Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding
company for OSB Community Bank (the “Bank”), announced net income
of $0.8 million, or $0.28 per basic and diluted common share for
the three months ended December 31, 2021, compared to net income of
$0.8 million, or $0.30 per basic and diluted common share for the
three months ended December 31, 2020. For the twelve months ended
December 31, 2021, the Company announced net income of $2.90
million, or $1.03 per basic and diluted common share, compared to
net income of $2.48 million, or $0.85 per basic and $0.84 diluted
common share for the twelve months ended December 31, 2020. The
loan portfolio, net of allowance, increased to $283.9 million as of
December 31, 2021 from $255.1 million as of December 31, 2020.
Non-performing loans increased from $1.3 million at December 31,
2020 to $1.6 million at December 31, 2021, which caused the ratio
of non-performing loans to gross loans to increase from 0.51% at
December 31, 2020 to 0.57% at December 31, 2021.
Additionally, through December 31, 2021, the Company has
repurchased a total of 704,585 shares of its common stock at an
average price of $13.32 per share as part of the five stock
repurchase programs approved by the Company’s Board since 2016.
Craig Hepner, President and Chief Executive Officer of the
Company, said “I’m delighted to announce that we continued to
successfully execute on all phases of our strategic plan during
2021. This resulted in strong performance in the fourth quarter and
throughout the year. Our record earnings in 2021 were
driven by robust organic growth in both loans and deposits and the
continued focus on improving our deposit mix and reducing our
overall cost of funds.”
“We continued to leverage our capital position through sound
asset growth in 2021 and serve as a consistent source of liquidity
for our stockholders through our on-going share repurchase program
as well as our dividend payments throughout the year. Our primary
markets continue to rebound from the effects of the COVID-19
pandemic, and we remain cautiously optimistic that our local
economic conditions will continue to strengthen in the coming
months. The Bank has and will continue to support our customers and
the communities we serve as we continue to work through the
challenges faced as a result of the pandemic,” said Mr. Hepner.
Comparison of Results of Operations for the Three Months
Ended December 31, 2021 and December 31, 2020
Net income for the three months ended December
31, 2021 was $0.8 million compared to net income of $0.8 million
for the three months ended December 31, 2020. Total interest and
dividend income was $3.1 million for both the three months ended
December 31, 2021 and 2020. Interest expense was $0.3 million
during the three months ended December 31, 2021 as compared to $0.5
million for the three months ended December 31, 2020. Thus, net
interest income was $2.8 million for the three months ended
December 31, 2021 as compared to $2.6 million for the three months
ended December 31, 2020. In addition, there was $25,000
of provision for loan losses taken during the three months ended
December 31, 2021. Due to the continued uncertainty related to the
COVID-19 pandemic and the surging number of cases related to the
Omnicron variant, some of the qualitative factors for the allowance
calculation remained elevated. This, combined with an increase in
the overall loan portfolio balance during the fourth quarter of
2021, led to the required level for the allowance for loan losses
and provision taken during the quarter. Net interest income after
provision for loan losses was $2.8 million for the three months
ended December 31, 2021 as compared to $2.6 million for the three
months ended December 31, 2020. Total other income was
$0.8 million for both the three months ended December 31, 2021 and
2020. Total other expenses were $2.4 million for the three months
ended December 31, 2021 and 2020. Income tax expense was $0.4
million for the three months ended December 31, 2021 as compared to
$0.1 million for the three months ended December 31, 2020.
