0001493152-18-015922.txt : 20181114 0001493152-18-015922.hdr.sgml : 20181114 20181114110205 ACCESSION NUMBER: 0001493152-18-015922 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 66 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OptimumBank Holdings, Inc. CENTRAL INDEX KEY: 0001288855 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 000000000 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50755 FILM NUMBER: 181181394 BUSINESS ADDRESS: STREET 1: 2477 EAST COMMERCIAL BOULEVARD CITY: FORT LAUDERDALE STATE: FL ZIP: 33308 BUSINESS PHONE: 954 776-2332 MAIL ADDRESS: STREET 1: 2477 EAST COMMERCIAL BOULEVARD CITY: FORT LAUDERDALE STATE: FL ZIP: 33308 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2018

 

or

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to _________

 

Commission File Number: 000-50755

 

OPTIMUMBANK HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Florida   55-0865043
(State or other jurisdiction of
incorporation or organization)
  (IRS Employer
Identification No.)

 

2477 East Commercial Boulevard, Fort Lauderdale, FL 33308

(Address of principal executive offices)

 

954-900-2800

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):

 

Large accelerated filer [  ]   Accelerated filer [  ]
Non-accelerated filer [  ] Smaller reporting company [X]
    Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes [  ] No [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 1,813,670 shares of Common Stock, $0.01 par value, issued and outstanding as of November 14, 2018.

 

 

 

   
 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

INDEX

 

  Page
   
PART I. FINANCIAL INFORMATION  
   
Item 1. Financial Statements  
   
Condensed Consolidated Balance Sheets - at September 30, 2018 (unaudited) and December 31, 2017 1
   
Condensed Consolidated Statements of Operations – Three and Nine Month Periods ended September 30, 2018 and 2017 (unaudited) 2
   
Condensed Consolidated Statements of Comprehensive (Loss) Income - Three and Nine Month Periods ended September 30, 2018 and 2017 (unaudited) 3
   
Condensed Consolidated Statements of Stockholders’ Equity - Nine Months ended September 30, 2018 and 2017 (unaudited) 4
   
Condensed Consolidated Statements of Cash Flows – Nine Months ended September 30, 2018 and 2017 (unaudited) 5
   
Notes to Condensed Consolidated Financial Statements (unaudited) 7
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23
   
Item 4. Controls and Procedures 32
   
PART II. OTHER INFORMATION  
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
   
Item 3. Defaults on Senior Securities 32
   
Item 6. Exhibits 32
   
SIGNATURES 33

 

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)

 

    At
September 30, 2018
    At
December 31, 2017
 
      (Unaudited)          
Assets:                
Cash and due from banks   $ 5,027     $ 11,233  
Interest-bearing deposits with banks     1,020       432  
Total cash and cash equivalents     6,047       11,665  
Securities available for sale     2,578       11,437  
Securities held-to-maturity (fair value of $7,358)     7,419       -  
Loans, net of allowance for loan losses of $1,905 and $3,991     76,291       68,220  
Federal Home Loan Bank stock     1,215       979  
Premises and equipment, net     2,672       2,593  
Accrued interest receivable     361       316  
Other assets     1,535       656  
                 
Total assets   $ 98,118     $ 95,866  
Liabilities and Stockholders’ Equity:                
                 
Liabilities:                
Noninterest-bearing demand deposits     10,325       12,632  
Savings, NOW and money-market deposits     22,361       22,045  
Time deposits     25,353       30,574  
                 
Total deposits     58,039       65,251  
                 
Federal Home Loan Bank advances     26,550       20,500  
Junior subordinated debenture     5,155       5,155  
Official checks     393       39  
Other liabilities     2,186       2,376  
                 
Total liabilities     92,323       93,321  
                 
Commitments and contingencies (Notes 1, 8 and 9)                
Stockholders’ equity:                
Preferred stock, no par value; 6,000,000 shares authorized: Designated Series A, no par value, $25,000 liquidation value per share, none issued or outstanding in 2018 and 7 shares issued and outstanding in 2017            
Common stock, $.01 par value; 5,000,000 shares authorized, 1,813,670 shares issued and outstanding in 2018 and 1,120,947 shares issued and outstanding in 2017     18       11  
Additional paid-in capital     36,018       34,090  
Accumulated deficit     (29,889 )     (31,306 )
Accumulated other comprehensive loss     (352 )     (250 )
                 
Total stockholders’ equity     5,795       2,545  
Total liabilities and stockholders’ equity   $ 98,118     $ 95,866  

 

See accompanying notes to condensed consolidated financial statements.

 

 1 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2018     2017     2018     2017  
Interest income:                                
Loans   $ 1,015     $ 972     $ 2,870     $ 2,971  
Securities     54       96       187       306  
Other     36       65       103       162  
                                 
Total interest income     1,105       1,133       3,160       3,439  
                                 
Interest expense:                                
Deposits     107       167       312       524  
Borrowings     216       141       554       378  
                                 
Total interest expense     323       308       866       902  
                                 
Net interest income     782       825       2,294       2,537  
                                 
Credit for loan losses                 (2,100      
                                 
Net interest income after credit for loan losses     782       825       4,394       2,537  
                                 
Noninterest income:                                
Service charges and fees     2       44       10       55  
Gain on sale of securities available for sale                 —        7  
Other     19       3       59       9  
                                 
Total noninterest income     21       54       69       71  
                                 
Noninterest expenses:                                
Salaries and employee benefits     460       423       1,358       1,301  
Occupancy and equipment     116       91       322       293  
Data processing     112       96       288       262  
Professional fees     156       134       379       526  
Insurance     21       24       71       72  
Regulatory assessment     30       50       108       152  
Other     110       117       520       512  
                                 
Total noninterest expenses     1,005       935       3,046       3,118  
                                 
Net (loss) earnings   $ (202   $ (56 )   $ 1,417     $ (510 )
                                 
(Loss) earnings per share:                                
Basic and diluted   $ (.13 )   $ (.05 )   $ 1.03     $ (.46 )

 

See accompanying notes to condensed consolidated financial statements.

 

 2 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited)

(In thousands)

 

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2018     2017     2018     2017  
                         
Net (loss) earnings   $ (202   $ (56 )    $ 1,417     $ (510 )
Other comprehensive income (loss):                                
Change in unrealized loss on securities:                              
Unrealized (loss) gain arising during the period     (20     29       262       100  
Amortization of unrealized loss on securities transferred to held-to-maturity     27       -       33       -  
Reclassification adjustment for unrealized loss on securities transferred to held-to-maturity     -       -       (432     -  
Reclassification adjustment for realized gains on securities available for sale     -       (7     -       (7
Other comprehensive income (loss) before income tax (expense) benefit     7       22       (137     93  
Deferred income tax (expense) benefit on above change     (3     (8 )      35       (35 ) 
                                 
Total other comprehensive income (loss)     4       14       (102     58  
                                 
Comprehensive (loss) income   $ (198   $ (42 )   $ 1,315     $ (452 )

 

See accompanying notes to condensed consolidated financial statements.

 

 3 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

Nine Months Ended September 30, 2018 and 2017

(Dollars in thousands)

 

                            Accumulated        
                Additional           Other     Total  
    Preferred Stock     Common Stock     Paid-In     Accumulated     Comprehensive     Stockholders’  
    Shares     Amount     Shares     Amount     Capital     Deficit     Loss     Equity  
                                                 
Balance at December 31, 2016     7     $       1,103,447     $ 11     $ 34,039     $ (30,717 )   $ (252 )   $ 3,081  
                                                                 
Net loss for the nine months ended September 30, 2017 (unaudited)                                   (510 )           (510 )
                                                                 
Net change in unrealized loss on securities available for sale, net of taxes (unaudited)                                         58       58  
                                                                 
Balance at September 30, 2017 (unaudited)     7     $       1,103,447     $ 11     $ 34,039     $ (31,227 )   $ (194 )   $ 2,629  
                                                                 
Balance at December 31, 2017     7             1,120,947       11     $ 34,090     $ (31,306 )   $ (250 )   $ 2,545  
                                                                 
Proceeds from sale of common stock (unaudited)                 167,017       2       413                   415  
                                                                 
Common stock issued as compensation to directors (unaudited)                 144,742       2       613                   615  
                                                                 
Common stock issued in exchange for Preferred Stock (unaudited)     (7 )           79,186                                
                                                                 
Common stock issued in exchange for Trust Preferred Securities                 301,778       3       902                   905  
                                                                 
Net earnings for the nine months ended September 30, 2018 (unaudited)                                   1,417             1,417  
                                                                 
Net change in unrealized loss on securities available for sale, net of income taxes (unaudited)                                         197       197

 

 

                                                                 
Amortization of unrealized loss on securities transferred to held-to-maturity (unaudited)                                         25       25  
                                                                 
Unrealized loss on securities transferred to held-to-maturity, net of income tax benefit (unaudited)                                         (324 )     (324 )
                                                                 
Balance at September 30, 2018 (unaudited)         $       1,813,670     $ 18     $ 36,018     $ (29,889   $ (352 )   $ 5,795  

 

See accompanying notes to condensed consolidated financial statements

 

 4 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

   Nine Months Ended 
   September 30, 
   2018   2017 
Cash flows from operating activities:          
Net earnings (loss)  $1,417   $(510)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:          
Depreciation   115    117 
Credit for loan losses   (2,100)    
Gain on sale of securities available for sale       (7)
Net amortization of fees, premiums and discounts   168    316 
Decrease in other assets   61    47 
(Increase) decrease in accrued interest receivable   (45)   14 
Increase in official checks and other liabilities   779    559 
           
Net cash provided by operating activities   395    536 
           
Cash flows from investing activities:          
Principal repayments and maturity of securities available for sale   666    1,656 
Proceeds from sale of securities available for sale       2,278 
Principal repayments of securities held-to-maturity   559     
Net (increase) decrease in loans   (6,061)   7,678 
Purchase of premises and equipment, net   (194)   (70)
(Purchase) redemption of Federal Home Loan Bank stock   (236)   134 
           
Net cash (used in) provided by investing activities   (5,266)   11,676 
           
Cash flows from financing activities:          
Net decrease in deposits   (7,212)   (8,635)
Net increase in advance payments by borrowers for taxes and insurance       297 
Proceeds from sale of common stock   415     
Net increase (decrease) in FHLB Advances   6,050    (3,000)
           
Net cash used in financing activities   (747)   (11,338)
           
Net (decrease) increase in cash and cash equivalents   (5,618)   874 
           
Cash and cash equivalents at beginning of the period   11,665    17,640 
           
Cash and cash equivalents at end of the period  $6,047   $18,514 

 

 5 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Condensed Consolidated Statements of Cash Flows (Unaudited), Continued

(In thousands)

 

    Nine Months Ended
September 30,
 
    2018     2017  
Supplemental disclosure of cash flow information:            
Cash paid during the period for:            
Interest   $ 628     $ 748  
                 
Income taxes   $     $  
                 
Noncash transaction -                
                 
Change in accumulated other comprehensive loss, net change in unrealized loss on securities, net of tax   $ (102 )   $ 58  
                 
Transfer of securities from available for sale to held to maturity     7,945        
                 
Reclassification of stock compensation from other liabilities to common stock     615        
                 
Issuance of common stock in exchange for Trust Preferred Securities     905        

 

See accompanying notes to condensed consolidated financial statements

 

 6 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(1) General. OptimumBank Holdings, Inc. (the “Holding Company”) is a one-bank holding company and owns 100% of OptimumBank (the “Bank”), a Florida-chartered commercial bank. The Holding Company’s only business is the operation of the Bank and its subsidiaries (collectively, the “Company”). The Bank’s deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (“FDIC”). The Bank offers a variety of community banking services to individual and corporate customers through its three banking offices located in Broward County, Florida.
   
  The accompanying unaudited, condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s consolidated financial position at September 30, 2018 and the consolidated results of operations, comprehensive (loss) income, and cash flows for the periods presented. The condensed consolidated results of operations for interim periods are not necessarily indicative of the results of operations to be expected for any subsequent interim period or for the fiscal year ended December 31, 2018. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2017 included in the Company’s Form 10-K, which was filed with the SEC on March 28, 2018.
   
 

Going Concern Status. The Company is in default with respect to its $5,155,000 Junior Subordinated Debenture (“Debenture”) due to its failure to make certain required interest payments under the Debenture. The Debenture has been issued to Optimum Bank Holdings Capital Trust I, a Delaware statutory trust formed by the Company for the purpose of issuing and selling certain securities (the “Trust Preferred Securities”) representing undivided beneficial interests in the Debenture. The trust issued a total of 5,000 Trust Preferred Securities.

 

The Trustee, Wells Fargo Bank, for the Debenture (the “Trustee”) and the beneficial owners of the Debenture are entitled to accelerate the payment of the $5,155,000 principal balance plus accrued and unpaid interest totaling $1,601,055 at September 30, 2018. To date, neither the Trustee nor the holders have accelerated the outstanding balance of the Debenture. No adjustments to the accompanying condensed consolidated financial statements have been made as a result of this uncertainty.

In May 2018, a company affiliated with a director of the Company (the “New Holder”) purchased all 5,000 of Trust Preferred Securities from a third party. The Company and the New Holder have held discussions concerning a potential forbearance agreement with respect to the Debenture. To date, the Company and the New Holder have not entered into any definitive agreement with respect to any forbearance. During the third quarter of 2018, the New Holder sold its rights in approximately 694 of the Trust Preferred Securities to several unaffiliated third parties, who subsequently exchanged these Trust Preferred Securities for 301,778 shares of the Company’s common stock.

   
  Comprehensive (Loss) Income. GAAP generally requires that recognized revenue, expenses, gains and losses be included in net (loss) earnings. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the condensed consolidated balance sheets, such items along with net (loss) earnings, are components of comprehensive (loss) income.

 

Accumulated other comprehensive loss consists of the following (in thousands):

 

    September 30,     December 31,  
    2018     2017  
             
Unrealized loss on securities available for sale   $ (72   $ (334 )
Unamortized portion of unrealized loss related to securities available for sale transferred to securities held-to-maturity     (399 )      
Income tax benefit     119       84  
                 
    $ (352   $ (250 )

 

  Income Taxes. The Company assessed its earnings history and trends and estimates of future earnings, and determined that the deferred tax asset could not be realized at September 30, 2018. Accordingly, a valuation allowance was recorded against the net deferred tax asset.

 

(continued)

 

 7 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(1) General, Continued.
 

 

Recent Pronouncements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-2, Leases (Topic 842) which will require lessees to recognize on the condensed consolidated balance sheet the assets and liabilities for the rights and obligations created by those leases with term of more than twelve months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. The new ASU will require both types of leases to be recognized on the condensed consolidated balance sheet. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the condensed consolidated financial statements. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Company is in the process of determining the effect of the ASU on its condensed consolidated financial statements. Early application will be permitted.

 

In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments-Credit Losses (Topic 326). The ASU improves financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by the Company. The ASU requires the Company to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The Company will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the condensed consolidated financial statements. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company is in the process of determining the effect of the ASU on its condensed consolidated financial statements.

 

In March 2017, FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20) which amends the accounting for the amortization of premiums for certain purchased callable debt securities by shortening the amortization period to the earliest call date. The ASU is effective for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of the ASU, if any, on its condensed consolidated financial statements.

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. The ASU was issued to provide clarity as to when to apply modification accounting when there is a change in the terms or conditions of a share-based payment award. The ASU requires an entity to account for the effects of a modification unless the fair value, vesting conditions, and balance sheet classification of the award is the same after the modification as compared to the original award prior to the modification. The ASU is effective for reporting periods beginning after December 15, 2017. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.

 

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedge Activities. The ASU better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the ASU expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The ASU is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements.

 

In February 2018, the FASB issued ASU No. 2018-02, Income Statement Reporting Comprehensive Income (Topic 220). The ASU provides an option for reclassification from accumulated other comprehensive loss to accumulated deficit for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. The ASU is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements.

   
 

In June 2018, the FASB issued ASU No. 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The ASU is intended to reduce the cost and complexity and to improve financial reporting for nonemployee share-based payments. The ASU expands the scope of Topic 718. Compensation Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505-50, Equity-Equity-Based payments to Non-Employees. The ASU is effective for the Company for fiscal years beginning after December 15,2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than a company’s adoption date of Topic 606, Revenue from Contracts with Customers. The Company is currently evaluating the impact of the ASU, if any, on its condensed consolidated financial statements.

 

(continued)

 

 8 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(2) Securities. Securities have been classified according to management’s intent. The carrying amount of securities and approximate fair values are as follows (in thousands):

 

   Amortized
Cost
   Gross
Unrealized
Gains
   Gross
Unrealized
Losses
   Fair
Value
 
                 
At September 30, 2018:                    
Held-to-maturity -                    
Collateralized mortgage obligations  $7,419   $   $(61)  $7,358 
Available for sale -                    
SBA Pool Securities  $2,650   $   $(72)  $2,578 

 

    Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair s
Value
 
                         
At December 31, 2017:                                
Available for sale:                                
Collateralized mortgage obligations   $ 8,806     $     $ (340 )   $ 8,466  
SBA Pool Securities     2,965       10       (4 )     2,971  
                                 
Total   $ 11,771     $ 10     $ (344 )   $ 11,437  

 

In April 2018, the bank transferred securities of $7,945,000 from the available-for-sale category to the held-to-maturity category at their then fair values resulting in unrealized losses of $432,000. The unrealized loss which is recorded in the stockholders’ equity net of amortization and net of tax is being amortized over the remaining term of the securities. At September 30, 2018, $33,000 has been amortized.

 

There were no sales of securities available for sale during the three and nine month periods ended September 30, 2018.

 

The following Summarizes the sale of Securities available for sale for three and nine month periods ended September 30, 2017

 

Proceeds from sales  $2,278 
Gross gains from sales   7 
Gross loss from sales   - 
Net gain from sales  $7 

 

Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows (in thousands):

 

    At September 30, 2018  
    Over Twelve Months     Less Than Twelve Months  
    Gross
Unrealized
Losses
    Fair
Value
    Gross
Unrealized
Losses
    Fair
Value
 
Held to Maturity -                                
Collateralized Mortgage obligations   $ (34 )   $ 1,860     $ (27 )   $ 5,498  
Available for sale -                                
SBA Pool Securities   $ (28 )    $ 933     $ (44 )    $ 1,645  

 

    At December 31, 2017  
    Over Twelve Months     Less Than Twelve Months  
    Gross
Unrealized
Losses
    Fair
Value
    Gross
Unrealized
Losses
    Fair
Value
 
Available for Sale:                         
Collateralized mortgage obligations   $ (340 )   $ 8,466     $     $  
SBA Pools Securities     (3 )     539       (1 )     540  
    $ (343 )   $ 9,005     $ (1 )   $ 540  

 

(continued)

 

 9 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(2)

Securities, Continued.

 

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrants such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospectus of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

 

At September 30, 2018 and December 31, 2017, the unrealized losses on twelve investment securities and nine investment securities, respectively, were caused by market conditions. It is expected that the securities would not be settled at a price less than the book value of the investments. Because the decline in fair value is attributable to market conditions and not credit quality, and because the Company has the ability and intent to hold these investments until their market price recovers or their maturity, these investments are not considered other-than-temporarily impaired.

   
  (continued)

 

 10 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(3) Loans. The components of loans are as follows (in thousands):

 

    At
September 30, 2018
    At
December 31, 2017
 
             
Residential real estate   $ 27,508     $ 26,054  
Multi-family real estate     8,251       7,356  
Commercial real estate     35,124       32,152  
Land and construction     1,725       1,051  
Commercial     5,050       4,522  
Consumer     352       794  
                 
Total loans     78,010       71,929  
                 
Add (deduct):                
Net deferred loan fees, costs and premiums     186       282  
Allowance for loan losses     (1,905 )      (3,991 )
                 
Loans, net   $ 76,291     $ 68,220  

  

(continued)

 

 11 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(3) Loans, Continued. An analysis of the change in the allowance for loan losses follows (in thousands):

 

    Residential
Real Estate
    Multi-Family
Real Estate
    Commercial
Real Estate
    Land and
Construction
    Commercial     Consumer     Unallocated     Total  
Three Months Ended September 30, 2018:                                                
Beginning balance   $ 665     $ 53     $ 739     $ 26     $ 266     $ 42     $ 108     $ 1,899  
(Credit) provision for loan losses     (118     36       (222     (16     (4)       (12     336        
Charge-offs                                                
Recoveries                       6                         6  
                                                                 
Ending balance   $ 547     $ 89     $ 517     $ 16     $ 262     $ 30     $ 444     $ 1,905  
                                                                 
Three Months Ended September 30, 2017:                                                                
Beginning balance   $ 302     $ 73     $ 818     $ 65     $ 126     $ 152     $ 2,379     $ 3,915  
(Credit) provision for loan losses           (11 )     (49 )     (10 )     (59 )     22       107        
Charge-offs                                   (31 )           (31 )
Recoveries                       6             5             11  
                                                                 
Ending balance   $ 302     $ 62     $ 769     $ 61     $ 67     $ 148     $ 2,486     $ 3,895  
                                                 

Nine Months Ended September 30, 2018:

                                               
Beginning balance   $ 641     $ 59     $ 759     $ 22     $ 55     $ 86     $ 2,369     $ 3,991  
(Credit) provision for loan losses     (94     30       (242 )      (24 )     207       (52     (1,925 )      (2,100 ) 
Charge-offs                                   (12           (12 ) 
Recoveries                       18             8             26  
                                                                 
Ending balance   $ 547     $ 89     $ 517     $ 16     $ 262     $ 30     $ 444     $ 1,905  
                                                                 
Nine Months Ended September 30, 2017:                                                                
Beginning balance   $ 310     $ 58     $ 787     $ 120     $ 188     $ 165     $ 2,287     $ 3,915  
(Credit) provision for loan losses     (8 )     4       (18 )     (71 )     (121 )     15       199        
Charge-offs                                   (40 )           (40 )
Recoveries                       12             8             20  
                                                                 
Ending balance   $ 302     $ 62     $ 769     $ 61     $ 67     $ 148     $ 2,486     $ 3,895  

  

(continued)

 

 12 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(3) Loans, Continued.

