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Ames National (ATLO) - 2024 Q3 - Quarterly Results
ATLOAmes National (ATLO)2024-10-18 20:06

Net Income and Earnings - Net income for Q3 2024 was 2.2million,adecreasefrom2.2 million, a decrease from 2.9 million in Q3 2023, primarily due to increased credit loss expense and consultant fees[2] - Net income for the three months ended September 2024 was 2.22million,downfrom2.22 million, down from 2.92 million in the same period in 2023[24] - Basic and diluted earnings per share for the three months ended September 2024 were 0.25,downfrom0.25, down from 0.33 in the same period in 2023[24] Net Interest Income - Net interest income for Q3 2024 increased by 0.4million(3.60.4 million (3.6%) to 11.1 million compared to Q3 2023, driven by higher loan interest income[7] - Net interest income for the three months ended September 2024 was 11.08million,comparedto11.08 million, compared to 10.69 million in the same period in 2023[24] - Total interest and dividend income for the three months ended September 2024 was 20.71million,upfrom20.71 million, up from 18.76 million in the same period in 2023[24] Credit Loss Expense - Credit loss expense for Q3 2024 was 371thousand,comparedtoacreditlossbenefitof371 thousand, compared to a credit loss benefit of 274 thousand in Q3 2023, mainly due to increased specific reserves in the commercial loan portfolio[8] Noninterest Income and Expense - Noninterest income for Q3 2024 increased by 2.2% to 2.41millioncomparedtoQ32023,drivenbyhigherwealthmanagementincome[8]−TotalnoninterestincomeforthethreemonthsendedSeptember2024was2.41 million compared to Q3 2023, driven by higher wealth management income[8] - Total noninterest income for the three months ended September 2024 was 2.41 million, compared to 2.36millioninthesameperiodin2023[24]−TotalnoninterestexpenseforthethreemonthsendedSeptember2024was2.36 million in the same period in 2023[24] - Total noninterest expense for the three months ended September 2024 was 10.51 million, up from 9.80millioninthesameperiodin2023[24]−TheefficiencyratioforQ32024was77.879.80 million in the same period in 2023[24] - The efficiency ratio for Q3 2024 was 77.87%, compared to 75.12% in Q3 2023, reflecting higher noninterest expenses[8] Total Assets and Loans - Total assets as of September 30, 2024, decreased by 30.9 million to 2.1billioncomparedtoSeptember30,2023,primarilyduetoadecreaseininterest−bearingdepositsandsecuritiesavailable−for−sale[13]−Netloansincreasedby5.22.1 billion compared to September 30, 2023, primarily due to a decrease in interest-bearing deposits and securities available-for-sale[13] - Net loans increased by 5.2% to 1.30 billion as of September 30, 2024, compared to 1.23billionin2023,drivenbygrowthinagriculture,residential,andcommercialrealestateloanportfolios[14]−Totalassetsdecreasedto1.23 billion in 2023, driven by growth in agriculture, residential, and commercial real estate loan portfolios[14] - Total assets decreased to 2,123.17 million in September 2024 from 2,154.05millioninSeptember2023[22]−Loansreceivable,netincreasedto2,154.05 million in September 2023[22] - Loans receivable, net increased to 1,295.77 million in September 2024 from 1,231.89millioninSeptember2023[22]Deposits−Depositsdecreasedby1.51,231.89 million in September 2023[22] Deposits - Deposits decreased by 1.5% to 1.80 billion as of September 30, 2024, compared to 1.83billionin2023,duetocustomersshiftingtohigher−ratedepositproducts[16]−Totaldepositsdecreasedto1.83 billion in 2023, due to customers shifting to higher-rate deposit products[16] - Total deposits decreased to 1,801.72 million in September 2024 from 1,828.68millioninSeptember2023[22]Stockholders′EquityandDividends−Stockholders′equityincreasedby1,828.68 million in September 2023[22] Stockholders' Equity and Dividends - Stockholders' equity increased by 36.8 million to 183.4millionasofSeptember30,2024,primarilyduetoadecreaseinunrealizedlossesontheinvestmentportfolio[17]−Thecompanydeclaredaquarterlycashdividendof183.4 million as of September 30, 2024, primarily due to a decrease in unrealized losses on the investment portfolio[17] - The company declared a quarterly cash dividend of 0.20 per share, payable on November 15, 2024[18] - Dividends declared per share for the three months ended September 2024 were 0.20,comparedto0.20, compared to 0.27 in the same period in 2023[24]