Group 1 - U.S. stock futures are trading higher, indicating potential investor interest in specific stocks today [1] - Cleveland-Cliffs Inc is expected to report a quarterly loss of 48 cents per share on revenue of $4.90 billion, with shares falling 0.3% to $13.28 in after-hours trading [2] - Steel Dynamics Inc is projected to post quarterly earnings of $2.64 per share on revenue of $4.80 billion, with shares declining 2.3% to $142.65 [2] - Ames National Corp reported third-quarter earnings of 51 cents per share, up from 25 cents per share year-over-year, with quarterly sales increasing to $16.583 million from $13.490 million; shares fell 2% to $19.68 [2] - W R Berkley Corp is projected to report quarterly earnings of $1.09 per share on revenue of $3.71 billion, with shares decreasing 0.9% to $73.41 in after-hours trading [2] - Crown Holdings Inc is expected to report quarterly earnings of $2.00 per share on revenue of $3.13 billion, with shares falling 0.8% to $93.12 in after-hours trading [2]

[Third Quarter 2025 Earnings Announcement](index=1&type=section&id=Earnings%20Announcement) [Overall Performance Summary](index=1&type=section&id=Overall%20Performance%20Summary) Ames National Corporation reported significant net income growth in Q3 2025 and the first nine months, primarily due to increased net interest income and lower funding costs Net Income and EPS Overview | Metric | Q3 2025 | Q3 2024 | Change | Nine Months 2025 | Nine Months 2024 | Change | | :----------------- | :------------- | :------------- | :--- | :------------- | :------------- | :--- | | Net Income (million USD) | $4.6 | $2.2 | +109.1% | $12.5 | $6.7 | +86.6% | | EPS (USD) | $0.51 | $0.25 | +104.0% | $1.41 | $0.75 | +88.0% | - Net income growth was primarily driven by **increased net interest income** from **higher loan and investment yields**, and **reduced funding costs** due to **declining market rates** and **decreased borrowings**[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Income Statement Highlights](index=1&type=section&id=Income%20Statement%20Highlights) The company achieved significant growth in key profitability metrics and improved its efficiency ratio for Q3 2025 and the first nine months Income Statement Key Metrics | Metric | Q3 2025 | Q3 2024 | Nine Months 2025 | Nine Months 2024 | | :----------------------- | :------------- | :------------- | :------------- | :------------- | | Net Income (thousand USD) | $4,559 | $2,217 | $12,513 | $6,705 | | EPS - Basic and Diluted (USD) | $0.51 | $0.25 | $1.41 | $0.75 | | Return on Average Assets | 0.88% | 0.42% | 0.79% | 0.42% | | Return on Average Equity | 9.31% | 5.12% | 8.92% | 5.37% | | Efficiency Ratio | 61.76% | 77.87% | 64.10% | 78.47% | | Net Interest Margin | 2.83% | 2.21% | 2.67% | 2.16% | [Company Stock Highlights](index=1&type=section&id=Company%20Stock%20Highlights) As of September 30, 2025, the company's stock closed at $20.22 with a book value of $22.56 per share, and a $0.20 cash dividend was declared Stock Performance and Dividends | Metric | September 30, 2025 | | :------------------- | :------------- | | Closing Price (USD) | $20.22 | | Price Range (USD) | $17.75 - 20.89 | | Book Value Per Common Share (USD) | $22.56 | | Declared Cash Dividend (USD) | $0.20 | | Dividend Yield | 3.96% | [Balance Sheet Highlights](index=1&type=section&id=Balance%20Sheet%20Highlights) As of September 30, 2025, total assets slightly decreased, while deposits and stockholders' equity increased, leading to improved capital ratios Balance Sheet Key Metrics | Metric (thousand USD) | September 30, 2025 | September 30, 2024 | | :----------------- | :------------- | :------------- | | Assets | $2,107,999 | $2,123,173 | | Net Loans Receivable | $1,275,794 | $1,295,773 | | Deposits | $1,832,819 | $1,801,721 | | Stockholders' Equity | $200,592 | $183,394 | | Capital Ratio | 9.52% | 8.64% | [Detailed Financial Results](index=3&type=section&id=Detailed%20Financial%20Results) [Third Quarter 2025 Results](index=3&type=section&id=Third%20Quarter%202025%20Results) Q3 2025 saw significant growth in net interest income and net interest margin, alongside improved non-interest income and reduced non-interest expenses, despite higher credit loss expenses - Loan interest income increased by **$658 thousand**, primarily due to **higher yields** on the loan portfolio[7](index=7&type=chunk) - Interest income from investment securities increased by **$289 thousand**, driven by **reinvestment at higher rates** upon maturity[7](index=7&type=chunk) - Deposit interest expense decreased by **$1.1 million**, mainly due to **declining market interest rates**[7](index=7&type=chunk) - Other borrowings interest expense decreased by **$726 thousand**, primarily due to **reduced borrowings**[7](index=7&type=chunk) Q3 2025 Performance Overview | Metric | Q3 2025 | Q3 2024 | Change | | :----------------- | :------------- | :------------- | :--- | | Net Interest Income (million USD) | $14.0 | $11.0 | +26.8% | | Net Interest Margin | 2.83% | 2.21% | +0.62pp | | Credit Loss Expense (thousand USD) | $627 | $371 | +69.0% | | Non-Interest Income (million USD) | $2.5 | $2.4 | +5.0% | | Non-Interest Expense (million USD) | $10.2 | $10.5 | -2.5% | | Efficiency Ratio | 61.76% | 77.87% | -16.11pp | | Effective Tax Rate | 20% | 15% | +5pp | - The increase in credit loss expense was primarily due to **higher specific reserves** in the commercial real estate and operating loan portfolios[8](index=8&type=chunk) - Non-interest income increased mainly due to **growth in wealth management income**, driven by **increased assets under management** and **new client relationships**[9](index=9&type=chunk) - Non-interest expense decreased primarily due to a **$449 thousand reduction in consulting fees** from contract negotiations completed in 2024[10](index=10&type=chunk) [Nine Months 2025 Results](index=3&type=section&id=Nine%20Months%202025%20Results) For the first nine months of 2025, net interest income and net interest margin grew substantially, with improved non-interest income and expenses, despite increased credit loss expenses and net charge-offs - Loan interest income increased by **$2.0 million**, primarily due to **higher yields** on the loan portfolio[12](index=12&type=chunk) - Interest income from interest-bearing deposits with banks and federal funds sold increased by **$1.2 million**, mainly due to **higher average balances**[12](index=12&type=chunk) - Deposit interest expense decreased by **$2.1 million**, primarily due to **declining market interest rates**[12](index=12&type=chunk) - Other borrowings interest expense decreased by **$2.4 million**, mainly due to **reduced borrowings**[12](index=12&type=chunk) Nine Months 2025 Performance Overview | Metric | Nine Months 2025 | Nine Months 2024 | Change | | :----------------- | :------------- | :------------- | :--- | | Net Interest Income (million USD) | $40.4 | $32.8 | +23.1% | | Net Interest Margin | 2.67% | 2.16% | +0.51pp | | Credit Loss Expense (million USD) | $1.7 | $0.722 | +135.5% | | Net Loan Charge-offs (thousand USD) | $812 | $6 | +13433.3% | | Non-Interest Income (million USD) | $7.7 | $7.2 | +7.1% | | Non-Interest Expense (million USD) | $30.9 | $31.4 | -1.8% | | Efficiency Ratio | 64.10% | 78.47% | -14.37pp | | Effective Tax Rate | 20% | 15% | +5pp | - The increase in credit loss expense was primarily due to **higher specific reserves** in the commercial real estate and operating loan portfolios, with charge-offs mainly related to a **single commercial loan relationship**[13](index=13&type=chunk) - Non-interest income increased mainly due to **growth in wealth management income**, driven by **increased assets under management** and **new client relationships**[14](index=14&type=chunk) - Non-interest expense decreased primarily due to a **$799 thousand reduction in consulting fees** from contract negotiations completed in 2024[15](index=15&type=chunk) [Balance Sheet Review](index=4&type=section&id=Balance%20Sheet%20Review) [Assets](index=4&type=section&id=Assets) Total assets slightly decreased due to reduced securities and loans, while non-performing and substandard loans increased, primarily in commercial real estate and agriculture Asset Overview | Metric (million USD) | September 30, 2025 | September 30, 2024 | Change | | :----------------------- | :------------- | :------------- | :--- | | Total Assets | $2,100 | $2,115.2 | -$15.2 | | Available-for-Sale Securities | $650.7 | $688.6 | -$37.9 | | Net Loans | $1,280 | $1,300 | -$20 | | Substandard Loans | $29.7 | $28.3 | +$1.4 | | Non-Performing Loans | $18.8 | $16.9 | +$1.9 | | Allowance for Credit Losses | $18.0 | $17.6 | +$0.4 | | Allowance for Credit Losses to Loans | 1.39% | 1.34% | +0.05pp | - Total assets decreased primarily due to **reductions in available-for-sale securities** and **loans receivable**, partially offset by **increased interest-bearing deposits** with financial institutions[17](index=17&type=chunk) - Available-for-sale securities decreased mainly because **maturities exceeded purchases**, partially offset by a **reduction in unrealized losses** within the portfolio, which has an expected duration of **3.0 years**[18](index=18&type=chunk) - Substandard loans increased primarily due to **higher vacancy rates** on a multi-family real estate loan, while non-performing loans increased