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 March 31, 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 May 2, 2000, there were
                                   5,978,410 shares outstanding.

<PAGE>


                          OTTAWA FINANCIAL CORPORATION

                                    FORM 10-Q
                          QUARTER ENDED MARCH 31, 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

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

ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS....................................10 - 15

ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK............................................................16 - 17

                           PART II - OTHER INFORMATION

OTHER INFORMATION...........................................................18

SIGNATURES..................................................................18

EXHIBIT INDEX...............................................................19








                                        2

<PAGE>

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

                                                                          March 31, 2000           December 31, 1999
                                                                          --------------           -----------------
                                                                                   (Dollars in Thousands)
<S>                                                                         <C>                         <C>
ASSETS
Cash and due from financial institutions                                    $16,694                     $24,420
Interest-bearing demand deposits in other financial institutions                970                       2,069
                                                                                ---                       -----
     Total cash and cash equivalents                                         17,664                      26,489
Securities available for sale                                                78,827                      81,056
Federal Home Loan Bank stock                                                 11,782                      11,782
Loans receivable, net                                                       899,392                     856,759
Premises and equipment, net                                                  16,295                      16,348
Acquisition intangibles                                                      11,530                      11,828
Other assets                                                                 12,854                      12,906
                                                                             ------                      ------
     Total Assets                                                        $1,048,344                  $1,017,168
                                                                          =========                   =========
LIABILITIES
Deposits                                                                   $733,081                    $711,954
Federal Home Loan Bank advances                                             221,353                     216,353
Federal funds purchased                                                       1,500                       1,600
Accrued expenses and other liabilities                                       13,209                       9,429
                                                                             ------                       -----
     Total Liabilities                                                      969,143                     939,336
                                                                            -------                     -------
SHAREHOLDERS' EQUITY
Common Stock, $.01 par value;
  10,000,000 shares authorized; issued
  6,471,617 shares at March 31, 2000
  and December 31, 1999                                                          65                          65
Additional Paid-in Capital                                                   77,686                      77,562
Retained earnings, substantially restricted                                  11,920                      10,454
Accumulated other comprehensive income                                      (1,012)                       (855)
Employee Stock Ownership Plan (Unallocated Shares)                          (1,359)                     (1,462)
Management Recognition and Retention Plan (Unearned Shares)                    (90)                       (215)
Less Cost of Common Stock in
     Treasury - 395,281 shares at
     March 31, 2000, 376,828 shares at
     December 31, 1999                                                      (8,009)                     (7,717)
                                                                            -------                     -------

Total Shareholders' Equity                                                   79,201                      77,832
                                                                             ------                      ------

Total Liabilities and Shareholders' Equity                               $1,048,344                  $1,017,168
                                                                          =========                   =========
</TABLE>

          See accompanying notes to consolidated financial statements.



                                        3


<PAGE>


                          OTTAWA FINANCIAL CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


                                                         Three Months Ended
                                                              March 31,
                                                        2000             1999
                                                        ----             ----
                                                        (Dollars in Thousands,
                                                         except per share data)
Interest Income
     Loans                                             $17,267           $15,246
     Investment securities and
       equity investments                                1,171               973
     Other interest and dividend income                    250               466
                                                           ---               ---
                                                        18,688            16,685
                                                        ------            ------
Interest Expense
     Deposits                                            8,019             7,299
     Federal Home Loan Bank advances                     3,199             2,298
     Other                                                 114                 3
                                                           ---                 -
                                                        11,332             9,600
                                                        ------             -----
NET INTEREST INCOME                                      7,356             7,085

