Elliot Nunez
About Elliot Nunez
Elliot Nunez, age 58, is Executive Vice President and Chief Financial Officer (CFO) of OptimumBank Holdings, Inc., promoted effective May 1, 2025; he had served as CFO of OptimumBank (the subsidiary) since February 2020 . He has executed Sarbanes-Oxley (SOX) Section 302 and 906 certifications across Q1–Q3 2025, evidencing oversight of disclosure controls and internal control over financial reporting and compliance with Exchange Act requirements . Nunez led an FDICIA 363 internal-control readiness program in 2025, engaging outside support and completing phases to meet FY2026 compliance, highlighting execution discipline in financial governance . In Q2 2025, he articulated operating performance improvements including net earnings of $3.6M, net interest income of $10.2M, and net interest margin expanding to 4.32%, alongside deposit mix shifts and asset-quality progress .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| OptimumBank Holdings, Inc. (OPHC) | EVP & Chief Financial Officer | May 2025–present | Executed SOX 302/906 CFO certifications for Q2–Q3 2025; reinforced disclosure controls and internal control effectiveness . Led FDICIA 363 internal-control program toward FY2026 readiness . |
| OptimumBank (subsidiary) | EVP & Chief Financial Officer | Feb 2020–present | Drove operating discipline reflected in Q2 2025 commentary: NIM expansion to 4.32%, deposit growth to $878M, lower cost of interest-bearing liabilities to 3.49%, better asset quality (non-accruals down to $3.2M) . |
External Roles
- No public-company directorships or external roles were disclosed in available filings.
Fixed Compensation
- The 2025 DEF 14A Summary Compensation Table covers Timothy Terry (Bank CEO/Company PEO) and Joel Klein (interim PFO/director) for 2023–2024; Elliot Nunez’s Company-level CFO promotion occurred on May 1, 2025 and his compensation was not presented in that proxy .
Performance Compensation
- Company-level equity framework: OPHC’s shareholder-approved 2018 Equity Incentive Plan authorizes options, restricted stock, performance shares, and bonus share awards; the Board sought to increase the plan’s share reserve from 1,050,000 to 1,550,000 to sustain equity-based compensation capacity . As of the proxy, 688,512 shares had been issued under the plan, leaving 361,488 shares available pre-amendment; 2024 grants included 42,610 shares to Moishe Gubin (director compensation in stock) and 7,121 restricted shares to Timothy Terry (Bank CEO) valued at $29,767 .
Plan Change-in-Control Mechanics (apply to executive awards)
- Options: All outstanding stock options become fully vested upon a change in control unless the grant specifies otherwise .
- Restricted stock: Vesting accelerates if service is involuntarily terminated within 12 months after a change in control (or upon death/disability) .
Equity Ownership & Alignment
- Hedging policy: As of the 2025 proxy, OPHC had not yet adopted a hedging policy; executives and directors were permitted to hedge company stock, including short sales and derivatives, with adoption planned following the annual meeting. This permissive stance is a potential alignment red flag until restricted by policy .
- Share counts: 11,751,082 common shares outstanding as of the March 21, 2025 record date (useful for future ownership-calculation context) .
Equity Incentive Plan Utilization
| Metric | Value |
|---|---|
| Plan shares authorized (pre-amendment) | 1,050,000 |
| Shares issued under plan (to date at proxy) | 688,512 |
| Remaining available (pre-amendment) | 361,488 |
| Proposed authorized shares (post-amendment) | 1,550,000 |
Employment Terms
- Appointment: Promoted to Company EVP & CFO on May 1, 2025; CFO of OptimumBank since February 2020 .
- Contract/severance/ownership guidelines: No employment agreement, severance multiples, non-compete/non-solicit terms, or stock ownership guidelines for Mr. Nunez were disclosed in available filings; equity award acceleration terms would follow plan provisions if/when he receives awards .
Selected Operating Metrics Mentioned by Nunez (for performance context)
| Metric | Q2 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|
| Net Earnings ($USD Millions) | $3.5 | $3.8 | $3.6 |
| Net Interest Income ($USD Millions) | $8.7 | $9.4 | $10.2 |
| Balance Sheet and Efficiency Metrics (Q2 2025) | Value |
|---|---|
| Net Interest Margin (quarter) | 4.32% |
| Cost of interest-bearing liabilities | 3.49% (down 10 bps QoQ, down 50 bps YoY) |
| Total Deposits | $878M (+$26M QoQ) |
| Non-interest-bearing demand deposits | $259M; +$22M avg QoQ |
| Gross Loans | $784M (−$15M QoQ; re-deploy to higher-return) |
| Non-accrual loans | $3.2M (down from $7.5M prior quarter) |
| Allowance for credit losses | $9.34M (1.19% of portfolio) |
| Total Equity | $111M |
| Fully diluted tangible book value/share | $4.76 (+$0.14 QoQ; +$0.33 from year-end annualized +14.9%) |
Additional governance execution: Nunez detailed an FDICIA 363 internal-control build (documentation, key control testing) and timing to achieve dual clean opinions (financial statements and management’s internal-control assessment) by year-end 2026, indicating governance and control investment under his finance leadership .
Investment Implications
- Alignment and trading signals: The absence of a hedging policy at the time of the 2025 proxy—permitting short sales and derivatives by insiders—is a governance risk for pay‑for‑performance alignment until the planned policy is adopted; monitor for policy formalization and insider transactions post‑promotion .
- Retention and incentives: Nunez’s Company‑level CFO promotion and leadership over a bank‑wide FDICIA 363 program reduce execution risk in financial reporting; however, compensation specifics (salary/bonus/equity grants, performance metrics, severance/CIC economics) were not disclosed and are expected in the next proxy cycle—track for equity award structures and performance weighting to gauge pay‑for‑performance rigor .
- Performance backdrop: CFO commentary evidences improving NIM, deposit mix, and asset quality, supporting value creation; watch continued earnings durability, deposit cost trajectory, and credit outcomes as leading indicators for potential incentive payouts and insider activity .
- Dilution and equity plan capacity: The requested increase to the 2018 Equity Incentive Plan share reserve (to 1.55M) signals continued equity-based compensation usage; assess dilution vs. long-term ROE/TSR outcomes and whether awards carry robust performance hurdles and double‑trigger protections .