OptimumBank Holdings, Inc. Q2 2024 10-Q Filing

TL;DR

**OptimumBank Holdings, Inc. Q2 10-Q filed. Preferred stock details updated. Check financials.**

AI Summary

OptimumBank Holdings, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and positions for the second quarter and the first half of the year. Key financial instruments, including Series A, B, and C Preferred Stock, are noted with their balances as of June 30, 2024, and December 31, 2023.

Why It Matters

This filing provides investors with a detailed look at OptimumBank's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including preferred stock series, which can be complex and impact the company's financial structure and risk profile.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial period covered by the report.)
• 2024-08-05 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-12-31 — Prior Year End Date (Provides a comparison point for financial performance from the previous fiscal year-end.)

Key Players & Entities

• OptimumBank Holdings, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240805 (date) — Filing date
• Series A Preferred Stock (financial_instrument) — Mentioned with balances as of 2024-06-30 and 2023-12-31
• Series B Preferred Stock (financial_instrument) — Mentioned with balances as of 2024-06-30 and 2023-12-31
• Series C Preferred Stock (financial_instrument) — Mentioned with balances as of 2024-06-30 and 2023-12-31
• Series B Convertible Preferred Stock (financial_instrument) — Mentioned with balances as of 2024-06-30 and 2023-12-31
• Series C Convertible Preferred Stock (financial_instrument) — Mentioned with balances as of 2024-06-30 and 2023-12-31

FAQ

Filing Documents

• form10-q.htm (10-Q) — 3072KB
• 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
• 0001493152-24-030217.txt ( ) — 11742KB
• ophc-20240630.xsd (EX-101.SCH) — 38KB
• ophc-20240630_cal.xml (EX-101.CAL) — 60KB
• ophc-20240630_def.xml (EX-101.DEF) — 181KB
• ophc-20240630_lab.xml (EX-101.LAB) — 316KB
• ophc-20240630_pre.xml (EX-101.PRE) — 263KB
• form10-q_htm.xml (XML) — 3159KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets — June 30, 2024 (unaudited) and December 31, 2023 (audited) 1 Condensed Consolidated Statements of Earnings — Three and Six Months ended June 30, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Income — Three and Six Months ended June 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity — Three and Six Months ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows —Six Months ended June 30, 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 25

Controls and Procedures

Item 4. Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION 25

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Default Upon Senior Securities

Item 3. Default Upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 25

SIGNATURES

SIGNATURES 26 i OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets (Dollars in thousands, except share amounts) June 30, December 31, 2024 2023 (Unaudited) (audited) Assets: Cash and due from banks $ 11,923 $ 14,009 Interest-bearing deposits with banks 92,133 62,654 Total cash and cash equivalents 104,056 76,663 Debt securities available for sale 23,540 24,355 Debt securities held-to-maturity (fair value of $ 280 and $ 326 ) 315 360 Loans, net of allowance for credit losses of $ 8,208 and $ 7,683 751,903 671,094 Federal Home Loan Bank stock 2,691 3,354 Premises and equipment, net 1,877 1,375 Right-of-use lease assets 2,021 2,161 Accrued interest receivable 2,994 2,474 Deferred tax asset 3,024 2,903 Other assets 7,357 6,515 Total assets $ 899,778 $ 791,254 Liabilities and Stockholders' Equity: Liabilities: Noninterest-bearing demand deposits $ 230,947 $ 194,892 Savings, NOW and money-market deposits 300,378 322,932 Time deposits 231,321 121,757 Total deposits 762,646 639,581 Federal Home Loan Bank advances 45,000 62,000 Federal Reserve Bank advances — 13,600 Operating lease liabilities 2,122 2,248 Other liabilities 3,039 3,818 Total liabilities 812,807 721,247 Commitments and contingencies (Notes 8 and 11) - - Stockholders' equity: Preferred stock, 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 auth

View Full Filing

View this 10-Q filing on SEC EDGAR