AMES NATIONAL CORP Files 2023 10-K

TL;DR

<b>AMES NATIONAL CORP filed its 2023 10-K, detailing financial performance and fair value measurements for the fiscal year ending December 31, 2023.</b>

AI Summary

AMES NATIONAL CORP (ATLO) filed a Annual Report (10-K) with the SEC on March 8, 2024. AMES NATIONAL CORP filed its 2023 10-K report on March 8, 2024. The filing covers the fiscal year ending December 31, 2023. AMES NATIONAL CORP is classified under National Commercial Banks (SIC 6021). The company is incorporated in Iowa (IA). The report includes fair value measurements for various financial instruments as of December 31, 2022 and 2023.

Why It Matters

For investors and stakeholders tracking AMES NATIONAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of AMES NATIONAL CORP's financial health and operational status for the fiscal year 2023, crucial for investors and analysts to assess performance and future outlook. The inclusion of detailed fair value measurements for financial instruments offers insights into the valuation methodologies and potential risks associated with the company's assets and liabilities.

Risk Assessment

Risk Level: medium — AMES NATIONAL CORP shows moderate risk based on this filing. The filing is a standard 10-K for a commercial bank, which inherently carries market and regulatory risks, but no specific immediate red flags are apparent from the header information alone.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand AMES NATIONAL CORP's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-08 — Filing Date (FILED AS OF DATE)
• 6021 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• AMES NATIONAL CORP (company) — FILER
• IA (location) — STATE OF INCORPORATION
• AMES (location) — CITY

FAQ

Industry Context

AMES NATIONAL CORP operates in the National Commercial Banks industry, a sector characterized by lending, deposit-taking, and financial services.

Regulatory Implications

As a commercial bank, AMES NATIONAL CORP is subject to regulations from various financial authorities, including those governing capital requirements, lending practices, and consumer protection.

What Investors Should Do

1. Analyze the company's balance sheet and income statement for the fiscal year 2023.
2. Examine the notes to the financial statements for details on accounting policies and significant estimates.
3. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-08: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $2.00 — nge on which registered Common Stock, $2.00 par value ATLO The NASDAQ Capital Mar
• $84.8 million — 31, 2023, First National had capital of $84.8 million and 119 full-time equivalent employees.
• $5.5 million — mber 31, 2023 and 2022 of approximately $5.5 million and $10.4 million, respectively. Total
• $10.4 m — 2022 of approximately $5.5 million and $10.4 million, respectively. Total assets as of
• $1.14 billion — er 31, 2023 and 2022 were approximately $1.14 billion and $1.12 billion, respectively. State
• $1.12 b — 22 were approximately $1.14 billion and $1.12 billion, respectively. State Bank & Trus
• $15.2 million — ber 31, 2023, State Bank had capital of $15.2 million and 21 full-time equivalent employees.
• $1.4 million — mber 31, 2023 and 2022 of approximately $1.4 million and $2.6 million, respectively. Total a
• $2.6 m — 2022 of approximately $1.4 million and $2.6 million, respectively. Total assets as of
• $201.7 million — er 31, 2023 and 2022 were approximately $201.7 million and $215.5 million, respectively. Boon
• $215.5 m — 2 were approximately $201.7 million and $215.5 million, respectively. Boone Bank & Trus
• $9.7 million — ber 31, 2023, Boone Bank had capital of $9.7 million and 20 full-time equivalent employees.
• $740 thousand — mber 31, 2023 and 2022 of approximately $740 thousand and $1.3 million, respectively. Total a
• $1.3 m — 2022 of approximately $740 thousand and $1.3 million, respectively. Total assets as of
• $149.4 million — er 31, 2023 and 2022 were approximately $149.4 million and $158.2 million, respectively. Reli

Filing Documents

• atlo20231231_10k.htm (10-K) — 4596KB
• ex_633842.htm (EX-21) — 6KB
• ex_633841.htm (EX-23.1) — 3KB
• ex_633840.htm (EX-23.2) — 4KB
• ex_633839.htm (EX-31.1) — 11KB
• ex_633838.htm (EX-31.2) — 11KB
• ex_633837.htm (EX-32.1) — 4KB
• ex_633836.htm (EX-32.2) — 4KB
• ex_633835.htm (EX-97) — 20KB
• clalogo.jpg (GRAPHIC) — 5KB
• 0001437749-24-007097.txt (&nbsp;) — 20973KB
• atlo-20231231.xsd (EX-101.SCH) — 106KB
• atlo-20231231_def.xml (EX-101.DEF) — 747KB
• atlo-20231231_lab.xml (EX-101.LAB) — 572KB
• atlo-20231231_pre.xml (EX-101.PRE) — 804KB
• atlo-20231231_cal.xml (EX-101.CAL) — 89KB
• atlo20231231_10k_htm.xml (XML) — 5576KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 Part II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Reserved 26 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 50 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 95 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 Part III Item 10. Directors, Executive Officers and Corporate Governance 96 Item 11.

Executive Compensation

Executive Compensation 96 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 96 Item 13. Certain Relationships and Related Transactions and Director Independence 96 Item 14. Principal Accountant Fees and Services 97 Part IV Item 15. Exhibits and Financial Statement Schedules 97 Item 16. Form 10-K Summary 97 3 PART I

BUSINESS

ITEM 1. BUSINESS General Ames National Corporation (the "Company") is an Iowa corporation and bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company owns 100% of the stock of six bank subsidiaries consisting of one national bank and five state-chartered banks, as described below. All of the Company's operations are conducted in the State of Iowa and primarily within the central, north-central and south-central Iowa counties of Boone, Clarke, Hancock, Marshall, Polk, Story, Taylor and Union where the Company's banking subsidiaries are located. The Company does not engage in any material business activities apart from its ownership of its banking subsidiaries and the management of its own loan portfolios. The principal executive offices of the Company are located at 405 5th Street, Ames, Iowa 50010. The Company's telephone number is (515) 232-6251 and website address is www.amesnational.com. The Company was organized and incorporated on January 21, 1975 under the laws of the State of Iowa to serve as a holding company for its principal banking subsidiary, First National Bank, Ames, Iowa ("First National") located in Ames, Iowa. In 1983, the Company acquired the stock of State Bank & Trust Co. ("State Bank") located in Nevada, Iowa; in 1991, the Company, through a newly-chartered state bank known as Boone Bank & Trust Co. ("Boone Bank"), acquired certain assets and assumed certain liabilities of the former Boone State Bank & Trust Company located in Boone, Iowa; in 1995, the Company acquired the stock of Reliance State Bank, ("Reliance Bank") located in Story City, Iowa; in 2002, the Company chartered and commenced operations of a new banking organization, United Bank & Trust Co. ("United Bank"), located in Marshalltown, Iowa; and in 2019, the Company acquired the stock of Iowa State Savings Bank ("Iowa State Bank") located in Creston, Iowa. First National, State Bank, Boone Bank, Reliance Bank, United Bank and Iowa Sta

View Full Filing

View this 10-K filing on SEC EDGAR