UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

                     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2000

Commission File Number 0-24118


                          OTTAWA FINANCIAL CORPORATION
                          ----------------------------
             (Exact name of registrant as specified in its charter)

         Delaware                                           38-3172166
         --------                                           ----------
(State or other jurisdiction of                          (IRS Employer
 incorporation or organization)                         Identification No.)

                   245 Central Avenue, Holland, Michigan 49423
                   -------------------------------------------
                    (Address of principal executive offices)

                                       616-393-7000
                                       ------------
                   (Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

Yes     [X]         No   [  ]

Class:
Common stock, $.01 par value     As of  August 4,  2000,  there  were  6,603,687
                                 shares outstanding.


<PAGE>


                          OTTAWA FINANCIAL CORPORATION

                                    FORM 10-Q
                           QUARTER ENDED JUNE 30, 2000

                         PART I - FINANCIAL INFORMATION


Interim Financial  Information required by Rule 10-01 of Regulation S-X and Item
303 of Regulation S-K is included in this Form 10-Q as referenced below:

                                                                        Page

ITEM 1 - FINANCIAL STATEMENTS

      Consolidated Statements of Financial Condition.........................3

      Consolidated Statements of Operations..................................4

      Consolidated Statements of Comprehensive Income........................5

      Consolidated Statements of Cash Flows..............................6 - 7

      Notes to the Consolidated Financial Statements.........................8

      Report of Independent Accountants......................................9

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS....................................10 - 16

ITEM 3   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK............................................................17 - 18

                           Part II - Other Information

OTHER INFORMATION...........................................................19

SIGNATURES..................................................................20

EXHIBIT INDEX...............................................................21





                                        2

<PAGE>


<TABLE>
<CAPTION>
PART 1                         OTTAWA FINANCIAL CORPORATION
Item 1.               CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                   (UNAUDITED)

                                                              June 30, 2000  December 31, 1999
                                                              -------------  -----------------
                                                                  (Dollars in Thousands)
<S>                                                           <C>                <C>
ASSETS
Cash and due from financial institutions                      $20,077            $24,420
Interest-bearing demand deposits in other financial institutions  271              2,069
   Total cash and cash equivalents                             20,348             26,489
Securities available for sale                                  69,305             81,056
Federal Home Loan Bank stock                                   12,056             11,782
Loans held for sale                                               713
Loans receivable, net                                         941,935            856,759
Premises and equipment, net                                    16,469             16,348
Acquisition intangibles                                        11,231             11,828
Other assets                                                   12,567             12,906
                                                               ------             ------
   Total Assets                                            $1,084,624         $1,017,168
                                                            =========          =========

LIABILITIES
Deposits                                                     $738,089           $711,954
Federal Home Loan Bank advances                               238,125            216,353
Federal funds purchased                                        14,159              1,600
Accrued expenses and other liabilities                         14,358              9,429
                                                               ------              -----
   Total Liabilities                                        1,004,731            939,336

SHAREHOLDERS' EQUITY
Common Stock, $.01 par value;
  10,000,000 shares authorized; issued
  6,603,687 shares at June 30, 2000,
  6,471,617 shares at December 31, 1999                            66                 65
Additional Paid-in Capital                                     79,993             77,562
Retained earnings                                               1,998             10,454
Accumulated other comprehensive income                          (867)              (855)
Employee Stock Ownership Plan (Unallocated Shares)            (1,258)            (1,462)
Management Recognition and Retention Plan (Unearned Shares)      (39)              (215)
Less Cost of Common Stock in
   Treasury - 0 shares at
   June 30, 2000, 376,828 shares at
   December 31, 1999                                            _____            (7,717)
                                                                                 -------

Total Shareholders' Equity                                     79,893             77,832
                                                               ------             ------

Total Liabilities and Shareholders' Equity                 $1,084,624         $1,017,168
                                                            =========          =========
</TABLE>

               See accompanying notes to consolidated financial statements.


                                        3

<PAGE>



<TABLE>
<CAPTION>
                          OTTAWA FINANCIAL CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


                                          Three Months Ended         Six Months Ended
                                                June 30                   June 30
                                           2000       1999           2000        1999
                                           ----       ----           ----        ----
                                                     (Dollars in Thousands,
                                                      except per share data)
<S>                                      <C>        <C>             <C>        <C>
Interest Income
    Loans                                $18,319    $15,293         35,586     $30,540
    Investment securities and
      equity investments                   1,169      1,147          2,339       2,120
    Other interest and dividend income       268        356            519         821
                                             ---        ---            ---         ---
                                          19,756     16,796         38,444      33,481
                                          ------     ------         ------      ------

Interest Expense
    Deposits                               8,516      6,991         16,534      14,291
    Federal Home Loan Bank advances        3,558      2,250          6,757       4,548
    Other                                    154          9            269          12
                                             ---          -            ---          --
                                          12,228      9,250         23,560      18,851
                                          ------      -----         ------      ------
NET INTEREST INCOME                        7,528      7,546         14,884      14,630

Provision for loan losses                    345        285            675         555
                                             ---        ---            ---         ---

NET INTEREST INCOME AFTER PROVISION
  FOR LOAN LOSSES                          7,183      7,261         14,209      14,075
                                           -----      -----         ------      ------

