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 $0.30 per basic and diluted common share
for the three months ended December 31, 2020, compared to net
income of $0.6 million, or $0.18 per basic and diluted common share
for the three months ended December 31, 2019. For the twelve months
ended December 31, 2020, the Company announced net income of $2.48
million, or $0.84 per basic and diluted common share, compared to
net income of $1.94 million, or $0.62 per basic and diluted common
share for the twelve months ended December 31, 2019. The loan
portfolio, net of allowance, increased to $255.1 million as of
December 31, 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 December 31, 2020, which caused the ratio
of non-performing loans to gross loans to decrease from 0.90% at
December 31, 2019 to 0.62% at December 31, 2020. Additionally,
through December 31, 2020, the Company has repurchased a total of
562,256 shares of its common stock at an average price of $12.98
per share as part of the stock repurchase program approved on
November 19, 2019 and its previous stock repurchase programs that
had expired prior to December 31, 2020.
Craig Hepner, President and Chief Executive
Officer of the Company, said, “I am extremely pleased with the
Company’s performance in the fourth quarter and throughout 2020. I
cannot say enough about the outstanding job our team members did in
working through the challenges faced, first with our data system
conversion in early 2020 and throughout the year as a result of the
COVID-19 pandemic. Everyone truly demonstrated what community
banking is all about, supporting our customers and the communities
we serve.”
“We remain cautiously optimistic as we enter
2021 that our national, state and local economies will fully
re-open and begin to heal from one of the most challenging times in
our history. Although the timing and strength of an economic
recovery remain uncertain, we believe that the Company is well
positioned, given our strong capital, asset quality and liquidity
positions, to flourish as economic activity rebounds. We look
forward to continuing to play a vital role in support of our
customers, shareholders and communities as we work to overcome the
challenges we still face in the wake of the pandemic,” said Mr.
Hepner.
Comparison of Results of Operations for the Three Months
Ended December 31, 2020 and December 31, 2019
Net income for the three months ended December
31, 2020 was $0.8 million compared to net income of $0.6 million
for the three months ended December 31, 2019. Total interest and
dividend income was $3.1 million for the three months ended
December 31, 2020 as compared to $3.2 million for the three months
ended December 31, 2019. Interest expense was $0.3 million lower
during the three months ended December 31, 2020 resulting in net
interest income of $2.6 million as compared to $2.4 million for the
three months ended December 31, 2019. In addition, there was no
provision for loan losses taken during the three months ended
December 31, 2020 as the economy stabilized and unemployment levels
improved. Net interest income after provision for loan losses was
$2.6 million for the three months ended December 31, 2020 as
compared to $2.2 million for the three months ended December 31,
2019. Total other income was $0.8 million for the three months
ended December 31, 2020 compared to $0.6 million for the three
months ended December 31, 2019. Total other expenses were at $2.4
million for the three months ended December 31, 2020 compared to
$2.0 million for the three months ended December 31, 2019.
Net interest income increased by $0.2 million,
or 11.0%, to $2.6 million for the three months ended December 31,
2020, compared to $2.4 million for the three months ended December
31, 2019. Interest and dividend income declined slightly by $0.1
million to $3.1 million for the three months ended December 31,
2020 as compared to $3.2 million for the three months ended
December 31, 2019. The yield on earning assets decreased from 4.52%
for the three months ended December 31, 2019 to 4.38% for the three
months ended December 31, 2020 causing the decline in interest and
dividend income. This decrease was slightly offset by the growth in
earning assets of $4.1 million. Additionally, interest expense
declined $0.3 million due to lower interest rates as cost of funds
declined from 1.42% to 0.89% as of December 31, 2020 or a reduction
of 53 basis points or 37.3%. Due to the decrease in the cost of
funds, the net interest margin grew by 31 basis points during the
three months ended December 31, 2020, to 3.65% from 3.34% during
the three months ended December 31, 2019.
