Ames National Corp
ATLO Nasdaq National Commercial Banks Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$66.8M
21.9%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
62.7%
13.8 pts
Net income
Profit after all expenses, interest and tax.
$19.0M
86.2%
Return on equity
Net income as a share of average shareholders' equity.
9.9%
3.9 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
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What Ames National Corp does
No business description yet.
- Legal name
- AMES NATIONAL CORP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 12, 2026
- Accession · CIK
- 0001437749-26-007976
0001132651
Revenue and margins
Ames National Corp had $66.8M of revenue in fiscal 2025, up 21.9% on the year before.
FY16
Revenue $48.0M
FY17
Revenue $48.2M
FY18
Revenue $50.0M
FY19
Revenue $53.9M
FY20
Revenue $65.5M
FY21
Revenue $66.5M
FY22
Revenue $62.9M
FY23
Revenue $53.8M
FY24
Revenue $54.8M
FY25
Revenue $66.8M
Q3 '23
Revenue $13.0M
Q4 '23
Revenue $13.3M
Q1 '24
Revenue $13.1M
Q2 '24
Revenue $13.5M
Q3 '24
Revenue $13.5M
Q4 '24
Revenue $14.7M
Q1 '25
Revenue $15.5M
Q2 '25
Revenue $16.1M
Q3 '25
Revenue $16.6M
Q4 '25
Revenue $18.7M
Q1 '26
Revenue $18.2M
Q2 '26
Revenue $19.1M
FY16
Net interest share 83.2%
Efficiency ratio 51.9%
FY17
Net interest share 83.4%
Efficiency ratio 52.7%
FY18
Net interest share 84.2%
Efficiency ratio 55.9%
FY19
Net interest share 84.0%
Efficiency ratio 58.5%
FY20
Net interest share 83.8%
Efficiency ratio 55.8%
FY21
Net interest share 84.2%
Efficiency ratio 55.0%
FY22
Net interest share 84.6%
Efficiency ratio 61.4%
FY23
Net interest share 82.9%
Efficiency ratio 74.6%
FY24
Net interest share 82.1%
Efficiency ratio 76.6%
FY25
Net interest share 83.3%
Efficiency ratio 62.7%
Net interest share
Efficiency ratio
Q3 '23
Net interest share 81.9%
Efficiency ratio 75.1%
Q4 '23
Net interest share 82.7%
Efficiency ratio 75.6%
Q1 '24
Net interest share 83.4%
Efficiency ratio 77.9%
Q2 '24
Net interest share 80.6%
Efficiency ratio 79.6%
Q3 '24
Net interest share 82.1%
Efficiency ratio 77.9%
Q4 '24
Net interest share 82.2%
Efficiency ratio 71.5%
Q1 '25
Net interest share 83.5%
Efficiency ratio 66.4%
Q2 '25
Net interest share 83.6%
Efficiency ratio 64.3%
Q3 '25
Net interest share 84.7%
Efficiency ratio 61.8%
Q4 '25
Net interest share 81.5%
Efficiency ratio 59.2%
Q1 '26
Net interest share 84.7%
Efficiency ratio 59.7%
Q2 '26
Net interest share 85.8%
Efficiency ratio 58.5%
Net interest share
Efficiency ratio
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $15.7M
FY17
Net income $13.7M
FY18
Net income $17.0M
