false
0001132651
0001132651
2023-07-21
2023-07-21
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
July 21, 2023
Date of Report (Date of Earliest Event Reported)
AMES NATIONAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Iowa |
0-32637 |
42-1039071 |
(State or Other Jurisdiction of |
(Commission File Number) |
(I.R.S. Employer |
Incorporation or Organization) |
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Identification No.) |
405 Fifth Street
Ames, Iowa 50010
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (515) 232-6251
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common stock
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ATLO
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NASDAQ Capital Market
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition
On July 21, 2023, Ames National Corporation issued a News Release announcing financial results for the three and six months ended June 30, 2023. A copy of the News Release is furnished as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
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AMES NATIONAL CORPORATION
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Date: July 21, 2023
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By:
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/s/ John P. Nelson |
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John P. Nelson, Chief Executive Officer and President
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Principal Executive Officer
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EXHIBIT 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
JULY 21, 2023
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CONTACT: JOHN P. NELSON
CEO AND PRESIDENT
(515) 232-6251
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AMES NATIONAL CORPORATION
ANNOUNCES EARNINGS FOR THE SECOND QUARTER OF 2023
Ames, Iowa – Ames National Corporation (Nasdaq: ATLO; the “Company”) today reported net income for the second quarter of 2023 of $2.6 million, or $0.28 per share, compared to $4.2 million, or $0.46 per share, earned in the second quarter of 2022. For the six months ended June 30, 2023, net income for the Company totaled $5.8 million or $0.64 per share, compared to $9.3 million or $1.03 per share earned in 2022. The decrease in earnings is primarily the result of higher interest expense on deposits and other borrowed funds, offset in part by an increase in interest income on loans. The higher interest expense on deposits is due to an increase in market rates. Since March 1, 2022, The Federal Open Market Committee has increased its target for the federal funds interest rate by 4.75%. The increase in interest income on loans was primarily due to higher rates and growth in the loan portfolio.
INCOME STATEMENT HIGHLIGHTS (unaudited)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2023
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2022
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2023
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2022
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Net income (in thousands)
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|
$ |
2,557 |
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|
$ |
4,193 |
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$ |
5,754 |
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$ |
9,338 |
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Earnings per share - basic and diluted
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|
$ |
0.28 |
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$ |
0.46 |
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$ |
0.64 |
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$ |
1.03 |
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Return on average assets
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|
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0.47 |
% |
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|
0.77 |
% |
|
|
0.54 |
% |
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|
0.87 |
% |
Return on average equity
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|
6.45 |
% |
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9.78 |
% |
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|
7.40 |
% |
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10.05 |
% |
Efficiency ratio
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|
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77.57 |
% |
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61.51 |
% |
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73.87 |
% |
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60.62 |
% |
Net interest margin
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|
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2.20 |
% |
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|
2.63 |
% |
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|
2.26 |
% |
|
|
2.60 |
% |
COMPANY STOCK HIGHLIGHTS (unaudited)
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As of or for the
three months ended
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June 30,
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Company Stock (ATLO)
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2023
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Closing price
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$18.03 |
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Price range
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$17.67 |
- |
20.99 |
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Book value per common share
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$17.28 |
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Cash dividend declared
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$0.27 |
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Dividend yield
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5.99% |
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BALANCE SHEET HIGHLIGHTS (unaudited)
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June 30,
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(Dollars in thousands)
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2023
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2022
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Assets
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$ |
2,174,261 |
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$ |
2,130,973 |
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Loans receivable, net
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$ |
1,232,772 |
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$ |
1,140,609 |
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Deposits
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$ |
1,863,277 |
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$ |
1,926,140 |
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Stockholders' equity
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$ |
155,429 |
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$ |
157,351 |
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Capital ratio
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7.15 |
% |
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7.38 |
% |
Second quarter 2023 Results:
Second quarter 2023 loan interest income was $3.1 million higher than second quarter 2022 and was primarily due to higher average interest rates and growth in the loan portfolio. Deposit interest expense increased $4.8 million during this same period due to an increase in market interest rates. Second quarter 2023 net interest income totaled $11.3 million, a decrease of $2.3 million, or 17%, compared to the same quarter a year ago. The Company’s net interest margin was 2.20% for the quarter ended June 30, 2023 as compared to 2.63% for the quarter ended June 30, 2022. The net interest margin was 2.32% for the quarter ended March 31, 2023. The decrease in net interest margin was primarily due to an increase in market interest rates on deposits in excess of rate increases on interest-earning assets.
