Ames National Corporation
- Open
- 30.36
- Day high
- 30.36
- Day low
- 29.57
- Prev close
- 30.45
- Volume
- 32K
- Mkt cap
- $262M
- P/E (TTM)
- 12.2
- EPS (TTM)
- $2.42
- P/B
- 1.3
- P/S
- 2.6
- Yield
- 2.97%
- Per share
- $0.88
- ▲Insiders net buying $16K over the last 3 months (4 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
Ames National Corporation (ATLO) is a Financial Services company listed on NASDAQ. The stock is up 65% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 0 sales (SEC Form 4).
Ames National Corporation (ATLO) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ATLO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.62 | $0.67 | +8.1% | $25M | +38.1% |
| Mar 12, 2026 | — | $0.73 | — | $26M | — |
| Oct 17, 2025 | — | $0.51 | — | $24M | — |
| Aug 8, 2025 | — | $0.51 | — | $24M | — |
| Apr 17, 2025 | — | $0.39 | — | $24M | — |
| Mar 12, 2025 | — | $0.39 | — | $24M | — |
| Nov 8, 2024 | — | $0.25 | — | $23M | — |
| Aug 9, 2024 | — | $0.24 | — | $23M | — |
| Apr 19, 2024 | — | $0.26 | — | $22M | — |
| Mar 8, 2024 | — | $0.49 | — | $22M | — |
| Oct 20, 2023 | — | $0.33 | — | $21M | — |
| Mar 10, 2023 | — | $0.49 | — | $19M | — |
ATLO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 29, 2026 | Cassabaum Michelle Rdirector | Buy | 170 | $28.83 |
| May 15, 2026 | Hagan Patrick Gdirector | Buy | 200 | $27.69 |
| May 12, 2026 | Hagan Patrick Gdirector | Buy | 100 | $27.65 |
| Apr 30, 2026 | Cassabaum Michelle Rdirector | Buy | 84 | $28.08 |
| Feb 27, 2026 | Cassabaum Michelle Rdirector | Buy | 205 | $27.25 |
| Feb 2, 2026 | Cassabaum Michelle Rdirector | Buy | 280 | $26.11 |
| Dec 10, 2025 | Trost Scot A.director | Buy | 200 | $22.88 |
| Dec 3, 2025 | Bauer Scott Tother: President of subsidiary bank | Buy | 20 | $21.68 |
| Nov 24, 2025 | Swartz Kevin Ldirector | Buy | 200 | $20.80 |
| Nov 19, 2025 | PUTZIER JEFFREY Kother: President of subsidiary bank | Buy | 200 | $21.25 |
| Nov 17, 2025 | Beals Douglas Wdirector | Buy | 500 | $21.37 |
| Nov 3, 2025 | Cassabaum Michelle Rdirector | Buy | 44 | $20.82 |
| Oct 24, 2025 | Hagan Patrick Gdirector | Buy | 300 | $20.85 |
| Aug 29, 2025 | Cassabaum Michelle Rdirector | Buy | 278 | $19.83 |
| Aug 1, 2025 | Cassabaum Michelle Rdirector | Buy | 164 | $18.29 |
Source: ATLO SEC Form 4 filings, latest May 29, 2026. For informational purposes only — not investment advice.
See the full ATLO insider & 13F page →Ames National Corporation company profile
Overview
Ames National Corporation (NASDAQ:ATLO) is a multi-bank holding company founded in 1903 and headquartered in Ames, Iowa. The company operates as a regional banking institution serving central, north-central, and south-central Iowa through multiple subsidiary banks. With over 120 years of history, Ames National has established itself as a community-focused financial services provider, offering traditional banking products and services to individuals, businesses, and agricultural customers across seven Iowa counties including Boone, Clarke, Hancock, Marshall, Polk, Story, and Union.
Business
Ames National Corporation operates in the regional banking industry, which involves accepting deposits from customers and lending those funds to borrowers while earning a profit on the interest rate spread. Regional banks like Ames National serve as financial intermediaries in their local communities, providing essential banking services that larger national banks may not offer with the same level of personal service. The company's core banking services include deposit products such as checking accounts, savings accounts, money market accounts, and certificates of deposit. These products allow customers to safely store their money while earning interest, and they provide the bank with funds to lend to other customers. On the lending side, Ames National offers commercial and agricultural real estate loans, which help local businesses and farmers purchase or refinance property; residential real estate loans for home purchases; and various consumer loans including equipment financing, vehicle loans, and home improvement loans. Beyond traditional banking, the company provides wealth management services including farm management, investment advisory, and custodial services for individuals, businesses, and non-profit organizations. Additional services include cash management solutions for businesses, merchant credit card processing, wire transfers, and modern digital banking platforms including online and mobile banking services. The company also originates mortgage loans that are sold into the secondary market, generating fee income without retaining the credit risk.
