Ottawa Bancorp, Inc. Announces First Quarter 2024 Results [Yahoo! Finance]
Ottawa Savings Bancorp, Inc. (IL) (OTTW)
NASDAQ:AMEX Investor Relations:
ottawasavings.com/investor-information
Company Research
Source: Yahoo! Finance
Bank (the “Bank”), announced net income of $0.3 million, or $0.10 per basic and diluted common share for the three months ended March 31, 2024, compared to net income of $0.4 million, or $0.17 per basic and diluted common share for the three months ended March 31, 2023. The loan portfolio, net of allowance, decreased to $306.1 million as of March 31, 2024 from $312.2 million as of December 31, 2023 as payoffs and payments exceeded originations. Non-performing loans remained at $4.8 million at March 31, 2024 which is comparable to the level as of December 31, 2023. The ratio of non-performing loans to gross loans increased from 1.52% at December 31, 2023 to 1.55% at March 31, 2024. “The elevated interest rate environment and strong local competition for deposit dollars continued to put upward pressure on our cost of funds during the first quarter” said Craig M. Hepner, President and Chief Executive Officer. “As a result, growth in interest expense continued to outpace growth in inter
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