Ames National (ATLO)2024-10-18 20:06Net Income and Earnings - Net income for Q3 2024 was $2.2 million, a decrease from $2.9 million in Q3 2023, primarily due to increased credit loss expense and consultant fees[2] - Net income for the three months ended September 2024 was $2.22 million, down from $2.92 million in the same period in 2023[24] - Basic and diluted earnings per share for the three months ended September 2024 were $0.25, down from $0.33 in the same period in 2023[24] Net Interest Income - Net interest income for Q3 2024 increased by $0.4 million (3.6%) to $11.1 million compared to Q3 2023, driven by higher loan interest income[7] - Net interest income for the three months ended September 2024 was $11.08 million, compared to $10.69 million in the same period in 2023[24] - Total interest and dividend income for the three months ended September 2024 was $20.71 million, up from $18.76 million in the same period in 2023[24] Credit Loss Expense - Credit loss expense for Q3 2024 was $371 thousand, compared to a credit loss benefit of $274 thousand in Q3 2023, mainly due to increased specific reserves in the commercial loan portfolio[8] Noninterest Income and Expense - Noninterest income for Q3 2024 increased by 2.2% to $2.41 million compared to Q3 2023, driven by higher wealth management income[8] - Total noninterest income for the three months ended September 2024 was $2.41 million, compared to $2.36 million in the same period in 2023[24] - Total noninterest expense for the three months ended September 2024 was $10.51 million, up from $9.80 million in the same period in 2023[24] - The efficiency ratio for Q3 2024 was 77.87%, compared to 75.12% in Q3 2023, reflecting higher noninterest expenses[8] Total Assets and Loans - Total assets as of September 30, 2024, decreased by $30.9 million to $2.1 billion compared to September 30, 2023, primarily due to a decrease in interest-bearing deposits and securities available-for-sale[13] - Net loans increased by 5.2% to $1.30 billion as of September 30, 2024, compared to $1.23 billion in 2023, driven by growth in agriculture, residential, and commercial real estate loan portfolios[14] - Total assets decreased to $2,123.17 million in September 2024 from $2,154.05 million in September 2023[22] - Loans receivable, net increased to $1,295.77 million in September 2024 from $1,231.89 million in September 2023[22] Deposits - Deposits decreased by 1.5% to $1.80 billion as of September 30, 2024, compared to $1.83 billion in 2023, due to customers shifting to higher-rate deposit products[16] - Total deposits decreased to $1,801.72 million in September 2024 from $1,828.68 million in September 2023[22] Stockholders' Equity and Dividends - Stockholders' equity increased by $36.8 million to $183.4 million as of September 30, 2024, primarily due to a decrease in unrealized losses on the investment portfolio[17] - The company declared a quarterly cash dividend of $0.20 per share, payable on November 15, 2024[18] - Dividends declared per share for the three months ended September 2024 were $0.20, compared to $0.27 in the same period in 2023[24]