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 $0.27 per basic and diluted common share
for the three months ended September 30, 2020, compared to net
income of $0.5 million, or $0.18 per basic and diluted common share
for the three months ended September 30, 2019. For the nine months
ended September 30, 2020, the Company announced net income of $1.6
million, or $0.55 per basic and diluted common share, compared to
net income of $1.4 million, or $0.44 per basic and diluted common
share for the nine months ended September 30, 2019. During the
third 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 $256.7 million as of
September 30, 2020 from $247.8 million as of December 31, 2019.
Non-performing loans decreased from $2.3 million at December 31,
2019 to $1.8 million at September 30, 2020, which caused the ratio
of non-performing loans to gross loans to decrease from 0.90% at
December 31, 2019 to 0.68% at September 30, 2020. Additionally,
through September 30, 2020, the Company has repurchased a total of
524,341 shares of its common stock at an average price of $12.93
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 am pleased with the Company’s
performance in the third quarter in light of the continued
challenges and uncertainties presented by the on-going COVID-19
pandemic. We continue to follow the Centers for Disease Control
(CDC) and Illinois Department of Health (IDPH) guidelines regarding
operating in the COVID-19 environment in an effort to ensure the
health and safety of our employees and customers. We continue to
leverage technology and our recently upgraded digital banking
platform in order to serve the financial needs of our
customers.”
“As we have throughout our 149 years of
existence, Ottawa Savings Bank remains a pillar of strength to the
communities in which we operate, and we continue to actively
support our customers who have been negatively impacted by the
COVID-19 pandemic. With the challenges presented by the pandemic
lasting longer than anticipated, the timing and strength of the
eventual economic recovery remain uncertain. We believe that our
strong capital and liquidity positions will allow us to continue to
play a crucial role in supporting our customers, shareholders and
communities as we work together to manage through this crisis,”
said Mr. Hepner.
Comparison of Results of
Operations for the Three
Months Ended September
30,
2020 and
September
30,
2019
Net income for the three months ended September
30, 2020 was $0.8 million compared to net income of $0.5 million
for the three months ended September 30, 2019. Total interest and
dividend income was $3.1 million for the three months ended
September 30, 2020 and September 30, 2019. Interest expense was
$0.2 million lower during the three months ended September 30,
2020. In addition, a provision for loan losses of $80,000 was taken
during the three months ended September 30, 2020. Due to the
continued anticipated impact of the COVID-19 pandemic on the local
and national economies, a qualitative factor in the allowance
calculation 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 was $2.4
million for the three months ended September 30, 2020 as compared
to $2.2 million for the three months ended September 30, 2019.
Total other income was $1.1 million for the three months ended
September 30, 2020 compared to $1.0 million for the three months
ended September 30, 2019. Total other expenses remained flat at
$2.4 million for the three months ended September 30, 2020 and
September 30, 2019. Net interest income increased by
$0.2 million, or 9.1%, to $2.5 million for the three months ended
September 30, 2020, compared to $2.3 million for the three months
ended September 30, 2019. Interest and dividend income were
comparable between the periods while there was an increase in the
average balances of interest-earning assets of $8.2 million between
the periods. The yield on earning assets decreased from 4.45% for
the three months ended September 30, 2019 to 4.21% for the three
months ended September 30, 2020. This decrease was mostly offset by
the growth in earning assets. Thus, interest and dividend income
was comparable. Interest expense declined $0.3 million due to
reduced rates as rates declined from 1.44% to 0.94% as of September
30, 2020 or a reduction of 50 basis points to 0.94%. The net
interest margin increased 20 basis points during the three months
ended September 30, 2020 to 3.45% from 3.25% during the three
months ended September 30, 2019.
The Company recorded a provision for loan losses
of $80,000 for the three-month period ended September 30, 2020 as
compared to $0.1 million for the three months ended September 30,
2019. The allowance for loan losses was $3.5 million, or 1.34% of
total gross loans at September 30, 2020 compared to $2.8 million,
or 1.13% of gross loans at September 30, 2019. Net recoveries
during the third quarter of 2020 were ($41,587) compared to $21,638
during the third quarter of 2019. General allocation of reserves
were higher at September 30, 2020, when compared to September 30,
2019, primarily due to the balances in most loan categories
increasing during the twelve months ended September 30, 2020. In
addition, due to the anticipated impact of the COVID-19 pandemic on
the local and national economies, a qualitative factor in the
allowance calculation was adjusted negatively which led to the
allowance for loan losses level for the third quarter of 2020. Even
though non-performing loans decreased, the necessary reserves on
non-performing loans as of September 30, 2020 were approximately
$21,000 higher than they were as of September 30, 2019 due to the
deterioration of some credits which necessitated higher specific
allocation of reserves.