due to **weakness in commercial real estate and agricultural loan portfolios**[19](index=19&type=chunk) - The allowance for credit losses increased primarily due to **higher specific reserves**[20](index=20&type=chunk) [Liabilities](index=4&type=section&id=Liabilities) Total deposits increased, driven by time deposits and public funds, while other borrowings significantly decreased Liabilities Overview | Metric (million USD) | September 30, 2025 | September 30, 2024 | Change | | :----------------- | :------------- | :------------- | :--- | | Deposits | $1,830 | $1,800 | +1.7% | | Other Borrowings | $23.5 | $83.1 | -$59.6 | | Stockholders' Equity | $200.6 | $183.4 | +$17.2 | - Deposits increased primarily due to **growth in time deposits** and **public funds**, partially offset by **decreases in retail and commercial checking** and **money market account balances** as customers sought higher interest rates[21](index=21&type=chunk) - Approximately **16% of deposits are indexed to external rates**, which may lead to **more volatile interest expense** in a changing rate environment[21](index=21&type=chunk) - Other borrowings decreased as the company **continued to reduce borrowings** as investments matured[22](index=22&type=chunk) [Stockholders' Equity](index=4&type=section&id=Stockholders'%20Equity) Stockholders' equity increased to 9.5% of total assets, with all subsidiary banks well-capitalized, driven by reduced unrealized losses and retained net income Stockholders' Equity Overview | Metric (million USD) | September 30, 2025 | September 30, 2024 | Change | | :----------------- | :------------- | :------------- | :--- | | Stockholders' Equity | $200.6 | $183.4 | +$17.2 | | Stockholders' Equity as % of Total Assets | 9.5% | 8.64% | +0.86pp | - Stockholders' equity increased primarily due to a **reduction in unrealized losses** in the investment portfolio and **net income retained** in excess of dividends[23](index=23&type=chunk) [Capital Management and Dividends](index=4&type=section&id=Capital%20Management%20%26%20Dividends) [Share Repurchase Program](index=4&type=section&id=Share%20Repurchase%20Program) The company completed its prior share repurchase program in Q3 2025 and initiated a new program authorizing the repurchase of 200,000 common shares - From July 1 to September 30, 2025, the company repurchased **6,522 shares of common stock** under the November 2024 program at an **average price of $18.73 per share**, totaling **$122 thousand**, completing the program as of September 30, 2025[24](index=24&type=chunk) - A new share repurchase program was announced in August 2025, authorizing the repurchase of **200,000 shares of common stock**, with **200,000 shares remaining available** for repurchase as of September 30, 2025[25](index=25&type=chunk) Weighted Average Shares Outstanding | Metric | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | | :------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Weighted Average Shares Outstanding | 8,894,152 | 8,992,167 | 8,903,933 | 8,992,167 | [Cash Dividend Announcement](index=4&type=section&id=Cash%20Dividend%20Announcement) A quarterly cash dividend of $0.20 per share was declared on August 13, 2025, and paid on September 15, 2025 - On August 13, 2025, the company declared a **quarterly cash dividend of $0.20 per share** on common stock, payable on September 15, 2025, to shareholders of record as of September 1, 2025[27](index=27&type=chunk) [Company Information and Forward-Looking Statements](index=5&type=section&id=Company%20Information%20%26%20Forward-Looking%20Statements) [About the Company](index=5&type=section&id=About%20the%20Company) Ames National Corporation is a holding company with several subsidiary banks operating across Iowa - Ames National Corporation's subsidiary Iowa banks include **First National Bank of Ames**, **Boone Bank & Trust Co.**, **State Bank & Trust Co. of Nevada**, **Reliance State Bank of Story City**, **United Bank & Trust Co. of Marshalltown**, and **Iowa Savings Bank of Creston, Iowa**[28](index=28&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements about future performance and asset quality, subject to various risks and uncertainties - This press release contains forward-looking statements regarding the company's **future performance and asset quality**, based on management's current beliefs, assumptions, projections, and expectations of future events[29](index=29&type=chunk) - These beliefs, assumptions, projections, and expectations are subject to **numerous risks and uncertainties** that may change due to various events or factors, many of which are unknown to and beyond management's control[29](index=29&type=chunk) - Risks and uncertainties include, but are not limited to, **national, regional, and local economic conditions**, **market competition**, **changes in credit and other risks** to the loan and investment portfolios, **changes in government regulations**, **changes in interest rates**, **credit risk management**, **financial and securities markets**, and the **availability and cost of liquidity sources**[29](index=29&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2025, total assets were $2.108 billion, with increased deposits and stockholders' equity year-over-year Consolidated Balance Sheet Summary | (thousand USD) | September 30, 2025 | September 30, 2024 | | :------------------------------------------------- | :------------- | :------------- | | **Assets** | | | | Cash and Due from Banks | $22,706 | $22,660 | | Interest-Bearing Deposits with Financial Institutions and Federal Funds Sold | $85,455 | $36,309 | | Available-for-Sale Securities | $650,660 | $688,595 | | Net Loans Receivable | $1,275,794 | $1,295,773 | | Total Assets | $2,107,999 | $2,123,173 | | **Liabilities** | | | | Deposits | $1,832,819 | $1,801,721 | | Other Borrowings | $23,502 | $83,101 | | Total Liabilities | $1,907,407 | $1,939,779 | | **Stockholders' Equity** | | | | Common Stock | $17,784 | $17,984 | | Retained Earnings | $191,235 | $180,505 | | Accumulated Other Comprehensive (Loss) | ($21,225) | ($29,348) | | Total Stockholders' Equity | $200,592 | $183,394 | | Total Liabilities and Stockholders' Equity | $2,107,999 | $2,123,173 | [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) Net interest income and net income significantly increased for Q3 2025 and the first nine months, driven by higher revenues and lower non-interest expenses Consolidated Income Statement Summary | (thousand USD) | Q3 2025 | Q3 2024 | Nine Months 2025 | Nine Months 2024 | | :----------------------- | :------------- | :------------- | :------------- | :------------- | | **Interest and Dividend Income** | | | | | | Loans | $17,409 | $16,751 | $50,750 | $48,793 | | Securities | $3,755 | $3,466 | $10,614 | $10,628 | | Other Interest and Dividend Income | $689 | $495 | $3,092 | $1,937 | | Total Interest and Dividend Income | $21,853 | $20,712 | $64,456 | $61,358 | | **Interest Expense** | | | | | | Deposits | $7,173 | $8,278 | $21,979 | $24,037 | | Other Borrowings | $631 | $1,357 | $2,047 | $4,466 | | Total Interest Expense | $7,804 | $9,635 | $24,026 | $28,503 | | **Net Interest Income** | $14,049 | $11,077 | $40,430 | $32,855 | | Credit Loss Expense | $627 | $371 | $1,697 | $722 | | **Non-Interest Income** | | | | | | Wealth Management Income | $1,374 | $1,242 | $4,336 | $3,913 | | Total Non-Interest Income | $2,534 | $2,413 | $7,722 | $7,209 | | **Non-Interest Expense** | | | | | | Salaries and Employee Benefits | $6,374 | $6,291 | $19,226 | $18,965 | | Professional Fees | $412 | $867 | $1,437 | $2,190 | | Total Non-Interest Expense | $10,241 | $10,505 | $30,867 | $31,439 | | Net Income | $4,559 | $2,217 | $12,513 | $6,705 | | Basic and Diluted EPS (USD) | $0.51 | $0.25 | $1.41 | $0.75 | | Declared Dividends Per Share (USD) | $0.20 | $0.20 | $0.40 | $0.74 | [Average Balances and Interest Rates](index=8&type=section&id=Average%20Balances%20and%20Interest%20Rates) [Average Balance Sheets and Interest Rates (Q3 2025 vs Q3 2024)](index=8&type=section&id=Average%20Balance%20Sheets%20and%20Interest%20Rates%20(Q3%202025%20vs%20Q3%202024)) Q3 2025 saw improved net interest spread and net interest margin, driven by higher interest-earning asset yields and lower interest-bearing liability rates Average Balance Sheets and Interest Rates | (thousand USD) | Q3 2025 Average Balance | Q3 2025 Yield/Rate | Q3 2024 Average Balance | Q3 2024 Yield/Rate | | :--------------------------------------- | :--------------------- | :---------------------- | :--------------------- | :---------------------- | | **Interest-Earning Assets** | | | | | | Total Loans | $1,291,678 | 5.39% | $1,303,284 | 5.14% | | Total Investment Securities | $644,011 | 2.40% | $687,362 | 2.09% | | Interest-Bearing Deposits with Banks and Federal Funds Sold | $65,313 | 4.22% | $39,456 | 5.02% | | Total Interest-Earning Assets | $2,001,002 | 4.39% | $2,030,102 | 4.11% | | **Interest-Bearing Liabilities** | | | | | | Total Deposits | $1,477,009 | 1.94% | $1,458,495 | 2.27% | | Other Borrowings | $71,223 | 3.54% | $120,234 | 4.51% | | Total Interest-Bearing Liabilities | $1,548,232 | 2.02% | $1,578,729 | 2.44% | | Net Interest Spread (FTE) | | 2.37% | | 1.67% | | Net Interest Margin (FTE) | | 2.83% | | 2.21% | - Commercial loan yields increased from **6.36% to 6.45%**, real estate loan