Welcome to our dedicated page for Ottawa news (Ticker: OTTW), a resource for investors and traders seeking the latest updates and insights on Ottawa stock.
Ottawa Bancorp, Inc. (OTTW) provides essential banking services through Ottawa Savings Bank, serving Illinois communities since 1871. This news hub offers investors and stakeholders timely access to official updates and financial developments.
Track all corporate announcements through verified press releases, including earnings reports, regulatory filings, and strategic initiatives. Our curated collection simplifies monitoring of key areas like residential mortgage trends, commercial lending expansions, and deposit product innovations.
Discover updates across three core categories: financial performance disclosures, operational changes, and community banking initiatives. Each update is sourced directly from company communications to ensure accuracy for investment research and market analysis.
Bookmark this page for streamlined access to OTTW’s evolving story. Regular visitors gain strategic advantages through organized historical data and immediate notification of material developments affecting regional banking markets.
Ottawa Bancorp (OTCQX: OTTW) reported a net loss of $0.2 million ($0.08 per share) for Q2 2024, compared to net income of $0.5 million ($0.22 per share) in Q2 2023. For H1 2024, net income was $0.1 million ($0.02 per share), down from $1.0 million ($0.39 per share) in H1 2023. The company executed a balance sheet management strategy, selling 21 investment securities for a $0.6 million loss to improve future net interest income. The loan portfolio decreased to $302.5 million from $312.2 million at year-end 2023. Non-performing loans increased slightly to 1.62% of gross loans. The company continued its stock repurchase program, buying back 11,425 shares at an average price of $11.72 in Q2 2024.
Ottawa Bancorp, the holding company for OSB Community Bank, announced a stock repurchase program approved by its Board of Directors. The program authorizes the repurchase of 127,332 shares, representing 5% of the company's outstanding common stock. These repurchases will occur through open market purchases, under a trading plan pursuant to SEC Rule 10b5-1, or through privately negotiated transactions. The repurchase program will terminate either upon the completion of the 127,332 shares purchase or by February 10, 2025, whichever comes first. The program aims to capitalize on favorable market conditions and other relevant factors.
Ottawa Bancorp, the holding company for OSB Community Bank, announced a quarterly cash dividend of $0.11 per share.
This dividend will be paid on June 12, 2024, to stockholders of record as of May 29, 2024. OSB Community Bank, founded in 1871 and headquartered in Ottawa, Illinois, offers a range of financial services including deposit accounts and various types of loans such as residential and commercial mortgages, auto loans, and home equity lines of credit. The bank serves both individual and corporate customers in the United States.
Ottawa Bancorp, Inc. announced first quarter 2024 results showing a net income of $0.3 million, down from $0.4 million last year. The loan portfolio decreased to $306.1 million, non-performing loans remained at $4.8 million. Interest rates and local competition impacted cost of funds. Despite challenges, asset quality remains strong with a focus on improving earnings and shareholder value.
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