Ames National Corporation ( (ATLO) ) has released its Q4 earnings. Here is a breakdown of the information Ames National Corporation presented to its investors.
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Ames National Corporation is a financial holding company providing banking services primarily in Iowa through its six affiliate banks, focusing on lending, deposits, and wealth management services.
Ames National Corporation reported its fourth-quarter 2024 earnings, highlighting an increase in net income to $3.5 million, or $0.39 per share, compared to $2.1 million, or $0.24 per share, in the same quarter of the previous year. The company’s net interest income and noninterest income both improved, contributing to these results.
Key financial metrics in the fourth quarter reveal a significant increase in loan interest income, driven by higher average interest rates and growth in the loan portfolio. The net interest margin rose to 2.38%, supported by reduced credit loss expenses. Noninterest income saw a boost from wealth management activities, while noninterest expenses increased slightly due to higher employee benefits and salaries.
For the full year of 2024, Ames National Corporation’s net income decreased slightly to $10.2 million from $10.8 million in 2023. However, the company managed to maintain a stable net interest margin through strategic loan and deposit management. The balance sheet saw a minor decline in total assets, reflecting decreased securities but increased loans and deposits.
Looking ahead, Ames National Corporation’s management forecasts improved earnings for 2025, expecting growth driven by enhanced net interest margins as financial assets reprice at higher market rates.
