OptimumBank (OPHC) 10-Q 5 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - $ / shares	6 Months Ended
	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-50755
Entity Registrant Name	OPTIMUMBANK HOLDINGS, INC.
Entity Central Index Key	0001288855
Entity Tax Identification Number	55-0865043
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	2929 East Commercial Boulevard
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33308
City Area Code	954
Local Phone Number	900-2800
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	OPHC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,677,431
Entity Listing, Par Value Per Share	$ 0.01

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Cash and due from banks	$ 11,923	$ 14,009
Interest-bearing deposits with banks	92,133	62,654
Total cash and cash equivalents	104,056	76,663
Debt securities available for sale	23,540	24,355
Debt securities held-to-maturity (fair value of $280 and $326)	315	360
Loans, net of allowance for credit losses of $8,208 and $7,683	751,903	671,094
Federal Home Loan Bank stock	2,691	3,354
Premises and equipment, net	1,877	1,375
Right-of-use lease assets	2,021	2,161
Accrued interest receivable	2,994	2,474
Deferred tax asset	3,024	2,903
Other assets	7,357	6,515
Total assets	899,778	791,254
Liabilities:
Noninterest-bearing demand deposits	230,947	194,892
Savings, NOW and money-market deposits	300,378	322,932
Time deposits	231,321	121,757
Total deposits	762,646	639,581
Federal Home Loan Bank advances	45,000	62,000
Federal Reserve Bank advances		13,600
Operating lease liabilities	2,122	2,248
Other liabilities	3,039	3,818
Total liabilities	812,807	721,247
Commitments and contingencies (Notes 8 and 11)
Stockholders’ equity:
Preferred stock, value
Common stock, $.01 par value; 30,000,000 shares authorized, 9,677,431 and 7,250,218 shares issued and outstanding	96	72
Additional paid-in capital	102,424	91,221
Accumulated deficit	(10,098)	(15,971)
Accumulated other comprehensive loss	(5,451)	(5,315)
Total stockholders’ equity	86,971	70,007
Total liabilities and stockholders’ equity	899,778	791,254
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Series B Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Series C Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt securities held-to-maturity, fair value	$ 280	$ 326
Allowance for credit losses	$ 8,208	$ 7,683
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	30,000,000
Common stock, shares issued	9,677,431	7,250,218
Common stock, shares outstanding	9,677,431	7,250,218
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
Series C Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	4,000,000	0
Preferred stock, shares issued	525,641	0
Preferred stock, shares outstanding	525,641	0

Condensed Consolidated Statemen

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

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net earnings	$ 3,496	$ 1,312	$ 5,873	$ 2,465
Change in unrealized loss on debt securities:
Unrealized gain (loss) arising during the period	312	(380)	(201)	335
Amortization of unrealized loss on debt securities transferred to held-to-maturity	1	1	1	2
Other comprehensive income (loss) before income taxes	313	(379)	(200)	337
Deferred income tax (provision) benefit	(67)	91	64	(85)
Total other comprehensive income (loss)	246	(288)	(136)	252
Comprehensive income	$ 3,742	$ 1,024	$ 5,737	$ 2,717

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Preferred Stock [Member] Series C Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
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
Additional allowance recognized due to adoption of Topic 326 (audited)						(181)		(181)
Proceeds from sale of common stock (unaudited)					324			324
Proceeds from sale of common stock (unaudited), shares				72,221
Stock-based Compensation (unaudited)				$ 1	489			490
Stock-based Compensation (unaudited), shares				119,101
Net change in unrealized loss on debt securities available for sale (unaudited)							538	538
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)							1	1
Net earnings (unaudited)						1,153		1,153
Balance at Mar. 31, 2023				$ 72	91,221	(21,101)	(5,287)	64,905
Balance, shares at Mar. 31, 2023		1,360		7,250,219
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
Net earnings (unaudited)								2,465
Balance at Jun. 30, 2023				$ 72	91,221	(19,789)	(5,575)	65,929
Balance, shares at Jun. 30, 2023		1,360		7,250,219
Balance at Mar. 31, 2023				$ 72	91,221	(21,101)	(5,287)	64,905
Balance, shares at Mar. 31, 2023		1,360		7,250,219
Net change in unrealized loss on debt securities available for sale (unaudited)							(289)	(289)
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)							1	1
Net earnings (unaudited)						1,312		1,312
Balance at Jun. 30, 2023				$ 72	91,221	(19,789)	(5,575)	65,929
Balance, shares at Jun. 30, 2023		1,360		7,250,219
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
Proceeds from sale of common stock (unaudited)				$ 23	8,780			8,803
Proceeds from sale of common stock (unaudited), shares				2,311,552
Stock-based Compensation (unaudited)				$ 1	306			307
Stock-based Compensation (unaudited), shares				73,050
Net change in unrealized loss on debt securities available for sale (unaudited)							(382)	(382)
Net earnings (unaudited)						2,377		2,377
Proceeds from sale of preferred stock (net of offering costs of $118) (unaudited)					1,932			1,932
Proceeds from sale of preferred stock (net of offering costs of $118) (unaudited), shares			525,641
Balance at Mar. 31, 2024				$ 96	102,239	(13,594)	(5,697)	83,044
Balance, shares at Mar. 31, 2024		1,360	525,641	9,634,821
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
Net earnings (unaudited)								5,873
Balance at Jun. 30, 2024				$ 96	102,424	(10,098)	(5,451)	86,971
Balance, shares at Jun. 30, 2024		1,360	525,641	9,677,431
Balance at Mar. 31, 2024				$ 96	102,239	(13,594)	(5,697)	83,044
Balance, shares at Mar. 31, 2024		1,360	525,641	9,634,821
Stock-based Compensation (unaudited)					185			185
Stock-based Compensation (unaudited), shares				42,610
Net change in unrealized loss on debt securities available for sale (unaudited)							245	245
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)							1	1
Net earnings (unaudited)						3,496		3,496
Balance at Jun. 30, 2024				$ 96	$ 102,424	$ (10,098)	$ (5,451)	$ 86,971
Balance, shares at Jun. 30, 2024		1,360	525,641	9,677,431

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024
Preferred Stock [Member]
Net of offering costs	$ 118	$ 118
Common Stock [Member]
Net of offering costs	$ 339	$ 339

