Financial Performance - The Company reported net income of $5,671,000, or $0.62 per share, for the three months ended September 30, 2020, an increase from $4,041,000, or $0.44 per share, for the same period in 2019[96]. - For the nine months ended September 30, 2020, net income was $13,654,000, or $1.49 per share, compared to $12,896,000, or $1.40 per share, for the same period in 2019[98]. - The Company's return on assets was 1.21% for the three months ended September 30, 2020, compared to 1.10% for the same period in 2019[112]. - The return on equity was 11.18% for the three months ended September 30, 2020, up from 8.74% for the same period in 2019[113]. - The efficiency ratio improved to 54.80% for the three months ended September 30, 2020, from 57.80% for the same period in 2019[115]. - Income tax expense for the three months ended September 30, 2020, was $1,451,000, with an effective tax rate of 20%[146]. Loan and Credit Quality - Net loan charge-offs increased to $615,000 for the three months ended September 30, 2020, compared to $314,000 for the same period in 2019[97]. - As of September 30, 2020, approximately $94.8 million, or 8.1%, of loans were in payment deferral status due to COVID-19 related modifications[108]. - Provisions for credit losses surged by $49.1 billion (382.2%) to $61.9 billion, with 61.2% of banks reporting yearly increases in provisions[121]. - The average net charge-off rate increased by 7 basis points to 0.57%, with net charge-offs rising by $2.8 billion (22.2%) year-over-year[122]. - Noncurrent loan rate increased by 15 basis points to 1.08%, with noncurrent loan balances totaling $118.3 billion, up $15.9 billion (15.5%) from the previous quarter[123]. - The allowance for loan losses as a percentage of outstanding loans rose to 1.35% in 2020 from 1.19% in 2019[179]. - Problem loans as a percentage of total loans increased to 1.44% in 2020 from 0.48% in 2019, indicating rising credit risk[168]. - Impaired loans surged to $16,388,000 in 2020, up from $4,788,000 in 2019, a significant increase of 242%[169]. - The agricultural real estate and operating loan portfolio classifications showed elevated watch and special mention loans totaling $58,653,000 in 2020, up from $48,028,000 in 2019[177]. - As of September 30, 2020, the allowance for loan losses increased due to heightened risks from the COVID-19 pandemic, with expectations for further increases if economic conditions worsen[180]. Income and Expenses - Net interest income decreased by $7.6 billion (5.4%) year-over-year to $131.5 billion, marking the third consecutive quarterly decline[118]. - Noninterest income increased by $4.6 billion (6.9%) to $70.8 billion, driven by higher trading revenue, which rose by $6.7 billion (80.2%) and net gains on loan sales, which increased by $4.1 billion (110.8%)[119]. - Noninterest expense rose to $122.3 billion, up $7.2 billion (6.2%) from a year ago, with salary and employee benefits increasing by $2.7 billion (4.8%) and goodwill impairment charges rising by $2.5 billion[120]. - Noninterest income increased by 32% to $2,795,000 for the three months ended September 30, 2020, driven by gains on loan sales and refinancing volume[144]. - Noninterest expense totaled $9,291,000 for the three months ended September 30, 2020, an increase of 24% primarily related to the Acquisition[145]. - Noninterest income totaled $7,854,000 for the nine months ended September 30, 2020, a 26% increase from $6,258,000 in 2019, mainly due to gains on loan sales and the acquisition[152]. - Noninterest expense increased to $27,440,000 for the nine months ended September 30, 2020, up 24% from $22,150,000 in 2019, largely due to the acquisition[153]. Assets and Capital - Total assets expanded by $884.6 billion (4.4%) to $21.1 trillion, with cash and balances due from depository institutions increasing by $478 billion (19.9%)[124]. - Total loan and lease balances increased by $33.9 billion (0.3%), led by a $146.5 billion (5.8%) rise in the commercial and industrial loan portfolio[125]. - Total deposit balances increased by $1.2 trillion (7.5%) from the previous quarter, with noninterest-bearing account balances rising by $637 billion (17.7%)[126]. - Equity capital rose by $31.9 billion (1.5%) to $2.1 trillion, with retained earnings contributing $4.8 billion to equity formation[127]. - Total assets as of September 30, 2020, were $1,910,395,000, an increase of $173,212,000 compared to December 31, 2019, primarily funded by deposits[154]. - The investment portfolio increased to $548,818,000 as of September 30, 2020, up $68,975,000 from $479,843,000 at the end of 2019[155]. - The Company's total stockholders' equity as of September 30, 2020, was $206,037,000, an increase of $18,458,000 from $187,579,000 as of December 31, 2019[191]. Cash Flow - Net cash provided by operating activities for the nine months ended September 30, 2020, was $21,323,000, an increase of $6,984,000 from $14,339,000 in the same period of 2019[186]. - Net cash used in investing activities surged to $178,202,000 for the nine months ended September 30, 2020, compared to $32,866,000 in 2019, primarily due to increased loans and investments[187]. - Net cash provided by financing activities increased to $145,012,000 for the nine months ended September 30, 2020, up from $21,628,000 in 2019, driven by higher deposits[188]. Future Outlook - The COVID-19 pandemic is expected to continue adversely impacting the Company's business and financial results, with potential increases in credit losses and loan loss allowances[196]. - The company expects most Paycheck Protection Program (PPP) loans, totaling $79.6 million, to be forgiven, impacting future interest income positively[163]. - The Company had outstanding lines of credit with the FHLB of Des Moines totaling $214,567,000 as of September 30, 2020[184]. - The Company completed its stock repurchase program in April 2020, repurchasing 100,000 shares at an average price of $19.92[199].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [Mark One] ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 0-32637 AMES NATIONAL CORPORATION (Exact Name of Registrant as Specified in Its Charter) Iow ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [Mark One] ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 0-32637 AMES NATIONAL CORPORATION (Exact Name of Registrant as Specified in Its Charter) IO ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December 31, 2019 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________________ to ________________ Commission File Number 0-32637 AMES NATIONAL CORPORATION (Exact name of registrant as specified in its char ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [Mark One] [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 0-32637 AMES NATIONAL CORPORATION (Exact Name of Registrant as Specified in Its Charter) IOWA ...

Title of each class Trading Symbol Name of each exchange on which registered Common stock ATLO NASDAQ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [Mark One] [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commissio ...

Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock ATLO NASDAQ Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [Mark One] [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commi ...