Ames National Q4 net income falls 52% to $2.1M; FY2023 EPS $1.20; 2024 guidance $1.45-$1.55

AMES NATIONAL CORP

Net income Q4 2023 $2.1M ($0.24/diluted) vs Q4 2022 $4.4M ($0.49); full year $10.8M ($1.20) vs $19.3M ($2.14).
Net interest margin narrowed to 2.15% (Q4) from 2.56% (Q4 2022); full year 2.20% from 2.62%.
Credit loss expense of $755K in Q4 vs benefit of $168K a year ago; full year expense $789K vs benefit $874K.
Efficiency ratio worsened to 75.6% (Q4) from 65.0% (Q4 2022); full year 74.6% vs 61.4%.
Company forecasts 2024 EPS $1.45-$1.55 vs $1.20 actual 2023; dividend maintained at $0.27/share.

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 0.95

AMES NATIONAL CORP reported the three months ended December 31, 2023 results: net income $2,139, EPS $0.24.

Period: the three months ended December 31, 2023
Net income: $2,139
EPS: $0.24
Result: reported results

Exact text from the filing

Ames National Corporation (Nasdaq: ATLO; the “Company”) today reported net income for the fourth quarter of 2023 of $2.1 million, or $0.24 per share, compared to $4.4 million, or $0.49 per share, earned in the fourth quarter of 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMES NATIONAL CORP reported the year ended December 31, 2023 results: net income $10,817, EPS $1.20.

Period: the year ended December 31, 2023
Net income: $10,817
EPS: $1.20
Result: reported results

Exact text from the filing

For the year ended December 31, 2023, net income for the Company totaled $10.8 million or $1.20 per share, compared to $19.3 million or $2.14 per share earned in 2022.

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AMES NATIONAL CORP filing history →

Source: SEC EDGAR

accession 0001437749-24-001720

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