Total other income was $1.1 million for the
three months ended September 30, 2020 as compared to $1.0 million
for the three months ended September 30, 2019. Due to increased
levels of originations in the one-to-four family residential loan
category, gain on sale of loans increased by $0.1 million and loan
origination and servicing income increased by $0.1 million.
Offsetting these increases slightly were decreases in customer
service fees and origination of mortgage servicing rights, net of
amortization.
Total other expense was $2.4 million for both
the three months ended September 30, 2020 and September 30,
2019. There was an increase of $0.1 million in the
salaries and employee benefits category. Salaries and employee
benefits increased due to the higher commissions paid to mortgage
loan originators and overtime paid to support staff to process the
loan application volume during the period. These increases were
partially offset by decreases in other expenses.
The Company recorded income tax expense of
approximately $0.3 million for the three-month period ended
September 30, 2020 as compared to $0.20 million for the three
months ended September 30, 2019.
Comparison of Results of Operations for the
Nine Months Ended
September 30,
2020 and
September 30,
2019
Net income was $1.6 million for the nine-month
period ended September 30, 2020 compared to $1.4 million for the
period ended September 30, 2019 or an increase of 18.3%.
Net interest income increased by $0.2 million, or 2.9%, to
$7.2 million for the nine months ended September 30, 2020, from
$7.0 million for the nine months ended September 30, 2019. Interest
and dividend income decreased $0.1 million, or 1.5%, primarily due
to a decrease of 31 basis points in the average yield on assets as
it declined to 4.22% for the nine months ended September 30, 2020
from 4.53% for the nine months ended September 30, 2019. This
decrease was partially offset by an increase in the average
balances of interest-earning assets of $15.7 million. Interest
expense decreased $0.3 million as the average cost of funds
decreased 23 basis points to 1.11% for the nine months ended
September 30, 2020 from 1.34% for the nine months ended September
30, 2019. Offsetting this decrease attributed to the rate reduction
slightly was an increase of $12.2 million in average
interest-bearing liabilities. Overall, interest expense decreased
by $0.3 million to $2.0 million for the nine months ended September
30, 2020 as compared to $2.3 million for the nine months ended
September 30, 2019. The net interest margin decreased by 11 basis
points, or 3.2% during the nine months ended September 30, 2020 to
3.32% from 3.43% as the lower rates had a bigger negative impact on
the yield on the earning asset portfolio.
We recorded a provision for loan losses of $0.7
million for the nine-month period ended September 30, 2020 as
compared to $0.4 million for the nine-month period ended September
30, 2019. The allowance for loan losses was $3.5 million, or 1.34%
of total gross loans at September 30, 2020 compared to $2.8
million, or 1.13% of gross loans at September 30, 2019. Net
charge-offs during the first nine months of 2020 were $0.1 million
compared to $0.3 million during the first nine months of 2019.
General allocation of reserves were higher at September 30, 2020,
when compared to September 30, 2019, primarily due to the balances
in all loan categories increasing during the twelve months ended
September 30, 2020. In addition, due to the anticipated impact of
the COVID-19 pandemic on the local and national economies,
qualitative factors in the allowance calculation were adjusted
negatively which led to an increase in the allowance level. Even
though non-performing loans decreased, the necessary reserves on
non-performing loans as of September 30, 2020 were approximately
$21,000 higher than they were as of September 30, 2019 due to the
deterioration of some credits which necessitated a higher specific
allocation of reserves.
Total other income was $2.6 million for the nine
months ended September 30, 2020 as compared to $1.9 million for the
nine months ended September 30, 2019. Due to increased levels of
originations in the one to four family residential loan category,
gain on sale of loans increased by $0.4 million and loan
origination and servicing income increased by $0.3 million. There
was a slight decrease in customer service fees of $0.1 million
which slightly offset the increases.
