OptimumBank Holdings Inc.
02/02/2026 | Press release | Distributed by Public on 02/02/2026 12:09
OptimumBank Holdings, Inc. Financial Performance for the Fourth Quarter of 2025 (Form 8-K)
OptimumBank Holdings, Inc. Financial Performance for the Fourth Quarter of 2025
Fort Lauderdale, FL, February 2, 2026 - OptimumBank Holdings, Inc. (NYSE American: OPHC) (the "Company") is a bank holding company. OptimumBank (the "Bank") is a Florida-chartered commercial bank and is owned 100% by the Company. The Company is pleased to announce net earnings of $4.85 million, or $0.42 per basic share, and $0.21 per diluted share, for the fourth quarter of 2025. This compares to net earnings of $4.32 million, or $0.37 per basic share, and $0.18 per diluted share, for the third quarter of 2025, and $3.95 million net earnings, or $0.38 per basic share, and $0.18 per diluted share, for the comparable quarter last year. For the twelve-month period ended December 31, 2025, net earnings was $16.64 million, or $1.42 per basic share, and $0.71 per diluted share, compared to net earnings of $13.12 million, or $1.39 per basic share, and $0.63 per diluted share, for the twelve-month period ended December 31, 2024. The increase of $3.52 million in earnings for the twelve-month period ended December 31, 2025, compared to the same period in 2024, was primarily driven by a $7.90 million improvement in net interest income and $2.15 million increase in noninterest income, partially offset by an increase in noninterest expenses and income taxes. The diluted share count incorporates the effect of certain changes to existing preferred shares, and comparability with prior diluted EPS figures may be affected accordingly.
The Company has demonstrated continued progress during the fourth quarter of 2025. The gross loan portfolio increased by $145.07 million, or 17.83%, during the fourth quarter of 2025 to $958.79 million. Total deposits declined by $27.74 million from September 30, 2025, totalling $931.75 million at December 31, 2025, down 2.89% from the prior quarter. This also represents growth of $159.56 million in total deposits since the December 31, 2024, or 20.66%.
Highlights for the Fourth Quarter of 2025
| ● | Net earnings of $4.85 million, or $0.42 per basic share, and $0.21 diluted earnings per share ("diluted EPS"). | |
| ● | Return on Average Assets (ROAA) was 1.77% for the fourth quarter of 2025, compared to 1.68% as of September 30, 2025 (both annualized). | |
| ● | Net interest margin was 4.39%, reflecting a two-basis point increase from 4.37% at September 30, 2025. | |
| ● | Total assets grew by $28.64 million to $1.11 billion from September 30, 2025. | |
| ● | Total deposits decreased by $27.74 million to $931.75 million from September 30, 2025. | |
| ● | Gross loans increased by $145.07 million during the quarter to $958.79 million, compared to $813.7 million at September 30, 2025. | |
| ● | Total stockholders' equity increased by $5.00 million to $121.90 million as of December 31, 2025, up from $116.89 million as of September 30, 2025, reflecting continued earnings retention. | |
| ● | Return on Average Equity (ROAE) was 16.23% for the fourth quarter of 2025, compared to 15.17% as of September 30, 2025 (both annualized). |
Highlights for the Year Ended December 31, 2025
| ● | Net earnings of $16.65 million, or $1.42 per basic share, and $0.71 diluted EPS, compared to $1.39 per basic share and $0.63 per diluted share for 2024. | |
| ● | Return on Average Assets (ROAA) was 1.64%, compared to 1.42% for the twelve-month period ended December 31, 2024. | |
| ● | Net interest margin was 4.28%, reflecting a 45-basis point increase from 3.83% for the twelve-month period ended December 31, 2024. | |
| ● | Total assets grew by $178.75 million to $1.11 billion from December 31, 2024, an increase of approximately 19.16% compared to $932.93 million at December 31, 2024. | |
| ● | Total deposits grew by $159.56 million to $931.75 million from December 31, 2024, representing an increase of approximately 20.66% compared to $772.19 million at December 31, 2024. | |
| ● | Gross loans increased by $154.55 million to $958.79 million at December 31, 2025 , as compared to December 31, 2024. | |
| ● | Total stockholders' equity increased by $18.71 million to $121.90 million as of December 31, 2025, up from $103.18 million as of December 31, 2024, reflecting continued earnings retention. | |
| ● | Fully diluted tangible book value per share increased to $5.18 per diluted share at December 31, 2025, up $0.75, or 16.9% from the prior year |
"We ended 2025 with the best quarter and the best year we have ever had," said Moishe Gubin, Chairman of the Board. "Our focus remains simple and effective. We are now on the cusp of fully realizing our strategic plan, which includes expanding into new, financially related verticals that complement our banking operations. We've built the foundation, and we are excited to unveil the next phase of this journey in the near future."
Net interest income for the quarter-ended December 31, 2025 increased to $11.87 million, up by $0.82 million from the third quarter of 2025 and $2.64 million from the fourth quarter of 2024, supported by higher yields on loans and other earning assets and lower costs on interest-bearing liabilities. The cost of interest-bearing liabilities was slightly lower at 3.34%, down by 14-basis points from 3.48% in the third quarter, while interest-earning asset yields were one basis point lower at 6.45%. The Company's net interest margin rose to 4.39%, a reflection of disciplined loan and deposit pricing strategy and balance sheet optimization.
Noninterest income for the quarter-ended December 31, 2025 decreased to $1.73 million, or $0.26 million lower from the prior quarter primarily driven by fewer loan prepayment fees. Noninterest expenses increased to $6.74 million, primarily due to other expenses including marketing, partially offset by lower staffing related expense. The Company maintained an efficiency ratio of 49.59% for the fourth quarter of 2025, consistent with prudent cost management amid balance sheet expansion and associated revenue expansion.
Credit loss expense as of quarter-ended December 31, 2025 decreased to $0.40 million, due to the improvements in the credit quality of the loan portfolio and the evaluation of factors used to determine the credit loss. Gross charge-offs remained modest at $201,000, while recoveries totalled $67,000, resulting in net charge-offs of $134,000, reflecting a well-managed loan portfolio for the fourth quarter of 2025. The allowance for credit losses stood at $10.27 million as of December 31, 2025, or 1.07% of total loans.
