Ames National Corporation Annual Report 2017

FY2017 Annual Report · Ames National Corporation

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2017

MISSION
STATEMENT

MISSION
Ames National Corporation is a result-oriented financial services holding company providing
leadership, counsel and support to its community affiliate banks and superior performance
for its shareholders.

CORPORATE CULTURE
Provide an environment where our affiliates and employees can be successful and provide
products and services that enhance the financial well-being of customers and shareholders.

CORE VALUES
Excellence: Striving to exceed expectations

Integrity:

Demonstrating high moral and ethical conduct

Leadership:

Creating and developing opportunities that benefit our employees, customers,
communities, and shareholders

Stability:

Maintaining financial strength and a dedicated staff to successfully serve the current
and future needs of our employees, customers, communities, and shareholders

Trust:

Acting in the best interest of our employees, customers, and shareholders

Community: Dedicated to serving our communities through local decision making, community

involvement and active boards of directors

TABLE OF CONTENTS

Ames National Corporation at a Glance . . . . . . . . . . . . . 1
Letter to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . 2-3
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Statements of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Shareholder Information . . . . . . . . . . . . . . . . . . . . . . . . . . 9

AMES NATIONAL CORPORATION
AT A GLANCE

Ames National Corporation (the Company) is an Iowa-based bank
holding company. 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. In 1983, the Company acquired the stock of the State Bank
& Trust Co. located in Nevada, Iowa; in 1991, the Company, through a
newly-chartered state bank known as Boone Bank & Trust Co., 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 the Reliance State Bank located in Story City, Iowa;
and in 2002, the Company chartered and commenced operations of
United Bank & Trust NA, located in Marshalltown, Iowa. In 2012,
Reliance State Bank acquired an office located in Garner, Iowa, and in
2014, First National Bank acquired three offices located in West Des
Moines and Johnston, Iowa. Today, each Affiliate Bank is operated as a
wholly-owned subsidiary of the Company.

Each Affiliate Bank operates independently with a board of directors
and a bank president. Decisions are made locally, which means
customers receive quick responses to questions, and services are
customized to meet customer needs in each community. The principal
sources of Company revenue are: interest and fees earned on loans made
and held by the Company and Affiliate Banks, interest on investments,
fees on wealth management services, service charges on deposit
accounts maintained by Affiliate Banks, merchant and card fees, gain on
sale of loans and securities gains. The Affiliate Banks’ lending activities
consist primarily of short-term and medium-term commercial, agricultural
and residential real estate loans, agricultural and business operating
loans, lines of credit, home improvement loans and the origination of
mortgage loans for sale into the secondary market. Affiliate Banks also
offer a variety of demand, savings and time deposits, cash management
services, merchant credit card processing and safe deposit box services.
Convenient access to funds and account information is also available
through online banking, video banking, mobile banking, online bill pay,
online statements and debit cards.

The Company provides various services to the Affiliate Banks, which
include: management assistance, payroll, internal auditing services,
human resources services, compliance management, marketing
assistance, loan review, technology support, training and staff
development. Company staff handles the backroom operations that make
the Company more efficient so the Affiliate Bank staff can focus on what
they do best: banking and taking care of customers’ financial needs.

The principal executive office of Ames National Corporation is located
at 405 5th Street, Ames, Iowa 50010. The Company’s phone number is
(515) 232-6251. More information about the Company can also be found
at www.amesnational.com.

RECENT RECOGNITIONS

• Recognized Ames National Corporation as a Winning

Company by 2020 Women on Boards (4/17)

• Ranked as an Optimal Performer by Seifried &

Brew (5/17)

• Ranked among the top most profitable 200

community banks based on a 3-year average

on ROE by the American Banker Magazine (5/17)

• Ranked as the 7th largest Iowa commercial bank

holding company based on total deposits (6/17)

• Featured in the Northwestern Financial

Review (6/17)

LETTER TO
SHAREHOLDERS

To Our Shareholders,
2017 was an interesting year, to say the least. With shifts in the economic,
regulatory and political climate, it proved to be a challenging as well as exciting
year to be navigating the financial services industry. We are pleased with the
progress we have made toward building a culture where our affiliates and
employees can be successful and providing products and services that enhance
the financial well-being of customers and shareholders.

