Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding
company for Ottawa Savings Bank, FSB (the “Bank”), announced net
income of $0.8 million, or $0.25 per basic and diluted common share
for the three months ended June 30, 2020, compared to net income of
$0.4 million, or $0.14 per basic and diluted common share for the
three months ended June 30, 2019. For the six months ended
June 30, 2020, the Company announced net income of $0.8 million, or
$0.27 per basic and diluted common share, compared to net income of
$0.8 million, or $0.26 per basic and diluted common share for the
six months ended June 30, 2019. During the second quarter of
2020, the Company experienced an increase in loan originations
which drove growth in the loan portfolio. The loan portfolio,
net of allowance, increased to $254.6 million as of June 30, 2020
from $247.8 million as of December 31, 2019. Non-performing loans
decreased from $2.3 million at December 31, 2019 to $1.9 million at
June 30, 2020, which caused the ratio of non-performing loans to
gross loans to decrease from 0.90% at December 31, 2019 to 0.74% at
June 30, 2020. Additionally, through June 30, 2020, the
Company has repurchased a total of 401,214 shares of its common
stock at an average price of $13.80 per share as part of the stock
repurchase program approved on November 20, 2019 and its previous
stock repurchase programs that expired in November 2018 and
November 2019.
Craig Hepner, President and Chief Executive
Officer of the Company, said “I continue to be very pleased with
the response of our organization to the challenges presented by the
COVID-19 pandemic. We reopened our lobbies on June 8, 2020
after suspending access to them on March 19, 2020. We are
following the Centers for Disease Control and Prevention (CDC) and
Illinois Department of Health (IDPH) guidelines regarding operating
in the COVID-19 pandemic environment to ensure the health and
safety of our employees and customers. We continue to have a
number of our employees working remotely and to leverage the use of
our recently upgraded digital banking platform to continue to serve
our customers.”
“For over 148 years, the communities we serve
have counted on Ottawa Savings Bank to help them manage through
difficult times, and this current crisis is no different. We
continue to actively work with our customers that have been
impacted by the COVID-19 pandemic to support them through this
temporary downturn in the economy. We assisted a number of
our commercial customers through participating in the Small
Business Administration’s Paycheck Protection Program to help
support numerous employees in our markets. Additionally, we
are assisting those impacted by the effects of the COVID-19
pandemic through other programs to ease the financial demands
during this hardship. We continue to participate in local
efforts to further assist our communities.”
“While the duration of the COVID-19 pandemic and
the timing and strength of the eventual economic recovery remain
uncertain, we believe we are well positioned from a capital and
liquidity standpoint to play a critical role in supporting our
communities as we work together to manage through this crisis,”
said Mr. Hepner.
Comparison of Results of Operations for the Three Months
Ended June 30, 2020 and June 30, 2019
Net income for the three months ended June 30,
2020 was $0.8 million compared to net income of $0.4 million for
the three months ended June 30, 2019. Total interest and dividend
income was $3.0 million for the three months ended June 30, 2020 as
compared to $3.1 million for the three months ended June 30,
2019. Interest expense was $0.1 million lower during the
three months ended June 30, 2020. In addition, a provision
for loan losses of $130,000 was taken during the three months ended
June 30, 2020. Due to the anticipated impact of the COVID-19
pandemic on the local and national economies, a qualitative factor
was adjusted negatively which led to the provision level for the
quarter along with the growth in the loan portfolio. Net
interest income after provision for loan losses remained comparable
at $2.2 million. Total other income increased to $1.1 million
for the three months ended June 30, 2020, an increase of $0.6
million from the three months ended June 30, 2019, primarily due to
strong loan origination levels for one-to-four family loans during
the second quarter and an increase in gain on sale of loans and
loan origination and servicing income. Total other expenses
rose to $2.3 million for the three months ended June 30, 2020 from
$2.1 million for the three months ended June 30, 2019. The
increase of $0.2 million this quarter as compared to the second
quarter of 2019 is primarily due to salaries and employee benefits
increasing by $0.2 million as commissions on loan production were
higher and data processing increased by $0.1 million during the
second quarter of 2020. These increases were slightly offset
by a decrease in other expenses of $0.1 million.