Net interest income (before provision for loan
losses) increased by $0.2 million, or 6.5%, to $2.8 million for the
three months ended December 31, 2021, compared to $2.6 million for
the three months ended December 31, 2020. Interest and dividend
income remained flat at $3.1 million for the three months ended
December 31, 2021 as compared to the three months ended December
31, 2020. The yield on earning assets decreased from
4.38% for the three months ended December 31, 2020 to 3.90% for the
three months ended December 31, 2021. The negative
impact on interest and dividend income caused by the decrease in
the yield was almost completely offset by the growth in earning
assets of $32.8 million. Additionally, interest expense
declined $0.2 million due to lower interest rates as cost of funds
declined from 0.89% at December 31, 2020 to 0.51% as of December
31, 2021 or a reduction of 38 basis points or 42.7%. The net
interest margin declined by 17 basis points during the three months
ended December 31, 2021 to 3.48% from 3.65% during the three months
ended December 31, 2020.
The Company recorded $25,000 of provision for
loan losses for the three-month period ended December 31, 2021 as
compared to no provision for loan losses for the three months ended
December 31, 2020. The allowance for loan losses was $3.6 million,
or 1.27% of total gross loans at December 31, 2021 compared to $3.5
million, or 1.35% of gross loans at December 31, 2020. Net
recoveries during the fourth quarter of 2021 were ($1,533) compared
to ($19,956) during the fourth quarter of 2020. General allocation
of reserves was higher at December 31, 2021 when compared to
December 31, 2020, primarily due to the balances in most loan
categories increasing during the twelve months ended December 31,
2021 with the exception of consumer direct and the purchased auto
loan categories. Many qualitative factors remain elevated as the
impact of the COVID-19 pandemic remains uncertain and cases were
rising due to the Omnicron variant. As of December 31, 2021,
non-performing loans increased to $1.6 million. The necessary
reserves on non-performing loans as of December 31, 2021 were
approximately $35,000 higher than those at December 31, 2020 due to
the deterioration of some credits necessitating higher levels for
the specific allocation of reserves.
Total other income was $0.8 million for the
three months ended December 31, 2021 and December 31, 2020.
Originations in the one-to-four family residential loan category
decreased during the three months ended December 31, 2021 as
compared to the same period in 2020. Thus, gain on sale of loans
decreased by $0.3 million. Offsetting most of this
decrease were increases 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 $0.2 million higher due to a favorable
adjustment to the value of the servicing portfolio based on a
third-party valuation conducted during the fourth quarter of 2021
which increased the valuation of the portfolio based on economic
data.
Total other expense was $2.4 million for the
three months ended December 31, 2021 and December 31, 2020.
Salaries and employee benefits was $1.4 million for
the three months ended December 31, 2021 and 2020. Data processing,
occupancy and other expenses increased slightly. These increases
were offset by lower loan expenses and fees incurred for legal and
professional services.
The Company recorded income tax expense of $0.4
million for the three-month period ended December 31, 2021 as
compared to $0.1 million for the three months ended December 31,
2020.
Comparison of Results of Operations for the Twelve
Months Ended December 31, 2021 and December 31, 2020
Net income was $2.90 million for the
twelve-month period ended December 31, 2021 compared to $2.48
million for the twelve-month period ended December 31, 2020, an
increase of 17.0%. Interest expense for the period was $1.0 million
lower due to the lower interest rate environment in 2021 which
resulted in an increase in the net interest income for the period
of $1.1 million to $10.9 million. Total other income decreased by
$0.4 million during the period to $2.9 million as a result of a
lower volume of secondary market loan sales in 2021 as compared to
2020. Other expense levels were higher by $0.3 million increasing
to $9.6 million for the twelve months ended December 31, 2021. The
increase in other expense was the result of salaries and employee
benefits increasing by $0.4 million and data processing expense
increasing by $0.1 million. Salaries and benefits increased due to
higher commissions paid to loan originators throughout the year as
well as a larger accrual for the short-term incentive plan in 2021
as compared to 2020. These increases to other expense were slightly
offset by decreases in loan expense and the other expense
category.
