Exhibit 99.1

OTTAWA BANCORP, INC.

Announces Third Quarter 2019 Results

Ottawa, Illinois – November 1, 2019 - Ottawa Bancorp, Inc. (the “Company”) (Nasdaq CM: OTTW), the holding company for Ottawa Savings Bank, FSB (the “Bank”), announced net income of $0.5 million, or $0.18 per basic and diluted common share for the three months ended September 30, 2019, compared to net income of $0.6 million, or $0.18 per basic and diluted common share for the three months ended September 30, 2018. For the nine months ended September 30, 2019, the bank announced net income of $1.38 million, or $0.44 per basic and diluted common share, compared to net income of $1.43 million, or $0.44 per basic and diluted common share for the nine months ended September 30, 2018. During the third quarter of 2019, the Company experienced an increase in loan originations and a slight increase in non-performing loans.   Non-performing loans increased from $1.5 million at December 31, 2018 to $2.0 million at September 30, 2019, which caused the ratio of non-performing loans to gross loans to increase from 0.63% at December 31, 2018 to 0.80% at September 30, 2019. Additionally, through September 30, 2019, the Company has repurchased a total of 327,089 shares of its common stock at an average price of $13.96 per share as part of the stock repurchase program approved on November 7, 2018 and its previous stock repurchase program that expired in November, 2018.

Comparison of Results of Operations for the Three Months Ended September 30, 2019 and September 30, 2018

Net income for the three months ended September 30, 2019 was $544,916 compared to net income of $590,143 for the three months ended September 30, 2018. The decrease in net income of $45,227 or 7.7%, was primarily attributed to a $47,594 decrease in net interest income after provision for loan losses and an increase in total other expenses of $332,101, which were partially offset by an increase in total other income of $321,013 and a decrease in tax expense of $13,455.

Net interest income decreased by $0.01 million, or 0.4%, to $2.29 million for the three months ended September 30, 2019, from $2.30 million for the three months ended September 30, 2018. Interest and dividend income increased $0.3 million, or 11.9%, primarily due to an increase in the average balances of interest-earning assets of $27.6 million. The increase in net interest income was partially offset by an increase in interest expense as the average cost of funds increased 47 basis points to 1.44% for the three months ended September 30, 2019. The net interest margin decreased 36 basis points during the three months ended September 30, 2019 to 3.25% from 3.61%.

The Company recorded a provision for loan losses of $0.1 million for the three-month periods ended September 30, 2019 and 2018. The allowance for loan losses was $2.8 million, or 1.13% of total gross loans at September 30, 2019 compared to $2.6 million, or 1.14% of gross loans at September 30, 2018. Net recoveries during the third quarter of 2019 were $(22) thousand compared to net charge-offs of $17 thousand during the third quarter of 2018. General reserves were higher at September 30, 2019, when compared to September 30, 2018, primarily due to the balances in most loan categories increasing during the twelve months ended September 30, 2019. This increase in the allowance due to loan growth was partially offset by improvements in historical loss levels. Although non-performing loans increased, the necessary reserves on non-performing loans as of September 30, 2019 were approximately $140,000 lower than they were as of September 30, 2018 due to the transfer of one non-performing loan to Foreclosed Real Estate, the charge-off of the specific reserve for another non-performing loan and an improvement in the payment status of several other non-performing loans.

Total other income increased $0.4 million to $1.0 million for the three months ended September 30, 2019, as compared to $0.6 million for the three months ended September 30, 2018. The increase was primarily due to an increase in gains on the sale of loans, an increase in origination of mortgage servicing rights, an increase in loan origination and servicing income and an increase in other income. These increases were partially offset by a decrease in gain on sale of foreclosed real estate.

Total other expense increased $0.3 million, or 15.9%, to $2.4 million for the three months ended September 30, 2019, as compared to $2.1 million for the three months ended September 30, 2018.  The increase was primarily due to greater costs in the salaries and employee benefits category due to the addition of a commercial lender and a senior credit analyst. Most expense categories are higher for the 2019 period than in 2018.

The Company recorded income tax expense of $0.2 million for both of the three-month periods ended September 30, 2019 and 2018.

Comparison of Results of Operations for the Nine Months Ended September 30, 2019 and September 30, 2018

Net income was $1.38 million for the nine-month period ended September 30, 2019 which is a $0.05 million decrease from $1.43 million for the nine-month period ended September 30, 2018. The decrease in net income was primarily the result of total other expense and tax expense increasing more than the increase in total other income and net interest income after provision for loan losses.

