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Ames National Corporation

ATLO

Ames National Corporation • NASDAQ
$21.82 ▼ -0.18% (-0.04)
Market Cap $194.03 M
52w High $21.95
52w Low $15.75
Dividend Yield 0.60%
P/E 12.12
Volume 8.42K
Outstanding Shares 8.89M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $24.387M ▲ $10.241M ▼ $4.559M ▲ 18.694% ▼ $0.51 $6.124M ▲
Q2-2025 $24.126M ▲ $10.363M ▲ $4.511M ▲ 18.698% ▲ $0.51 ▲ $6.034M ▲
Q1-2025 $23.665M ▼ $10.263M ▼ $3.443M ▼ 14.549% ▼ $0.39 $4.631M ▼
Q4-2024 $23.877M ▲ $10.541M ▲ $3.513M ▲ 14.713% ▲ $0.39 ▲ $4.774M ▲
Q3-2024 $23.125M $10.505M $2.217M 9.587% $0.25 $3.043M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $315.907M ▼ $2.108B ▲ $1.907B ▲ $200.592M ▲
Q2-2025 $746.831M ▼ $2.093B ▼ $1.9B ▼ $193.029M ▲
Q1-2025 $808.973M ▲ $2.184B ▲ $2.001B ▲ $183.056M ▲
Q4-2024 $302.18M ▼ $2.133B ▲ $1.958B ▲ $174.706M ▼
Q3-2024 $753.731M $2.123B $1.94B $183.394M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $4.511M ▲ $4.013M ▼ $27.908M ▲ $-100.101M ▼ $-68.18M ▼ $3.898M ▼
Q1-2025 $3.443M ▼ $7.118M ▲ $15.464M ▼ $39.582M ▲ $62.164M ▲ $6.923M ▲
Q4-2024 $3.513M ▲ $5.94M ▲ $20.352M ▲ $15.966M ▲ $42.258M ▲ $5.873M ▲
Q3-2024 $2.217M ▲ $3.099M ▼ $14.985M ▼ $-22.557M ▲ $-4.473M ▲ $3.032M ▼
Q2-2024 $2.184M $3.892M $18.313M $-70.165M $-47.96M $3.792M

Five-Year Company Overview

Income Statement

Income Statement Revenue has inched up over the past few years, but profits have not kept pace. Earnings were noticeably stronger a few years ago and have since come down, suggesting pressure on lending margins, higher funding costs, or higher operating and credit costs. The result is a business that still generates profits, but with slimmer cushions than it enjoyed earlier in the decade. For a regional bank, this points to a stable core franchise but with profitability under some strain in the current interest rate and competitive environment.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively steady. Total assets have grown only modestly, which fits a careful, community‑bank growth profile. Debt has risen compared with a few years ago but remains small relative to total assets, while equity has held roughly flat, implying adequate capitalization but limited recent build‑up of book value. Cash balances move around from year to year but do not show signs of either stress or excess. Overall, the bank appears prudently funded, with no obvious signs of over‑leverage, but also without a large capital growth story in recent years.

Cash Flow

Cash Flow The company produces positive cash flow from its operations, and free cash flow closely tracks that, reflecting very light capital spending needs typical of a bank. However, operating cash flow has eased back from earlier, stronger years, mirroring the pressure seen in earnings. This suggests a business that reliably generates cash but is not currently expanding its cash engine. The low investment requirements support financial flexibility, yet slower cash growth limits the room for aggressive expansion or major new initiatives without tapping other sources.

Competitive Edge

Competitive Edge Ames National competes as a classic community banking group with a strong local franchise in central Iowa. Its main advantages are deep relationships in its markets, especially in agriculture and local small business, and a decentralized structure that allows each affiliate bank to make local decisions quickly. This relationship‑driven model and community involvement create loyalty that can be hard for large national banks or online‑only competitors to replicate. On the other hand, its focus on a limited geography and traditional banking services means it lacks the scale, diversification, and brand reach of larger peers, leaving it more exposed to local economic conditions and ongoing competition from bigger regional and national players.

Innovation and R&D

Innovation and R&D The company is not a heavy spender on traditional “R&D,” but it has steadily modernized its services. It offers standard digital banking, mobile apps, and business cash‑management tools, and has gone a step further with video teller machines that extend live‑teller service beyond normal hours. Its innovation style is practical: adopting proven technologies and tailoring them to local markets through separate affiliate brands and websites. The key opportunity is to keep enhancing these digital offerings and user experiences, especially for younger and business customers, while preserving the personal, relationship‑based feel that defines the franchise. The main risk is falling behind customer expectations if digital investments do not keep pace with industry standards.

Summary

Overall, Ames National looks like a cautious, relationship‑driven community banking group with steady revenue, pressured but still positive profitability, and a conservative balance sheet. Cash generation is consistent but not rapidly growing, reflecting a mature, slow‑growth profile rather than an aggressive expansion story. Its real strength lies in its community banking model, local decision‑making, and agricultural expertise, which together form a durable but regionally focused moat. Future performance will hinge on how well it manages margin pressure, maintains credit quality in its local economies, and continues to upgrade its digital capabilities without diluting its community‑centric identity.