A credit loss expense of $33 thousand was recognized in the second quarter of 2023 as compared to a credit loss benefit of ($59) thousand in the second quarter of 2022. Net loan charge-offs totaled $23 thousand for the quarter ended June 30, 2023 compared to net loan charge-offs of $5 thousand for the quarter ended June 30, 2022.
Noninterest income for the second quarter of 2023 totaled $2.3 million as compared to $2.4 million in the second quarter of 2022, a decrease of 3%. The decrease in noninterest income was primarily due to fewer gains on sale of residential loans held for sale as refinancing volume has slowed.
Noninterest expense for the second quarter of 2023 totaled $10.6 million compared to $9.9 million recorded in the second quarter of 2022, an increase of 7%. The increase is primarily due to a wire fraud loss of $523 thousand recorded in the second quarter of 2023. The efficiency ratio was 77.6% for the second quarter of 2023 as compared to 61.5% in the second quarter of 2022.
Income tax expense for the second quarter of 2023 totaled $464 thousand compared to $2.0 million recorded in the second quarter of 2022. The effective tax rate was 15% and 33% for the quarters ended June 30, 2023 and 2022, respectively. The decrease in income tax expense and higher than expected tax rate in 2022 was due to a $780 thousand adjustment to deferred taxes for the reduction in future Iowa bank franchise tax rates enacted in the second quarter of 2022. The lower than expected tax rate in 2023 was due primarily to tax-exempt interest income and New Markets Tax Credits.
Six Months 2023 Results:
For the six months ended June 30, 2023 loan interest income was $5.5 million higher than the first six months of 2022. The increase is primarily due to higher average rates and growth in the loan portfolio. Taxable securities interest income was $769 thousand higher than 2022 due primarily to increased rates. Deposit interest expense increased $8.6 million during this same period due to an increase in market interest rates. The net interest income for the six months ended June 30, 2023 totaled $23.0 million, a decrease of $3.8 million, or 14%, compared to the same period a year ago. The Company’s net interest margin was 2.26% for the six months ended June 30, 2023 as compared to 2.60% for the six months ended June 30, 2022. The decrease in net interest margin was primarily due to an increase in market interest rates on deposits in excess of rate increases on interest-earning assets.
A credit loss expense of $308 thousand was recognized for the six months ended June 30, 2023 as compared to a credit loss benefit of ($186) thousand for the six months ended June 30, 2022. Net loan charge-offs totaled $181 thousand for the six months ended June 30, 2023 compared to net loan charge-offs of $15 thousand for the six months ended June 30, 2022. The credit loss expense in 2023 was primarily due to charge-offs in the agriculture and commercial loan portfolios. The credit loss benefit in the second quarter of 2022 was primarily due to a decline in loans outstanding from December 31, 2021.
Noninterest income for the six months ended June 30, 2023 totaled $4.6 million compared to $4.9 million for the six months ended June 30, 2022, a decrease of 7%. The decrease in noninterest income was primarily due to fewer gains on sale of residential loans held for sale as refinancing volume has slowed and a decrease in wealth management income primarily due to a decline in estate fees.
Noninterest expense for the six months ended June 30, 2023 totaled $20.3 million compared to $19.2 million for the six months ended June 30, 2022, an increase of 6%. The increase is primarily due to a wire fraud loss of $523 thousand recorded in the second quarter of 2023 and normal increases in salaries and employee benefits. The efficiency ratio was 73.9% and 60.6% for the six months ended June 30, 2023 and 2022, respectively.
Income tax expense for the six months ended June 30, 2023 and 2022 totaled $1.1 million and $3.3 million, respectively. The effective tax rate was 16% and 26% for the six months ended June 30, 2023 and 2022, respectively. The decrease in income tax expense and higher than expected tax rate in 2022 was due to a $780 thousand adjustment to deferred taxes for the reduction in future Iowa bank franchise tax rates enacted in the second quarter of 2022. The lower than expected tax rate in 2023 was due primarily to tax-exempt interest income and New Markets Tax Credits.
Balance Sheet Review:
As of June 30, 2023, total assets were $2.17 billion, an increase of $43.3 million, as compared to June 30, 2022. The increase in assets is primarily due to loan growth funded by other borrowings. The increase was offset in part by higher unrealized losses on the investment portfolio as market interest rates have risen.
Securities available-for-sale as of June 30, 2023 decreased to $758.5 million from $828.4 million as of June 30, 2022. The decrease in securities available-for-sale is primarily due to maturities in excess of purchases and a decline in fair value of the portfolio due to interest rate increases in the past year. The Company's investment portfolio had an expected duration of 3.85 years as of June 30, 2023.