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net earnings	$ 5,873	$ 2,465
Adjustments to reconcile net earnings to net cash provided by operating activities:
Credit loss expense	1,253	1,524
Depreciation and amortization	116	115
Deferred income taxes	(57)	734
Net accretion of fees, premiums and discounts	(51)	11
Stock-based compensation expense	492	490
Increase in accrued interest receivable	(520)	(115)
Amortization of right of use asset	140	134
Net decrease in operating lease liabilities	(126)	(117)
(Increase) decrease in other assets	(842)	315
Decrease in other liabilities	(638)	(221)
Net cash provided by operating activities	5,640	5,335
Cash flows from investing activities:
Principal repayments of debt securities available for sale	551	606
Principal repayments of debt securities held-to-maturity	46	98
Net increase in loans	(82,089)	(43,098)
Purchases of premises and equipment	(618)	(343)
Redemption (Purchase) of FHLB stock	663	(117)
Net cash used in investing activities	(81,447)	(42,854)
Cash flows from financing activities:
Net increase in deposits	123,065	43,732
Net decrease in FHLB Advances	(17,000)
Net decrease in FRB Advances	(13,600)
Proceeds from sale of preferred stock (net of offering costs of $118)	1,932
Proceeds from sale of common stock ( net of offering costs of $339)	8,803	324
Net cash provided by financing activities	103,200	44,056
Net increase in cash and cash equivalents	27,393	6,537
Cash and cash equivalents at beginning of the period	76,663	71,836
Cash and cash equivalents at end of the period	104,056	78,373
Cash paid during the period for:
Interest	12,482	4,792
Income taxes	2,015	395
Noncash transactions:
Change in accumulated other comprehensive loss, net change in unrealized loss on debt securities available for sale, net of income taxes	(136)	252
Amortization of unrealized loss on debt securities transferred to held-to-maturity	1	2
Reduction stockholders’ equity due to adoption of Topic 326, net		(181)
Right-of use lease assets obtained in exchange for operating lease liabilities		$ 315

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024
Preferred Stock [Member]
Net of offering costs	$ 118	$ 118
Common Stock [Member]
Net of offering costs	$ 339	$ 339

General

General	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
General	(1) General 100 Basis of Presentation Comprehensive Income Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated Other Comprehensive Loss June 30, December 31, 2024 2023 Unrealized loss on debt securities available for sale $ (7,306 ) $ (7,106 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (14 ) (13 ) Income tax benefit 1,869 1,804 Accumulated other comprehensive loss $ (5,451 ) $ (5,315 )

Debt Securities

Debt Securities	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Debt Securities	(2) Debt Securities Schedule of Amortized Cost and Approximate Fair Values of Debt Securities Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At June 30, 2024: Available for sale: SBA Pool Securities $ 632 $ — $ (14 ) $ 618 Collateralized mortgage obligations 132 — (17 ) 115 Taxable municipal securities 16,672 — (4,557 ) 12,115 Mortgage-backed securities 13,410 — (2,718 ) 10,692 Total $ 30,846 $ — $ (7,306 ) $ 23,540 Held-to-maturity– Collateralized mortgage obligations $ 315 $ — $ (35 ) $ 280 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (2) Debt Securities, Continued. Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses 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 There were no Debt securities available for sale with gross unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position, is as follows (in thousands): Schedule of Debt Securities Available for Sale with Gross Unrealized Losses, by Investment Category Over Twelve Months Less Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value At June 30, 2024: Available for Sale: SBA Pool Securities $ 14 $ 618 $ — $ — Collateralized mortgage obligation 17 115 — — Taxable municipal securities 4,557 12,115 — — Mortgage-backed securities 2,718 10,692 — — Total $ 7,306 $ 23,540 $ — $ — At December 31, 2023: Available for Sale : SBA Pool Securities $ 16 $ 690 $ — $ — Collateralized mortgage obligation — — 15 123 Taxable municipal securities 4,480 12,210 — — Mortgage-backed securities 2,595 11,332 — — Total $ 7,091 $ 24,232 $ 15 $ 123 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (2) Debt Securities, Continued. At June 30, 2024 and December 31, 2023, the unrealized losses on forty 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 June 30, 2024 and December 31, 2023 all municipal securities were rated as investment grade. All debt securities in an unrealized loss position as of June 30, 2024 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.