 

    Residential Real Estate     Multi-
Family Real Estate
    Commercial Real Estate     Land and Construction     Commercial     Consumer     Unallocated     Total  
At September 30, 2018:                                                
Individually evaluated for impairment:                                                                
Recorded investment   $ 960     $     $ 222     $     $ 2,026     $     $     $ 3,208  
Balance in allowance for loan losses   $ 275     $     $ 90     $     $ 226     $     $     $ 591  
                                                                 
Collectively evaluated for impairment:                                                                
Recorded investment   $ 26,548     $ 8,251     $ 34,902     $ 1,725     $ 3,024     $ 352     $     $ 74,802  
Balance in allowance for loan losses   $ 272     $ 89     $ 427     $ 16     $ 36     $ 30     $ 444     $ 1,314  
                                                                 
At December 31, 2017:                                                                
Individually evaluated for impairment:                                                                
Recorded investment   $ 1,172     $     $ 975     $     $     $     $     $ 2,147  
Balance in allowance for loan losses   $ 330     $     $ 83     $     $     $     $     $ 413  
                                                                 
Collectively evaluated for impairment:                                                                
Recorded investment   $ 24,882     $ 7,356     $ 31,177     $ 1,051     $ 4,522     $ 794     $     $ 69,782  
Balance in allowance for loan losses   $ 311     $ 59     $ 676     $ 22     $ 55     $ 86     $ 2,369     $ 3,578  

 

(continued)

 

 13 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(3)

Loans, Continued.

 

Residential Real Estate, Multi-Family Real Estate, Commercial Real Estate, Land and Construction. All loans are underwritten in accordance with policies set forth and approved by the Board of Directors (the “Board”), including repayment capacity and source, value of the underlying property, credit history and stability. Multi-family and commercial real estate loans are secured by the subject property and are underwritten based upon standards set forth in the policies approved by the Company’s Board. Such standards include, among other factors, loan to value limits, cash flow coverage and general creditworthiness of the obligors. Construction loans to borrowers finance the construction of owner occupied and leased properties. These loans are categorized as construction loans during the construction period, later converting to commercial or residential real estate loans after the construction is complete and amortization of the loan begins. Real estate development and construction loans are approved based on an analysis of the borrower and guarantor, the viability of the project and on an acceptable percentage of the appraised value of the property securing the loan. Real estate development and construction loan funds are disbursed periodically based on the percentage of construction completed. The Company carefully monitors these loans with on-site inspections and requires the receipt of lien waivers on funds advanced. Development and construction loans are typically secured by the properties under development or construction, and personal guarantees are typically obtained. Further, to assure that reliance is not placed solely on the value of the underlying property, the Company considers the market conditions and feasibility of proposed projects, the financial condition and reputation of the borrower and guarantors, the amount of the borrower’s equity in the project, independent appraisals, cost estimates and pre-construction sales information. The Company also makes loans on occasion for the purchase of land for future development by the borrower. Land loans are extended for future development for either commercial or residential use by the borrower. The Company carefully analyzes the intended use of the property and the viability thereof.

   
  Commercial. Commercial business loans and lines of credit consist of loans to small- and medium-sized companies in the Company’s market area. Commercial loans are generally used for working capital purposes or for acquiring equipment, inventory or furniture. Primarily all of the Company’s commercial loans are secured loans, along with a small amount of unsecured loans. The Company’s underwriting analysis consists of a review of the financial statements of the borrower, the lending history of the borrower, the debt service capabilities of the borrower, the projected cash flows of the business, the value of the collateral, if any, and whether the loan is guaranteed by the principals of the borrower. These loans are generally secured by accounts receivable, inventory and equipment. Commercial loans are typically made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business, which makes them of higher risk than residential loans and the collateral securing loans may be difficult to appraise and may fluctuate in value based on the success of the business. The Company seeks to minimize these risks through its underwriting standards.
   
  Consumer. Consumer loans are extended for various purposes, including purchases of automobiles, recreational vehicles, boats, home improvement loans lines of credit, personal loans and deposit account collateralized loans. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Loans to consumers are extended after a credit evaluation, including the creditworthiness of the borrower(s), the purpose of the credit, and the secondary source of repayment. Consumer loans are made at fixed and variable interest rates. Risk is mitigated by the fact that the loans are of smaller individual amounts.

 

(continued)

 

 14 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(3) Loans, Continued. The following summarizes the loan credit quality (in thousands):

 

    Pass     OLEM
(Other
Loans
Especially Mentioned)
    Sub-
standard
    Doubtful     Loss     Total  
At September 30, 2018:                                                
Residential real estate   $ 26,548     $     $ 960     $     $     $ 27,508  
Multi-family real estate     8,251                               8,251  
Commercial real estate     31,804       3,098       222                   35,124  
Land and construction     1,725                               1,725  
Commercial     2,317       707       2,026                   5,050  
Consumer     352                               352  
                                                 
Total   $ 70,997     $ 3,805     $ 3,208     $     $     $ 78,010  
                                                 
At December 31, 2017:                                                
Residential real estate   $ 22,315     $ 2,494     $ 1,245     $     $     $ 26,054  
Multi-family real estate     7,356                               7,356  
Commercial real estate     24,704       6,473       975                   32,152  
Land and construction     1,051                               1,051  
Commercial     2,304       2,218                         4,522  
Consumer     794                               794  
                                                 
Total   $ 58,524     $ 11,185     $ 2,220     $     $     $ 71,929  

 

Internally assigned loan grades are defined as follows:

 

  Pass – a Pass loan’s primary source of loan repayment is satisfactory, with secondary sources very likely to be realized if necessary. These are loans that conform in all aspects to bank policy and regulatory requirements, and no repayment risk has been identified.
   
  OLEM – an Other Loan Especially Mentioned has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date.
   
  Substandard – a Substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Included in this category are loans that are current on their payments, but the Bank is unable to document the source of repayment. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
   
  Doubtful – a loan classified as Doubtful has all the weaknesses inherent in one classified as Substandard, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company charges off any loan classified as Doubtful.
   
  Loss – a loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company fully charges off any loan classified as Loss.

 

(continued)

 

 15 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(3) Loans, Continued. Age analysis of past-due loans is as follows (in thousands):

 

At September 30, 2018 and December 31, 2017, no loans were past due more than thirty days and no loans were on nonaccrual.

 

The following summarizes the amount of impaired loans (in thousands):

 

    At September 30, 2018     At December 31, 2017  
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
 
With no related allowance recorded:                                                
Residential real estate   $     $     $     $ 194     $ 217     $  
Commercial real estate                       231       231        
Commercial     1,223       1,223                          
With related allowance recorded:                                                
Residential real estate   $ 960       960       275       978       978       330  
Commercial real estate   $ 222       222       90       744       744       83  
Commercial     803       803       226                    
Total                                                
Residential real estate   $ 960     $ 960     $ 275     $ 1,172     $ 1,195     $ 330  
Commercial real estate   $ 222     $ 222     $ 90     $ 975     $ 975     $ 83  
Commercial   $ 2,026     $ 2,026     $ 226     $     $     $  
Total   $ 3,208     $ 3,208     $ 591     $ 2,147     $ 2,170     $ 413  

 

(continued)

 

 16 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(3) Loans, Continued. The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows (in thousands):

 

    Three Months Ended September 30,  
    2018     2017  
    Average     Interest     Interest     Average     Interest     Interest  
    Recorded     Income     Income     Recorded     Income     Income  
    Investment     Recognized     Received     Investment     Recognized     Received  
                                     
Residential real estate   $ 962     $ 19     $ 19     $ 371     $ 12     $ 12  
Commercial real estate   $ 223     $ 3     $ 3     $ 991     $ 13     $ 13  
Commercial   $ 2,058     $   26     $   15     $     $     $  
Total   $ 3,243     $ 48     $ 37     $ 1,362     $ 25     $ 25  

 

    Nine Months Ended September 30,  
    2018     2017  
    Average     Interest     Interest     Average     Interest     Interest  
    Recorded     Income     Income     Recorded     Income     Income  
    Investment     Recognized     Received     Investment     Recognized     Received  
                                     
Residential real estate   $ 988     $ 57     $ 57     $ 371     $ 25     $ 25  
Commercial real estate   $ 449     $ 18     $ 18     $ 989     $ 25     $ 25  
Commercial   $ 1,541       60     $ 60     $     $     $  
Total   $ 2,978     $ 135     $ 135     $ 1,360     $ 50     $ 50  

 

 

No loans have been determined to be troubled debt restructurings (TDR’s) during the nine month periods ended September 30, 2018 or 2017. At September 30, 2018 and 2017, there were no loans modified and entered into TDR’s within past twelve months, that subsequently defaulted during the nine month periods ended September 30, 2018 or 2017.

 

(continued)

 

 17 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(4) (Loss) Earnings Per Share. Basic Earnings (loss) per share has been computed on the basis of the weighted-average number of shares of common stock outstanding during the period. During the three and nine month periods ended September 30, 2018, basic and diluted earnings per share is the same as there were no outstanding potentially dilutive securities. During the three and nine month periods ended September 30, 2017, basic and diluted loss per share is the same due to the net loss incurred by the Company. Earnings (loss) per common share have been computed based on the following:

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2018     2017     2018     2017  
Weighted-average number of common shares outstanding used to calculate basic and diluted (loss) earnings per common share     1,559,722       1,103,447       1,381,473       1,103,447  

 

(continued)

 

 18 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(5) Stock-Based Compensation. The Company is authorized to grant stock options, stock grants and other forms of equity based compensation under its 2011 Equity Incentive Plan (“2011 Plan”) and its 2018 Equity Incentive Plan (the “2018 Plan”). Both plans have been approved by shareholders. The Company is authorized to issue up to 220,000 shares of common stock under the 2011 Plan, of which 218,881 have been issued, and 1,119 shares remains available for grant, and up to 250,000 shares of common stock under the 2018 Plan, none of which have been deemed to be issued.
   
  The Company’s only grants under the 2011 Plan have been the issuance of shares of common stock to directors for director’s fees and compensation for services rendered. As of April 1, 2017, the Company discontinued the issuance of common stock as a method of payment of director’s fees.
   
  During nine month period ended September 30, 2017, the Company accrued compensation expense of $8,858 with respect to 2,821 shares to be issued to directors at a value of $3.14 per share on account of director’s fees accrued during the first quarter of 2017. These shares were issued in 2018.
   
  During the nine months ended September 30, 2018, the Company accrued compensation expense of $200,000 with respect to 36,101 shares issued to a director for services performed in 2018. The Company had previously agreed to issue 105,820 shares to this director for services performed in 2016 and 2017. These shares were issued in 2018.

 

(6) Fair Value Measurements. Impaired collateral-dependent loans are carried at fair value when the current collateral value is lower than the carrying value of the loan. Those impaired collateral-dependent loans which are measured at fair value on a nonrecurring basis are as follows (in thousands):

 

    Fair
Value
    Level 1     Level 2     Level 3     Total
Losses
   

Gains
Recorded in
Operations For the period ended

September 30, 2018

 
At September 30, 2018:                                                
Residential real estate   $ 685     $     $     $ 685     $ 275     $ 55  
Commercial     577                   577       226        
    $ 1,262     $     $     $ 1,262     $ 501     $ 55  

 

    Fair
Value
    Level 1     Level 2     Level 3     Total Losses    

Losses
Recorded in
Operations For the Year ended

December 31, 2017

 
At December 31, 2017-                                                
Residential real estate   $ 648     $     $     $ 648     $ 330     $  

 

Available-for-sale securities measured at fair value on a recurring basis are summarized below (in thousands):

 

    Fair Value Measurements Using  
    Fair
Value
    Quoted Prices
In Active Markets for Identical Assets
(Level 1)
    Significant Other Observable Inputs
(Level 2)
    Significant
Unobservable
Inputs (Level 3)
 
                                 
At September 30, 2018:                                
SBA Pool Securities   $ 2,578     $     $ 2,578     $  
                                 
At December 31, 2017:                                
Collateralized mortgage obligations   $ 8,466     $     $ 8,466     $  
SBA Pool Securities     2,971             2,971        
                                 
    $ 11,437     $     $ 11,437     $  

 

During the three and nine month periods ended September 30, 2018 and 2017, no securities were transferred in or out of Level 1, 2 or 3.

 

(continued)

 

 19 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(7) Fair Value of Financial Instruments. The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows (in thousands):

 

    At September 30, 2018   At December 31, 2017
    Carrying
Amount
    Fair
Value
    Level   Carrying
Amount
    Fair
Value
    Level
Financial assets:                                        
Cash and cash equivalents   $ 6,047     $ 6,047     1   $ 11,665     $ 11,665     1
Securities available for sale     2,578       2,578     2     11,437       11,437     2
Securities held to maturity     7,419       7,358     2                
Loans     76,291       76,124     3     68,220       68,079     3
Federal Home Loan Bank stock     1,215       1,215     3     979       979     3
Accrued interest receivable     361        361     3     316       316     3
                                         
Financial liabilities:                                    
Deposit liabilities     58,039       57,942     3     65,251       65,475     3
Federal Home Loan Bank advances     26,550       26,365     3     20,500       20,394     3
Junior subordinated debenture     5,155       N/A (1)   3     5,155       N/A (1)    3
Off-balance sheet financial instruments               3               3

 

(1) The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to Note 10 for further information.

 

The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit, unused lines of credit, and standby letters of credit and may involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the condensed consolidated balance sheet. The contract amounts of these instruments reflect the extent of involvement the Company has in these financial instruments.

 

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments.

 

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the counterparty.

 

Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit to customers is essentially the same as that involved in extending loan facilities to customers. The Bank generally holds collateral supporting those commitments. Standby letters of credit generally have expiration dates within one year.

 

Commitments to extend credit, unused lines of credit, and standby letters of credit typically result in loans with a market interest rate when funded. A summary of the contractual amounts of the Company’s financial instruments with off-balance-sheet risk at September 30, 2018 follows (in thousands):

 

Commitments to extend credit   $ 2,100  
         
Unused lines of credit   $ 501  
         
Standby letters of credit   $ -  

 

(8) Regulatory Matters. The Bank is subject to various regulatory capital requirements administered by the bank regulatory agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.
   
  Effective January 1, 2015, the Bank, became subject to the new Basel III capital level threshold requirements under the Prompt Corrective Action regulations with full compliance with all of the final rule’s requirements phased in over a multi-year schedule. These new regulations were designed to ensure that banks maintain strong capital positions even in the event of severe economic downturns or unforeseen losses.
   
 

Changes that could affect the Bank going forward include additional constraints on the inclusion of deferred tax assets in capital and increased risk weightings for nonperforming loans and acquisition/development loans in regulatory capital. Beginning on January 1, 2016, the Bank became subject to the capital conservation buffer rules which place limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers. In order to avoid these limitations, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. At September 30, 2018 and December 31, 2017, the Bank’s capital conservation buffer exceeds the minimum requirements of 1.875% and 1.250%, respectively. The required buffer of 2.50% will be effective January 1, 2019.

 

(continued)

 

 20 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

(8)

Regulatory Matters, Continued.

 

The following table shows the Bank’s capital amounts and ratios and regulatory thresholds at September 30, 2018 and December 31, 2017 (dollars in thousands):

 

    Actual     For Capital
Adequacy Purposes
    Minimum
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
 
    Amount     %     Amount     %     Amount     %  
At September 30, 2018:                                                
Total Capital to Risk-Weighted Assets   $ 12,587       16.11   $ 6,252       8.00   $ 7,815       10.00
Tier I Capital to Risk-Weighted Assets     11,597       14.84       4,689       6.00       6,252       8.00  
Common equity Tier I capital to Risk-Weighted Assets     11,597       14.84       3,517       4.50       5,080       6.50  
Tier I Capital to Total Assets     11,597       12.50       3,712       4.00       4,640       5.00  
                                                 
At December 31, 2017:                                                
Total Capital to Risk-Weighted Assets   $ 10,484       15.08   $ 5,561       8.00   $ 6,951       10.00
Tier I Capital to Risk-Weighted Assets     9,577       13.78       4,170       6.00       5,561       8.00  
Common equity Tier I capital to Risk-Weighted Assets     9,577       13.78       3,128       4.50       4,518       6.50  
Tier I Capital to Total Assets     9,577       8.89       4,307       4.00       5,383       5.00  

 

  Regulatory Enforcement Actions

 

 

Memorandum of Understanding. On August 28, 2018, the Bank agreed to the issuance of a Memorandum of Understanding (the “MOU”), with the FDIC and OFR which requires the Bank to take certain measures to improve its safety and soundness. By agreeing to the MOU, the Bank was released from the Consent Order that became effective in 2016, including the restrictions on the interest rates paid on deposits.

   
  Pursuant to the MOU, the Bank is required to take certain measures to maintain qualified management, improve its strategic planning and budgeting process, strengthen the interest rate management practices, limit its asset growth and provide for the ongoing organization, monitoring and operational administration of the Bank Secrecy Act Program. The MOU prohibits the payment of dividends by the Bank.

 

(continued)

 

 21 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

  Company Written Agreement with Reserve Bank. On June 22, 2010, the Company and the Reserve Bank entered into a Written Agreement with respect to certain aspects of the operation and management of the Company. The Written Agreement prohibits, without the prior approval of the Reserve Bank, the payment of cash dividends, taking dividends or payments from the Bank, making any interest, principal or other distributions on account of the Debenture, incurring, increasing or guaranteeing any debt, purchasing or redeeming any shares of stock, or appointing any new director or senior executive officer. Management believes that the Company is in substantial compliance with the requirements of the Written Agreement.

 

(9) Junior Subordinated Debenture. On September 30, 2004, the Company issued a $5,155,000 junior subordinated debenture (the “Debenture”) to Optimum Bank Holdings Capital Trust I, a Delaware statutory trust formed by the Company for the purpose of issuing and selling certain securities (the “Trust Preferred Securities”) representing undivided beneficial interests in the Debenture. The trust issued a total of 5,000 Trust Preferred Securities. The Debenture has a term of thirty years. The interest rate was fixed at 6.40% for the first five years, and thereafter, the coupon rate floats quarterly at the nine-month LIBOR rate plus 2.45% (5.05% at September 30, 2018). The Debenture is redeemable in certain circumstances. The terms of the Debenture allow the Company to defer payments of interest on the Debenture by extending the interest payment period at any time during the term of the Debenture for up to twenty consecutive quarterly periods.
   
  Beginning in 2010, the Company exercised its right to defer payment of interest on the Debenture. Interest payments deferred as of September 30, 2018 totaled $1,601,055. The Company has deferred interest payments with respect to the Debenture for the maximum allowable twenty consecutive quarterly payments. The Trustee for the Debenture and the beneficial owners of the Debenture can accelerate the $5,155,000 principal balance plus accrued and unpaid interest, as a result of this default. To date, neither the Trustee nor the holders have accelerated the outstanding balance of the Debenture. No adjustments to the accompanying condensed consolidated financial statements have been made as a result of this uncertainty. Under the Written Agreement, the Company is not able to make any interest or principal payments without the prior approval of the Federal Reserve Bank of Atlanta.
   
  In May 2018, a company affiliated with a director of the Company (the “New Holder”) purchased all 5,000 of Trust Preferred Securities from a third party. The Company and the New Holder have held discussions concerning a potential forbearance agreement with respect to the Debenture. To date, the Company and the New Holder have not entered into any definitive agreement with respect to any forbearance. During the third quarter of 2018, the New Holder sold its rights in approximately 694 of the Trust Preferred Securities to several unaffiliated third parties, who subsequently exchanged these Trust Preferred Securities for 301,778 shares of the Company’s common stock. The Company is optimistic a mutually beneficial agreement will be reached and a forbearance agreement will be executed in the future.
   