Noninterest income
    Service charges and other fees         1,246      1,143          2,319       2,180
    Mortgage servicing fees                   60         98            122         204
    Gain on sale of loans                     30        151             49         595
    Gain (loss) on sale of securities          -          -              -         (9)
    Fees from sales of mutual funds
      and annuities                          279        232            638         434
    Other                                     31         21             92          66
                                              --         --             --          --
                                           1,646      1,645          3,220       3,470
                                           -----      -----          -----       -----

Noninterest expense
    Compensation and benefits              2,881      2,921          5,841       5,768
    Occupancy                                443        420            845         853
    Furniture, fixtures and equipment        257        324            489         655
    Advertising                              108         75            208         150
    FDIC deposit insurance                    37        101             72         204
    State single business tax                 17        143             35         285
    Data processing                          320        336            639         614
    Professional services                    122         89            257         228
    Acquisition intangibles amortization     298        301            597         602
    Other                                    747        675          1,464       1,316
                                             ---        ---          -----       -----
                                           5,230      5,385         10,447      10,675
                                           -----      -----         ------      ------
INCOME BEFORE FEDERAL
    INCOME TAX EXPENSE                     3,599      3,521          6,982       6,870

Federal income tax expense                 1,273      1,259          2,484       2,495
                                           -----      -----          -----       -----

NET INCOME                                $2,326     $2,262         $4,498      $4,375
                                           =====      =====          =====       =====

Earnings per common share
     Basic                                  $.36       $.34           $.70        $.67
                                             ===        ===            ===         ===
     Diluted                                 .35        .32            .67         .63
                                             ===        ===            ===         ===

Dividends per common share                   .12        .10            .23         .19
                                             ===        ===            ===         ===
</TABLE>

               See accompanying notes to consolidated financial statements.

                                        4

<PAGE>



<TABLE>
<CAPTION>
                          OTTAWA FINANCIAL CORPORATION
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                   (UNAUDITED)


                                                           Three Months Ended         Six Months Ended
                                                                 June 30                   June 30
                                                            2000       1999           2000        1999
                                                            ----       ----           ----        ----
                                                     (Dollars in Thousands)

<S>                                                       <C>        <C>         <C>         <C>
Net Income                                                $ 2,326    $ 2,262     $ 4,498     $ 4,375

Other comprehensive income, net of tax:

    Unrealized gains (losses) arising during the
         period on securities available for sale              145       (349)        (12)       (461)

    Less:  reclassification adjustment for accumulated
         (gains) losses included in net income                                                     6
                                                          -------    -------     -------     -------

    Unrealized gains (losses) on securities
         available for sale                                   145       (349)        (12)       (455)
                                                          -------    -------     -------     -------

Comprehensive income                                      $ 2,471    $ 1,913     $ 4,486     $ 3,920
                                                          =======    =======     =======     =======

</TABLE>





               See accompanying notes to consolidated financial statements.




                                        5


<PAGE>



<TABLE>
<CAPTION>
                          OTTAWA FINANCIAL CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


                                                                  Six Months Ended
                                                                       June 30
                                                                2000           1999
                                                                ----           ----
                                                               (Dollars in Thousands)
<S>                                                            <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net income                                                  $4,498         $4,375
   Adjustments to reconcile net income to net cash
      from operating activities
         Depreciation                                             616            660
         Net amortization of security premiums and discounts      131            202
         Amortization of acquisition intangibles                  597            602
         Provision for loan losses                                675            555
         Loss on limited partnership investments                  113             74
         ESOP expense                                             488            576
         MRP expense                                              176            249
         Origination of loans for sale                        (6,276)       (51,711)
         Proceeds from sale of loans originated for sale        5,565         53,653
         Gain on sale of loans                                   (49)          (595)
         (Gain) / Loss on sale of securities                                       9
   Changes in:
         Other assets                                             251        (1,070)
         Other liabilities                                      4,929          1,550
                                                                -----          -----
            Net cash from operating activities                 11,714          9,129


CASH FLOWS FROM INVESTING ACTIVITIES
Activity in available-for-sale securities:
        Purchases                                                            (23,032)
        Maturities, prepayments and calls                      11,583         12,808
        Sales                                                                  1,005
   Purchases of FHLB stock                                      (274)
   Purchases of loans                                        (17,985)        (9,910)
   Loan originations net of principal payments on loans      (67,819)          1,047
   Premises and equipment expenditures, net                     (737)        (1,032)
                                                                -----        -------
      Net cash from investing activities                     (75,232)       (19,114)

</TABLE>



                                        6

<PAGE>


<TABLE>
<CAPTION>

                          OTTAWA FINANCIAL CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                    CONTINUED

                                                                Six Months Ended
                                                                     June 30
                                                             2000             1999
                                                             ----             ----
                                                             (Dollars in Thousands)
<S>                                                         <C>            <C>
CASH FLOWS FROM FINANCING ACTIVITIES
   Net increase(decrease) in deposits                       26,135         (15,773)
   Net increase (decrease) in Federal funds purchased       12,559           10,600
   Proceeds from FHLB advances                             124,000           16,000
   Repayment of FHLB advances                            (102,228)         (25,915)
   Proceeds from exercise of stock options                      14              430
   Proceeds from exercise of stock warrants                                   1,072
       Cash paid for exchange of warrants for cash                             (92)
   Cash dividends paid                                     (1,488)          (1,278)
   Purchase of treasury shares                             (1,615)            (513)
                                                           -------            -----
      Net cash from financing activities                    57,377         (15,469)
                                                            ------         --------

Net change in cash and cash equivalents                    (6,141)         (25,454)
Cash and cash equivalents at beginning of year              26,489           42,225
                                                            ------           ------

Cash and cash equivalents at end of year                   $20,348          $16,771
                                                            ======           ======

Supplemental disclosures of cash flow information
   Cash paid during the year for
      Interest                                             $22,059          $19,402
      Income taxes                                           2,925            2,450


</TABLE>


          See accompanying notes to consolidated financial statements.

