Ames National Q2 net income down 15% to $2.2M; forecast reduced on higher deposit costs

AMES NATIONAL CORP

Q2 2024 net income $2.2M ($0.24 EPS) vs $2.6M ($0.28 EPS) in Q2 2023.
Net interest margin narrowed to 2.14% from 2.20% as deposit expense rose $2.2M.
Loan portfolio grew 3.9% to $1.28B; credit loss expense increased to $182K.
Company declared $0.27 quarterly dividend payable Aug 15, 2024.
Management expects 2024 earnings will miss forecast due to higher interest expense.

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