OTTAWA, In poor health., Aug. 13, 2024 (GLOBE NEWSWIRE) — Ottawa Bancorp, Inc. (the Firm) (OTCQX: OTTW), the holding firm for OSB Group Financial institution (the Financial institution), introduced internet lack of ($0.2) million, or $(0.08) per primary and diluted widespread share for the three months ended June 30, 2024, in comparison with internet earnings of $0.5 million, or $0.22 per primary and diluted widespread share for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Firm introduced internet earnings of $0.1 million, or $0.02 per primary and diluted widespread share, in comparison with internet earnings of $1.0 million, or $0.39 per primary and diluted widespread share for the six months ended June 30, 2023. Throughout the present quarter, the Firm executed a steadiness sheet administration technique designed to re-position the funding portfolio, generate extra liquidity and enhance internet curiosity earnings on a go-forward foundation. Twenty-one funding securities had been offered producing about $4 million of money and a realized lack of $0.6 million. Proceeds had been utilized to buy extra favorable funding securities and pay down increased value wholesale funding. Moreover, the mortgage portfolio, internet of allowance, decreased to $302.5 million as of June 30, 2024 from $312.2 million as of December 31, 2023 as originations of $20.3 million had been decrease than payoffs and funds. Non-performing loans had been $5.0 million at June 30, 2024 and $4.8 million at December 31, 2023. As a result of lower within the mortgage portfolio and the slight improve in non-performing loans, the ratio of non-performing loans to gross loans elevated to 1.62% at June 30, 2024 from 1.52% at December 31, 2023.
As introduced on Could 29, 2024, the Firm initiated its sixth inventory repurchase program permitted by the Board of Administrators for the reason that Firm accomplished its second step conversion in 2016. By June 30, 2024, the Firm has repurchased a complete of 965,467 shares of its widespread inventory at a mean value of $13.51 per share. Underneath the present repurchase plan, the Firm has repurchased a complete of 11,425 shares of its widespread inventory at a mean value of $11.72 per share.
The unfavourable earnings for the quarter had been the direct results of the funding portfolio restructuring mentioned above, stated Craig M. Hepner, President and Chief Govt Officer. We felt the time was proper to liquidate plenty of under-performing investments with a purpose to enhance the construction and general efficiency of the securities portfolio, permitting us to reap the benefits of the upper rate of interest surroundings and enhance earnings as we transfer ahead. Whereas we continued to expertise a rise in our value of funds throughout the second quarter, our curiosity income elevated at sooner tempo, leading to a slight enchancment in our internet curiosity margin throughout the quarter. We proceed to intently monitor financial circumstances and the efficiency of our mortgage portfolio, and I stay happy with our general asset high quality.
Mr. Hepner additional said, Along with implementing methods to enhance earnings, we’re very pleased that we had been in a position to undertake and announce our sixth inventory repurchase program since 2016 throughout the second quarter as a way of offering extra liquidity in our inventory. The Board stays dedicated to executing methods to maximise shareholder worth.
Comparability of Outcomes of Operations for the Three Months Ended June 30, 2024 and June 30, 2023
Web loss for the three months ended June 30, 2024 was ($0.2) million in comparison with $0.5 million for the three months ended June 30, 2023. Complete curiosity and dividend earnings was $4.0 million for the three months ended June 30, 2024 in comparison with $3.8 million for the three months ended June 30, 2023 on account of a rise within the common yield on interest-earning belongings. The yield on interest-earning belongings elevated by 0.30% to 4.78%. Curiosity expense was $0.3 million increased throughout the three months ended June 30, 2024 on account of our common value of funds rising to 2.30% from 1.82% with the vast majority of that improve ensuing from the upper rate of interest surroundings. Curiosity expense was $1.8 million throughout the three months ended June 30, 2024 in comparison with $1.5 million throughout the three months ended June 30, 2023. Web curiosity earnings was $2.2 million for the three months ended June 30, 2024 in comparison with $2.4 million for the three months ended June 30, 2023. Web curiosity earnings after provision for mortgage losses decreased by $0.3 million to $2.2 million throughout the three months ended June 30, 2024 as in comparison with $2.5 million for the three months ended June 30, 2023. Complete different earnings was comparable at $0.3 million for the three months ended June 30, 2024 and the three months ended June 30, 2023. Complete different bills elevated by $0.7 million to $2.8 million as of June 30, 2024 in comparison with $2.1 million as of June 30, 2023. The rise was primarily the results of the web realized lack of $0.6 million on the sale of funding securities mentioned above. Due to this fact, internet earnings was $0.7 million decrease for the three months ended June 30, 2024 in comparison with the three months ended June 30, 2023.
