OTTAWA BANCORP, INC. Announces Third Quarter 2023 Results

OTTAWA, Ill., Nov. 13, 2023 (GLOBE NEWSWIRE) — Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.5 million, or $0.20 per basic and diluted common share for the three months ended September 30, 2023, compared to net income of $0.3 million, or $0.13 per basic and diluted common share for the three months ended September 30, 2022. For the nine months ended September 30, 2023, the Company announced net income of $1.5 million, or $0.58 per basic and diluted common share, compared to net income of $1.9 million, or $0.73 per basic and diluted common share for the nine months ended September 30, 2022. The loan portfolio, net of allowance, increased to $313.5 million as of September 30, 2023 from $307.7 million as of December 31, 2022 as originations of $40.3 million exceeded payoffs and payments. Non-performing loans were $4.8 million at September 30, 2023 and $2.3 million at December 31, 2022. Due to the increase in non-performing loans, the ratio of non-performing loans to gross loans increased to 1.52% at September 30, 2023 from 0.73% at December 31, 2022.

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