Net interest income increased by
$0.1 million, or 4.3%, to $2.4 million for the three months ended
June 30, 2020, compared to $2.3 million for the three months ended
June 30, 2019. Interest and dividend income were comparable
between the periods. There was an increase in the average
balances of interest-earning assets of $21.1 million. The increase
in interest and dividend income was slightly offset by a decrease
in yield on earning assets from 4.54% for the three months ended
June 30, 2019 to 4.10% for the three months ended June 30,
2020. Additionally, there was a decrease in interest expense
as the average cost of funds decreased 23 basis points to 1.11% for
the three months ended June 30, 2020. The net interest margin
decreased 25 basis points during the three months ended June 30,
2020 to 3.20% from 3.45% during the three months ended June 30,
2019.
The Company recorded a provision for loan losses
of $0.1 million for the three month period ended June 30, 2020 as
compared to $0.2 million for the three months ended June 30, 2019.
The allowance for loan losses was $3.5 million, or 1.30% of total
gross loans at June 30, 2020 compared to $2.6 million, or 1.07% of
gross loans at June 30, 2019. Net charge-offs during the
second quarter of 2020 were $26,902 compared to $150,560 during the
second quarter of 2019. General allocation of reserves were
higher at June 30, 2020, when compared to June 30, 2019, primarily
due to the balances in most loan categories increasing during the
twelve months ended June 30, 2020. In addition, due to the
anticipated impact of the COVID-19 pandemic on the local and
national economies, a qualitative factor was adjusted negatively
which led to the allowance for loan losses level for the second
quarter of 2020. Since non-performing loans increased, the
necessary reserves on non-performing loans as of June 30, 2020 were
approximately $37,000 higher than they were as of June 30, 2019 due
to the deterioration of some credits and the fact that some of the
non-performing loans that were added required higher specific
allocation of reserves than those removed.
Total other income was $1.1 million for the
three months ended June 30, 2020 as compared to $0.5 million for
the three months ended June 30, 2019. Due to increased levels
of loan originations for the one-to-four family residential loan
category, gain on sale of loans increased by $0.3 million and loan
origination and servicing income increased by $0.2 million.
Additionally, the origination of mortgage servicing rights, net of
amortization grew by $0.1 million. Offsetting these increases
slightly were decreases in customer service fees, gain on sale of
repossessed assets and other income.
Total other expense was $2.3 million for the
three months ended June 30, 2020 as compared to $2.1 million for
the three months ended June 30, 2019. There was an
increase of $0.2 million in the salaries and employee benefits
category and an increase of $0.1 million in data processing.
Salaries and employee benefits increased due to the higher
commissions paid to the mortgage loan originators and overtime for
support staff to process the loan application volume during the
period. Data processing increased due to the enhancement of
our infrastructure to support the implementation of our new core
processing system. These increases were partially offset by
decreases in loan expenses and other expenses.
The Company recorded income tax expense of
approximately $0.3 million for the three month period ended June
30, 2020 as compared to $0.1 million for the three months ended
June 30, 2019.
Comparison of Results of Operations for the Six Months
Ended June 30, 2020 and June 30, 2019
Net income was $0.8 million for both of the
six-month periods ended June 30, 2020 and 2019. Net
interest income decreased by $0.1 million, or 2.1%, to $4.7 million
for the six months ended June 30, 2020, from $4.8 million for the
six months ended June 30, 2019. Interest and dividend income
decreased $0.1 million, or 1.0%, primarily due to a decrease of 35
basis points in the average yield on assets as it declined to 4.23%
for the six months ended June 30, 2020 from 4.58% for the six
months ended June 30, 2019. This decrease was partially
offset by an increase in the average balances of interest-earning
assets of $19.3 million. Additionally, there was a decrease
in interest expense as the average cost of funds decreased 6 basis
points to 1.23% for the six months ended June 30, 2020 from 1.29%
for the six months ended June 30, 2019. Average interest
bearing liabilities grew by $17.0 million which offset the savings
due to the lower rate environment so overall interest expense was
comparable at $1.4 million. Overall, the net interest margin
decreased 30 basis points, or 8.52% during the six months ended
June 30, 2020 to 3.22% from 3.52% as the lower rates caused a
larger decline in the yield on the portfolio.
We recorded a provision for loan losses of $0.6
million for the six-month period ended June 30, 2020 as compared to
$0.3 million for the sixth-month period ended June 30, 2019.
