2022 SUMMARY
ANNUAL REPORT
AMES NATIONAL CORPORATION AT A GLANCE
Background
Affi liate Bank Structure
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.
Each affi liate 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.
In 1983, ANC acquired the stock of State Bank & Trust Co.
located in Nevada, Iowa; in 1991, ANC acquired Boone
Bank & Trust Co., located in Boone, Iowa; in 1995, ANC
acquired the stock of 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 offi ce located in Garner, Iowa. In 2014, First National
Bank acquired two offi ces in West Des Moines and two in
Osceola, Iowa, in 2018. In 2019, ANC acquired Iowa State
Savings Bank headquartered in Creston, Iowa.
The affi liate 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. Affi liate banks also offer a
variety of checking, savings, money market, and time
deposits accounts; cash management services; wealth
management and trust 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, mobile wallet, online statements, and
debit cards.
Ames National Corporation’s Services
ANC provides various services to the affi liate banks, which include: management assistance, payroll,
internal auditing, human resources, compliance management, marketing assistance, loan review,
technology support, and employee training and development. ANC employees seek to incorporate
effi ciencies across the affi liate banks’ operational functions so the affi liate bank management teams can
focus on what they do best... banking and taking care of customers’ fi nancial needs.
NOTABLE COMMUNITY GIVING
Creston, Iowa, has been experiencing a
major daycare shortage. Daycare is essential
to the economic vitality of all communities.
To help fi ll this need, Iowa State Savings
Bank (ISSB) donated $50,000 toward the
building of the Greater Connections
Childhood Development Center, scheduled
to open mid-2023.
ISSB is trustee for the W. D. and Shirley
Schafer-Ray Educational Trust. In 2022,
the Trust awarded more than $95,000
to 19 local scholarship recipients.
As trustee, ISSB’s Trust Department
collected, reviewed, and selected the
recipients on behalf of the Trust.
MISSION STATEMENT
Ames National Corporation is a results-oriented fi nancial services holding company providing
leadership, counsel, and support to its community affi liate banks and superior performance for its
shareholders.
CORE VALUES
Ames National Corporation’s foundation is built on these values which guide our actions.
E XC E L L E N C E • I N T E G R I T Y • L E A D E R S H I P
S TA B I L I T Y • T R U S T • C O M M U N I T Y
STRATEGIC DIRECTION
The Ames National Corporation’s fi ve-year strategic plan is focused on three driving initiatives:
Employee Engagement. Enhance systems and activities to acquire, develop, and retain employees.
Customer Engagement. Develop a customer experience that supports relationship growth and customer
acquisition.
Continuous Improvement. Continually improve key processes to increase customer engagement, employee
engagement, and shareholder value.
Mary Nedved received their awards during the IBA Annual
Convention in September 2022.
“Each year, it’s amazing to hear these bankers’ stories of
dedication to their communities and the many relationships they
have formed throughout their 50-plus years of service. We’re
honored to be able to celebrate their exemplary commitment
and experience,” said IBA President and CEO John Sorensen.
“This event allows us the opportunity to recognize these
legendary bankers among their family and friends, and in an
environment that sets an example for our younger generation of
bankers.”
Bill Paulus, Market President for Reliance State Bank in Garner,
commended the award winners. “Wow, what an accomplishment.
It is a great achievement to provide great customer service in
banking for 50 years, but it is even more impressive that you’ve
been serving all those years at the same location. Thank you,
Gloria, Barbara, and Mary, for everything you do. We appreciate
you.”
SPECIAL RECOGNITION
Three staff members with Reliance State Bank of
Garner, Iowa, were honored by the Iowa Bankers
Association (IBA) for 50 years of service in banking.
Recipients Gloria Halverson, Barbara Blumer, and
LETTER TO SHAREHOLDERS
Ames National Corporation (the “Company”) and our
affi liate banks continued to deliver on our mission to our
customers, employees, and shareholders, and we are
pleased to share our 2022 accomplishments.
