Ames National (ATLO) Q4 2025 earnings summary

Executive summary

• Net income for Q4 2025 was $6.5 million ($0.73/share), up from $3.5 million ($0.39/share) in Q4 2024; full-year 2025 net income was $19.0 million ($2.14/share), up from $10.2 million ($1.14/share) in 2024.

• Earnings growth driven by higher net interest income from improved loan and investment yields and lower funding costs.

Financial highlights

• Q4 2025 net interest income rose 25.7% year-over-year to $15.2 million; full-year net interest income increased 23.8% to $55.7 million.

• Net interest margin improved to 3.00% in Q4 2025 (from 2.38% in Q4 2024) and 2.75% for the year (from 2.22%).

• Noninterest income grew 31.2% in Q4 2025 and 13.4% for the year, mainly from wealth management and real estate gains.

• Noninterest expense rose 4.9% in Q4 2025 but was flat for the year; efficiency ratio improved to 59.22% in Q4 and 62.74% for the year.

• Return on average assets was 1.24% in Q4 2025 (0.66% in Q4 2024) and 0.90% for the year (0.48% in 2024).

Outlook and guidance

• 2026 earnings forecasted at $2.70–$2.80 per share, up from $2.14 in 2025, driven by anticipated net interest margin improvement as assets reprice at higher rates and funding costs decline.