass $ 21,343 $ 25,898 $ 9,747 $ 4,777 $ 4,044 $ 4,844 $ 747 $ — $ 71,400 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 21,343 $ 25,898 $ 9,747 $ 4,777 $ 4,044 $ 4,844 $ 747 $ — $ 71,400 Current period Gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family real estate Pass $ 1,369 $ 29,561 $ 27,224 $ 6,086 $ 2,064 $ 1,194 $ — $ — $ 67,498 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 1,369 $ 29,561 $ 27,224 $ 6,086 $ 2,064 $ 1,194 $ — $ — $ 67,498 Current period Gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 123,081 $ 204,425 $ 52,536 $ 15,297 $ 12,593 $ 13,539 $ — $ — $ 421,471 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — 1,209 — — — 1,209 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 123,081 $ 204,425 $ 52,536 $ 15,297 $ 13,802 $ 13,539 $ — $ — $ 422,680 Current period Gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial business loans Pass $ 37,854 $ 1,935 $ 1,403 $ 634 $ 44 $ — $ — $ — $ 41,870 OLEM (Other Loans Especially Mentioned) — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — Loss — — — — — — — Subtotal loans $ 37,854 $ 1,935 $ 1,403 $ 634 $ 44 $ — $ — $ — $ 41,870 Current period Gross write-offs $ (45 ) $ — $ — $ — $ — $ (26 ) $ — $ — $ (71 ) Consumer Pass $ 8,657 $ 7,033 $ 3,627 $ 147 $ 111 $ — $ 23,423 $ — $ 42,998 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — 1,025 — 1,025 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 8,657 $ 7,033 $ 3,627 $ 147 $ 111 $ — $ 24,448 $ — $ 44,023 Current period Gross write-offs $ (423 ) $ (1,065 ) $ (880 ) $ (3 ) $ — $ — $ — $ — $ (2,371 ) (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (3) Loans, Continued The Company has not made any modifications of loans to borrowers experiencing financial difficulties during the year ended December 31, 2023. The Company recognized $ 85,000 no No loans have been determined to be troubled debt restructurings (TDR’s) during the year ended December 31, 2022. At December 31, 2022, there were no loans modified and entered into TDR’s within the past twelve months, that subsequently defaulted during the year ended December 31, 2022. There were no

Premises and Equipment

Premises and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Premises and Equipment	(4) Premises and Equipment Schedule of Premises and Equipment 2023 2022 At December 31, 2023 2022 Furniture, fixtures, and equipment $ 1,786 $ 1,138 Leasehold improvements 677 657 Total, at cost 2,463 1,795 Less accumulated depreciation and amortization (1,088 ) (861 ) Premises and equipment, net $ 1,375 $ 934

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	(5) Leases 7.2 Schedule of Components of Lease Cost 2023 2022 For the year ended December 31, 2023 2022 Operating lease cost $ 343 $ 280 Cash paid for amounts included in measurement of lease liabilities $ 310 $ 261 Schedule of Operating Lease Liability 2023 2022 At December 31 2023 2022 Operating lease right-of-use assets 2,161 2,119 Operating lease liabilities 2,248 2,172 Weighted-average remaining lease term 7.2 8.4 Weighted-average discount rate 4.3 % 2.3 % (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (5) Leases. Continued Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases At December 31, 2023 2024 $ 321 2025 329 2026 343 2027 370 2028 379 Thereafter 788 Total future minimum lease payments 2,530 Less imputed interest (282 ) Total operating lease liability $ 2,248

Deposits

Deposits	12 Months Ended
	Dec. 31, 2023
Deposits	(6) Deposits The aggregate amount of time deposits with a minimum denomination of $ 250,000 39.1 47.3 A schedule of maturities of time deposits at December 31, 2023 follows (in thousands): Schedule of Maturities of Time Deposits Maturing Year Ending December 31, Amount 2024 $ 81,302 2025 40,276 2026 1 2028 178 Total $ 121,757

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2023
Federal Home Loan Banks [Abstract]
Borrowings	(7) Borrowings The maturities and interest rates on the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances were as follows (dollars in thousands) Schedule of Maturities and Interest Rates on the Federal Home Loan Bank Advances Maturity Year Ending Interest At December 31, December 31, Rate 2023 2022 FRB 2024 1.96 % 13,600 — FHLB 2024 4.96 % 30,000 — FHLB 2024 5.57 % 22,000 — FHLB 2025 1.01 % 10,000 10,000 $ 75,600 $ 10,000 At December 31, 2023, three FHLB Advances were structured advances with potential calls on a quarterly basis. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (7) Borrowings. Continued FHLB advances are collateralized by a blanket lien requiring the Company to maintain certain first mortgage loans as pledged collateral. At December 31, 2023, the Company had outstanding borrowings of $ 62 178 240 In addition, the Bank has a line of credit with the Federal Reserve Bank which is secured by investment securities with fair value of $ 11.5 13.6 At December 31, 2023, the Company also had lines of credit amounting to $ 29.5

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Financial Instruments	(8) Financial Instruments The estimated fair values of the Company’s financial instruments were as follows (in thousands): Schedule of Estimated Fair Value of Financial Instruments At December 31, 2023 At December 31, 2022 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 76,663 $ 76,663 1 $ 71,836 $ 71,836 1 Debt Securities available for sale 24,355 24,355 2 25,102 25,102 2 Debt Securities held-to-maturity 360 326 2 540 504 2 Loans 671,094 652,965 3 477,218 476,566 3 Federal Home Loan Bank stock 3,354 3,354 3 600 600 3 Accrued interest receivable 2,474 2,474 3 1,444 1,444 3 Financial liabilities: Deposit liabilities 639,581 645,426 3 507,899 512,357 3 Federal Home Loan Bank advances 62,000 61,565 3 10,000 9,450 3 Federal Reserve Bank advances 13,600 13,592 3 — — 3 Off-balance sheet financial instruments — — — — 3 — — 3 — — 3 The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit, unused lines of credit, and standby letters of credit and may involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the consolidated balance sheet. The contract amounts of these instruments reflect the extent of involvement the Company has in these financial instruments. The Company’s exposure to credit loss in the event of nonperformance 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. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (8) Financial Instruments Continued 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 Company 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 Company 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 December 31, 2023 follows (in thousands): Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 31,044 Unused lines of credit $ 69,978 Standby letters of credit $ 4,559

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	(9) Income Taxes Income taxes consisted of the following (in thousands): Schedule of Components of Income Tax Benefit 2023 2022 Year Ended December 31, 2023 2022 Current: Federal $ 1,040 $ — State 313 — Total Current 1,353 — Deferred: Federal 654 1,071 State 167 298 Total Deferred Income taxes 821 1,369 Total Income taxes $ 2,174 $ 1,369 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (9) Income Taxes Continued The reasons for the differences between the statutory Federal income tax rate and the effective tax rate are summarized as follows (dollars in thousands): Schedule of Effective Income Tax Rate Reconciliation Year Ended December 31, 2023 2022 % of % of Amount Pretax Income Amount Pretax Income Income taxes at statutory rate $ 1,776 21.0 % $ 1,132 21.0 % Increase resulting from: State taxes, net of Federal tax benefit 379 4.5 % 235 4.4 % Other permanent differences 19 0.2 % 2 — $ 2,174 25.7 % $ 1,369 25.4 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in thousands): Schedule of Deferred Tax Assets and Deferred Tax Liabilities 2023 2022 At December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 41 $ 1,322 Allowance for credit losses 1,519 893 Premises and equipment 14 55 Nonaccrual loan interest 22 26 Accrued expense 114 72 Operating lease liabilities 574 550 Unrealized loss on debt securities 1,804 1,978 Other 1 — Total deferred tax assets 4,089 4,896 Deferred tax liabilities: Right of use lease assets (552 ) (537 ) Loan costs (634 ) (523 ) Total deferred tax liabilities (1,186 ) (1,060 ) Net deferred tax asset $ 2,903 $ 3,836 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (9) Income Taxes, Continued At December 31, 2023, the Company had net operating loss carryforwards of approximately $ 0.2 The Company files U.S., Florida, and Illinois income tax returns. The Company is no longer subject to U.S. Federal or state income tax examinations by taxing authorities for years before 2020. The Company regularly reviews its tax positions in each significant taxing jurisdiction in the process of evaluating its unrecognized tax benefits. The Company makes adjustments to its unrecognized tax benefits when: (i) facts and circumstances regarding a tax position change, causing a change in management’s judgment regarding that tax position; (ii) a tax position is effectively settled with a tax authority at a differing amount; and/or (iii) the statute of limitations expires regarding a tax position. The Company does not expect a change in unrecognized tax benefits in the next 12 months.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	(10) Related Party Transactions The Company has entered into transactions with its executive officers, directors and their affiliates in the ordinary course of business. During 2023, the Company incurred approximately $ 65,000 At December 31, 2023 and 2022, related parties had approximately $ 30,623,000 32,750,000 At December 31, 2023 and 2022, related party loans totaled $ 131,500 100,500