yields from **4.75% to 5.10%**, and consumer and other loan yields from **5.16% to 5.44%**[35](index=35&type=chunk) - Agricultural loan yields decreased from **7.68% to 7.05%**[35](index=35&type=chunk) - Interest-bearing checking, savings, and money market deposit rates decreased from **1.74% to 1.41%**[38](index=38&type=chunk) - Time deposit rates decreased from **4.23% to 3.73%**[38](index=38&type=chunk) [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) The company provides non-GAAP financial measures, such as FTE net interest income and net interest margin, for comprehensive financial performance analysis - This report includes non-GAAP financial measures, such as **FTE net interest income** and **net interest margin**, which management believes are widely used in the financial institution industry and provide useful information for analyzing and evaluating the company's financial performance for both management and investors[39](index=39&type=chunk) Non-GAAP Net Interest Income and Margin (FTE) | (thousand USD) | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | | :----------------------------------------------------------------- | :--------------------- | :--------------------- | | Net Interest Income (GAAP) | $14,049 | $11,077 | | Tax-Equivalent Adjustment | $109 | $128 | | Net Interest Income (FTE, Non-GAAP) | $14,158 | $11,205 | | Average Interest-Earning Assets | $2,001,002 | $2,030,102 | | Net Interest Margin (FTE, Non-GAAP) | 2.83% | 2.21% | - The tax-equivalent adjustment is calculated using an **incremental federal income tax rate of 21%** and adjusted for the impact of tax-exempt interest income related to tax-exempt securities and loans[40](index=40&type=chunk)

Core Insights - The article discusses the expertise of Labutes IR as a Fund Manager/Analyst in the financial sector, highlighting over 18 years of experience in financial markets [1] Group 1 - Labutes IR specializes in the financial sector and has extensive experience in portfolio management [1] - The author has worked at various institutions on the buy side, indicating a strong background in investment strategies [1]

PART I. FINANCIAL INFORMATION This section presents the unaudited consolidated financial statements and management's discussion and analysis of Ames National Corporation [Item 1. Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents Ames National Corporation's unaudited consolidated financial statements, detailing balance sheets, income, comprehensive income, equity, and cash flows, highlighting key financial changes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets%20at%20June%2030,%202025%20and%20December%2031,%202024) This section provides a snapshot of the Company's financial position at specific dates, detailing assets, liabilities, and stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Item | June 30, 2025 | December 31, 2024 | Change | % Change | | :----------------------------------- | :------------ | :---------------- | :----- | :------- | | Total assets | $2,092,844 | $2,133,180 | ($40,336) | -1.89% | | Loans receivable, net | $1,279,644 | $1,303,917 | ($24,273) | -1.86% | | Total deposits | $1,819,205 | $1,846,682 | ($27,477) | -1.49% | | Total stockholders' equity | $193,029 | $174,706 | $18,323 | 10.49% | | Noninterest-bearing checking | $309,379 | $358,386 | ($49,007) | -13.67% | | Interest-bearing checking | $629,728 | $619,951 | $9,777 | 1.58% | | Savings and money market | $547,277 | $540,491 | $6,786 | 1.26% | | Time deposits ($250k and over) | $88,692 | $84,996 | $3,696 | 4.35% | | Other time deposits | $244,129 | $242,858 | $1,271 | 0.52% | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20for%20the%20three%20and%20six%20months%20ended%20June%2030,%202025%20and%202024) This section details the Company's revenues, expenses, and net income over specific periods, providing insight into operational profitability Consolidated Statements of Income Highlights (in thousands, except per share data) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change (YoY) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------- | | Net income | $4,511 | $2,184 | 106.55% | | Basic and diluted earnings per share | $0.51 | $0.24 | 112.50% | | Net interest income | $13,466 | $10,872 | 23.86% | | Interest expense | $8,019 | $9,663 | -17.01% | | Credit loss expense | $108 | $182 | -40.66% | | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change (YoY) | | :----------------------------------- | :----------------------------- | :----------------------------- | :------------- | | Net income | $7,954 | $4,488 | 77.24% | | Basic and diluted earnings per share | $0.89 | $0.50 | 78.00% | | Net interest income | $26,381 | $21,778 | 21.14% | | Interest expense | $16,222 | $18,868 | -14.02% | | Credit loss expense | $1,070 | $351 | 204.84% | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20three%20and%20six%20months%20ended%20June%2030,%202025%20and%202024) This section presents the Company's comprehensive income, including net income and other comprehensive income items like unrealized gains or losses on securities Consolidated Statements of Comprehensive Income Highlights (in thousands) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change (YoY) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------- | | Net income | $4,511 | $2,184 | 106.55% | | Unrealized holding gains arising during the period (before tax) | $7,530 | $2,304 | 226.82% | | Other comprehensive income, net of tax | $5,724 | $1,747 | 227.65% | | Comprehensive income | $10,235 | $3,931 | 160.36% | | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change (YoY) | | :----------------------------------- | :----------------------------- | :----------------------------- | :------------- | | Net income | $7,954 | $4,488 | 77.24% | | Unrealized holding gains arising during the period (before tax) | $17,021 | $1,977 | 760.90% | | Other comprehensive income, net of tax | $12,946 | $1,621 | 698.64% | | Comprehensive income | $20,900 | $6,109 | 242.10% | [Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity%20for%20the%20three%20and%20six%20months%20ended%20June%2030,%202025%20and%202024) This section outlines changes in the Company's equity, reflecting net income, other comprehensive income, stock repurchases, and dividends Consolidated Statements of Stockholders' Equity Highlights (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Total Stockholders' Equity | $193,029 | $174,706 | | Net income (6 months) | $7,954 | N/A | | Other comprehensive income (6 months) | $12,946 | N/A | | Repurchase and retirement of stock (6 months) | ($829) | N/A | | Cash dividends declared (6 months) | ($1,772) | N/A | | Shares outstanding (June 30, 2025) | 8,898,689 | N/A | | Shares outstanding (December 31, 2024) | N/A | 8,949,110 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20six%20months%20ended%20June%2030,%202025%20and%202024) This section reports the cash generated and used by the Company across operating, investing, and financing activities Consolidated Statements of Cash Flows Highlights (in thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change (YoY) | | :----------------------------------- | :----------------------------- | :----------------------------- | :------------- | | Net cash provided by operating activities | $11,131 | $5,260 | 111.61% | | Net cash provided by investing activities | $43,372 | $36,643 | 18.36% | | Net cash used in financing activities | ($60,519) | ($33,562) | 80.32% | | Net increase (decrease) in cash and cash equivalents | ($6,016) | $8,341 | -172.13% | | Ending cash and cash equivalents | $95,211 | $63,442 | 50.08% | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the consolidated financial statements [Note 1. Significant Accounting Policies](index=11&type=section&id=Note%201.%20Significant%20Accounting%20Policies) This note outlines the basis of financial statement preparation, including condensation of disclosures for interim reporting, consolidation principles, and the evaluation of subsequent events, along with new accounting pronouncements - Unaudited interim financial statements are prepared under SEC rules, with certain information and note disclosures condensed or omitted[15](index=15&type=chunk) - Goodwill is tested annually for impairment; a quantitative assessment as of October 1, 2024, indicated no impairment, and no adverse changes were determined as of June 30, 2025[17](index=17&type=chunk)[18](index=18&type=chunk) - ASU 2023-07 (Segment Reporting) was

