Ames National Q1 2023 net income $3.2M ($0.36/sh), down 38% YoY from $5.1M ($0.57/sh)

AMES NATIONAL CORP

Net interest margin fell to 2.23% from 2.55% YoY; net interest income $11.7M, down 11%.
Deposit interest expense surged $3.8M due to Fed rate hikes; credit loss expense $212K vs benefit last year.
Noninterest income down 12% to $2.3M; efficiency ratio worsened to 70.7% from 59.7%.
Deposits $1.90B, down 3% YoY; borrowed $75M from Federal Reserve BTFP as of March 31.
Quarterly dividend $0.27/sh payable May 15, 2023; book value $17.69.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMES NATIONAL CORP reported the first quarter of 2023 results: net income $3.2 million, EPS $0.36 per share.

Period: the first quarter of 2023
Net income: $3.2 million
EPS: $0.36 per share
Result: reported results

Exact text from the filing

Ames National Corporation (Nasdaq: ATLO; the “Company”) today reported net income for the first quarter of 2023 of $3.2 million, or $0.36 per share, compared to $5.1 million, or $0.57 per share, earned in the first quarter of 2022.

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AMES NATIONAL CORP filing history →

Source: SEC EDGAR

accession 0001437749-23-010813

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