2024
2024
SUMMARY
ANNUAL REPORT
2 2024 Annual Report | Ames National Corporation
Background
Ames National Corporation (the “Company”) is an Iowa-
based bank holding company which was organized on
January 21, 1975, under the laws of the State of Iowa to serve
as a bank holding company.
The Company has six wholly owned affiliate banks including:
• Boone Bank & Trust Co., headquartered in Boone, Iowa,
• First National Bank, headquartered in Ames, Iowa,
• Iowa State Savings Bank, headquartered in Creston, Iowa,
• Reliance State Bank, headquartered in Story City, Iowa,
• State Bank & Trust Co., headquartered in Nevada, Iowa, and
• United Bank & Trust Co. headquartered in Marshalltown,
Iowa.
Since 2012, the Company has completed four bank
acquisitions and continues to be involved in the bank mergers
and acquisitions market.
Affiliate Bank Structure
Each affiliate bank operates independently with its own
board of directors and executive leadership. Decisions
are made locally, which means customers receive quick
responses and services are customized to meet the unique
needs of each community.
The affiliate banks’ lending activities consist primarily of short
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 checking, savings, money market,
and time deposits accounts, cash management services,
wealth management and trust services and merchant credit
card processing. 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 AT A GLANCE
VISION
STATEMENT
CORE VALUES
Ames National Corporation’s foundation is built on these values which guide our actions.
To be one of the
best performing
community banking
organizations in
the Midwest.
EXCELLENCE • INTEGRITY • LEADERSHIP
STABILITY • TRUST • COMMUNITY
MISSION STATEMENT
Customer Focused,
Locally Empowered, and
Team Member Driven.
Ames National Corporation | 2024 Annual Report 3
268 Employees Served . . .
Financial Literacy
Community
& Economic
Development
Health & Human
Services
3 Areas of Support
11
Communities
328
organizations
18
Locations
volunteer
hours
16,309
ANC CORPORATE GIVING HIGHLIGHTS
4 2024 Annual Report | Ames National Corporation
Ames National Corporation (the “Company”) and our
affiliate banks are pleased to share improved profitability
in the fourth quarter of 2024, progress on our strategic
planning priorities for the year, updates to our board of
directors and affiliate bank leadership, and economic
factors impacting our banks.
Financial Results
For much of this year, our banks battled higher interest
expense as savers continued to move deposits from
demand, or lower yielding interest-bearing accounts, to
higher yielding money market and certificate of deposit
accounts. As a result, through the first three quarters
of 2024, limited progress was made by the Company
in improving net interest income despite loans and
investments gradually repricing to higher market interest
rates. For the year ended December 31, 2024, net income
for the Company totaled $10.2 million or $1.14 per share,
compared to $10.8 million or $1.20 per share for the
preceding year of 2023.
In September of 2024, the Federal Reserve Bank lowered
the federal funds interest rate by 50 basis points (bps)
with two additional cuts of 25 bps each in November
and December. This 1% cut in the federal funds interest
rate contributed to the Company’s fourth quarter interest
expense declining by $507 thousand when compared
to the third quarter of 2024. In addition, interest income
improved by $537 thousand from the third to the fourth
quarter of 2024. For the three-months ended December
31, 2024, net income for the Company totaled $3.5 million
or $0.39 per share, compared to $2.1 million or $0.24 per
share for the fourth quarter of 2023.
The graph below reflects the Company’s quarterly net
interest income and net interest margin for the past 5
quarters.
Net loans as of December 31, 2024, increased 2% to $1.30
billion, as compared to $1.28 billion for year-end 2023.
Deposits totaled $1.85 billion as of December 31, 2024,
slightly higher than the $1.81 billion recorded at year-end
2023. The Company’s stockholders’ equity represented
8.2% of total assets as of December 31, 2024, with all six
affiliate banks considered well-capitalized as defined by
federal capital regulations. Stockholders’ equity as of
December 31, 2024, increased $8.9 million from year-end
2023 primarily as a result of lower unrealized losses on the
Company’s investment portfolio.
On November 13, 2024, the Company declared a
quarterly cash dividend on common stock, payable on
February 15, 2025, to stockholders of record as of January
31, 2025, of $0.20 per share.
