Ames National Q1 net income up 49% to $3.4M; EPS $0.39 vs $0.26 YoY

AMES NATIONAL CORP

Net income $3.4M ($0.39 per share) vs $2.3M ($0.26) in Q1 2024, a 49% increase.
Net interest income $12.9M (+18.4% YoY); net interest margin improved to 2.53% from 2.13%.
Credit loss expense $962K (vs $169K) on specific commercial loan reserve; substandard loans rose to $32.4M.
Loans $1.31B (+2.6% YoY); deposits $1.91B (+1.8% YoY); borrowings reduced to $35.8M from $90.3M.
Cash dividend $0.20/share declared for June 13; new policy to declare and pay dividends same quarter.

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