Loans

Loans	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Loans	(3) Loans Schedule of Components of Loans June 30, December 31, 2024 2023 Residential real estate $ 76,721 $ 71,400 Multi-family real estate 63,432 67,498 Commercial real estate 485,439 422,680 Land and construction 64,862 32,600 Commercial 36,133 41,870 Consumer 34,485 44,023 Total loans 761,072 680,071 Deduct: Net deferred loan fees, and costs (961 ) (1,294 ) Allowance for credit losses (8,208 ) (7,683 ) Loans, net $ 751,903 $ 671,094 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. An analysis of the change in the allowance for credit losses follows (in thousands): Schedule of Changes in Allowance for Loan Losses Residential Multi-Family Commercial Land and   Estate Estate Real Estate Construction Commercial Consumer Total Three Months Ended June 30, 2024: Beginning balance 971 1,029 4,108 1,512 234 427 8,281 Additional allowance recognized due to adoption of Topic 326 Balance January 1, 2023 Credit loss (income) expense (1 ) (317 ) 195 165 (100 ) 321 263 Charge-offs — — — — — (440 ) (440 ) Recoveries — — — — — 104 104 Ending balance (June 30, 2024) 970 712 4,303 1,677 134 412 8,208 Three Months Ended June 30, 2023: Beginning balance 742 1,077 3,030 533 26 945 6,353 Credit loss expense (income) 141 (40 ) (228 ) 147 38 487 545 Charge-offs — — — — (16 ) (367 ) (383 ) Recoveries — — — — 87 43 130 Ending balance (June 30, 2023) 883 $ 1,037 $ 2,802 $ 680 $ 135 $ 1,108 $ 6,645 During the three months period ended June 30, 2024, the Company recognized $ 68,000 During the three months ended June 30, 2023, the Company recognized credit loss expense of $ 159,000 Residential Multi-Family Commercial Land and Estate Estate Real Estate Construction Commercial Consumer Total Six Months Ended June 30, 2024: Balance Dec 31, 2023 1,020 1,041 3,793 1,019 281 529 7,683 Credit loss (income) expense (50 ) (329 ) 510 658 (130 ) 735 1,394 Charge-offs — — — — (17 ) (1,058 ) (1,075 ) Recoveries — — — — — 206 206 Ending balance (June 30, 2024) 970 712 4,303 1,677 134 412 8,208 Six Months Ended June 30, 2023: Beginning balance Dec 31, 2022 768 748 3,262 173 277 565 5,793 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 (income) 82 (38 ) (93 ) 229 75 1,056 1,311 Charge-offs — — — — (42 ) (804 ) (846 ) Recoveries — — — — 87 82 169 Ending balance (June 30, 2023) 883 $ 1,037 $ 2,802 $ 680 $ 135 $ 1,108 $ 6,645 Ending balance 883 $ 1,037 $ 2,802 $ 680 $ 135 $ 1,108 $ 6,645 During the six months ended June 30, 2024, the Company recognized $ 141,000 During the six months ended June 30, 2023, the Company recognized credit loss expense of $ 213,000 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Residential Real Estate, Multi-Family Real Estate, Commercial Real Estate, Land and Construction. Commercial. Consumer. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Schedule of Age Analysis of Past-due Loans Accruing Loans 30-59 60-89 Greater Than Days Days 90 Days Total Past Past Past Past Nonaccrual Total Due Due Past Due Current Loans Loans At June 30, 2024: Residential real estate $ — $ — $ — $ — $ 76,721 $ — $ 76,721 Multi-family real estate — — — — 63,432 — 63,432 Commercial real estate — — — — 483,265 2,174 485,439 Land and construction — — — — 64,862 — 64,862 Commercial — — — — 36,133 — 36,133 Consumer 162 191 — 353 33,527 605 34,485 Total $ 162 $ 191 $ — $ 353 $ 757,940 $ 2,779 $ 761,072 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 The Company has not made any modifications of loans to borrowers experiencing financial difficulties during the three and six months ended June 30, 2024 and 2023. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Term Loans Amortized Cost Basis by Origination Year Schedule of Amortized Cost Basis Residential real estate June 30, 2024 2023 2022 2021 2020 Prior (Amortized Cost Basis) Total Pass 7,500 21,335 23,501 9,103 4,497 7,986 137 74,059 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — 1,904 — — 758 — 2,662 Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans 7,500 21,335 25,405 9,103 4,497 8,744 137 76,721 Current period Gross write-offs — — — — — — — — Multi—family real estate Pass — 590 28,065 25,594 5,985 3,198 — 63,432 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans — 590 28,065 25,594 5,985 3,198 — 63,432 Current period Gross write-offs — — — — — — — — Commercial real estate (CRE) Pass 75,600 124,763 195,267 49,733 15,082 21,627 — 482,072 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — — — — 3,367 — 3,367 Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans 75,600 124,763 195,267 49,733 15,082 24,994 — 485,439 Current period Gross write-offs — — — — — — — — (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Term Loans Amortized Cost Basis by Origination Year Land and Construction June 30, 2024 2023 2022 2021 2020 Prior (Amortized Cost Basis) Total Pass 1,740 41,699 14,672 2,519 1,466 2,766 — 64,862 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans 1,740 41,699 14,672 2,519 1,466 2,766 — 64,862 Current period Gross write-offs — — — — — — — — Commercial Pass 5,284 27,139 1,905 1,152 624 29 — 36,133 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans 5,284 27,139 1,905 1,152 624 29 — 36,133 Current period Gross write-offs — — — — — (17 ) — (17 ) Consumer Pass 298 6,607 4,562 2,157 92 41 20,123 33,880 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — — — — — 605 605 Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans 298 6,607 4,562 2,157 92 41 20,728 34,485 Current period Gross write-offs — (406 ) (445 ) (203 ) — (4 ) — (1,058 ) (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Internally assigned loan grades are defined as follows: Pass — a Pass loan’s primary source of loan repayment is satisfactory, with secondary sources very likely to be realized if necessary. These are loans that conform in all aspects to bank policy and regulatory requirements, and no repayment risk has been identified. OLEM — an Other Loan Especially Mentioned has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Substandard — a Substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Included in this category are loans that are current on their payments, but the Bank is unable to document the source of repayment. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful — a loan classified as Doubtful has all the weaknesses inherent in one classified as Substandard, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company charges off any estimated loss on loans classified as Doubtful. Loss — a loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company fully charges off any loan classified as loss.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	(4) Earnings Per Share Schedule of Basic and Diluted Loss Per Share Three Months Ended Six Months Ended (dollars in June 30, June 30, thousands, 2024 2023 2024 2023 except per share amounts) Earnings Weighted Amount Earnings Weighted Amount Earnings Weighted Amount Earnings Weighted Amount Basic EPS: Net earnings $ 3,496 9,639,503 .36 1,312 7,250,219 .18 $ 5,873 8,627,904 .68 2,465 7,226,953 .34 Effect of conversion of series C preferred shares 525,641 — 274,343 — Diluted EPS: Net earnings $ 3,496 10,165,144 .34 1,312 7,250,219 .18 $ 5,873 8,902,247 .66 2,465 7,226,953 .34 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited)

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	(5) Stock-Based Compensation The Company is authorized to grant stock options, stock grants and other forms of equity-based compensation under its 2018 Equity Incentive Plan (the “2018 Plan”). The plan has been approved by the shareholders. The Company is currently authorized to issue up to 1,050,000 500,000 1,050,000 423,659 During the six-month period ended June 30, 2024, the Company issued 73,050 307,000 During the six-month period ended June 30, 2024, the Company issued 42,610 185,000 During the six-month period ended June 30, 2023, the Company issued 52,622 216,000 During the six-month period ended June 30, 2023, the Company issued 66,479 274,000