The Company recorded no provision for loan
losses for the three-month period ended December 31, 2020 as
compared to $0.2 million for the three months ended December 31,
2019. The allowance for loan losses was $3.5 million, or 1.35% of
total gross loans at December 31, 2020 compared to $2.9 million, or
1.17% of gross loans at December 31, 2019. Net recoveries during
the fourth quarter of 2020 were ($19,956) compared to ($26,811)
during the fourth quarter of 2019. General allocation of reserves
was higher at December 31, 2020, when compared to December 31,
2019, primarily due to the balances in most loan categories
increasing during the twelve months ended December 31, 2020 and
increasing the qualitative factors throughout 2020 in anticipation
of the negative economic impact as a result of the COVID-19
pandemic. As of December 31, 2020, non-performing loans decreased
to $1.9 million which allowed the necessary reserves on
non-performing loans as of December 31, 2020 to be approximately
$131,000 lower than they were as of December 31, 2019 due to
improvement in some credits which previously necessitated higher
specific allocation of reserves.
Total other income was $0.8 million for the
three months ended December 31, 2020 as compared to $0.6 million
for the three months ended December 31, 2019. As a result of
increased levels of originations in the one-to-four family
residential loan category, gain on sale of loans increased by $0.3
million. Offsetting this increase slightly were decreases in loan
origination and servicing income, customer service fees and
origination of mortgage servicing rights, net of amortization. The
origination of mortgage servicing rights, net of amortization was
($0.1) million due to the adjustment of the value of the servicing
portfolio based on a third-party valuation that was conducted
during the fourth quarter of 2020.
Total other expense was $2.4 million for the
three months ended December 31, 2020 as compared to $2.0 million
for the three months ended December 31, 2019 which primarily
resulted from an increase of $0.4 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
increased loan application volume during the period. These
increases were partially offset by decreases in other expenses.
The Company recorded income tax expense of
approximately $0.1 million for the three-month period ended
December 31, 2020 as compared to $0.2 million for the three months
ended December 31, 2019.
Comparison of Results of Operations for the Twelve
Months Ended December 31, 2020 and December 31, 2019
Net income was $2.48 million for the
twelve-month period ended December 31, 2020 compared to $1.94
million for the twelve-month period ended December 31, 2019 or an
increase of 28.1%. Interest expense for the period was $0.6 million
lower due to the lower interest rate environment in 2020 which
resulted in an increase in the net interest income for the period
of $0.4 million to $9.8 million. Additionally, total other income
increased by $0.8 million during the period to $3.3 million as a
result of stronger mortgage loan origination levels throughout
2020. This increase was slightly offset by higher other expense
levels which increased $0.7 million to $9.3 million for the twelve
months ended December 31, 2020. The increase in other expense was
the result of salaries and employee benefits increasing by $0.8
million due to overtime paid during our core data system conversion
in the spring, higher commissions paid to mortgage loan originators
throughout the year and overtime paid to support staff to process
the increased loan application volume in 2020.
Net interest income increased by $0.4 million,
or 4.4%, to $9.8 million for the twelve months ended December 31,
2020, from $9.4 million for the twelve months ended December 31,
2019. Interest and dividend income decreased $0.2 million, or 1.5%,
primarily due to a decrease of 27 basis points in the average yield
on assets which declined to 4.26% for the twelve months ended
December 31, 2020 from 4.53% for the twelve months ended December
31, 2019. This decrease was partially offset by an increase in the
average balances of non-interest-earning assets of $12.8 million.
Interest expense decreased $0.6 million as the average cost of
funds decreased 30 basis points to 1.06% for the twelve months
ended December 31, 2020 from 1.36% for the twelve months ended
December 31, 2019. This decrease in interest expense which is
attributed to the interest rate reduction was slightly offset by an
increase in interest expense due to an increase in average
interest-bearing liabilities of $9.4 million. Overall, interest
expense decreased by $0.6 million to $2.5 million for the twelve
months ended December 31, 2020 as compared to $3.1 million for the
twelve months ended December 31, 2019. The net interest margin
decreased by 2 basis points, or 0.47%, during the twelve months
ended December 31, 2020 to 3.39% from 3.41% as the lower interest
rate environment had a larger negative impact on the yield on the
earning asset portfolio.