Provision for loan losses                                  330               270
                                                           ---               ---
NET INTEREST INCOME AFTER PROVISION
  FOR LOAN LOSSES                                        7,026             6,815
                                                         -----             -----
Noninterest income
     Service charges and other fees                      1,072             1,036
     Mortgage servicing fees                                62               106
     Gain on sale of loans                                  20               444
     Gain (loss) on sale of securities                                       (9)
     Fees from sales of mutual funds and annuities         359               201
     Other                                                  60                46
                                                            --                --
                                                         1,573             1,824
                                                         -----             -----
Noninterest expense
     Compensation and benefits                           2,961             2,847
     Occupancy                                             403               432
     Furniture, fixtures and equipment                     232               331
     Advertising                                           100                75
     FDIC deposit insurance                                 35               102
     State single business tax                              17               142
     Data processing                                       318               278
     Professional services                                 136               139
     Acquisition intangibles amortization                  298               301
     Other                                                 716               642
                                                           ---               ---
                                                         5,216             5,289
                                                         -----             -----
INCOME BEFORE FEDERAL
     INCOME TAX EXPENSE                                  3,383             3,350

Federal income tax expense                               1,210             1,237
                                                         -----             -----

NET INCOME                                              $2,173            $2,113
                                                         =====             =====
Earnings per common share:
     Basic                                                $.37              $.35
                                                           ===               ===
     Diluted                                               .36               .34
                                                           ===               ===

Dividends per common share                                 .12               .10
                                                           ===               ===


          See accompanying notes to consolidated financial statements.


                                        4

<PAGE>



                          OTTAWA FINANCIAL CORPORATION
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                              Three Months Ended
                                                                                   March 31,
                                                                        2000                      1999
                                                                        ----                      ----
                                                                             (Dollars in Thousands)

<S>                                                                    <C>                       <C>
Net Income                                                             $2,173                    $2,113

Other comprehensive income, net of tax:

     Unrealized gains (losses) arising during the period
          on securities available for sale                              (157)                     (109)

     Less:  reclassification adjustment for accumulated (gains)
          losses included in net income                                     0                         3
                                                                            -                         -

     Unrealized gains (losses) on securities available for sale         (157)                     (106)
                                                                        -----                     -----

Comprehensive income                                                   $2,016                    $2,007
                                                                       ======                    ======

</TABLE>

























          See accompanying notes to consolidated financial statements.




                                        5
<PAGE>


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


                                                                                          Three Months Ended
                                                                                               March 31,
                                                                                     2000                   1999
                                                                                     ----                   ----
                                                                                        (Dollars in Thousands)
<S>                                                                                  <C>                    <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income                                                                      $2,173                 $2,113
     Adjustments to reconcile net income to net cash
         from operating activities
              Depreciation                                                              303                    329
              Net amortization of security premiums and discounts                        80                    112
              Amortization of acquisition intangibles                                   298                    301
              Provision for loan losses                                                 330                    270
              Loss on limited partnership investments                                    57                     60
              ESOP expense                                                              227                    292
              MRP expense                                                               125                    124
              Origination of loans for sale                                         (2,183)               (31,014)
              Proceeds from sale of loans originated for sale                         2,182                 30,965
              Gain on sale of loans                                                    (20)                  (444)
              (Gain) / loss on sale of securities                                         0                      9
     Changes in:
              Other assets                                                               99                     33
              Other liabilities                                                       3,780                  4,679
                                                                                      -----                  -----
                  Net cash from operating activities                                  7,451                  7,829
                                                                                      -----                  -----

CASH FLOWS FROM INVESTING ACTIVITIES Activity in available-for-sale securities:
         Purchases                                                                                         (5,870)
         Maturities, prepayments and calls                                            1,888                  5,831
         Sales                                                                                               1,005
     Purchases of loans                                                            (11,994)                (3,527)
     Loan originations net of principal payments on loans                          (30,948)                  6,553
     Premises and equipment expenditures, net                                         (250)                  (673)
                                                                                      -----                  -----
         Net cash from investing activities                                        (41,304)                  3,319
                                                                                   --------                  -----

