Ottawa Bancorp, Inc. Announces Second Quarter 2023 Results

OTTAWA, Ill., Aug. 14, 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 $0.22 per basic and diluted common share for the three months ended June 30, 2023, compared to net income of $0.7 million, or $0.28 per basic and diluted common share for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company announced net income of $1.0 million, or $0.39 per basic and diluted common share, compared to net income of $1.6 million, or $0.59 per basic and diluted common share for the six months ended June 30, 2022. The loan portfolio, net of allowance, increased to $317.7 million as of June 30, 2023 from $307.7 million as of December 31, 2022 as originations of $31.4 million exceeded payoffs and payments. Non-performing loans were $2.3 million at June 30, 2023 and December 31, 2022. Due to the growth in the loan portfolio, the ratio of non-performing loans to gross loans decreased to 0.72% at June 30, 2023 from 0.73% at December 31, 2022.

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