As of December 31, 2024, the Company had 8,949,110
shares of common stock issued and outstanding. On
November 13, 2024, the Company’s board of directors
approved the repurchase of up to 100,000 shares through
November 11, 2025. The Company repurchased 43,057
shares in the fourth quarter of 2024 at an average price
of $16.35 per share. For the period of January 1, 2025
through January 24, 2025, the Company repurchased
33,553 shares at an average price of $16.41 per share.
There remain 23,390 shares authorized for repurchase
under this repurchase program as of January 24, 2025.
The Company is forecasting earnings for the year ending
December 31, 2025, in the range of $1.72 to $1.82 per
share.
Strategic Planning
The Company’s Board of Directors is pleased with
the success this past year by our Company and bank
management teams in executing on the Company’s
strategic mission, vision, and initiatives. The Company’s
strategic priorities are aligned around growth and
performance; efficiency; talent and culture; data
management; and digital capabilities. Areas of focus in
2024 included:
•
Building a stronger outbound business development
culture supported by a new customer relationship
management (CRM) platform;
LETTER TO SHAREHOLDERS
$11.0
$10.9
$10.9
$11.1
$12.1
2.15%
2.13%
2.14%
2.21%
2.38%
4Q23
1Q24
2Q24
3Q24
4Q24
Net Interest Income
($ in millions)
Net interest margin %
Ames National Corporation | 2024 Annual Report 5
•
Driving continued efficiency improvements by
migration to a stronger shared services model across
the Company’s affiliate banks;
•
Leveraging data across the organization to drive
better decisions and stronger revenues; and
•
Improving the digital experience of our customers
including upgrades to our treasury management
platform for our business customers.
Our Board and management team are excited about
the strategic plan and how its execution is expected to
improve shareholders’ returns, engage team members,
and provide improved customer financial solutions that
will position our organization for long-term success.
Senior Management
In the fourth quarter of 2024, Jeff Putzier announced his
intent to retire effective December 31, 2025. Mr. Putzier
was appointed as President of Boone Bank & Trust Co.
(Boone Bank) in 1999 after having served as Senior Vice
President and Senior Lender at State Bank & Trust Co.
(State Bank) since 1991. Prior to being hired by State Bank,
he served as a safety and soundness examiner with the
Iowa Division of Banking. He has served on the Boone
Bank Board since 1999.
Michael Carr, who currently serves as Senior Vice President
and Senior Lender of Boone Bank, will be promoted to
the President’s role upon Mr. Putzier’s retirement. Mr. Carr
has been with the Company since January of 2000 and has
served on the Boone Bank Board since 2015.
Boards of Directors
We want to thank the Company and affiliate banks’ Board
members who will be retiring this May for their dedicated
service and many contributions towards our success.
David Benson will be retiring from the Company’s Board
of Directors after having served in that role for the past 13
years. Mr. Benson retired in 2022 from Nyemaster Goode,
P.C., a law firm in Ames, Iowa, where he served as an
attorney assisting clients in real estate, estate planning,
estate and trust settlement, tax planning, and charitable
giving matters. Mr. Benson served on the First National
Bank Board of Directors from 2008 to 2022.
Steve Forth will be retiring from the Reliance State Bank
Board of Directors after having served in that role for past
24 years. Mr. Forth brought valuable insights to the board
as a large farm owner and operator. Mr. Forth also served
on the Company’s Board for 17 years prior to retiring from
the board in May of 2024.
Doug Beals has been newly nominated to stand for
election for the Company’s Board of Directors. Mr. Beals
has served on United Bank and Trust Co.’s Board of
Directors since 2018 and currently serves as attorney
with Moore, McKibben, Goodman and Lorenz, LLP in
Marshalltown, Iowa.
We are grateful to our Board members for lending their
expertise to further our mission and for providing us with
valuable insight into the communities we serve.
Economic Outlook
The 2024 election’s impact on the banking industry and
Iowa’s economy is expected to be mixed. On the positive
side, we anticipate fewer regulatory challenges for our
company and many other industries, which should boost
economic activity. However, these benefits might be
offset by changes in international trade agreements, with
the threat of higher import tariffs potentially negatively
affecting commodity prices as other countries retaliate
against U.S. tariffs. Regarding interest rates, Bloomberg
economists’ consensus suggests that short-term interest
rates (federal funds rate) will remain fairly stable, with a 25
basis point cut not fully projected until mid-year 2025.