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Ames National Corporation's Q2 2025 performance shows significant net income growth, improved efficiency, and a stronger capital position [Overall Performance](index=1&type=section&id=Overall%20Performance) Net income for Q2 2025 significantly increased, driven by expanded net interest income from improved loan yields and lower funding costs - Net income for Q2 2025 increased to **$4.5 million** ($0.51 per share) from $2.2 million ($0.24 per share) in Q2 2024[2](index=2&type=chunk) - The increase in earnings was primarily due to an increase in net interest income, driven by improved loan yield, growth in interest-bearing cash deposits, and a decreased cost of funds[2](index=2&type=chunk) [Income Statement Highlights](index=1&type=section&id=Income%20Statement%20Highlights) Income statement highlights for Q2 and YTD 2025 demonstrate substantial improvements in net income, EPS, profitability ratios, and efficiency | | Three Months Ended | | | | Six Months Ended | | | |---|---|---|---|---|---|---|---|---| | | June 30, | | | | June 30, | | | | | 2025 | | 2024 | | 2025 | 2024 | | | Net income (Thousands of USD) | $ | 4,511 | $ | 2,184 | $ 7,954 | $ | 4,488 | | Earnings per share - basic and diluted (USD) | $ | 0.51 | $ | 0.24 | $ 0.89 | $ | 0.50 | | Return on average assets | | 0.85% | | 0.41% | 0.75% | | 0.42% | | Return on average equity | | 9.67% | | 5.40% | 8.72% | | 5.50% | | Efficiency ratio | | 64.34% | | 79.61% | 65.34% | | 78.78% | | Net interest margin | | 2.65% | | 2.14% | 2.59% | | 2.14% | [Company Stock Highlights](index=1&type=section&id=Company%20Stock%20Highlights) As of June 30, 2025, the company's stock closed at $17.81, with a book value of $21.69 per share and a 4.49% dividend yield | Company Stock (ATLO) | 2025 (USD) | |---|---| | Closing price | $ 17.81 | | Price range | $ 16.09 - 18.10 | | Book value per common share | $ 21.69 | | Cash dividend declared | $ - | | Cash dividend paid | $ 0.20 | | Dividend yield based on cash dividend paid | 4.49% | [Balance Sheet Highlights](index=1&type=section&id=Balance%20Sheet%20Highlights) The balance sheet as of June 30, 2025, shows slight asset and deposit decreases, offset by significant growth in stockholders' equity and capital ratio | (Thousands of USD) | 2025 | 2024 | |---|---|---| | Assets | $ 2,092,844 | 2,126,315 | | Loans receivable, net | 1,279,644 | 1,281,214 | | Deposits | 1,819,205 | 1,821,113 | | Stockholders' equity | 193,029 | 167,053 | | Capital ratio | 9.22% | 7.86% | [Detailed Financial Results](index=3&type=section&id=Detailed%20Financial%20Results) This section provides an in-depth analysis of the company's financial performance for the second quarter and six months ended June 30, 2025 [Second Quarter 2025 Performance](index=3&type=section&id=Second%20Quarter%202025%20Performance) Q2 2025 performance was robust, characterized by significant net interest income growth, improved efficiency, and managed credit loss expenses [Net Interest Income & Margin (Q2 2025)](index=3&type=section&id=Net%20Interest%20Income%20%26%20Margin%20(Q2%202025)) Q2 2025 net interest income grew 23.9% to $13.5 million, with margin improving to 2.65%, driven by higher loan income and lower funding costs - Second quarter 2025 net interest income totaled **$13.5 million**, an increase of **$2.6 million**, or **23.9%**, compared to the same quarter a year ago[8](index=8&type=chunk) - Net interest margin improved to **2.65%** for the quarter ended June 30, 2025, compared to 2.14% for the quarter ended June 30, 2024[8](index=8&type=chunk) - Drivers included **$447 thousand** higher loan interest income, **$472 thousand** increase in interest-bearing deposits income, **$783 thousand** decrease in deposit interest expense, and **$861 thousand** decrease in other borrowed funds interest expense[8](index=8&type=chunk) [Credit Loss Expense (Q2 2025)](index=3&type=section&id=Credit%20Loss%20Expense%20(Q2%202025)) Q2 2025 credit loss expense decreased to $108 thousand, despite $1.1 million in net loan charge-offs, mainly from a commercial loan - Credit loss expense was **$108 thousand** in Q2 2025, down from $182 thousand in Q2 2024[9](index=9&type=chunk) - Net loan charge-offs for Q2 2025 totaled **$1.1 million**, compared to no net loan charge-offs in Q2 2024[9](index=9&type=chunk) [Noninterest Income (Q2 2025)](index=3&type=section&id=Noninterest%20Income%20(Q2%202025)) Q2 2025 noninterest income slightly increased by 0.8% to $2.64 million compared to the prior year - Noninterest income for Q2 2025 totaled **$2.64 million**, an increase of **0.8%** from $2.62 million in Q2 2024[10](index=10&type=chunk) [Noninterest Expense & Efficiency Ratio (Q2 2025)](index=3&type=section&id=Noninterest%20Expense%20%26%20Efficiency%20Ratio%20(Q2%202025)) Q2 2025 noninterest expense decreased 3.5% to $10.4 million, improving the efficiency ratio to 64.34% due to lower fees and higher margin - Noninterest expense for Q2 2025 totaled **$10.4 million**, a decrease of **3.5%** from $10.7 million in Q2 2024, primarily due to **$300 thousand** in lower consultant fees[11](index=11&type=chunk) - The efficiency ratio improved to **64.34%** for Q2 2025, compared to 79.61% in Q2 2024[11](index=11&type=chunk) [Income Tax Expense (Q2 2025)](index=3&type=section&id=Income%20Tax%20Expense%20(Q2%202025)) Q2 2025 income tax expense rose to $1.1 million, with an effective rate of 20%, influenced by tax-exempt income and New Markets Tax Credits - Income tax expense for Q2 2025 totaled **$1.1 million**, compared to $385 thousand in Q2 2024[12](index=12&type=chunk) - The effective tax rate was **20%** for Q2 2025 and 15% for Q2 2024, influenced by tax-exempt interest income and New Markets Tax Credits[12](index=12&type=chunk) [Six Months 2025 Performance](index=3&type=section&id=Six%20Months%202025%20Performance) YTD 2025 performance showed strong financial growth, with significant net interest income and improved efficiency, despite increased credit loss expense [Net Interest Income & Margin (Six Months 2025)](index=3&type=section&id=Net%20Interest%20Income%20%26%20Margin%20(Six%20Months%202025)) YTD 2025 net interest income increased 21.1% to $26.4 million, with margin improving to 2.59%, driven by higher loan income and lower funding costs - Net interest income for the six months ended June 30, 2025, totaled **$26.4 million**, an increase of **$4.6 million**, or **21.1%**, compared to the same period a year ago[13](index=13&type=chunk) - Net interest margin improved to **2.59%** for the six months ended June 30, 2025, compared to 2.14% for the same period in 2024[13](index=13&type=chunk) - Drivers included **$1.3 million** higher loan interest income, **$961 thousand** increase in interest-bearing deposits income, **$1.0 million** decrease in deposit interest expense, and **$1.7 million** decrease in other borrowed funds interest expense[13](index=13&type=chunk) [Credit Loss Expense (Six Months 2025)](index=3&type=section&id=Credit%20Loss%20Expense%20(Six%20Months%202025)) YTD 2025 credit loss expense rose to $1.1 million, primarily due to $1.2 million in commercial loan charge-offs, contrasting with prior year recoveries - Credit loss expense was **$1.1 million** for the six months ended June 30, 2025, compared to $351 thousand in the prior year, primarily due to commercial loan charge-offs[14](index=14&type=chunk) - Net loan charge-offs for the six months ended June 30, 2025, totaled **$1.2 million**, compared to net loan recoveries of $4 thousand in the prior year[14](index=14&type=chunk) [Noninterest Income (Six Months 2025)](index=3&type=section&id=Noninterest%20Income%20(Six%20Months%202025)) YTD 2025 noninterest income increased 8.2% to $5.2 million, driven by wealth management growth from increased assets under management - Noninterest income for the six months ended June 30, 2025, totaled **$5.2 million**, an increase of **8.2%** from $4.8 million in the prior year[15](index=15&type=chunk) - The increase was primarily due to growth in wealth management income from increased assets under management and new account relationships[15](index=15&type=chunk) [Noninterest Expense & Efficiency Ratio (Six Months 2025)](index=3&type=section&id=Noninterest%20Expense%20%26%20Efficiency%20Ratio%20(Six%20Months%202025)) YTD 2025 noninterest expense decreased 1.5% to $20.6 million, improving the efficiency ratio to 65.34% due to lower fees and higher margin - Noninterest expense for the six months ended June 30, 2025, totaled **$20.6 million**, a decrease of **1.5%** from $20.9 million in the prior year, primarily due to **$350 thousand** in lower consultant fees[16](index=16&type=chunk) - The efficiency ratio improved to **65.34%** for the six months ended June 30, 2025, compared to 78.78% in the prior year[16](index=16&type=chunk) [Income Tax Expense (Six Months 2025)](index=3&type=section&id=Income%20Tax%20Expense%20(Six%20Months%202025)) YTD 2025 income tax expense rose to $1.9 million, with an effective rate of 19%, influenced by tax-exempt income and New Markets Tax Credits - Income tax expense for the six months ended June 30, 2025, totaled **$1.9 million**, compared to $801 thousand in the prior year[17](index=17&type=chunk) - The effective tax rate was **19%** for the six months ended June 30, 2025, and 15% for the prior year, influenced by tax-exempt interest income and New Markets Tax Credits[17](index=17&type=chunk) [Balance Sheet Review](index=4&type=section&id=Balance%20Sheet%20Review) This section reviews the company's balance sheet components, including assets, liabilities, and stockholders' equity, as of June 30, 2025 [Assets](index=4&type=section&id=Assets) Total assets slightly decreased due to reduced securities available-for-sale, partially offset by increased interest-bearing deposits, with mixed loan portfolio performance [Total Assets](index=4&type=section&id=Total%20Assets) Total assets decreased by $33.5 million to $2.1 billion as of June 30, 2025, primarily due to reduced securities available-for-sale - Total assets were **$2.1 billion** as of June 30, 2025, a decrease of **$33.5 million** compared to June 30, 2024[18](index=18&type=chunk) - The