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Ames National Corporation

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Industry Banks - Regional
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FY2025 Annual Report · Ames National Corporation
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ANNUAL
REPORT
www.amesnational.com
2025

2          2025 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
To be one of the 
best performing 
community banking 
organizations in  
the Midwest.
CORE VALUES
Ames National Corporation’s foundation is built 
on these values which guide our actions.
EXCELLENCE  
INTEGRITY  
LEADERSHIP 
STABILITY 
TRUST 
COMMUNITY
MISSION 
STATEMENT
Customer Focused,  
Locally Empowered, and 
Team Member Driven.

  Ames National Corporation  |  2025 Annual Report          3
11
COMMUNITIES
Financial Literacy
Community 
& Economic 
Development
Health & Human 
Services
3 Areas of Support
310 
ORGANIZATIONS
18
LOCATIONS
260 Employees Served . . .
VOLUNTEER HOURS
10,985
10,985
ANC CORPORATE GIVING HIGHLIGHTS

4          2025 Annual Report  |  Ames National Corporation
Ames National Corporation (the “Company”) and our 
affiliate banks are pleased to report a strong rebound in 
profitability for the 2025 calendar year, steady progress in 
achieving strategic planning priorities, changes regarding 
our boards of directors, and economic factors impacting 
our banks.
Financial Results 
For the year ended December 31, 2025, net income for 
the Company totaled $19.0 million or $2.14 per share, 
compared to $10.2 million or $1.14 per share for the 
preceding year of 2024. Lower interest expense on 
deposits and other borrowings combined with higher loan 
and investment yields were the primary factors driving the 
improved profitability year over year.  
In September of 2025, the Federal Reserve Bank lowered 
the federal funds interest rate by 25 basis points (bps) with 
two additional cuts of 25 bps in October and December.  
This 75bps cut coupled with 2024 cuts of 1% in the federal 
funds interest rate was the primary reason for interest 
expense declining by $6.2 million in 2025 compared to 
2024. In addition, interest income on loans improved 
by $2.6 million year over year as average loan yields 
improved 20 bps in 2025 over the previous year as a result 
of low yielding, longer term fixed rate loans repricing to 
higher market interest rates.
The graph below reflects the Company’s steady 
improvement in net interest income and net interest 
margin for the past 5 quarters.
 Net loans as of December 31, 2025, decreased 2% to 
$1.28 billion, as compared to $1.30 billion for year-end 
2024. Factors contributing to the lack of loan growth 
include a large loan payoff and a slowdown in economic 
activity in the State of Iowa impacted by depressed 
agricultural commodity prices, and higher real estate 
construction costs. Deposits totaled $1.85 billion as of 
December 31, 2025, relatively unchanged from a year 
ago. The Company’s stockholders’ equity represented 
9.7% of total assets as of December 31, 2025, with all six 
affiliate banks considered well-capitalized as defined by 
federal capital regulations. Stockholders’ equity as of 
December 31, 2025, increased $33 million from year end 
2024 primarily as the result of lower unrealized losses on 
the Company’s investment portfolio and retention of net 
income in excess of dividends.
As of December 31, 2025, the Company had 8,857,220 
shares of common stock issued and outstanding. The 
Company completed the repurchase of 100,000 shares 
of stock at an average cost of $16.55 per share under 
the repurchase program approved in November 2024. 
Subsequently in August of 2025, the Company’s Board 
approved the repurchase of an additional 200,000 shares 
through November 17, 2026. The Company purchased 
34,947 shares at an average price of $20.98 per share 
through December 31,2025; leaving 165,053 shares 
available to be repurchased under the latest repurchase 
program.
The Company is forecasting earnings for the year ending 
December 31, 2026, in the range of $2.70 to $2.80 per 
share, or $24.4 million using the midpoint of the range.  
Strategic Planning 
The Company’s Board of Directors are pleased with 
the success this past year by our Company and bank 
management teams 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 include:
•	
Building a stronger outbound business development 	
	
