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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2025

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

For the transition period from __________ to _________

Commission File Number: 001-42447

OPTIMUMBANK HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Florida

55-0865043

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

2929 East Commercial Boulevard, Fort Lauderdale, FL 33308

(Address of principal executive offices, Zip Code)

954-900-2800

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

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

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 11,533,943 shares of common stock, $0.01 par value, issued and outstanding as of November 10, 2025.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

INDEX

		Page

PART I. FINANCIAL INFORMATION		1

Item 1. Financial Statements		1

Condensed Consolidated Balance Sheets — September 30, 2025 (unaudited) and December 31, 2024 (audited)		1

Condensed Consolidated Statements of Earnings — Three and Nine Months ended September 30, 2025 and 2024 (unaudited)		2

Condensed Consolidated Statements of Comprehensive Income — Three and Nine Months ended September 30, 2025 and 2024 (unaudited)		3

Condensed Consolidated Statements of Stockholders’ Equity — Three and Nine Months ended September 30, 2025 and 2024 (unaudited)		4

Condensed Consolidated Statements of Cash Flows — Nine Months ended September 30, 2025 and 2024 (unaudited)		6

Notes to Condensed Consolidated Financial Statements (unaudited)		7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		21

Item 3. Quantitative and Qualitative Disclosures About Market Risk		26

Item 4. Controls and Procedures		26

PART II. OTHER INFORMATION		27

Item 1. Legal Proceedings		27

Item 1A. Risk Factors		27

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		27

Item 3. Defaults Upon Senior Securities		27

Item 4. Mine Safety Disclosures		27

Item 5. Other Information		27

Item 6. Exhibits		27

SIGNATURES		28

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets

(Dollars in thousands, except share amounts)

	September 30,			December 31,
	2025			2024
	(Unaudited)			(Audited)
Assets:
Cash and due from banks	$	9,271		$	13,982
Interest-bearing deposits with banks		225,815			79,648
Total cash and cash equivalents		235,086			93,630
Debt securities available for sale		22,926			22,773
Debt securities held-to-maturity (fair value of $221 and $247)		246			281
Loans, net of allowance for credit losses of $10,018 and $8,660		802,812			794,985
Federal Home Loan Bank stock		658			2,929
Premises and equipment, net		2,308			2,062
Right-of-use lease assets		2,725			2,679
Accrued interest receivable		3,171			3,348
Deferred tax asset		3,238			3,001
Other assets		9,873			7,245
Total assets	$	1,083,043		$	932,933

Liabilities and Stockholders’ Equity:
Liabilities:
Noninterest-bearing demand deposits	$	313,973		$	211,900
Savings, NOW and money-market deposits		309,087			278,355
Time deposits		336,427			281,940
Total deposits		959,487			772,195

Federal Home Loan Bank advances		-			50,000
Operating lease liabilities		2,846			2,774
Other liabilities		3,822			4,780
Total liabilities		966,155			829,749

Commitments and contingencies (Notes 8 and 11)		-			-
Stockholders’ equity:
Preferred stock, no par value 6,000,000 shares authorized:
Series B Convertible Preferred, no par value, 1,520 shares authorized, 1,360 shares issued and outstanding		-			-
Series C Convertible Preferred, no par value, 4,000,000 shares authorized, 525,641 shares issued and outstanding		-			-
Preferred stock, value		-			-
Common stock, $.01 par value; 30,000,000 shares authorized, 11,883,943 and 11,636,092 shares issued and outstanding		119			116
Additional paid-in capital		112,574			111,485
Retained earnings (accumulated deficit)		8,948			(2,847	)
Accumulated other comprehensive loss		(4,753	)		(5,570	)
Total stockholders’ equity		116,888			103,184
Total liabilities and stockholders’ equity	$	1,083,043		$	932,933

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Earnings (Unaudited)

(Dollars in thousands, except per share amounts)

	2025		2024		2025		2024
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Interest income:
Loans	$	14,082	$	13,588	$	41,709	$	38,372
Debt securities		153		163		471		498
Other		2,086		1,583		4,736		5,116
Total interest income		16,321		15,334		46,916		43,986

Interest expense:
Deposits		5,273		5,962		15,873		16,959
Borrowings		-		410		327		1,574
Total interest expense		5,273		6,372		16,200		18,533

Net interest income		11,048		8,962		30,716		25,453

Credit loss expense		763		357		1,638		1,610
Net interest income after credit loss expense		10,285		8,605		29,078		23,843

Noninterest income:
Service charges and fees		1,252		990		3,389		2,822
Other		730		125		1,658		733
Total noninterest income		1,982		1,115		5,047		3,555

Noninterest expenses:
Salaries and employee benefits		4,004		3,078		11,123		8,958
Professional fees		276		266		798		699
Occupancy and equipment		327		234		903		642
Data processing		788		574		1,946		1,702
Regulatory assessment		126		241		526		593
Other		1,083		892		3,115		2,484
Total noninterest expenses		6,604		5,285		18,411		15,078

Net earnings before income taxes		5,663		4,435		15,714		12,320

Income taxes		1,340		1,133		3,919		3,147
Net earnings	$	4,323	$	3,302	$	11,795	$	9,173

Net earnings per share - Basic	$	0.37	$	0.34	$	1.00	$	1.02
Net earnings per share - Diluted⁽¹⁾	$	0.18	$	0.15	$	0.50	$	0.45

(1)

Earnings per share amounts for all periods presented have been restated to reflect the impact of the amendment to the rights of the Series B Preferred shares, as described in Note 10. This amendment resulted in a change in the calculation of diluted earnings per share, applied retrospectively to ensure comparability.

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands)

	2025			2024			2025			2024
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024

Net earnings	$	4,323		$	3,302		$	11,795		$	9,173
Other comprehensive income:
Change in unrealized loss on debt securities:
Unrealized gain arising during the period		896			1,298			1,119			1,096
Amortization of unrealized loss on debt securities transferred to held-to-maturity		1			-			-			1
Other comprehensive income before income taxes		897			1,298			1,119			1,097
Deferred income tax expense		(245	)		(331	)		(302	)		(266	)
Total other comprehensive income		652			967			817			831
Comprehensive income	$	4,975		$	4,269		$	12,612		$	10,004

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

Three and Nine Months Ended September 30, 2025 and 2024

(Dollars in thousands, except share amounts)

	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Earnings		Loss			Equity
	Three months ended September 30,2025
	Preferred Stock												Additional					Accumulated Other
	Series B				Series C				Common Stock				Paid-In			Retained		Comprehensive			Stockholders’
	Shares		Amount		Shares		Amount		Shares		Amount		Capital			Earnings		Loss			Equity

Balance at June 30, 2025		1,360	$	-		525,641	$	-		11,751,082	$	118	$	112,010		$	4,625	$	(5,405	)	$	111,348
Offering costs related to common stock ($14)		-		-		-		-		-		-		(14	)		-		-			(14	)
Stock-based Compensation		-		-		-		-		132,861		1		578			-		-			579
Net change in unrealized loss on debt securities available for sale		-		-		-		-		-		-		-			-		651			651
Amortization of unrealized loss on debt securities transferred to held-to-maturity		-		-		-		-		-		-		-			-		1			1
Net earnings		-		-		-		-		-		-		-			4,323		-			4,323
Three months ended September 30, 2025		-		-		-		-		132,861		1		564			4,323		652			5,540
Balance at September 30, 2025		1,360	$	-		525,641	$	-		11,883,943	$	119	$	112,574		$	8,948	$	(4,753	)	$	116,888

	Nine months ended September 30, 2025
	Preferred Stock												Additional					Accumulated Other
	Series B				Series C				Common Stock				Paid-In		Retained			Comprehensive			Stockholders’
	Shares		Amount		Shares		Amount		Shares		Amount		Capital		Earnings			Loss			Equity
Balance at December 31, 2024		1,360	$	-		525,641	$	-		11,636,092	$	116	$	111,485	$	(2,847	)	$	(5,570	)	$	103,184
Proceeds from sale of common stock (net of offering costs of $35)		-		-		-		-		52,819		1		216		-			-			217
Stock-based Compensation		-		-		-		-		195,032		2		873		-			-			875
Net change in unrealized loss on debt securities available for sale		-		-		-		-		-		-		-		-			817			817
Net earnings		-		-		-		-		-		-		-		11,795			-			11,795
Nine months ended September 30, 2025		-		-		-		-		247,851		3		1,089		11,795			817			13,704
Balance at September 30, 2025		1,360	$	-		525,641	$	-		11,883,943	$	119	$	112,574	$	8,948		$	(4,753	)	$	116,888

