2018 SUMMARY
ANNUAL REPORT
TABLE OF
CONTENTS
02
Ames National Corporation at a Glance
15
Balance Sheets
04
Board of Directors and Management Team
16
Statements of Income
06
Welcome President & CEO, John P. Nelson
17
Shareholder Information
18
Affiliate Boards
20
Community Involvement
08
Letter to Shareholders
12
Financial Highlights
13
Performance Record
AFFILIATE BANKS:
MISSION
STATEMENT
Ames National Corporation is a results-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
AMES NATIONAL CORPORATION | 2018 ANNUAL REPORT
1
BACKGROUND
Ames National Corporation (ANC) is an Iowa-based bank holding company. ANC 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, ANC acquired the stock of the State
Bank & Trust Co. located in Nevada, Iowa; in 1991, ANC 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, ANC acquired the stock of the Reliance State Bank
located in Story City, Iowa; and in 2002, ANC 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.
In 2014, First National Bank acquired three offices located in West Des Moines and Johnston, Iowa, and
2018 AMES NATIONAL CORPORATION
HEADLINES
• Recognized Ames National Corporation as a Winning Company by 2020 Women on
Boards (3/18)
• Announced a Dividend Increase and a Special Dividend (2/15/18)
• First National Bank signed a Merger Agreement with Clarke County State Bank in
Osceola (4/18)
• Ranked in the Top 200 Publicly Traded Banks by American Banker Magazine (5/3/18)
• Ranked as the 7th largest Iowa commercial bank holding company based on total
three locations in the Osceola, Iowa area in 2018. Today, each Affiliate Bank is operated as a wholly-owned
deposits (6/18)
subsidiary of ANC.
• CEO, Thomas Pohlman, retired and was featured in the Iowa Banking Magazine (7/18)
AFFILIATE BANK STRUCTURE
• John Nelson named ANC President & CEO (7/18)
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
• First National Bank completed the acquisition of Clarke County State Bank (9/18)
to meet customer needs in each community.
The principal sources of revenue for ANC are:
• Interest and fees earned on loans made and held by ANC 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
ANC SERVICES
LOCATION INFORMATION
ANC provides various services to the Affiliate Banks, which
Executive Office
The Affiliate Banks’ lending activities consist primarily of short-term and medium-term commercial,
include: management assistance, payroll, internal auditing
405 5th Street
agricultural and residential real estate loans, agricultural and business operating loans, lines of credit,
services, human resources services, compliance management,
Ames, Iowa 50010
home improvement loans and the origination of mortgage loans for sale into the secondary market.
marketing assistance, loan review, technology support, training
(515) 232-6251
Affiliate Banks also offer a variety of checking, savings and time deposits accounts, cash management
and employee development. ANC employees handle the back
www.amesnational.com
services, wealth management and trust services, merchant credit card processing and safe deposit box
room operations that make ANC more efficient so the Affiliate
services. Convenient access to funds and account information is also available through: Online Banking,
Bank teams can focus on what they do best: banking and taking
Video Banking, Mobile Banking, Online Bill Pay, Mobile Wallet, online statements and debit cards.
care of customers’ financial needs.
2
2018 ANNUAL REPORT | AMES NATIONAL CORPORATION
AMES NATIONAL CORPORATION | 2018 ANNUAL REPORT
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AMES NATIONAL CORPORATION AT A GLANCE
AMES NATIONAL CORPORATION
BOARD OF DIRECTORS
BOARD OF DIRECTORS
BACK ROW, LEFT TO RIGHT:
FRONT ROW, LEFT TO RIGHT:
• John L. Pierschbacher, Chief Financial
• Lisa M. Eslinger, Chief Financial and Administrative
Officer of ANC
Officer, Iowa State University Foundation
• Thomas H. Pohlman, Chairman
• Kevin L. Swartz, Chief Executive Officer,
• Steven D. Forth, Farmer
• Richard O. Parker, Attorney, Parker Law Firm
• John P. Nelson, President & CEO of
ANC
• Patrick G. Hagan, Senior Vice President and
Treasurer of Fareway Stores, Inc.