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	(6) Fair Value Measurements Debt securities available for sale measured at fair value on a recurring basis are summarized below (in thousands): Schedule of Debt Securities Available for Sale Measured at Fair Value on Recurring Basis Fair Value Measurements Using Quoted Prices Significant In Active Markets for Other Observable Significant Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) At June 30, 2024: SBA Pool Securities $ 618 $ — $ 618 $ — Collateralized mortgage obligations 115 — 115 — Taxable municipal securities 12,115 — 12,115 — Mortgage-backed securities 10,692 — 10,692 — Total $ 23,540 — $ 23,540 $ — 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 $ — (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Fair Value of Financial Instruments	(7) Fair Value of Financial Instruments Schedule of Estimated Fair Value of Financial Instruments At June 30, 2024 At December 31, 2023 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 104,056 $ 104,056 1 $ 76,663 $ 76,663 1 Debt securities available for sale 23,540 23,540 2 24,355 24,355 2 Debt securities held-to-maturity 315 280 2 360 326 2 Loans 751,903 714,527 3 671,094 652,965 3 Federal Home Loan Bank stock 2,691 2,691 3 3,354 3,354 3 Accrued interest receivable 2,994 2,994 3 2,474 2,474 3 Financial liabilities: Deposit liabilities 762,646 763,741 3 639,581 645,426 3 Federal Home Loan Bank advances 45,000 44,611 3 62,000 61,565 3 Federal Reserve Bank advances — — 3 13,600 13,592 3 Off-balance sheet financial instruments — — 3 — —

Off- Balance Sheet Financial In

Off- Balance Sheet Financial Instruments	6 Months Ended
	Jun. 30, 2024
Off- Balance Sheet Financial Instruments
Off- Balance Sheet Financial Instruments	(8) Off- Balance Sheet Financial Instruments The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the counterparty. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit to customers is essentially the same as that involved in extending loan facilities to customers. The Bank generally holds collateral supporting those commitments. Standby letters of credit generally have expiration dates within one year. Commitments to extend credit, unused lines of credit, and standby letters of credit typically result in loans with a market interest rate when funded. A summary of the contractual amounts of the Company’s financial instruments with off-balance-sheet risk at June 30, 2024 follows (in thousands): Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 25,574 Unused lines of credit $ 53,748 Standby letters of credit $ 4,547 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited)

Regulatory Matters

Regulatory Matters	6 Months Ended
	Jun. 30, 2024
Regulatory Matters	(9) Regulatory Matters As of June 30, 2024 and December 31, 2023, the Bank meets all capital adequacy requirements to which it is subject. The Bank’s actual capital amounts and percentages are presented in the table ($ in thousands): Schedule of Capital Amounts, Ratios and Regulatory Thresholds Actual To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) Amount % Amount % As of June 30, 2024: Tier 1 Capital to Total Assets $ 92,135 9.68 % $ 85,702 9.00 % As of December 31, 2023: Tier 1 Capital to Total Assets $ 74,999 10.00 % $ 67,499 9.00 %

Series B and C Preferred Stock

Series B and C Preferred Stock	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Series B and C Preferred Stock	(10) Series B and C 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 June 30, 2024 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 2.50 4.00 4.50 380 130 250 During the Annual Meeting of Shareholders held on June 27, 2023, the Company’s shareholders approved the issuance of up to 11,113,889 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (10) Series B and C Preferred Stock, Continued. On March 8, 2024, the Company’s board of directors approved the issuance of up to 4,000,000 one 9.9 During the six-month period ended June 30, 2024, the company issued 525,641 3.90 2,050,000

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	(11) Contingencies

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Borrowings	(12) 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 Federal Home Loan Bank and Federal Reserve Bank Advances Maturity Interest June 30, December 31, At June 30, 2024: Year Ending Rate 2024 2023 FRB 2024 4.89 % $ — $ 13,600 FHLB 2024 4.96 % 30,000 30,000 FHLB 2024 5.57 % — 22,000 FHLB 2025 5.57 % 5,000 — FHLB 2025 1.01 % 10,000 10,000 $ 45,000 $ 75,600 At June 30, 2024, FHLB Advances are structured as advances with potential calls on a quarterly basis. FHLB advances are collateralized by a blanket lien requiring the Company to maintain certain first mortgage loans as pledged collateral. At June 30, 2024, the Company had remaining credit availability of $ 190 249

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Comprehensive Income	Comprehensive Income Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated Other Comprehensive Loss June 30, December 31, 2024 2023 Unrealized loss on debt securities available for sale $ (7,306 ) $ (7,106 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (14 ) (13 ) Income tax benefit 1,869 1,804 Accumulated other comprehensive loss $ (5,451 ) $ (5,315 )

General (Tables)

General (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated Other Comprehensive Loss June 30, December 31, 2024 2023 Unrealized loss on debt securities available for sale $ (7,306 ) $ (7,106 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (14 ) (13 ) Income tax benefit 1,869 1,804 Accumulated other comprehensive loss $ (5,451 ) $ (5,315 )

Debt Securities (Tables)

Debt Securities (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost and Approximate Fair Values of Debt Securities	Schedule of Amortized Cost and Approximate Fair Values of Debt Securities Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At June 30, 2024: Available for sale: SBA Pool Securities $ 632 $ — $ (14 ) $ 618 Collateralized mortgage obligations 132 — (17 ) 115 Taxable municipal securities 16,672 — (4,557 ) 12,115 Mortgage-backed securities 13,410 — (2,718 ) 10,692 Total $ 30,846 $ — $ (7,306 ) $ 23,540 Held-to-maturity– Collateralized mortgage obligations $ 315 $ — $ (35 ) $ 280 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (2) Debt Securities, Continued. Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses 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
Schedule of Debt Securities Available for Sale with Gross Unrealized Losses, by Investment Category	Debt securities available for sale with gross unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position, is as follows (in thousands): Schedule of Debt Securities Available for Sale with Gross Unrealized Losses, by Investment Category Over Twelve Months Less Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value At June 30, 2024: Available for Sale: SBA Pool Securities $ 14 $ 618 $ — $ — Collateralized mortgage obligation 17 115 — — Taxable municipal securities 4,557 12,115 — — Mortgage-backed securities 2,718 10,692 — — Total $ 7,306 $ 23,540 $ — $ — At December 31, 2023: Available for Sale : SBA Pool Securities $ 16 $ 690 $ — $ — Collateralized mortgage obligation — — 15 123 Taxable municipal securities 4,480 12,210 — — Mortgage-backed securities 2,595 11,332 — — Total $ 7,091 $ 24,232 $ 15 $ 123

Loans (Tables)