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	(11) 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, as amended (the “Plan”). The plan has been approved by the shareholders. The Company is authorized to issue up to 1,050,000 500,000 1,050,000 539,320 During the year ended December 31, 2023, the Company recorded compensation expense of: (a) $ 274,000 66,479 216,000 52,622 During the year ended December 31, 2022, the Company recorded compensation expense of: (a) $ 275,000 with respect to 67,183 shares issued to a director and an executive officer for services performed; and (b) $ 97,000 with respect to 24,493 shares issued to certain employees for services performed. OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements

Regulatory Matters

Regulatory Matters	12 Months Ended
	Dec. 31, 2023
Regulatory Matters	(12) Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts, and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. In 2019, the federal banking agencies jointly issued a final rule that provides for an optional, simplified measure of capital adequacy, the community bank leverage ratio framework (CBLR framework), for qualifying community banking organizations. The final rule became effective on January 1, 2020, and was elected by the Bank. The CBLR Framework removes the requirement for qualifying banking organizations to calculate and report risk-based capital but rather only requires a Tier 1 to average assets (leverage) ratio. Qualifying community banking organizations that elect to use the community bank leverage ratio framework and that maintain a leverage ratio of greater than required minimums will be considered to have satisfied the generally applicable risk based and leverage capital requirements in the agencies’ capital rules (generally applicable rule) and, if applicable, will be considered to have met the well capitalized ratio requirements for purposes of section 38 of the Federal Deposit Insurance Act. Under the CBLR Framework, the community bank leverage ratio minimum requirement is 9 Management believes, as of December 31, 2023, 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 Amount and Percentages To Be Well Capitalized Under Prompt Corrective Actual Action Regulations (CBLR Framework) Amount % Amount % As of December 31, 2023: Tier I Capital to Total Assets $ 74,999 10.00 % $ 67,499 9.00 % As of December 31, 2022: Tier I Capital to Total Assets $ 66,291 11.29 % $ 52,865 9.00 % (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements

Dividends

Dividends	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Dividends	(13) Dividends The Company is limited in the amount of cash dividends that may be paid. Banking regulations place certain restrictions on dividends and loans or advances made by the Bank to the Company. The amount of cash dividends that may be paid by the Bank to the Company is based on the Bank’s net earnings of the current year combined with the Bank’s retained earnings of the preceding two years, as defined by state banking regulations. However, for any dividend declaration, the Company must consider additional factors such as the amount of current period net earnings, liquidity, asset quality, capital adequacy and economic conditions. It is likely that these factors would further limit the amount of dividends which the Company could declare. In addition, bank regulators have the authority to prohibit banks from paying dividends if they deem such payment to be an unsafe or unsound practice.

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	(14) Contingencies Various claims also arise from time to time in the normal course of business. In the opinion of management, none have occurred that will have a material adverse effect on the Company’s consolidated financial statements. During year ended on December 31, 2023 the Company incurred a one-time expense related to the settlement of foreclosure litigation in the amount of $ 375,000

Retirement Plans

Retirement Plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Retirement Plans	(15) Retirement Plans The Company has a 401(k) Profit Sharing plan covering all eligible employees who are over the age of twenty-one and have completed one year of service. The Company may make a matching contribution each year. The Company matching contributions in connection with this plan during the years ended December 31, 2023 and 2022 was $ 150,000 86,000 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement	(16) Fair Value Measurement 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 Measurements Using Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At December 31, 2023: SBA Pool Securities $ 690 $ — $ 690 $ — Collateralized mortgage obligations 123 — 123 — Taxable municipal securities 12,210 — 12,210 — Mortgage-backed securities 11,332 — 11,332 — Total $ 24,355 $ — $ 24,355 $ — At December 31, 2022: SBA Pool Securities $ 817 $ — $ 817 $ — Collateralized mortgage obligations 130 — 130 — Taxable municipal securities 11,620 — 11,620 — Mortgage-backed securities 12,535 — 12,535 — Total $ 25,102 $ — $ 25,102 $ — During the years ended December 31, 2023 and 2022, no debt securities were transferred in or out of Level 3.

Company Unconsolidated Financia

Company Unconsolidated Financial Information	12 Months Ended
	Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Company Unconsolidated Financial Information	(17) Company Unconsolidated Financial Information The Company’s unconsolidated financial information as of December 31, 2023 and 2022 and for the years then ended follows (in thousands): Condensed Balance Sheets Schedule of Condensed Balance Sheet 2023 2022 Condensed Balance Sheets At December 31, 2023 2022 Assets Cash $ 825 $ 602 Investment in subsidiary 69,549 60,464 Other assets 206 2,149 Total assets $ 70,580 $ 63,215 Liabilities and Stockholders’ Equity Other liabilities $ 573 $ 636 Stockholders’ equity 70,007 62,579 Total liabilities and stockholders’ equity $ 70,580 $ 63,215 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (17) Company Unconsolidated Financial Information Continued Condensed Statements of Earnings Schedule of Condensed Statements of Earnings 2023 2022 Year Ended December 31, 2023 2022 Income of subsidiary $ 7,253 $ 4,791 Other expense (1,304 ) (1,029 ) Income tax benefit 333 261 Net earnings $ 6,283 $ 4,023 Condensed Statements of Cash Flows Schedule of Condensed Statements of Cash Flows 2023 2022 Year Ended December 31, 2023 2022 Cash flows from operating activities: Net earnings $ 6,283 $ 4,023 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Stock-based compensation 490 372 Equity in undistributed income of subsidiary (7,254 ) (4,792 ) decrease (Increase) in other assets 1,943 (306 ) (Decrease) in other liabilities (63 ) 431 Net cash provided by (used in) operating activities 1,399 (272 ) Cash flow from investing activities: Capital infusion to bank subsidiary (1,500 ) (24,500 ) Cash flow from financing activities: Proceeds from sale of preferred stock — 15,000 Proceeds from sale of common stock 324 9,866 Cash provided by financing activities 324 24,866 Net increase in cash 223 94 Cash at beginning of the year 602 508 Cash at end of year $ 825 $ 602 Noncash transactions: Change in accumulated other comprehensive loss of subsidiary, net change in unrealized loss on debt securities available for sale, net of income taxes $ 511 $ (5,191 ) Reduction in investment in subsidiary due to adoption of ASC 326 $ 181 $ - (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Preferred Stock	(18) Preferred Stock Except in the event of liquidation, if the Company declares or pays a dividend or distribution on the common stock, the Company shall simultaneously declare and pay a dividend on the Series B Preferred Stock on a pro rata basis with the common stock determined on an as-converted basis assuming all shares of Series B Preferred Stock had been converted immediately prior to the record date of the applicable dividend. As of September 30, 2023 the Series B Preferred Stock is convertible into 11,113,889 9.9 25,000 The Series B Preferred generally has no voting rights except as provided in the Certificate of Designation. The Series B Preferred Stock are subdivided into three categories. The Company is authorized to issue 760 260 500 Each series 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 4.50 During the Annual Meeting of Shareholders held on June 27, 2023, the Company’s shareholders approved the issuance of up to 11,113,889