We recorded a provision for loan losses of $0.7
million for the twelve-month period ended December 31, 2020 as
compared to $0.6 million for the twelve-month period ended December
31, 2019. The allowance for loan losses was $3.5 million, or 1.35%
of total gross loans at December 31, 2020 compared to $2.9 million,
or 1.17% of gross loans at December 31, 2019. Net charge-offs
during the first twelve months of 2020 were $0.1 million compared
to $0.3 million during the first twelve months of 2019. General
allocation of reserves were higher at December 31, 2020, when
compared to December 31, 2019, primarily due to the balances in all
loan categories increasing during the twelve months ended December
31, 2020. In addition, due to the anticipated negative 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. As of
December 31, 2020, non-performing loans decreased to $1.9 million
which allowed the necessary reserves on non-performing loans as of
December 31, 2020 to be approximately $131,000 lower than they were
as of December 31, 2019 due to the improvement of some credits
which previously necessitated higher specific allocation of
reserves.
Total other income was $3.3 million for the
twelve months ended December 31, 2020 as compared to $2.5 million
for the twelve months ended December 31, 2019. Due to increased
levels of originations in the one to four family residential loan
category, gain on sale of loans increased by $0.7 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. Origination of mortgage
servicing rights, net of amortization was lower due to the
adjustment of the value of the servicing portfolio based on a
third-party valuation that was conducted during the fourth quarter
of 2020.
Total other expense increased $0.7 million, or
7.6%, to $9.3 million for the twelve months ended December 31,
2020, as compared to $8.6 million for the twelve months ended
December 31, 2019. The increase was primarily due to increases in
salaries and employee benefits of $0.8 million and an increase in
data processing costs of $0.3 million. Data processing costs were
elevated due to the enhancement of our infrastructure to support
the implementation of our new core processing system. Salaries and
employee benefits increased due to the higher commissions paid to
mortgage loan originators and overtime paid to support staff to
process the increased loan application volume during the period.
Additionally, salaries and employee benefits were higher due to
overtime incurred during the implementation of our core processing
system in the spring. These increases were partially offset by
lower costs in loan expense and other expense.
We recorded income tax expense of approximately
$0.7 million for both the twelve-month periods ended December 31,
2020 and December 31, 2019.
Comparison of Financial Condition at
December 31, 2020 and December 31, 2019
Total consolidated assets as of December 31,
2020 were $307.6 million, an increase of $7.1 million, or
2.4%, from $300.5 million at December 31, 2019. The increase was
primarily due to an increase of $7.4 million in cash and cash
equivalents, a $7.3 million increase in the net loan portfolio and
a $1.3 million increase in other assets. These increases were
partially offset by a decrease in federal funds sold of $0.7
million, a decrease in securities available for sale of $5.8
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 $0.1 million.
Cash and cash equivalents increased $7.4
million, or 12.3%, to $13.4 million at December 31, 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 $5.3 million and cash provided from operating
activities of $2.3 million exceeding cash used in investing
activities of $0.2 million.
Securities available for sale decreased $5.8
million, or 23.7%, to $18.7 million at December 31, 2020 from $24.5
million at December 31, 2019, as paydowns, calls, and maturities
exceeded new securities purchases.
Net loans increased $7.3 million, or 2.9%, to
$255.1 million at December 31, 2020 compared to $247.8 million at
December 31, 2019 primarily due to an increase of $2.8 million
in multi-family loans, an increase of $11.7 million in
non-residential real estate loans and a $5.0 million increase in
commercial loans. The increases were offset by decreases of $2.7
million in one-to-four family loans, $3.4 million in consumer
direct loans and $5.6 million in purchased auto loans. The
allowance for loan losses increased by $0.5 million from December
31, 2019 to December 31, 2020.
Total deposits increased $1.3 million, or 0.56%,
to $237.6 million at December 31, 2020 from $236.3 million at
December 31, 2019. For the twelve months ended December 31, 2020,
savings accounts increased by $6.3 million, non-interest bearing
checking accounts increased by $5.7 million, interest-bearing
checking accounts increased by $0.3 million and money market
accounts increased by $1.2 million as compared to December 31,
2019. The increases were offset by decreases in certificates of
deposit of $12.2 million as compared to December 31, 2019.
