Form 8-K

8-K — AMES NATIONAL CORP

Accession: 0001437749-26-032805

Filed: 2026-10-16

Period: 2026-10-16

CIK: 0001132651

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — atlo20260824_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_1008479.htm)

GRAPHIC (anc01.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: atlo20260824_8k.htm · Sequence: 1

atlo20260824_8k.htm

false

0001132651

2026-10-16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

October 16, 2026

Date of Report (Date of Earliest Event Reported)

AMES NATIONAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Iowa

0-32637

42-1039071

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission File Number)

(I.R.S. Employer

Identification No.)

323 Sixth Street

Ames, Iowa 50010

(Address of Principal Executive Offices) (Zip Code)

(515) 232-6251

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, $2.00 par value

ATLO

NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On October 16, 2026, Ames National Corporation issued a News Release announcing financial results for the three and nine months ended September 30, 2026. A copy of the News Release is furnished as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

Exhibit No.

Description

99.1

News Release dated October 16, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

AMES NATIONAL CORPORATION

Date: October 16, 2026

By:

/s/ John P. Nelson

John P. Nelson, Chief Executive Officer and President

Principal Executive Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_1008479.htm · Sequence: 2

ex_1008479.htm

EXHIBIT 99.1

NEWS RELEASE

CONTACT:

JOHN P. NELSON

FOR IMMEDIATE RELEASE

CEO AND PRESIDENT

(515) 232-6251

October 16, 2026

AMES NATIONAL CORPORATION

ANNOUNCES EARNINGS FOR THE third QUARTER OF 2026

Ames, Iowa – Ames National Corporation (Nasdaq: ATLO; the “Company”) today reported net income for the third quarter of 2026 of $7.0 million, or $0.80 per share, compared to $4.6 million, or $0.51 per share, earned in the third quarter of 2025. For the nine months ended September 30, 2026, net income for the Company totaled $18.9 million, or $2.14 per share, compared to $12.5 million, or $1.41 per share earned in the same period of 2025. The increase in earnings is primarily due to an increase in net interest income. Net interest income increased due to higher yields and average balances on investments, combined with a declining cost of funds driven by lower market rates and reduced borrowings.

INCOME STATEMENT HIGHLIGHTS (unaudited)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Net income (in thousands)

7,048

4,559

18,939

12,513

Earnings per share - basic and diluted

0.80

0.51

2.14

1.41

Return on average assets

1.35

0.88

1.19

0.79

Return on average equity

13.18

9.31

11.92

8.92

Efficiency ratio

54.97

61.76

57.63

64.10

Net interest margin

3.38

2.83

3.19

2.67

COMPANY STOCK HIGHLIGHTS (unaudited)

As of or for the

three months ended

September 30,

Company Stock (ATLO)

2026

Closing price

$31.38

Price range

$28.56 - 32.86

Book value per common share

$23.23

Cash dividend declared

$0.24

Dividend yield

3.06%

BALANCE SHEET HIGHLIGHTS (unaudited)

September 30,

(Dollars in thousands)

2026

2025

Assets

2,082,162

2,107,999

Loans receivable, net

1,260,186

1,275,794

Deposits

1,830,503

1,832,819

Stockholders' equity

205,754

200,592

Capital ratio

9.88

9.52

Third Quarter 2026 Results:

Third quarter 2026 loan interest income was $490 thousand higher than third quarter 2025 and was primarily due to improved yield on the loan portfolio. The interest income recognized on nonaccrual loans for the three months ended September 30, 2026 and 2025 was approximately $171 thousand and $54 thousand, respectively. Interest income from investment securities increased by $1.4 million during this same period due to higher average balances and maturities reinvested at higher rates. Deposit interest expense decreased $801 thousand during this same period due primarily to lower market rates. Other borrowed funds interest expense decreased $327 thousand during the same period due primarily to reduced borrowings. Third quarter 2026 net interest income totaled $17.0 million, an increase of $2.9 million, or 20.7%, compared to the same quarter a year ago. These factors were the primary contributors to the Company’s net interest margin, on a tax-equivalent basis (a non-GAAP measure), improving to 3.38% for the quarter ended September 30, 2026 as compared to 2.83% for the quarter ended September 30, 2025 and 3.18% for the quarter ended June 30, 2026.

