Ames National Q3 net income falls 47% to $2.9M; net interest margin narrows to 2.11%

AMES NATIONAL CORP

Q3 2023 net income $2.9M ($0.33/diluted share) vs $5.5M ($0.62) in Q3 2022; nine-month net income $8.7M ($0.97) vs $14.9M ($1.64).
Net interest income declined 21.8% to $10.7M; net interest margin fell to 2.11% from 2.71% due to higher deposit costs.
Total deposits decreased 2% to $1.83B; loans increased to $1.23B; BTFP borrowings were $83.3M at quarter end.
Efficiency ratio worsened to 75.1% from 59.5%; credit loss benefit of $274K vs $520K benefit in prior year.
Quarterly cash dividend of $0.27 per share declared, payable Nov 15 to holders of record Nov 1.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMES NATIONAL CORP reported the nine months ended September 30, 2023 results: net income $8.7 million, EPS $0.97 per share.

Period: the nine months ended September 30, 2023
Net income: $8.7 million
EPS: $0.97 per share
Result: reported results

Exact text from the filing

For the nine months ended September 30, 2023, net income for the Company totaled $8.7 million or $0.97 per share

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMES NATIONAL CORP reported the third quarter of 2023 results: net income $2.9 million, EPS $0.33 per share.

Period: the third quarter of 2023
Net income: $2.9 million
EPS: $0.33 per share
Result: reported results

Exact text from the filing

Ames National Corporation (Nasdaq: ATLO; the “Company”) today reported net income for the third quarter of 2023 of $2.9 million, or $0.33 per share

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AMES NATIONAL CORP filing history →

Source: SEC EDGAR

accession 0001437749-23-028680

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