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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, Ill., May 20, 2020 – Ottawa Bancorp, Inc. (NasdaqCM: OTTW) has announced a quarterly cash dividend of $0.08 per share. This dividend is set to be payable on or about June 17, 2020, to shareholders on record by the close of business on June 3, 2020. The company is the holding entity for Ottawa Savings Bank, FSB, which provides a range of financial services including various deposit accounts and loans for individuals and corporations.
Ottawa Bancorp, Inc. reported a net income of $0.1 million for Q1 2020, down from $0.4 million in Q1 2019, equating to $0.029 per share. The loan portfolio grew to $250.3 million, despite a slight rise in non-performing loans. A provision for loan losses of $450,000 was recorded, reflecting COVID-19's impact. Total assets increased to $307.1 million, and total deposits rose by $6.1 million. The stock repurchase program has bought back 387,918 shares at an average of $13.92 per share. Ottawa Bancorp aims to support clients amid the pandemic.