Ames National Q2 net income doubles to $4.5M ($0.51/share) on margin expansion

AMES NATIONAL CORP

Net income $4.5M ($0.51 diluted EPS) vs $2.2M ($0.24) in Q2 2024; six-month NI $7.95M ($0.89) vs $4.49M ($0.50).
Net interest margin improved to 2.65% from 2.14% YoY; efficiency ratio fell to 64.34% from 79.61%.
Net loan charge-offs $1.1M in Q2 (commercial loan relationship reserved in Q1); credit loss expense $108K vs $182K.
No dividend declared in Q2; paid $0.20/share from prior declaration; repurchased 16,868 shares at avg $16.48.
Borrowings reduced to $30.7M from $85.9M; equity grew to $193M due to lower unrealized losses and retained earnings.

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