</TABLE>












                                        6

<PAGE>


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

                                                                              Three Months Ended
                                                                                   March 31,
                                                                        2000                    1999
                                                                        ----                    ----
                                                                           (Dollars in Thousands)
<S>                                                                     <C>                   <C>
CASH FLOWS FROM FINANCING ACTIVITIES
     Net increase(decrease) in deposits                                 21,127                (12,446)
     Net increase(decrease) in Federal funds purchased                   (100)
     Proceeds from FHLB advances                                        58,000                   5,000
     Repayment of FHLB advances                                       (53,000)                (18,000)
     Proceeds from exercise of stock options                                                       331
     Proceeds from exercise of stock warrants                                                      853
     Cash paid for exchange of warrants for cash                                                  (92)
     Cash dividends paid                                                 (707)                   (603)
     Purchase of treasury shares                                         (292)                   (227)
                                                                         -----                   -----
         Net cash from financing activities                             25,028                (25,184)
                                                                        ------                --------

Net change in cash and cash equivalents                                (8,825)                (14,036)
Cash and cash equivalents at beginning of period                        26,489                  42,225
                                                                        ------                  ------

Cash and cash equivalents at end of period                             $17,664                 $28,189
                                                                        ======                  ======

Supplemental disclosures of cash flow information
     Cash paid during the period for
         Interest                                                      $10,630                  $9,579
         Income taxes                                                      400                     100

</TABLE>











          See accompanying notes to consolidated financial statements.



                                        7

<PAGE>


                          OTTAWA FINANCIAL CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          QUARTER ENDED MARCH 31, 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 March 31, 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,
1999.












                                       8
<PAGE>



                         INDEPENDENT ACCOUNTANTS' REPORT



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  March  31,  2000,  and the  related  consolidated
statements of operations,  comprehensive income, and cash flows for the quarters
ended March 31, 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 AICPA. 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
April 17, 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 March 31,
2000 to December  31, 1999 and the results of  operations  for the three  months
ended  March 31,  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 $1.05  billion at March 31, 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.

         Net loans  receivable  increased  to $899.39  million at March 31, 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 $18.28 million during the first quarter of 2000.  This
growth was  accompanied  by the  increase in the  mortgage  portfolio  of $24.74
million  during the first quarter of 2000. The  combination  of rising  interest
rates  and loan  demand  in our  market  area  caused  a shift  in our  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 $733.08  million at March 31, 2000 from $711.95
million at December  31,  1999.  The growth was  primarily  in  certificates  of
deposit,  and to a lesser extent in money market savings accounts.  This growth,
along with the reduction in low-yielding  investable funds, was used to fund the
loan growth discussed above.

         The primary  component of growth in shareholders'  equity for the three
months  ended  March 31, 2000 was net income.  The  increase  was 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>
                                                        Three Months Ended                               Three Months Ended
                                                          March 31, 2000                                   March 31, 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)                         $878,108       $17,275     7.88%           $774,091          $15,255    7.93%
  Securities (2)                                     80,086         1,171     5.85              70,790              977    5.52
  Other interest-earning assets                      12,625           251     7.96              29,757              466    6.35
                                                     ------           ---     ----              ------              ---    ----
    Total interest-earning assets                  $970,819       $18,697     7.70%           $874,638          $16,698    7.68%
                                                    -------        ------     ----             -------           ------    ----
Interest-Bearing Liabilities:
  Demand and NOW deposits                          $210,908        $2,037     3.87%           $198,974           $1,682    3.43%
  Savings deposits                                   46,359           202     1.75              53,550              228    1.73
  Certificate accounts                              412,174         5,780     5.62             393,545            5,389    5.55
  FHLB advances                                     216,147         3,199     5.94             158,055            2,298    5.90
  Other interest-bearing liabilities                  6,436           114     7.12                 250                3    4.64
                                                      -----           ---     ----                 ---                -    ----
    Total interest-bearing liabilities             $892,024       $11,332     5.10%           $804,374           $9,600    4.84%
                                                    -------        ------     ----             -------            -----    ----
  Net interest income                                              $7,365                                        $7,098
                                                                    =====                                         =====
  Net interest rate spread                                                    2.60%                                        2.84%
                                                                              ====                                         ====
  Net earning assets                                $78,795                                    $70,264
                                                     ======                                     ======
  Net yield on average
     interest-earning assets                                                  3.03%                                        3.26%
                                                                              ====                                         ====

  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.

