Profile: Ottawa Savings Bancorp Inc (OTTW.OQ)
Ottawa Savings Bancorp, Inc., incorporated on July 11, 2005, 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. The Bank's loan portfolio includes multi-family and non-residential real estate, commercial, construction and consumer loans. The Bank's primary lending activity is the origination of mortgage loans to enable borrowers to purchase or refinance existing homes or to construct new residential dwellings in its market area. The Bank offers fixed-rate and adjustable-rate mortgage loans with terms of approximately 30 years. The Bank offers fixed rate loans with terms of either approximately 15, 20 or up to approximately 30 years. Its one- to four-family loan totaled over $90 million. The Bank offers lines of credit, principally home equity lines of credit, which have adjustable rates of interest. It offers fixed rate and adjustable-rate mortgage loans secured by multi-family and non-residential real estate. Its multi-family and non-residential real estate loans are secured by condominiums, apartment buildings, single-family subdivisions and owner-occupied properties used for businesses. Its Multi-family loans totaled approximately $3.76 million.
The Bank's commercial loans consist of operating lines of credit secured by general business assets and equipment. The Bank's commercial loans totaled over $3.44 million of the total loan portfolio. The Bank offers a range of consumer loans, which include auto, share loans and personal unsecured loans to its customer base. The Bank's consumer loans totaled over $6.86 million of the total loan portfolio. It offers total loans of approximately $140.11 million.
The Bank 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. The Bank's investment portfolio consists of municipal securities with maturities of 5 to over 10 years and residential mortgage-backed securities issued by The Federal National Mortgage Association (Fannie Mae), The Federal Home Loan Mortgage Corporation (Freddie Mac), and The Government National Mortgage Association (Ginnie Mae) with stated final maturities of approximately 30 years. The Bank's total securities available for sale amount to approximately $46.98 million.
Sources of Funds
Deposits and loan repayments are the sources of the Bank's funds for lending and other investment purposes. Deposits are raised primarily from within its primary market area through the offering of a selection of deposit instruments, including checking accounts, money market accounts, regular savings accounts, club savings accounts, certificate accounts and various retirement accounts. The Bank has approximately $10.32 million in non-Interest Bearing Checking; $26.39 million in Interest Bearing Checking; $29.58 million in Money Market accounts; $22.74 million in Savings accounts, and $87.69 million in Certificates of Deposit accounts.
Ottawa Savings Bancorp Inc
925 La Salle St
OTTAWA IL 61350-2004