Throughout the third quarter of 2022, a multi-loan business relationship with excellent balances totaling roughly $2.2 million was recognized as being impaired, that means that it’s possible that we are going to be unable to gather all quantities due in keeping with the contractual phrases of the mortgage agreements. Primarily based on our preliminary evaluation, a selected reserve of roughly $1.0 million was initially established for this relationship. After extra changes throughout the fourth quarter of 2022 which included some charge-offs and extra reserve necessities, this relationship as of December 31, 2022 had balances of $1.3 million with a selected reserve of $0.6 million. Throughout 2023, we charged off $0.4 million towards the reserve, the borrower paid off two loans, and the one extra mortgage within the relationship was downgraded to non-performing. There was no exercise in 2024 though administration continues to work to resolve the matter. The connection as of June 30, 2024 has balances of roughly $0.7 million with a selected reserve of $0.2 million. Primarily based on collateral values, administration doesn’t imagine extra reserves are required.
The Firm recorded a restoration of roughly $40 thousand for the three months ended June 30, 2024. The lower within the mortgage balances of $3.6 million throughout the interval led to the lower within the Allowance for Credit score Losses (ACL) place. This compares to a restoration of roughly $133 thousand for the three months ended June 30, 2023. The ACL was $4.3 million, or 1.40% of complete gross loans at June 30, 2024 in comparison with $4.9 million, or 1.52% of gross loans at June 30, 2023. Web recoveries throughout the second quarter of 2024 had been roughly $2 thousand in comparison with internet recoveries of $107 thousand throughout the second quarter of 2023. The present interval adjustment to the ACL is the results of the quarterly calculation of Present Anticipated Credit score Losses (CECL) which was adopted as of January 1, 2023. The required reserves on non-performing loans as of June 30, 2024 had been decrease than the required reserves as of June 30, 2023 as one of many new non-performing loans of $3.1 million remains to be accruing, and the exercise of the troubled relationship recognized within the third quarter of 2022 mentioned above is progressing as deliberate.
The Firm recorded an earnings tax good thing about $43 thousand for the three-month interval ended June 30, 2024 as in comparison with earnings tax expense of $0.2 million for the three months ended June 30, 2023 as there was a pre-tax loss throughout the three months ended June 30, 2024 as in comparison with a pre-tax earnings within the three months ended June 30, 2023.
Comparability of Outcomes of Operations for the Six Months Ended June 30, 2024 and June 30, 2023
Web earnings was $0.1 million for the six months ended June 30, 2024 in comparison with $1.0 million for the six months ended June 30, 2023. Complete curiosity and dividend earnings was $7.9 million for the six months ended June 30, 2024 in comparison with $7.4 million for the six months ended June 30, 2023. Though incomes belongings decreased by $5.2 million, the common yield on interest-earning belongings improved to 4.70% from 4.38% due primarily to the upper rate of interest surroundings. Curiosity expense for the six months ended June 30, 2024 was $0.9 million increased as a result of rising rates of interest skilled throughout the previous twelve months as value of funds elevated to 2.27% from 1.64% and a change within the mixture of deposits to increased costing time deposits. As a result of improve in curiosity expense attributable to increased fee surroundings and reduce in common balances, internet curiosity earnings for the six months ended June 30, 2024 decreased to $4.4 million as in comparison with $4.9 million for the six months ended June 30, 2023. Complete different earnings decreased by $0.1 million throughout the six months ended June 30, 2024 to $0.6 million because of the decline in worth of the mortgage servicing rights portfolio. Different expense ranges had been $0.7 million increased, rising to $4.9 million for the six months ended June 30, 2024 as in comparison with $4.2 million for the six months ended June 30, 2023. The rise was associated to the web realized lack of $0.6 million on the sale of funding securities mentioned above.
