Ames National cuts quarterly dividend 26% to $0.20; cites deposit repricing pressure

AMES NATIONAL CORP

Dividend reduced from $0.27 to $0.20 per share; payable Nov 15, 2024 to holders of record Nov 1.
CEO cites lower earnings caused by rapid deposit repricing outpacing asset repricing, squeezing net interest margin.
$104M of investments and $229M of loans maturing by June 2025 expected to improve net interest margin long-term.
Net interest margin decline has slowed in 2024 but forecasting remains challenging due to rate volatility.

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