culture supported by the delivery and launch of our 	
	
new customer relationship management platform;
•	
Driving continued efficiency improvements by 		
	
migrating to a stronger shared services model across 	
	
the Company’s affiliate banks;
LETTER TO SHAREHOLDERS

  Ames National Corporation  |  2025 Annual Report          5
•	
Leveraging data across the organization to drive 	
	
better decisions and stronger revenues; and
•	
Improving the digital experience of our customers 	
	
including the launch of a new commercial digital  
	
banking platform to upgrade our treasury 	
	
	
management services.
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.
The Company will come together in the first half of 2026 
to further build out our objectives for the 2026-2029 
strategic planning cycle.
Boards of Directors 
Betty Baudler Horras will be retiring from 
the Company’s Board of Directors after 
having served in that role since May of 
2000. Betty serves as President of Baudler 
Enterprises, Inc., dba as Sign Pro, a sign 
and graphics business located in Ames, 
Iowa and is the former owner and general 
manager of three radio stations located 
in Ames and Carroll, Iowa. She has also 
served on the First National Bank Board of Directors 
since 1991. Betty has served on the Company’s Personnel, 
Nominating, Loan and Audit Committees throughout her 
tenure and we will miss her engagement and business 
acumen upon her retirement.  
Amy Rieck has been newly nominated to 
stand for election for the Company’s Board 
of Directors.  Amy has served on Iowa State 
Savings Bank’s Board of Directors since 2019 
and currently serves as the Chief Human 
Resources Officer of Greater Iowa Health 
in Creston, Iowa. Amy and her husband own and operate 
KSIB, a radio station located in Creston, Iowa. In addition, 
they are partial owners of Champion Steaks, LLC, a retail 
meat distributor and livestock feed and supply business.
Rebecca Reisinger joined the First National 
Bank Board of Directors in September of 
2025. Rebecca is a Partner and Attorney At 
Law with the New Point Law Firm in Ames, 
Iowa. She advises clients primarily in the 
areas of estate planning, probate, trust 
administration, and real estate.
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 banking industry experienced both encouraging 
developments and notable challenges in 2025. On the 
positive side, the decline in short term interest rates 
relative to long term rates helped strengthen net interest 
margins for our banks. If this rate environment persists, 
it could provide additional momentum for our 2026 net 
interest margin. Regulatory changes also offered some 
relief, including the extension of the examination cycle for 
our state chartered banks. Broader economic indicators 
such as generally stable national employment and 
inflation data added further support throughout the year.
However, 2025 also brought several headwinds. 
Depressed commodity prices, reduced grain exports, 
and ongoing uncertainty surrounding government trade 
policies created a difficult environment for the banking 
sector. These challenges were especially impactful in 
Iowa, where the economy relies heavily on international 
agricultural exports.
In Summary 
We were encouraged by the strong improvement in our 
net income during 2025. Looking ahead, we anticipate 
continued earnings growth throughout 2026 as additional 
loans and investments reprice and inflation remains at 
manageable levels. We appreciate the ongoing support of 
all our stakeholders and look forward to seeing you at the 
annual meeting on April 29, 2026.
John P. Nelson
President & CEO
Patrick G. Hagan
Chairman of the Board
Betty 
Baudler Horras
Rebecca 
Reisinger
Amy Rieck

6          2025 Annual Report  |  Ames National Corporation
Net Income
$19.0 Million
Assets
$2.1 Billion
Return on 
Average Assets
0.90%
Return on 
Average Equity
9.95%
ATLO  
Closing Price
$22.96
Dividends Declared  
Per Share
$0.60
Loan Quality 
(as % of gross loans)
Years Ended      2025    2024 
Allowance	
   1.36%   1.29%
Net Charge-Offs	  0.03%  0.03%
Market Price Per Share
Years Ended     2025     2024 
Closing 	
$22.96	 $16.43
High	
$24.36	 $22.41
Low	
$16.04	 $15.69
Per Common Share
Cash Dividends Declared	$0.60
Dividend Yield*	
3.48%
Year Ended                     2025
FINANCIAL HIGHLIGHTS
As of and for the year ended December 31, 2025
* Based upon latest quarterly dividend of $0.20 and year-end ATLO closing price

