OptimumBank (OPHC) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - $ / shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
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		10,090,038
Entity Listing, Par Value Per Share	$ 0.01

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and due from banks	$ 15,357	$ 14,009
Interest-bearing deposits with banks	116,242	62,654
Total cash and cash equivalents	131,599	76,663
Debt securities available for sale	24,495	24,355
Debt securities held-to-maturity (fair value of $275 and $326)	300	360
Loans, net of allowance for credit losses of $8,337 and $7,683	768,914	671,094
Federal Home Loan Bank stock	2,454	3,354
Premises and equipment, net	1,938	1,375
Right-of-use lease assets	1,950	2,161
Accrued interest receivable	3,147	2,474
Deferred tax asset	2,788	2,903
Other assets	7,607	6,515
Total assets	945,192	791,254
Liabilities:
Noninterest-bearing demand deposits	202,373	194,892
Savings, NOW and money-market deposits	318,402	322,932
Time deposits	285,731	121,757
Total deposits	806,506	639,581
Federal Home Loan Bank advances	40,000	62,000
Federal Reserve Bank advances		13,600
Operating lease liabilities	2,056	2,248
Other liabilities	3,935	3,818
Total liabilities	852,497	721,247
Commitments and contingencies (Notes 8 and 11)
Stockholders’ equity:
Preferred Stock, value
Common stock, $.01 par value; 30,000,000 shares authorized, 10,006,960 and 7,250,218 shares issued and outstanding	99	72
Additional paid-in capital	103,878	91,221
Accumulated deficit	(6,796)	(15,971)
Accumulated other comprehensive loss	(4,486)	(5,315)
Total stockholders’ equity	92,695	70,007
Total liabilities and stockholders’ equity	945,192	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	Sep. 30, 2024	Dec. 31, 2023
Debt securities held-to-maturity, fair value	$ 275	$ 326
Allowance for credit losses	$ 8,337	$ 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	10,006,960	7,250,218
Common stock, shares outstanding	10,006,960	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	4,000,000
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income:
Loans	$ 13,588	$ 7,996	$ 38,372	$ 21,837
Debt securities	163	167	498	517
Other	1,583	739	5,116	2,243
Total interest income	15,334	8,902	43,986	24,597
Interest expense:
Deposits	5,962	2,841	16,959	7,829
Borrowings	410	147	1,574	203
Total interest expense	6,372	2,988	18,533	8,032
Net interest income	8,962	5,914	25,453	16,565
Credit loss expense	357	1,446	1,610	2,970
Net interest income after credit loss expense	8,605	4,468	23,843	13,595
Noninterest income:
Service charges and fees	990	881	2,822	2,359
Other	125	30	733	53
Total noninterest income	1,115	911	3,555	2,412
Noninterest expenses:
Salaries and employee benefits	3,078	2,141	8,958	6,148
Professional fees	266	161	699	529
Occupancy and equipment	234	204	642	581
Data processing	574	455	1,702	1,206
Regulatory assessment	241	89	593	522
Litigation Settlement				375
Other	892	601	2,484	1,614
Total noninterest expenses	5,285	3,651	15,078	10,975
Net earnings before income taxes	4,435	1,728	12,320	5,032
Income taxes	1,133	459	3,147	1,298
Net earnings	$ 3,302	$ 1,269	$ 9,173	$ 3,734
Net earnings per share - Basic	$ 0.34	$ 0.18	$ 1.02	$ 0.52
Net earnings per share - Diluted	$ 0.32	$ 0.18	$ 0.98	$ 0.52

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net earnings	$ 3,302	$ 1,269	$ 9,173	$ 3,734
Change in unrealized loss on debt securities:
Unrealized gain (loss) arising during the period	1,296	(1,271)	1,094	(937)
Amortization of unrealized loss on debt securities transferred to held-to-maturity		2	1	4
Other comprehensive income (loss) before income taxes	1,296	(1,269)	1,095	(933)
Deferred income tax (provision) benefit	(331)	321	(266)	236
Total other comprehensive income (loss)	965	(948)	829	(697)
Comprehensive income	$ 4,267	$ 321	$ 10,002	$ 3,037

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						(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)								3,734
Balance at Sep. 30, 2023				$ 72	91,221	(18,520)	(6,523)	66,250
Balance, shares at Sep. 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
Net change in unrealized loss on debt securities available for sale (unaudited)							(950)	(950)
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited)							2	2
Net earnings (unaudited)						1,269		1,269
Balance at Sep. 30, 2023				$ 72	91,221	(18,520)	(6,523)	66,250
Balance, shares at Sep. 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)								9,173
Balance at Sep. 30, 2024				$ 99	103,878	(6,796)	(4,486)	92,695
Balance, shares at Sep. 30, 2024		1,360	525,641	10,006,960
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
Proceeds from sale of common stock (unaudited)				$ 3	1,454			1,457
Proceeds from sale of common stock (unaudited), shares				329,529
Net change in unrealized loss on debt securities available for sale (unaudited)							965	965
Net earnings (unaudited)						3,302		3,302
Balance at Sep. 30, 2024				$ 99	$ 103,878	$ (6,796)	$ (4,486)	$ 92,695
Balance, shares at Sep. 30, 2024		1,360	525,641	10,006,960

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Preferred Stock [Member]
Net of offering costs		$ 118	$ 118
Common Stock [Member]
Net of offering costs	$ 79	$ 339	$ 418	$ 418

