Ottawa Savings Bancorp Inc

OTCQX US:OTTWUnited States

Nov 12, 2024

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• Ottawa Bancorp, Inc. Announces Third Quarter 2024 Results, from 4:49PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:49PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: OTTW
  ----------- ----- ----------- ----- Total stockholders' equity 41,179,692 41,639,619 ----------- ------ ----------- ------ Total liabilities and stockholders' equity $355,202,713 $363,917,818 =========== ====== =========== Ottawa Bancorp, Inc. & Subsidiary Consolidated Statements of Operations Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Interest and dividend income: Interest and fees on loans $3,820,409 $3,660,212 $11,221,660 $10,773,586 Securities: Residential mortgage-backed and related securities 109,640 85,638 264,709 237,272 State and municipal securities 18,329 25,031 55,506 67,642 Dividends on non-marketable equity securities 28,500 23,253 94,715 53,173 Interest-bearing deposits 76,863 43,166 285,779 129,813 --------- --------- ---------- ---------- Total interest and dividend income 4,053,741 3,837,300 11,922,369 11,261,486 --------- --------- ---------- ---------- Interest expense: Deposits 1,681,896 1,386,099 4,751,642 3,688,342 Borrowings 221,905 162,346 651,898 423,473 --------- --------- ---------- ---------- Total interest expense 1,903,801 1,548,445 5,403,540 4,111,815 --------- --------- ---------- ---------- Net interest income 2,149,940 2,288,855 6,518,829 7,149,671 Provision for (recovery of) credit losses - loans 8,919 (209,269) (68,412) (204,186) Recovery of credit losses -- off-balance sheet credit exposures (4,170) - (16,879) - --------- --------- ---------- ---------- Net interest income after provision for loan losses 2,145,191 2,498,124 6,604,120 7,353,857 --------- --------- ---------- ---------- Other income: Gain on sale of loans 62,378 32,746 126,742 96,398 Loan origination and servicing income 148,808 141,415 436,931 433,700 Origination of mortgage servicing rights, net of amortization (92,872) 1,667 (140,076) 56,692 Customer service fees 126,357 117,016 350,009 345,065 Increase in cash surrender value of life insurance 13,961 12,472 39,488 36,535 Other - 10,332 - 17,140 --------- --------- ---------- ---------- Total other income 258,632 315,648 813,094 985,530 --------- --------- ---------- ---------- Other expenses: Salaries and employee benefits 1,191,074 1,159,391 3,539,225 3,539,398 Directors' fees 45,000 45,000 130,000 135,000 Occupancy 152,238 157,306 465,339 471,349 Deposit insurance premium 37,402 36,762 112,104 97,532 Legal and professional services 77,472 121,701 412,964 284,388 Data processing 304,367 319,176 903,768 921,235 Loss on sale of securities - - 600,408 - Loan expense 66,473 60,891 233,711 194,264 Other 242,288 249,315 621,819 672,588 --------- --------- ---------- ---------- Total other expenses 2,116,314 2,149,542 7,019,338 6,315,754 --------- --------- ---------- ---------- Income before income tax 287,509 664,230 397,876 2,023,633 Income tax expense 88,739 183,400 136,422 558,566 --------- --------- ---------- ---------- Net income $ 198,770 $ 480,830 $ 261,454 $ 1,465,067 ========= ========= ========== ========== Basic earnings per share $ 0.08 $ 0.20 $ 0.10 $ 0.58 ========= ========= ========== ========== Diluted earnings per share $ 0.08 $ 0.20 $ 0.10 $ 0 58 ========= ========= ========== ========== Dividends per share $ 0.104 $ 0.111 $ 0.322 $ 0.325 ========= ========= ========== ========== 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, ----------------------- ----------------------- 2024 2023 2024 2023 Performance Ratios: Return on average assets (5) 0.23% 0.53% 0.15% 0.54% Return on average stockholders' equity (5) 1.94 4.65 1.26 4.72 Average stockholders' equity to average assets 11.68 11.48 11.80 11.48 Stockholders' equity to total assets at end of period 11.59 11.25 11.59 11.25 Net interest rate spread (1) (5) 2.49 2.58 2.48 2.76 Net interest margin (2) (5) 2.67 2.72 2.66 2.88 Other expense to average assets 0.60 0.60 1.99 1.75 Efficiency ratio (3) 87.84 82.53 95.73 77.64 Dividend payout ratio 134.37 56.75 312.32 56.01 At or for the At or for the Nine Months Ended Twelve Months Ended September 30, December 31, 2024 2023 --------------------- ----------------------- (unaudited) Regulatory Capital Ratios (4): Total risk-based capital (to risk-weighted assets) 17.40% 17.86% Tier 1 core capital (to risk-weighted assets) 16.15 16.61 Common equity Tier 1 (to risk-weighted assets) 16.15 16.61 Tier 1 leverage (to adjusted total assets) 11.94 12.29 Asset Quality Ratios: Net charge-offs to average gross loans outstanding 0.00 0.07 Allowance for credit losses on loans to gross loans outstanding 1.39 1.38 Non-performing loans to gross loans (6) 1.57 1.52 Non-performing assets to total assets (6) 1.36 1.32 Other Data: Book Value per common share $ 16.60 $ 16.32 Tangible Book Value per common share (7) $ 16.33 $ 16.05 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.
  

• *DJ Ottawa Bancorp 3Q EPS 8c >OTTW, from 4:49PM ET on Tuesday Nov 12, 2024 by Dow Jones

  4:49PM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: OTTW