decrease was primarily due to a decrease in securities available-for-sale, partially offset by an increase in interest-bearing deposits in financial institutions[18](index=18&type=chunk) [Securities Available-for-Sale](index=4&type=section&id=Securities%20Available-for-Sale) Securities available-for-sale decreased to $644.7 million, driven by maturities exceeding purchases and lower unrealized losses, with a 3.1-year duration - Securities available-for-sale decreased to **$644.7 million** as of June 30, 2025, from $690.8 million as of June 30, 2024[19](index=19&type=chunk) - The decrease is primarily due to maturities in excess of purchases, partially offset by lower unrealized losses[19](index=19&type=chunk) - The investment portfolio had an expected duration of **3.1 years** as of June 30, 2025[19](index=19&type=chunk) [Loans Receivable, Net](index=4&type=section&id=Loans%20Receivable%2C%20Net) Net loans slightly decreased to $1.280 billion, with substandard-impaired loans increasing to $18.4 million due to commercial real estate and agricultural portfolio weakening - Net loans decreased to **$1.280 billion** as of June 30, 2025, a **0.1%** decrease from $1.281 billion as of June 30, 2024[20](index=20&type=chunk) - Substandard loans were **$23.5 million** (2025) vs $26.6 million (2024), while substandard-impaired loans increased to **$18.4 million** (2025) from $12.0 million (2024)[20](index=20&type=chunk) - The increase in substandard-impaired loans is primarily due to weakening in the commercial real estate and agricultural loan portfolios[20](index=20&type=chunk) [Allowance for Credit Losses](index=4&type=section&id=Allowance%20for%20Credit%20Losses) Allowance for credit losses decreased to $17.0 million (1.31% of loans), primarily due to a reduction in overall loan balances - Allowance for credit losses totaled **$17.0 million** or **1.31%** of loans as of June 30, 2025, down from $17.2 million or 1.32% of loans as of June 30, 2024[21](index=21&type=chunk) - The decrease is primarily due to a decrease in loan balances[21](index=21&type=chunk) [Other Assets](index=4&type=section&id=Other%20Assets) Other assets significantly decreased to $2.9 million, primarily due to $8 million in investments maturing in June 2024 - Other assets were **$2.9 million** as of June 30, 2025, compared to $12.5 million as of June 30, 2024[22](index=22&type=chunk) - The higher balance in 2024 was due to **$8 million** of investments that matured on June 30, 2024, with proceeds received on July 1, 2024[22](index=22&type=chunk) [Liabilities](index=4&type=section&id=Liabilities) Total deposits slightly decreased as customers sought higher rates, while other borrowings significantly reduced due to investment maturities [Deposits](index=4&type=section&id=Deposits) Total deposits slightly decreased to $1.819 billion, driven by customers seeking higher rates, partially offset by time deposits and public funds growth - Deposits totaled **$1.819 billion** as of June 30, 2025, a decrease of **0.1%** from $1.821 billion as of June 30, 2024[23](index=23&type=chunk) - The decrease is primarily due to lower balances in retail and commercial checking and money market accounts as customers seek higher interest rates, partially offset by an increase in time deposits and public funds[23](index=23&type=chunk) - Approximately **14%** of deposits are tied to external indexes as of June 30, 2025, making their interest expense more volatile[23](index=23&type=chunk) [Other Borrowings](index=4&type=section&id=Other%20Borrowings) Other borrowings significantly decreased to $30.7 million as the company continued to reduce debt with investment maturities - Other borrowings decreased to **$30.7 million** as of June 30, 2025, compared to $85.9 million as of June 30, 2024[24](index=24&type=chunk) - The Company has continued to reduce borrowings as investments have matured[24](index=24&type=chunk) [Stockholders' Equity](index=4&type=section&id=Stockholders'%20Equity) Stockholders' equity increased by $25.9 million to $193.0 million (9.2% of assets), driven by reduced unrealized losses and retained net income - Total stockholders' equity was **$193.0 million** as of June 30, 2025, compared to $167.1 million as of June 30, 2024, an increase of **$25.9 million**[25](index=25&type=chunk) - The increase was primarily the result of a decrease in unrealized losses on the investment portfolio and retention of net income in excess of dividends[25](index=25&type=chunk) - The Company's stockholders' equity represented **9.2%** of total assets, and all six affiliate banks are considered well-capitalized[25](index=25&type=chunk) [Capital Management & Dividends](index=4&type=section&id=Capital%20Management%20%26%20Dividends) This section outlines the company's share repurchase activities and dividend policy for the second quarter of 2025 [Share Repurchase Program](index=4&type=section&id=Share%20Repurchase%20Program) In Q2 2025, the company repurchased 16,868 shares for $278 thousand, with 6,522 shares remaining under the program - From April 1, 2025, through June 30, 2025, the Company repurchased **16,868 shares** of common stock at an average price of **$16.48 per share**, for a total cost of **$278 thousand**[26](index=26&type=chunk) - There were **6,522 shares** available to be repurchased under the program as of June 30, 2025[26](index=26&type=chunk) [Cash Dividend Announcement](index=4&type=section&id=Cash%20Dividend%20Announcement) No dividend was declared in Q2 2025, but a $0.20 per share dividend from Q1 was paid, with future dividends expected to be declared and paid concurrently - The Company did not declare a dividend in the second quarter of 2025[27](index=27&type=chunk) - A cash dividend of **$0.20 per share**, declared in the first quarter of 2025, was paid[27](index=27&type=chunk) - Going forward, the Company expects to declare and pay dividends in the same quarter, subject to the discretion of the Board of Directors[27](index=27&type=chunk) [Company Information & Disclosures](index=5&type=section&id=Company%20Information%20%26%20Disclosures) This section provides information about Ames National Corporation and its forward-looking statements [About Ames National Corporation](index=5&type=section&id=About%20Ames%20National%20Corporation) Ames National Corporation operates through its six affiliate Iowa banks, including First National Bank and United Bank & Trust Co - Ames National Corporation's 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[28](index=28&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This cautionary statement highlights that forward-looking statements are subject to numerous risks, including economic conditions, competitive pressures, and regulatory changes - Forward-looking statements are not historical facts and are based on management's current beliefs, assumptions, predictions, and expectations, subject to numerous risks and uncertainties[29](index=29&type=chunk) - Key risks include national, regional, and local economic conditions, competitive products and pricing, changes in credit and other risks in loan and investment portfolios, changes in interest rates, and governmental regulations affecting financial institutions[29](index=29&type=chunk) - Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and the Company undertakes no obligation to revise or update them[29](index=29&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated balance sheets and statements of income for Ames National Corporation [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) The unaudited consolidated balance sheets detail assets, liabilities, and stockholders' equity for Ames National Corporation as of June 30, 2025 and 2024 | ASSETS (Thousands of USD) | | 2025 | | 2024 | |---|---|---|---|---| | Cash and due from banks | $ | 24,148 | $ | 25,494 | | Interest-bearing deposits in financial institutions and federal funds sold | | 71,063 | | 37,948 | | Total cash and cash equivalents | | 95,211 | | 63,442 | | Interest-bearing time deposits | | 6,918 | | 6,415 | | Securities available-for-sale | | 644,702 | | 690,843 | | Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost | | 3,166 | | 3,948 | | Loans receivable, net | | 1,279,644 | | 1,281,214 | | Loans held for sale | | 341 | | 510 | | Bank premises and equipment, net | | 21,239 | | 22,134 | | Accrued income receivable | | 12,166 | | 12,484 | | Bank-owned life insurance | | 3,256 | | 3,171 | | Deferred income taxes, net | | 9,949 | | 16,022 | | Intangible assets, net | | 938 | | 1,256 | | Goodwill | | 12,424 | | 12,424 | | Other assets | | 2,890 | | 12,452 | | Total assets | $ | 2,092,844 | $ | 2,126,315 | | LIABILITIES AND STOCKHOLDERS' EQUITY (Thousands of USD) | | | | | | LIABILITIES | | | | | | Deposits | | | | | | Noninterest-bearing checking | $ | 309,379 | $ | 340,569 | | Interest-bearing checking | | 629,728 | | 618,819 | | Savings and money market | | 547,277 | | 556,074 | | Time, $250 and over | | 88,692 | | 73,368 | | Other time | | 244,129 | | 232,283 | | Total deposits | | 1,819,205 | | 1,821,113 | | Securities sold under agreements to repurchase | | 40,061 | | 40,664 | | Other borrowings | | 30,652 | | 85,930 | | Dividends payable | | - | | 2,428 | | Accrued interest payable | | 2,472 | | 3,191 | | Accrued expenses and other liabilities | | 7,425 | | 5,936 | | Total