The Firm recorded a restoration of $77 thousand for the six-month interval ended June 30, 2024 to lower the ACL place. This compares to an expense of $5 thousand for the six-month interval ended June 30, 2023. Web recoveries throughout the six months ended June 30, 2024 had been roughly $7 thousand in comparison with internet recoveries of roughly $119 thousand throughout the six months ended June 30, 2023. The present interval adjustment to the ACL is the results of the quarterly calculation of CECL which was adopted as of January 1, 2023.
We recorded earnings tax expense of roughly $48 thousand for the six months ended June 30, 2024 in comparison with $0.4 million for the six months ended June 30, 2023. This lower is due primarily to decrease pre-tax earnings in 2024 as in comparison with 2023.
Comparability of Monetary Situation at June 30, 2024 and December 31, 2023
Complete consolidated belongings as of June 30, 2024 had been $353.2 million, a lower of $10.7 million, or 2.95%, from $363.9 million at December 31, 2023. The lower was primarily on account of a lower of $9.7 million improve within the internet mortgage portfolio, a lower of $0.4 million in deferred tax belongings, a lower of $0.6 million in money and money equivalents, a lower of $0.1 million within the securities out there on the market and a lower of $0.2 million in different belongings. These decreases had been partially offset by a rise in loans held on the market of $0.2 million and a $0.1 million improve in premises and gear, internet.
Money and money equivalents decreased $0.6 million, or 4.8%, to $12.8 million at June 30, 2024 from $13.4 million at December 31, 2023. The lower in money and money equivalents was primarily the results of money utilized in working actions of $1.3 million and money utilized in financing actions of $8.9 million exceeding money offered by investing actions of $9.6 million.
Securities out there on the market decreased $0.2 million, or 0.8%, to $18.6 million at June 30, 2024 from $18.8 million at December 31, 2023, as gross sales, paydowns, calls and maturities exceeded purchases of securities. Moreover, the valuation of the portfolio improved by $0.5 million as a result of restructuring of the funding portfolio as mentioned beforehand.
Web loans decreased $9.7 million, or 3.1%, to $302.5 million at June 30, 2024 in comparison with $312.2 million at December 31, 2023 primarily the results of a lower of $4.9 million in one-to-four household, a lower of $5.8 million in non-residential actual property loans, a lower of $2.8 million in business loans and a lower of $1.3 million in client loans. These decreases had been partially offset by a rise of $5.2 million in multi-family loans. The allowance for credit score losses on loans decreased by $70 thousand from December 31, 2023 to June 30, 2024.
Complete deposits decreased $6.1 million, or 2.2%, to $275.0 million at June 30, 2024 from $281.1 million at December 31, 2023. Throughout the six months ended June 30, 2024, interest-bearing checking accounts decreased by $10.4 million and non-interest-bearing accounts decreased by $0.8 million. Offsetting these decreases barely, certificates of deposit elevated by $1.1 million, cash market accounts elevated by $3.1 million and financial savings accounts elevated by $0.9 million as in comparison with December 31, 2023.
FHLB advances decreased $1.9 million, or 6.4%, to $28.9 million at June 30, 2024 in comparison with $30.8 million at December 31, 2023.
Stockholders’ fairness decreased $0.2 million, or 0.6%, to $41.4 million at June 30, 2024 from $41.6 million at December 31, 2023. The lower displays $0.4 million in money dividends and different decreases totaling $0.3 million. The decreases had been partially offset by a $0.4 million improve in different complete earnings on account of a rise in honest worth of securities out there on the market and internet earnings of $0.1 million for the six months ended June 30, 2024.
About Ottawa Bancorp, Inc.
Ottawa Bancorp, Inc. is the holding firm for OSB Group Financial institution which offers numerous monetary companies to particular person and company prospects in the USA. The Financial institution provides numerous deposit accounts, together with checking, cash market, common financial savings, membership financial savings, certificates of deposit, and numerous retirement accounts. Its mortgage portfolio consists of one-to-four household residential mortgage, multi-family and non-residential actual property, business, and development loans in addition to auto loans and residential fairness strains of credit score. OSB Group Financial institution was based in 1871 and is headquartered in Ottawa, Illinois. For extra details about the Firm and the Financial institution, please go to www.myosb.financial institution.
