Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding
company for OSB Community Bank (the “Bank”), announced net income
of $0.8 million, or $0.29 per basic and diluted common share for
the three months ended September 30, 2021, compared to net income
of $0.8 million, or $0.27 per basic and diluted common share, for
the three months ended September 30, 2020. For the nine months
ended September 30, 2021, the Company announced net income of $2.1
million, or $0.76 per basic and $0.75 per diluted common share,
compared to net income of $1.6 million, or $0.55 per basic and
diluted common share, for the nine months ended September 30, 2020.
During the third quarter of 2021, the Company experienced growth in
its deposit portfolio as deposits grew to $273.7 million at
September 30, 2021. Loan demand slowed during the quarter which
resulted in increase in the securities portfolio, which grew to
$29.5 million at September 30, 2021. Total assets increased to
$343.2 million at September 30, 2021. The loan portfolio, net of
allowance, was $271.9 million at September 30, 2021 compared to
$255.1 million at December 31, 2020. Non-performing loans increased
to $1.6 million at September 30, 2021 from $1.3 million at December
31, 2020 resulting in the ratio of non-performing loans to gross
loans increasing to 0.57% at September 30, 2021 from 0.51% at
December 31, 2020. Additionally, through September 30, 2021, the
Company has repurchased a total of 628,585 shares of its common
stock at an average price of $13.14 per share as part of the four
stock repurchase programs approved by the Company’s Board since
2016.
Craig Hepner, President and Chief Executive
Officer of the Company, said, “I am very pleased with the Company’s
performance in the third quarter. Even though we realized a slight
decline in overall loan balances, organic deposit growth remained
strong, and we continued to lower our overall cost of funds which
in turn resulted in continued growth in net earnings. In addition,
we continued to have success with our on-going stock repurchase
plan in the third quarter, and we continued to pay a healthy
quarterly cash dividend as part of our prudent approach to capital
management.”
“As previously disclosed, we completed our
conversion from a federal savings bank to an Illinois
state-chartered commercial bank during the third quarter, and in
conjunction with that conversion, the name of the Bank was changed
to OSB Community Bank. We believe that the charter conversion best
positions the Bank to compete in the markets we serve and to
further execute on our business strategy going forward. We are
proud of our Ottawa Savings Bank heritage and look forward to
continuing to serve the financial needs of our customers and
communities as OSB Community Bank.” said Mr. Hepner.
Comparison of Results of
Operations for the Three
Months Ended September
30,
2021
and September
30,
2020
Net income for the three months ended September
30, 2021 was $0.8 million compared to net income of $0.8 million
for the three months ended September 30, 2020. Total interest and
dividend income was $3.2 million for the three months ended
September 30, 2021 as compared to $3.1 million for the three months
ended September 30, 2020. Interest expense was $0.2 million lower
during the three months ended September 30, 2021 than during the
corresponding period in 2020. In addition, no provision for loan
losses was taken during the three months ended September 30, 2021
as compared to a provision for loan losses of $0.1 million for the
three months ended September 30, 2020. As a result of the
continuing decline in the consumer and purchased auto loan
portfolios, several qualitative factors in the allowance
calculation were adjusted positively which led to no provision
being taken during the quarter. Net interest income after provision
for loan losses was $2.8 million for the three months ended
September 30, 2021 as compared to $2.4 million for the three months
ended September 30, 2020. Total other income was $0.7 million for
the three months ended September 30, 2021 compared to $1.1 million
for the three months ended September 30, 2020. Total other expenses
remained flat at $2.4 million for the three months ended September
30, 2021 as compared to the three months ended September 30, 2020.
Net interest income (before provision for loan
losses) increased by $0.3 million, or 13.8%, to $2.8 million for
the three months ended September 30, 2021, compared to $2.5 million
for the three months ended September 30, 2020. Interest and
dividend income grew by $0.1 million between the periods as a
result of an increase in the average balance of interest-earning
assets of $30.2 million. The yield on interest-earning assets
decreased to 4.00% for the three months ended September 30, 2021
compared to 4.21% for the three months ended September 30, 2020.
This decrease was offset by the growth in earning assets. As a
result, interest and dividend income increased by $0.1 million.
Interest expense fell by $0.2 million as a result of a 41 basis
point decline in the cost of funds to .53% for the three months
ended September 30, 2021 from 0.94% for the three months ended
September 30, 2020. The net interest margin increased by 10 basis
points during the three months ended September 30, 2021 to 3.55%
from 3.45% during the three months ended September 30, 2020.