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Continued)

Three and Nine Months Ended September 30, 2025 and 2024

(Dollars in thousands, except share amounts)

	Three months ended September 30, 2024
	Preferred Stock												Additional					Accumulated Other
	Series B				Series C				Common Stock				Paid-In		(Accumulated			Comprehensive			Stockholders’
	Shares		Amount		Shares		Amount		Shares		Amount		Capital		Deficit)			Loss			Equity

Balance at June 30, 2024		1,360	$	-		525,641	$	-		9,677,431	$	96	$	102,424	$	(10,100	)	$	(5,451	)	$	86,969
Proceeds from sale of common stock (net of offering costs of $79)		-		-		-		-		329,529		3		1,454		-			-			1,457
Net change in unrealized loss on debt securities available for sale		-		-		-		-		-		-		-		-			967			967
Net earnings		-		-		-		-		-		-		-		3,302			-			3,302
Three months ended September 30, 2024		-		-		-		-		329,529		3		1,454		3,302			967			5,726
Balance at September 30, 2024		1,360	$	-		525,641	$	-		10,006,960	$	99	$	103,878	$	(6,798	)	$	(4,484	)	$	92,695

	Nine months ended September 30, 2024
	Preferred Stock												Additional					Accumulated Other
	Series B				Series C				Common Stock				Paid-In		(Accumulated			Comprehensive			Stockholders’
	Shares		Amount		Shares		Amount		Shares		Amount		Capital		Deficit)			Loss			Equity

Balance at December 31, 2023		1,360	$	-		-	$	-		7,250,219	$	72	$	91,221	$	(15,971	)	$	(5,315	)	$	70,007
Balance		1,360	$	-		-	$	-		7,250,219	$	72	$	91,221	$	(15,971	)	$	(5,315	)	$	70,007
Proceeds from sale of preferred stock (net of offering costs of $118)		-		-		525,641		-		-		-		1,932		-			-			1,932
Proceeds from sale of preferred stock (net of offering costs)		-		-		525,641		-		-		-		1,932		-			-			1,932
Proceeds from sale of common stock (net of offering costs of $418)		-		-		-		-		2,641,081		26		10,234		-			-			10,260
Proceeds from sale of common stock (net of offering costs)		-		-		-		-		2,641,081		26		10,234		-			-			10,260
Stock-based Compensation		-		-		-		-		115,660		1		491		-			-			492
Net change in unrealized loss on debt securities available for sale		-		-		-		-		-		-		-		-			830			830
Amortization of unrealized loss on debt securities transferred to held-to-maturity		-		-		-		-		-		-		-		-			1			1
Net earnings		-		-		-		-		-		-		-		9,173			-			9,173
Nine months ended September 30, 2024		-		-		525,641		-		2,756,741		27		12,657		9,173			831			22,688
Ending balance, value		-		-		525,641		-		2,756,741		27		12,657		9,173			831			22,688
Balance at September 30, 2024		1,360	$	-		525,641	$	-		10,006,960	$	99	$	103,878	$	(6,798	)	$	(4,484	)	$	92,695
Balance		1,360	$	-		525,641	$	-		10,006,960	$	99	$	103,878	$	(6,798	)	$	(4,484	)	$	92,695

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

	2025			2024
	Nine Months Ended
	September 30,
	2025			2024
Cash flows from operating activities:
Net earnings	$	11,795		$	9,173
Adjustments to reconcile net earnings to net cash provided by operating activities:
Credit loss expense		1,638			1,610
Depreciation and amortization		341			207
Deferred income tax benefit		(539	)		(151	)
Net accretion of fees, premiums and discounts		(26	)		(247	)
Stock-based compensation expense		875			492
Decrease (increase) in accrued interest receivable		177			(673	)
Amortization of right-of-use lease assets		231			211
Net decrease in operating lease liabilities		(205	)		(192	)
Increase in other assets		(2,023	)		(1,092	)
(Decrease) increase in other liabilities		(1,057	)		310
Net cash provided by operating activities		11,207			9,648

Cash flows from investing activities:
Principal repayments of debt securities available for sale		874			859
Principal repayments of debt securities held-to-maturity		35			61
Net increase in loans		(9,853	)		(99,279	)
Purchases of premises and equipment		(587	)		(770	)
Redemption of FHLB stock		2,271			900
Net cash used in investing activities		(7,260	)		(98,229	)

Cash flows from financing activities:
Net increase in deposits		187,292			166,925
Net decrease in FHLB Advances		(50,000	)		(22,000	)
Net decrease in FRB Advances		-			(13,600	)
Proceeds from sale of preferred stock (net of offering costs of $118)		-			1,932
Proceeds from sale of common stock (net of offering costs of $35 and $418)		217			10,260
Net cash provided by financing activities		137,509			143,517

Net increase in cash and cash equivalents		141,456			54,936
Cash and cash equivalents at beginning of the period		93,630			76,663
Cash and cash equivalents at end of the period	$	235,086		$	131,599

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	17,072		$	18,537
Income taxes	$	3,905		$	3,147

Supplemental noncash transactions:
Net change in unrealized loss on debt securities available for sale, net of income taxes	$	817		$	830
Amortization of unrealized loss on debt securities transferred to held-to-maturity	$	-		$	1
Right-of-use lease assets obtained in exchange for operating lease liabilities	$	277		$	-
Transfers of loans to other assets	$	605		$	-

See accompanying notes to condensed consolidated financial statements.

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(1) General. OptimumBank Holdings, Inc. (the “Company”) is a one-bank holding company and owns 100% of OptimumBank (the “Bank”), a Florida-chartered community bank. The Company’s only business is the operation of the Bank. The Bank’s deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (“FDIC”). The Bank offers a variety of community banking services to individual and corporate customers through its three banking offices located in Broward County and Miami-Dade County, Florida. The Bank also markets its deposit and electronic funds transfer services on a national basis to merchant cash advance providers.

Basis of Presentation. In the opinion of management, the accompanying condensed consolidated financial statements of the Company contain all adjustments (consisting principally of normal recurring accruals) necessary to present fairly the financial position at September 30, 2025, the results of operations for the three-month and nine-month periods ended September 30, 2025 and 2024, and cash flows for the nine-month periods ended September 30, 2025 and 2024. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three-month and nine-month periods ended September 30, 2025, are not necessarily indicative of the results to be expected for the full year of 2025.

Comprehensive Income. Accounting Principles Generally Accepted in the United States of America (“U.S. GAAP”) requires recognized revenue, expenses, gains and losses be included in net earnings. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale debt securities are reported as a separate component of the equity section of the condensed consolidated balance sheets, such items along with net earnings, are components of comprehensive income.

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

	September 30,			December 31,
	2025			2024

Unrealized loss on debt securities available for sale	$	(6,354	)	$	(7,473	)
Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity		(10	)		(10	)
Income tax benefit		1,611			1,913
Accumulated other comprehensive loss	$	(4,753	)	$	(5,570	)

Recently Adopted Accounting Pronouncements:

Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures”. The amendments in this update address investor requests for more transparency about income tax information through improvements to annual income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for our annual reporting period ended December 31, 2024, and are to be applied on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact on its annual disclosures.

Accounting Pronouncements Not Yet Adopted:

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

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

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

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

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

			Gross		Gross
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value

At September 30, 2025:
Available for sale:
SBA Pool Securities	$	477	$	-	$	(12	)	$	465
Collateralized mortgage obligations		119		-		(12	)		107
Taxable municipal securities		16,626		-		(4,126	)		12,500
Mortgage-backed securities		12,058		-		(2,204	)		9,854
Total	$	29,280	$	-	$	(6,354	)	$	22,926

Held-to-maturity:
Collateralized mortgage obligations	$	246	$	-	$	(25	)	$	221
Total	$	246	$	-	$	(25	)	$	221

At December 31, 2024:
Available for sale:
SBA Pool Securities	$	581	$	-	$	(14	)	$	567
Collateralized mortgage obligations		128		-		(17	)		111
Taxable municipal securities		16,654		-		(4,740	)		11,914
Mortgage-backed securities		12,883		-		(2,702	)		10,181
Total	$	30,246	$	-	$	(7,473	)	$	22,773

Held-to-maturity:
Collateralized mortgage obligations	$	281	$	-	$	(34	)	$	247
Total	$	281	$	-	$	(34	)	$	247

As of September 30, 2025, debt securities with a fair value of $1.7 million were pledged as collateral to the Federal Reserve Bank. There were no sales of debt securities during the nine-month periods ended September 30, 2025, and 2024.

