Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 08, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-50755 | ||
Entity Registrant Name | OPTIMUMBANK HOLDINGS, INC. | ||
Entity Central Index Key | 0001288855 | ||
Entity Tax Identification Number | 55-0865043 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Address, Address Line One | 2929 East Commercial Blvd. Suite 303 | ||
Entity Address, City or Town | Fort Lauderdale | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33308 | ||
City Area Code | (954) | ||
Local Phone Number | 900-2800 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | OPHC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 15,463,698 | ||
Entity Common Stock, Shares Outstanding | 4,897,503 | ||
Documents Incorporated by Reference [Text Block] | Portions of the Proxy Statement for the 2022 Annual Meeting of Shareholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A within 120 days of the issuer’s fiscal year end are incorporated by reference into Part III, Items 10 through 14, of this Annual Report on Form 10-K | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 400 | ||
Auditor Name | HACKER, JOHNSON & SMITH PA | ||
Auditor Location | Fort Lauderdale, Florida |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and due from banks | $ 13,681 | $ 25,523 |
Interest-bearing deposits with banks | 45,289 | 29,106 |
Total cash and cash equivalents | 58,970 | 54,629 |
Debt securities available for sale | 34,394 | 18,893 |
Debt securities held-to-maturity (fair value of $1,071 and $3,549) | 1,040 | 3,399 |
Loans, net of allowance for loan losses of $3,075 and $1,906 | 247,902 | 152,469 |
Federal Home Loan Bank stock | 793 | 1,092 |
Premises and equipment, net | 843 | 1,413 |
Right-of-use operating lease assets | 1,737 | 904 |
Accrued interest receivable | 971 | 1,336 |
Deferred tax asset | 3,442 | |
Other assets | 1,786 | 977 |
Total assets | 351,878 | 235,112 |
Liabilities: | ||
Noninterest-bearing demand deposits | 124,119 | 58,312 |
Savings, NOW and money-market deposits | 155,102 | 110,704 |
Time deposits | 13,236 | 21,743 |
Total deposits | 292,457 | 190,759 |
Federal Home Loan Bank advances | 18,000 | 23,000 |
Junior subordinated debenture | 2,068 | |
Official checks | 140 | 142 |
Operating lease liabilities | 1,775 | 923 |
Other liabilities | 996 | 386 |
Total liabilities | 313,368 | 217,278 |
Commitments and contingencies (Notes 8 and 14) | ||
Stockholders’ equity: | ||
Common stock, $.01 par value; 10,000,000 shares authorized, 4,775,281 and 3,203,455 shares issued and outstanding in 2021 and 2020 | 48 | 32 |
Additional paid-in capital | 65,193 | 50,263 |
Accumulated deficit | (26,096) | (32,392) |
Accumulated other comprehensive loss | (635) | (69) |
Total stockholders’ equity | 38,510 | 17,834 |
Total liabilities and stockholders’ equity | 351,878 | 235,112 |
Designated Series A Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock value | ||
Designated Series B Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt securities held to maturity, fair value | $ 1,071 | $ 3,549 |
Loans, allowance for loan losses | $ 3,075 | $ 1,906 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 6,000,000 | 6,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,775,281 | 3,203,455 |
Preferred stock, shares outstanding | 4,775,281 | 3,203,455 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0 | $ 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 760 | 760 |
Preferred Stock, Shares Issued | 760 | 400 |
Preferred Stock, Shares Outstanding | 760 | 400 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | ||
Loans | $ 9,756 | $ 6,413 |
Debt securities | 488 | 192 |
Other | 145 | 105 |
Total interest income | 10,389 | 6,710 |
Interest expense: | ||
Deposits | 651 | 1,277 |
Borrowings | 334 | 443 |
Total interest expense | 985 | 1,720 |
Net interest income | 9,404 | 4,990 |
Provision for loan losses | 1,173 | 1,020 |
Net interest income after provision for loan losses | 8,231 | 3,970 |
Noninterest income: | ||
Service charges on deposits | 1,331 | 272 |
Gain on sale of premises and equipment, net | 340 | |
Other | 103 | 22 |
Total noninterest income | 1,774 | 294 |
Noninterest expenses: | ||
Salaries and employee benefits | 3,653 | 2,324 |
Professional fees | 563 | 558 |
Occupancy and equipment | 650 | 570 |
Data processing | 765 | 546 |
Insurance | 95 | 85 |
Regulatory assessment | 164 | 158 |
Other | 1,046 | 805 |
Total noninterest expenses | 6,936 | 5,046 |
Net income (loss) before income tax benefit | 3,069 | (782) |
Income tax benefit | (3,227) | |
Net income (loss) | $ 6,296 | $ (782) |
Net income (loss) per share - basic and diluted | $ 1.61 | $ (0.27) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Net income (loss) | $ 6,296 | $ (782) |
Change in unrealized (loss) gain on debt securities- | ||
Unrealized (loss) gain arising during the year | (891) | 39 |
Amortization of unrealized loss on debt securities transferred to held-to-maturity | 110 | 140 |
Other comprehensive (loss) income before income tax benefit (expense) | (781) | 179 |
Deferred income tax benefit (expense) on above change | 215 | (43) |
Total other comprehensive (loss) income | (566) | 136 |
Comprehensive income (loss) | $ 5,730 | $ (646) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Series A Preferred Stock [Member]Preferred Stock [Member] | Series B Preferred Stock [Member]Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 28 | $ 38,994 | $ (31,610) | $ (205) | $ 7,207 | ||
Beginning balance, shares at Dec. 31, 2019 | 2,853,171 | ||||||
Proceeds from the sale of preferred stock | 10,000 | 10,000 | |||||
Proceeds from the sale of preferred stock, shares | 400 | ||||||
Proceeds from the sale of common stock | $ 1 | 539 | 540 | ||||
Proceeds from the sale of common stock, shares | 98,182 | ||||||
Stock-based compensation | $ 1 | 218 | 219 | ||||
Stock-based compensation, shares | 80,602 | ||||||
Common stock issued in exchange for Trust Preferred Securities | $ 2 | 512 | 514 | ||||
Common stock issued in exchange for Trust Preferred Securities, shares | 171,500 | ||||||
Net change in unrealized gain on debt securities available for sale, net of income taxes | 30 | 30 | |||||
Amortization of unrealized loss on debt securities transferred to held-to-maturity | 106 | 106 | |||||
Net income (loss) | (782) | (782) | |||||
Ending balance, value at Dec. 31, 2020 | $ 32 | 50,263 | (32,392) | (69) | 17,834 | ||
Ending balance, shares at Dec. 31, 2020 | 400 | 3,203,455 | |||||
Proceeds from the sale of preferred stock | 9,000 | 9,000 | |||||
Proceeds from the sale of preferred stock, shares | 360 | ||||||
Proceeds from the sale of common stock | $ 9 | 3,629 | 3,638 | ||||
Proceeds from the sale of common stock, shares | 809,100 | ||||||
Stock-based compensation | 199 | 199 | |||||
Stock-based compensation, shares | 62,112 | ||||||
Common stock issued for junior subordinated debenture interest payable | 41 | 41 | |||||
Common stock issued for junior subordinated debenture interest payable, shares | 11,042 | ||||||
Common stock issued in exchange for Trust Preferred Securities | $ 7 | 2,061 | 2,068 | ||||
Common stock issued in exchange for Trust Preferred Securities, shares | 689,572 | ||||||
Net change in unrealized gain on debt securities available for sale, net of income taxes | (676) | (676) | |||||
Amortization of unrealized loss on debt securities transferred to held-to-maturity | 110 | 110 | |||||
Net income (loss) | 6,296 | 6,296 | |||||
Ending balance, value at Dec. 31, 2021 | $ 48 | $ 65,193 | $ (26,096) | $ (635) | $ 38,510 | ||
Ending balance, shares at Dec. 31, 2021 | 760 | 4,775,281 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 6,296 | $ (782) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Provision for loan losses | 1,173 | 1,020 |
Depreciation and amortization | 210 | 176 |
Deferred income tax benefit | (3,227) | |
Stock-based compensation | 199 | 219 |
Net accretion of fees, premiums and discounts | (772) | (37) |
Gain on sale of premises and equipment, net | (340) | |
Loss on sale of foreclosed real estate, net | 7 | |
Decrease (increase) in accrued interest receivable | 365 | (904) |
Amortization of right-of-use operating lease assets | 92 | 151 |
Net decrease in operating lease liabilities | (73) | (138) |
Increase in other assets | (809) | (172) |
Increase (decrease) in official checks and other liabilities | 649 | (998) |
Net cash provided by (used in) operating activities | 3,763 | (1,458) |
Cash flows from investing activities: | ||
Purchase of debt securities available for sale | (19,513) | (15,720) |
Principal repayments of debt securities available for sale | 2,915 | 2,220 |
Principal repayments of debt securities held-to-maturity | 2,409 | 2,473 |
Net increase in loans | (95,568) | (51,771) |
Proceeds from sale of foreclosed real estate | 674 | |
Purchases of premises and equipment | (381) | (200) |
Proceeds from sale of premises and equipment | 1,081 | |
Redemption (purchase) of FHLB stock | 299 | (450) |
Net cash used in investing activities | (108,758) | (62,774) |
Cash flows from financing activities: | ||
Net increase in deposits | 101,698 | 89,387 |
Net (decrease) increase in Federal Home Loan Bank advances | (5,000) | 10,000 |
Proceeds from sale of common stock | 3,638 | 540 |
Proceeds from sale of preferred stock | 9,000 | 10,000 |
Net cash provided by financing activities | 109,336 | 109,927 |
Net increase in cash and cash equivalents | 4,341 | 45,695 |
Cash and cash equivalents at beginning of the year | 54,629 | 8,934 |
Cash and cash equivalents at end of the year | 58,970 | 54,629 |
Cash paid during the year for: | ||
Interest | 1,041 | 2,681 |
Income taxes | ||
Noncash transactions: | ||
Change in accumulated other comprehensive (loss) income, net change in unrealized (loss) gain on debt securities available for sale, net of income taxes | (566) | 136 |
Amortization of unrealized loss on debt securities transferred to held-to-maturity | 110 | 140 |
Right-of use lease assets obtained in exchange for operating lease liabilities | 925 | |
Issuance of common stock in exchange for Junior Subordinated Debenture | 2,068 | 514 |
Transfer of loan to foreclosed real estate | 681 | |
Issuance of common stock for Junior Subordinated Debenture interest payable | $ 41 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Organization 100 Basis of Presentation Subsequent Events . The Company has evaluated subsequent events through March 8, 2022, which is the date the consolidated financial statements were issued, determining no additional events required disclosure. Coronavirus Global Pandemic Junior Subordinated Debenture In 2004, the Company formed OptimumBank Capital Trust I (the “Trust”) for the purpose of raising capital through the sale of trust preferred securities. At that time, the Trust raised $ 5,155,000 through the sale of 5,000 trust preferred securities (the “Trust Preferred Securities”) to third party investors and the issuance of 155 common trust securities to the Company. The Trust utilized the proceeds of $ 5,155,000 to purchase a junior subordinated debenture from the Company (the “Junior Subordinated Debenture”). The outstanding principal amount of the Junior Subordinated Debenture at December 31, 2020, was $ 2,068,000 700,614 During the first quarter of 2021, the Company issued 11,042 41,000 During the second quarter of 2021, the Company issued 282,377 840 840,000 7,000 During the third quarter of 2021, the Company issued 407,195 1,228 1,221,000 Use of Estimates Cash and Cash Equivalents The Company may be required by law or regulation to maintain cash reserves in the form of vault cash or deposit with Federal Reserve Banks or in Pass-through accounts with other banks. This requirement is based on the amount of the Bank’s transaction deposit accounts. As of December 31, 2021 and 2020, the Bank did not have a reserve requirement as the Federal Reserve Board lowered the requirements to zero for all depository institutions. