Ames National (ATLO) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $3.4 million, or $0.39 per share, up from $2.3 million, or $0.26 per share in Q1 2024, representing a 47.8% increase in earnings[2] - Net income rose to $3,443 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 $0.39 in Q1 2025, compared to $0.26 in Q1 2024, an increase of approximately 50%[25] Income Sources - Net interest income increased by $2.0 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 $2.55 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 $2,547 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 $2.18 billion, a slight decrease of $7.5 million from $2.19 billion in the previous year[11] - Total assets decreased slightly to $2,184,293 thousand as of March 31, 2025, from $2,191,842 thousand in 2024, a decline of approximately 0.34%[23] - Total liabilities decreased to $2,001,237 thousand in 2025 from $2,026,302 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 $1.27 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 $1.87 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 $1,872,123 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 $17.0 million, or 1.31% of loans, as of March 31, 2024[14] - Credit loss expense increased to $962 thousand in Q1 2025, compared to $169 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 $0.20 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 $16.41 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]