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.
“Rising interest rates have definitely impacted
our operations during the first nine months of the year”, said
Craig Hepner, President and Chief Executive Officer of the Company.
“The higher rates have increased our cost of funds and have
significantly slowed mortgage loan production, resulting in a lower
level of non-interest income during the first three quarters of
2022. However, in spite of the higher interest rates, other areas
of lending have remained strong which has allowed us to hold our
net interest margin steady. Additionally, lower
compensation-related expenses in the mortgage area have helped to
off-set the decline in our non-interest income.” Mr. Hepner went on
to say, “Aside from the impaired loan relationship discussed below,
our asset quality remains strong as our borrowers continue to
navigate through the challenges resulting from the extremely high
inflation levels experienced throughout the year. We continue to
closely monitor our asset quality levels, and we are confident that
our strong loan underwriting standards will benefit us as we work
through the economic challenges that lie ahead.”
Comparison of Results of Operations for the Three Months
Ended September 30, 2022 and September 30, 2021
Net income for the three-months ended September
30, 2022 was $0.3 million compared to net income of $0.8 million
for the three months ended September 30, 2021. Total interest and
dividend income was $3.4 million for the three months ended
September 30, 2022 and $3.2 million for the three months ended
September 30, 2021. Interest expense was $0.4 million for the three
months ended September 30, 2022 and $0.4 million for the three
months ended September 30, 2021. A provision for loan
losses of $730,000 was taken during the three months ended
September 30, 2022 as compared to $0 for the three months ended
September 30, 2021. During the three months ended
September 30, 2022, a multi-loan commercial relationship with
outstanding balances totaling approximately $2.2 million was
identified as being impaired, meaning that it is probable that we
will be unable to collect all amounts due according to the
contractual terms of the loan agreements. Based on our analysis, a
specific reserve of approximately $1.0 million was established for
this relationship. Also, during the third quarter of 2022, a
qualitative factor related to the changes in the nature and volume
of the portfolio was upgraded in the 1 to 4 family and commercial
segments of the portfolio as the performance in these segments
warranted the upgrade. As a result of this upgrade, the general
portion of the allowance decreased by approximately $0.2 million
Additionally, we had a recovery during the quarter
related to a previously charged off loan of approximately $0.1
million.
Net interest income after provision for loan
losses is $2.2 million for the three months ended September 30,
2022 as compared to $2.8 million for the three months ended
September 30, 2021. Total other income decreased to
$0.3 million for the three months ended September 30, 2022, from
$0.7 million for the three months ended September 30, 2021. This
decrease of $0.4 million for the three months ended September 30,
2022 was primarily due to lower loan origination levels for
one-to-four family loans during the third quarter which resulted in
a corresponding decrease in gain on sale of loans and loan
origination and servicing income. These decreases were slightly
offset by an increase in customer service fees. Total other
expenses decreased from $2.5 million at September 30, 2021 to $2.0
million for the three months ended September 30, 2022. The decrease
was primarily due to a $0.4 million decline in compensation-related
costs in the area of mortgage loan origination as a result of the
significant reduction in mortgage volume in 2022 from 2021
levels.
The Company recorded a provision for loan losses
of $730,000 for the three months ended September 30, 2022 as
compared to $0 for the three months ended September 30, 2021. The
allowance for loan losses was $4.4 million or 1.46% of total gross
loans at September 30, 2022 compared to $3.6 million or 1.31% of
total gross loans at September 30, 2021. Net charge-offs
(recoveries) during the third quarter of 2022 were $(146,714)
compared to $(11,838) during the third quarter of 2021.
The Company recorded income tax expense of
approximately $0.1 million for the three-months ended September 30,
2022 and $0.3 million for the three months ended September 30, 2021
due to pre-tax earnings being lower in 2022.
Comparison of Results of Operations for the Nine Months
Ended September 30, 2022 and September 30, 2021
Net income was $1.9 million for the nine-month
period ended September 30, 2022 compared to net income of $2.1
million for the nine-month period ended September 30,
2021. Total interest and dividend income was $10.0
million for the nine-month period ended September 30, 2022 and $9.3
million for the nine-month period ended September 30, 2021.