A credit loss expense of $66 thousand was recognized in the third quarter of 2026 as compared to $627 thousand in the third quarter of 2025. Net loan charge-offs for the quarter ended September 30, 2026 totaled $745 thousand compared to net loan recoveries of $344 thousand for the quarter ended September 30, 2025. The credit loss expense in 2026 was primarily due to charge-offs in the commercial real estate and operating loan portfolios, partially offset by a decrease in specific reserves. The credit loss expense in 2025 was primarily due to an increase in specific reserves for loans in those same portfolios. The charge-offs in the third quarter of 2026 were on commercial real estate and operating loans for which specific reserves had previously been established.

Noninterest income for the third quarter of 2026 totaled $3.5 million as compared to $2.5 million in the third quarter of 2025, an increase of 36.7%. The increase is primarily due to an increase in wealth management income and other noninterest income. The increase in wealth management income is primarily due to estate and trust fees earned from several estates that concluded administration during the quarter, as well as continued growth in assets under management. The increase in other noninterest income is primarily due to $235 thousand of insurance proceeds received in connection with storm-related property damage.

Noninterest expense for the third quarter of 2026 totaled $11.2 million compared to $10.2 million recorded in the third quarter of 2025, an increase of 9.6%. The increase reflects higher professional fees, salaries and benefits. The increase in professional fees was primarily due to $600 thousand of consultant fees for certain contract negotiations in the third quarter of 2026. The consultant fees are expected to continue throughout 2026 as negotiations are in process. The increase in salaries and benefits was driven by anticipated bonus payouts as Company performance thresholds are met, in addition to normal increases in salaries and benefits. The efficiency ratio was 54.97% for the third quarter of 2026 as compared to 61.76% in the third quarter of 2025. The efficiency ratio continues to improve as net interest margin increases.

Income tax expense for the third quarter of 2026 totaled $2.1 million compared to $1.2 million recorded in the third quarter of 2025. The effective tax rate was 23% and 20% for the quarters ended September 30, 2026 and 2025, respectively. The increase in income tax expense and effective tax rate was primarily due to higher net income and lower New Markets Tax Credits. The final year of tax credits was 2025 for a majority of the New Markets Tax Credit projects.

Nine Months 2026 Results:

For the nine months ended September 30, 2026 loan interest income was $1.3 million higher than the first nine months of 2025 and was primarily due to improved yield on the loan portfolio. The interest income recognized on nonaccrual loans for the nine months ended September 30, 2026 and 2025 was approximately $202 thousand and $56 thousand, respectively. Interest income from investment securities increased $4.0 million during this same period due to higher average balances and maturities reinvested at higher rates. Interest-bearing deposits with banks and federal funds sold interest income decreased by $620 thousand during this same period due to lower average balances. Deposit interest expense decreased $2.8 million during this same period due primarily to lower market rates. Other borrowed funds interest expense decreased $878 thousand during the same period due primarily to reduced borrowings. The net interest income for the nine months ended September 30, 2026 totaled $48.8 million, an increase of $8.3 million, or 20.6%, compared to the same period a year ago. These factors were the primary contributors to the Company’s net interest margin improving to 3.19% for the nine months ended September 30, 2026 as compared to 2.67% for the nine months ended September 30, 2025.

A credit loss benefit of ($73) thousand was recognized in the nine months ended September 30, 2026 as compared to a credit loss expense of $1.7 million in the nine months ended September 30, 2025. Net loan charge-offs for the nine months ended September 30, 2026 totaled $968 thousand compared to net loan charge-offs of $812 thousand for the nine months ended September 30, 2025. The credit loss benefit in 2026 was primarily due to a decline in loan balances. The credit loss expense in 2025 was primarily due to an increase in specific reserves in the commercial real estate and operating loan portfolios.

Noninterest income for the nine months ended September 30, 2026 totaled $9.0 million as compared to $7.7 million in the nine months ended September 30, 2025, an increase of 15.9%. The increase is primarily due to an increase in wealth management income and other noninterest income. The increase in wealth management income is primarily due to estate and trust fees earned from several estates that concluded administration during 2026, as well as continued growth in assets under management. The increase in other noninterest income is primarily due to $235 thousand of insurance proceeds received in connection with storm-related property damage.

