Ames National Corporation · NASDAQ:ATLO
Ames National — Investor Presentation (January 2026)
25 slides from Ames National's investor presentation, Jan 23, 2026
Slide 1: Investor Presentation December 2025
Investor Presentation December 2025 Ames National Corporation, )
Slide 2: Forward-Looking Statements
Forward-Looking Statements ‘The Private Securities Litigation Reform Act of 1995 provides the Company with the opportunity to make cautionary statements regarding forward-looking statements in this presentation, including forward-looking statements concerning the Company/s future performance and ass
Slide 3: Company Overview: Market Data and Financial Data
Ames National Corporation Market Data: Financi | Data Stock Price: $22.96 Total Assets $2.1 billion Company Price Range $19.56-$24.36 Loans, net $1.3 billion Ove rv i ew Market Capitalization (M) $203.4 Deposits $1.9 billion N & Fina ELCMEE Shares Outstanding (M) 89 Net Income $6.5 million Avg. Dail
Slide 4: Management
Management ‘John Nelson, President & Chief Executive Officer. Mr. Nelson has served as President and CEO of Ames National Corporation since June 2018. Previously, he held oles as the CFO, Secretary and Treasurer. He joned ‘Ames National Corporation in 1993 after being employed as a Commissioned Bank
Slide 5: Background
Background 1903 - 1975 - 1983 — 1991 - 1995 - 2002 — 2012 - 2014- 2018 — 2019 - Ames Formation of First National Bank, Ames, lowa Ames National Corporation (ANC), an lowa-based bank holding company was organized and incorporated, under the laws of the State of lowa to serve as a holding company for
Slide 6: Affiliate Banks
AFFILIATE BANKS BOONE BANK IS FIRST NATIONAL BANK <0) Stare Bank 3) eTrust Co.
Slide 7: Vision, Mission and Core Values
VISION STATEMENT Customer Focused, To be one of the best performing Locally Empowered, and community banking Team Member Driven. organizations in the Midwest. MISSION STATEMENT CORE VALUES Ames National Corporation's foundation is built on these values which guide our actions. EXCELLENCE - INTEGRITY
Slide 8: ANC Strategic Priorities 2023-2026
2023-2026 ANC STRATEGIC PRIORITIES > cae ee PERFORMANCE ec ‘CULTURE | MANAGEMENT Wow Wewilredetine | Wewabean Wowitbeter mrscioae —_ofenay nau = Tee bike choice with a drive improved row aross "ough : profitable lines of automation, be z ane business while standardization parte! yee ieeeraireting) a
Slide 9: Net Income & Earnings Per Share
Net Income & Earnings Per re Net Income Earrings Per ‘Share (in millions) $1.00 $6.51 $0.80 $0.60 $3.51 + $0.40 $0.20 Ss Q4 2024 Qi 2025 Q2 2025 Q3 2025 Q4 2025
Slide 10: Net Interest Income
Net Interest Income $16,000 $15,232 * Earning Asset Yields } s40%] - increased in Q4 2025 | 320%] 29 basis points compared $14,000 $13,466, s12915, $12,121 a $12,900 | s00% | to. Q4 2024 due to higher yields on loans and $10,000 [21 investments | 2.60% g $8,000 | * Cost of interest-bearing | 240% |
Slide 11: Assets
Assets Average Balances ($ in millions) $2,200 6.0% 2,427 $2,130 $24 $213 5.5% $2,100 5.0% $2,000 45% 4.0% $1,900 35% $1,800 3.0% a4 2024 Qi 2025 22025 03 2025 a4 2025 mE Assets (S)_ —Interest-eamning asset yield %
Slide 12: Loans
Loans Average Balances ($ in millions) sino oom Susi $1,310 5.8% siaio 5% 290 $ 5.4% siz sa% som si2so a6 siz0 40% a8 2024 a 2025 a2 2025 3 2025 8 2025 moans (5) —tom ves
Slide 13: Loan Composition
Loan Composition
Slide 14: Asset Quality: Classified Assets
‘Ames National Classified Assets Corporation) ($in thousands) $60,000 2.9% $49,667 $48,749 $50,000 —. 2.7% Asset was _ {$40,000 2.5% z Quality § ($30,000 |i “A 2.3% A 3 : £ [$20,000 2.1% & @ {$10,000 1.9% $0 T , : , 1.7% a4 Qi Q2 Q3 a4 2024 2025 2025 +2025 2025 4
Slide 15: Classified Assets by Loan Type
‘Ames National Corporation, ‘Consumer and Other Real Estate - 1-4 Family Residential Classified RealEstate Agricultural Assets $2380 vette 28%
Slide 16: Asset Quality: Non-Performing Assets
Asset Quality Non-Performing Assets (Sin thousands) ‘Ames National Corporation, $20,000 $19,000 $18,000 $17,000 $16,000 $15,000 $14,000 $13,000 19,720. $19,143 1.20% 1.10% 1.00% 0.90% 0.80% ~ 0.70% 2024 Ql 2025 Q2 Q3 a4 2025 2025 = 2025 0.60% 16
Slide 17: Asset Quality: Net Charge Offs (Recoveries)
Asset Quality Net Charge Offs (Recoveries) {Sin thousands) ‘$1,300 ‘$1,000 $700 $400 $100 -$200 -$500 $1,100 $47 48 (5344) Q42024 Q12025 Q22025 032025 455) Q4 2025
Slide 18: Deposits
Deposits Average Balances ($ in millions) $1,900 5.0% $1,850 $1,850 $1,842 4.0% $1,827 $1,832 $1,800 1,787 3.0% $1,750 2.0% $1,700 1.0% $1,650 0.0% a4 2024 Qi 2025 22025 03 2025 a4 2025 mE Deposits (5) _——Interest-bearing deposit cost % 18
Slide 19: Deposit Composition
Deposit
Slide 20: Sources of Noninterest Income
F ae 25 Sources of interest Income CG) Gain on Sales of Loans Held for Sale $544 3% 20
Slide 21: ROAA & ROAE
ROAA & ROAE ‘Ames National Corporation) 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% ROAA 1.24% 0.85% 066% 0.65% 088% 42024 Qi 2025 Q22025 32025 a42025 mROAA 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% ROAE 12.77% 9.67% 784% 7.72% 931% | 042024. 12025 22025 32025 042025 mROAE 2
Slide 22: Capital
Cc apita $250,000 $200,000 $150,000 $100,000 $50,000 $0 ($50,000) Stockholder’s Equity ($ in thousands) $193,029 $200,592 $174,705 $183,056 ($21,225) 42024 Q12025 Q22025 032025 (39,008) 6318 (826,117) ‘ms Total Stockholder's Equity ‘Accumulated Other Comprehensive (Loss) ——% of assets ‘Ames National
Slide 23: Capital Strategy and Stock Repurchase Plans
Capital ‘Ames National Corporation, ) Capital strategy is to maintain and grow capital levels, while monitoring opportunities for organic growth and growth through M&A activity. Stock Repurchase Plans ‘+ ANC has periodically implemented stock repurchase plans. Purchases of 91,890 shares, and 43,057
Slide 24: Appendix
Appendix ‘Ames Return on Assets This ratio is calculated by dividing net income by average assets. It is used to measure how effectively the assets of the Company are being utilized in generating income. Return on Equity This ratio Is calculated by dividing net income by average equity. It is used t
Slide 25: Appendix
Appendix ‘Ames National Corporation, ‘This presentation contains referencesto financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company's presentation of net interest income and net interest margin on & fully taxable equivalent (FTE) basis. Management beli