Ames National Corp (NASDAQ: ATLO) is a bank holding company that owns and operates a group of community banks across central Iowa. It makes money primarily through net interest income, the spread between interest earned on loans and investments and interest paid on deposits, supplemented by fee-based revenues from wealth management and trust services. Interest income totaled $87.1 million in FY2025, generating net interest income of $55.7 million, up from $45.0 million in FY2024. Noninterest income, which includes wealth management and trust fees, contributed $11.2 million in FY2025. The company operates through subsidiary banks serving small and mid-sized Iowa communities, with its holding company receiving substantially all operating cash flows as dividends from those bank subsidiaries. Goodwill and intangible assets stood at $13.2 million as of December 31, 2025, reflecting past acquisitions.

Revenue model

Net interest income from loans and deposits (transactional spread model) plus noninterest income from wealth management and trust services fees. In FY2025, net interest income was $55.7 million and noninterest income was $11.2 million.

Products and services

Commercial real estate loans, agricultural real estate loans, commercial operating lines, equipment loans, residential first mortgage loans, home equity term loans, home equity lines of credit, consumer loans, wealth management services, trust services.

Customers and end markets

Individual consumers, commercial borrowers, agricultural borrowers, real estate investors, and wealth management clients in small and mid-sized Iowa communities.

Value-chain role

Community bank holding company. Originates and holds loans on balance sheet; most residential mortgage loans originated for sale in the secondary mortgage market. Refers some first mortgage residential loans to an unaffiliated originator in exchange for a fee.

Geographic exposure

Central Iowa. Subsidiary banks operate in Ames (population 69,000), Des Moines metro area (population approximately 779,000, three offices), Osceola (population 5,600, two offices), Boone (population 12,500), and Nevada, Iowa (population 7,100).

Source: SEC 10-K, filed 2026-03-12

Industry: National Commercial Banks Peers: Bank7 Corp Chemung Financial Corp COMMUNITY FINANCIAL CORP /MD/ Investar Holding Corp MISSION BANCORP National Bankshares Inc PNC Financial Services Group Inc