<TABLE>
<CAPTION>
                                                                 Three Months Ended
                                                                      March 31,
                                                                    2000 vs. 1999
                                                       ------------------------------------
                                                             Increase
                                                            (Decrease)
                                                              Due to
                                                        ------------------
                                                                                   Total
                                                                                  Increase
                                                       Volume        Rate        (Decrease)
                                                       -----------------------------------
                                                               (Dollars in Thousands)
<S>                                                    <C>           <C>            <C>
Interest-earning assets:
   Loans receivable                                    $2,046        $(26)          $2,020
   Securities - Taxable                                   134           60             194
   Other interest-earning assets                        (404)          189           (215)
                                                        -----          ---           -----
      Total interest-earning assets                    $1,776         $223          $1,999
                                                        -----          ---           -----
Interest-bearing liabilities:
   Demand and NOW deposits                               $105         $250            $355
   Savings deposits                                      (31)            5            (26)
   Certificate accounts                                   259          132             391
   Borrowings                                             859           42             901
   Other interest-bearing liabilities                     109         2                111
                                                          ---         ----             ---
      Total interest-bearing liabilities               $1,301         $431          $1,732
                                                        -----          ---           -----
Net interest income                                      $475       $(208)            $267
                                                          ===        =====             ===
</TABLE>


RESULTS OF OPERATIONS

         Net income for the quarter  ended  March 31, 2000 was $2.17  million or
$.36 per diluted  common share  compared to net income of $2.11  million or $.34
per  diluted  common  share for the same  period  in 1999.  The  improvement  in
earnings  over the same period in the prior year was due primarily to the growth
in net interest income. This improvement was partially offset by the decrease in
gains on sales of loans. 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, 1999.

          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  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 first  quarter of 2000 was $.44  compared  to a cash EPS of $.42 for the
first quarter of 1999. This measure and the factors  influencing its calculation
are described more fully in our 1999 Annual Report to Shareholders.

         Net interest income  increased  $267,000 on a tax equivalent  basis for
the three months ended March 31, 2000  compared to the same period in 1999.  The
increase in net  interest  income was  attributable  to the  positive  impact of

                                       13
<PAGE>



interest-earning  asset volume increases  caused by internal growth  experienced
during  1999 and the first three  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 the 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 quarter of 2000
compared to the same period in the prior year.  While there was a 26 basis point
rise in the cost of interest-bearing liabilities, there was only a 2 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 fourth quarter of 1999 and first quarter 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 quarter 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  three  months of the
prior year,  the provision of $330,000 for the three months ended March 31, 2000
compared  to  $270,000  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,  general economic  conditions,  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 $1.57  million for the three months
ended  March 31,  2000  from  $1.82  million  for the same  period in 1999.  The
decrease related primarily to lower gains on sales of mortgage loans. The rising
interest  rate  environment  not only caused a reduction  in the volume of loans
originated  for  sale  but  also  caused  a  tightening  of the  profit  margins
experienced on the sale of those loans.  Noninterest  income,  other than income
from mortgage loan sales,  grew during the first quarter of 2000 compared to the
same quarter of the prior year by $173,000,  representing  a 13% increase.  This
increase was due  primarily to the increase in fees on sales of mutual funds and
annuities.

          Noninterest  expense was relatively  stable for the three months ended
March 31, 2000 compared to the same period in the prior year. There was a slight
increase in compensation and benefits 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 first quarter of 2000 compared to
the  same  period  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  60.17% for the three  months  ended  March 31, 1999 to
58.53%  for the same  period in 2000.  This  ratio  demonstrates  that while the
absolute  dollars of noninterest  expense were stable for the period  presented,
our ability to generate revenues on those dollars improved.

