AMES NATIONAL CORP

For the period ended Mar 31, 2024. Filed May 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 8, 2024

ATLO$33.90-0.4%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

INDEX

Page
PART I. · FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements (Unaudited)	3
	Consolidated Balance Sheets at March 31, 2024 and December 31, 2023	3
	Consolidated Statements of Income for the three months ended March 31, 2024 and 2023	4
	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023	5
	Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2024 and 2023	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	7
	Notes to Consolidated Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
Item 4.	Controls and Procedures	47
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	47
Item 1.A.	Risk Factors	47
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
	Signatures	50

AMES NATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	March 31,	December 31,
	2024	2023
	(unaudited)	(audited)
ASSETS
Cash and due from banks	$18,362	$24,105
Interest-bearing deposits in financial institutions and federal funds sold	93,040	30,996
Total cash and cash equivalents	111,402	55,101
Interest-bearing time deposits	7,660	8,904
Securities available-for-sale	723,205	736,389
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost	3,593	3,086
Loans receivable, net	1,272,580	1,277,812
Loans held for sale	739	124
Bank premises and equipment, net	22,289	22,549
Accrued income receivable	12,246	12,953
Bank-owned life insurance	3,151	3,131
Deferred income taxes, net	16,568	16,496
Intangible assets, net	1,342	1,429
Goodwill	12,424	12,424
Other assets	4,643	5,083
Total assets	$2,191,842	$2,155,481
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest-bearing checking	$354,082	$370,942
Interest-bearing checking	645,400	611,891
Savings and money market	570,398	552,275
Time, $250 and over	77,276	67,733
Other time	224,967	208,990
Total deposits	1,872,123	1,811,831
Securities sold under agreements to repurchase	53,037	53,994
Other borrowings	90,284	110,588
Dividends payable	2,428	2,428
Accrued interest payable	2,571	4,710
Accrued expenses and other liabilities	5,859	6,142
Total liabilities	2,026,302	1,989,693
STOCKHOLDERS' EQUITY
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding 8,992,167 shares as of March 31, 2024 and December 31, 2023	17,984	17,984
Additional paid-in capital	14,253	14,253
Retained earnings	180,316	180,438
Accumulated other comprehensive (loss)	(47,013)	(46,887)
Total stockholders' equity	165,540	165,788
Total liabilities and stockholders' equity	$2,191,842	$2,155,481

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