Welcome to our dedicated page for OTTAWA BANCORP news (Ticker: OTTW), a resource for investors and traders seeking the latest updates and insights on OTTAWA BANCORP stock.
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, Inc. (OTCQX: OTTW) reported a net income of $0.8 million for Q3 2021, equating to $0.29 per share, up from $0.27 in Q3 2020. For the nine months ending September 30, 2021, net income rose to $2.1 million, a 31.4% increase from $1.6 million in the same period last year. Deposits increased by 15.9% to $273.7 million, while total assets reached $343.2 million. Non-performing loans also rose slightly to $1.6 million, and stock repurchases were noted at 628,585 shares. The company completed its conversion to an Illinois state-chartered commercial bank.
Ottawa Bancorp, Inc. (OTCQX: OTTW) announced the conversion of its subsidiary Ottawa Savings Bank from a federally-chartered savings bank to an Illinois-chartered commercial bank, now named OSB Community Bank. This strategic move aims to enhance competitiveness in its markets. The charter conversion will not affect customers, as their deposits continue to be insured by the FDIC. Post-conversion, the Bank will be regulated by the Illinois Department of Financial and Professional Regulation and the FDIC, while the Company remains under Federal Reserve Board supervision.
OTTAWA, Ill., Aug. 18, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTTW) has declared a quarterly cash dividend of $0.10 per share, payable on or about September 15, 2021, to shareholders of record as of September 1, 2021. Ottawa Bancorp serves as the holding company for Ottawa Savings Bank FSB, providing a range of financial services including deposit accounts and various loan options since its establishment in 1871.
On July 22, 2021, Ottawa Bancorp, Inc. (OTCWX: OTTW) reported a net income of $0.7 million for Q2 2021, a slight decrease from $0.8 million in Q2 2020. For the first half of 2021, net income increased to $1.3 million compared to $0.8 million in 2020. Loan originations surged, growing the loan portfolio to $280.8 million. Non-performing loans rose to $1.5 million, with a ratio of 0.54%. The bank repurchased 596,585 shares. The company is transitioning to an Illinois state-chartered commercial bank, aiming for completion by Q3 2021, enhancing strategic flexibility.
Ottawa Bancorp, Inc. (OTCQX: OTTW) declared a quarterly cash dividend of $0.10 per share on May 19, 2021. This dividend is payable on June 16, 2021, to stockholders on record as of June 2, 2021. Ottawa Bancorp operates as the holding company for Ottawa Savings Bank FSB, providing diverse financial services such as various deposit accounts and a range of loans, including mortgages and auto loans. Founded in 1871, the bank is headquartered in Ottawa, Illinois.
Ottawa Bancorp, Inc. (OTCQX: OTTW) announced its application to convert Ottawa Savings Bank from a federally-chartered savings bank to an Illinois-chartered commercial bank. This strategic move aims to enhance competitiveness and facilitate an expanded commercial loan portfolio, benefiting customer needs and reducing regulatory costs. The bank also plans to change its name to OSB Community Bank. The conversion is anticipated to be completed in Q3 2021, pending regulatory approval, with the Illinois Department of Financial and Professional Regulation and FDIC as primary regulators.
Ottawa Bancorp (OTCQX: OTTW) reported a net income of $0.6 million, or $0.20 per share, for Q1 2021, a significant increase from $0.1 million in Q1 2020. Loan originations drove a strong loan portfolio growth to $270.8 million, up from $255.1 million at the end of 2020. Non-performing loans decreased to $1.8 million, resulting in a lower non-performing loan ratio of 0.57%. Total assets increased by 5.1% to $323.4 million, supported by a 7.1% rise in total deposits. The company returned $1 million in dividends and continued its stock buyback program.
OTTAWA, Ill., Feb. 17, 2021 - Ottawa Bancorp, Inc. (OTCQX: OTTW) declared a special cash dividend of $0.25 per share for its common stock. This marks the third special dividend since the Company's stock conversion in 2016. Additionally, the quarterly cash dividend has been increased from $0.08 to $0.10 per share. Both dividends will be paid on or about March 17, 2021, to shareholders on record by the close of business on March 3, 2021. The Board believes this decision aligns with sound capital management while allowing for the Bank's growth.
OTTAWA, Ill., Feb. 4, 2021 - Ottawa Bancorp (OTCQX: OTTW) reported a net income of $0.8 million for Q4 2020, up from $0.6 million in Q4 2019, resulting in $0.30 per share. Annual net income rose 28.1% to $2.48 million, or $0.84 per share. The loan portfolio grew to $255.1 million while non-performing loans decreased to $1.9 million. The company has repurchased 562,256 shares at an average price of $12.98. CEO Craig Hepner expressed optimism for 2021 amid economic recovery, citing strong capital and asset quality.
Ottawa Bancorp, Inc. (OTCQX: OTTW) has approved a new stock repurchase program allowing the buyback of 297,047 shares, which is about 10% of its outstanding shares. As of September 30, 2020, the company previously repurchased 524,341 shares at an average price of $12.93. These transactions will take place through open market purchases, potentially under SEC Rule 10b5-1, and will be influenced by market conditions. The initiative aims to enhance shareholder value.
FAQ
What is the current stock price of OTTAWA BANCORP (OTTW)?
What is the market cap of OTTAWA BANCORP (OTTW)?
What services does Ottawa Bancorp Inc. provide?
Where is Ottawa Bancorp Inc. headquartered?
When was Ottawa Bancorp Inc. founded?
What changes has the company undergone?
Who are the key executives at Ottawa Bancorp Inc.?
What types of loans does Ottawa Bancorp offer?
How can I contact Ottawa Bancorp for more information?
What is the latest financial performance of Ottawa Bancorp?
Does Ottawa Bancorp offer retirement accounts?
What is the ticker symbol for Ottawa Bancorp Inc.?