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net earnings	$ 9,173	$ 3,734
Adjustments to reconcile net earnings to net cash provided by operating activities:
Credit loss expense	1,610	2,970
Depreciation and amortization	207	172
Deferred income taxes	(151)	857
Net accretion of fees, premiums and discounts	(247)	6
Stock-based compensation expense	492	490
Increase in accrued interest receivable	(673)	(338)
Amortization of right of use asset	211	203
Net decrease in operating lease liabilities	(192)	(177)
Increase in other assets	(1,092)	(1,148)
Increase (Decrease) in other liabilities	310	(226)
Net cash provided by operating activities	9,648	6,543
Cash flows from investing activities:
Principal repayments of debt securities available for sale	859	976
Principal repayments of debt securities held-to-maturity	61	151
Net increase in loans	(99,279)	(99,134)
Purchases of premises and equipment	(770)	(489)
Redemption (Purchase) of FHLB stock	900	(284)
Net cash used in investing activities	(98,229)	(98,780)
Cash flows from financing activities:
Net increase in deposits	166,925	110,475
Net (decrease) in FHLB Advances	(22,000)
Net (decrease) increase in FRB Advances	(13,600)	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 $418)	10,260	324
Net cash provided by financing activities	143,517	124,399
Net increase in cash and cash equivalents	54,936	32,162
Cash and cash equivalents at beginning of the period	76,663	71,836
Cash and cash equivalents at end of the period	131,599	103,998
Cash paid during the period for:
Interest	18,537	7,888
Income taxes	3,147	457
Noncash transactions:
Change in accumulated other comprehensive loss, net change in unrealized loss on debt securities available for sale, net of income taxes	828	(697)
Amortization of unrealized loss on debt securities transferred to held-to-maturity	1	4
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		9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Preferred Stock [Member]
Net of offering costs		$ 118	$ 118
Common Stock [Member]
Net of offering costs	$ 79	$ 339	$ 418	$ 418

General

General	9 Months Ended
	Sep. 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 September 30, December 31, 2024 2023 Unrealized loss on debt securities available for sale $ (6,012 ) $ (7,106 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (12 ) (13 ) Income tax benefit 1,538 1,804 Accumulated other comprehensive loss $ (4,486 ) $ (5,315 )