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

	Over Twelve Months					Less Than Twelve Months
	Gross					Gross
	Unrealized			Fair		Unrealized		Fair
	Losses			Value		Losses		Value
At September 30, 2025:
Available for Sale:
SBA Pool Securities	$	(12	)	$	465	$	-	$	-
Collateralized mortgage obligation		(12	)		107		-		-
Taxable municipal securities		(4,126	)		12,500		-		-
Mortgage-backed securities		(2,204	)		9,854		-		-
Total	$	(6,354	)	$	22,926	$	-	$	-

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(2) Debt Securities, Continued.

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

At December 31, 2024:
Available for Sale:
SBA Pool Securities	$	(14	)	$	567	$	-	$	-
Collateralized mortgage obligation		(17	)		111		-		-
Taxable municipal securities		(4,740	)		11,914		-		-
Mortgage-backed securities		(2,702	)		10,181		-		-
Total	$	(7,473	)	$	22,773	$	-	$	-

At September 30, 2025 and December 31, 2024, the unrealized losses on forty investment debt securities, respectively, were caused by interest-rate changes.

The Company performed an analysis that determined that the mortgage-backed securities, collateralized mortgage obligations, and U.S. government securities, have a zero expected credit loss as they have the full faith and credit backing of the U.S. government or one of its agencies. Municipal bonds that do not have a zero expected credit loss are evaluated at least quarterly to determine whether there is a credit loss associated with a decline in fair value. At September 30, 2025 and December 31, 2024 all municipal securities were rated as investment grade. All debt securities in an unrealized loss position as of September 30, 2025 and December 31, 2024 continue to perform as scheduled and the Company does not believe that there is a credit loss or that credit loss expense is necessary. Also, as part of our evaluation of our intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, the Company considers our investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. The Company does not currently intend to sell the investments within the portfolio, and it is not more-likely-than-not that a sale will be required.

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

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

Schedule of Components of Loans

	September 30,			December 31,
	2025			2024

Residential real estate	$	66,723		$	74,064
Multi-family real estate		67,435			64,001
Commercial real estate		524,865			485,671
Land and construction		43,364			77,295
Commercial		45,604			52,810
Consumer		65,731			50,399
Total loans		813,722			804,240

Deduct:
Net deferred loan fees and costs		(892	)		(595	)
Allowance for credit losses		(10,018	)		(8,660	)

Loans, net	$	802,812		$	794,985

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

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

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

Three Months Ended September 30, 2025:
Beginning balance (June 30, 2025)	$	1,192	$	758	$	2,885		$	1,710		$	2,589		$	204		$	9,338
Credit loss expense (reversal)		42		30		1,335			(537	)		(240	)		9			639
Charge-offs		-		-		-			-			-			(129	)		(129	)
Recoveries		-		-		-			-			-			170			170
Ending balance (September 30, 2025)	$	1,234	$	788	$	4,220		$	1,173		$	2,349		$	254		$	10,018

Three Months Ended September 30, 2024:
Beginning balance (June 30, 2024)	$	970	$	712	$	4,303		$	1,677		$	134		$	412		$	8,208
Credit loss (reversal) expense		265		114		(803	)		605			47			181			409
Charge-offs		-		-		-			-			-			(366	)		(366	)
Recoveries		-		-		-			-			-			86			86
Ending balance (September 30, 2024)	$	1,235	$	826	$	3,500		$	2,282		$	181		$	313		$	8,337

	Residential Real Estate		Multi-Family Real Estate			Commercial Real Estate			Land and Construction			Commercial			Consumer			Total
Nine Months Ended September 30, 2025:
Beginning balance (December 31, 2024)	$	1,114	$	786		$	2,705		$	2,015		$	1,675		$	365		$	8,660
Credit loss expense (reversal)		120		2			1,515			(842	)		674			70			1,539
Charge-offs		-		-			-			-			-			(526	)		(526	)
Recoveries		-		-			-			-			-			345			345
Ending balance (September 30, 2025)	$	1,234	$	788		$	4,220		$	1,173		$	2,349		$	254		$	10,018

Nine Months Ended September 30, 2024:
Beginning balance (December 31, 2023)	$	1,020	$	1,041		$	3,793		$	1,019		$	281		$	529		$	7,683
Beginning balance	$	1,020	$	1,041		$	3,793		$	1,019		$	281		$	529		$	7,683
Credit loss (reversal) expense		215		(215	)		(293	)		1,263			(83	)		916			1,803
Charge-offs		-		-			-			-			(17	)		(1,424	)		(1,441	)
Recoveries		-		-			-			-			-			292			292
Ending balance (September 30, 2024)	$	1,235	$	826		$	3,500		$	2,282		$	181		$	313		$	8,337
Ending balance	$	1,235	$	826		$	3,500		$	2,282		$	181		$	313		$	8,337

Reconciliation of Credit Loss Expense (Reversal)

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

	2025		2024			2025		2024
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2025		2024			2025		2024
Credit loss expense - funded	$	639	$	409		$	1,539	$	1,803
Credit loss expense (reversal) - unfunded		124		(52	)		99		(193	)
Total Credit loss expense	$	763	$	357		$	1,638	$	1,610

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

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

Residential Real Estate, Multi-Family Real Estate, Commercial Real Estate, Land and Construction. Residential real estate loans are underwritten based on repayment capacity and source, value of the underlying property, credit history and stability. The Company offers first and second one-to-four family mortgage loans; the collateral for these loans is generally the clients’ owner-occupied residences. Although these types of loans present lower levels of risk than commercial real estate loans, risks do still exist because of possible fluctuations in the value of the real estate collateral securing the loan, as well as changes in the borrowers’ financial condition. Multi-family and commercial real estate loans are secured by the subject property. Underwriting standards include, among other factors, loan to value limits, cash flow coverage and general creditworthiness of the obligors. Construction loans to borrowers finance the construction of owner occupied and leased properties. These loans are categorized as construction loans during the construction period, later converting to commercial or residential real estate loans after the construction is complete and amortization of the loan begins. Real estate development and construction loans are approved based on an analysis of the borrower and guarantor, the viability of the project and an acceptable percentage of the appraised value of the property securing the loan. Real estate development and construction loan funds are disbursed periodically based on the percentage of construction completed. The Company carefully monitors these loans with on-site inspections and requires the receipt of lien waivers on funds advanced. Development and construction loans are typically secured by the properties under development or construction, and personal guarantees are typically obtained. Further, to assure that reliance is not placed solely on the value of the underlying property, the Company considers the market conditions and feasibility of proposed projects, the financial condition and reputation of the borrower and guarantors, the amount of the borrower’s equity in the project, independent appraisals, cost estimates and pre-construction sales information. The Company also makes loans on occasion for the purchase of land for future development by the borrower. Land loans are extended for future development for either commercial or residential use by the borrower. The Company carefully analyses the intended use of the property and the viability thereof.

Commercial. Commercial business loans and lines of credit consist of loans to small- and medium-sized companies. Commercial loans are generally used for working capital purposes or for acquiring equipment, inventory or furniture. Primarily all of the Company’s commercial loans are secured loans, along with a small amount of unsecured loans. The Company’s underwriting analysis consists of a review of the financial statements of the borrower, the lending history of the borrower, the debt service capabilities of the borrower, the projected cash flows of the business, the value of the collateral, if any, and whether the loan is guaranteed by the principals of the borrower. These loans are generally secured by accounts receivable, inventory and equipment. Commercial loans are typically made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business, which makes them of higher risk than residential loans and the collateral securing loans may be difficult to appraise and may fluctuate in value based on the success of the business. The Company mitigates these risks through its underwriting standards.

Consumer. Consumer loans are extended for various purposes, including purchases of automobiles, recreational vehicles, and boats. Also offered are home improvement loans, lines of credit, personal loans, and deposit account collateralized loans. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Loans to consumers are extended after a credit evaluation, including the creditworthiness of the borrower(s), the purpose of the credit, and the secondary source of repayment. Consumer loans are made at fixed and variable interest rates. Risk is mitigated by the fact that the loans are of smaller individual amounts.