Noninterest expense for the nine months ended September 30, 2026 totaled $33.3 million compared to $30.9 million recorded in the nine months ended September 30, 2025, an increase of 7.8%. The increase reflects higher professional fees, salaries and benefits. The increase in professional fees was primarily due to $1.2 million of consultant fees for certain contract negotiations in the nine months ended September 30, 2026. The consultant fees are expected to continue throughout 2026 as negotiations are in process. The increase in salaries and benefits was driven by anticipated bonus payouts as Company performance thresholds are met, in addition to normal increases in salaries and benefits. The efficiency ratio was 57.63% for the nine months ended September 30, 2026 as compared to 64.10% in the nine months ended September 30, 2025. The efficiency ratio continues to improve as net interest margin increases.

Income tax expense for the nine months ended September 30, 2026 totaled $5.6 million compared to $3.1 million recorded in the nine months ended September 30, 2025. The effective tax rate was 23% and 20% for the nine months ended September 30, 2026 and 2025, respectively. The increase in income tax expense and effective tax rate was primarily due to higher net income and lower New Markets Tax Credits. The final year of tax credits was 2025 for a majority of the New Markets Tax Credit projects.

Balance Sheet Review:

As of September 30, 2026, total assets were $2.1 billion, a decrease of $25.8 million, as compared to September 30, 2025. The decrease in assets was primarily due to a decrease in interest-bearing deposits in financial institutions and loan payoffs, partially offset by an increase in securities available-for-sale.

Securities available-for-sale as of September 30, 2026 increased to $671 million from $651 million as of September 30, 2025. The increase in securities available-for-sale is primarily due to purchases in excess of maturities and partially offset by an increase in unrealized losses in the investment portfolio. The Company's investment portfolio had an expected duration of 3.1 years as of September 30, 2026. There are approximately $100 million of investments maturing within one year at an average yield of approximately 1.9%.

Net loans as of September 30, 2026 decreased to $1.26 billion as compared to $1.28 billion as of September 30, 2025, a decrease of 1.2%. The decrease was primarily due to payoffs in the multi-family and commercial real estate portfolios. Substandard loans were $52.0 million and $29.7 million as of September 30, 2026 and 2025, respectively. Substandard-impaired loans were $16.5 million and $18.8 million as of September 30, 2026 and 2025, respectively. The increase in substandard loans is primarily due to one large relationship secured by 1-4 family residential properties and weakening in the multi-family portfolio as some loans are experiencing a decline in occupancy rates. The decrease in substandard-impaired loans is primarily due to loan payoffs in the commercial real estate loan portfolio, partially offset by downgrades in one agricultural operating loan relationship. Loans past due 30 days or more totaled $10.0 million as of September 30, 2026, compared to $10.3 million as of September 30, 2025. Subsequent to September 30, 2026, a substandard-impaired and nonaccrual agricultural loan relationship of $3 million was paid in full. Approximately $300 thousand of nonaccrual interest was collected and recognized in October 2026. There are approximately $376 million of loans maturing within one year at an average yield of approximately 5.6%.

The allowance for credit losses on September 30, 2026 totaled $16.7 million or 1.31% of loans, compared to $18.0 million, or 1.39% of loans, as of September 30, 2025. The decrease in the allowance for credit losses is primarily due to a decline in specific reserves and outstanding loan balances.

Deposits totaled $1.831 billion as of September 30, 2026, a decrease of 0.1%, compared to $1.833 billion recorded as of September 30, 2025. The decrease in deposits is primarily due to a decrease in public funds and time deposits, partially offset by higher balances in retail and commercial checking and money market accounts. Securities sold under agreements to repurchase decreased to $33.3 million as of September 30, 2026, compared to $40.6 million as of September 30, 2025. Securities sold under agreements to repurchase and deposit balances fluctuate as customers’ liquidity needs vary and could be impacted by prevailing market interest rates, competition, and economic conditions. Approximately 14% of deposits are tied to external indexes as of September 30, 2026. Deposit interest expense related to these deposits can be more volatile than other deposit products in a changing interest rate environment.

Other borrowings decreased to $1.5 million as of September 30, 2026 compared to $23.5 million as of September 30, 2025. The Company has continued to reduce borrowings as investments have matured and cash is redeployed.

The Company’s stockholders’ equity represented 9.88% of total assets as of September 30, 2026 with all of the Company’s six affiliate banks considered well-capitalized as defined by federal capital regulations. Total stockholders’ equity was $205.8 million as of September 30, 2026, compared to $200.6 million as of September 30, 2025. The increase in stockholders’ equity of $5.2 million was primarily the result of retention of net income in excess of dividends and partially offset by an increase in unrealized losses on the investment portfolio.