FHLB advances increased $8.5 million, or 93.4%
to $17.6 million at December 31, 2020 compared to $9.1 million at
December 31, 2019. The increase was related to the low-rate
environment and the extension of maturities to fund future loan
growth.
Stockholders’ equity decreased $2.5 million, or
4.8% to $48.2 million at December 31, 2020 from $50.7 million at
December 31, 2019. The decrease reflects $2.5 million used to
repurchase and cancel 221,587 outstanding shares of Company common
stock, and $1.9 million in cash dividends. The decreases were
partially offset by net income of $2.5 million for the twelve
months ended December 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.
Annual Meeting of
StockholdersOn February 4, 2021 the Company also announced
that its annual meeting of stockholders will be held on Wednesday,
May 19, 2021.
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 |
December 31, 2020 and December 31, 2019 |
(Unaudited) |
|
|
|
December 31, |
|
December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
Assets |
|
|
|
|
Cash and due from banks |
|
$ |
7,831,004 |
|
|
$ |
5,272,925 |
|
Interest bearing deposits |
|
|
5,581,139 |
|
|
|
765,486 |
|
Total cash and cash equivalents |
|
|
13,412,143 |
|
|
|
6,038,411 |
|
Time deposits |
|
|
250,000 |
|
|
|
1,483,500 |
|
Federal funds sold |
|
|
3,486,000 |
|
|
|
4,185,000 |
|
Securities available for
sale |
|
|
18,711,631 |
|
|
|
24,515,759 |
|
Loans, net of allowance for
loan losses of $3,479,151 and $2,937,632 at December 31, 2020 and
December 31, 2019, respectively |
|
|
255,103,053 |
|
|
|
247,775,814 |
|
Loans held for sale |
|
|
- |
|
|
|
1,225,526 |
|
Premises and equipment,
net |
|
|
6,312,256 |
|
|
|
6,517,922 |
|
Accrued interest
receivable |
|
|
972,602 |
|
|
|
875,104 |
|
Foreclosed real estate |
|
|
107,100 |
|
|
|
- |
|
Deferred tax assets |
|
|
1,607,325 |
|
|
|
1,743,161 |
|
Cash value of life
insurance |
|
|
2,603,045 |
|
|
|
2,389,530 |
|
Goodwill |
|
|
649,869 |
|
|
|
649,869 |
|
Core deposit intangible |
|
|
131,996 |
|
|
|
169,999 |
|
Other assets |
|
|
4,234,401 |
|
|
|
2,962,101 |
|
Total assets |
|
$ |
307,581,421 |
|
|
$ |
300,531,696 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
Liabilities |
|
|
|
|
Deposits: |
|
|
|
|
Non-interest bearing |
|
$ |
19,324,166 |
|
|
$ |
13,664,986 |
|
Interest bearing |
|
|
218,306,696 |
|
|
|
222,648,518 |
|
Total deposits |
|
|
237,630,862 |
|
|
|
236,313,504 |
|
Accrued interest payable |
|
|
65,837 |
|
|
|
8,146 |
|
FHLB advances |
|
|
17,548,559 |
|
|
|
9,068,030 |
|
Other liabilities |
|
|
3,124,052 |
|
|
|
4,431,141 |
|
Total liabilities |
|
|
258,369,310 |
|
|
|
249,820,821 |
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
ESOP Repurchase
Obligation |
|
|
957,167 |
|
|
|
- |
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