Loans (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Components of Loans	Schedule of Components of Loans June 30, December 31, 2024 2023 Residential real estate $ 76,721 $ 71,400 Multi-family real estate 63,432 67,498 Commercial real estate 485,439 422,680 Land and construction 64,862 32,600 Commercial 36,133 41,870 Consumer 34,485 44,023 Total loans 761,072 680,071 Deduct: Net deferred loan fees, and costs (961 ) (1,294 ) Allowance for credit losses (8,208 ) (7,683 ) Loans, net $ 751,903 $ 671,094
Schedule of Changes in Allowance for Loan Losses	An analysis of the change in the allowance for credit losses follows (in thousands): Schedule of Changes in Allowance for Loan Losses Residential Multi-Family Commercial Land and   Estate Estate Real Estate Construction Commercial Consumer Total Three Months Ended June 30, 2024: Beginning balance 971 1,029 4,108 1,512 234 427 8,281 Additional allowance recognized due to adoption of Topic 326 Balance January 1, 2023 Credit loss (income) expense (1 ) (317 ) 195 165 (100 ) 321 263 Charge-offs — — — — — (440 ) (440 ) Recoveries — — — — — 104 104 Ending balance (June 30, 2024) 970 712 4,303 1,677 134 412 8,208 Three Months Ended June 30, 2023: Beginning balance 742 1,077 3,030 533 26 945 6,353 Credit loss expense (income) 141 (40 ) (228 ) 147 38 487 545 Charge-offs — — — — (16 ) (367 ) (383 ) Recoveries — — — — 87 43 130 Ending balance (June 30, 2023) 883 $ 1,037 $ 2,802 $ 680 $ 135 $ 1,108 $ 6,645 During the three months period ended June 30, 2024, the Company recognized $ 68,000 During the three months ended June 30, 2023, the Company recognized credit loss expense of $ 159,000 Residential Multi-Family Commercial Land and Estate Estate Real Estate Construction Commercial Consumer Total Six Months Ended June 30, 2024: Balance Dec 31, 2023 1,020 1,041 3,793 1,019 281 529 7,683 Credit loss (income) expense (50 ) (329 ) 510 658 (130 ) 735 1,394 Charge-offs — — — — (17 ) (1,058 ) (1,075 ) Recoveries — — — — — 206 206 Ending balance (June 30, 2024) 970 712 4,303 1,677 134 412 8,208 Six Months Ended June 30, 2023: Beginning balance Dec 31, 2022 768 748 3,262 173 277 565 5,793 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 (income) 82 (38 ) (93 ) 229 75 1,056 1,311 Charge-offs — — — — (42 ) (804 ) (846 ) Recoveries — — — — 87 82 169 Ending balance (June 30, 2023) 883 $ 1,037 $ 2,802 $ 680 $ 135 $ 1,108 $ 6,645 Ending balance 883 $ 1,037 $ 2,802 $ 680 $ 135 $ 1,108 $ 6,645
Schedule of Age Analysis of Past-due Loans	Schedule of Age Analysis of Past-due Loans Accruing Loans 30-59 60-89 Greater Than Days Days 90 Days Total Past Past Past Past Nonaccrual Total Due Due Past Due Current Loans Loans At June 30, 2024: Residential real estate $ — $ — $ — $ — $ 76,721 $ — $ 76,721 Multi-family real estate — — — — 63,432 — 63,432 Commercial real estate — — — — 483,265 2,174 485,439 Land and construction — — — — 64,862 — 64,862 Commercial — — — — 36,133 — 36,133 Consumer 162 191 — 353 33,527 605 34,485 Total $ 162 $ 191 $ — $ 353 $ 757,940 $ 2,779 $ 761,072 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
Schedule of Amortized Cost Basis	Schedule of Amortized Cost Basis Residential real estate June 30, 2024 2023 2022 2021 2020 Prior (Amortized Cost Basis) Total Pass 7,500 21,335 23,501 9,103 4,497 7,986 137 74,059 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — 1,904 — — 758 — 2,662 Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans 7,500 21,335 25,405 9,103 4,497 8,744 137 76,721 Current period Gross write-offs — — — — — — — — Multi—family real estate Pass — 590 28,065 25,594 5,985 3,198 — 63,432 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans — 590 28,065 25,594 5,985 3,198 — 63,432 Current period Gross write-offs — — — — — — — — Commercial real estate (CRE) Pass 75,600 124,763 195,267 49,733 15,082 21,627 — 482,072 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — — — — 3,367 — 3,367 Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans 75,600 124,763 195,267 49,733 15,082 24,994 — 485,439 Current period Gross write-offs — — — — — — — — (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Term Loans Amortized Cost Basis by Origination Year Land and Construction June 30, 2024 2023 2022 2021 2020 Prior (Amortized Cost Basis) Total Pass 1,740 41,699 14,672 2,519 1,466 2,766 — 64,862 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans 1,740 41,699 14,672 2,519 1,466 2,766 — 64,862 Current period Gross write-offs — — — — — — — — Commercial Pass 5,284 27,139 1,905 1,152 624 29 — 36,133 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans 5,284 27,139 1,905 1,152 624 29 — 36,133 Current period Gross write-offs — — — — — (17 ) — (17 ) Consumer Pass 298 6,607 4,562 2,157 92 41 20,123 33,880 OLEM (Other Loans Especially Mentioned) — — — — — — — — Substandard — — — — — — 605 605 Doubtful — — — — — — — — Loss — — — — — — — — Subtotal loans 298 6,607 4,562 2,157 92 41 20,728 34,485 Current period Gross write-offs — (406 ) (445 ) (203 ) — (4 ) — (1,058 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss Per Share	Schedule of Basic and Diluted Loss Per Share Three Months Ended Six Months Ended (dollars in June 30, June 30, thousands, 2024 2023 2024 2023 except per share amounts) Earnings Weighted Amount Earnings Weighted Amount Earnings Weighted Amount Earnings Weighted Amount Basic EPS: Net earnings $ 3,496 9,639,503 .36 1,312 7,250,219 .18 $ 5,873 8,627,904 .68 2,465 7,226,953 .34 Effect of conversion of series C preferred shares 525,641 — 274,343 — Diluted EPS: Net earnings $ 3,496 10,165,144 .34 1,312 7,250,219 .18 $ 5,873 8,902,247 .66 2,465 7,226,953 .34