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization	Organization 100
Basis of Presentation	Basis of Presentation
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents The Company may be required by law or regulation to maintain cash reserves in the form of vault cash or deposit with Federal Reserve Banks or in Pass-through accounts with other banks. This requirement is based on the amount of the Bank’s transaction deposit accounts. As of December 31, 2023, and 2022, the Bank did not have a reserve requirement as the Federal Reserve Board lowered the requirements to zero for all depository institutions. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued
Debt Securities	Debt Securities
Loans	Loans Commitment fees and loan origination fees are deferred and certain direct origination costs are capitalized. Both are recognized as an adjustment of the yield of the related loan. The accrual of interest on loans is discontinued at the time the loan is ninety days delinquent unless the loan is well collateralized and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Adoption of New Accounting Standards. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2023, are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The adoption of CECL resulted in the recognition of $ 218,000 23,000 60,000 181,000
Allowance for Credit Losses (“ACL”)	Allowance for Credit Losses (“ACL”) ACL - Debt Securities Available for Sale. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Changes in the ACL are recorded as credit loss expense. Losses are charged against the ACL when management believes the collectability of the debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the debt securities available for sale and does not record an ACL on accrued interest receivable. As of December 31, 2023, the accrued interest receivable for debt securities available for sale recognized in accrued interest receivable was $ 167,000 ACL – Debt Securities Held to Maturity. ACL - Loans. Management uses systematic methodologies to determine its ACL for loans and certain off- balance sheet credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. Management estimates the ACL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of the expected credit losses. Adjustments to historical loss information are made for the differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The Company’s estimate of its ACL involves a high degree of judgment; therefore, management’s process for determining expected credit losses may result in a range of expected credit losses. The Company’s ACL recorded in the balance sheet reflects management’s best estimate of expected credit losses. The Company recognizes in earnings the amount needed to adjust the ACL for management’s current estimate of expected credit losses. The Company’s ACL is calculated using collectively evaluated and individually evaluated loans. The ACL is measured on a collective pool basis when similar risk characteristics exist. Loans with similar risk characteristics are grouped into homogenous segments for analysis. The Company’s ACL is measured based on FDIC call report codes as these types of loans exhibit similar risk characteristics. The loan portfolio is further segmented by loan product type, collateral codes, occupancy codes, property code or lien position and are representative of the manner in which the Company lends. The ACL for each segment is measured through the use of the average charge-off method. In accordance with the average charge-off method, an annual loss rate is applied to the amortized cost of an asset or pool of assets over the remaining expected life. The annual loss rate consists of historical and forecasted loss components. The forecasted component is applied using loss rates from historical periods that management believes are representative of economic conditions over a full economic cycle. For certain loan segments with limited credit loss histories, management determined the loss experience of peer banks provides the best basis for its assessment of expected credit losses. Other loan segments with more established loss histories utilize historical loss experience of the Company. Management determined that the appropriate historical loss period will begin in the first quarter of 2001 and continue through the most recent quarter, which represents a full peak to peak economic cycle. Additionally, management has determined that the Company’s reasonable and supportable forecast period is one year. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Included in its systematic methodology to determine its ACL, management considers the need to qualitatively adjust model results for risk factors that are not considered within the Company’s loss estimation process but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors (“Q-Factors”) may increase or decrease management’s estimate of expected credit losses by a calculated percentage based upon the estimated level of risk. The various risks that may be considered in making Q-Factor adjustments include, among other things, the impact of 1) changes in lending policies and procedures, including changes in underwriting standards; 2) changes in international, national, regional and local economic conditions; 3) changes in the volume and severity of past due and nonaccrual status; 4) the effect of any concentrations of credit and changes in the levels of such concentrations; 5) changes in the experience, depth, and ability of lending management; 6) changes in nature and volume of the portfolio; 7) trends in underlying collateral values; 8) changes in the quality of the loan review system and 9) the effect of other external factors (i.e., competition, legal and regulatory requirements) on the level of estimated credit losses. The annual loss rates, as defined above, adjusted for Q-Factors, are applied to the amortized loan balances over each subsequent period and aggregated to arrive at the General ACL. The amortized loan balances are adjusted based on management’s estimate of loan repayments in future periods. When a loan no longer shares similar risk characteristics with its segment, the asset is assessed to determine whether it should be included in another segment or should be individually evaluated. Under ASC 326, the Company has adopted the collateral maintenance practical expedient to measure the ACL based on the fair value of collateral. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining ACL. A Specific ACL is calculated on an individual loan basis based on the shortfall between the fair value of the loan’s collateral, which is adjusted for selling costs, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. Financial assets that have been individually evaluated can be returned to a pool for purposes of estimating the expected credit loss to the extent their credit profile improves and that the repayment terms were not considered to be unique to the asset. Management measures expected credit losses over the contractual term of a loan. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: ● Management has a reasonable expectation at the reporting date that a loan modification will be executed with an individual borrower. ● The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. The Company follows its nonaccrual policy by reversing contractual interest income in the consolidated statements of earnings when the Company places a loan on nonaccrual status. Therefore, management excludes the accrued interest receivable balance from the amortized cost basis in measuring expected credit losses on the portfolio and does not record an ACL on accrued interest receivable. As of December 31, 2023, the accrued interest receivable for loans was $ 2,218,000 Prior to the adoption of ASC 326, the allowance for loan losses represented management’s best estimate of inherent losses that had been incurred within the existing portfolio of loans. The allowance for loan losses included allowance allocations calculated in accordance with ASC 310, “Receivables” and allowance allocations calculated in accordance with ASC 450, “Contingencies.” (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued ACL - Off -Balance Sheet Credit Exposures. The Company has a variety of assets that have a component that qualifies as an off-balance sheet exposure. These primarily include commitments to extend credit, construction loans, standby letters of credit, and unfunded commitments under revolving lines of credit. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. Management has determined that a majority of the Company’s off-balance-sheet credit exposures are not unconditionally cancellable. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over their expected lives. Management used its judgement to determinate funding rates. Management applied the funding rates, along with the loss factor rate determined for each pooled loan segment, to unfunded loan commitments, excluding unconditionally cancellable exposures and letters of credit, to arrive at the reserve for unfunded loan commitments. As of December 31, 2023, the liability recorded for expected credit losses on unfunded commitments was $ 311,000
Premises and Equipment	Premises and Equipment
Leases	Leases
Transfer of Financial Assets	Transfer of Financial Assets
Revenue Recognition	Revenue Recognition
Service Charges on Deposit Accounts	Service Charges on Deposit Accounts (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued
Income Taxes	Income Taxes Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company provides reserves for potential payments of tax related to uncertain tax positions. These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company and the Bank file a consolidated income tax return. Income taxes are allocated proportionately to the Company and the Bank as though separate income tax returns were filed.
Advertising	Advertising 102,000 59,000
Stock Compensation Plan	Stock Compensation Plan
Net Earnings Per Share	Net Earnings Per Share Schedule of Weighted Average Number of Common Shares Outstanding Year Ended December 31, 2023 2022 Weighted-average number of common shares outstanding used to calculate basic and diluted net earnings per common share 7,238,680 5,954,847 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued
Off-Balance-Sheet Financial Instruments	Off-Balance-Sheet Financial Instruments
Fair Value Measurements	Fair Value Measurements Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable. Valuations may be obtained from, or corroborated by, third-party pricing services. Level 3: Unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort. The following describes valuation methodologies used for assets measured at fair value: Debt Securities. Impaired Loans (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued
Fair Values of Financial Instruments	Fair Values of Financial Instruments Cash and Cash Equivalents. Debt Securities. Loans. Federal Home Loan Bank Stock. 100 Accrued Interest Receivable. Deposit Liabilities. Federal Home Loan Bank and Federal Reserve Bank Advances. Off-Balance-Sheet Financial Instruments.
Comprehensive Loss (Income)	Comprehensive Loss (Income) Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated and Other Comprehensive (Loss) 2023 2022 December 31, 2023 2022 Unrealized loss on debt securities available for sale $ (7,106 ) $ (7,786 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to debt securities held-to-maturity (13 ) (18 ) Income tax benefit 1,804 1,978 Accumulated other comprehensive loss $ (5,315 ) $ (5,826 ) (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued
Reclassifications	Reclassifications

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Weighted Average Number of Common Shares Outstanding	Schedule of Weighted Average Number of Common Shares Outstanding Year Ended December 31, 2023 2022 Weighted-average number of common shares outstanding used to calculate basic and diluted net earnings per common share 7,238,680 5,954,847
Schedule of Accumulated and Other Comprehensive (Loss)	Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated and Other Comprehensive (Loss) 2023 2022 December 31, 2023 2022 Unrealized loss on debt securities available for sale $ (7,106 ) $ (7,786 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to debt securities held-to-maturity (13 ) (18 ) Income tax benefit 1,804 1,978 Accumulated other comprehensive loss $ (5,315 ) $ (5,826 )