Common stock, $.01 par value, 12,000,000 shares authorized;
2,954,557 and 3,159,494 shares issued at December 31, 2020 and
December 31, 2019, respectively |
|
|
29,545 |
|
|
|
31,594 |
|
Additional paid-in-capital |
|
|
30,488,432 |
|
|
|
32,845,639 |
|
Retained earnings |
|
|
19,423,899 |
|
|
|
18,938,633 |
|
Unallocated ESOP shares |
|
|
(1,151,958 |
) |
|
|
(1,398,600 |
) |
Unallocated management recognition plan shares |
|
|
(61,672 |
) |
|
|
(30,944 |
) |
Accumulated other comprehensive income |
|
|
483,865 |
|
|
|
324,553 |
|
|
|
|
49,212,111 |
|
|
|
50,710,875 |
|
Less: |
|
|
|
|
ESOP Owned shares |
|
|
(957,167 |
) |
|
|
- |
|
Total stockholders' equity |
|
|
48,254,944 |
|
|
|
50,710,875 |
|
Total liabilities and stockholders' equity |
|
$ |
307,581,421 |
|
|
$ |
300,531,696 |
|
Ottawa Bancorp, Inc. & Subsidiary |
Consolidated Statements of Operations |
Three and Twelve Months Ended December 31, 2020 and
2019 |
(Unaudited) |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
2,982,253 |
|
|
$ |
2,948,853 |
|
|
$ |
11,601,368 |
|
|
$ |
11,540,665 |
|
Securities: |
|
|
|
|
|
|
|
|
Residential mortgage-backed and related securities |
|
|
47,476 |
|
|
|
71,914 |
|
|
|
231,032 |
|
|
|
295,450 |
|
State and municipal securities |
|
|
103,831 |
|
|
|
100,357 |
|
|
|
386,561 |
|
|
|
399,547 |
|
Dividends on non-marketable equity securities |
|
|
8,675 |
|
|
|
6,688 |
|
|
|
30,180 |
|
|
|
25,786 |
|
Interest-bearing deposits |
|
|
8,594 |
|
|
|
74,212 |
|
|
|
80,937 |
|
|
|
255,664 |
|
Total interest and dividend income |
|
|
3,150,829 |
|
|
|
3,202,024 |
|
|
|
12,330,078 |
|
|
|
12,517,112 |
|
Interest expense: |
|
|
|
|
|
|
|
|
Deposits |
|
|
446,825 |
|
|
|
767,510 |
|
|
|
2,217,388 |
|
|
|
2,822,675 |
|
Borrowings |
|
|
77,949 |
|
|
|
67,492 |
|
|
|
283,503 |
|
|
|
277,051 |
|
Total interest expense |
|
|
524,774 |
|
|
|
835,002 |
|
|
|
2,500,891 |
|
|
|
3,099,726 |
|
Net interest income |
|
|
2,626,055 |
|
|
|
2,367,022 |
|
|
|
9,829,187 |
|
|
|
9,417,386 |
|
Provision for loan losses |
|
|
- |
|
|
|
190,000 |
|
|
|
660,000 |
|
|
|
595,000 |
|
Net interest income after provision for loan
losses |
|
|
2,626,055 |
|
|
|
2,177,022 |
|
|
|
9,169,187 |
|
|
|
8,822,386 |
|
Other income: |
|
|
|
|
|
|
|
|
Gain on sale of loans |
|
|
412,897 |
|
|
|
130,337 |
|
|
|
1,455,255 |
|
|
|
759,015 |
|
Gain on sale of securities, net |
|
|
- |
|
|
|
16,128 |
|
|
|
857 |
|
|
|
16,128 |
|
Loan origination and servicing income |
|
|
271,814 |
|
|
|
303,371 |
|
|
|
1,214,599 |
|
|
|
949,439 |
|
Origination of mortgage servicing rights, net of amortization |
|
|
(107,168 |
) |
|
|
(10,686 |
) |
|
|
33,545 |
|
|
|
87,895 |
|
Customer service fees |
|
|
88,323 |
|
|
|
102,197 |
|
|
|
367,556 |
|
|
|
472,973 |
|
Increase in cash surrender value of life insurance |