This report will provide you with an overview of the 2017 financial results and
challenges. We will also review how Ames National Corporation is providing
leadership, counsel and support to our community affiliate banks and striving
toward superior performance for our shareholders.

“ Offering value-added services that help clients
find financial peace of mind is a cornerstone
of building strong, lifelong relationships.”

Financial Results
Net income for the Company totaled $13,697,000, a 13% decrease in earnings.
The decline in earnings is primarily the result of an increased provision for loan
losses, elevated deposit interest expense and, most notable, a higher income tax
expense. The unexpected higher tax expense of $1.2 million, can be attributed to
the landmark tax reform legislation, specifically relating to the re-valuation of tax
deferred assets. The Company’s largest deferred tax asset is our loan loss reserve.

The Tax Cut and Jobs Act of 2017 changed the United States corporate tax law
in two especially crucial ways:

1. The Act required many companies, including Ames National Corporation, to
re-valuate its net deferred tax assets. Deferred tax assets and liabilities are
adjusted through income tax expense as changes in tax laws are enacted.

2. The U.S. corporate tax rate will also decrease from 35% to 21%.

Although these two groundbreaking changes created an unexpected drop in net
income for 2017, this Act will substantially reduce the Company’s tax burden
moving forward. This decrease in the corporate tax rate will create additional
opportunities to enhance your shareholder value in the future.

A notable achievement for the year was the record level in net loans of
$771 million compared to a year earlier. We are pleased to report that the
higher loan balances generated an additional $1.7 million in loan interest
income. With our presence in the Ames and Des Moines Metro, we continue
to see strong growth in our loan portfolio. We have also seen an increase in
all deposit categories, with the exception of time deposits, compared to 2016.
Total deposits were up $25 million and ended the year at a record $1.13 billion.
This growth in core deposit is not only an indication of customer confidence,
but is also our most profitable funding source for our increased loan demand.

Our growth in Wealth Management
was another highlight for 2017. As
mentioned in last year’s Summary
Annual Report, the Company
acquired a $20 million book of
business at the end of 2016. We
are pleased to report a smooth
transition in onboarding these
clients to the First Point Wealth
Management group over the past
year. The acquisition has been
a great fit for both the Company
and our new clients and
contributed to the growth in
Wealth Management assets under
management to over $502 million
as of December 31, 2017. We
have also seen more interest from
clients in the Financial Planning
process. Offering value-added
services that help clients find
financial peace of mind is a
cornerstone of building strong,
lifelong relationships.

As of
December 31, 2017:

Assets:
$1.38 Billion

Net Income:
$13.7 Million

Return on Assets (ROA):
1.00%

Stockholders’ Equity
to Total Assets:
12.4%

ATLO Closing Price:
$27.85

Challenges
Two challenges that the Company faced during the year were preserving our
net interest margin with a flattening yield curve and the weakening of the Iowa
agricultural economy. Since a bank’s cost of funds is so closely tied to the rates
set by the Federal Reserve, any increase in funding costs without an increase
in loan yield will compress banks’ net interest margin. The flattening of the yield
curve has hampered the Company’s net interest margin as the result of lower
loan yields and higher deposit interest rates. Why is this important? Narrower
margins mean we have fewer dollars available to return to the bottom line. As
we look to 2018, any movement of deposit rates can have a major impact on
earnings so we must be very strategic in the re-pricing of these liabilities.

The current trend of low grain prices has created narrowed margins for
our agricultural customers. Fortunately, favorable yields for 2017 have
generally provided break-even cash flows for most of the Company’s
agricultural borrowers, it is still a point of attention as we look toward
the 2018 growing season.

Positioned for Success
Although 2017 provided a few challenges that added pressure to earnings, Ames
National Corporation is positioned well for the future. Our dedication to service
and continual improvement, grounded in our core values of excellence, integrity,
leadership, stability, trust and community, is where we will find success.

Employee Engagement
We know that to grow and thrive, we must continue to focus on building our team
of knowledgeable banking experts and make employee engagement a top priority.
During 2017, we launched several new initiatives to enhance employee engagement.

Two examples include:

• Leadership Development: We introduced our new, in-house educational

series, “Leading the Way,” which is designed to provide our leaders with the
tools they need to coach, mentor and guide their teams. To date, over 90
supervisors throughout the Company have participated in the program, and
we look forward to the residual effects of investing in the professional
development of our employees.