Revenue model
Ames National generates revenue primarily through net interest income, which is the difference between the interest earned on loans and investments and the interest paid on deposits and borrowed funds. This is the fundamental banking business model where the bank acts as a financial intermediary, paying depositors a lower rate than it charges borrowers. With 2024 revenue of $54.8 million, the company's customers are primarily local businesses, agricultural operations, and individual consumers in their Iowa service areas. The bank also generates non-interest income through various fee-based services including wealth management fees, loan origination fees, merchant services income, and fees from deposit account services. Mortgage banking income is earned when the bank originates residential mortgages and sells them to government-sponsored enterprises or other investors while retaining servicing rights. Several factors significantly impact the company's profitability margins. Interest rate environment is the most critical factor - rising rates generally benefit banks by increasing the spread between lending and deposit rates, though this can also reduce loan demand. Credit quality directly affects margins through loan loss provisions, with economic downturns potentially requiring higher reserves for bad debts. Competition from larger regional banks, credit unions, and fintech companies can pressure both deposit rates and lending margins. Regulatory compliance costs represent a significant fixed expense that can impact smaller regional banks disproportionately. Additionally, the bank's agricultural focus makes it sensitive to commodity prices and weather conditions that affect local farming operations' ability to repay loans.
Competitive moat
Ames National's competitive moat is relatively narrow, typical of smaller regional banks. The company's primary defensive characteristics include local market knowledge and relationships built over more than a century of operations in central Iowa. This deep community connection allows the bank to understand local credit risks better than larger competitors and provide more personalized service to customers who value relationship banking. The bank benefits from switching costs that make it inconvenient for customers to change banks, particularly business customers with complex cash management needs or multiple loan relationships. Additionally, the company's focus on agricultural lending provides some specialization advantage, as agricultural credit requires specific expertise that not all competitors possess. However, these moats are not particularly strong or durable. Regulatory barriers to entry in banking provide some protection, but larger regional banks can easily expand into Ames National's markets through acquisitions or de novo branching. Fintech disruption poses an increasing threat, as digital-first banks can offer competitive rates and services without the overhead of physical branches. Credit unions with tax advantages can often offer better rates to consumers, while larger banks can provide more sophisticated services and technology platforms that smaller institutions struggle to match. The company's geographic concentration in Iowa also limits growth opportunities and increases vulnerability to local economic downturns.
Risks & safety
Ames National demonstrates reasonable financial stability with moderate safety margins, though typical of smaller regional banks, it faces inherent risks from concentration and interest rate sensitivity. • Liquidity position: Strong with $107.4 million in cash and short-term investments as of Q4 2024, representing 5% of total assets • Capital adequacy: Debt-to-equity ratio of 0.27 indicates conservative leverage; book value provides reasonable cushion • Profitability trends: Net income declined from $19.3 million in 2022 to $10.2 million in 2024, showing earnings pressure • Valuation metrics: Trading at 0.84x book value and 14.5x earnings, suggesting reasonable valuation but not deeply discounted • Credit quality: Geographic and agricultural concentration creates potential for correlated credit losses during economic stress • Interest rate risk: Asset-liability duration mismatch typical of banks creates earnings volatility in changing rate environments
Recent development
Based on the available financial data, Ames National has experienced significant earnings volatility over the past three years, with net income declining from a peak of $19.3 million in 2022 to $10.2 million in 2024. This represents a 47% decline in profitability, likely reflecting the challenging interest rate environment and competitive pressures facing regional banks. The company has maintained relatively stable asset levels around $2.1 billion while managing through a period of compressed margins. Revenue has remained relatively consistent, declining modestly from $62.9 million in 2022 to $54.8 million in 2024. The bank has maintained strong liquidity positions throughout this period, with cash and short-term investments increasing significantly from $42.6 million in 2022 to $107.4 million in 2024. Without access to recent earnings call transcripts, specific strategic initiatives are not available, but the financial trends suggest the company is navigating through a challenging operating environment while maintaining conservative balance sheet management. The consistent dividend payments and stable book value indicate management's focus on preserving capital during this transitional period.
ATLO company profile · for informational purposes only — not investment advice.
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