Loan portfolio growth was strong in the fourth quarter of 2025. Gross loans increased by $145.07 million. Commercial real estate and residential real estate segments continued to expand, growing by $141.64 million and $7.30 million, respectively. Additionally, there was an increase in commercial and consumer loans of $2.59 million and $2.44 million, respectively. These gains were partially offset by a $7.15 million decline in land and construction loans and a $1.74 million decline in multi-family real estate. The growth experienced in the loan portfolio is due to the implementation of our relationship-based banking model and the success of our lenders in competing for new business.
On the funding side, total deposits decreased by $27.74 million to $931.75 million from the third quarter of 2025, primarily in noninterest-bearing demand deposits that decreased by $47.45 million to $266.52 million. The decline is primarily related to year end business account seasonality. The Company had $50.00 million in Federal Home Loan Bank ("FHLB") advances outstanding at December 31, 2025.
Capital levels remain strong, with a Tier 1 Leverage Ratio of 11.39%, well above regulatory minimums. The Company remains well positioned to support continued growth and earnings momentum as the Company heads into 2026.
The Company's outlook remains constructive. During 2025, the Company formed a new wholly owned subsidiary, capitalized through a dividend from the Bank to the Company, which is intended to offer a focused suite of financing solutions, including bridge-to-HUD financing and FHA and HUD insured loan origination for multifamily and healthcare properties. The platform is expected to roll out in 2026, leveraging the Company's established relationships and specialized expertise across skilled nursing, senior housing, and multifamily sectors. Additionally, the Company continues to invest in technology, talent, and targeted growth strategies that reinforce its position as one of the most dynamic and rapidly growing community banks in South Florida. We remain grateful for the trust and partnership of our shareholders, customers, and employees.
The following table presents the Company's quarterly trends of the consolidated financial highlights (unaudited) for the periods presented (see below for a summary of non-GAAP reconciliation):
| Quarterly Trends | 4Q25 change vs | |||||||||||||||||||||||||||
| (Dollars in thousands except per share amounts) | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q25 | 4Q24 | |||||||||||||||||||||
| Selected Balance Sheet Data | ||||||||||||||||||||||||||||
| Total assets | $ | 1,111,678 | $ | 1,083,043 | $ | 999,127 | $ | 977,468 | $ | 932,933 | $ | 28,635 | $ | 178,745 | ||||||||||||||
| Total gross loans | 958,793 | 813,722 | 784,564 | 800,244 | 804,240 | 145,071 | 154,553 | |||||||||||||||||||||
| Total deposits | 931,750 | 959,487 | 878,865 | 852,934 | 772,195 | (27,737 | ) | 159,555 | ||||||||||||||||||||
| Earnings Highlights | ||||||||||||||||||||||||||||
| Net earnings | $ | 4,853 | $ | 4,323 | $ | 3,602 | $ | 3,870 | $ | 3,949 | $ | 530 | $ | 904 | ||||||||||||||
| Diluted earnings per share (EPS) | $ | 0.21 | $ | 0.18 | $ | 0.15 | $ | 0.17 | $ | 0.18 | $ | 0.02 | $ | 0.03 | ||||||||||||||
| Net interest income | $ | 11,871 | $ | 11,048 | $ | 10,242 | $ | 9,426 | $ | 9,235 | $ | 823 | $ | 2,636 | ||||||||||||||
| Performance Ratios | ||||||||||||||||||||||||||||
| Net interest margin | 4.39 | % | 4.37 | % | 4.32 | % | 4.06 | % | 4.19 | % | 0.02 | % | 0.20 | % | ||||||||||||||
| Net interest spread | 3.11 | % | 2.98 | % | 3.08 | % | 2.87 | % | 2.90 | % | 0.13 | % | 0.21 | % | ||||||||||||||
| Cost of interest-bearing liabilities | 3.34 | % | 3.48 | % | 3.49 | % | 3.59 | % | 4.02 | % | (0.14 | )% | (0.68 | )% | ||||||||||||||
| Efficiency ratio | 49.59 | % | 50.68 | % | 51.18 | % | 52.79 | % | 42.53 | % | (1.09 | )% | 7.05 | % | ||||||||||||||
| Net loan-to-deposit ratio | 101.67 | % | 83.67 | % | 88.13 | % | 92.77 | % | 102.95 | % | 18.00 | % | (1.28 | )% | ||||||||||||||
| Return on (annualized) | ||||||||||||||||||||||||||||
| Average assets (ROAA) | 1.77 | % | 1.68 | % | 1.48 | % | 1.62 | % | 1.62 | % | 0.09 | % | 0.15 | % | ||||||||||||||
| Average equity (ROAE) | 16.23 | % | 15.17 | % | 13.10 | % | 14.66 | % | 16.19 | % | 1.08 | % | 0.04 | % | ||||||||||||||
| Average tangible assets (ROTA) | 1.77 | % | 1.68 | % | 1.48 | % | 1.62 | % | 1.62 | % | 0.09 | % | 0.15 | % | ||||||||||||||
| Pre-tax pre-provision net revenue (PPNR) | $ | 6,855 | $ | 6,426 | $ | 5,895 | $ | 5,031 | $ | 5,921 | $ | 429 | $ | 934 | ||||||||||||||
| Other Operating Measures | ||||||||||||||||||||||||||||
| Common shares outstanding | 11,533,943 | 11,883,943 | 11,751,082 | 11,751,082 | 11,636,092 | (350,000 | ) | (102,149 | ) | |||||||||||||||||||
| Non-diluted tangible book value per share | $ | 10.57 | $ | 9.84 | $ | 9.48 | $ | 9.19 | $ | 8.87 | $ | 0.73 | $ | 1.71 | ||||||||||||||
| Fully diluted shares outstanding | 23,523,473 | 23,523,473 | 23,390,612 | 23,390,612 | 23,275,622 | 0 | 247,851 | |||||||||||||||||||||
| Fully diluted tangible book value per share | $ | 5.18 | $ | 4.97 | $ | 4.76 | $ | 4.62 | $ | 4.43 | $ | 0.21 | $ | 0.75 | ||||||||||||||
| Tangible common equity to tangible assets | 10.97 | % | 10.79 | % | 11.14 | % | 11.05 | % | 11.06 | % | 0.17 | % | (0.11 | )% | ||||||||||||||
| Tier 1 Leverage Ratio | 11.39 | % | 11.71 | % | 11.89 | % | 11.71 | % | 10.91 | % | (0.31 | )% | 0.49 | % | ||||||||||||||
Financial Results
Statement of Earnings
Net earnings were $4.85 million for the fourth quarter of 2025, compared to net earnings of $4.32 million for the third quarter of 2025, and $3.95 million for the fourth quarter of 2024. The increase from the third quarter of 2025 was primarily due to an increase in net interest income to $11.87 million, compared to $11.05 million in the third quarter.