Interest expense was $0.1 million lower during the nine months
ended September 30, 2022. A provision for loan losses of $730,000
was taken during the nine months ended September 30, 2022 as
compared to $125,000 for the nine months ended September 30, 2021.
As discussed above, during the third quarter of 2022, a multi-loan
commercial relationship with outstanding balances totaling
approximately $2.2 million was identified as being impaired,
meaning that it is probable that we will be unable to collect all
amounts due according to the contractual terms of the loan
agreements. Based on our analysis, a specific reserve of
approximately $1.0 million was established for this relationship.
Also during the third quarter of 2022, a qualitative factor related
to the changes in the nature and volume of the portfolio was
upgraded in the 1 to 4 family and commercial segments of the
portfolio as the performance in these segments warranted the
upgrade. As a result of this upgrade, the general portion of the
allowance decreased by approximately $0.2 million Additionally, we
had a recovery during the quarter related to a previously charged
off loan of approximately $0.1 million.
Net interest income after provision for loan
losses improved to $8.2 million during the nine months ended
September 30, 2022 as compared to $8.0 million during the nine
months ended September 30, 2021. Total other income decreased from
$2.2 million during the nine months ended September 30, 2021 to
$0.9 million during the nine months ended September 30, 2022. This
decrease of $1.3 million was primarily due to lower loan
origination levels for one-to-four family loans during the period,
which resulted in a corresponding decrease in gain on sale of loans
and loan origination and servicing income of $1.2 million. Total
other expenses decreased to $6.4 million for the nine months ended
September 30, 2022 from $7.2 million for the nine months ended
September 30, 2021. This decrease was primarily due to a $0.7
million decline in compensation-related costs and a $0.2 million
reduction in loan expense during the nine months ended September
30, 2022.
We recorded a provision for loan losses of
$730,000 for the nine-month period ended September 30, 2022 as
compared to $125,000 for the nine-month period ended September 30,
2021. The allowance for loan losses was $4.4 million or
1.46% of total gross loans at September 30, 2022 compared to $3.6
million or 1.31% of total gross loans at September 30,
2021. Net charge-offs (recoveries) during the first
nine months of 2022 were $(79,467) compared to $(9,461) during the
first nine months of 2021.
We recorded income tax expense of approximately
$0.7 million during the nine-month period ended September 30, 2022
as compared to $0.8 million during the nine month period ended
September 30, 2021 as pre-tax income is lower by $0.2 million
during the nine month period ended September 30, 2022.
Comparison of Financial Condition at
September 30, 2022 and December 31, 2021
Total consolidated assets as of September 30,
2022 were $359.2 million, an increase of $16.7 million, or
4.9%, from $342.5 million at December 31, 2021. The
increase was primarily due to an increase of $6.5 million in cash
and cash equivalents, a $15.7 million increase in the net loan
portfolio, an increase of $5.5 million federal funds sold and a
$1.0 million increase in deferred tax assets. These increases were
offset by a decrease of $11.0 million in securities available for
sale and a decrease of $1.0 million in other
assets.
Cash and cash equivalents increased by $6.5
million, or 100.0%, to $13.0 million at September 30, 2022 from
$6.5 million at December 31, 2021. The increase in cash and cash
equivalents was primarily the result of cash provided from
financing activities of $17.6 million and cash provided by
operating activities of $2.9 million exceeding cash used in
investing activities of $14.0 million.
Securities available for sale decreased by $11.0
million, or 33.6% to $21.7 million at September 30, 2022 from $32.7
million at December 31, 2021, as paydowns, calls, and maturities
and sales exceeded purchases of securities. During the third
quarter of 2022, there were sales of securities of $3.3 million
that generated a loss of approximately $10,500.