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

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

	Accruing Loans
	30-59 Days Past Due		60-89 Days Past Due		Greater Than 90 Days Past Due		Total Past Due		Current		Nonaccrual Loans		Total Loans
At September 30, 2025:
Residential real estate	$	-	$	-	$	-	$	-	$	66,723	$	-	$	66,723
Multi-family real estate		-		-		-		-		67,435		-		67,435
Commercial real estate		-		-		-		-		524,865		-		524,865
Land and construction		-		-		-		-		43,364		-		43,364
Commercial		800		-		-		800		41,829		2,975		45,604
Consumer		143		99		-		242		65,489		-		65,731
Total	$	943	$	99	$	-	$	1,042	$	809,705	$	2,975	$	813,722

At December 31, 2024:
Residential real estate	$	-	$	-	$	-	$	-	$	74,064	$	-	$	74,064
Multi-family real estate		-		-		-		-		64,001		-		64,001
Commercial real estate		-		-		-		-		485,671		-		485,671
Land and construction		-		-		-		-		71,698		5,597		77,295
Commercial		-		-		-		-		51,436		1,374		52,810
Consumer		187		151		-		338		49,456		605		50,399
Total	$	187	$	151	$	-	$	338	$	796,326	$	7,576	$	804,240

The Company has not made any modifications of loans to borrowers experiencing financial difficulties during the three-month and nine-month periods ended September 30, 2025 and 2024.

The following table presents the amortized costs basis of loans on nonaccrual status, as of September 30, 2025 and December 31, 2024. As of September 30, 2025 and December 31, 2024 there were no loans 90 days or more past due and still accruing.

September 30, 2025

(Dollars in thousands)

Nonaccrual

Without ACL

Nonaccrual

With ACL

Total

Nonaccrual

Commercial

960

2,015

2,975

	December 31, 2024
(Dollars in thousands)	Nonaccrual Without ACL		Nonaccrual With ACL		Total Nonaccrual
Land and construction	$	5,597	$	-	$	5,597
Commercial		-		1,374		1,374
Consumer		605		-		605
Total	$	6,202	$	1,374	$	7,576

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

Collateral-Dependent Loans

The following table presents the amortized cost basis of non-accruing collateral-dependent loans by class of loans and type of collateral identified as of September 30, 2025 and December 31, 2024 under the current expected credit loss model:

	September 30, 2025
(Dollars in thousands)	Real Estate		Other		Total
Commercial	$	-	$	960	$	960

	December 31, 2024
(Dollars in thousands)	Real Estate		Other		Total
Land and construction	$	5,597	$	-	$	5,597
Commercial		-		1,374		1,374
Consumer		605		-		605
Total	$	6,202	$	1,374	$	7,576

Internally assigned loan grades are defined as follows:

Pass — a Pass loan’s primary source of loan repayment is satisfactory, with secondary sources very likely to be realized if necessary. These are loans that conform in all aspects to bank policy and regulatory requirements, and no repayment risk has been identified.

OLEM — an Other Loan Especially Mentioned has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date.

Substandard — a Substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Included in this category are loans that are current on their payments, but the Bank is unable to document the source of repayment. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful — a loan classified as Doubtful has all the weaknesses inherent in one classified as Substandard, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company charges off the estimated loss on any loan classified as Doubtful.

Loss — a loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company fully charges off any loan classified as loss.

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

Schedule of Amortized Cost Basis

(Dollars in thousands)	Year 5		Year 4		Year 3			Year 2			Year 1			Prior			Revolving Loans (Amortized Cost Basis)		Revolving Loans Converted to Term Loans (Amortized Cost Basis)		Subtotal loans
	Term Loans Amortized Cost Basis by Origination Year																Revolving Loans (Amortized Cost		Revolving Loans Converted to Term Loans (Amortized Cost
(Dollars in thousands)	September 30, 2025		2024		2023			2022			2021			Prior			Basis)		Basis)		Total
*Residential real estate*
Pass	$	3,552	$	-	$	21,195		$	22,025		$	9,687		$	9,786		$	-	$	-	$	66,245
OLEM (Other Loans Especially Mentioned)		-		-		-			-			-			-			-		-		-
Substandard		-		-		-			-			-			478			-		-		478
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	3,552	$	-	$	21,195		$	22,025		$	9,687		$	10,264		$	-	$	-	$	66,723
Current period gross write-offs	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-
Multi-family real estate
Pass	$	-	$	4,970	$	10,580		$	26,388		$	16,665		$	8,832		$	-	$	-	$	67,435
OLEM (Other Loans Especially Mentioned)		-		-		-			-			-			-			-		-		-
Substandard		-		-		-			-			-			-			-		-		-
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	-	$	4,970	$	10,580		$	26,388		$	16,665		$	8,832		$	-	$	-	$	67,435
Current period gross write-offs	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-
Commercial real estate (CRE)
Pass	$	72,093	$	74,920	$	117,076		$	184,821		$	44,747		$	30,053		$	-	$	-	$	523,710
OLEM (Other Loans Especially Mentioned)		-		-		-			-			-			-			-		-		-
Substandard		-		-		-			-			-			1,155			-		-		1,155
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	72,093	$	74,920	$	117,076		$	184,821		$	44,747		$	31,208		$	-	$	-	$	524,865
Current period gross write-offs	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-
Land and construction
Pass	$	-	$	1,763	$	19,621		$	18,378		$	2,187		$	1,415		$	-	$	-	$	43,364
OLEM (Other Loans Especially Mentioned)		-		-		-			-			-			-			-		-		-
Substandard		-		-		-			-			-			-			-		-		-
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	-	$	1,763	$	19,621		$	18,378		$	2,187		$	1,415		$	-	$	-	$	43,364
Current period gross write-offs	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-
Commercial
Pass	$	16,060	$	9,944	$	12,095		$	1,745		$	468		$	-		$	-	$	-	$	40,312
OLEM (Other Loans Especially Mentioned)		-		-		2,317			-			-			-			-		-		2,317
Substandard		1,174		906		895			-			-			-			-		-		2,975
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	17,234	$	10,850	$	15,307		$	1,745		$	468		$	-		$	-	$	-	$	45,604
Current period gross write-offs	$	-	$	-	$	-		$	-		$	-		$	-		$	-	$	-	$	-
Consumer
Pass	$	820	$	9	$	2,255		$	1,240		$	565		$	-		$	60,842	$	-	$	65,731
OLEM (Other Loans Especially Mentioned)		-		-		-			-			-			-			-		-		-
Substandard		-		-		-			-			-			-			-		-		-
Doubtful		-		-		-			-			-			-			-		-		-
Loss		-		-		-			-			-			-			-		-		-
Subtotal loans	$	820	$	9	$	2,255		$	1,240		$	565		$	-		$	60,842	$	-	$	65,731
Current period gross write-offs	$	-	$	-	$	(183	)	$	(297	)	$	(26	)	$	(20	)	$	-	$	-	$	(526	)

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(3) Loans, Continued.

