Loans (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Components of Loans

	March 31,			December 31,
	2024			2023
Residential real estate	$	70,814		$	71,400
Multi-family real estate		64,793			67,498
Commercial real estate		493,602			422,680
Land and construction		52,688			32,600
Commercial		33,867			41,870
Consumer		40,134			44,023
Total loans		755,898			680,071
Deduct:
Net deferred loan fees, and costs		(1,247	)		(1,294	)
Allowance for credit losses		(8,281	)		(7,683	)
Loans, net	$	746,370		$	671,094

Schedule of Changes in Allowance for Loan Losses

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

	Residential Real Estate			Multi-Family Real Estate			Commercial Real Estate		Land and Construction		Commercial			Consumer			Total
Three Months Ended March 31, 2024:
Balance Dec 31, 2023	$	1,020		$	1,041		$	3,793	$	1,019	$	281		$	529		$	7,683
Credit loss (expense) income		(49	)		(12	)		315		493		(30	)		414			1,131
Charge-offs		—			—			—		—		(17	)		(618	)		(635	)
Recoveries		—			—			—		—		—			102			102
Ending balance (March 31, 2024)	$	971		$	1,029		$	4,108	$	1,512	$	234		$	427		$	8,281

During the period ended March 31, 2024, the company recognized $74,000 of credit loss income related to unfunded loan commitments.

	Residential Real Estate			Multi-Family Real Estate		Commercial Real Estate			Land and Construction		Commercial			Consumer			Total
Three Months Ended March 31, 2023
Beginning balance Dec 31, 2022		768			748		3,262			173		277			565			5,793
Additional allowance recognized due to adoption of Topic 326		33			327		(367	)		278		(262	)		209			218
Balance January 1, 2023	$	801		$	1,075	$	2,895		$	451	$	15		$	774		$	6,011
Credit loss (expense) income		(59	)		2		135			82		37			568			765
Charge-offs		—			—		—			—		(26	)		(437	)		(463	)
Recoveries		—			—		—			—		—			40			40
Ending balance (March 31, 2023)	$	742		$	1,077	$	3,030		$	533	$	26		$	945		$	6,353

Schedule of Age Analysis of Past-due Loans

	Accruing Loans
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Past		Total Past Due		Current		Nonaccrual Loans		Total Loans
At March 31, 2024:
Residential real estate	$	—	$	—	$	—	$	—	$	70,814	$	—	$	70,814
Multi-family real estate		—		—		—		—		64,793		—		64,793
Commercial real estate		—		—		—		—		493,602		—		493,602
Land and construction		—		—		—		—		52,688		—		52,688
Commercial		—		—		—		—		33,867		—		33,867
Consumer		241		162		—		403		39,006		725		40,134
Total	$	241	$	162	$	—	$	403	$	754,770	$	725	$	755,898

	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Past		Total Past Due		Current		Nonaccrual Loans		Total Loans
At December 31, 2023:
Residential real estate	$	—	$	—	$	—	$	—	$	71,400	$	—	$	71,400
Multi-family real estate		—		—		—		—		67,498		—		67,498
Commercial real estate		—		—		—		—		422,680		—		422,680
Land and construction		—		—		—		—		32,600		—		32,600
Commercial		—		—		—		—		41,870		—		41,870
Consumer		230		208		—		438		42,560		1,025		44,023
Total	$	230	$	208	$	—	$	438	$	678,608	$	1,025	$	680,071

Schedule of Amortized Cost Basis

Land and Construction	March 31, 2024		2023		2022		2021		2020		Prior		(Amortized Cost Basis)		Loans (Amortized Cost Basis)		Total
Pass	$	1,740	$	28,815	$	14,802	$	3,075	$	1,477	$	2,779	$	—	$	—	$	52,688
OLEM (Other Loans Especially Mentioned)		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—		—		—
Subtotal loans	$	1,740	$	28,815	$	14,802	$	3,075	$	1,477	$	2,779	$	—	$	—	$	52,688
Current period Gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential real estate
Pass		—		21,343		25,564		9,685		4,657		8,818		747		—		70,814
OLEM (Other Loans Especially Mentioned)		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—		—		—
Subtotal loans	$	—	$	21,343	$	25,564	$	9,685	$	4,657	$	8,818	$	747	$	—	$	70,814
Current period Gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

Term Loans

Amortized Cost Basis by Origination Year

	March 31, 2024		2023			2022			2021			2020		Prior			(Amortized Cost Basis)		Loans (Amortized Cost Basis)		Total
Multi-family real estate
Pass	$	—	$	592		$	28,187		$	26,760		$	6,036	$	3,218		$	—	$	—	$	64,793
OLEM (Other Loans Especially Mentioned)		—		—			—			—			—		—			—		—		—
Substandard		—		—			—			—			—		—			—		—		—
Doubtful		—		—			—			—			—		—			—		—		—
Loss		—		—			—			—			—		—			—		—		—
Subtotal loans	$	—	$	592		$	28,187		$	26,760		$	6,036	$	3,218		$	—	$	—	$	64,793
Current period Gross write-offs	$	—	$	—		$	—		$	—		$	—	$	—		$	—	$	—	$	—
Commercial real estate (CRE)
Pass	$	75,640	$	124,695		$	200,370		$	51,817		$	13,989	$	25,892		$	—	$	—	$	492,403
OLEM (Other Loans Especially Mentioned)		—		—			—			—			—		—			—		—		—
Substandard		—		—			—			—			1,199		—			—		—		1,199
Doubtful		—		—			—			—			—		—			—		—		—
Loss		—		—			—			—			—		—			—		—		—
Subtotal loans	$	75,640	$	124,695		$	200,370		$	51,817		$	15,188	$	25,892		$	—	$	—	$	493,602
Current period Gross write-offs	$	—	$	—		$	—		$	—		$	—	$	—		$	—	$	—	$	—
Commercial
Pass	$	1,442	$	28,623		$	1,939		$	1,208		$	619	$	36		$	—	$	—	$	33,867
OLEM (Other Loans Especially Mentioned)		—		—			—			—			—		—			—		—		—
Substandard		—		—			—			—			—		—			—		—		—
Doubtful		—		—			—			—			—		—			—		—		—
Loss		—		—			—			—			—		—			—		—		—
Subtotal loans	$	1,442	$	28,623		$	1,939		$	1,208		$	619	$	36		$	—	$	—	$	33,867
Current period Gross write-offs	$	—	$	—		$	—		$	—		$	—	$	(17	)	$	—	$	—	$	(17	)
Consumer
Pass	$	160	$	7,718		$	5,649		$	2,607		$	126	$	71		$	23,078	$	—	$	39,409
OLEM (Other Loans Especially Mentioned)		—		—			—			—			—		—			—		—		—
Substandard		—		—			—			—			—		—			725		—		725
Doubtful		—		—			—			—			—		—			—		—		—
Loss		—		—			—			—			—		—			—		—		—
Subtotal loans	$	160	$	7,718		$	5,649		$	2,607		$	126	$	71		$	23,803	$	—	$	40,134
Current period Gross write-offs	$	—	$	(224	)	$	(266	)	$	(124	)	$	—	$	(4	)	$	—	$	—	$	(618	)