• Personal Banker Model: As we continue to look for ways to meet evolving
customer needs, we are redesigning the Personal Banking experience to
expand customer service points of contact and create more consistency
in service delivery. Through a stronger focus on training and professional
development, we are confident we will provide more career pathing
opportunities for our team and hopefully increase employee longevity.

“ Employee engagement is the art and science

of engaging people in authentic and
recognized connections to strategy, roles,
performance, organization, community,
relationship, customers, development,
energy, and happiness to leverage, sustain,
and transform work into results.”
– David Zinger, author and consultant

These are just a few of the initiatives designed to meet our customers' evolving
financial needs. We continue to develop products and services that help us
build strong relationships and meet customers where they are. We challenge
our employees to be innovative and find new ways to deliver banking in
extraordinary ways.

Company Stock
The Company’s stock, which is listed on the NASDAQ Capital Market under the
symbol ATLO, closed at $27.85 on December 31, 2017. During the fourth
quarter of 2017, the price ranged from $27.55 to $31.90.

In Summary
On a personal note, I will be retiring as President and CEO of Ames National
Corporation on June 29, 2018. John P. Nelson, Executive Vice President, CFO
and COO, will assume the role of President and CEO at that time.

As I conclude a 40-year career in banking, I reflect on so many individuals
who have made an impact in my life. When you work a lifetime in the financial
industry, you know that relationships are what make this career rewarding.
The ever-changing landscape of banking has never provided a dull moment
and has offered a challenging and motivating environment to work and grow.
Ames National Corporation is a strong and stable organization focused on
helping customers, employees and shareholders succeed. The quality of any
organization is directly related to the caliber of its employees. I firmly believe
that we are fortunate to have one of the best groups of employees of any
company in the country. Our employees are talented, dedicated and truly care
about our Company, our customers and our shareholders. It is fun to come to
work every day when people are focused on making a difference in the lives
of those we serve. Thank you for providing me the opportunity to serve you.

Customer Engagement
Doing what’s right for our customers has always been our guiding principal.
If we place our customers’ best interests first, successful financial results will
follow. We know that customers want banking solutions developed for their busy
lives, but also want financial experts ready to consult with them at every point
along the way.

I will continue to serve as the Chairman of the Ames National Corporation Board
of Directors and as a member of First National Bank's Board of Directors.

I invite you to join us on Wednesday, April 25th for the 43rd Annual Meeting
of Shareholders at Reiman Gardens as we celebrate a year of accomplishments.
Thank you for the commitment and support that you provide to Ames National
Corporation. We look forward to seeing you on April 25th.

During 2017, our affiliate banks:

• Launched new mobile friendly websites at our five affiliate banks,
which makes banking online with us easier and more convenient.

• Rolled out new services for medical professionals interested in
consolidating student loan debt and building a relationship with
a local financial partner.

• Introduced DocuSign to our customers, providing them the opportunity

to electronically sign documents on-the-go.

• Expanded our Wealth Management Services to meet a growing niche

in Private Banking.

Thomas H. Pohlman
Chairman, President & CEO

FINANCIAL
HIGHLIGHTS

FOR THE YEAR

PERFORMANCE

2017

2016

2015

2014

2013

Net Income (in thousands)

$13,697

$15,735

$15,015

$15,251

$13,954

Return on

Average Assets
Average Equity

Efficiency Ratio

PER COMMON SHARE DATA

Basic and Diluted Earnings

Cash Dividends Declared

Dividend Payout Ratio

Dividend Yield

AT DECEMBER 31

BALANCE SHEET DATA (in thousands)

