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ATLO on Nasdaq

AMES NATIONAL CORP

AMES NATIONAL CORP is a national commercial bank, listed on Nasdaq (ATLO).1

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Last updated Oct 21, 2026.

Overview

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  • TickerATLO on Nasdaq1
  • IndustryNational Commercial Banks1
  • HeadquartersAmes, Iowa1
  • Incorporated inUnited States2
  • Business addressPo Box 846, Ames, Ia 500102
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Ames National Corporation (the "Company") is an Iowa corporation and bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Company owns 100% of the stock of six bank subsidiaries consisting of one national bank and five state-chartered banks, as described below. All of the Company’s operations are conducted in the State of Iowa and primarily within the central, north-central and south-central Iowa counties of Boone, Clarke, Hancock, Marshall, Polk, Story, Taylor and Union where the Company’s banking subsidiaries are located. The Company does not engage in any material business activities apart from its ownership of its banking subsidiaries and the management of its own loan portfolios. The principal executive offices of the Company are located at 323 Sixth Street, Ames, Iowa 50010. The Company’s telephone number is (515) 232-6251 and website address …4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Fiduciary and Trust brought in 68% of the revenue AMES NATIONAL CORP broke down this way in fiscal 2025.

  1. Fiduciary and Trust$6.3M568%up 18% from 2024
  2. Financial Service$1.5M517%up 6% from 2024
  3. Credit and Debit Card$1.4M516%down 12% from 2024
Products and services by year
Products and services20242025
Fiduciary and Trust$5.3M$6.3M
Financial Service$1.4M$1.5M
Credit and Debit Card$1.6M$1.4M

Financial statements

Net income6789105$19.0M in 2025+11% since 2019
0$10.0M$20.0M$30.0M2019: $17.2M$17.2M20192020: $18.9M$18.9M2020+10%2021: $23.9M$23.9M2021+27%2022: $19.3M$19.3M2022−19%2023: $10.8M$10.8M2023−44%2024: $10.2M$10.2M2024−6%2025: $19.0M$19.0M2025+86%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Loans, including fees$68.3M$65.8M
Taxable$13.0M$12.0M
Tax-exempt$1.7M$2.0M
Other interest and dividend income$4.1M$2.8M
Total interest and dividend income$87.1M$82.6M
Deposits$28.9M$32.0M
Other borrowed funds$2.6M$5.6M
Total interest expense$31.4M$37.6M
Net interest income$55.7M$45.0M
Credit loss expense$1.0M$592.0K
Net interest income after credit loss expense$54.6M$44.4M
Securities (losses), net$0-$165.0K
Gain on sale of loans held for sale$544.0K$524.0K
Other noninterest income$1.4M$1.1M
Total noninterest income$11.2M$9.8M
Salaries and employee benefits$26.2M$25.1M
Data processing$5.8M$6.2M
Occupancy expenses, net$3.0M$3.0M
FDIC insurance assessments$1.0M$1.2M
Professional fees$2.1M$2.6M
Business development$1.5M$1.4M
Intangible asset amortization$301.0K$337.0K
New Markets Tax Credit projects amortization$766.0K$766.0K
Other operating expenses, net$1.3M$1.4M
Total noninterest expense$41.9M$42.0M
Income before income taxes$23.9M$12.2M
Income tax (benefit)$4.8M$2.0M
Net income$19.0M$10.2M
Basic EPS (in dollars per share)$2.14$1.14

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Corporate structure

AMES NATIONAL CORP sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of AMES NATIONAL CORP