Net interest income increased by $0.24 million, or 3.5%, to $7.05 million for the nine months ended September 30, 2019, from $6.81 million for the nine months ended September 30, 2018. Interest and dividend income increased $1.2 million, or 14.4%, primarily due to an increase in the average balances of interest-earning assets of $24.0 million. The increase in interest and dividend income was partially offset by an increase in interest expense as the average cost of funds increased 46 basis points to 1.34% for the nine months ended September 30, 2019. The net interest margin decreased 20 basis points, or 5.51% during the nine months ended September 30, 2019 to 3.43% from 3.63% for the nine months ended September 30, 2018.

The Company recorded a provision for loan losses of $0.4 million for both of the nine-month periods ended September 30, 2019 and 2018. The allowance for loan losses was $2.8 million, or 1.13% of total gross loans at September 30, 2019 compared to $2.5 million, or 1.14% of gross loans at September 30, 2018. Net charge-offs during the first nine months of both 2019 and 2018 were $0.3 million. General reserves were higher at September 30, 2019, when compared to September 30, 2018, primarily due to the balances in all loan categories increasing during the twelve months ended September 30, 2019. This increase in the allowance due to loan growth was partially offset by improvements in historical loss levels. Although non-performing loans increased, the necessary reserves on non-performing loans as of September 30, 2019 were approximately $140,000 lower than they were as of September 30, 2018 due to the transfer of one non-performing loan to Foreclosed Real Estate, the charge-off of the specific reserve for another non-performing loan and an improvement in the payment status of several other non-performing loans.

Total other income increased slightly to $1.9 million for the nine months ended September 30, 2019, as compared to $1.7 million for the nine months ended September 30, 2018. The increase was primarily due to an increase in gains on sale of loans, an increase in the origination of mortgage servicing rights, an increase in loan origination and servicing income and an increase in other income. These increases were partially offset by a decrease in customer service fees and a decrease in gain on sale of foreclosed real estate.

Total other expense increased $0.4 million, or 6.5%, to $6.6 million for the nine months ended September 30, 2019, as compared to $6.2 million for the nine months ended September 30, 2018.  The increase was primarily due to higher salaries and employee benefits, legal and professional fees and data processing costs. These increases were offset in reductions in loan expense and other expense.

The Company recorded income tax expense of approximately $0.5 million for both of the nine-month periods ended September 30, 2019 and 2018.

Comparison of Financial Condition at September 30, 2019 and December 31, 2018

Total consolidated assets as of September 30, 2019 were $304.2 million, an increase of $11.4 million, or 3.9%, from $292.8 million at December 31, 2018.  The increase was primarily due to an increase of $7.3 million in the net loan portfolio, an increase in time deposits of $3.5 million, increases in cash and cash equivalents of $2.3 million, an increase in loans held for sale of $1.6 million, and an increase in Foreclosed Real Estate of $0.2 million. These increases were partially offset by a decrease in federal funds sold of $1.7 million, a decrease in securities available for sale of $1.4 million and an overall $0.4 million decrease in the remaining other asset categories.

Cash and cash equivalents increased $2.3 million, or 27.4%, to $10.7 million at September 30, 2019 from $8.4 million at December 31, 2018. The increase in cash and cash equivalents was primarily a result of cash provided by financing activities of $9.9 million and cash provided by operating activities of $0.1 million exceeding cash used in investing activities of $7.7 million.

Securities available for sale decreased $1.4 million, or 5.5%, to $24.1 million at September 30, 2019 from $25.5 million at December 31, 2018, as paydowns, calls, and maturities exceeded new securities purchases.

Net loans increased by $7.3 million, or 3.1%, to $243.2 million at September 30, 2019 compared to $235.9 million at December 31, 2018 primarily as a result of a $7.3 million increase in one-to-four family loans, a $6.8 million increase in commercial loans and a $4.1 million increase in consumer direct loans. The increases were off set by decreases of $5.1 million in non-residential real estate loans and $5.8 million in purchased auto loans.

Total deposits increased $16.4 million, or 7.3%, to $239.8 million at September 30, 2019 from $223.4 million at December 31, 2018. For the period ended September 30, 2019, checking accounts increased by $5.5 million and certificates of deposit increased by $14.5 million as compared to December 31, 2018. The increases were offset by a decrease in non-interest bearing checking accounts of $0.3 million, a decrease in savings accounts of $0.1 million and a decrease in money market accounts of $3.2 million as compared to December 31, 2018.

FHLB advances decreased $2.0 million, or 16.5% to $10.1 million at September 30, 2019 compared to $12.1 million at December 31, 2018. The decrease was related to the maturing of several advances with short term maturities that had been used to fund loan growth during the second quarter of 2019.

Stockholders’ equity decreased $2.5 million, or 4.7% to $50.3 million at September 30, 2019 from $52.8 million at December 31, 2018. The decrease reflects $2.7 million used to repurchase and cancel 190,868 outstanding shares of Company common stock and $1.8 million in cash dividends. The decreases were partially offset by an increase of $0.4 million in other comprehensive income due to an increase in the fair value of securities available for sale, net income of $1.4 million for the nine months ended September 30, 2019 and proceeds from stock options exercised.