Net loans increased by $15.7 million, or 5.5%,
to $299.6 million at September 30, 2022 compared to $283.9 million
at December 31, 2021 primarily as a result of an increase of $7.3
million in one-to-four family loans, an increase of $0.3 million in
multi-family loans, an increase of $15.2 million in non-residential
real estate loans and a $0.8 million increase in commercial loans.
These increases were offset by decreases of $2.5 million in
consumer direct loans and $4.6 million in purchased auto
loans. During the third quarter, the Company sold the
remaining balance of the purchased auto loan portfolio in the
aggregate amount of $2.6 million to the institution that originally
sold the loans to the Company. Additionally, the allowance for loan
losses increased by $0.8 million.
Total deposits increased $22.2 million, or 8.1%,
to $295.3 million at September 30, 2022 from $273.1 million at
December 31, 2021. During the nine months ended September 30, 2022,
savings accounts increased by $1.5 million, non-interest-bearing
checking accounts increased by $0.2 million, interest bearing
checking accounts increased by $7.8 million and certificates of
deposits increased by $12.8 million. These increases were offset by
a $0.1 million decrease in money market accounts.
FHLB advances decreased $0.2 million to $16.3
million at September 30, 2022 as compared to $16.5 million at
December 31, 2021.
Stockholders’ equity decreased $4.7 million, or
10.3%, to $41.3 million at September 30, 2022 from $46.0 million at
December 31, 2021. The decrease reflects $3.2 million used to
repurchase and cancel 225,500 outstanding shares of Company common
stock, a decrease of $2.6 million in other comprehensive income due
to a decrease in fair value of securities available for sale, $0.2
million in other changes, $0.9 million in cash dividends paid and
$0.2 million in other changes. These decreases were
partially offset by the increase caused by net income of $1.9
million for the nine months ended September 30, 2022.
The Company announced today that its Board of
Directors has declared a quarterly cash dividend of $0.11 per
share, payable on or about December 14, 2022, to stockholders of
record as of the close of business on November 30, 2022.
About Ottawa Bancorp, Inc.
Ottawa Bancorp, Inc. is the holding company for
OSB Community Bank, which provides various financial services to
individual and corporate customers in the United States. The Bank
offers various deposit accounts, including checking, money market,
regular savings, club savings, certificates of deposit and various
retirement accounts. Its loan portfolio includes one-to-four family
residential mortgage, multi-family and non-residential real estate,
commercial and construction loans as well as auto loans and home
equity lines of credit. OSB Community Bank, FSB was founded in 1871
and is headquartered in Ottawa, Illinois. For more information
about the Company and the Bank, please visit www.myosb.bank.
Cautionary Statement Regarding
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of the federal securities laws.
Statements in this release that are not strictly historical are
forward-looking and are based upon current expectations that may
differ materially from actual results. These forward-looking
statements, identified by words such as “will,” “expected,”
“believe,” and “prospects,” involve risks and uncertainties that
could cause actual results to differ materially from those
anticipated by the statements made herein. These risks and
uncertainties involve general economic trends and changes in
interest rates, increased competition, changes in consumer demand
for financial services, the possibility of unforeseen events
affecting the industry generally, the uncertainties associated with
newly developed or acquired operations, market disruptions and the
potential effects of the COVID-19 pandemic on the local and
national economic environment, on our customers and on our
operations as well as any changes to federal, state and local
government laws, regulations and orders in connection with the
pandemic. Ottawa Bancorp, Inc. undertakes no obligation to release
revisions to these forward-looking statements publicly to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unforeseen events, except as required to be reported
under the rules and regulations of the Securities and Exchange
Commission.