Debt Securities

Debt Securities	9 Months Ended
	Sep. 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 September 30, 2024: Available for sale: SBA Pool Securities $ 611 $ — $ (13 ) $ 598 Collateralized mortgage obligations 129 — (12 ) 117 Taxable municipal securities 16,663 — (3,878 ) 12,785 Mortgage-backed securities 13,104 — (2,109 ) 10,995 Total $ 30,507 $ — $ (6,012 ) $ 24,495 Held-to-maturity: Collateralized mortgage obligations $ 300 $ — (25 ) $ 275 Total $ 300 $ — (25 ) $ 275 (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 September 30, 2024: Available for Sale: SBA Pool Securities (13 ) 598 — — Collateralized mortgage obligation (12 ) 117 — — Taxable municipal securities (3,878 ) 12,785 — — Mortgage-backed securities (2,109 ) 10,995 — — Total $ (6,012 ) $ 24,495 $ — $ — 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 September 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, and SBA pool 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 September 30, 2024 and December 31, 2023 all municipal securities were rated as investment grade. All debt securities in an unrealized loss position as of September 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	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Loans	(3) Loans Schedule of Components of Loans September 30, December 31, 2024 2023 Residential real estate $ 75,877 $ 71,400 Multi-family real estate 62,280 67,498 Commercial real estate 479,038 422,680 Land and construction 72,729 32,600 Commercial 39,957 41,870 Consumer 48,177 44,023 Total loans 778,058 680,071 Deduct: Net deferred loan fees, and costs (807 ) (1,294 ) Allowance for credit losses (8,337 ) (7,683 ) Loans, net $ 768,914 $ 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 Real Estate Real Estate Real Estate Construction Commercial Consumer Total Three Months Ended September 30, 2024: Beginning balance $ 970 712 4,303 1,677 134 412 8,208 Additional allowance recognized due to adoption of Topic 326 Balance January 1, 2023 Credit loss (expense) income 265 114 (803 ) 605 47 181 409 Charge-offs — — — — — (366 ) (366 ) Recoveries — — — — — 86 86 Ending balance (September 30, 2024) $ 1,235 $ 826 $ 3,500 $ 2,282 $ 181 $ 313 $ 8,337 Three Months Ended September 30, 2023: Beginning balance $ 883 1,037 2,802 680 135 1,108 6,645 Credit loss (expense) income (113 ) 184 620 194 102 337 1,324 Charge-offs — — — — (10 ) (872 ) (882 ) Recoveries — — — — — 113 113 Ending balance (September 30, 2023) $ 770 $ 1,221 $ 3,422 $ 874 $ 227 $ 686 $ 7,200 During the three months period ended September 30, 2024, the Company recognized $ 52,000 During the three months ended September 30, 2023, the Company recognized credit loss expense of $ 122,000 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Residential Multi-Family Commercial Land and Real Estate Real Estate Real Estate Construction Commercial Consumer Total Nine Months Ended September 30, 2024: Balance Dec 31, 2023 $ 1,020 1,041 3,793 1,019 281 529 7,683 Credit loss (expense) income 215 (215 ) (293 ) 1,263 (83 ) 916 1,803 Charge-offs — — — — (17 ) (1,424 ) (1,441 ) Recoveries — — — — — 292 292 Ending balance (September 30, 2024) $ 1,235 $ 826 $ 3,500 $ 2,282 $ 181 $ 313 $ 8,337 Nine Months Ended September 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 $ (31 ) 146 527 423 177 1,393 2,635 Charge-offs — — — — (52 ) (1,676 ) (1,728 ) Recoveries — — — — 87 195 282 Ending balance (September 30, 2023) $ 770 $ 1,221 $ 3,422 $ 874 $ 227 $ 686 $ 7,200 Ending balance $ 770 $ 1,221 $ 3,422 $ 874 $ 227 $ 686 $ 7,200 During the nine months ended September 30, 2024, the Company recognized $ 193,000 During the nine months ended September 30, 2023, the Company recognized credit loss expense of $ 335,000 (3) Loans, Continued. (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 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Past Total Current Nonaccrual Loans Total At September 30, 2024: Residential real estate $ — $ — $ — $ — $ 75,877 $ — $ 75,877 Multi-family real estate — — — — 62,280 — 62,280 Commercial real estate — — — — 477,620 1,418 479,038 Land and construction — — — — 72,729 — 72,729 Commercial — — — — 39,798 159 39,957 Consumer 201 66 — 267 47,305 605 48,177 Total $ 201 $ 66 $ — $ 267 $ 775,609 $ 2,182 778,058 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 nine months ended September 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 Land and Construction September 30, 2024 2023 2022 2021 2020 Prior Revolving Loans (Amortized Cost Basis) Revolving Loans Converted to Term Loans (Amortized Cost Basis) Total Pass $ 1,940 49,593 14,540 2,454 1,456 2,746 — — 72,729 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 1,940 $ 49,593 $ 14,540 $ 2,454 $ 1,456 $ 2,746 $ — $ — $ 72,729 Current period Gross write—offs $ — — — — — — — — — Residential real estate Pass $ 7,500 21,323 23,364 9,035 4,418 7,705 — — 73,345 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — 1,892 — — 640 — — 2,532 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 7,500 $ 21,323 $ 25,256 $ 9,035 $ 4,418 $ 8,345 $ — $ — $ 75,877 Current period Gross write—offs $ — — — — — — — — — Multi—family real estate Pass $ — 588 27,938 24,643 5,934 3,177 — — 62,280 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ — $ 588 $ 27,938 $ 24,643 $ 5,934 $ 3,177 $ — $ — $ 62,280 Current period Gross write—offs $ — — — — — — — — — Commercial real estate (CRE) Pass $ 78,965 124,673 189,639 49,515 14,512 19,134 — — 476,438 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — 2,600 — — 2,600 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 78,965 $ 124,673 $ 189,639 $ 49,515 $ 14,512 $ 21,734 $ — $ — $ 479,038 Current period Gross write—offs $ — — — — — — — — — Commercial Pass $ 13,244 22,892 1,958 1,086 597 21 — — 39,798 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — 159 — — — — — — 159 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 13,244 $ 23,051 $ 1,958 $ 1,086 $ 597 $ 21 $ — $ — $ 39,957 Current period Gross write—offs $ — — — — — (17 ) — — (17 ) Consumer Pass $ 548 5,579 3,583 1,693 57 8 36,104 — 47,572 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — 605 — 605 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 548 $ 5,579 $ 3,583 $ 1,693 $ 57 $ 8 $ 36,709 $ — $ 48,177 Current period Gross write—offs $ — (566 ) (650 ) (204 ) — (4 ) — — (1,424 ) (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Term Loans Revolving Loans Converted Amortized Cost Basis by Origination Year Revolving 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 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	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	(4) Earnings Per Share Schedule of Basic and Diluted Loss Per Share Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (dollars in thousands, except per share amounts) Earnings Weighted Amount Earnings Weighted Shares Amount Earnings Weighted Shares Amount Earnings Weighted Shares Amount Basic EPS: Net earnings $ 3,302 9,763,319 $ 0.34 $ 1,269 7,250,218 0.18 $ 9,173 9,009,138 1.02 $ 3,734 7,234,793 $ 0.52 Effect of conversion of series C preferred shares 525,641 — 356,822 — Diluted EPS: Net earnings $ 3,302 10,288,960 $ 0.32 $ 1,269 7,250,218 0.18 $ 9,173 9,365,960 0.98 $ 3,734 7,234,793 $ 0.52 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited)

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 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 nine-month period ended September 30, 2024, the Company issued 73,050 307,000 During the nine-month period ended September 30, 2024, the Company issued 42,610 185,000 During the nine-month period ended September 30, 2023, the Company issued 52,622 216,000 During the nine-month period ended September 30, 2023, the Company issued 66,479 274,000

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 In Active Markets for Identical Assets Significant Inputs Significant Inputs Fair Value (Level 1) (Level 2) (Level 3) At September 30, 2024: SBA Pool Securities $ 598 $ — $ 598 — Collateralized mortgage obligations 117 — 117 — Taxable municipal securities 12,785 — 12,785 — Mortgage-backed securities 10,995 — 10,995 — Total $ 24,495 — $ 24,495 — 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	9 Months Ended
	Sep. 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 September 30, 2024 At December 31, 2023 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 131,599 $ 131,599 1 $ 76,663 $ 76,663 1 Debt securities available for sale 24,495 24,495 2 24,355 24,355 2 Debt securities held-to-maturity 300 275 2 360 326 2 Loans 768,914 753,026 3 671,094 652,965 3 Federal Home Loan Bank stock 2,454 2,454 3 3,354 3,354 3 Accrued interest receivable 3,147 3,147 3 2,474 2,474 3 Financial liabilities: Deposit liabilities 806,506 806,919 3 639,581 645,426 3 Federal Home Loan Bank advances 40,000 39,755 3 62,000 61,565 3 Federal Reserve Bank advances — — 3 13,600 13,592 3

Off- Balance Sheet Financial In

Off- Balance Sheet Financial Instruments	9 Months Ended
	Sep. 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 September 30, 2024 follows (in thousands): Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 32,675 Unused lines of credit $ 40,270 Standby letters of credit $ 3,403 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited)