(Dollars in thousands)	Year 5		Year 4			Year 3			Year 2			Year 1		Prior			Revolving Loans (Amortized Cost Basis)		Revolving Loans Converted to Term Loans (Amortized Cost Basis)		Subtotal loans
																	Revolving		Revolving Loans Converted to Term
	Term Loans																Loans		Loans
	Amortized Cost Basis by Origination Year																(Amortized		(Amortized
(Dollars in thousands)	2024		2023			2022			2021			2020		Prior			Cost Basis)		Cost Basis)		Total
Residential real estate
Pass	$	7,500	$	21,301		$	20,612		$	8,976		$	4,220	$	7,089		$	289	$	-	$	69,987
OLEM (Other Loans Especially Mentioned)		-		-			1,563			-			-		-			-		-		1,563
Substandard		-		-			1,880			-			-		634			-		-		2,514
Doubtful		-		-			-			-			-		-			-		-		-
Loss		-		-			-			-			-		-			-		-		-
Subtotal loans	$	7,500	$	21,301		$	24,055		$	8,976		$	4,220	$	7,723		$	289	$	-	$	74,064
Current period gross write-offs	$	-	$	-		$	-		$	-		$	-	$	-		$	-	$	-	$	-
Multi-family real estate
Pass	$	5,000	$	586		$	27,137		$	22,239		$	5,882	$	3,157		$	-	$	-	$	64,001
OLEM (Other Loans Especially Mentioned)		-		-			-			-			-		-			-		-		-
Substandard		-		-			-			-			-		-			-		-		-
Doubtful		-		-			-			-			-		-			-		-		-
Loss		-		-			-			-			-		-			-		-		-
Subtotal loans	$	5,000	$	586		$	27,137		$	22,239		$	5,882	$	3,157		$	-	$	-	$	64,001
Current period gross write-offs	$	-	$	-		$	-		$	-		$	-	$	-		$	-	$	-	$	-
Commercial real estate (CRE)
Pass	$	92,827	$	124,755		$	170,118		$	42,975		$	12,527	$	16,328		$	-	$	-	$	459,530
OLEM (Other Loans Especially Mentioned)		-		-			16,875			5,294			1,870		927			-		-		24,966
Substandard		-		-			-			-			-		1,175			-		-		1,175
Doubtful		-		-			-			-			-		-			-		-		-
Loss		-		-			-			-			-		-			-		-		-
Subtotal loans	$	92,827	$	124,755		$	186,993		$	48,269		$	14,397	$	18,430		$	-	$	-	$	485,671
Current period gross write-offs	$	-	$	-		$	-		$	-		$	-	$	-		$	-	$	-	$	-
Land and construction
Pass	$	2,114	$	47,795		$	15,230		$	2,388		$	1,445	$	2,726		$	-	$	-	$	71,698
OLEM (Other Loans Especially Mentioned)		-		-			-			-			-		-			-		-		-
Substandard		-		5,597			-			-			-		-			-		-		5,597
Doubtful		-		-			-			-			-		-			-		-		-
Loss		-		-			-			-			-		-			-		-		-
Subtotal loans	$	2,114	$	53,392		$	15,230		$	2,388		$	1,445	$	2,726		$	-	$	-	$	77,295
Current period gross write-offs	$	-	$	-		$	-		$	-		$	-	$	-		$	-	$	-	$	-
Commercial
Pass	$	22,249	$	22,223		$	1,923		$	1,461		$	603	$	-		$	-	$	-	$	48,459
OLEM (Other Loans Especially Mentioned)		5		2,972			-			-			-		-			-		-		2,977
Substandard		-		1,374			-			-			-		-			-		-		1,374
Doubtful		-		-			-			-			-		-			-		-		-
Loss		-		-			-			-			-		-			-		-		-
Subtotal loans	$	22,254	$	26,569		$	1,923		$	1,461		$	603	$	-		$	-	$	-	$	52,810
Current period gross write-offs	$	-	$	-		$	-		$	-		$	-	$	(17	)	$	-	$	-	$	(17	)
Consumer
Pass	$	73	$	4,098		$	2,733		$	1,313		$	40	$	2		$	41,535	$	-	$	49,794
OLEM (Other Loans Especially Mentioned)		-		-			-			-			-		-			-		-		-
Substandard		-		605			-			-			-		-			-		-		605
Doubtful		-		-			-			-			-		-			-		-		-
Loss		-		-			-			-			-		-			-		-		-
Subtotal loans	$	73	$	4,703		$	2,733		$	1,313		$	40	$	2		$	41,535	$	-	$	50,399
Current period gross write-offs	$	-	$	(701	)	$	(781	)	$	(274	)	$	-	$	(4	)	$	-	$	-	$	(1,760	)

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(4) Earnings Per Share. Basic earnings per share have been computed on the basis of the weighted-average number of shares of common stock outstanding during the periods. For the three-month and nine-month periods ended September 30, 2025 and 2024, the Company had 525,641 Series C Convertible Preferred shares outstanding, each share of Series C Convertible Preferred can be converted into one share of common stock under specific and limited circumstances at any time at the option of the holder. The conversion feature is considered to be diluted earnings per share (EPS) in accordance with ASC 260. The dilutive effect is calculated using the if-converted method. On October 1, 2025, the Company amended the conversion rights of its Series B Convertible Preferred shares to allow conversion at the holder’s discretion. As a result of this amendment, diluted earnings per share amounts for all periods presented have been restated to reflect the impact of the amendment to the rights of the Series B Preferred shares, as described in Note 10. This amendment resulted in a change in the calculation of diluted earnings per share, applied retrospectively to ensure comparability.

	Three Months Ended												Nine Months Ended
	September 30,												September 30,
	2025						2024						2025						2024
(Dollars in thousands, except per share amounts)	Earnings		Weighted Average Shares		Amount		Earnings		Weighted Average Shares		Amount		Earnings		Weighted Average Shares		Amount		Earnings		Weighted Average Shares		Amount

Basic EPS:	$	4,323		11,772,744	$	0.37	$	3,302		9,763,319	$	0.34	$	11,795		11,743,061	$	1.00	$	9,173		9,009,138	$	1.02
Effect of conversion of series B & C preferred shares				11,639,530						11,639,530						11,639,530						11,470,711

Diluted EPS:	$	4,323		23,412,274	$	0.18	$	3,302		21,402,849	$	0.15	$	11,795		23,382,591	$	0.50	$	9,173		20,479,849	$	0.45

(5) Stock-Based Compensation.

The Company is authorized to grant stock options, stock grants and other forms of equity-based compensation under its 2018 Equity Incentive Plan (the “2018 Plan”). The plan has been approved by the shareholders. The Company is currently authorized to issue up to 1,550,000 shares of common stock under the 2018 Plan. At September 30, 2025, 728,627 shares remain available for grant.

During the nine-month periods ended September 30, 2025 and 2024, the Company issued 62,171 and 73,050 shares, respectively, to employees for services performed and recorded compensation expense of $296,000 and $307,000, respectively. During the nine-month periods ended September 30, 2025 and 2024, the Company issued 132,861 and 42,610 shares to a director and recorded compensation expense of $579,000 and $185,000, respectively.

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(6) Fair Value Measurements.

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

	Fair Value		(Level 1)		(Level 2)		(Level 3)
	Fair Value Measurements Using
			Quoted Prices		Significant
			In Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Fair Value		(Level 1)		(Level 2)		(Level 3)
At September 30, 2025:
SBA Pool Securities	$	465	$	-	$	465	$	-
Collateralized mortgage obligations		107		-		107		-
Taxable municipal securities		12,500		-		12,500		-
Mortgage-backed securities		9,854		-		9,854		-
Total	$	22,926	$	-	$	22,926	$	-

At December 31, 2024:
SBA Pool Securities	$	567	$	-	$	567	$	-
Collateralized mortgage obligations		111		-		111		-
Taxable municipal securities		11,914		-		11,914		-
Mortgage-backed securities		10,181		-		10,181		-
Total	$	22,773	$	-	$	22,773	$	-
Debt securities available for sale	$	22,773	$	-	$	22,773	$	-

(7) Financial Instruments. The estimated fair values and fair value measurement method with respect to the Company’s financial instruments were as follows (Dollars in thousands):

	At September 30, 2025						At December 31, 2024
	Carrying Amount		Fair Value		Level		Carrying Amount		Fair Value		Level

Financial assets:
Cash and cash equivalents	$	235,086	$	235,086		1	$	93,630	$	93,630		1
Debt securities available for sale		22,926		22,926		2		22,773		22,773		2
Debt securities held-to-maturity		246		221		2		281		247		2
Loans		802,812		706,752		3		794,985		766,871		3
Federal Home Loan Bank stock		658		658		3		2,929		2,929		3
Accrued interest receivable		3,171		3,171		3		3,348		3,348		3

Financial liabilities:
Deposit liabilities		959,487		945,942		3		772,195		769,561		3
Federal Home Loan Bank advances		-		-		3		50,000		49,815		3

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(8) Off- Balance Sheet Financial Instruments. 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 condensed consolidated balance sheets. 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 non-performance 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 off-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 Bank 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 Bank 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 September 30, 2025 follows (Dollars in thousands):

Commitments to extend credit	$	33,997

Unused lines of credit	$	68,695

Standby letters of credit	$	3,779

(9) Regulatory Matters. The Bank is subject to various regulatory capital requirements administered by the bank regulatory 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 Company and 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 its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

As of September 30, 2025 and December 31, 2024, the Bank met all capital adequacy requirements to which it is subject to. The Bank’s actual capital amounts and percentages are presented in the table below (Dollars in thousands):

	Actual					To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework)
	Amount		%			Amount		%
As of September 30, 2025:
Tier 1 Capital to Total Assets	$	120,976		11.71	%	$	93,013		9.00	%

As of December 31, 2024:
Tier 1 Capital to Total Assets	$	107,112		10.91	%	$	88,381		9.00	%

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(10) Series B and C Preferred Stock and ATM offering program.