|
Ottawa Bancorp, Inc. & Subsidiary |
Consolidated Balance Sheets |
September 30, 2022 and December 31, 2021 |
(Unaudited) |
|
September 30, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
Cash and due from banks |
$ |
11,439,118 |
|
|
$ |
5,266,361 |
|
Interest bearing deposits |
|
1,595,679 |
|
|
|
1,249,947 |
|
Total cash and cash equivalents |
|
13,034,797 |
|
|
|
6,516,308 |
|
Time deposits |
|
250,000 |
|
|
|
250,000 |
|
Federal funds sold |
|
7,249,000 |
|
|
|
1,716,000 |
|
Securities available for
sale |
|
21,715,296 |
|
|
|
32,700,414 |
|
Loans, net of allowance for
loan losses of $4,449,613 and $3,640,145 |
|
|
|
at September 30, 2022 and December 31, 2021, respectively |
|
299,582,444 |
|
|
|
283,877,203 |
|
Loans held for sale |
|
215,000 |
|
|
|
403,920 |
|
Premises and equipment,
net |
|
6,211,207 |
|
|
|
6,331,188 |
|
Accrued interest
receivable |
|
1,139,922 |
|
|
|
1,007,399 |
|
Deferred tax assets |
|
2,800,337 |
|
|
|
1,793,910 |
|
Cash value of life
insurance |
|
2,669,167 |
|
|
|
2,649,941 |
|
Goodwill |
|
649,869 |
|
|
|
649,869 |
|
Core deposit intangible |
|
75,397 |
|
|
|
100,326 |
|
Other assets |
|
3,584,880 |
|
|
|
4,528,862 |
|
Total
assets |
$ |
359,177,316 |
|
|
$ |
342,525,340 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Non-interest bearing |
$ |
23,089,425 |
|
|
$ |
22,898,814 |
|
Interest bearing |
|
272,172,963 |
|
|
|
250,152,124 |
|
Total deposits |
|
295,262,388 |
|
|
|
273,050,938 |
|
Accrued interest payable |
|
61,609 |
|
|
|
48,825 |
|
FHLB advances |
|
16,262,322 |
|
|
|
16,524,555 |
|
Other liabilities |
|
4,524,539 |
|
|
|
4,860,206 |
|
Total liabilities |
|
316,110,858 |
|
|
|
294,484,524 |
|
Commitments and contingencies |
|
|
|
ESOP Repurchase
Obligation |
|
1,809,099 |
|
|
|
2,066,911 |
|
Stockholders'
Equity |
|
|
|
Common stock, $.01 par value,
12,000,000 shares authorized; 2,583,095 and 2,818,517 |
|
|
|
shares issued at September 30, 2022 and December 31, 2021,
respectively |
|
25,830 |
|
|
|
28,185 |
|
Additional paid-in-capital |
|
25,089,354 |
|
|
|
28,473,180 |
|
Retained earnings |
|
21,586,365 |
|
|
|
20,536,121 |
|
Unallocated ESOP shares |
|
(949,340 |
) |
|
|
(949,340 |
) |
Unallocated management recognition plan shares |
|
(163,341 |
) |
|
|
(99,352 |
) |
Accumulated other comprehensive income (loss) |
|
(2,522,410 |
) |
|
|
52,022 |
|
|
|
43,066,458 |
|
|
|
48,040,816 |
|
Less: |
|
|
|
ESOP Owned Shares |
|
(1,809,099 |
) |
|
|
(2,066,911 |
) |
Total stockholders' equity |
|
41,257,359 |
|
|
|
45,973,905 |
|
Total liabilities and stockholders' equity |
$ |
359,177,316 |
|
|
$ |
342,525,340 |
|
|
|
|
|
|
|
|
|
Ottawa Bancorp, Inc. & Subsidiary |
Consolidated Statements of Operations |
Three and Nine Months Ended September 30 2022 and
2021 |
(Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
Interest and dividend
income: |
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
3,229,962 |
|
|
$ |
3,080,510 |
|
$ |
9,564,957 |
|
$ |
8,927,109 |
Securities: |
|
|
|
|
|
|
|
