Workflow
Ames National (ATLO) - 2024 Q1 - Quarterly Results
ATLOAmes National (ATLO)2024-04-19 20:05

Financial Performance - Net income for Q1 2024 was 2.3million,adecreaseof28.22.3 million, a decrease of 28.2% compared to 3.2 million in Q1 2023[1][2] - Net income declined from 3,197thousandin2023to3,197 thousand in 2023 to 2,304 thousand in 2024[23] - Basic and diluted earnings per share decreased from 0.36in2023to0.36 in 2023 to 0.26 in 2024[23] Interest Income and Expense - Loan interest income increased by 2.8millioninQ12024comparedtoQ12023,drivenbyhigheraverageinterestratesandloanportfoliogrowth[6]−Depositinterestexpenseincreasedby2.8 million in Q1 2024 compared to Q1 2023, driven by higher average interest rates and loan portfolio growth[6] - Deposit interest expense increased by 2.9 million in Q1 2024 due to higher market interest rates and customer shifts to higher-rate deposit products[6] - Net interest margin decreased to 2.13% in Q1 2024 from 2.32% in Q1 2023, primarily due to higher deposit rates exceeding rate increases on interest-earning assets[6] - Net interest income decreased from 11,669thousandin2023to11,669 thousand in 2023 to 10,906 thousand in 2024[23] - Total interest and dividend income rose from 17,196thousandin2023to17,196 thousand in 2023 to 20,111 thousand in 2024[23] Asset and Liability Changes - Total assets increased to 2.19billionasofMarch31,2024,up2.19 billion as of March 31, 2024, up 2.2 million from March 31, 2023, driven by loan growth and interest-bearing deposits[10] - Net loans increased by 4% to 1.27billionasofMarch31,2024,comparedto1.27 billion as of March 31, 2024, compared to 1.22 billion in the same period last year[11] - Deposits decreased by 1% to 1.87billionasofMarch31,2024,duetodeclinesinnoninterest−bearingaccountsascustomerssoughthigherinterestrates[12]−Otherborrowingsincreasedto1.87 billion as of March 31, 2024, due to declines in noninterest-bearing accounts as customers sought higher interest rates[12] - Other borrowings increased to 90.3 million as of March 31, 2024, up from 78.6millioninthesameperiodlastyear,primarilyduetoloangrowthanddepositdeclines[13]−Totalassetsincreasedslightlyfrom78.6 million in the same period last year, primarily due to loan growth and deposit declines[13] - Total assets increased slightly from 2,189,651 thousand in 2023 to 2,191,842thousandin2024[20]−Totaldepositsdecreasedfrom2,191,842 thousand in 2024[20] - Total deposits decreased from 1,896,793 thousand in 2023 to 1,872,123thousandin2024[20]−Loansreceivable,netincreasedfrom1,872,123 thousand in 2024[20] - Loans receivable, net increased from 1,224,045 thousand in 2023 to 1,272,580thousandin2024[20]NoninterestIncomeandExpense−Totalnoninterestincomedecreasedslightlyfrom1,272,580 thousand in 2024[20] Noninterest Income and Expense - Total noninterest income decreased slightly from 2,254 thousand in 2023 to 2,177thousandin2024[23]−Totalnoninterestexpenseincreasedfrom2,177 thousand in 2024[23] - Total noninterest expense increased from 9,780 thousand in 2023 to 10,194thousandin2024[23]Stockholders′EquityandDividends−Stockholders′equityincreasedto10,194 thousand in 2024[23] Stockholders' Equity and Dividends - Stockholders' equity increased to 165.5 million as of March 31, 2024, up from 159.1millioninthesameperiodlastyear,drivenbyreducedunrealizedlossesoninvestments[14]−Thecompanydeclaredaquarterlycashdividendof159.1 million in the same period last year, driven by reduced unrealized losses on investments[14] - The company declared a quarterly cash dividend of 0.27 per share, payable on May 15, 2024[15] - Total stockholders' equity increased from 159,082thousandin2023to159,082 thousand in 2023 to 165,540 thousand in 2024[20]