The allowance for loan losses was $3.5 million, or 1.30% of
total gross loans at June 30, 2020 compared to $2.6 million, or
1.07% of gross loans at June 30, 2019. Net charge-offs during
the first six months of 2020 were $0.1 million compared to $0.3
million during the first six months of 2019. General
allocation of reserves were higher at June 30, 2020, when compared
to June 30, 2019, primarily due to the balances in all loan
categories increasing during the twelve months ended June 30, 2020.
In addition, due to the anticipated impact of the COVID-19
pandemic on the local and national economies, qualitative factors
were adjusted negatively which led to an increase in the allowance
level. Since non-performing loans increased, the necessary
reserves on non-performing loans as of June 30, 2020 were
approximately $37,000 higher than they were as of June 30, 2019 due
to the deterioration of some credits and the fact that some of the
non-performing loans added required higher specific allocation of
reserves than those removed.
Total other income was $1.5 million for the six
months ended June 30, 2020 as compared to $0.9 million for the six
months ended June 30, 2019. Due to increased levels of loan
originations for the 1 to 4 family residential loan category, gain
on sale of loans increased by $0.3 million and loan origination and
servicing income increased by $0.2 million. Additionally, the
origination of mortgage servicing rights, net of amortization grew
by $0.1 million. There was a slight decrease in customer
service fees which slightly offset the increases.
Total other expense increased $0.2 million, or
4.7%, to $4.4 million for the six months ended June 30, 2020, as
compared to $4.2 million for the six months ended June 30,
2019. The increase was primarily due to higher salaries
and employee benefits due to the commissions paid to loan
originators for elevated levels of loan originations and overtime
for staff to process the loan applications. Additionally, data
processing costs were elevated due to the enhancement of our
infrastructure to support the implementation of our new core
processing system. These increases were partially offset by
lower costs in loan expense and other expense.
We recorded income tax expense of approximately
$0.3 million for both of the six-month periods ended June 30, 2020
and 2019.
Comparison of Financial Condition at
June 30, 2020 and December 31, 2019
Total consolidated assets as of June 30, 2020
were $312.2 million, an increase of $11.7 million, or 3.8%,
from $300.5 million at December 31, 2019. The increase
was primarily due to an increase of $8.4 million in cash and cash
equivalents, a $6.8 million increase in the net loan portfolio and
a $1.4 million increase in other assets. These increases were
partially offset by a decrease in federal funds sold of $0.9
million, a decrease in securities available for sale of $1.1
million, a decrease in time deposits of $1.2 million, and a
decrease in loans held for sale of $1.2 million. Various
other categories decreased by $0.5 million.
Cash and cash equivalents increased $8.4
million, or 150.0%, to $14.4 million at June 30, 2020 from $6.0
million at December 31, 2019. The increase in cash and cash
equivalents was primarily a result of cash provided from financing
activities of $12.4 million exceeding cash used in operating
activities of $0.2 million and cash used in investing activities of
$3.8 million.
Securities available for sale decreased $1.1
million, or 4.7%, to $23.4 million at June 30, 2020 from $24.5
million at December 31, 2019, as paydowns, calls, and maturities
exceeded new securities purchases.
Net loans increased $6.8 million, or 2.7%, to
$254.6 million at June 30, 2020 compared to $247.8 million at
December 31, 2019 primarily as a result of a $1.5 million increase
in one-to-four family loans, an increase of $1.3 million in
multi-family loans, an increase of $4.7 million in non-residential
real estate loans and a $5.6 million increase in commercial
loans. The increases were offset by decreases of $3.0 million
in consumer direct loans and $2.8 million in purchased auto
loans. Additionally, the allowance for loan losses grew by
$0.5 million.
Total deposits increased $6.2 million, or 2.6%,
to $242.5 million at June 30, 2020 from $236.3 million at December
31, 2019. For the six months ended June 30, 2020, savings
accounts increased by $4.4 million, non-interest bearing checking
accounts increased by $9.2 million and money market accounts
increased by $1.9 million as compared to December 31, 2019.
The increases were offset by decreases in interest bearing checking
accounts of $4.3 million and in certificates of deposit of $5.0
million as compared to December 31, 2019.
FHLB advances increased $8.5 million, or 93.4%
to $17.6 million at June 30, 2020 compared to $9.1 million at
December 31, 2019. The increase was related to the low rate
environment and management extending out maturities to fund future
loan growth.