Total interest income was $17.44 million for the fourth quarter of 2025, compared to $16.32 million in the third quarter of 2025 and $15.64 million in the fourth quarter of 2024. The sequential growth was driven by a $1.36 million increase in interest income from loans. Compared to the third quarter of 2025, the increase was primarily due to a $76.25 million increase in average loan balances.
The following table depicts the components of interest income (unaudited) for the quarterly periods presented:
| Quarterly Trends | 4Q25 change vs | |||||||||||||||||||||||||||
| (Dollars in thousands) | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q25 | 4Q24 | |||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||||
| Loans | $ | 15,437 | $ | 14,082 | $ | 14,026 | $ | 13,601 | $ | 13,679 | $ | 1,355 | $ | 1,758 | ||||||||||||||
| Debt securities | 164 | 153 | 158 | 160 | 154 | 11 | 10 | |||||||||||||||||||||
| Other | 1,837 | 2,086 | 1,404 | 1,246 | 1,809 | (249 | ) | 28 | ||||||||||||||||||||
| Total interest income | $ | 17,438 | $ | 16,321 | $ | 15,588 | $ | 15,007 | $ | 15,642 | $ | 1,117 | $ | 1,796 | ||||||||||||||
Interest expense totalled $5.57 million for the fourth quarter of 2025, compared to $5.27 million for the third quarter of 2025 and $6.41 million for the fourth quarter of 2024. Compared to the third quarter of 2025, the increase in interest expense was primarily attributable to a $60.00 million increase in total interest-bearing liability balances, partially offset by a 14-basis point decrease in the cost of interest-bearing liabilities, from 3.48% to 3.34%. Compared to the fourth quarter of 2024, the decrease in rates paid was substantial, with a 60-basis point decrease in the cost of interest-bearing liabilities, from 3.94% to 3.34% primarily from lower interest rates paid on deposits and borrowings.
Net interest income was $11.87 million in the fourth quarter of 2025, up from $11.05 million in the third quarter of 2025 and $9.24 million in the fourth quarter of 2024. The quarter-over-quarter increase was driven by growth in the average interest-earning assets of $70.11 million, and the lower cost on interest bearing liabilities. On a year-over-year basis, the growth in net interest income was primarily attributable to a $91.57 million increase in average loan balances and a $38.08 million increase in average interest-earning deposits with banks balances, further supported by lower funding costs.
Net interest margin expanded to 4.39% for the fourth quarter of 2025, compared to 4.37% and 3.87% for the third and fourth quarters of 2025 and 2024, respectively. Compared to the third quarter of 2025, net interest margin increased by two basis points, primarily driven by the decrease in interest-bearing liabilities cost. Compared to the fourth quarter of 2024, net interest margin increased by 60 basis points, primarily attributable to a decrease in the cost of interest-bearing liabilities.
The cost of interest-bearing liabilities was 3.34% in the fourth quarter of 2025, down from 3.48% in the third quarter of 2025 and down from 3.94% in the fourth quarter of 2024. The decrease from the third quarter of 2025 was primarily due to a decrease in yields in the NOW, money market, and time deposit portfolios. Compared to the same quarter last year, the cost of interest-bearing liabilities decreased substantially by 60 basis points. This reduction was due to a decrease in yields across the deposit portfolio with disciplined pricing following rate reductions.
Credit loss expense was $0.40 million during the fourth quarter of 2025, compared to $0.76 million in the third quarter of 2025, and $0.61 million for the fourth quarter of 2024. The decrease in credit loss expense from the third quarter was primarily attributable to improvements in the credit quality of the loan portfolio and the evaluation of factors used to determine the credit loss. Gross charge-offs remained modest at $201,000, while recoveries totalled $67,000, resulting in net charge-offs of $134,000 during the fourth quarter of 2025. The Company's allowance for credit losses stood at $10.27 million, or 1.07% of total loans, as of December 31, 2025.
Noninterest income totalled $1.73 million for the fourth quarter of 2025, down from $1.98 million in the prior quarter and up from $1.07 million in the fourth quarter of 2024. The quarter-over-quarter decrease of $0.26 million was primarily driven by fewer loan prepayment fees. Compared to the same quarter last year, the $0.66 million increase in noninterest income related to increases in wire transfers, ACH fees on deposit payment transactions, and gains on the sale of SBA loans.
Noninterest expenses totalled $6.74 million for the fourth quarter of 2025, compared to $6.60 million in the third quarter of 2025 and $4.38 million in the fourth quarter of 2024. Compared to the fourth quarter of 2024, the increase of $2.36 million includes increases of $1.53 million, $0.22 million, and $0.67 million in employee compensation expenses, data processing, and deposit operation expenses, respectively.
Regarding the $0.14 million increase in noninterest expenses when compared to the prior quarter, this was primarily due to higher other expenses, primarily in marketing expenses related to the Company's 25th anniversary client appreciation event held in Q4 2025. This was partially offset by lower salaries and employee benefit expense compared to the prior quarter, the result of year end incentive compensation adjustments.
The following table depicts the components of noninterest expenses (unaudited) for the quarterly periods presented:
| Quarterly Trends | 4Q25 change vs | |||||||||||||||||||||||||||
| (Dollars in thousands) | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q25 | 4Q24 | |||||||||||||||||||||
| Noninterest expenses | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 3,672 | 4,004 | 3,738 | 3,381 | 2,145 | (332 | ) | 1,527 | ||||||||||||||||||||
| Professional fees | 333 | 276 | 275 | 247 | 374 | 57 | (41 | ) | ||||||||||||||||||||
| Occupancy and equipment | 328 | 327 | 294 | 282 | 243 | 1 | 85 | |||||||||||||||||||||
| Data processing | 794 | 788 | 625 | 533 | 570 | 6 | 224 | |||||||||||||||||||||
| Regulatory assessment | 161 | 126 | 202 | 198 | 204 | 35 | (43 | ) | ||||||||||||||||||||
| Losses on sale and write-downs of other real estate owned | 54 | - | - | - | - | 54 | 54 | |||||||||||||||||||||
| Other | 1,401 | 1,083 | 1,047 | 985 | 846 | 318 | 555 | |||||||||||||||||||||
| Total noninterest expenses | 6,743 | 6,604 | 6,181 | 5,626 | 4,382 | 139 | 2,361 | |||||||||||||||||||||
Income tax expense was $1.60 million for the fourth quarter of 2025 compared $1.34 million in the third quarter of 2025 and $1.36 million in the fourth quarter of 2024. The effective tax rate for the quarter was 24.8%, compared to 23.7% in the prior quarter and 25.6% from the prior year comparative quarter.
