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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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 62.93 | 53.84 | 54.81 | 66.83 |
| Pretax Income | 25.16 | 12.89 | 12.24 | 23.87 |
| Tax Provision | 5.87 | 2.07 | 2.02 | 4.84 |
| Net Income | 19.29 | 10.82 | 10.22 | 19.03 |
| Net Income Common Stockholders | 19.29 | 10.82 | 10.22 | 19.03 |
| Interest Expense | 8.31 | 29.68 | 37.63 | 31.43 |
| Interest Income | 61.55 | 74.30 | 82.61 | 87.09 |
| Selling General And Administration | 23.52 | 24.76 | 26.31 | 27.20 |
| Normalized Income | 19.29 | 10.82 | 10.22 | 19.03 |
| Basic EPS | 2.14 | 1.20 | 1.14 | 0 |
| Diluted EPS | 2.14 | 1.20 | 1.14 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.23 | 0.16 | 0.17 | 0.20 |
| Net Income From Continuing Operation Net Minority Interest | 19.29 | 10.82 | 10.22 | 19.03 |
| Reconciled Depreciation | 2 | 1.75 | 1.69 | 1.59 |
| Net Interest Income | 53.24 | 44.62 | 44.98 | 55.66 |
| Net Income From Continuing And Discontinued Operation | 19.29 | 10.82 | 10.22 | 19.03 |
| Diluted Average Shares | 9.02 | 9.01 | 8.96 | 0 |
| Basic Average Shares | 9.02 | 9.01 | 8.96 | 0 |
| Diluted NI Availto Com Stockholders | 19.29 | 10.82 | 10.22 | 19.03 |
| Net Income Including Noncontrolling Interests | 19.29 | 10.82 | 10.22 | 19.03 |
| Net Income Continuous Operations | 19.29 | 10.82 | 10.22 | 19.03 |
| Gain On Sale Of Security | 0.04 | 0.04 | -0.17 | 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 |
| Amortization | 0.57 | 0.50 | 0.34 | 0.30 |
| Amortization Of Intangibles 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 | 0 | 0 | 0 | 0 |
| Insurance And Claims | 0.61 | 1.09 | 1.16 | 1.03 |
| Salaries And Wages | 22.91 | 23.66 | 25.14 | 26.18 |
| Operating Revenue | 62.93 | 53.84 | 54.81 | 66.83 |
| 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 | $248M | 11.57↑ premium | 1.19 | 9.2% | - |
| Oportun Financial Corporation | OPRT | $258M | 10.92 | 0.66 | 6.5% | - |
| First National Corporation | FXNC | $253M | 14.26 | 1.35 | 9.5% | - |
| C&F Financial Corporation | CFFI | $249M | 8.81 | 0.94 | 10.2% | - |
| Kingstone Companies, Inc. | KINS |
| $245M |
| 5.89 |
| 1.99 |
| 33.2% |
| 4.55 |
| Chain Bridge Bancorp, Inc. | CBNA | $243M | 11.18 | 1.43 | 12.0% | - |
| Princeton Bancorp, Inc. | BPRN | $242M | 12.49 | 0.88 | 6.9% | - |
| First United Corporation | FUNC | $239M | 9.50 | 1.17 | 12.0% | - |
| Security National Financial Corporation | SNFCA | $238M | 7.63 | 0.58 | 7.8% | 4.28 |
| Peer Median | - | 10.21 | 1.05 | 9.9% | 4.42 | |