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Debt Securities Management evaluates debt securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. A debt security is impaired if the fair value is less than its carrying value at the financial statement date. When a debt security is impaired, the Company determines whether this impairment is temporary or other-than-temporary. In estimating other-than-temporary impairment (“OTTI”) losses, management assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a debt security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between amortized cost and fair value is recognized in operations. For debt securities that do not meet the aforementioned criteria, the amount of impairment recognized in operations is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income. Management utilizes cash flow models to segregate impairments to distinguish between impairment related to credit losses and impairment related to other factors. To assess for OTTI, management considers, among other things, (i) the severity and duration of the impairment; (ii) the ratings of the debt security; (iii) the overall transaction structure (the Company’s position within the structure, the aggregate, near-term financial performance of the underlying collateral, delinquencies, defaults, loss severities, recoveries, prepayments, cumulative loss projections, and discounted cash flows); and (iv) the timing and magnitude of a break in modeled cash flows. Loans Commitment fees and loan origination fees are deferred and certain direct origination costs are capitalized. Both are recognized as an adjustment of the yield of the related loan. The accrual of interest on loans is discontinued at the time the loan is ninety days delinquent unless the loan is well collateralized and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Loan Losses The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Allowance for Loan Losses, Continued The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For such loans, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loans are lower than the carrying value of those loans. The general component covers all other loans and is based on historical loss experience adjusted for qualitative factors. The historical loss component of the allowance is determined by losses recognized by portfolio segment over the preceding three years. The historical loss experience is adjusted for the risks by each portfolio segment. Risk factors impacting loans in each of the portfolio segments include: (1) changes in national, regional and local economic conditions that affect the collectability of the loan portfolio (2) changes in collateral value of loans (3) changes in lending policies and procedures, risk selection and underwriting standards (4) changes in the volume and severity of past due loans, nonaccrual loans or loans classified special mention, substandard, doubtful or loss (5) the existence and effect of any concentrations of credit and changes in the level of such concentrations (6) changes in the nature and volume of the loan portfolio and terms of loans, (7) changes in the experience, ability and depth of lending management and other relevant staff, (8) quality of loan review, (9) the effect of other external factors, trends or uncertainties that could affect management’s estimate of probable losses, such as competition and industry conditions. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis, by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral-dependent. Premises and Equipment Leases Transfer of Financial Assets Revenue Recognition . The Company has adopted Accounting Standards Updated (“ASU”) ASU 2014-09 Revenue from Contracts with Customers and all subsequent amendments to the ASU (collectively, “ASC 606”). The majority of the Company’s revenues come from interest income and financial assets, including loans, and securities which are outside the scope of ASC 606. The Company’s services that fall within the scope of ASC 606 are presented within noninterest income and are recognized as revenue as the Company satisfies its obligation to the customer. Elements of noninterest income within the scope of ASC 606 are limited to service charges on deposit accounts and gain on sale of premises and equipment. The following summarizes the Company’s revenue recognition accounting policy for service charges on deposit accounts which is within the scope of ASC 606- Service Charges on Deposit Accounts Gain on sale of premises and equipment . Gain on sale of premises and equipment was recognized when control of the property was transferred and it is probable that substantially all consideration will be collected. OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Income Taxes Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company provides reserves for potential payments of tax related to uncertain tax positions. These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company and the Bank file a consolidated income tax return. Income taxes are allocated proportionately to the Company and the Bank as though separate income tax returns were filed. Advertising 26,000 10,000 Stock Compensation Plan Net Income (Loss) Per Share. Basic net income (loss) per share is computed on the basis of the weighted-average number of common shares outstanding. In 2021 and 2020, basic and diluted net income (loss) per share were the same because there are no outstanding potentially diluted securities. Earnings (Loss) per common share has been computed based on the following: Schedule of Weighted Average Number of Common Shares Outstanding 2021 2020 Year Ended December 31, 2021 2020 Weighted-average number of common shares outstanding used to calculate basic and diluted net income (loss) per common share 3,899,118 2,934,293 OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Off-Balance-Sheet Financial Instruments Fair Value Measurements Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable. Valuations may be obtained from, or corroborated by, third-party pricing services. Level 3: Unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort. The following describes valuation methodologies used for assets measured at fair value: Debt Securities. Impaired Loans OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Fair Values of Financial Instruments Cash and Cash Equivalents Debt Securities. Loans. Federal Home Loan Bank Stock. 100 Accrued Interest Receivable. Deposit Liabilities. Federal Home Loan Bank Advances. Off-Balance-Sheet Financial Instruments. Comprehensive income (loss) Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated and Other Comprehensive (Loss) 2021 2020 December 31, 2021 2020 Unrealized (loss) gain on debt securities available for sale $ (816 ) $ 50 Unamortized portion of unrealized loss related to debt securities available for sale transferred to debt securities held-to-maturity (34 ) (144 ) Income tax benefit 215 25 Accumulated other comprehensive loss $ (635 ) $ (69 ) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Reclassifications Recent Pronouncements (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Debt Securities
Debt Securities | 12 Months Ended |
Dec. 31, 2021 | |
Debt Securities | |
Debt Securities | (2) Debt Securities . Debt securities have been classified according to management’s intent. The carrying amount of debt securities and approximate fair values are as follows (in thousands): Schedule of Amortized Cost and Approximate Fair Values of Debt Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value At December 31, 2021: Held-to-maturity: Collateralized mortgage obligations $ 854 $ 28 — $ 882 Mortgage-backed securities 186 3 — 189 Total $ 1,040 $ 31 — $ 1,071 Available for sale: SBA Pool Securities $ 1,097 $ 1 $ (26 ) $ 1,072 Collateralized mortgage obligations 210 7 — 217 Taxable municipal securities 16,766 19 (359 ) 16,426 Mortgage-backed securities 17,137 19 (477 ) 16,679 Total $ 35,210 $ 46 $ (862 ) $ 34,394 At December 31, 2020: Held-to-maturity: Collateralized mortgage obligations $ 2,420 $ 116 — $ 2,536 Mortgage-backed securities 979 34 — 1,013 Total $ 3,399 $ 150 — $ 3,549 Available for sale: SBA Pool Securities $ 1,338 $ — $ (41 ) $ 1,297 Collateralized mortgage obligations 458 27 — 485 Taxable municipal securities 5,063 29 (7 ) 5,085 Mortgage-backed securities 11,984 53 (11 ) 12,026 Total $ 18,843 $ 109 $ (59 ) $ 18,893 There were no Debt securities 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 (in thousands): Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category Over Twelve Months Less Than Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value At December 31, 2021: Available for Sale: SBA Pool Securities $ 26 $ 895 $ - $ - Taxable municipal securities $ 81 $ 1,853 $ 278 $ 12,828 Mortgage-backed securities $ 242 $ 6,179 $ 235 $ 9,984 Total 349 8,927 513 22,812 At December 31, 2020: Available for Sale: SBA Pool Securities $ 41 $ 1,297 $ - $ - Taxable municipal securities $ - $ - $ 7 $ 1,413 Mortgage-backed securities $ - $ - $ 11 $ 3,583 Total 41 1,297 18 4,996 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (2) Debt Securities, Continued At December 31, 2021 and 2020, the unrealized losses on twenty-nine and eleven debt securities, respectively, were caused by market conditions. It is expected that the debt securities will not be settled at a price less than the book value of the investments. Because the decline in fair value is attributable to market conditions and not credit quality, and because the Company has the ability and intent to hold these investments until a market price recovery or maturity, these investments are not considered other-than-temporarily impaired. As of December 31, 2021, the Company had pledged securities with a market value of $ 118,000 The Company’s available-for-sale and held-to-maturity debt securities all have contractual maturity dates which are greater than ten years as of December 31, 2021. 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 SUBSIDIARY Notes to Consolidated Financial Statements |
Loans
Loans | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans | (3) Loans Schedule of Components of Loans At December 31, 2021 2020 Residential real estate $ 32,583 $ 28,997 Multi-family real estate 48,592 19,210 Commercial real estate 129,468 74,398 Land and construction 3,772 4,750 Commercial 14,157 21,849 Consumer 22,827 5,715 Total loans 251,399 154,919 Deduct: Net deferred loan (fees), costs and premiums (422 ) (544 ) Allowance for loan losses (3,075 ) (1,906 ) Loans, net $ 247,902 $ 152,469 The Company makes the majority of its loans to borrowers in Broward County, Florida and portions of Palm Beach and Miami-Dade Counties, Florida. Although the Company has a diversified loan portfolio, a significant portion of its borrowers’ ability to repay their loans and meet their contractual obligations to the Company is dependent upon the economy in Broward, Palm Beach and Miami-Dade Counties, Florida. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (3) Loans, Continued. Schedule of Changes in Allowance for Loan Losses Residential Real Estate Multi- Family Real Estate Commercial Real Estate Land and Construction Commercial Consumer Unallocated Total Year Ended December 31, 2021: Beginning balance $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ — $ 1,906 Provision (Credit) for loan losses (11 ) 282 651 (28 ) (231 ) 510 — 1,173 Charge-offs — — — — (23 ) (254 ) — (277 ) Recoveries 30 — — 8 225 10 — 273 Ending balance $ 482 $ 535 $ 1,535 $ 32 $ 74 $ 417 $ — $ 3,075 Year Ended December 31, 2020: Beginning balance $ 531 $ 82 $ 624 $ 21 $ 573 $ 152 $ 26 $ 2,009 Provision (Credit) for loan losses 175 171 260 7 284 149 (26 ) (1,020 ) Charge-offs (259 ) — — — (775 ) (150 ) — (1,184 ) Recoveries 16 — — 24 21 — — 61 Ending balance $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ — $ 1,906 The balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2021 and 2020 follows (in thousands): Residential Real Estate Multi- Family Real Estate Commercial Real Estate Land and Construction Commercial Consumer Unallocated Total At December 31, 2021: Collectively evaluated for impairment: Recorded investment $ 32,583 $ 48,592 $ 129,468 $ 3,772 $ 14,157 $ 22,827 $ — $ 251,399 Balance in allowance for loan losses $ 481 $ 535 $ 1,535 $ 32 $ 72 $ 420 $ — $ 3,075 At December 31, 2020: Individually evaluated for impairment: Recorded investment $ — $ — $ 2,193 $ — $ — $ — $ — $ 2,193 Balance in allowance for loan losses $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment: Recorded investment $ 30,254 $ 20,637 $ 69,521 $ 4,750 $ 21,849 $ 5,715 $ — $ 152,726 Balance in allowance for loan losses $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ — $ 1,906 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (3) Loans, Continued. Residential Real Estate, Multi-Family Real Estate, Commercial Real Estate, Land and Construction Commercial 502 PPP loans for a total dollar amount of $ 37.4 million. These loans are 100% guaranteed by the Small Business Administration (the “SBA”). At December 31, 2021, the outstanding balance of these PPP loans totaled $ 10 million. Consumer (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (3) Loans, Continued. Schedule of Loans by Credit Quality Pass OLEM (Other Loans Especially Mentioned) Sub- standard Doubtful Loss Total At December 31, 2021: Residential real estate $ 30,080 $ — $ 2,503 $ — $ — $ 32,583 Multi-family real estate 47,962 630 — — — 48,592 Commercial real estate 125,620 3,848 — — — 129,468 Land and construction 3,772 — — — — 3,772 Commercial 13,960 197 — — — 14,157 Consumer 22,827 — — — — 22,827 Total $ 244,221 $ 4,675 $ 2,503 $ — $ — $ 251,399 At December 31, 2020: Residential real estate $ 28,151 $ — $ 846 $ — $ — $ 28,997 Multi-family real estate 19,210 — — — — 19,210 Commercial real estate 66,089 4,449 3,860 — — 74,398 Land and construction 4,750 — — — — 4,750 Commercial 20,735 1,114 — — — 21,849 Consumer 5,715 — — — — 5,715 Total $ 144,650 $ 5,563 $ 4,706 $ — $ — $ 154,919 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 sound 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 any loan classified as Doubtful. Loss – a loan classified as 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 SUBSIDIARY Notes to Consolidated Financial Statements (3) Loans, Continued. 