Ames National Q3 net income falls 24% to $2.2M; credit loss expense and consultant fees weigh

AMES NATIONAL CORP

Q3 net income $2.2M ($0.25 EPS) vs $2.9M ($0.33) a year ago; 9-month EPS $0.75 vs $0.97.
Net interest margin improved to 2.21% from 2.11%, but noninterest expense rose 7.2% partly due to $449K consultant fees.
Credit loss expense of $371K in Q3 vs a benefit of $274K in prior-year quarter; total reserve at 1.34% of loans.
Loans grew 5.2% to $1.30B; substandard loans increased to $28.3M from $24.0M.
Quarterly cash dividend maintained at $0.20/share, payable Nov 15, 2024 to holders of record Nov 1.

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