First Ottawa Bancshares Inc. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2012
April 25, 2012 at 02:38 pm EDT
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First Ottawa Bancshares Inc. reported unaudited earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported net income of $108,000 or $0.17 per basic and diluted common share compared to net income of $131,000 or $0.20 per basic and diluted common share for the three months ended March 31, 2011. Net income decreased $23,000, or 17.6%, from the first quarter of 2011. Net interest income before the provision for loan losses was $2.0 million and $2.2 million for the three months ended March 31, 2012 and 2011, respectively. Total interest income decreased $276,000 to $2.4 million compared to the same period in 2011. The decrease in total interest income for the three months ended March 31, 2012 reflected a decrease in interest income and fees from loans of $181,000 to $1.9 million, a decrease in tax exempt investment income of $25,000 to $88,000, a decrease in taxable security income of $33,000, to $185,000, and a decrease in income on interest-bearing deposits with financial institutions of $32,000 to $226,000, compared to the same period in 2011. Decreased interest income was a result of decreases in interest rates on investments, volume of tax exempt investments and average loans outstanding during the first quarter of 2012.
First Ottawa Bancshares, Inc. is a bank holding company. The Companyâs principal activity is the ownership and management of its subsidiary, American Commercial Bank & Trust, National Association (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. Its portfolio segments include commercial real estate, commercial non-real estate, construction, and land development, agricultural, residential, and consumer. The Bank's business banking includes business accounts, cash management, commercial lending, and farm management and agricultural lending. Its personal banking includes checking and savings, certificate of deposits and individual retirement accounts (IRAs), consumer lending, online and mobile banking, safe deposit boxes, and wealth management services. Its residential lending services include Residential Loans and Home Equity Loans.