Ames National Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2019; Provides Earnings Guidance for the Year Ending December 31, 2020; Reports Net Loan Charge Offs for the Fourth Quarter Ended December 31, 2019
January 24, 2020 at 09:32 pm
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Ames National Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2019. For the quarter, the company reported total interest income of $15,396,065 against $13,473,355 a year ago. Net interest income was $12,533,625 against $11,140,484 a year ago. Net income was $4,297,980 against $4,201,028 a year ago. Basic and diluted earnings per share were $0.47 against $0.45 a year ago.
For the full year, the company reported total interest income of $56,177,493 against $49,726,963 a year ago. Net interest income was $45,248,144 against $42,123,767 a year ago. Net income was $17,194,169 against $17,013,878 a year ago. Basic and diluted earnings per share were $1.86 against $1.83 a year ago.
The company is forecasting earnings for the year ending December 31, 2020 in the range of $1.93 to $1.98 per share compared to $1.86 per share earned for the year ended December 31, 2019.
Net loan charge offs totaled $84,000 for the quarter ended December 31, 2019 compared to $51,000 for the quarter ended December 31, 2018.
Ames National Corp is a bank holding company for its banking subsidiaries, First National Bank, Ames, Iowa (FNB); State Bank & Trust Co., Nevada, Iowa (SBT); Boone Bank & Trust Co., Boone, Iowa (BBT); Reliance State Bank, Story City, Iowa (RSB); United Bank & Trust Co., Marshalltown, Iowa (UBT), and Iowa State Savings Bank, Creston, Iowa (ISSB). The Bankâs lending activities consist primarily of short-term and medium-term commercial and agricultural real estate loans, residential real estate loans, agricultural and business operating loans and lines of credit, equipment loans, vehicle loans, personal loans and lines of credit, home improvement loans and origination of mortgage loans for sale into the secondary market. It provides a variety of checking, savings and time deposits, cash management services, merchant credit card processing, safe deposit boxes, wire transfers, direct deposit, and automated/video teller machine access and automatic drafts (ACH) for various accounts.
Ames National Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2019; Provides Earnings Guidance for the Year Ending December 31, 2020; Reports Net Loan Charge Offs for the Fourth Quarter Ended December 31, 2019