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Ames National Corporation operates as a multi-bank holding company that provides banking products and services primarily in Boone, Clarke, Hancock, Marshall, Polk, Story, Taylor, and Union Counties in central, north-central, and south-central Iowa. It accepts various deposit products, including checking and savings accounts; and time deposits, such as money market accounts and certificates of deposit. The company also provides loans, such as short-term and medium-term commercial, multi-family and agricultural real estate, residential real estate loans, equipment, vehicle, and home improvement loans; consumer loans to finance consumer purchases, such as automobiles, trucks, recreational vehicles, household furnishings, boats, personal loans, and lines of credit; agricultural and business operating loans and lines of credit; and originates mortgage loans for sale into the secondary market. In addition, it offers cash management, merchant credit card processing, safe deposit box, wire transfer, direct deposit, and automated/video teller machine access services; and automatic drafts for various accounts, as well as wealth management services. Further, it provides farm management, investment, and custodial services for individuals, businesses, and non-profit organizations; and online, mobile, and private banking services. Ames National Corporation was founded in 1903 and is headquartered in Ames, Iowa.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $67M | - | $19M | $21M | 9.2% | 21.9% | 86.2% |
| 2024 | $55M | - | $10M | $14M | 5.8% | 1.8% | -5.5% |
| 2023 | $54M | - | $11M | $14M | 6.5% | -14.4% | -43.9% |
| 2022 | $63M | - | $19M | $18M | 12.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 62.93 | 53.84 | 54.81 | 66.83 |
| Operating Revenue | - | 62.93 | 53.84 | 54.81 | 66.83 |
| Selling General And Administration | - | 23.52 | 24.76 | 26.31 | 27.20 |
| Interest Income | - | 61.55 | 74.30 | 82.61 | 87.09 |
| Interest Expense | - | 8.31 | 29.68 | 37.63 | 31.43 |
| Net Interest Income | - | 53.24 | 44.62 | 44.98 | 55.66 |
| Pretax Income | - | 25.16 | 12.89 | 12.24 | 23.87 |
| Tax Provision | - | 5.87 | 2.07 | 2.02 | 4.84 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 19.29 | 10.82 | 10.22 | 19.03 |
| Net Income From Continuing And Discontinued Operation | - | 19.29 | 10.82 | 10.22 | 19.03 |
| Net Income From Continuing Operation Net Minority Interest | - | 19.29 | 10.82 | 10.22 | 19.03 |
| Net Income | - | 19.29 | 10.82 | 10.22 | 19.03 |
| Net Income Common Stockholders | - | 19.29 | 10.82 | 10.22 | 19.03 |
| Net Income Including Noncontrolling Interests | - | 19.29 | 10.82 | 10.22 | 19.03 |
| Normalized Income | - | 19.29 | 10.82 | 10.22 | 19.03 |
| Diluted NI Availto Com Stockholders | - | 19.29 | 10.82 | 10.22 | 19.03 |
| Basic Average Shares | - | 9.02 | 9.01 | 8.96 | 8.89 |
| Diluted Average Shares | - | 9.02 | 9.01 | 8.96 | 8.89 |
| Reconciled Depreciation | - | 2 | 1.75 | 1.69 | 1.59 |
| Gain On Sale Of Security | - | 0.04 | 0.04 | -0.16 | 0 |
| Depreciation Amortization Depletion Income Statement | - | 0.57 | 0.50 | 0.34 | 0.30 |
| Depreciation And Amortization In Income Statement | - | 0.57 | 0.50 | 0.34 | 0.30 |
| General And Administrative Expense | - | 23.52 | 24.76 | 26.31 | 27.20 |
| Other Gand A | 7.01 | - | - | - | - |
| Salaries And Wages | - | 22.91 | 23.66 | 25.14 | 26.18 |
| Insurance And Claims | - | 0.61 | 1.10 | 1.16 | 1.03 |
| Amortization | - | 0.57 | 0.50 | 0.34 | 0.30 |
| Amortization Of Intangibles Income Statement | - | 0.57 | 0.50 | 0.34 | 0.30 |
| Occupancy And Equipment | - | 2.94 | 2.96 | 3.01 | 2.99 |
| Professional Expense And Contract Services Expense | - | 1.89 | 2.08 | 2.60 | 2.08 |
| Other Non Interest Expense | - | 9.72 | 9.86 | 9.72 | 9.35 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ames National Corporationthis co. | ATLO | $258M | 13.58↑ premium | 1.24 | 9.2% | - |
| Western New England Bancorp, Inc. | WNEB | $266M | 17.40 | 1.07 | 6.2% | - |
| Open Lending Corporation | LPRO | $265M | -62.51 | 3.53 | -5.7% | 33.19 |
| Franklin Financial Services Corporation | FRAF | $261M | 12.28 | 1.49 | 12.1% | - |
| Citizens, Inc. | CIA |
| - |
| - |
| - |
| - |
| - |
| $259M |
| 17.74 |
| 1.10 |
| 6.2% |
| - |
| First National Corporation | FXNC | $256M | 14.47 | 1.38 | 9.5% | - |
| First United Corporation | FUNC | $256M | 10.45 | 1.26 | 12.0% | - |
| Security National Financial Corporation | SNFCA | $245M | 7.62 | 0.60 | 7.8% | - |
| Hawthorn Bancshares, Inc. | HWBK | $244M | 10.26 | 1.40 | 13.7% | - |
| Peer Median | - | 11.36 | 1.32 | 8.7% | 33.19 | |