Share Repurchase Program

For the period July 1, 2026 through September 30, 2026, under the repurchase program that was announced in August 2025, which allowed for the repurchase of 200,000 shares of common stock, the Company did not repurchase any shares. There were 165,053 shares available to be repurchased under that repurchase program as of September 30, 2026.

Cash Dividend Announcement

On August 12, 2026, the Company declared a quarterly cash dividend on common stock, payable on September 15, 2026 to stockholders of record as of September 1, 2026, equal to $0.24 per share.

About Ames National Corporation

Ames National Corporation affiliate Iowa banks are First National Bank, Ames; Boone Bank & Trust Co., Boone; State Bank & Trust Co., Nevada; Reliance State Bank, Story City; United Bank & Trust Co., Marshalltown; and Iowa State Savings Bank, Creston, Iowa.

The Private Securities Litigation Reform Act of 1995 provides the Company with the opportunity to make cautionary statements regarding forward-looking statements contained in this News Release, including forward-looking statements concerning the Company’s future performance and asset quality. Forward-looking statements contained in this News Release are not historical facts and are based on management’s current beliefs, assumptions, predictions and expectations of future events, including the Company’s future performance, taking into account all information currently available to management. These beliefs, assumptions, predictions and expectations are subject to numerous risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to management and many of which are beyond management’s control. If a change occurs, the Company’s business, financial condition, liquidity, results of operations, asset quality, plans and objectives may vary materially from those expressed in the forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on such forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “forecasts”, “continuing,” “ongoing,” “expects,” “views,” “intends” and similar words or phrases. The risks and uncertainties that may affect the Company’s future performance and asset quality include, but are not limited to, the following: national, regional and local economic conditions and the impact they may have on the Company and its customers; competitive products and pricing available in the marketplace; changes in credit and other risks posed by the Company’s loan and investment portfolios, including declines in commercial or residential real estate values or changes in the allowance for credit losses as dictated by new market conditions or regulatory requirements; changes in local, national and international economic conditions, including rising inflation rates; fiscal and monetary policies of the U.S. government; the imposition of tariffs and retaliatory tariffs; changes in governmental regulations affecting financial institutions (including regulatory fees and capital requirements); changes in prevailing interest rates; credit risk management and asset/liability management; the financial and securities markets; the availability of and cost associated with sources of liquidity; and other risks and uncertainties inherent in the Company’s business, including those discussed under the headings “Forward-Looking Statements and Business Risks” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2025. Any forward-looking statements are qualified in their entirety by the foregoing risks and uncertainties and speak only as of the date on which such statements are made. The Company undertakes no obligation to revise or update such forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

AMES NATIONAL CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

(in thousands, except share and per share data)

September 30,

ASSETS

2026

2025

Cash and due from banks

20,200

22,706

Interest-bearing deposits in financial institutions and federal funds sold

55,009

85,455

Total cash and cash equivalents

75,209

108,161

Interest-bearing time deposits

4,194

5,678

Securities available-for-sale

671,332

650,660

Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost

1,977

2,891

Loans receivable, net

1,260,186

1,275,794

Loans held for sale

1,154

888

Bank premises and equipment, net

21,733

21,008

Accrued income receivable

15,492

15,001

Other real estate owned

204

Bank-owned life insurance

3,374

3,279

Deferred income taxes, net

11,864

8,606

Intangible assets, net

586

861

Goodwill

12,424

Other assets

2,637

2,544

Total assets

2,082,162

2,107,999

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Deposits

Noninterest-bearing checking

330,947

310,155

Interest-bearing checking

639,205

658,686

Savings and money market

541,906

526,935

Time, $250 and over

80,620

92,330

Other time

237,825

244,713

Total deposits

1,830,503

1,832,819

Securities sold under agreements to repurchase

33,315

40,623

Other borrowings

1,452

23,502

Accrued interest payable

2,090

2,485

Accrued expenses and other liabilities

9,048

7,978

Total liabilities

1,876,408

1,907,407

STOCKHOLDERS' EQUITY

Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding 8,857,220 and 8,892,167 shares as of September 30, 2026 and 2025, respectively