Financial Results
For the year ended December 31, 2022, net income for
the Company totaled $19.3 million or $2.14 per share,
compared to $23.9 million or $2.62 per share earned in
2021. The decrease in earnings for the year is mainly due
to higher interest expense on deposits and fewer Paycheck
Protection Program (“PPP”) fees recognized into income,
offset in part by an increase in interest income on loans and
taxable securities. PPP fees for the year ended December
31, 2022, totaled $218,000 compared to $4.3 million for the
previous year. The higher expense on deposits is due to an
increase in market interest rates. In 2022, the Federal Open
Market Committee has increased its target for the federal
funds interest rate by 4.25%. This increase in interest rates
caused a signifi cant unrealized loss on our investment
portfolio, which was the main driver for the $58.7 million
decrease in our stockholders’ equity. These unrealized
losses on the investment portfolio should recover as the
investments mature or sooner if interest rates decline.
Highlights & Accomplishments
Banking is constantly evolving, new technology is
continuously being introduced into banking systems, and
our banks are implementing improved fi nancial products
and services. Here are four examples highlighting the
developments within the Company’s affi liate banks in 2022:
Relationship Checking. All of our affi liate banks rolled
out three new Relationship Checking products to reward
our customers for banking with us...The way they prefer
to bank.
Clover®. Through a partnership with Clover® our
affi liate banks have been able to offer our retail business
customers a unifi ed merchant card service and point of
sales solutions.
Deposit Director Flex. Our affi liates have fully
automated the process of opening checking and savings
accounts online, providing convenience for consumers
4 2022 Annual Report | Ames National Corporation
and freeing up staff to spend time meeting customers’
needs.
nCino. First National Bank launched nCino’s cloud-
based bank operating system streamlining retail loan
applications. As a result of this new online application
process, customers will fi nd it easier and quicker to apply
for loans.
Boards of Directors
During 2022, Patrick G. Hagan was elected Chairman of
the Company’s Board of Directors. Hagan has served as
Director of the Company since 2017. He retired in 2019 as
Senior Vice President and Treasurer of Fareway Stores, Inc.,
a large privately owned grocery store chain headquartered
in Iowa. Prior to joining Fareway, he was Executive Vice
President and Director of Citizens National Bank in Boone,
Iowa, for fi ve years. Mr. Hagan has also served on Boone
Bank & Trust Co.’s Board of Directors since 2015.
Thomas H. Pohlman will be retiring from the Company’s
and First National Bank’s Board of Directors when his
present board terms expire in April of 2023. He has
served as a Director of the Company since 2007, and as
President and Chief Executive Offi cer of the Company
from 2007 to June 2018. From 2000 to 2008, Pohlman
served as President of First National Bank. We extend our
sincere thanks to Tom for his dedication and service to our
Company and affi liate banks.
In December 2022, Dr. Mike Roof was named to First
National Bank’s Board of Directors. Mike serves as
the Chief Technology Offi cer for the Vaccines and
Immunotherapeutic research and innovation platform,
which supports the State of Iowa’s biosciences-based
economic growth initiative for technology transfer and
commercialization in the vaccine and immunotherapeutic
area.
Also being named to First National Bank’s Board of
Directors in December of 2022 was Everett Miles. Everett
serves as Vice President, Capital Markets at the Principal
Financial Group®, and has an extensive domestic and
international background in long-term capital planning,
acquisition, and strategy.
We also want to thank Neil Fell who serves on Reliance
State Bank’s Board of Directors for his service. Neil will be
retiring from the Reliance Board in April 2023 and served
the Company as the Market President of Reliance from
2012 to 2017. He has been an instrumental part of the
success of adding the Garner market to Reliance State
Bank. We appreciate Neil’s efforts and all of our Company
and affi liate bank Board members for lending their
expertise to further our mission, and for providing us with
valuable insights into the communities we serve.