Wolfe Clinic PC
• Betty A. Baudler, President, Baudler
Enterprises, Inc.
• David W. Benson, Partner,
Nyemaster Goode Attorneys at Law
• James R. Larson, II, President,
Larson Development Corporation
COMPANY MANAGEMENT TEAM
• John P. Nelson, President & CEO
• Tracy W. Laws, Vice President & Controller
• John L. Pierschbacher, CFO
• Matthew R. Hackbart, Vice President &
• Kevin G. Deardoff, Senior Vice President &
Information Systems Asst. Manager
Technology Director
• Joel P. Jacobsen, Vice President & Compliance Officer
• Nicole J. Rasmussen, Vice President &
• Wendy S. Current, Training & Development Officer
Strategic Engagement Officer
• Jennifer J. Hanson, Vice President & Human
Resources Director
• Timothy J. Lupardus, Vice President &
Information Systems Manager
• Amanda Petersen, Auditor
• Lori J. Hill, Accounts Payable Officer
• Doug S.H. Kinsey, Information Systems Technician
• Penny J. Blackburn, Information Systems Technician
4
2018 ANNUAL REPORT | AMES NATIONAL CORPORATION
AMES NATIONAL CORPORATION | 2018 ANNUAL REPORT
5
PRIORITIES
1. DELIVERING Superior Shareholder Value
2. EMPOWERING Employees through local Decision-Making
3. ATTRACTING and Retaining Talented Employees Who Care
4. PROVIDING Exceptional Client Experiences that Make their Financial Lives Better
“
A good leader
inspires by example,
communicates vision
and encourages
continual improvement.
This type of leadership
is critical to our
success.
”
“As we embrace exciting new technology that helps
our clients meet their financial goals, we never lose
sight of the personal relationships that make us
solution finders and partners.”
“Our clients can trust that we will provide financial
solutions that are in their best interest. We seek
long-term relationships that are mutually beneficial
for our employees, clients and shareholders.”
BACKGROUND AND EXPERIENCE
Current Role:
• President & CEO Ames National Corporation
(July 2018-Present)
• ANC Director (2013-Present)
Previous Experience:
• ANC Chief Financial Officer (1999-2018)
• ANC Auditor (1993-1999)
• Federal Deposit Insurance Corporation
Commissioned Bank Examiner (1990-1993)
John brings extensive expertise in leadership, banking,
accounting and financial regulations.
EDUCATION
Bachelors Of Business Administration
Iowa State University
Major: Finance Minor: Economics — 1989
Iowa School of Banking — 1995
Certified Public Accountant — 1999
COMMUNITY INVOLVEMENT
• Graduate School of Banking at Colorado — Instructor
• Gilbert Community Schools — Member of the Board of Education
• Cardinal Turkson Foundation — Treasurer and Director
PERSONAL PHILOSOPHY
Be humble and put the needs of
others ahead of your own.
- JOHN P. NELSON
• Martha’s House of Hope — Treasurer and Director
• Leadership Ames — Graduate
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2018 ANNUAL REPORT | AMES NATIONAL CORPORATION
AMES NATIONAL CORPORATION | 2018 ANNUAL REPORT
7
WELCOME PRESIDENT & CEO JOHN P. NELSON
LETTER TO
SHAREHOLDERS
We are pleased to provide you the 2018 Ames
FINANCIAL RESULTS
National Corporation Annual Report and share a
continuing story of growth and profitability. As we
reflect on the 2018 results, we sincerely appreciate
your ongoing participation in our success and are
grateful for the opportunity to serve you.
The following report will provide an overview on
financial results, drivers of these results, community
involvement and our strategic focus.
“
We sincerely
appreciate your
ongoing participation
in our success and
are grateful for the
opportunity to
serve you.
