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Ames National Corporation (ATLO-4.42%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total assets of $2.13 billion, a decrease from $2.16 billion in the previous year. This decrease is primarily due to a reduction in securities available-for-sale.
Net loans increased to $1.30 billion from $1.28 billion, driven by growth in the 1 to 4 family residential real estate and agricultural operating loan portfolios.
The company's total deposits grew to $1.85 billion, up from $1.81 billion, with increases in time deposits and public funds offsetting declines in noninterest-bearing checking, savings, and money market accounts.
Non-performing loans totaled $15.5 million, an increase from $13.9 million, primarily due to one loan relationship in the commercial real estate and commercial operating portfolios.
The allowance for credit losses was $17.1 million, representing 1.29% of total loans, with a credit loss expense of $592 thousand recorded during the year.
Noninterest income increased to $9.8 million from $9.2 million, largely due to higher wealth management income.
Noninterest expense rose to $42.0 million from $40.2 million, primarily due to increases in salaries, benefits, and consultant fees.
Net income for the year was $10.2 million, down from $10.8 million in the previous year, with earnings per share of $1.14 compared to $1.20.
The company declared cash dividends of $0.94 per share, totaling $8.4 million, compared to $1.08 per share in the previous year.
Ames National Corporation's capital resources remain strong, with stockholders' equity increasing to $174.7 million from $165.8 million, and the equity to assets ratio improving to 8.19% from 7.69%.
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 annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.