Banking Economic Outlook
One of the biggest questions we have as bankers as we
look at 2023 is “How high will the Federal Reserve raise
interest rates to bring the rate of infl ation down to a
satisfactory level?,” said President & CEO John P. Nelson.
Presently, the economic forecast we utilize to estimate
future Federal Funds interest rates for 2023 indicates the
rate will peak at 4.9% in June 2023. The latest Consumer
Price Index All Urban Consumer (CPI) was up 6.5% during
2022. As short-term interest rate levels become more
aligned with infl ation rates, we are hopeful interest rates will
not be as volatile in 2023 as they were in 2022.
The run-up in interest rates in 2022 is likely going to impact
our 2023 earnings results; we are forecasting interest expense
to increase faster than interest income, as deposit rates move
higher more quickly than rates on loans and investments.
Despite higher interest rates, we were able to grow loans
to a record $1.2 billion, a 7% annual increase. In addition,
loan quality indicators remain favorable for the Company.
Fourth quarter Gross Domestic Product (GDP) came in at
an improved 2.9% in the fourth quarter of 2022, which was
a healthy improvement from the negative quarterly results
posted earlier in 2022.
In Summary
The Company and our industry had to navigate a
challenging economic environment in 2022 as we dealt
with infl ation and interest rates increasing at their fastest
pace in last 40 years. We feel fortunate that in spite of
these challenges we were able to meet our budgeted
earnings goal.
In 2023, the Company Board and senior management
will engage in a strategic planning retreat to reassess
our strategic initiatives. Our current plan was centered
on customer engagement, employee engagement, and
continuous improvement initiatives. This plan proved
to be very successful and since the start of 2019, total
assets were up 46%, loans grew 38%, and deposits
increased 55%, which contributed to record earnings of
nearly $19 million for the year ended 2020 and another
record earning year of $24 million for 2021. We are
looking forward to bringing our leaders together to think
strategically about the best ways to serve our customers,
employees, and shareholders in the quickly changing
fi nancial services industry.
We thank all of our stakeholders for supporting our
Company and we look forward to seeing you at the annual
meeting on April 26, 2023.
Annual Meeting
We look forward to providing you additional fi nancial
highlights at our Annual Meeting of Shareholders
which will be held on April 26, 2023, at 4:30 p.m.
More details are available on page 15 of this report.
Patrick G. Hagan
Chairman of the Board
John P. Nelson
President & CEO
FINANCIAL HIGHLIGHTS
As of and for the year ended December 31, 2022
Net Income
$19.3 Million
Assets
$2.1 Billion
Dividends Declared
Per Share
$1.08
Return on
Average Assets
0.90%
Return on
Average Equity
11.43%
ATLO Closing
Price
$23.61
Per Common Share
Year Ended 2022
Loan Quality
(as % of gross loans)
Years Ended 2022 2021
Market Price Per Share
Years Ended 2022 2021
Cash Dividends Declared $1.08
Dividend Payout*
50%
Dividend Yield**
4.57%
Allowance
1.26% 1.43%
Closing
$23.61 $24.49
Net Charge-Off s 0.00% -0.01%
Non-Performing 1.19% 1.11%
High
Low
$25.55 $27.90
$20.16 $22.04
* Cash dividends declared divided by net income
** Based upon latest quarterly dividend of $0.27 and year-end ALTO closing price
orporatioionnon
6 2022 Annual Report | Ames National Corporation
6 202022 Annunual
Report || Ames Nat oiona
al Corprporo at
l Report |
s Nationaonal
PERFORMANCE RECORD
THREE-YEAR FINANCIAL HIGHLIGHTS
$25
$24
$23
$22
$21
$20
$19
$18
$17
$16
$15
$14
$13
$2,200
$2,100
$2,000
$1,900
$1,800
$1,700
$1,600
$1,500
$1,400
$1,300
$1,200
$1,100
$1,000
$900
.
3
9
1
$
2
2
0
2
.