                                        7

<PAGE>


                          OTTAWA FINANCIAL CORPORATION

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                           QUARTER ENDED JUNE 30, 2000

                                   (UNAUDITED)


NOTE 1 -    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      The financial statements reflect the consolidated  financial condition and
results of operations of Ottawa Financial Corporation, AmeriBank and AmeriBank's
wholly-owned   subsidiaries.   All   significant   intercompany   accounts   and
transactions have been eliminated in consolidation.

      As of January 1, 2000, AmeriBank's residential mortgage lending operations
were segregated and transferred into AmeriBank  Mortgage Company, a wholly-owned
subsidiary of AmeriBank.  The operations of AmeriBank  Mortgage  Company include
originating and selling residential mortgage loans.

      These  interim  financial  statements  are not  audited  and  reflect  all
adjustments which, in management's  opinion, are necessary to present fairly the
consolidated  financial  position of Ottawa at June 30, 2000, and its results of
operations,  cash flows, and comprehensive income for the periods presented. All
adjustments are normal and recurring in nature.  The  accompanying  consolidated
financial  statements  do not contain all the  necessary  financial  disclosures
required by generally accepted accounting principles and should be read with the
consolidated  financial statements and notes of Ottawa Financial Corporation for
the year ended December 31, 1999.

      The  provision  for  income  taxes is based  upon the  effective  tax rate
expected to be applicable for the entire year.

      Amounts  reported as basic  earnings per common share reflect the earnings
available to common  shareholders for the period divided by the weighted average
number of common shares outstanding during the period. Common shares outstanding
includes issued shares less shares held in the treasury and  unallocated  shares
held by the employee stock  ownership  plan.  Diluted  earnings per common share
include the shares that would be outstanding assuming exercise of dilutive stock
options and warrants. All share and per share information has been retroactively
adjusted to reflect the 10% stock dividend paid on June 30, 2000.




                                       8
<PAGE>


                        REPORT OF INDEPENDENT ACCOUNTANTS



Board of Directors and Shareholders
Ottawa Financial Corporation
Holland, Michigan


We have  reviewed the  consolidated  statement of financial  condition of Ottawa
Financial  Corporation  as of  June  30,  2000,  and  the  related  consolidated
statements  of  operations  and   comprehensive   income  for  the  quarter  and
year-to-date  periods ended June 30, 2000 and 1999, and the related consolidated
statements  of cash flows for the  year-to-date  periods ended June 30, 2000 and
1999.  These  financial  statements  are  the  responsibility  of the  Company's
management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A review  of  interim  financial
information consists principally of applying analytical  procedures to financial
data and making  inquiries of persons  responsible  for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with  generally  accepted  auditing  standards,  the  objective  of which is the
expression of an opinion  regarding the financial  statements  taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to the  accompanying  financial  statements for them to be in conformity
with generally accepted accounting principles.




                                          Crowe, Chizek and Company LLP

Grand Rapids, Michigan
July 14, 2000


                                       9
<PAGE>



Item 2
                          OTTAWA FINANCIAL CORPORATION
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

GENERAL

      The  following  discussion  compares  the  financial  condition  of Ottawa
Financial  Corporation  and its wholly owned  subsidiary,  AmeriBank at June 30,
2000 to December  31, 1999 and the results of  operations  for the three and six
months ended June 30, 2000, compared to the same period in 1999. This discussion
should be read with the interim consolidated  condensed financial statements and
footnotes attached.

      This  document,   including   information   included  or  incorporated  by
reference,  contains,  and future filing by the Company on Form 10-K,  Form 10-Q
and Form 8-K and future  oral and  written  statements  by the  Company  and its
management may contain,  forward-looking  statements  about Ottawa Financial and
its  subsidiaries  which we  believe  are  within  the  meaning  of the  Private
Securities  Litigation  Reform  Act of 1995.  These  forward-looking  statements
include,  without  limitation,  statements  with respect to  anticipated  future
operating and financial performance, growth opportunities,  interest rates, cost
savings  and  funding  advantages  expected  or  anticipated  to be  realized by
management.   Words  such  as  "may,"  "could,"  "should,"  "would,"  "believe,"
"anticipate," "estimate," "expect," "intend," "plan" and similar expressions are
intended  to  identify   these   forward-looking   statements.   Forward-looking
statements  by the  Company  and its  management  are based on  beliefs,  plans,
objectives,  goals,  expectations,  anticipations,  estimates and  intentions of
management and are not guarantees of future  performance.  The Company disclaims
any obligation to update or revise any  forward-looking  statements based on the
occurrence of future events, the receipt of new information,  or otherwise.  The
important  factors we discuss below and elsewhere in this  document,  as well as
other factors discussed under the caption "Management's  Discussion and Analysis
of  Financial  Condition  and  Results  of  Operations"  in  this  document  and
identified  in our filings  with the SEC and those  presented  elsewhere  by our
management  from time to time,  could cause actual results to differ  materially
from those indicated by the forward-looking statements made in this document.