FY19
Net income $17.2M
FY20
Net income $18.9M
FY21
Net income $23.9M
FY22
Net income $19.3M
FY23
Net income $10.8M
FY24
Net income $10.2M
FY25
Net income $19.0M
Q3 '23
Net income $2.9M
Q4 '23
Net income $2.1M
Q1 '24
Net income $2.3M
Q2 '24
Net income $2.2M
Q3 '24
Net income $2.2M
Q4 '24
Net income $3.5M
Q1 '25
Net income $3.4M
Q2 '25
Net income $4.5M
Q3 '25
Net income $4.6M
Q4 '25
Net income $6.5M
Q1 '26
Net income $6.0M
Q2 '26
Net income $5.9M
FY16
Diluted EPS $1.69
FY17
Diluted EPS $1.47
FY18
Diluted EPS $1.83
FY19
Diluted EPS $1.86
FY20
Diluted EPS $2.06
FY21
Diluted EPS $2.62
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 9.5%
ROTE 10.0%
Efficiency ratio 51.9%
FY17
ROE 8.2%
ROTE 8.4%
Efficiency ratio 52.7%
FY18
ROE 9.9%
ROTE 10.6%
Efficiency ratio 55.9%
FY19
ROE 9.5%
ROTE 10.0%
Efficiency ratio 58.5%
FY20
ROE 9.5%
ROTE 9.7%
Efficiency ratio 55.8%
FY21
ROE 11.5%
ROTE 12.4%
Efficiency ratio 55.0%
FY22
ROE 10.8%
ROTE 14.3%
Efficiency ratio 61.4%
FY23
ROE 6.9%
ROTE 7.1%
Efficiency ratio 74.6%
FY24
ROE 6.0%
ROTE 6.3%
Efficiency ratio 76.6%
FY25
ROE 9.9%
ROTE 9.8%
Efficiency ratio 62.7%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
Ames National Corp returned $8.8M to shareholders in fiscal 2025, 43% of free cash flow. The diluted share count rose 0.0%.
FY16
Dividends $7.7M
Buybacks —
FY17
Dividends $8.1M
Buybacks —
FY18
Dividends $10.8M
Buybacks $0.5M
FY19
Dividends $8.8M
Buybacks $1.8M
FY20
Dividends $9.1M
Buybacks $2.0M
FY21
Dividends $9.4M
Buybacks $0.7M
FY22
Dividends $9.7M
Buybacks $2.3M
FY23
Dividends $9.7M
Buybacks $0.0M
FY24
Dividends $9.1M
Buybacks $0.7M
FY25
Dividends $7.1M
Buybacks $1.7M
Dividends
Buybacks
Q3 '23
Dividends $2.4M
Buybacks $0.0M
Q4 '23
Dividends $2.4M
Buybacks $0.0M
Q1 '24
Dividends $2.4M
Buybacks $0.0M
Q2 '24
Dividends $2.4M
Buybacks $0.0M
Q3 '24
Dividends $2.4M
Buybacks $0.0M
Q4 '24
Dividends $1.8M
Buybacks $0.7M
Q1 '25
Dividends $1.8M
Buybacks $0.6M
Q2 '25
Dividends $1.8M
Buybacks $0.3M
Q3 '25
Dividends $1.8M
Buybacks $0.1M
Q4 '25
Dividends $1.8M
Buybacks $0.7M
Q1 '26
Dividends $2.1M
Buybacks $0.0M
Q2 '26
Dividends $2.1M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans $752M
Deposits $1.1B
FY17
Loans $772M
Deposits $1.1B
FY18
Loans $890M
Deposits $1.2B
FY19
Loans $1.0B
Deposits $1.5B
FY20
Loans $1.1B
Deposits $1.7B
FY21
Loans $1.1B
Deposits $1.9B
FY22
Loans $1.2B
Deposits $1.9B
FY23
Loans —
Deposits $1.8B
FY24
Loans $1.3B
Deposits $1.8B
FY25
Loans $1.3B
Deposits $1.9B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $1.1B | $1.2B | — | $1.3B | $1.3B |
| Deposits | $1.9B | $1.9B | $1.8B | $1.8B | $1.9B |