Regulatory Matters

Regulatory Matters	9 Months Ended
	Sep. 30, 2024
Regulatory Matters	(9) Regulatory Matters As of September 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 Amount % Amount % As of September 30, 2024: Tier 1 Capital to Total Assets 96,800 10.38 % 83,905 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 and ATM offering program	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Series B and C Preferred Stock and ATM offering program	(10) Series B and C Preferred Stock and ATM offering program 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, 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 and ATM offering program, 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 nine-month period ended September 30, 2024, the company issued 525,641 3.90 2,050,000 At-the Market (ATM) Offering Program, in August 9, 2024, the Company filed a Form S-3 registration statement with Security and Exchange Commission, allowing for the sale of up to an aggregate of $ 25 million in shares of common stock through an ATM offering program. Under this program, the company sold 329,529 shares during the quarter ended on September 30, 2024, generating net proceeds of $ 1,457,000 . The ATM Program will allow the Company to issue and sell to the public from time to time, at the Company’s discretion, newly issued shares of common stock. The ATM Program is expected to provide the Company with additional financing flexibility and intends to use the net proceeds from the ATM Program to facilitate growth.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	(11) Contingencies

Borrowings

Borrowings	9 Months Ended
	Sep. 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 September 30, December 31, At September 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 1.01 % 10,000 10,000 $ 40,000 $ 75,600 At September 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 September 30, 2024, the Company had remaining credit availability of $ 185 226

General (Policies)

General (Policies)	9 Months Ended
	Sep. 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 September 30, December 31, 2024 2023 Unrealized loss on debt securities available for sale $ (6,012 ) $ (7,106 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (12 ) (13 ) Income tax benefit 1,538 1,804 Accumulated other comprehensive loss $ (4,486 ) $ (5,315 )

General (Tables)

General (Tables)	9 Months Ended
	Sep. 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 September 30, December 31, 2024 2023 Unrealized loss on debt securities available for sale $ (6,012 ) $ (7,106 ) Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (12 ) (13 ) Income tax benefit 1,538 1,804 Accumulated other comprehensive loss $ (4,486 ) $ (5,315 )

Debt Securities (Tables)

Debt Securities (Tables)	9 Months Ended
	Sep. 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 September 30, 2024: Available for sale: SBA Pool Securities $ 611 $ — $ (13 ) $ 598 Collateralized mortgage obligations 129 — (12 ) 117 Taxable municipal securities 16,663 — (3,878 ) 12,785 Mortgage-backed securities 13,104 — (2,109 ) 10,995 Total $ 30,507 $ — $ (6,012 ) $ 24,495 Held-to-maturity: Collateralized mortgage obligations $ 300 $ — (25 ) $ 275 Total $ 300 $ — (25 ) $ 275 (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 September 30, 2024: Available for Sale: SBA Pool Securities (13 ) 598 — — Collateralized mortgage obligation (12 ) 117 — — Taxable municipal securities (3,878 ) 12,785 — — Mortgage-backed securities (2,109 ) 10,995 — — Total $ (6,012 ) $ 24,495 $ — $ — 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)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Components of Loans	Schedule of Components of Loans September 30, December 31, 2024 2023 Residential real estate $ 75,877 $ 71,400 Multi-family real estate 62,280 67,498 Commercial real estate 479,038 422,680 Land and construction 72,729 32,600 Commercial 39,957 41,870 Consumer 48,177 44,023 Total loans 778,058 680,071 Deduct: Net deferred loan fees, and costs (807 ) (1,294 ) Allowance for credit losses (8,337 ) (7,683 ) Loans, net $ 768,914 $ 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 Real Estate Real Estate Real Estate Construction Commercial Consumer Total Three Months Ended September 30, 2024: Beginning balance $ 970 712 4,303 1,677 134 412 8,208 Additional allowance recognized due to adoption of Topic 326 Balance January 1, 2023 Credit loss (expense) income 265 114 (803 ) 605 47 181 409 Charge-offs — — — — — (366 ) (366 ) Recoveries — — — — — 86 86 Ending balance (September 30, 2024) $ 1,235 $ 826 $ 3,500 $ 2,282 $ 181 $ 313 $ 8,337 Three Months Ended September 30, 2023: Beginning balance $ 883 1,037 2,802 680 135 1,108 6,645 Credit loss (expense) income (113 ) 184 620 194 102 337 1,324 Charge-offs — — — — (10 ) (872 ) (882 ) Recoveries — — — — — 113 113 Ending balance (September 30, 2023) $ 770 $ 1,221 $ 3,422 $ 874 $ 227 $ 686 $ 7,200 During the three months period ended September 30, 2024, the Company recognized $ 52,000 During the three months ended September 30, 2023, the Company recognized credit loss expense of $ 122,000 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Residential Multi-Family Commercial Land and Real Estate Real Estate Real Estate Construction Commercial Consumer Total Nine Months Ended September 30, 2024: Balance Dec 31, 2023 $ 1,020 1,041 3,793 1,019 281 529 7,683 Credit loss (expense) income 215 (215 ) (293 ) 1,263 (83 ) 916 1,803 Charge-offs — — — — (17 ) (1,424 ) (1,441 ) Recoveries — — — — — 292 292 Ending balance (September 30, 2024) $ 1,235 $ 826 $ 3,500 $ 2,282 $ 181 $ 313 $ 8,337 Nine Months Ended September 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 $ (31 ) 146 527 423 177 1,393 2,635 Charge-offs — — — — (52 ) (1,676 ) (1,728 ) Recoveries — — — — 87 195 282 Ending balance (September 30, 2023) $ 770 $ 1,221 $ 3,422 $ 874 $ 227 $ 686 $ 7,200 Ending balance $ 770 $ 1,221 $ 3,422 $ 874 $ 227 $ 686 $ 7,200
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 Past Total Current Nonaccrual Loans Total At September 30, 2024: Residential real estate $ — $ — $ — $ — $ 75,877 $ — $ 75,877 Multi-family real estate — — — — 62,280 — 62,280 Commercial real estate — — — — 477,620 1,418 479,038 Land and construction — — — — 72,729 — 72,729 Commercial — — — — 39,798 159 39,957 Consumer 201 66 — 267 47,305 605 48,177 Total $ 201 $ 66 $ — $ 267 $ 775,609 $ 2,182 778,058 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 Land and Construction September 30, 2024 2023 2022 2021 2020 Prior Revolving Loans (Amortized Cost Basis) Revolving Loans Converted to Term Loans (Amortized Cost Basis) Total Pass $ 1,940 49,593 14,540 2,454 1,456 2,746 — — 72,729 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 1,940 $ 49,593 $ 14,540 $ 2,454 $ 1,456 $ 2,746 $ — $ — $ 72,729 Current period Gross write—offs $ — — — — — — — — — Residential real estate Pass $ 7,500 21,323 23,364 9,035 4,418 7,705 — — 73,345 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — 1,892 — — 640 — — 2,532 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 7,500 $ 21,323 $ 25,256 $ 9,035 $ 4,418 $ 8,345 $ — $ — $ 75,877 Current period Gross write—offs $ — — — — — — — — — Multi—family real estate Pass $ — 588 27,938 24,643 5,934 3,177 — — 62,280 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ — $ 588 $ 27,938 $ 24,643 $ 5,934 $ 3,177 $ — $ — $ 62,280 Current period Gross write—offs $ — — — — — — — — — Commercial real estate (CRE) Pass $ 78,965 124,673 189,639 49,515 14,512 19,134 — — 476,438 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — 2,600 — — 2,600 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 78,965 $ 124,673 $ 189,639 $ 49,515 $ 14,512 $ 21,734 $ — $ — $ 479,038 Current period Gross write—offs $ — — — — — — — — — Commercial Pass $ 13,244 22,892 1,958 1,086 597 21 — — 39,798 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — 159 — — — — — — 159 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 13,244 $ 23,051 $ 1,958 $ 1,086 $ 597 $ 21 $ — $ — $ 39,957 Current period Gross write—offs $ — — — — — (17 ) — — (17 ) Consumer Pass $ 548 5,579 3,583 1,693 57 8 36,104 — 47,572 OLEM (Other Loans Especially Mentioned) — — — — — — — — — Substandard — — — — — — 605 — 605 Doubtful — — — — — — — — — Loss — — — — — — — — — Subtotal loans $ 548 $ 5,579 $ 3,583 $ 1,693 $ 57 $ 8 $ 36,709 $ — $ 48,177 Current period Gross write—offs $ — (566 ) (650 ) (204 ) — (4 ) — — (1,424 ) (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Term Loans Revolving Loans Converted Amortized Cost Basis by Origination Year Revolving 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 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (dollars in thousands, except per share amounts) Earnings Weighted Amount Earnings Weighted Shares Amount Earnings Weighted Shares Amount Earnings Weighted Shares Amount Basic EPS: Net earnings $ 3,302 9,763,319 $ 0.34 $ 1,269 7,250,218 0.18 $ 9,173 9,009,138 1.02 $ 3,734 7,234,793 $ 0.52 Effect of conversion of series C preferred shares 525,641 — 356,822 — Diluted EPS: Net earnings $ 3,302 10,288,960 $ 0.32 $ 1,269 7,250,218 0.18 $ 9,173 9,365,960 0.98 $ 3,734 7,234,793 $ 0.52

