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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2026

☐	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: 001-42447

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.)

2929 East Commercial Boulevard, Fort Lauderdale, FL 33308

(Address of principal executive offices, Zip Code)

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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $.01 Par Value		OPHC		NYSE American

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 ☒ 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 ☒ No ☐

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

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒
		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. ☐

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 12,268,363 shares of common stock, $0.01 par value, issued and outstanding as of May 11, 2026.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

INDEX

	Page

PART I. FINANCIAL INFORMATION	1

Item 1. Financial Statements	1

Condensed Consolidated Balance Sheets — March 31, 2026 (unaudited) and December 31, 2025 (audited)	1

Condensed Consolidated Statements of Earnings — Three Months ended March 31, 2026 and 2025 (unaudited)	2

Condensed Consolidated Statements of Comprehensive Income — Three Months ended March 31, 2026 and 2025 (unaudited)	3

Condensed Consolidated Statements of Stockholders’ Equity — Three Months ended March 31, 2026 and 2025 (unaudited)	4

Condensed Consolidated Statements of Cash Flows — Three Months ended March 31, 2026 and 2025 (unaudited)	5

Notes to Condensed Consolidated Financial Statements (unaudited)	6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 3. Quantitative and Qualitative Disclosures About Market Risk	24

Item 4. Controls and Procedures	24

PART II. OTHER INFORMATION	25

Item 1. Legal Proceedings	25

Item 1A. Risk Factors	25

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 3. Defaults Upon Senior Securities	25

Item 4. Mine Safety Disclosures	25

Item 5. Other Information	25

Item 6. Exhibits	25

SIGNATURES	26

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

	March 31,			December 31,
	2026			2025
	(Unaudited)			(Audited)
Assets:
Cash and due from banks	$	15,074		$	9,349
Interest-bearing deposits with banks		124,942			105,210
Total cash and cash equivalents		140,016			114,559
Debt securities available for sale		27,044			25,184
Debt securities held-to-maturity (fair value of $188 and $190)		212			214
Loans, net of allowance for credit losses of $11,061 and $10,273		1,078,533			947,294
Federal Home Loan Bank stock		2,678			3,028
Premises and equipment, net		2,797			2,490
Other real estate owned		-			551
Right-of-use lease assets		2,511			2,617
Accrued interest receivable		3,994			3,621
Deferred tax asset		3,116			3,108
Other assets		7,834			9,012
Total assets	$	1,268,735		$	1,111,678

Liabilities and Stockholders’ Equity:
Liabilities:
Noninterest-bearing demand deposits	$	304,887		$	266,520
Savings, NOW and money-market deposits		345,494			306,921
Time deposits		442,502			358,309
Total deposits		1,092,883			931,750

Federal Home Loan Bank advances		40,000			50,000
Operating lease liabilities		2,647			2,745
Other liabilities		6,357			5,286
Total liabilities		1,141,887			989,781

Commitments and contingencies (Notes 9 and 13)
Stockholders’ equity:
Preferred stock, no par value; 6,000,000 shares authorized:		—			—
Series B Convertible Preferred, no par value, 1,360 shares authorized, 1,295 and 1,360 shares issued and outstanding		—			—
Series C Convertible Preferred, no par value, 4,000,000 shares authorized, 875,641 shares issued and outstanding		—			—
Preferred Stock, value		—			—
Common stock, $.01 par value; 30,000,000 shares authorized, 12,166,858 and 11,533,943 shares issued and outstanding		122			115
Additional paid-in capital		112,993			112,578
Retained earnings		18,464			13,801
Accumulated other comprehensive loss		(4,731	)		(4,597	)
Total stockholders’ equity		126,848			121,897
Total liabilities and stockholders’ equity	$	1,268,735		$	1,111,678

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings (Unaudited)

(Dollars in thousands, except per share amounts)

	2026			2025
	Three Months Ended
	March 31,
	2026			2025
Interest income:
Loans	$	18,114		$	13,601
Debt securities		191			160
Other		1,148			1,246
Total interest income		19,453			15,007

Interest expense:
Deposits		6,176			5,278
Borrowings		87			303
Total interest expense		6,263			5,581

Net interest income		13,190			9,426

Credit loss expense (reversal)		770			(165	)
Net interest income after credit loss expense		12,420			9,591

Noninterest income:
Service charges and fees		1,313			1,038
Other		471			193
Total noninterest income		1,784			1,231