  • Fourthstone LLC Filed SCHEDULE 13G/A on AMES NATIONAL CORP, latest Aug 14, 2026 (4 filings since Feb 14, 2023)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on AMES NATIONAL CORP, latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on AMES NATIONAL CORP, latest Mar 26, 2026 (2 filings since Feb 13, 2024)
  • BlackRock Filed SC 13G on AMES NATIONAL CORP, latest Jan 26, 2024
  • AMES NATIONAL CORP Ames, Iowa
    • First National Bank, Ames, Subsidiary · Iowa, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What AMES NATIONAL CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$41.7M5 Dec 31, 2025$41.5M5 Dec 31, 2024+0.6%
Accumulated depreciation$20.8M5 Dec 31, 2025$19.9M5 Dec 31, 2024+4.5%
Property and equipment, net$20.9M5 Dec 31, 2025$21.6M5 Dec 31, 2024−3.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$126.8M5 Dec 31, 2025$101.2M5 Dec 31, 2024+25.2%
Debt securities available for sale$648.5M10 Dec 31, 2024$736.4M10 Dec 31, 2023−11.9%
Loans, net of allowance$1.3B5 Dec 31, 2025$1.3B5 Dec 31, 2024−1.8%
Deposits held (banks)$1.9B5 Dec 31, 2025$1.8B5 Dec 31, 2024+0.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$12.4M5 Dec 31, 2025$12.4M5 Dec 31, 20240%
Finite-lived intangibles, gross$6.4M10 Dec 31, 2024$6.9M10 Dec 31, 2023−7.7%
Accumulated amortization$5.3M10 Dec 31, 2024$5.5M10 Dec 31, 2023−3.6%
Finite-lived intangibles, net$791.0K5 Dec 31, 2025$1.1M5 Dec 31, 2024−27.6%

Properties, in its own words

The Company's main office is located at 323 6th Street, Ames, Iowa. The Company also leases space in the main office at First National, located at 405 5th Street, Ames, Iowa. There is a lease agreement between the Company and First National. In addition to the main office owned by First National, First National conducts its business through seven full-service offices, the West Ames office, North Grand office, Ankeny office, West Glen office, Valley Junction office, Downtown Osceola office, and Jeffreys Drive office. The West Ames and North Grand offices are located in Ames, Iowa. The Ankeny office is located in Ankeny, Iowa. The West Glen office is located in West Des Moines, Iowa and is leased from the Company. The Valley Junction office is located in West Des Moines, Iowa. The Downtown Osceola and Jefferys Drive offices are located in Osceola, Iowa. A portion of the Ankeny and West Glen offices are leased to tenants for business purposes.

State Bank conducts its business from its main office located at 1025 Sixth Street, Nevada, Iowa.

The rest of Item 2

Boone Bank conducts its business from its main office located at 716 Eighth Street, Boone, Iowa and from one additional office also located in Boone, Iowa.

Reliance Bank conducts its business from its main office located at 606 Broad Street, Story City, Iowa. Reliance also has a full-service office located in Garner, Iowa. A portion of the Story City office is leased to tenants for residential and business purposes.

United Bank conducts its business from its main office located at 2101 South Center Street, Marshalltown, Iowa and from a drive-up facility also located in Marshalltown, Iowa.

Iowa State Bank’s main office is located at 401 West Adams Street, Creston, Iowa. In addition to its main office, Iowa State Bank conducts its business through two full-service offices, the Highway 34 office and Lenox office. The Highway 34 office is located in Creston, Iowa.

All of the Bank offices are owned by the respective Banks, with the exception of First National’s West Glen office which is owned by the Company and leased to First National. All of the properties owned by the Banks and the Company's main office are free of any mortgages. The West Glen office owned by the Company is subject to a $1.9 million mortgage.

Item 2 of the 10-K filed Mar 12, 2026.4

Leadership

Who has led AMES NATIONAL CORP, and when. Pick a name to see everywhere that person has worked.