Balance Sheet
Total assets were $1.11 billion as of December 31, 2025, increasing from $1.08 billion at September 30, 2025, and up from $932.93 million at December 31, 2024. The quarter-over-quarter growth of $28.64 million was primarily attributable to a $144.48 million increase in net loans, partially offset by a $120.53 million decrease in cash and cash equivalents.
Cash and cash equivalents at December 31, 2025, was $114.56 million, which decreased from $235.09 million at September 30, 2025, and increased from $93.63 million at December 31, 2024. The decrease quarter-over-quarter was primarily driven by the growth in loans.
Investment securities (debt securities available for sale and held-to-maturity) at December 31, 2025, were $25.40 million, compared to $23.17 million at September 30, 2025, and $23.05 million at December 31, 2024. No sales of debt securities were reported during these periods.
Total gross loans at December 31, 2025, were $958.79 million, an increase from $813.72 million at September 30, 2025, and up from $804.24 million at December 31, 2024. Gross loans increased during the quarter reflecting growth in commercial real estate, residential real estate, commercial, and consumer loans. Compared to December 31, 2024, the gross loan portfolio increased by $154.55 million, reflecting growth primarily in commercial real estate.
The allowance for credit losses ("ACL") was $10.27 million as of December 31, 2025, representing 1.07% of total loans, decreasing from 1.23% at September 30, 2025, and up from $10.02 million and $8.66 million at September 30, 2025, and December 31, 2024, respectively. The quarter-over-quarter increase of $0.26 million was primarily driven by the growth in the loan portfolio. The increase was partially offset by net charge-offs of $134,000, as gross charge-offs remained modest at $201,000 and recoveries totalled $67,000. The ACL ratio reflects continued credit discipline and a well-diversified loan portfolio.
The following table presents the components of the ACL (unaudited) as of the dates indicated:
| December 31, 2025 change vs | ||||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | December 31, | ||||||||||||||||||||||
| (Dollars in thousands) | 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
| Beginning balance | $ | 10,018 | $ | 9,338 | $ | 8,270 | $ | 8,660 | $ | 8,337 | $ | 680 | $ | 1,681 | ||||||||||||||
| Credit loss expense (reversal) - funded | 389 | 639 | 1,043 | (144 | ) | 569 | (250 | ) | (180 | ) | ||||||||||||||||||
| Charge-offs | (201 | ) | (129 | ) | (72 | ) | (325 | ) | (336 | ) | (72 | ) | 135 | |||||||||||||||
| Recoveries | 67 | 170 | 97 | 79 | 90 | (103 | ) | (23 | ) | |||||||||||||||||||
| Ending balance | $ | 10,273 | $ | 10,018 | $ | 9,338 | $ | 8,270 | $ | 8,660 | $ | 255 | $ | 1,613 | ||||||||||||||
Nonaccrual loans totalled $2.90 million at December 31, 2025, compared to $2.98 million at September 30, 2025, and $7.58 million at December 31, 2024. The decrease from the prior year was primarily due to a decrease in land and construction, and consumer nonaccrual loans of $6.20 million, offset by a $1.52 million increase in nonaccrual commercial loans during the year. There were no loans 90 days or more past due and still accruing interest as of December 31, 2025. Additionally, the Company did not report any modified loans to borrowers experiencing financial difficulty during the fourth quarter of 2025.
Nonperforming assets (NPA) reflected strong asset quality at September 30, 2025. Nonaccrual loans decreased to $2.90 million from $7.58 million at December 31, 2024. The Company reported one real estate owned ("OREO") property totalling $0.55 million that was transferred to other assets related to a previously reported nonaccrual consumer loan.
Total deposits at December 31, 2025, were $931.75 million, a decrease from $959.49 million at September 30, 2025, and an increase from $772.20 million at December 31, 2024. The decrease from September 30, 2025, was attributable to a decrease in noninterest-bearing demand deposits, savings, NOW, and money-market deposits, partially offset by increases in time deposits. The increase from December 31, 2024 was attributable to increases in all deposit categories, most notably a 27.09% increase in time deposits and a 25.21% increase in noninterest-bearing demand deposits. The Company continues to maintain a diverse and stable funding base.
Accumulated other comprehensive loss (AOCL) was $4.60 million at December 31, 2025, compared to $4.75 million at September 30, 2025, and $5.57 million at December 31, 2024. The unrealized loss in AOCL improved by $0.16 million quarter-over-quarter, primarily due to the decline in long-term interest rates impacting the fair value of available-for-sale securities. Year-over-year, AOCL improved by $0.97 million, reflecting the net impact of favourable fair value changes over the trailing twelve months, resulting in unrealized gains. All AOCL amounts represent unrealized gains and losses, net of applicable income taxes, and have no impact on reported earnings.
Shareholders' equity was $121.90 million as of December 31, 2025, compared to $116.89 million as of September 30, 2025, and $103.18 million as of December 31, 2024. The fourth quarter increase was principally attributable to fourth quarter net earnings of $4.85 million, and a decrease in accumulated other comprehensive loss.
Tangible book value per share at December 31, 2025, was $10.57, up from $9.84 at September 30, 2025, and $8.87 at December 31, 2024. This non-diluted measure is based on common shares outstanding, which were 11,533,943 at December 31, 2025 (down from 11,883,943 at September 30, 2025, and down from 11,636,112 at December 30, 2024).
Although GAAP accounting generally presents book value based on common shares outstanding, the Company believes a more comprehensive measure of shareholder value is on a fully diluted basis.
On a fully diluted basis, tangible book value per share was $5.18 at December 31, 2025, up from $4.97 at September 30, 2025, and $4.43 at December 31, 2024. This is based on fully diluted shares outstanding of 23,523,473 at December 31, 2025 (consistent with 23,523,473 at September 30, 2025, and up from 23,275,622 at December 31, 2024).