|
|
35,996 |
|
|
|
12,666 |
|
|
|
74,652 |
|
|
|
48,077 |
|
Gain on sale of repossessed assets, net |
|
|
550 |
|
|
|
6,524 |
|
|
|
21,433 |
|
|
|
18,502 |
|
(Loss) on sale of foreclosed real estate |
|
|
(4,962 |
) |
|
|
- |
|
|
|
(4,962 |
) |
|
|
- |
|
Other |
|
|
55,631 |
|
|
|
30,126 |
|
|
|
164,667 |
|
|
|
118,604 |
|
Total other income |
|
|
753,081 |
|
|
|
590,663 |
|
|
|
3,327,602 |
|
|
|
2,470,633 |
|
Other expenses: |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,442,790 |
|
|
|
1,050,019 |
|
|
|
5,533,139 |
|
|
|
4,729,967 |
|
Directors fees |
|
|
40,000 |
|
|
|
43,000 |
|
|
|
160,000 |
|
|
|
172,000 |
|
Occupancy |
|
|
145,142 |
|
|
|
183,698 |
|
|
|
636,814 |
|
|
|
683,060 |
|
Deposit insurance premium |
|
|
(1,997 |
) |
|
|
- |
|
|
|
31,003 |
|
|
|
33,565 |
|
Legal and professional services |
|
|
112,716 |
|
|
|
22,698 |
|
|
|
439,871 |
|
|
|
326,100 |
|
Data processing |
|
|
244,873 |
|
|
|
160,642 |
|
|
|
951,855 |
|
|
|
682,547 |
|
Loan expense |
|
|
165,955 |
|
|
|
179,759 |
|
|
|
586,766 |
|
|
|
718,198 |
|
Valuation adjustments and expenses on foreclosed real estate |
|
|
3,760 |
|
|
|
2,293 |
|
|
|
5,263 |
|
|
|
34,714 |
|
Other |
|
|
263,791 |
|
|
|
348,732 |
|
|
|
931,802 |
|
|
|
1,250,018 |
|
Total other expenses |
|
|
2,417,030 |
|
|
|
1,990,841 |
|
|
|
9,276,513 |
|
|
|
8,630,169 |
|
Income before income tax expense |
|
|
962,106 |
|
|
|
776,844 |
|
|
|
3,220,276 |
|
|
|
2,662,850 |
|
Income tax expense |
|
|
112,823 |
|
|
|
219,096 |
|
|
|
739,356 |
|
|
|
725,503 |
|
Net
income |
|
$ |
849,283 |
|
|
$ |
557,748 |
|
|
$ |
2,480,920 |
|
|
$ |
1,937,347 |
|
Basic earnings per share |
|
$ |
0.30 |
|
|
$ |
0.18 |
|
|
$ |
0.84 |
|
|
$ |
0.62 |
|
Diluted earnings per share |
|
$ |
0.30 |
|
|
$ |
0.18 |
|
|
$ |
0.84 |
|
|
$ |
0.62 |
|
Dividends per share |
|
$ |
0.083 |
|
|
$ |
0.063 |
|
|
$ |
0.711 |
|
|
$ |
0.629 |
|
Ottawa Bancorp, Inc. & Subsidiary |
Selected Financial Data and Ratios |
(Unaudited) |
|
|
|
|
|
|
|
At December 31, |
|
At December 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
Financial Condition
Data: |
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
$ |
307,581 |
|
|
$ |
300,532 |
|
Loans, net (1) |
|
|
|
|
|
|
255,103 |
|
|
|
247,776 |
|
Securities available for
sale |
|
|
|
|
|
|
18,711 |
|
|
|
24,516 |
|
Deposits |
|
|
|
|
|
|
237,631 |
|
|
|
236,314 |
|
Stockholders' Equity |
|
|
|
|
|
|
48,255 |
|
|
|
50,711 |
|
Book Value per common
share |
|
|
|
|
|
$ |
16.33 |
|
|
$ |
16.05 |
|
Tangible Book Value per common
share (2) |
|
|
|
|
|
$ |
16.07 |
|
|
$ |
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 December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share data) |
|
(In thousands, except per share data) |
Operations
Data: |
|
|
|
|
|
|
|
|