liabilities | | 1,899,815 | | 1,959,262 | | STOCKHOLDERS' EQUITY (Thousands of USD) | | | | | | Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding | | | | | | 8,898,689 and 8,992,167 shares as of June 30, 2025 and 2024, respectively | | 17,797 | | 17,984 | | Additional paid-in capital | | 12,907 | | 14,253 | | Retained earnings | | 188,442 | | 180,082 | | Accumulated other comprehensive (loss) | | (26,117) | | (45,266) | | Total stockholders' equity | | 193,029 | | 167,053 | | Total liabilities and stockholders' equity | $ | 2,092,844 | $ | 2,126,315 | [Consolidated Statements of Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income) The unaudited consolidated statements of income detail the company's financial performance for the three and six months ended June 30, 2025 and 2024 | | | | Three Months Ended (Thousands of USD) | | | | Six Months Ended (Thousands of USD) | | |---|---|---|---|---|---|---|---|---| | | | 2025 | June 30, | 2024 | | June 30, 2025 | | 2024 | | Interest and dividend income: | | | | | | | | | | Loans, including fees | $ | 16,667 | $ | 16,220 | $ | 33,341 | $ | 32,042 | | Securities: | | | | | | | | | | Taxable | | 3,116 | | 3,027 | | 5,956 | | 6,119 | | Tax-exempt | | 450 | | 508 | | 903 | | 1,043 | | Other interest and dividend income | | 1,252 | | 780 | | 2,403 | | 1,442 | | Total interest and dividend income | | 21,485 | | 20,535 | | 42,603 | | 40,646 | | Interest expense: | | | | | | | | | | Deposits | | 7,387 | | 8,170 | | 14,806 | | 15,759 | | Other borrowed funds | | 632 | | 1,493 | | 1,416 | | 3,109 | | Total interest expense | | 8,019 | | 9,663 | | 16,222 | | 18,868 | | Net interest income | | 13,466 | | 10,872 | | 26,381 | | 21,778 | | Credit loss expense | | 108 | | 182 | | 1,070 | | 351 | | Net interest income after credit loss expense | | 13,358 | | 10,690 | | 25,311 | | 21,427 | | Noninterest income: | | | | | | | | | | Wealth management income | | 1,518 | | 1,476 | | 2,962 | | 2,671 | | Service fees | | 378 | | 341 | | 748 | | 663 | | Securities gains (losses), net | | - | | - | | - | | (165) | | Gain on sale of loans held for sale | | 150 | | 166 | | 225 | | 249 | | Merchant and card fees | | 392 | | 423 | | 740 | | 785 | | Other noninterest income | | 203 | | 213 | | 513 | | 593 | | Total noninterest income | | 2,641 | | 2,619 | | 5,188 | | 4,796 | | Noninterest expense: | | | | | | | | | | Salaries and employee benefits | | 6,479 | | 6,437 | | 12,852 | | 12,674 | | Data processing | | 1,456 | | 1,568 | | 2,808 | | 3,003 | | Occupancy expenses, net | | 728 | | 716 | | 1,500 | | 1,493 | | FDIC insurance assessments | | 275 | | 296 | | 535 | | 597 | | Professional fees | | 540 | | 863 | | 1,025 | | 1,323 | | Business development | | 311 | | 285 | | 683 | | 665 | | Intangible asset amortization | | 77 | | 86 | | 154 | | 173 | | New market tax credit projects amortization | | 191 | | 175 | | 383 | | 349 | | Other operating expenses, net | | 306 | | 314 | | 686 | | 657 | | Total noninterest expense | | 10,363 | | 10,740 | | 20,626 | | 20,934 | | Income before income taxes | | 5,636 | | 2,569 | | 9,873 | | 5,289 | | Provision for income taxes | | 1,125 | | 385 | | 1,919 | | 801 | | Net income | $ | 4,511 | $ | 2,184 | $ | 7,954 | $ | 4,488 | | Basic and diluted earnings per share (USD) | $ | 0.51 | $ | 0.24 | $ | 0.89 | $ | 0.50 | | Dividends declared per share (USD) | $ | - | $ | 0.27 | $ | 0.20 | $ | 0.54 | [Average Balances and Interest Rates](index=8&type=section&id=Average%20Balances%20and%20Interest%20Rates) This section provides a detailed breakdown of average balances, interest income/expense, and yields/rates for assets and liabilities [Average Assets and Yields](index=8&type=section&id=Average%20Assets%20and%20Yields) This section details average interest-earning assets, revenues, and yields for Q2 2025 and 2024, providing insights into asset composition and profitability | | 2025 | | | 2024 | | |---|---|---|---|---|---| | | Average balance (Thousands of USD) | Revenue/ expense (Thousands of USD) | Yield/ rate (%) | Average balance (Thousands of USD) | Revenue/ expense (Thousands of USD) | Yield/ rate (%) | | ASSETS | | | | | | | | Interest-earning assets | | | | | | | | Loans (1) | | | | | | | | Commercial | $ 94,535 | $ 1,410 | 5.97% | $ 86,998 | $ 1,370 | 6.30% | | Agricultural | 126,189 | 2,075 | 6.58% | 118,579 | 2,254 | 7.60% | | Real estate | 1,052,915 | 12,951 | 4.92% | 1,069,663 | 12,386 | 4.63% | | Consumer and other | 16,532 | 231 | 5.59% | 16,833 | 210 | 4.99% | | Total loans (including fees) | 1,290,171 | 16,667 | 5.17% | 1,292,073 | 16,220 | 5.02% | | Investment securities | | | | | | | | Taxable | 567,859 | 3,116 | 2.19% | 614,133 | 3,027 | 1.97% | | Tax-exempt (2) | 81,427 | 570 | 2.80% | 96,036 | 643 | 2.68% | | Total investment securities | 649,286 | 3,686 | 2.27% | 710,169 | 3,670 | 2.07% | | Interest-bearing deposits with banks and federal funds sold | 108,889 | 1,252 | 4.60% | 53,146 | 780 | 5.87% | | Total interest-earning assets | 2,048,346 | $ 21,605 | 4.22% | 2,055,388 | $ 20,670 | 4.02% | | Noninterest-earning assets | 64,251 | | | 75,635 | | | | TOTAL ASSETS | $ 2,112,597 | | | $ 2,131,023 | | | [Average Liabilities and Expenses](index=9&type=section&id=Average%20Liabilities%20and%20Expenses) This section presents average interest-bearing liabilities, expenses, and rates for Q2 2025 and 2024, illustrating funding costs and structure | | 2025 | | | 2024 | | |---|---|---|---|---|---| | | Average balance (Thousands of USD) | Revenue/ expense (Thousands of USD) | Yield/ rate (%) | Average balance (Thousands of USD) | Revenue/ expense (Thousands of USD) | Yield/ rate (%) | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | Interest-bearing liabilities | | | | | | | | Deposits | | | | | | | | Interest-bearing checking, savings accounts and money markets | $ 1,188,237 | $ 4,268 | 1.44% | $ 1,185,388 | $ 5,049 | 1.70% | | Time deposits | 332,652 | 3,119 | 3.75% | 304,653 | 3,121 | 4.10% | | Total deposits | 1,520,889 | 7,387 | 1.94% | 1,490,041 | 8,170 | 2.19% | | Other borrowed funds | 70,904 | 632 | 3.57% | 129,613 | 1,493 | 4.61% | | Total interest-bearing liabilities | 1,591,793 | 8,019 | 2.02% | 1,619,654 | 9,663 | 2.39% | | Noninterest-bearing liabilities | | | | | | | | Noninterest-bearing checking | 321,056 | | | 337,211 | | | | Other liabilities | 13,077 | | | 12,304 | | | | Stockholders' equity | 186,671 | | | 161,854 | | | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 2,112,597 | | | $ 2,131,023 | | | [Net Interest Margin (FTE) Reconciliation](index=9&type=section&id=Net%20Interest%20Margin%20(FTE)%20Reconciliation) This section reconciles non-GAAP net interest income and margin on a fully taxable equivalent (FTE) basis to GAAP, adjusting for tax-exempt income - Net interest income and net interest margin on an FTE basis are non-GAAP financial measures used to analyze and evaluate the Company's financial performance[42](index=42&type=chunk) | | Three Months Ended June | |---|---| | | 30, | | | 2025 (Thousands of USD) | 2024 (Thousands of USD) | | Reconciliation of net interest income and annualized net interest margin on an FTE basis to GAAP: | | | | Net interest income (GAAP) | $ 13,466 | $ 10,872 | | Tax-equivalent adjustment (1) | 120 | 135 | | Net interest income on an FTE basis (non-GAAP) | 13,586 | 11,007 | | Average interest-earning assets (Thousands of USD) | $ 2,048,346 | $ 2,055,388 | | Net interest margin on an FTE basis (non-GAAP) | 2.65% | 2.14% |

Financial Performance - The Company reported net income of $3.4 million, or $0.39 per share, for Q1 2025, up from $2.3 million, or $0.26 per share, in Q1 2024, primarily due to increased net interest income [104]. - Net interest income for Q1 2025 was $12.9 million, compared to $10.9 million in Q1 2024, reflecting a 18.4% increase [118]. - Noninterest income for Q1 2025 totaled $2.55 million, a 17.0% increase from $2.18 million in Q1 2024, attributed to reduced losses on securities sales and growth in wealth management income [122]. - Noninterest expense for Q1 2025 was $10.26 million, a 0.7% increase from $10.19 million in Q1 2024, with an efficiency ratio improving to 66.38% from 77.92% [123]. - Income tax expense for Q1 2025 totaled $794 thousand, up from $416 thousand in Q1 2024, with effective tax rates of 19% and 15% respectively [124]. - Net cash provided by operating activities for the three months ended March 31, 2025, totaled $7.1 million, an increase of $5.7 million from $1.4 million in the same period of 2024 [154]. Interest and Loan Performance - The net interest margin on a fully taxable equivalent (FTE) basis improved to 2.53% in Q1 2025 from 2.13% in Q1 2024 [118]. - Interest income increased by $1.0 million, or 5.0%, in Q1 2025 compared to Q1 2024, driven by higher interest rates and growth in the loan portfolio [119]. - Interest expense decreased by $1.0 million, or 10.9%, in Q1 2025 compared to Q1 2024, mainly due to reduced borrowings and lower market rates [120]. - Credit loss expense rose to $962 thousand in Q1 2025 from $169 thousand in Q1 2024, primarily due to increased specific reserves in the commercial loan portfolio [121]. - Net loan charge-offs for Q1 2025 were $48 thousand, compared to net loan recoveries of $4 thousand in Q1 2024 [105]. Asset and Liability Management - Total assets as of March 31, 2025, were $2.2 billion, reflecting