9
3
2
$
1
2
0
2
Earnings
Millions of Dollars
5
3
1
2
$
,
2
2
0
2
3
8
0
2
$
,
1
2
0
2
.
9
8
1
$
0
2
0
2
6
6
8
1
$
,
0
2
0
2
$2.70
$2.60
$2.50
$2.40
$2.30
$2.20
$2.10
$2.00
$1.90
$1.80
$1.70
$1.60
$1.50
$2,000
$1,900
$1,800
$1,700
$1,600
$1,500
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
4
1
2
$
.
2
2
0
2
2
6
2
$
.
1
2
0
2
Earnings Per Share
Dollars
1
0
9
1
$
,
2
2
0
2
3
2
8
1
$
,
1
2
0
2
6
0
2
$
.
0
2
0
2
1
1
6
1
$
,
0
2
0
2
Average Total Assets
Millions of Dollars
Average Deposits
Millions of Dollars
$230
$220
$210
$200
$190
$180
$170
$160
$150
$140
$130
$120
$110
$1,400
$1,300
$1,200
$1,100
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
8
0
2
$
1
2
0
2
9
4
1
$
2
2
0
2
Capital
Millions of Dollars
9
6
1
1
$
,
2
4
1
1
$
,
2
2
0
2
1
2
0
2
Average Loans
Millions of Dollars
9
0
2
$
0
2
0
2
8
3
1
1
$
,
0
2
0
2
AFFILIATE BANKS
8 2022 Annual Report | Ames National Corporation
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
Unaudited
ASSETS
Cash and due from banks
Interest-bearing deposits in fi nancial institutions and federal funds sold
Total cash and cash equivalents
Interest-bearing time deposits
Securities available-for-sale
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost
Loans receivable, net
Loans held for sale
Bank premises and equipment, net
Accrued income receivable
Bank-owned life insurance
Deferred income taxes, net
Other intangible assets, net
Goodwill
Other assets
Total assets
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits
Non-interest bearing checking
Interest bearing checking
Savings and money market
Time, $250 and over
Other time
Total deposits
Securities sold under agreements to repurchase
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
8,992,167 and 9,092,167 shares as of December 31, 2022 and 2021, respectively
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Total stockholders’ equity
December 31, 2022
December 31, 2021
$ 20,819
$
7,065
27,884
14,669
786,438
4,613
1,226,011
154
18,895
11,275
3,054
22,130
1,931
12,424
5,448
19,590
69,539
89,129
16,922
831,003
3,422
1,144,108
-
17,512
10,124
2,985
1,922
2,505
12,424
4,985
$
2,134,926
$
2,137,041
$ 391,576
$
617,379
675,031
42,886
171,085
1,897,957
40,676
39,120
2,428
5,647
411,585
575,997
674,975
40,793
174,699
1,878,019
39,851
3,000
2,364
6,029
1,985,828
1,929,263
17,984
18,184
14,253
179,931
(63,070)
149,098
16,353
170,377
2,864
207,778
Total liabilities and stockholders’ equity
$
2,134,926
$
2,137,041
10 2022 Annual Report | Ames National Corporation
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
Unaudited
INTEREST AND DIVIDEND INCOME
Loans, including fees
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 (credit) for loan losses
Net interest income after provision (credit) 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 benefi ts
Data processing
Occupancy expenses, net
FDIC insurance assessments
Professional fees
Business development
Intangible asset amortization
New Market Tax Credit projects amortization
Other operating expenses, net
Total noninterest expense
Income before income taxes
Provision for income taxes
Net Income
Basic and diluted earnings per share
Declared dividends per share
Years Ended December 31
2022
2021
$ 45,956
$
47,829
12,101
2,595
901
61,553
7,316
993
8,309
53,244
(874)
54,118
4,938
1,351
37
606
1,817
938
9,687
22,909
6,153
2,945
608
1,888
1,427
574
755
1,385
38,644
25,161
5,868
19,293
2.14
$
$
1.08
$
8,861
3,095
697
60,482
4,342
143
4,485
55,997
(757)
56,754
4,448
1,474
24
1,673
2,019
899
10,537
22,281
5,549
2,664
578
1,663
1,465
628
639
1,151
36,618
30,673
6,760
23,913
2.62
1.29
$
$
$
FIRST NATIONAL BANK
Scott T. Bauer
President
First National Bank
Community Focused | Innovative
Responsive | Secure | Trustworthy
We place tremendous signifi cance in
these fi ve phrases that defi ne the values
of First National Bank. We take great
pride in our virtues, which have earned
us a reputation as a bank that goes
above and beyond for our customers,
delivering What Banking Should Be...