Residential mortgage-backed and related securities |
|
76,531 |
|
|
|
54,459 |
|
|
240,583 |
|
|
135,054 |
State and municipal securities |
|
33,589 |
|
|
|
53,238 |
|
|
132,981 |
|
|
188,844 |
Dividends on non-marketable equity securities |
|
10,244 |
|
|
|
8,332 |
|
|
28,891 |
|
|
25,472 |
Interest-bearing deposits |
|
19,897 |
|
|
|
6,132 |
|
|
38,139 |
|
|
16,812 |
Total interest and dividend income |
|
3,370,223 |
|
|
|
3,202,671 |
|
|
10,005,551 |
|
|
9,293,291 |
Interest expense: |
|
|
|
|
|
|
|
Deposits |
|
378,237 |
|
|
|
290,237 |
|
|
906,694 |
|
|
992,914 |
Borrowings |
|
71,739 |
|
|
|
64,714 |
|
|
184,459 |
|
|
208,240 |
Total interest expense |
|
449,976 |
|
|
|
354,952 |
|
|
1,091,153 |
|
|
1,201,154 |
Net interest income |
|
2,920,247 |
|
|
|
2,847,719 |
|
|
8,914,398 |
|
|
8,092,137 |
Provision for loan losses |
|
730,000 |
|
|
|
- |
|
|
730,000 |
|
|
125,000 |
Net interest income after provision for loan
losses |
|
2,190,247 |
|
|
|
2,847,719 |
|
|
8,184,398 |
|
|
7,967,137 |
Other income: |
|
|
|
|
|
|
|
Gain on sale of loans |
|
53,837 |
|
|
|
260,629 |
|
|
175,660 |
|
|
779,471 |
Gain on sale of repossessed assets, net |
|
- |
|
|
|
- |
|
|
- |
|
|
12,084 |
Loan origination and servicing income |
|
86,571 |
|
|
|
295,215 |
|
|
261,309 |
|
|
859,159 |
Origination of mortgage servicing rights, net of amortization |
|
(279 |
) |
|
|
28,962 |
|
|
10,081 |
|
|
90,952 |
Customer service fees |
|
120,026 |
|
|
|
102,751 |
|
|
354,691 |
|
|
290,524 |
Increase in cash surrender value of life insurance |
|
(2,303 |
) |
|
|
11,328 |
|
|
19,226 |
|
|
35,721 |
Other |
|
7,740 |
|
|
|
37,436 |
|
|
32,991 |
|
|
84,224 |
Total other income |
|
265,592 |
|
|
|
736,321 |
|
|
853,958 |
|
|
2,152,135 |
Other expenses: |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
1,086,027 |
|
|
|
1,575,608 |
|
|
3,713,911 |
|
|
4,485,037 |
Director fees |
|
42,000 |
|
|
|
35,000 |
|
|
135,000 |
|
|
113,750 |
Occupancy |
|
163,611 |
|
|
|
151,921 |
|
|
486,225 |
|
|
457,616 |
Deposit insurance premium |
|
21,300 |
|
|
|
18,000 |
|
|
63,848 |
|
|
54,178 |
Legal and professional services |
|
72,930 |
|
|
|
91,755 |
|
|
223,426 |
|
|
263,431 |
Data processing |
|
284,439 |
|
|
|
271,808 |
|
|
848,447 |
|
|
780,339 |
Loss on sale of securities |
|
10,468 |
|
|
|
- |
|
|
13,291 |
|
|
- |
Loan expense |
|
79,756 |
|
|
|
113,328 |
|
|
235,614 |
|
|
408,721 |
Valuation adjustments and expenses on foreclosed real estate |
|
- |
|
|
|
9,007 |
|
|
- |
|
|
24,731 |
Other |
|
246,039 |
|
|
|
183,503 |
|
|
641,436 |
|
|
600.469 |
Total other expenses |
|
2,006,570 |
|
|
|
2,449,930 |
|
|
6,361,198 |
|
|
7,188,272 |
Income before income tax expense |
|
449,269 |
|
|
|
1,134,110 |
|
|
2,677,158 |
|
|
2,931,000 |
Income tax expense |
|
127,827 |
|
|
|
306,645 |
|
|
746,583 |
|
|
787,236 |
Net income |
$ |
321,442 |
|
|
$ |
827,465 |
|
$ |
1,930,575 |
|
$ |
2,143,764 |
Basic earnings per share |
$ |
0.13 |
|
|
$ |
0.29 |
|
$ |
0.73 |
|
$ |
0.76 |
Diluted earnings per share |
$ |
0.13 |
|
|
$ |
0.29 |
|
$ |
0.73 |