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 Due Total Past Due Current Nonaccrual Loans Total Loans At December 31, 2021: Residential real estate $ 198 $ — $ — $ 198 $ 32,385 $ — $ 32,583 Multi-family real estate — — — — 48,592 — 48,592 Commercial real estate — — — — 129,468 — 129,468 Land and construction — — — — 3,772 — 3,772 Commercial — — — — 14,157 — 14,157 Consumer 69 — — 69 22,758 — 22,827 Total $ 267 $ — $ — $ 267 $ 251,132 $ — $ 251,399 At December 31, 2020: Residential real estate $ 977 $ — $ — $ 977 $ 28,020 $ — $ 28,997 Multi-family real estate — — — — 19,210 — 19,210 Commercial real estate — — — — 72,205 2,193 74,398 Land and construction — — — — 4,750 — 4,750 Commercial — — — — 21,849 — 21,849 Consumer 6 — — 6 5,709 — 5,715 Total $ 983 $ — $ — $ 983 $ 151,743 $ 2,193 $ 154,919 The following summarizes the amount of impaired loans (in thousands): Schedule of Impaired Loans At December 31, 2021 At December 31, 2020 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: Commercial real estate $ — $ — $ — $ 2,193 $ 2,193 $ — (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (3) Loans, Continued. Schedule of Interest Income Recognized and Received on Impaired Loans For the Year Ended December 31, 2021 2020 Average Recorded Investment Interest Income Recognized Interest Income Received Average Recorded Investment Interest Income Recognized Interest Income Received Residential real estate $ — $ — $ — $ 651 $ 18 $ 11 Commercial real estate $ 658 $ 7 $ 7 $ 2,194 $ 78 $ 60 Commercial $ — $ — $ — $ 499 $ — $ 18 Total $ 658 $ 7 $ 7 $ 3,344 $ 96 $ 89 No loans have been determined to be troubled debt restructurings (TDR’s) during the year ended December 31, 2021 and 2020. At December 31, 2021 and 2020, there were no loans modified and entered into TDR’s within the past twelve months, that subsequently defaulted during the years ended December 31, 2021 or 2020. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | (4) Premises and Equipment Schedule of Premises and equipment 2021 2020 At December 31, 2021 2020 Land $ — $ 426 Buildings and improvements — 654 Furniture, fixtures and equipment 819 730 Leasehold improvements 654 505 Total, at cost 1,473 2,315 Less accumulated depreciation and amortization (630 ) (902 ) Premises and equipment, net $ 843 $ 1,413 During the fourth quarter, the Company sold one of its branch locations to a third-party. The sale was completed in November 2021 for $ 1,081,000 . In connection with the sale, the Company recorded a gain in the consolidated statements of operations of $ 340,000 in November 2021. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | (5) Leases . The Company’s operating lease obligation is for two of its branch locations. as well as a third location expected to open in 2022 in North Miami Beach, Florida. Our leases have a weighted-average remaining lease term of approximately 8.3 years and do not offer options to extend the leases. The components of lease expense and other lease information are as follows (in thousands): Schedule of Components of Lease Cost 2021 2020 For the year ended December 31, 2021 2020 Operating lease cost $ 213 $ 171 Cash paid for amounts included in measurement of lease liabilities $ 195 $ 158 Schedule of Operating Lease Liability At December 31, 2021 At December 31, 2020 Operating lease right-of-use assets $ 1,737 904 Operating lease liabilities $ 1,775 923 Weighted-average remaining lease term 8.3 7.4 Weighted-average discount rate 2.11 % 2.1 % Future minimum lease payments under non-cancellable leases, reconciled to our discounted operating lease liabilities are as follows (in thousands): Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases At December 31, 2021 2022 $ 254 2023 185 2024 189 2025 192 2026 202 Thereafter 818 Total future minimum lease payments 1,840 Less imputed interest (65 ) Total operating lease liability $ 1,775 OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits | (6) Deposits The aggregate amount of time deposits with a minimum denomination of $ 250,000 1.7 2.5 A schedule of maturities of time deposits at December 31, 2021 follows (in thousands): Schedule of Maturities of Time Deposits Maturing Year Ending December 31, Amount 2022 $ 11,490 2023 965 2024 257 2025 496 2026 28 Total $ 13,236 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Available Credit | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank Advances and Other Available Credit | (7) Federal Home Loan Bank Advances and Other Available Credit The maturities and interest rates on the Federal Home Loan Bank (“FHLB”) advances were as follows (dollars in thousands) Schedule of Maturities and Interest Rates on the Federal Home Loan Bank Advances Maturity Year Ending Interest At December 31, December 31, Rate 2021 2020 2022 1.68% $ — $ 5,000 2024 1.96% 4,000 4,000 2025 1.01% 10,000 10,000 2029 1.69% 4,000 4,000 $ 18,000 $ 23,000 At December 31, 2021, three FHLB Advances were structured advances with potential calls on a quarterly basis. FHLB advances are collateralized by a blanket lien requiring the Company to maintain certain first mortgage loans as pledged collateral. At December 31, 2021, the Company had remaining credit availability of $ 65.7 million which can be used if additional collateral is pledged. At December 31, 2021, the Company had loans pledged with a carrying value of $ 123.4 million as collateral for FHLB advances. At December 31, 2021, the Company also had lines of credit amounting to $ 19.5 million with five correspondent banks to purchase federal funds. The Company also has a line of credit with the Federal Reserve Bank under which the Company may draw up to $ 116,000 . The line is secured by $ 118,000 in securities. At December 31, 2021 and 2020 there were no borrowings under these lines of credit. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | (8) Financial Instruments The estimated fair values of the Company’s financial instruments were as follows (in thousands): Schedule of Estimated Fair Value of Financial Instruments At December 31, 2021 At December 31, 2020 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 58,970 $ 58,970 1 $ 54,629 $ 54,629 1 Debt Securities available for sale 34,394 34,394 2 18,893 18,893 2 Debt Securities held-to-maturity 1,040 1,071 2 3,399 3,549 2 Loans 247,902 247,788 3 152,469 153,276 3 Federal Home Loan Bank stock 793 793 3 1,092 1,092 3 Accrued interest receivable 971 971 3 1,336 1,336 3 Financial liabilities: Deposit liabilities 292,457 292,537 3 190,759 191,011 3 Federal Home Loan Bank advances 18,000 18,021 3 23,000 23,254 3 Junior subordinated debenture — — 3 2,068 N/A 1 3 Off-balance sheet financial instruments — — 3 — — 3 (1) The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to Note1 for further information. The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit, unused lines of credit, and standby letters of credit and may involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the consolidated balance sheet. The contract amounts of these instruments reflect the extent of involvement the Company has in these financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the counterparty. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit to customers is essentially the same as that involved in extending loan facilities to customers. The Company generally holds collateral supporting those commitments. Standby letters of credit generally have expiration dates within one year. Commitments to extend credit, unused lines of credit, and standby letters of credit typically result in loans with a market interest rate when funded. A summary of the contractual amounts of the Company’s financial instruments with off-balance-sheet risk at December 31, 2021 follows (in thousands): Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 11,891 Unused lines of credit $ 11,793 Standby letters of credit $ 4,550 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (9) Income Taxes Income tax benefit consisted of the following (in thousands): Schedule of Components of Income Tax Benefit 2021 2020 Year Ended December 31, 2021 2020 Current: Federal $ — $ — State — — Total Current — — Deferred: Federal 609 (161 ) State 169 (34 ) Change in Valuation Allowance (4,005 ) 195 Total Deferred (3,227 ) — Total $ (3,227 ) $ — 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, 2021 2020 Amount % of Pretax Loss Amount % of Pretax Loss Income tax benefit at statutory rate $ 644 21 % $ (164 ) 21 % Increase (decrease) resulting from: State taxes, net of Federal tax benefit 134 4.3 % (34 ) 4.4 % Other permanent differences — — 3 (0.4 )% Change in valuation allowance (4,005 ) (130.5 )% 195 (25 )% $ (3,227 ) (105.2 )% $ — 0 % 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 2021 2020 At December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 3,336 $ 4,284 Allowance for loan losses 15 — Premises and equipment 53 60 Nonaccrual loan interest 30 40 Lease Liability 450 234 Unrealized loss on debt securities 215 25 Gross deferred tax assets 4,099 4,643 Less: Valuation allowance — 4,005 Total deferred tax assets 4,099 638 Deferred tax liabilities: Allowance for loan losses — (283 ) Right of use lease assets (440 ) (229 ) Loan costs (217 ) (101 ) Total deferred tax liabilities (657 ) (613 ) Net deferred tax asset $ 3,442 $ 25 During the years ended December 31, 2021 and 2020, the Company assessed its earnings history and trend over the past year and its estimate of future earnings. In 2021, the Company determined that it was more likely than not that the deferred tax assets would be realized in the near term. Accordingly, in 2021, the valuation allowance in the amount of $ 4 3.4 million was presented under the caption “deferred taxes” on the accompanying consolidated balance sheets. At December 31, 2020, the net deferred tax asset of $ 25,000 , was presented under the caption “other assets” on the accompanying consolidated balance sheets. At December 31, 2021, the Company had net operating loss carryforwards of approximately $ 13.2 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. OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (9) Income Taxes, Continued The Company files U.S. and Florida income tax returns. The Company is no longer subject to U.S. Federal or state income tax examinations by taxing authorities for years before 2018. The Company regularly reviews its tax positions in each significant taxing jurisdiction in the process of evaluating its unrecognized tax benefits. The Company adjusts 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 year. OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (10) Related Party Transactions The Company has entered into transactions with its executive officers, directors and their affiliates in the ordinary course of business. During 2021, the Company incurred approximately $ 44,000 At December 31, 2021 and 2020, related parties had approximately $ 46,600,000 36,000,000 At December 31, 2021 and 2020, related party loans totaled $ 1,000,000 and $ 1,100,000 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | (11) 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, as amended (the “Plan”). The plan has been approved by the shareholders. The Company is authorized to issue up to 550,000 299,904 250,096 During the year ended December 31, 2020, the Company recorded compensation expense of $ 219,000 80,602 During the year ended December 31, 2021, the Company recorded compensation expense of $ 199,000 62,112 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters | (12) Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts, and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (12) Regulatory Matters, Continued In 2019, the federal banking agencies jointly issued a final rule that provides for an optional, simplified measure of capital adequacy, the community bank leverage ratio framework (CBLR framework), for qualifying community banking organizations. The final rule became effective on January 1, 2020 and was elected by the Bank. In April 2020, the federal banking agencies issued an interim final rule that makes temporary changes to the CBLR