In Summary
We were pleased to see our net income showing
significant improvement in the fourth quarter of 2024.
We are expecting 2025 earnings to improve as the year
progresses as more loans and investments reprice and
inflation rates remain manageable. We thank all of our
stakeholders for supporting our Company and we look
forward to seeing you at the annual meeting on April 30,
2025.
John P. Nelson
President & CEO
Patrick G. Hagan
Chairman of the Board
6 2024 Annual Report | Ames National Corporation
Net Income
$10.2 Million
Assets
$2.1 Billion
Return on
Average Assets
0.48%
Return on
Average Equity
6.02%
ATLO Closing Price
$16.43
Dividends Declared
Per Share
$0.94
Loan Quality
(as % of gross loans)
Years Ended 2024 2023
Allowance
1.29% 1.30%
Net Charge-Offs 0.03% 0.02%
Market Price Per Share
Years Ended 2024 2023
Closing
$16.43 $21.34
High
$22.41 $25.00
Low
$15.69 $15.01
Per Common Share
Cash Dividends Declared $0.94
Dividend Payout*
82%
Dividend Yield**
4.87%
Year Ended 2024
FINANCIAL HIGHLIGHTS
As of and for the year ended December 31, 2024
* Cash dividends declared divided by net income per share
** Based upon latest quarterly dividend of $0.20 and year-end ATLO closing price
Ames National Corporation | 2024 Annual Report 7
THREE-YEAR FINANCIAL HIGHLIGHTS
$1,800
$27
$1,600
$2.70
$1,000
$200
$1,700
$24
$1,500
$2.40
$900
$190
$1,600
$21
$1,400
$2.10
$800
$180
$1,500
$18
$1,300
$1.80
$700
$170
$1,400
$15
$1,200
$1.50
$600
$160
$1,300
$12
$1,100
$1.20
$500
$150
$1,200
$9
$1,000
$0.90
$400
$140
$1,100
$6
$900
$0.60
$300
$130
$1,000
$3
$800
$0.30
$200
$120
$900
$0
$700
$0.00
$100
$110
2023
$10.8
2023
$1.20
2023
$166
2022
$2,135
2022
$19.3
2022
$1,898
2022
$2.14
2022
$1,226
2022
$149
2024
$2,133
2024
$10.2
2024
$1,847
2024
$1.14
2024
$1,304
2024
$175
Total Assets
Millions of Dollars
Earnings
Millions of Dollars
Total Deposits
Millions of Dollars
Earnings Per Share
Dollars
Total Loans
Millions of Dollars
Capital
Millions of Dollars
$30
$33
$35
$3.00
$3.30
$210
$220
$1,900
$2,000
$2,100
$1,700
$1,800
$1,900
$2,000
$1,100
$1,200
2023
$2,155
2023
$1,812
2023
$1,278
$3.60
$230
$2,200
$1,300
$1,400
PERFORMANCE RECORD
8 2024 Annual Report | Ames National Corporation
AFFILIATE BANKS
Ames National Corporation | 2024 Annual Report 9
10 2024 Annual Report | Ames National Corporation
December 31, 2024
December 31, 2023
ASSETS
Cash and due from banks
$ 19,525
$
24,105
Interest-bearing deposits in financial institutions and federal funds sold
81,702
30,996
Total cash and cash equivalents
101,227
55,101
Interest-bearing time deposits
6,166
8,904
Securities available-for-sale
648,513
736,389
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost
3,883
3,086
Loans receivable, net
1,303,917
1,277,812
Loans held for sale
342
124
Bank premises and equipment, net
21,567
22,549
Accrued income receivable
13,864
12,953
Bank-owned life insurance
3,214
3,131
Deferred income taxes, net
14,056
16,496
Other intangible assets, net
1,092
1,429
Goodwill
12,424
12,424
Other assets
2,915
5,083
Total assets
$
2,133,180
$
2,155,481
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits
Noninterest-bearing checking
$ 358,386
$
370,942
Interest-bearing checking
619,951
611,891
Savings and money market
540,491
552,275
Time, $250 and over
84,996
67,733
Other time
242,858
208,990
Total deposits
1,846,682
1,811,831
Securities sold under agreements to repurchase
52,412
53,994
Other borrowings
46,952
110,588
Dividends payable
1,790
2,428
Accrued interest payable
3,208
4,710
Accrued expenses and other liabilities
7,430
6,142
Total liabilities
1,958,474
1,989,693
STOCKHOLDERS’ EQUITY
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding
8,949,110 and 8,992,167 shares as of December 31, 2024 and 2023, respectively
17,898
17,984
Additional paid-in capital
13,635
14,253
Retained earnings
182,236
180,438
Accumulated other comprehensive (loss)
(39,063)
(46,887)
Total stockholders’ equity