”
Financial results surpassed our expectations, and
Ames National Corporation reached many milestones
during 2018. The Company had forecasted earnings
for 2018 in the range of $1.70 to $1.76 per share.
For the year ended December 31, 2018, net income
totaled a record $17,014,000 or $1.83 per share,
compared to $13,697,000 or $1.47 per share earned
in 2017.
There were three primary drivers of the improvement
in earnings. First, loan interest income grew by
approximately $4 million, or 12%. Second, our
provision for loan losses decreased by 58% compared
to last year due to the decrease in the net charge offs
and specific reserve levels. Finally, and most notably,
our income tax expense decreased $3.2 million, or
42%, as a result of the new lower corporate income
tax rate.
The increase in earnings was offset by a $2.4 million
rise in interest expense on deposits. The Federal
Reserve increased the federal funds rate four times in
2018, from 1.50% to 2.50% over the year. As a result,
our Affiliate Banks were responsive to our clients
and provided higher rates on checking, savings and
certificates of deposit. A boost in loan interest rates
will lag behind given the timing of loan renewals.
Even with this shift in the yield curve, we are pleased
to report that the Company’s net interest margin
remained relatively stable at 3.23% at year-end 2018
compared to a year ago.
In reviewing non-interest income results, it is
important to note the contributions of Wealth
Management, which consists of Investment Services
and Financial Management & Trust Services.
Wealth Management reported a 9% increase in
income and a growing number of relationships.
The 2016 acquisition of an Ames-based financial
planning company has proven to be beneficial
both to the bottom-line as well as to relationship
expansion. The Company continues to see Wealth
Management Services as significant area of growth
as the team delivers an exceptional financial
management experience at each stage of life for
our clients.
Credit quality continues to be an essential driver
of success. Our Affiliates are focused on effectively
monitoring and managing credit quality and client
relationships, which support profitability. Net loan
charge offs were .03% of total outstanding loans,
well below the average for Iowa banks for the year
ended December 31, 2018. Overall, economic
conditions remain favorable in the communities we
serve. Company management is seeing weakness
in the Iowa agricultural economy as a result of
the current low grain prices; however, favorable
yields in 2018 are generally providing break even
cash flows for most of the Company’s agricultural
borrowers.
AS OF
DECEMBER 31, 2018:
ASSETS
$1.5 BILLION
NET INCOME
$17 MILLION
RETURN ON ASSETS (ROA)
1.23%
RETURN ON EQUITY (ROE)
10.09%
ATLO CLOSING PRICE
$25.42
DECLARED DIVIDENDS
PER SHARE:
$1.17
8
2018 ANNUAL REPORT | AMES NATIONAL CORPORATION
AMES NATIONAL CORPORATION | 2018 ANNUAL REPORT
9
Assets, loans and deposits reached record highs in
As we think strategically about employee and
leadership initiatives as well as an ongoing focus on enhancing our benefits package, we are confident we
2018. Total assets were $1.5 billion, an $81 million
customer engagement, we must keep our core values
can provide a positive environment that engages our team members.
rise compared to December 31, 2017. Net loans as
of excellence, integrity, leadership, stability, trust and
of December 31, 2018 grew 15%, to $890 million
community at the center of our decision-making. Here
as compared to $772 million last year and deposits
are five key strategies important to building strong
totaled $1.2 billion at year-end 2018, compared to
relationships and expanding in the markets we serve:
$1.1 billion recorded at December 31, 2017. This
balance sheet growth can be mainly attributed to
the acquisition of Clarke County State Bank (CCSB)
in Osceola, Iowa by the Company’s largest affiliate
bank, First National Bank, Ames, in September 2018.
The acquired assets totaled approximately $103
million.
• Define clear expectations for the Personal
Banking, Business Banking and Trust and
Wealth Management customer journeys. Each of
• Maintain our focus on strong credit quality. Without excellent credit quality, a bank spends too much time
and energy working on problems instead of taking advantage of opportunities. We take our responsibility of
being good financial partners with our clients very seriously so they are well-positioned to succeed.