Stockholders’ equity decreased $1.1 million, or
2.2% to $49.6 million at June 30, 2020 from $50.7 million at
December 31, 2019. The decrease reflects $0.8 million used to
repurchase and cancel 60,545 outstanding shares of Company common
stock, and $1.5 million in cash dividends. The decreases were
partially offset by net income of $0.8 million for the six months
ended June 30, 2020, an increase of $0.3 million in other
comprehensive income due to an increase in fair value of securities
available for sale and proceeds from stock options exercised,
equity incentive plan shares issued and the allocation of ESOP
shares totaling $0.1 million.
About Ottawa Bancorp, Inc.
Ottawa Bancorp, Inc. is the holding company for
Ottawa Savings Bank, FSB which provides various financial services
to individual and corporate customers in the United States. The
Bank offers various deposit accounts, including checking, money
market, regular savings, club savings, certificates of deposit and
various retirement accounts. Its loan portfolio includes
one-to-four family residential mortgage, multi-family and
non-residential real estate, commercial and construction loans as
well as auto loans and home equity lines of credit. Ottawa Savings
Bank, FSB was founded in 1871 and is headquartered in Ottawa,
Illinois. For more information about the Company and the Bank,
please visit www.ottawasavings.com.
Cautionary Statement Regarding
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of the federal securities laws.
Statements in this release that are not strictly historical are
forward-looking and are based upon current expectations that may
differ materially from actual results. These forward-looking
statements, identified by words such as “will,” “expected,”
“believe,” and “prospects,” involve risks and uncertainties that
could cause actual results to differ materially from those
anticipated by the statements made herein. These risks and
uncertainties involve general economic trends and changes in
interest rates, increased competition, changes in consumer demand
for financial services, the possibility of unforeseen events
affecting the industry generally, the uncertainties associated with
newly developed or acquired operations, market disruptions and the
potential effects of the COVID-19 pandemic on the local and
national economic environment, on our customers and on our
operations as well as any changes to federal, state and local
government laws, regulations and orders in connection with the
pandemic. Ottawa Bancorp, Inc. undertakes no obligation to
release revisions to these forward-looking statements publicly to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unforeseen events, except as required to be
reported under the rules and regulations of the Securities and
Exchange Commission.
Contact Information
Craig Hepner1-815-433-2525
Ottawa
Bancorp, Inc. & Subsidiary |
Consolidated
Balance Sheets |
June 30,
2020 and December 31, 2019 |
(Unaudited) |
|
June
30, |
|
December
31, |
|
|
2020 |
|
|
|
2019 |
|
Assets |
|
|
|
Cash and due from banks |
$ |
9,328,130 |
|
|
$ |
5,272,925 |
|
Interest bearing deposits |
|
5,098,694 |
|
|
|
765,486 |
|
Total cash and cash equivalents |
|
14,426,824 |
|
|
|
6,038,411 |
|
Time deposits |
|
250,000 |
|
|
|
1,483,500 |
|
Federal funds sold |
|
3,265,000 |
|
|
|
4,185,000 |
|
Securities available for sale |
|
23,409,087 |
|
|
|
24,515,759 |