174,706
165,788
Total liabilities and stockholders’ equity
$
2,133,180
$
2,155,481
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
Unaudited
Ames National Corporation | 2024 Annual Report 11
NONINTEREST EXPENSE
Salaries and employee benefits
25,145
23,664
Data processing
6,152
5,985
Occupancy expenses, net
3,007
2,965
FDIC insurance assessments
1,164
1,095
Professional fees
2,605
2,081
Business development
1,373
1,360
Intangible asset amortization
337
502
New Market Tax Credit projects amortization
766
767
Other operating expenses, net
1,431
1,743
Total noninterest expense
41,980
40,162
Income before income taxes
12,241
12,889
Provision for income taxes
2,023
2,072
Net Income
$
10,218
$
10,817
Basic and diluted earnings per share
$
1.14
$
1.20
Declared dividends per share
$
0.94
$
1.08
2024
2023
INTEREST AND DIVIDEND INCOME
Loans, including fees
$ 65,791
$
56,810
Securities
Taxable
12,014
12,674
Tax-exempt
1,994
2,292
Other interest and dividend income
2,808
2,525
Total interest and dividend income
82,607
74,301
INTEREST EXPENSE
Deposits
32,011
24,471
Other borrowed funds
5,620
5,205
Total interest expense
37,631
29,676
Net interest income
44,976
44,625
Credit loss expense
592
789
Net interest income after credit loss expense
44,384
43,836
NONINTEREST INCOME
Wealth management income
5,310
4,649
Service fees
1,450
1,349
Securities gains (losses), net
(165)
35
Gain on sale of loans held for sale
524
362
Merchant and card fees
1,640
1,665
Other noninterest income
1,078
1,155
Total noninterest income
9,837
9,215
Years Ended December 31
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share data)
Unaudited
12 2024 Annual Report | Ames National Corporation
BOONE BANK & TRUST CO.
The rich history of Boone Bank & Trust
Co. begins in December of 1883, when
a meeting was held in Boone for the
purpose of organizing a bank. From that
meeting, “Boone County Bank”, was
formed. When the bank was formed
there were only three businesses
existing in Boone. Boone County Bank
was the original name of what is now
Boone Bank & Trust Co. which originally
operated as a private bank until it was
sold in February of 1911, and it was then
reorganized and granted a state charter
as Boone State Bank. In January 1925
Boone State Bank took over the assets
of the Boone National Bank and in July
of 1930 did the same for Farmers State
Bank. In April of 1933, when all banks
in the nation were closed for the “Bank
Holiday”, the Boone State Bank was
one of four in Boone that closed, but it
re-opened immediately under the name
Boone State Bank & Trust Company.
Boone State Bank & Trust Company
built a new facility in 1974 at 716
Eighth Street in Boone where the bank
operates today. At year-end of 1991,
Ames National Corporation acquired
Boone State Bank & Trust Company. The
name of the bank was changed slightly
to Boone Bank & Trust Co. (Boone Bank).
Boone Bank currently operates from two
locations with 21 employees including
retail and commercial banking experts, trust services, and
an attorney on staff. For ten of the last fifteen years, Boone
Bank has been the largest depository in Boone. Iowa Banking
magazine ranked the return on assets (ROA) for Boone Bank in
the top 20 for C-corporation banks for eleven consecutive years
and in 2004, Boone Bank received the number one ranking in
the state.
Despite the economic hurdles we faced, 2024 was a year of
growth for Boone Bank and the greater Boone community.
The bank reached new levels of performance with deposits
increasing by 9% from a year ago and total loans increased by
12%, setting a record for the bank. Boone is realizing significant
economic development and growth with the recent announcement
that Daisy Dairy will build a new facility in the community. Boone will
also support two new housing developments that are currently under
construction as well as a large remodel planned for The Flex/YMCA.
