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Ames National (ATLO) - 2025 Q1 - Quarterly Results
ATLOAmes National (ATLO)2025-04-17 20:08

Financial Performance - Net income for Q1 2025 was 3.4million,or3.4 million, or 0.39 per share, up from 2.3million,or2.3 million, or 0.26 per share in Q1 2024, representing a 47.8% increase in earnings[2] - Net income rose to 3,443thousandforthefirstquarterof2025,upfrom3,443 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 0.39inQ12025,comparedto0.39 in Q1 2025, compared to 0.26 in Q1 2024, an increase of approximately 50%[25] Income Sources - Net interest income increased by 2.0million,or18.42.0 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 2.55millioninQ12025,a17.02.55 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 2,547thousandinQ12025,upfrom2,547 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 2.18billion,aslightdecreaseof2.18 billion, a slight decrease of 7.5 million from 2.19billioninthepreviousyear[11]−Totalassetsdecreasedslightlyto2.19 billion in the previous year[11] - Total assets decreased slightly to 2,184,293 thousand as of March 31, 2025, from 2,191,842thousandin2024,adeclineofapproximately0.342,191,842 thousand in 2024, a decline of approximately 0.34%[23] - Total liabilities decreased to 2,001,237 thousand in 2025 from 2,026,302thousandin2024,adeclineofapproximately1.22,026,302 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 1.27billionasofMarch31,2024,withgrowthinagricultureandresidentialrealestateloans[13]−Depositstotaled1.27 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 1.87billioninthepreviousyear,drivenbyincreasesintimedepositsandpublicfunds[15]−Totaldepositsincreasedto1.87 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 1,872,123thousandin2024,reflectingagrowthofabout1.81,872,123 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 17.0million,or1.3117.0 million, or 1.31% of loans, as of March 31, 2024[14] - Credit loss expense increased to 962 thousand in Q1 2025, compared to 169thousandinQ12024,indicatingasignificantriseinprovisionsforpotentialloanlosses[25]−TheCompanydeclaredaquarterlycashdividendof169 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 0.20inQ12025from0.20 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 16.41pershareduringthefirstquarterof2025[18]−Retainedearningsincreasedto16.41 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]