17,714

17,784

Additional paid-in capital

12,135

12,798

Retained earnings

208,604

191,235

Accumulated other comprehensive (loss)

(32,699

)

(21,225

)

Total stockholders' equity

205,754

200,592

Total liabilities and stockholders' equity

2,082,162

2,107,999

AMES NATIONAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income (unaudited)

(in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Interest and dividend income:

Loans, including fees

17,899

17,409

52,046

50,750

Securities:

Taxable

4,794

3,344

13,391

9,300

Tax-exempt

386

411

1,218

1,314

Other interest and dividend income

554

689

2,472

3,092

Total interest and dividend income

23,633

21,853

69,127

64,456

Interest expense:

Deposits

6,372

7,173

19,188

21,979

Other borrowed funds

304

631

1,169

2,047

Total interest expense

6,676

7,804

20,357

24,026

Net interest income

16,957

14,049

48,770

40,430

Credit loss expense (benefit)

627

(73

)

1,697

Net interest income after credit loss expense (benefit)

16,891

13,422

48,843

38,733

Noninterest income:

Wealth management income

2,094

1,374

5,277

4,336

Service fees

395

402

1,144

1,150

Securities gains (losses), net

)

Gain on sale of loans held for sale

183

170

478

395

Merchant and card fees

320

342

992

1,082

Other noninterest income

471

246

1,065

759

Total noninterest income

3,463

2,534

8,950

7,722

Noninterest expense:

Salaries and employee benefits

6,913

6,374

20,701

19,226

Data processing

1,409

1,497

4,423

4,305

Occupancy expenses, net

832

754

2,349

2,254

FDIC insurance assessments

239

253

725

788

Professional fees

1,020

412

2,700

1,437

Business development

367

335

1,003

1,018

Intangible asset amortization

205

231

New market tax credit projects amortization

192

575

Other operating expenses, net

359

347

1,108

1,033

Total noninterest expense

11,225

10,241

33,266

30,867

Income before income taxes

9,129

5,715

24,527

15,588

Provision for income taxes

2,081

1,156

5,588

3,075

Net income

7,048

4,559

18,939

12,513

Basic and diluted earnings per share

0.80

0.51

2.14

1.41

Dividends declared per share

0.24

0.20

0.72

0.40

Average number of shares outstanding - basic and diluted

8,857,220

8,894,152

8,857,220

8,903,933

ASSET QUALITY (unaudited)

As of

September 30,

June 30,

March 31,

December 31,

September 30,

(Dollars in thousands)

2026

2025

Loan risk rating by category (end of period):

Pass

1,106,219

1,097,903

1,095,929

1,119,323

1,118,151

Watch

102,212

100,499

130,849

120,614

125,849

Special Mention

1,005

1,014

1,023

Substandard

51,950

50,743

34,814

42,203

29,726

Substandard - Impaired

16,511

19,132

19,574

14,620

18,819

Total Loans

1,276,892

1,268,277

1,282,171

1,297,774

1,293,568

Unallocated portfolio layer basis adjustments

145

176

Less allowance for credit losses

(16,706

)

(17,307

)

(17,419

)

(17,697

)

(17,950

)

Loans receivable, net

1,260,186

1,250,996

1,264,827

1,280,222

1,275,794

Nonperforming assets:

Non-accrual loans

16,983

19,606

20,087

15,133

19,342

Accruing loans past due 90 days or more

328

174

Other real estate owned

212

204

Total nonperforming assets

17,010

19,641

20,334

15,665

19,720

Three months ended

September 30,

June 30,

March 31,

December 31,

September 30,

(Dollars in thousands)

2026

2025

Allowance for credit losses - loans:

Beginning balance

17,307

17,419

17,697

17,950

16,971

Credit loss expense (benefit)

144

143

(310

)

(708

)

635

Recoveries of loans charged-off

818

351

Loans charged-off

(758

)

(284

)

(363

)

Ending balance

16,706

17,307

17,419

17,697

17,950

Allowance for credit losses - unfunded commitments:

Beginning balance

1,012

947

984

937

944

Credit loss expense (benefit)

(78

)

(37

)

Ending balance

934

1,012

947

984

937

AVERAGE BALANCES AND INTEREST RATES (unaudited)

The following two tables are used to calculate the Company’s non-GAAP net interest margin on a fully taxable equivalent (FTE) basis. The first table includes the Company’s average assets and the related income to determine the average yield on earning assets. The second table includes the average liabilities and related expense to determine the average rate paid on interest-bearing liabilities. The net interest margin is equal to interest income less interest expense divided by average earning assets.

