OptimumBank Holdings, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>OptimumBank Holdings, Inc. has filed its 2023 10-K report, detailing financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

OptimumBank Holdings, Inc. (OPHC) filed a Annual Report (10-K) with the SEC on March 8, 2024. OptimumBank Holdings, Inc. filed its 2023 10-K report on March 8, 2024. The company is classified under SIC code 6021 for National Commercial Banks. OptimumBank Holdings, Inc. is incorporated in Florida (FL). The fiscal year end for the company is December 31st. The filing includes data for the fiscal years ending December 31, 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking OptimumBank Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of OptimumBank Holdings, Inc.'s financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial stability, growth prospects, and potential risks within the national commercial banking sector.

Risk Assessment

Risk Level: low — OptimumBank Holdings, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures for a publicly traded company, indicating no immediate or unusual high-risk events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand OptimumBank Holdings, Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-08 — Filing Date (As of date)
• 2023 — Fiscal Year (Data pertains to this year)
• 2022 — Prior Fiscal Year (Comparative data)
• 2021 — Prior Fiscal Year (Comparative data)

Key Players & Entities

• OptimumBank Holdings, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• March 8, 2024 (date) — Filing date
• 6021 (other) — Standard Industrial Classification
• FL (other) — State of incorporation
• Fort Lauderdale (location) — Business address city

FAQ

Industry Context

OptimumBank Holdings, Inc. operates within the National Commercial Banks industry, a sector characterized by lending, deposit-taking, and financial services.

Regulatory Implications

As a national commercial bank, OptimumBank Holdings, Inc. is subject to regulations from federal and state authorities governing financial institutions.

What Investors Should Do

1. Analyze the balance sheet and income statement for the fiscal year 2023.
2. Examine any disclosed risk factors related to the banking industry or the company's specific operations.
3. Compare key financial metrics with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share OPHC Nasdaq Capital Mark
• $2.88 — eference to the closing market price at $2.88 per share as of June 30, 2023. For purp
• $791 m — , 2023, the Company had total assets of $791 million, net loans of $671 million, total
• $671 m — al assets of $791 million, net loans of $671 million, total deposits of $640 million a
• $640 million — oans of $671 million, total deposits of $640 million and stockholders' equity of $70 million
• $70 million — 640 million and stockholders' equity of $70 million. During 2023, the Company had a net inc
• $6 million — g 2023, the Company had a net income of $6 million. Banking Products The Bank's revenu
• $250,000 — nt, well beyond the standard maximum of $250,000 for funds placed into demand deposit ac
• $1.4 million — mber 31, 2023, SBA 7A loans amounted to $1.4 million. Additionally, management has impleme
• $194 m — ets. During 2023 net loans increased by $194 million, attributed to the bank's success
• $21 million — uth Florida. Loan balances increased by $21 million in residential real estate loans, $112
• $112 million — llion in residential real estate loans, $112 million in commercial real estate loans, $15 mi
• $15 million — illion in commercial real estate loans, $15 million in land and construction loans, $37 mil
• $37 million — million in land and construction loans, $37 million in commercial loans, and $14 million in
• $14 million — s, $37 million in commercial loans, and $14 million in consumer loans. The interest rates c

Filing Documents

• form10-k.htm (10-K) — 2259KB
• ex3-2.htm (EX-3.2) — 3KB
• ex3-3.htm (EX-3.3) — 6KB
• ex3-4.htm (EX-3.4) — 18KB
• ex3-5.htm (EX-3.5) — 2KB
• ex4-2.htm (EX-4.2) — 39KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• ex3-2_001.jpg (GRAPHIC) — 1340KB
• ex3-2_002.jpg (GRAPHIC) — 349KB
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• ex3-4_013.jpg (GRAPHIC) — 359KB
• ex3-5_001.jpg (GRAPHIC) — 335KB
• ex3-5_002.jpg (GRAPHIC) — 122KB
• 0001493152-24-009360.txt (&nbsp;) — 45293KB
• ophc-20231231.xsd (EX-101.SCH) — 54KB
• ophc-20231231_cal.xml (EX-101.CAL) — 92KB
• ophc-20231231_def.xml (EX-101.DEF) — 237KB
• ophc-20231231_lab.xml (EX-101.LAB) — 436KB
• ophc-20231231_pre.xml (EX-101.PRE) — 367KB
• form10-k_htm.xml (XML) — 2441KB

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 12

Cybersecurity

Item 1C. Cybersecurity 12

Properties

Item 2. Properties 13

Legal Proceedings

Item 3. Legal Proceedings 13

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 13 PART II

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 14

[Reserved]

Item 6. [Reserved] 14

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 26

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62

Controls and Procedures

Item 9A. Controls and Procedures 62

Other Information

Item 9B. Other Information 62

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 62 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 6 3

Executive Compensation

Item 11. Executive Compensation 63

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 63

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 63 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 64

Form 10-K Summary

Item 16. Form 10-K Summary 65

SIGNATURES

SIGNATURES 66 i PART I Item 1. Business Forward-Looking We have made forward-looking statements in this Annual Report about the financial condition, results of operations, and business of our company. These statements are not historical facts and include expressions concerning the future that are subject to risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: general economic conditions, either nationally or regionally, that are less favorable than expected resulting in, among other things, a deterioration in credit quality and an increase in credit risk-related losses and expenses; changes in the interest rate environment that reduce margins; competitive pressure in the banking industry that increases significantly; changes that occur in the regulatory environment; and changes that occur in business conditions and the rate of inflation. When used in this Annual Report, the words "believes," "estimates," "plans," "expects," "should," "may," "might," "outlook," and "anticipates," as well as similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. General OptimumBank Holdings, Inc. is a Florida corporation (the "Company") formed in 2004 as a bank holding company for OptimumBank (the "Bank"). The Company's only business is the ownership and operation of the Bank. The Bank is a Florida state-chartered bank established in 2000, with deposits insured by the Federal Deposit Insurance Corporation ("FDIC"). The Bank offers a variety of commercial banking services to individual and corporate customers through its two banking offices located in Broward County, Florida. The Company is subject to the supervision and regulation of The Board of Governors of the Federal Reserve System (the "Federal Reserve"). The Bank is subject to the super

View Full Filing

View this 10-K filing on SEC EDGAR