framework, pursuant to section 4012 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and a second interim final rule that provides a graduated increase in the community bank leverage ratio requirement after the expiration of the temporary changes implemented pursuant to section 4012 of the CARES Act. The community bank leverage ratio removes the requirement for qualifying banking organizations to calculate and report risk-based capital but rather only requires a Tier 1 to average assets (leverage) ratio. Qualifying community banking organizations that elect to use the community bank leverage ratio framework and that maintain a leverage ratio of greater than required minimums will be considered to have satisfied the generally applicable risk based and leverage capital requirements in the agencies’ capital rules (generally applicable rule) and, if applicable, will be considered to have met the well capitalized ratio requirements for purposes of section 38 of the Federal Deposit Insurance Act. Under the interim final rules, the community bank leverage ratio minimum requirement is 8.5 9 7.5 8 Management believes, as of December 31, 2021, that the Bank meets all capital adequacy requirements to which it is subject. The Bank’s actual capital amounts and percentages are presented in the table ($ in thousands): Schedule of Capital Amount and Percentages Actual To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) Amount % Amount % As of December 31, 2021: Tier I Capital to Total Assets $ 35,338 10.64 % $ 28,235 8.5 % As of December 31, 2020: Tier I Capital to Total Assets $ 19,261 9 % $ 17,116 8 % OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Dividends | (13) Dividends The Company is limited in the amount of cash dividends that may be paid. Banking regulations place certain restrictions on dividends and loans or advances made by the Bank to the Company. The amount of cash dividends that may be paid by the Bank to the Company is based on the Bank’s net earnings of the current year combined with the Bank’s retained earnings of the preceding two years, as defined by state banking regulations. However, for any dividend declaration, the Company must consider additional factors such as the amount of current period net earnings, liquidity, asset quality, capital adequacy and economic conditions. It is likely that these factors would further limit the amount of dividends which the Company could declare. In addition, bank regulators have the authority to prohibit banks from paying dividends if they deem such payment to be an unsafe or unsound practice. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | (14) Contingencies Various claims also arise from time to time in the normal course of business. In the opinion of management, none have occurred that will have a material adverse effect on the Company’s consolidated financial statements. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans | (15) Retirement Plans The Company has a 401(k) Profit Sharing plan covering all eligible employees who are over the age of twenty-one and have completed one year of service. The Company may make a matching contribution each year. The Company did not make any matching contributions in connection with this plan during the years ended December 31, 2021 or 2020. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | (16) Fair Value Measurement There were no impaired collateral-dependent loans measured at fair value on a nonrecurring basis at December 31, 2021. Debt securities available for sale measured at fair value on a recurring basis are summarized below (in thousands): Schedule of Debt Securities Available for Sale Measured at Fair Value on Recurring Basis Fair Value Measurements Using Fair Value Quoted Prices Assets Significant Significant Unobservable Inputs At December 31, 2021: SBA Pool Securities $ 1,072 $ — $ 1,072 $ — Collateralized mortgage obligations 217 — 217 — Taxable municipal securities 16,426 — 16,426 — Mortgage-backed securities 16,679 — 16,679 — Total $ 34,394 $ — $ 34,394 $ — At December 31, 2020: SBA Pool Securities $ 1,297 $ — $ 1,297 $ — Collateralized mortgage obligations 485 — 485 — State and political subdivision 5,085 — 5,085 - Mortgage-backed securities 12,026 — 12,026 — Total $ 18,893 $ — $ 18,893 $ — During the years ended December 31, 2021 and 2020, no debt securities were transferred in or out of Level 3. OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Company Unconsolidated Financia
Company Unconsolidated Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Company Unconsolidated Financial Information | (17) Company Unconsolidated Financial Information The Company’s unconsolidated financial information as of December 31, 2021 and 2020 and for the years then ended follows (in thousands): Condensed Balance Sheets Schedule of Condensed Balance Sheet At December 31, 2021 2020 Assets Cash $ 508 $ 123 Investment in subsidiary 36,364 19,193 Deferred tax asset 1,676 — Other assets 167 642 Total assets $ 38,715 $ 19,958 Liabilities and Stockholders’ Equity Other liabilities $ 205 $ 56 Junior subordinated debenture — 2,068 Stockholders’ equity 38,510 17,834 Total liabilities and stockholders’ equity $ 38,715 $ 19,958 Condensed Statements of Operations Schedule of Condensed Statements of Operation Year Ended December 31, 2021 2020 Income (loss) of subsidiary $ 5,412 $ (43 ) Interest expense (41 ) (122 ) Other expense (751 ) (617 ) Income tax benefit 1,676 — Net income (loss) $ 6,296 $ (782 ) Condensed Statements of Cash Flows Schedule of Condensed Statements of Cash Flows Year Ended December 31, 2021 2020 Cash flows from operating activities: Net income (loss) $ 6,296 $ (782 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Stock-based compensation 199 219 Equity in undistributed (income) loss of subsidiary (5,412 ) 43 Deferred income tax benefit (1,676 ) — Increase (decrease) in other liabilities 149 (1,062 ) Decrease (increase) in other assets 475 (475 ) Net cash provided by (used in) operating activities 31 (2,057 ) Cash flow from investing activities – Capital infusion to bank subsidiary (12,324 ) (8,370 ) Cash flow from financing activities: Proceeds from sale of preferred stock 9,000 10,000 Proceeds from sale of common stock 3,678 540 Cash provided by financing activities 12,678 10,540 Net increase in cash 385 113 Cash at beginning of the year 123 10 Cash at end of year $ 508 $ 123 Noncash transactions: Change in accumulated other comprehensive loss of subsidiary, net change in unrealized loss on debt securities available for sale, net of income taxes $ (566 ) $ 136 Issuance of common stock in exchange for Trust Preferred Securities $ 2,068 $ 514 OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Preferred Stock | (18) Preferred Stock During 2021 and 2020, the Company issued 360 and 400 shares, respectively, of the Company’s Series B Participating Preferred Stock (the “Series B Preferred”) at a price of $ 25,000 per share, or an aggregate of $ 19 million. The Preferred Stock has no par value. Except in the event of liquidation, if the Company declares or pays a dividend or distribution on the common stock, the Company shall simultaneously declare and pay a dividend on the Series B Preferred on a pro rata basis with the common stock determined on an as-converted basis assuming all shares of Series B Preferred Stock had been converted immediately prior to the record date of the applicable dividend. The Preferred Stock is convertible into 7,600,000 shares of common stock, at the option of the Company, subject to the prior fulfilment of the following conditions: (i) such conversion shall have been approved by the holders of a majority of the outstanding common stock of the Company; and (ii) such conversion shall not result in any holder of the Series B Preferred Stock and any persons with whom the holder may be acting in concert, becoming beneficial owners of more than 9.9 % of the outstanding shares of the common stock. The number of shares issuable upon conversion is subject to adjustment based on the terms of the applicable Certificate of Designation for the Series B Preferred (the “Certificate of Designation”) The Series B Preferred has preferential liquidation rights over common stockholders and holders of junior securities. The liquidation price is the greater of $ 25,000 per share of Series B Preferred or such amount per share of Series A Preferred that would have been payable had all shares of the Series B Preferred had been converted into common stock pursuant to the terms of the Certificate of Designation immediately prior to a liquidation. The Series B Preferred generally has no voting rights except as provided in the Certificate of Designation. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization 100 |
Basis of Presentation | Basis of Presentation |
Subsequent Events | Subsequent Events . The Company has evaluated subsequent events through March 8, 2022, which is the date the consolidated financial statements were issued, determining no additional events required disclosure. |
Coronavirus Global Pandemic | Coronavirus Global Pandemic |
Junior Subordinated Debenture | Junior Subordinated Debenture In 2004, the Company formed OptimumBank Capital Trust I (the “Trust”) for the purpose of raising capital through the sale of trust preferred securities. At that time, the Trust raised $ 5,155,000 through the sale of 5,000 trust preferred securities (the “Trust Preferred Securities”) to third party investors and the issuance of 155 common trust securities to the Company. The Trust utilized the proceeds of $ 5,155,000 to purchase a junior subordinated debenture from the Company (the “Junior Subordinated Debenture”). The outstanding principal amount of the Junior Subordinated Debenture at December 31, 2020, was $ 2,068,000 700,614 During the first quarter of 2021, the Company issued 11,042 41,000 During the second quarter of 2021, the Company issued 282,377 840 840,000 7,000 During the third quarter of 2021, the Company issued 407,195 1,228 1,221,000 |
Use of Estimates | Use of Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company may be required by law or regulation to maintain cash reserves in the form of vault cash or deposit with Federal Reserve Banks or in Pass-through accounts with other banks. This requirement is based on the amount of the Bank’s transaction deposit accounts. As of December 31, 2021 and 2020, the Bank did not have a reserve requirement as the Federal Reserve Board lowered the requirements to zero for all depository institutions. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued |
Debt Securities | Debt Securities Management evaluates debt securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. A debt security is impaired if the fair value is less than its carrying value at the financial statement date. When a debt security is impaired, the Company determines whether this impairment is temporary or other-than-temporary. In estimating other-than-temporary impairment (“OTTI”) losses, management assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a debt security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between amortized cost and fair value is recognized in operations. For debt securities that do not meet the aforementioned criteria, the amount of impairment recognized in operations is limited to the amount related to credit losses, while impairment related to other factors is recognized in other comprehensive income. Management utilizes cash flow models to segregate impairments to distinguish between impairment related to credit losses and impairment related to other factors. To assess for OTTI, management considers, among other things, (i) the severity and duration of the impairment; (ii) the ratings of the debt security; (iii) the overall transaction structure (the Company’s position within the structure, the aggregate, near-term financial performance of the underlying collateral, delinquencies, defaults, loss severities, recoveries, prepayments, cumulative loss projections, and discounted cash flows); and (iv) the timing and magnitude of a break in modeled cash flows. |