Other annual highlights include the Boone & Scenic Valley Railroad
(B&SVRR) donation totaling $25,000 for the reconstruction of a
locomotive built in 1949. Initially the locomotive was retired by the
C&O railway in 1986. It was purchased by Farmer’s Cooperative
Company and named “Bondurant Grain Express” and was used to
move railcars around the elevator tracks. After decommissioning in
2008, it was donated to the B&SVRR in 2012. The museum identified
the need for an additional locomotive in 2017, leading to Boone
Bank’s pledge for restoration in 2019. After many years the locomotive
emerged from the restoration shop in July of 2024, featuring the
Boone Bank
logo. Jeffrey
K. Putzier,
Boone Bank
President, said
“I think the
entire bank
staff found it
very gratifying
to see the old
locomotive come back to life and hopefully it will continue to operate
for another 75 years”.
We are a community bank whose roots are in Boone. We build
strong customer relationships by getting to know our customers
and understanding their needs. At Boone Bank, we’re proud of the
strength and stability of our bank, the products and services we offer
and the people we work with. With the bank’s long-standing history
and sound leadership, our commitment to the people and community
of Boone remains strong.
Ames National Corporation | 2024 Annual Report 13
Jeff Putzier plans to retire from his position as President, CEO & Trust Officer of Boone
Bank & Trust Co. (Boone Bank) at the end of 2025, marking 34 successful years of bank
leadership within the Ames National Corporation family of banks.
Originally from Storm Lake, Jeff graduated with a degree in accounting from Buena Vista
University in 1985. He started his professional career as a bank examiner for the Iowa
Department of Banking. Jeff noted that in 1985 they were closing a lot of banks and one
of the banks he examined was State Bank & Trust Co. (State Bank) in Nevada. Because
he was familiar with State Bank and their stability, he joined their team in 1991 as Vice
President & Senior Lender and later joined the State Bank Board of Directors in 1993.
RETIREMENT JEFFREY K. PUTZIER
In early 1999, Jeff was asked to go to Boone to
assist with leading a reorganization. What he
thought was a temporary placement, turned into him
being appointed President & CEO of Boone Bank
and becoming a permanent resident of the Boone
community by the end of 1999. Jeff and his wife
of 41 years, Jane, made Boone their home as they
raised their three daughters.
Jeff has held many positions within the bank over
the years including lending, compliance, and trust.
Throughout his career, Jeff witnessed many changes
in banking. He shared a few memories, remembering
when typewriters were more common than
computers and bookkeeping work was transported
back and forth to Ames. He began his banking
career in an era when loan payments were posted
to the back of promissory notes, interest payments
were calculated manually, and consumer credit
bureau reports and operating lines of credit were
not commonplace.
A few of Jeff’s career highlights include being
featured on the cover of
Iowa Banking Magazine
showcasing Boone
Bank as the highest
performing bank in
the state of Iowa in
2004. Other career
milestones for Jeff
include serving in many
leadership roles and on
boards including Iowa
Bankers Association,
Iowa Bankers Insurance Services also serving as the
Chairman, Boone Education Endowment Foundation,
DMACC Board, Economic Development Board,
Boone County Compensation Board, and Boone
County Condemnation Board.
Reflecting on his years with Boone Bank, Jeff said:
“I have always enjoyed working with the customers
and the employees of the bank.”
Michael Carr, Senior Vice
President and Senior
Loan Officer has been
with Boone Bank for 25
years and will be named
President in 2026. He is
an Iowa State University
graduate and enjoys
cheering on the Cyclones.
He has worked in all
departments of the bank
which makes for a well-
rounded bank president.
Prior to his departure, Jeff
will continue to work with
Michael to provide for a
smooth transition.
We extend our best wishes to Jeff for good health
and happiness as he approaches retirement and
offer our support to Michael as he steps into the role
as Jeff’s successor.
Jeff Putzier
Michael Carr
Senior Vice President & Senior
Loan Officer
14 2024 Annual Report | Ames National Corporation
BOARD OF DIRECTORS
Jeffery 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 Officer,
21st Century Rehab P.C.