Total other expense increased $0.2 million, or
3.3%, to $6.8 million for the nine months ended September 30, 2020,
as compared to $6.6 million for the nine months ended September 30,
2019. The increase was primarily due to increases in
salaries and employee benefits of $0.4 million and an increase in
data processing costs of $0.2 million. 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
$0.6 million for the nine-month periods ended September 30, 2020
and $0.5 million for the nine-month period ended September 30,
2019.
Comparison of Financial Condition
at September
30,
2020 and December 31,
2019
Total consolidated assets as of September 30,
2020 were $310.6 million, an increase of $10.1 million, or
3.4%, from $300.5 million at December 31, 2019. The
increase was primarily due to an increase of $4.8 million in cash
and cash equivalents, an $8.9 million increase in the net loan
portfolio, an increase in federal funds sold of $0.1 million and a
$1.5 million increase in other assets. These increases were
partially offset by a decrease in securities available for sale of
$2.6 million, a decrease in time deposits of $1.3 million, and a
decrease in loans held for sale of $1.2 million. Various other
categories decreased by $0.1 million.
Cash and cash equivalents increased $4.8
million, or 80.0%, to $10.8 million at September 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 $9.9 million and cash provided from operating
activities of $0.6 million exceeding cash used in investing
activities of $5.7 million.
Securities available for sale decreased $2.6
million, or 10.6%, to $21.9 million at September 30, 2020 from
$24.5 million at December 31, 2019, as paydowns, calls, and
maturities exceeded new securities purchases.
Net loans increased $8.9 million, or 3.6%, to
$256.7 million at September 30, 2020 compared to $247.8 million at
December 31, 2019 primarily as a result of a $0.9 million increase
in one-to-four family loans, an increase of $1.7 million in
multi-family loans, an increase of $8.5 million in non-residential
real estate loans and a $6.4 million increase in commercial loans.
The increases were offset by decreases of $3.7 million in consumer
direct loans and $4.3 million in purchased auto loans.
Additionally, the allowance for loan losses grew by $0.6
million.
Total deposits increased $5.2 million, or 2.2%,
to $241.6 million at September 30, 2020 from $236.3 million at
December 31, 2019. For the nine months ended September 30, 2020,
savings accounts increased by $4.4 million, non-interest bearing
checking accounts increased by $7.8 million, interest-bearing
checking accounts increased by $0.4 million and money market
accounts increased by $0.5 million as compared to December 31,
2019. The increases were offset by decreases in certificates of
deposit of $7.9 million as compared to December 31, 2019.
FHLB advances increased $8.5 million, or 93.4%
to $17.6 million at September 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 $1.8 million, or
3.6% to $48.9 million at September 30, 2020 from $50.7 million at
December 31, 2019. The decrease reflects $2.0 million used to
repurchase and cancel 183,672 outstanding shares of Company common
stock, and $1.8 million in cash dividends. The decreases were
partially offset by net income of $1.7 million for the nine months
ended September 30, 2020, an increase of $0.2 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 under
applicable law.