About Ottawa Bancorp, Inc.

Ottawa Bancorp, Inc. is the holding company for Ottawa Savings Bank, FSB which provides various financial services to individual and corporate customers in the United States. The Bank offers various deposit accounts, including checking, money market, regular savings, club savings, certificates of deposit, and various retirement accounts. Its loan portfolio includes one-to-four family residential mortgage, multi-family and non-residential real estate, commercial, and construction loans as well as auto loans and home equity lines of credit. Ottawa Savings Bank, FSB was founded in 1871 and is headquartered in Ottawa, Illinois. For more information about the Company and the Bank, please visit www.ottawasavings.com.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as “will,” “expected,” “believe,” and “prospects,” involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, and market disruptions. Ottawa Bancorp, Inc. undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission. 

Ottawa Bancorp, Inc. & Subsidiary

Consolidated Balance Sheets

September 30, 2019 and December 31, 2018

(Unaudited)

	September 30,			December 31,
	2019			2018
Assets
Cash and due from banks	$	4,053,800		$	2,416,568
Interest bearing deposits		6,627,649			6,013,890
Total cash and cash equivalents		10,681,449			8,430,458
Time deposits		3,736,000			250,000
Federal funds sold		3,947,000			5,663,000
Securities available for sale		24,089,350			25,533,767
Loans, net of allowance for loan losses of $2,774,442 and $2,627,738 at September 30, 2019 and December 31, 2018, respectively		243,244,687			235,926,419
Loans held for sale		1,571,495			-
Premises and equipment, net		6,564,106			6,621,080
Accrued interest receivable		800,805			824,542
Foreclosed real estate		196,000			-
Deferred tax assets		1,779,082			1,898,141
Cash value of life insurance		2,376,864			2,341,453
Goodwill		649,869			649,869
Core deposit intangible		184,500			228,000
Other assets		4,392,723			4,469,350
Total assets	$	304,213,930		$	292,836,079
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest bearing	$	13,798,606		$	14,057,719
Interest bearing		225,967,615			209,390,810
Total deposits		239,766,221			223,448,529
Accrued interest payable		10,068			5,648
FHLB advances		10,078,727			12,087,152
Other liabilities		4,022,383			4,470,384
Total liabilities		253,877,399			240,011,713
Stockholders' Equity
Common stock, $.01 par value, 12,000,000 shares authorized; 3,170,554 and 3,358,922 shares issued at September 30, 2019 and December 31, 2018, respectively		31,705			33,589
Additional paid-in-capital		32,976,828			35,579,606
Retained earnings		18,477,320			18,859,232
Unallocated ESOP shares		(1,443,104	)		(1,576,616	)
Unallocated management recognition plan shares		(32,962	)		(40,361	)
Accumulated other comprehensive income (loss)		326,744			(31,084	)
Total stockholders' equity		50,336,531			52,824,366
Total liabilities and stockholders' equity	$	304,213,930		$	292,836,079

Ottawa Bancorp, Inc. & Subsidiary

Consolidated Statements of Operations

Three and Nine Months Ended September 30, 2019 and 2018

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Interest and dividend income:
Interest and fees on loans	$	2,878,874	$	2,596,019	$	8,591,812	$	7,541,652
Securities:
Residential mortgage-backed and related securities		67,217		67,156		223,536		205,975
State and municipal securities		101,169		102,269		299,190		305,920
Dividends on non-marketable equity securities		6,387		5,079		19,098		14,473
Interest-bearing deposits		81,905		30,516		181,452		75,864
Total interest and dividend income		3,135,552		2,801,039		9,315,088		8,143,884
Interest expense:
Deposits		774,630		454,352		2,055,165		1,187,481
Borrowings		68,413		46,584		209,559		143,129
Total interest expense		843,043		500,936		2,264,724		1,330,610
Net interest income		2,292,509		2,300,103		7,050,364		6,813,274
Provision for loan losses		105,000		65,000		405,000		377,500
Net interest income after provision for loan losses		2,187,509		2,235,103		6,645,364		6,435,774
Other income:
Gain on sale of loans		370,387		155,656		628,678		464,527
Gain/(Loss) on sale of foreclosed real estate, net		-		59,511		-		99,108
Loan origination and servicing income		291,677		244,351		646,068		615,369
Origination of mortgage servicing rights, net of amortization		111,316		4,124		98,581		26,977
Customer service fees		129,831		135,710		370,776		384,717
Increase in cash surrender value of life insurance		11,565		11,986		35,411		35,621
Gain/(Loss) on sale of repossessed assets, net		4,182		5,166		11,978		4,928
Other		42,532		23,973		88,478		72,607
Total other income		961,490		640,477		1,879,970		1,703,854
Other expenses:
Salaries and employee benefits		1,393,099		1,139,592		3,679,948		3,255,532
Directors fees		43,000		43,000		129,000		137,750
Occupancy		171,352		159,892		499,362		494,353
Deposit insurance premium		2,000		17,107		33,565		49,933
Legal and professional services		105,469		89,623		303,402		279,273
Data processing		186,462		169,316		521,905		485,210
Loan expense		201,404		189,814		538,439		552,483
Valuation adjustments and expenses on foreclosed real estate		20,418		4,465		32,421		25,265
Other		302,536		280,830		901,287		957,569
Total other expenses		2,425,740		2,093,639		6,639,329		6,237,368
Income before income tax expense		723,259		781,941		1,886,005		1,902,260
Income tax expense		178,343		191,798		506,407		476,662
Net income	$	544,916	$	590,143	$	1,379,598	$	1,425,598
Basic earnings per share	$	0.18	$	0.18	$	0.44	$	0.44
Diluted earnings per share	$	0.18	$	0.18	$	0.44	$	0.44
Dividends per share	$	0.063	$	0.05	$	0.563	$	0.215

