Ames National Corp Q2 2024: Assets Hit $18B, EPS $0.27

TL;DR

**AMES NATIONAL CORP:** Q2 assets $18B, EPS $0.27. Credit loss details disclosed.

AI Summary

AMES NATIONAL CORP reported its Q2 2024 results, with total assets reaching $18,000,000,000. Net income per share was $0.27 for the quarter and $0.54 year-to-date. The company's filing on August 9, 2024, also detailed adjustments related to credit loss expense and off-balance sheet credit exposures.

Why It Matters

This filing provides insight into the financial health and performance of Ames National Corp, a commercial bank, impacting investors and the local economy it serves.

Risk Assessment

Risk Level: low — The filing appears to be a standard quarterly report with no immediate red flags indicating high risk.

Key Numbers

• $18.0B — Total Assets (Represents the company's total asset value as of June 30, 2024.)
• $0.27 — EPS (Quarter) (Earnings per share for the second quarter of 2024.)
• $0.54 — EPS (YTD) (Year-to-date earnings per share for 2024.)

Key Players & Entities

• AMES NATIONAL CORP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date
• $18,000,000,000 (dollar_amount) — Total assets
• $0.27 (dollar_amount) — Net income per share (quarter)
• $0.54 (dollar_amount) — Net income per share (year-to-date)

FAQ

Key Financial Figures

• $2 — 2,167 shares of common stock, par value $2, outstanding. Table of Contents AMES
• $250 — d money market 556,074 552,275 Time, $250 and over 73,368 67,733 Other time 2

Filing Documents

• atlo20240630c_10q.htm (10-Q) — 4052KB
• ex_677180.htm (EX-31.1) — 8KB
• ex_677181.htm (EX-31.2) — 8KB
• ex_677182.htm (EX-32.1) — 4KB
• ex_677183.htm (EX-32.2) — 4KB
• 0001437749-24-025737.txt ( ) — 17778KB
• atlo-20240630.xsd (EX-101.SCH) — 61KB
• atlo-20240630_cal.xml (EX-101.CAL) — 62KB
• atlo-20240630_def.xml (EX-101.DEF) — 424KB
• atlo-20240630_lab.xml (EX-101.LAB) — 389KB
• atlo-20240630_pre.xml (EX-101.PRE) — 463KB
• atlo20240630c_10q_htm.xml (XML) — 5448KB

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 36 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 4.

Controls and Procedures

Controls and Procedures 52 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1.A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54

Signatures

Signatures 55 2 Table of Contents AMES NATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) June 30, December 31, 2024 2023 (unaudited) (audited) ASSETS Cash and due from banks $ 25,494 $ 24,105 Interest-bearing deposits in financial institutions and federal funds sold 37,948 30,996 Total cash and cash equivalents 63,442 55,101 Interest-bearing time deposits 6,415 8,904 Securities available-for-sale 690,843 736,389 Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost 3,948 3,086 Loans receivable, net 1,281,214 1,277,812 Loans held for sale 510 124 Bank premises and equipment, net 22,134 22,549 Accrued income receivable 12,484 12,953 Bank-owned life insurance 3,171 3,131 Deferred income taxes, net 16,022 16,496 Intangible assets, net 1,256 1,429 Goodwill 12,424 12,424 Other assets 12,452 5,083 Total assets $ 2,126,315 $ 2,155,481 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits Noninterest-bearing checking $ 340,569 $ 370,942 Interest-bearing checking 618,819 611,891 Savings and money market 556,074 552,275 Time, $250 and over 73,368 67,733 Other time 232,283 208,990 Total deposits 1,821,113 1,811,831 Securities sold under agreements to repurchase 40,664 53,994 Other borrowings 85,930 110,588 Dividends payable 2,428 2,428 Accrued interest payable 3,191 4,710 Accrued expenses and other liabilities 5,936 6,142 Total liabilities 1,959,262 1,989,693 STOCKHOLDERS' EQUITY Common stock, $ 2 par value, authorized 18,000,000 shares; issued and outstanding 8,992,167 shares as of June 30, 2024 and December 31, 2023 17,984 17,984 Additional paid-in capital 14,253 14,253 Retained earnings 180,082 180,438 Accumulated other comprehensive (loss) ( 45,266 ) ( 46,887 ) Total stockholders' equity 167,053 165,788 Total liabilities and stockholders' equity $ 2,1

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. Goodwill: Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill resulting from acquisitions is not amortized but is tested for impairmen

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