      The  following  factors,  many of which are  subject  to  change  based on
various other factors beyond our control,  could cause our financial performance
to  differ  materially  from  plans,  objectives,  expectations,  estimates  and
intentions expressed in such forward-looking statements:

     o  the strength of the United States economy in general and the strength of
        the local economies in which we conduct operations;

     o  the effects of, and changes in, trade,  monetary and fiscal policies and
        laws, including interest rate policies of the Federal Reserve Board;

     o  inflation, interest rate, market and monetary fluctuations;

     o  the  timely  development  of and  acceptance  of our  new  products  and
        services and the perceived  overall value of these products and services
        by users,  including  the  features,  pricing  and  quality  compared to
        competitors' products and services;

     o  the  willingness  of  users  to  substitute  competitors'  products  and
        services for our products and services;

     o  our success in gaining regulatory approval of our products and services,
        when required;

     o  the  impact of  changes  in  financial  services'  laws and  regulations
        (including laws concerning taxes, banking, securities and insurance);

     o  the impact of technological changes;

     o  acquisitions;

     o  changes in consumer spending and saving habits; and

     o  our success at managing the risks involved in the foregoing.


                                       10

<PAGE>



FINANCIAL CONDITION

      Total  assets  increased  to $1.08  billion  at June 30,  2000 from  $1.02
billion at December  31,  1999.  This growth was in the loan  portfolio  and was
funded  primarily from the growth in deposits,  additional  borrowings  from the
Federal Home Loan Bank and the reduction in low-yielding investable funds.

      Net loans  receivable  increased to $941.94  million at June 30, 2000 from
$856.76  million at December 31, 1999.  Through our focus on the  development of
our commercial and business banking services,  as well as healthy loan demand in
our market area,  we were able to grow our  commercial  business and  commercial
real estate  portfolio  by $41.69  million  during the first six months of 2000.
This  growth  was  accompanied  by  the  increase  in the  residential  mortgage
portfolio of $39.45  million during the same period.  The  combination of rising
interest  rates  and  loan  demand  in our  market  area  caused  a shift in our
residential  mortgage portfolio from fixed-rate loans to adjustable-rate  loans.
Since we sell  almost all of our 15 and 30 year term fixed  rate  mortgage  loan
production  and  retain  for  our  portfolio   adjustable   rate  mortgage  loan
production, we saw an increase in our overall mortgage loan portfolio.

      Deposits  increased  to  $738.09  million  at June 30,  2000 from  $711.95
million at December  31,  1999.  The growth was  primarily  in  certificates  of
deposit,  and to a lesser extent in commercial checking and money market savings
accounts.  Commercial  checking  accounts grew by $4.22 million during the first
half of this year. This represents a 19% growth rate and is due to our increased
emphasis on growing commercial deposit  relationships and partly as a by-product
of our growth in commercial lending.  The deposit growth was supplemented by the
use of  Federal  Home Loan  Bank  advances  and the  reduction  in  low-yielding
investable funds to fund the loan growth discussed above.

      The primary component of growth in shareholders' equity for the six months
ended June 30, 2000 was net income.  The increase was  partially  offset by cash
dividends declared and additional repurchases of common stock.




                                       11
<PAGE>


AVERAGE BALANCES, INTEREST RATES AND YIELDS

      This  table   presents   the  amount  of  interest   income  from  average
interest-earning  assets and the yields earned on those  assets,  as well as the
interest expense on average  interest-bearing  liabilities and the rates paid on
those liabilities. All average balances are daily average balances.


<TABLE>
<CAPTION>
                                    Six Months Ended                   Six Months Ended
                                      June 30, 2000                      June 30, 1999
                               ------------------------------ -----------------------------
                                 Average    Interest            Average    Interest
                               Outstanding  Earned/   Yield/  Outstanding  Earned/  Yield/
                                 Balance     Paid     Rate      Balance     Paid    Rate
                                 -------     ----     ----      -------     ----    ----
                                                   (Dollars in Thousands)
<S>                             <C>        <C>        <C>     <C>        <C>        <C>
Interest-Earning Assets:

  Loans receivable (1) (2)      $900,449   $ 35,602   7.91%   $775,764   $ 30,557   7.91%

  Securities (2)                  76,217      2,341   6.14      72,922      2,127   5.83

  Other interest-earning          12,750        519   8.14      25,808        821   6.42
                                --------   --------   ----    --------   --------   ----

    Total interest-earning      $989,416   $ 38,462   7.77%   $874,494   $ 33,505   7.69%
                                --------   --------   ----    --------   --------   ----

Interest-Bearing Liabilities:

  Demand and NOW deposits       $213,918   $  4,196   3.92%   $202,696   $  3,408   3.39%

  Savings deposits                47,404        413   1.74      54,020        463   1.73

  Certificate accounts           416,991     11,925   5.72     386,580     10,420   5.44

  FHLB advances                  221,275      6,757   6.11     156,461      4,548   5.86

  Other interest-bearing           7,661        269   6.97         339         12   6.98
                                --------   --------   ----    --------   --------   ----