Contact:Craig HepnerPresident
and Chief Executive Officer(815) 366-5437
Ottawa Bancorp, Inc. & Subsidiary |
Consolidated Balance Sheets |
September
30,
2020 and December 31,
2019 |
(Unaudited) |
|
September
30, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
Assets |
|
|
|
Cash and due from banks |
$ |
8,454,253 |
|
|
$ |
5,272,925 |
|
Interest bearing deposits |
|
2,381,108 |
|
|
|
765,486 |
|
Total cash and cash equivalents |
|
10,835,361 |
|
|
|
6,038,411 |
|
Time deposits |
|
250,000 |
|
|
|
1,483,500 |
|
Federal funds sold |
|
4,331,000 |
|
|
|
4,185,000 |
|
Securities available for
sale |
|
21,863,460 |
|
|
|
24,515,759 |
|
Loans, net of allowance for
loan losses of $3,499,106 and $2,937,632 |
|
|
|
at September 30, 2020 and December 31, 2019, respectively |
|
256,711,611 |
|
|
|
247,775,814 |
|
Loans held for sale |
|
- |
|
|
|
1,225,526 |
|
Premises and equipment,
net |
|
6,385,706 |
|
|
|
6,517,922 |
|
Accrued interest
receivable |
|
923,572 |
|
|
|
875,104 |
|
Foreclosed real estate |
|
18,000 |
|
|
|
- |
|
Deferred tax assets |
|
1,573,898 |
|
|
|
1,743,161 |
|
Cash value of life
insurance |
|
2,428,186 |
|
|
|
2,389,530 |
|
Goodwill |
|
649,869 |
|
|
|
649,869 |
|
Core deposit intangible |
|
141,497 |
|
|
|
169,999 |
|
Other assets |
|
4,500,050 |
|
|
|
2,962,101 |
|
Total assets |
$ |
310,612,210 |
|
|
$ |
300,531,696 |
|
Liabilities and
Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Non-interest bearing |
$ |
21,414,725 |
|
|
$ |
13,664,986 |
|
Interest bearing |
|
220,147,306 |
|
|
|
222,648,518 |
|
Total deposits |
|
241,562,031 |
|
|
|
236,313,504 |
|
Accrued interest payable |
|
113,727 |
|
|
|
8,146 |
|
FHLB advances |
|
17,559,431 |
|
|
|
9,068,030 |
|
Other liabilities |
|
2,478,428 |
|
|
|
4,431,141 |
|
Total liabilities |
|
261,713,617 |
|
|
|
249,820,821 |
|
|
|
|
|
Stockholders'
Equity |
|
|
|
Common stock, $.01 par value, 12,000,000 shares authorized;
2,984,314 and 3,159,494 |
|
|
|
shares issued at September 30, 2020 and December 31, 2019,
respectively |
|
29,843 |
|
|
|
31,594 |
|
Additional paid-in-capital |
|
30,901,459 |
|
|
|
32,845,639 |
|
Retained earnings |
|
18,799,210 |
|
|
|
18,938,633 |
|
Unallocated ESOP shares |
|
(1,303,245 |
) |
|
|
(1,398,600 |
) |
Unallocated management recognition plan shares |
|
(71,759 |
) |
|
|
(30,944 |
) |
Accumulated other comprehensive income |
|
543,085 |
|
|
|
324,553 |
|
Total stockholders' equity |
|
48,898,593 |
|
|
|
50,710,875 |
|
Total liabilities and stockholders' equity |
$ |
310,612,210 |
|
|
$ |
300,531,696 |
|
Ottawa Bancorp, Inc. & Subsidiary |
Consolidated Statements of Operations |
Three and Nine Months
Ended September
30, 2020 and
2019 |
(Unaudited) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September
30, |
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Interest and dividend
income: |
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
2,887,455 |
|
$ |
2,878,874 |
|
$ |
8,619,115 |
|
$ |
8,591,812 |
Securities: |
|
|
|
|
|
|
|
|
Residential mortgage-backed and related securities |
|
|
55,146 |
|
|
67,217 |
|
|
183,556 |
|
|
223,536 |
State and municipal securities |
|
|
92,169 |
|
|
101,169 |
|
|
282,731 |
|
|
299,190 |
Dividends on non-marketable equity securities |
|
|
8,216 |
|
|
6,387 |
|
|
21,505 |
|