Cautionary Assertion Relating to Ahead-Wanting Statements
This information launch incorporates forward-looking statements inside the that means of the federal securities legal guidelines. Statements on this launch that aren’t strictly historic are forward-looking and are based mostly upon present expectations which will differ materially from precise outcomes. These forward-looking statements, recognized by phrases equivalent to will, anticipated, imagine, and prospects, contain dangers and uncertainties that might trigger precise outcomes to vary materially from these anticipated by the statements made herein. These dangers and uncertainties contain basic financial developments and adjustments in rates of interest, elevated competitors, adjustments in client demand for monetary companies, the opportunity of unexpected occasions affecting the business typically, the uncertainties related to newly developed or acquired operations, market disruptions, our skill to pay future dividends and in that case at what degree, our skill to obtain any required regulatory approval or non-objection for the fee of dividends from the Financial institution to the Firm or from the Firm to stockholders, and our efforts to maximise stockholder worth, together with our skill to execute any capital administration methods, such because the repurchase of shares of the Firm’s widespread inventory, and our skill to execute any managed development and steadiness sheet methods designed to decrease the price of funds and improve earnings and liquidity. Ottawa Bancorp, Inc. undertakes no obligation to launch revisions to those forward-looking statements publicly to replicate occasions or circumstances after the date hereof or to replicate the incidence of unexpected occasions, besides as required to be reported below relevant legislation.
Ottawa Bancorp, Inc. & Subsidiary | |||||||||||
Consolidated Steadiness Sheets | |||||||||||
June 30, 2024 and December 31, 2023 | |||||||||||
(Unaudited) | |||||||||||
June 30, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Belongings | |||||||||||
Money and due from banks | $ | 5,996,589 | $ | 3,511,709 | |||||||
Curiosity bearing deposits | 6,759,805 | 9,884,710 | |||||||||
Complete money and money equivalents | 12,756,394 | 13,396,419 | |||||||||
Securities out there on the market | 18,636,275 | 18,781,463 | |||||||||
Loans, internet of allowance for credit score losses of $4,300,826 and $4,370,934 | |||||||||||
at June 30, 2024 and December 31, 2023, respectively | 302,510,977 | 312,181,918 | |||||||||
Loans held on the market | 208,400 | – | |||||||||
Premises and gear, internet | 6,087,057 | 5,998,742 | |||||||||
Accrued curiosity receivable | 1,630,176 | 1,700,911 | |||||||||
Deferred tax belongings | 2,423,165 | 2,799,503 | |||||||||
Money worth of life insurance coverage | 2,743,415 | 2,717,888 | |||||||||
Goodwill | 649,869 | 649,869 | |||||||||
Core deposit intangible | 16,411 | 31,909 | |||||||||
Different belongings | 5,530,767 | 5,659,196 | |||||||||
Complete belongings | $ | 353,192,906 | $ | 363,917,818 | |||||||
Liabilities and Stockholders’ Fairness | |||||||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 23,066,625 | $ | 23,839,628 | |||||||
Curiosity bearing | 251,895,220 | 257,246,330 | |||||||||
Complete deposits | 274,961,845 | 281,085,958 | |||||||||
Accrued curiosity payable | 785,821 | 320,238 | |||||||||
FHLB advances | 28,893,000 | 30,750,000 | |||||||||
Long run debt | 1,448,577 | 1,700,000 | |||||||||
Allowance for credit score losses on off-balance sheet credit score exposures | 81,427 | 94,136 | |||||||||
Different liabilities | 4,027,497 | 6,635,892 | |||||||||
Complete liabilities | 310,198,167 | 320,586,224 | |||||||||
Commitments and contingencies | |||||||||||
ESOP Repurchase Obligation | 1,583,522 | 1,691,975 | |||||||||