Noninterest expenses:
Salaries and employee benefits		4,988			3,381
Professional fees		295			247
Occupancy and equipment		338			282
Data processing		914			533
Regulatory assessment		179			198
Gain on sale and write-downs of other real estate owned		(5	)		-
Other		1,297			985
Total noninterest expenses		8,006			5,626

Net income before income taxes		6,198			5,196

Income taxes		1,535			1,326
Net income	$	4,663		$	3,870

Earnings per share - Basic	$	0.39		$	0.33
Earnings per share - Diluted⁽¹⁾	$	0.20		$	0.17

(1)

Earnings per share amounts for all periods presented have been restated to reflect the impact of the amendment to the rights of the Series B Preferred shares, as described in Note 11. This amendment resulted in a change in the calculation of diluted earnings per share, applied retrospectively to ensure comparability.

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands)


	Three Months Ended
	March 31,
	2026			2025

Net Income	$	4,663		$	3,870
Other comprehensive income:
Change in unrealized loss on debt securities:
Unrealized (loss) gain arising during the period		(182	)		561
Amortization of unrealized loss on debt securities transferred to held-to-maturity		1			(1	)
Other comprehensive income before income taxes		(181	)		560
Deferred income tax expense		47			(143	)
Total other comprehensive (loss) income		(134	)		417
Comprehensive income	$	4,529		$	4,287

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

Three Months Ended March 31, 2026 and 2025

(Dollars in thousands, except share amounts)

	Shares			Amount		Shares		Amount		Shares		Amount		Capital			earnings			Loss			Equity
																	(Accumulated			Accumulated
	Preferred Stock													Additional			Deficit)			Other
	Series B					Series C				Common Stock				Paid-In			Retained			Comprehensive			Stockholders’
	Shares			Amount		Shares		Amount		Shares		Amount		Capital			earnings			Loss			Equity

Balance at December 31, 2024		1,360		$	-		525,641	$	-		11,636,092	$	116	$	111,485		$	(2,847	)	$	(5,570	)	$	103,184

Proceeds from sale of common stock (net of offering costs of $16) (Unaudited)		-			-		-		-		52,819		1		235			-			-			236

Stock-based compensation (Unaudited)		-			-		-		-		62,171		1		295			-			-			296

Net change in unrealized gain on debt securities available for sale (Unaudited)		-			-		-		-		-		-		-			-			418			418

Amortization of unrealized loss on debt securities transferred to held-to-maturity (Unaudited)		-			-		-		-		-		-		-			-			(1	)		(1	)

Net Income (Unaudited)		-			-		-		-		-		-		-			3,870			-			3,870

Balance at March 31, 2025 (Unaudited)		1,360		$	-		525,641	$	-		11,751,082	$	118	$	112,015		$	1,023		$	(5,153	)	$	108,003

Balance at December 31, 2025		1,360			-		875,641		-		11,533,943		115		112,578			13,801			(4,597	)		121,897
Balance		1,360			-		875,641		-		11,533,943		115		112,578			13,801			(4,597	)		121,897
Exchange of preferred stock for common stock (Unaudited)		(65	)		-		-		-		531,179		5		(6	)		-			-			(1	)
Proceeds from sale of common stock (net of offering costs of $11) (Unaudited)		-			-		-		-		421		1		(9	)		-			-			(8	)
Proceeds from sale of common stock (net of offering costs) (unaudited)											421		1		(9	)								(8	)
Stock-based compensation (Unaudited)		-			-		-		-		101,315		1		430			-			-			431
Net change in unrealized loss on debt securities available for sale (Unaudited)		-			-		-		-		-		-		-			-			(135	)		(135	)
Amortization of unrealized loss on debt securities transferred to held-to-maturity (Unaudited)		-			-		-		-		-		-		-			-			1			1
Net income (Unaudited)		-			-		-		-		-		-		-			4,663			-			4,663
Balance at March 31, 2026 (Unaudited)		1,295		$	-		875,641	$	-		12,166,858	$	122	$	112,993		$	18,464		$	(4,731	)	$	126,848
Balance		1,295			-		875,641		-		12,166,858		122		112,993			18,464			(4,731	)		126,848

