American
Commercial
Bank & Trust
First Ottawa Bancshares, Inc.
FIRST QUARTER 2023 HIGHLIGHTS
(At or for period ended 3/31/2023 compared to period ended 3/31/2022)
Income Statement Highlights
- Interest Income (Loans) increased by $6.9 Million driven by higher loan balances and variable rate repricing.
- Interest Income (Investments) increased by $1.1 Million driven by higher balances and variable rate repricing.
- Total Interest Expense increased by $4.9 Million driven by higher deposit balances, new customer acquisition and higher rates.
- Income from Service Charges increased by $27 thousand.
- Residential Mortgage Servicing Income, including gain on sale, declined by $244 Thousand as origination volumes declined due to rising interest rates.
- Total Non-Interest expense increased by $730 thousand, primarily due to salaries and benefits expense.
- Net Income increased by $1 Million primarily driven by growth in earning assets.
Balance Sheet Highlights
- Securities Available for Sale increased by $23.4 million primarily in GNMA mortgage backed securities.
- Loans Net of ALLL increased by $239 Million as a result of new client acquisition.
- Deposits increased by $155 million due to wholesale deposits and new customer acquisition.
About First Ottawa Bancshares, Inc.
First Ottawa Bancshares, Inc. is a bank holding company whose principal activity is the ownership and management of its wholly owned subsidiary, American Commercial Bank & Trust, National Association (formerly The First National Bank of Ottawa) (the Bank). The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers in LaSalle, Grundy, Cook, and surrounding counties in Illinois.
Markets
Chicago - Goose Island
1315 N North Branch St., Chicago 60642
Lisle
4733 Main St., Lisle, IL 60532
Morris
1771 N. Division St., Morris, IL 60450
Ottawa
701 LaSalle St., Ottawa, IL 61350
Schaumburg
1475 Woodfield Rd., STE 100, Schaumburg, IL 60173
Streator
409 E. Bridge St., Streator, IL 61364
Yorkville
1459 Cannonball Tr., Yorkville, IL 60560
Return on Ave Equity | 16.11% |
Return on Ave Assets | 0.89% |
Shares Outstanding | 901,227 |
Book Value at Period End | $90.44 |
Earnings Per Share - Basic | $3.32 |
TTM EPS | $15.00 |
NIM (annualized)* | 3.88% |
*Bank Only Ratio |
First Ottawa Bancshares, Inc.
Balance Sheet | ||||||
($ in thousands, Except Share and Per Share Data) | ||||||
QTD | QTD | |||||
3/31/2023 | 3/31/2022 | |||||
Assets | ||||||
Cash and Due from Banks | $ | 52,508 | $ | 46,257 | ||
Interest Bearing Deposits in Financial Institutions | - | - | ||||
Cash and Cash Equivalents | ||||||
52,508 | 46.257 | |||||
Interest Bearing Time Deposits with Financial Institutions | ||||||
Securities Available for Sale | 124,200 | 100,770 | ||||
Loans Held for Sale | 120 | 1,754 | ||||
Loans, Net of Allowance for Loan Losses | 1,112,666 | 873,233 | ||||
Premise & Equipment, net | 14,515 | 14,416 | ||||
Other Real Estate Owned | 134 | 36 | ||||
Accrued Interest Receivable and Other Assets | 49,331 | 41,332 | ||||
Total Assets | $ | 1,353,474 | $ | 1,077,798 | ||
Liabilities and Shareholder's Equity | ||||||
Deposits, Total | $ | 1,101,.288 | $ | 945,819 | ||
Borrowings | 161,000 | 58,500 | ||||
Other Liabilities | 14,.024 | 9,274 | ||||
Total Liabilities | ||||||
1.276.492 | 1,013,593 | |||||
Shareholder's Equity | 76,982 | 64,205 | ||||
Total Liabilities and Shareholders Equity | $ 1,353,474 | $ 1,077,798 | |
First Ottawa Bancshares, Inc.
Income Statement | |||||||
($ in thousands, Except Share and Per Share Data) | |||||||
QTD | QTD | ||||||
3/31/2023 | 3/31/2022 | ||||||
Interest and Dividend Income | |||||||
Loans, Including Fees | $ | 16,219 | $ | 9,276 | |||
Securities Available for Sale: | |||||||
Taxable | 1,364 | 281 | |||||
Exempt from Federal Tax | 50 | 46 | |||||
Other | 361 | 57 | |||||
Total Interest and Dividend Income | |||||||
17,994 | 9,660 | ||||||
Interest Expense | |||||||
Deposits | 4,226 | 353 | |||||
Borrowings | 1,471 | 464 | |||||
Total Interest Expense | |||||||
5,697 | 817 | ||||||
Net Interest Income | 12,297 | 8,843 | |||||
Provision for Loan Losses | 1,770 | 600 | |||||
Net Income After Provision for Loan Losses | |||||||
10,527 | 8,243 | ||||||
Non Interest Income | |||||||
Service Fees | 555 | 528 | |||||
Trust and Farm Management Fees | 225 | 219 | |||||
Mortgage Servicing Income, Net | 8 | 252 | |||||
Other | 256 | 206 | |||||
Total Non Interest Income | |||||||
1,044 | 1,205 | ||||||
Non Interest Expense | |||||||
Salaries and Employment Benefits | 5,151 | 4,719 | |||||
Occupancy and Equipment | 795 | 675 | |||||
Data Processing Fees | 446 | 456 | |||||
Advertising | 66 | 124 | |||||
Professional Fees | 236 | 226 | |||||
Other Real Estate Owned, Net | 33 | -134 | |||||
Supplies | 42 | 38 | |||||
Other | 790 | 725 | |||||
Total Non Interest Expenses | |||||||
7,559 | 6,829 | ||||||
Income Before Income Tax | 4,012 | 2,619 | |||||
Income Tax Expense | 1,042 | 676 | |||||
Net Income | |||||||
$2,970 | $ | 1,943 | |||||
QTD Earnings Per Share | $ | 3.32 | $ | 2.27 |
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Disclaimer
First Ottawa Bancshares Inc. published this content on 17 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 October 2023 19:26:34 UTC.