Ames National (ATLO) - 2024 Q4 - Annual Results

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]