---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-028680"
form_type: "8-K"
ticker: "ATLO"
cik: "0001132651"
company_name: "AMES NATIONAL CORP"
filed_at: "2023-10-20T23:59:59+00:00"
generated_at: "2026-06-09T18:06:54.747419+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-028680
- form_type: 8-K
- ticker: ATLO
- cik: 0001132651
- company_name: AMES NATIONAL CORP
- filed_at: 2023-10-20T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1132651/000143774923028680/0001437749-23-028680-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1132651/000143774923028680/atlo20231019_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-028680
- JSON: https://secwatch.observer/filing/0001437749-23-028680.json
- Plain text: https://secwatch.observer/filing/0001437749-23-028680.txt

## Key facts
- Earnings Releases
  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
  source text: For the nine months ended September 30, 2023, net income for the Company totaled $8.7 million or $0.97 per share
  evidence_url: https://www.sec.gov/Archives/edgar/data/1132651/000143774923028680/0001437749-23-028680-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1132651/000143774923028680/0001437749-23-028680-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.