Total interest and dividend
income |
|
$ |
3,151 |
|
|
$ |
3,202 |
|
|
$ |
12,330 |
|
|
$ |
12,517 |
|
Total interest expense |
|
|
525 |
|
|
|
835 |
|
|
|
2,501 |
|
|
|
3,100 |
|
Net interest income |
|
|
2,626 |
|
|
|
2,367 |
|
|
|
9,829 |
|
|
|
9,417 |
|
Provision for loan losses |
|
|
- |
|
|
|
190 |
|
|
|
660 |
|
|
|
595 |
|
Total other income |
|
|
753 |
|
|
|
591 |
|
|
|
3,328 |
|
|
|
2,471 |
|
Total other expense |
|
|
2,417 |
|
|
|
1,991 |
|
|
|
9,277 |
|
|
|
8,630 |
|
Income tax expense |
|
|
113 |
|
|
|
219 |
|
|
|
739 |
|
|
|
726 |
|
Net income |
|
$ |
849 |
|
|
$ |
558 |
|
|
$ |
2,481 |
|
|
$ |
1,937 |
|
Basic earnings per share |
|
$ |
0.30 |
|
|
$ |
0.18 |
|
|
$ |
0.84 |
|
|
$ |
0.62 |
|
Diluted earnings per
share |
|
$ |
0.30 |
|
|
$ |
0.184 |
|
|
$ |
0.84 |
|
|
$ |
0.62 |
|
Dividends per share |
|
$ |
0.083 |
|
|
$ |
0.063 |
|
|
$ |
0.711 |
|
|
$ |
0.629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the |
|
At or for the |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
Return on average assets
(5) |
|
|
1.10 |
% |
|
|
0.74 |
% |
|
|
0.80 |
% |
|
|
0.65 |
% |
Return on average
stockholders' equity (5) |
|
|
6.93 |
|
|
|
3.77 |
|
|
|
5.14 |
|
|
|
3.29 |
|
Average stockholders' equity
to average assets |
|
|
15.91 |
|
|
|
19.56 |
|
|
|
15.62 |
|
|
|
19.86 |
|
Stockholders' equity to total
assets at end of period |
|
|
15.69 |
|
|
|
16.87 |
|
|
|
15.69 |
|
|
|
16.87 |
|
Net interest rate spread (1)
(5) |
|
|
3.49 |
|
|
|
3.10 |
|
|
|
3.20 |
|
|
|
3.17 |
|
Net interest margin (2)
(5) |
|
|
3.65 |
|
|
|
3.34 |
|
|
|
3.39 |
|
|
|
3.41 |
|
Average interest-earning
assets to average interest-bearing liabilities |
|
|
121.78 |
|
|
|
120.48 |
|
|
|
122.13 |
|
|
|
121.54 |
|
Other expense to average
assets |
|
|
0.79 |
|
|
|
0.66 |
|
|
|
3.00 |
|
|
|
2.91 |
|
Efficiency ratio (3) |
|
|
71.53 |
|
|
|
67.30 |
|
|
|
70.51 |
|
|
|
72.59 |
|
Dividend payout ratio |
|
|
27.67 |
|
|
|
35.00 |
|
|
|
78.65 |
|
|
|
101.45 |
|
|
|
At or for the |
|
At or for the |
|
|
Twelve Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2020 |
|
2019 |
|
|
|
|
|
|
|
(unaudited) |
Regulatory Capital Ratios (4): |
|
|
|
|
|
|
Total risk-based capital (to
risk-weighted assets) |
|
20.38 |
% |
|
22.21 |
% |
Tier 1 core capital (to
risk-weighted assets) |
|
19.12 |
|
|
20.96 |
|
Common equity Tier 1 (to
risk-weighted assets) |
|
19.12 |
|
|
20.96 |
|
Tier 1 leverage (to adjusted
total assets) |
|
14.25 |
|
|
15.00 |
|
Asset Quality
Ratios: |
|
|
|
|
|
|
Net charge-offs to average
gross loans outstanding |
|
0.18 |
|
|
0.11 |
|
Allowance for loan losses to
gross loans outstanding |
|
1.35 |
|
|
1.17 |
|
Non-performing loans to gross
loans (6) |
|
0.62 |
|
|
0.90 |
|
Non-performing assets to total
assets (6) |
|
0.67 |
|
|
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