OTTAWA, Ill., July 22, 2021 (GLOBE NEWSWIRE) — Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for Ottawa Savings Bank, FSB (the “Bank”), announced net income of $0.7 million, or $0.26 per basic and diluted common share for the three months ended June 30, 2021, compared to net income of $0.8 million, or $0.25 per basic and diluted common share for the three months ended June 30, 2020. For the six months ended June 30, 2021, the Company announced net income of $1.3 million, or $0.46 per basic and diluted common share, compared to net income of $0.8 million, or $0.27 per basic and diluted common share for the six months ended June 30, 2020. During the second quarter of 2021, the Company experienced an increase in loan originations which drove growth in the loan portfolio. The loan portfolio, net of allowance, increased to $280.8 million as of June 30, 2021 from $255.1 million as of December 31, 2020. Non-performing loans increased from $1.3 million at December 31, 2020 to $1.5 million at June 30, 2021, resulting in the ratio of non-performing loans to gross loans increasing from 0.51% at December 31, 2020 to 0.54% at June 30, 2021.   Additionally, through June 30, 2021, the Company has repurchased a total of 596,585 shares of its common stock at an average price of $12.95 per share as part of the four stock repurchase programs approved by the Board since 2016.

By A Silva