Note 17 - Condensed Parent Only Financial Statements

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note

1

7

. Condensed Parent Only Financial Statements

	December 31,
	2019			2018
Balance sheets
Assets:
Interest bearing deposits	$	2,434,794		$	6,958,943
Equity in net assets of Ottawa Savings Bank		46,828,871			44,187,104
ESOP note receivable		1,451,262			1,630,875
Other assets		(4,052	)		47,444
Total assets	$	50,710,875		$	52,824,366
Stockholders' Equity		50,710,875			52,824,366
Total liabilities and stockholders' equity	$	50,710,875		$	52,824,366

	Years Ended December 31,
	2019			2018
Statements of operations
Equity in net income of subsidiary	$	1,990,700		$	2,062,622
Interest income		69,003			68,665
Operating income		2,059,703			2,131,287
Other expenses		143,628			163,798
Income before income tax benefit		1,916,075			1,967,489
Income tax (benefit)		(21,272	)		(26,817	)
Net income	$	1,937,347		$	1,994,306

Statement of cash flows
Operating activities:
Net income	$	1,937,347		$	1,994,306
Adjustments to reconcile net income to net cash used in operating activities:
Increase in other assets		51,496			(33,424	)
Undistributed net income of subsidiary		(1,990,700	)		(2,062,622	)
Net cash used in operating activities		(1,857	)		(101,740	)
Investing activities:
Payments received on ESOP notes receivable		179,613			171,717
Net cash provided by investing activities		179,613			171,717
Financing activities:
Options exercised		8,925			119,066
Shares repurchased and cancelled		(2,852,882	)		(1,639,487	)
Dividends paid		(1,857,946	)		(856,036	)
Net cash (used in) financing activities		(4,701,903	)		(2,376,457	)
Net (decrease) in cash and cash equivalents		(4,524,147	)		(2,306,480	)
Cash and cash equivalents:
Beginning of period		6,958,943			9,265,423
End of period	$	2,434,796		$	6,958,943
Supplemental Disclosures of Cash Flow Information
Cash paid for taxes, net of refunds received	$	(33,000	)	$	(40,808	)