|
19,098 |
Interest-bearing deposits |
|
|
12,902 |
|
|
81,905 |
|
|
72,343 |
|
|
181,452 |
Total interest and dividend income |
|
|
3,055,888 |
|
|
3,135,552 |
|
|
9,179,250 |
|
|
9,315,088 |
Interest expense: |
|
|
|
|
|
|
|
|
Deposits |
|
|
476,017 |
|
|
774,630 |
|
|
1,770,563 |
|
|
2,055,165 |
Borrowings |
|
|
77,730 |
|
|
68,413 |
|
|
205,554 |
|
|
209,559 |
Total interest expense |
|
|
553,747 |
|
|
843,043 |
|
|
1,976,117 |
|
|
2,264,724 |
Net interest income |
|
|
2,502,141 |
|
|
2,292,509 |
|
|
7,203,133 |
|
|
7,050,364 |
Provision for loan losses |
|
|
80,000 |
|
|
105,000 |
|
|
660,000 |
|
|
405,000 |
Net interest income after provision for loan
losses |
|
|
2,422,141 |
|
|
2,187,509 |
|
|
6,543,133 |
|
|
6,645,364 |
Other income: |
|
|
|
|
|
|
|
|
Gain on sale of loans |
|
|
471,560 |
|
|
370,387 |
|
|
1,042,358 |
|
|
628,678 |
Gain on sale of securities, net |
|
|
- |
|
|
- |
|
|
857 |
|
|
- |
Loan origination and servicing income |
|
|
390,014 |
|
|
291,677 |
|
|
942,785 |
|
|
646,068 |
Origination of mortgage servicing rights, net of amortization |
|
|
66,205 |
|
|
111,316 |
|
|
140,713 |
|
|
98,581 |
Customer service fees |
|
|
89,383 |
|
|
129,831 |
|
|
279,233 |
|
|
370,776 |
Increase in cash surrender value of life insurance |
|
|
13,054 |
|
|
11,565 |
|
|
38,656 |
|
|
35,411 |
Gain/(Loss) on sale of repossessed assets, net |
|
|
4,552 |
|
|
4,182 |
|
|
20,883 |
|
|
11,978 |
Other |
|
|
50,088 |
|
|
42,532 |
|
|
109,036 |
|
|
88,478 |
Total other income |
|
|
1,084,856 |
|
|
961,490 |
|
|
2,574,521 |
|
|
1,879,970 |
Other expenses: |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,467,248 |
|
|
1,393,099 |
|
|
4,090,350 |
|
|
3,679,948 |
Directors fees |
|
|
30,000 |
|
|
43,000 |
|
|
120,000 |
|
|
129,000 |
Occupancy |
|
|
163,754 |
|
|
171,352 |
|
|
491,671 |
|
|
499,362 |
Deposit insurance premium |
|
|
16,500 |
|
|
2,000 |
|
|
33,000 |
|
|
33,565 |
Legal and professional services |
|
|
121,289 |
|
|
105,469 |
|
|
327,155 |
|
|
303,402 |
Data processing |
|
|
232,240 |
|
|
186,462 |
|
|
706,982 |
|
|
521,905 |
Loan expense |
|
|
164,359 |
|
|
201,404 |
|
|
420,811 |
|
|
538,439 |
Valuation adjustments and expenses on foreclosed real estate |
|
|
555 |
|
|
20,418 |
|
|
1,503 |
|
|
32,421 |
Other |
|
|
221,501 |
|
|
302,536 |
|
|
668,012 |
|
|
901,287 |
Total other expenses |
|
|
2,417,446 |
|
|
2,425,740 |
|
|
6,859,484 |
|
|
6,639,329 |
Income before income tax expense |
|
|
1,089,551 |
|
|
723,259 |
|
|
2,258,170 |
|
|
1,886,005 |
Income tax expense |
|
|
294,135 |
|
|
178,343 |
|
|
626,533 |
|
|
506,407 |
Net income |
|
$ |
795,416 |
|
$ |
544,916 |
|
$ |
1,631,637 |
|
$ |
1,379,598 |
Basic earnings per share |
|
$ |
0.27 |
|
$ |
0.18 |
|
$ |
0.55 |
|
$ |
0.44 |
Diluted earnings per share |
|
$ |
0.27 |
|
$ |
0.18 |
|
$ |
0.55 |
|
$ |
0.44 |
Dividends per share |
|
$ |
0.085 |
|
$ |
0.063 |
|
$ |
0.624 |
|
$ |
0.563 |
Ottawa Bancorp, Inc. & Subsidiary |
|
Selected Financial Data and Ratios |
|
(Unaudited) |
|
|
|
|
|
|
|
At September 30, |
|
At December 31, |
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
|
Financial Condition
Data: |
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
$310,612 |
|
$300,532 |
|
Loans, net (1) |
|
|
|
|
|
|
256,711 |
|
|
247,776 |
|
Securities available for