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 Quoted Prices Significant In Active Markets for Other Observable Significant Unobservable Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) At June 30, 2024: SBA Pool Securities $ 618 $ — $ 618 $ — Collateralized mortgage obligations 115 — 115 — Taxable municipal securities 12,115 — 12,115 — Mortgage-backed securities 10,692 — 10,692 — Total $ 23,540 — $ 23,540 $ — 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 $ —

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Estimated Fair Value of Financial Instruments	Schedule of Estimated Fair Value of Financial Instruments At June 30, 2024 At December 31, 2023 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 104,056 $ 104,056 1 $ 76,663 $ 76,663 1 Debt securities available for sale 23,540 23,540 2 24,355 24,355 2 Debt securities held-to-maturity 315 280 2 360 326 2 Loans 751,903 714,527 3 671,094 652,965 3 Federal Home Loan Bank stock 2,691 2,691 3 3,354 3,354 3 Accrued interest receivable 2,994 2,994 3 2,474 2,474 3 Financial liabilities: Deposit liabilities 762,646 763,741 3 639,581 645,426 3 Federal Home Loan Bank advances 45,000 44,611 3 62,000 61,565 3 Federal Reserve Bank advances — — 3 13,600 13,592 3 Off-balance sheet financial instruments — — 3 — —

Off- Balance Sheet Financial _2

Off- Balance Sheet Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Off- Balance Sheet Financial Instruments
Schedule of Off-Balance Sheet Risks of Financial Instruments	Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 25,574 Unused lines of credit $ 53,748 Standby letters of credit $ 4,547

Regulatory Matters (Tables)

Regulatory Matters (Tables)	6 Months Ended
	Jun. 30, 2024
Schedule of Capital Amounts, Ratios and Regulatory Thresholds	Schedule of Capital Amounts, Ratios and Regulatory Thresholds Actual To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) Amount % Amount % As of June 30, 2024: Tier 1 Capital to Total Assets $ 92,135 9.68 % $ 85,702 9.00 % As of December 31, 2023: Tier 1 Capital to Total Assets $ 74,999 10.00 % $ 67,499 9.00 %

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Maturities and Interest Rates on Federal Home Loan Bank and Federal Reserve 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 Federal Home Loan Bank and Federal Reserve Bank Advances Maturity Interest June 30, December 31, At June 30, 2024: Year Ending Rate 2024 2023 FRB 2024 4.89 % $ — $ 13,600 FHLB 2024 4.96 % 30,000 30,000 FHLB 2024 5.57 % — 22,000 FHLB 2025 5.57 % 5,000 — FHLB 2025 1.01 % 10,000 10,000 $ 45,000 $ 75,600

Schedule of Accumulated Other C

Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Unrealized loss on debt securities available for sale	$ (7,306)	$ (7,106)
Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity	(14)	(13)
Income tax benefit	1,869	1,804
Accumulated other comprehensive loss	$ (5,451)	$ (5,315)

General (Details Narrative)

General (Details Narrative)	Jun. 30, 2024
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	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Available for sale, amortized cost	$ 30,846	$ 31,461
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(7,306)	(7,106)
Available for sale, fair value	23,540	24,355
Held-to-maturity, amortized cost		360
Held-to-maturity, gross unrealized gains		1
Held-to-maturity, gross unrealized losses		(35)
Held-to-maturity, fair value		326
Taxable Municipal Bonds [Member]
Marketable Securities [Line Items]
Available for sale, amortized cost	16,672	16,690
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(4,557)	(4,480)
Available for sale, fair value	12,115	12,210
SBA Pool Securities [Member]
Marketable Securities [Line Items]
Available for sale, amortized cost	632	706
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(14)	(16)
Available for sale, fair value	618	690
Collateralized Mortgage Obligations [Member]
Marketable Securities [Line Items]
Available for sale, amortized cost	132	138
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(17)	(15)
Available for sale, fair value	115	123
Held-to-maturity, amortized cost	315	353
Held-to-maturity, gross unrealized gains
Held-to-maturity, gross unrealized losses	(35)	(35)
Held-to-maturity, fair value	280	318
Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Available for sale, amortized cost	13,410	13,927
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(2,718)	(2,595)
Available for sale, fair value	$ 10,692	11,332
Held-to-maturity, amortized cost		7
Held-to-maturity, gross unrealized gains		1
Held-to-maturity, gross unrealized losses
Held-to-maturity, fair value		$ 8

Schedule of Debt Securities Ava

Schedule of Debt Securities Available for Sale with Gross Unrealized Losses, by Investment Category (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	$ 7,306	$ 7,091
Available for Sale, Securities Position Over 12 Months, Fair Value	23,540	24,232
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses		15
Available for Sale, Securities Position Less than 12 Month, Fair Value		123
Taxable Municipal Bonds [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	4,557	4,480
Available for Sale, Securities Position Over 12 Months, Fair Value	12,115	12,210
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses
Available for Sale, Securities Position Less than 12 Month, Fair Value
SBA Pool Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	14	16
Available for Sale, Securities Position Over 12 Months, Fair Value	618	690
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses
Available for Sale, Securities Position Less than 12 Month, Fair Value
Collateralized Mortgage Obligations [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	17
Available for Sale, Securities Position Over 12 Months, Fair Value	115
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses		15
Available for Sale, Securities Position Less than 12 Month, Fair Value		123
Collateralized Mortgage-Backed Securities [Member]
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	2,718	2,595
Available for Sale, Securities Position Over 12 Months, Fair Value	10,692	11,332
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses
Available for Sale, Securities Position Less than 12 Month, Fair Value

Debt Securities (Details Narrat

Debt Securities (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Available for sale of debt securities	$ 0		$ 0
Debt securities in unrealized loss	forty	forty

Schedule of Components of Loans

Schedule of Components of Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total loans	$ 761,072		$ 680,071
Net deferred loan fees, and costs	(961)		(1,294)
Allowance for credit losses	(8,208)	$ (8,281)	(7,683)	$ (6,645)	$ (6,353)	$ (5,793)
Loans, net	751,903		671,094
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	76,721		71,400
Allowance for credit losses	(970)	(971)	(1,020)	(883)	(742)	(768)
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total loans	63,432		67,498
Allowance for credit losses	(712)	(1,029)	(1,041)	(1,037)	(1,077)	(748)
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	485,439		422,680
Allowance for credit losses	(4,303)	(4,108)	(3,793)	(2,802)	(3,030)	(3,262)
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Total loans	64,862		32,600
Allowance for credit losses	(1,677)	(1,512)	(1,019)	(680)	(533)	(173)
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	36,133		41,870
Allowance for credit losses	(134)	(234)	(281)	(135)	(26)	(277)
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	34,485		44,023
Allowance for credit losses	$ (412)	$ (427)	$ (529)	$ (1,108)	$ (945)	$ (565)