    Total interest-bearing      $907,249   $ 23,560   5.21%   $800,096   $ 18,851   4.75%
                                --------   --------   ----    --------   --------   ----

  Net interest income                      $ 14,902                      $ 14,654
                                             ======                        ======

  Net interest rate spread                           2.56%                          2.94%
                                                     ====                           ====

  Net earning assets            $ 82,167                      $ 74,398
                                 =======                        ======

  Net yield on average
    interest-earning assets                          3.01%                          3.36%
                                                     ====                           ====
  Average interest-earning
    assets to average interest-
    bearing liabilities                      1.09x                          1.09x
                                             =====                          =====
</TABLE>

(1)   Calculated net of deferred loan fees,  loan  discounts,  loans in process,
      and loan reserves.
(2)   Tax exempt  interest on loans and securities has been converted to a fully
      - taxable equivalent basis.

                                       12
<PAGE>



RATE/VOLUME ANALYSIS

       This table  presents the dollar amount of changes in interest  income and
interest   expense  for  major   components  of   interest-earning   assets  and
interest-bearing  liabilities.  For each category of interest-earning assets and
interest-bearing liabilities, information is provided on changes attributable to
(i) changes in volume (i.e.,  changes in volume multiplied by old rate) and (ii)
changes  in rate  (i.e.,  changes in rate  multiplied  by old  volume).  Changes
attributable  to both  rate and  volume  which  cannot be  segregated  have been
allocated  proportionately  to the  change  due to volume  and the change due to
rate.


                                                  Six Months Ended
                                                      June 30
                                                    2000 vs. 1999
                                           -------------------------------
                                                Increase
                                               (Decrease)
                                                 Due to
                                           ------------------
                                                                  Total
                                            Volume      Rate     Increase
                                                                (Decrease)
                                           -------------------------------
                                                (Dollars in Thousands)
Interest-earning assets:
   Loans receivable                        $ 4,929    $   116    $ 5,045
   Securities - Taxable                         98        116        214
   Other interest-earning assets              (675)       373       (302)
                                           -------    -------    -------
      Total interest-earning assets        $ 4,352    $   605    $ 4,957
                                           =======    =======    =======
Interest-bearing liabilities:
   Demand and NOW deposits                 $   196    $   592    $   788
   Savings deposits                            (58)         8        (50)
   Certificate accounts                        848        657      1,505
   Borrowings                                1,969        240      2,209
   Other interest-bearing liabilities          257         --        257
                                           -------    -------    -------
      Total interest-bearing liabilities   $ 3,212    $ 1,497    $ 4,709
                                           =======    =======    =======
Net interest income                        $ 1,140    $  (892)   $   248
                                           =======    =======    =======


RESULTS OF OPERATIONS

      Net income for the quarter  ended June 30, 2000 was $2.33  million or $.35
per diluted  common  share  compared to net income of $2.26  million or $.32 per
diluted  common share for the same period in 1999. Net income for the six months
ended June 30, 2000 was $4.50 million or $.67 per diluted  common share compared
to net income of $4.38  million or $.63 per  diluted  common  share for the same
period in 1999.  The  improvement in earnings over the same periods in the prior
year was due to a  combination  of  growth in net  interest  income in the first
quarter and  noninterrest  expense  reductions  during both the first and second
quarters.  In addition to the  increase  in net income,  earnings  per share was
enhanced  through  our  continued  stock  repurchase  activity.  All  per  share
information  has been  retroactively  adjusted to reflect the 10% stock dividend
paid on June 30, 2000.

       To supplement the earnings per share information typically disclosed,  we
are providing "cash" or "tangible"  earnings per share as an alternative measure
for evaluating our ability to grow tangible  capital.  The  calculations of cash
earnings per share were specifically  formulated by us and may not be comparable

                                       13
<PAGE>



to similarly titled measures  reported by other  companies.  This measure is not
intended to reflect cash flow per share. The cash or tangible EPS for the second
quarter  and first six months of 2000 were $.42 and $.81  compared to a cash EPS
of $.40 and $.79 for the same  periods in the prior year.  This  measure and the
factors  influencing its calculation are described more fully in our 1999 Annual
Report to Shareholders.

      Net interest income  increased  $248,000 on a tax equivalent basis for the
six months ended June 30, 2000 compared to the same period in 1999. The increase
in  net  interest   income  was   attributable   to  the   positive   impact  of
interest-earning  asset volume increases  caused by internal growth  experienced
during  the first  six  months  of 2000.  The  improvement  in  interest  income
resulting  from the  increase  in the  volume  of  interest-earning  assets  was
partially offset by the increase in both the volume and cost of interest-bearing
liabilities.  The increase in the cost of interest-bearing  liabilities resulted
from the rise in general market  interest  rates, as well as an increase in FHLB
advances as a percent of total interest-bearing liabilities during the first six
months of 2000 compared to the same period in the prior year.  While there was a
46 basis point rise in the cost of interest-bearing liabilities,  there was only
a 8 basis  point  rise in the  yield on  interest-earning  assets.  The  limited
improvement in yield on interest-earning  assets was due to the increased demand
for  adjustable-rate  mortgage  loans during the first six months of 2000.  This
lower-yielding  portfolio offset the improvement in yield that resulted from the
growth in the  commercial  loan  portfolio.  Due to the  increase in the cost of
interest-bearing   liabilities   and  the   limited   increase   in   yield   on
interest-earning  assets, we saw a reduction in our net interest rate spread and
net  interest  margin  during the first six months of 2000  compared to the same
period in the prior year.

