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Ottawa Bancorp, Inc. (symbol: OTTW) is the holding company for Ottawa Savings Bank, a financial institution headquartered in Ottawa, Illinois. Established in 1871, Ottawa Bancorp has a longstanding history of providing a wide range of financial services to both individual and corporate customers in Illinois.
The company's deposit products include checking accounts, money market accounts, regular savings accounts, club savings accounts, certificates of deposit, and various retirement accounts, catering to diverse customer needs. The bank also offers a comprehensive loan portfolio that encompasses one-to-four family residential real estate mortgage loans, home equity lines of credit, multi-family loans, non-residential real estate loans, agricultural real estate loans, commercial loans, construction loans, and consumer loans such as auto loans, share loans, and personal unsecured loans.
Ottawa Bancorp has a strong reputation for stability and reliability, which is further demonstrated by its consistent financial performance and the commitment to serving the community. The company has undergone significant changes over the years, including a name change from Ottawa Savings Bancorp, Inc. to Ottawa Bancorp, Inc. in October 2016.
Recent financial reports show detailed comparisons of operational results for various periods, highlighting the bank's performance over time. For instance, the results for the three and nine months ended September 30, 2023, were compared with the same periods in 2022, providing insights into the bank's growth and financial health.
The company's leadership consists of experienced professionals like Craig Hepner, President and Chief Executive Officer, and Marc N. Kingry, Senior Vice President and Chief Financial Officer, who are dedicated to steering the bank towards continued success.
For the latest updates and detailed financial performance, you can contact Craig Hepner at (815) 366-5437 or Marc N. Kingry at (815) 433-2525.
Ottawa Bancorp (OTCQX: OTTW) has announced the expiration of its stock repurchase program as of November 29, 2022. The program, initiated on December 1, 2021, resulted in the repurchase of 254,457 shares at an average price of $14.24 per share. This buyback aims to enhance shareholder value by reducing the number of outstanding shares. Ottawa Bancorp operates OSB Community Bank, offering a range of financial services and loans since its founding in 1871.
Ottawa Bancorp, Inc. (OTCQX: OTTW) reported a net income of $0.3 million for Q3 2022, down from $0.8 million in Q3 2021. Year-to-date net income was $1.9 million, slightly lower than $2.1 million in 2021. The loan portfolio grew to $299.6 million despite rising non-performing loans, which increased from $1.6 million to $3.3 million. The Board declared a quarterly dividend of $0.11 per share, payable on December 14, 2022. Rising interest rates have impacted operations, but net interest margin remained steady.
Ottawa Bancorp, Inc. (OTCQX: OTTW) reported a net income of $0.7 million ($0.28/share) for Q2 2022, stable compared to Q2 2021. For H1 2022, net income rose to $1.6 million ($0.59/share), up from $1.3 million the previous year. The loan portfolio increased to $290.6 million, despite a slowdown in loan originations. Non-performing loans decreased to $1.0 million, improving the ratio to 0.35%. The Company declared a quarterly cash dividend of $0.11 per share, payable on September 14, 2022, to shareholders as of August 31, 2022.
Ottawa Bancorp, Inc. (OTCQX: OTTW) has appointed Tracie Steider as the new Chief Operating Officer, effective June 15, 2022. Steider, who has been with the company since 2014, will maintain oversight of human resources in her new role. Her promotion is seen as a recognition of her contributions and skills. Mark Stoudt will remain as Executive Vice President and Chief Lending Officer, allowing him more focus on lending operations. Under Stoudt's leadership since 2019, the company has increased its assets from $293 million to $349 million and grown its loan portfolio from $236 million to $282 million.
Ottawa Bancorp, Inc. (OTCQX: OTTW) has declared a quarterly cash dividend of $0.11 per share. This dividend will be payable on or about June 15, 2022 to stockholders of record as of the close of business on June 1, 2022. Headquartered in Ottawa, Illinois, Ottawa Bancorp serves customers through its wholly-owned subsidiary, OSB Community Bank, offering a range of financial services including various deposit accounts and loans.
Ottawa Bancorp, Inc. (OTCQX: OTTW) reported a net income of $0.9 million, or $0.33 per share, for Q1 2022, up from $0.6 million, or $0.20 per share, in Q1 2021. The loan portfolio decreased to $281.6 million due to higher payoffs than originations. Non-performing loans fell from $1.8 million to $1.1 million, improving the ratio of non-performing loans to 0.37%. Total deposits rose by 3% to $281.2 million. The company also repurchased 737,585 shares at an average price of $13.35. The focus remains on high-quality loan growth amid rising interest rates.
OTTAWA, Ill., Feb. 16, 2022 – Ottawa Bancorp, Inc. (OTCQX: OTTW) has announced a quarterly cash dividend increase from $0.10 to $0.11 per share, to be paid on March 16, 2022, for stockholders of record as of March 2, 2022. Additionally, Dianna Torman has been appointed to the Board of Directors, bringing extensive experience from her previous role as President and CEO of Prairie Community Bank. This leadership change is expected to enhance the Board's effectiveness.
Ottawa Bancorp reported a net income of $0.8 million ($0.28/share) for Q4 2021, unchanged from Q4 2020. For the full year 2021, net income rose 17% to $2.90 million ($1.03/share) compared to $2.48 million in 2020. The loan portfolio increased to $283.9 million, while non-performing loans rose to $1.6 million. The company bought back 704,585 shares at an average of $13.32 each. With total assets at $342.7 million, Ottawa Bancorp is optimistic about economic recovery post-COVID.
Ottawa Bancorp, Inc. (OTCQX: OTTW) has authorized a stock repurchase program for 282,352 shares, equating to 10% of its outstanding shares. As of September 30, 2021, the company has successfully repurchased 628,585 shares at an average price of $13.14 per share since 2017. The repurchases will occur through open market transactions or private negotiations, depending on market conditions. This strategic move reflects the company's commitment to enhancing shareholder value.
Ottawa Bancorp, Inc. (OTCQX: OTTW) has declared a quarterly cash dividend of $0.10 per share, set to be paid on December 15, 2021, to shareholders of record as of December 1, 2021. This decision reflects the company's ongoing commitment to returning value to its investors. Ottawa Bancorp serves through its subsidiary, OSB Community Bank, which has operated since 1871, offering a variety of financial services including deposit accounts and loans for both individuals and businesses.
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