Total Assets

Net Loans

Deposits

1.00%
8.02%

52.70%

1.18%
9.38%

51.95%

1.13%
9.44%

53.59%

1.21%
10.09%

53.37%

1.14%
9.76%

52.78%

$1.47

$0.88

$1.69

$0.84

$1.61

$0.80

$1.64

$0.72

$1.50

$0.64

59.86%

49.70%

49.69%

43.90%

42.67%

3.2%

2.6%

3.3%

2.8%

2.9%

$1,375,060

$1,366,453

$1,326,747

$1,301,031

$1,233,084

$771,550

$752,182

$701,328

$658,441

$564,502

$1,134,391

$1,109,409

$1,074,193

$1,052,123

$1,011,803

Stockholders' Equity

$170,753

$165,105

$161,250

$154,674

$ 142,106

LOAN QUALITY

Allowance for loan losses to total loans

Net charge-offs (recoveries) to average outstanding loans

Non performing loans to total loans

CAPITAL

Tier 1 Leverage Capital Ratio

Total Equity/Total Assets

Market Price per Share

Closing

High

Low

1.45%

0.09%

0.62%

12.1%

12.4%

$27.85

$37.45

$26.60

1.38%

0.00%

0.67%

12.0%

12.1%

$33.00

$35.30

$22.54

1.40%

(0.01)%

0.27%

11.3%

12.2%

$24.29

$26.43

$22.01

1.32%

0.03%

0.37%

11.0%

11.9%

$25.94

$26.87

$20.24

1.50%

0.00%

0.44%

11.0%

11.5%

$22.39

$23.94

$18.50

$1,400

$1,300

$1,200

$1,100

$1,000

$900

$800

$700

$600

$500

$1.80

$1.60

$1.40

$1.20

$1.00

$.80

$.60

$.40

$.20

$.00

PERFORMANCE RECORD

FIVE-YEAR FINANCIAL HIGHLIGHTS

AVERAGE TOTAL ASSETS

MILLIONS OF DOLLARS

AVERAGE DEPOSITS

MILLIONS OF DOLLARS

AVERAGE LOANS

MILLIONS OF DOLLARS

$1,226

$1,263

$1,325

$1,331

$1,369

$1,004

$1,021

$1,073

$1,118

$528

$584

$682

$727

$772

$1,200

$1,100

$1,000

$900

$800

$700

$600

$500

2013

2014

2015

2016

2017

$800

$700

$600

$500

$400

$300

$200

$100

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

EARNINGS PER SHARE

DOLLARS

BOOK VALUE PER SHARE

DECLARED DIVIDENDS PER SHARE

DOLLARS

$1.50

$1.64

$1.61

$1.69

$1.47

$15.26 $16.61

$17.32

$17.73

$18.34

$0.64

$0.72

$0.80

$0.84

$0.88

$0.08*

$0.13**

$19.50

$19.00

$18.50

$18.00

$17.50

$17.00

$16.50

$16.00

$15.50

$15.00

$14.50

$14.00

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

$1.05

$.90

$.75

$.60

$.45

$.30

$.15

$.00

* Includes an after-tax, $0.08 per share increase in noninterest

income as a result of a building sale.

** Includes an income tax expense related to the re-valuation of
deferred tax assets related to enacted change in tax rates.

SHARE PRICE

2016

MARKET PRICE

1st

2nd

3rd

4th

$25.20

$27.02

$28.86

Low

$22.54

$24.00

$25.78

$35.30

$26.60

Quarter

High

Declared

Quarter

High

CASH
DIVIDENDS

2017

MARKET PRICE

$0.21

1st

2nd

3rd

4th

$37.45

$32.00

$31.15

Low

$28.50

$29.45

$26.60

$31.90

$27.55

CLOSING
PRICE

$24.76

$26.82

$27.66

$33.00

2013

2014

2015

2016

2017

CLOSING
PRICE

$30.60

$30.80

$29.85

$27.85

CASH
DIVIDENDS

Declared

$0.22

CONDENSED CONSOLIDATED
BALANCE SHEETS (unaudited)

December 31, 2017

December 31, 2016

ASSETS
Cash and due from banks
Interest bearing deposits in financial institutions
Securities available-for-sale
Loans receivable, net
Loans held for sale
Bank premises and equipment, net
Accrued income receivable
Other real estate owned
Deferred income taxes
Other intangible assets, net
Goodwill
Other assets

Total assets

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES

Deposits

Demand, noninterest bearing
NOW accounts
Savings and money market
Time, $250,000 and over
Other time

Total deposits

Securities sold under agreements to repurchase
FHLB advances and other borrowings
Dividend payable
Accrued expenses and other liabilities

Total liabilities

STOCKHOLDERS’ EQUITY

Common stock, $2 par value, authorized 18,000,000 shares; issued and
outstanding 9,310,913 shares as of December 31, 2017 and 2016