      The  provision  for loan  losses  is a  result  of  management's  periodic
analysis of the  adequacy of the  allowance  for loan  losses.  Although  actual
losses on loans have not increased compared to the first six months of the prior
year,  the provision of $675,000 for the six months ended June 30, 2000 compared
to $555,000  for the same period in the prior year was in response to the growth
achieved in the commercial  loan portfolio,  which generally  involves a greater
degree of credit risk than one-to-four family mortgage lending.

      The allowance is maintained by management at a level  considered  adequate
to cover possible loan losses that are currently  anticipated based on past loss
experience,  information  about specific  borrower  situations,  including their
financial position and collateral values, and other factors and estimates, which
are subject to change over time. Although the level of non-performing  assets is
considered in establishing the allowance for loan losses balance,  variations in
non-performing  loans  have  not  been  meaningful  based  upon  our  past  loss
experience and, as such, have not had a significant  impact on the overall level
of the allowance for loan losses.  Delinquent loans more than 90 days are put on
non-accrual status unless they are adequately  collateralized and in the process
of collection  (see discussion on  Non-Performing  Assets and Allowance for Loan
Losses below).

       Noninterest  income  decreased to $3.22  million for the six months ended
June 30,  2000 from $3.47  million  for the same  period in 1999.  The  decrease
related  primarily  to lower  gains on sales of  mortgage  loans  which  fell by
$546,000  compared  to the first six months of 1999.  The rising  interest  rate
environment  caused a shift in the mix of our mortgage  loan  originations  from
fixed-rate to adjustable-rate  loans. Since we retain  adjustable-rate  mortgage
loans for our portfolio,  our loan sale volume  decreased.  Noninterest  income,
other than income from mortgage loan sales,  grew during the second  quarter and
the first six months of 2000  compared  to the same  periods of the prior  year.
This growth was due  primarily  to the increase in fees on sales of mutual funds
and annuities.

       Noninterest  expense  decreased  for the quarter and the six months ended
June 30, 2000 compared to the same periods in the prior year.  Compensation  and
benefits expense was relatively stable for the periods  presented.  Improvements
in ESOP expense and pension  income were offset by increases in salary  expense.
Due to favorable  market  conditions,  the performance of the pension assets was
strong and exceeded the expenses  associated with the plan thereby  resulting in
net pension income. Due to a reduction in premiums within the industry, our FDIC
deposit  insurance expense decreased during the second quarter and the first six
months of 2000 compared to the same periods in the prior year. In addition,  tax
savings  strategies  implemented  in the first quarter of the year resulted in a
decrease in our state single business tax expense. Our efficiency ratio, defined
generally as noninterest  expense  divided by the sum of net interest income and
noninterest income, decreased from 59.08% for the six months ended June 30, 1999
to 57.75% for the same period in 2000. This  improvement in our efficiency ratio
is a result of these favorable reductions in noninterest expenses.


                                       14
<PAGE>



NON-PERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES

      Non-performing  assets  increased  to $3.59  million at June 30, 2000 from
$2.10 million at December 31, 1999. The percentage of  non-performing  assets to
total  assets was .33% at June 30, 2000  compared to .21% at December  31, 1999.
The  Corporation's  allowance for loan losses as a percentage of  non-performing
loans at June 30, 2000 was 168.08% compared to 359.21% at December 31, 1999. The
increase in non-performing  assets was due primarily to the addition of one loan
to non-accruing  commercial  business  loans.  Management  anticipates  based on
collateral  value  that all  principal  and  interest  due on this  loan will be
collected in full.

      The table below sets forth the amounts and  categories  of  non-performing
assets at June 30, 2000 and December 31, 1999.

                                                      June 30      December 31
                                                       2000           1999
                                                       ----           ----
                    (Dollars in Thousands)

      Non-accruing loans:
         One to four family                             $547           $175
         Multi-family and commercial real estate           -              -
         Construction or development                       -              -
         Commercial business                           2,333            389
         Consumer                                        131            323
                                                         ---            ---
           Total                                       3,011            887
      Accruing loans delinquent more than 90 days:
         One- to four-family                               -              5
         Multi-family and commercial real estate          78              -
         Construction or development                       -              -
         Commercial business                               -            322
         Consumer                                         -              98
                                                        ----            ---
           Total                                          78            425
                                                          --            ---
      Foreclosed assets:
         One- to four-family                             274            536
         Consumer                                        229            250
                                                         ---            ---
           Total                                         503            786
                                                         ---            ---
      Total non-performing assets                     $3,592         $2,098
                                                       =====          =====
      Total as a percentage of total assets            .33 %            .21%
                                                       ====             ===


LIQUIDITY

      We anticipate we will have sufficient funds available to meet current loan
commitments through sales, calls and maturities of securities, loan payments and
payoffs,  and the  growth of  deposits.  If  necessary,  significant  sources of
liquidity are available from Federal Home Loan Bank advances and unused lines of
credit with  correspondent  banks.  At June 30, 2000, we had commitments to make
loans of  $12.43  million,  unused  lines  of  credit  of  $79.29  million,  and
construction loans in process of $54.40 million.