sale |
|
|
|
|
|
|
21,863 |
|
|
24,516 |
|
Deposits |
|
|
|
|
|
|
241,562 |
|
|
236,314 |
|
Stockholders' Equity |
|
|
|
|
|
|
48,899 |
|
|
50,711 |
|
Book Value per common
share |
|
|
|
|
|
$16.39 |
|
$16.05 |
|
Tangible Book Value per common
share (2) |
|
|
|
|
|
$16.12 |
|
$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 September 30, |
|
Nine Months Ended September 30, |
|
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
|
(In thousands, except per share data) |
|
Operations
Data: |
|
|
|
|
|
|
|
|
|
Total interest and dividend
income |
|
$3,056 |
|
$3,136 |
|
$9,179 |
|
$9,315 |
|
Total interest expense |
|
|
554 |
|
|
843 |
|
|
1,976 |
|
|
2,265 |
|
Net interest income |
|
|
2,502 |
|
|
2,293 |
|
|
7,203 |
|
|
7,050 |
|
Provision for loan losses |
|
|
80 |
|
|
105 |
|
|
660 |
|
|
405 |
|
Total other income |
|
|
1,085 |
|
|
961 |
|
|
2,575 |
|
|
1,880 |
|
Total other expense |
|
|
2,417 |
|
|
2,426 |
|
|
6,859 |
|
|
6,639 |
|
Income tax expense |
|
|
294 |
|
|
178 |
|
|
627 |
|
|
506 |
|
Net income |
|
$796 |
|
$545 |
|
$1,632 |
|
$1,380 |
|
Basic earnings per share |
|
$0.27 |
|
$0.18 |
|
$0.55 |
|
$0.44 |
|
Diluted earnings per
share |
|
$0.27 |
|
$0.18 |
|
$0.55 |
|
$0.44 |
|
Dividends per share |
|
$0.085 |
|
$0.063 |
|
$0.624 |
|
$0.559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the |
|
At or for the |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
Return on average assets
(5) |
|
|
1.03 |
% |
|
0.72 |
% |
|
0.70 |
% |
|
0.63 |
% |
Return on average
stockholders' equity (5) |
|
|
6.48 |
|
|
3.70 |
|
|
4.53 |
|
|
3.13 |
|
Average stockholders' equity
to average assets |
|
|
15.84 |
|
|
19.56 |
|
|
15.52 |
|
|
19.97 |
|
Stockholders' equity to total
assets at end of period |
|
|
15.74 |
|
|
16.55 |
|
|
15.74 |
|
|
16.55 |
|
Net interest rate spread (1)
(5) |
|
|
3.27 |
|
|
3.01 |
|
|
3.11 |
|
|
3.19 |
|
Net interest margin (2)
(5) |
|
|
3.45 |
|
|
3.25 |
|
|
3.32 |
|
|
3.43 |
|
Average interest-earning
assets to average interest-bearing liabilities |
|
|
122.70 |
|
|
120.57 |
|
|
122.24 |
|
|
121.92 |
|
Other expense to average
assets |
|
|
0.78 |
|
|
0.80 |
|
|
2.22 |
|
|
2.26 |
|
Efficiency ratio (3) |
|
|
67.38 |
|
|
74.55 |
|
|
70.15 |
|
|
74.34 |
|
Dividend payout ratio |
|
|
31.38 |
|
|
35.00 |
|
|
106.36 |
|
|
127.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the |
|
At or for the |
|
|
|
|
|
|
|
Nine Months Ended |
|
Twelve Months Ended |
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
(unaudited) |
|
Regulatory Capital
Ratios (4): |
|
|
|
|
|
|
|
|
|
Total risk-based capital (to
risk-weighted assets) |
|
|
|
|
|
20.97 |
% |
22.21 |
% |
Tier 1 core capital (to
risk-weighted assets) |
|
|
|
|
|
19.72 |
|
20.96 |
|
Common equity Tier 1 (to
risk-weighted assets) |
|
|
|
|
|
19.72 |
|
20.96 |
|
Tier 1 leverage (to adjusted
total assets) |
|
|
|
|
|
14.55 |
|
15.00 |
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
Net charge-offs to average
gross loans outstanding |
|
|
|
|
|
0.12 |
|
0.11 |
|
Allowance for loan losses to
gross loans outstanding |
|
|
|
|
|
1.34 |
|
1.17 |
|
Non-performing loans to gross
loans (6) |
|
|
|
|
|
0.68 |
|
0.90 |
|
Non-performing assets to total
assets (6) |
|
|
|
|
|
0.59 |
|
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