  Ames National Corporation  |  2025 Annual Report          7
THREE-YEAR FINANCIAL HIGHLIGHTS
$1,800
$24
$1,600
$1.90
$1,000
$200
$1,700
$22
$1,500
$1.70
$900
$190
$1,600
$20
$1,400
$1.50
$800
$180
$1,500
$18
$1,300
$1.30
$700
$170
$1,400
$10
$1,200
$1.10
$600
$160
$1,300
$8
$1,100
$0.90
$500
$150
$1,200
$6
$1,000
$0.70
$400
$140
$1,100
$4
$900
$0.50
$300
$130
$1,000
$2
$800
$0.30
$200
$120
$900
$0
$700
$0.00
$100
$110
2024
$10.2
2024
$1.14
2024
$175
2023
$2,155
2023
$10.8
2023
$1,812
2023
$1.20
2023
$1,278
2023
$166
2025
$2,134
2025
$19.0
2025
$1,855
2025
$2.14
2025
$1,280
2025
$208
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
$1,900
$2,000
$2,100
$1,700
$1,800
$1,900
$2,000
$1,100
$1,200
2024
$2,133
2024
$1,847
2024
$1,304
$2,200
$1,300
$1,400
PERFORMANCE RECORD
$16
$14
$12
$2.50
$2.30
$2.10
$230
$220
$210

8          2025 Annual Report  |  Ames National Corporation
AFFILIATE BANKS

  Ames National Corporation  |  2025 Annual Report          9

10          2025 Annual Report  |  Ames National Corporation
December 31, 2025
December 31, 2024
ASSETS
Cash and due from banks
 $                       20,481
 $	
19,525
Interest-bearing deposits in financial institutions and federal funds sold
106,272
81,702
Total cash and cash equivalents
126,753
101,227
Interest-bearing time deposits
5,678
6,166
Securities available-for-sale 
655,954 
648,513
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost
2,795 
3,883
Loans receivable, net 
1,280,222
1,303,917
Loans held for sale
472 
342 
Bank premises and equipment, net
20,920
  21,567
Accrued income receivable
14,067 
  13,864
Other real estate owned 
204
  -
Bank-owned life insurance
3,303
3,214
 Deferred income taxes, net 
7,494 
14,056
Other intangible assets, net
791 
  1,092
Goodwill
12,424 
  12,424
Other assets
2,463 
  2,915
Total assets
 
 $	
2,133,540 
   
  
 $	
2,133,180 
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits 
Noninterest-bearing checking
 $                     353,766
 $	
358,386
Interest-bearing checking
635,885 
619,951
Savings and money market
537,708
540,491
Time, $250 and over
85,799 
84,996
Other time
241,509 
242,858
Total deposits
 	
1,854,667
 	
1,846,682
Securities sold under agreements to repurchase
38,799 
52,412
Other borrowings
21,352 
46,952
Dividends payable
- 
1,790
Accrued interest payable
2,562
3,208
Accrued expenses and other liabilities
8,266 
7,430
Total liabilities
1,925,646
1,958,474
STOCKHOLDERS’ EQUITY 
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding  
	
8,857,220 and 8,949,110 shares as of December 31, 2025 and 2024, respectively
  17,714
  17,898
Additional paid-in capital
12,135 
 13,635
Retained earnings
  195,993
  182,236 
Accumulated other comprehensive (loss)
(17,948)
 (39,063)
Total stockholders’ equity
207,894
 
174,706  
Total liabilities and stockholders’ equity
 $	
2,133,540 
 
 $	
2,133,180 
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
    Unaudited

