Ottawa Bancorp

Ottawa Bancorp, Inc. operates as a holding company, which offers residential real estate mortgage loans and home equity lines of credit and to a lesser extent, non-residential real estate, multi-family and construction loans. It also provides commercial and industrial loans and other consumer loans. The firm operates through the following segments: Commercial, Non-Residential Real Estate, One-to-four Family Residential, Multi-Family Residential, Consumer Direct, and Purchased Auto. The company was founded on August 21, 1871 and is headquartered in Ottawa, IL.

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OTTAWA, Ill., March 20, 2024 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced today that the Company has appointed Mark D. Alcott to the Company's and the Bank's Boards of Directors pursuant to the terms of a standstill agreement (the “Agreement”) entered into with Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P., Stilwell Value LLC, and Joseph Stilwell (collectively, the “Stilwell Group”).

OTTAWA BANCORP, INC. APPOINTS MARK ALCOTT TO BOARD OF DIRECTORS

OTTAWA, Ill., Feb. 22, 2024 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW), the holding company for OSB Community Bank, announced today that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on or about March 20, 2024, to stockholders of record as of the close of business on March 6, 2024.

OTTAWA BANCORP, INC. ANNOUNCES CASH DIVIDEND

Arthur Mueller Retires from Board of Directors; Board Appoints Greg Mueller as Director    OTTAWA, Ill., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.2 million, or $0.08 per basic and diluted common share for the three months ended December 31, 2023, compared to net income of $0.5 million, or $0.22 per basic and diluted common share for the three months ended December 31, 2022.

Ottawa Bancorp, Inc. Announces Fourth Quarter and Fiscal 2023 Results

Ottawa, Ill., Feb. 05, 2024 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW), the holding company for OSB Community Bank, today announced that its annual meeting of shareholders will be held on Wednesday, May 15, 2024.

OTTAWA BANCORP, INC. ANNOUNCES DATE OF 2024 ANNUAL MEETING OF SHAREHOLDERS

OTTAWA, Ill., Nov. 20, 2023 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW), the holding company for OSB Community Bank, announced today that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on or about December 18, 2023, to stockholders of record as of the close of business on December 4, 2023.

OTTAWA BANCORP, INC. ANNOUNCES CASH DIVIDEND

OTTAWA, Ill., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.5 million, or $0.20 per basic and diluted common share for the three months ended September 30, 2023, compared to net income of $0.3 million, or $0.13 per basic and diluted common share for the three months ended September 30, 2022. For the nine months ended September 30, 2023, the Company announced net income of $1.5 million, or $0.58 per basic and diluted common share, compared to net income of $1.9 million, or $0.73 per basic and diluted common share for the nine months ended September 30, 2022. The loan portfolio, net of allowance, increased to $313.5 million as of September 30, 2023 from $307.7 million as of December 31, 2022 as originations of $40.3 million exceeded payoffs and payments. Non-performing loans were $4.8 million at September 30, 2023 and $2.3 million at December 31, 2022. Due to the increase in non-performing loans, the ratio of non-performing loans to gross loans increased to 1.52% at September 30, 2023 from 0.73% at December 31, 2022.

OTTAWA BANCORP, INC. Announces Third Quarter 2023 Results

OTTAWA, Ill., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.5 million, or $0.22 per basic and diluted common share for the three months ended June 30, 2023, compared to net income of $0.7 million, or $0.28 per basic and diluted common share for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company announced net income of $1.0 million, or $0.39 per basic and diluted common share, compared to net income of $1.6 million, or $0.59 per basic and diluted common share for the six months ended June 30, 2022. The loan portfolio, net of allowance, increased to $317.7 million as of June 30, 2023 from $307.7 million as of December 31, 2022 as originations of $31.4 million exceeded payoffs and payments. Non-performing loans were $2.3 million at June 30, 2023 and December 31, 2022. Due to the growth in the loan portfolio, the ratio of non-performing loans to gross loans decreased to 0.72% at June 30, 2023 from 0.73% at December 31, 2022.

Ottawa Bancorp, Inc. Announces Second Quarter 2023 Results

OTTAWA, Ill., May 10, 2023 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.4 million, or $0.17 per basic and diluted common share for the three months ended March 31, 2023, compared to net income of $0.9 million, or $0.33 per basic and diluted common share for the three months ended March 31, 2022. The loan portfolio, net of allowance, increased to $316.1 million as of March 31, 2023 from $307.7 million as of December 31, 2022 as originations of $17.6 million exceeded payoffs and payments. Non-performing loans increased from $2.3 million at December 31, 2022 to $2.4 million at March 31, 2023, which caused the ratio of non-performing loans to gross loans to increase from 0.73% at December 31, 2022 to 0.75% at March 31, 2023.   The Company adopted ACS Topic 326 “Financial Instruments – Credit Losses” using the modified retrospective method for all financial instruments measured at amortized cost and off-balance-sheet credit exposures. The Company recorded the one-time adjustment of $375,250, net of tax, which increased the allowance for credit losses by $475,000.

