Ottawa Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 16, 2022 at 09:55 pm
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Ottawa Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported net interest income was USD 2.92 million compared to USD 2.85 million a year ago. Net income was USD 0.321442 million compared to USD 0.827465 million a year ago. Basic earnings per share from continuing operations was USD 0.13 compared to USD 0.29 a year ago. Diluted earnings per share from continuing operations was USD 0.13 compared to USD 0.29 a year ago.
For the nine months, net interest income was USD 8.91 million compared to USD 8.09 million a year ago. Net income was USD 1.93 million compared to USD 2.14 million a year ago. Basic earnings per share from continuing operations was USD 0.73 compared to USD 0.76 a year ago. Diluted earnings per share from continuing operations was USD 0.73 compared to USD 0.75 a year ago.
Ottawa Savings Bancorp, Inc. is a savings and loan holding company. The Company serves as the holding company of Ottawa Savings Bank (The Bank). The Bank's business is to attract deposits from the general public and use those funds to originate and purchase one- to four-family, multi-family and non-residential real estate, construction, commercial and consumer loans, which the Bank primarily holds for investment. The Bank's loan portfolio consists primarily of one- to four-family residential mortgage loans. Its loan portfolio includes multi-family and non-residential real estate, commercial, construction and consumer loans. It invests in the liquid assets, including the United States Treasury obligations, securities of various federal agencies and of state and municipal governments, mortgage-backed securities and certificates of deposit of federally insured institutions. Deposits and loan repayments are the sources of the Bank's funds for lending and other investment purposes.