OptimumBank Holdings Q3 10-Q Filed

TL;DR

**OptimumBank Holdings Q3 10-Q is in! Shows preferred stock details as of Sept 30, 2024.**

AI Summary

OptimumBank Holdings, Inc. filed its Q3 10-Q report for the period ending September 30, 2024. The filing details financial information for the company, including various series of preferred stock outstanding as of September 30, 2024, and December 31, 2023. Specific financial figures and operational details are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial snapshot of OptimumBank Holdings, Inc., crucial for understanding its performance and capital structure.

Risk Assessment

Risk Level: medium — As a financial institution, OptimumBank Holdings is subject to inherent market and regulatory risks, and the 10-Q filing provides details on its financial health and capital structure.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-08 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 6021 — SIC Code (Standard Industrial Classification code for National Commercial Banks.)

Key Players & Entities

• OptimumBank Holdings, Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• 2024-11-08 (date) — Filing date
• FL (location) — State of incorporation and business address
• 954 776-2332 (phone_number) — Business phone number

FAQ

Filing Documents

• form10-q.htm (10-Q) — 2326KB
• ex31-1.htm (EX-31.1) — 9KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001493152-24-044211.txt ( ) — 9740KB
• ophc-20240930.xsd (EX-101.SCH) — 39KB
• ophc-20240930_cal.xml (EX-101.CAL) — 60KB
• ophc-20240930_def.xml (EX-101.DEF) — 183KB
• ophc-20240930_lab.xml (EX-101.LAB) — 322KB
• ophc-20240930_pre.xml (EX-101.PRE) — 265KB
• form10-q_htm.xml (XML) — 2544KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets — September 30, 2024 (unaudited) and December 31, 2023 (audited) 1 Condensed Consolidated Statements of Earnings — Three and Nine Months ended September 30, 2024 and 2023 (unaudited) 2 Condensed Consolidated Statements of Comprehensive Income — Three and Nine Months ended September 30, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity — Three and Nine Months ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows —Nine Months ended September 30, 2024 and 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7

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 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION 27

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Default Upon Senior Securities

Item 3. Default Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 27

SIGNATURES

SIGNATURES 28 i OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY PART I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets (Dollars in thousands, except per share amounts) September 30, December 31, 2024 2023 (Unaudited) (audited) 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 and Stockholders' Equity: 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, 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 shares authorized, 525,641 and 0 shares issued and outstanding — — Preferred Stock, value — — Common stock, $ .01 par value; 30,000,000 shares authorized, 10,006,960 and 7,250,218 shares issued and outstand

View Full Filing

View this 10-Q filing on SEC EDGAR