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Loans (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Components of Loans

Schedule of Components of Loans

		June 30,				December 31,
		2023				2022
Residential real estate		$	60,273			$	50,354
Multi-family real estate			69,518				69,555
Commercial real estate			321,814				310,695
Land and construction			27,019				17,286
Commercial			6,950				5,165
Consumer			40,686				30,323
Total loans			526,260				483,378
Deduct:
Net deferred loan fees, and costs			(786	)			(367	)
Allowance for credit losses			(6,645	)			(5,793	)
Loans, net		$	518,829			$	477,218

Schedule of Changes in Allowance for Loan Losses

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

Schedule of Changes in Allowance for Loan Losses 

		Real Estate				Real Estate				Real Estate				Construction				Commercial				Consumer				Total
		Residential				Multi-Family				Commercial				Land and
		Real Estate				Real Estate				Real Estate				Construction				Commercial				Consumer				Total
Three Months Ended June 30, 2023:
Balance March 31, 2023		$	742			$	1,077			$	3,030			$	533			$	26			$	945			$	6,353
Credit loss expense (income)			141				(40	)			(228	)			147				38				487				545
Charge-offs			—				—				—				—				(16	)			(367	)			(383	)
Recoveries			—				—				—				—				87				43				130
Ending balance (June 30, 2023)		$	883			$	1,037			$	2,802			$	680			$	135			$	1,108			$	6,645
Three Months Ended June 30, 2022:
Beginning balance		$	575			$	549			$	1,607			$	79			$	68			$	530			$	3,408
(Credit) provision for loan losses			(61	)			70				733				(8	)			33				224				991
Charge-offs			—				—				—				—				(90	)			(136	)			(226	)
Recoveries			—				—				—				—				56				14				70
Ending balance (June 30, 2022)		$	514			$	619			$	2,340			$	71			$	67			$	632			$	4,243
Six Months Ended June 30, 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 31, 2023		$	801			$	1,075			$	2,895			$	451			$	15			$	774			$	6,011
Credit loss expense (income)			82				(38	)			(93	)			229				75				1,056				1,311
Charge-offs			—				—				—				—				(42	)			(804	)			(846	)
Recoveries			—				—				—				—				87				82				169
Ending balance (June 30, 2023)		$	883			$	1,037			$	2,802			$	680			$	135			$	1,108			$	6,645
Six Months Ended June 30, 2022:
Beginning balance		$	482			$	535			$	1,535			$	32			$	74			$	417			$	3,075
Provision for loan losses			32				84				805				39				27				396				1,383
Charge-offs			—				—				—				—				(90	)			(209	)			(299	)
Recoveries			—				—				—				—				56				28				84
Ending balance		$	514			$	619			$	2,340			$	71			$	67			$	632			$	4,243

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

		Residential				Multi-Family				Commercial
		Real Estate				Real Estate				Real Estate				Land and Construction				Commercial				Consumer				Total
At December 31, 2022:
Individually evaluated for impairment:
Recorded investment		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Balance in allowance for loan losses		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Collectively evaluated for impairment:
Recorded investment		$	50,354			$	69,555			$	310,695			$	17,286			$	5,165			$	30,323			$	483,378
Balance in allowance for loan losses		$	768			$	748			$	3,262			$	173			$	277			$	565			$	5,793

(continued) 

Schedule of Loans by Credit Quality

Schedule of Loans by Credit Quality

		Pass				OLEM (Other Loans Especially Mentioned)				Sub- Standard				Doubtful				Loss				Total
At December 31, 2022:
Residential real estate		$	50,354			$	—			$	—			$	—			$	—			$	50,354
Multi-family real estate			69,555				—				—				—				—				69,555
Commercial real estate			309,458				—				1,237				—				—				310,695
Land and construction			17,286				—				—				—				—				17,286
Commercial			5,165				—				—				—				—				5,165
Consumer			30,323				—				—				—				—				30,323
Total		$	482,141			$	—			$	1,237			$	—			$	—			$	483,378

Schedule of Age Analysis of Past-due Loans

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 June 30, 2023:
Residential real estate		$	—			$	—			$	—			$	—			$	60,273			$	—			$	60,273
Multi-family real estate			1,259				—				—				1,259				68,259				—				69,518
Commercial real estate			—				—				—				—				321,814				—				321,814
Land and construction			—				—				—				—				27,019				—				27,019
Commercial			—				—				—				—				6,950				—				6,950
Consumer			347				158				—				505				40,181				—				40,686
Total		$	1,606			$	158			$	—			$	1,764			$	524,496			$	—			$	526,260

