Ames National Corporation

Ames National Corporation is an Iowa-based bank holding company that owns six community bank subsidiaries operating primarily in central, north-central, and south-central Iowa. The company’s business is traditional relationship banking—gathering deposits and deploying them into commercial, agricultural, and consumer loans—supplemented by fee income from deposit services, card/merchant services, and wealth management activities at banks with trust powers. Management emphasizes local decision-making authority and experienced bank leadership to deliver faster credit responses and tailored terms for small-to-medium sized businesses. The parent company itself has no material operations beyond owning the banks and managing its own loan portfolios.

— Ames National Corporation
%
Net interest income (loans and securities)78% Interest income from commercial, agricultural and consumer loans plus fixed-income investments, net of deposit/borrowing costs.
Deposit and payment service fees10% Service charges on deposit accounts and fees from merchant and card programs.
Wealth management and trust fees7% Financial planning and administration of trust, agency, estate and brokerage accounts at banks with trust powers.
Loan sale and other noninterest income5% Gains on sale of loans and other ancillary banking income streams.

Customers are primarily individuals, families, farms, and small-to-medium sized businesses located in the Iowa...

  • Small-to-medium sized businesses (SMB)primary

    Use commercial loans, treasury/deposit accounts, and relationship banking for local decisioning and flexibility.

  • Retail/consumer householdsprimary

    Maintain checking/savings/CDs and borrow via consumer and residential lending for everyday banking needs.

  • Agriculture and rural communitiessecondary

    Borrow for agricultural operations and equipment/land needs; deposit relationships often tied to farm cash flows.

  • Wealth management and trust clientssecondary

    Purchase financial planning and fiduciary services (trusts, estates, agencies) and brokerage account management.

Operations are concentrated in Iowa, with banking offices serving communities including Ames, the Greater Des Moines...

  • •Banking operations primarily in central, north-central and south-central Iowa
  • •Key markets include Ames and Greater Des Moines (Ankeny/West Des Moines)
  • •South Central Iowa presence includes Osceola-area offices
  • •Creston/Lenox market includes an agriculture-lending emphasis
  • •Municipal bond portfolio spans issuers in ~30 U.S. states (risk diversification)
  • •Local Iowa economy and agriculture cycles can drive loan demand and credit

The company’s strategy centers on relationship banking delivered through local management teams and local...

01
Local decisioning and relationship banking for SMBslong-term

Differentiates community banks versus larger institutions on speed and flexibility.

02
Operational efficiency to support competitive pricingmedium-term

Efficiency helps protect profitability while offering competitive loan/deposit rates.

03
Balance-sheet spread and interest-rate risk managementshort-term

Net interest income is the largest earnings driver; rate moves affect both asset yields and deposit costs.

Because operations are concentrated in Iowa, local economic weakness—especially in agriculture-dependent areas—can...

high

Geographic concentration in Iowa

Local economic deterioration (including agriculture) can weaken loan demand and asset quality.

Scope
Central, north-central and south-central Iowa counties
Materiality
high
high

Cybersecurity and information security breaches

Banks store sensitive PII; breaches can lead to service disruption, losses, penalties, and reputational damage.

Scope
Internal systems and third-party service providers
Materiality
high
medium

Acquisition execution and integration risk

Acquisitions can underperform, create unexpected liabilities, and distract management; may also trigger goodwill issues.

Materiality
medium
medium

Reputational damage

Service failures, compliance issues, litigation, or security events can reduce customer trust and increase scrutiny.

Materiality
medium
Allowance for credit losses (CECL/ACL) on loans
Can materially change provision expense and net income across periods
Fair value of available-for-sale investment securities
Affects equity/OCI and can influence capital and interest-rate risk perception
Goodwill and intangible asset impairment testing
Potentially significant non-cash impairment charges

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: 11/08/2026