• Grow through acquisition. We couldn’t be more pleased with the growth we have experienced in the past
six years through acquisition, and we continue to see more opportunities for the future. Acquisitions provide
increased revenue potential through a larger client base, diversified portfolios and expanded service offerings.
our communities is unique, and therefore, require
All of these principles will be essential to our Strategic Planning process. Through collaboration with our
unique growth and retention plans to helping
Board of Directors, Management Team and employees, we will develop and implement a five-year strategic
clients succeed. We must find the right balance
plan in 2019. We are looking forward to bringing our leaders together to think strategically about the unique
between high tech and personal interactions.
ways we will serve our clients, employees and shareholders in this ever-changing financial industry.
The addition of CCSB to First National Bank is a
• Expand our Mobile Banking solutions. Mobile
good fit with their stable loan and deposit client
usage is definitely trending upward. “Over 55% of
base, a quality group of bankers, and improved
all adults now utilize mobile banking, and 60% of
geographic footprint for the Company. The
consumers under age 34 consider mobile deposit
synergies created between CCSB and First National
to be a “must have” or “nice to have” feature.”1 We
Bank with customer service and community
are dedicated to making smart technology choices
involvement are also crucial components in this
that simplify banking for clients and make online
strategic acquisition.
STRATEGIC FOCUS
processes seamless. As the number of digital
channels and evolving customer expectations
are becoming more and more complex, we must
deliver tools and options that customize our clients’
We have high expectations for continual
improvement and profitability. In our 2017 Annual
experiences.
Report, we highlighted two top priorities for our
team as we work to enhance your shareholder
value – Employee and Customer Engagement.
These priorities have not changed. We know that to
continue to grow and thrive, we must be committed
to understanding our clients’ financial goals and
supporting our team members who help our clients
reach those financial goals.
• Build an exceptional employee experience.
BAI Banking Outlook findings show that what is
most important to employees and how they “derive
the most satisfaction is through their company’s
work environment (54%), followed by ethics and
values and career development tied at (49%);
compensation ranks fourth in importance at 43%.”2
We are committed to helping our employees
succeed by utilizing their strengths. Through
expanded training and development efforts and
IN SUMMARY
We want to thank our employees for
their dedication to making Ames National
Corporation the strong and growing
organization it is today. Clients value
consistency, and the expertise and longevity
we have at Ames National Corporation are
distinct and valuable attributes.
Please mark your calendar and plan
to join us on Tuesday, April 23 as we
celebrate a year of accomplishments for
Ames National Corporation at our 44th
Annual Meeting of Shareholders at Reiman
Gardens. We encourage you to contact us
if you have any questions.
Thomas H. Pohlman
Chairman
John P. Nelson
President & CEO
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2018 ANNUAL REPORT | AMES NATIONAL CORPORATION