in a way that is meaningful for each
customer.
Our goal is to contribute just a little
bit more than is expected to each of
our relationships; this simple formula
continues to allow us to be successful.
We started in 1903 as Ames Savings
Bank, located solely in Ames. Then we
became Ames National Bank in 1913.
In 1967, the name was changed to First
National Bank under a national charter.
In 1971, First National Bank opened
its doors at its present Main Branch
location at 405 5th Street in Ames, Iowa.
Since then, the bank has fl ourished, with
locations in Ames, Ankeny, West Des
Moines, and Osceola.
And, while we’ve made considerable
technological advancements over the
years, we’re still a community bank,
providing superior commercial and retail
services for our customers.
You can fi nd our branches on main
street, as well as in urban areas, but
always supporting the fi nancial wellness
of our customers, businesses, agricultural
partners, and the communities we call
home.
Our employees are your friends and
neighbors, working together to support
each other and our local economies.
Valley Junction Branch
First National Bank’s new Valley Junction branch, which replaced
a sorely outdated bank location, opened its doors in July 2022.
Designers of the building took inspiration from the mid-century
modern style of several surrounding buildings in this thriving
commercial district. The combination of a rising metropolitan
population, an attractive, walkable historic commercial district, a
strong economic environment, and a fl ourishing tourist hub, makes
Valley Junction one of the most desirable markets in the metro.
Our fi scal responsibility and strength, local decision-making, hometown
involvement, and community giving are what sets our community bank
apart from the rest.
We are committed to meeting the changing needs of our customers and
provide exceptional customer service. And we will continue to have a
vested interest in the overall prosperity of the communities we serve.
Our mission is to help our customers achieve economic success and
fi nancial security, thereby making the communities we serve better places
to live, work, and raise a family.
We will continue to focus on maintaining our fi nancial strength. Strong
capital and expense controls will enable us to continue to take advantage
of opportunities in the markets we serve.
12 2022 Annual Report | Ames National Corporation
3 Areas of Support
272 Employees Served . . .
Financial Literacy
Community & Economic
Development
Health & Human
Services
225
organizations
18Locations
11Communities
9,971
volunteer
hours
DAN JOHNSON
STATE BANK & TRUST CO.
State Bank & Trust Co. President
Steve McGill retired January 13,
2023.
State Bank & Trust Co.’s Executive
Vice President and Director Dan
Johnson assumed the role as
President January 16, 2023.
Johnson started with State Bank
& Trust Co. in July 2011, where
he has managed the bank’s loan
department, with primary duties
focused on large agricultural and
commercial lines, participations,
and bank-wide regulatory
compliance.
Johnson is a graduate with honors
of the Graduate School of Banking
at the University of Colorado in
Boulder Colorado.
He also holds a bachelor’s degree
in Ag Business from Iowa State
University.
Johnson is a current instructor at
the Iowa Bankers Association’s
Commercial Lending School and
Consumer Lending School, and is
a former advisory board member.
Dan Johnson
BOARD OF DIRECTORS
Jeffrey C. Baker
Retired partner from RSM US LLP
Betty A. Baudler Horras
President, Baudler Enterprises, Inc.
David W. Benson
Retired attorney from Nyemaster
Goode, P.C.