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

	2026			2025
	Three Months Ended
	March 31,
	2026			2025
Cash flows from operating activities:
Net income	$	4,663		$	3,870
Adjustments to reconcile net income to net cash provided by operating activities:
Credit loss expense (reversal)		770			(165	)
Depreciation and amortization		132			96
Gain on sale of other real estate owned		(5	)		-
Deferred income tax benefit		39			81
Net (accretion) amortization of fees, premiums and discounts		(65	)		1
Stock-based compensation expense		431			296
(Increase) decrease in accrued interest receivable		(373	)		61
Amortization of right-of-use lease assets		106			32
Net decrease in operating lease liabilities		(98	)		(28	)
(Increase) decrease in other assets		1,178			(135	)
Increase (decrease) in other liabilities		1,092			(974	)
Net cash provided by operating activities		7,870			3,135

Cash flows from investing activities:
Principal repayments of debt securities available for sale		278			261
Principal repayments of debt securities held-to-maturity		3			11
Net (increase) decrease in loans		(131,943	)		3,926
Proceeds from sale of other real estate owned		556			-
Purchases of premises and equipment		(439	)		(283	)
Purchase of debt securities available for sale		(2,342	)		-
Redemption of FHLB stock		350			1,801
Net cash used in investing activities		(133,537	)		5,716

Cash flows from financing activities:
Net increase in deposits		161,133			80,739
Net decrease in FHLB Advances		(10,000	)		(40,000	)
Proceeds from conversion of preferred stock		(1	)		-
Proceeds from sale of common stock (net of offering costs of $11 and $16)		(8	)		236
Net cash provided by financing activities		151,124			40,975

Net increase in cash and cash equivalents		25,457			49,826
Cash and cash equivalents at beginning of the period		114,559			93,630
Cash and cash equivalents at end of the period	$	140,016		$	143,456

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	5,108		$	4,796
Income taxes	$	-		$	479

Supplemental noncash transactions:
Net change in unrealized gain (loss) on debt securities available for sale, net of income taxes	$	(135	)	$	418
Amortization of unrealized loss on debt securities transferred to held-to-maturity	$	1		$	(1	)

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

(1) General. OptimumBank Holdings, Inc. (the “Company”) is a bank holding company and owns 100% of OptimumBank (the “Bank”), a Florida-chartered community bank, OptimumHUD Loans, LLC (d/b/a) as OptimumFunding, LLC, a wholly owned non-bank subsidiary, and OptimumFinance, LLC, a wholly owned non-bank, asset-based lending subsidiary. 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 and Miami-Dade 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, 2026, the results of operations for the three-month ended March 31, 2026 and 2025, and cash flows for the three-month periods ended March 31, 2026 and 2025. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three-month ended March 31, 2026, are not necessarily indicative of the results to be expected for the full year of 2026.

Comprehensive Income. Accounting Principles Generally Accepted in the United States of America (“U.S. GAAP”) requires recognized revenue, expenses, gains and losses be included in net income. 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 income, are components of comprehensive income.

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

	March 31,			December 31,
	2026			2025

Unrealized loss on debt securities available for sale	$	(6,326	)	$	(6,145	)
Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity		(9	)		(10	)
Income tax benefit		1,604			1,558
Accumulated other comprehensive loss	$	(4,731	)	$	(4,597	)

Recently Adopted Accounting Pronouncements:

Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures”. The Company adopted ASU 2023-09 during the year ended December 31, 2025. The amendments enhance income tax disclosures, primarily related to the rate reconciliation and income taxes paid. The adoption of this guidance was applied prospectively and did not have a material impact on the Company’s consolidated financial statements.

Accounting Pronouncements Not Yet Adopted:

FASB ASU No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB ASC. The amendments in this ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity.

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

(1) General, Continued.

FASB ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures”. This amendment requires enhanced disaggregation of certain expense categories within the income statement to provide more detailed information about the nature and function of expenses. The objective is to improve the transparency and usefulness of financial statements for users by offering greater insight into the components of operating expenses. The amendments in this update are effective for fiscal years beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. These changes may be applied prospectively or retroactively. Early adoption is permitted. The Company is currently evaluating the impact on its disclosures.

FASB ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity”. This amendment determining the Accounting Acquirer in a Business Combination Involving a Variable Interest Entity. This update clarifies how to identify the accounting acquirer when a business combination involves a variable interest entity. The standard is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The standard is effective prospectively for business combinations occurring on or after the adoption date. The Company does not expect the adoption of this standard to have a material impact on its condensed consolidated financial statements.