Debt Securities (Tables)

Debt Securities (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Securities
Schedule of Amortized Cost and Approximate Fair Values of Debt Securities	Schedule of Amortized Cost and Approximate Fair Values of Debt Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value At December 31, 2023: Available for sale: SBA Pool Securities $ 706 $ — $ (16 ) $ 690 Collateralized mortgage obligations 138 — (15 ) 123 Taxable municipal securities 16,690 — (4,480 ) 12,210 Mortgage-backed securities 13,927 — (2,595 ) 11,332 Total $ 31,461 $ — $ (7,106 ) $ 24,355 Held-to-maturity: Collateralized mortgage obligations $ 353 $ — $ (35 ) $ 318 Mortgage-backed securities 7 1 — 8 Total $ 360 $ 1 (35 ) $ 326 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (2) Debt Securities, Continued Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value At December 31, 2022: Available for sale: SBA Pool Securities $ 834 $ 1 $ (18 ) $ 817 Collateralized mortgage obligations 145 — (15 ) 130 Taxable municipal securities 16,729 — (5,109 ) 11,620 Mortgage-backed securities 15,180 — (2,645 ) 12,535 Total $ 32,888 $ 1 $ (7,787 ) $ 25,102 Held-to-maturity: Collateralized mortgage obligations $ 475 $ — $ (35 ) $ 440 Mortgage-backed securities 65 — (1 ) 64 Total $ 540 $ — $ (36 ) $ 504
Schedule of Debt Securities Available for Sale with Gross Unrealized Losses, by Investment Category	Debt securities 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 Available for Sale with Gross Unrealized Losses, by Investment Category Over Twelve Months Less Than Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value At December 31, 2023: Available for Sale: SBA Pool Securities $ (16 ) 690 — — Collateralized mortgage obligations $ — — (15 ) 123 Taxable municipal securities $ (4,480 ) 12,210 — — Mortgage-backed securities $ (2,595 ) 11,332 — — Total (7,091 ) 24,232 (15 ) 123 At December 31, 2022: Available for Sale: SBA Pool Securities $ 18 $ 657 $ — $ — Collateralized mortgage obligations — — 15 130 Taxable municipal securities $ 5,109 $ 11,620 $ — $ — Mortgage-backed securities $ 2,621 $ 12,292 $ 24 $ 243 Total 7,748 24,569 39 373

Loans (Tables)

Loans (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Schedule of Components of Loans	Schedule of Components of Loans 2023 2022 At December 31, 2023 2022 Residential real estate $ 71,400 $ 50,354 Multi-family real estate 67,498 69,555 Commercial real estate 422,680 310,695 Land and construction 32,600 17,286 Commercial 41,870 5,165 Consumer 44,023 30,323 Total loans 680,071 483,378 Deduct: Net deferred loan fees (1,294 ) (367 ) Allowance for credit losses (7,683 ) (5,793 ) Loans, net $ 671,094 $ 477,218
Schedule of Changes in Allowance for Loan Losses	Schedule of Changes in Allowance for Loan Losses Residential Real Estate Multi-Family Real Estate Commercial Real Estate Land and Construction Commercial Consumer Total Year Ended December 31, 2023: Beginning balance 768 748 3,262 173 277 565 5,793 Additional allowance recognized due to adoption of Topic 326 33 327 (367 ) 278 (262 ) 209 218 Balance January 1, 2023 801 1,075 2,895 451 15 774 6,011 Credit loss expense 219 (34 ) 898 568 250 1,858 3,759 Provision for loan losses Charge-offs — — — — (71 ) (2,371 ) (2,442 ) Recoveries — — — — 87 268 355 Ending balance 1,020 1,041 3,793 1,019 281 529 7,683 Year Ended December 31, 2022: Beginning balance 482 535 1,535 32 74 417 3,075 Provision for loan losses 286 213 1,727 141 244 855 3,466 Charge-offs — — — — (97 ) (804 ) (901 ) Recoveries — — — — 56 97 153 Ending balance 768 $ 748 $ 3,262 $ 173 $ 277 $ 565 $ 5,793 The balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2022 follows (in thousands): At December 31, 2022: Residential Real Estate Multi-Family Real Estate Commercial Real Estate Land and Construction Commercial Consumer Total Collectively evaluated for impairment: Recorded investment $ 50,354 $ 69,555 $ 310,695 $ 17,286 $ 5,165 $ 30,323 $ 483,378 Balance in allowance for loan losses $ 768 $ 748 $ 3,262 $ 173 $ 277 $ 565 $ 5,793
Schedule of Loans by Credit Quality	Schedule of Loans by Credit Quality Pass OLEM (Other Loans Especially Mentioned) Sub- standard Doubtful Loss Total At December 31, 2023: Residential real estate $ 71,400 $ — $ — $ — $ — $ 71,400 Multi-family real estate 67,498 — — — — 67,498 Commercial real estate 421,471 — 1,209 — — 422,680 Land and construction 32,600 — — — — 32,600 Commercial 41,870 — — — — 41,870 Consumer 42,998 — 1,025 — — 44,023 Total $ 677,837 $ — $ 2,234 $ — $ — $ 680,071 At December 31, 2022: Residential real estate $ 50,354 $ — $ — $ — $ — $ 50,354 Multi-family real estate 69,555 — — — — 69,555 Commercial real estate 309,458 — 1,237 — — 310,695 Land and construction 17,286 — — — — 17,286 Commercial 5,165 — — — — 5,165 Consumer 30,323 — — — — 30,323 Total $ 482,141 $ — $ 1,237 $ — $ — $ 483,378
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 December 31, 2023: Residential real estate $ — $ — $ — $ — $ 71,400 $ — $ 71,400 Multi-family real estate — — — — 67,498 — 67,498 Commercial real estate — — — — 422,680 — 422,680 Land and construction — — — — 32,600 — 32,600 Commercial — — — — 41,870 — 41,870 Consumer 230 208 — 438 42,560 1,025 44,023 Total $ 230 $ 208 $ — $ 438 $ 678,608 $ 1,025 $ 680,071 At December 31, 2022: Residential real estate $ — $ — $ — $ — $ 50,354 $ — $ 50,354 Multi-family real estate — — — — 69,555 — 69,555 Commercial real estate — — — — 310,695 — 310,695 Land and construction — — — — 17,286 — 17,286 Commercial — — — — 5,165 — 5,165 Consumer 150 27 — 177 30,146 — 30,323 Total $ 150 $ 27 $ — $ 177 $ 483,201 $ — $ 483,378
Schedule of Amortized Cost Basis	Schedule of Amortized Cost Basis Term Loans Revolving Loans Amortized Cost Basis by Origination Year Revolving Converted to Term Land and construction 2023 2022 2021 2020 2019 Prior Loans (Amortized Cost Basis) Loans (Amortized Cost Basis) Total Pass $ 11,869 $ 14,933 $ 2,689 $ 1,488 $ 1,621 $ — $ — $ — $ 32,600 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 11,869 $ 14,933 $ 2,689 $ 1,488 $ 1,621 $ — $ — $ — $ 32,600 Current period Gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Residential real estate Pass $ 21,343 $ 25,898 $ 9,747 $ 4,777 $ 4,044 $ 4,844 $ 747 $ — $ 71,400 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 21,343 $ 25,898 $ 9,747 $ 4,777 $ 4,044 $ 4,844 $ 747 $ — $ 71,400 Current period Gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Multi-family real estate Pass $ 1,369 $ 29,561 $ 27,224 $ 6,086 $ 2,064 $ 1,194 $ — $ — $ 67,498 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 1,369 $ 29,561 $ 27,224 $ 6,086 $ 2,064 $ 1,194 $ — $ — $ 67,498 Current period Gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate Pass $ 123,081 $ 204,425 $ 52,536 $ 15,297 $ 12,593 $ 13,539 $ — $ — $ 421,471 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — 1,209 — — — 1,209 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 123,081 $ 204,425 $ 52,536 $ 15,297 $ 13,802 $ 13,539 $ — $ — $ 422,680 Current period Gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial business loans Pass $ 37,854 $ 1,935 $ 1,403 $ 634 $ 44 $ — $ — $ — $ 41,870 OLEM (Other Loans Especially Mentioned) — — — — — — — Substandard — — — — — — — Doubtful — — — — — — — Loss — — — — — — — Subtotal loans $ 37,854 $ 1,935 $ 1,403 $ 634 $ 44 $ — $ — $ — $ 41,870 Current period Gross write-offs $ (45 ) $ — $ — $ — $ — $ (26 ) $ — $ — $ (71 ) Consumer Pass $ 8,657 $ 7,033 $ 3,627 $ 147 $ 111 $ — $ 23,423 $ — $ 42,998 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — 1,025 — 1,025 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 8,657 $ 7,033 $ 3,627 $ 147 $ 111 $ — $ 24,448 $ — $ 44,023 Current period Gross write-offs $ (423 ) $ (1,065 ) $ (880 ) $ (3 ) $ — $ — $ — $ — $ (2,371 )

