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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | (9) Income Taxes Income taxes consisted of the following (in thousands): Schedule of Components of Income Tax Benefit
|  | 2023 |  |  | 2022 |
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |
Federal |  | $ | 1,040 |  |  | $ | — |
State |  |  | 313 |  |  |  | — |
Total Current |  |  | 1,353 |  |  |  | — |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | 654 |  |  |  | 1,071 |
State |  |  | 167 |  |  |  | 298 |
Total Deferred Income taxes |  |  | 821 |  |  |  | 1,369 |
Total Income taxes |  | $ | 2,174 |  |  | $ | 1,369 |
(continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (9) Income Taxes Continued The reasons for the differences between the statutory Federal income tax rate and the effective tax rate are summarized as follows (dollars in thousands): Schedule of Effective Income Tax Rate Reconciliation
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
|  |  |  |  | % of |  |  |  |  |  | % of |
|  | Amount |  |  | Pretax Income |  |  | Amount |  |  | Pretax Income |
Income taxes at statutory rate |  | $ | 1,776 |  |  |  | 21.0 | % |  | $ | 1,132 |  |  |  | 21.0 | %
Increase resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of Federal tax benefit |  |  | 379 |  |  |  | 4.5 | % |  |  | 235 |  |  |  | 4.4 | %
Other permanent differences |  |  | 19 |  |  |  | 0.2 | % |  |  | 2 |  |  |  | — |
|  | $ | 2,174 |  |  |  | 25.7 | % |  | $ | 1,369 |  |  |  | 25.4 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in thousands): Schedule of Deferred Tax Assets and Deferred Tax Liabilities
|  | 2023 |  |  | 2022 |
|  | At December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 41 |  |  | $ | 1,322 |
Allowance for credit losses |  |  | 1,519 |  |  |  | 893 |
Premises and equipment |  |  | 14 |  |  |  | 55 |
Nonaccrual loan interest |  |  | 22 |  |  |  | 26 |
Accrued expense |  |  | 114 |  |  |  | 72 |
Operating lease liabilities |  |  | 574 |  |  |  | 550 |
Unrealized loss on debt securities |  |  | 1,804 |  |  |  | 1,978 |
Other |  |  | 1 |  |  |  | — |
Total deferred tax assets |  |  | 4,089 |  |  |  | 4,896 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Right of use lease assets |  |  | (552 | ) |  |  | (537 | )
Loan costs |  |  | (634 | ) |  |  | (523 | )
Total deferred tax liabilities |  |  | (1,186 | ) |  |  | (1,060 | )
Net deferred tax asset |  | $ | 2,903 |  |  | $ | 3,836 |
(continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (9) Income Taxes, Continued At December 31, 2023, the Company had net operating loss carryforwards of approximately $0.2 million for Federal and Florida tax purposes available to offset future taxable income. These carryforwards will begin to expire in 2029. A portion of the Federal and Florida net operating losses are subject to Internal Revenue Code (“IRC”) Section 382 limitations. The Company files U.S., Florida, and Illinois income tax returns. The Company is no longer subject to U.S. Federal or state income tax examinations by taxing authorities for years before 2020. The Company regularly reviews its tax positions in each significant taxing jurisdiction in the process of evaluating its unrecognized tax benefits. The Company makes adjustments to its unrecognized tax benefits when: (i) facts and circumstances regarding a tax position change, causing a change in management’s judgment regarding that tax position; (ii) a tax position is effectively settled with a tax authority at a differing amount; and/or (iii) the statute of limitations expires regarding a tax position. The Company does not expect a change in unrecognized tax benefits in the next 12 months.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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