FASB ASU 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Capitalization and Disclosure Improvements”. This amendment provides updated guidance on the capitalization of costs related to internal-use software and expands the required disclosures. The objective is to clarify when capitalization is appropriate and to enhance the transparency of financial reporting related to internal-use software development. The amendments in this update are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is evaluating the impact of this guidance; adoption is not expected to have a material effect on the Company’s condensed consolidated financial statements.

FASB ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies interim disclosure requirements and provides a comprehensive list of interim disclosures that are required by GAAP. The ASU also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the changes to its condensed consolidated financial statements and existing disclosures.

(2) Debt Securities. Debt securities have been classified according to management’s intent. The amortized cost of debt securities and fair values are as follows (dollars in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value

At March 31, 2026:
Available for sale:
SBA Pool Securities	$	404	$	-	$	(10	)	$	394
Collateralized mortgage obligations		117		-		(13	)		104
Taxable municipal securities		16,607		-		(4,066	)		12,541
Mortgage-backed securities		16,242		-		(2,237	)		14,005
Total	$	33,370	$	-	$	(6,326	)	$	27,044

Held-to-maturity:
Collateralized mortgage obligations	$	212	$	-	$	(24	)	$	188
Total	$	212	$	-	$	(24	)	$	188

At December 31, 2025:
Available for sale:
SBA Pool Securities	$	439	$	-	$	(10	)	$	429
Collateralized mortgage obligations		118		-		(12	)		106
Taxable municipal securities		16,616		-		(3,990	)		12,626
Mortgage-backed securities		14,156		-		(2,133	)		12,023
Total	$	31,329	$	-	$	(6,145	)	$	25,184

Held-to-maturity:
Collateralized mortgage obligations	$	214	$	-	$	(24	)	$	190
Total	$	214	$	-	$	(24	)	$	190

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

(2) Debt Securities, Continued.

As of March 31, 2026, debt securities with a fair value of $52.1 million were pledged as collateral to the Federal Reserve Bank. There were no sales of debt securities during the three-month ended March 31, 2026, and 2025.

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

	Over Twelve Months					Less Than Twelve Months
	Gross					Gross
	Unrealized			Fair		Unrealized			Fair
	Losses			Value		Losses			Value
At March 31, 2026:
Available for Sale:
SBA Pool Securities	$	(10	)	$	394	$	-		$	-
Collateralized mortgage obligation		(13	)		104		-			-
Taxable municipal securities		(4,066	)		12,541		-			-
Mortgage-backed securities		(2,117	)		9,419		(120	)		4,586
Total	$	(6,206	)	$	22,458	$	(120	)	$	4,586

	Over Twelve Months					Less Than Twelve Months
	Gross					Gross
	Unrealized			Fair		Unrealized		Fair
	Losses			Value		Losses		Value

At December 31, 2025:
Available for Sale:
SBA Pool Securities	$	(10	)	$	429	$	-	$	-
Collateralized mortgage obligation		(12	)		106		-		-
Taxable municipal securities		(3,990	)		12,626		-		-
Mortgage-backed securities		(2,133	)		12,023		-		-
Total	$	(6,145	)	$	25,184	$	-	$	-

At March 31, 2026 and December 31, 2025, the unrealized losses on 42 investment debt securities, respectively, were caused by interest-rate changes and other market conditions.

The Company performed an analysis that determined that the mortgage-backed securities, collateralized mortgage obligations, and U.S. government securities, have a zero expected credit loss as they have the full faith and credit backing of the U.S. government or one of its agencies. Municipal bonds that do not have a zero expected credit loss are evaluated at least quarterly to determine whether there is a credit loss associated with a decline in fair value. At March 31, 2026 and December 31, 2025 all municipal securities were rated as investment grade. All debt securities in an unrealized loss position as of March 31, 2026 and December 31, 2025 continue to perform as scheduled and the Company does not believe that there is a credit loss or that credit loss expense is necessary. Also, as part of our evaluation of our intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, the Company considers our investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. The Company does not currently intend to sell the investments within the portfolio, and it is not more-likely-than-not that a sale will be required.

Management continues to monitor all of our investments with a high degree of scrutiny. There can be no assurance that in a future period, conditions may exist at that time indicating that some or all of the Company’s securities may be sold that would require a charge to earnings as credit loss expense in such period.