Premises and Equipment (Tables)

Premises and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Premises and Equipment	Schedule of Premises and Equipment 2023 2022 At December 31, 2023 2022 Furniture, fixtures, and equipment $ 1,786 $ 1,138 Leasehold improvements 677 657 Total, at cost 2,463 1,795 Less accumulated depreciation and amortization (1,088 ) (861 ) Premises and equipment, net $ 1,375 $ 934

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Components of Lease Cost	Schedule of Components of Lease Cost 2023 2022 For the year ended December 31, 2023 2022 Operating lease cost $ 343 $ 280 Cash paid for amounts included in measurement of lease liabilities $ 310 $ 261
Schedule of Operating Lease Liability	Schedule of Operating Lease Liability 2023 2022 At December 31 2023 2022 Operating lease right-of-use assets 2,161 2,119 Operating lease liabilities 2,248 2,172 Weighted-average remaining lease term 7.2 8.4 Weighted-average discount rate 4.3 % 2.3 %
Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases	Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases At December 31, 2023 2024 $ 321 2025 329 2026 343 2027 370 2028 379 Thereafter 788 Total future minimum lease payments 2,530 Less imputed interest (282 ) Total operating lease liability $ 2,248

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2023
Schedule of Maturities of Time Deposits	A schedule of maturities of time deposits at December 31, 2023 follows (in thousands): Schedule of Maturities of Time Deposits Maturing Year Ending December 31, Amount 2024 $ 81,302 2025 40,276 2026 1 2028 178 Total $ 121,757

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2023
Federal Home Loan Banks [Abstract]
Schedule of Maturities and Interest Rates on the Federal Home Loan Bank Advances	The maturities and interest rates on the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances were as follows (dollars in thousands) Schedule of Maturities and Interest Rates on the Federal Home Loan Bank Advances Maturity Year Ending Interest At December 31, December 31, Rate 2023 2022 FRB 2024 1.96 % 13,600 — FHLB 2024 4.96 % 30,000 — FHLB 2024 5.57 % 22,000 — FHLB 2025 1.01 % 10,000 10,000 $ 75,600 $ 10,000

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Schedule of Estimated Fair Value of Financial Instruments	The estimated fair values of the Company’s financial instruments were as follows (in thousands): Schedule of Estimated Fair Value of Financial Instruments At December 31, 2023 At December 31, 2022 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 76,663 $ 76,663 1 $ 71,836 $ 71,836 1 Debt Securities available for sale 24,355 24,355 2 25,102 25,102 2 Debt Securities held-to-maturity 360 326 2 540 504 2 Loans 671,094 652,965 3 477,218 476,566 3 Federal Home Loan Bank stock 3,354 3,354 3 600 600 3 Accrued interest receivable 2,474 2,474 3 1,444 1,444 3 Financial liabilities: Deposit liabilities 639,581 645,426 3 507,899 512,357 3 Federal Home Loan Bank advances 62,000 61,565 3 10,000 9,450 3 Federal Reserve Bank advances 13,600 13,592 3 — — 3 Off-balance sheet financial instruments — — — — 3 — — 3 — — 3
Schedule of Off-Balance Sheet Risks of Financial Instruments	Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 31,044 Unused lines of credit $ 69,978 Standby letters of credit $ 4,559

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Benefit	Income taxes consisted of the following (in thousands): Schedule of Components of Income Tax Benefit 2023 2022 Year Ended December 31, 2023 2022 Current: Federal $ 1,040 $ — State 313 — Total Current 1,353 — Deferred: Federal 654 1,071 State 167 298 Total Deferred Income taxes 821 1,369 Total Income taxes $ 2,174 $ 1,369
Schedule of Effective Income Tax Rate Reconciliation	The reasons for the differences between the statutory Federal income tax rate and the effective tax rate are summarized as follows (dollars in thousands): Schedule of Effective Income Tax Rate Reconciliation Year Ended December 31, 2023 2022 % of % of Amount Pretax Income Amount Pretax Income Income taxes at statutory rate $ 1,776 21.0 % $ 1,132 21.0 % Increase resulting from: State taxes, net of Federal tax benefit 379 4.5 % 235 4.4 % Other permanent differences 19 0.2 % 2 — $ 2,174 25.7 % $ 1,369 25.4 %
Schedule of Deferred Tax Assets and Deferred Tax Liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in thousands): Schedule of Deferred Tax Assets and Deferred Tax Liabilities 2023 2022 At December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 41 $ 1,322 Allowance for credit losses 1,519 893 Premises and equipment 14 55 Nonaccrual loan interest 22 26 Accrued expense 114 72 Operating lease liabilities 574 550 Unrealized loss on debt securities 1,804 1,978 Other 1 — Total deferred tax assets 4,089 4,896 Deferred tax liabilities: Right of use lease assets (552 ) (537 ) Loan costs (634 ) (523 ) Total deferred tax liabilities (1,186 ) (1,060 ) Net deferred tax asset $ 2,903 $ 3,836

Regulatory Matters (Tables)

Regulatory Matters (Tables)	12 Months Ended
	Dec. 31, 2023
Schedule of Capital Amount and Percentages	Schedule of Capital Amount and Percentages To Be Well Capitalized Under Prompt Corrective Actual Action Regulations (CBLR Framework) Amount % Amount % As of December 31, 2023: Tier I Capital to Total Assets $ 74,999 10.00 % $ 67,499 9.00 % As of December 31, 2022: Tier I Capital to Total Assets $ 66,291 11.29 % $ 52,865 9.00 %

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2023
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 Measurements Using Fair Value Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) At December 31, 2023: SBA Pool Securities $ 690 $ — $ 690 $ — Collateralized mortgage obligations 123 — 123 — Taxable municipal securities 12,210 — 12,210 — Mortgage-backed securities 11,332 — 11,332 — Total $ 24,355 $ — $ 24,355 $ — At December 31, 2022: SBA Pool Securities $ 817 $ — $ 817 $ — Collateralized mortgage obligations 130 — 130 — Taxable municipal securities 11,620 — 11,620 — Mortgage-backed securities 12,535 — 12,535 — Total $ 25,102 $ — $ 25,102 $ —

Company Unconsolidated Financ_2

Company Unconsolidated Financial Information (Tables)	12 Months Ended
	Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Schedule of Condensed Balance Sheet	The Company’s unconsolidated financial information as of December 31, 2023 and 2022 and for the years then ended follows (in thousands): Condensed Balance Sheets Schedule of Condensed Balance Sheet 2023 2022 Condensed Balance Sheets At December 31, 2023 2022 Assets Cash $ 825 $ 602 Investment in subsidiary 69,549 60,464 Other assets 206 2,149 Total assets $ 70,580 $ 63,215 Liabilities and Stockholders’ Equity Other liabilities $ 573 $ 636 Stockholders’ equity 70,007 62,579 Total liabilities and stockholders’ equity $ 70,580 $ 63,215
Schedule of Condensed Statements of Earnings	Schedule of Condensed Statements of Earnings 2023 2022 Year Ended December 31, 2023 2022 Income of subsidiary $ 7,253 $ 4,791 Other expense (1,304 ) (1,029 ) Income tax benefit 333 261 Net earnings $ 6,283 $ 4,023
Schedule of Condensed Statements of Cash Flows	Schedule of Condensed Statements of Cash Flows 2023 2022 Year Ended December 31, 2023 2022 Cash flows from operating activities: Net earnings $ 6,283 $ 4,023 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Stock-based compensation 490 372 Equity in undistributed income of subsidiary (7,254 ) (4,792 ) decrease (Increase) in other assets 1,943 (306 ) (Decrease) in other liabilities (63 ) 431 Net cash provided by (used in) operating activities 1,399 (272 ) Cash flow from investing activities: Capital infusion to bank subsidiary (1,500 ) (24,500 ) Cash flow from financing activities: Proceeds from sale of preferred stock — 15,000 Proceeds from sale of common stock 324 9,866 Cash provided by financing activities 324 24,866 Net increase in cash 223 94 Cash at beginning of the year 602 508 Cash at end of year $ 825 $ 602 Noncash transactions: Change in accumulated other comprehensive loss of subsidiary, net change in unrealized loss on debt securities available for sale, net of income taxes $ 511 $ (5,191 ) Reduction in investment in subsidiary due to adoption of ASC 326 $ 181 $ -