Net interest income increased by $1.1 million,
or 10.8%, to $10.9 million for the twelve months ended December 31,
2021, from $9.8 million for the twelve months ended December 31,
2020. Interest and dividend income increased $0.1 million, or 0.7%,
as the growth in average earning assets overcame the negative
effects of the low-rate environment. There was a decrease of 27
basis points in the average yield on assets which declined to 3.99%
for the twelve months ended December 31, 2021 from 4.26% for the
twelve months ended December 31, 2020. This decrease was offset by
an increase in the average balances of interest-earning assets of
$21.7 million leading to an overall increase in interest and
dividend income. Interest expense decreased $1.0 million as the
average cost of funds decreased by 46 basis points to 0.60% for the
twelve months ended December 31, 2021 from 1.06% for the twelve
months ended December 31, 2020. This decrease in
cost of funds was slightly offset slightly by an increase in the
average balance of interest-bearing liabilities of $19.6 million.
Overall, interest expense decreased by $1.0 million to $1.5 million
for the twelve months ended December 31, 2021 as compared to $2.5
million for the twelve months ended December 31, 2020. The growth
in interest-earning assets propelled the 11 basis point increase in
the net interest margin during the twelve months ended December 31,
2021 which grew to 3.50% from 3.39%.
We recorded a provision for loan losses of $0.1
million for the twelve-month period ended December 31, 2021 as
compared to $0.7 million for the twelve-month period ended December
31, 2020. The allowance for loan losses was $3.6 million, or 1.27%
of total gross loans at December 31, 2021 compared to $3.5 million,
or 1.35% of gross loans at December 31, 2020. Net charge-offs
(recoveries) during the twelve months ended 2021 were ($10,994)
compared to $0.1 million during the twelve months ended 2020.
General allocation of reserves was higher at December 31, 2021 when
compared to December 31, 2020, primarily due to the balances in
most loan categories increasing during the twelve months ended
December 31, 2021 with the exception of consumer direct and the
purchased auto loan categories. Many qualitative factors remain
elevated as the impact of the COVID-19 pandemic remains uncertain
and cases were rising due to the Omnicron variant. As of December
31, 2021, non-performing loans increased to $1.6 million. The
necessary reserves on non-performing loans as of December 31, 2021
were approximately $35,000 higher than they were as of December 31,
2020 due to the deterioration of some credits necessitating higher
levels for the specific allocation of reserves.
Total other income was $2.9 million for the
twelve months ended December 31, 2021 as compared to $3.3 million
for the twelve months ended December 31, 2020. During 2021, fewer
of the mortgage origination volume was sold, thus, the gain on sale
of loans decreased by $0.6 million and loan origination and
servicing income decreased by $0.1 million. Customer service fees
were comparable between the periods. Origination of mortgage
servicing rights, net of amortization, was higher due to a
favorable adjustment to the value of the servicing portfolio based
on a third-party valuation conducted during the fourth quarter of
2021.
Total other expense increased by $0.3 million,
or 3.5%, to $9.6 million for the twelve months ended December 31,
2021, as compared to $9.3 million for the twelve months ended
December 31, 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. Salaries and
benefits increased due to higher commissions paid to loan
originators throughout the year as well as a larger accrual for the
short-term incentive plan due to stronger growth and operating
results in 2021. These increases were slightly offset by decreases
in the loan expense and the other expense category.
We recorded income tax expense of $1.2 million
for the twelve-month period ended December 31, 2021 and $0.7
million for the twelve-month period ended December 31, 2020.
Comparison of Financial Condition at
December 31, 2021 and December 31, 2020
Total consolidated assets as of December 31,
2021 were $342.7 million, an increase of $35.1 million, or 11.4%,
from $307.6 million at December 31, 2020. The increase
was primarily due to an increase of $14.0 million in securities
available for sale, a $28.8 million increase in the net loan
portfolio, a $0.4 million increase in loans held for sale and a
$0.5 million increase in other assets. Various other categories
increased by $0.1 million. These increases were partially offset by
a decrease in federal funds sold of $2.6 million, a decrease in
cash and cash equivalents of $3.1 million and a decrease in time
deposits of $3.0 million.
