OTTAWA, Ill., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net loss of ($0.2) million, or $(0.08) per basic and diluted common share for the three months ended June 30, 2024, compared to net income of $0.5 million, or $0.22 per basic and diluted common share for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company announced net income of $0.1 million, or $0.02 per basic and diluted common share, compared to net income of $1.0 million, or $0.39 per basic and diluted common share for the six months ended June 30, 2023. During the current quarter, the Company executed a balance sheet management strategy designed to re-position the investment portfolio, generate additional liquidity and improve net interest income on a go-forward basis. Twenty-one investment securities were sold generating about $4 million of cash and a realized loss of $0.6 million. Proceeds were utilized to purchase more favorable investment securities and pay down higher cost wholesale funding. Additionally, the loan portfolio, net of allowance, decreased to $302.5 million as of June 30, 2024 from $312.2 million as of December 31, 2023 as originations of $20.3 million were lower than payoffs and payments. Non-performing loans were $5.0 million at June 30, 2024 and $4.8 million at December 31, 2023. Due to the decrease in the loan portfolio and the slight increase in non-performing loans, the ratio of non-performing loans to gross loans increased to 1.62% at June 30, 2024 from 1.52% at December 31, 2023.