Loans | Loans Commitment fees and loan origination fees are deferred and certain direct origination costs are capitalized. Both are recognized as an adjustment of the yield of the related loan. The accrual of interest on loans is discontinued at the time the loan is ninety days delinquent unless the loan is well collateralized and in process of collection. In all cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may affect the borrower’s ability to repay, estimated value of any underlying collateral and prevailing economic conditions. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued Allowance for Loan Losses, Continued The allowance consists of specific and general components. The specific component relates to loans that are classified as impaired. For such loans, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loans are lower than the carrying value of those loans. The general component covers all other loans and is based on historical loss experience adjusted for qualitative factors. The historical loss component of the allowance is determined by losses recognized by portfolio segment over the preceding three years. The historical loss experience is adjusted for the risks by each portfolio segment. Risk factors impacting loans in each of the portfolio segments include: (1) changes in national, regional and local economic conditions that affect the collectability of the loan portfolio (2) changes in collateral value of loans (3) changes in lending policies and procedures, risk selection and underwriting standards (4) changes in the volume and severity of past due loans, nonaccrual loans or loans classified special mention, substandard, doubtful or loss (5) the existence and effect of any concentrations of credit and changes in the level of such concentrations (6) changes in the nature and volume of the loan portfolio and terms of loans, (7) changes in the experience, ability and depth of lending management and other relevant staff, (8) quality of loan review, (9) the effect of other external factors, trends or uncertainties that could affect management’s estimate of probable losses, such as competition and industry conditions. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis, by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral-dependent. |
Premises and Equipment | Premises and Equipment |
Leases | Leases |
Transfer of Financial Assets | Transfer of Financial Assets |
Revenue Recognition | Revenue Recognition . The Company has adopted Accounting Standards Updated (“ASU”) ASU 2014-09 Revenue from Contracts with Customers and all subsequent amendments to the ASU (collectively, “ASC 606”). The majority of the Company’s revenues come from interest income and financial assets, including loans, and securities which are outside the scope of ASC 606. The Company’s services that fall within the scope of ASC 606 are presented within noninterest income and are recognized as revenue as the Company satisfies its obligation to the customer. Elements of noninterest income within the scope of ASC 606 are limited to service charges on deposit accounts and gain on sale of premises and equipment. The following summarizes the Company’s revenue recognition accounting policy for service charges on deposit accounts which is within the scope of ASC 606- |
Service Charges on Deposit Accounts | Service Charges on Deposit Accounts |
Gain on sale of premises and equipment | Gain on sale of premises and equipment . Gain on sale of premises and equipment was recognized when control of the property was transferred and it is probable that substantially all consideration will be collected. OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued |
Income Taxes | Income Taxes Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company provides reserves for potential payments of tax related to uncertain tax positions. These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company and the Bank file a consolidated income tax return. Income taxes are allocated proportionately to the Company and the Bank as though separate income tax returns were filed. |
Advertising | Advertising 26,000 10,000 |
Stock Compensation Plan | Stock Compensation Plan |
Net Income | Net Income (Loss) Per Share. Basic net income (loss) per share is computed on the basis of the weighted-average number of common shares outstanding. In 2021 and 2020, basic and diluted net income (loss) per share were the same because there are no outstanding potentially diluted securities. Earnings (Loss) per common share has been computed based on the following: Schedule of Weighted Average Number of Common Shares Outstanding 2021 2020 Year Ended December 31, 2021 2020 Weighted-average number of common shares outstanding used to calculate basic and diluted net income (loss) per common share 3,899,118 2,934,293 OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued |
Off-Balance-Sheet Financial Instruments | Off-Balance-Sheet Financial Instruments |
Fair Value Measurements | Fair Value Measurements Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; and model-driven valuations whose inputs are observable or whose significant value drivers are observable. Valuations may be obtained from, or corroborated by, third-party pricing services. Level 3: Unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort. The following describes valuation methodologies used for assets measured at fair value: Debt Securities. Impaired Loans OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued |
Fair Values of Financial Instruments | Fair Values of Financial Instruments Cash and Cash Equivalents Debt Securities. Loans. Federal Home Loan Bank Stock. 100 Accrued Interest Receivable. Deposit Liabilities. Federal Home Loan Bank Advances. Off-Balance-Sheet Financial Instruments. |
Comprehensive income (loss) | Comprehensive income (loss) Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated and Other Comprehensive (Loss) 2021 2020 December 31, 2021 2020 Unrealized (loss) gain on debt securities available for sale $ (816 ) $ 50 Unamortized portion of unrealized loss related to debt securities available for sale transferred to debt securities held-to-maturity (34 ) (144 ) Income tax benefit 215 25 Accumulated other comprehensive loss $ (635 ) $ (69 ) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (1) Summary of Significant Accounting Policies, continued |
Reclassifications | Reclassifications |
Recent Pronouncements | Recent Pronouncements (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Weighted Average Number of Common Shares Outstanding | Schedule of Weighted Average Number of Common Shares Outstanding 2021 2020 Year Ended December 31, 2021 2020 Weighted-average number of common shares outstanding used to calculate basic and diluted net income (loss) per common share 3,899,118 2,934,293 |
Schedule of Accumulated and Other Comprehensive (Loss) | Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated and Other Comprehensive (Loss) 2021 2020 December 31, 2021 2020 Unrealized (loss) gain on debt securities available for sale $ (816 ) $ 50 Unamortized portion of unrealized loss related to debt securities available for sale transferred to debt securities held-to-maturity (34 ) (144 ) Income tax benefit 215 25 Accumulated other comprehensive loss $ (635 ) $ (69 ) |
Debt Securities (Tables)
Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Securities | |
Schedule of Amortized Cost and Approximate Fair Values of Debt Securities | Schedule of Amortized Cost and Approximate Fair Values of Debt Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value At December 31, 2021: Held-to-maturity: Collateralized mortgage obligations $ 854 $ 28 — $ 882 Mortgage-backed securities 186 3 — 189 Total $ 1,040 $ 31 — $ 1,071 Available for sale: SBA Pool Securities $ 1,097 $ 1 $ (26 ) $ 1,072 Collateralized mortgage obligations 210 7 — 217 Taxable municipal securities 16,766 19 (359 ) 16,426 Mortgage-backed securities 17,137 19 (477 ) 16,679 Total $ 35,210 $ 46 $ (862 ) $ 34,394 At December 31, 2020: Held-to-maturity: Collateralized mortgage obligations $ 2,420 $ 116 — $ 2,536 Mortgage-backed securities 979 34 — 1,013 Total $ 3,399 $ 150 — $ 3,549 Available for sale: SBA Pool Securities $ 1,338 $ — $ (41 ) $ 1,297 Collateralized mortgage obligations 458 27 — 485 Taxable municipal securities 5,063 29 (7 ) 5,085 Mortgage-backed securities 11,984 53 (11 ) 12,026 Total $ 18,843 $ 109 $ (59 ) $ 18,893 |
Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category | Debt securities 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 (in thousands): Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category Over Twelve Months Less Than Twelve Months Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value At December 31, 2021: Available for Sale: SBA Pool Securities $ 26 $ 895 $ - $ - Taxable municipal securities $ 81 $ 1,853 $ 278 $ 12,828 Mortgage-backed securities $ 242 $ 6,179 $ 235 $ 9,984 Total 349 8,927 513 22,812 At December 31, 2020: Available for Sale: SBA Pool Securities $ 41 $ 1,297 $ - $ - Taxable municipal securities $ - $ - $ 7 $ 1,413 Mortgage-backed securities $ - $ - $ 11 $ 3,583 Total 41 1,297 18 4,996 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Components of Loans | Schedule of Components of Loans At December 31, 2021 2020 Residential real estate $ 32,583 $ 28,997 Multi-family real estate 48,592 19,210 Commercial real estate 129,468 74,398 Land and construction 3,772 4,750 Commercial 14,157 21,849 Consumer 22,827 5,715 Total loans 251,399 154,919 Deduct: Net deferred loan (fees), costs and premiums (422 ) (544 ) Allowance for loan losses (3,075 ) (1,906 ) Loans, net $ 247,902 $ 152,469 |
Schedule of Changes in Allowance for Loan Losses | Schedule of Changes in Allowance for Loan Losses Residential Real Estate Multi- Family Real Estate Commercial Real Estate Land and Construction Commercial Consumer Unallocated Total Year Ended December 31, 2021: Beginning balance $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ — $ 1,906 Provision (Credit) for loan losses (11 ) 282 651 (28 ) (231 ) 510 — 1,173 Charge-offs — — — — (23 ) (254 ) — (277 ) Recoveries 30 — — 8 225 10 — 273 Ending balance $ 482 $ 535 $ 1,535 $ 32 $ 74 $ 417 $ — $ 3,075 Year Ended December 31, 2020: Beginning balance $ 531 $ 82 $ 624 $ 21 $ 573 $ 152 $ 26 $ 2,009 Provision (Credit) for loan losses 175 171 260 7 284 149 (26 ) (1,020 ) Charge-offs (259 ) — — — (775 ) (150 ) — (1,184 ) Recoveries 16 — — 24 21 — — 61 Ending balance $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ — $ 1,906 The balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2021 and 2020 follows (in thousands): Residential Real Estate Multi- Family Real Estate Commercial Real Estate Land and Construction Commercial Consumer Unallocated Total At December 31, 2021: Collectively evaluated for impairment: Recorded investment $ 32,583 $ 48,592 $ 129,468 $ 3,772 $ 14,157 $ 22,827 $ — $ 251,399 Balance in allowance for loan losses $ 481 $ 535 $ 1,535 $ 32 $ 72 $ 420 $ — $ 3,075 At December 31, 2020: Individually evaluated for impairment: Recorded investment $ — $ — $ 2,193 $ — $ — $ — $ — $ 2,193 Balance in allowance for loan losses $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment: Recorded investment $ 30,254 $ 20,637 $ 69,521 $ 4,750 $ 21,849 $ 5,715 $ — $ 152,726 Balance in allowance for loan losses $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ — $ 1,906 (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, 2021: Residential real estate $ 30,080 $ — $ 2,503 $ — $ — $ 32,583 Multi-family real estate 47,962 630 — — — 48,592 Commercial real estate 125,620 3,848 — — — 129,468 Land and construction 3,772 — — — — 3,772 Commercial 13,960 197 — — — 14,157 Consumer 22,827 — — — — 22,827 Total $ 244,221 $ 4,675 $ 2,503 $ — $ — $ 251,399 At December 31, 2020: Residential real estate $ 28,151 $ — $ 846 $ — $ — $ 28,997 Multi-family real estate 19,210 — — — — 19,210 Commercial real estate 66,089 4,449 3,860 — — 74,398 Land and construction 4,750 — — — — 4,750 Commercial 20,735 1,114 — — — 21,849 Consumer 5,715 — — — — 5,715 Total $ 144,650 $ 5,563 $ 4,706 $ — $ — $ 154,919 |
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 Due Total Past Due Current Nonaccrual Loans Total Loans At December 31, 2021: Residential real estate $ 198 $ — $ — $ 198 $ 32,385 $ — $ 32,583 Multi-family real estate — — — — 48,592 — 48,592 Commercial real estate — — — — 129,468 — 129,468 Land and construction — — — — 3,772 — 3,772 Commercial — — — — 14,157 — 14,157 Consumer 69 — — 69 22,758 — 22,827 Total $ 267 $ — $ — $ 267 $ 251,132 $ — $ 251,399 At December 31, 2020: Residential real estate $ 977 $ — $ — $ 977 $ 28,020 $ — $ 28,997 Multi-family real estate — — — — 19,210 — 19,210 Commercial real estate — — — — 72,205 2,193 74,398 Land and construction — — — — 4,750 — 4,750 Commercial — — — — 21,849 — 21,849 Consumer 6 — — 6 5,709 — 5,715 Total $ 983 $ — $ — $ 983 $ 151,743 $ 2,193 $ 154,919 |
Schedule of Impaired Loans | The following summarizes the amount of impaired loans (in thousands): Schedule of Impaired Loans At December 31, 2021 At December 31, 2020 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: Commercial real estate $ — $ — $ — $ 2,193 $ 2,193 $ — |