The Company recorded no provision for loan
losses for the three-month period ended September 30, 2021 as
compared to a $0.1 million provision for loan losses for the three
months ended September 30, 2020. The allowance for loan and lease
losses was $3.6 million, or 1.31% of total gross loans at September
30, 2021 compared to $3.5 million, or 1.34% of gross loans, at
September 30, 2020. Net recoveries during the third quarter of 2021
were ($11,838) compared to ($41,587) during the third quarter of
2020. General allocation of reserves were higher at September 30,
2021, when compared to September 30, 2020, primarily due to the
balances in most loan categories increasing during the twelve
months ended September 30, 2021. With the consumer and purchased
auto loan portfolios declining, several qualitative factors for the
allowance calculation were adjusted positively which led to no
provision being taken in third quarter of 2021. With non-performing
loans decreasing to $1.6 million as of September 30, 2021 from $1.8
million as of September 30, 2020, the necessary reserves on
non-performing loans as of September 30, 2021 were approximately
$43,000 lower than they were as of September 30, 2020 due to the
improvement of some credits which necessitated lower or no specific
allocation of reserves.
Total other income was $0.7 million for the
three months ended September 30, 2021 as compared to $1.1 million
for the three months ended September 30, 2020. Mortgage
originations for the one-to-four family residential loan category
were lower for the three months ended September 30, 2021, thus, the
gain on sale of loans decreased by $0.2 million and loan
origination and servicing income decreased by $0.1 million.
Additionally, origination of mortgage servicing rights, net of
amortization, were lower in the current period.
Total other expense was $2.4 million for both
the three months ended September 30, 2021 and September 30,
2020. Salaries and employee benefits increased $0.1
million for the three months ended September 30, 2021 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 small
decreases in several expense categories.
The Company recorded income tax expense of
approximately $0.3 million for both the three-months ended
September 30, 2021 and 2020.
Comparison of Results of Operations for
the Nine Months Ended September 30, 2021 and September 30,
2020
Net income was $2.1 million for the nine-month
period ended September 30, 2021 compared to $1.6 million for the
nine-month period ended September 30, 2020 representing an increase
of 31.4%. Net interest income increased by $0.9
million, or 12.3%, to $8.1 million for the nine months ended
September 30, 2021, from $7.2 million for the nine months ended
September 30, 2020. Interest and dividend income increased $0.1
million, or 1.2%, primarily due to an increase of $14.0 million in
average earning assets which increased to $303.7 million from
$289.7 million. This increase in interest-earning assets added
approximately $0.5 million in revenue from volume which was
slightly offset by a 14 basis point reduction in the average yield
on assets, which declined to 4.08% for the nine months ended
September 30, 2021 compared to 4.22% for the nine months ended
September 30, 2020 and resulted in a decline of $0.4 million in
interest income due to rate. Interest expense decreased $0.8
million as the average cost of funds decreased by 48 basis points
to 0.63% for the nine months ended September 30, 2021 from 1.11%
for the nine months ended September 30, 2020. Slightly offsetting
this decrease in the cost of funds was an increase of $15.8 million
in average interest-bearing liabilities. Overall, interest expense
decreased by $0.8 million to $1.2 million for the nine months ended
September 30, 2021 as compared to $2.0 million for the nine months
ended September 30, 2020. The net interest margin increased by 23
basis points, or 6.5%, during the nine months ended September 30,
2021 to 3.55% from 3.32% for the nine months ended September 30,
2020 as the lower rates had a more positive impact on the cost of
interest-bearing liabilities than on the yield on the
interest-earning asset portfolio. The volume was also favorable as
total interest earning assets increased.
We recorded a provision for loan losses of $0.1
million for the nine-month period ended September 30, 2021 as
compared to $0.7 million for the nine-month period ended September
30, 2020. The allowance for loan losses was $3.6 million, or 1.31%
of total gross loans at September 30, 2021 compared to $3.5
million, or 1.34% of gross loans, at September 30, 2020. Net
recoveries during the first nine months of 2021 were approximately
($10,000) compared to ($0.1 million) during the first nine months
of 2020. General allocation of reserves were higher at September
30, 2021 when compared to September 30, 2020, primarily due to the
balances in most loan categories increasing during the twelve
months ended September 30, 2021. With the consumer and purchased
auto loan portfolios declining, several qualitative factors for the
allowance calculation were adjusted positively which led to no
provision being taken during the third quarter of 2021. With
non-performing loans decreasing to $1.6 million as of September 30,
2021 from $1.8 million as of September 30, 2020, the necessary
reserves on non-performing loans as of September 30, 2021 were
approximately $43,000 lower than they were as of September 30, 2020
due to the improvement of some credits which resulted in lower or
no specific allocation of reserves.