Ottawa Bancorp, Inc. Announces First Quarter 2023 Results

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OTTAWA, Ill., Feb. 06, 2023 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.6 million, or $0.22 per basic and diluted common share for the three months ended December 31, 2022, compared to net income of $0.8 million, or $0.28 per basic and diluted common share for the three months ended December 31, 2021. For the year ended December 31, 2022, the Company announced net income of $2.5 million, or $0.96 per basic and diluted common share, compared to net income of $2.90 million, or $1.03 per basic and diluted common share for the year ended December 31, 2021. The loan portfolio, net of allowance, increased to $307.8 million as of December 31, 2022 from $283.9 million as of December 31, 2021. Non-performing loans increased from $1.6 million at December 31, 2021 to $2.3 million at December 31, 2022, which caused the ratio of non-performing loans to gross loans to increase from 0.57% at December 31, 2021 to 0.73% at December 31, 2022.   Additionally, through December 31, 2022, the Company has repurchased a total of 954,042 shares of its common stock at an average price of $13.53 per share as part of the five stock repurchase programs approved by the Company's Board since 2016.

Ottawa Bancorp, Inc. Announces Fourth Quarter and Fiscal 2022 Results

Ottawa, Ill., Dec. 02, 2022 (GLOBE NEWSWIRE) --  Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for OSB Community Bank, announced today that the Company's previously announced stock repurchase program expired on November 29, 2022 in accordance with its terms. Under the stock repurchase program, which was previously announced on December 1, 2021, the Company repurchased 254,457 shares of its outstanding common stock at an average price of $14.24 per share.

Ottawa Bancorp, Inc. Announces Expiration of Stock Repurchase Program

OTTAWA, Ill., Nov. 16, 2022 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.3 million, or $0.13 per basic and diluted common share, for the three months ended September 30, 2022, compared to net income of $0.8 million, or $0.29 per basic and diluted common share for the three months ended September 30, 2021. For the nine months ended September 30, 2022, the Company announced net income of $1.9 million, or $0.73 per basic and diluted common share, compared to net income of $2.1 million, or $0.76 per basic and $0.75 per diluted common share, for the nine months ended September 30, 2021. During the third quarter of 2022, the Company continued to grow the loan portfolio even though loan originations have tapered off significantly throughout 2022. The loan portfolio, net of allowance, increased to $299.6 million as of September 30, 2022 from $283.9 million as of December 31, 2021. Non-performing loans increased from $1.6 million at December 31, 2021 to $3.3 million at September 30, 2022, resulting in the ratio of non-performing loans to gross loans increasing from 0.57% at December 31, 2021 to 1.07% at September 30, 2022.   Additionally, through September 30, 2022, the Company has repurchased a total of 953,685 shares of its common stock at an average price of $13.53 per share as part of the five stock repurchase programs approved by the Board of Directors since the Company's second step conversion was completed in 2016.

Ottawa Bancorp, Inc. Announces Third Quarter 2022 Results and Cash Dividend

OTTAWA, Ill., Aug. 17, 2022 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.7 million, or $0.28 per basic and diluted common share, for the three months ended June 30, 2022, compared to net income of $0.7 million, or $0.26 per basic and diluted common share for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company announced net income of $1.6 million, or $0.59 per basic and diluted common share, compared to net income of $1.3 million, or $0.46 per basic and diluted common share, for the six months ended June 30, 2021. During the second quarter of 2022, the Company continued to grow the loan portfolio even though loan originations have tapered off significantly throughout 2022. The loan portfolio, net of allowance, increased to $290.6 million as of June 30, 2022 from $283.9 million as of December 31, 2021. Non-performing loans decreased from $1.6 million at December 31, 2021 to $1.0 million at June 30, 2022, resulting in the ratio of non-performing loans to gross loans decreasing from 0.57% at December 31, 2021 to 0.35% at June 30, 2022. Additionally, through June 30, 2022, the Company has repurchased a total of 823,085 shares of its common stock at an average price of $13.47 per share as part of the five stock repurchase programs approved by the Board of Directors since the Company's second step conversion was completed in 2016.

