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. 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 (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.
Ottawa Bancorp, Inc. (OTCQX: OTTW) has declared a quarterly cash dividend of $0.08 per share, set to be paid on December 16, 2020. The record date for stockholders is December 2, 2020. As the holding company for Ottawa Savings Bank FSB, Ottawa Bancorp provides a range of financial services including various deposit and loan products. Founded in 1871, the bank serves individual and corporate customers in the U.S.
Ottawa Bancorp, Inc. (OTCQX: OTTW) reported a net income of $0.8 million ($0.27/share) for Q3 2020, an increase from $0.5 million ($0.18/share) in Q3 2019. For the nine months ending September 30, 2020, net income reached $1.6 million ($0.55/share), up from $1.4 million ($0.44/share) in the prior year. The loan portfolio grew to $256.7 million, with a decrease in non-performing loans from $2.3 million to $1.8 million. However, stockholders’ equity fell by 3.6% to $48.9 million, impacted by share repurchases and dividends, despite ongoing support for customers during the COVID-19 pandemic.
Ottawa Bancorp, Inc. (OTCQX: OTTW) has declared a quarterly cash dividend of $0.08 per share, set for payment on or about September 16, 2020. This dividend will be distributed to stockholders of record as of the close of business on September 2, 2020. Ottawa Bancorp is the holding company for Ottawa Savings Bank FSB, providing a range of financial services including various deposit accounts and loans since its establishment in 1871.
Ottawa Bancorp, Inc. (OTCWX: OTTW) reported a net income of $0.8 million ($0.25 per share) for Q2 2020, up from $0.4 million ($0.14 per share) in Q2 2019. The total loan portfolio grew to $254.6 million, while non-performing loans decreased from $2.3 million to $1.9 million. The bank repurchased 401,214 shares at an average price of $13.80. Revenue from increased loan originations contributed to a rise in total other income to $1.1 million. However, net interest margin declined to 3.20%. The bank remains committed to supporting its community amid the COVID-19 pandemic.
Ottawa Bancorp, Inc. (OTCQX: OTTW), the holding company for Ottawa Savings Bank, has successfully transitioned to the OTCQX® Best Market from NASDAQ as of July 1, 2020. This shift enables Ottawa Bancorp to enhance operational efficiencies while providing investors with improved liquidity and visibility. The company's decision to deregister with the SEC, due to having fewer than 1,200 shareholders, is expected to result in significant cost savings related to regulatory compliance. Ottawa Bancorp aims to adhere to high financial standards and corporate governance practices in its new trading environment.
Ottawa Bancorp, Inc. (Nasdaq: OTTW) announced its intent to voluntarily delist from the NASDAQ Capital Market and deregister its common stock with the SEC, with the last trading day expected on June 30, 2020. This decision is driven by cost savings from avoiding SEC reporting requirements. The company will file Form 25 to remove its stock listing and Form 15 to terminate its registration. Following delisting, Ottawa Bancorp plans to be quoted on the OTCQX Market, continuing to publish financial information through press releases and on its website.