OptimumBank Holdings, Inc. Files 10-Q for Q1 2024

TL;DR

<b>OptimumBank Holdings, Inc. has filed its Q1 2024 10-Q report, detailing financial data and preferred stock information.</b>

AI Summary

OptimumBank Holdings, Inc. (OPHC) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. OptimumBank Holdings, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 2477 East Commercial Boulevard, Fort Lauderdale, FL 33308. The filing includes data for various preferred stock series (A, B, C) and convertible preferred stock. The report details financial information for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking OptimumBank Holdings, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and position of OptimumBank Holdings, Inc. The detailed breakdown of preferred stock series and their respective balances offers insight into the company's capital structure and potential shareholder obligations.

Risk Assessment

Risk Level: low — OptimumBank Holdings, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments.

Analyst Insight

Monitor future filings for detailed financial performance, especially revenue and net income trends, to assess growth and profitability.

Key Numbers

• 2024-03-31 — Report Period End Date (10-Q filing)
• 2024-05-13 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 2023-03-31 — Prior Year Quarter End Date (Comparative data in 10-Q)

Key Players & Entities

• OptimumBank Holdings, Inc. (company) — Filer of the 10-Q report
• 2477 East Commercial Boulevard (location) — Business and mailing address
• Fort Lauderdale (location) — City of business and mailing address
• FL (location) — State of business and mailing address
• 33308 (location) — ZIP code of business and mailing address

FAQ

Industry Context

OptimumBank Holdings, Inc. operates within the national commercial banks industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management's discussion and analysis.
2. Analyze trends in preferred stock balances and any changes in their terms or conditions.
3. Compare Q1 2024 results with Q1 2023 and Q4 2023 to identify performance changes.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This filing represents the first quarterly report for 2024, providing updated financial data compared to the previous quarter (Q4 2023) and the same quarter last year (Q1 2023).

Filing Documents

• form10-q.htm (10-Q) — 2062KB
• ex31-1.htm (EX-31.1) — 14KB
• ex31-2.htm (EX-31.2) — 10KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001493152-24-018822.txt (&nbsp;) — 9219KB
• ophc-20240331.xsd (EX-101.SCH) — 38KB
• ophc-20240331_cal.xml (EX-101.CAL) — 60KB
• ophc-20240331_def.xml (EX-101.DEF) — 188KB
• ophc-20240331_lab.xml (EX-101.LAB) — 328KB
• ophc-20240331_pre.xml (EX-101.PRE) — 270KB
• form10-q_htm.xml (XML) — 2312KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets — March 31, 2024 (unaudited) and December 31, 2023 (audited) 1 Condensed Consolidated Statements of Earnings — Three Months ended March 31, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Income — Three Months ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity — Three Months ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows — Three Months ended March 31, 2024 and 2023 (unaudited) 5 Notes to Condensed Consolidated Financial Statements (unaudited) 6

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

OTHER INFORMATION

PART II. OTHER INFORMATION 23

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Default Upon Senior Securities

Item 3. Default Upon Senior Securities 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 23

SIGNATURES

SIGNATURES 24 i OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets (Dollars in thousands, except share amounts) March 31, December 31, 2024 2023 (Unaudited) Assets: Cash and due from banks $ 14,034 $ 14,009 Interest-bearing deposits with banks 137,073 62,654 Total cash and cash equivalents 151,107 76,663 Debt securities available for sale 23,580 24,355 Debt securities held-to-maturity (fair value of $ 297 and $ 326 ) 336 360 Loans, net of allowance for credit losses of $ 8,281 and $ 7,683 746,370 671,094 Federal Home Loan Bank stock 2,454 3,354 Premises and equipment, net 1,579 1,375 Right-of-use lease assets 2,091 2,161 Accrued interest receivable 2,990 2,474 Deferred tax asset 3,109 2,903 Other assets 7,017 6,515 Total assets $ 940,633 $ 791,254 Liabilities and Stockholders' Equity: Liabilities: Noninterest-bearing demand deposits $ 217,940 $ 194,892 Savings, NOW and money-market deposits 318,511 322,932 Time deposits 261,958 121,757 Total deposits 798,409 639,581 Federal Home Loan Bank advances 40,000 62,000 Federal Reserve Bank advances 13,355 13,600 Operating lease liabilities 2,185 2,248 Other liabilities 3,640 3,818 Total liabilities 857,589 721,247 Commitments and contingencies (Notes 8 and 11) - - Stockholders' equity: Preferred stock, no par value; 6,000,000 shares authorized: — — Series A Preferred, no par value, no shares issued and outstanding — — Series B Convertible Preferred, no par value, 1,520 shares authorized, 1,360 shares issued and outstanding — — Series C Convertible Preferred, no par value, 4,000,000 and 0 shares authorized, 525,641 and 0 shares issued and outstanding — — Preferred stock, value — — Common stock, $ .01 par value; 30,000,000 shares authorized, 9,634,821 and 7,250,218 shares issued and outstanding

View Full Filing

View this 10-Q filing on SEC EDGAR