(10) Loan Loss Recovery. On January 6, 2016, the Bank completed a sale of judgement on a defaulted credit that resulted in a $1.8 million recovery of previously charged-off amounts to the Allowance for Loan and Lease Losses (“ALLL”). That increased the balance of the ALLL to approximately $4.2 million. On February 12, 2016, and amended May 6, 2016, pursuant to the terms and requirements of the Consent Order, Management resubmitted a written request to the FDIC for a partial reversal of the ALLL. During the second quarter of 2018, the FDIC approved management’s request. In June 2018, the Bank reversed $2.1 million of the ALLL into income.
   
(11) Bank Secrecy Act (“BSA”) Lookback Review. The Bank is required to perform a BSA lookback review. The Bank expects the cost of the BSA lookback review to be $235,000 based on an independent firm’s proposal for services. The proposal and ultimate agreement is subject to FDIC review and approval. Until the approval is received, these BSA services cannot be rendered. Once the BSA lookback review begins, the independent firm has 120 days to complete the work. At September 30, 2018, the Bank has accrued $235,000 for the proposed services.
   
(12) Preferred Stock. Prior to 2016, the Company issued 7 shares of Series A Preferred Stock (the “Series A Preferred”) at a price of $25,000 per share to a director. Each share of the Series A Preferred has an initial liquidation preference of $25,000 per share was entitled to cumulative dividends at the rate of 10% per annum, provided that no dividends would be declared, paid or set aside for payment to the extent such act would cause the Company to fail to comply with any applicable regulatory requirements. In April 2018, the Company issued 79,186 shares of Common Stock in exchange for the 7 outstanding shares of the Series A Preferred.

 

(continued)

 

 22 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

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

 

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto presented elsewhere in this report. For additional information, refer to the consolidated financial statements and footnotes for the year ended December 31, 2017 in the Annual Report on Form 10-K.

 

The following discussion and analysis should also be read in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this report. This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, including adverse changes in economic, political and market conditions, losses from the Company’s lending activities and changes in market conditions, the possible loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, the possibility of liabilities arising from violations of federal and state securities laws and the impact of changes in technology in the banking industry. Although the Company believes that its forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there can be no assurances that the Company’s actual results will not differ materially from any results expressed or implied by the Company’s forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance.

 

Regulatory Enforcement Actions

 

Memorandum of Understanding. On August 28, 2018, the Bank agreed to the issuance of a Memorandum of Understanding (the “MOU”), with the FDIC and OFR which requires the Bank to take certain measures to improve its safety and soundness. By agreeing to the MOU, the Bank was released from the Consent Order that became effective in 2016, including the restrictions on the interest rates paid on deposits.

 

Pursuant to the MOU, the Bank is required to take certain measures to maintain qualified management, improve its strategic planning and budgeting process, strengthen the interest rate management practices, limit its asset growth and provide for the ongoing organization, monitoring and operational administration of the Bank Secrecy Act Program. The MOU prohibits the payment of dividends by the Bank.

 

During the third quarter, most of the requirements of the MOU were met. The Company expects the remaining requirements will be met by the end of the year.

 

(continued)

 

 23 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

 

Company Written Agreement with Reserve Bank. On June 22, 2010, the Company and the Reserve Bank entered into a Written Agreement with respect to certain aspects of the operation and management of the Company. The Written Agreement prohibits, without the prior approval of the Reserve Bank, the payment of dividends, taking dividends or payments from the Bank, making any interest, principal or other distributions on the Debenture, incurring, increasing or guaranteeing any debt, purchasing or redeeming any shares of stock, or appointing any new director or senior executive officer. Management believes that the Company is in substantial compliance with the requirements of the Written Agreement.

 

Capital Levels

 

Quantitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios (set forth in the following table) of Total and Tier 1 capital to risk-weighted assets and Tier 1 capital to average assets. As of September 30, 2018, the Bank met the minimum applicable capital adequacy requirements for Total Capital to Risk – Weighted Assets, and for Tier I Capital to Total Assets.

 

 24 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, (Continued)

 

The Bank’s actual and required minimum capital ratios were as follows (in thousands):

 

Regulatory Capital Requirements

 

    Actual     For Capital Adequacy Purposes   Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions  
    Amount     %     Amount     %   Amount     %  
As of September 30, 2018:                                              
Total Capital to Risk-Weighted Assets   $ 12,587       16.11   $ 6,252       8.00 7,815       10.00
Tier I Capital to Risk-Weighted Assets     11,597       14.84       4,689       6.00     6,252       8.00  
Common equity Tier I capital to Risk-Weighted Assets     11,597       14.84       3,517       4.50     5,080       6.50  
Tier I Capital to Total Assets     11,597       12.50       3,712       4.00     4,640       5.00  
                                               
As of December 31, 2017:                                              
Total Capital to Risk-Weighted Assets   $ 10,484       15.08   $ 5,561       8.00 $ 6,951       10.00
Tier I Capital to Risk-Weighted Assets     9,577       13.78       4,170       6.00     5,561       8.00  
Common Equity Tier 1 Capital to Risk-Weighted Assets     9,577       13.78       3,128       4.50     4,518       6.50  
Tier I Capital to Total Assets     9,577       8.89       4,307       4.00     5,383       5.00  

 

 25 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, (Continued)

 

Financial Condition at September 30, 2018 and December 31, 2017

 

Overview

 

The Company’s total assets increased by approximately $2.2 million to $98.1 million at September 30, 2018, from $95.9 million at December 31, 2017, primarily due to the net effect of an increase in Federal Home Loan Bank advances, the reversal of a portion of the allowance for loan losses (“ALLL”) and proceeds from the sale of common stock. Total stockholders’ equity increased by approximately $3.3 million to $5.8 million at September 30, 2018, from $2.5 million at December 31, 2017, primarily due to the net effect of common stock issuances and net earnings for the nine months ended September 30, 2018.

 

The following table shows selected information for the periods ended or at the dates indicated:

 

    Nine Months
Ended
September 30, 2018
    Year
Ended
December 31, 2017
 
             
Average equity as a percentage of average assets     4.2 %     2.5 %
                 
Equity to total assets at end of period     5.9 %     2.6 %
                 
Return on average assets (1)     2.1 %     (0.5 )%
                 
Return on average equity (1)     49.7     (21.3 )%
                 
Noninterest expenses to average assets (1)     4.4 %     3.8 %

 

(1) Annualized for the nine months ended September 30, 2018.

 

 26 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, (Continued)

 

Liquidity and Sources of Funds

 

The Company’s sources of funds include customer deposits, advances from the Federal Home Loan Bank of Atlanta (“FHLB”), principal repayments and sales of investment securities, loan repayments, foreclosed real estate sales, the use of Federal Funds markets, net earnings, if any, and loans taken out at the Federal Reserve Bank discount window.

 

Deposits are our primary source of funds. In order to increase its core deposits, the Company has priced its deposit rates competitively. The Company will adjust rates on its deposits to attract or retain deposits as needed.

 

In addition to obtaining funds from depositors, the Company may borrow funds from other financial institutions. At September 30, 2018, the Company had outstanding borrowings of $26.55 million, against its $26.70 million in established borrowing capacity with the FHLB. The Company’s borrowing facility is subject to collateral and stock ownership requirements, as well as prior FHLB consent to each advance. In 2010, the Bank obtained an available discount window credit line with the Federal Reserve Bank, currently $468,784. The Federal Reserve Bank line is subject to collateral requirements and must be repaid within 90 days; each advance is subject to prior Federal Reserve Bank consent. At September 30, 2018, the Company also had lines of credit amounting to $10.9 million with five correspondent banks to purchase federal funds. The Company had no outstanding federal funds purchased at September 30, 2018 or December 31, 2017. Disbursements on the lines of credit are subject to the approval of the correspondent banks. The Company measures and monitors liquidity on a daily balance and believe its liquidity sources are adequate to meet our operating needs.

 

In the past, the Company, on an unconsolidated basis, relied on dividends from the Bank to fund its operating expenses, primarily expenses of being publicly held, and to make interest payments on the Company’s junior subordinated debenture (the “Debenture”). Under the Consent Order, the Bank is currently unable to pay dividends to the Company without prior regulatory approval. Additionally, under the Written Agreement, the Company may not pay interest payments on the Debenture or dividends on the Company’s common stock, incur any additional indebtedness at the Company level, or redeem the Company’s common stock without the prior regulatory approval of the Federal Reserve Bank. Since January 2010, the Company has deferred interest payments on the Debenture, which has been in default since 2015. See “Junior Subordinated Debenture” below.

 

Off-Balance Sheet Arrangements

 

The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit, unused lines of credit, and standby letters of credit and may involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the consolidated balance sheet. The contract amounts of these instruments reflect the extent of involvement the Company has in these financial instruments.

 

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments.

 

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the counterparty.

 

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit to customers is essentially the same as that involved in extending loan facilities to customers. The Company generally holds collateral supporting those commitments. Standby letters of credit generally have expiration dates within one year.

 

The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counter party. At September 30, 2018, the Company had commitments to extend credit totaling $2.1 million and unused lines of credit totaling $501,000.

 

 27 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, (Continued)

 

Junior Subordinated Debenture

 

On September 30, 2004, the Company issued a $5,155,000 junior subordinated debenture (the “Debenture”) to Optimum Bank Holdings Capital Trust I, a Delaware statutory trust formed by the Company for the purpose of issuing and selling certain securities (the “Trust Preferred Securities”) representing undivided beneficial interests in the Debenture. The Debenture has a term of thirty years. The interest rate was fixed at 6.40% for the first five years, and thereafter, the coupon rate floats quarterly at the six-month LIBOR rate plus 2.45% (5.05% at September 30, 2018). The Debenture is redeemable in certain circumstances. The terms of the Debenture allow the Company to defer payments of interest on the Debenture by extending the interest payment period at any time during the term of the Debenture for up to twenty consecutive quarterly periods.

 

Beginning in 2010, the Company exercised its right to defer payment of interest on the Debenture. Interest payments deferred as of September 30, 2018 totaled $1,601,055. The Company has deferred interest payments with respect to the Debenture for the maximum allowable twenty consecutive quarterly payments.

 

The Trustee, Wells Fargo Bank, for the Debenture and the beneficial owners of the Debenture can accelerate the $5,155,000 principal balance plus accrued and unpaid interest, as a result of this default. To date, neither the Trustee nor the holders have accelerated the outstanding balance of the Debenture. No adjustments to the accompanying condensed consolidated financial statements have been made as a result of this uncertainty. Under the Written Agreement, the Company is not able to make any interest or principal payments without the prior approval of the Federal Reserve Bank of Atlanta.

 

In May 2018, a company affiliated with a director of the Company (the “New Holder”) purchased all 5,000 of Trust Preferred Securities from a third party. The Company and the New Holder have held discussions concerning a potential forbearance agreement with respect to the Debenture. To date, the Company and the New Holder have not entered into any definitive agreement with respect to any forbearance. During the third quarter of 2018, the New Holder sold its rights in approximately 694 of the Trust Preferred Securities to several unaffiliated third parties, who subsequently exchanged these Trust Preferred Securities for 301,778 shares of the Company’s common stock. The Company is optimistic a mutually beneficial agreement will be reached and a forbearance agreement will be executed in the future.

 

 28 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, (Continued)

 

Results of Operations

 

The following table sets forth, for the periods indicated, information regarding (i) the total dollar amount of interest and dividend income of the Company from interest-earning assets and the resultant average yields; (ii) the total dollar amount of interest expense on interest-bearing liabilities and the resultant average cost; (iii) net interest income; (iv) interest-rate spread; (v) net interest margin; and (vi) ratio of average interest-earning assets to average interest-bearing liabilities.

 

    Three Months Ended September 30,  
    2018     2017  
    Average
Balance
    Interest
and
Dividends
    Average
Yield/
Rate(5)
    Average
Balance
    Interest
and
Dividends
    Average
Yield/
Rate(5)
 
    ($ in thousands)  
Interest-earning assets:                                                
Loans   $ 76,174     $ 1,015       5.33 %   $ 72,777     $ 972       5.34 %
Securities     10,285       54       2.10       19,207       96       2.00  
Other (1)     3,833       36       3.76       17,908       65       1.45  
                                                 
Total interest-earning assets/interest income     90,292       1,105       4.90       109,892       1,133       4.12  
                                                 
Cash and due from banks     1,751                       1,156                  
Premise and equipment     2,677                       2,612                  
Other     (359 )                     (3,345                
                                                 
Total assets   $ 94,361                     $ 110,315                  
                                                 
Interest-bearing liabilities:                                                
Savings, NOW and money-market deposits   $ 20,975       39       0.74 %    $ 21,657       27       .50  
Time deposits     19,441       66       1.36       49,945       140       1.12  
Borrowings (2)     34,524       216       2.50       25,655       141       2.20  
                                                 
Total interest-bearing liabilities/ interest expense     74,940       321       1.71       97,257       308       1.27  
                                                 
Noninterest-bearing demand deposits     11,994                       8,376                  
Other liabilities     2,154                       2,026                  
Stockholders’ equity     5,273                       2,656                  
                                                 
Total liabilities and stockholders’ equity   $ 94,361                     $ 110,315                  
                                                 
Net interest income           $ 784                     $ 825          
                                                 
Interest-rate spread (3)                     3.19 %                     2.85 %
                                                 
Net interest-earnings assets   $  15,352                      $ 12,635                  
                                                 
Net interest margin (4)                     3.47 %                     3.00 %
                                                 
Ratio of average interest-earning assets to average interest-bearing liabilities     1.20                       1.13                  

 

 29 

 

 

    Nine Months Ended September 30,  
    2018     2017  
    Average
Balance
    Interest
and
Dividends
    Average
Yield/
Rate
    Average
Balance
    Interest
and
Dividends
    Average
Yield/
Rate
 
                ($ in thousands)              
Interest-earning assets:                                    
Loans   $ 73,459     $ 2,870       5.21 %   $ 76,583     $ 2,971       5.17 %
Securities     10,883       187       2.29       19,622       306       2.08  
Other (1)     5,055       103       2.72       16,985       162       1.27  
                                                 
Total interest-earning assets/interest income     89,397       3,160       4.71       113,190       3,439       4.05  
                                                 
Cash and due from banks     1,523                       1,162                  
Premise and equipment     2,621                       2,624                  
Other     (2,080 )                     (3,164                
                                                 
Total assets   $ 91,511                     $ 113,812                  
                                                 
Interest-bearing liabilities:                                                
Savings, NOW and money-market deposits   $ 21,087       106       0.67     $ 22,052       82       0.50  
Time deposits     21,693       206       1.27       53,609       442       1.10  
Borrowings (2)     30,398       554       2.43       25,677       378       1.96  
                                                 
Total interest-bearing liabilities/ interest expense     73,178       866       1.58       101,338       902       1.29  
                                                 
Noninterest-bearing demand deposits     12,257                       7,471                  
Other liabilities     2,276                       2,193                  
Stockholders’ equity     3,800                       2,810                  
                                                 
Total liabilities and stockholders’ equity   $ 91,511                     $ 113,812                  
                                                 
Net interest income           $ 2,294                     $ 2,537          
                                                 
Interest-rate spread (3)                     3.13 %                     2.76 %
                                                 
Net interest-earning assets   $ 16,219                     $ 11,852                  
                                                 
Net interest margin (4)                     3.42 %                     2.99 %
                                                 
Ratio of average interest-earning assets to average interest-bearing liabilities     1.22                       1.21                  

 

(1) Includes interest-earning deposits with banks and Federal Home Loan Bank stock dividends.
(2) Includes Federal Home Loan Bank advances, other borrowings and junior subordinated debenture.
(3) Interest-rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(4) Net interest margin is net interest income divided by average interest-earning assets.
(5) Annualized.

 

 30 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, (Continued)

 

Comparison of the Three-Month Periods Ended September 30, 2018 and 2017

 

General. Net loss for the three month period ended September 30, 2018, was $(202,000) or $(.13) per basic and diluted share compared to a net loss of $(56,000) or $(.05) per basic and diluted share for the three month period ended September 30, 2017.

 

Interest Income. Interest income decreased $28,000 for the three month period ended September 30, 2018 compared to the three month period ended September 30, 2017 due to a decrease in securities, a decrease in interest-earning deposits with banks, and an increase in loans. During the three month period ended September 30, 2018. The average yield on assets increased to 4.90% compared to 4.12% during the three month period ended September 30, 2017. During the three month period ended September 30, 2018, loans increased $5.2 million to $78.0 million.

 

Interest Expense. Interest expense on deposits and borrowings increased $15,000 for the three month period ended September 30, 2018 from $308,000 for the three month period ended September 30, 2017 due to an increase in rates partially offset by a lower level of deposits.

 

Provision for Loan Losses. There was no provision or credit for losses during the three month periods ended September 30, 2018 and 2017. The provision or credit for loan losses is charged to operations as losses are estimated to have occurred in order to bring the total allowance for loan losses to a level deemed appropriate by management to absorb losses inherent in the portfolio at September 30, 2018. Management’s periodic evaluation of the adequacy of the allowance is based upon historical experience, the volume and type of lending conducted by us, adverse situations that may affect the borrower’s ability to repay, estimated value of the underlying collateral, loans identified as impaired, general economic conditions, particularly as they relate to our market areas, and other factors related to the estimated collectability of our loan portfolio. The allowance for loan losses totaled $1.9 million or 2.44% of loans outstanding at September 30, 2018, as compared to $3.9 million or 5.37% of loans outstanding at September 30, 2017. Management believes the balance in the allowance for loan losses at September 30, 2018 is adequate. The Company determined that it was appropriate to decrease in the amount of the Company’s allowance for loan losses due to the continued improvement in the performance and credit quality of the loan portfolio.

 

Noninterest Income. Total noninterest income decreased to $21,000 for the three month period ended September 30, 2018, from $54,000 for the three month period ended September 30, 2017 due to loan related fees.

 

Noninterest Expenses. Total noninterest expenses increased $70,000 for the three month period ended September 30, 2018 compared to $935,000 for the three month period ended September 30, 2017 primarily due to increased legal costs and increased salaries and employee benefits.

 

Comparison of the Nine-Month Periods Ended September 30, 2018 and 2017

 

General. Net earnings for the nine month period ended September 30, 2018, was $1,417,000 or $1.03 per basic and diluted share compared to a net loss of $(510,000) or $(.46) per basic and diluted share for the nine month period ended September 30, 2017. The substantial improvement in 2018 was due a significant decrease in the Company’s allowance for loan losses recorded during the second quarter of 2018.

 

Interest Income. Interest income decreased $279,000 for the nine month period ended September 30, 2018 from $3,439,000 for the nine month period ended September 30, 2017, primarily due to a decrease in loans partially offset by higher rates, a decrease in securities, and a decrease in interest-earning deposits with banks. During the nine month period ended September 30, 2018, the average yield on assets increased to 4.71% compared to 4.05% during the nine month period ended September 30, 2017.

 

Interest Expense. Interest expense on deposits and borrowings decreased $36,000 for the nine month period ended September 30, 2018 from $902,000 for the nine month period ended September 30, 2017 due to an increase in rates partially offset by a lower level of deposits.

 

Provision for Loan Losses. The Bank reversed $2.1 million of the ALLL into income during the second quarter of 2018. There was no provision or credit for losses during the nine month period ended September 30, 2017. The provision or credit for loan losses is charged to operations as losses are estimated to have occurred in order to bring the total allowance for loan losses to a level deemed appropriate by management to absorb losses inherent in the portfolio at September 30, 2018. Management’s periodic evaluation of the adequacy of the allowance is based upon historical experience, the volume and type of lending conducted by us, adverse situations that may affect the borrower’s ability to repay, estimated value of the underlying collateral, loans identified as impaired, general economic conditions, particularly as they relate to our market areas, and other factors related to the estimated collectability of our loan portfolio. The allowance for loan losses totaled $1.9 million or 2.44% of loans outstanding at September 30, 2018, as compared to $3.9 million or 5.37% of loans outstanding at September 30, 2017. The Company determined that it was appropriate to decrease in the amount of the Company’s allowance for loan losses due to the continued improvement in the performance and credit quality of the loan portfolio.

 

Noninterest Income. Total noninterest income decreased by $2,000 for the nine month period ended September 30, 2018, from $71,000 compared for the nine month period ended September 30, 2017.

 

Noninterest Expenses. Total noninterest expenses decreased $72,000 to $3.0 million for the nine month period ended September 30, 2018 compared to $3.1 for the nine month period ended September 30, 2017.

 

 31 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Item 4. Controls and Procedures

 

The Company’s management evaluated the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report, and, based on this evaluation, the Principal Executive Officer and Principal Financial Officer concluded that these disclosure controls and procedures are effective.