Schedule of Interest Income Recognized and Received on Impaired Loans | Schedule of Interest Income Recognized and Received on Impaired Loans For the Year Ended December 31, 2021 2020 Average Recorded Investment Interest Income Recognized Interest Income Received Average Recorded Investment Interest Income Recognized Interest Income Received Residential real estate $ — $ — $ — $ 651 $ 18 $ 11 Commercial real estate $ 658 $ 7 $ 7 $ 2,194 $ 78 $ 60 Commercial $ — $ — $ — $ 499 $ — $ 18 Total $ 658 $ 7 $ 7 $ 3,344 $ 96 $ 89 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and equipment | Schedule of Premises and equipment 2021 2020 At December 31, 2021 2020 Land $ — $ 426 Buildings and improvements — 654 Furniture, fixtures and equipment 819 730 Leasehold improvements 654 505 Total, at cost 1,473 2,315 Less accumulated depreciation and amortization (630 ) (902 ) Premises and equipment, net $ 843 $ 1,413 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Components of Lease Cost | Schedule of Components of Lease Cost 2021 2020 For the year ended December 31, 2021 2020 Operating lease cost $ 213 $ 171 Cash paid for amounts included in measurement of lease liabilities $ 195 $ 158 |
Schedule of Operating Lease Liability | Schedule of Operating Lease Liability At December 31, 2021 At December 31, 2020 Operating lease right-of-use assets $ 1,737 904 Operating lease liabilities $ 1,775 923 Weighted-average remaining lease term 8.3 7.4 Weighted-average discount rate 2.11 % 2.1 % |
Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases | Future minimum lease payments under non-cancellable leases, reconciled to our discounted operating lease liabilities are as follows (in thousands): Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases At December 31, 2021 2022 $ 254 2023 185 2024 189 2025 192 2026 202 Thereafter 818 Total future minimum lease payments 1,840 Less imputed interest (65 ) Total operating lease liability $ 1,775 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Maturities of Time Deposits | A schedule of maturities of time deposits at December 31, 2021 follows (in thousands): Schedule of Maturities of Time Deposits Maturing Year Ending December 31, Amount 2022 $ 11,490 2023 965 2024 257 2025 496 2026 28 Total $ 13,236 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Other Available Credit (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities and Interest Rates on the Federal Home Loan Bank Advances | The maturities and interest rates on the Federal Home Loan Bank (“FHLB”) advances were as follows (dollars in thousands) Schedule of Maturities and Interest Rates on the Federal Home Loan Bank Advances Maturity Year Ending Interest At December 31, December 31, Rate 2021 2020 2022 1.68% $ — $ 5,000 2024 1.96% 4,000 4,000 2025 1.01% 10,000 10,000 2029 1.69% 4,000 4,000 $ 18,000 $ 23,000 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of Estimated Fair Value of Financial Instruments | The estimated fair values of the Company’s financial instruments were as follows (in thousands): Schedule of Estimated Fair Value of Financial Instruments At December 31, 2021 At December 31, 2020 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 58,970 $ 58,970 1 $ 54,629 $ 54,629 1 Debt Securities available for sale 34,394 34,394 2 18,893 18,893 2 Debt Securities held-to-maturity 1,040 1,071 2 3,399 3,549 2 Loans 247,902 247,788 3 152,469 153,276 3 Federal Home Loan Bank stock 793 793 3 1,092 1,092 3 Accrued interest receivable 971 971 3 1,336 1,336 3 Financial liabilities: Deposit liabilities 292,457 292,537 3 190,759 191,011 3 Federal Home Loan Bank advances 18,000 18,021 3 23,000 23,254 3 Junior subordinated debenture — — 3 2,068 N/A 1 3 Off-balance sheet financial instruments — — 3 — — 3 (1) The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to Note1 for further information. |
Schedule of Off-Balance Sheet Risks of Financial Instruments | Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 11,891 Unused lines of credit $ 11,793 Standby letters of credit $ 4,550 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Benefit | Income tax benefit consisted of the following (in thousands): Schedule of Components of Income Tax Benefit 2021 2020 Year Ended December 31, 2021 2020 Current: Federal $ — $ — State — — Total Current — — Deferred: Federal 609 (161 ) State 169 (34 ) Change in Valuation Allowance (4,005 ) 195 Total Deferred (3,227 ) — Total $ (3,227 ) $ — |
Schedule of Effective Income Tax Rate Reconciliation | 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, 2021 2020 Amount % of Pretax Loss Amount % of Pretax Loss Income tax benefit at statutory rate $ 644 21 % $ (164 ) 21 % Increase (decrease) resulting from: State taxes, net of Federal tax benefit 134 4.3 % (34 ) 4.4 % Other permanent differences — — 3 (0.4 )% Change in valuation allowance (4,005 ) (130.5 )% 195 (25 )% $ (3,227 ) (105.2 )% $ — 0 % |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | 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 2021 2020 At December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 3,336 $ 4,284 Allowance for loan losses 15 — Premises and equipment 53 60 Nonaccrual loan interest 30 40 Lease Liability 450 234 Unrealized loss on debt securities 215 25 Gross deferred tax assets 4,099 4,643 Less: Valuation allowance — 4,005 Total deferred tax assets 4,099 638 Deferred tax liabilities: Allowance for loan losses — (283 ) Right of use lease assets (440 ) (229 ) Loan costs (217 ) (101 ) Total deferred tax liabilities (657 ) (613 ) Net deferred tax asset $ 3,442 $ 25 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Capital Amount and Percentages | Management believes, as of December 31, 2021, that the Bank meets all capital adequacy requirements to which it is subject. The Bank’s actual capital amounts and percentages are presented in the table ($ in thousands): Schedule of Capital Amount and Percentages Actual To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) Amount % Amount % As of December 31, 2021: Tier I Capital to Total Assets $ 35,338 10.64 % $ 28,235 8.5 % As of December 31, 2020: Tier I Capital to Total Assets $ 19,261 9 % $ 17,116 8 % |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Debt Securities Available for Sale Measured at Fair Value on Recurring Basis | Debt securities available for sale measured at fair value on a recurring basis are summarized below (in thousands): Schedule of Debt Securities Available for Sale Measured at Fair Value on Recurring Basis Fair Value Measurements Using Fair Value Quoted Prices Assets Significant Significant Unobservable Inputs At December 31, 2021: SBA Pool Securities $ 1,072 $ — $ 1,072 $ — Collateralized mortgage obligations 217 — 217 — Taxable municipal securities 16,426 — 16,426 — Mortgage-backed securities 16,679 — 16,679 — Total $ 34,394 $ — $ 34,394 $ — At December 31, 2020: SBA Pool Securities $ 1,297 $ — $ 1,297 $ — Collateralized mortgage obligations 485 — 485 — State and political subdivision 5,085 — 5,085 - Mortgage-backed securities 12,026 — 12,026 — Total $ 18,893 $ — $ 18,893 $ — |
Company Unconsolidated Financ_2
Company Unconsolidated Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | The Company’s unconsolidated financial information as of December 31, 2021 and 2020 and for the years then ended follows (in thousands): Condensed Balance Sheets Schedule of Condensed Balance Sheet At December 31, 2021 2020 Assets Cash $ 508 $ 123 Investment in subsidiary 36,364 19,193 Deferred tax asset 1,676 — Other assets 167 642 Total assets $ 38,715 $ 19,958 Liabilities and Stockholders’ Equity Other liabilities $ 205 $ 56 Junior subordinated debenture — 2,068 Stockholders’ equity 38,510 17,834 Total liabilities and stockholders’ equity $ 38,715 $ 19,958 |
Schedule of Condensed Statements of Operation | Schedule of Condensed Statements of Operation Year Ended December 31, 2021 2020 Income (loss) of subsidiary $ 5,412 $ (43 ) Interest expense (41 ) (122 ) Other expense (751 ) (617 ) Income tax benefit 1,676 — Net income (loss) $ 6,296 $ (782 ) |
Schedule of Condensed Statements of Cash Flows | Schedule of Condensed Statements of Cash Flows Year Ended December 31, 2021 2020 Cash flows from operating activities: Net income (loss) $ 6,296 $ (782 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Stock-based compensation 199 219 Equity in undistributed (income) loss of subsidiary (5,412 ) 43 Deferred income tax benefit (1,676 ) — Increase (decrease) in other liabilities 149 (1,062 ) Decrease (increase) in other assets 475 (475 ) Net cash provided by (used in) operating activities 31 (2,057 ) Cash flow from investing activities – Capital infusion to bank subsidiary (12,324 ) (8,370 ) Cash flow from financing activities: Proceeds from sale of preferred stock 9,000 10,000 Proceeds from sale of common stock 3,678 540 Cash provided by financing activities 12,678 10,540 Net increase in cash 385 113 Cash at beginning of the year 123 10 Cash at end of year $ 508 $ 123 Noncash transactions: Change in accumulated other comprehensive loss of subsidiary, net change in unrealized loss on debt securities available for sale, net of income taxes $ (566 ) $ 136 Issuance of common stock in exchange for Trust Preferred Securities $ 2,068 $ 514 |
Schedule of Weighted Average Nu
Schedule of Weighted Average Number of Common Shares Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Weighted-average number of common shares outstanding used to calculate basic and diluted net income (loss) per common share | 3,899,118 | 2,934,293 |
Schedule of Accumulated and Oth
Schedule of Accumulated and Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Unrealized (loss) gain on debt securities available for sale | $ (816) | $ 50 |
Unamortized portion of unrealized loss related to debt securities available for sale transferred to debt securities held-to-maturity | (34) | (144) |
Income tax benefit | 215 | 25 |
Accumulated other comprehensive loss | $ (635) | $ (69) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2004 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Equity method investment, ownership percentage | 100.00% | |||||
Advertising expense | $ 26,000 | $ 10,000 | ||||
Investment in Federal Home Loan Bank Stock [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Redemption price per share | $ 100 | |||||
Common Stock [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Stock issued during period, shares | 809,100 | 98,182 | ||||
Junior Subordinated Debenture [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Stock issued during period, shares | 11,042 | |||||
Accrued interest | $ 41,000 | |||||
Trust Preferred Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Conversion of stock, shares converted | 840 | 1,228 | ||||
Number of stock cancelled during the period | $ 840,000 | $ 1,221,000 | ||||
Interest payable | $ 7,000 | |||||
Trust Preferred Securities [Member] | Common Stock [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Conversion of stock, shares converted | 282,377 | 407,195 | ||||
Junior Subordinated Debenture [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Outstanding amount | $ 2,068,000 | |||||
Shares issued in exchange of accrued interest | 700,614 | |||||
OptimumBank Holdings Capital Trust I [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Proceeds from Issuance of Trust Preferred Securities | $ 5,155,000 | |||||
Number Of Trust Preferred Securities Issued | 5,000 | |||||
[custom:PurchaseOfJuniorSubordinatedDebenture] | $ 5,155,000 |
Schedule of Amortized Cost and
Schedule of Amortized Cost and Approximate Fair Values of Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment Effects on Earnings Per Share [Line Items] | ||
Held-to-maturity, amortized cost | $ 1,040 | $ 3,399 |
Held-to-maturity, gross unrealized gains | 31 | 150 |
Held-to-maturity, gross unrealized losses | ||
Held-to-maturity, fair value | 1,071 | 3,549 |
Available for sale, amortized cost | 35,210 | 18,843 |
Available for sale, gross unrealized gains | 46 | 109 |
Available for sale, gross unrealized losses | (862) | (59) |
Available for sale, fair value | 34,394 | 18,893 |
Taxable Municipal Bonds [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for sale, amortized cost | 16,766 | 5,063 |
Available for sale, gross unrealized gains | 19 | 29 |
Available for sale, gross unrealized losses | (359) | (7) |
Available for sale, fair value | 16,426 | 5,085 |
Collateralized Mortgage Obligations [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Held-to-maturity, amortized cost | 854 | 2,420 |
Held-to-maturity, gross unrealized gains | 28 | 116 |
Held-to-maturity, gross unrealized losses | ||
Held-to-maturity, fair value | 882 | 2,536 |
Available for sale, amortized cost | 210 | 458 |
Available for sale, gross unrealized gains | 7 | 27 |
Available for sale, gross unrealized losses | ||
Available for sale, fair value | 217 | 485 |
Collateralized Mortgage Backed Securities [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Held-to-maturity, amortized cost | 186 | 979 |
Held-to-maturity, gross unrealized gains | 3 | 34 |
