Ames National (US:ATLO)2024-07-19 20:06Net Income and Earnings - Net income for Q2 2024 was $2.2 million, a decrease from $2.6 million in Q2 2023, primarily due to higher interest expenses on deposits and other borrowed funds[2] - Net income for the six months ended June 2024 was $4.5 million, compared to $5.8 million in the same period in 2023[26] - Basic and diluted earnings per share for the six months ended June 2024 were $0.50, down from $0.64 in the same period in 2023[26] - Management anticipates that the company will not meet its 2024 forecasted earnings due to higher-than-expected interest expenses on deposits and other borrowings[21] Interest Income and Net Interest Margin - Loan interest income increased by $2.2 million in Q2 2024 compared to Q2 2023, driven by higher average interest rates and loan portfolio growth[7] - Net interest margin for Q2 2024 was 2.14%, down from 2.20% in Q2 2023, due to market interest rate increases and faster deposit repricing[7] - Net interest income for the six months ended June 2024 was $21.8 million, down from $23.0 million in the same period in 2023[26] - Total interest and dividend income for the six months ended June 2024 was $40.6 million, up from $35.7 million in the same period in 2023[26] Noninterest Income and Expense - Noninterest income for Q2 2024 totaled $2.6 million, a 13.1% increase from Q2 2023, primarily due to higher estate fees in wealth management income[8] - Total noninterest income for the six months ended June 2024 was $4.8 million, up from $4.6 million in the same period in 2023[26] - Total noninterest expense for the six months ended June 2024 was $20.9 million, up from $20.3 million in the same period in 2023[26] Assets and Liabilities - Total assets as of June 30, 2024, were $2.1 billion, a decrease of $47.9 million from June 30, 2023, mainly due to lower interest-bearing deposits and securities available-for-sale[15] - Total assets decreased from $2,174.3 million in June 2023 to $2,126.3 million in June 2024[25] - Net loans increased by 3.9% to $1.28 billion as of June 30, 2024, driven by growth in agriculture, commercial real estate, and multifamily loan portfolios[16] - Loans receivable, net increased from $1,232.8 million in June 2023 to $1,281.2 million in June 2024[25] - Deposits decreased by 2.3% to $1.82 billion as of June 30, 2024, due to lower balances in noninterest-bearing accounts as customers sought higher interest rates[18] - Total deposits decreased from $1,863.3 million in June 2023 to $1,821.1 million in June 2024[25] Stockholders' Equity and Dividends - Stockholders' equity increased by $11.7 million to $167.1 million as of June 30, 2024, primarily due to a decrease in unrealized losses on the investment portfolio[19] - Total stockholders' equity increased from $155.4 million in June 2023 to $167.1 million in June 2024[25] - The company declared a quarterly cash dividend of $0.27 per share, payable on August 15, 2024[20]