 

There have been no changes in the Company’s internal control over financial reporting during the period ended September 30, 2018, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

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

 

On March 30, 2018, the Company sold 20,814 shares of common stock to a director for an aggregate purchase price of $46,000. The Company used the proceeds to pay operating expenses of the Company. The issuance of these shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering. These shares will be deemed to have been issued under the Company’s 2018 Equity Incentive Plan.

 

On April 9, 2018, the Company issued 79,186 shares of common stock in exchange for the 7 shares of the Company’s Series A Preferred held by a director. At the request of the director, the shares were issued to an unaffiliated third party investor. The Series A Preferred had a liquidation value of $175,000. See Note 13 of the Company’s Financial Statements for further details. The issuance of these shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering.

 

During the nine month period ended September 30, 2018, the Company sold 146,203 shares of common stock to individual investors at an aggregate price of $369,000. The issuance of these shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering.

 

Additionally, the Company agreed to sell 56,797 shares of common stock to an individual investor at an aggregate price of $142,000. The investor has delivered the purchase price to the Company but has not yet completed the sale. The amount delivered by the investor is being treated as a deposit and recorded as a liability. The issuance of the shares in this transaction will be exempt from registration pursuant to Section 4(a)(2) of the Securities Act as a transaction by an issuer not involving a public offering.

 

During the nine month ended September 30, 2018, Company issued 144,742 shares of common stock as compensation to certain directors for certain services rendered during 2016, 2017 and 2018. At the request of one of the directors, 141,921 of these shares were issued to third parties as either gifts by the director or purchases by such third parties. The issuance of all of these shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering. See Note 6 to the Company’s Financial Statements for additional information concerning the issue of these shares.

 

During the third quarter of 2018, a company affiliated with a director of the Company sold its rights in approximately 694 of the Trust Preferred Securities to several unaffiliated third parties, who subsequently exchanged these Trust Preferred Securities for 301,778 shares of the Company’s common stock. The issuance of all of these shares was exempt from registration pursuant to Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering. See Note 9 to the Company’s Financial Statements for additional information concerning the issue of these shares.

 

Item 3. Defaults on Senior Securities

 

Junior Subordinated Debenture

 

On September 30, 2004, the Company issued a $5,155,000 junior subordinated debenture (the “Debenture”) to Optimum Bank Holdings Capital Trust I, a Delaware statutory trust formed by the Company for the purpose of issuing and selling certain securities (the “Trust Preferred Securities”) representing undivided beneficial interests in the Debenture. The Debenture has a term of thirty years. The interest rate was fixed at 6.40% for the first five years, and thereafter, the coupon rate floats quarterly at the six-month LIBOR rate plus 2.45% (5.05% at September 30, 2018). The Debenture is redeemable in certain circumstances. The terms of the Debenture allow the Company to defer payments of interest on the Debenture by extending the interest payment period at any time during the term of the Debenture for up to twenty consecutive quarterly periods.

 

Beginning in 2010, the Company exercised its right to defer payment of interest on the Debenture. Interest payments deferred as of September 30, 2018 totaled $1,601,055. The Company has deferred interest payments with respect to the Debenture for the maximum allowable twenty consecutive quarterly payments.

 

The Trustee, Wells Fargo Bank, for the Debenture and the beneficial owners of the Debenture can accelerate the $5,155,000 principal balance plus accrued and unpaid interest, as a result of this default. To date, neither the Trustee nor the holders have accelerated the outstanding balance of the Debenture. No adjustments to the accompanying condensed consolidated financial statements have been made as a result of this uncertainty. Under the Written Agreement, the Company is not able to make any interest or principal payments without the prior approval of the Federal Reserve Bank of Atlanta.

 

In May 2018, a company affiliated with a director of the Company (the “New Holder”) purchased all 5,000 of Trust Preferred Securities from a third party. The Company and the New Holder have held discussions concerning a potential forbearance agreement with respect to the Debenture. To date, the Company and the New Holder have not entered into any definitive agreement with respect to any forbearance. During the third quarter of 2018, the New Holder sold its rights in approximately 694 of the Trust Preferred Securities to several unaffiliated third parties, who subsequently exchanged these Trust Preferred Securities for 301,778 shares of the Company’s common stock. The Company is optimistic a mutually beneficial agreement will be reached and a forbearance agreement will be executed in the future.

 

Item 4. Exhibits

 

The exhibits contained in the Exhibit Index following the signature page are filed with or incorporated by reference into this report.

 

 32 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    OPTIMUMBANK HOLDINGS, INC.
    (Registrant)
       
Date: November 14, 2018 By: /s/ Timothy Terry
      Timothy Terry,
      Principal Executive Officer
       
    By: /s/ David L. Edgar
      David L. Edgar,
      Principal Financial Officer

 

 33 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

EXHIBIT INDEX

 

Exhibit
No.
  Description
     
31.1   Certification of Principal Executive and Principal Financial Officer required by Rule 13a-14(a)/15d-14(a) under the Exchange Act
     
31.2   Certification of Principal Executive and Principal Financial Officer under 18 U.S.C. Section 1350
     
32.1   Certification of Principal Executive Officer
     
32.2   Certification of Principal Financial Officer

 

 34 

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

EXHIBIT INDEX

 

Exhibit
No.
  Description
     
101.INS   XBRL Instance Document
     
101.SCH   XBRL Taxonomy Extension Schema Document
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document

 

 35 

 

 

EX-31.1 2 ex31-1.htm

 

EXHIBIT 31.1

 

CERTIFICATION OF THE PRINCIPAL EXECUTIVE

REQUIRED BY RULE 13A-14(A)/15D-14(A)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

I, certify that:

 

1. I have reviewed this report on Form 10-Q of OptimumBank Holdings, Inc. (the “Company”);
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15e and 15d-15e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15f and 15d-15f) for the Company and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within that entity, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the Audit Committee of the Company’s Board of Directors:

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  /s/ Timothy Terry
  Timothy Terry
  Principal Executive Officer
  Date: November 14, 2018

 

 
 

 

EX-31.2 3 ex31-2.htm

 

EXHIBIT 31.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

REQUIRED BY RULE 13A-14(A)/15D-14(A)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

I, certify that:

 

1. I have reviewed this report on Form 10-Q of OptimumBank Holdings, Inc. (the “Company”);
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer and I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15e and 15d-15e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15f and 15d-15f) for the Company and have:
   

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within that entity, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the Audit Committee of the Company’s Board of Directors:

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  /s/ David L. Edgar
  David L. Edgar
  Principal Financial Officer
  Date: November 14, 2018

 

 
 

 

EX-32.1 4 ex32-1.htm

 

EXHIBIT 32.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO18 U.S.C. SECTION 1350,

AS ADDED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of OptimumBank Holdings, Inc. (the “Company”) on Form 10-Q for the nine months ended September 30, 2018 as filed with the Securities and Exchange Commission (the “Report”), I, as the Principal Executive of the Company, certify, pursuant to 19 U.S.C. § 1350, as added by § 906 of the Sarbanes-Oxley Act of 2002, that:

 

  1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

 

  /s/ Timothy Terry
  Timothy Terry
  Principal Executive Officer
  Date: November 14, 2018

 

 
 

 

EX-32.2 5 ex32-2.htm

 

EXHIBIT 32.2

 

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO18 U.S.C. SECTION 1350,

AS ADDED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of OptimumBank Holdings, Inc. (the “Company”) on Form 10-Q for the nine months ended September 30, 2018 as filed with the Securities and Exchange Commission (the “Report”), I, as the Principal Financial Officer of the Company, certify, pursuant to 19 U.S.C. § 1350, as added by § 906 of the Sarbanes-Oxley Act of 2002, that:

 

  1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  2. To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

 

  /s/ David L. Edgar
  David L. Edgar
  Principal Financial Officer
  Date: November 14, 2018

 

 
 

 

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outstanding in 2018 and 1,120,947 shares issued and outstanding in 2017 Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total stockholders' equity Total liabilities and stockholders' equity Statement [Table] Statement [Line Items] Securities held to maturity, fair value Loans, allowance for loan losses Preferred stock, par value Preferred stock, shares authorized Preferred stock liquidation value per share Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] Interest income: Loans Securities Other Total interest income Interest expense: Deposits Borrowings Total interest expense Net interest income Credit for loan losses Net interest income after credit for loan losses Noninterest income: Service charges and fees Gain on sale of securities available for sale Other Total noninterest income Noninterest expenses: Salaries and employee benefits Occupancy and equipment Data processing Professional fees Insurance Regulatory assessment Other Total noninterest expenses Net earnings (loss) (Loss) earnings per share: Basic and diluted Net earnings (loss) Other comprehensive income (loss): Change in unrealized loss on securities: Unrealized (loss) gain arising during the period Amortization of unrealized loss on securities transferred to held to maturity Reclassification adjustment for unrealized loss on securities transferred to held-to-maturity Reclassification adjustment for realized gains on securities available for sale Other comprehensive income (loss) before income tax benefit (expense) Deferred income tax (expense) benefit on above change Total other comprehensive income (loss) Comprehensive (loss) income Balance beginning Balance beginning, shares Net change in unrealized loss on securities available for sale, net of taxes (unaudited) Proceeds from sale of common stock (unaudited) Proceeds from sale of common stock (unaudited), shares Common stock issued as compensation to directors (unaudited) Common stock issued as compensation to directors (unaudited), shares Common stock issued in exchange for Preferred Stock (See Note 13) (unaudited) Common stock issued in exchange for Preferred Stock (See Note 13) (unaudited), shares Common stock issued in exchange for Trust Preferred Securities Common stock issued in exchange for Trust Preferred Securities, shares Amortization of unrealized loss on securities transferred to held to maturity (unaudited) Unrealized loss on securities transferred to held to maturity, net of income tax benefit (unaudited) Balance ending Balance ending, shares Statement of Cash Flows [Abstract] Cash flows from operating activities: Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Depreciation Credit for loan losses Gain on sale of securities available for sale Net amortization of fees, premiums and discounts Decrease in other assets (Increase) decrease in accrued interest receivable Increase in official checks and other liabilities Net cash provided by operating activities Cash flows from investing activities: Principal repayments and maturity of securities available for sale Proceeds from sale of securities available for sale Principal repayments of securities held-to-maturity Net (increase) decrease in loans Purchase of premises and equipment, net (Purchase) redemption of Federal Home Loan Bank stock Net cash (used in) provided by investing activities Cash flows from financing activities: Net decrease in deposits Net increase in advance payments by borrowers for taxes and insurance Proceeds from sale of common stock Net increase (decrease) in FHLB Advances Net cash used in financing activities Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period Supplemental disclosure of cash flow information: Cash paid during the period for: Interest Income taxes Noncash transaction - Change in accumulated other comprehensive loss, net change in unrealized loss on securities, net of tax Transfer of securities from available for sale to held to maturity Reclassification of stock compensation from other liabilities to common stock Issuance of common stock in exchange for Trust Preferred Securities Accounting Policies [Abstract] General Securities Securities Receivables [Abstract] Loans Earnings Per Share [Abstract] Earnings (Loss) Per Share Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Stock-Based Compensation Fair Value Disclosures [Abstract] Fair Value Measurements Investments, All Other Investments [Abstract] Fair Value of Financial Instruments Banking and Thrift [Abstract] Regulatory Matters Debt Disclosure [Abstract] Junior Subordinated Debenture Loan Loss Recovery Loan Loss Recovery Bank Secrecy Act Bsa Lookback Review Bank Secrecy Act ("BSA") Lookback Review Equity [Abstract] Preferred Stock Going Concern Status Comprehensive (Loss) Income Income Taxes Recent Pronouncements Schedule of Accumulated Other Comprehensive Loss Schedule of Amortized Cost and Approximate Fair Values of Securities Schedule of Securities with Gross Unrealized Losses, by Investment Category Schedule of Components of Loans Schedule of Change in Allowance for Loan Losses Schedule of Loans by Credit Quality Schedule of Impaired Loans Schedule of Interest Income Recognized and Received on Impaired Loans Schedule of Weighted Average Number of Shares Schedule of Assets Measured on Nonrecurring Basis Schedule of Assets Measured on a Recurring Basis Schedule of Estimated Fair Value of Financial Instruments Summary of Contractual Amounts of Financial Instruments Schedule of Capital Amounts, Ratios and Regulatory Thresholds Ownership percentage Junior subordinated debenture Trust preferred securities Debt instrument periodic payment, principal Accrued and unpaid interest payable Common stock issued in exchange for Trust Preferred Securities Unrealized loss on securities available for sale Unamortized portion of unrealized loss related to securities available for sale transferred to securities held-to-maturity Income tax benefit Accumulated other comprehensive loss Held-to-maturity Unrealized losses of held-to-maturity Amortized cost on held-to-maturity Available for sale securities Investment securities in unrealized loss position Held to maturity, amortized cost Held to maturity, gross unrealized gains Held to maturity, gross unrealized losses Held to maturity, gross fair value Available for sale, amortized cost Available for sale, gross unrealized gains Available for sale, gross unrealized losses Available for sale, fair value Total, amortized cost Total, gross unrealized gains Total, gross unrealized losses Total, fair value Held to Maturity, Securities Position Over 12 Months, Gross Unrealized Losses Held to Maturity, Securities Position Over 12 Months,Fair Value Held to Maturity, Securities Position Less Than 12 Months, Gross Unrealized Losses Held to Maturity, Securities Position Less Than 12 Months, Fair Value Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses Available for Sale, Securities Position Over 12 Months, Fair Value Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses Available for Sale, Securities Position Less than 12 Month, Fair Value Class of Financing Receivable, Type [Axis] Total loans Add: Net deferred loan fees, costs and premiums Less: Allowance for loan losses Loans, net Beginning balance (Credit) provision for loan losses Charge-offs Recoveries Ending balance Individually evaluated for impairment, Recorded investment Individually evaluated for impairment, Allowance for loan losses Collectively evaluated for impairment, Recorded investment Collectively evaluated for impairment, Allowance for loan losses Risk rated loans Recorded Investment , With no related allowance recorded Unpaid Principal Balance, With no related allowance recorded Related Allowance, With no related allowance recorded Recorded Investment , With related allowance recorded Unpaid Principal Balance, With related allowance recorded Related Allowance, With related allowance recorded Total recorded investment Total unpaid principal balance Total related allowance Impaired loans - Average Recorded Investment Impaired loans - Interest Income Recognized Impaired loans - Interest Income Received Weighted-average number of common shares outstanding used to calculate basic and diluted loss per common share Report Date [Axis] Number of shares authorized Number of shares issued Shares available for grant Share-based compensation expense, value Share-based compensation expense, shares Shares issued, price per share Number of stock issuable during prior periods Issuance of common shares for compensation Securities wear transferred in or out Loans receivable, fair value Cumulative fair value losses Gains recorded in operations during the period Available-for-sale securities Cash and cash equivalents Securities held to maturity Loans Federal Home Loan Bank stock Deposit liabilities Federal Home Loan Bank advances Junior subordinated debenture Federal funds purchased Off-balance sheet financial instruments Investments Beginning 90 Days from the Issuance [Member] Range [Axis] Minimum requirement of capital conservation buffer, ratio Minimum requirement of capital conservation buffer, ratio description Total Capital to Risk-Weighted Assets Total Capital to Risk-Weighted Assets ratio Tier I Capital to Risk-Weighted Assets Tier I Capital to Risk-Weighted Assets ratio Common equity Tier 1 capital to Risk-Weighted Assets Common equity Tier 1 capital to Risk-Weighted Assets, ratio Tier I Capital to Total Assets Tier I Capital to Total Assets ratio Minimum amount of capital for adequacy purposes Minimum amount of capital for adequacy purposes, ratio Minimum amount of Tier 1 Capital for adequacy purposes Minimum amount of Tier 1 Capital for adequacy purposes, ratio Common equity Tier 1 capital to Risk-Weighted Assets for adequacy purposes Common equity Tier 1 capital to Risk-Weighted Assets for adequacy purposes, ratio Minimum amount of Tier 1 Capital for adequacy purposes Minimum amount of Tier 1 Capital for adequacy purposes, ratio Minimum Capital required to be well-capitalized Minimum Capital required to be well-capitalized, ratio Minimum Tier 1 Capital required to be well-capitalized Minimum Tier 1 Capital required to be well-capitalized, ratio Common equity Tier I capital to Risk-Weighted Assets to be well-capitalized Common equity Tier I capital to Risk-Weighted Assets to be well-capitalized, ratio Minimum Capital required to be well-capitalized Minimum Capital required to be well-capitalized, ratio Junior subordinated debenture principal plus accrued and unpaid interest amount Debenture term Debt instrument interest rate stated Debt interest rate terms Variable interest rate Deferred interest payments on debenture Recovery of previously charged-off amounts to the allowance for loan and lease losses Allowance for loan and lease losses Provision for loan losses Expects cost under Bank Secrecy Act Preferred stock value Preferred stock liquidation, value Preferred stock dividend rate Conversion of preferred shares into common stock Beginning 90 Days from the Issuance [Member] Deposits, savings, negotiable order of withdrawal and money market deposits. Directors [Member] Going concern status [Policy Text Block] The entire disclosure regarding loan loss recovery [Text Block] Loss [Member] Details pertaining to commercial multi-family real estate loans. It represents amount of net decrease increase in insurance during the year. It represents amount related to net decrease or increase in loans. Official checks. State and FDIC assessments. Service charges and fees. SBA Pool Securities [Member] The entire disclosure for regulatory matters of the bank [Text Block] The entire texblock related to bank secrecy act bsa look back review [Text Block] Bank [Member] Commercial [Member] 2011 Equity Incentive Plan [Member] Common stock issued in exchange for Preferred Stock. Common stock issued in exchange for Preferred Stock,shares. Related Allowance, With no related allowance recorded. Related allowance. Common Equity Tier 1 Capital divided by risk weighted assets as defined by regulations. Number of stock issuable during prior periods. Securities wear transferred in or out. The cumulative losses on fair value. These can be identified as mark-to-mark adjustments. The minimum capital conservation buffer above minimum risk-based capital requirements that must be maintained by the bank, as per capital conservation buffer rules implemented by banking regulations. Minimum requirement of capital conservation buffer, ratio description. Common Equity Tier 1 Capital as defined by the regulators. The minimum Common Equity Tier 1 capital ratio (Common Equity Tier 1 capital divided by risk-weighted assets) required for capital adequacy under the regulatory framework for prompt corrective action. The minimum Common Equity Tier 1 capital ratio (Common Equity Tier 1 capital divided by risk-weighted assets) required for capital adequacy under the regulatory framework for prompt corrective action. Common Equity Tier 1 Capital Required to be Well Capitalized to Risk Weighted Assets. Common Equity Tier 1 Capital Required to be Well Capitalized to Risk Weighted Assets Designated Series A Preferred Stock [Member] Available for sale and held to maturity securities gross unrealized gains. Available for sale and held to maturity securities gross unrealized loss. This item represents the cost of securities, which are categorized as available for sale or held-to-maturity, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. LIBOR [Member] 2018 Equity Incentive Plan [Member] Amortization of unrealized loss on securities transferred to held to maturity. Unamortized portion of unrealized loss related to securities available for sale transferred to securities held to maturity. Gains recorded in operations during the period. Transfer of securities from available for sale to held to maturity. Reclassification of stock compensation from other liabilities to common stock. Bank Secrecy Act [Member] Expects cost under Bank Secrecy Act. 2018 Equity Incentive Plan [Member] ReclassificationAdjustmentForRealizedGainsOnSecuritiesAvailableForSale. Credit for loan losses. Common stock issued in exchange for Trust Preferred Securities. Common stock issued in exchange for Trust Preferred Securities, shares. Regulatory Requirement [Member] Trust preferred securities. Portion at Fair Value Measurement [Member] CommercialMember Cash, Cash Equivalents, and Federal Funds Sold Assets Deposits [Default Label] Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Interest and Dividend Income, Operating Interest Expense Interest Income (Expense), after Provision for Loan Loss Noninterest Income, Other Operating Income Noninterest Income Other Noninterest Expense Noninterest Expense Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax Other Comprehensive Income (Loss), Net of Tax Comprehensive Income (Loss), Net of Tax, Attributable to Parent Shares, Outstanding CreditForLoanLosses Increase (Decrease) in Other Operating Assets Increase (Decrease) in Interest and Dividends Receivable Net Cash Provided by (Used in) Operating Activities NetDecreaseIncreaseInLoans Payments to Acquire Property, Plant, and Equipment Payments for (Proceeds from) Federal Home Loan Bank Stock Net Cash Provided by (Used in) Investing Activities Schedule of expenses related to other real estate owned Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Marketable Securities [Table Text Block] Financing Receivables [Text Block] Schedule of maturities and interest rates on the Federal Home Loan Bank advances Junior Subordinated Notes, Current Available-for-sale Securities, Gross Unrealized Loss Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss Financing Receivable, Allowance for Credit Losses, Write-downs Investment in Federal Home Loan Bank Stock, Fair Value Disclosure Federal Home Loan Bank Borrowings, Fair Value Disclosure Subordinated Debt Obligations, Fair Value Disclosure Tier One Leverage Capital Required for Capital Adequacy Tier One Leverage Capital Required for Capital Adequacy to Average Assets Capital Required to be Well Capitalized Capital Required to be Well Capitalized to Risk Weighted Assets EX-101.PRE 11 ophc-20180930_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2018
Nov. 14, 2018
Document And Entity Information    
Entity Registrant Name OptimumBank Holdings, Inc.  
Entity Central Index Key 0001288855  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company false  
Entity Ex Transition Period false  
Entity Common Stock, Shares Outstanding   1,813,670
Trading Symbol OPHC  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Assets:    
Cash and due from banks $ 5,027 $ 11,233
Interest-bearing deposits with banks 1,020 432
Total cash and cash equivalents 6,047 11,665
Securities available for sale 2,578 11,437
Securities held-to-maturity (fair value of $7,358) 7,419
Loans, net of allowance for loan losses of $1,905 and $3,991 76,291 68,220
Federal Home Loan Bank stock 1,215 979
Premises and equipment, net 2,672 2,593
Accrued interest receivable 361 316
Other assets 1,535 656
Total assets 98,118 95,866
Liabilities:    
Noninterest-bearing demand deposits 10,325 12,632
Savings, NOW and money-market deposits 22,361 22,045
Time deposits 25,353 30,574
Total deposits 58,039 65,251
Federal Home Loan Bank advances 26,550 20,500
Junior subordinated debenture 5,155 5,155
Official checks 393 39
Other liabilities 2,186 2,376
Total liabilities 92,323 93,321
Commitments and contingencies (Notes 1, 8 and 9)
Stockholders' equity:    
Preferred stock, no par value; 6,000,000 shares authorized: Designated Series A, no par value, $25,000 liquidation value per share, none issued or outstanding in 2018 and 7 shares issued and outstanding in 2017
Common stock, $.01 par value; 5,000,000 shares authorized, 1,813,670 shares issued and outstanding in 2018 and 1,120,947 shares issued and outstanding in 2017 17 11
Additional paid-in capital 36,019 34,090
Accumulated deficit (29,889) (31,306)
Accumulated other comprehensive loss (352) (250)
Total stockholders' equity 5,795 2,545
Total liabilities and stockholders' equity $ 98,118 $ 95,866
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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Securities held to maturity, fair value $ 7,358
Loans, allowance for loan losses $ 1,905 $ 3,991
Preferred stock, par value
Preferred stock, shares authorized 6,000,000 6,000,000
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 5,000,000 5,000,000
Common stock, shares issued 1,813,670 1,120,947
Common stock, shares outstanding 1,813,670 1,120,947
Designated Series A Preferred Stock [Member]    
Preferred stock, par value
Preferred stock liquidation value per share $ 25,000 $ 25,000
Preferred stock, shares issued 7
Preferred stock, shares outstanding 7
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest income:        
Loans $ 1,015 $ 972 $ 2,870 $ 2,971
Securities 54 96 187 306
Other 36 65 103 162
Total interest income 1,105 1,133 3,160 3,439
Interest expense:        
Deposits 107 167 312 524
Borrowings 216 141 554 378
Total interest expense 323 308 866 902
Net interest income 782 825 2,294 2,537
Credit for loan losses (2,100)
Net interest income after credit for loan losses 782 825 4,394 2,537
Noninterest income:        
Service charges and fees (2) 44 10 55
Gain on sale of securities available for sale 7 7
Other 19 3 59 9
Total noninterest income 21 54 69 71
Noninterest expenses:        
Salaries and employee benefits 460 423 1,358 1,301
Occupancy and equipment 116 91 322 293
Data processing 112 96 288 262
Professional fees 156 134 379 526
Insurance 21 24 71 72
Regulatory assessment 30 50 108 152
Other 110 117 520 512
Total noninterest expenses 1,005 935 3,046 3,118
Net earnings (loss) $ (202) $ (56) $ 1,417 $ (510)
(Loss) earnings per share:        
Basic and diluted $ (0.13) $ (.05) $ 1.03 $ (.46)
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Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Net earnings (loss) $ (202) $ (56) $ 1,417 $ (510)
Change in unrealized loss on securities:        
Unrealized (loss) gain arising during the period (20) 29 262 100
Amortization of unrealized loss on securities transferred to held to maturity 27 25
Reclassification adjustment for unrealized loss on securities transferred to held-to-maturity (432)
Reclassification adjustment for realized gains on securities available for sale (7) (7)
Other comprehensive income (loss) before income tax benefit (expense) 7 22 (137) 93
Deferred income tax (expense) benefit on above change (3) (8) 35 (35)
Total other comprehensive income (loss) 4 14 (102) 58
Comprehensive (loss) income $ (198) $ (42) $ 1,315 $ (452)
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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive Loss [Member]
Total
Balance beginning at Dec. 31, 2016 $ 11 $ 34,039 $ (30,717) $ (252) $ 3,081
Balance beginning, shares at Dec. 31, 2016 7 1,103,447        
Net change in unrealized loss on securities available for sale, net of taxes (unaudited) 44 44
Net earnings (loss) (510) (510)
Amortization of unrealized loss on securities transferred to held to maturity (unaudited)          
Unrealized loss on securities transferred to held to maturity, net of income tax benefit (unaudited) 58 58
Balance ending at Sep. 30, 2017 $ 11 34,039 (31,227) (194) 2,629
Balance ending, shares at Sep. 30, 2017 7 1,103,447        
Balance beginning at Dec. 31, 2017 $ 11 34,090 (31,306) (250) 2,545
Balance beginning, shares at Dec. 31, 2017 7 1,120,947        
Net change in unrealized loss on securities available for sale, net of taxes (unaudited) 197 197
Proceeds from sale of common stock (unaudited) $ 2 413 415
Proceeds from sale of common stock (unaudited), shares 167,017        
Common stock issued as compensation to directors (unaudited) $ 2 613 615
Common stock issued as compensation to directors (unaudited), shares 144,742        
Common stock issued in exchange for Preferred Stock (See Note 13) (unaudited)
Common stock issued in exchange for Preferred Stock (See Note 13) (unaudited), shares (7) 79,186
Common stock issued in exchange for Trust Preferred Securities $ 3 $ 902 $ 905
Common stock issued in exchange for Trust Preferred Securities, shares 301,778        
Net earnings (loss) 1,417 1,417
Amortization of unrealized loss on securities transferred to held to maturity (unaudited) 25 25
Unrealized loss on securities transferred to held to maturity, net of income tax benefit (unaudited) (324) (324)
Balance ending at Sep. 30, 2018 $ 18 $ 36,018 $ (29,889) $ (352) $ 5,795
Balance ending, shares at Sep. 30, 2018 1,813,670        
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net earnings (loss) $ 1,417 $ (510)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:    
Depreciation 115 117
Credit for loan losses (2,100)
Gain on sale of securities available for sale (7)
Net amortization of fees, premiums and discounts 168 316
Decrease in other assets 61 47
(Increase) decrease in accrued interest receivable (45) 14
Increase in official checks and other liabilities 779 559
Net cash provided by operating activities 395 536
Cash flows from investing activities:    
Principal repayments and maturity of securities available for sale 666 1,656
Proceeds from sale of securities available for sale 2,278
Principal repayments of securities held-to-maturity 559
Net (increase) decrease in loans (6,061) 7,678
Purchase of premises and equipment, net (194) (70)
(Purchase) redemption of Federal Home Loan Bank stock (236) 134
Net cash (used in) provided by investing activities (5,266) 11,676
Cash flows from financing activities:    
Net decrease in deposits (7,212) (8,635)
Net increase in advance payments by borrowers for taxes and insurance 297
Proceeds from sale of common stock 415
Net increase (decrease) in FHLB Advances 6,050 (3,000)
Net cash used in financing activities (747) (11,338)
Net (decrease) increase in cash and cash equivalents (5,618) 874
Cash and cash equivalents at beginning of the period 11,665 17,640
Cash and cash equivalents at end of the period 6,047 18,514
Cash paid during the period for:    
Interest 628 748
Income taxes
Noncash transaction -    
Change in accumulated other comprehensive loss, net change in unrealized loss on securities, net of tax (102) 58
Transfer of securities from available for sale to held to maturity 7,945
Reclassification of stock compensation from other liabilities to common stock 615
Issuance of common stock in exchange for Trust Preferred Securities $ 905
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
General
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
General