Schedule of Changes in Allowanc

Schedule of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Past Due [Line Items]
Beginning balance	$ 8,281	$ 6,353	$ 7,683	$ 5,793
Additional allowance recognized due to adoption of Topic 326				218
Balance January 1, 2023				6,011
Credit loss expense (income)	263	545	1,394	1,311
Charge-offs	(440)	(383)	(1,075)	(846)
Recoveries	104	130	206	169
Ending balance	8,208	6,645	8,208	6,645
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	971	742	1,020	768
Additional allowance recognized due to adoption of Topic 326				33
Balance January 1, 2023				801
Credit loss expense (income)	(1)	141	(50)	82
Charge-offs
Recoveries
Ending balance	970	883	970	883
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	1,029	1,077	1,041	748
Additional allowance recognized due to adoption of Topic 326				327
Balance January 1, 2023				1,075
Credit loss expense (income)	(317)	(40)	(329)	(38)
Charge-offs
Recoveries
Ending balance	712	1,037	712	1,037
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	4,108	3,030	3,793	3,262
Additional allowance recognized due to adoption of Topic 326				(367)
Balance January 1, 2023				2,895
Credit loss expense (income)	195	(228)	510	(93)
Charge-offs
Recoveries
Ending balance	4,303	2,802	4,303	2,802
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	1,512	533	1,019	173
Additional allowance recognized due to adoption of Topic 326				278
Balance January 1, 2023				451
Credit loss expense (income)	165	147	658	229
Charge-offs
Recoveries
Ending balance	1,677	680	1,677	680
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	234	26	281	277
Additional allowance recognized due to adoption of Topic 326				(262)
Balance January 1, 2023				15
Credit loss expense (income)	(100)	38	(130)	75
Charge-offs		(16)	(17)	(42)
Recoveries		87		87
Ending balance	134	135	134	135
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	427	945	529	565
Additional allowance recognized due to adoption of Topic 326				209
Balance January 1, 2023				774
Credit loss expense (income)	321	487	735	1,056
Charge-offs	(440)	(367)	(1,058)	(804)
Recoveries	104	43	206	82
Ending balance	$ 412	$ 1,108	$ 412	$ 1,108

Schedule of Age Analysis of Pas

Schedule of Age Analysis of Past-due Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total loans	$ 761,072	$ 680,071
Financing Receivable, Nonaccrual	2,779	1,025
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	162	230
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	191	208
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	353	438
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	757,940	678,608
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	76,721	71,400
Financing Receivable, Nonaccrual
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	76,721	71,400
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total loans	63,432	67,498
Financing Receivable, Nonaccrual
Multi Family Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Multi Family Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Multi Family Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Multi Family Real Estate [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Multi Family Real Estate [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	63,432	67,498
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	485,439	422,680
Financing Receivable, Nonaccrual	2,174
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	483,265	422,680
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Total loans	64,862	32,600
Financing Receivable, Nonaccrual
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Construction Loans [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Construction Loans [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	64,862	32,600
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	36,133	41,870
Financing Receivable, Nonaccrual
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	36,133	41,870
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	34,485	44,023
Financing Receivable, Nonaccrual	605	1,025
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	162	230
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	191	208
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	353	438
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	$ 33,527	$ 42,560

Schedule of Amortized Cost Basi

Schedule of Amortized Cost Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 761,072	$ 680,071
Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,500
2023	21,335
2022	25,405
2021	9,103
2020	4,497
Prior	8,744
Amortized Cost Basis	137
Total	76,721	71,400
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023	590
2022	28,065
2021	25,594
2020	5,985
Prior	3,198
Amortized Cost Basis
Total	63,432	67,498
2024
2023
2021
2020
Prior
Total
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	75,600
2023	124,763
2022	195,267
2021	49,733
2020	15,082
Prior	24,994
Amortized Cost Basis
Total	485,439	422,680
2024
2023
2022
2021
2020
Prior
Total
Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,740
2023	41,699
2022	14,672
2021	2,519
2020	1,466
Prior	2,766
Amortized Cost Basis
Total	64,862	32,600
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	5,284
2023	27,139
2022	1,905
2021	1,152
2020	624
Prior	29
Amortized Cost Basis
Total	36,133	41,870
2024
2023
2022
2021
2020
Prior	(17)
Amortized Cost Basis
Total	(17)
Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	298
2023	6,607
2022	4,562
2021	2,157
2020	92
Prior	41
Amortized Cost Basis	20,728
Total	34,485	$ 44,023
2024
2023	(406)
2022	(445)
2021	(203)
2020
Prior	(4)
Amortized Cost Basis
Total	(1,058)
Pass [Member] | Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	7,500
2023	21,335
2022	23,501
2021	9,103
2020	4,497
Prior	7,986
Amortized Cost Basis	137
Total	74,059
Pass [Member] | Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023	590
2022	28,065
2021	25,594
2020	5,985
Prior	3,198
Amortized Cost Basis
Total	63,432
Pass [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	75,600
2023	124,763
2022	195,267
2021	49,733
2020	15,082
Prior	21,627
Amortized Cost Basis
Total	482,072
Pass [Member] | Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1,740
2023	41,699
2022	14,672
2021	2,519
2020	1,466
Prior	2,766
Amortized Cost Basis
Total	64,862
Pass [Member] | Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	5,284
2023	27,139
2022	1,905
2021	1,152
2020	624
Prior	29
Amortized Cost Basis
Total	36,133
Pass [Member] | Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024	298
2023	6,607
2022	4,562
2021	2,157
2020	92
Prior	41
Amortized Cost Basis	20,123
Total	33,880
Special Mention [Member] | Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Special Mention [Member] | Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Special Mention [Member] | Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Special Mention [Member] | Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Special Mention [Member] | Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Substandard [Member] | Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022	1,904
2021
2020
Prior	758
Amortized Cost Basis
Total	2,662
Substandard [Member] | Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior	3,367
Amortized Cost Basis
Total	3,367
Substandard [Member] | Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Substandard [Member] | Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Substandard [Member] | Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis	605
Total	605
Doubtful [Member] | Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Doubtful [Member] | Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Doubtful [Member] | Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Doubtful [Member] | Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Amortized Cost Basis
Total
Doubtful [Member] | Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Loss [Member] | Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Loss [Member] | Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Loss [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Loss [Member] | Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Loss [Member] | Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total
Loss [Member] | Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
2024
2023
2022
2021
2020
Prior
Amortized Cost Basis
Total