                                       15
<PAGE>



CAPITAL RESOURCES

      AmeriBank  is subject  to capital  requirements  in  accordance  with Bank
regulations.  There has been no  significant  change in the level of the  Bank's
regulatory  capital  relative to the  requirements  since December 31, 1999. The
Bank remains "well capitalized" under the prompt corrective action regulations.


YEAR 2000 ISSUE

     We  successfully  completed  our Y2K  readiness  plan  and  experienced  no
material  issues.  All systems and  functions  have been  processing  well since
January 1, 2000. We will continue to monitor all systems throughout the year.


















                                       16
<PAGE>



Item 3
                          OTTAWA FINANCIAL CORPORATION
                    QUANTITATIVE AND QUALITATIVE DISCLOSURES
                                ABOUT MARKET RISK

      The balance sheet  consists of  investments  in  interest-earning  assets,
primarily  loans  and  investment  securities,  which  are  primarily  funded by
interest-bearing   liabilities,   deposits  and   borrowings.   These  financial
instruments  have varying levels of  sensitivity  to changes in market  interest
rates,  resulting in market risk.  Other than loans that are originated and held
for sale, all of our financial  instruments are for other than trading purposes.
We are  subject to interest  rate risk to the extent  that our  interest-bearing
liabilities with short and intermediate-term maturities reprice more rapidly, or
on a different basis, than our interest-earning assets.

      Senior  management  and the Board of  Directors  review  AmeriBank's  (the
Company's  operating  subsidiary)  exposure to interest rate risk on a quarterly
basis.  We measure  interest  rate risk by  computing  estimated  changes in net
interest  income  and  the  net  portfolio  value  of cash  flows  from  assets,
liabilities  and  off-balance  sheet items within a range of assumed  changes in
market  interest  rates.  If estimated  changes to net  portfolio  value and net
interest  income are not within the limits  established by the Board,  the Board
may direct  management  to adjust  AmeriBank's  asset and liability mix to bring
interest rate risk within Board approved limits.

      Net portfolio value represents the market value of portfolio equity and is
equal to the market value of assets minus the market value of liabilities,  with
adjustments made for off-balance sheet items. This analysis assesses the risk of
loss in market risk  sensitive  instruments in the event of sudden and sustained
1% to 3% increases  and  decreases in market  interest  rates.  The tables below
present the change in AmeriBank's net portfolio value and net interest income at
June 30, 2000 and December 31, 1999, based on internal  assumptions,  that would
occur upon an immediate  change in interest  rates,  with no effect given to any
steps that management might take to counteract that change.



 JUNE 30, 2000:         Net Portfolio Value             Net Interest Income
                        -------------------             -------------------
  Change in
Interest Rate           $ Amount   % Change           $ Amount    % Change
(Basis Points)           in NPV     in NPV             in NII      in NII
---------------------------------------------------------------------------
    +300               $31,404       -55 %           $20,601         -32 %
    +200                47,946       -32              24,035         -21
    +100                61,265       -13              27,313         -10
       0                70,402       ---              30,390         ---
    -100                78,611        12              33,155           9
    -200                83,112        18              35,122          16
    -300                89,564        27              36,942          22


 DECEMBER 31, 1999:     Net Portfolio Value             Net Interest Income
                        -------------------             -------------------
  Change in
Interest Rate           $ Amount   % Change           $ Amount    % Change
(Basis Points)           in NPV     in NPV             in NII      in NII
---------------------------------------------------------------------------
    +300              $ 50,356       -39 %          $ 20,235         -31 %
    +200                60,890       -27              23,412         -20
    +100                73,191       -12              26,468         -10
       0                83,204       ---              29,299         ---
    -100                84,197         1              31,910           9
    -200                90,050         8              33,703          15
    -300                97,142        17              35,349          21


                                       17
<PAGE>



      As  illustrated  in the table,  net portfolio  value is more  sensitive to
rising rates than declining rates.  This occurs  principally  because,  as rates
rise,  the  market  value  of  fixed-rate  loans  declines  due to both the rate
increase and slowing  prepayments.  When rates  decline,  we do not experience a
significant  rise in market value for these loans  because  borrowers  prepay at
relatively  high rates.  The value of our  deposits  and  borrowings  changes in
approximately the same proportion in rising or falling rate scenarios.

      The  results for the 300 basis point  interest  rate shocks are  monitored
primarily to assist in identifying trends in our interest rate risk profile.  We
feel that a sudden and sustained change in interest rates of 300 basis points is
not a realistic event. Therefore we focus on managing, to acceptable levels, the
change in net  portfolio  value for the 100 and 200 basis  point  interest  rate
shocks both up and down.

      The table  identifies  slight  increases in our interest rate risk for the
first six  months of 2000 for rate  shocks up to 200 basis  points  either up or
down. The table,  however,  displays a larger increase in risk for the 300 basis
point interest rate shock upward. This increase in risk relates partially to the
decrease in the value of our equity at a 0 basis point shock from  December  31,
1999 to June 30, 2000. As equity decreases,  the percent change in net portfolio
value increases for the same dollar amount change in net portfolio  value.  This
dynamic is emphasized at the higher basis point shock levels. Further, the rapid
rise in market  interest  rates during the first six months of 2000 has resulted
in  larger  declines  than  in the  past in the  value  of our  adjustable  rate
residential  mortgage loan portfolio for upward interest rate shocks of over 200
basis points.  Most of our adjustable rate mortgage loans contain  interest rate
adjustment caps of 200 basis points per year. The rapid rise in rates has caused
more of these loans to hit their  adjustment  caps in the  computations of their
value for the upward  interest  rate  shock of 300 basis  points.  Finally,  the
significant growth in our adjustable rate residential mortgage portfolio,  given
the rate adjustment caps and the rising interest rate environment, has caused an
increase in our interest rate risk.