(1) General. OptimumBank Holdings, Inc. (the “Holding Company”) is a one-bank holding company and owns 100% of OptimumBank (the “Bank”), a Florida-chartered commercial bank. The Holding Company’s only business is the operation of the Bank and its subsidiaries (collectively, the “Company”). The Bank’s deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (“FDIC”). The Bank offers a variety of community banking services to individual and corporate customers through its three banking offices located in Broward County, Florida.
   
  The accompanying unaudited, condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s consolidated financial position at September 30, 2018 and the consolidated results of operations, comprehensive (loss) income, and cash flows for the periods presented. The condensed consolidated results of operations for interim periods are not necessarily indicative of the results of operations to be expected for any subsequent interim period or for the fiscal year ended December 31, 2018. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2017 included in the Company’s Form 10-K, which was filed with the SEC on March 28, 2018.
   
 

Going Concern Status. The Company is in default with respect to its $5,155,000 Junior Subordinated Debenture (“Debenture”) due to its failure to make certain required interest payments under the Debenture. The Debenture has been issued to Optimum Bank Holdings Capital Trust I, a Delaware statutory trust formed by the Company for the purpose of issuing and selling certain securities (the “Trust Preferred Securities”) representing undivided beneficial interests in the Debenture. The trust issued a total of 5,000 Trust Preferred Securities.

 

The Trustee, Wells Fargo Bank, for the Debenture (the “Trustee”) and the beneficial owners of the Debenture are entitled to accelerate the payment of the $5,155,000 principal balance plus accrued and unpaid interest totaling $1,601,055 at September 30, 2018. To date, neither the Trustee nor the holders have accelerated the outstanding balance of the Debenture. No adjustments to the accompanying condensed consolidated financial statements have been made as a result of this uncertainty.

In May 2018, a company affiliated with a director of the Company (the “New Holder”) purchased all 5,000 of Trust Preferred Securities from a third party. The Company and the New Holder have held discussions concerning a potential forbearance agreement with respect to the Debenture. To date, the Company and the New Holder have not entered into any definitive agreement with respect to any forbearance. During the third quarter of 2018, the New Holder sold its rights in approximately 694 of the Trust Preferred Securities to several unaffiliated third parties, who subsequently exchanged these Trust Preferred Securities for 301,778 shares of the Company’s common stock.

   
  Comprehensive (Loss) Income. GAAP generally requires that recognized revenue, expenses, gains and losses be included in net earnings (loss). Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the condensed consolidated balance sheets, such items along with net earnings (loss), are components of comprehensive (loss) income.

 

Accumulated other comprehensive loss consists of the following (in thousands):

 

    At September 30,     December 31,  
    2018     2017  
             
Unrealized loss on securities available for sale   $ (72   $ (334 )
Unamortized portion of unrealized loss related to securities available for sale transferred to securities held-to-maturity     (399 )      
Income tax benefit     119       84  
                 
    $ (352   $ (250 )

 

  Income Taxes. The Company assessed its earnings history and trends and estimates of future earnings, and determined that the deferred tax asset could not be realized as of September 30, 2018. Accordingly, a valuation allowance was recorded against the net deferred tax asset.
 

 

Recent Pronouncements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-2, Leases (Topic 842) which will require lessees to recognize on the condensed consolidated balance sheet the assets and liabilities for the rights and obligations created by those leases with term of more than twelve months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. The new ASU will require both types of leases to be recognized on the condensed consolidated balance sheet. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the condensed consolidated financial statements. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Company is in the process of determining the effect of the ASU on its condensed consolidated financial statements. Early application will be permitted.

 

In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments-Credit Losses (Topic 326). The ASU improves financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by the Company. The ASU requires the Company to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The Company will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the condensed consolidated financial statements. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company is in the process of determining the effect of the ASU on its condensed consolidated financial statements.

 

In March 2017, FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20) which amends the accounting for the amortization of premiums for certain purchased callable debt securities by shortening the amortization period to the earliest call date. The ASU is effective for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of the ASU, if any, on its condensed consolidated financial statements.

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. The ASU was issued to provide clarity as to when to apply modification accounting when there is a change in the terms or conditions of a share-based payment award. The ASU requires an entity to account for the effects of a modification unless the fair value, vesting conditions, and balance sheet classification of the award is the same after the modification as compared to the original award prior to the modification. The ASU is effective for reporting periods beginning after December 15, 2017. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.

 

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedge Activities. The ASU better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the ASU expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The ASU is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements.

 

In February 2018, the FASB issued ASU No. 2018-02, Income Statement Reporting Comprehensive Income (Topic 220). The ASU provides an option for reclassification from accumulated other comprehensive loss to accumulated deficit for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. The ASU is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements.

   
  In June 2018, the FASB issued ASU No. 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The ASU is intended to reduce the cost and complexity and to improve financial reporting for nonemployee share-based payments. The ASU expands the scope of Topic 718. Compensation Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505-50, Equity-Equity-Based payments to Non-Employees. The ASU is effective for the Company for fiscal years beginning after December 15,2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than a company’s adoption date of Topic 606, Revenue from Contracts with Customers. The Company is currently evaluating the impact of the ASU, if any, on its condensed consolidated financial statements.

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Securities
9 Months Ended
Sep. 30, 2018
Securities Abstract  
Securities

(2) Securities. Securities have been classified according to management’s intent. The carrying amount of securities and approximate fair values are as follows (in thousands):

 

    Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair
Value
 
                         
At September 30, 2018:                                
Held to maturity -                                
Collateralized mortgage obligations   $ 7,419     $     $ (61 )   $ 7,358  
Available for sale -                                
SBA Pool Securities   $ 2,650     $     $ (72 )   $ 2,578  

 

    Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair s
Value
 
                         
At December 31, 2017:                                
Available for sale:                                
Collateralized mortgage obligations   $ 8,806     $     $ (340 )   $ 8,466  
SBA Pool Securities     2,965       10       (4 )     2,971  
                                 
Total   $ 11,771     $ 10     $ (344 )   $ 11,437  

 

In April 2018, the bank transferred securities of $7,945,000 from the available-for-sale category to the held-to-maturity category at their then fair values resulting in unrealized losses of $432,000. The unrealized loss which is recorded in the stockholders’ equity net of amortization and net of tax is being amortized over the remaining term of the securities. At September 30, 2018, $33,000 has been amortized.

 

There were no sales of securities available for sale during the nine month periods ended September 30, 2018 and 2017.

 

Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows (in thousands):

 

    At September 30, 2018  
    Over Twelve Months     Less Than Twelve Months  
    Gross
Unrealized
Losses
    Fair
Value
    Gross
Unrealized
Losses
    Fair
Value
 
Held to Maturity -                                
Collateralized Mortgage obligations   $ (34 )   $ 1,860     $ (27 )   $ 5,498  
Available for sale -                                
SBA Pool Securities   $ (28   $ 933     $ (44   $ 1,645  

 

    At December 31, 2017  
    Over Twelve Months     Less Than Twelve Months  
    Gross
Unrealized
Losses
    Fair
Value
    Gross
Unrealized
Losses
    Fair
Value
 
Available for Sale:                         
Collateralized mortgage obligations   $ (340 )   $ 8,466     $     $  
SBA Pools Securities     (3 )     539       (1 )     540  
    $ (343 )   $ 9,005     $ (1 )   $ 540  

 

 

Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrants such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospectus of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

 

At September 30, 2018 and December 31, 2017, the unrealized losses on twelve investment securities and nine investment securities, respectively, were caused by market conditions. It is expected that the securities would not be settled at a price less than the book value of the investments. Because the decline in fair value is attributable to market conditions and not credit quality, and because the Company has the ability and intent to hold these investments until their market price recovers or their maturity, these investments are not considered other-than-temporarily impaired.

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Loans
9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
Loans

(3) Loans. The components of loans are as follows (in thousands):

 

    At
September 30, 2018
    At
December 31, 2017
 
             
Residential real estate   $ 27,508     $ 26,054  
Multi-family real estate     8,251       7,356  
Commercial real estate     35,124       32,152  
Land and construction     1,725       1,051  
Commercial     5,050       4,522  
Consumer     352       794  
                 
Total loans     78,010       71,929  
                 
Add (deduct):                
Net deferred loan fees, costs and premiums     186       282  
Allowance for loan losses     (1,905     (3,991 )
                 
Loans, net   $ 76,291     $ 68,220  

   

  An analysis of the change in the allowance for loan losses follows (in thousands):

 

    Residential
Real Estate
    Multi-Family
Real Estate
    Commercial
Real Estate
    Land and
Construction
    Commercial     Consumer     Unallocated     Total  
Three Months Ended September 30, 2018:                                                
Beginning balance   $ 665     $ 53     $ 739     $ 26     $ 266     $ 42     $ 108     $ 1,899  
(Credit) provision for loan losses     (118     36       (222     (16     (4)       (12     336        
Charge-offs                                                
Recoveries                       6                         6  
                                                                 
Ending balance   $ 547     $ 89     $ 517     $ 16     $ 262     $ 30     $ 444     $ 1,905  
                                                                 
Three Months Ended September 30, 2017:                                                                
Beginning balance   $ 302     $ 73     $ 818     $ 65     $ 126     $ 152     $ 2,379     $ 3,915  
(Credit) provision for loan losses           (11 )     (49 )     (10 )     (59 )     22       107        
Charge-offs                                   (31 )           (31 )
Recoveries                       6             5             11  
                                                                 
Ending balance   $ 302     $ 62     $ 769     $ 61     $ 67     $ 148     $ 2,486     $ 3,895  
                                                 
Nine Months Ended September 30, 2018:                                                
Beginning balance   $ 641     $ 59     $ 759     $ 22     $ 55     $ 86     $ 2,369     $ 3,991  
(Credit) provision for loan losses     (94     30       (242     (24 )     207       (52     (1,925     (2,100
Charge-offs                                   (12           (12
Recoveries                       18             8             26  
                                                                 
Ending balance   $ 547     $ 89     $ 517     $ 16     $ 262     $ 30     $ 444     $ 1,905  
                                                                 
Nine Months Ended September 30, 2017:                                                                
Beginning balance   $ 310     $ 58     $ 787     $ 120     $ 188     $ 165     $ 2,287     $ 3,915  
(Credit) provision for loan losses     (8 )     4       (18 )     (71 )     (121 )     15       199        
Charge-offs                                   (40 )           (40 )
Recoveries                       12             8             20  
                                                                 
Ending balance   $ 302     $ 62     $ 769     $ 61     $ 67     $ 148     $ 2,486     $ 3,895  

   

    Residential Real Estate     Multi-
Family Real Estate
    Commercial Real Estate     Land and Construction     Commercial     Consumer     Unallocated     Total  
At September 30, 2018:                                                
Individually evaluated for impairment:                                                                
Recorded investment   $ 960     $     $ 222     $     $ 2,026     $     $     $ 3,208  
Balance in allowance for loan losses   $ 275     $     $ 90     $     $ 226     $     $     $ 591  
                                                                 
Collectively evaluated for impairment:                                                                
Recorded investment   $ 26,548     $ 8,251     $ 34,902     $ 1,725     $ 3,024     $ 352     $     $ 74,802  
Balance in allowance for loan losses   $ 272     $ 89     $ 427     $ 16     $ 36     $ 30     $ 444     $ 1,314  
                                                                 
At December 31, 2017:                                                                
Individually evaluated for impairment:                                                                
Recorded investment   $ 1,172     $     $ 975     $     $     $     $     $ 2,147  
Balance in allowance for loan losses   $ 330     $     $ 83     $     $     $     $     $ 413  
                                                                 
Collectively evaluated for impairment:                                                                
Recorded investment   $ 24,882     $ 7,356     $ 31,177     $ 1,051     $ 4,522     $ 794     $     $ 69,782  
Balance in allowance for loan losses   $ 311     $ 59     $ 676     $ 22     $ 55     $ 86     $ 2,369     $ 3,578  

  

  Residential Real Estate, Multi-Family Real Estate, Commercial Real Estate, Land and Construction. All loans are underwritten in accordance with policies set forth and approved by the Board of Directors (the “Board”), including repayment capacity and source, value of the underlying property, credit history and stability. Multi-family and commercial real estate loans are secured by the subject property and are underwritten based upon standards set forth in the policies approved by the Company’s Board. Such standards include, among other factors, loan to value limits, cash flow coverage and general creditworthiness of the obligors. Construction loans to borrowers finance the construction of owner occupied and leased properties. These loans are categorized as construction loans during the construction period, later converting to commercial or residential real estate loans after the construction is complete and amortization of the loan begins. Real estate development and construction loans are approved based on an analysis of the borrower and guarantor, the viability of the project and on an acceptable percentage of the appraised value of the property securing the loan. Real estate development and construction loan funds are disbursed periodically based on the percentage of construction completed. The Company carefully monitors these loans with on-site inspections and requires the receipt of lien waivers on funds advanced. Development and construction loans are typically secured by the properties under development or construction, and personal guarantees are typically obtained. Further, to assure that reliance is not placed solely on the value of the underlying property, the Company considers the market conditions and feasibility of proposed projects, the financial condition and reputation of the borrower and guarantors, the amount of the borrower’s equity in the project, independent appraisals, cost estimates and pre-construction sales information. The Company also makes loans on occasion for the purchase of land for future development by the borrower. Land loans are extended for future development for either commercial or residential use by the borrower. The Company carefully analyzes the intended use of the property and the viability thereof.
   