Schedule of Weighted Average Nu

Schedule of Weighted Average Number of Common Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Weighted-average number of common shares outstanding used to calculate basic net earnings per common share	7,238,680	5,954,847
Weighted-average number of common shares outstanding used to calculate diluted net earnings per common share	7,238,680	5,954,847

Schedule of Accumulated and Oth

Schedule of Accumulated and Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Unrealized loss on debt securities available for sale	$ (7,106)	$ (7,786)
Unamortized portion of unrealized loss related to debt securities available for sale transferred to debt securities held-to-maturity	(13)	(18)
Income tax benefit	1,804	1,978
Accumulated other comprehensive loss	$ (5,315)	$ (5,826)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retained earnings	$ (15,971,000)	$ (22,073,000)
Accrued interest receivable	2,474,000	1,444,000
Advertising expense	$ 102,000	$ 59,000
Investment in Federal Home Loan Bank Stock [Member]
Redemption price per share	$ 100
Unfunded Loan Commitment [Member]
Liability for credit losses on unfunded commitments	$ 311,000
Loan [Member]
Accrued interest receivable for debt securities available for sale	167,000
Accrued interest receivable	2,218,000
Accounting Standards Update 2016-13 [Member]
Allowance for credit losses	218,000
Liability for unfunded commitments	23,000
Deferred income tax assets, net	60,000
Retained earnings	$ 181,000
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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Impairment Effects on Earnings Per Share [Line Items]
Available for sale, amortized cost	$ 31,461	$ 32,888
Available for sale, gross unrealized gains		1
Available for sale, gross unrealized losses	(7,106)	(7,787)
Available for sale, fair value	24,355	25,102
Held-to-maturity, amortized cost	360	540
Held-to-maturity, gross unrealized gains	1
Held-to-maturity, gross unrealized losses	(35)	(36)
Held-to-maturity, fair value	326	504
Taxable Municipal Bonds [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for sale, amortized cost	16,690	16,729
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(4,480)	(5,109)
Available for sale, fair value	12,210	11,620
SBA Pool Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for sale, amortized cost	706	834
Available for sale, gross unrealized gains		1
Available for sale, gross unrealized losses	(16)	(18)
Available for sale, fair value	690	817
Collateralized Mortgage Obligations [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for sale, amortized cost	138	145
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(15)	(15)
Available for sale, fair value	123	130
Held-to-maturity, amortized cost	353	475
Held-to-maturity, gross unrealized gains
Held-to-maturity, gross unrealized losses	(35)	(35)
Held-to-maturity, fair value	318	440
Collateralized Mortgage-Backed Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for sale, amortized cost	13,927	15,180
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(2,595)	(2,645)
Available for sale, fair value	11,332	12,535
Held-to-maturity, amortized cost	7	65
Held-to-maturity, gross unrealized gains	1
Held-to-maturity, gross unrealized losses		(1)
Held-to-maturity, fair value	$ 8	$ 64

Schedule of Debt Securities Ava

Schedule of Debt Securities Available for Sale with Gross Unrealized Losses, by Investment Category (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	$ (7,091)	$ (7,748)
Available for Sale, Securities Position Over 12 Months, Fair Value	24,232	24,569
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses	(15)	(39)
Available for Sale, Securities Position Less than 12 Month, Fair Value	123	373
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	7,091	7,748
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses	15	39
Taxable Municipal Bonds [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	(4,480)	(5,109)
Available for Sale, Securities Position Over 12 Months, Fair Value	12,210	11,620
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses
Available for Sale, Securities Position Less than 12 Month, Fair Value
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	4,480	5,109
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses
SBA Pool Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	(16)	(18)
Available for Sale, Securities Position Over 12 Months, Fair Value	690	657
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses
Available for Sale, Securities Position Less than 12 Month, Fair Value
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	16	18
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses
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)	(15)
Available for Sale, Securities Position Less than 12 Month, Fair Value	123	130
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses	15	15
Collateralized Mortgage-Backed Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	(2,595)	(2,621)
Available for Sale, Securities Position Over 12 Months, Fair Value	11,332	12,292
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses		(24)
Available for Sale, Securities Position Less than 12 Month, Fair Value		243
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	2,595	2,621
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses		$ 24

Debt Securities (Details Narrat

Debt Securities (Details Narrative)	Dec. 31, 2023 USD ($) Integer	Dec. 31, 2022 USD ($) Integer
Debt Securities
Available for sale of debt securities | $	$ 0	$ 0
Debt securities in unrealized loss | Integer	40	29

Schedule of Components of Loans

Schedule of Components of Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Total loans	$ 680,071	$ 483,378
Net deferred loan fees	(1,294)	(367)
Allowance for credit losses	(7,683)	(5,793)	$ (3,075)
Loans, net	671,094	477,218
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	71,400	50,354
Allowance for credit losses	(1,020)	(768)	(482)
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total loans	67,498	69,555
Allowance for credit losses	(1,041)	(748)	(535)
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	422,680	310,695
Allowance for credit losses	(3,793)	(3,262)	(1,535)
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Total loans	32,600	17,286
Allowance for credit losses	(1,019)	(173)	(32)
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	41,870	5,165
Allowance for credit losses	(281)	(277)	(74)
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	44,023	30,323
Allowance for credit losses	$ (529)	$ (565)	$ (417)

Schedule of Changes in Allowanc

Schedule of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Beginning balance	$ 5,793	$ 3,075
Additional allowance recognized due to adoption of Topic 326	218
Balance January 1, 2023	6,011
Credit loss expense	3,759
Provision for loan losses		3,466
Charge-offs	(2,442)	(901)
Recoveries	355	153
Ending balance	7,683	5,793
Recorded investment		483,378
Balance in allowance for loan losses		5,793
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	768	482
Additional allowance recognized due to adoption of Topic 326	33
Balance January 1, 2023	801
Credit loss expense	219
Provision for loan losses		286
Charge-offs
Recoveries
Ending balance	1,020	768
Recorded investment		50,354
Balance in allowance for loan losses		768
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	748	535
Additional allowance recognized due to adoption of Topic 326	327
Balance January 1, 2023	1,075
Credit loss expense	(34)
Provision for loan losses		213
Charge-offs
Recoveries
Ending balance	1,041	748
Recorded investment		69,555
Balance in allowance for loan losses		748
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	3,262	1,535
Additional allowance recognized due to adoption of Topic 326	(367)
Balance January 1, 2023	2,895
Credit loss expense	898
Provision for loan losses		1,727
Charge-offs
Recoveries
Ending balance	3,793	3,262
Recorded investment		310,695
Balance in allowance for loan losses		3,262
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	173	32
Additional allowance recognized due to adoption of Topic 326	278
Balance January 1, 2023	451
Credit loss expense	568
Provision for loan losses		141
Charge-offs
Recoveries
Ending balance	1,019	173
Recorded investment		17,286
Balance in allowance for loan losses		173
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	277	74
Additional allowance recognized due to adoption of Topic 326	(262)
Balance January 1, 2023	15
Credit loss expense	250
Provision for loan losses		244
Charge-offs	(71)	(97)
Recoveries	87	56
Ending balance	281	277
Recorded investment		5,165
Balance in allowance for loan losses		277
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	565	417
Additional allowance recognized due to adoption of Topic 326	209
Balance January 1, 2023	774
Credit loss expense	1,858
Provision for loan losses		855
Charge-offs	(2,371)	(804)
Recoveries	268	97
Ending balance	$ 529	565
Recorded investment		30,323
Balance in allowance for loan losses		$ 565