Total other income was $2.2 million for the nine
months ended September 30, 2021 as compared to $2.6 million for the
nine months ended September 30, 2020. Due to decreased levels of
originations in the one to four family residential loan category,
gain on sale of loans decreased by $0.2 million and loan
origination and servicing income remained comparable. There was a
slight decrease in various other categories of $0.1 million which
added to the decline.
Total other expense increased $0.3 million, or
4.8%, to $7.2 million for the nine months ended September 30, 2021,
as compared to $6.9 million for the nine months ended September 30,
2020. The increase was primarily due to increases in
salaries and employee benefits of $0.4 million and an increase in
data processing costs of $0.1 million. These increases were
slightly offset by a decrease of $0.1 million in other expense and
a $0.1 million decrease in several other expense categories. The
increase related to salaries and employee benefits was due to the
commissions paid to loan originators pertaining to the elevated
levels of loan originations and overtime for staff to process the
loan applications.
We recorded income tax expense of approximately
$0.8 million for the nine-month periods ended September 30, 2021 as
compared to $0.6 million for the nine-month period ended September
30, 2020.
Comparison of Financial Condition at
September 30, 2021 and December 31, 2020
Total consolidated assets as of September 30,
2021 were $343.2 million, an increase of $35.6 million, or
11.6%, from $307.6 million at December 31, 2020. The
increase was primarily due to an increase of $12.1 million in
federal funds sold, a $16.8 million increase in the net loan
portfolio, an increase in securities available for sale of $10.8
million and a $0.7 million increase in other assets. Various other
asset categories increased by $0.2 million. These increases were
partially offset by a decrease in total cash and cash equivalents
of $2.0 million and a decrease in time deposits of $3.0
million.
Cash and cash equivalents decreased $2.0
million, or 19.1%, to $8.4 million at September 30, 2021 from $10.4
million at December 31, 2020. The decrease in cash and cash
equivalents was primarily the result of cash used in investing
activities of $37.3 million exceeding cash provided from operating
activities of $1.2 million and cash provided by financing
activities of $34.8 million.
Securities available for sale increased $10.8
million, or 57.7%, to $29.5 million at September 30, 2021 from
$18.7 million at December 31, 2020, as new securities purchases
exceeded paydowns, calls and maturities.
Net loans increased $16.8 million, or 6.6%, to
$271.9 million at September 30, 2021 compared to $255.1 million at
December 31, 2020 primarily as a result of a $16.0 million increase
in one-to-four family loans, an increase of $4.1 million in
multi-family loans and an increase of $5.1 million in
non-residential real estate loans. The increases were offset by a
$3.4 million decrease in consumer direct loans, a $1.5 million
decrease in commercial loans and a $3.5 million decrease in
purchased auto loans. Additionally, the allowance for loan losses
grew by $0.2 million.
Total deposits increased $37.6 million, or
15.9%, to $273.7 million at September 30, 2021 from $236.1 million
at December 31, 2020. For the nine months ended September 30, 2021,
certificates of deposit increased by $8.6 million, savings accounts
increased by $2.1 million, non-interest bearing checking accounts
increased by $3.6 million, interest-bearing checking accounts
increased by $20.5 million and money market accounts increased by
$2.8 million as compared to December 31, 2020.
FHLB advances decreased $1.0 million, or 5.8%,
to $16.5 million at September 30, 2021 compared to $17.5 million at
December 31, 2020.
Stockholders’ equity decreased $0.8 million, or
1.7%, to $47.4 million at September 30, 2021 from $48.2 million at
December 31, 2020. The decrease reflects $1.0 million used to
repurchase and cancel 68,833 outstanding shares of Company common
stock, an increase of $0.5 million related to the cash obligation
for ESOP shares, a decrease of $0.1 million in other comprehensive
income due to a decrease in fair value of securities available for
sale and $1.5 million in cash dividends. The decreases were
partially offset by net income of $2.1 million for the nine months
ended September 30, 2021 and the proceeds from equity incentive
plan shares issued and the allocation of ESOP shares totaling $0.2
million.