  Commercial. Commercial business loans and lines of credit consist of loans to small- and medium-sized companies in the Company’s market area. Commercial loans are generally used for working capital purposes or for acquiring equipment, inventory or furniture. Primarily all of the Company’s commercial loans are secured loans, along with a small amount of unsecured loans. The Company’s underwriting analysis consists of a review of the financial statements of the borrower, the lending history of the borrower, the debt service capabilities of the borrower, the projected cash flows of the business, the value of the collateral, if any, and whether the loan is guaranteed by the principals of the borrower. These loans are generally secured by accounts receivable, inventory and equipment. Commercial loans are typically made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business, which makes them of higher risk than residential loans and the collateral securing loans may be difficult to appraise and may fluctuate in value based on the success of the business. The Company seeks to minimize these risks through its underwriting standards.
   
  Consumer. Consumer loans are extended for various purposes, including purchases of automobiles, recreational vehicles, boats, home improvement loans lines of credit, personal loans and deposit account collateralized loans. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Loans to consumers are extended after a credit evaluation, including the creditworthiness of the borrower(s), the purpose of the credit, and the secondary source of repayment. Consumer loans are made at fixed and variable interest rates. Risk is mitigated by the fact that the loans are of smaller individual amounts.

 

  The following summarizes the loan credit quality (in thousands):

 

    Pass     OLEM
(Other
Loans
Especially Mentioned)
    Sub-
standard
    Doubtful     Loss     Total  
At September 30, 2018:                                                
Residential real estate   $ 26,548     $     $ 960     $     $     $ 27,508  
Multi-family real estate     8,251                               8,251  
Commercial real estate     31,804       3,098       222                   35,124  
Land and construction     1,725                               1,725  
Commercial     2,317       707       2,026                   5,050  
Consumer     352                               352  
                                                 
Total   $ 70,997     $ 3,805     $ 3,208     $     $     $ 78,010  
                                                 
At December 31, 2017:                                                
Residential real estate   $ 22,315     $ 2,494     $ 1,245     $     $     $ 26,054  
Multi-family real estate     7,356                               7,356  
Commercial real estate     24,704       6,473       975                   32,152  
Land and construction     1,051                               1,051  
Commercial     2,304       2,218                         4,522  
Consumer     794                               794  
                                                 
Total   $ 58,524     $ 11,185     $ 2,220     $     $     $ 71,929  

 

Internally assigned loan grades are defined as follows:

 

  Pass – a Pass loan’s primary source of loan repayment is satisfactory, with secondary sources very likely to be realized if necessary. These are loans that conform in all aspects to bank policy and regulatory requirements, and no repayment risk has been identified.
   
  OLEM – an Other Loan Especially Mentioned has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date.
   
  Substandard – a Substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Included in this category are loans that are current on their payments, but the Bank is unable to document the source of repayment. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
   
  Doubtful – a loan classified as Doubtful has all the weaknesses inherent in one classified as Substandard, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company charges off any loan classified as Doubtful.
   
  Loss – a loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company fully charges off any loan classified as Loss.

  

  Age analysis of past-due loans is as follows (in thousands):

 

At September 30, 2018 and December 31, 2017, no loans were past due more than thirty days and no loans were on nonaccrual.

 

The following summarizes the amount of impaired loans (in thousands):

 

    At September 30, 2018     At December 31, 2017  
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
 
With no related allowance recorded:                                                
Residential real estate   $     $     $     $ 194     $ 217     $  
Commercial real estate                       231       231        
Commercial     1,223       1,223                          
With related allowance recorded:                                                
Residential real estate   $ 960       960       275       978       978       330  
Commercial real estate   $ 222       222       90       744       744       83  
Commercial     803       803       226                    
Total                                                
Residential real estate   $ 960     $ 960     $ 275     $ 1,172     $ 1,195     $ 330  
Commercial real estate   $ 222     $ 222     $ 90     $ 975     $ 975     $ 83  
Commercial   $ 2,026       2,026       226     $     $     $  
Total   $ 3,208     $ 3,208     $ 591     $ 2,147     $ 2,170     $ 413  

 

The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows (in thousands):

 

    Three Months Ended September 30,  
    2018     2017  
    Average     Interest     Interest     Average     Interest     Interest  
    Recorded     Income     Income     Recorded     Income     Income  
    Investment     Recognized     Received     Investment     Recognized     Received  
                                     
Residential real estate   $ 962     $ 19     $ 19     $ 371     $ 12     $ 12  
Commercial real estate   $ 223     $ 3     $ 3     $ 991     $ 13     $ 13  
Commercial   $ 2,058     $   26     $   15     $     $     $  
Total   $ 3,243     $ 48     $ 37     $ 1,362     $ 25     $ 25  

 

    Nine Months Ended September 30,  
    2018     2017  
    Average     Interest     Interest     Average     Interest     Interest  
    Recorded     Income     Income     Recorded     Income     Income  
    Investment     Recognized     Received     Investment     Recognized     Received  
                                     
Residential real estate   $ 988     $ 57     $ 57     $ 371     $ 25     $ 25  
Commercial real estate   $ 449     $ 18     $ 18     $ 989     $ 25     $ 25  
Commercial   $ 1,541       60     $ 60     $     $     $  
Total   $ 2,978     $ 135     $ 135     $ 1,360     $ 50     $ 50  

 

  No loans have been determined to be troubled debt restructurings (TDR’s) during the nine month periods ended September 30, 2018 or 2017. At September 30, 2018 and 2017, there were no loans modified and entered into TDR’s within past twelve months, that subsequently defaulted during the nine month periods ended September 30, 2018 or 2017.

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Earnings (Loss) Per Share
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

(4) Earnings (Loss) Per Share. Basic Earnings (loss) per share has been computed on the basis of the weighted-average number of shares of common stock outstanding during the period. During the three and nine month periods ended September 30, 2018, basic and diluted earnings per share is the same as there were no outstanding potentially dilutive securities. During the three and nine month periods ended September 30, 2017, basic and diluted loss per share is the same due to the net loss incurred by the Company. Earnings (loss) per common share have been computed based on the following:

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2018     2017     2018     2017  
Weighted-average number of common shares outstanding used to calculate basic and diluted loss per common share     1,559,722       1,103,447       1,381,473       1,103,447  

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation
9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

(5) Stock-Based Compensation. The Company is authorized to grant stock options, stock grants and other forms of equity based compensation under its 2011 Equity Incentive Plan (“2011 Plan”) and its 2018 Equity Incentive Plan (the “2018 Plan”). Both plans have been approved by shareholders. The Company is authorized to issue up to 220,000 shares of common stock under the 2011 Plan, of which 218,881 have been issued, and 1,119 shares remains available for grant, and up to 250,000 shares of common stock under the 2018 Plan, none of which have been deemed to be issued.
   
  The Company’s only grants under the 2011 Plan have been the issuance of shares of common stock to directors for director’s fees and compensation for services rendered. As of April 1, 2017, the Company discontinued the issuance of common stock as a method of payment of director’s fees.
   
  During nine month period ended September 30, 2017, the Company accrued compensation expense of $8,858 with respect to 2,821 shares to be issued to directors at a value of $3.14 per share on account of director’s fees accrued during the first quarter of 2017. These shares were issued in 2018.
   
  During the nine months ended September 30, 2018, the Company accrued compensation expense of $200,000 with respect to 36,101 shares issued to a director for services performed in 2018. The Company had previously agreed to issue 105,820 shares to this director for services performed in 2016 and 2017. These shares were issued in 2018.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurements

(6) Fair Value Measurements. Impaired collateral-dependent loans are carried at fair value when the current collateral value is lower than the carrying value of the loan. Those impaired collateral-dependent loans which are measured at fair value on a nonrecurring basis are as follows (in thousands):

 

    Fair
Value
    Level 1     Level 2     Level 3     Total
Losses
   

Gains
Recorded in
Operations For the period ended

September 30, 2018

 
At September 30, 2018:                                                
Residential real estate   $ 685     $     $     $ 685     $ 275     $ 55  
Commercial     577                   577       226        
    $ 1,262     $     $     $ 1,262     $ 501     $ 55  

 

    Fair
Value
    Level 1     Level 2     Level 3     Total Losses    

Losses
Recorded in
Operations For the Year ended

December 31, 2017

 
At December 31, 2017-                                                
Residential real estate   $ 648     $     $     $ 648     $ 330     $  

 

Available-for-sale securities measured at fair value on a recurring basis are summarized below (in thousands):

 

    Fair Value Measurements Using  
    Fair
Value
    Quoted Prices
In Active Markets for Identical Assets
(Level 1)
    Significant Other Observable Inputs
(Level 2)
    Significant
Unobservable
Inputs (Level 3)
 
                                 
At September 30, 2018:                                
SBA Pool Securities   $ 2,578     $     $ 2,578     $  
                                 
At December 31, 2017:                                
Collateralized mortgage obligations   $ 8,466     $     $ 8,466     $  
SBA Pool Securities     2,971             2,971        
                                 
    $ 11,437     $     $ 11,437     $  

 

During the nine month periods ended September 30, 2018 and 2017, no securities were transferred in or out of Level 1, 2 or 3.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2018
Investments, All Other Investments [Abstract]  
Fair Value of Financial Instruments

(7) Fair Value of Financial Instruments. The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows (in thousands):

 

    At September 30, 2018   At December 31, 2017
    Carrying
Amount
    Fair
Value
    Level   Carrying
Amount
    Fair
Value
    Level
Financial assets:                                        
Cash and cash equivalents   $ 6,047     $ 6,047     1   $ 11,665     $ 11,665     1
Securities available for sale     2,578       2,578     2     11,437       11,437     2
Securities held to maturity     7,419       7,358     2                
Loans     76,291       76,124     3     68,220       68,079     3
Federal Home Loan Bank stock     1,215       1,215     3     979       979     3
Accrued interest receivable     361        361     3     316       316     3
                                         
Financial liabilities:                                        
Deposit liabilities     58,039       57,942     3     65,251       65,475     3
Federal Home Loan Bank advances     26,550       26,365     3     20,500       20,394     3
Junior subordinated debenture     5,155       N/A (1)   3     5,155       N/A (1)    3
Federal funds purchased               3               3
Off-balance sheet financial instruments               3               3

 

(1) The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to Note 10 for further information.

 

The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit, unused lines of credit, and standby letters of credit and may involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the condensed consolidated balance sheet. The contract amounts of these instruments reflect the extent of involvement the Company has in these financial instruments.

 

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments.

 

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the counterparty.

 

Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit to customers is essentially the same as that involved in extending loan facilities to customers. The Bank generally holds collateral supporting those commitments. Standby letters of credit generally have expiration dates within one year.

 

Commitments to extend credit, unused lines of credit, and standby letters of credit typically result in loans with a market interest rate when funded. A summary of the contractual amounts of the Company’s financial instruments with off-balance-sheet risk at September 30, 2018 follows (in thousands):

 

Commitments to extend credit   $ 2,100  
         
Unused lines of credit   $ 501  
         
Standby letters of credit   $ -  

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Regulatory Matters
9 Months Ended
Sep. 30, 2018
Banking and Thrift [Abstract]  
Regulatory Matters

(8) Regulatory Matters. The Bank is subject to various regulatory capital requirements administered by the bank regulatory agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.
   
  Effective January 1, 2015, the Bank, became subject to the new Basel III capital level threshold requirements under the Prompt Corrective Action regulations with full compliance with all of the final rule’s requirements phased in over a multi-year schedule. These new regulations were designed to ensure that banks maintain strong capital positions even in the event of severe economic downturns or unforeseen losses.
   
  Changes that could affect the Bank going forward include additional constraints on the inclusion of deferred tax assets in capital and increased risk weightings for nonperforming loans and acquisition/development loans in regulatory capital. Beginning on January 1, 2016, the Bank became subject to the capital conservation buffer rules which place limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers. In order to avoid these limitations, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. As of September 30, 2018 and December 31, 2017, the Bank’s capital conservation buffer exceeds the minimum requirements of 1.875% and 1.250%, respectively. The required buffer of 2.50% will be effective January 1, 2019.

 

  The following table shows the Bank’s capital amounts and ratios and regulatory thresholds at September 30, 2018 and December 31, 2017 (dollars in thousands):

 

    Actual     For Capital
Adequacy Purposes
    Minimum
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
 
    Amount     %     Amount     %     Amount     %  
At September 30, 2018:                                                
Total Capital to Risk-Weighted Assets   $ 12,587       16.11     $ 6,252       8.00     $ 7,815       10.00  
Tier I Capital to Risk-Weighted Assets     11,597       14.84       4,689       6.00       6,252       8.00  
Common equity Tier I capital to Risk-Weighted Assets     11,597       14.84       3,517       4.50       5,080       6.50  
Tier I Capital to Total Assets     11,597       12.50       3,712       4.00       4,640       5.00  
                                                 
At December 31, 2017:                                                
Total Capital to Risk-Weighted Assets   $ 10,484       15.08     $ 5,561       8.00     $ 6,951       10.00  
Tier I Capital to Risk-Weighted Assets     9,577       13.78       4,170       6.00       5,561       8.00  
Common equity Tier I capital to Risk-Weighted Assets     9,577       13.78       3,128       4.50       4,518       6.50  
Tier I Capital to Total Assets     9,577       8.89       4,307       4.00       5,383       5.00  

 

  Regulatory Enforcement Actions

 

  Memorandum of Understanding. On August 28, 2018, the Bank agreed to the issuance of a Memorandum of Understanding (the “MOU”), with the FDIC and OFR which requires the Bank to take certain measures to improve its safety and soundness. By agreeing to the MOU, the Bank was released from the Consent Order that became effective in 2016, including the restrictions on the interest rates paid on deposits.
   
  Pursuant to the MOU, the Bank is required to take certain measures to maintain qualified management, improve its strategic planning and budgeting process, strengthen the interest rate management practices, limit its asset growth and provide for the ongoing organization, monitoring and operational administration of the Bank Secrecy Act Program. The MOU prohibits the payment of dividends by the Bank.

 

  Company Written Agreement with Reserve Bank. On June 22, 2010, the Company and the Reserve Bank entered into a Written Agreement with respect to certain aspects of the operation and management of the Company. The Written Agreement prohibits, without the prior approval of the Reserve Bank, the payment of cash dividends, taking dividends or payments from the Bank, making any interest, principal or other distributions on account of the Debenture, incurring, increasing or guaranteeing any debt, purchasing or redeeming any shares of stock, or appointing any new director or senior executive officer. Management believes that the Company is in substantial compliance with the requirements of the Written Agreement.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Junior Subordinated Debenture
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Junior Subordinated Debenture

(9) Junior Subordinated Debenture. On September 30, 2004, the Company issued a $5,155,000 junior subordinated debenture (the “Debenture”) to Optimum Bank Holdings Capital Trust I, a Delaware statutory trust formed by the Company for the purpose of issuing and selling certain securities (the “Trust Preferred Securities”) representing undivided beneficial interests in the Debenture. The trust issued a total of 5,000 Trust Preferred Securities. The Debenture has a term of thirty years. The interest rate was fixed at 6.40% for the first five years, and thereafter, the coupon rate floats quarterly at the nine-month LIBOR rate plus 2.45% (5.05% at September 30, 2018). The Debenture is redeemable in certain circumstances. The terms of the Debenture allow the Company to defer payments of interest on the Debenture by extending the interest payment period at any time during the term of the Debenture for up to twenty consecutive quarterly periods.
   
  Beginning in 2010, the Company exercised its right to defer payment of interest on the Debenture. Interest payments deferred as of September 30, 2018 totaled $1,601,055. The Company has deferred interest payments with respect to the Debenture for the maximum allowable twenty consecutive quarterly payments. The Trustee for the Debenture and the beneficial owners of the Debenture can accelerate the $5,155,000 principal balance plus accrued and unpaid interest, as a result of this default. To date, neither the Trustee nor the holders have accelerated the outstanding balance of the Debenture. No adjustments to the accompanying condensed consolidated financial statements have been made as a result of this uncertainty. Under the Written Agreement, the Company is not able to make any interest or principal payments without the prior approval of the Federal Reserve Bank of Atlanta.
   
  In May 2018, a company affiliated with a director of the Company (the “New Holder”) purchased all 5,000 of Trust Preferred Securities from a third party. The Company and the New Holder have held discussions concerning a potential forbearance agreement with respect to the Debenture. To date, the Company and the New Holder have not entered into any definitive agreement with respect to any forbearance. During the third quarter of 2018, the New Holder sold its rights in approximately 694 of the Trust Preferred Securities to several unaffiliated third parties, who subsequently exchanged these Trust Preferred Securities for 301,778 shares of the Company’s common stock. The Company is optimistic a mutually beneficial agreement will be reached and a forbearance agreement will be executed in the future.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loan Loss Recovery
9 Months Ended
Sep. 30, 2018
Loan Loss Recovery  
Loan Loss Recovery

(10) Loan Loss Recovery. On January 6, 2016, the Bank completed a sale of judgement on a defaulted credit that resulted in a $1.8 million recovery of previously charged-off amounts to the Allowance for Loan and Lease Losses (“ALLL”). That increased the balance of the ALLL to approximately $4.2 million. On February 12, 2016, and amended May 6, 2016, pursuant to the terms and requirements of the Consent Order, Management resubmitted a written request to the FDIC for a partial reversal of the ALLL. During the second quarter of 2018, the FDIC approved management’s request. In June 2018, the Bank reversed $2.1 million of the ALLL into income.

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Bank Secrecy Act (''BSA'') Lookback Review
9 Months Ended
Sep. 30, 2018
Bank Secrecy Act Bsa Lookback Review  
Bank Secrecy Act ("BSA") Lookback Review

(11) Bank Secrecy Act (“BSA”) Lookback Review. Under the terms of the Consent Order, the Bank is required to perform a BSA lookback review. The Bank expects the cost of the BSA lookback review to be $235,000 based on an independent firm’s proposal for services. The proposal and ultimate agreement is subject to FDIC review and approval. Until the approval is received, these BSA services cannot be rendered. Once the BSA lookback review begins, the independent firm has 120 days to complete the work. As of September 30, 2018, the Bank has accrued $235,000 for the proposed services.

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Preferred Stock
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Preferred Stock

(12) Preferred Stock. Prior to 2016, the Company issued 7 shares of Series A Preferred Stock (the “Series A Preferred”) at a price of $25,000 per share to a director. Each share of the Series A Preferred has an initial liquidation preference of $25,000 per share was entitled to cumulative dividends at the rate of 10% per annum, provided that no dividends would be declared, paid or set aside for payment to the extent such act would cause the Company to fail to comply with any applicable regulatory requirements. In April 2018, the Company issued 79,186 shares of Common Stock in exchange for the 7 outstanding shares of the Series A Preferred.

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
General (Policies)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Going Concern Status

Going Concern Status. The Company is in default with respect to its $5,155,000 Junior Subordinated Debenture (“Debenture”) due to its failure to make certain required interest payments under the Debenture. The Debenture has been issued to Optimum Bank Holdings Capital Trust I, a Delaware statutory trust formed by the Company for the purpose of issuing and selling certain securities (the “Trust Preferred Securities”) representing undivided beneficial interests in the Debenture. The trust issued a total of 5,000 Trust Preferred Securities.

 

The Trustee, Wells Fargo Bank, for the Debenture (the “Trustee”) and the beneficial owners of the Debenture are entitled to accelerate the payment of the $5,155,000 principal balance plus accrued and unpaid interest totaling $1,601,055 at September 30, 2018. To date, neither the Trustee nor the holders have accelerated the outstanding balance of the Debenture. No adjustments to the accompanying condensed consolidated financial statements have been made as a result of this uncertainty.

In May 2018, a company affiliated with a director of the Company (the “New Holder”) purchased all 5,000 of Trust Preferred Securities from a third party. The Company and the New Holder have held discussions concerning a potential forbearance agreement with respect to the Debenture. To date, the Company and the New Holder have not entered into any definitive agreement with respect to any forbearance. During the third quarter of 2018, the New Holder sold its rights in approximately 694 of the Trust Preferred Securities to several unaffiliated third parties, who subsequently exchanged these Trust Preferred Securities for 301,778 shares of the Company’s common stock.

