$FOTB

FIRST OTTAWA BANCSHARES, INC.

CIK:0001099668|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Interest and Dividend Income
Loans, including fees	$ 1,883	$ 2,064
Securities available for sale
Taxable	185	218
Exempt from federal income tax	88	113
Interest-bearing deposits with financial institutions	226	258
Other	4	9
Total interest and dividend income	2,386	2,662
Interest expense
Interest-bearing demand deposits	8	26
Money market savings accounts	3	6
Savings deposits	9	7
Time deposits	319	393
Borrowings		5
Total interest expense	339	437
Net Interest Income	2,047	2,225
Provision for loan losses	90	300
Net Interest Income After Provision for Loan Losses	1,957	1,925
Noninterest Income
Service fees	157	144
Trust and farm management fees	135	135
Mortgage servicing income, net	90	51
Net realized gains on available for sale securities		(10)
Other	146	182
Total noninterest income	528	502
Noninterest Expense
Salaries and employee benefits	1,190	1,164
Occupancy and equipment	298	311
Data processing fees	127	132
Insurance	156	138
Professional fees	145	112
Amortization of core deposit intangible	37	37
Other real estate owned, net	225	206
Other	217	243
Total non-interest expense	2,395	2,343
Income Before Income Tax	90	84
Income tax benefit	(18)	(47)
Net Income	$ 108	$ 131
Earnings per share - basic	$ 0.17	$ 0.2
Earnings per share - diluted	$ 0.17	$ 0.2
Average Shares Outstanding	645,988	645,988

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 108	$ 131
Items not requiring (providing) cash
Provision for loan losses	90	300
Depreciation and amortization	141	141
Premium amortization on securities, net	118	131
Loans originated for sale	(5,928)	(2,751)
Proceeds from the sale of loans	6,061	3,389
Gains on sales of loans held for sale	(90)	(63)
Losses on sales of securities, net		10
Writedowns and loss on sales of other real estate owned	152	146
Stock options vested	24	28
Change in interest receivable and other assets	355	(3)
Change in interest payable and other liabilities	(80)	143
Net cash provided by operating activities	951	1,602
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of securities available for sale		422
Proceeds from maturities, calls, and paydowns of securities available for sale	2,079	1,527
Purchases of securities available for sale	(17,123)	(5,300)
Proceeds from maturities of interest-bearing time deposits	3,579	5,169
Purchases of interest-bearing time deposits	(3,042)
Net change in loans	4,270	985
Proceeds from sales of other real estate owned		458
Net purchases of premises and equipment	(8)	(14)
Net cash provided by (used in) investing activities	(10,245)	3,247
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits	1,168	(9,650)
Repayment of borrowings	(1,800)	(2,000)
Dividends paid		(168)
Net cash used in financing activities	(632)	(11,818)
Net Change in Cash and Cash Equivalents	(9,926)	(6,969)
Cash and cash equivalents at beginning of period	21,345
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 11,419	$ 10,118

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2012	Dec. 31, 2011
Condensed Consolidated Balance Sheets
Cash and cash equivalents	$ 11,419	$ 21,345
Interest-bearing time deposits in financial institutions	54,811	55,348
Securities available for sale	56,964	42,187
Loans held for sale	102	145
Loans, net of allowance for loan losses of $2,852 and $2,781, respectively	122,414	126,774
Premises and equipment, net	7,332	7,428
Goodwill	2,446	2,446
Core deposit intangible, net	178	215
Other real estate owned	4,726	4,878
Cash surrender value of life insurance	3,888	3,857
Accrued interest receivable and other assets	5,761	6,034
Total assets	270,041	270,657
Deposits
Noninterest-bearing demand	38,766	36,894
Interest-bearing demand	78,549	81,581
Money market savings	26,285	24,538
Savings	34,908	32,562
Certificates and other time deposits of $100,000 or more	26,451	28,037
Other certificates and time deposits	38,465	38,644
Total deposits	243,424	242,256
Borrowings		1,800
Other liabilities	2,272	2,352
Total liabilities	245,696	246,408
Commitments and contingencies
Shareholders' equity
Preferred stock, $1 par value authorized and unissued - 20,000 shares
Common stock - $1 par value, 1,000,000 shares authorized and 753,734 issued	754	754
Additional paid-in capital	4,868	4,844
Retained earnings	25,111	25,003
Treasury stock, at cost - 107,746 shares	(6,299)	(6,299)
Accumulated other comprehensive income (loss)	(89)	(53)
Total shareholders' equity	24,345	24,249
Total liabilities and shareholders' equity	$ 270,041	$ 270,657