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.

Earnings data Q4 2019

Earnings data Q1 2020

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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. It operates through the following segments: One-to-four Family Residential, Multi-Family, Non-Residential, Commercial, and Consumer Direct. The company was founded on August 21, 1871, and is headquartered in Ottawa, IL.

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.”

OTTAWA BANCORP, INC. ANNOUNCES SPECIAL CASH DIVIDEND AND INCREASE IN QUARTERLY CASH DIVIDEND

OTTAWA, Ill., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for Ottawa Savings Bank, FSB (the “Bank”), announced net income of $0.8 million, or $0.30 per basic and diluted common share for the three months ended December 31, 2020, compared to net income of $0.6 million, or $0.18 per basic and diluted common share for the three months ended December 31, 2019. For the twelve months ended December 31, 2020, the Company announced net income of $2.48 million, or $0.84 per basic and diluted common share, compared to net income of $1.94 million, or $0.62 per basic and diluted common share for the twelve months ended December 31, 2019. The loan portfolio, net of allowance, increased to $255.1 million as of December 31, 2020 from $247.8 million as of December 31, 2019. Non-performing loans decreased from $2.3 million at December 31, 2019 to $1.9 million at December 31, 2020, which caused the ratio of non-performing loans to gross loans to decrease from 0.90% at December 31, 2019 to 0.62% at December 31, 2020. Additionally, through December 31, 2020, the Company has repurchased a total of 562,256 shares of its common stock at an average price of $12.98 per share as part of the stock repurchase program approved on November 19, 2019 and its previous stock repurchase programs that had expired prior to December 31, 2020.

Ottawa Bancorp, Inc. Announces Fourth Quarter and Fiscal 2020 Results

OTTAWA, Ill., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for Ottawa Savings Bank, FSB (the “Bank”), announced net income of $0.8 million, or $0.27 per basic and diluted common share for the three months ended September 30, 2020, compared to net income of $0.5 million, or $0.18 per basic and diluted common share for the three months ended September 30, 2019. For the nine months ended September 30, 2020, the Company announced net income of $1.6 million, or $0.55 per basic and diluted common share, compared to net income of $1.4 million, or $0.44 per basic and diluted common share for the nine months ended September 30, 2019. During the third quarter of 2020, the Company experienced an increase in loan originations which drove growth in the loan portfolio. The loan portfolio, net of allowance, increased to $256.7 million as of September 30, 2020 from $247.8 million as of December 31, 2019. Non-performing loans decreased from $2.3 million at December 31, 2019 to $1.8 million at September 30, 2020, which caused the ratio of non-performing loans to gross loans to decrease from 0.90% at December 31, 2019 to 0.68% at September 30, 2020. Additionally, through September 30, 2020, the Company has repurchased a total of 524,341 shares of its common stock at an average price of $12.93 per share as part of the stock repurchase program approved on November 20, 2019 and its previous stock repurchase programs that expired in November 2018 and November 2019.

Ottawa Bancorp, Inc. Announces Third Quarter 2020 Results

Ottawa, Ill., Aug.  19, 2020  (GLOBE NEWSWIRE) --  Ottawa Bancorp, Inc. (OTCQX: OTTW), the holding company for Ottawa Savings Bank FSB, announced today that its Board of Directors has declared a quarterly cash dividend of $0.08 per share, payable on or about September 16, 2020, to stockholders of record as of the close of business on September 2, 2020.    

OTTAWA BANCORP, INC.  ANNOUNCES CASH DIVIDEND

OTTAWA, Ill., Aug.  12, 2020  (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for Ottawa Savings Bank, FSB (the “Bank”), announced net income of $0.8 million, or $0.25 per basic and diluted common share for the three months ended June 30, 2020, compared to net income of $0.4 million, or $0.14 per basic and diluted common share for the three months ended June 30, 2019.  For the six months ended June 30, 2020, the Company announced net income of $0.8 million, or $0.27 per basic and diluted common share, compared to net income of $0.8 million, or $0.26 per basic and diluted common share for the six months ended June 30, 2019.  During the second quarter of 2020, the Company experienced an increase in loan originations which drove growth in the loan portfolio.  The loan portfolio, net of allowance, increased to $254.6 million as of June 30, 2020 from $247.8 million as of December 31, 2019. Non-performing loans decreased from $2.3 million at December 31, 2019 to $1.9 million at June 30, 2020, which caused the ratio of non-performing loans to gross loans to decrease from 0.90% at December 31, 2019 to 0.74% at June 30, 2020.  Additionally, through June 30, 2020, the Company has repurchased a total of 401,214 shares of its common stock at an average price of $13.80 per share as part of the stock repurchase program approved on November 20, 2019 and its previous stock repurchase programs that expired in November 2018 and November 2019. 

Ottawa Bancorp, Inc. Announces Second Quarter 2020 Results

OTTAWA, Ill., June  17, 2020  (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (Nasdaq CM: OTTW), the holding company for Ottawa Savings Bank, FSB (the “Bank”), announced today that it has notified the NASDAQ Stock Market of the Company’s intent to voluntarily delist its common stock from the NASDAQ Capital Market and withdraw the registration of its common stock with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends to file a Form 25 with the U.S. Securities and Exchange Commission (the “SEC”) to remove its common stock from listing on the NASDAQ Capital Market and to deregister its stock under Section 12(b) of the Exchange Act on or about June 30, 2020. The Company expects the last trading day of its shares of common stock on the NASDAQ Capital Market will be on or about June 30, 2020. The Company intends to file a Form 15 with the SEC on or about July 10, 2020 to terminate the registration of its common stock under section 12(g) of the Exchange Act. The obligation of the Company to file periodic reports with the SEC, including reports on Forms 10-K, 10-Q and 8-K, will be suspended immediately upon filing of the Form 15. Once the Form 15 is effective, which is expected to occur within 90 days of filing, the Company will no longer be a public reporting company and its obligations to file proxy materials and other reports with the SEC will also be suspended. The Company has applied to have its shares quoted on the OTCQX Market following NASDAQ delisting.

Ottawa Bancorp, Inc. Announces Voluntary NASDAQ Delisting and SEC Deregistration 

OTTAWA, Ill., Nov.  21, 2019  (GLOBE NEWSWIRE) -- November 21, 2019 – Ottawa Bancorp, Inc. (Nasdaq: OTTW) (the “Company”), the holding company for Ottawa Savings Bank, FSB (the “Bank”), announced today that it has approved a stock repurchase program authorizing the purchase of 317,307 shares, representing 10% of the Company’s outstanding shares of common stock.  As of September 30, 2019, the Company had repurchased a total of 327,089 shares of its common stock at an average price of $13.96 per share as part of its previously approved stock repurchase program, which will expire on November 29, 2019.  Repurchases will be conducted through open market purchases, which may 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 AND ANNOUNCES QUARTERLY CASH DIVIDEND

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