Additional paid-in capital
Retained earnings
Accumulated other comprehensive (loss)
Total stockholders’ equity

Total liabilities and stockholders’ equity

26,397,550
43,021,953
498,342,864
771,549,655
-
15,399,146
8,382,391
385,509
2,542,533
1,091,462
6,732,216
1,214,371
1,375,059,650

227,332,347
322,392,945
389,630,180
38,838,782
156,196,433
1,134,390,687

37,424,619
26,500,000
2,048,401
3,942,801
1,204,306,508

18,621,826
20,878,728
131,684,961
(432,373)
170,753,142
1,375,059,650

29,478,068
31,737,259
516,079,506
752,181,730
242,618
16,049,379
7,768,689
545,757
3,485,689
1,352,812
6,732,216
799,306
1,366,453,029

212,074,792
310,427,812
381,852,433
39,031,663
166,022,165
1,109,408,865

58,337,367
27,500,000
1,955,292
4,146,262
1,201,347,786

18,621,826
20,878,728
126,181,376
(576,687)
165,105,243
1,366,453,029

CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (unaudited)

INTEREST INCOME:
Loans, including fees
Securities

Taxable
Tax-exempt

Interest bearing deposits and federal funds sold

Total interest income

INTEREST EXPENSE:

Deposits
Other borrowed funds

Total interest expense
Net interest income

Provision for loan losses

Net interest income after
provision for loan losses

NONINTEREST INCOME:

Wealth Management Income
Service fees
Securities gains, net
Gain on sale of loans held for sale
Merchant and card fees
Other noninterest income

Total noninterest income

NONINTEREST EXPENSE:

Salaries and employee benefits
Data processing
Occupancy expenses
FDIC insurance assessments
Professional fees
Business development
Other real estate owned (income) expense, net
Intangible asset amortization
Other operating expenses, net

Total noninterest expense
Income before income taxes

INCOME TAX EXPENSE

NET INCOME

Basic and diluted earnings per share

Declared dividends per share

Years Ended December 31

2017

2016

2015

34,048,310

32,358,028

30,780,496

6,219,030
5,015,696
511,399
45,794,435

4,439,305
1,141,774
5,581,079
40,213,356
1,519,596

38,693,760

3,060,599
1,515,998
505,139
783,776
1,375,402
751,853
7,992,767

15,994,036
3,298,080
2,018,553
427,781
1,231,778
1,033,026
(2,459)
369,580
1,034,162
25,404,537
21,281,990

7,584,801

13,697,189

1.47

0.88

5,853,146
5,439,908
394,957
44,046,039

3,073,658
1,061,623
4,135,281
39,910,758
524,365

39,386,393

2,929,456
1,633,178
423,601
1,082,347
1,405,751
613,201
8,087,534

15,687,335
3,297,079
1,962,726
540,237
1,178,924
1,016,365
(172,628)
368,259
1,056,348
24,934,645
22,539,282

6,804,506

15,734,776

1.69

0.84

6,179,492
5,808,011
382,346
43,150,345

3,019,273
1,165,866
4,185,139
38,965,206
1,099,183

37,866,023

2,724,451
1,740,740
888,179
907,875
1,378,218
627,730
8,267,193

15,231,369
3,027,203
1,889,793
680,563
1,274,298
1,064,362
613,812
421,500
1,109,121
25,312,021
20,821,195

5,806,544

15,014,651

1.61

0.80

BOARD OF
DIRECTORS

AFFILIATE
BANKS

Board of Directors: Back Row, Left to Right: Patrick J. McMullan, Patrick G. Hagan,
Richard D. Blomgren, Kevin N. Houston Front Row, Left to Right: Jeffrey K. Putzier,
Thomas H. Pohlman, Michael P. Carr

Board of Directors: Back Row, Left to Right: Gary K. Lorenz, Philip A. Hodgin,
Thomas H. Pohlman, John P. Nelson, Scott T. Bauer Front Row, Left to Right: James R. Larson, II,
John R. Linch, Betty A. Baudler Horras, David W. Benson, Lisa M. Eslinger