  Ames National Corporation  |  2025 Annual Report          11
NONINTEREST EXPENSE
Salaries and employee benefits
26,176
25,145
Data processing
5,781 
6,152 
Occupancy expenses, net
2,992
3,007
FDIC insurance assessments
1,026
1,164
Professional fees
2,083
2,605
Business development
1,508 
1,373
Intangible asset amortization
301
337
New Market Tax Credit projects amortization
766
766
Other operating expenses, net
1,296
1,442
Total noninterest expense
41,929 
41,991 
Income before income taxes
 23,866
 12,241 
Provision for income taxes
4,839 
2,023
Net Income
 $	
19,027
 $	
10,218
Basic and diluted earnings per share
 $	
2.14
 $	
1.14
Declared dividends per share
 $	
0.60
 $	
0.94 
2025
2024
INTEREST AND DIVIDEND INCOME
 
 
Loans, including fees
 $                      68,348
 $	
65,791
Securities
Taxable
12,956
12,014 
Tax-exempt
1,726
1,994
Other interest and dividend income 
4,063
2,808 
Total interest and dividend income
87,093 
82,607
INTEREST EXPENSE
Deposits
28,880
32,011
Other borrowed funds
2,551 
5,620
Total interest expense
31,431 
37,631
Net interest income
55,662
44,976
Credit loss expense
1,037
592 
Net interest income after credit loss expense
54,625
44,384
NONINTEREST INCOME
Wealth management income
6,271
5,310
Service fees
1,542
1,450
Securities (losses), net
-
(165)
Gain on sale of loans held for sale
544
524
Merchant and card fees
1,448
1,640
Gain on sale of other real estate owned
407 
11
Other noninterest income
958
1,078
Total noninterest income
11,170
9,848
Years Ended December 31
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
    Unaudited

12          2025 Annual Report  |  Ames National Corporation
RELIANCE STATE BANK
Reliance State Bank traces its roots to 1928, when 
John H. Brekken founded what was then known as 
Randall State Bank. Mr. Brekken immigrated from 
Norway through Ellis Island at the age of 17 and went 
on to build a career working in several banks across 
South Dakota and Iowa. On March 28, 1928, at age 
43, he opened Randall State Bank with the support 
of a few local farmers and small business owners who 
collectively invested $30,000 to serve the financial 
needs of the community.
Mr. Brekken once described Randall as being “in the 
heart of the garden spot of the world, a place to grow 
and to raise a family among the finest of people.” 
That philosophy of community and stewardship has 
remained central to the bank’s mission for nearly a 
century.
Shortly after the bank’s founding, the Great 
Depression struck. Despite the economic hardship, 
the bank remained resilient — a pattern that 
continued through subsequent challenges, including 
the savings and loan crisis, the Great Recession, and 
the COVID-19 pandemic. Remarkably, some of the 
original stockholders remained involved with the bank 
through 1994.
In 1964, Carroll Kinseth, Mr. Brekken’s son-in-law, 
purchased a controlling interest in the bank. In 1972, 
the historic pioneer building 
in Story City was purchased, 
remodeled, and restored. 
Originally constructed in the late 
1800s by Mr. G. Christianson - the 
same builder of the original Randall 
Bank building became the bank’s 
main office. The institution was 
renamed Randall-Story State Bank, 
and the Story City branch officially 
opened on January 2, 1973, where 
it continues to serve customers 
today.
In 1995, Randall-Story State Bank 
joined Ames National Corporation. 
Through this partnership, the 
bank retained its charter and local decision-making 
authority while gaining operational efficiencies and 
additional resources.
In April 2012, the bank expanded into the Garner 
community and adopted its current name, Reliance 
State Bank (RSB). The name reflects the bank’s 
core values of being reliable, stable leaders in our 
communities who are committed to doing business 
the right way.
Reliance State Bank’s strong community roots run 
deep in the Story City and Garner communities. 
Many staff members have lifelong local connections, 
including many bankers with decades of experience. 
This blend of long-standing experience and newer 
talent allows RSB to meet customers where they 
are, while fostering growth and shared expertise for 
both employees and customers alike. These enduring 
relationships translate directly into the care, trust, and 
personal service RSB provides. Being a community 
bank means being fully engaged in the communities it 
serves — in every way that matters.
RSB has benefited from consistent, strong leadership 
throughout its history. Rick Schreier currently serves as 
the bank’s fifth president in its 98-year history.  
 