The majority of the Company’s debt securities available-for-sale and held-to-maturity have contractual maturity dates which are greater than ten years as of March 31, 2026. Expected maturities of these debt securities will differ from contractual maturities because borrowers have the right to call or repay obligations with or without call or prepayment penalties

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

Schedule of Components of Loans

	March 31,			December 31,
	2026			2025

Residential real estate	$	73,130		$	74,018
Multi-family real estate		63,655			65,693
Commercial real estate		790,238			666,508
Land and construction		41,000			36,212
Commercial		46,127			48,196
Consumer		76,744			68,166
Total loans		1,090,894			958,793

Deduct:
Net deferred loan fees and costs		(1,300	)		(1,226	)
Allowance for credit losses		(11,061	)		(10,273	)

Loans, net	$	1,078,533		$	947,294

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

	Residential Real			Multi-Family Real			Commercial			Land and
	Estate			Estate			Real Estate			Construction		Commercial			Consumer			Total

Three Months Ended March 31, 2026:
Beginning balance (December 31, 2025)	$	1,477		$	666		$	4,608		$	1,077	$	2,351		$	94		$	10,273
Credit loss expense (reversal)		(196	)		(116	)		806			132		151			14			791
Charge-offs		-			-			-			-		-			(44	)		(44	)
Recoveries		-			-			-			-		-			41			41
Ending balance (March 31, 2026)	$	1,281		$	550		$	5,414		$	1,209	$	2,502		$	105		$	11,061

Three Months Ended March 31, 2025:
Beginning balance (December 31, 2024)	$	1,114		$	786		$	2,705		$	2,015	$	1,675		$	365		$	8,660
Beginning balance	$	1,114		$	786		$	2,705		$	2,015	$	1,675		$	365		$	8,660
Credit loss (reversal) expense		(48	)		129			(108	)		6		(87	)		(36	)		(144	)
Charge-offs		-			-			-			-		-			(325	)		(325	)
Recoveries		-			-			-			-		-			79			79
Ending balance (March 31, 2025)	$	1,066		$	915		$	2,597		$	2,021	$	1,588		$	83		$	8,270
Ending balance	$	1,066		$	915		$	2,597		$	2,021	$	1,588		$	83		$	8,270

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Reconciliation of Credit Loss Expense (Reversal)

The following table provides a reconciliation of the credit loss expense (reversal) on the condensed consolidated statements of earnings between the funded and unfunded components at the dates indicated:

	2026			2025
	Three Months Ended
	March 31,
	2026			2025
Credit loss expense - funded	$	791			(144	)
Credit loss expense (reversal) - unfunded		(21	)		(21	)
Total Credit loss expense	$	770			(165	)

(3) Loans, Continued.

The Company has divided the loan portfolio into six portfolio segments, each with different risk characteristics and methodologies for assessing risk. All loans are underwritten based upon standards set forth in the policies approved by the Bank’s Board of Directors. The Company identifies the portfolio segments as follows:

Residential Real Estate, Multi-Family Real Estate, Commercial Real Estate, Land and Construction. Residential real estate loans are underwritten based on repayment capacity and source, value of the underlying property, credit history and stability. The Company offers first and second one-to-four family mortgage loans; the collateral for these loans is generally the clients’ owner-occupied residences. Although these types of loans present lower levels of risk than commercial real estate loans, risks do still exist because of possible fluctuations in the value of the real estate collateral securing the loan, as well as changes in the borrowers’ financial condition. Multi-family and commercial real estate loans are secured by the subject property. Underwriting 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 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 analyses 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. 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 mitigates these risks through its underwriting standards.

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

Consumer. Consumer loans are extended for various purposes, including purchases of automobiles, recreational vehicles, and boats. Also offered are 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.