The increase in both non-diluted and fully diluted tangible book value per share reflects strong quarterly earnings performance and overall capital strength.
FORWARD-LOOKING STATEMENTS
Certain statements made in this report which are not statements of historical fact are forward-looking statements within the meaning of, and subject to the protection of, the federal securities laws. Forward looking statements include, among others, statements with respect to our beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, many of which are beyond our control and which may our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements made in this report. You can identify forward-looking statements through our use of words such as "believes," "anticipates," "expects," "may," "will," "assumes," "should," "predicts," "could," "should," "would," "intends," "targets," "estimates," "projects," "plans," "potential" and other similar words and expressions. Forward-looking statements are based on our current beliefs and expectations and are subject to significant risks and uncertainties. Accordingly, we caution you not to place undue reliance on such statements. We undertake no obligation to update or revise any of our forward-looking statements for events or circumstances that arise after the statement is made, except as otherwise may be required by law.
Investor Relations & Corporate Relations
Contact: Seth Denison
Telephone: (305) 401-4140
Email: [email protected]
OptimumBank Holdings, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
| December 31, 2025 change vs | ||||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | December 31, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||
| Cash and due from banks | $ | 9,349 | $ | 9,271 | $ | 8,833 | $ | 13,542 | $ | 13,982 | $ | 78 | $ | (4,633 | ) | |||||||||||||
| Interest-bearing deposits with banks | 105,210 | 225,815 | 172,921 | 129,914 | 79,648 | (120,605 | ) | 25,562 | ||||||||||||||||||||
| Total cash and cash equivalents | 114,559 | 235,086 | 181,754 | 143,456 | 93,630 | (120,527 | ) | 20,929 | ||||||||||||||||||||
| Debt securities available for sale | 25,184 | 22,926 | 22,378 | 23,043 | 22,773 | 2,258 | 2,411 | |||||||||||||||||||||
| Debt securities held-to-maturity | 214 | 246 | 260 | 269 | 281 | (32 | ) | (67 | ) | |||||||||||||||||||
| Loans, net of allowance for credit losses | 947,294 | 802,812 | 774,548 | 791,232 | 794,985 | 144,482 | 152,309 | |||||||||||||||||||||
| Federal Home Loan Bank stock | 3,028 | 658 | 658 | 1,128 | 2,929 | 2,370 | 99 | |||||||||||||||||||||
| Premises and equipment, net | 2,490 | 2,308 | 2,426 | 2,249 | 2,062 | 182 | 428 | |||||||||||||||||||||
| Other real estate owned | 551 | - | - | - | - | 551 | 551 | |||||||||||||||||||||
| Right-of-use lease assets | 2,617 | 2,725 | 2,552 | 2,647 | 2,679 | (108 | ) | (62 | ) | |||||||||||||||||||
| Accrued interest receivable | 3,621 | 3,171 | 3,138 | 3,287 | 3,348 | 450 | 273 | |||||||||||||||||||||
| Deferred tax asset | 3,108 | 3,238 | 3,135 | 2,777 | 3,001 | (130 | ) | 107 | ||||||||||||||||||||
| Other assets | 9,012 | 9,873 | 8,278 | 7,380 | 7,245 | (861 | ) | 1,767 | ||||||||||||||||||||
| Total assets | $ | 1,111,678 | $ | 1,083,043 | $ | 999,127 | $ | 977,468 | $ | 932,933 | $ | 28,635 | $ | 178,745 | ||||||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 266,520 | $ | 313,973 | $ | 259,816 | $ | 235,779 | $ | 211,900 | $ | (47,453 | ) | $ | 54,620 | |||||||||||||
| Savings, NOW and money-market deposits | 306,921 | 309,087 | 300,907 | 289,768 | 278,355 | (2,166 | ) | 28,566 | ||||||||||||||||||||
| Time deposits | 358,309 | 336,427 | 318,142 | 327,387 | 281,940 | 21,882 | 76,369 | |||||||||||||||||||||
| Total deposits | 931,750 | 959,487 | 878,865 | 852,934 | 772,195 | (27,737 | ) | 159,555 | ||||||||||||||||||||
| Federal Home Loan Bank advances | 50,000 | - | - | 10,000 | 50,000 | 50,000 | - | |||||||||||||||||||||
| Operating lease liabilities | 2,745 | 2,846 | 2,661 | 2,746 | 2,774 | (101 | ) | (29 | ) | |||||||||||||||||||
| Other liabilities | 5,286 | 3,822 | 6,253 | 3,785 | 4,780 | 1,464 | 506 | |||||||||||||||||||||
| Total liabilities | 989,781 | 966,155 | 887,779 | 869,465 | 829,749 | 23,626 | 160,032 | |||||||||||||||||||||
| Stockholders' equity | ||||||||||||||||||||||||||||
| Preferred stock: | ||||||||||||||||||||||||||||
| Series B Convertible Preferred | - | - | - | - | - | - | - | |||||||||||||||||||||
| Series C Convertible Preferred | - | - | - | - | - | - | - | |||||||||||||||||||||
| Common stock | 115 | 119 | 118 | 118 | 116 | (4 | ) | (1 | ) | |||||||||||||||||||
| Additional paid-in capital | 112,578 | 112,574 | 112,010 | 112,015 | 111,485 | 4 | 1,093 | |||||||||||||||||||||
| Retained earnings (accumulated deficit) | 13,801 | 8,948 | 4,625 | 1,023 | (2,847 | ) | 4,853 | 16,648 | ||||||||||||||||||||
| Accumulated other comprehensive loss | (4,597 | ) | (4,753 | ) | (5,405 | ) | (5,153 | ) | (5,570 | ) | 156 | 973 | ||||||||||||||||
| Total stockholders' equity | 121,897 | 116,888 | 111,348 | 108,003 | 103,184 | 5,009 | 18,713 | |||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,111,678 | $ | 1,083,043 | $ | 999,127 | $ | 977,468 | $ | 932,933 | $ | 28,635 | $ | 178,745 | ||||||||||||||
OptimumBank Holdings, Inc.