Net loans as of June 30, 2023 increased to $1.23 billion, as compared to $1.14 billion as of June 30, 2022. The increase was primarily due to an increase in the 1-4 family, construction real estate, and commercial portfolios. Impaired loans were $10.7 million and $11.2 million as of June 30, 2023 and 2022, respectively.
Effective January 1, 2023, the Company adopted the Financial Instruments – Credit Losses (CECL) accounting guidance. The adoption of this guidance established a single allowance framework for all financial assets carried at amortized cost and certain off-balance sheet credit exposures. The framework requires that management’s estimate reflects credit losses over the full remaining expected life of each credit and considers expected future changes in macroeconomic conditions. The adoption resulted in the recognition on January 1, 2023 of cumulative effect adjustments of $518 thousand related to the allowance for credit losses and $273 thousand related to the liability for off-balance sheet credit exposures. The allowance for credit losses on June 30, 2023 totaled $16.3 million, or 1.31% of loans, compared to $16.4 million, or 1.42% of loans, as of June 30, 2022. The decrease in the allowance for credit losses is mainly due to lower specific reserves in 2023 and offset in part by loan growth.
Deposits totaled $1.86 billion as of June 30, 2023, a decrease of 3%, compared to $1.93 billion recorded as of June 30, 2022. The decline in deposits is primarily due to decreases in savings and money market accounts, offset in part by an increase in time deposits as customers continue to seek higher interest rates. Estimated uninsured deposits represented approximately 16% of total deposits as of June 30, 2023. Deposit balances fluctuate as customers’ liquidity needs vary and could be impacted by prevailing market interest rates, competition, and economic conditions.
Liquid assets of cash on hand, balances due from other banks and interest-bearing deposits in financial institutions for June 30, 2023 totaled $93.3 million. Other sources of liquidity available to the Banks as of June 30, 2023 include available borrowing capacity with the FHLB of $301.7 million and federal funds borrowing capacity at correspondent banks of $111.2 million. The available borrowing capacity represents 22% of total deposits.
The Federal Reserve Board created a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. The BTFP allows for borrowing from the Federal Reserve Bank up to the par value of the pledged collateral and will provide an additional source of liquidity. The Company had $75 million borrowed under the BTFP as of June 30, 2023.
The Company’s stockholders’ equity represented 7.1% of total assets as of June 30, 2023 with all of the Company’s six affiliate banks considered well-capitalized as defined by federal capital regulations. Total stockholders’ equity was $155.4 million as of June 30, 2023, compared to $157.4 million as of June 30, 2022. The decrease in stockholders’ equity was primarily the result of an increase in unrealized losses on the investment portfolio, offset in part by the retention of net income in excess of dividends.
Cash Dividend Announcement
On May 10, 2023, the Company declared a quarterly cash dividend on common stock, payable on August 15, 2023 to stockholders of record as of August 1, 2023, equal to $0.27 per share.
Forecasted Earnings
Based upon the 2023 year to date net income, management is anticipating that the Company will not meet the 2023 forecasted earnings primarily due to higher than anticipated interest expense on deposits.
About Ames National Corporation
Ames National Corporation affiliate Iowa banks are First National Bank, Ames; Boone Bank & Trust Co., Boone; State Bank & Trust Co., Nevada; Reliance State Bank, Story City; United Bank & Trust Co., Marshalltown; and Iowa State Savings Bank, Creston, Iowa.