|
Loans, net of allowance for loan losses of $3,460,693 and
$2,937,632 |
|
|
|
at June 30, 2020 and December 31, 2019, respectively |
|
254,583,540 |
|
|
|
247,775,814 |
|
Loans held for sale |
|
- |
|
|
|
1,225,526 |
|
Premises and equipment, net |
|
6,393,260 |
|
|
|
6,517,922 |
|
Accrued interest receivable |
|
839,091 |
|
|
|
875,104 |
|
Foreclosed real estate |
|
18,000 |
|
|
|
- |
|
Deferred tax assets |
|
1,489,692 |
|
|
|
1,743,161 |
|
Cash value of life insurance |
|
2,415,132 |
|
|
|
2,389,530 |
|
Goodwill |
|
649,869 |
|
|
|
649,869 |
|
Core deposit intangible |
|
150,998 |
|
|
|
169,999 |
|
Other assets |
|
4,333,403 |
|
|
|
2,962,101 |
|
Total assets |
$ |
312,223,896 |
|
|
$ |
300,531,696 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity |
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Non-interest bearing |
$ |
22,874,013 |
|
|
$ |
13,664,986 |
|
Interest bearing |
|
219,578,389 |
|
|
|
222,648,518 |
|
Total deposits |
|
242,452,402 |
|
|
|
236,313,504 |
|
Accrued interest payable |
|
97,519 |
|
|
|
8,146 |
|
FHLB advances |
|
17,558,339 |
|
|
|
9,068,030 |
|
Other liabilities |
|
2,504,410 |
|
|
|
4,431,141 |
|
Total liabilities |
|
262,613,670 |
|
|
|
249,820,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
Common stock, $.01 par value, 12,000,000 shares authorized;
3,108,270 and 3,159,494 |
|
|
|
shares issued at June 30, 2020 and December 31, 2019,
respectively |
|
31,083 |
|
|
|
31,594 |
|
Additional paid-in-capital |
|
32,149,753 |
|
|
|
32,845,639 |
|
Retained earnings |
|
18,291,035 |
|
|
|
18,938,633 |
|
Unallocated ESOP shares |
|
(1,335,030 |
) |
|
|
(1,398,600 |
) |
Unallocated management recognition plan shares |
|
(81,845 |
) |
|
|
(30,944 |
) |
Accumulated other comprehensive income |
|
555,231 |
|
|
|
324,553 |
|
Total stockholders' equity |
|
49,610,226 |
|
|
|
50,710,875 |
|
Total liabilities and stockholders' equity |
$ |
312,223,896 |
|
|
$ |
300,531,696 |
|
Ottawa Bancorp, Inc. & Subsidiary |
Consolidated Statements of Operations |
Three and Six Months Ended June 30 2020 and
2019 |
(Unaudited) |
|
|
Three Months
Ended |
|
Six Months Ended |
|
|
June
30, |
|
June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
|
2020 |
|
|
2019 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
2,822,581 |
|
$ |
2,852,347 |
|
|
$ |
5,731,661 |
|
$ |
5,712,939 |
|
Securities: |
|
|
|
|
|
|
|
|
Residential mortgage-backed and related securities |
|
|
61,180 |
|
|
73,858 |
|
|
|
128,411 |
|
|
156,319 |
|
State and municipal securities |
|
|
94,618 |
|
|
100,610 |
|
|
|
190,562 |
|
|
198,021 |
|
Dividends on non-marketable equity securities |
|
|
6,698 |
|
|
6,277 |
|
|
|
13,288 |
|
|
12,711 |
|
Interest-bearing deposits |
|
|
19,293 |
|
|
54,168 |
|
|
|
59,411 |
|
|
99,547 |
|
Total interest and dividend income |
|
|
3,004,369 |
|
|
3,087,260 |
|
|
|
6,123,362 |
|
|
6,179,537 |
|
Interest expense: |
|
|
|
|
|
|
|
|
Deposits |
|
|
563,727 |
|
|
672,145 |
|
|
|
1,294,546 |
|
|
1,280,535 |
|
Borrowings |
|
|
65,928 |
|
|
68,445 |
|
|
|
127,824 |
|
|
141,146 |
|
Total interest expense |
|
|
629,655 |
|
|
740,590 |
|
|
|
1,422,370 |
|
|
1,421,681 |
|
Net interest income |
|
|
2,374,714 |
|
|
2,346,670 |
|
|
|
4,700,992 |
|
|
4,757,856 |
|
Provision for loan losses |
|
|
130,000 |
|
|
170,000 |
|
|
|
580,000 |
|
|
300,000 |
|
Net interest income after provision for loan
losses |
|
|
2,224,714 |
|
|
2,176,670 |
|
|