Consolidated Statements of Earnings - Quarterly (Unaudited)
(Dollars in thousands, except per share amounts)
| Quarterly Trends | 4Q25 change vs | |||||||||||||||||||||||||||
| 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | 3Q25 | 4Q24 | ||||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||||||
| Loans | $ | 15,437 | $ | 14,082 | $ | 14,026 | $ | 13,601 | $ | 13,679 | $ | 1,355 | $ | 1,758 | ||||||||||||||
| Debt securities | 164 | 153 | 158 | 160 | 154 | 11 | 10 | |||||||||||||||||||||
| Other | 1,837 | 2,086 | 1,404 | 1,246 | 1,809 | (249 | ) | 28 | ||||||||||||||||||||
| Total interest income | 17,438 | 16,321 | 15,588 | 15,007 | 15,642 | 1,117 | 1,796 | |||||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||||||
| Deposits | 5,561 | 5,273 | 5,322 | 5,278 | 6,005 | 288 | (444 | ) | ||||||||||||||||||||
| Borrowings | 6 | - | 24 | 303 | 402 | 6 | (396 | ) | ||||||||||||||||||||
| Total interest expense | 5,567 | 5,273 | 5,346 | 5,581 | 6,407 | 294 | (840 | ) | ||||||||||||||||||||
| Net interest income | 11,871 | 11,048 | 10,242 | 9,426 | 9,235 | 823 | 2,636 | |||||||||||||||||||||
| Credit loss expense (reversal) | 398 | 763 | 1,040 | (165 | ) | 613 | (365 | ) | (215 | ) | ||||||||||||||||||
| Net interest income after credit loss expense (reversal) | 11,473 | 10,285 | 9,202 | 9,591 | 8,622 | 458 | 2,421 | |||||||||||||||||||||
| Noninterest income | ||||||||||||||||||||||||||||
| Service charges and fees | 1,268 | 1,252 | 1,099 | 1,038 | 958 | 16 | 310 | |||||||||||||||||||||
| Other | 459 | 730 | 735 | 193 | 110 | (271 | ) | 349 | ||||||||||||||||||||
| Total noninterest income | 1,727 | 1,982 | 1,834 | 1,231 | 1,068 | (255 | ) | 659 | ||||||||||||||||||||
| Noninterest expenses | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 3,672 | 4,004 | 3,738 | 3,381 | 2,145 | (332 | ) | 1,527 | ||||||||||||||||||||
| Professional fees | 333 | 276 | 275 | 247 | 374 | 57 | (41 | ) | ||||||||||||||||||||
| Occupancy and equipment | 328 | 327 | 294 | 282 | 243 | 1 | 85 | |||||||||||||||||||||
| Data processing | 794 | 788 | 625 | 533 | 570 | 6 | 224 | |||||||||||||||||||||
| Regulatory assessment | 161 | 126 | 202 | 198 | 204 | 35 | (43 | ) | ||||||||||||||||||||
| Losses on sale and write-downs of other real estate owned | 54 | - | - | - | - | 54 | 54 | |||||||||||||||||||||
| Other | 1,401 | 1,083 | 1,047 | 985 | 846 | 318 | 555 | |||||||||||||||||||||
| Total noninterest expenses | 6,743 | 6,604 | 6,181 | 5,626 | 4,382 | 139 | 2,361 | |||||||||||||||||||||
| Net earnings before income taxes | 6,457 | 5,663 | 4,855 | 5,196 | 5,308 | 794 | 1,149 | |||||||||||||||||||||
| Income taxes | 1,604 | 1,340 | 1,253 | 1,326 | 1,359 | 264 | 245 | |||||||||||||||||||||
| Net earnings | $ | 4,853 | $ | 4,323 | $ | 3,602 | $ | 3,870 | $ | 3,949 | $ | 530 | $ | 904 | ||||||||||||||
| Net earnings per share - Basic | $ | 0.42 | $ | 0.37 | $ | 0.31 | $ | 0.33 | $ | 0.38 | $ | 0.05 | $ | 0.04 | ||||||||||||||
| Net earnings per share - Diluted | $ | 0.21 | $ | 0.18 | $ | 0.15 | $ | 0.17 | $ | 0.18 | $ | 0.02 | $ | 0.03 | ||||||||||||||
OptimumBank Holdings, Inc.
Consolidated Statements of Earnings - Year-to-Date (Unaudited)
(Dollars in thousands, except per share amounts)
| Twelve Months Ended | ||||||||||||
| December 31, | ||||||||||||
| 2025 | 2024 | Change | ||||||||||
| Interest income | ||||||||||||
| Loans | $ | 57,146 | $ | 52,051 | $ | 5,095 | ||||||
| Debt securities | 635 | 652 | (17 | ) | ||||||||
| Other | 6,573 | 6,926 | (353 | ) | ||||||||
| Total interest income | 64,354 | 59,629 | 4,725 | |||||||||
| Interest expense | ||||||||||||
| Deposits | 21,434 | 22,963 | (1,529 | ) | ||||||||
| Borrowings | 333 | 1,976 | (1,643 | ) | ||||||||
| Total interest expense | 21,767 | 24,939 | (3,172 | ) | ||||||||
| Net interest income | 42,587 | 34,690 | 7,897 | |||||||||
| Credit loss expense | 2,036 | 2,222 | (186 | ) | ||||||||
| Net interest income after credit loss expense | 40,551 | 32,468 | 8,083 | |||||||||
| Noninterest income | ||||||||||||
| Service charges and fees | 4,657 | 3,780 | 877 | |||||||||
| Other | 2,117 | 843 | 1,274 | |||||||||
| Total noninterest income | 6,774 | 4,623 | 2,151 | |||||||||
| Noninterest expenses | ||||||||||||
| Salaries and employee benefits | 14,795 | 11,103 | 3,692 | |||||||||
| Professional fees | 1,131 | 1,073 | 58 | |||||||||
| Occupancy and equipment | 1,231 | 884 | 347 | |||||||||
| Data processing | 2,740 | 2,273 | 467 | |||||||||
| Regulatory assessment | 687 | 799 | (112 | ) | ||||||||
| Losses on sale and write-downs of other real estate owned | 54 | - | 54 | |||||||||
| Other | 4,516 | 3,328 | 1,188 | |||||||||
| Total noninterest expenses | 25,154 | 19,460 | 5,694 | |||||||||
| Net earnings before income taxes | 22,171 | 17,631 | 4,540 | |||||||||
| Income taxes | 5,523 | 4,507 | 1,016 | |||||||||
| Net earnings | $ | 16,648 | $ | 13,124 | $ | 3,524 | ||||||
| Net earnings per share - Basic | $ | 1.42 | $ | 1.39 | $ | 0.04 | ||||||
| Net earnings per share - Diluted | $ | 0.71 | $ | 0.63 | $ | 0.08 | ||||||
OptimumBank Holdings, Inc.