Chair

  1. Daniel L. Krieger2006–2009

President

  1. Daniel L. Krieger2006–2007
  2. Thomas H. Pohlman2007–2018
  3. Stephen C. McGill2011–2017
  4. Curtis A. Hoff2017
  5. Jeffrey K. Putzier2017
  6. Richard Schreier2017
  7. Scott T. Bauer2017
  8. Dan E. Johnson2024

Chief financial officer

  1. John L. Pierschbacher2019–2023
  2. Justin C. Clausen2024–now

Chief operating officer

  1. Thomas H. Pohlman2007
2010201520202025
Board members and other officers (24)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • First National Bank, Ames, Iowa, a National Bank3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 13, 20268-K Other events48
  2. Jul 17, 20268-K Results of operations49
  3. May 15, 20268-K Other events50
  4. May 1, 20268-K Shareholder vote51
  5. Apr 24, 20268-K Results of operations52
  6. Feb 13, 20268-K Regulation FD disclosure; Other events53
  7. Jan 23, 20268-K Results of operations; Regulation FD disclosure54
  8. Nov 13, 20258-K Other events55
  9. Oct 17, 20258-K Results of operations56
  10. Aug 13, 20258-K Other events57
  11. Jul 18, 20258-K Results of operations58
  12. May 2, 20258-K Shareholder vote59

Calendar

When it reported results

  1. Jul 17, 2026Reported quarterly or annual results49
  2. Apr 24, 2026Reported quarterly or annual results52
  3. Jan 23, 2026Reported quarterly or annual results54
  4. Oct 17, 2025Reported quarterly or annual results56
  5. Jul 18, 2025Reported quarterly or annual results58
  6. Apr 17, 2025Reported quarterly or annual results60
  7. Jan 24, 2025Reported quarterly or annual results61
  8. Oct 18, 2024Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

332 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 49 major events, 228 insider forms, 8 large holders, 27 other. The latest 20:

  1. Sep 10, 20264 PRIMARY DOCUMENT EDGAR
  2. Sep 1, 20264 PRIMARY DOCUMENT EDGAR
  3. Aug 21, 20264 PRIMARY DOCUMENT EDGAR
  4. Aug 17, 20264 PRIMARY DOCUMENT EDGAR
  5. Aug 14, 2026SCHEDULE 13G/A EDGAR
  6. Aug 13, 202613F-HR EDGAR
  7. Aug 13, 20268-K EDGAR
  8. Aug 13, 2026N-PX EDGAR
  9. Aug 7, 202610-Q EDGAR
  10. Aug 3, 20264 PRIMARY DOCUMENT EDGAR
  11. Jul 17, 20268-K EDGAR
  12. Jun 24, 202611-K EDGAR
  13. May 29, 20264 PRIMARY DOCUMENT EDGAR
  14. May 15, 2026SCHEDULE 13G EDGAR
  15. May 15, 20264 PRIMARY DOCUMENT EDGAR
  16. May 15, 20268-K EDGAR
  17. May 12, 20264 PRIMARY DOCUMENT EDGAR
  18. May 12, 202613F-HR EDGAR
  19. May 8, 202610-Q EDGAR
  20. May 4, 20263 PRIMARY DOCUMENT EDGAR

The 332 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

172 open-market trades by officers, directors and large owners since October 2021: 172 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 9, 2026Baker Jeffery CDirectorBuy300$31.88$9.6KForm 4
Aug 31, 2026Cassabaum Michelle RDirectorBuy180$31.54$5.7KForm 4
Aug 20, 2026Beals Douglas WDirectorBuy325$31.16$10.1KForm 4
Aug 14, 2026Schreier RichardBuy316$31.60$10.0KForm 4
Jul 31, 2026Cassabaum Michelle RDirectorBuy140$30.20$4.2KForm 4
May 29, 2026Cassabaum Michelle RDirectorBuy170$28.83$4.9KForm 4
May 15, 2026Hagan Patrick GDirectorBuy200$27.69$5.5KForm 4
May 12, 2026Hagan Patrick GDirectorBuy100$27.65$2.8KForm 4
Apr 30, 2026Cassabaum Michelle RDirectorBuy84$28.08$2.4KForm 4
Feb 27, 2026Cassabaum Michelle RDirectorBuy205$27.25$5.6KForm 4
Jan 30, 2026Cassabaum Michelle RDirectorBuy280$26.11$7.3KForm 4
Dec 10, 2025Trost Scot A.DirectorBuy200$22.88$4.6KForm 4
Dec 2, 2025Bauer Scott TBuy20$21.68$434Form 4
Nov 26, 2025Bauer Scott TBuy88$21.86$1.9KForm 4
Nov 21, 2025Swartz Kevin LDirectorBuy200$20.80$4.2KForm 4
Nov 17, 2025PUTZIER JEFFREY KBuy200$21.25$4.2KForm 4
Nov 13, 2025Beals Douglas WDirectorBuy500$21.37$10.7KForm 4
Nov 13, 2025Bauer Scott TBuy95$21.32$2.0KForm 4
Oct 31, 2025Cassabaum Michelle RDirectorBuy44$20.82$916Form 4
Oct 24, 2025Hagan Patrick GDirectorBuy300$20.85$6.3KForm 4