NON-PERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES

         Non-performing assets increased to $3.87 million at March 31, 2000 from
$2.10 million at December 31, 1999. The percentage of  non-performing  assets to
total  assets was .37% at March 31, 2000  compared to .21% at December 31, 1999.
The  Corporation's  allowance for loan losses as a percentage of  non-performing
loans at March 31, 2000 was 148.96%  compared to 359.21% at December  31,  1999.
The increase in  non-performing  assets was due primarily to the addition of one
loan to  commercial  business  loans  more  than 90 days  delinquent  and  still
accruing.  Management  anticipates  that all  principal and interest due on this
loan will be collected in full.

                                       14
<PAGE>


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

                                                  March 31           December 31
                                                    2000                1999
                                                    ----                ----
                                                     (Dollars in Thousands)

Non-accruing loans:
    One to four family                                $387                $175
    Multi-family and commercial real estate            ---                 ---
    Construction or development                        ---                 ---
    Commercial business                                737                 389
    Consumer                                           227                 323
                                                       ---                 ---
       Total                                         1,351                 887
Accruing loans delinquent more than 90 days:
    One- to four-family                                492                   5
    Multi-family and commercial real estate            ---                 ---
    Construction or development                        ---                 ---
    Commercial business                              1,489                 322
    Consumer                                             3                  98
                                                         -                  --
       Total                                         1,984                 425
                                                     -----                 ---
Foreclosed assets:
    One- to four-family                                258                 536
    Consumer                                           281                 250
                                                       ---                 ---
       Total                                           539                 786
                                                       ---                 ---
Total non-performing assets                         $3,874              $2,098
                                                     =====               =====
Total as a percentage of total assets                  .37%                .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 March 31,  2000,  we had
commitments to make loans of $25.89  million,  unused lines of credit of $105.97
million, and construction loans in process of $49.00 million.

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.

                                       15
<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 March 31, 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.

<TABLE>
<CAPTION>

 March 31, 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
-----------------------------------------------------------------------------------------------------------
       <S>                          <C>                 <C>                     <C>                    <C>
       +300                         $ 38,670            -47%                    $ 22,924               -27%
       +200                           53,904            -27                       25,888               -17
       +100                           66,387            -10                       28,684                -8
          0                           73,612            ---                       31,267               ---
       -100                           78,157              6                       33,526                 7
       -200                           82,357             12                       34,976                12
       -300                           87,315             19                       36,317                16

 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
</TABLE>


                                       16
<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  only slight  changes in our  interest  rate risk
position  in the first  quarter of 2000 for rate  shocks up to 200 basis  points
either up or down. The table, however,  displays an 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 March 31, 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 quarter has
resulted in larger declines than in the past in the value of our adjustable rate
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.

         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  adjustable-rate  mortgage  loans  and  growing  our
installment  and  commercial  business  loan  portfolios.  In  addition,  we are
underwriting all long-term,  fixed 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 are currently
selling  30- and  15-year  fixed-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.



                                       17

<PAGE>




                          OTTAWA FINANCIAL CORPORATION

                                    FORM 10-Q
                          QUARTER ENDED MARCH 31, 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:
           There are no matters required to be reported under this item.

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 statement

                 Exhibit 27 - Financial Data Schedule (electronic filing only)

(b)      Reports on Form 8-K.

              Ottawa  filed  a Form  8-K  dated  February  1,  2000
         containing a press  release  announcing  the Annual  Meeting of
         Shareholders for the year ended December 31, 1999.


                                   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: MAY 12, 2000                  DOUGLAS J. IVERSON
      -------------------           ------------------------------------
                                    Douglas J. Iverson
                                    Vice Chairman and Chief Executive Officer
                                    (Duly Authorized Officer)

Date: MAY 12, 2000                  JON W. SWETS
      -------------------           ------------------------------------
                                    Jon W. Swets
                                    Chief Financial Officer
                                    (Principal Financial Officer)


                                       18
<PAGE>


                                  EXHIBIT INDEX



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

11                         Statement - Re:  Computation of per share earnings.

15                         Letter re unaudited interim financial information

27                         Financial Data Schedule (electronic filing only)