First Ottawa Bancshares : Quarter 2023 Financial Highlights

American

Commercial

Bank & Trust

First Ottawa Bancshares, Inc.

FIRST QUARTER 2023 HIGHLIGHTS

(At or for period ended 3/31/2023 compared to period ended 3/31/2022)

Income Statement Highlights

• Interest Income (Loans) increased by $6.9 Million driven by higher loan balances and variable rate repricing.
• Interest Income (Investments) increased by $1.1 Million driven by higher balances and variable rate repricing.
• Total Interest Expense increased by $4.9 Million driven by higher deposit balances, new customer acquisition and higher rates.
• Income from Service Charges increased by $27 thousand.
• Residential Mortgage Servicing Income, including gain on sale, declined by $244 Thousand as origination volumes declined due to rising interest rates.
• Total Non-Interest expense increased by $730 thousand, primarily due to salaries and benefits expense.
• Net Income increased by $1 Million primarily driven by growth in earning assets.

Balance Sheet Highlights

• Securities Available for Sale increased by $23.4 million primarily in GNMA mortgage backed securities.
• Loans Net of ALLL increased by $239 Million as a result of new client acquisition.
• Deposits increased by $155 million due to wholesale deposits and new customer acquisition.

About First Ottawa Bancshares, Inc.

First Ottawa Bancshares, Inc. is a bank holding company whose principal activity is the ownership and management of its wholly owned subsidiary, American Commercial Bank & Trust, National Association (formerly The First National Bank of Ottawa) (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.

Markets

Chicago - Goose Island

1315 N North Branch St., Chicago 60642

Lisle

4733 Main St., Lisle, IL 60532

Morris

1771 N. Division St., Morris, IL 60450

Ottawa

701 LaSalle St., Ottawa, IL 61350

Schaumburg

1475 Woodfield Rd., STE 100, Schaumburg, IL 60173

Streator

409 E. Bridge St., Streator, IL 61364

Yorkville

1459 Cannonball Tr., Yorkville, IL 60560

Return on Ave Equity	16.11%
Return on Ave Assets	0.89%
Shares Outstanding	901,227
Book Value at Period End	$90.44
Earnings Per Share - Basic	$3.32
TTM EPS	$15.00
NIM (annualized)*	3.88%
*Bank Only Ratio

First Ottawa Bancshares, Inc.

	Balance Sheet
($ in thousands, Except Share and Per Share Data)
		QTD		QTD
	3/31/2023		3/31/2022
Assets
Cash and Due from Banks	$	52,508		$	46,257
Interest Bearing Deposits in Financial Institutions		-			-
Cash and Cash Equivalents
	52,508			46.257
Interest Bearing Time Deposits with Financial Institutions
Securities Available for Sale		124,200			100,770
Loans Held for Sale		120			1,754
Loans, Net of Allowance for Loan Losses		1,112,666			873,233
Premise & Equipment, net		14,515			14,416
Other Real Estate Owned		134			36
Accrued Interest Receivable and Other Assets		49,331			41,332
Total Assets	$	1,353,474		$	1,077,798
Liabilities and Shareholder's Equity
Deposits, Total	$	1,101,.288		$	945,819
Borrowings		161,000			58,500
Other Liabilities		14,.024			9,274
Total Liabilities
	1.276.492			1,013,593
Shareholder's Equity		76,982			64,205

Total Liabilities and Shareholders Equity	$ 1,353,474	$ 1,077,798

First Ottawa Bancshares, Inc.

			Income Statement
($ in thousands, Except Share and Per Share Data)
			QTD		QTD
	3/31/2023		3/31/2022
Interest and Dividend Income
Loans, Including Fees	$	16,219		$	9,276
Securities Available for Sale:
Taxable			1,364			281
Exempt from Federal Tax			50			46
Other			361			57
Total Interest and Dividend Income
		17,994			9,660
Interest Expense
Deposits			4,226			353
Borrowings			1,471			464
Total Interest Expense
		5,697			817
Net Interest Income			12,297			8,843
Provision for Loan Losses			1,770			600
Net Income After Provision for Loan Losses
		10,527			8,243
Non Interest Income
Service Fees			555			528
Trust and Farm Management Fees			225			219
Mortgage Servicing Income, Net			8			252
Other			256			206
Total Non Interest Income
		1,044			1,205
Non Interest Expense
Salaries and Employment Benefits			5,151			4,719
Occupancy and Equipment			795			675
Data Processing Fees			446			456
Advertising			66			124
Professional Fees			236			226
Other Real Estate Owned, Net			33			-134
Supplies			42			38
Other			790			725
Total Non Interest Expenses
		7,559			6,829
Income Before Income Tax			4,012			2,619
Income Tax Expense			1,042			676
Net Income
		$2,970		$	1,943

QTD Earnings Per Share

$

3.32

$

2.27