Consolidated Average Balances, Interest Income and Expenses, Yields and Rates (QTD) (Unaudited)
(Dollars in thousands, except average yields/rates)
| 4Q25 | 3Q25 | 4Q24 | ||||||||||||||||||||||||||||||||||
| Interest | Average | Interest | Average | Interest | Average | |||||||||||||||||||||||||||||||
| Average | and | Yield/ | Average | and | Yield/ | Average | and | Yield/ | ||||||||||||||||||||||||||||
| Balance | Dividends | Rate(1) | Balance | Dividends | Rate(1) | Balance | Dividends | Rate(1) | ||||||||||||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||||||||||||||
| Loans | $ | 876,581 | $ | 15,437 | 7.04 | % | $ | 800,336 | $ | 14,082 | 7.04 | % | $ | 785,007 | $ | 13,679 | 6.97 | % | ||||||||||||||||||
| Securities | 24,192 | 164 | 2.71 | % | 22,695 | 153 | 2.70 | % | 23,912 | 154 | 2.58 | % | ||||||||||||||||||||||||
| Other interest-earning assets (2) | 180,474 | 1,837 | 4.07 | % | 188,109 | 2,086 | 4.44 | % | 145,392 | 1,809 | 4.98 | % | ||||||||||||||||||||||||
| Total interest-earning assets/interest income | 1,081,247 | 17,438 | 6.45 | % | 1,011,140 | 16,321 | 6.46 | % | 954,311 | 15,642 | 6.56 | % | ||||||||||||||||||||||||
| Cash and due from banks | 8,285 | 9,557 | 13,711 | |||||||||||||||||||||||||||||||||
| Premises and equipment | 2,444 | 2,414 | 2,033 | |||||||||||||||||||||||||||||||||
| Other | 4,972 | 5,209 | 7,690 | |||||||||||||||||||||||||||||||||
| Total assets | $ | 1,096,948 | $ | 1,028,320 | $ | 977,745 | ||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||
| Savings, NOW and money-market deposits | $ | 303,184 | $ | 1,713 | 2.26 | % | $ | 286,156 | $ | 1,800 | 2.52 | % | $ | 318,945 | $ | 2,297 | 2.88 | % | ||||||||||||||||||
| Time deposits | 363,225 | 3,848 | 4.24 | % | 320,800 | 3,473 | 4.33 | % | 290,748 | 3,707 | 5.10 | % | ||||||||||||||||||||||||
| Borrowings (3) | 543 | 5 | 3.97 | % | - | 4.32 | % | 40,111 | 402 | 4.01 | % | |||||||||||||||||||||||||
| Total interest-bearing liabilities/interest expense | 666,952 | 5,567 | 3.34 | % | 606,956 | 5,273 | 3.48 | % | 649,804 | 6,406 | 3.94 | % | ||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 301,812 | 298,670 | 222,258 | |||||||||||||||||||||||||||||||||
| Other liabilities | 8,606 | 8,687 | 8,114 | |||||||||||||||||||||||||||||||||
| Stockholders' equity | 119,578 | 114,007 | 97,569 | |||||||||||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,096,948 | $ | 1,028,320 | $ | 977,745 | ||||||||||||||||||||||||||||||
| Net interest income | $ | 11,871 | $ | 11,048 | $ | 9,236 | ||||||||||||||||||||||||||||||
| Interest rate spread (4) | 3.11 | % | 2.98 | % | 2.61 | % | ||||||||||||||||||||||||||||||
| Net interest margin (5) | 4.39 | % | 4.37 | % | 3.87 | % | ||||||||||||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 1.62 | 1.67 | 1.47 | |||||||||||||||||||||||||||||||||
| (1) | Annualized. |
| (2) | Includes interest-earning deposits with banks, Federal Funds Sold and Federal Home Loan Bank stock dividends. |
| (3) | Includes Federal Home Loan Bank and Federal Reserve Bank advances. |
| (4) | Interest rate spread represents the difference between average yield on interest-earning assets and the average cost of interest-bearing liabilities. |
| (5) | Net interest margin is net interest income divided by average interest-earning assets. |
OptimumBank Holdings, Inc.
Consolidated Average Balances, Interest Income and Expenses, Yields and Rates (YTD) (Unaudited)
(Dollars in thousands, except average yields/rates)
| Year Ended December 31, | ||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Interest | Average | Interest | Average | |||||||||||||||||||||
| Average | and | Yield/ | Average | and | Yield/ | |||||||||||||||||||
| Balance | Dividends | Rate(1) | Balance | Dividends | Rate(1) | |||||||||||||||||||
| Interest-earning assets | ||||||||||||||||||||||||
| Loans | $ | 819,233 | $ | 57,146 | 6.98 | % | $ | 753,904 | 52,051 | 6.90 | % | |||||||||||||
| Securities | 23,137 | 635 | 2.74 | % | 23,903 | 652 | 2.73 | % | ||||||||||||||||
| Other interest-earning assets (2) | 152,496 | 6,573 | 4.31 | % | 127,229 | 6,926 | 5.44 | % | ||||||||||||||||
| Total interest-earning assets/interest income | 994,866 | 64,354 | 6.47 | % | 905,036 | 59,629 | 6.60 | % | ||||||||||||||||
| Cash and due from banks | 11,478 | 13,810 | ||||||||||||||||||||||
| Premises and equipment | 2,334 | 1,798 | ||||||||||||||||||||||
| Other | 4,529 | 6,804 | ||||||||||||||||||||||
| Total assets | $ | 1,013,207 | $ | 927,448 | ||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||
| Savings, NOW and money-market deposits | $ | 286,701 | $ | 7,006 | 2.44 | % | $ | 322,507 | 9,910 | 3.07 | % | |||||||||||||
| Time deposits | 331,563 | 14,428 | 4.35 | % | 248,676 | 13,053 | 5.25 | % | ||||||||||||||||
| Borrowings (3) | 8,747 | 333 | 3.81 | % | 47,312 | 1,976 | 4.18 | % | ||||||||||||||||
| Total interest-bearing liabilities/interest expense | 627,011 | 21,767 | 3.47 | % | 618,495 | 24,939 | 4.03 | % | ||||||||||||||||
| Noninterest-bearing demand deposits | 265,551 | 216,643 | ||||||||||||||||||||||
| Other liabilities | 8,368 | 6,438 | ||||||||||||||||||||||
| Stockholders' equity | 112,277 | 85,872 | ||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,013,207 | $ | 927,448 | ||||||||||||||||||||
| Net interest income | $ | 42,587 | $ | 34,690 | ||||||||||||||||||||
| Interest rate spread (4) | 3.00 | % | 2.57 | % | ||||||||||||||||||||
| Net interest margin (5) | 4.28 | % | 3.83 | % | ||||||||||||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 1.59 | 1.46 | ||||||||||||||||||||||
| (1) | Annualized. |
| (2) | Includes interest-earning deposits with banks, Federal Funds Sold and Federal Home Loan Bank stock dividends. |
| (3) | Includes Federal Home Loan Bank and Federal Reserve Bank advances. |
| (4) | Interest rate spread represents the difference between average yield on interest-earning assets and the average cost of interest-bearing liabilities. |
| (5) | Net interest margin is net interest income divided by average interest-earning assets. |
OptimumBank Holdings, Inc.