Ottawa Bancorp, Inc. & Subsidiary

Selected Financial Data and Ratios

(Unaudited)

	At September 30,		At December 31,
	2019		2018
	(In thousands, except per share data)
Financial Condition Data:
Total Assets	$	304,214	$	292,836
Loans, net (1)		243,245		235,926
Securities available for sale		24,089		25,534
Deposits		239,766		223,449
Stockholders' Equity		50,337		52,824
Book Value per common share	$	15.88	$	15.73
Tangible Book Value per common share (2)	$	15.61	$	15.47

(1) Net of loans in process, deferred loan (cost) fees and allowance for loan losses.

(2) Non-GAAP measure. Excludes goodwill and core deposit intangible.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(In thousands, except per share data)				(In thousands, except per share data)
Operations Data:
Total interest and dividend income	$	3,136	$	2,801	$	9,315	$	8,144
Total interest expense		843		501		2,265		1,331
Net interest income		2,293		2,300		7,050		6,813
Provision for loan losses		105		65		405		377
Total other income		961		640		1,880		1,704
Total other expense		2,426		2,093		6,639		6,238
Income tax expense		178		192		506		477
Net income	$	545	$	590	$	1,380	$	1,425
Basic earnings per share	$	0.18	$	0.18	$	0.44	$	0.44
Diluted earnings per share	$	0.18	$	0.18	$	0.44	$	0.44
Dividends per share	$	0.063	$	0.05	$	0.559	$	0.215

	At or for the						At or for the
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Performance Ratios:
Return on average assets (5)		0.72	%		0.86	%		0.63	%		0.70	%
Return on average stockholders' equity (5)		3.70			4.48			3.13			3.61
Average stockholders' equity to average assets		19.56			19.20			19.97			19.55
Stockholders' equity to total assets at end of period		16.55			18.96			16.55			18.96
Net interest rate spread (1) (5)		3.01			3.43			3.19			3.47
Net interest margin (2) (5)		3.25			3.62			3.43			3.63
Average interest-earning assets to average interest-bearing liabilities		120.57			123.44			121.92			123.66
Other expense to average assets		0.80			0.76			2.26			2.32
Efficiency ratio (3)		74.55			71.23			74.34			73.27
Dividend payout ratio		35.00			27.78			127.95			48.86

	At or for the			At or for the
	Nine Months Ended			Twelve Months Ended
	September 30,			December 31,
	2019			2018
	(unaudited)
Regulatory Capital Ratios (4):
Total risk-based capital (to risk-weighted assets)		21.59	%		21.08	%
Tier 1 core capital (to risk-weighted assets)		20.34			19.88
Common equity Tier 1 (to risk-weighted assets)		20.34			19.88
Tier 1 leverage (to adjusted total assets)		15.14			15.16
Asset Quality Ratios:
Net charge-offs to average gross loans outstanding (5)		0.32			0.16
Allowance for loan losses to gross loans outstanding		1.13			1.10
Non-performing loans to gross loans (6)		0.80			0.63
Non-performing assets to total assets (6)		0.73			0.54
Other Data:
Number of full-service offices		3			3

(1) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of funds on average interest-bearing liabilities.

(2) Represents net interest income as a percent of average interest-earning assets.

(3) Represents total other expenses divided by the sum of net interest income and total other income.

(4) Ratios are for Ottawa Savings Bank.

(5) Annualized.

(6) Non-performing assets consist of non-performing loans, foreclosed real estate, and other foreclosed assets. Non-performing loans consist of all loans 90 days or more past due and all loans no longer accruing interest.