Cash and cash equivalents decreased $3.1
million, or 29.7%, to $7.3 million at December 31, 2021 from $10.4
million at December 31, 2020. The decrease in cash and cash
equivalents was primarily a result of cash used in investing
activities of $38.1 million exceeding cash provided by operating
activities of $2.9 million and cash provided by financing
activities of $32.1 million.
Securities available for sale increased $14.0
million, or 74.75%, to $32.7 million at December 31, 2021 from
$18.7 million at December 31, 2020, as new securities purchased
exceeded paydowns, calls and maturities.
Net loans increased $28.8 million, or 11.3%, to
$283.9 million at December 31, 2021 compared to $255.1 million at
December 31, 2020 primarily the result of an increase of $21.9
million in one-to-four family loans, an increase of $3.4 million in
multi-family loans, an increase of $11.8 million in non-residential
real estate loans and a $1.0 million increase in commercial loans.
The increases were offset by decreases of $4.7 million in consumer
direct loans and $4.4 million in purchased auto loans.
The allowance for loan losses increased by $0.1 million from
December 31, 2020 to December 31, 2021.
Total deposits increased $37.0 million, or
15.7%, to $273.1 million at December 31, 2021 from $236.1 million
at December 31, 2020. For the twelve months ended December 31,
2021, savings accounts increased by $1.5 million, non-interest
bearing checking accounts increased by $4.6 million,
interest-bearing checking accounts increased by $20.0 million and
money market accounts increased by $5.1 million and certificates of
deposit increased by $5.8 million as compared to December 31,
2020.
FHLB advances decreased $1.0 million, or 5.8%,
to $16.5 million at December 31, 2021 compared to $17.5 million at
December 31, 2020.
Stockholders’ equity decreased $1.6 million, or
3.4% to $46.6 million at December 31, 2021 from $48.2 million at
December 31, 2020. The decrease reflects $2.1 million used to
repurchase and cancel 141,100 outstanding shares of Company common
stock, $1.9 million in cash dividends and a $0.4 million decrease
in other comprehensive income due to a decrease in fair value of
securities available for sale. The decreases were partially offset
by net income of $2.9 million for the twelve months ended December
30, 2021 and proceeds from stock options exercised, equity
incentive plan shares issued and the allocation of ESOP shares
totaling $0.1 million.
Annual Meeting of
Stockholders
On February 10, 2022 the Company also announced
that its annual meeting of stockholders will be held on Wednesday,
May 18, 2022.
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 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 |
December 31, 2021 and December 31, 2020 |
(Unaudited) |
|
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
Assets |
|
|
|
|
Cash and due from banks |
