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Ottawa Bancorp, Inc. operates as the holding company for OSB Community Bank, a community bank serving individual and corporate customers in the United States. Company news commonly covers quarterly and annual earnings, net interest margin trends, loan portfolio activity, securities available for sale, and credit quality measures such as non-performing loans.
Recurring updates also include quarterly cash dividends, stock repurchase programs, annual meeting matters, and governance agreements involving the company and shareholder groups. OSB Community Bank's business is centered on deposit accounts, including checking, savings, money market, certificates, club savings, and retirement accounts, and lending products such as residential mortgage, multifamily and non-residential real estate, commercial, construction, auto, and home equity loans.
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.
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.