1 Nikitas, Steve. “Trendwatch 2018: Year of the Customer.” Harland Clarke. January 2018.
2 Bianucci, Debbie. “Winning the Talent War in 2019.” BAI Executive Report.
December 2018. www.BankingStrategies.com
AMES NATIONAL CORPORATION | 2018 ANNUAL REPORT
11
FINANCIAL
HIGHLIGHTS
PERFORMANCE
RECORD
2018
2017
2016
2015
2014
FIVE-YEAR FINANCIAL HIGHLIGHTS
FOR THE YEAR
PERFORMANCE
Net Income (in thousands)
$17,014
$13,697
$15,735
$15,015
$15,251
Return on
Average Assets
Average Equity
Efficiency Ratio
PER COMMON SHARE DATA
Basic and Diluted Earnings
Cash Dividends Declared
1.23%
10.09%
55.90%
1.00%
8.02%
1.18%
9.38%
1.13%
9.44%
52.70%
51.95%
53.59%
1.21%
10.09%
53.37%
$1.83
$1.17
$1.47
$0.88
$1.69
$0.84
$1.61
$0.80
$1.64
$0.72
Dividend Payout Ratio
63.93%
59.86%
49.70%
49.69%
43.90%
Dividend Yield
4.6%
3.2%
2.6%
3.3%
2.8%
AT DECEMBER 31
BALANCE SHEET DATA
(in thousands)
Total Assets
Net Loans
Deposits
$1,455,687
$1,375,060
$1,366,453
$1,326,747
$1,301,031
$890,461
$771,550
$752,182
$701,328
$658,441
$1,221,084
$1,134,391
$1,109,409
$1,074,193
$1,052,123
Stockholders' Equity
$172,865
$170,753
$165,105
$161,250
$154,674
AVERAGE TOTAL ASSETS
Millions of Dollars
2014
2015
2016
2017
2018
$1,263
$1,325
$1,331
$1,369
$1,385
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
AVERAGE DEPOSITS
Millions of Dollars
2014
2015
2016
2017
2018
$1,021
$1,073
$1,073
$1,118
$1,158
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
1.30%
1.45%
1.38%
1.40%
1.32%
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
0.03%
0.09%
0.00%
(0.01)%
0.03%
0.38%
0.62%
0.67%
0.27%
0.37%
AVERAGE LOANS
Millions of Dollars
11.3%
11.9%
$25.42
$32.15
$24.51
12.1%
12.4%
$27.85
$37.45
$26.60
12.0%
12.1%
$33.00
$35.30
$22.54
11.3%
12.2%
$24.29
$26.43
$22.01
11.0%
11.9%
$25.94
$26.87
$20.24
2014
2015
2016
2017
2018
$584
$682
$727
$772
$814
$100
$200
$300
$400
$500
$600
$700
$800
$900
12
2018 ANNUAL REPORT | AMES NATIONAL CORPORATION
AMES NATIONAL CORPORATION | 2018 ANNUAL REPORT
13
PERFORMANCE
RECORD
FIVE-YEAR FINANCIAL HIGHLIGHTS
EARNINGS PER SHARE
Dollars
2014
2015
2016
2017
2018
$1.64
$1.61
$1.69
$1.47
$1.83
$.00
$.20
$.40
$.60
$.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
BOOK VALUE PER SHARE
Dollars
2014
2015
2016
2017
2018
$16.61
$17.32
$17.73
$18.34
$18.60
$14.00
$14.50
$15.00
$15.50
$16.00
$16.50
$17.00
$17.50
$18.00
$18.50
$19.00
$19.50
DECLARED DIVIDENDS PER SHARE
Dollars
CONDENSED CONSOLIDATED
BALANCE SHEETS (unaudited)
ASSETS
Cash and due from banks
Interest bearing deposits in financial institutions
Securities available-for-sale
December 31, 2018 December 31, 2017
$
30,384,066
$
26,397,550
26,057,513
43,021,953
458,971,162
495,321,664
Federal Home Loan Bank (FHLB) Federal Reserve Bank (FRB) stock, at cost
3,191,200
3,021,200
Loans receivable, net
Loans held for sale
Bank premises and equipment, net
Accrued income receivable
Other real estate owned
Bank-owned life insurance
Deferred income taxes
Other intangible assets, net
Goodwill
Other assets
Total assets
890,461,479
771,549,655
401,287
-
15,813,196
15,399,146
9,415,570
829,603
2,773,729
3,974,564
2,677,884
9,618,621
1,117,477
8,382,391
385,509
-
2,542,533
1,091,462
6,732,216
1,214,371
$ 1,455,687,351
$
1,375,059,650
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits
Demand, non-interest bearing
$
230,113,170
$
227,332,347
NOW accounts
Savings and money market
Time, $250,000 and over
Other time
Total deposits
Securities sold under agreements to repurchase
Federal Home Loan Bank (FHLB) advances and other borrowings
Dividends payable
Accrued expenses and other liabilities
Total liabilities
STOCKHOLDERS’ EQUITY