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

	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 March 31, 2026:
Residential real estate	$	196	$	-	$	-	$	196	$	72,934	$	-	$	73,130
Multi-family real estate		-		-		-		-		63,655		-		63,655
Commercial real estate		-		-		-		-		790,238		-		790,238
Land and construction		-		-		-		-		41,000		-		41,000
Commercial		1,015		-		-		1,015		42,952		2,160		46,127
Consumer		65		29		-		94		76,650		-		76,744
Total	$	1,276	$	29	$	-	$	1,305	$	1,087,429	$	2,160	$	1,090,894

At December 31, 2025:
Residential real estate	$	-	$	-	$	-	$	-	$	74,018	$	-	$	74,018
Multi-family real estate		-		-		-		-		65,693		-		65,693
Commercial real estate		-		-		-		-		666,508		-		666,508
Land and construction		-		-		-		-		36,212		-		36,212
Commercial		-		-		-		-		45,299		2,897		48,196
Consumer		65		13		-		78		68,088		-		68,166
Total	$	65	$	13	$	-	$	78	$	955,818	$	2,897	$	958,793

The Company has not made any modifications of loans to borrowers experiencing financial difficulties during the three-month ended March 31, 2026 and 2025.

The following table presents the amortized costs basis of loans on nonaccrual status, as of March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025 there were no loans 90 days or more past due and still accruing.

March 31, 2026

Nonaccrual

Total

(dollars in thousands)

Without ACL

With ACL

Nonaccrual

Commercial

919

1,241

2,160

Total

919

1,241

2,160

	December 31, 2025
	Nonaccrual		Nonaccrual		Total
(dollars in thousands)	Without ACL		With ACL		Nonaccrual
Commercial		954		1,943		2,897
Total	$	954	$	1,943	$	2,897

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

Collateral-Dependent Loans

The following table presents the amortized cost basis of non-accruing collateral-dependent loans by class of loans and type of collateral identified as of March 31, 2026 and December 31, 2025 under the current expected credit loss model:

	March 31, 2026
(dollars in thousands)	Real Estate		Other		Total
Commercial	$	895	$	1,073	$	1,968
Total		895		1,073		1,968

	December 31, 2025
(dollars in thousands)	Real Estate		Other		Total
Commercial		901		1,996		2,897
Total	$	901	$	1,996	$	2,897

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 net 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 the estimated loss on 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)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

Schedule of Amortized Cost Basis

(Dollars in thousands)	Year 5		Year 4		Year 3		Year 2			Year 1			Prior			Revolving Loans (Amortized Cost Basis)		Revolving Loans Converted to Term Loans (Amortized Cost Basis)		Subtotal loans
	Term Loans															Revolving Loans		Revolving Loans Converted to Term Loans
	Amortized Cost Basis by Origination Year															(Amortized		(Amortized
(dollars in thousands)	March 31, 2026		2025		2024		2023			2022			Prior			Cost Basis)		Cost Basis)		Total
Residential real estate
Pass	$	-	$	13,936	$	-	$	21,112		$	21,015		$	16,592		$	-	$	-	$	72,655
OLEM (Other Loans Especially Mentioned)		-		-		-		-			-			-			-		-		-
Substandard		-		-		-		-			-			475			-		-		475
Doubtful		-		-		-		-			-			-			-		-		-
Loss		-		-		-		-			-			-			-		-		-
Subtotal loans	$	-	$	13,936	$	-	$	21,112		$	21,015		$	17,067		$	-	$	-	$	73,130
Current period gross write-offs	$	-	$	-	$	-	$	-		$	-		$	-		$	-	$	-	$	-
Multi-family real estate																					-
Pass	$	1,116	$	-	$	4,946	$	9,952		$	23,832		$	23,233		$	-	$	-	$	63,079
OLEM (Other Loans Especially Mentioned)		-		-		-		576			-			-			-		-		576
Substandard		-		-		-		-			-			-			-		-		-
Doubtful		-		-		-		-			-			-			-		-		-
Loss		-		-		-		-			-			-			-		-		-
Subtotal loans	$	1,116	$	-	$	4,946	$	10,528		$	23,832		$	23,233		$	-	$	-	$	63,655
Current period gross write-offs	$	-	$	-	$	-	$	-		$	-		$	-		$	-	$	-	$	-
Commercial real estate (CRE)																					-
Pass	$	118,010	$	209,190	$	76,335	$	125,643		$	181,487		$	77,691		$	-	$	-	$	788,356
OLEM (Other Loans Especially Mentioned)		-		-		-		741			-			-			-		-		741
Substandard		-		-		-		-			-			1,141			-		-		1,141
Doubtful		-		-		-		-			-			-			-		-		-
Loss		-		-		-		-			-			-			-		-		-
Subtotal loans	$	118,010	$	209,190	$	76,335	$	126,384		$	181,487		$	78,832		$	-	$	-	$	790,238
Current period gross write-offs	$	-	$	-	$	-	$	-		$	-		$	-		$	-	$	-	$	-
Land and construction																					-
Pass	$	-	$	8,361	$	2,363	$	9,269		$	19,789		$	1,218		$	-	$	-	$	41,000
OLEM (Other Loans Especially Mentioned)		-		-		-		-			-			-			-		-		-
Substandard		-		-		-		-			-			-			-		-		-
Doubtful		-		-		-		-			-			-			-		-		-
Loss		-		-		-		-			-			-			-		-		-
Subtotal loans	$	-	$	8,361	$	2,363	$	9,269		$	19,789		$	1,218		$	-	$	-	$	41,000
Current period gross write-offs	$	-	$	-	$	-	$	-		$	-		$	-		$	-	$	-	$	-
Commercial																					-
Pass	$	983	$	20,276	$	5,422	$	12,195		$	1,468		$	322		$	-	$	-	$	40,666
OLEM (Other Loans Especially Mentioned)		-		-		-		2,317			-			-			-		-		2,317
Substandard		973		1,073		1,098		-			-			-			-		-		3,144
Doubtful		-		-		-		-			-			-			-		-		-
Loss		-		-		-		-			-			-			-		-		-
Subtotal loans	$	1,956	$	21,349	$	6,520	$	14,512		$	1,468		$	322		$	-	$	-	$	46,127
Current period gross write-offs	$	-	$	-	$	-	$	-		$	-		$	-		$	-	$	-	$	-
Consumer																					-
Pass	$	2,270	$	-	$	-	$	51		$	77		$	105		$	74,241	$	-	$	76,744
OLEM (Other Loans Especially Mentioned)		-		-		-		-			-			-			-		-		-
Substandard		-		-		-		-			-			-			-		-		-
Doubtful		-		-		-		-			-			-			-		-		-
Loss		-		-		-		-			-			-			-		-		-
Subtotal loans	$	2,270	$	-	$	-	$	51		$	77		$	105		$	74,241	$	-	$	76,744
Current period gross write-offs	$	-	$	-	$	-	$	(7	)	$	(20	)	$	(17	)	$	-	$	-	$	(44	)