Schedule of Loans by Credit Qua

Schedule of Loans by Credit Quality (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 680,071	$ 483,378
Pass [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	677,837	482,141
Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Substandard [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	2,234	1,237
Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Loss [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	71,400	50,354
Residential Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	71,400	50,354
Residential Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Residential Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Residential Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Residential Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	67,498	69,555
Multi Family Real Estate [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	67,498	69,555
Multi Family Real Estate [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Multi Family Real Estate [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Multi Family Real Estate [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Multi Family Real Estate [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	422,680	310,695
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	421,471	309,458
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,209	1,237
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Real Estate Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	32,600	17,286
Construction Loans [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	32,600	17,286
Construction Loans [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Construction Loans [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Construction Loans [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Construction Loans [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	41,870	5,165
Commercial Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	41,870	5,165
Commercial Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Commercial Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	44,023	30,323
Consumer Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	42,998	30,323
Consumer Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Consumer Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,025
Consumer Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss
Consumer Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss

Schedule of Age Analysis of Pas

Schedule of Age Analysis of Past-due Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 680,071	$ 483,378
Financing Receivable, Nonaccrual	1,025
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	230	150
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	208	27
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	438	177
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	678,608	483,201
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	71,400	50,354
Financing Receivable, Nonaccrual
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
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
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	71,400	50,354
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	67,498	69,555
Financing Receivable, Nonaccrual
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	67,498	69,555
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	422,680	310,695
Financing Receivable, Nonaccrual
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	422,680	310,695
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	32,600	17,286
Financing Receivable, Nonaccrual
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	32,600	17,286
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	41,870	5,165
Financing Receivable, Nonaccrual
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	41,870	5,165
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	44,023	30,323
Financing Receivable, Nonaccrual	1,025
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	230	150
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	208	27
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	438	177
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 42,560	$ 30,146

Schedule of Amortized Cost Basi

Schedule of Amortized Cost Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Subtotal loans	$ 680,071	$ 483,378
Pass [Member]
Financing Receivable, Past Due [Line Items]
Subtotal loans	677,837	482,141
Special Mention [Member]
Financing Receivable, Past Due [Line Items]
Subtotal loans
Substandard [Member]
Financing Receivable, Past Due [Line Items]
Subtotal loans	2,234	1,237
Doubtful [Member]
Financing Receivable, Past Due [Line Items]
Subtotal loans
Loss [Member]
Financing Receivable, Past Due [Line Items]
Subtotal loans
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
2023	11,869
2022	14,933
2021	2,689
2020	1,488
2019	1,621
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	32,600	17,286
Construction Loans [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
2023	11,869
2022	14,933
2021	2,689
2020	1,488
2019	1,621
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	32,600	17,286
Construction Loans [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Construction Loans [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Construction Loans [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Construction Loans [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
2023	123,081
2022	204,425
2021	52,536
2020	15,297
2019	13,802
Prior	13,539
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	422,680	310,695
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Current period Gross write-offs
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
2023	123,081
2022	204,425
2021	52,536
2020	15,297
2019	12,593
Prior	13,539
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	421,471	309,458
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019	1,209
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	1,209	1,237
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Commercial Real Estate Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
2023	21,343
2022	25,898
2021	9,747
2020	4,777
2019	4,044
Prior	4,844
Revolving Loans (Amortized Cost Basis)	747
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	71,400	50,354
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Current period Gross write-offs
Residential Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
2023	21,343
2022	25,898
2021	9,747
2020	4,777
2019	4,044
Prior	4,844
Revolving Loans (Amortized Cost Basis)	747
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	71,400	50,354
Residential Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Residential Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Residential Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Residential Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
2023	1,369
2022	29,561
2021	27,224
2020	6,086
2019	2,064
Prior	1,194
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	67,498	69,555
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Current period Gross write-offs
Multi Family Real Estate [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
2023	1,369
2022	29,561
2021	27,224
2020	6,086
2019	2,064
Prior	1,194
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	67,498	69,555
Multi Family Real Estate [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Multi Family Real Estate [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Multi Family Real Estate [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Multi Family Real Estate [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
2023	37,854
2022	1,935
2021	1,403
2020	634
2019	44
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	41,870	5,165
2023	(45)
2022
2021
2020
2019
Prior	(26)
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Current period Gross write-offs	(71)
Commercial Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
2023	37,854
2022	1,935
2021	1,403
2020	634
2019	44
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	41,870	5,165
Commercial Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Commercial Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Commercial Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Commercial Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
2023	8,657
2022	7,033
2021	3,627
2020	147
2019	111
Prior
Revolving Loans (Amortized Cost Basis)	24,448
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	44,023	30,323
2023	(423)
2022	(1,065)
2021	(880)
2020	(3)
2019
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Current period Gross write-offs	(2,371)
Consumer Portfolio Segment [Member] | Pass [Member]
Financing Receivable, Past Due [Line Items]
2023	8,657
2022	7,033
2021	3,627
2020	147
2019	111
Prior
Revolving Loans (Amortized Cost Basis)	23,423
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	42,998	30,323
Consumer Portfolio Segment [Member] | Special Mention [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Consumer Portfolio Segment [Member] | Substandard [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)	1,025
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	1,025
Consumer Portfolio Segment [Member] | Doubtful [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Consumer Portfolio Segment [Member] | Loss [Member]
Financing Receivable, Past Due [Line Items]
2023
2022
2021
2020
2019
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans

Loans (Details Narrative)

Loans (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Assets Sold under Agreements to Repurchase [Line Items]
Interest income on nonaccrual loans	$ 23,713,000	$ 15,836,000
Impaired loans		$ 0
Loans [Member]
Assets Sold under Agreements to Repurchase [Line Items]
Interest income on nonaccrual loans	85,000
Allowance for credit loss	$ 0

Schedule of Premises and Equipm

Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total, at cost	$ 2,463	$ 1,795
Less accumulated depreciation and amortization	(1,088)	(861)
Premises and equipment, net	1,375	934
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	1,786	1,138
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	$ 677	$ 657

Schedule of Components of Lease

Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 343	$ 280
Cash paid for amounts included in measurement of lease liabilities	$ 310	$ 261

Schedule of Operating Lease Lia

Schedule of Operating Lease Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 2,161	$ 2,119
Operating lease liabilities	$ 2,248	$ 2,172
Weighted average remaining lease term	7 years 2 months 12 days	8 years 4 months 24 days
Weighted-average discount rate	4.30%	2.30%

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 321
2025	329
2026	343
2027	370
2028	379
Thereafter	788
Total future minimum lease payments	2,530
Less imputed interest	(282)
Total operating lease liability	$ 2,248	$ 2,172

Leases (Details Narrative)

Leases (Details Narrative)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	7 years 2 months 12 days	8 years 4 months 24 days

Schedule of Maturities of Time

Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
2024	$ 81,302
2025	40,276
2026	1
2028	178
Total	$ 121,757	$ 239,980

Deposits (Details Narrative)

Deposits (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
TIme deposits greater than $ 100,000	$ 39,100,000	$ 47,300,000
Minimum [Member]
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Time deposits	$ 250,000

Schedule of Maturities and Inte

Schedule of Maturities and Interest Rates on the Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-Term Debt [Line Items]
Advances	$ 75,600	$ 10,000
Federal Reserve Bank Advances [Member] | 2024 [Member]
Short-Term Debt [Line Items]
Interest Rate	1.96%
Advances	$ 13,600
Federal Home Loan Bank Advances [Member] | 2024 [Member]
Short-Term Debt [Line Items]
Interest Rate	4.96%
Advances	$ 30,000
Federal Home Loan Bank Advances [Member] | 2026 [Member]
Short-Term Debt [Line Items]
Interest Rate	5.57%
Advances	$ 22,000
Federal Home Loan Bank Advances [Member] | 2025 [Member]
Short-Term Debt [Line Items]
Interest Rate	1.01%
Advances	$ 10,000	$ 10,000

Borrowings (Details Narrative)