|
$ |
6,046,361 |
|
|
$ |
4,793,872 |
|
Interest bearing deposits |
|
|
1,249,947 |
|
|
|
5,581,139 |
|
Total cash and cash equivalents |
|
|
7,296,308 |
|
|
|
10,375,011 |
|
Time deposits |
|
|
250,000 |
|
|
|
3,232,500 |
|
Federal funds sold |
|
|
936,000 |
|
|
|
3,486,000 |
|
Securities available for
sale |
|
|
32,700,414 |
|
|
|
18,711,631 |
|
Loans, net of allowance for
loan losses of $3,640,145 and $3,479,151 at December 31, 2021 and
December 31, 2020, respectively |
|
|
283,877,203 |
|
|
|
255,103,054 |
|
Loans held for sale |
|
|
403,920 |
|
|
|
- |
|
Premises and equipment,
net |
|
|
6,331,188 |
|
|
|
6,312,256 |
|
Accrued interest
receivable |
|
|
1,007,399 |
|
|
|
972,602 |
|
Foreclosed real estate |
|
|
- |
|
|
|
107,100 |
|
Deferred tax assets |
|
|
1,793,910 |
|
|
|
1,666,339 |
|
Cash value of life
insurance |
|
|
2,649,941 |
|
|
|
2,603,046 |
|
Goodwill |
|
|
649,869 |
|
|
|
649,869 |
|
Core deposit intangible |
|
|
100,326 |
|
|
|
131,996 |
|
Other assets |
|
|
4,684,920 |
|
|
|
4,234,003 |
|
Total assets |
|
$ |
342,681,398 |
|
|
$ |
307,585,407 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
Liabilities |
|
|
|
|
Deposits: |
|
|
|
|
Non-interest bearing |
|
$ |
22,898,814 |
|
|
$ |
18,285,211 |
|
Interest bearing |
|
|
250,152,124 |
|
|
|
217,774,806 |
|
Total deposits |
|
|
273,050,938 |
|
|
|
236,060,017 |
|
Accrued interest payable |
|
|
48,825 |
|
|
|
54,851 |
|
FHLB advances |
|
|
16,524,555 |
|
|
|
17,548,560 |
|
Other liabilities |
|
|
5,016,264 |
|
|
|
4,731,352 |
|
Total liabilities |
|
|
294,640,582 |
|
|
|
258,394,780 |
|
Commitments and
ContingenciesESOP Repurchase Obligation |
|
|
1,461,946 |
|
|
|
957,167 |
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
Common stock, $.01 par value, 12,000,000 shares authorized;
2,818,517 and 2,949,324 shares issued at December 31, 2021 and
December 31, 2020, respectively |
|
|
28,185 |
|
|
|
29,491 |
|
Additional paid-in-capital |
|
|
28,529,543 |
|
|
|
30,415,091 |
|
Retained earnings |
|
|
20,536,121 |
|
|
|
19,457,092 |
|
Unallocated ESOP shares |
|
|
(1,005,702 |
) |
|
|
(1,132,842 |
) |
Unallocated management recognition plan shares |
|
|
(99,353 |
) |
|
|
(62,070 |
) |
Accumulated other comprehensive income |
|
|
52,022 |
|
|
|
483,865 |
|
|
|
|
48,040,816 |
|
|
|
49,190,627 |
|
Less: |
|
|
|
|
|
|
|
|
ESOP Owned Shares |
|
|
(1,461,946 |
) |
|
|
(957,167 |
) |
Total stockholders' equity |
|
|
46,578,870 |
|
|
|
48,233,460 |
|
Total liabilities and stockholders' equity |
|
$ |
342,681,398 |
|
|
$ |
307,585,407 |
|
|
|
|
|
|
|
|
|
|
Ottawa Bancorp, Inc. & Subsidiary |
Consolidated Statements of Operations |
Three and Twelve Months Ended December 31, 2021 and
2020 |
(Unaudited) |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
2,969,101 |
|
|
$ |
2,982,253 |
|
|
$ |
11,896,209 |
|
|
$ |
11,601,368 |
|
Securities: |
|
|
|
|
|
|
|
|
