Ames National (ATLO) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2024 was $2.3 million, a decrease of 28.2% compared to $3.2 million in Q1 2023[1][2] - Net income declined from $3,197 thousand in 2023 to $2,304 thousand in 2024[23] - Basic and diluted earnings per share decreased from $0.36 in 2023 to $0.26 in 2024[23] Interest Income and Expense - Loan interest income increased by $2.8 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 $11,669 thousand in 2023 to $10,906 thousand in 2024[23] - Total interest and dividend income rose from $17,196 thousand in 2023 to $20,111 thousand in 2024[23] Asset and Liability Changes - Total assets increased to $2.19 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 $1.27 billion as of March 31, 2024, compared to $1.22 billion in the same period last year[11] - Deposits decreased by 1% to $1.87 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 $78.6 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 $2,191,842 thousand in 2024[20] - Total deposits decreased from $1,896,793 thousand in 2023 to $1,872,123 thousand in 2024[20] - Loans receivable, net increased from $1,224,045 thousand in 2023 to $1,272,580 thousand in 2024[20] Noninterest Income and Expense - Total noninterest income decreased slightly from $2,254 thousand in 2023 to $2,177 thousand in 2024[23] - Total noninterest expense increased from $9,780 thousand in 2023 to $10,194 thousand in 2024[23] Stockholders' Equity and Dividends - Stockholders' equity increased to $165.5 million as of March 31, 2024, up from $159.1 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 $159,082 thousand in 2023 to $165,540 thousand in 2024[20]