Held-to-maturity, gross unrealized losses | ||
Held-to-maturity, fair value | 189 | 1,013 |
Available for sale, amortized cost | 17,137 | 11,984 |
Available for sale, gross unrealized gains | 19 | 53 |
Available for sale, gross unrealized losses | (477) | (11) |
Available for sale, fair value | 16,679 | 12,026 |
SBA Pool Securities [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for sale, amortized cost | 1,097 | 1,338 |
Available for sale, gross unrealized gains | 1 | |
Available for sale, gross unrealized losses | (26) | (41) |
Available for sale, fair value | $ 1,072 | $ 1,297 |
Schedule of Debt Securities wit
Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses | $ 349 | $ 41 |
Available for Sale, Securities Position Over 12 Months, Fair Value | 8,927 | 1,297 |
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses | 513 | 18 |
Available for Sale, Securities Position Less than 12 Month, Fair Value | 22,812 | 4,996 |
Taxable Municipal Bonds [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses | 81 | |
Available for Sale, Securities Position Over 12 Months, Fair Value | 1,853 | |
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses | 278 | 7 |
Available for Sale, Securities Position Less than 12 Month, Fair Value | 12,828 | 1,413 |
SBA Pool Securities [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses | 26 | 41 |
Available for Sale, Securities Position Over 12 Months, Fair Value | 895 | 1,297 |
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses | ||
Available for Sale, Securities Position Less than 12 Month, Fair Value | ||
Collateralized Mortgage Backed Securities [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses | 242 | |
Available for Sale, Securities Position Over 12 Months, Fair Value | 6,179 | |
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses | 235 | 11 |
Available for Sale, Securities Position Less than 12 Month, Fair Value | $ 9,984 | $ 3,583 |
Debt Securities (Details Narrat
Debt Securities (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities | ||
Available for sale debt securities | $ 0 | $ 0 |
[custom:DebtSecuritiesInUnrealizedLossPosition] | twenty-nine | eleven |
Securities pledged, market value | $ 118,000 |
Schedule of Components of Loans
Schedule of Components of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Total loans | $ 251,399 | $ 154,919 | |
Net deferred loan (fees), costs and premiums | (422) | (544) | |
Allowance for loan losses | (3,075) | (1,906) | $ (2,009) |
Loans, net | 247,902 | 152,469 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 32,583 | 28,997 | |
Allowance for loan losses | (482) | (463) | (531) |
Multi Family Real Estate [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 48,592 | 19,210 | |
Allowance for loan losses | (535) | (253) | (82) |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 129,468 | 74,398 | |
Allowance for loan losses | (1,535) | (884) | (624) |
Construction Loans [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 3,772 | 4,750 | |
Allowance for loan losses | (32) | (52) | (21) |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 14,157 | 21,849 | |
Allowance for loan losses | (74) | (103) | (573) |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Total loans | 22,827 | 5,715 | |
Allowance for loan losses | $ (417) | $ (151) | $ (152) |
Schedule of Changes in Allowanc
Schedule of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | $ 1,906 | $ 2,009 |
Provision (Credit) for loan losses | 1,173 | (1,020) |
Charge-offs | (277) | (1,184) |
Recoveries | 273 | 61 |
Ending balance | 3,075 | 1,906 |
Recorded investment | 251,399 | 152,726 |
Balance in allowance for loan losses | 3,075 | 1,906 |
Recorded investment | 2,193 | |
Balance in allowance for loan losses | ||
Residential Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 463 | 531 |
Provision (Credit) for loan losses | (11) | 175 |
Charge-offs | (259) | |
Recoveries | 30 | 16 |
Ending balance | 482 | 463 |
Recorded investment | 32,583 | 30,254 |
Balance in allowance for loan losses | 481 | 463 |
Recorded investment | ||
Balance in allowance for loan losses | ||
Multi Family Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 253 | 82 |
Provision (Credit) for loan losses | 282 | 171 |
Charge-offs | ||
Recoveries | ||
Ending balance | 535 | 253 |
Recorded investment | 48,592 | 20,637 |
Balance in allowance for loan losses | 535 | 253 |
Recorded investment | ||
Balance in allowance for loan losses | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 884 | 624 |
Provision (Credit) for loan losses | 651 | 260 |
Charge-offs | ||
Recoveries | ||
Ending balance | 1,535 | 884 |
Recorded investment | 129,468 | 69,521 |
Balance in allowance for loan losses | 1,535 | 884 |
Recorded investment | 2,193 | |
Balance in allowance for loan losses | ||
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 52 | 21 |
Provision (Credit) for loan losses | (28) | 7 |
Charge-offs | ||
Recoveries | 8 | 24 |
Ending balance | 32 | 52 |
Recorded investment | 3,772 | 4,750 |
Balance in allowance for loan losses | 32 | 52 |
Recorded investment | ||
Balance in allowance for loan losses | ||
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 103 | 573 |
Provision (Credit) for loan losses | (231) | 284 |
Charge-offs | (23) | (775) |
Recoveries | 225 | 21 |
Ending balance | 74 | 103 |
Recorded investment | 14,157 | 21,849 |
Balance in allowance for loan losses | 72 | 103 |
Recorded investment | ||
Balance in allowance for loan losses | ||
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 151 | 152 |
Provision (Credit) for loan losses | 510 | 149 |
Charge-offs | (254) | (150) |
Recoveries | 10 | |
Ending balance | 417 | 151 |
Recorded investment | 22,827 | 5,715 |
Balance in allowance for loan losses | 420 | 151 |
Recorded investment | ||
Balance in allowance for loan losses | ||
Unallocated Financing Receivables [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Beginning balance | 26 | |
Provision (Credit) for loan losses | (26) | |
Charge-offs | ||
Recoveries | ||
Ending balance | ||
Recorded investment | ||
Balance in allowance for loan losses | ||
Recorded investment | ||
Balance in allowance for loan losses |
Schedule of Loans by Credit Qua
Schedule of Loans by Credit Quality (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | $ 251,399 | $ 154,919 |
Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 244,221 | 144,650 |
Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 4,675 | 5,563 |
Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 2,503 | 4,706 |
Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Residential Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 32,583 | 28,997 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 30,080 | 28,151 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 2,503 | 846 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Residential Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Multi Family Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 48,592 | 19,210 |
Multi Family Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 47,962 | 19,210 |
Multi Family Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 630 | |
Multi Family Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Multi Family Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Multi Family Real Estate [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 129,468 | 74,398 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 125,620 | 66,089 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 3,848 | 4,449 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 3,860 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Commercial Real Estate Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 3,772 | 4,750 |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 3,772 | 4,750 |
Construction Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Construction Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Construction Loans [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 14,157 | 21,849 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 13,960 | 20,735 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 197 | 1,114 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Commercial Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 22,827 | 5,715 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 22,827 | 5,715 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Consumer Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans |
Schedule of Age Analysis of Pas
Schedule of Age Analysis of Past-due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 2,193 | |
Total Loans | 251,399 | 154,919 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 267 | 983 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 267 | 983 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 251,132 | 151,743 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | ||
Total Loans | 32,583 | 28,997 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 198 | 977 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 198 | 977 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 32,385 | 28,020 |
Multi Family Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | ||
Total Loans | 48,592 | 19,210 |
Multi Family Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Multi Family Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Multi Family Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Multi Family Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Multi Family Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 48,592 | 19,210 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 2,193 | |
Total Loans | 129,468 | 74,398 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 129,468 | 72,205 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | ||
Total Loans | 3,772 | 4,750 |
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,772 | 4,750 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | ||
Total Loans | 14,157 | 21,849 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 14,157 | 21,849 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | ||
Total Loans | 22,827 | 5,715 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 69 | 6 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 69 | 6 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 22,758 | $ 5,709 |
Schedule of Impaired Loans (Det
Schedule of Impaired Loans (Details) - Commercial Real Estate Portfolio Segment [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Recorded Investment , With no related allowance recorded | $ 2,193 | |
Unpaid Principal Balance, With no related allowance recorded | 2,193 | |
Related Allowance, With no related allowance recorded |
Schedule of Interest Income Rec
Schedule of Interest Income Recognized and Received on Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||
Impaired loans - Average Recorded Investment | $ 658 | $ 3,344 |
Impaired loans - Interest Income Recognized | 7 | 96 |
Impaired loans - Interest Income Received | 7 | 89 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired loans - Average Recorded Investment | 651 | |
Impaired loans - Interest Income Recognized | 18 | |
Impaired loans - Interest Income Received | 11 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired loans - Average Recorded Investment | 658 | 2,194 |
Impaired loans - Interest Income Recognized | 7 | 78 |
Impaired loans - Interest Income Received | 7 | 60 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Impaired loans - Average Recorded Investment | 499 | |
Impaired loans - Interest Income Recognized | ||
Impaired loans - Interest Income Received | $ 18 |
Loans (Details Narrative)
Loans (Details Narrative) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)NumberOfLoans | |
PPP Loan [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 37.4 |
Loans Payable | $ 10 |
Paycheck Protection Program [Member] | |
Debt Instrument [Line Items] | |
[custom:NumberOfLoansOriginated] | NumberOfLoans | 502 |
Schedule of Premises and equipm
Schedule of Premises and equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 1,473 | $ 2,315 |
Less accumulated depreciation and amortization | (630) | (902) |
Premises and equipment, net | 843 | 1,413 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 426 | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 654 | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 819 | 730 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 654 | $ 505 |
Premises and Equipment (Details
Premises and Equipment (Details Narrative) - Third Party [Member] | 1 Months Ended |
Nov. 30, 2021USD ($) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Proceeds from Sale of Productive Assets | $ 1,081,000 |
Financed amount | $ 340,000 |
Schedule of Components of Lease
Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 213 | $ 171 |