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 In Active Markets for Identical Assets Significant Inputs Significant Inputs Fair Value (Level 1) (Level 2) (Level 3) At September 30, 2024: SBA Pool Securities $ 598 $ — $ 598 — Collateralized mortgage obligations 117 — 117 — Taxable municipal securities 12,785 — 12,785 — Mortgage-backed securities 10,995 — 10,995 — Total $ 24,495 — $ 24,495 — 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)	9 Months Ended
	Sep. 30, 2024
Investments, All Other Investments [Abstract]
Schedule of Estimated Fair Value of Financial Instruments	Schedule of Estimated Fair Value of Financial Instruments At September 30, 2024 At December 31, 2023 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 131,599 $ 131,599 1 $ 76,663 $ 76,663 1 Debt securities available for sale 24,495 24,495 2 24,355 24,355 2 Debt securities held-to-maturity 300 275 2 360 326 2 Loans 768,914 753,026 3 671,094 652,965 3 Federal Home Loan Bank stock 2,454 2,454 3 3,354 3,354 3 Accrued interest receivable 3,147 3,147 3 2,474 2,474 3 Financial liabilities: Deposit liabilities 806,506 806,919 3 639,581 645,426 3 Federal Home Loan Bank advances 40,000 39,755 3 62,000 61,565 3 Federal Reserve Bank advances — — 3 13,600 13,592 3

Off- Balance Sheet Financial _2

Off- Balance Sheet Financial Instruments (Tables)	9 Months Ended
	Sep. 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 $ 32,675 Unused lines of credit $ 40,270 Standby letters of credit $ 3,403

Regulatory Matters (Tables)

Regulatory Matters (Tables)	9 Months Ended
	Sep. 30, 2024
Schedule of Capital Amounts, Ratios and Regulatory Thresholds	Schedule of Capital Amounts, Ratios and Regulatory Thresholds Actual To Be Well Amount % Amount % As of September 30, 2024: Tier 1 Capital to Total Assets 96,800 10.38 % 83,905 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)	9 Months Ended
	Sep. 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 September 30, December 31, At September 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 1.01 % 10,000 10,000 $ 40,000 $ 75,600