Stockholders’ Fairness | |||||||||||
Frequent inventory, $.01 par worth, 12,000,000 shares licensed; 2,533,790 and | |||||||||||
2,552,971 shares issued at June 30, 2024 and December 31, 2023, respectively | 25,338 | 25,529 | |||||||||
Further paid-in-capital | 24,496,125 | 24,738,476 | |||||||||
Retained earnings | 21,314,870 | 21,798,054 | |||||||||
Unallocated ESOP shares | (682,192 | ) | (682,192 | ) | |||||||
Unallocated administration recognition plan shares | (93,222 | ) | (103,417 | ) | |||||||
Amassed different complete loss | (2,066,180 | ) | (2,444,856 | ) | |||||||
42,994,739 | 43,331,594 | ||||||||||
Much less: | |||||||||||
ESOP Owned Shares | (1,583,522 | ) | (1,691,975 | ) | |||||||
Complete stockholders’ fairness | 41,411,217 | 41,639,619 | |||||||||
Complete liabilities and stockholders’ fairness | $ | 353,192,906 | $ | 363,917,818 | |||||||
Ottawa Bancorp, Inc. & Subsidiary | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
Three and Six Months Ended June 30, 2024 and 2023 | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Curiosity and dividend earnings: | |||||||||||||||
Curiosity and costs on loans | $ | 3,698,334 | $ | 3,669,838 | $ | 7,401,252 | $ | 7,113,373 | |||||||
Securities: | |||||||||||||||
Residential mortgage-backed and associated securities | 76,395 | 82,540 | 155,068 | 151,634 | |||||||||||
State and municipal securities | 18,577 | 12,705 | 37,177 | 42,612 | |||||||||||
Dividends on non-marketable fairness securities | 28,500 | 16,657 | 66,215 | 29,919 | |||||||||||
Curiosity-bearing deposits | 145,375 | 52,090 | 208,916 | 86,647 | |||||||||||
Complete curiosity and dividend earnings | 3,967,181 | 3,833,830 | 7,868,628 | 7,424,185 | |||||||||||
Curiosity expense: | |||||||||||||||
Deposits | 1,548,857 | 1,301,577 | 3,069,745 | 2,302,243 | |||||||||||
Borrowings | 211,953 | 149,699 | 429,993 | 261,127 | |||||||||||
Complete curiosity expense | 1,760,810 | 1,451,276 | 3,499,738 | 2,563,370 | |||||||||||
Web curiosity earnings | 2,206,371 | 2,382,554 | 4,368,890 | 4,860,815 | |||||||||||
Provision for (restoration of) credit score losses – loans | (40,188 | ) | (132,417 | ) | (77,331 | ) | 5,083 | ||||||||
Restoration of credit score losses “ off-balance sheet credit score exposures | – | – | (12,709 | ) | – | ||||||||||
Web curiosity earnings after provision for mortgage losses | 2,246,559 | 2,514,971 | 4,458,930 | 4,855,732 | |||||||||||
Different earnings: | |||||||||||||||
Achieve on sale of loans | 45,754 | 45,683 | 64,365 | 63,652 | |||||||||||
Mortgage origination and servicing earnings | 155,296 | 156,160 | 288,122 | 292,286 | |||||||||||
Origination of mortgage servicing rights, internet of amortization | (24,029 | ) | (5,208 | ) | (47,204 | ) | 55,025 | ||||||||
Customer support charges | 110,272 | 115,734 | 215,397 | 219,757 | |||||||||||
Improve in money give up worth of life insurance coverage | 12,980 | 12,354 | 25,527 | 24,063 | |||||||||||
Achieve on sale of foreclosed actual property | – | 5,653 | – | 5,653 | |||||||||||
Different | 1,326 | 1,180 | 8,255 | 9,448 | |||||||||||
Complete different earnings | 301,599 | 331,556 | 554,462 | 669,884 | |||||||||||
Different bills: | |||||||||||||||
Salaries and worker advantages | 1,166,594 | 1,193,914 | 2,348,152 | 2,380,007 | |||||||||||
Administrators’ charges | 45,000 | 45,000 | 85,000 | 90,000 | |||||||||||
Occupancy | 156,080 | 153,569 | 313,101 | 314,043 | |||||||||||
Deposit insurance coverage premium | 32,902 | 35,626 | 74,702 | 60,769 | |||||||||||
Authorized {and professional} companies | 217,444 | 84,066 | 335,491 | 162,687 | |||||||||||
Knowledge processing | 292,964 | 306,605 | 599,401 | 602,059 | |||||||||||
Loss on sale of securities | 600,408 | – | 600,408 | – | |||||||||||
Mortgage expense | 87,294 | 70,061 | 167,238 | 133,373 | |||||||||||
