AMES NATIONAL CORP Files 10-Q for Q1 2024

TL;DR

<b>AMES NATIONAL CORP has filed its Q1 2024 10-Q report, detailing financial performance and operations for the quarter ending March 31, 2024.</b>

AI Summary

AMES NATIONAL CORP (ATLO) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. AMES NATIONAL CORP filed its Q1 2024 10-Q report on May 8, 2024. The report covers the period ending March 31, 2024. The company operates under the SIC code 6021 for National Commercial Banks. AMES NATIONAL CORP is incorporated in Iowa (IA) and has a fiscal year end of December 31. The filing includes details on various subsidiaries and their operations, such as United Bank and Trust Member and First National Bank Member.

Why It Matters

For investors and stakeholders tracking AMES NATIONAL CORP, this filing contains several important signals. This filing provides investors with the latest financial data and operational updates for AMES NATIONAL CORP, crucial for assessing the company's current health and future prospects. Understanding the details within this 10-Q is essential for stakeholders to evaluate the company's performance against its peers and market conditions in the national commercial banking sector.

Risk Assessment

Risk Level: low — AMES NATIONAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded company, indicating routine disclosure rather than an extraordinary event.

Analyst Insight

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

Key Numbers

• 2024-05-08 — Filing Date (Filed As Of Date)
• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2023-12-31 — Previous Period End Date (Context for comparison)

Key Players & Entities

• AMES NATIONAL CORP (company) — FILER
• 0001132651 (company) — CENTRAL INDEX KEY
• 6021 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• IA (company) — STATE OF INCORPORATION
• PO BOX 846 (company) — BUSINESS ADDRESS STREET 1
• AMES (company) — BUSINESS ADDRESS CITY
• 515232651 (company) — BUSINESS PHONE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

AMES NATIONAL CORP operates within the National Commercial Banks industry, providing financial services.

Regulatory Implications

As a national commercial bank, AMES NATIONAL CORP is subject to regulations from various financial authorities.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosed risk factors or management discussion and analysis.
3. Compare Q1 2024 performance to previous periods and industry benchmarks.

Key Dates

• 2024-05-08: 10-Q Filing — Submission of the quarterly report for the period ending March 31, 2024.
• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.
• 2023-12-31: Previous Fiscal Year End — Provides a comparative baseline for financial reporting.

Year-Over-Year Comparison

This filing represents the Q1 2024 report, following the company's previous filings, including its 2023 annual report.

Key Financial Figures

• $2 — 2,167 shares of common stock, par value $2, outstanding. Table of Contents AMES
• $250 — money market 570,398 552,275 Time, $250 and over 77,276 67,733 Other time

Filing Documents

• atlo20240331_10q.htm (10-Q) — 3562KB
• ex_665739.htm (EX-31.1) — 8KB
• ex_665740.htm (EX-31.2) — 8KB
• ex_665741.htm (EX-32.1) — 4KB
• ex_665742.htm (EX-32.2) — 4KB
• 0001437749-24-015359.txt (&nbsp;) — 16912KB
• atlo-20240331.xsd (EX-101.SCH) — 65KB
• atlo-20240331_def.xml (EX-101.DEF) — 464KB
• atlo-20240331_lab.xml (EX-101.LAB) — 371KB
• atlo-20240331_pre.xml (EX-101.PRE) — 497KB
• atlo-20240331_cal.xml (EX-101.CAL) — 61KB
• atlo20240331_10q_htm.xml (XML) — 5247KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 47 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1.A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

Signatures

Signatures 50 2 Table of Contents AMES NATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31, December 31, 2024 2023 (unaudited) (audited) ASSETS Cash and due from banks $ 18,362 $ 24,105 Interest-bearing deposits in financial institutions and federal funds sold 93,040 30,996 Total cash and cash equivalents 111,402 55,101 Interest-bearing time deposits 7,660 8,904 Securities available-for-sale 723,205 736,389 Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost 3,593 3,086 Loans receivable, net 1,272,580 1,277,812 Loans held for sale 739 124 Bank premises and equipment, net 22,289 22,549 Accrued income receivable 12,246 12,953 Bank-owned life insurance 3,151 3,131 Deferred income taxes, net 16,568 16,496 Intangible assets, net 1,342 1,429 Goodwill 12,424 12,424 Other assets 4,643 5,083 Total assets $ 2,191,842 $ 2,155,481 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits Noninterest-bearing checking $ 354,082 $ 370,942 Interest-bearing checking 645,400 611,891 Savings and money market 570,398 552,275 Time, $250 and over 77,276 67,733 Other time 224,967 208,990 Total deposits 1,872,123 1,811,831 Securities sold under agreements to repurchase 53,037 53,994 Other borrowings 90,284 110,588 Dividends payable 2,428 2,428 Accrued interest payable 2,571 4,710 Accrued expenses and other liabilities 5,859 6,142 Total liabilities 2,026,302 1,989,693 STOCKHOLDERS' EQUITY Common stock, $ 2 par value, authorized 18,000,000 shares; issued and outstanding 8,992,167 shares as of March 31, 2024 and December 31, 2023 17,984 17,984 Additional paid-in capital 14,253 14,253 Retained earnings 180,316 180,438 Accumulated other comprehensive (loss) ( 47,013 ) ( 46,887 ) Total stockholders' equ

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 1. Significant Accounting Policies The accompanying unaudited consolidated financial statements have been prepared by Ames National Corporation (the "Company") pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the company believes that the disclosures made are adequate to make the information not misleading. It is suggested that these interim financial statements be read in conjunction with the year-end audited financial statements contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report"). The consolidated balance sheet of the Company as of December 31, 2023 has been derived from the audited consolidated balance sheet of the Company as of that date. In the opinion of management, the accompanying consolidated financial statements of the Company contain all adjustments necessary to fairly present the financial results for the interim periods reported. Those adjustments consist only of normal recurring adjustments. The results of operations for the interim periods are not necessarily indicative of results which may be expected for an entire year. The consolidated financial statements include the accounts of the Company and its wholly-owned banking subsidiaries (the "Banks"). All significant intercompany balances and transactions have been eliminated in consolidation. Subsequent Events: The Company has evaluated subsequent events through the filing date of this Quarterly Report on Form 10-Q with the SEC. On April 25, 2024, the Company entered into a promissory note and related business loan agreement with a commercial bank, providing for a revolving line of credit facility in an

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View this 10-Q filing on SEC EDGAR