General

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

General

(1) General. OptimumBank Holdings, Inc. (the “Company”) is a one-bank holding company and owns 100% of OptimumBank (the “Bank”), a Florida-chartered community bank. The Company’s only business is the operation of the Bank. 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 two banking offices located in Broward County, Florida. The Bank also markets its deposit and electronic funds transfer services on a national basis to merchant cash advance providers.

Basis of Presentation. In the opinion of management, the accompanying condensed consolidated financial statements of the Company contain all adjustments (consisting principally of normal recurring accruals) necessary to present fairly the financial position at March 31, 2024, and the results of operations and cash flows for the three month periods ended March 31, 2024 and 2023. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

Comprehensive Income. Generally Accepted Accounting Principles generally require that recognized revenue, expenses, gains and losses be included in net earnings. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale debt securities are reported as a separate component of the equity section of the condensed consolidated balance sheets, such items along with net earnings, are components of comprehensive income.

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

	March 31,			December 31,
	2024			2023
Unrealized loss on debt securities available for sale	$	(7,619	)	$	(7,106	)
Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity		(13	)		(13	)
Income tax benefit		1,935			1,804
Accumulated other comprehensive loss	$	(5,697	)	$	(5,315	)

Reclassifications. Certain amounts have been reclassified to allow for consistent presentation for the periods presented.