Lisa M. Eslinger
Retired Chief Financial and
Administrative Officer for the Iowa
State University Foundation
Patrick G. Hagan
Chairman of the Board
Retired Senior Vice President of
Fareway Stores, Inc.
Everett S. Miles
Vice President, Enterprise, Strategy,
Innovation, and Capital Markets
Principal Financial Group
John P. Nelson
President & CEO of the Company
John L. Pierschbacher
Retired Chief Financial Officer
of the Company
Kevin L. Swartz
Retired Chief Executive Officer,
Wolfe Clinic PC
Scot A. Trost
Farm Owner and Operator
Ames National Corporation | 2024 Annual Report 15
SHAREHOLDER INFORMATION
Annual Meeting
The Board of Directors of Ames National Corporation has
established Wednesday, April 30, 2025, at 4:30 p.m. as the
date of its Annual Meeting of Shareholders.
The meeting will be held at Reiman Gardens,
1407 University Blvd, Ames, Iowa 50011 and shareholders
are encouraged to attend.
External Auditor
Forvis Mazars, LLP
Springfield, MO
Counsel
Nyemaster Goode, P.C.,
Des Moines, IA
Market Makers and Brokers
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.
First Point Wealth Management, First National Bank,
405 5th Street, Ames, IA 50010 (515) 715-1942
D.A. Davidson | (800) 394-9230
Raymond James Financial Inc. | (800) 248-8863
Stock Transfer Agent
Continental Stock Transfer & Trust
1 State Street, 30th Floor
New York, NY 10004
(212) 509-4000
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 at amesnational.com on or about March 14, 2025.
Additional information is also available by contacting
Justin Clausen, CFO at 515-232-6251 or
info@amesnational.com.
The Private Securities Litigation Reform Act of 1995 provides the Company
with the opportunity to make cautionary statements regarding forward-looking
statements contained in this Summary Annual Report, including forward-
looking statements concerning the Company’s future performance and
asset quality. Forward-looking statements contained in this Summary Annual
Report are not historical facts and are based on management’s current beliefs,
assumptions, predictions and expectations of future events, including the
Company’s future performance, taking into account all information currently
available to management. These beliefs, assumptions, predictions and
expectations are subject to numerous risks and uncertainties and can change
as a result of many possible events or factors, not all of which are known
to management and many of which are beyond management’s control. If a
change occurs, the Company’s business, financial condition, liquidity, results
of operations, asset quality, plans and objectives may vary materially from
those expressed in the forward-looking statements. Accordingly, investors are
cautioned not to place undue reliance on such forward-looking statements.
These statements are often, but not always, made through the use of words or
phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,”
“potential,” “should,” “will,” “estimate,” “plans,” “projects,” “forecasts”,
“continuing,” “ongoing,” “expects,” “views,” “intends” and similar words
or phrases. The risks and uncertainties that may affect the Company’s future
performance and asset quality include, but are not limited to, the following:
national, regional and local economic conditions and the impact they may
have on the Company and its customers; competitive products and pricing
available in the marketplace; changes in credit and other risks posed by the
Company’s loan and investment portfolios, including declines in commercial
or residential real estate values or changes in the allowance for credit losses
as dictated by new market conditions or regulatory requirements; changes in
local, national and international economic conditions, including rising inflation
rates; fiscal and monetary policies of the U.S. government; the imposition of
tariffs and retaliatory tariffs; changes in governmental regulations affecting
financial institutions (including regulatory fees and capital requirements);
changes in prevailing interest rates; credit risk management and asset/liability
management; the financial and securities markets; the availability of and cost
associated with sources of liquidity; and other risks and uncertainties inherent
in the Company’s business, including those discussed under the headings
“Forward-Looking Statements and Business Risks” and “Risk Factors” in the
Company’s Annual Report on Form 10-K for the year-ended December 31,
2023. Any forward-looking statements are qualified in their entirety by the
foregoing risks and uncertainties and speak only as of the date on which such
statements are made. The Company undertakes no obligation to revise or
update such forward-looking statements to reflect events or circumstances
after the date on which the statements are made or to reflect the occurrence of
unanticipated events.
Ames National Corporation
323 6th Street | P.O. Box 846
Ames, IA 50010
(515) 232-6251 | Fax (515) 598-7871
info@amesnational.com | amesnational.com