		Accruing Loans
		30-59 Days Past Due				60-89 Days Past Due				Greater Than 90 Days Past Due				Total Past Due				Current				Nonaccrual Loans				Total Loans
At December 31, 2022:
Residential real estate		$	—			$	—			$	—			$	—			$	50,354			$	—			$	50,354
Multi-family real estate			—				—				—				—				69,555				—				69,555
Commercial real estate			—				—				—				—				310,695				—				310,695
Land and construction			—				—				—				—				17,286				—				17,286
Commercial			—				—				—				—				5,165				—				5,165
Consumer			150				27				—				177				30,146				—				30,323
Total		$	150			$	27			$	—			$	177			$	483,201			$	—			$	483,378

Schedule of Amortized Cost Basis

 Schedule of Amortized Cost Basis

		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans (Amortized				Revolving Loans Converted to Term Loans (Amortized
land and construction		June 30, 2023				2022				2021				2020				2019				Prior				Cost Basis)				Cost Basis)				Total
Pass		$	6,406			$	15,136			$	2,324			$	1,509			$	1,644			$	-			$	-			$	-			$	27,019
OLEM (Other Loans Especially Mentioned)			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-				-
Subtotal loans		$	6,406			$	15,136			$	2,324			$	1,509			$	1,644			$	-			$	-			$	-			$	27,019
Current period Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Residential real estate
Pass		$	7,350			$	26,567			$	9,853			$	6,686			$	4,097			$	3,286			$	2,434			$	-			$	60,273
OLEM (Other Loans Especially Mentioned)			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-				-
Subtotal loans		$	7,350			$	26,567			$	9,853			$	6,686			$	4,097			$	3,286			$	2,434			$	-			$	60,273
Current period Gross charge-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

		Term Loans Amortized Cost Basis by Origination Year																								Revolving Loans (Amortized				Revolving Loans Converted to Term Loans (Amortized
Multi-family real estate		June 30, 2023				2022				2021				2020				2019				Prior				Cost Basis)				Cost Basis)				Total
Pass		$	998			$	29,396			$	29,570			$	6,185			$	2,090			$	1,279			$	-			$	-			$	69,518
OLEM (Other Loans Especially Mentioned)			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-				-
Subtotal loans		$	998			$	29,396			$	29,570			$	6,185			$	2,090			$	1,279			$	-			$	-			$	69,518
Current period Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial real estate (CRE)
Pass		$	20,590			$	199,769			$	55,017			$	16,183			$	12,815			$	16,218			$	-			$	-			$	320,592
OLEM (Other Loans Especially Mentioned)			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				1,222				-				-				-				1,222
Doubtful			-				-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-				-
Subtotal loans		$	20,590			$	199,769			$	55,017			$	16,183			$	14,037			$	16,218			$	-			$	-			$	321,814
Current period Gross charge-offs		$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-			$	-
Commercial
Pass		$	4,044			$	1,401			$	1,363			$	85			$	57			$	-			$	-			$	-			$	6,950
OLEM (Other Loans Especially Mentioned)			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-				-
Subtotal loans		$	4,044			$	1,401			$	1,363			$	85			$	57			$	-			$	-			$	-			$	6,950
Current period Gross charge-offs		$	(16	)		$	-			$	-			$	-			$	-			$	(26	)		$	-			$	-			$	(42	)
Consumer
Pass		$	8,798			$	9,359			$	5,612			$	250			$	198			$	-			$	16,469			$	-			$	40,686
OLEM (Other Loans Especially Mentioned)			-				-				-				-				-				-				-				-				-
Substandard			-				-				-				-				-				-				-				-				-
Doubtful			-				-				-				-				-				-				-				-				-
Loss			-				-				-				-				-				-				-				-				-
Subtotal loans		$	8,798			$	9,359			$	5,612			$	250			$	198			$	-			$	16,469			$	-			$	40,686
Current period Gross charge-offs		$	(30	)		$	(505	)		$	(266	)		$	(3	)		$	-			$	-			$	-			$	-			$	(804	)

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