Ottawa Bancorp, Inc. Announces First Quarter 2023 Results

OTTAWA, Ill., May 10, 2023 (GLOBE NEWSWIRE) — Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.4 million, or $0.17 per basic and diluted common share for the three months ended March 31, 2023, compared to net income of $0.9 million, or $0.33 per basic and diluted common share for the three months ended March 31, 2022. The loan portfolio, net of allowance, increased to $316.1 million as of March 31, 2023 from $307.7 million as of December 31, 2022 as originations of $17.6 million exceeded payoffs and payments. Non-performing loans increased from $2.3 million at December 31, 2022 to $2.4 million at March 31, 2023, which caused the ratio of non-performing loans to gross loans to increase from 0.73% at December 31, 2022 to 0.75% at March 31, 2023.   The Company adopted ACS Topic 326 “Financial Instruments – Credit Losses” using the modified retrospective method for all financial instruments measured at amortized cost and off-balance-sheet credit exposures. The Company recorded the one-time adjustment of $375,250, net of tax, which increased the allowance for credit losses by $475,000.

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