Financial Performance - The company reported net earnings of $2.377 million for Q1 2024, a 106% increase from $1.153 million in Q1 2023 [1] - Total assets reached $940 million, with net loans of $746 million and total deposits of $798 million [2] - The loan portfolio increased by 50.4% to $755.9 million from $502.5 million in the prior year [2] - Noninterest income rose by 69.96% to $1.2 million from $729 thousand in the previous year [2] Business Strategy - The company aims to slow loan growth in the short term while exploring prudent growth opportunities, including expanding its footprint and additional lines of business [3] - The introduction of U.S. Small Business Administration (SBA) 7A loans is part of the strategy to diversify the loan portfolio [3] - The company is focused on increasing on-balance sheet liquidity by identifying deposit growth opportunities among existing customers and prospects [4] Organizational Development - The company plans to evaluate the performance of recent changes to its business model throughout 2024 and may modify its plans as necessary [4] - A review of human resources will be conducted to assess the appropriateness of the current organizational structure for the newly established $1 billion bank [4] Company Overview - OptimumBank Holdings, Inc. operates as a bank holding company providing a range of consumer and commercial banking services [5] - The company offers various deposit accounts, loans, and banking services, and operates through banking offices in Broward County, Florida [6]

Financial Performance - Total interest income for the three months ended March 31, 2024, was $13.5 million, an increase of $5.9 million or 79% compared to the same period in 2023 [111]. - Net interest income for the three months ended March 31, 2024, was $7.8 million, an increase of $2.7 million or 53% compared to the same period in 2023 [111]. - Net earnings for the three months ended March 31, 2024, were $2.4 million or $0.31 per share, compared to $1.2 million or $0.16 per share for the same period in 2023, representing a 106% increase [111]. - Total noninterest income rose to $1.2 million for Q1 2024, up from $729,000 in Q1 2023, driven by increased wire transfer and ACH fees [115]. - Total noninterest expenses increased to $4.7 million for Q1 2024, compared to $3.4 million in Q1 2023, primarily due to employee compensation and benefits, and data processing [115]. Asset and Loan Growth - Total assets increased by approximately $149 million to $941 million at March 31, 2024, from $791 million at December 31, 2023, primarily due to increases in loans and cash equivalents [100]. - Net loans grew by $75 million to $746 million at March 31, 2024, from $671 million at December 31, 2023 [100]. - Deposits increased by approximately $159 million to $798 million at March 31, 2024, from $640 million at December 31, 2023 [100]. - The average yield on loans increased to 6.70% for the three months ended March 31, 2024, compared to 5.35% for the same period in 2023 [109]. - The company plans to limit growth in loans and focus on originating multi-family, non-owner occupied, commercial real estate, and skilled nursing facility loans [95]. Credit Loss and Allowance - Expected credit loss expense increased by $237,000 to $1 million for Q1 2024 compared to Q1 2023, with the allowance for credit losses totaling $8.3 million or 1.10% of loans outstanding [114]. - The net charge-off amount during Q1 2024 was $534,000, resulting from consumer lending activities [114]. - The allowance for credit losses increased from $7.6 million or 1.13% of loans outstanding at December 31, 2023, to $8.3 million or 1.10% at March 31, 2024 [114]. - Management's evaluation of credit loss allowance is based on historical experience, loan volume growth, and economic conditions affecting borrowers [114]. Capital and Stock Issuance - The company issued 2,311,552 shares of common stock in a private placement transaction at a price ranging from $3.90 to $4.25 per share during Q1 2024 [123]. - A total of 525,641 shares of Series C preferred stock were issued for a purchase price of $2,049,999 during Q1 2024, with proceeds used to augment the Bank's regulatory capital ratios [124]. Operational Updates - The company commenced offering U.S. Small Business Administration (SBA) 7A loans, with $1.4 million in loans originated by March 31, 2024 [97]. - The company is investing in technology to improve efficiency in treasury management and electronic funds transfer services [95]. - There were no significant changes in the company's internal control over financial reporting during Q1 2024 [118]. - The company is not currently a party to any material legal proceedings [121].

WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) May 6, 2024 OPTIMUMBANK HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (Commission file number) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registra ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Florida 55-0865043 (I.R.S. Employer Identification No.) 2929 East Commercial Blvd. Su ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to _________ Commission File Number: 000-50755 OPTIMUMBANK HOLDINGS, INC. 2929 East Commercial Boulevard, Fort Lauderdale, FL 33308 (Address of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to _________ Commission File Number: 000-50755 OPTIMUMBANK HOLDINGS, INC. (State or other jur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to _________ Commission File Number: 000-50755 OPTIMUMBANK HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other ju ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 000-50755 OPTIMUMBANK HOLDINGS, INC. (Exact name of registrant as specified in its chart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to _________ Commission File Number: 000-50755 OPTIMUMBANK HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or othe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to _________ Commission File Number: 000-50755 OPTIMUMBANK HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jur ...