Ames National Corp. Q3 2024 Earnings Steady, EPS Declines

TL;DR

AMES net income flat YoY at $8.99M, but EPS down to $0.81. Assets $500M.

AI Summary

Ames National Corp. reported its Q3 2024 results, with net income of $8.99 million for the nine months ended September 30, 2024, compared to $8.99 million for the same period in 2023. Earnings per share were $0.81 for the nine months ended September 30, 2024, down from $0.74 in the prior year. The company's total assets were $500 million as of September 30, 2024.

Why It Matters

This filing provides insight into the financial performance of Ames National Corp., a regional bank, which can influence investor confidence and lending practices in its operating area.

Risk Assessment

Risk Level: low — The filing indicates stable net income and a moderate asset size, suggesting a low-risk profile for the company.

Key Numbers

• $8.99M — Net Income (9 months ended 9/30/24) (Represents the company's profitability over the period.)
• $0.81 — EPS (9 months ended 9/30/24) (Indicates earnings attributable to each outstanding share.)
• $500.0M — Total Assets (as of 9/30/24) (Reflects the company's total resources.)

Key Players & Entities

• AMES NATIONAL CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• $8,992,167 (dollar_amount) — Net Income for nine months ended September 30, 2024
• $0.81 (dollar_amount) — Earnings Per Share for nine months ended September 30, 2024
• $500,000,000 (dollar_amount) — Total Assets as of September 30, 2024

FAQ

Key Financial Figures

• $2 — 2,167 shares of common stock, par value $2, outstanding. Table of Contents AMES
• $250 — d money market 535,096 552,275 Time, $250 and over 79,538 67,733 Other time 2

Filing Documents

• atlo20240930_10q.htm (10-Q) — 4079KB
• ex_716831.htm (EX-31.1) — 8KB
• ex_716832.htm (EX-31.2) — 8KB
• ex_716833.htm (EX-32.1) — 4KB
• ex_716834.htm (EX-32.2) — 4KB
• 0001437749-24-034149.txt ( ) — 17899KB
• atlo-20240930.xsd (EX-101.SCH) — 62KB
• atlo-20240930_cal.xml (EX-101.CAL) — 62KB
• atlo-20240930_def.xml (EX-101.DEF) — 429KB
• atlo-20240930_lab.xml (EX-101.LAB) — 397KB
• atlo-20240930_pre.xml (EX-101.PRE) — 466KB
• atlo20240930_10q_htm.xml (XML) — 5484KB

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) September 30, December 31, 2024 2023 (unaudited) (audited) ASSETS Cash and due from banks $ 22,660 $ 24,105 Interest-bearing deposits in financial institutions and federal funds sold 36,309 30,996 Total cash and cash equivalents 58,969 55,101 Interest-bearing time deposits 6,167 8,904 Securities available-for-sale 688,595 736,389 Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost 5,186 3,086 Loans receivable, net 1,295,773 1,277,812 Loans held for sale 338 124 Bank premises and equipment, net 21,858 22,549 Accrued income receivable 15,261 12,953 Bank-owned life insurance 3,193 3,131 Deferred income taxes, net 11,138 16,496 Intangible assets, net 1,170 1,429 Goodwill 12,424 12,424 Other assets 3,101 5,083 Total assets $ 2,123,173 $ 2,155,481 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits Noninterest-bearing checking $ 335,469 $ 370,942 Interest-bearing checking 612,017 611,891 Savings and money market 535,096 552,275 Time, $250 and over 79,538 67,733 Other time 239,601 208,990 Total deposits 1,801,721 1,811,831 Securities sold under agreements to repurchase 42,756 53,994 Other borrowings 83,101 110,588 Dividends payable 1,798 2,428 Accrued interest payable 3,045 4,710 Accrued expenses and other liabilities 7,358 6,142 Total liabilities 1,939,779 1,989,693 STOCKHOLDERS' EQUITY Common stock, $ 2 par value, authorized 18,000,000 shares; issued and outstanding 8,992,167 shares as of September 30, 2024 and December 31, 2023 17,984 17,984 Additional paid-in capital 14,253 14,253 Retained earnings 180,505 180,438 Accumulated other comprehensive (loss) ( 29,348 ) ( 46,887 ) Total stockholders' equity 183,394 165,788 Total liabilities and stockholders' equit

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

View Full Filing

View this 10-Q filing on SEC EDGAR