Comprehensive (Loss) Income

  Comprehensive (Loss) Income. GAAP generally requires that recognized revenue, expenses, gains and losses be included in net earnings (loss). Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the condensed consolidated balance sheets, such items along with net earnings (loss), are components of comprehensive (loss) income.

 

Accumulated other comprehensive loss consists of the following (in thousands):

 

    At September 30,     December 31,  
    2018     2017  
             
Unrealized loss on securities available for sale   $ (72   $ (334 )
Unamortized portion of unrealized loss related to securities available for sale transferred to securities held-to-maturity     (399 )      
Income tax benefit     119       84  
                 
    $ (352   $ (250 )

Income Taxes

  Income Taxes. The Company assessed its earnings history and trends and estimates of future earnings, and determined that the deferred tax asset could not be realized as of September 30, 2018. Accordingly, a valuation allowance was recorded against the net deferred tax asset.

Recent Pronouncements

 Recent Pronouncements. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-2, Leases (Topic 842) which will require lessees to recognize on the condensed consolidated balance sheet the assets and liabilities for the rights and obligations created by those leases with term of more than twelve months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. The new ASU will require both types of leases to be recognized on the condensed consolidated balance sheet. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the condensed consolidated financial statements. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Company is in the process of determining the effect of the ASU on its condensed consolidated financial statements. Early application will be permitted.

 

In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments-Credit Losses (Topic 326). The ASU improves financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by the Company. The ASU requires the Company to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. The Company will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the condensed consolidated financial statements. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU will take effect for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company is in the process of determining the effect of the ASU on its condensed consolidated financial statements.

 

In March 2017, FASB issued ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20) which amends the accounting for the amortization of premiums for certain purchased callable debt securities by shortening the amortization period to the earliest call date. The ASU is effective for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of the ASU, if any, on its condensed consolidated financial statements.

 

In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. The ASU was issued to provide clarity as to when to apply modification accounting when there is a change in the terms or conditions of a share-based payment award. The ASU requires an entity to account for the effects of a modification unless the fair value, vesting conditions, and balance sheet classification of the award is the same after the modification as compared to the original award prior to the modification. The ASU is effective for reporting periods beginning after December 15, 2017. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.

 

In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815) Targeted Improvements to Accounting for Hedge Activities. The ASU better aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the ASU expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The ASU is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements.

 

In February 2018, the FASB issued ASU No. 2018-02, Income Statement Reporting Comprehensive Income (Topic 220). The ASU provides an option for reclassification from accumulated other comprehensive loss to accumulated deficit for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate. The ASU is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements.

 
In June 2018, the FASB issued ASU No. 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The ASU is intended to reduce the cost and complexity and to improve financial reporting for nonemployee share-based payments. The ASU expands the scope of Topic 718. Compensation Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505-50, Equity-Equity-Based payments to Non-Employees. The ASU is effective for the Company for fiscal years beginning after December 15,2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than a company’s adoption date of Topic 606, Revenue from Contracts with Customers. The Company is currently evaluating the impact of the ASU, if any, on its condensed consolidated financial statements.

XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
General (Tables)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following (in thousands):

 

    At September 30,     December 31,  
    2018     2017  
             
Unrealized loss on securities available for sale   $ (72   $ (334 )
Unamortized portion of unrealized loss related to securities available for sale transferred to securities held-to-maturity     (399 )      
Income tax benefit     119       84  
                 
    $ (352   $ (250 )

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Securities (Tables)
9 Months Ended
Sep. 30, 2018
Securities Abstract  
Schedule of Amortized Cost and Approximate Fair Values of Securities

  The carrying amount of securities and approximate fair values are as follows (in thousands):

 

    Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair
Value
 
                         
At September 30, 2018:                                
Held to maturity -                                
Collateralized mortgage obligations   $ 7,419     $     $ (61 )   $ 7,358  
Available for sale -                                
SBA Pool Securities   $ 2,650     $     $ (72 )   $ 2,578  

 

    Amortized
Cost
    Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair s
Value
 
                         
At December 31, 2017:                                
Available for sale:                                
Collateralized mortgage obligations   $ 8,806     $     $ (340 )   $ 8,466  
SBA Pool Securities     2,965       10       (4 )     2,971  
                                 
Total   $ 11,771     $ 10     $ (344 )   $ 11,437  

Schedule of Securities with Gross Unrealized Losses, by Investment Category

Securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows (in thousands):

 

    At September 30, 2018  
    Over Twelve Months     Less Than Twelve Months  
    Gross
Unrealized
Losses
    Fair
Value
    Gross
Unrealized
Losses
    Fair
Value
 
Held to Maturity -                                
Collateralized Mortgage obligations   $ (34 )   $ 1,860     $ (27 )   $ 5,498  
Available for sale -                                
SBA Pool Securities   $ (28   $ 933     $ (44   $ 1,645  

 

    At December 31, 2017  
    Over Twelve Months     Less Than Twelve Months  
    Gross
Unrealized
Losses
    Fair
Value
    Gross
Unrealized
Losses
    Fair
Value
 
Available for Sale:                         
Collateralized mortgage obligations   $ (340 )   $ 8,466     $     $  
SBA Pools Securities     (3 )     539       (1 )     540  
    $ (343 )   $ 9,005     $ (1 )   $ 540  

XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans (Tables)
9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
Schedule of Components of Loans

  The components of loans are as follows (in thousands):

 

    At 
September 30, 2018
    At 
December 31, 2017
 
             
Residential real estate   $ 27,508     $ 26,054  
Multi-family real estate     8,251       7,356  
Commercial real estate     35,124       32,152  
Land and construction     1,725       1,051  
Commercial     5,050       4,522  
Consumer     352       794  
                 
Total loans     78,010       71,929  
                 
Add (deduct):                
Net deferred loan fees, costs and premiums     186       282  
Allowance for loan losses     (1,905     (3,991 )
                 
Loans, net   $ 76,291     $ 68,220  

Schedule of Change in Allowance for Loan Losses

  An analysis of the change in the allowance for loan losses follows (in thousands):

 

    Residential
Real Estate
    Multi-Family
Real Estate
    Commercial
Real Estate
    Land and
Construction
    Commercial     Consumer     Unallocated     Total  
Three Months Ended September 30, 2018:                                                
Beginning balance   $ 665     $ 53     $ 739     $ 26     $ 266     $ 42     $ 108     $ 1,899  
(Credit) provision for loan losses     (118     36       (222     (16     (4)       (12     336        
Charge-offs                                                
Recoveries                       6                         6  
                                                                 
Ending balance   $ 547     $ 89     $ 517     $ 16     $ 262     $ 30     $ 444     $ 1,905  
                                                                 
Three Months Ended September 30, 2017:                                                                
Beginning balance   $ 302     $ 73     $ 818     $ 65     $ 126     $ 152     $ 2,379     $ 3,915  
(Credit) provision for loan losses           (11 )     (49 )     (10 )     (59 )     22       107        
Charge-offs                                   (31 )           (31 )
Recoveries                       6             5             11  
                                                                 
Ending balance   $ 302     $ 62     $ 769     $ 61     $ 67     $ 148     $ 2,486     $ 3,895  
                                                 
Nine Months Ended September 30, 2018:                                                
Beginning balance   $ 641     $ 59     $ 759     $ 22     $ 55     $ 86     $ 2,369     $ 3,991  
(Credit) provision for loan losses     (94     30       (242     (24 )     207       (52     (1,925     (2,100
Charge-offs                                   (12           (12
Recoveries                       18             8             26  
                                                                 
Ending balance   $ 547     $ 89     $ 517     $ 16     $ 262     $ 30     $ 444     $ 1,905  
                                                                 
Nine Months Ended September 30, 2017:                                                                
Beginning balance   $ 310     $ 58     $ 787     $ 120     $ 188     $ 165     $ 2,287     $ 3,915  
(Credit) provision for loan losses     (8 )     4       (18 )     (71 )     (121 )     15       199        
Charge-offs                                   (40 )           (40 )
Recoveries                       12             8             20  
                                                                 
Ending balance   $ 302     $ 62     $ 769     $ 61     $ 67     $ 148     $ 2,486     $ 3,895  

   

    Residential Real Estate     Multi-
Family Real Estate
    Commercial Real Estate     Land and Construction     Commercial     Consumer     Unallocated     Total  
At September 30, 2018:                                                
Individually evaluated for impairment:                                                                
Recorded investment   $ 960     $     $ 222     $     $ 2,026     $     $     $ 3,208  
Balance in allowance for loan losses   $ 275     $     $ 90     $     $ 226     $     $     $ 591  
                                                                 
Collectively evaluated for impairment:                                                                
Recorded investment   $ 26,548     $ 8,251     $ 34,902     $ 1,725     $ 3,024     $ 352     $     $ 74,802  
Balance in allowance for loan losses   $ 272     $ 89     $ 427     $ 16     $ 36     $ 30     $ 444     $ 1,314  
                                                                 
At December 31, 2017:                                                                
Individually evaluated for impairment:                                                                
Recorded investment   $ 1,172     $     $ 975     $     $     $     $     $ 2,147  
Balance in allowance for loan losses   $ 330     $     $ 83     $     $     $     $     $ 413  
                                                                 
Collectively evaluated for impairment:                                                                
Recorded investment   $ 24,882     $ 7,356     $ 31,177     $ 1,051     $ 4,522     $ 794     $     $ 69,782  
Balance in allowance for loan losses   $ 311     $ 59     $ 676     $ 22     $ 55     $ 86     $ 2,369     $ 3,578  

Schedule of Loans by Credit Quality

  The following summarizes the loan credit quality (in thousands):

 

    Pass     OLEM 
(Other
Loans 
Especially Mentioned)
    Sub-
standard
    Doubtful     Loss     Total  
At September 30, 2018:                                                
Residential real estate   $ 26,548     $     $ 960     $     $     $ 27,508  
Multi-family real estate     8,251                               8,251  
Commercial real estate     31,804       3,098       222                   35,124  
Land and construction     1,725                               1,725  
Commercial     2,317       707       2,026                   5,050  
Consumer     352                               352  
                                                 
Total   $ 70,997     $ 3,805     $ 3,208     $     $     $ 78,010  
                                                 
At December 31, 2017:                                                
Residential real estate   $ 22,315     $ 2,494     $ 1,245     $     $     $ 26,054  
Multi-family real estate     7,356                               7,356  
Commercial real estate     24,704       6,473       975                   32,152  
Land and construction     1,051                               1,051  
Commercial     2,304       2,218                         4,522  
Consumer     794                               794  
                                                 
Total   $ 58,524     $ 11,185     $ 2,220     $     $     $ 71,929  

Schedule of Impaired Loans

The following summarizes the amount of impaired loans (in thousands):

 

    At September 30, 2018     At December 31, 2017  
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
    Recorded
Investment
    Unpaid
Principal
Balance
    Related
Allowance
 
With no related allowance recorded:                                                
Residential real estate   $     $     $     $ 194     $ 217     $  
Commercial real estate                       231       231        
Commercial     1,223       1,223                          
With related allowance recorded:                                                
Residential real estate   $ 960       960       275       978       978       330  
Commercial real estate   $ 222       222       90       744       744       83  
Commercial     803       803       226                    
Total                                                
Residential real estate   $ 960     $ 960     $ 275     $ 1,172     $ 1,195     $ 330  
Commercial real estate   $ 222     $ 222     $ 90     $ 975     $ 975     $ 83  
Commercial   $ 2,026       2,026       226     $     $     $  
Total   $ 3,208     $ 3,208     $ 591     $ 2,147     $ 2,170     $ 413  

Schedule of Interest Income Recognized and Received on Impaired Loans

The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows (in thousands):

 

    Three Months Ended September 30,  
    2018     2017  
    Average     Interest     Interest     Average     Interest     Interest  
    Recorded     Income     Income     Recorded     Income     Income  
    Investment     Recognized     Received     Investment     Recognized     Received  
                                     
Residential real estate   $ 962     $ 19     $ 19     $ 371     $ 12     $ 12  
Commercial real estate   $ 223     $ 3     $ 3     $ 991     $ 13     $ 13  
Commercial   $ 2,058     $   26     $   15     $     $     $  
Total   $ 3,243     $ 48     $ 37     $ 1,362     $ 25     $ 25  

 

    Nine Months Ended September 30,  
    2018     2017  
    Average     Interest     Interest     Average     Interest     Interest  
    Recorded     Income     Income     Recorded     Income     Income  
    Investment     Recognized     Received     Investment     Recognized     Received  
                                     
Residential real estate   $ 988     $ 57     $ 57     $ 371     $ 25     $ 25  
Commercial real estate   $ 449     $ 18     $ 18     $ 989     $ 25     $ 25  
Commercial   $ 1,541       60     $ 60     $     $     $  
Total   $ 2,978     $ 135     $ 135     $ 1,360     $ 50     $ 50  

XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Earnings (Loss) Per Share (Tables)
9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares

Earnings (loss) per common share have been computed based on the following:

 

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2018     2017     2018     2017  
Weighted-average number of common shares outstanding used to calculate basic and diluted loss per common share     1,559,722       1,103,447       1,381,473       1,103,447  

XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured on Nonrecurring Basis

  Those impaired collateral-dependent loans which are measured at fair value on a nonrecurring basis are as follows (in thousands):

 

    Fair
Value
    Level 1     Level 2     Level 3     Total
Losses
   

Gains
Recorded in
Operations For the period ended

September 30, 2018

 
At September 30, 2018:                                                
Residential real estate   $ 685     $     $     $ 685     $ 275     $ 55  
Commercial     577                   577       226        
    $ 1,262     $     $     $ 1,262     $ 501     $ 55  

 

    Fair
Value
    Level 1     Level 2     Level 3     Total Losses    

Losses
Recorded in
Operations For the Year ended

December 31, 2017

 
At December 31, 2017-                                                
Residential real estate   $ 648     $     $     $ 648     $ 330     $  

Schedule of Assets Measured on a Recurring Basis

Available-for-sale securities measured at fair value on a recurring basis are summarized below (in thousands):

 

    Fair Value Measurements Using  
    Fair
Value
    Quoted Prices
In Active Markets for Identical Assets 
(Level 1)
    Significant Other Observable Inputs 
(Level 2)
    Significant
Unobservable
Inputs (Level 3)
 
                                 
At September 30, 2018:                                
SBA Pool Securities   $ 2,578     $     $ 2,578     $  
                                 
At December 31, 2017:                                
Collateralized mortgage obligations   $ 8,466     $     $ 8,466     $  
SBA Pool Securities     2,971             2,971        
                                 
    $ 11,437     $     $ 11,437     $  

XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2018
Investments, All Other Investments [Abstract]  
Schedule of Estimated Fair Value of Financial Instruments

  The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows (in thousands):

 

    At September 30, 2018   At December 31, 2017
    Carrying 
Amount
    Fair 
Value
    Level   Carrying 
Amount
    Fair 
Value
    Level
Financial assets:                                        
Cash and cash equivalents   $ 6,047     $ 6,047     1   $ 11,665     $ 11,665     1
Securities available for sale     2,578       2,578     2     11,437       11,437     2
Securities held to maturity     7,419       7,358     2                
Loans     76,291       76,124     3     68,220       68,079     3
Federal Home Loan Bank stock     1,215       1,215     3     979       979     3
Accrued interest receivable     361        361     3     316       316     3
                                         
Financial liabilities:                                        
Deposit liabilities     58,039       57,942     3     65,251       65,475     3
Federal Home Loan Bank advances     26,550       26,365     3     20,500       20,394     3
Junior subordinated debenture     5,155       N/A (1)   3     5,155       N/A (1)    3
Federal funds purchased               3               3
Off-balance sheet financial instruments               3               3

 

(1) The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to Note 10 for further information.

Summary of Contractual Amounts of Financial Instruments

A summary of the contractual amounts of the Company’s financial instruments with off-balance-sheet risk at September 30, 2018 follows (in thousands):

 

Commitments to extend credit   $ 2,100  
         
Unused lines of credit   $ 501  
         
Standby letters of credit   $ -  

XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Regulatory Matters (Tables)
9 Months Ended
Sep. 30, 2018
Banking and Thrift [Abstract]  
Schedule of Capital Amounts, Ratios and Regulatory Thresholds

  The following table shows the Bank’s capital amounts and ratios and regulatory thresholds at September 30, 2018 and December 31, 2017 (dollars in thousands):

 

    Actual     For Capital
Adequacy Purposes
    Minimum
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
 
    Amount     %     Amount     %     Amount     %  
At September 30, 2018:                                                
Total Capital to Risk-Weighted Assets   $ 12,587       16.11     $ 6,252       8.00     $ 7,815       10.00  
Tier I Capital to Risk-Weighted Assets     11,597       14.84       4,689       6.00       6,252       8.00  
Common equity Tier I capital to Risk-Weighted Assets     11,597       14.84       3,517       4.50       5,080       6.50  
Tier I Capital to Total Assets     11,597       12.50       3,712       4.00       4,640       5.00  
                                                 
At December 31, 2017:                                                
Total Capital to Risk-Weighted Assets   $ 10,484       15.08     $ 5,561       8.00     $ 6,951       10.00  
Tier I Capital to Risk-Weighted Assets     9,577       13.78       4,170       6.00       5,561       8.00  
Common equity Tier I capital to Risk-Weighted Assets     9,577       13.78       3,128       4.50       4,518       6.50  
Tier I Capital to Total Assets     9,577       8.89       4,307       4.00       5,383       5.00  

XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
General (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
May 31, 2018
Sep. 30, 2018
Sep. 30, 2018
Ownership percentage   100.00% 100.00%
Junior subordinated debenture   $ 5,155,000 $ 5,155,000
Trust preferred securities   694 5,000
Debt instrument periodic payment, principal     $ 5,155,000
Accrued and unpaid interest payable   $ 1,601,055 $ 1,601,055
Common stock issued in exchange for Trust Preferred Securities   301,778  
Director [Member]      
Trust preferred securities 5,000    
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
General - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Accounting Policies [Abstract]    
Unrealized loss on securities available for sale $ (72) $ (334)
Unamortized portion of unrealized loss related to securities available for sale transferred to securities held-to-maturity (399)
Income tax benefit 119 84
Accumulated other comprehensive loss $ (352) $ (250)
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Securities (Details Narrative)
$ in Thousands
Sep. 30, 2018
USD ($)
Number
Apr. 30, 2018
USD ($)
Dec. 31, 2017
USD ($)
Number
Sep. 30, 2017
USD ($)
Securities Abstract        
Held-to-maturity $ 7,419 $ 7,945  
Unrealized losses of held-to-maturity   $ 432    
Amortized cost on held-to-maturity 33      
Available for sale securities    
Investment securities in unrealized loss position | Number 12   9  
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Securities - Schedule of Amortized Cost and Approximate Fair Values of Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Apr. 30, 2018
Dec. 31, 2017
Held to maturity, amortized cost $ 33    
Held to maturity, gross unrealized losses   $ (432)  
Available for sale, fair value 2,578   $ 11,437
Total, amortized cost     11,771
Total, gross unrealized gains     10
Total, gross unrealized losses     (344)
Total, fair value     11,437
Collateralized Mortgage Obligations [Member]      
Held to maturity, amortized cost 7,419    
Held to maturity, gross unrealized gains    
Held to maturity, gross unrealized losses (61)    
Held to maturity, gross fair value 7,358    
Available for sale, amortized cost     8,806
Available for sale, gross unrealized gains    
Available for sale, gross unrealized losses     (340)
Available for sale, fair value     8,466
SBA Pools Securities [Member]      
Available for sale, amortized cost 2,650   2,965
Available for sale, gross unrealized gains   10
Available for sale, gross unrealized losses (72)   (4)
Available for sale, fair value $ 2,578   $ 2,971
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Securities - Schedule of Securities with Gross Unrealized Losses, by Investment Category (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses   $ (343)
Available for Sale, Securities Position Over 12 Months, Fair Value   9,005
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses   (1)
Available for Sale, Securities Position Less than 12 Month, Fair Value   540
Collateralized Mortgage Obligations [Member]    
Held to Maturity, Securities Position Over 12 Months, Gross Unrealized Losses $ (34)  
Held to Maturity, Securities Position Over 12 Months,Fair Value 1,860  
Held to Maturity, Securities Position Less Than 12 Months, Gross Unrealized Losses (27)  
Held to Maturity, Securities Position Less Than 12 Months, Fair Value 5,498  
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses   (340)
Available for Sale, Securities Position Over 12 Months, Fair Value   8,466
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses  
Available for Sale, Securities Position Less than 12 Month, Fair Value  
SBA Pools Securities [Member]    
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses (28) (3)
Available for Sale, Securities Position Over 12 Months, Fair Value 933 539
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses (44) (1)
Available for Sale, Securities Position Less than 12 Month, Fair Value $ 1,645 $ 540
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans - Schedule of Components of Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Jun. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Dec. 31, 2016
Jan. 06, 2016
Total loans $ 78,010   $ 71,929        
Add: Net deferred loan fees, costs and premiums 186   282        
Less: Allowance for loan losses (1,905) $ (1,899) (3,991) $ (3,895) $ (3,915) $ (3,915) $ (4,200)
Loans, net 76,291   68,220        
Residential Real Estate [Member]              
Total loans 27,508   26,054        
Less: Allowance for loan losses (547) (665) (641) (302) (302) (310)  
Multi-Family Real Estate [Member]              
Total loans 8,251   7,356        
Less: Allowance for loan losses (89) (53) (59) (62) (73) (58)  
Commercial Real Estate [Member]              
Total loans 35,124   32,152        
Less: Allowance for loan losses (517) (739) (759) (769) (818) (787)  
Land and Construction [Member]              
Total loans 1,725   1,051        
Less: Allowance for loan losses (16) (26) (22) (61) (65) (120)  
Commercial [Member]              
Total loans 5,050   4,522        
Less: Allowance for loan losses (262) (266) (55) (67) (126) (188)  
Consumer [Member]              
Total loans 352   794        
Less: Allowance for loan losses $ (30) $ (42) $ (86) $ (148) $ (152) $ (165)  
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans - Schedule of Change in Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Beginning balance $ 1,899 $ 3,915 $ 3,991 $ 3,915  
(Credit) provision for loan losses (2,100)  
Charge-offs (31) (12) (40)  
Recoveries 6 11 26 20  
Ending balance 1,905 3,895 1,905 3,895  
Individually evaluated for impairment, Recorded investment 3,208   3,208   $ 2,147
Individually evaluated for impairment, Allowance for loan losses 591   591   413
Collectively evaluated for impairment, Recorded investment 74,802   74,802   69,782
Collectively evaluated for impairment, Allowance for loan losses 1,314   1,314   3,578
Residential Real Estate [Member]          
Beginning balance 665 302 641 310  
(Credit) provision for loan losses (118) (94) (8)  
Charge-offs  
Recoveries  
Ending balance 547 302 547 302  
Individually evaluated for impairment, Recorded investment 960   960   1,172
Individually evaluated for impairment, Allowance for loan losses 275   275   330
Collectively evaluated for impairment, Recorded investment 26,548   26,548   24,882
Collectively evaluated for impairment, Allowance for loan losses 272   272   311
Multi-Family Real Estate [Member]          
Beginning balance 53 73 59 58  
(Credit) provision for loan losses 36 (11) 30 4  
Charge-offs  
Recoveries  
Ending balance 89 62 89 62  
Individually evaluated for impairment, Recorded investment    
Individually evaluated for impairment, Allowance for loan losses    
Collectively evaluated for impairment, Recorded investment 8,251   8,251   7,356
Collectively evaluated for impairment, Allowance for loan losses 89   89   59
Commercial Real Estate [Member]          
Beginning balance 739 818 759 787  
(Credit) provision for loan losses (222) (49) (242) (18)  
Charge-offs  
Recoveries  
Ending balance 517 769 517 769  
Individually evaluated for impairment, Recorded investment 222   222   975
Individually evaluated for impairment, Allowance for loan losses 90   90   83
Collectively evaluated for impairment, Recorded investment 34,902   34,902   31,177
Collectively evaluated for impairment, Allowance for loan losses 427   427   676
Land and Construction [Member]          
Beginning balance 26 65 22 120  
(Credit) provision for loan losses (16) (10) (24) (71)  
Charge-offs  
Recoveries 6 6 18 12  
Ending balance 16 61 16 61  
Individually evaluated for impairment, Recorded investment    
Individually evaluated for impairment, Allowance for loan losses    
Collectively evaluated for impairment, Recorded investment 1,725   1,725   1,051
Collectively evaluated for impairment, Allowance for loan losses 16   16   22
Commercial [Member]          
Beginning balance 266 126 55 188  
(Credit) provision for loan losses (4) (59) 207 (121)  
Charge-offs  
Recoveries  
Ending balance 262 67 262 67  
Individually evaluated for impairment, Recorded investment 2,026   2,026  
Individually evaluated for impairment, Allowance for loan losses 226   226  
Collectively evaluated for impairment, Recorded investment 3,024   3,024   4,522
Collectively evaluated for impairment, Allowance for loan losses 36   36   55
Consumer [Member]          
Beginning balance 42 152 86 165  
(Credit) provision for loan losses (12) 22 (52) 15  
Charge-offs (31) (12) (40)  
Recoveries 5 8 8  
Ending balance 30 148 30 148  
Individually evaluated for impairment, Recorded investment    
Individually evaluated for impairment, Allowance for loan losses    
Collectively evaluated for impairment, Recorded investment 352   352   794
Collectively evaluated for impairment, Allowance for loan losses 30   30   86
Unallocated [Member]          
Beginning balance 108 2,379 2,369 2,287  
(Credit) provision for loan losses 336 107 (1,925) 199  
Charge-offs  
Recoveries  
Ending balance 444 $ 2,486 444 $ 2,486  
Individually evaluated for impairment, Recorded investment    
Individually evaluated for impairment, Allowance for loan losses    
Collectively evaluated for impairment, Recorded investment    
Collectively evaluated for impairment, Allowance for loan losses $ 444   $ 444   $ 2,369
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans - Schedule of Loans by Credit Quality (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Risk rated loans $ 78,010 $ 71,929
Pass [Member]    
Risk rated loans 70,997 58,524
OLEM (Other Loans Especially Mentioned) [Member]    
Risk rated loans 3,805 11,185
Substandard [Member]    
Risk rated loans 3,208 2,220
Doubtful [Member]    
Risk rated loans
Loss [Member]    
Risk rated loans
Residential Real Estate [Member]    
Risk rated loans 27,508 26,054
Residential Real Estate [Member] | Pass [Member]    
Risk rated loans 26,548 22,315
Residential Real Estate [Member] | OLEM (Other Loans Especially Mentioned) [Member]    
Risk rated loans 2,494
Residential Real Estate [Member] | Substandard [Member]    
Risk rated loans 960 1,245
Residential Real Estate [Member] | Doubtful [Member]    
Risk rated loans
Residential Real Estate [Member] | Loss [Member]    
Risk rated loans
Multi-Family Real Estate [Member]    
Risk rated loans 8,251 7,356
Multi-Family Real Estate [Member] | Pass [Member]    
Risk rated loans 8,251 7,356
Multi-Family Real Estate [Member] | OLEM (Other Loans Especially Mentioned) [Member]    
Risk rated loans
Multi-Family Real Estate [Member] | Substandard [Member]    
Risk rated loans
Multi-Family Real Estate [Member] | Doubtful [Member]    
Risk rated loans
Multi-Family Real Estate [Member] | Loss [Member]    
Risk rated loans
Commercial Real Estate [Member]    
Risk rated loans 35,124 32,152
Commercial Real Estate [Member] | Pass [Member]    
Risk rated loans 31,804 24,704
Commercial Real Estate [Member] | OLEM (Other Loans Especially Mentioned) [Member]    
Risk rated loans 3,098 6,473
Commercial Real Estate [Member] | Substandard [Member]    
Risk rated loans 222 975
Commercial Real Estate [Member] | Doubtful [Member]    
Risk rated loans
Commercial Real Estate [Member] | Loss [Member]    
Risk rated loans
Land and Construction [Member]    
Risk rated loans 1,725 1,051
Land and Construction [Member] | Pass [Member]    
Risk rated loans 1,725 1,051
Land and Construction [Member] | OLEM (Other Loans Especially Mentioned) [Member]    
Risk rated loans
Land and Construction [Member] | Substandard [Member]    
Risk rated loans
Land and Construction [Member] | Doubtful [Member]    
Risk rated loans
Land and Construction [Member] | Loss [Member]    
Risk rated loans
Commercial [Member]    
Risk rated loans 5,050 4,522
Commercial [Member] | Pass [Member]    
Risk rated loans 2,317 2,304
Commercial [Member] | OLEM (Other Loans Especially Mentioned) [Member]    
Risk rated loans 707 2,218
Commercial [Member] | Substandard [Member]    
Risk rated loans 2,026
Commercial [Member] | Doubtful [Member]    
Risk rated loans
Commercial [Member] | Loss [Member]    
Risk rated loans
Consumer [Member]    
Risk rated loans 352 794
Consumer [Member] | Pass [Member]    
Risk rated loans 352 794
Consumer [Member] | OLEM (Other Loans Especially Mentioned) [Member]    
Risk rated loans
Consumer [Member] | Substandard [Member]    
Risk rated loans
Consumer [Member] | Doubtful [Member]    
Risk rated loans
Consumer [Member] | Loss [Member]    
Risk rated loans
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans - Schedule of Impaired Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Total recorded investment $ 3,208 $ 2,174
Total unpaid principal balance 3,208 2,170
Total related allowance 591 413
Residential Real Estate [Member]    
Recorded Investment , With no related allowance recorded 194
Unpaid Principal Balance, With no related allowance recorded 217
Related Allowance, With no related allowance recorded
Recorded Investment , With related allowance recorded 960 978
Unpaid Principal Balance, With related allowance recorded 960 978
Related Allowance, With related allowance recorded 275 330
Total recorded investment 960 1,172
Total unpaid principal balance 960 1,195
Total related allowance 275 330
Commercial Real Estate [Member]    
Recorded Investment , With no related allowance recorded 231
Unpaid Principal Balance, With no related allowance recorded 231
Related Allowance, With no related allowance recorded
Recorded Investment , With related allowance recorded 222 744
Unpaid Principal Balance, With related allowance recorded 222 744
Related Allowance, With related allowance recorded 90 83
Total recorded investment 222 975
Total unpaid principal balance 222 975
Total related allowance 90 83
Commercial [Member]    
Recorded Investment , With no related allowance recorded 1,223
Unpaid Principal Balance, With no related allowance recorded 1,223
Related Allowance, With no related allowance recorded
Recorded Investment , With related allowance recorded 803
Unpaid Principal Balance, With related allowance recorded 803
Related Allowance, With related allowance recorded 226
Total recorded investment 2,026
Total unpaid principal balance 2,026
Total related allowance $ 226
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans - Schedule of Interest Income Recognized and Received on Impaired Loans (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Impaired loans - Average Recorded Investment $ 3,243 $ 1,362 $ 2,978 $ 1,360
Impaired loans - Interest Income Recognized 48 25 135 50
Impaired loans - Interest Income Received 37 25 135 50
Residential Real Estate [Member]        
Impaired loans - Average Recorded Investment 962 371 988 371
Impaired loans - Interest Income Recognized 19 12 57 25
Impaired loans - Interest Income Received 19 12 57 25
Commercial Real Estate [Member]        
Impaired loans - Average Recorded Investment 223 991 449 989
Impaired loans - Interest Income Recognized 3 13 18 25
Impaired loans - Interest Income Received 3 13 18 25
Commercial [Member]        
Impaired loans - Average Recorded Investment 2,058 1,541
Impaired loans - Interest Income Recognized 26 60
Impaired loans - Interest Income Received $ 15 $ 60
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Earnings (Loss) Per Share - Schedule of Weighted Average Number of Shares (Details) - shares
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Earnings Per Share [Abstract]        
Weighted-average number of common shares outstanding used to calculate basic and diluted loss per common share 1,559,722 1,103,447 1,381,473 1,103,447
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stock-Based Compensation (Details Narrative) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Share-based compensation expense, value $ 615,000  
Directors [Member]    
Share-based compensation expense, value $ 200,000 $ 8,858
Share-based compensation expense, shares 36,101 2,821
Shares issued, price per share   $ 3.14
Number of stock issuable during prior periods 105,820  
2011 Equity Incentive Plan [Member]    
Number of shares authorized 220,000  
Number of shares issued 218,881  
2018 Equity Incentive Plan [Member]    
Number of shares authorized 250,000  
Number of shares issued  
Shares available for grant 1,119  
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements (Details Narrative) - shares
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]    
Securities wear transferred in or out
Significant Other Observable Inputs (Level 2) [Member]    
Securities wear transferred in or out
Significant Unobservable Inputs (Level 3) [Member]    
Securities wear transferred in or out
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements - Schedule of Assets Measured on Nonrecurring Basis (Details) - Fair Value Measurements Nonrecurring [Member] - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Cumulative fair value losses $ 501  
Gains recorded in operations during the period 55  
Fair Value [Member]    
Loans receivable, fair value 1,262  
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]    
Loans receivable, fair value  
Significant Other Observable Inputs (Level 2) [Member]    
Loans receivable, fair value  
Significant Unobservable Inputs (Level 3) [Member]    
Loans receivable, fair value 1,262  
Residential Real Estate [Member]    
Cumulative fair value losses 275 $ 330
Gains recorded in operations during the period 55
Residential Real Estate [Member] | Fair Value [Member]    
Loans receivable, fair value 685 648
Residential Real Estate [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]    
Loans receivable, fair value
Residential Real Estate [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Loans receivable, fair value
Residential Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Loans receivable, fair value 685 $ 648
Commercial [Member]    
Cumulative fair value losses 226  
Gains recorded in operations during the period  
Commercial [Member] | Fair Value [Member]    
Loans receivable, fair value 577  
Commercial [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]    
Loans receivable, fair value  
Commercial [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Loans receivable, fair value  
Commercial [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Loans receivable, fair value $ 577  
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements - Schedule of Assets Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Available-for-sale securities $ 2,578 $ 11,437
SBA Pools Securities [Member]    
Available-for-sale securities 2,578 2,971
Collateralized Mortgage Obligations [Member]    
Available-for-sale securities   8,466
Fair Value, Measurements, Recurring [Member] | Fair Value [Member]    
Available-for-sale securities   11,437
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | SBA Pools Securities [Member]    
Available-for-sale securities 2,578 2,971
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Collateralized Mortgage Obligations [Member]    
Available-for-sale securities   8,466
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]    
Available-for-sale securities  
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | SBA Pools Securities [Member]    
Available-for-sale securities
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member] | Collateralized Mortgage Obligations [Member]    
Available-for-sale securities  
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Available-for-sale securities   11,437
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | SBA Pools Securities [Member]    
Available-for-sale securities 2,578 2,971
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligations [Member]    
Available-for-sale securities   8,466
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Available-for-sale securities  
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | SBA Pools Securities [Member]    
Available-for-sale securities
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Collateralized Mortgage Obligations [Member]    
Available-for-sale securities  
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value of Financial Instruments - Schedule of Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Apr. 30, 2018
Dec. 31, 2017
Securities available for sale $ 2,578   $ 11,437
Securities held to maturity 7,419 $ 7,945
Accrued interest receivable 361   316
Carrying Amount [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]      
Cash and cash equivalents 6,047   11,665
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member]      
Securities available for sale 2,578   11,437
Securities held to maturity 7,419    
Carrying Amount [Member] | Significant Unobservable Inputs (Level 3) [Member]      
Securities held to maturity    
Loans 76,291   68,220
Federal Home Loan Bank stock 1,215   979
Accrued interest receivable 361   316
Deposit liabilities 58,039   65,251
Federal Home Loan Bank advances 26,550   20,500
Junior subordinated debenture 5,155   5,155
Federal funds purchased  
Off-balance sheet financial instruments  
Fair Value [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]      
Cash and cash equivalents 6,047   11,665
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]      
Securities available for sale 2,578   11,437
Securities held to maturity 7,358    
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member]      
Securities held to maturity    
Loans 76,124   68,079
Federal Home Loan Bank stock 1,215   979
Accrued interest receivable 361   316
Deposit liabilities 57,942   65,475
Federal Home Loan Bank advances 26,365   20,394
Junior subordinated debenture [1]  
Federal funds purchased  
Off-balance sheet financial instruments  
[1] The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to Note 10 for further information.
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value of Financial Instruments - Summary of Contractual Amounts of Financial Instruments (Details)
$ in Thousands
Sep. 30, 2018
USD ($)
Commitments to Extend Credit [Member]  
Investments $ 2,100
Unused lines of Credit [Member]  
Investments 501
Standby Letters of Credit [Member]  
Investments
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Regulatory Matters (Details Narrative)
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Minimum requirement of capital conservation buffer, ratio 1.875% 1.25%
Minimum requirement of capital conservation buffer, ratio description The required buffer of 2.50% will be effective January 1, 2019.  
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Regulatory Matters - Schedule of Capital Amounts, Ratios and Regulatory Thresholds (Details) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Banking and Thrift [Abstract]    
Total Capital to Risk-Weighted Assets $ 12,587 $ 10,484
Total Capital to Risk-Weighted Assets ratio 16.11% 15.08%
Tier I Capital to Risk-Weighted Assets $ 11,597 $ 9,577
Tier I Capital to Risk-Weighted Assets ratio 14.84% 13.78%
Common equity Tier 1 capital to Risk-Weighted Assets $ 11,597 $ 9,577
Common equity Tier 1 capital to Risk-Weighted Assets, ratio 14.84% 13.78%
Tier I Capital to Total Assets $ 11,597 $ 9,577
Tier I Capital to Total Assets ratio 12.50% 8.89%
Minimum amount of capital for adequacy purposes $ 6,252 $ 5,561
Minimum amount of capital for adequacy purposes, ratio 8.00% 8.00%
Minimum amount of Tier 1 Capital for adequacy purposes $ 4,689 $ 4,170
Minimum amount of Tier 1 Capital for adequacy purposes, ratio 6.00% 6.00%
Common equity Tier 1 capital to Risk-Weighted Assets for adequacy purposes $ 3,517 $ 3,128
Common equity Tier 1 capital to Risk-Weighted Assets for adequacy purposes, ratio 4.50% 4.50%
Minimum amount of Tier 1 Capital for adequacy purposes $ 3,712 $ 4,307
Minimum amount of Tier 1 Capital for adequacy purposes, ratio 4.00% 4.00%
Minimum Capital required to be well-capitalized $ 7,815 $ 6,951
Minimum Capital required to be well-capitalized, ratio 10.00% 10.00%
Minimum Tier 1 Capital required to be well-capitalized $ 6,252 $ 5,561
Minimum Tier 1 Capital required to be well-capitalized, ratio 8.00% 8.00%
Common equity Tier I capital to Risk-Weighted Assets to be well-capitalized $ 5,080 $ 4,518
Common equity Tier I capital to Risk-Weighted Assets to be well-capitalized, ratio 6.50% 6.50%
Minimum Capital required to be well-capitalized $ 4,640 $ 5,383
Minimum Capital required to be well-capitalized, ratio 5.00% 5.00%
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Junior Subordinated Debenture (Details Narrative) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2004
May 31, 2018
Sep. 30, 2018
Sep. 30, 2018
Junior subordinated debenture principal plus accrued and unpaid interest amount $ 5,155,000      
Debenture term 30 years      
Debt instrument interest rate stated 6.40%      
Trust preferred securities     694 5,000
Debt interest rate terms The interest rate was fixed at 6.40% for the first five years, and thereafter, the coupon rate floats quarterly at the nine-month LIBOR rate plus 2.45% (5.05% at September 30, 2018).      
Deferred interest payments on debenture    
Accrued and unpaid interest payable     $ 1,601,055 1,601,055
Debt instrument periodic payment, principal       $ 5,155,000
Common stock issued in exchange for Trust Preferred Securities     301,778  
Director [Member]        
Trust preferred securities   5,000    
LIBOR [Member]        
Variable interest rate 2.45%     5.05%
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loan Loss Recovery (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Jan. 06, 2016
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Dec. 31, 2016
Loan Loss Recovery                  
Recovery of previously charged-off amounts to the allowance for loan and lease losses $ 1,800                
Allowance for loan and lease losses $ 4,200 $ 1,905 $ 3,895 $ 1,905 $ 3,895 $ 1,899 $ 3,991 $ 3,915 $ 3,915
Provision for loan losses   $ 2,100        
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Bank Secrecy Act (''BSA'') Lookback Review (Details Narrative)
9 Months Ended
Sep. 30, 2018
USD ($)
Expects cost under Bank Secrecy Act $ 235,000
Bank Secrecy Act [Member]  
Expects cost under Bank Secrecy Act $ 235,000
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
Preferred Stock (Details Narrative) - USD ($)
$ in Thousands
1 Months Ended 9 Months Ended
Apr. 30, 2018
Sep. 30, 2018
Dec. 31, 2017
Preferred stock value  
Series A Preferred Stock [Member]      
Preferred stock, shares issued   7  
Preferred stock value   $ 25  
Preferred stock liquidation, value   $ 25  
Preferred stock dividend rate   10.00%  
Conversion of preferred shares into common stock 79,186    
Preferred stock, shares outstanding 7    
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