| Loans / deposits | 60.9% | 64.6% | — | 70.6% | 69.0% |
| Total assets | $2.1B | $2.1B | $2.2B | $2.1B | $2.1B |
| Shareholders' equity | $208M | $149M | $166M | $175M | $208M |
| Goodwill | $12.4M | $12.4M | $12.4M | $12.4M | $12.4M |
| Intangible assets | $2.5M | $1.9M | $1.4M | $1.1M | $0.8M |
| Provision / loans | −0.1% | −0.1% | — | 0.0% | 0.1% |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $48.0M | $48.2M | $50.0M | $53.9M | $65.5M | $66.5M | $62.9M | $53.8M | $54.8M | $66.8M |
| Net interest income | $39.9M | $40.2M | $42.1M | $45.2M | $54.8M | $56.0M | $53.2M | $44.6M | $45.0M | $55.7M |
| Noninterest income | $8.1M | $8.0M | $7.9M | $8.6M | $10.6M | $10.5M | $9.7M | $9.2M | $9.8M | $11.2M |
| Noninterest expense | $24.9M | $25.4M | $28.0M | $31.5M | $36.6M | $36.6M | $38.6M | $40.2M | $42.0M | $41.9M |
| Provision for credit losses | $0.5M | $1.5M | $0.6M | $1.3M | $5.7M | −$0.8M | −$0.9M | $0.8M | $0.6M | $1.0M |
| Interest expense | $4.1M | $5.6M | $7.6M | $10.9M | $8.1M | $4.5M | $8.3M | $29.7M | — | — |
| Pretax income | $22.5M | $21.3M | $21.4M | $21.0M | $23.2M | $30.7M | $25.2M | $12.9M | $12.2M | $23.9M |
| Income tax | $6.8M | $7.6M | $4.4M | $3.8M | $4.4M | $6.8M | $5.9M | $2.1M | $2.0M | $4.8M |
| Net income | $15.7M | $13.7M | $17.0M | $17.2M | $18.9M | $23.9M | $19.3M | $10.8M | $10.2M | $19.0M |
| Diluted EPS | $1.69 | $1.47 | $1.83 | $1.86 | $2.06 | $2.62 | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | $21.4M | $18.8M | $20.7M | $20.2M | $29.7M | $30.5M | $21.2M | $19.2M | $14.3M | $21.3M |
| Capital expenditure | $0.3M | $0.5M | $0.6M | $0.8M | $1.2M | $1.9M | $2.9M | $4.9M | $0.3M | $0.6M |
| Free cash flow | $21.1M | $18.3M | $20.1M | $19.4M | $28.5M | $28.6M | $18.4M | $14.3M | $14.0M | $20.7M |
| Depreciation and amortization | $1.2M | $1.1M | $1.1M | $1.2M | $1.4M | $1.4M | $1.4M | $1.3M | $1.4M | $1.3M |
| Acquisitions | — | — | $13.4M | $19.1M | $0.3M | $0.0M | — | — | — | — |
| Share buybacks | — | — | $0.5M | $1.8M | $2.0M | $0.7M | $2.3M | $0.0M | $0.7M | $1.7M |
| Dividends paid | $7.7M | $8.1M | $10.8M | $8.8M | $9.1M | $9.4M | $9.7M | $9.7M | $9.1M | $7.1M |
| Dividends and buybacks | $7.7M | $8.1M | $11.3M | $10.6M | $11.1M | $10.1M | $12.0M | $9.7M | $9.8M | $8.8M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $29.5M | $26.4M | $30.4M | $34.6M | $173M | $89.1M | $27.9M | $55.1M | $101M | $127M |
| Total debt | $13.0M | $13.0M | — | — | — | — | — | $3.5M | $20.0M | $18.4M |
| Loans, net | $752M | $772M | $890M | $1.0B | $1.1B | $1.1B | $1.2B | — | $1.3B | $1.3B |