Schedule of Accumulated Other C

Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Unrealized loss on debt securities available for sale	$ (6,012)	$ (7,106)
Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity	(12)	(13)
Income tax benefit	1,538	1,804
Accumulated other comprehensive loss	$ (4,486)	$ (5,315)

General (Details Narrative)

General (Details Narrative)	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Available for sale, amortized cost	$ 30,507	$ 31,461
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(6,012)	(7,106)
Available for sale, fair value	24,495	24,355
Held-to-maturity, amortized cost	300	360
Held-to-maturity, gross unrealized gains		1
Held-to-maturity, gross unrealized losses	(25)	(35)
Held-to-maturity, fair value	275	326
Taxable Municipal Bonds [Member]
Marketable Securities [Line Items]
Available for sale, amortized cost	16,663	16,690
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(3,878)	(4,480)
Available for sale, fair value	12,785	12,210
SBA Pool Securities [Member]
Marketable Securities [Line Items]
Available for sale, amortized cost	611	706
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(13)	(16)
Available for sale, fair value	598	690
Collateralized Mortgage Obligations [Member]
Marketable Securities [Line Items]
Available for sale, amortized cost	129	138
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(12)	(15)
Available for sale, fair value	117	123
Held-to-maturity, amortized cost	300	353
Held-to-maturity, gross unrealized gains
Held-to-maturity, gross unrealized losses	(25)	(35)
Held-to-maturity, fair value	275	318
Collateralized Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Available for sale, amortized cost	13,104	13,927
Available for sale, gross unrealized gains
Available for sale, gross unrealized losses	(2,109)	(2,595)
Available for sale, fair value	$ 10,995	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	Sep. 30, 2024	Dec. 31, 2023
Impairment Effects on Earnings Per Share [Line Items]
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses	$ (6,012)	$ (7,091)
Available for Sale, Securities Position Over 12 Months, Fair Value	24,495	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	(3,878)	(4,480)
Available for Sale, Securities Position Over 12 Months, Fair Value	12,785	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	(13)	(16)
Available for Sale, Securities Position Over 12 Months, Fair Value	598	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	(12)
Available for Sale, Securities Position Over 12 Months, Fair Value	117
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	(2,109)	(2,595)
Available for Sale, Securities Position Over 12 Months, Fair Value	10,995	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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 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	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Total loans	$ 778,058		$ 680,071
Net deferred loan fees, and costs	(807)		(1,294)
Allowance for credit losses	(8,337)	$ (8,208)	(7,683)	$ (7,200)	$ (6,645)	$ (5,793)
Loans, net	768,914		671,094
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	75,877		71,400
Allowance for credit losses	(1,235)	(970)	(1,020)	(770)	(883)	(768)
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total loans	62,280		67,498
Allowance for credit losses	(826)	(712)	(1,041)	(1,221)	(1,037)	(748)
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	479,038		422,680
Allowance for credit losses	(3,500)	(4,303)	(3,793)	(3,422)	(2,802)	(3,262)
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Total loans	72,729		32,600
Allowance for credit losses	(2,282)	(1,677)	(1,019)	(874)	(680)	(173)
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	39,957		41,870
Allowance for credit losses	(181)	(134)	(281)	(227)	(135)	(277)
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	48,177		44,023
Allowance for credit losses	$ (313)	$ (412)	$ (529)	$ (686)	$ (1,108)	$ (565)

Schedule of Changes in Allowanc

Schedule of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Past Due [Line Items]
Beginning balance	$ 8,208	$ 6,645	$ 7,683	$ 5,793
Additional allowance recognized due to adoption of Topic 326				218
Balance January 1, 2023				6,011
Credit loss (expense) income	409	1,324	1,803	2,635
Charge-offs	(366)	(882)	(1,441)	(1,728)
Recoveries	86	113	292	282
Ending balance	8,337	7,200	8,337	7,200
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	970	883	1,020	768
Additional allowance recognized due to adoption of Topic 326				33
Balance January 1, 2023				801
Credit loss (expense) income	265	(113)	215	(31)
Charge-offs
Recoveries
Ending balance	1,235	770	1,235	770
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	712	1,037	1,041	748
Additional allowance recognized due to adoption of Topic 326				327
Balance January 1, 2023				1,075
Credit loss (expense) income	114	184	(215)	146
Charge-offs
Recoveries
Ending balance	826	1,221	826	1,221
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	4,303	2,802	3,793	3,262
Additional allowance recognized due to adoption of Topic 326				(367)
Balance January 1, 2023				2,895
Credit loss (expense) income	(803)	620	(293)	527
Charge-offs
Recoveries
Ending balance	3,500	3,422	3,500	3,422
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	1,677	680	1,019	173
Additional allowance recognized due to adoption of Topic 326				278
Balance January 1, 2023				451
Credit loss (expense) income	605	194	1,263	423
Charge-offs
Recoveries
Ending balance	2,282	874	2,282	874
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	134	135	281	277
Additional allowance recognized due to adoption of Topic 326				(262)
Balance January 1, 2023				15
Credit loss (expense) income	47	102	(83)	177
Charge-offs		(10)	(17)	(52)
Recoveries				87
Ending balance	181	227	181	227
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Beginning balance	412	1,108	529	565
Additional allowance recognized due to adoption of Topic 326				209
Balance January 1, 2023				774
Credit loss (expense) income	181	337	916	1,393
Charge-offs	(366)	(872)	(1,424)	(1,676)
Recoveries	86	113	292	195
Ending balance	$ 313	$ 686	$ 313	$ 686