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

(dollars in thousands)	Year 5		Year 4		Year 3			Year 2			Year 1			Prior			Revolving Loans (Amortized Cost Basis)		Revolving Loans Converted to Term Loans (Amortized Cost Basis)		Subtotal loans
	Term Loans Amortized Cost Basis by Origination Year																Revolving Loans (Amortized Cost		Revolving Loans Converted to Term Loans (Amortized Cost
(dollars in thousands)	2025		2024		2023			2022			2021			Prior			Basis)		Basis)		Total
Residential real estate
Pass	$	13,949	$	-	$	21,156		$	20,677		$	7,636		$	10,121		$	-	$	-	$	73,539
OLEM (Other Loans Especially Mentioned)		-		-		-			-			-			-			-		-		-
Substandard		-		-		-			479			-			-			-		-		479
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	13,949	$	-	$	21,156		$	21,156		$	7,636		$	10,121		$	-	$	-	$	74,018
Current period Gross write-offs	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-
Multi-family real estate
Pass	$	-	$	4,960	$	10,578		$	26,261		$	14,544		$	8,772		$	-	$	-	$	65,115
OLEM (Other Loans Especially Mentioned)		-		-		-			-			578			-			-		-		578
Substandard		-		-		-			-			-			-			-		-		-
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	-	$	4,960	$	10,578		$	26,261		$	15,122		$	8,772		$	-	$	-	$	65,693
Current period Gross write-offs	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-
Commercial real estate (CRE)
Pass	$	208,756	$	70,050	$	124,442		$	182,591		$	45,228		$	33,547		$	-	$	-	$	664,614
OLEM (Other Loans Especially Mentioned)		-		-		745			-			-			-			-		-		745
Substandard		-		-		-			-			-			1,149			-		-		1,149
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	208,756	$	70,050	$	125,187		$	182,591		$	45,228		$	34,696		$	-	$	-	$	666,508
Current period Gross write-offs	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-
Land and construction
Pass	$	5,500	$	1,799	$	8,185		$	19,457		$	1,271		$	-		$	-	$	-	$	36,212
OLEM (Other Loans Especially Mentioned)		-		-		-			-			-			-			-		-		-
Substandard		-		-		-			-			-			-			-		-		-
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	5,500	$	1,799	$	8,185		$	19,457		$	1,271		$	-		$	-	$	-	$	36,212
Current period Gross write-offs	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-
Commercial business loans
Pass	$	21,715	$	6,660	$	12,916		$	1,305		$	386		$	-		$	-	$	-	$	42,982
OLEM (Other Loans Especially Mentioned)		-		-		2,317			-			-			-			-		-		2,317
Substandard		1,117		901		879			-			-			-			-		-		2,897
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	22,832	$	7,561	$	16,112		$	1,305		$	386		$	-		$	-	$	-	$	48,196
Current period Gross write-offs	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-
Consumer
Pass	$	2,865	$	-	$	64		$	93		$	152		$	-		$	64,992	$	-	$	68,166
OLEM (Other Loans Especially Mentioned)		-		-		-			-			-			-			-		-		-
Substandard		-		-		-			-			-			-			-		-		-
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	2,865	$	-	$	64		$	93		$	152		$	-		$	64,992	$	-	$	68,166
Current period Gross write-offs	$	-		-		(334	)		(323	)		(33	)		(37	)		-	$	-	$	(727	)