|
4,120,992 |
|
|
4,457,856 |
|
Other income: |
|
|
|
|
|
|
|
|
Gain on sale of loans |
|
|
463,730 |
|
|
173,334 |
|
|
|
570,796 |
|
|
258,291 |
|
Gain on sale of securities, net |
|
|
- |
|
|
- |
|
|
|
857 |
|
|
- |
|
Loan origination and servicing income |
|
|
437,814 |
|
|
200,108 |
|
|
|
552,771 |
|
|
354,391 |
|
Origination of mortgage servicing rights, net of amortization |
|
|
84,951 |
|
|
(3,045 |
) |
|
|
74,508 |
|
|
(12,735 |
) |
Customer service fees |
|
|
83,011 |
|
|
125,079 |
|
|
|
189,850 |
|
|
240,945 |
|
Increase in cash surrender value of life insurance |
|
|
12,904 |
|
|
11,912 |
|
|
|
25,602 |
|
|
23,846 |
|
Gain/(Loss) on sale of repossessed assets, net |
|
|
300 |
|
|
8,544 |
|
|
|
16,331 |
|
|
7,796 |
|
Other |
|
|
21,274 |
|
|
24,184 |
|
|
|
58,949 |
|
|
45,946 |
|
Total other income |
|
|
1,103,983 |
|
|
540,116 |
|
|
|
1,489,665 |
|
|
918,480 |
|
Other expenses: |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,358,457 |
|
|
1,188,291 |
|
|
|
2,623,103 |
|
|
2,286,849 |
|
Directors fees |
|
|
47,000 |
|
|
43,000 |
|
|
|
90,000 |
|
|
86,000 |
|
Occupancy |
|
|
149,392 |
|
|
157,060 |
|
|
|
327,917 |
|
|
328,010 |
|
Deposit insurance premium |
|
|
16,500 |
|
|
14,465 |
|
|
|
16,500 |
|
|
31,565 |
|
Legal and professional services |
|
|
101,244 |
|
|
102,398 |
|
|
|
205,866 |
|
|
197,933 |
|
Data processing |
|
|
251,468 |
|
|
148,855 |
|
|
|
474,742 |
|
|
335,443 |
|
Loan expense |
|
|
122,102 |
|
|
172,623 |
|
|
|
256,452 |
|
|
337,035 |
|
Valuation adjustments and expenses on foreclosed real estate |
|
|
389 |
|
|
6,419 |
|
|
|
948 |
|
|
12,003 |
|
Other |
|
|
234,846 |
|
|
315,864 |
|
|
|
446,511 |
|
|
598,751 |
|
Total other expenses |
|
|
2,281,398 |
|
|
2,148,975 |
|
|
|
4,442,038 |
|
|
4,213,589 |
|
Income before income tax expense |
|
|
1,067,299 |
|
|
567,811 |
|
|
|
1,168,619 |
|
|
1,162,747 |
|
Income tax expense |
|
|
317,035 |
|
|
133,199 |
|
|
|
332,398 |
|
|
328,064 |
|
Net income |
|
$ |
750,264 |
|
$ |
434,612 |
|
|
$ |
836,221 |
|
$ |
834,683 |
|
Basic earnings per share |
|
$ |
0.25 |
|
$ |
0.14 |
|
|
$ |
0.27 |
|
$ |
0.26 |
|
Diluted earnings per share |
|
$ |
0.25 |
|
$ |
0.14 |
|
|
$ |
0.27 |
|
$ |
0.26 |
|
Dividends per share |
|
$ |
0.08 |
|
$ |
0.43 |
|
|
$ |
0.63 |
|
$ |
0.49 |
|
Ottawa Bancorp, Inc. & Subsidiary |
|
Selected Financial Data and Ratios |
|
(Unaudited) |
|
|
|
|
|
|
|
At June 30, |
|
At December 31, |
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
|
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
$ 312,224 |
|
$ 300,532 |
|
Loans, net (1) |
|
|
|
|
|
|
254,584 |
|
|
247,776 |
|
Securities available for
sale |
|
|
|
|
|
|
23,409 |
|
|
24,516 |
|
Deposits |
|
|
|
|
|
|
242,452 |
|
|
236,314 |
|
Stockholders' Equity |
|
|
|
|
|
|
49,610 |
|
|
50,711 |
|
Book Value per common
share |
|
|
|
|
|
$15.96 |
|
$ 16.05 |
|
Tangible Book Value per common
share (2) |
|
|
|
|
|
$15.70 |
|
$ 15.79 |
|
(1) Net of loans
in process, deferred loan (cost) fees and allowance for loan
losses. |
|
|
|
|
|
|
(2) Non-GAAP
measure. Excludes goodwill and core deposit intangible. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
|
(In thousands, except per share data) |
|
Operations Data: |
|
|
|
|
|
|
|
|
|
Total interest and dividend income |
|
$ 3,004 |
|
$ 3,087 |
|
$ 6,123 |
|
$ 6,180 |
|
Total interest expense |
|
|
630 |
|
|
740 |
|
|
1,422 |
|
|
1,422 |
|
Net interest income |
|
|