Schedule of Age Analysis of Pas

Schedule of Age Analysis of Past-due Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Total loans	$ 778,058	$ 680,071
Financing Receivable, Nonaccrual	2,182	1,025
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	201	230
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	66	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	267	438
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	775,609	678,608
Residential Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	75,877	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	75,877	71,400
Multi Family Real Estate [Member]
Financing Receivable, Past Due [Line Items]
Total loans	62,280	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	62,280	67,498
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	479,038	422,680
Financing Receivable, Nonaccrual	1,418
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	477,620	422,680
Construction Loans [Member]
Financing Receivable, Past Due [Line Items]
Total loans	72,729	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	72,729	32,600
Commercial Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	39,957	41,870
Financing Receivable, Nonaccrual	159
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	39,798	41,870
Consumer Portfolio Segment [Member]
Financing Receivable, Past Due [Line Items]
Total loans	48,177	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	201	230
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	66	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	267	438
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Total loans	$ 47,305	$ 42,560

Schedule of Amortized Cost Basi

Schedule of Amortized Cost Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Subtotal loans	$ 778,058	$ 680,071
Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5	1,940	11,869
Year 4	49,593	14,933
Year 3	14,540	2,689
Year 2	2,454	1,488
Year 1	1,456	1,621
Prior	2,746
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	72,729	32,600
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Current period gross write-offs revolving loans (Amortized cost basis)
Current period gross write-offs revolving loans converted to term loans (Amortized cost basis)
Current period Gross write-offs
Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5	7,500	21,343
Year 4	21,323	25,898
Year 3	25,256	9,747
Year 2	9,035	4,777
Year 1	4,418	4,044
Prior	8,345	4,844
Revolving Loans (Amortized Cost Basis)		747
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	75,877	71,400
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Current period gross write-offs revolving loans (Amortized cost basis)
Current period gross write-offs revolving loans converted to term loans (Amortized cost basis)
Current period Gross write-offs
Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5		1,369
Year 4	588	29,561
Year 3	27,938	27,224
Year 2	24,643	6,086
Year 1	5,934	2,064
Prior	3,177	1,194
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	62,280	67,498
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Current period gross write-offs revolving loans (Amortized cost basis)
Current period gross write-offs revolving loans converted to term loans (Amortized cost basis)
Current period Gross write-offs
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5	78,965	123,081
Year 4	124,673	204,425
Year 3	189,639	52,536
Year 2	49,515	15,297
Year 1	14,512	13,802
Prior	21,734	13,539
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	479,038	422,680
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Current period gross write-offs revolving loans (Amortized cost basis)
Current period gross write-offs revolving loans converted to term loans (Amortized cost basis)
Current period Gross write-offs
Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5	13,244	37,854
Year 4	23,051	1,935
Year 3	1,958	1,403
Year 2	1,086	634
Year 1	597	44
Prior	21
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	39,957	41,870
Year 5		(45)
Year 4
Year 3
Year 2
Year 1
Prior	(17)	(26)
Current period gross write-offs revolving loans (Amortized cost basis)
Current period gross write-offs revolving loans converted to term loans (Amortized cost basis)
Current period Gross write-offs	(17)	(71)
Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5	548	8,657
Year 4	5,579	7,033
Year 3	3,583	3,627
Year 2	1,693	147
Year 1	57	111
Prior	8
Revolving Loans (Amortized Cost Basis)	36,709	24,448
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	48,177	44,023
Year 5		(423)
Year 4	(566)	(1,065)
Year 3	(650)	(880)
Year 2	(204)	(3)
Year 1
Prior	(4)
Current period gross write-offs revolving loans (Amortized cost basis)
Current period gross write-offs revolving loans converted to term loans (Amortized cost basis)
Current period Gross write-offs	(1,424)	(2,371)
Pass [Member] | Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5	1,940	11,869
Year 4	49,593	14,933
Year 3	14,540	2,689
Year 2	2,454	1,488
Year 1	1,456	1,621
Prior	2,746
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	72,729	32,600
Pass [Member] | Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5	7,500	21,343
Year 4	21,323	25,898
Year 3	23,364	9,747
Year 2	9,035	4,777
Year 1	4,418	4,044
Prior	7,705	4,844
Revolving Loans (Amortized Cost Basis)		747
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	73,345	71,400
Pass [Member] | Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5		1,369
Year 4	588	29,561
Year 3	27,938	27,224
Year 2	24,643	6,086
Year 1	5,934	2,064
Prior	3,177	1,194
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	62,280	67,498
Pass [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5	78,965	123,081
Year 4	124,673	204,425
Year 3	189,639	52,536
Year 2	49,515	15,297
Year 1	14,512	12,593
Prior	19,134	13,539
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	476,438	421,471
Pass [Member] | Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5	13,244	37,854
Year 4	22,892	1,935
Year 3	1,958	1,403
Year 2	1,086	634
Year 1	597	44
Prior	21
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	39,798	41,870
Pass [Member] | Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5	548	8,657
Year 4	5,579	7,033
Year 3	3,583	3,627
Year 2	1,693	147
Year 1	57	111
Prior	8
Revolving Loans (Amortized Cost Basis)	36,104	23,423
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	47,572	42,998
Special Mention [Member] | Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Special Mention [Member] | Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Special Mention [Member] | Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Special Mention [Member] | Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Special Mention [Member] | Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Substandard [Member] | Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Substandard [Member] | Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3	1,892
Year 2
Year 1
Prior	640
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	2,532
Substandard [Member] | Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1		1,209
Prior	2,600
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	2,600	1,209
Substandard [Member] | Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4	159
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	159
Substandard [Member] | Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)	605	1,025
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans	605	1,025
Doubtful [Member] | Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Doubtful [Member] | Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Doubtful [Member] | Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Doubtful [Member] | Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Doubtful [Member] | Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Loss [Member] | Construction Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Loss [Member] | Residential Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Loss [Member] | Multi Family Real Estate [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Loss [Member] | Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Loss [Member] | Commercial Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans
Loss [Member] | Consumer Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Year 5
Year 4
Year 3
Year 2
Year 1
Prior
Revolving Loans (Amortized Cost Basis)
Revolving Loans Converted to Term Loans (Amortized Cost Basis)
Subtotal loans