All 172 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025John P. Nelson,$403.8K$434.9K67
2025Michael A. Wilson,$281.2K$306.9K67
2025Scott T. Bauer,$278.5K$297.0K67
2024President and Chief Executive Officer of the Company$393.9K$419.7K67
2024President of First National Bank$271.0K$289.3K67
2024Executive VicePresident and Chief Lending Officer of the Company$267.9K$288.0K67

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 99. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.683,151$20.2M0.0%+73,992
Vanguard Capital Management LLC387,611$11.5M0.0%−12,608
Dimensional Fund Advisors LP299,300$8.9M0.0%+26,260
Geode Capital Management, LLC223,415$6.6M0.0%+20,933
State Street Corp204,851$6.1M0.0%+53,081
American Century Companies Inc137,955$4.1M0.0%+92,764
Arrowstreet Capital, Limited Partnership135,903$4.0M0.0%+35,511
Qube Research & Technologies Ltd85,233$2.5M0.0%New
Marshall Wace, Llp83,618$2.5M0.0%+26,632
Elizabeth Park Capital Advisors, Ltd.80,480$2.4M1.6%No change
Northern Trust Corp74,396$2.2M0.0%+4,621
Renaissance Technologies LLC62,184$1.8M0.0%+24,200
Vanguard Portfolio Management LLC60,601$1.8M0.0%+9,132
Vanguard Fiduciary Trust Co59,174$1.8M0.0%+3,312
LPL Financial LLC58,546$1.7M0.0%+1,369
Aqr Capital Management LLC56,205$1.7M0.0%+24,033
Morgan Stanley53,461$1.6M0.0%+6,545
Ames National Corp46,557$1.3M0.7%No change
O'shaughnessy Asset Management, LLC43,214$1.3M0.0%+9,540
Connor, Clark & Lunn Investment Management Ltd.43,074$1.3M0.0%+16,097
Goldman Sachs Group Inc42,392$1.3M0.0%−1,950
Trexquant Investment LP41,416$1.2M0.0%+29,488
Citadel Advisors LLC38,924$1.2M0.0%New
Ritholtz Wealth Management32,897$974.1K0.0%+1,761
First Trust Advisors LP32,740$969.4K0.0%+3,057

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How AMES NATIONAL CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAMES NATIONAL CORP1
  • CIK0001132651
  • Employer ID (EIN)42-10390714
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inIowa4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6021 National Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business addressPo Box 846, Ames, IA 500101
  • Phone51523262511
  • Shares outstanding8,857,220 as of Jul 31, 202612
  • Public float$156.2M as of Jun 30, 20254
  • AuditorForvis Mazars LLP, Springfield, MO PCAOB ID 686; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceFeb 1, 20011
  • Filings1,283 in all: 4 (677), 8-K (209), 5 (96), 10-Q (76), 3 (27), SC 13G/A (27), DEF 14A (26), 10-K (25)1
    All 27 form types