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding
9,293,305 and 9,310,913 shares as of December 31, 2018 and 2017, respectively
366,178,715
418,384,284
40,014,550
322,392,945
389,630,180
38,838,782
166,393,120
156,196,433
1,221,083,839
1,134,390,687
40,674,486
14,600,000
2,137,460
4,326,502
37,424,619
26,500,000
2,048,401
3,942,801
1,282,822,287
1,204,306,508
18,586,610
18,621,826
20,461,724
20,878,728
137,891,821
131,684,961
(4,075,091)
(432,373)
172,865,064
170,753,142
2014
2015
2016
2017
2018
$0.72
$0.80
$0.84
$0.88
$1.17
Additional paid-in capital
Retained earnings
Accumulated other comprehensive (loss)
Total stockholders’ equity
$.00
$.15
$.30
$.45
$.60
$.75
$.90
$1.05
$1.20
Total liabilities and stockholders’ equity
$ 1,455,687,351
$
1,375,059,650
14
2018 ANNUAL REPORT | AMES NATIONAL CORPORATION
AMES NATIONAL CORPORATION | 2018 ANNUAL REPORT
15
CONDENSED CONSOLIDATED
SHAREHOLDER
STATEMENTS OF INCOME (unaudited)
INFORMATION
INTEREST AND DIVIDEND INCOME:
Loans
Securities
Taxable
Tax-exempt
Other interest and dividend income
Total interest and dividend 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
NON-INTEREST INCOME:
Wealth management income
Service fees
Securities gains, net
Gain on sale of loans held for sale
Merchant and card fees
Gain on foreclosure of other real estate owned
Other non-interest income
Total non-interest income
NON-INTEREST EXPENSE:
Salaries and employee benefits
Data processing
Occupancy expenses, net
FDIC insurance assessments
Professional fees
Business development
Intangible asset amortization
Data conversion costs
Other operating expenses, net
Total non-interest expense
Income before income taxes
INCOME TAX EXPENSE
NET INCOME
Basic and diluted earnings per share
Declared dividends per share
Years Ended December 31
2018
2017
$
38,013,249
$
34,048,310
6,188,403
4,582,970
942,341
49,726,963
6,841,807
761,389
7,603,196
42,123,767
639,316
41,484,451
3,344,579
1,425,361
-
780,947
1,427,334
162,862
759,854
7,900,937
6,130,696
5,015,696
599,733
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
17,821,753
15,994,036
3,478,640
2,008,331
404,514
1,482,911
1,166,688
430,537
228,854
943,182
27,965,410
21,419,978
4,406,100
17,013,878
1.83
1.17
$
$
$
$
$
$
3,298,080
2,018,553
427,781
1,231,778
1,033,026
369,580
-
1,031,703
25,404,537
21,281,990
7,584,801
13,697,189
1.47
0.88
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
PROFESSIONAL EXPERTS
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 Tuesday, April 23, 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
Fig Partners, LLC | (404) 601-7200
Raymond James | (800) 800-4693
STOCK TRANSFER AGENT
Continental Stock Transfer & Trust
1 State Street, 30th Floor
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 14, 2019.
Additional information is also available by contacting John L. Pierschbacher, CFO at 515-232-6251 or
info@amesnational.com.
16
2018 ANNUAL REPORT | AMES NATIONAL CORPORATION
AMES NATIONAL CORPORATION | 2018 ANNUAL REPORT
17
AFFILIATE
BANKS
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
David J. Selene (Not pictured)
Net Income (in Millions)
Assets (in Millions)
2018
2017
2016
$9.0
$842
$7.2
$7.8
$756
$755
Affiliate Bank: First National Bank
Contact Information:
(515) 232-5561 | www.FNB247.com
Charter: National
Organized: 1903
Offices: Ten locations in Ames, Ankeny,
Johnston, Murray, Osceola and
West Des Moines, Iowa
Number of Employees: 138
Capital: $79 Million
Back Row (Left to Right):
Dan E. Johnson
John P. Nelson
Richard O. Parker
James M. Kurtenbach
Front Row (Left to Right):
Laurie L. Henry
Stephen C. McGill
Michelle R. Cassabaum
Affiliate Bank: State Bank & Trust Co.