Loans (Details Narrative)

Loans (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Unfunded Loan Commitment [Member]
Financing Receivable, Past Due [Line Items]
Credit loss income related to unfunded loan commitments	$ 52,000	$ 122,000	$ 193,000	$ 335,000

Schedule of Basic and Diluted L

Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net earnings	$ 3,302	$ 3,496	$ 2,377	$ 1,269	$ 1,312	$ 1,153	$ 9,173	$ 3,734
Net earnings, Weighted Average Shares	9,763,319			7,250,218			9,009,138	7,234,793
Net earnings per share - Basic	$ 0.34			$ 0.18			$ 1.02	$ 0.52
Effect of conversion of series C preferred shares, Weighted Average Shares	525,641,000						356,822,000
Net earnings, Weighted Average Shares	10,288,960			7,250,218			9,365,960	7,234,793
Net earnings per share - Diluted	$ 0.32			$ 0.18			$ 0.98	$ 0.52

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 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	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	$ 24,495	$ 24,355
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	24,495	24,355
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	24,495	24,355
SBA Pool Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	598	690
SBA Pool Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	598	690
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	598	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]
Debt securities available for sale
Collateralized Mortgage Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	117	123
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	117	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]
Debt securities available for sale
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	117	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]
Debt securities available for sale
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	12,785	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]
Debt securities available for sale
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	12,785	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]
Debt securities available for sale
Collateralized Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	10,995	11,332
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	10,995	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]
Debt securities available for sale
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities available for sale	10,995	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]
Debt securities available for sale

Schedule of Estimated Fair Valu

Schedule of Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities available for sale	$ 24,495	$ 24,355
Debt securities held-to-maturity	300	360
Accrued interest receivable	3,147	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	24,495	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	131,599	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	24,495	24,355
Debt securities held-to-maturity	300	360
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans	768,914	671,094
Federal Home Loan Bank stock	2,454	3,354
Accrued interest receivable	3,147	2,474
Deposit liabilities	806,506	639,581
Federal Home Loan Bank advances	40,000	62,000
Federal Reserve Bank advances		13,600
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	131,599	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	24,495	24,355
Debt securities held-to-maturity	275	326
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans	753,026	652,965
Federal Home Loan Bank stock	2,454	3,354
Accrued interest receivable	3,147	2,474
Deposit liabilities	806,919	645,426
Federal Home Loan Bank advances	39,755	61,565
Federal Reserve Bank advances		$ 13,592

Schedule of Off-Balance Sheet R

Schedule of Off-Balance Sheet Risks of Financial Instruments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Off- Balance Sheet Financial Instruments
Commitments to extend credit	$ 32,675
Unused lines of credit	40,270
Standby letters of credit	$ 3,403

Schedule of Capital Amounts, Ra

Schedule of Capital Amounts, Ratios and Regulatory Thresholds (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Tier I Capital to Total Assets	$ 96,800	$ 74,999
Tier I Capital to Total Assets, Ratio	0.1038	0.1000
Tier I Capital to Total Assets To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework)	$ 83,905	$ 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 Stoc_2

Series B and C Preferred Stock and ATM offering program (Details Narrative) - USD ($)		3 Months Ended			9 Months Ended
	Aug. 09, 2024	Sep. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Sep. 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		6,000,000
Commmon stock share		1			1
Aggregate share value		$ 1,457,000	$ 8,803,000	$ 324,000
ATM Offering Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock aggregate amount	$ 25,000,000
Sale of stock aggregate shares					329,529
Net Proceeds					$ 1,457,000
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			$ 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			760
Preferred stock conversion price		$ 2.50			$ 2.50
Series B1 Preferred Stock [Member] | Two Company Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized		380			380
Series B2 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized		260			260
Preferred stock conversion price		$ 4			$ 4
Series B2 Preferred Stock [Member] | Two Company Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized		130			130
Series B3 Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized		500			500
Preferred stock conversion price		$ 4.50			$ 4.50
Series B3 Preferred Stock [Member] | Two Company Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares authorized		250			250
Series C Convertible Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders beneficial ownership percentage					9.90%
Preferred stock, shares authorized		4,000,000			4,000,000	4,000,000	4,000,000
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			$ 3.90
Aggregate share value					$ 2,050,000
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred stock, shares outstanding		329,529	2,311,552	72,221
Aggregate share value		$ 3,000	$ 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	Sep. 30, 2024	Dec. 31, 2023
Federal Reserve Bank Advances [Member]
Short-Term Debt [Line Items]
Advances	$ 40,000	$ 75,600
Federal Reserve Bank Advances [Member] | 2024 [Member]
Short-Term Debt [Line Items]
Interest Rate	4.89%
Advances		13,600
Federal Home Loan Bank Advances [Member] | 2024 [Member]
Short-Term Debt [Line Items]
Interest Rate	4.96%
Advances	$ 30,000	30,000
Federal Home Loan Bank Advances One [Member] | 2024 [Member]
Short-Term Debt [Line Items]
Interest Rate	5.57%
Advances		22,000
Federal Home Loan Bank Advances One [Member] | 2025 [Member]
Short-Term Debt [Line Items]
Interest Rate	1.01%
Advances	$ 10,000	$ 10,000

Borrowings (Details Narrative)

Borrowings (Details Narrative) - Federal Home Loan Bank Advances [Member] $ in Millions	Sep. 30, 2024 USD ($)
Short-Term Debt [Line Items]
Remaining credit availability	$ 185
Carrying value	$ 226