a $51.1 million increase from December 31, 2024 [126]. - The investment portfolio decreased to $640.4 million as of March 31, 2025, down $8.1 million from $648.5 million at December 31, 2024 [127]. - The loan portfolio, net of allowance for credit losses, totaled $1.306 billion as of March 31, 2025, compared to $1.304 billion at December 31, 2024 [133]. - Deposits increased to $1.91 billion as of March 31, 2025, from $1.85 billion at December 31, 2024, primarily due to an increase in public funds [134]. - The allowance for credit losses was 1.36% of outstanding loans as of March 31, 2025, up from 1.29% at December 31, 2024, totaling $18.0 million compared to $17.1 million [145]. - Problem loans as a percentage of total loans increased to 1.25% as of March 31, 2025, compared to 1.17% at December 31, 2024 [137]. - Substandard-impaired loans rose to $15.7 million as of March 31, 2025, an increase of $1.5 million from $14.2 million at December 31, 2024 [138]. - Other borrowings decreased to $35.8 million as of March 31, 2025, down from $47.0 million at December 31, 2024 [135]. - As of March 31, 2025, commercial real estate and multi-family real estate represent approximately 42% of the loan portfolio, totaling $551.9 million [147]. - The liquidity sources include liquid assets totaling $163.4 million as of March 31, 2025, compared to $101.2 million as of December 31, 2024 [151]. Equity and Dividends - The Company's total stockholders' equity as of March 31, 2025, was $183.1 million, an increase of $8.4 million from $174.7 million as of December 31, 2024 [160]. - Dividends paid by the Banks to the Company amounted to $3.2 million for the three months ended March 31, 2025, compared to $2.6 million in 2024 [158]. - The Company declared a cash dividend of $0.20 per share on February 12, 2025, payable on June 13, 2025 [161]. Capital and Regulatory Compliance - The Company has outstanding lines of credit with the FHLB of Des Moines totaling $242.5 million as of March 31, 2025 [152]. - The capital levels of the Company exceed applicable regulatory guidelines to be considered "well capitalized" as of March 31, 2025 [160]. - The Company did not have any external debt financing or off-balance sheet financing arrangements as of March 31, 2025 [156]. Operational Efficiency and Management - The Company aims to enhance operational efficiency to improve profitability and offer competitive loan and deposit rates [102]. - The Company employs 26 individuals for support functions, in addition to 232 full-time equivalent employees at its banks [101]. - The Company approved a Stock Repurchase Plan in November 2024, allowing for the repurchase of up to 100,000 shares of common stock, with 23,390 shares remaining to be purchased as of March 31, 2025 [168]. - There were no material changes in the risk factors disclosed in the Company's Form 10-K filed on March 12, 2025 [166]. - The Company's management concluded that the disclosure controls and procedures are effective for ensuring timely reporting of required information under the Securities Exchange Act of 1934 [164].

Financial Performance - Net income for Q1 2025 was $3.4 million, or $0.39 per share, up from $2.3 million, or $0.26 per share in Q1 2024, representing a 47.8% increase in earnings[2] - Net income rose to $3,443 thousand for the first quarter of 2025, up from $2,304 thousand in the same period of 2024, marking an increase of approximately 49.5%[25] - Basic and diluted earnings per share improved to $0.39 in Q1 2025, compared to $0.26 in Q1 2024, an increase of approximately 50%[25] Income Sources - Net interest income increased by $2.0 million, or 18.4%, to $12.9 million in Q1 2025 compared to Q1 2024, driven by higher loan volume and yield[6] - Noninterest income rose to $2.55 million in Q1 2025, a 17.0% increase from $2.18 million in Q1 2024, primarily due to higher wealth management income[8] - Noninterest income grew to $2,547 thousand in Q1 2025, up from $2,177 thousand in Q1 2024, representing an increase of about 17%[25] Efficiency and Management - The efficiency ratio improved to 66.38% in Q1 2025 from 77.92% in Q1 2024, reflecting better cost management and increased net interest margin[9] Assets and Liabilities - Total assets as of March 31, 2025, were $2.18 billion, a slight decrease of $7.5 million from $2.19 billion in the previous year[11] - Total assets decreased slightly to $2,184,293 thousand as of March 31, 2025, from $2,191,842 thousand in 2024, a decline of approximately 0.34%[23] - Total liabilities decreased to $2,001,237 thousand in 2025 from $2,026,302 thousand in 2024, a decline of approximately 1.2%[23] Loans and Deposits - Loans receivable increased to $1.31 billion, a 2.6% rise from $1.27 billion as of March 31, 2024, with growth in agriculture and residential real estate loans[13] - Deposits totaled $1.91 billion, up 1.8% from $1.87 billion in the previous year, driven by increases in time deposits and public funds[15] - Total deposits increased to $1,906,384 thousand in 2025, up from $1,872,123 thousand in 2024, reflecting a growth of about 1.8%[23] Credit and Dividends - The allowance for credit losses was $18.0 million, or 1.36% of loans, compared to $17.0 million, or 1.31% of loans, as of March 31, 2024[14] - Credit loss expense increased to $962 thousand in Q1 2025, compared to $169 thousand in Q1 2024, indicating a significant rise in provisions for potential loan losses[25] - The Company declared a quarterly cash dividend of $0.20 per share, with a dividend yield of 4.57%[4][19] - Dividends declared per share decreased to $0.20 in Q1 2025 from $0.27 in Q1 2024, a reduction of approximately 25.9%[25] Shareholder Actions - The Company repurchased 33,553 shares of common stock at an average price of $16.41 per share during the first quarter of 2025[18] - Retained earnings increased to $183,914 thousand as of March 31, 2025, compared to $180,316 thousand in 2024, reflecting a growth of about 2.9%[23]

Financial Performance - As of December 31, 2024, First National Bank had total assets of approximately $1.11 billion, down from $1.14 billion in 2023, with net income of approximately $5.2 million compared to $5.5 million in 2023[20]. - State Bank reported total assets of approximately $198.6 million as of December 31, 2024, a decrease from $201.7 million in 2023, with net income of approximately $933 thousand, down from $1.4 million in 2023[22]. - Boone Bank's total assets increased to approximately $156.7 million as of December 31, 2024, up from $149.4 million in 2023, with net income of approximately $616 thousand compared to $740 thousand in 2023[24]. - Reliance Bank had total assets of approximately $307.5 million as of December 31, 2024, down from $313.3 million in 2023, with net income of approximately $1.9 million, up from $1.7 million in 2023[26]. - United Bank's total assets increased to approximately $130.3 million as of December 31, 2024, compared to $118.5 million in 2023, with net income of approximately $1.1 million, up from $1.0 million in 2023[28]. - Iowa State Bank reported total assets of approximately $270.3 million as of December 31, 2024, an increase from $254.7 million in 2023, with net income of approximately $2.0 million for both years[30]. - The Company reported net income of $10.2 million for the year ended December 31, 2024, a decrease of 5.5% compared to $10.8 million in 2023[180]. - Earnings per share for 2024 were $1.14, down from $1.20 in 2023[180]. - Interest income increased to $82.6 million in 2024 from $74.3 million in 2023, while interest expense rose to $37.6 million from $29.7 million[175]. - The Company's return on average equity for 2024 was 6.02%, down from 7.05% in 2023, and return on average assets was 0.48%, compared to 0.51% in 2023[181]. - The efficiency ratio for 2024 was 76.59%, compared to 74.60% in 2023, indicating a decline in operational efficiency[175]. - Net interest income for 2024 totaled $45.0 million, a 0.8% increase from $44.6 million in 2023[210]. Loan Portfolio - The Banks' loan portfolio consists of approximately 53% commercial loans, 22% agricultural loans, and 23% residential loans[34][35][36]. - Commercial real estate loans account for approximately 54% of the loan portfolio, with loan-to-appraisal value ratios not exceeding 80%[40]. - Commercial and agricultural operating and term loans represent about 17% of the loan portfolio, with loan-to-value ratios generally not exceeding 75%[42]. - Residential first mortgage loans, home equity term loans, and home equity lines of credit together make up approximately 23% of the loan portfolio, with loan-to-value ratios typically not exceeding 90%[47]. - Consumer loans represent around 1% of the loan portfolio, with automobile loans not exceeding 90% of the value for new cars and 75% for used cars[48]. - The allowance for credit losses for loans is established through a disciplined process, incorporating both asset-specific and pooled components to estimate expected credit losses[189]. - The company's credit loss expense is necessary to maintain the allowance for credit losses at the expected levels inherent within the loan portfolio[194]. - Net loan charge-offs increased to $453 thousand in 2024 compared to $213 thousand in 2023, primarily due to growth in the loan portfolio[212]. - Loans classified as substandard and