Ottawa Bancorp, Inc. Announces Second Quarter 2022 Results and Cash Dividend

OTTAWA, Ill., June 15, 2022 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for OSB Community Bank (the “Bank”), announced today that the Boards of Directors of the Company and the Bank have appointed Vice President Tracie Steider as Chief Operating Officer of the Company and the Bank. Following Ms. Steider's appointment, Mark Stoudt, Executive Vice President and Chief Operating Officer of the Company and the Bank, and Chief Lending Officer of the Bank, will continue to serve as Executive Vice President of the Company and the Bank and Chief Lending Officer of the Bank, in which capacity he will continue to oversee the Bank's lending function.

OTTAWA BANCORP, INC. ANNOUNCES APPOINTMENT OF VICE PRESIDENT TRACIE STEIDER AS CHIEF OPERATING OFFICER

OTTAWA, Ill., May 18, 2022 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW), the holding company for OSB Community Bank, announced today that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on or about June 15, 2022, to stockholders of record as of the close of business on June 1, 2022.

Ottawa Bancorp, Inc. Announces Cash Dividend

OTTAWA, Ill., May 05, 2022 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.9 million, or $0.33 per basic and diluted common share for the three months ended March 31, 2022, compared to net income of $0.6 million, or $0.20 per basic and diluted common share for the three months ended March 31, 2021. The loan portfolio, net of allowance, decreased to $281.6 million as of March 31, 2022 from $283.9 million as of December 31, 2021 as payoffs and payments exceeded originations. Non-performing loans decreased from $1.8 million at December 31, 2021 to $1.1 million at March 31, 2022, which caused the ratio of non-performing loans to gross loans to decrease from 0.57% at December 31, 2021 to 0.37% at March 31, 2022. Additionally, through March 31, 2022, the Company has repurchased a total of 737,585 shares of its common stock at an average price of $13.35 per share as part of the five stock repurchase programs approved by the Board of Directors since the Company's second step conversion was completed in 2016.

Ottawa Bancorp, Inc. Announces First Quarter 2022 Results

OTTAWA, Ill., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for OSB Community Bank (the “Bank”), announced today that the Company's Board of Directors has approved an increase in the Company's quarterly cash dividend from $0.10 per share to $0.11 per share. The increased quarterly cash dividend will be paid on or about March 16, 2022, to stockholders of record as of the close of business on March 2, 2022.

OTTAWA BANCORP, INC. ANNOUNCES INCREASE IN QUARTERLY CASH DIVIDEND AND APPOINTMENT OF DIANNA TORMAN AS DIRECTOR

OTTAWA, Ill., Feb. 10, 2022 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.8 million, or $0.28 per basic and diluted common share for the three months ended December 31, 2021, compared to net income of $0.8 million, or $0.30 per basic and diluted common share for the three months ended December 31, 2020. For the twelve months ended December 31, 2021, the Company announced net income of $2.90 million, or $1.03 per basic and diluted common share, compared to net income of $2.48 million, or $0.85 per basic and $0.84 diluted common share for the twelve months ended December 31, 2020. The loan portfolio, net of allowance, increased to $283.9 million as of December 31, 2021 from $255.1 million as of December 31, 2020. Non-performing loans increased from $1.3 million at December 31, 2020 to $1.6 million at December 31, 2021, which caused the ratio of non-performing loans to gross loans to increase from 0.51% at December 31, 2020 to 0.57% at December 31, 2021.   Additionally, through December 31, 2021, the Company has repurchased a total of 704,585 shares of its common stock at an average price of $13.32 per share as part of the five stock repurchase programs approved by the Company's Board since 2016.

Ottawa Bancorp, Inc. Announces Fourth Quarter and Fiscal 2021 Results

OTTAWA, Ill., Dec. 01, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for OSB Community Bank (the “Bank”), announced today that it has approved a stock repurchase program authorizing the purchase of 282,352 shares, representing 10% of the Company's outstanding shares of common stock. As of September 30, 2021, the Company has repurchased a total of 628,585 shares of its common stock at an average price of $13.14 per share as part of the four stock repurchase programs approved by the Company's Board of Directors since 2017. Repurchases will be conducted through open market purchases, which will include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors.

OTTAWA BANCORP, INC. APPROVES STOCK REPURCHASE PROGRAM

OTTAWA, Ill., Oct. 29, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.8 million, or $0.29 per basic and diluted common share for the three months ended September 30, 2021, compared to net income of $0.8 million, or $0.27 per basic and diluted common share, for the three months ended September 30, 2020. For the nine months ended September 30, 2021, the Company announced net income of $2.1 million, or $0.76 per basic and $0.75 per diluted common share, compared to net income of $1.6 million, or $0.55 per basic and diluted common share, for the nine months ended September 30, 2020. During the third quarter of 2021, the Company experienced growth in its deposit portfolio as deposits grew to $273.7 million at September 30, 2021. Loan demand slowed during the quarter which resulted in increase in the securities portfolio, which grew to $29.5 million at September 30, 2021. Total assets increased to $343.2 million at September 30, 2021. The loan portfolio, net of allowance, was $271.9 million at September 30, 2021 compared to $255.1 million at December 31, 2020. Non-performing loans increased to $1.6 million at September 30, 2021 from $1.3 million at December 31, 2020 resulting in the ratio of non-performing loans to gross loans increasing to 0.57% at September 30, 2021 from 0.51% at December 31, 2020. Additionally, through September 30, 2021, the Company has repurchased a total of 628,585 shares of its common stock at an average price of $13.14 per share as part of the four stock repurchase programs approved by the Company's Board since 2016.