Board of Directors: Back Row, Left to Right: Steven Forth, Bill Paulus
Middle Row, Left to Right: Gary Vulgamott, Elaine Tekippe, Mike Hrubes
Front Row, Left to Right: Harold Thompson, Richard Schreier, John Nelson, Neil Fell

Board of Directors: Back Row, Left to Right: Dan E. Johnson, Stephen C. McGill,
Richard O. Parker, James M. Kurtenbach Front Row, Left to Right: Laurie L. Henry,
Thomas H. Pohlman, Michelle R. Cassabaum

BACK ROW, LEFT TO RIGHT:

John P. Nelson
Executive Vice President, Chief Financial Officer
& Chief Operating Officer of the Company

Steven D. Forth
Farmer

Thomas H. Pohlman
Chairman, President & CEO of the Company

Richard O. Parker
Attorney, Parker Law Firm

Patrick G. Hagan
Senior Vice President and Treasurer of Fareway Stores, Inc.

FRONT ROW, LEFT TO RIGHT:

David W. Benson
Partner, Nyemaster Goode Attorneys at Law

James R. Larson, II
President, Larson Development Corporation
(real estate development)

Betty A. Baudler Horras
President, Baudler Enterprises, Inc. (marketing)

Kevin L. Swartz
Chief Executive Officer, Wolfe Clinic PC

Lisa M. Eslinger
Chief Financial and Administrative Officer,
Iowa State University Foundation

Board of Directors: Back Row, Left to Right: Robert Thomas, Thomas H. Pohlman, Kevin
Swartz Middle Row, Left to Right: Keith Brown, John Wise Front Row, Left to Right: Kathy Baker,
Curt Hoff, Larry Raymon

SHAREHOLDER
INFORMATION

Company Contact Information
Ames National Corporation
P.O. Box 846
405 5th Street
Ames, IA 50010
(515) 232-6251 | Fax (515) 663-3033
info@amesnational.com | www.amesnational.com

Company Staff

Thomas H. Pohlman Chairman, President & CEO

John P. Nelson Executive Vice President, COO & CFO

John L. Pierschbacher Controller

Kevin G. Deardorff Vice President & Technology Director

Nicole J. Rasmussen Vice President & Strategic Engagement Officer

Matthew R. Hackbart Vice President & Information Systems
Asst. Manager

Jennifer J. Hanson Vice President & Human Resources Director

Tracy W. Laws Vice President & Auditor

Timothy J. Lupardus Vice President & Information Systems Manager

Joel P. Jacobsen Vice President & Compliance Officer

Wendy S. Current Training & Development Officer

Lori J. Hill Asst. Corporate Secretary

Penny J. Blackburn Information Systems Technician

Doug S. H. Kinsey Information Systems Technician

Independent Auditors
CliftonLarsonAllen LLP
West Des Moines, Iowa

Counsel
Nyemaster Goode, P.C.
Des Moines, Iowa

Annual Meeting
The Board of Directors of Ames National Corporation has established
Wednesday, April 25, 2018, at 4:30 p.m. as the date of the Annual
Meeting of Shareholders. Registration will begin at 4:00 p.m. We invite
all shareholders to attend the meeting, which will be held at Reiman
Gardens, 1407 University Boulevard, Ames, Iowa.

Market Makers
Ames National Corporation’s common stock is listed on the NASDAQ
Capital Market under the symbol “ATLO.” Market makers and brokers
in the stock include:

First Point Wealth Management , First National Bank, Ames
(515) 663-3074

Stifel Nicolaus | (515) 233-4064

Raymond James | (800) 800-4693

Stock Transfer Agent
Continental Stock Transfer & Trust
17 Battery Place
New York, NY 10004
(212) 509-4000
www.continentalstock.com

Form 10-K and Other Information
A copy of the Company’s Annual Report to the Securities and Exchange
Commission on Form 10-K will be available on the Securities and
Exchange Commission’s website at http://www.sec.gov and through
a link on the Company’s website, www.amesnational.com, at Financial
Information, SEC Filings on or about March 12, 2018. Additional
information is also available by contacting John Nelson, Executive Vice
President, COO & CFO at 515-232-6251 or info@amesnational.com.

Ames National Corporation

405 5th Street, Box 846 | Ames, IA 50010
t (515) 232-6251 | f (515) 663-3033
www.amesnational.com
info@amesnational.com