  Ames National Corporation  |  2025 Annual Report          13
Schreier began his banking 
career with State Bank & Trust in 
Nevada, Iowa as an officer trainee 
right out of college and joined 
RSB in 2006 as a senior lender. 
He was appointed President in 
2008. With two distinct locations 
serving unique markets, Reliance 
State Bank is well positioned for 
continued growth.
UNIQUELY STORY CITY
Story City is rich in history; a legacy reflected in the 
bank’s historic building and deep community roots. 
Community involvement remains central to RSB’s 
mission, with employees actively supporting local 
empowerment by donating their time, talent, and 
resources to a wide range of civic, nonprofit, school, 
and community organizations.
In 2025, RSB Story City proudly contributed to and 
supported the Story City Library renovation, which 
opened late in the year. The bank also hosts an annual 
customer appreciation picnic that brings together 
nearly 400 community members for fellowship, music, 
and food.
RSB Story City maintains a controlling share of 
the local banking market and offers a competitive 
advantage as the only bank in town open on 
Saturdays. The banks year-to-date loan-to-deposit 
ratio is 82.79%.
UNIQUELY GARNER
Garner recently welcomed Kent 
E. Thoe as Market President 
and Agriculture & Commercial 
Lender. Kent brings decades of 
banking experience and a strong 
commitment to community 
service. A longtime Ventura 
resident, he is actively involved in 
the communities he serves.
The Garner team, comprised of 19 employees, 
exemplifies the heart of small-town banking and 
included three bankers with more than 50 years of 
service. The team consistently comes together to 
make a meaningful impact, most recently donating 
$15,000 to support the construction and financing of 
the Garner Christian Child Care Center (GC4 Daycare). 
This project addresses a critical childcare need in the 
community and will benefit Garner families for years 
to come.
RSB Garner hosts an annual customer appreciation 
picnic that attracted more than 700 attendees in 
2025, serving as a clear reflection of the trust and 
long-standing relationships built throughout the 
community.
SERVING THE AGRICULTURE INDUSTRY
Like the state of Iowa, Reliance State Bank remains 
deeply connected to agriculture. As the bank 
looks toward 2026, the agricultural economy faces 
challenges, with commodity prices projected to 
remain below the cost of production. However, 
resilience has long been a hallmark of both Iowa 
farmers and Reliance State Bank. Chartered in 
1928 - just one year before the onset of the Great 
Depression, the bank has navigated numerous 
agricultural downturns over the decades. Reliance 
State Bank remains committed to supporting local 
farmers and agricultural customers, working alongside 
them to weather challenges and build long-term 
success.
While technology, names, and locations may change, 
one principle remains constant: treating others the 
way we would want to be treated. Reliance State 
Bank is proud to be a true community bank — offering 
local decision-making from people you know and 
trust, combined with the resources and capabilities of 
a larger institution. For generations, RSB has been a 
pillar in the Story City and Garner communities, and 
we look forward to continuing to serve their evolving 
needs for years to come.
Rick Schreier
Kent E. Thoe

14          2025 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.
Douglas W. Beals 
Attorney for Moore, McKibben, 
Goodman & Lorenz LLP
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  |  2025 Annual Report          15
SHAREHOLDER  INFORMATION
Annual Meeting
The Board of Directors of Ames National Corporation has 
established Wednesday, April 29, 2026, 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. 
 
ƒ First Point Wealth Management, First National Bank, 
405 5th Street, Ames, IA 50010  (515) 715-1942 
 
ƒ D.A. Davidson  |  (800) 394-9230
 
ƒ 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 13, 2026.
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, 
2024. 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