Ottawa Bancorp, Inc. Announces Third Quarter 2021 Results

Ottawa, Ill., Sept. 27, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for Ottawa Savings Bank, FSB (the “Bank”), today announced that the Bank has converted from a federally-chartered savings bank to an Illinois-chartered commercial bank. In connection with the charter conversion, the Bank has changed its name to “OSB Community Bank” and the Company has converted from a savings and loan holding company to a bank holding company.

OTTAWA SAVINGS BANK ANNOUNCES COMPLETION OF CONVERSION TO AN ILLINOIS-CHARTERED COMMERCIAL BANK AND NAME CHANGE TO “OSB COMMUNITY BANK”

OTTAWA, Ill., July 22, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for Ottawa Savings Bank, FSB (the “Bank”), announced net income of $0.7 million, or $0.26 per basic and diluted common share for the three months ended June 30, 2021, compared to net income of $0.8 million, or $0.25 per basic and diluted common share for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company announced net income of $1.3 million, or $0.46 per basic and diluted common share, compared to net income of $0.8 million, or $0.27 per basic and diluted common share for the six months ended June 30, 2020. During the second quarter of 2021, the Company experienced an increase in loan originations which drove growth in the loan portfolio. The loan portfolio, net of allowance, increased to $280.8 million as of June 30, 2021 from $255.1 million as of December 31, 2020. Non-performing loans increased from $1.3 million at December 31, 2020 to $1.5 million at June 30, 2021, resulting in the ratio of non-performing loans to gross loans increasing from 0.51% at December 31, 2020 to 0.54% at June 30, 2021.   Additionally, through June 30, 2021, the Company has repurchased a total of 596,585 shares of its common stock at an average price of $12.95 per share as part of the four stock repurchase programs approved by the Board since 2016.

Ottawa Bancorp, Inc. Announces Second Quarter 2021 Results

OTTAWA, Ill., May 14, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for Ottawa Savings Bank, FSB (the “Bank”), today announced that the Bank has submitted an application to the Illinois Department of Financial and Professional Regulation to convert its charter from a federally-chartered savings bank to an Illinois-chartered commercial bank.

OTTAWA SAVINGS BANK ANNOUNCES FILING OF APPLICATION TO CONVERT TO AN ILLINOIS-CHARTERED COMMERCIAL BANK AND CHANGE NAME TO “OSB COMMUNITY BANK”

OTTAWA, Ill., May 05, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for Ottawa Savings Bank, FSB (the “Bank”), announced net income of $0.6 million, or $0.20 per basic and diluted common share for the three months ended March 31, 2021, compared to net income of $0.1 million, or $0.029 per basic and diluted common share for the three months ended March 31, 2020. During the first quarter of 2021, the Company experienced an increase in loan originations which drove growth in the loan portfolio. The loan portfolio, net of allowance, increased to $270.8 million as of March 31, 2021 from $255.1 million as of December 31, 2020. Non-performing loans decreased slightly from $1.9 million at December 31, 2020 to $1.8 million at March 31, 2021, which caused the ratio of non-performing loans to gross loans to decrease from 0.62% at December 31, 2020 to 0.57% at March 31, 2021. Additionally, through March 31, 2021, the Company has repurchased a total of 576,585 shares of its common stock at an average price of $12.99 per share as part of the four stock repurchase programs approved by the Board since the Company's second step conversion closed in 2016.

Ottawa Bancorp, Inc. Announces First Quarter 2021 Results

OTTAWA, Ill., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for Ottawa Savings Bank FSB (the “Bank”), announced today that its Board of Directors has declared a one-time special cash dividend of $0.25 per share on shares of its outstanding common stock. In making the announcement, Craig Hepner, President and Chief Executive Officer of the Company, said “We are pleased to announce the payment of a $.25 special dividend.  This is the third time since the Company converted to the fully stock form of corporate organization in 2016 that the Company has paid a special dividend.  While the determination to pay any dividend depends on a variety of factors, the Board has determined that the payment of the special dividend is consistent with sound capital management strategies while preserving the Bank's ability to grow.”

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