Borrowings (Details Narrative) $ in Millions	Dec. 31, 2023 USD ($)
Short-Term Debt [Line Items]
Long-term line of credit	$ 29.5
Federal Home Loan Bank Advances [Member]
Short-Term Debt [Line Items]
Outstanding borrowings	62
Remaining credit availability	178
Loan pledged with carrying value	240
Federal Reserve Bank Advances [Member]
Short-Term Debt [Line Items]
Long-term line of credit	11.5
Borrowings	$ 13.6

Schedule of Estimated Fair Valu

Schedule of Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale	$ 24,355	$ 25,102
Debt securities held-to-maturity	360	540
Accrued interest receivable	2,474	1,444
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale	24,355	25,102
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	76,663	71,836
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale	24,355	25,102
Debt securities held-to-maturity	360	540
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans	671,094	477,218
Federal Home Loan Bank stock	3,354	600
Accrued interest receivable	2,474	1,444
Deposit liabilities	639,581	507,899
Federal Home Loan Bank advances	62,000	10,000
Federal Reserve Bank advances	13,600
Off-balance sheet financial instruments
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Cash and cash equivalents	76,663	71,836
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale	24,355	25,102
Debt securities held-to-maturity	326	504
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans	652,965	476,566
Federal Home Loan Bank stock	3,354	600
Accrued interest receivable	2,474	1,444
Deposit liabilities	645,426	512,357
Federal Home Loan Bank advances	61,565	9,450
Federal Reserve Bank advances	13,592
Off-balance sheet financial instruments

Schedule of Off-Balance Sheet R

Schedule of Off-Balance Sheet Risks of Financial Instruments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments to Extend Credit [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Financial instruments off-balance-sheet risk	$ 31,044
Unused lines of Credit [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Financial instruments off-balance-sheet risk	69,978
Standby Letters of Credit [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Financial instruments off-balance-sheet risk	$ 4,559

Schedule of Components of Incom

Schedule of Components of Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 1,040
State	313
Total Current	1,353
Deferred:
Federal	654	1,071
State	167	298
Total Deferred Income taxes	821	1,369
Total Income taxes	$ 2,174	$ 1,369

Schedule of Effective Income Ta

Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax benefit at statutory rate	$ 1,776	$ 1,132
Income tax benefit at statutory rate	21%	21%
State taxes, net of federal tax benefit	$ 379	$ 235
State taxes, net of Federal tax benefit, percent	4.50%	4.40%
Other permanent differences	$ 19	$ 2
Other permanent differences, percent	0.20%
Income tax expense benefit	$ 2,174	$ 1,369
Income Tax Expense, percent	25.70%	25.40%

Schedule of Deferred Tax Assets

Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 41	$ 1,322
Allowance for credit losses	1,519	893
Premises and equipment	14	55
Nonaccrual loan interest	22	26
Accrued expense	114	72
Operating lease liabilities	574	550
Unrealized loss on debt securities	1,804	1,978
Other	1
Total deferred tax assets	4,089	4,896
Deferred tax liabilities:
Right of use lease assets	(552)	(537)
Loan costs	(634)	(523)
Total deferred tax liabilities	(1,186)	(1,060)
Net deferred tax asset	$ 2,903	$ 3,836

Income Taxes (Details Narrative

Income Taxes (Details Narrative) $ in Millions	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 0.2

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Directors [Member]
Related Party Transaction [Line Items]
Legal fees	$ 65,000
Related Party [Member]
Related Party Transaction [Line Items]
Related party deposit liabilities	30,623,000	$ 32,750,000
Loans and Leases Receivable, Related Parties	$ 131,500	$ 100,500

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Director and Executive officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense	$ 274,000	$ 275,000
Common stock issued as compensation to directors for services	66,479	67,183
Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense	$ 216,000	$ 97,000
Common stock issued as compensation to directors for services	52,622	24,493
2018 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, issued	1,050,000
Stock options available for grant	539,320
2018 Equity Incentive Plan [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, issued	500,000

Schedule of Capital Amount and

Schedule of Capital Amount and Percentages (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Tier I capital to total assets	$ 74,999	$ 66,291
Tier I capital to total assets, ratio	0.1000	0.1129
Tier I capital to total assets to be well capitalized under prompt corrective action regulations (CBLR Framework)	$ 67,499	$ 52,865
Tier I capital to total assets to be well capitalized under prompt corrective action regulations (CBLR Framework), ratio	0.09	0.0900

Regulatory Matters (Details Nar

Regulatory Matters (Details Narrative)	Dec. 31, 2023	Dec. 31, 2022
Community bank leverage ratio	0.09	0.0900

Contingencies (Details Narrativ

Contingencies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Litigation settlement expense	$ 375

Retirement Plans (Details Narra

Retirement Plans (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement plans contribution	$ 150,000	$ 86,000

Schedule of Debt Securities A_2

Schedule of Debt Securities Available for Sale Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 24,355	$ 25,102
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	24,355	25,102
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
SBA Pool Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	690	817
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]
Total
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]
Total	690	817
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]
Total
Collateralized Mortgage Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	123	130
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]
Total
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]
Total	123	130
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]
Total
Taxable Municipal Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	12,210	11,620
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]
Total
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]
Total	12,210	11,620
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]
Total
Collateralized Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	11,332	12,535
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]
Total
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]
Total	11,332	12,535
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]
Total

Schedule of Condensed Balance S

Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Other assets	$ 6,515	$ 1,590
Total assets	791,254	585,219
Other liabilities	3,818	2,568
Stockholders’ equity	70,007	62,580	$ 38,510
Total liabilities and stockholders’ equity	791,254	585,219
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Cash	825	602
Investment in subsidiary	69,549	60,464
Other assets	206	2,149
Total assets	70,580	63,215
Other liabilities	573	636
Stockholders’ equity	70,007	62,579
Total liabilities and stockholders’ equity	$ 70,580	$ 63,215

Schedule of Condensed Statement

Schedule of Condensed Statements of Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Other expense	$ (2,274)	$ (1,744)
Income tax benefit	(2,174)	(1,369)
Net earnings	6,283	4,023
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Income of subsidiary	7,253	4,791
Other expense	(1,304)	(1,029)
Income tax benefit	333	261
Net earnings	$ 6,283	$ 4,023

Schedule of Condensed Stateme_2

Schedule of Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Net earnings	$ 6,283	$ 4,023
Stock-based compensation	490	372
decrease (Increase) in other assets	(4,925)	196
(Decrease) in other liabilities	939	1,432
Net cash provided by operating activities	6,882	10,360
Proceeds from sale of preferred stock		15,000
Proceeds from sale of common stock	324	9,866
Net cash provided by financing activities	197,606	232,308
Net increase in cash and cash equivalents	4,827	12,866
Cash and cash equivalents at beginning of the year	71,836	58,970
Cash and cash equivalents at end of the year	76,663	71,836
Parent Company [Member]
Condensed Financial Statements, Captions [Line Items]
Net earnings	6,283	4,023
Stock-based compensation	490	372
Equity in undistributed income of subsidiary	(7,254)	(4,792)
decrease (Increase) in other assets	1,943	(306)
(Decrease) in other liabilities	(63)	431
Net cash provided by operating activities	1,399	(272)
Capital infusion to bank subsidiary	(1,500)	(24,500)
Proceeds from sale of preferred stock		15,000
Proceeds from sale of common stock	324	9,866
Net cash provided by financing activities	324	24,866
Net increase in cash and cash equivalents	223	94
Cash and cash equivalents at beginning of the year	602	508
Cash and cash equivalents at end of the year	825	602
Change in accumulated other comprehensive loss of subsidiary, net change in unrealized loss on debt securities available for sale, net of income taxes	511	(5,191)
Reduction in investment in subsidiary due to adoption of ASC 326	$ 181

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - $ / shares	9 Months Ended
	Sep. 30, 2023	Jun. 27, 2023
Series B Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders beneficial ownership percentage	9.90%
Preferred stock, liquidation preference per share	$ 25,000
Preferred stock, voting rights	The Series B Preferred generally has no voting rights except as provided in the Certificate of Designation.
Preferred stock conversion		11,113,889
Series B1 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock shares issued	760
Preferred stock conversion price	$ 2.50
Series B2 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock shares issued	260
Preferred stock conversion price	$ 4
Series B3 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock shares issued	500
Preferred stock conversion price	$ 4.50
Common Stock [Member] | Series B Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Conversion of stock, shares issued	11,113,889