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].

[PART I. Financial Information](index=3&type=section&id=PART%20I.%20Financial%20Information) [Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20%28Unaudited%29) This section presents Ames National Corporation's unaudited consolidated financial statements, highlighting asset growth and decreased net income from higher loan loss provisions [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets%20at%20June%2030%2C%202020%20and%20December%2031%2C%202019) Total assets increased to **$1.90 billion** by June 30, 2020, driven by loan and deposit growth, with stockholders' equity also rising Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2020 | Dec 31, 2019 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$1,896,972** | **$1,737,183** | **+$159,789** | | Loans receivable, net | $1,146,046 | $1,048,147 | +$97,899 | | Securities available-for-sale | $513,616 | $479,843 | +$33,773 | | **Total Liabilities** | **$1,695,823** | **$1,549,603** | **+$146,220** | | Total deposits | $1,643,543 | $1,493,175 | +$150,368 | | **Total Stockholders' Equity** | **$201,150** | **$187,579** | **+$13,571** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202020%20and%202019) Net income decreased for Q2 and six months 2020 due to a substantial increase in the provision for loan losses Key Income Statement Data (in thousands, except per share data) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $13,680 | $10,930 | $26,726 | $21,901 | | Provision for Loan Losses | $1,566 | $68 | $3,883 | $166 | | Noninterest Income | $2,428 | $2,213 | $5,059 | $4,139 | | Noninterest Expense | $9,100 | $7,218 | $18,150 | $14,675 | | **Net Income** | **$4,428** | **$4,618** | **$7,982** | **$8,855** | | **EPS (Basic and Diluted)** | **$0.49** | **$0.50** | **$0.87** | **$0.96** | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202020%20and%202019) Comprehensive income significantly increased for Q2 and six months 2020, driven by higher unrealized gains on securities Comprehensive Income (in thousands) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $4,428 | $4,618 | $7,982 | $8,855 | | Other Comprehensive Income, net of tax | $9,514 | $3,351 | $9,878 | $7,530 | | **Comprehensive Income** | **$13,942** | **$7,969** | **$17,860** | **$16,385** | [Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Stockholders%27%20Equity%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202020%20and%202019) Stockholders' equity increased due to net income and other comprehensive income, partially offset by dividends and stock repurchases - For the six months ended June 30, 2020, stockholders' equity increased by **$13.6 million**, driven by net income of **$8.0 million** and other comprehensive income of **$9.9 million**, while being reduced by dividends of **$2.3 million** and stock retirement of **$2.0 million**[10](index=10&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20six%20months%20ended%20June%2030%2C%202020%20and%202019) Operating activities provided cash, investing activities used cash for loans and securities, and financing activities provided cash from deposits Six-Month Cash Flow Summary (in thousands) | Activity | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $17,925 | $10,901 | | Net cash (used in) investing activities | ($156,984) | ($14,570) | | Net cash provided by (used in) financing activities | $136,970 | ($4,099) | | **Net (decrease) in cash and due from banks** | **($2,089)** | **($7,769)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the ISSB acquisition, loan portfolio, and COVID-19 related loan modifications - The company has delayed the effective date for adopting the new credit loss standard (ASU No. 2016-13, CECL) until interim and annual periods beginning after December 15, 2022[19](index=19&type=chunk) - On October 25, 2019, the Company acquired Iowa State Savings Bank (ISSB) for **$22.6 million** in cash, recording goodwill of approximately **$2.7 million** and a core deposit intangible of **$1.9 million**[23](index=23&type=chunk)[24](index=24&type=chunk) - In response to COVID-19, the company modified loans totaling **$122.8 million** as of June 30, 2020; these are not considered Troubled Debt Restructurings (TDRs) per regulatory guidance[64](index=64&type=chunk) Loan Portfolio Composition (in thousands) | Loan Type | June 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Real estate - commercial | $463,077 | $435,850 | | Real estate - 1 to 4 family | $205,254 | $201,510 | | Real estate - agricultural | $160,286 | $160,771 | | Commercial | $158,217 | $84,084 | | Agricultural | $109,066 | $111,945 | | **Total Loans** | **$1,164,649** | **$1,060,846** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses decreased earnings due to higher loan loss provisions from COVID-19, noting asset quality deterioration and PPP loan impact - Net income for Q2 2020 was **$4.4 million**, down from **$4.6 million** in Q2 2019, primarily due to an increased provision for loan losses attributed to the economic impact of COVID-19[87](index=87&type=chunk)[88](index=88&type=chunk) - The COVID-19 pandemic has heightened risks, with approximately **8.3%** of the loan portfolio associated with the hard-hit hospitality and entertainment industries; loan modifications totaled approximately **$122.8 million** as of June 30, 2020[88](index=88&type=chunk)[93](index=93&type=chunk) - The loan portfolio grew to **$1.15 billion**, largely due to **$78.3 million** in Paycheck Protection Program (PPP) loans originated during the period[154](index=154&type=chunk) - Asset quality deteriorated, with problem loans increasing to **1.63%** of total loans at June 30, 2020, up from **0.48%** at year-end 2019, mainly due to one large hospitality loan relationship[159](index=159&type=chunk)[160](index=160&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with COVID-19 introducing uncertainty to future rate movements - The company's main market risk is interest rate risk; while management's approach has not significantly changed, the COVID-19 pandemic introduces uncertainty to future interest rate movements[187](index=187&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures are effective as of June 30, 2020[188](index=188&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the second quarter of 2020[189](index=189&type=chunk) [PART II. Other Information](index=48&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings - Not applicable[189](index=189&type=chunk) [Risk Factors](index=48&type=section&id=Item%201.A.%20Risk%20Factors) The COVID-19 pandemic is a primary risk factor, expected to adversely impact the economy, financial markets, and company operations - The COVID-19 pandemic is identified as a major risk factor, expected to continue adversely impacting business and financial results through its effects on the economy, customers, and financial markets[189](index=189&type=chunk) - Potential impacts include elevated credit losses, impairment of investment securities, and goodwill impairment, particularly from recent acquisitions, if the economic slowdown persists[190](index=190&type=chunk) - Business operations may be disrupted, and the company could take actions to preserve capital, such as lowering or suspending dividends, in response to the pandemic's effects[191](index=191&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company completed its stock repurchase plan in April 2020, repurchasing 65,847 shares in Q2 - The company completed its November 2019 stock repurchase plan in April 2020; no shares remain to be purchased under the plan[193](index=193&type=chunk) Share Repurchases in Q2 2020 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 1-30, 2020 | 65,847 | $19.52 | | May 1-31, 2020 | - | - | | June 1-30, 2020 | - | - | | **Total** | **65,847** | **$19.52** | [Defaults Upon Senior Securities](index=49&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - Not applicable[196](index=196&type=chunk) [Mine Safety Disclosures](index=49&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures - Not applicable[196](index=196&type=chunk) [Other Information](index=49&type=section&id=Item%205.%20Other%20Information) The company reports no other information - Not applicable[196](index=196&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed, including CEO and CFO certifications and Inline XBRL documents - Exhibits filed include CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906 (18 U.S.C. Section 1350), and Inline XBRL data files[196](index=196&type=chunk) [Signatures](index=50&type=section&id=Signatures) - The report was duly signed on August 6, 2020, by John P. Nelson, Chief Executive Officer and President, and John L. Pierschbacher, Chief Financial Officer[197](index=197&type=chunk)

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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------- FORM 10-K Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2018. Commission File Number 0-32637. --------- AMES NATIONAL CORPORATION (Exact name of registrant as specified in its charter) IOWA 42-1039071 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 405 5 STREET, AMES, IOWA 50010 (A ...