Loans (Details Narrative)

Loans (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Unfunded Loan Commitment [Member]
Financing Receivable, Past Due [Line Items]
Credit loss income related to unfunded loan commitments	$ 68,000	$ 159,000	$ 141,000	$ 213,000

Schedule of Basic and Diluted L

Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net earnings	$ 3,496	$ 2,377	$ 1,312	$ 1,153	$ 5,873	$ 2,465
Net earnings, Weighted Average Shares	9,639,503		7,250,219		8,627,904	7,226,953
Net earnings per share - Basic	$ 0.36		$ 0.18		$ 0.68	$ 0.34
Effect of conversion of series C preferred shares, Weighted Average Shares	525,641,000				274,343,000
Net earnings, Weighted Average Shares	10,165,144		7,250,219		8,902,247	7,226,953
Net earnings per share - Diluted	$ 0.34		$ 0.18		$ 0.66	$ 0.34

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, issued for services	73,050	52,622
Stock based compensation	$ 307,000	$ 216,000
Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, issued for services	42,610	66,479
Stock based compensation	$ 185,000	$ 274,000
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	423,659
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 Debt Securities A_2

Schedule of Debt Securities Available for Sale Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 23,540	$ 24,355
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	23,540	24,355
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	23,540	24,355
SBA Pool Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	618	690
SBA Pool Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	618
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	618	690
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
SBA Pool Securities [Member] | Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		690
Collateralized Mortgage Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	115	123
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	115	123
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	115	123
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, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	12,115	12,210
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	12,115	12,210
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	10,692	11,332
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	10,692	11,332
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	10,692	11,332
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 Estimated Fair Valu

Schedule of Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale	$ 23,540	$ 24,355
Debt securities held-to-maturity	315	360
Accrued interest receivable	2,994	2,474
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	23,540	24,355
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	104,056	76,663
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale	23,540	24,355
Debt securities held-to-maturity	315	360
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans	751,903	671,094
Federal Home Loan Bank stock	2,691	3,354
Accrued interest receivable	2,994	2,474
Deposit liabilities	762,646	639,581
Federal Home Loan Bank advances	45,000	62,000
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	104,056	76,663
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	23,540	24,355
Debt securities held-to-maturity	280	326
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans	714,527	652,965
Federal Home Loan Bank stock	2,691	3,354
Accrued interest receivable	2,994	2,474
Deposit liabilities	763,741	645,426
Federal Home Loan Bank advances	44,611	61,565
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	Jun. 30, 2024 USD ($)
Off- Balance Sheet Financial Instruments
Commitments to extend credit	$ 25,574
Unused lines of credit	53,748
Standby letters of credit	$ 4,547

Schedule of Capital Amounts, Ra

Schedule of Capital Amounts, Ratios and Regulatory Thresholds (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Tier I Capital to Total Assets	$ 92,135	$ 74,999
Tier I Capital to Total Assets, Ratio	0.0968	0.1000
Tier I Capital to Total Assets To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework)	$ 85,702	$ 67,499
Tier I Capital to Total Assets To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework), Ratio	0.0900	0.0900

Series B and C Preferred Stock

Series B and C Preferred Stock (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2024	Mar. 08, 2024	Dec. 31, 2023	Jun. 27, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized			6,000,000		6,000,000
Commmon stock share			1
Aggregate share value	$ 8,803,000	$ 324,000
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.
Commmon stock share						11,113,889
Series B1 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized			760
Preferred stock conversion price			$ 2.50
Series B1 Preferred Stock [Member] | Two Company Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized			380
Series B2 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized			260
Preferred stock conversion price			$ 4
Series B2 Preferred Stock [Member] | Two Company Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized			130
Series B3 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized			500
Preferred stock conversion price			$ 4.50
Series B3 Preferred Stock [Member] | Two Company Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized			250
Series C Convertible Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized			4,000,000	4,000,000	0
Series C Convertible Preferred Stock [Member] | Nonrelated Party [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares outstanding			525,641
Price per share			$ 3.90
Aggregate share value			$ 2,050,000
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares outstanding	2,311,552	72,221
Aggregate share value	$ 23,000
Common Stock [Member] | Series B Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Conversion of stock, shares issued			11,113,889

Schedule of Maturities and Inte

Schedule of Maturities and Interest Rates on Federal Home Loan Bank and Federal Reserve Bank Advances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Federal Reserve Bank Advances [Member]
Short-Term Debt [Line Items]
Advances	$ 45,000	$ 75,600
Federal Reserve Bank Advances [Member] | 2024 [Member]
Short-Term Debt [Line Items]
Interest Rate	4.89%	4.89%
Advances		$ 13,600
Federal Home Loan Bank Advances [Member] | 2024 [Member]
Short-Term Debt [Line Items]
Interest Rate	4.96%	4.96%
Advances	$ 30,000	$ 30,000
Federal Home Loan Bank Advances [Member] | 2025 [Member]
Short-Term Debt [Line Items]
Interest Rate	5.57%	5.57%
Advances	$ 5,000
Federal Home Loan Bank Advances One [Member] | 2024 [Member]
Short-Term Debt [Line Items]
Interest Rate	5.57%	5.57%
Advances		$ 22,000
Federal Home Loan Bank Advances One [Member] | 2025 [Member]
Short-Term Debt [Line Items]
Interest Rate	1.01%	1.01%
Advances	$ 10,000	$ 10,000

Borrowings (Details Narrative)

Borrowings (Details Narrative) - Federal Home Loan Bank Advances [Member] $ in Millions	Jun. 30, 2024 USD ($)
Short-Term Debt [Line Items]
Remaining credit availability	$ 190
Carrying value	$ 249