      To decrease  our exposure to interest  rate risk,  we are trying to reduce
the duration and average life of our  interest-earning  assets.  To achieve this
goal, we are emphasizing growth in our installment and commercial  business loan
portfolios.  In addition,  we are  underwriting  all  long-term,  fixed rate and
adjustable  rate  residential  mortgages  in  accordance  with Federal Home Loan
Mortgage Corporation guidelines which allows us the flexibility of selling these
assets into the secondary market. We have been and will continue to sell 30- and
15-year  fixed-rate  residential  mortgage  loans  as they  are  originated.  In
addition,  beginning  June 1,  2000 we have been  selling  our  adjustable  rate
residential mortgage loans as they are originated.  With our funding sources, we
are  attempting  to reduce the impact of interest  rate  changes by  emphasizing
non-interest bearing products and using longer-term  fixed-rate  certificates of
deposit.

      As with any  method of  measuring  interest  rate  risk,  the above  table
inherently  has   shortcomings.   For  example,   although  certain  assets  and
liabilities may have similar maturities or periods to repricing,  they may react
in different  degrees to changes in market interest rates. The interest rates on
certain types of assets and  liabilities  may fluctuate in advance of changes in
market  interest  rates,  while  interest  rates on other  types may lag  behind
changes in market rates.  Additionally,  certain assets, such as adjustable-rate
mortgage  loans,  have  features that  restrict  changes in interest  rates on a
short-term  basis  and over the life of the  asset.  When  there is a change  in
interest rates,  expected rates of prepayments on loans, decay rates of deposits
and early withdrawals from  certificates  could likely differ from those assumed
in the table.  Finally,  the ability of many borrowers to service their debt may
decrease in the event of a significant interest rate increase.

      In  addition,  the above  table may not  properly  reflect  the  impact of
general interest rate movements on our net interest income because the repricing
of certain  categories of assets and  liabilities  are influenced by competitive
and other pressures beyond our control.


                                       18
<PAGE>



                          OTTAWA FINANCIAL CORPORATION

                                    FORM 10-Q
                           QUARTER ENDED JUNE 30, 2000

                           PART II - OTHER INFORMATION


Item 1.     Legal Proceedings:
            See Note 10 of the 1999 Annual Report to Shareholders.

Item 2.     Changes in Securities:
            There are no matters required to be reported under this item.

Item 3.     Defaults Upon Senior Securities:
            There are no matters required to be reported under this item.

Item 4.     Submission of Matters to a Vote of Security Holders:
            On April 25,  2000,  Ottawa  Financial  Corporation  held its Annual
            Meeting of Shareholders ("Meeting").

            Shareholders  of the Corporation  voted on the following  matters at
the Meeting:

  Election of Directors                      Votes For         Votes Withheld
  ---------------------                      ---------         --------------
  Gordon H. Cunningham                       5,137,646              44,858
   B. Patrick Donnelly, III                  5,138,918              43,586
  Robert D. Kolk                             5,159,294              23,210

  Ratification of the appointment            Votes For   Votes Against   Abstain
  of Crowe, Chizek and Company LLP as        ---------   -------------   -------
  independent auditors of the Corporation    5,156,593      11,556       14,355

Item 5.     Other Information:
            There are no matters required to be reported under this item.

Item 6.     Exhibits and Reports on Form 8-K:

            (a) The following exhibits are filed herewith:

                   Exhibit 11- Statement - Re: Computation of Per Share Earnings

                   Exhibit 15 - Letter re unaudited interim financial statements

                   Exhibit 27 - Financial Data Schedule (electronic filing only)

(b)   Reports on Form 8-K.

                   Ottawa filed a Form 8-K dated May 24, 2000 containing a press
            release announcing a 10% stock dividend and a cash dividend of $0.12
            per share payable on June 30, 2000 to shareholders of record on June
            14, 2000.


                                       19
<PAGE>



                                   SIGNATURES

Pursuant  to the  requirement  of the  Securities  Exchange  Act  of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                              OTTAWA FINANCIAL CORPORATION

Date:  August 11, 2000        Douglas J. Iverson
      ----------------        -----------------------------------
                              Douglas J. Iverson
                              Vice Chairman and Chief Executive Officer
                              (Duly Authorized Officer)

Date:  August 11, 2000        Jon W. Swets
      ----------------        -----------------------------------
                              Jon W. Swets
                              Chief Financial Officer
                              (Principal Financial Officer)














                                       20
<PAGE>


                                  EXHIBIT INDEX



EXHIBIT
NUMBER                               DESCRIPTION
------                               -----------


11                      Statement - Re:  Computation of per share earnings

15                      Awareness Letter from Crowe, Chizek & Company LLP

27                      Financial Data Schedule (electronic filing only)