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

(4) Other Real Estate Owned (OREO): As of March 31, 2026, the Company had no loans secured by residential real estate for which foreclosure was in process, and no residential real estate property in other real estate owned. During 2025, the Company acquired real estate located in the State of Florida through foreclosure. The property was previously collateral for a consumer home equity line of credit (“HELOC”) that became delinquent and was placed on nonaccrual status prior to foreclosure. As of December 31, 2025, the property was carried at $551,000, which represents the lower of cost of fair value. In the first quarter of 2026, the property was sold for $556,000, and the related gain was recorded in noninterest expenses.

Schedule of Real Estate Properties

	2026		2025
	March 31, 2026		December 31, 2025
(dollars in thousands)
OREO recorded value at acquisition	$	-	$	605
Subsequent valuation write-down		-		(54	)
OREO carrying value	$	-	$	551

(5) Earnings Per Share. Basic earnings per share have been computed on the basis of the weighted-average number of shares of common stock outstanding during the periods. Each share of Series B Preferred stock can be converted into 8,172 common shares, and each share of Series C Convertible Preferred stock can be converted into one share of common stock at any time at the option of the holder. The conversion feature is considered to be diluted earnings per share (“EPS”) in accordance with ASC 260. The dilutive effect is calculated using the if-converted method. On October 1, 2025, the Company amended the conversion rights of its Series B Convertible Preferred shares to allow conversion at the holder’s discretion. As a result of this amendment, diluted earnings per share amounts for all periods presented have been restated to reflect the impact of the amendment to the rights of the Series B Preferred shares, as described in Note 11. This amendment resulted in a change in the calculation of diluted earnings per share, applied retrospectively to ensure comparability.

	Three Months Ended
	March 31,
	2026						2025
(dollars in thousands, except per share amounts)	Earnings		Weighted Average Shares		Amount		Earnings		Weighted Average Shares		Amount

Basic EPS:	$	4,663		11,974,503	$	0.39	$	3,870		11,704,610	$	0.33
Effect of conversion of series B & C preferred shares				11,617,705						11,639,530

Diluted EPS:	$	4,663		23,592,208	$	0.20	$	3,870		23,344,140	$	0.17

(6) Stock-Based Compensation.

The Company is authorized to grant stock options, stock grants and other forms of equity-based compensation under its 2018 Equity Incentive Plan (the “2018 Plan”). The plan has been approved by the shareholders. At the Company’s annual shareholders meeting held on April 29, 2025, shareholders approved an amendment to the Plan to increase the number of shares authorized for issuance by 500,000 shares, increasing the total number of shares authorized under the Plan from 1,050,000 shares. The Company is currently authorized to issue up to 1,550,000 shares of common stock under the 2018 Plan. At March 31, 2026, 627,309 shares remain available for grant.

During the three-month periods ended March 31, 2026 and 2025, the Company issued 101,315 and 62,171 shares, respectively, to employees for services performed and recorded compensation expense of $431,000 and $296,000, respectively.

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

(7) Fair Value Measurements.

Debt securities available for sale measured at fair value on a recurring basis are summarized below (dollars in thousands):

OptimumBank Holdings, Inc. 10-Q