$OPHC

OptimumBank Holdings, Inc.

CIK:0001288855|SEC Filings

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Interest income:

Loans

$ 20,386

$ 14,026

$ 38,501

$ 27,627

Debt securities

204

158

396

318

Other

1,134

1,404

2,282

2,650

Total interest income

21,724

15,588

41,179

30,595

Interest expense:

Deposits

6,633

5,322

12,808

10,600

Borrowings

394

481

327

Total interest expense

7,027

5,346

13,289

10,927

Net interest income

14,697

10,242

27,890

19,668

Credit loss (reversal) expense

(37)

1,040

733

875

Net interest income after credit loss expense

14,734

9,202

27,157

18,793

Noninterest income:

Service charges and fees

1,551

1,099

2,863

2,137

Other

935

735

1,406

928

Total noninterest income

2,486

1,834

4,269

3,065

Noninterest expenses:

Salaries and employee benefits

5,279

3,738

10,268

7,119

Professional fees

363

275

658

522

Occupancy and equipment

354

294

693

576

Data processing

986

625

1,900

1,158

Regulatory assessment

196

202

375

400

Other

1,204

1,047

2,496

2,032

Total noninterest expenses

8,382

6,181

16,390

11,807

Income before income taxes

8,838

4,855

15,036

10,051

Income taxes

2,183

1,253

3,718

2,579

Net income

$ 6,655

$ 3,602

$ 11,318

$ 7,472

Earnings per share - Basic

$ 0.40

$ 0.31

$ 0.79

$ 0.64

Earnings per share - Diluted

^[1]

$ 0.28

$ 0.15

$ 0.48

$ 0.32

[1]

Earnings per share amounts for all periods presented have been restated to reflect the impact of the amendment to the rights of the Series B Preferred shares, as described in Note 12. This amendment resulted in a change in the calculation of diluted earnings per share, applied retrospectively to ensure comparability.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 11,318	$ 7,472
Adjustments to reconcile net income to net cash provided by operating activities:
Credit loss expense	733	875
Depreciation and amortization	273	217
Gain on sale of other real estate owned	(5)
Deferred income tax expense (benefit)	37	(191)
Net (accretion) amortization of fees, premiums and discounts	(168)	(65)
Stock-based compensation expense	430	296
(Increase) decrease in accrued interest receivable	(1,241)	210
Amortization of right-of-use lease assets	212	127
Net decrease in operating lease liabilities	(198)	(113)
(Increase) decrease in other assets	1,056	(1,033)
Increase in other liabilities	5,707	1,497
Net cash provided by operating activities	18,154	9,292
Cash flows from investing activities:
Principal repayments of debt securities available for sale	557	556
Principal repayments of debt securities held-to-maturity	7	22
Purchase of debt securities available for sale	(2,342)
Net (increase) decrease in loans	(257,643)	19,663
Proceeds from sale of other real estate owned	556
Purchases of premises and equipment	(915)	(581)
Redemption of FHLB stock	1,062	2,271
Net cash (used in) provided by investing activities	(258,718)	21,931
Cash flows from financing activities:
Net increase in deposits	282,295	106,670
Net decrease in FHLB Advances	(25,000)	(50,000)
Increase in other borrowings	14,000
Proceeds from sale of common stock, net	948	231
Net cash provided by financing activities	272,243	56,901
Net increase in cash and cash equivalents	31,679	88,124
Cash and cash equivalents at beginning of the period	114,559	93,630
Cash and cash equivalents at end of the period	146,238	181,754
Cash paid during the period for:
Interest	10,696	9,305
Income taxes	1,725	2,424
Supplemental noncash transactions:
Net change in unrealized gain (loss) on debt securities available for sale, net of income taxes	(214)	166
Amortization of unrealized loss on debt securities transferred to held-to-maturity	$ 1	$ (1)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and due from banks	$ 14,637	$ 9,349
Interest-bearing deposits with banks	131,601	105,210
Total cash and cash equivalents	146,238	114,559
Debt securities available for sale	26,646	25,184
Debt securities held-to-maturity (fair value of $183 and $190)	208	214
Loans, net of allowance for credit losses of $11,020 and $10,273	1,204,381	947,294
Federal Home Loan Bank stock	1,966	3,028
Premises and equipment, net	3,132	2,490
Other real estate owned		551
Right-of-use lease assets	2,405	2,617
Accrued interest receivable	4,862	3,621
Deferred tax asset	3,143	3,108
Other assets	7,956	9,012
Total assets	1,400,937	1,111,678
Liabilities:
Noninterest-bearing demand deposits	319,375	266,520
Savings, NOW and money-market deposits	383,297	306,921
Time deposits	511,373	358,309
Total deposits	1,214,045	931,750
Federal Home Loan Bank advances	25,000	50,000
Operating lease liabilities	2,547	2,745
Other Borrowings	14,000
Other liabilities	10,965	5,286
Total liabilities	1,266,557	989,781
Commitments and contingencies (Notes 9 and 13)
Stockholders’ equity:
Preferred stock, value
Common stock, $.01 par value; 30,000,000 shares authorized, 12,340,785 and 11,533,943 shares issued and outstanding	124	115
Additional paid-in capital	113,832	112,578
Retained earnings	25,119	13,801
Accumulated other comprehensive loss	(4,810)	(4,597)
Total stockholders’ equity	134,380	121,897
Total liabilities and stockholders’ equity	1,400,937	1,111,678
Series B Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Series C Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value
Nonvoting Common Stock [Member]
Stockholders’ equity:
Nonvoting Common stock, $.01 par value; 30,000,000 and 0 shares authorized, 11,458,351 and 0 shares issued and outstanding	$ 115