The Private Securities Litigation Reform Act of 1995 provides the Company with the opportunity to make cautionary statements regarding forward-looking statements contained in this News Release, including forward-looking statements concerning the Company’s future performance and asset quality. Forward-looking statements contained in this News Release are not historical facts and are based on management’s current beliefs, assumptions, predictions and expectations of future events, including the Company’s future performance, taking into account all information currently available to management. These beliefs, assumptions, predictions and expectations are subject to numerous risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to management and many of which are beyond management’s control. If a change occurs, the Company’s business, financial condition, liquidity, results of operations, asset quality, plans and objectives may vary materially from those expressed in the forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on such forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “forecasts”, “continuing,” “ongoing,” “expects,” “views,” “intends” and similar words or phrases. The risks and uncertainties that may affect the Company’s future performance and asset quality include, but are not limited to, the following: national, regional and local economic conditions and the impact they may have on the Company and its customers; competitive products and pricing available in the marketplace; changes in credit and other risks posed by the Company’s loan and investment portfolios, including declines in commercial or residential real estate values or changes in the allowance for credit losses as dictated by new market conditions or regulatory requirements; changes in local, national and international economic conditions, including rising inflation rates; fiscal and monetary policies of the U.S. government; changes in governmental regulations affecting financial institutions (including regulatory fees and capital requirements); changes in prevailing interest rates; credit risk management and asset/liability management; the financial and securities markets; the availability of and cost associated with sources of liquidity; and other risks and uncertainties inherent in the Company’s business, including those discussed under the headings “Forward-Looking Statements and Business Risks” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2022. Any forward-looking statements are qualified in their entirety by the foregoing risks and uncertainties and speak only as of the date on which such statements are made. The Company undertakes no obligation to revise or update such forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
AMES NATIONAL CORPORATION AND SUBSIDIARIES
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Consolidated Balance Sheets (unaudited)
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(in thousands, except share and per share data)
|
|
|
June 30,
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|
|
June 30,
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|
ASSETS
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
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|
$ |
22,045 |
|
|
$ |
24,097 |
|
Interest-bearing deposits in financial institutions and federal funds sold
|
|
|
71,254 |
|
|
|
50,581 |
|
Total cash and cash equivalents
|
|
|
93,299 |
|
|
|
74,678 |
|
Interest-bearing time deposits
|
|
|
11,114 |
|
|
|
14,677 |
|
Securities available-for-sale
|
|
|
758,520 |
|
|
|
828,389 |
|
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost
|
|
|
4,007 |
|
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|
3,201 |
|
Loans receivable, net
|
|
|
1,232,772 |
|
|
|
1,140,609 |
|
Loans held for sale
|
|
|
652 |
|
|
|
473 |
|
Bank premises and equipment, net
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|
|
20,877 |
|
|
|
18,274 |
|
Accrued income receivable
|
|
|
10,560 |
|
|
|
9,478 |
|
Bank-owned life insurance
|
|
|
3,092 |
|
|
|
3,019 |
|
Deferred income taxes, net
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|
|
20,411 |
|
|
|
18,352 |
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Other intangible assets, net
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|
|
1,673 |
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|
|
2,212 |
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Goodwill
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|
12,424 |
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|
12,424 |
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Other assets
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4,860 |
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|
5,187 |
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|
|
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Total assets
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$ |
2,174,261 |
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|
$ |
2,130,973 |
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|
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LIABILITIES AND STOCKHOLDERS' EQUITY
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LIABILITIES
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Deposits
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|
|
|
|
|
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|
|
Noninterest-bearing checking
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|
$ |
390,382 |
|
|
$ |
396,499 |
|
Interest-bearing checking
|
|
|
608,825 |
|
|