Residential mortgage-backed and related securities |
|
|
68,993 |
|
|
|
47,476 |
|
|
|
204,046 |
|
|
|
231,032 |
|
State and municipal securities |
|
|
74,368 |
|
|
|
103,831 |
|
|
|
263,212 |
|
|
|
386,561 |
|
Dividends on non-marketable equity securities |
|
|
8,714 |
|
|
|
8,675 |
|
|
|
34,186 |
|
|
|
30,180 |
|
Interest-bearing deposits |
|
|
4,518 |
|
|
|
8,594 |
|
|
|
21,330 |
|
|
|
80,937 |
|
Total interest and dividend income |
|
|
3,125,694 |
|
|
|
3,150,829 |
|
|
|
12,418,983 |
|
|
|
12,330,078 |
|
Interest expense: |
|
|
|
|
|
|
|
|
Deposits |
|
|
273,400 |
|
|
|
446,825 |
|
|
|
1,266,314 |
|
|
|
2,217,388 |
|
Borrowings |
|
|
53,906 |
|
|
|
77,949 |
|
|
|
262,146 |
|
|
|
283,503 |
|
Total interest expense |
|
|
327,306 |
|
|
|
524,774 |
|
|
|
1,528,460 |
|
|
|
2,500,891 |
|
Net interest income |
|
|
2,798,388 |
|
|
|
2,626,055 |
|
|
|
10,890,523 |
|
|
|
9,829,187 |
|
Provision for loan losses |
|
|
25,000 |
|
|
|
- |
|
|
|
150,000 |
|
|
|
660,000 |
|
Net interest income after provision for loan
losses |
|
|
2,773,388 |
|
|
|
2,626,055 |
|
|
|
10,740,523 |
|
|
|
9,169,187 |
|
Other income: |
|
|
|
|
|
|
|
|
Gain on sale of loans |
|
|
115,871 |
|
|
|
412,897 |
|
|
|
895,341 |
|
|
|
1,455,255 |
|
Gain on sale of securities, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
847 |
|
Loan origination and servicing income |
|
|
290,015 |
|
|
|
271,814 |
|
|
|
1,149,174 |
|
|
|
1,214,599 |
|
Origination of mortgage servicing rights, net of amortization |
|
|
235,131 |
|
|
|
(107,168 |
) |
|
|
326,083 |
|
|
|
33,545 |
|
Customer service fees |
|
|
102,649 |
|
|
|
88,323 |
|
|
|
393,174 |
|
|
|
367,556 |
|
Increase in cash surrender value of life insurance |
|
|
11,174 |
|
|
|
35,996 |
|
|
|
46,895 |
|
|
|
74,652 |
|
Gain on sale of repossessed assets, net |
|
|
- |
|
|
|
550 |
|
|
|
- |
|
|
|
21,433 |
|
Gain (Loss) on sale of foreclosed real estate |
|
|
6,543 |
|
|
|
(2,982 |
) |
|
|
10,599 |
|
|
|
(2,982 |
) |
Other |
|
|
39,415 |
|
|
|
53,652 |
|
|
|
123,639 |
|
|
|
164,667 |
|
Total other income |
|
|
800,798 |
|
|
|
753,081 |
|
|
|
2,944,905 |
|
|
|
3,329,581 |
|
Other expenses: |
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,421,998 |
|
|
|
1,442,790 |
|
|
|
5,907,034 |
|
|
|
5,532,741 |
|
Directors fees |
|
|
35,000 |
|
|
|
40,000 |
|
|
|
148,750 |
|
|
|
160,000 |
|
Occupancy |
|
|
166,852 |
|
|
|
145,142 |
|
|
|
624,468 |
|
|
|
636,814 |
|
Deposit insurance premium |
|
|
25,736 |
|
|
|
(1,997 |
) |
|
|
79,913 |
|
|
|
31,003 |
|
Legal and professional services |
|
|
96,688 |
|
|
|
112,716 |
|
|
|
360,120 |
|
|
|
439,871 |
|
Data processing |
|
|
297,237 |
|
|
|
244,873 |
|
|
|
1,077,576 |
|
|
|
951,855 |
|
Loan expense |
|
|
91,534 |
|
|
|
165,955 |
|
|
|
500,256 |
|
|
|
586,766 |
|
Valuation adjustments and expenses on foreclosed real estate |
|
|
(844 |
) |
|
|
3,760 |
|
|
|
15,859 |
|
|
|
5,263 |
|
Other |
|
|
287,308 |
