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Midas Edge

AMES NATIONAL CORP

For the period ended Jun 30, 2024. Filed Aug 9, 2024.

View on SEC.gov

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.

Jun 30, 2024 · Filed Aug 9, 2024

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

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

See the whole filing, with its images and exhibits
Contents

Table of Contents

INDEX

Page
PART I. · FINANCIAL INFORMATION
Item 1.Consolidated Financial Statements (Unaudited)3
Consolidated Balance Sheets at June 30, 2024 and December 31, 20233
Consolidated Statements of Income for the three and six months ended June 30, 2024 and 20234
Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 20235
Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2024 and 20236
Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 20237
Notes to Consolidated Financial Statements9
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations36
Item 3.Quantitative and Qualitative Disclosures About Market Risk52
Item 4.Controls and Procedures52
PART II.OTHER INFORMATION
Item 1.Legal Proceedings52
Item 1.A.Risk Factors52
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds53
Item 3.Defaults Upon Senior Securities53
Item 4.Mine Safety Disclosures53
Item 5.Other Information53
Item 6.Exhibits54
Signatures55

AMES NATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

June 30,December 31,
20242023
(unaudited)(audited)
ASSETS
Cash and due from banks$25,494$24,105
Interest-bearing deposits in financial institutions and federal funds sold37,94830,996
Total cash and cash equivalents63,44255,101
Interest-bearing time deposits6,4158,904
Securities available-for-sale690,843736,389
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost3,9483,086
Loans receivable, net1,281,2141,277,812
Loans held for sale510124
Bank premises and equipment, net22,13422,549
Accrued income receivable12,48412,953
Bank-owned life insurance3,1713,131
Deferred income taxes, net16,02216,496
Intangible assets, net1,2561,429
Goodwill12,42412,424
Other assets12,4525,083
Total assets$2,126,315$2,155,481
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest-bearing checking$340,569$370,942
Interest-bearing checking618,819611,891
Savings and money market556,074552,275
Time, $250 and over73,36867,733
Other time232,283208,990
Total deposits1,821,1131,811,831
Securities sold under agreements to repurchase40,66453,994
Other borrowings85,930110,588
Dividends payable2,4282,428
Accrued interest payable3,1914,710
Accrued expenses and other liabilities5,9366,142
Total liabilities1,959,2621,989,693
STOCKHOLDERS' EQUITY
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding 8,992,167 shares as of June 30, 2024 and December 31, 202317,98417,984
Additional paid-in capital14,25314,253
Retained earnings180,082180,438
Accumulated other comprehensive (loss)(45,266)(46,887)
Total stockholders' equity167,053165,788
Total liabilities and stockholders' equity$2,126,315$2,155,481
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.