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Ames National Corporation (ATLO+0.16%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $2.2 million, or $0.25 per share, compared to $2.9 million, or $0.33 per share, in the same quarter of the previous year. The decrease is attributed to an increase in credit loss expense and consultant fees related to contract negotiations.
Net interest income for the quarter was $11.1 million, up from $10.7 million in the previous year. The increase is due to higher average rates and growth in the loan portfolio.
Interest expense increased to $9.6 million from $8.1 million, primarily due to customers shifting to higher rate deposit products.
Noninterest income totaled $2.41 million, a slight increase from $2.36 million in the previous year.
Noninterest expense rose to $10.5 million from $9.8 million, primarily due to increases in salaries, benefits, and consultant fees.
The company reported a credit loss expense of $371 thousand, compared to a credit loss benefit of $274 thousand in the previous year. The increase is due to specific reserves in the commercial loan portfolio.
Total assets decreased to $2.1 billion, down from $2.15 billion at the end of 2023, primarily due to a decrease in securities available-for-sale.
The investment portfolio decreased to $688.6 million from $736.4 million, mainly due to maturities exceeding purchases.
Loans receivable, net of allowances, increased to $1.296 billion from $1.278 billion, driven by growth in 1 to 4 family residential, multi-family, and agricultural loans.
Deposits decreased slightly to $1.80 billion from $1.81 billion, with a shift towards higher rate deposit products.
Other borrowings decreased to $83.1 million from $110.6 million, as the company reduced borrowings throughout 2024.
The company maintains a satisfactory level of liquidity and capital resources, with liquid assets totaling $59.0 million.
Ames National Corporation's capital levels exceed regulatory guidelines to be considered 'well capitalized'.
The filing also details the company's risk management strategies, including monitoring credit quality and managing interest rate risk.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ames National Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.