|
616,308 |
|
Savings and money market
|
|
|
608,000 |
|
|
|
708,589 |
|
Time, $250 and over
|
|
|
67,382 |
|
|
|
39,182 |
|
Other time
|
|
|
188,688 |
|
|
|
165,562 |
|
Total deposits
|
|
|
1,863,277 |
|
|
|
1,926,140 |
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase
|
|
|
48,081 |
|
|
|
35,666 |
|
Other borrowings
|
|
|
97,400 |
|
|
|
4,000 |
|
Dividends payable
|
|
|
2,428 |
|
|
|
2,428 |
|
Accrued expenses and other liabilities
|
|
|
7,646 |
|
|
|
5,388 |
|
Total liabilities
|
|
|
2,018,832 |
|
|
|
1,973,622 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
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|
|
|
|
|
|
|
|
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding 8,992,167 shares as of June 30, 2023 and 2022.
|
|
|
17,984 |
|
|
|
17,984 |
|
Additional paid-in capital
|
|
|
14,253 |
|
|
|
14,253 |
|
Retained earnings
|
|
|
180,228 |
|
|
|
174,832 |
|
Accumulated other comprehensive (loss)
|
|
|
(57,036 |
) |
|
|
(49,718 |
) |
Total stockholders' equity
|
|
|
155,429 |
|
|
|
157,351 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$ |
2,174,261 |
|
|
$ |
2,130,973 |
|
AMES NATIONAL CORPORATION AND SUBSIDIARIES
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|
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|
|
|
Consolidated Statements of Income (unaudited)
|
(in thousands, except per share data)
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Interest and dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees
|
|
$ |
14,001 |
|
|
$ |
10,897 |
|
|
$ |
27,072 |
|
|
$ |
21,541 |
|
Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
3,188 |
|
|
|
3,047 |
|
|
|
6,404 |
|
|
|
5,635 |
|
Tax-exempt
|
|
|
585 |
|
|
|
675 |
|
|
|
1,199 |
|
|
|
1,349 |
|
Other interest and dividend income
|
|
|
713 |
|
|
|
259 |
|
|
|
1,008 |
|
|
|
425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest and dividend income
|
|
|
18,487 |
|
|
|
14,878 |
|
|
|
35,683 |
|
|
|
28,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
5,981 |
|
|
|
1,186 |
|
|
|
10,696 |
|
|
|
2,074 |
|
Other borrowed funds
|
|
|
1,204 |
|
|
|
56 |
|
|
|
2,016 |
|
|
|
88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense
|
|
|
7,185 |
|
|
|
1,242 |
|
|
|
12,712 |
|
|
|
2,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
11,302 |
|
|
|
13,636 |
|
|
|
22,971 |
|
|
|
26,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit loss expense (benefit)
|
|
|
33 |
|
|
|
(59 |
) |
|
|
308 |
|
|
|
(186 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after credit loss expense (benefit)
|
|
|
11,269 |
|
|
|
13,695 |
|
|
|
22,663 |
|
|
|
26,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management income
|
|
|
1,185 |
|
|
|
1,246 |
|
|
|
2,350 |
|
|
|
2,526 |
|
Service fees
|
|
|
334 |
|
|
|
327 |
|
|
|
657 |
|
|
|
665 |
|
Securities gains, net
|
|
|
7 |
|
|
|
- |
|
|
|
7 |
|
|
|
35 |
|
Gain on sale of loans held for sale
|
|
|
109 |
|
|
|
184 |
|
|
|
159 |
|
|
|
364 |
|
Merchant and card fees
|
|
|
431 |
|
|
|
458 |
|
|
|
845 |
|
|
|
900 |
|
Other noninterest income
|
|
|
249 |
|
|
|
164 |
|
|
|
551 |
|
|
|
442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest income
|
|
|
2,315 |
|
|
|
2,379 |
|
|
|
4,569 |
|
|
|
4,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
5,879 |
|
|
|
5,750 |
|
|
|
11,849 |
|
|
|
11,361 |
|
Data processing
|
|
|
1,577 |
|
|
|
1,668 |
|
|
|
2,898 |
|
|
|
3,100 |
|
Occupancy expenses, net
|
|
|
792 |
|
|
|
706 |
|
|
|
1,602 |
|
|
|
1,423 |
|
FDIC insurance assessments
|
|
|
349 |
|
|
|
148 |
|
|
|
519 |
|
|
|
295 |
|
Professional fees
|
|
|
535 |
|
|
|
502 |
|
|
|
995 |
|
|
|
976 |
|
Business development
|
|
|
305 |
|
|
|
299 |
|
|
|
664 |
|
|
|
635 |
|
Intangible asset amortization
|
|
|
128 |
|
|
|
147 |
|
|
|
258 |
|
|
|
293 |
|
New markets tax credit projects amortization
|
|
|
191 |
|
|
|
189 |
|
|
|
383 |
|
|
|
378 |
|
Other operating expenses, net
|
|
|
807 |
|
|
|
442 |
|
|
|
1,175 |
|
|
|
769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense
|
|
|
10,563 |
|
|
|
9,851 |
|
|
|
20,343 |
|
|
|
19,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
3,021 |
|
|
|
6,223 |
|
|
|
6,889 |
|
|
|
12,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
464 |
|
|
|
2,030 |
|
|
|
1,135 |
|
|
|
3,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
2,557 |
|
|
$ |
4,193 |
|
|
$ |
5,754 |
|
|
$ |
9,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share
|
|
$ |
0.28 |
|
|
$ |
0.46 |
|
|
$ |
0.64 |
|
|
$ |
1.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Declared dividends per share
|
|
$ |
0.27 |
|
|
$ |
0.27 |
|
|
$ |
0.54 |
|
|
$ |
0.54 |
|
v3.23.2
Document And Entity Information
|
Jul. 21, 2023 |
Document Information [Line Items] |
|
Entity, Registrant Name |
AMES NATIONAL CORPORATION
|
Document, Type |
8-K
|
Document, Period End Date |
Jul. 21, 2023
|
Entity, Incorporation, State or Country Code |
IA
|
Entity, File Number |
0-32637
|
Entity, Tax Identification Number |
42-1039071
|
Entity, Address, Address Line One |
405 Fifth Street
|
Entity, Address, City or Town |
Ames
|
Entity, Address, State or Province |
IA
|
Entity, Address, Postal Zip Code |
50010
|
City Area Code |
515
|
Local Phone Number |
232-6251
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common stock
|
Trading Symbol |
ATLO
|
Security Exchange Name |
NASDAQ
|
Entity, Emerging Growth Company |
false
|
Amendment Flag |
false
|
Entity, Central Index Key |
0001132651
|
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Ames National (NASDAQ:ATLO)
過去 株価チャート
から 4 2024 まで 5 2024
Ames National (NASDAQ:ATLO)
過去 株価チャート
から 5 2023 まで 5 2024