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Ames National Corporation Announces Earnings for the Fourth Quarter of 2022
AMES, Iowa, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Ames National Corporation (Nasdaq: ATLO; the “Company”) today reported net income for the fourth quarter of 2022
About this update from Ames National Corporation
[{"type":"text","content":"AMES, Iowa, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Ames National Corporation (Nasdaq: ATLO; the “Company”) today reported net income for the fourth quarter of 2022 of $4.4 million, or $0.49 per share, compared to $5.3 million, or $0.58 per share, earned in the fourth quarter of 2021. For the year ended December 31, 2022, net income for the Company totaled $19.3 million or $2.14 per share, compared to $23.9 million or $2.62 per share earned in 2021. The decrease in earnings for the three months and year ended is primarily the result of higher interest expense on deposits and fewer Paycheck Protection Program (“PPP”) fees recognized into income, offset in part by an increase in interest income on loans and taxable securities. The higher interest expense on deposits is due to an increase in market rates. In 2022, the Federal Open Market Committee has increased its target for the federal funds interest rate by 4.25%. The increase in interest income on loans and taxable securities was primarily due to growth in the loan and investment portfolios. INCOME STATEMENT HIGHLIGHTS (unaudited) Three Months EndedYear Ended December 31,December 31, 2022 2021 2022 2021 Net income (in thousands)$4,412 $5,297 $19,293 $23,913 Earnings per share - basic and diluted$0.49 $0.58 $2.14 $2.62 Return on average assets 0.84% 0.99% 0.90% 1.15%Return on average equity 12.47% 10.19% 11.43% 11.43%Efficiency ratio 65.04% 57.30% 61.41% 55.04%Net interest margin 2.45% 2.65% 2.55% 2.83% COMPANY STOCK HIGHLIGHTS (unaudited) As of or for the three months ended December 31, Company Stock (ATLO)2022 Closing price$23.61 Price range$ 22.00 - 23.76 Book value per common share$16.58 Cash dividend declared$0.27 Dividend yield 4.57% BALANCE SHEET HIGHLIGHTS (unaudited) December 31,(Dollars in thousands)20222021 Assets$2,134,926 $2,137,041 Loans receivable, net$1,226,011 $1,144,108 Deposits$1,897,957 $1,878,019 Stockholders' equity$149,098 $207,778 Equity capital ratio 6.98% 9.72% Fourth Quarter 2022 Results: Fourth quarter 2022 loan interest income was $1.5 million higher than fourth quarter 2021. The increase is primarily due to growth in the loan portfolio and higher average rates, offset in part by fewer PPP fees recognized into income. Fees recognized from PPP loans during the fourth quarter of 2022 were $1 thousand as compared to $458 thousand during the fourth quarter of ...