substandard-impaired rose by $18.0 million to $49.7 million in 2024, mainly due to downgrades in commercial real estate and operating loan portfolios[212]. Regulatory Environment - The Company is subject to extensive federal and state regulation, which may materially affect its business and operations in the future[71]. - As of December 31, 2024, the Banks exceeded all regulatory capital requirements and were designated as "well capitalized" under federal guidelines[94]. - The deposit insurance coverage limit is $250,000 per depositor, per insured depository institution for each account ownership category[87]. - The Federal Reserve requires bank holding companies to obtain approval before acquiring more than 5% of the voting stock of any bank[75]. - The Dodd-Frank Act subjects the Banks to regulations from the Consumer Financial Protection Bureau, which has substantial power over consumer financial products and services[85]. - Iowa law currently has a deposit concentration limit of 15% on the amount of deposits that any one banking organization can control[80]. - The Basel III Capital Rules require a Common Equity Tier 1 (CET1) ratio of 6.5% for well-capitalized status[91]. - The Federal Reserve and the FDIC have issued policy statements that generally restrict insured banks and bank holding companies from paying dividends unless out of current operating earnings[96]. - The Company’s ability to pay dividends is subject to federal regulatory considerations and may be impacted by its financial condition and capital requirements[167]. Market Competition - The geographic market area served by the Banks is highly competitive, with 49 FDIC insured institutions having around 125 locations in the primary trade areas[67]. - The Company anticipates continued changes in bank competition, particularly from fintech companies and credit unions, which have significant competitive advantages[69]. - The Company faces significant competition from larger financial institutions, which may adversely affect its ability to compete effectively in the market[140]. - The competitive landscape in Ames, Iowa, includes fifteen banks and five credit unions, which may exert downward pressure on the net interest margin[211]. Operational Risks - The Company employs approximately 268 individuals, with 93% being full-time employees and an average tenure of about eleven years[52]. - The Company faces risks related to credit losses, particularly if actual credit losses exceed the allowance for credit losses, which could decrease net income[116]. - The Company must maintain disciplined underwriting standards to manage credit risk effectively, as weakening these standards could lead to increased loan defaults[113]. - The Company is exposed to operational risks from data processing failures and employee misconduct, which could result in financial losses and regulatory sanctions[125]. - Operational risks include the potential inability to attract and retain key personnel, which could hinder business growth and operations[124]. - The Company faces cybersecurity risks, with increased threats due to remote working, which could lead to significant financial losses[129]. - Damage to the company's reputation from various sources, including cybersecurity breaches, could lead to lost revenue and increased costs[136]. Investment and Asset Management - Assets under management for wealth management services increased to $456.3 million as of December 31, 2024, up from $416.0 million in 2023[38]. - The investment policy focuses on U.S. Government securities and corporate debt securities, balancing liquidity needs with risk minimization and yield maximization[49]. - The fair value of the Company's securities portfolio was approximately $648.5 million as of December 31, 2024, with a net unrealized loss of $52.0 million primarily due to increased interest rates[119]. - The company's investment securities portfolio generated a total revenue of $14,539 in 2024, with a yield of 2.08%, compared to $15,575 and a yield of 2.03% in 2023[204]. Economic Environment - Consumer inflation, as measured by the Consumer Price Index, increased by 3.4% for the year ended December 31, 2023, and 2.9% for the year ended December 31, 2024[111]. - The economic environment, including inflation and interest rates, significantly impacts the Company's financial performance and the ability of customers to repay loans[109]. - The Company is subject to risks from evolving trade policies that could disrupt major trade relationships, affecting customer repayment capabilities[112]. - The Federal Open Market Committee has initiated a series of increases in the short-term federal funds interest rate to combat inflation, which could adversely affect economic activity[110]. - The Company is facing challenges from elevated interest rates, which may negatively impact net interest income and margins going forward[184]. Shareholder Returns - The Company declared aggregate annual cash dividends of approximately $8.4 million in 2024 and $9.7 million in 2023, translating to $0.94 per share in 2024 and $1.08 per share in 2023[166]. - A successor Stock Repurchase Plan was approved on November 14, 2024, allowing for the purchase of up to 100,000 shares, set to expire on November 12, 2025[172]. - The Company purchased 43,057 shares under its Stock Repurchase Plan in 2024, with no purchases made in 2023[169]. - The Company relies on dividends from its banks for nearly all revenue, and any inability to receive these dividends could adversely affect financial obligations[123].

Net Income and Earnings - Net income for Q4 2024 was $3.5 million, or $0.39 per share, compared to $2.1 million, or $0.24 per share, in Q4 2023, driven by higher loan interest income and lower credit loss expense[2] - Net income for the year ended December 31, 2024, was $10.22 million, compared to $10.82 million in 2023, a decrease of 5.55%[32] - Basic and diluted earnings per share for the year ended December 31, 2024, were $1.14, compared to $1.20 in 2023, a decrease of 5.00%[32] - Forecasted earnings for 2025 are in the range of $1.72 to $1.82 per share, up from $1.14 per share in 2024, driven by an improved net interest margin[26] Loan and Interest Income - Loan interest income increased by $1.8 million in Q4 2024 compared to Q4 2023, primarily due to higher average interest rates and loan portfolio growth[6] - Net interest margin for Q4 2024 was 2.38%, up from 2.15% in Q4 2023, driven by increased loan volume and yield[6] - Net interest income for the year ended December 31, 2024, was $44.98 million, compared to $44.63 million in 2023, an increase of 0.78%[32] - Total interest and dividend income for the year ended December 31, 2024, was $82.61 million, compared to $74.30 million in 2023, an increase of 11.18%[32] - Total interest expense for the year ended December 31, 2024, was $37.63 million, compared to $29.68 million in 2023, an increase of 26.79%[32] Noninterest Income and Expense - Noninterest income for Q4 2024 totaled $2.6 million, a 15.0% increase from Q4 2023, primarily due to growth in wealth management income[8] - Total noninterest income for the year ended December 31, 2024, was $9.84 million, compared to $9.22 million in 2023, an increase of 6.75%[32] - Total noninterest expense for the year ended December 31, 2024, was $41.98 million, compared to $40.16 million in 2023, an increase of 4.53%[32] Assets and Liabilities - Total assets as of December 31, 2024, were $2.13 billion, a decrease of $22.3 million from December 31, 2023, mainly due to a decrease in securities available-for-sale[16] - Total assets decreased from $2,155.48 million in 2023 to $2,133.18 million in 2024, a decline of 1.03%[30] - Net loans increased to $1.30 billion as of December 31, 2024, up 2.0% from $1.28 billion in 2023, driven by growth in residential real estate and agricultural operating loan portfolios[18] - Loans receivable, net increased from $1,277.81 million in 2023 to $1,303.92 million in 2024, a growth of 2.04%[30] - Deposits totaled $1.85 billion as of December 31, 2024, a 1.9% increase from $1.81 billion in 2023, primarily due to growth in time deposits and public funds[20] - Total deposits increased from $1,811.83 million in 2023 to $1,846.68 million in 2024, a growth of 1.92%[30] Share Repurchase and Dividends - The company repurchased 43,057 shares of common stock in Q4 2024 at an average price of $16.35 per share, totaling $704 thousand[23] - The company declared a quarterly cash dividend of $0.20 per share, payable on February 14, 2025[25]

Company Analysis - Ames National Corporation's stock price has significantly declined due to the announcement of a dividend cut [1] - The company is expected to recover its earnings moving forward, which may stabilize the dividend policy [1] - No further dividend cuts are anticipated as earnings are projected to improve [1] Market Context - The article does not provide specific industry or market-related data or trends [1][2] Disclosure and Author Context - The author has no financial positions in Ames National Corporation or related companies [1] - The article reflects the author's personal opinions and is not influenced by any business relationships [1] - Seeking Alpha's disclosure emphasizes that past performance does not guarantee future results and no specific investment advice is provided [2]