Ames National Q3 net income $6.7M, EPS $0.74 vs $0.62 YoY; 9-month EPS $2.04 vs $1.49

AMES NATIONAL CORP

Q3 2021 net income $6.7M ($0.74/diluted share) vs $5.7M ($0.62) in Q3 2020; increase driven by lower interest expense and reduced loan loss provision.
Net interest margin compressed to 2.97% from 3.21% YoY; net interest income rose 3% to $14.7M on lower deposit costs.
Credit for loan losses of $94K vs provision of $541K in Q3 2020; net loan recoveries of $31K vs net charge-offs of $614K.
Total assets $2.1B (+$186M YoY); deposits up 11% to $1.84B; PPP loans outstanding $14.8M.
Repurchased 24,603 shares at avg $23.19 under April 2021 program; quarterly dividend maintained at $0.26/share.

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