2,374 |
|
|
2,347 |
|
|
4,701 |
|
|
4,758 |
|
Provision for loan losses |
|
|
130 |
|
|
170 |
|
|
580 |
|
|
300 |
|
Total other income |
|
|
1,104 |
|
|
540 |
|
|
1,490 |
|
|
919 |
|
Total other expense |
|
|
2,281 |
|
|
2,149 |
|
|
4,442 |
|
|
4,214 |
|
Income tax expense |
|
|
317 |
|
|
133 |
|
|
332 |
|
|
328 |
|
Net income |
|
$750 |
|
$435 |
|
$836 |
|
$835 |
|
Basic earnings per share |
|
$0.25 |
|
$0.14 |
|
$0.27 |
|
$0.26 |
|
Diluted earnings per share |
|
$0.25 |
|
$0.14 |
|
$0.27 |
|
$0.26 |
|
Dividends per share |
|
$0.08 |
|
$0.43 |
|
$0.63 |
|
$0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the |
|
At or for the |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
Return on average assets (5) |
|
|
0.49 |
% |
|
0.30 |
% |
|
0.55 |
% |
|
0.58 |
% |
Return on average stockholders' equity (5) |
|
|
2.66 |
|
|
1.48 |
|
|
2.90 |
|
|
2.85 |
|
Average stockholders' equity to average assets |
|
|
18.30 |
|
|
20.14 |
|
|
18.99 |
|
|
20.19 |
|
Stockholders' equity to total assets at end of period |
|
|
15.89 |
|
|
16.77 |
|
|
15.89 |
|
|
16.77 |
|
Net interest rate spread (1) (5) |
|
|
3.00 |
|
|
3.20 |
|
|
3.00 |
|
|
3.28 |
|
Net interest margin (2) (5) |
|
|
3.20 |
|
|
3.45 |
|
|
3.22 |
|
|
3.52 |
|
Average interest-earning assets to average interest-bearing
liabilities |
|
|
123.15 |
|
|
122.30 |
|
|
122.01 |
|
|
122.67 |
|
Other expense to average assets |
|
|
0.72 |
|
|
0.73 |
|
|
1.43 |
|
|
1.45 |
|
Efficiency ratio (3) |
|
|
65.33 |
|
|
74.44 |
|
|
71.62 |
|
|
74.23 |
|
Dividend payout ratio |
|
|
33.31 |
|
|
188.46 |
|
|
177.77 |
|
|
141.03 |
|
|
|
|
|
|
|
At or for the |
|
At or for the |
|
|
|
|
|
|
|
Six Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
Regulatory Capital Ratios (4): |
|
|
|
|
|
|
|
|
|
Total risk-based capital (to risk-weighted assets) |
|
|
|
|
|
20.29 |
% |
22.21 |
% |
Tier 1 core capital (to risk-weighted assets) |
|
|
|
|
|
19.04 |
|
20.96 |
|
Common equity Tier 1 (to risk-weighted assets) |
|
|
|
|
|
19.04 |
|
20.96 |
|
Tier 1 leverage (to adjusted total assets) |
|
|
|
|
|
14.10 |
|
15.00 |
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
Net charge-offs to average gross loans outstanding |
|
|
|
|
|
0.05 |
|
0.11 |
|
Allowance for loan losses to gross loans outstanding |
|
|
|
|
|
1.30 |
|
1.17 |
|
Non-performing loans to gross loans (6) |
|
|
|
|
|
0.74 |
|
0.90 |
|
Non-performing assets to total assets (6) |
|
|
|
|
|
0.62 |
|
0.75 |
|
Other Data: |
|
|
|
|
|
|
|
|
|
Number of full-service offices |
|
|
|
|
|
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
(1) Represents the difference between the weighted
average yield on average interest-earning assets and the weighted
average cost of funds on average interest-bearing liabilities. |
|
(2) Represents net interest income as a percent of
average interest-earning assets. |
|
(3) Represents total other expenses divided by the
sum of net interest income and total other income. |
|
(4) Ratios are for Ottawa Savings Bank. |
|
(5) Annualized. |
|
(6) Non-performing assets consist of non-performing
loans, foreclosed real estate and other foreclosed assets.
Non-performing loans consist of all loans 90 days or more past due
and all loans no longer accruing interest. |
|
Ottawa Savings Bancorp (NASDAQ:OTTW)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Ottawa Savings Bancorp (NASDAQ:OTTW)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024