Ames National (US:ATLO)2025-08-08 18:31PART I. FINANCIAL INFORMATION This section presents the unaudited consolidated financial statements and management's discussion and analysis of Ames National Corporation Item 1. Consolidated Financial Statements (Unaudited) Presents Ames National Corporation's unaudited consolidated financial statements, detailing balance sheets, income, comprehensive income, equity, and cash flows, highlighting key financial changes Consolidated Balance Sheets This section provides a snapshot of the Company's financial position at specific dates, detailing assets, liabilities, and stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Item | June 30, 2025 | December 31, 2024 | Change | % Change | | :----------------------------------- | :------------ | :---------------- | :----- | :------- | | Total assets | $2,092,844 | $2,133,180 | ($40,336) | -1.89% | | Loans receivable, net | $1,279,644 | $1,303,917 | ($24,273) | -1.86% | | Total deposits | $1,819,205 | $1,846,682 | ($27,477) | -1.49% | | Total stockholders' equity | $193,029 | $174,706 | $18,323 | 10.49% | | Noninterest-bearing checking | $309,379 | $358,386 | ($49,007) | -13.67% | | Interest-bearing checking | $629,728 | $619,951 | $9,777 | 1.58% | | Savings and money market | $547,277 | $540,491 | $6,786 | 1.26% | | Time deposits ($250k and over) | $88,692 | $84,996 | $3,696 | 4.35% | | Other time deposits | $244,129 | $242,858 | $1,271 | 0.52% | Consolidated Statements of Income This section details the Company's revenues, expenses, and net income over specific periods, providing insight into operational profitability Consolidated Statements of Income Highlights (in thousands, except per share data) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change (YoY) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------- | | Net income | $4,511 | $2,184 | 106.55% | | Basic and diluted earnings per share | $0.51 | $0.24 | 112.50% | | Net interest income | $13,466 | $10,872 | 23.86% | | Interest expense | $8,019 | $9,663 | -17.01% | | Credit loss expense | $108 | $182 | -40.66% | | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change (YoY) | | :----------------------------------- | :----------------------------- | :----------------------------- | :------------- | | Net income | $7,954 | $4,488 | 77.24% | | Basic and diluted earnings per share | $0.89 | $0.50 | 78.00% | | Net interest income | $26,381 | $21,778 | 21.14% | | Interest expense | $16,222 | $18,868 | -14.02% | | Credit loss expense | $1,070 | $351 | 204.84% | Consolidated Statements of Comprehensive Income This section presents the Company's comprehensive income, including net income and other comprehensive income items like unrealized gains or losses on securities Consolidated Statements of Comprehensive Income Highlights (in thousands) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change (YoY) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------- | | Net income | $4,511 | $2,184 | 106.55% | | Unrealized holding gains arising during the period (before tax) | $7,530 | $2,304 | 226.82% | | Other comprehensive income, net of tax | $5,724 | $1,747 | 227.65% | | Comprehensive income | $10,235 | $3,931 | 160.36% | | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change (YoY) | | :----------------------------------- | :----------------------------- | :----------------------------- | :------------- | | Net income | $7,954 | $4,488 | 77.24% | | Unrealized holding gains arising during the period (before tax) | $17,021 | $1,977 | 760.90% | | Other comprehensive income, net of tax | $12,946 | $1,621 | 698.64% | | Comprehensive income | $20,900 | $6,109 | 242.10% | Consolidated Statements of Stockholders' Equity This section outlines changes in the Company's equity, reflecting net income, other comprehensive income, stock repurchases, and dividends Consolidated Statements of Stockholders' Equity Highlights (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Total Stockholders' Equity | $193,029 | $174,706 | | Net income (6 months) | $7,954 | N/A | | Other comprehensive income (6 months) | $12,946 | N/A | | Repurchase and retirement of stock (6 months) | ($829) | N/A | | Cash dividends declared (6 months) | ($1,772) | N/A | | Shares outstanding (June 30, 2025) | 8,898,689 | N/A | | Shares outstanding (December 31, 2024) | N/A | 8,949,110 | Consolidated Statements of Cash Flows This section reports the cash generated and used by the Company across operating, investing, and financing activities Consolidated Statements of Cash Flows Highlights (in thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change (YoY) | | :----------------------------------- | :----------------------------- | :----------------------------- | :------------- | | Net cash provided by operating activities | $11,131 | $5,260 | 111.61% | | Net cash provided by investing activities | $43,372 | $36,643 | 18.36% | | Net cash used in financing activities | ($60,519) | ($33,562) | 80.32% | | Net increase (decrease) in cash and cash equivalents | ($6,016) | $8,341 | -172.13% | | Ending cash and cash equivalents | $95,211 | $63,442 | 50.08% | Notes to Consolidated Financial Statements This section provides detailed explanations and additional information supporting the consolidated financial statements Note 1. Significant Accounting Policies This note outlines the basis of financial statement preparation, including condensation of disclosures for interim reporting, consolidation principles, and the evaluation of subsequent events, along with new accounting pronouncements - Unaudited interim financial statements are prepared under SEC rules, with certain information and note disclosures condensed or omitted15 - Goodwill is tested annually for impairment; a quantitative assessment as of October 1, 2024, indicated no impairment, and no adverse changes were determined as of June 30, 20251718 - ASU 2023-07 (Segment Reporting) was