    4/A (21), 11-K (20), SC 13G (16), DEFA14A (14), ARS (13), 13F-HR (7), 3/A (5), UPLOAD (4), 5/A (3), 8-K/A (3), CORRESP (2), N-PX (2), S-8 (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), 10-12G (1), 10-12G/A (1), PRE 14A (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Mar 13, 2026
    Latest 8-K (8-K) Aug 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $2.00 par valueATLONASDAQ

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks AMES NATIONAL CORP names in Item 1A of its 10-K filed Mar 12, 2026: 30 risks under these headings, as written.4

  • Economic and Market Condition Risks
  • Changes in general business, economic and political conditions may adversely affect the Company’s business.
  • Continuing inflationary pressures may affect the Company’s interest rates, credit loss expenses and general operating expenses.
  • Developments with respect to global trade policies, including changing tariffs and the imposition of new or increased tariffs and related uncertainty thereof, could have a material adverse effect on the Company’s customers and thereby negatively impact its business, results of operations or financial condition.
  • Credit Risks
  • The Company’s business depends on our ability to successfully manage credit risk.
  • The commercial real estate loan portfolio is a significant part of the Company’s business and subject to the risk of fluctuating collateral values.
  • If the Company’s actual credit losses exceed the allowance for credit losses or increase significantly, the Company’s net income will decrease.
  • Loans to agricultural-related borrowers are subject to factors beyond the Company’s control, including fluctuations in commodity and livestock prices, government trade policies and other risks, which could negatively impact the Company’s loan portfolio.
  • Liquidity and Interest Rate Risks
  • Fair values of investments in the Company’s securities portfolio may adversely change.
  • Changes in interest rates could adversely affect the Company’s results of operations and financial condition.
The other 21 risks
  • The inability to deploy or maintain liquidity may adversely affect the Company’s business.
  • The Company relies on dividends and other payments from its Banks for substantially all of its revenue.
  • Operational Risks
  • The Company may not be able to attract and retain key personnel and other skilled employees.
  • The Company is subject to certain operational risks, including, but not limited to, data processing system failures, errors, data security breaches and customer or employee fraud.
  • Use of artificial intelligence may result in reputational harm or liability, or could otherwise adversely affect the Company’s business.
  • Security breaches involving us, the Banks or any third parties with which we do business could expose us to liability and litigation, adversely affecting our reputation and operating revenues.
  • An impairment charge of goodwill or other intangibles could have a material adverse impact on the Company’s results of operations and financial condition.
  • Changes in accounting policies or accounting standards, or changes in how accounting standards are interpreted or applied, could materially affect how the Company reports its results of operations and financial condition.
  • The Company’s accounting policies and methods require management to make estimates about matters that are inherently uncertain.
  • The Company’s operations are concentrated in Iowa.
  • Damage to the Company’s reputation could adversely affect our business.
  • Changes in technology could be costly or difficult to implement.
  • A breach of information security, compliance breach, or error by one of the Company’s agents or vendors could negatively affect the Company’s reputation and business.
  • Strategic and External Risks
  • The Company may have difficulty continuing to grow, and even if we do grow, our growth may strain our resources and limit our ability to expand operations successfully.
  • The Company faces competition from other financial institutions.
  • Federal Government spending and increase in monetary supply could adversely affect our business.
  • The Company may be adversely affected by risks associated with completed and potential acquisitions.
  • Current and future government regulations may increase the Company’s costs of doing business.
  • Severe weather, natural disasters, pandemics, acts of war or terrorism or other adverse external events could significantly impact our business.
  • Risks related to the Company’s Stock
  • The Company may not pay dividends on its common stock in the future.
  • Risk related to volatility of the Company’s stock.

Legal proceedings

The Banks are from time-to-time parties to various legal actions arising in the ordinary course of business and incidental to their business. The Company believes that there is no threatened or pending proceeding against the Company or the Banks, which, if determined adversely, would have a material adverse effect on the business or financial condition of the Company or the Banks.

The opening of Item 3, Legal Proceedings.4

Sources

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