About Ottawa Bancorp, Inc.
Ottawa Bancorp, Inc. is the holding company for
OSB Community Bank 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. OSB Community Bank was founded in 1871 and
is headquartered in Ottawa, Illinois. For more information about
the Company and the Bank, please visit www.myosb.bank.
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, among other things, 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.
Ottawa
Bancorp, Inc. & Subsidiary |
Consolidated
Balance Sheets |
September
30, 2021 and December 31, 2020 |
(Unaudited) |
|
September
30, |
|
December
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
Assets |
|
|
|
Cash and due
from banks |
$ |
5,594,003 |
|
|
$ |
4,793,872 |
|
Interest
bearing deposits |
|
2,797,761 |
|
|
|
5,581,139 |
|
Total cash and cash equivalents |
|
8,391,764 |
|
|
|
10,375,011 |
|
Time
deposits |
|
250,000 |
|
|
|
3,232,500 |
|
Federal
funds sold |
|
15,617,000 |
|
|
|
3,486,000 |
|
Securities
available for sale |
|
29,499,890 |
|
|
|
18,711,631 |
|
Loans, net
of allowance for loan losses of $3,613,612 and $3,497,150 |
|
|
|
at September 30, 2021 and December 31, 2020, respectively |
|
271,891,789 |
|
|
|
255,103,054 |
|
Premises and
equipment, net |
|
6,371,860 |
|
|
|
6,312,256 |
|
Accrued
interest receivable |
|
956,172 |
|
|
|
972,602 |
|
Foreclosed
Real Estate |
|
122,265 |
|
|
|
107,100 |
|
Deferred tax
assets |
|
1,765,808 |
|
|
|
1,666,339 |
|
Cash value
of life insurance |
|
2,638,767 |
|
|
|
2,603,046 |
|
Goodwill |
|
649,869 |
|
|
|
649,869 |
|
Core deposit
intangible |
|
103,493 |
|
|
|
131,996 |
|
Other
assets |
|
4,967,057 |
|
|
|
4,234,003 |
|
Total assets |
$ |
343,225,734 |
|
|
$ |
307,585,407 |
|
Liabilities and Stockholders' Equity |
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
Non-interest bearing |
$ |
21,880,019 |
|
|
$ |
18,285,211 |
|
Interest bearing |
|
251,800,085 |
|
|
|
217,774,806 |
|
Total deposits |
|
273,680,104 |
|
|
|
236,060,017 |
|
Accrued interest payable |
|
47,229 |
|
|
|
54,851 |
|
FHLB advances |
|
16,536,698 |
|
|
|
17,548,560 |
|
Other liabilities |
|
4,106,749 |
|
|
|
4,731,352 |
|
Total liabilities |
|
294,370,780 |
|
|
|
258,394,780 |
|
Commitments
and contingencies |
|
|
|
ESOP
Repurchase Obligation |
|
1,461,946 |
|
|
|
957,167 |
|
Stockholders' Equity |
|
|
|
Common stock, $.01 par value, 12,000,000 shares authorized;
2,892,465 and 2,949,324 |
|
|
|
shares issued at September 30, 2021 and December 31, 2020,
respectively |
|
28,924 |
|
|
|
29,491 |
|
Additional paid-in-capital |
|
29,584,386 |
|
|
|
30,415,091 |
|
Retained earnings |
|
20,054,787 |
|
|
|
19,457,092 |
|
Unallocated ESOP shares |
|
(1,037,487 |
) |
|
|
(1,132,842 |
) |
Unallocated management recognition plan shares |
|
(106,799 |
) |
|
|
(62,070 |
) |
Accumulated other comprehensive income |
|
331,143 |
|
|
|
483,865 |
|
|
|
48,854,954 |
|
|
|
49,190,627 |
|
Less: |
|
|
|
ESOP Owned Shares |
|
(1,461,946 |
) |
|
|
(957,167 |
) |
Total stockholders' equity |
|
47,393,008 |
|
|
|
48,233,460 |
|
Total liabilities and stockholders' equity |
$ |