Valuation changes and bills on foreclosed actual property | – | 3,352 | – | 3,352 | |||||||||||
Different | 195,332 | 209,444 | 379,531 | 419,922 | |||||||||||
Complete different bills | 2,794,018 | 2,101,637 | 4,903,024 | 4,166,212 | |||||||||||
Earnings (Loss) earlier than earnings tax | (245,860 | ) | 744,890 | 110,368 | 1,359,404 | ||||||||||
Earnings tax expense (profit) | (42,919 | ) | 203,121 | 47,683 | 375,166 | ||||||||||
Web earnings | $ | (202,941 | ) | $ | 541,769 | $ | 62,685 | $ | 984,238 | ||||||
Fundamental earnings (losses) per share | $ | (0.08 | ) | $ | 0.22 | $ | 0.02 | $ | 0.39 | ||||||
Diluted earnings (losses) per share | $ | (0.08 | ) | $ | 0.22 | $ | 0.02 | $ | 0 39 | ||||||
Dividends per share | $ | 0.105 | $ | 0.113 | $ | 0.215 | $ | 0.222 |
Ottawa Bancorp, Inc. & Subsidiary | ||||||||||
Chosen Monetary Knowledge and Ratios | ||||||||||
(Unaudited) | ||||||||||
At or for the | At or for the | |||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, | June 30, | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||
Efficiency Ratios: | ||||||||||
Return on common belongings (5) | (0.23 | ) | % | 0.60 | % | 0.03 | % | 0.55 | % | |
Return on common stockholders’ fairness (5) | (2.05 | ) | 5.21 | 0.30 | 4.76 | |||||
Common stockholders’ fairness to common belongings | 11.40 | 11.48 | 11.44 | 11.46 | ||||||
Stockholders’ fairness to complete belongings at finish of interval | 11.72 | 11.25 | 11.72 | 11.25 | ||||||
Web rate of interest unfold (1) (5) | 2.48 | 2.66 | 2.43 | 2.75 | ||||||
Web curiosity margin (2) (5) | 2.66 | 2.78 | 2.61 | 2.87 | ||||||
Different expense to common belongings | 0.80 | 0.59 | 1.38 | 1.15 | ||||||
Effectivity ratio (3) | 111.45 | 77.42 | 99.61 | 75.32 | ||||||
Dividend payout ratio | (134.79 | ) | 50.00 | 145.15 | 55.64 | |||||
At or for the | At or for the | ||||||
Six Months Ended | Twelve Months Ended | ||||||
June 30, | December 31, | ||||||
2024 | 2023 | ||||||
(unaudited) | |||||||
Regulatory Capital Ratios (4): | |||||||
Complete risk-based capital (to risk-weighted belongings) | 17.65 | % | 17.86 | % | |||
Tier 1 core capital (to risk-weighted belongings) | 16.40 | 16.61 | |||||
Frequent fairness Tier 1 (to risk-weighted belongings) | 16.40 | 16.61 | |||||
Tier 1 leverage (to adjusted complete belongings) | 11.78 | 12.29 | |||||
Asset High quality Ratios: | |||||||
Web charge-offs to common gross loans excellent | 0.00 | 0.07 | |||||
Allowance for credit score losses on loans to gross loans excellent | 1.40 | 1.38 | |||||
Non-performing loans to gross loans (6) | 1.62 | 1.52 | |||||
Non-performing belongings to complete belongings (6) | 1.41 | 1.32 | |||||
Different Knowledge: | |||||||
Guide Worth per widespread share | $16.34 | $16.32 | |||||
Tangible Guide Worth per widespread share (7) | $16.08 | $16.05 | |||||
Variety of full-service places of work | 3 | 3 | |||||
(1) Represents the distinction between the weighted common yield on common interest-earning belongings and the weighted common value of funds on common interest-bearing liabilities. | |||||||
(2) Represents internet curiosity earnings as a p.c of common interest-earning belongings. | |||||||
(3) Represents complete different bills divided by the sum of internet curiosity earnings and complete different earnings. | |||||||
(4) Ratios are for OSB Group Financial institution. | |||||||
(5) Annualized. | |||||||
(6) Non-performing belongings encompass non-performing loans, foreclosed actual property and different foreclosed belongings. Non-performing loans encompass all loans 90 days or extra overdue and all loans now not accruing curiosity. | |||||||
(7) Non-GAAP measure. Excludes goodwill and core deposit intangible. |
Contact:
Craig Hepner
President and Chief Govt Officer
(815) 366-5437
Supply: Ottawa Bancorp, Inc.