AVERAGE BALANCE SHEETS AND INTEREST RATES

Three Months Ended September 30,

2026

2025

Average

Revenue/

Yield/

Average

Revenue/

Yield/

balance

expense

rate

balance

expense

rate

ASSETS

(dollars in thousands)

Interest-earning assets

Loans (1)

Commercial

91,385

1,418

6.21

95,115

1,533

6.45

Agricultural

118,789

1,945

6.55

125,778

2,218

7.05

Real estate

1,050,837

14,349

5.46

1,054,016

13,430

5.10

Consumer and other

14,131

187

5.29

16,769

228

5.44

Total loans (including fees)

1,275,142

17,899

5.61

1,291,678

17,409

5.39

Investment securities

Taxable

625,081

4,794

3.07

568,730

3,344

2.35

Tax-exempt (2)

64,599

489

3.03

75,281

520

2.77

Total investment securities

689,680

5,283

3.06

644,011

3,864

2.40

Interest-bearing deposits with banks and federal funds sold

56,965

554

3.89

65,313

689

4.22

Total interest-earning assets

2,021,787

23,736

4.70

2,001,002

21,962

4.39

Noninterest-earning assets

65,361

65,634

TOTAL ASSETS

2,087,148

2,066,636

(1) Average loan balances include nonaccrual loans, if any. Interest income collected on nonaccrual loans has been included.

(2) Tax-exempt income has been adjusted to a tax-equivalent basis using an incremental tax rate of 21%.

AVERAGE BALANCE SHEETS AND INTEREST RATES

Three Months Ended September 30,

2026

2025

Average

Revenue/

Yield/

Average

Revenue/

Yield/

balance

expense

rate

balance

expense

rate

LIABILITIES AND STOCKHOLDERS' EQUITY

(dollars in thousands)

Interest-bearing liabilities

Deposits

Interest-bearing checking, savings accounts and money markets

1,157,505

3,636

1.26

1,140,317

4,031

1.41

Time deposits

319,608

2,736

3.42

336,692

3,142

3.73

Total deposits

1,477,113

6,372

1.73

1,477,009

7,173

1.94

Other borrowed funds

39,654

304

3.07

71,223

631

3.54

Total interest-bearing liabilities

1,516,767

6,676

1.76

1,548,232

7,804

2.02

Noninterest-bearing liabilities

Noninterest-bearing checking

343,695

310,424

Other liabilities

12,845

12,217

Stockholders' equity

213,841

195,763

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

2,087,148

2,066,636

Net interest income (FTE)(3)

17,060

14,158

Net interest spread (FTE)

2.94

2.37

Net interest margin (FTE)(3)

3.38

2.83

(3) Net interest income (FTE) is a non-GAAP financial measure.

Non-GAAP Financial Measures

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on an FTE basis. Management believes these non-GAAP financial measures are widely used in the financial institutions industry and provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on an FTE basis to GAAP (dollars in thousands).

Three Months Ended September 30,

2026

2025

Reconciliation of net interest income and annualized net interest margin on an FTE basis to GAAP:

Net interest income (GAAP)

16,957

14,049

Tax-equivalent adjustment (1)

103

109

Net interest income on an FTE basis (non-GAAP)

17,060

14,158

Average interest-earning assets

2,021,787

2,001,002

Net interest margin on an FTE basis (non-GAAP)

3.38

2.83

(1) Computed on a tax-equivalent basis using an incremental federal income tax rate of 21 percent, adjusted to reflect the effect of the tax-exempt interest income associated with owning tax-exempt securities and loans.

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v3.26.3

Document And Entity Information

Oct. 16, 2026

Document Information [Line Items]

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AMES NATIONAL CORPORATION

Document, Type

8-K

Document, Period End Date

Oct. 16, 2026

Entity, Incorporation, State or Country Code

Entity, File Number

0-32637

Entity, Tax Identification Number

42-1039071

Entity, Address, Address Line One

323 Sixth Street

Entity, Address, City or Town

Ames

Entity, Address, State or Province

Entity, Address, Postal Zip Code

50010

City Area Code

515

Local Phone Number

232-6251

Written Communications

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Title of 12(b) Security

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