Cash paid for amounts included in measurement of lease liabilities | $ 195 | $ 158 |
Schedule of Operating Lease Lia
Schedule of Operating Lease Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 1,737 | $ 904 |
Operating lease liabilities | $ 1,775 | $ 923 |
Weighted average remaining lease term | 8 years 3 months 18 days | 7 years 4 months 24 days |
Weighted-average discount rate | 2.11% | 2.10% |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 254 | |
2023 | 185 | |
2024 | 189 | |
2025 | 192 | |
2026 | 202 | |
Thereafter | 818 | |
Total future minimum lease payments | 1,840 | |
Less imputed interest | (65) | |
Total operating lease liability | $ 1,775 | $ 923 |
Leases (Details Narrative)
Leases (Details Narrative) | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 8 years 3 months 18 days | 7 years 4 months 24 days |
Schedule of Maturities of Time
Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 11,490 | |
2023 | 965 | |
2024 | 257 | |
2025 | 496 | |
2026 | 28 | |
Total | $ 13,236 | $ 21,743 |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Time deposits | $ 13,236,000 | $ 21,743,000 |
TIme deposits greater than $ 100,000 | 1,700,000 | $ 2,500,000 |
Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Time deposits | $ 250,000 |
Schedule of Maturities and Inte
Schedule of Maturities and Interest Rates on the Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total | $ 18,000 | $ 23,000 |
2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average interest Rate | 1.68% | |
Total | 5,000 | |
2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average interest Rate | 1.96% | |
Total | $ 4,000 | 4,000 |
2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average interest Rate | 1.01% | |
Total | $ 10,000 | 10,000 |
2029 [Member] | ||
Debt Instrument [Line Items] | ||
Average interest Rate | 1.69% | |
Total | $ 4,000 | $ 4,000 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances and Other Available Credit (Details Narrative) | Dec. 31, 2021USD ($) |
Short-term Debt [Line Items] | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 65,700,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 123,400,000 |
Long-term Line of Credit | 19,500,000 |
Federal Reserve Bank Advances [Member] | |
Short-term Debt [Line Items] | |
Long-term Line of Credit | 116,000 |
Securities [Member] | |
Short-term Debt [Line Items] | |
Long-term Line of Credit | $ 118,000 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | $ 34,394 | $ 18,893 | |
Debt securities held-to-maturity | 1,040 | 3,399 | |
Accrued interest receivable | 971 | 1,336 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | 34,394 | 18,893 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | |||
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash and cash equivalents | 58,970 | 54,629 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | 34,394 | 18,893 | |
Debt securities held-to-maturity | 1,040 | 3,399 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans | 247,902 | 152,469 | |
Federal Home Loan Bank stock | 793 | 1,092 | |
Accrued interest receivable | 971 | 1,336 | |
Deposit liabilities | 292,457 | 190,759 | |
Federal Home Loan Bank advances | 18,000 | 23,000 | |
Junior subordinated debenture | 2,068 | ||
Off-balance sheet financial instruments | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash and cash equivalents | 58,970 | 54,629 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | 34,394 | 18,893 | |
Debt securities held-to-maturity | 1,071 | 3,549 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans | 247,788 | 153,276 | |
Federal Home Loan Bank stock | 793 | 1,092 | |
Accrued interest receivable | 971 | 1,336 | |
Deposit liabilities | 292,537 | 191,011 | |
Federal Home Loan Bank advances | 18,021 | 23,254 | |
Junior subordinated debenture | [1] | ||
Off-balance sheet financial instruments | |||
[1] | The Company is unable to determine value based on significant unobservable inputs required in the calculation. Refer to Note1 for further information. |
Schedule of Off-Balance Sheet R
Schedule of Off-Balance Sheet Risks of Financial Instruments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Investments, All Other Investments [Abstract] | |
Commitments to extend credit | $ 11,891 |
Unused lines of credit | 11,793 |
Standby letters of credit | $ 4,550 |
Schedule of Components of Incom
Schedule of Components of Income Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | ||
Federal | ||
State | ||
Total Current | ||
Deferred: | ||
Federal | 609 | (161) |
State | 169 | (34) |
Change in Valuation Allowance | (4,005) | 195 |
Total Deferred | (3,227) | |
Total | $ (3,227) |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit at statutory rate | $ 644 | $ (164) |
Income tax benefit at statutory rate, percent | 21.00% | 21.00% |
State taxes, net of federal tax benefit | $ 134 | $ (34) |
State taxes, net of Federal tax benefit | 4.30% | 4.40% |
Other permanent differences | $ 3 | |
Other permanent differences, percent | (0.40%) | |
Change in valuation allowance | $ (4,005) | $ 195 |
Change in valuation allowance, percent | (130.50%) | (25.00%) |
Income Tax Expense | $ (3,227) | |
Income Tax Expense, percent | (105.20%) | 0.00% |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 3,336,000 | $ 4,284,000 |
Allowance for loan losses | 15,000 | |
Premises and equipment | 53,000 | 60,000 |
Nonaccrual loan interest | 30,000 | 40,000 |
Lease Liability | 450,000 | 234,000 |
Unrealized loss on debt securities | 215,000 | 25,000 |
Gross deferred tax assets | 4,099,000 | 4,643,000 |
Less: Valuation allowance | 4,005,000 | |
Total deferred tax assets | 4,099,000 | 638,000 |
Deferred tax liabilities: | ||
Allowance for loan losses | (283,000) | |
Right of use lease assets | (440,000) | (229,000) |
Loan costs | (217,000) | (101,000) |
Total deferred tax liabilities | (657,000) | (613,000) |
Net deferred tax asset | $ 3,442,000 | $ 25,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 4,000,000 | |
Deferred Tax Assets, Net | 3,442,000 | $ 25,000 |
Net operating loss carryforwards | $ 13,200,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Related party deposit liabilities | $ 46,600,000 | $ 36,000,000 |
Loans and Leases Receivable, Related Parties | 1,000,000 | $ 1,100,000 |
Directors [Member] | ||
Related Party Transaction [Line Items] | ||
Legal fees | $ 44,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 219,000 | |
Director and Executive officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 199,000 | |
Common stock issued as compensation to directors for services | 62,112 | 80,602 |
2018 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation number of shares issued | 299,904 | |
Share-based compensation remain available for grant | 250,096 | |
2018 Equity Incentive Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation number of shares authorized | 550,000 |
Schedule of Capital Amount and
Schedule of Capital Amount and Percentages (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Tier I capital to total assets | $ 35,338 | $ 19,261 |
Tier I capital to total assets, ratio | 10.64 | 9 |
Tier I capital to total assets to be well capitalized under prompt corrective action regulations (CBLR Framework) | $ 28,235 | $ 17,116 |
Tier I capital to total assets to be well capitalized under prompt corrective action regulations (CBLR Framework), ratio | 8.5 | 8 |
Regulatory Matters (Details Nar
Regulatory Matters (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
Community bank leverage ratio | 8.50% |
Community bank leverage ratio 2022 and beyond | 9.00% |
Bank leverage ratio | 7.50% |
Bank leverage ratio 2022 and beyond | 8.00% |
Schedule of Debt Securities Ava
Schedule of Debt Securities Available for Sale Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 34,394 | $ 18,893 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 34,394 | 18,893 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
SBA Pool Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,072 | 1,297 |
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,072 | 1,297 |
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 217 | 485 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 217 | 485 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Taxable Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 16,426 | |
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 16,426 | |
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 16,679 | 12,026 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 16,679 | 12,026 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
State and Political Subdivision [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,085 | |
State and Political Subdivision [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
State and Political Subdivision [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,085 | |
State and Political Subdivision [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total |
Schedule of Condensed Balance S
Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Financial Statements, Captions [Line Items] | |||
Deferred tax asset | $ 4,099 | $ 4,643 | |
Other assets | 1,786 | 977 | |
Total assets | 351,878 | 235,112 | |
Other liabilities | 996 | 386 | |
Stockholders’ equity | 38,510 | 17,834 | $ 7,207 |
Total liabilities and stockholders’ equity | 351,878 | 235,112 | |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash | 508 | 123 | |
Investment in subsidiary | 36,364 | 19,193 | |
Deferred tax asset | 1,676 | ||
Other assets | 167 | 642 | |
Total assets | 38,715 | 19,958 | |
Other liabilities | 205 | 56 | |
Junior subordinated debenture | 2,068 | ||
Stockholders’ equity | 38,510 | 17,834 | |
Total liabilities and stockholders’ equity | $ 38,715 | $ 19,958 |
Schedule of Condensed Statement
Schedule of Condensed Statements of Operation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | ||
Interest expense | $ (985) | $ (1,720) |
Other expense | (1,046) | (805) |
Income tax benefit | 3,227 | |
Net income (loss) | 6,296 | (782) |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Income (loss) of subsidiary | 5,412 | (43) |
Interest expense | (41) | (122) |
Other expense | (751) | (617) |
Income tax benefit | 1,676 | |
Net income (loss) | $ 6,296 | $ (782) |
Schedule of Condensed Stateme_2
Schedule of Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | $ 6,296 | $ (782) |
Stock-based compensation | 199 | 219 |
Deferred income tax benefit | (3,227) | |
Increase (decrease) in other liabilities | 649 | (998) |
Decrease (increase) in other assets | (809) | (172) |
Net cash provided by (used in) operating activities | 3,763 | (1,458) |
Proceeds from sale of preferred stock | 9,000 | 10,000 |
Proceeds from sale of common stock | 3,638 | 540 |
Net cash provided by financing activities | 109,336 | 109,927 |
Net increase in cash and cash equivalents | 4,341 | 45,695 |
Cash and cash equivalents at beginning of the year | 54,629 | 8,934 |
Cash and cash equivalents at end of the year | 58,970 | 54,629 |
Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income (loss) | 6,296 | (782) |
Stock-based compensation | 199 | 219 |
Equity in undistributed (income) loss of subsidiary | (5,412) | 43 |
Deferred income tax benefit | (1,676) | |
Increase (decrease) in other liabilities | 149 | (1,062) |
Decrease (increase) in other assets | 475 | (475) |
Net cash provided by (used in) operating activities | 31 | (2,057) |
Capital infusion to bank subsidiary | (12,324) | (8,370) |
Proceeds from sale of preferred stock | 9,000 | 10,000 |
Proceeds from sale of common stock | 3,678 | 540 |
Net cash provided by financing activities | 12,678 | 10,540 |
Net increase in cash and cash equivalents | 385 | 113 |
Cash and cash equivalents at beginning of the year | 123 | 10 |
Cash and cash equivalents at end of the year | 508 | 123 |
Change in accumulated other comprehensive loss of subsidiary, net change in unrealized loss on debt securities available for sale, net of income taxes | (566) | 136 |
Issuance of common stock in exchange for Trust Preferred Securities | $ 2,068 | $ 514 |
Preferred Stock (Details Narrat
Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stock Issued During Period, Value, New Issues | $ 3,638 | $ 540 |
Common Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Conversion of Stock, Shares Issued | 7,600,000 | |
Series B Preferred Stock [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stockholders beneficial ownership percentage | 9.90% | |
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | |
Preferred Stock, Voting Rights | The | |
Series B Participating Preferred Stock [Member] | Related Party [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 360 | 400 |
Shares Issued, Price Per Share | $ 25,000 | |
Stock Issued During Period, Value, New Issues | $ 19,000 |