|
$ |
0.75 |
Dividends per share |
$ |
0.12 |
|
|
$ |
0.10 |
|
$ |
0.34 |
|
$ |
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ottawa
Bancorp, Inc. & Subsidiary |
Selected
Financial Data and Ratios |
(Unaudited) |
|
|
At or for the |
|
At or for the |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
Return on average assets
(5) |
0.37 |
% |
0.97 |
% |
0.75 |
% |
0.87 |
% |
Return on average
stockholders' equity (5) |
2.90 |
|
6.73 |
|
5.56 |
|
5.79 |
|
Average stockholders' equity
to average assets |
12.92 |
|
14.38 |
|
13.52 |
|
15.02 |
|
Stockholders' equity to total
assets at end of period |
11.47 |
|
13.78 |
|
11.47 |
|
13.78 |
|
Net interest rate spread (1)
(5) |
3.50 |
|
3.47 |
|
3.49 |
|
3.45 |
|
Net interest margin (2)
(5) |
3.55 |
|
3.55 |
|
3.55 |
|
3.55 |
|
Other expense to average
assets |
0.59 |
|
0.72 |
|
1.86 |
|
2.19 |
|
Efficiency ratio (3) |
62.99 |
|
68.34 |
|
65.11 |
|
70.14 |
|
Dividend payout ratio |
92.00 |
|
34.20 |
|
46.67 |
|
72.20 |
|
|
At or for the |
|
At or for the |
|
Nine Months Ended |
|
Twelve Months Ended |
|
September 30, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
(unaudited) |
Regulatory Capital
Ratios (4): |
|
|
|
Total risk-based capital (to
risk-weighted assets) |
|
18.65 |
% |
|
|
19.58 |
% |
Tier 1 core capital (to
risk-weighted assets) |
|
17.39 |
|
|
|
18.32 |
|
Common equity Tier 1 (to
risk-weighted assets) |
|
17.39 |
|
|
|
18.32 |
|
Tier 1 leverage (to adjusted
total assets) |
|
13.07 |
|
|
|
13.27 |
|
Asset Quality
Ratios: |
|
|
|
Net charge-offs to average
gross loans outstanding |
|
(0.83 |
) |
|
|
(0.02 |
) |
Allowance for loan losses to
gross loans outstanding |
|
1.46 |
|
|
|
1.27 |
|
Non-performing loans to gross
loans (6) |
|
1.07 |
|
|
|
0.57 |
|
Non-performing assets to total
assets (6) |
|
0.91 |
|
|
|
0.48 |
|
Other
Data: |
|
|
|
Book Value per common
share |
$ |
15.95 |
|
|
$ |
16.53 |
|
Tangible Book Value per common
share (7) |
$ |
15.67 |
|
|
$ |
16.26 |
|
Number of full-service
offices |
|
3 |
|
|
|
3 |
|
|
(1) Represents the
difference between the weighted average yield on average
interest-earning assets and the weighted average cost of funds on
average interest-bearing liabilities. |
(2) Represents net
interest income as a percent of average interest-earning
assets. |
(3) Represents
total other expenses divided by the sum of net interest income and
total other income. |
(4) Ratios are for
OSB Community Bank. |
(5)
Annualized. |
(6) Non-performing
assets consist of non-performing loans, foreclosed real estate, and
other foreclosed assets. Non-performing loans consist of all loans
90 days or more past due and all loans no longer accruing
interest. |
(7) Non-GAAP
measure. Excludes goodwill and core deposit intangible. |
Craig HepnerPresident and Chief Executive Officer(815)
366-5437
Ottawa Savings Bancorp (NASDAQ:OTTW)
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From Apr 2024 to May 2024
Ottawa Savings Bancorp (NASDAQ:OTTW)
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