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 Stock 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. As of September 30, 2025, the Series B Preferred Stock is convertible into 11,113,889 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 must not result in any holder of the Series B Preferred Stock and any persons with whom the holder may be acting in concert, becoming the beneficial owners of more than 9.9% of the outstanding shares of the Company’s common stock, unless the issuance, shall have been approved by all banking regulatory authorities whose approval is required for the acquisition of such shares. The number of shares issuable upon conversion is subject to adjustment based on the terms of the Series B Preferred Stock. The Series B Preferred has preferential liquidation rights over common stockholders. The liquidation price is the greater of $25,000 per share of Series B Preferred or such amount per share of Series B Preferred that would have been payable had all shares of the Series B Preferred been converted into common stock pursuant to the terms of the Series B Preferred Stock’s 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.

The Series B Preferred Stock are subdivided into three categories. The Company is authorized to issue 760 shares of Series B-1; 260 shares of Series B-2; and 500 shares of Series B-3. Each category of the Series B preferred stock has substantially the same rights, preferences, powers, restrictions and limitations, except that the initial conversion price of the Series B-1 is $2.50 per share; the initial conversion price for Series B-2 is $4.00 per share, and the initial conversion price for Series B-3 is $4.50 per share. Two Company directors each independently own 380 shares of Series B-1, 130 shares of Series B-2, and 170 shares of Series B-3.

During the Annual Meeting of Shareholders held on June 27, 2023, the Company’s shareholders approved the issuance of up to 11,113,889 shares of common stock upon conversion of the Series B preferred stock previously issued by the Company.

On March 8, 2024, the Company’s Board of Directors approved the issuance of up to 4,000,000 of Series C Preferred Stock. Each share of the Series C Preferred Stock is convertible into one share of common stock, at the option of the holder, provided that upon such conversion the holder, together with all affiliates of the holder, will not own or control in the aggregate more than 9.9% of the outstanding shares of the Company’s common stock. As of September 30, 2025, 525,641 shares of Series C Preferred Stock are issued and outstanding.

On August 9, 2024, the Company filed a Form S-3 registration statement with Securities and Exchange Commission, registering for sale of up to an aggregate of $25 million in shares of common stock through an at-the-market offering (“ATM Program”). Under the ATM Program, the Company sold 1,958,661 shares during the year ended on December 31, 2024, generating net proceeds of $9,062,244. During the nine-month period ended September 30, 2025, the Company sold an additional 52,819 common stock shares under the ATM program, generating net proceeds of $217,000. The ATM Program allows the Company to issue and sell to the public from time to time at prevailing market prices, at the Company’s discretion, newly issued shares of common stock. The ATM Program is expected to provide the Company with additional financing flexibility and intends to use the net proceeds from the ATM Program to facilitate growth.

On October 1, 2025, the Company filed a Form 8-K with the Securities and Exchange Commission to report the filing of an Amended and Restated Certificate of Designation for its Series B Preferred Stock (see Exhibit 3.3, 2025 Amended and Restated Certificate of Designation of Series B Preferred Stock on Form 8-K (filed with the SEC on October 1, 2025)). The amendment, which was approved by the Board of Directors and the requisite holders of the Series B Preferred Stock, modifies certain terms and preferences of the Series B Preferred Stock, including conversion rights which allow conversion at the holder’s discretion. The amendment became effective upon filing with the Secretary of State of Florida. As a result of this amendment, diluted earnings per share has been updated for all periods presented to reflect this change in capital structure.

(continued)

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements (Unaudited)

(11) Contingencies.

Various claims arise from time to time in the normal course of business. In the opinion of management, none have occurred that will have a material effect on the Company’s condensed consolidated financial statements.

(12) Borrowings.

As of September 30, 2025, the Company had no outstanding borrowings from the Federal Home Loan Bank (“FHLB”). The table below presents FHLB advances outstanding as follows (Dollars in thousands):

	Maturity		Interest			September 30,		December 31,
At September 30, 2025:	Year Ending		Rate			2025		2024
FHLB		2025		4.57	%	$	-	$	10,000
FHLB		2025		4.43	%		-		30,000
FHLB		2025		1.01	%		-		10,000
						$	-	$	50,000

FHLB advances were structured as advances with potential calls on a quarterly basis.

FHLB advances were collateralized by a blanket lien requiring the Company to maintain certain first mortgage loans as pledged collateral. At September 30, 2025, the Company had credit availability of $249.7 million. At September 30, 2025, the Company had loans pledged with a carrying value of $434.9 million as collateral for any FHLB advances.

In addition, the Bank has a collateralized line of credit with the Federal Reserve Bank, which is secured by mix of investment securities and loans with fair value of $56.0 million as of September 30, 2025.

At September 30, 2025, the Company also had unsecured lines of credit amounting to $73.5 million with five correspondent banks to purchase federal funds. Disbursements on the lines are subject to the approval of correspondent banks. At September 30, 2025 there were no borrowings under these lines of credit.

(continued)

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

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto presented elsewhere in this report. For additional information, refer to the consolidated financial statements and footnotes for the year ended December 31, 2024, in the Annual Report on Form 10-K.

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, including adverse changes in economic, political and market conditions, losses from the Company’s lending activities, increases in interest rates, the possible loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, the possibility of liabilities arising from violations of federal and state securities laws and the impact of changes in technology in the banking industry. Although the Company believes that its forward-looking statements are based upon reasonable assumptions regarding its business and future market conditions, there can be no assurances that the Company’s actual results will not differ materially from any results expressed or implied by the Company’s forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that any forward-looking statements are not guarantees of future performance.

Strategic Plan

Our key strategic initiatives are designed to generate continued growth in earning assets, core transaction deposits, treasury management fee income, while operating with an efficient cost structure. Continued emphasis on expansion of our South Florida customer base and exploring additional niche lines of business are also part of our strategic plan.

We believe providing our clients with reasonable solutions that meet their business and personal needs fosters stability in our client base, builds full-service banking relationships, and allows for profitable growth that enhances shareholder returns. We intend to deliver the solutions to clients in a very personalized manner while investing in talent and leveraging modern technology to facilitate efficiency and decrease client pain points while enhancing our competitiveness.

We are focused on full-service banking relationships, continuing to identify deposit growth opportunities among our existing customer base and prospects throughout South Florida, Florida, and the United States. Improving our core funding capabilities is foundational to the ability to support our opportunity to capitalize on the strong business and real estate market in South Florida and with our niche skilled nursing facility and merchant cash advance markets. We will accomplish this through the addition of experienced and skilled bankers to our business development and retail banking teams, and we are modernizing and improving our products and digital services to better support our personalized business model. This includes upgrading our core banking system in 2025, including our online banking and mobile banking applications. We believe adding this talent and upgrading our core banking system and client facing applications will allow us to better service local area small businesses that will add granularity and diversification to our customer base and balance sheet, while improving the utilization of our local area branches.

Modernizing our technology and improving our products and services allows us to better support our personalized business model to our niche business owner-operator client base with less friction, a human touch, and we believe better convenience than the large banks. In coordination with our Treasury Cash Management capabilities this has allowed us to enter niche businesses including banking services to Skilled Nursing Facilities in the areas of CRE and Asset-Based Lending (ABL) while capturing the business operating accounts. In addition, we have built capabilities in Small Business Administration (SBA) lending, entering the space in late 2023 and being designated as a Preferred Lender under the SBA’s Preferred Lenders Program (PLP) in the first quarter of 2025. Under the program the Bank offers SBA-guaranteed 7A loans generally secured by accounts receivable, inventory, equipment, or real estate. Management has implemented initiatives that have enabled us to grow our loan portfolio primarily with South Florida and Florida generated relationships in the commercial real estate, owner-occupied commercial real estate, multifamily, and commercial and industrial sectors.

In treasury management services, our primary focus will remain on merchant cash advance providers and the related electronic funds transfer line of business. For this revenue source to increase further in a meaningful way, automation will be necessary to further improve efficiency. We are currently investing in the necessary technology and expect efficiencies to occur throughout 2025 and beyond.

(continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Our strategic plan emphasizes and builds upon initiatives focused on strengthening credit oversight and credit administrative processes and procedures. Moreover, management continues to identify loan growth opportunities that are designed to improve overall profitability without sacrificing credit quality and underwriting standards. This growth oriented strategic direction is expected to be facilitated by maintaining credit administration objectives including a risk-based and comprehensive credit culture and a credit administrative infrastructure that reinforces appropriate risk management practices.

Financial Condition at September 30, 2025 and December 31, 2024

Capital Levels

As of September 30, 2025 and December 31, 2024, the Bank is well capitalized under regulatory guidelines.

Refer to Note 9 in the condensed consolidated financial statements, which presents the Bank’s actual and required minimum capital ratios under Prompt Corrective Action Regulations (CBLR Framework).

Overview

The Company’s total assets increased by approximately $150.1 million to $1.08 billion at September 30, 2025, from $932.9 million at December 31, 2024, primarily due to increases in cash and cash equivalents. Net loans increased by $7.8 million to $802.8 million at September 30, 2025, from $795.0 million at December 31, 2024. Deposits grew by approximately $187.3 million to $959.5 million at September 30, 2025, from $772.2 million at December 31, 2024. Total stockholders’ equity increased by approximately $13.7 million to $116.9 million at September 30, 2025, from $103.2 million at December 31, 2024, primarily due to net earnings, proceeds from common stock sales, and unrealized gains on debt securities available for sale.

The following table shows selected information for the period/year ended or at the dates indicated:

	Nine Months Ended			Year Ended
	September 30, 2025			December 31, 2024

Average equity as a percentage of average assets		11.2	%		9.3	%

Equity to total assets at end of period		10.8	%		11.1	%

Return on average assets (1)		1.6	%		1.4	%

Return on average equity (1)		14.3	%		7.3	%

Noninterest expenses to average assets (1)		2.5	%		2.1	%

(1) Annualized for the nine months ended September 30, 2025.

Liquidity and Sources of Funds

The Company’s sources of funds include customer deposits, loan repayments, earnings, federal funds market, and access to various borrowing arrangements. These includes borrowing capacity with Federal Home Loan Bank of Atlanta (“FHLB”), the Federal Reserve Bank, and five correspondent banks.

Our liquidity is derived primarily from our deposit base, scheduled amortization and prepayments of loans and debt securities, funds provided by operations, and capital. Additionally, as a commercial bank, we are expected to maintain an adequate liquidity position. The Company’s liquidity position may consist of cash on hand, cash on demand deposit with correspondent banks, federal funds sold, and unpledged marketable securities such as United States government treasury and agency securities, municipal securities, U.S. agency mortgage-backed securities, and asset-backed securities. Some of our securities are pledged to the Federal Reserve Bank to secure borrowing capacity. The market value of securities pledged to the Federal Reserve Bank was $1.7 million at September 30, 2025.

Deposits increased by approximately $187.3 million during the nine-month period ended September 30, 2025. The increase in deposits provided funding for new loan originations and repayment of Federal Home Loan Bank advances.

(continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

In addition to obtaining funds from depositors, the Company had borrowing capacity of $249.7 million in established borrowing capacity with the FHLB. The Company’s borrowing facility is subject to collateral and stock ownership requirements, as well as prior FHLB consent to each advance. As of September 30, 2025, first mortgage loans with a carrying value of $434.9 million were pledged to FHLB. At September 30, 2025, the Company also had available lines of credit amounting to $73.5 million with five correspondent banks, disbursements on the lines of credit are subject to the approval of the correspondent banks. The Company monitor its liquidity position on daily basis and believes its current funding sources, including deposits, borrowing capacity, unencumbered liquid assets, and access to the federal funds market, are adequate to meet its ongoing operating needs.

Off-Balance Sheet Arrangements

Refer to Note 8 in the condensed consolidated financial statements for Off-Balance Sheet Arrangements.

Results of Operations

The following table sets forth, for the periods indicated, information regarding (i) the total dollar amount of interest and dividend income of the Company from interest-earning assets and the resultant average yields; (ii) the total dollar amount of interest expense on interest-bearing liabilities and the resultant average cost; (iii) net interest income; (iv) interest-rate spread; (v) net interest margin; and (vi) the ratio of average interest-earning assets to average interest-bearing liabilities.

	Three Months Ended September 30,
	2025							2024
			Interest		Average					Interest		Average
	Average		Income/		Yield/			Average		Income/		Yield/
(Dollars in thousands)	Balance		Expense		Rate⁽⁵⁾			Balance		Expense		Rate⁽⁵⁾
Interest-earning assets:
Loans	$	800,336	$	14,082		7.04	%	$	770,206	$	13,588		7.06	%
Securities		22,695		153		2.70	%		24,045		163		2.71	%
Other (1)		188,109		2,086		4.44	%		110,521		1583		5.73	%
Total interest-earning assets		1,011,140		16,321		6.46	%		904,772		15,334		6.78	%

Cash and due from banks		9,557							13,500
Premises and equipment		2,414							1,957
Other		5,209							7,025
Total assets	$	1,028,320						$	927,254

Interest-bearing liabilities:
Savings, NOW and money-market deposits	$	286,156		1,800		2.52	%	$	326,365		2,707		3.32	%
Time deposits		320,800		3,473		4.33	%		244,374		3,255		5.33	%
Borrowings (2)		-		-		-			40,120		410		4.09	%
Total interest-bearing liabilities		606,956		5,273		3.48	%		610,859		6,372		4.17	%

Noninterest-bearing demand deposits		298,670							220,564
Other liabilities		8,687							6,217
Stockholders’ equity		114,007							89,614
Total liabilities and stockholders’ equity	$	1,028,320						$	927,254

Net interest income			$	11,048						$	8,962

Interest rate spread (3)						2.98	%						2.61	%

Net interest margin (4)						4.37	%						3.96	%

Ratio of average interest-earning assets to average interest-bearing liabilities		1.67							1.48

(1)	Includes interest-earning deposits, FHLB stock dividends, and preferred shares earning dividends.
(2)	Includes Federal Home Loan Bank advances.
(3)	Interest-rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(4)	Net interest margin is net interest income divided by average interest-earning assets.
(5)	Annualized.

(continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

	Nine Months Ended September 30,
	2025							2024
			Interest		Average					Interest		Average
	Average		Income/		Yield/			Average		Income/		Yield/
(Dollars in thousands)	Balance		Expense		Rate⁽⁵⁾			Balance		Expense		Rate⁽⁵⁾
Interest-earning assets:
Loans	$	800,117	$	41,709		6.95	%	$	743,537	$	38,372		6.88	%
Securities		22,785		471		2.76	%		23,900		498		2.78	%
Other (1)		143,171		4,736		4.41	%		121,174		5,116		5.63	%
Total interest-earning assets		966,073		46,916		6.48	%		888,611		43,986		6.60	%

Cash and due from banks		12,078							13,844
Premises and equipment		2,297							1,720
Other		4,383							6,523

Total assets	$	984,831						$	910,698

Interest-bearing liabilities:
Savings, NOW and money-market deposits	$	281,207		5,293		2.51	%	$	323,694		7,613		3.14	%
Time deposits		321,011		10,580		4.39	%		234,652		9,346		5.31	%
Borrowings (2)		11,482		327		3.80	%		49,712		1,574		4.22	%
Total interest-bearing liabilities		613,700		16,200		3.52	%		608,058		18,533		4.06	%

Noninterest-bearing demand deposits		253,000							214,773
Other liabilities		8,284							5,894
Stockholders’ equity		109,847							81,973
Total liabilities and stockholders’ equity	$	984,831						$	910,698

Net interest income			$	30,716						$	25,453

Interest rate spread (3)						2.96	%						2.54	%

Net interest margin (4)						4.24	%						3.82	%

Ratio of average interest-earning assets to average interest-bearing liabilities		1.57							1.46

(1)	Includes interest-earning deposits, FHLB stock dividends, and preferred shares earning dividends.
(2)	Includes Federal Home Loan Bank advances.
(3)	Interest-rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
(4)	Net interest margin is net interest income divided by average interest-earning assets.
(5)	Annualized.

(continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Comparison of the three-month periods ended September 30, 2025, and 2024

	Three Months Ended				Increase /
(Dollars in thousands, except per share	September 30,				(Decrease)
amounts)	2025		2024		Amount			Percentage
Total interest income	$	16,321	$	15,334	$	987			6	%
Total interest expense		5,273		6,372		(1,099	)		(17	)%
Net interest income		11,048		8,962		2,086			23	%
Credit loss expense		763		357		406			114	%
Net interest income after credit loss expense		10,285		8,605		1,680			20	%
Total noninterest income		1,982		1,115		867			78	%
Total noninterest expenses		6,604		5,285		1,319			25	%
Net earnings before income taxes		5,663		4,435		1,228			28	%
Income taxes		1,340		1,133		207			18	%
Net earnings	$	4,323	$	3,302		1,021			31	%
Net earnings per share - Basic	$	0.37	$	0.34
Net earnings per share - Diluted⁽¹⁾	$	0.18	$	0.15

(1) On October 1, 2025, the Company amended the terms of the Series B preferred shares, as detailed in Note 10 to the consolidated financial statements. This amendment affected the calculation of diluted earnings per share, and accordingly, all periods diluted EPS figures have been restated to reflect the new dilution structure. This ensures a consistent basis of comparison.

Net earnings. Net earnings for the three months ended September 30, 2025, were $4.3 million or $.37 per basic share and $.18 per diluted share compared to net earnings of $3.3 million or $.34 per basic share and $.15 per diluted share for the three months ended September 30, 2024. The increase in net earnings during the three months ended September 30, 2025 compared to three months ended September 30, 2024 is primarily attributed to an increase in net interest income and noninterest income.

Interest income. Interest income increased to $16.3 million for the three months ended September 30, 2025 compared to $15.3 million for the three months ended September 30, 2024, the increase was primarily attributed to the increase in average balances of interest earning assets.

Interest expense. Interest expense decreased by $1.1 million to $5.3 million for the three months ended September 30, 2025, compared to $6.4 million for the three months ended September 30, 2024, primarily due to reduction in deposit rates and repayment of borrowings, which lowered overall interest expense.

Credit loss expense. The Company recorded a credit loss expense of $0.76 million for the three months ended September 30, 2025, compared to a credit loss expense of $0.36 million for the three months ended September 30, 2024. The expected credit loss expense is charged to earnings as losses are expected to have occurred in order to bring the total allowance for credit losses to a level deemed appropriate by management to absorb losses expected. Management’s periodic evaluation of the adequacy of the allowance for credit losses is based upon historical experience, the volume and type of lending conducted by the Company, adverse situations that may affect the borrower’s ability to repay, estimated value of the underlying collateral, general economic conditions, particularly as they relate to our market areas, and other factors related to the estimated collectability of our loan portfolio. The allowance for credit losses totaled $10.0 million or 1.23% of loans outstanding at September 30, 2025, compared to $8.7 million or 1.08% of loans outstanding at December 31, 2024. During the three-months ended September 30, 2025, the net recovery amounting to $41,000 resulted from consumer lending.

Noninterest income. Total noninterest income was $2.0 million for the three months ended September 30, 2025, compared to $1.1 for the three months ended September 30, 2024. The increase reflects an increase in wire transfer and ACH fees during the third quarter of 2025.

Noninterest expenses. Total noninterest expenses increased to $6.6 million for the three months ended September 30, 2025, compared to $5.3 million for the three months ended September 30, 2024, primarily due to employee compensation and benefits, data processing, and other expenses.

(continued)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Comparison of the nine-month periods ended September 30, 2025, and 2024

	Nine Months Ended				Increase /
(Dollars in thousands, except per share	September 30,				(Decrease)
amounts)	2025		2024		Amount			Percentage
Total interest income	$	46,916	$	43,986	$	2,930			7	%
Total interest expense		16,200		18,533		(2,333	)		(13	)%
Net interest income		30,716		25,453		5,263			21	%
Credit loss expense		1,638		1,610		28			2	%
Net interest income after credit loss expense		29,078		23,843		5,235			22	%
Total noninterest income		5,047		3,555		1,492			42	%
Total noninterest expenses		18,411		15,078		3,333			22	%
Net earnings before income taxes		15,714		12,320		3,394			28	%
Income taxes		3,919		3,147		772			25	%
Net earnings	$	11,795	$	9,173		2,622			29	%
Net earnings per share - Basic	$	1.00	$	1.02
Net earnings per share - Diluted⁽¹⁾	$	0.50	$	0.45

(1)

On October 1, 2025, the Company amended the terms of the Series B preferred shares, as detailed in Note 10 to the consolidated financial statements. This amendment affected the calculation of diluted earnings per share, and accordingly, all periods diluted EPS figures have been restated to reflect the new dilution structure. This ensures a consistent basis of comparison.

Net earnings. Net earnings for the nine months ended September 30, 2025, were $11.8 million or $1.00 per basic share and $.50 per diluted share compared to net earnings of $9.2 million or $1.02 per basic share and $.45 per diluted share for the nine months ended September 30, 2024. The increase in net earnings during the nine months ended September 30, 2025 compared to nine months ended September 30, 2024 is primarily attributed to an increase in net interest income and noninterest income.

Interest income. Interest income increased to $46.9 million for the nine months ended September 30, 2025 compared to $44.0 million for the nine months ended September 30, 2024. The increase is due primarily to the growth in the average balances of interest earning assets.

Interest expense. Interest expense decreased by $2.3 million to $16.2 million for the nine months ended September 30, 2025, compared to $18.5 million for the nine months ended September 30, 2024, primarily due to a reduction in deposit rates and changes in the composition of deposits.

Credit loss expense. The Company recorded a credit loss expense of $1.64 million for the nine months ended September 30, 2025, compared to $1.61 million for the nine months ended September 30, 2024, respectively. The expected credit loss expense is charged to earnings as losses are expected to have occurred in order to bring the total allowance for credit losses to a level deemed appropriate by management to absorb losses expected. Management’s periodic evaluation of the adequacy of the allowance for credit losses is based upon historical experience, the volume and type of lending conducted by the Company, adverse situations that may affect the borrower’s ability to repay, estimated value of the underlying collateral, general economic conditions, particularly as they relate to our market areas, and other factors related to the estimated collectability of our loan portfolio. The allowance for credit losses totaled $10.0 million or 1.23% of loans outstanding at September 30, 2025, compared to $8.7 million or 1.08% of loans outstanding at December 31, 2024. During the nine-months ended September 30, 2025, the net charge off amounting to $181,000 resulted from consumer lending.

Noninterest income. Total noninterest income increased to $5.0 million for the nine months ended September 30, 2025, compared to $3.6 million for the nine months ended September 30, 2024, due to increased wire transfer and ACH fees during the nine months ended September 30, 2025.

Noninterest expenses. Total noninterest expenses increased to $18.4 million for the nine months ended September 30, 2025, compared to $15.1 million for the nine months ended September 30, 2024, primarily due to employee compensation and benefits, occupancy and equipment, and other expenses.

Item 3. Quantitative and Qualitative Disclosures about Market Risks

Not applicable.

Item 4. Controls and Procedures

The Company’s management evaluated the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report, and based on this evaluation, the Principal Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures are effective.

There have been no significant changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

(continued)

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently a party to any material legal proceedings.

Item 1A. Risk Factors

Not applicable.

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

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

Item 6. Exhibits

The exhibits listed in the Exhibit Index following the signature page are filed or furnished with or incorporated by reference into this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	OPTIMUMBANK HOLDINGS, INC.
	(Registrant)

Date: November 10, 2025	By:	/s/ Timothy Terry
		Timothy Terry
		Principal Executive Officer

Date: November 10, 2025	By:	/s/ Elliot Nunez
		Elliot Nunez
		Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description

3.1		Amended and restated Articles of incorporation (incorporated by reference from Annual Report on Form 10-K filed with the SEC on February 26, 2025)

3.2		Bylaws (incorporated by reference from Current Report on Form 8-K filed with the SEC on May 11, 2004)

3.3		2025 Amended and Restated Certificate of Designation of Series B Preferred Stock on Form 8-K (filed with the SEC on October 1, 2025)

4.1		Form of stock certificate (incorporated by reference from Quarterly Report on Form 10-QSB filed with the SEC on August 16, 2004)

4.2		Description of Securities (incorporated by reference from Annual Report on Form 10-K filed with the SEC on February 26, 2025)

31.1		Certification of Principal Executive Officer required by Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934

31.2		Certification of Chief Financial Officer required by Rule 13a-14(a)/15d-14(a) under the Securities Exchange Act of 1934

32.1		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

OptimumBank Holdings, Inc. 10-Q