|
|
|
263,791 |
|
|
|
887,777 |
|
|
|
931,179 |
|
Total other expenses |
|
|
2,421,509 |
|
|
|
2,417,030 |
|
|
|
9,601,753 |
|
|
|
9,278,492 |
|
Income before income tax expense |
|
|
1,152,677 |
|
|
|
962,106 |
|
|
|
4,083,675 |
|
|
|
3,220,276 |
|
Income tax expense |
|
|
392,718 |
|
|
|
112,823 |
|
|
|
1,179,954 |
|
|
|
739,356 |
|
Net
income |
|
$ |
759,959 |
|
|
$ |
849,283 |
|
|
$ |
2,903,721 |
|
|
$ |
2,480,920 |
|
Basic earnings per share |
|
$ |
0.28 |
|
|
$ |
0.30 |
|
|
$ |
1.03 |
|
|
$ |
0.85 |
|
Diluted earnings per share |
|
$ |
0.28 |
|
|
$ |
0.30 |
|
|
$ |
1.03 |
|
|
$ |
0.84 |
|
Dividends per share |
|
$ |
0.105 |
|
|
$ |
0.084 |
|
|
$ |
0.647 |
|
|
$ |
0.668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ottawa Bancorp, Inc. & Subsidiary |
|
Selected Financial Data and Ratios |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or for the |
|
At or for the |
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
(5) |
|
0.89 |
|
% |
1.10 |
|
% |
0.87 |
|
% |
0.80 |
|
% |
Return on average
stockholders' equity (5) |
|
6.27 |
|
|
6.93 |
|
|
5.94 |
|
|
5.14 |
|
|
Average stockholders' equity
to average assets |
|
14.17 |
|
|
15.91 |
|
|
14.71 |
|
|
15.62 |
|
|
Stockholders' equity to total
assets at end of period |
|
13.59 |
|
|
15.69 |
|
|
13.59 |
|
|
15.69 |
|
|
Net interest rate spread (1)
(5) |
|
3.39 |
|
|
3.49 |
|
|
3.39 |
|
|
3.20 |
|
|
Net interest margin (2)
(5) |
|
3.48 |
|
|
3.65 |
|
|
3.50 |
|
|
3.39 |
|
|
Average interest-earning
assets to average interest-bearing liabilities |
|
120.43 |
|
|
121.78 |
|
|
122.13 |
|
|
122.13 |
|
|
Other expense to average
assets |
|
0.71 |
|
|
0.79 |
|
|
2.89 |
|
|
3.00 |
|
|
Efficiency ratio (3) |
|
67.27 |
|
|
71.53 |
|
|
69.40 |
|
|
70.51 |
|
|
Dividend payout ratio |
|
38.21 |
|
|
27.67 |
|
|
62.84 |
|
|
78.65 |
|
|
|
|
At or for the |
|
At or for the |
|
|
|
Twelve Months Ended |
|
Twelve Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2021 |
|
2020 |
|
|
|
|
|
|
|
(unaudited) |
|
Regulatory Capital
Ratios (4): |
|
|
|
|
|
|
Total risk-based capital (to risk-weighted assets) |
|
19.58 |
|
% |
22..39 |
|
% |
Tier 1 core capital (to
risk-weighted assets) |
|
18.32 |
|
|
19.14 |
|
|
Common equity Tier 1 (to
risk-weighted assets) |
|
18.32 |
|
|
19.14 |
|
|
Tier 1 leverage (to adjusted
total assets) |
|
13.27 |
|
|
14.26 |
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
Net charge-offs to average
gross loans outstanding |
|
(0.02 |
) |
|
0.18 |
|
|
Allowance for loan losses to
gross loans outstanding |
|
1.27 |
|
|
1.35 |
|
|
Non-performing loans to gross
loans (6) |
|
0.57 |
|
|
0.51 |
|
|
Non-performing assets to total
assets (6) |
|
0.48 |
|
|
0.47 |
|
|
Other
Data: |
|
|
|
|
|
|
Book Value per common
share |
|
$16.53 |
|
|
$16.35 |
|
|
Tangible Book Value per common
share (7) |
|
$16.26 |
|
|
$16.09 |
|
|
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