Segments of Loans Analysis (Unaudited)
(Dollars in thousands)
| December 31, 2025 change vs | ||||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | December 31, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Residential real estate | $ | 74,018 | $ | 66,723 | $ | 66,602 | $ | 71,638 | $ | 74,064 | $ | 7,295 | $ | (46 | ) | |||||||||||||
| Multi-family real estate | 65,693 | 67,435 | 68,321 | 63,615 | 64,001 | (1,742 | ) | 1,692 | ||||||||||||||||||||
| Commercial real estate | 666,508 | 524,865 | 478,224 | 482,113 | 485,671 | 141,643 | 180,837 | |||||||||||||||||||||
| Land and construction | 36,212 | 43,364 | 61,126 | 80,338 | 77,295 | (7,152 | ) | (41,083 | ) | |||||||||||||||||||
| Commercial | 48,196 | 45,604 | 50,351 | 50,585 | 52,810 | 2,592 | (4,614 | ) | ||||||||||||||||||||
| Consumer | 68,166 | 65,731 | 59,940 | 51,955 | 50,399 | 2,435 | 17,767 | |||||||||||||||||||||
| Total loans | 958,793 | 813,722 | 784,564 | 800,244 | 804,240 | 145,071 | 154,553 | |||||||||||||||||||||
| Deduct: | ||||||||||||||||||||||||||||
| Net deferred loan fees and costs | (1,227 | ) | (892 | ) | (678 | ) | (742 | ) | (595 | ) | (335 | ) | (632 | ) | ||||||||||||||
| Allowance for credit losses | (10,273 | ) | (10,018 | ) | (9,338 | ) | (8,270 | ) | (8,660 | ) | (255 | ) | (1,613 | ) | ||||||||||||||
| Loans, net | $ | 947,293 | $ | 802,812 | $ | 774,548 | $ | 791,232 | $ | 794,985 | $ | 144,481 | $ | 152,308 | ||||||||||||||
OptimumBank Holdings, Inc.
Allowance for Credit Losses Analysis (Unaudited)
(Dollars in thousands)
| December 31, 2025 change vs | ||||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | September 30, | December 31, | ||||||||||||||||||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Beginning balance | $ | 10,018 | $ | 9,338 | $ | 8,270 | $ | 8,660 | $ | 8,337 | $ | 680 | $ | 1,681 | ||||||||||||||
| Credit loss expense (reversal) - funded | 389 | 639 | 1,043 | (144 | ) | 569 | (250 | ) | (180 | ) | ||||||||||||||||||
| Charge-offs | (201 | ) | (129 | ) | (72 | ) | (325 | ) | (336 | ) | (72 | ) | 135 | |||||||||||||||
| Recoveries | 67 | 170 | 97 | 79 | 90 | (103 | ) | (23 | ) | |||||||||||||||||||
| Ending balance | $ | 10,273 | $ | 10,018 | $ | 9,338 | $ | 8,270 | $ | 8,660 | $ | 255 | $ | 1,613 | ||||||||||||||
Explanation of Certain Unaudited Non-GAAP Financial Measures
This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles ("GAAP"). Management uses these non-GAAP financial measures in its analysis of the Company's performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company's performance. The Company believes the non-GAAP measures enhance investors' understanding of the Company's business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.
Non-GAAP Reconciliations
Pre-tax, Pre-provision earnings (Unaudited)
| (Dollars in thousands) | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | |||||||||||||||
| Net Earnings (GAAP) | $ | 4,853 | $ | 4,323 | $ | 3,602 | $ | 3,870 | $ | 3,949 | ||||||||||
| Plus: Income Tax Expense | 1,604 | 1,340 | 1,253 | 1,326 | 1,359 | |||||||||||||||
| Plus: Credit Loss Expense (Reversal) | 398 | 763 | 1,040 | (165 | ) | 613 | ||||||||||||||
| Pre-tax, Pre-provision earnings (Non-GAAP) | 6,855 | 6,426 | 5,895 | 5,031 | 5,921 |
Tangible Book Value Per Common Share and Per Fully Diluted Share (Unaudited)
| (Dollars in thousands, except per share amounts) | 4Q25 | 3Q25 | 2Q25 | 1Q25 | 4Q24 | |||||||||||||||
| Total Stockholders' (GAAP) and Tangible Common Equity | $ | 121,897 | $ | 116,888 | $ | 111,348 | $ | 108,003 | $ | 103,184 | ||||||||||
| Common Shares Outstanding | 11,534 | 11,884 | 11,751 | 11,751 | 11,636 | |||||||||||||||
| Effect of conversion of series B preferred shares if converted | 11,114 | 11,114 | 11,114 | 11,114 | 11,114 | |||||||||||||||
| Effect of conversion of series C preferred shares if converted | 876 | 526 | 526 | 526 | 526 | |||||||||||||||
| Total Diluted Shares | 23,524 | 23,524 | 23,391 | 23,391 | 23,276 | |||||||||||||||
| Tangible Book Value per Common Share | $ | 10.57 | $ | 9.84 | $ | 9.48 | $ | 9.19 | $ | 8.87 | ||||||||||
| Tangible Book Value per Share - Diluted | $ | 5.18 | $ | 4.97 | $ | 4.76 | $ | 4.62 | $ | 4.43 |
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