| Deposits | $1.1B | $1.1B | $1.2B | $1.5B | $1.7B | $1.9B | $1.9B | $1.8B | $1.8B | $1.9B |
| Property and equipment, net | $16.0M | $15.4M | $15.8M | $17.8M | $17.3M | $17.5M | $18.9M | $22.5M | $21.6M | $20.9M |
| Goodwill | $6.7M | $6.7M | $9.7M | $12.1M | $12.4M | $12.4M | $12.4M | $12.4M | $12.4M | $12.4M |
| Intangible assets | $1.4M | $1.1M | $2.7M | $4.0M | $3.1M | $2.5M | $1.9M | $1.4M | $1.1M | $0.8M |
| Total assets | $1.4B | $1.4B | $1.5B | $1.7B | $2.0B | $2.1B | $2.1B | $2.2B | $2.1B | $2.1B |
| Total liabilities | $1.2B | $1.2B | $1.3B | $1.5B | $1.8B | $1.9B | $2.0B | $2.0B | $2.0B | $1.9B |
| Shareholders' equity | $165M | $171M | $173M | $188M | $209M | $208M | $149M | $166M | $175M | $208M |
| Margins | ||||||||||
| Net margin | 32.8% | 28.4% | 34.0% | 31.9% | 28.8% | 35.9% | 30.7% | 20.1% | 18.6% | 28.5% |
| FCF margin | 44.1% | 38.0% | 40.2% | 36.0% | 43.5% | 43.0% | 29.2% | 26.6% | 25.5% | 31.0% |
| Net interest share of revenue | 83.2% | 83.4% | 84.2% | 84.0% | 83.8% | 84.2% | 84.6% | 82.9% | 82.1% | 83.3% |
| Efficiency ratio | 51.9% | 52.7% | 55.9% | 58.5% | 55.8% | 55.0% | 61.4% | 74.6% | 76.6% | 62.7% |
| Returns | ||||||||||
| Return on equity | 9.5% | 8.2% | 9.9% | 9.5% | 9.5% | 11.5% | 10.8% | 6.9% | 6.0% | 9.9% |
| Return on assets | 1.2% | 1.0% | 1.2% | 1.1% | 1.0% | 1.2% | 0.9% | 0.5% | 0.5% | 0.9% |
| Return on tangible equity | 10.0% | 8.4% | 10.6% | 10.0% | 9.7% | 12.4% | 14.3% | 7.1% | 6.3% | 9.8% |
| Growth | ||||||||||
| Revenue growth | — | 0.4% | 3.8% | 7.7% | 21.5% | 1.6% | −5.4% | −14.4% | 1.8% | 21.9% |
| Net income growth | — | −12.9% | 24.2% | 1.1% | 9.6% | 26.9% | −19.3% | −43.9% | −5.5% | 86.2% |
| EPS growth | — | −13.0% | 24.5% | 1.6% | 10.8% | 27.2% | — | — | — | — |
| FCF growth | — | −13.3% | 9.6% | −3.4% | 46.7% | 0.5% | −35.7% | −22.1% | −2.2% | 47.8% |
| Financial health | ||||||||||
| Debt / equity | 0.1x | 0.1x | — | — | — | — | — | 0.0x | 0.1x | 0.1x |
| Loans / deposits | 67.8% | 68.0% | 72.9% | 70.2% | 65.8% | 60.9% | 64.6% | — | 70.6% | 69.0% |
| Provision / loans | 0.1% | 0.2% | 0.1% | 0.1% | 0.5% | −0.1% | −0.1% | — | 0.0% | 0.1% |
| Capital allocation | ||||||||||
| Capex / revenue | 0.6% | 1.1% | 1.2% | 1.4% | 1.9% | 2.8% | 4.5% | 9.1% | 0.5% | 1.0% |
| Payouts / FCF | 36.5% | 44.2% | 56.0% | 54.6% | 38.9% | 35.3% | 65.2% | 67.9% | 69.9% | 42.5% |
| Quality scores | ||||||||||
| Accruals ratio | −0.4% | −0.4% | −0.3% | −0.2% | −0.6% | −0.3% | −0.1% | −0.4% | −0.2% | −0.1% |
Source: SEC EDGAR XBRL filings (CIK 0001132651). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.