Michelle R. Cassabaum
Chief Operating & Financial Offi cer,
21st Century Rehab P.C.
Patrick G. Hagan
Chairman of the Board
Retired Senior Vice President of
Fareway Stores, Inc.
James R. Larson II
President, Larson Development
Corporation
John P. Nelson
President & CEO
John L. Pierschbacher
Chief Financial Offi cer
Lisa M. Eslinger
Retired Chief Financial and
Administrative Offi cer for the Iowa
State University Foundation
Thomas H. Pohlman
Former Chairman of the Board and
retired President of Ames National
Corporation
Steven D. Forth
Farm Owner and Operator
Kevin L. Swartz
Retired Chief Executive Offi cer,
Wolfe Clinic PC
14 2022 Annual Report | Ames National Corporation
AMES NATIONAL
TEAM
John P. Nelson
President & CEO
John L. Pierschbacher
Chief Financial Offi cer
Michael A. Wilson
Executive Vice President, Innovation &
Corporate Services
Timothy J. Lupardus
Senior Vice President, Chief Information Offi cer
Joel L. Regenwether
Senior Vice President, Operations Project
Manager
Dena M. Gray-Fisher
Vice President & Marketing Director
Matthew R. Hackbart
Vice President, Information Technology
Jennifer J. Hanson
Vice President & Human Resources Director
Joel P. Jacobsen
Vice President & Risk Management Offi cer
Tracy W. Laws
Vice President & Internal Auditor
David A. Troe
Vice President & Valuation Offi cer
Justin C. Clausen
Controller
Paul M. Crowe
Information Technology Systems Admin I
Dan J. Giesinger
Microsoft 365 Administrator
Lori J. Hill
Valuation Services Coordinator &
Administrative Offi cer
Melodee L. Kelley
Payroll Offi cer
Doug S.H. Kinsey
Information Technology Systems Admin II
Tyler D. Nablo
Information Technology Support Analyst II
Marie Roberts
Accounting Specialist
Erica Weeks-Burger
Training & Development Manager
12/31/2022
SHAREHOLDER INFORMATION
Annual Meeting
Market Makers and Brokers
The Board of Directors of Ames National Corporation has
established Wednesday, April 26, 2023, at 4:30 p.m. as the
date of its Annual Meeting of Shareholders.
Ames National Corporation’s common stock is listed on
the NASDAQ Capital Market under the symbol “ATLO.”
To purchase stock, contact a Market Maker or Broker.
The in-person meeting will be held at Reiman Gardens,
1407 University Blvd, Ames, Iowa 50011.
First Point Wealth Management, First National Bank,
405 5th Street, Ames, IA 50010 (515) 715-1942
Shareholders are encouraged to attend the Annual
Meeting in person or virtually through a live broadcast.
D.A. Davidson | (800) 642-5082
Raymond James Financial Inc. | (800) 248-8863
To participate virtually, visit Ames National Corporation’s
website at: amesnational.com to fi nd information on how
to access and view the broadcast, as well as participate
in the Question and Answer segment. Shareholders are
encouraged to vote their shares in advance by proxy after
the proxy materials have been mailed, as online voting will
not be available through the broadcast.
Stock Transfer Agent
Continental Stock Transfer & Trust
1 State Street, 30th Floor
New York, NY 10004
(212) 509-4000
continentalstock.com
Professional Experts
External Auditor
CliftonLarsonAllen LLP, West Des Moines, IA
Counsel
Nyemaster Goode, P.C., Des Moines, IA
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 at amesnational.com, at Financial Information,
SEC Filings on or about March 10, 2023.
Additional information is also available by contacting
John L. Pierschbacher, CFO at 515-232-6251 or
info@amesnational.com.
Ames National Corporation
P.O. Box 846 | 405 5th Street
Ames, IA 50010
(515) 232-6251 | Fax (515) 598-7871
info@amesnational.com | amesnational.com
CUSIP: 031001 100
Job Number: P8659
February 2023