343,225,734 |
|
|
$ |
307,585,407 |
|
|
|
|
|
|
|
|
|
Ottawa
Bancorp, Inc. & Subsidiary |
Consolidated
Statements of Operations |
Three and
Nine Months Ended September 30, 2021 and 2020 |
(Unaudited) |
|
|
Three Months
Ended |
|
Nine Months
Ended |
|
|
September
30, |
|
September
30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
|
2020 |
Interest and
dividend income: |
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
3,080,510 |
|
|
$ |
2,887,455 |
|
$ |
8,927,109 |
|
$ |
8,619,115 |
Securities: |
|
|
|
|
|
|
|
|
Residential mortgage-backed and related securities |
|
|
54,459 |
|
|
|
55,146 |
|
|
135,054 |
|
|
183,556 |
State and municipal securities |
|
|
53,238 |
|
|
|
92,169 |
|
|
188,844 |
|
|
282,731 |
Dividends on non-marketable equity securities |
|
|
8,332 |
|
|
|
8,216 |
|
|
25,472 |
|
|
21,505 |
Interest-bearing deposits |
|
|
6,132 |
|
|
|
12,902 |
|
|
16,812 |
|
|
72,343 |
Total interest and dividend income |
|
|
3,202,671 |
|
|
|
3,055,888 |
|
|
9,293,291 |
|
|
9,179,250 |
Interest
expense: |
|
|
|
|
|
|
|
|
Deposits |
|
|
290,237 |
|
|
|
476,017 |
|
|
992,914 |
|
|
1,770,563 |
Borrowings |
|
|
64,715 |
|
|
|
77,730 |
|
|
208,240 |
|
|
205,554 |
Total interest expense |
|
|
354,952 |
|
|
|
553,747 |
|
|
1,201,154 |
|
|
1,976,117 |
Net interest income |
|
|
2,847,719 |
|
|
|
2,502,141 |
|
|
8,092,137 |
|
|
7,203,133 |
Provision
for loan losses |
|
|
- |
|
|
|
80,000 |
|
|
125,000 |
|
|
660,000 |
Net interest income after provision for loan
losses |
|
|
2,847,719 |
|
|
|
2,422,141 |
|
|
7,967,137 |
|
|
6,543,133 |
Other
income: |
|
|
|
|
|
|
|
|
Gain on sale of loans |
|
|
260,628 |
|
|
|
471,560 |
|
|
779,471 |
|
|
1,042,358 |
Gain on sale of securities, net |
|
|
- |
|
|
|
- |
|
|
- |
|
|
857 |
Gain /(Loss) on sale of repossessed assets, net |
|
|
(2,018 |
) |
|
|
4,552 |
|
|
4,056 |
|
|
20,883 |
Loan origination and servicing income |
|
|
295,215 |
|
|
|
390,014 |
|
|
859,159 |
|
|
942,785 |
Origination of mortgage servicing rights, net of amortization |
|
|
28,962 |
|
|
|
66,205 |
|
|
90,952 |
|
|
140,713 |
Customer service fees |
|
|
102,751 |
|
|
|
89,383 |
|
|
290,524 |
|
|
279,233 |
Increase in cash surrender value of life insurance |
|
|
11,328 |
|
|
|
13,054 |
|
|
35,721 |
|
|
38,656 |
Other |
|
|
37,436 |
|
|
|
50,088 |
|
|
84,224 |
|
|
109,036 |
Total other income |
|
|
734,302 |
|
|
|
1,084,856 |
|
|
2,144,107 |
|
|
2,574,521 |
Other
expenses: |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,575,607 |
|
|
|
1,467,248 |
|
|
4,485,037 |
|
|
4,090,350 |
Directors fees |
|
|
35,000 |
|
|
|
30,000 |
|
|
113,750 |
|
|
120,000 |
Occupancy |
|
|
151,921 |
|
|
|
163,754 |
|
|
457,616 |
|
|
491,671 |
Deposit insurance premium |
|
|
18,000 |
|
|
|
16,500 |
|
|
54,178 |
|
|
33,000 |
Legal and professional services |
|
|
91,755 |
|
|
|
121,289 |
|
|
263,431 |
|
|
327,155 |
Data processing |
|
|
271,808 |
|
|
|
232,240 |
|
|
780,339 |
|
|
706,982 |
Loan expense |
|
|
113,328 |
|
|
|
164,359 |
|
|
408,721 |
|
|
420,811 |
Valuation adjustments and expenses on foreclosed real estate |
|
|
6,989 |
|
|
|