Contact Information:
(515) 382-2191 | www.bankSBT.com
Charter: State
Organized: 1939
Offices: One location in Nevada, Iowa
Number of Employees: 19
2018
2017
2016
Capital: $18.4 Million
Net Income (in Millions)
Assets (in Millions)
$2.5
$163
$1.7
$2.3
$159
$161
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
John P. Nelson
Michael P. Carr
Net Income (in Millions)
Assets (in Millions)
2018
$1.7
$126
2017
$1.5
$134
2016
$1.8
$134
Affiliate Bank: Boone Bank & Trust Co.
Contact Information:
(515) 432-6200 | www.boonebankiowa.com
Charter: State
Organized: 1883
Offices: Two locations in Boone, Iowa
Number of Employees: 22
Capital: $14.1 Million
Back Row (Left to Right):
Gary G. Vulgamott
Steven D. Forth
Elaine C. Tekippe
Bill J. Paulus
Michael M. Hrubes
Front Row (Left to Right):
Harold E. Thompson
Richard J. Schreier
John P. Nelson
Neil W. Fell
Net Income (in Millions)
Assets (in Millions)
2018
$3.1
$226
2017
$2.5
$220
2016
$2.7
$223
Affiliate Bank: Reliance State Bank
Contact Information:
(515) 733-4396 | www.RSBiowa.com
Charter: State
Organized: 1928
Offices: Two locations in Story City and
Garner, Iowa
Number of Employees: 32
Capital: $30.2 Million
Back Row
(Left to Right):
John S. Wise
John P. Nelson
Martin L. Mitchell
Middle Row
(Left to Right):
Douglas W. Beals
Kevin L. Swartz
Front Row
(Left to Right):
Kathy L. Baker
Curtis A. Hoff
Robert A. Thomas
Affiliate Bank: United Bank & Trust, N.A.
Contact Information:
(641) 753-5900 | www.ubtna.com
Charter: National
Organized: 2002
Net Income (in Millions)
Assets (in Millions)
2018
$1.1
$108
2017
$1.0
$108
2016
$1.3
$111
Offices: Two locations in Marshalltown, Iowa
Number of Employees: 20
Capital: $13.8 Million
18
2018 ANNUAL REPORT | AMES NATIONAL CORPORATION
AMES NATIONAL CORPORATION | 2018 ANNUAL REPORT
19
COMMUNITY
INVOLVEMENT
EMPLOYEES
VOLUNTEERED
OVER
600
HOURS PER MONTH
OVER
100ORGANIZATIONS
SERVED IN 2018
Living our core values is weaved
throughout our corporate culture
and there is no better example of our
employees’ dedication to community
than by highlighting the many ways that
they choose to serve. Each community is
unique and our Affiliate Banks are play
integral roles in helping our community
members live more productive, educated
and enriched lives.
We truly believe that the success our
company is measured by the success
of our stakeholders – our clients,
community, business partners, employees
and shareholders. We recognize our
civic responsibility and appreciate all of
our employees’ efforts to support the
communities that help us grow.
20
2018 ANNUAL REPORT | AMES NATIONAL CORPORATION
AREAS OF SUPPORT
17 Locations serving 10 Communities
FINANCIAL LITERACY
AND EDUCATION
COMMUNITY AND
ECONOMIC DEVELOPMENT
COMMUNITY
ARTS
AFFORDABLE HOUSING AND
ECONOMIC REVITALIZATION
HEALTH AND
HUMAN SERVICES
YOUTH
PROGRAMS
Ames National Corporation
405 5th Street, Box 846 | Ames, IA 50010
p (515) 232-6251 | f (515) 663-3033
www.amesnational.com
info@amesnational.com