555 |
|
|
16,703 |
|
|
1,503 |
Other |
|
|
183,503 |
|
|
|
221,501 |
|
|
600,469 |
|
|
668,012 |
Total other expenses |
|
|
2,447,911 |
|
|
|
2,417,446 |
|
|
7,180,244 |
|
|
6,859,484 |
Income before income tax expense |
|
|
1,134,110 |
|
|
|
1,089,551 |
|
|
2,931,000 |
|
|
2,258,170 |
Income tax
expense |
|
|
306,645 |
|
|
|
294,135 |
|
|
787,236 |
|
|
626,533 |
Net income |
|
$ |
827,465 |
|
|
$ |
795,416 |
|
$ |
2,143,764 |
|
$ |
1,631,637 |
Basic earnings per share |
|
$ |
0.29 |
|
|
$ |
0.27 |
|
$ |
0.76 |
|
$ |
0.55 |
Diluted earnings per share |
|
$ |
0.29 |
|
|
$ |
0.27 |
|
$ |
0.75 |
|
$ |
0.55 |
Dividends per share |
|
$ |
0.10 |
|
|
$ |
0.085 |
|
$ |
0.545 |
|
$ |
0.624 |
Ottawa
Bancorp, Inc. & Subsidiary |
|
Selected
Financial Data and Ratios |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the |
|
|
At or for the |
|
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets (5) |
|
0.97 |
% |
|
1.03 |
% |
|
0.87 |
% |
|
0.70 |
% |
Return on
average stockholders' equity (5) |
|
6.73 |
|
|
6.48 |
|
|
5.79 |
|
|
4.53 |
|
Average
stockholders' equity to average assets |
|
14.38 |
|
|
15.84 |
|
|
15.02 |
|
|
15.52 |
|
Stockholders' equity to total assets at end of period |
|
13.78 |
|
|
15.74 |
|
|
13.78 |
|
|
15.74 |
|
Net interest
rate spread (1) (5) |
|
3.47 |
|
|
3.27 |
|
|
3.45 |
|
|
3.11 |
|
Net interest
margin (2) (5) |
|
3.55 |
|
|
3.45 |
|
|
3.55 |
|
|
3.32 |
|
Average
interest-earning assets to average interest-bearing
liabilities |
|
120.17 |
|
|
122.70 |
|
|
120.12 |
|
|
122.24 |
|
Other
expense to average assets |
|
0.72 |
|
|
0.78 |
|
|
2.19 |
|
|
2.22 |
|
Efficiency
ratio (3) |
|
68.34 |
|
|
67.38 |
|
|
70.14 |
|
|
70.15 |
|
Dividend
payout ratio |
|
34.20 |
|
|
31.38 |
|
|
72.20 |
|
|
106.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the |
|
At or for the |
|
Nine Months
Ended |
|
Twelve Months
Ended |
|
September 30, |
|
December 31, |
|
|
2021 |
|
|
2020 |
|
(unaudited) |
Regulatory Capital Ratios (4): |
|
|
|
|
Total
risk-based capital (to risk-weighted assets) |
|
21.60 |
% |
|
|
20.39 |
% |
Tier 1 core
capital (to risk-weighted assets) |
|
20.35 |
|
|
|
19.14 |
|
Common
equity Tier 1 (to risk-weighted assets) |
|
20.35 |
|
|
|
19.14 |
|
Tier 1
leverage (to adjusted total assets) |
|
13.65 |
|
|
|
14.26 |
|
Asset Quality Ratios: |
|
|
|
|
Net
charge-offs to average gross loans outstanding |
|
(0.10 |
) |
|
|
0.18 |
|
Allowance
for loan losses to gross loans outstanding |
|
1.34 |
|
|
|
1.35 |
|
Non-performing loans to gross loans (6) |
|
0.57 |
|
|
|
0.51 |
|
Non-performing assets to total assets (6) |
|
0.50 |
|
|
|
0.47 |
|
Other Data: |
|
|
|
|
Book Value
per common share |
$ |
16.38 |
|
|
$ |
16.33 |
|
Tangible
Book Value per common share (7) |
$ |
16.12 |
|
|
$ |
16.07 |
|
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 OSB Community 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.(7)
Non-GAAP measure. Excludes goodwill and core deposit
intangible.
Contact:
Craig HepnerPresident and Chief Executive Officer(815)
366-5437
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