ATLO Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About ATLO Interactive Breakdown Better Bets vs. ATLO Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Ames National (ATLO)

    Market Price (10/31/2026): $0 | Market Cap: $-Sector: Financials | Industry: Regional Banks

    Ames National (ATLO)

    Market Price (10/31/2026): $0
    Market Cap: $-
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 7.1%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -165%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%

    Low stock price volatility
    Vol 12M is 20%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.

    Trading close to highs
    Dist 52W High is -1.6%, Dist 3Y High is -1.6%

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.55

    Key risks
    ATLO key risks include [1] net interest margin compression from rising deposit costs, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.8%, FCF Yield is 7.1%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -165%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%
    3 Low stock price volatility
    Vol 12M is 20%
    4 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.
    5 Trading close to highs
    Dist 52W High is -1.6%, Dist 3Y High is -1.6%
    6 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.55
    7 Key risks
    ATLO key risks include [1] net interest margin compression from rising deposit costs, Show more.

    ATLO in ETFs

    Weight = ATLO's share of each fund

    VTI0.00%
    IWM0.01%
    IWN0.02%
    AVUV0.02%
    VTWO0.01%
    DFAS0.01%
    DFAC0.00%

    Valuation & Metrics

    FYE: 12/31ATLO [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$72.6 Mil—
    FY 2026 Sales$77.7 Mil—
    FY 2027 Sales$81.0 Mil—
    FY 2026 Sales Growth7.1%—
    FY 2027 Sales Growth4.2%8.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$23.0 Mil—
    FY 2026 Net Income (Non-GAAP)$25.1 Mil—
    FY 2027 Net Income (Non-GAAP)$26.4 Mil—
    FY 2027 Net Income Growth5.3%13.6%
    FY 2026 EPS (Non-GAAP)$2.81—
    FY 2027 EPS (Non-GAAP)$2.96—
    FY 2027 EPS Growth5.3%—
    VALUATION
    FY 2026 P/S—3.2
    FY 2027 P/S——
    FY 2026 P/E—18.2
    FY 2027 P/E——

    [1] ATLO forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    ATLOS&P 500
    REVENUE GROWTHGOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q18.5%8.9%
    Rev Chg LTM21.3%8.5%
    Rev Chg 3Y Avg8.1%6.2%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM30.3%21.6%
    Net Inc Mgn31.6%13.4%
    VALUATIONLOW
    P/S4.13.2
    P/CFO13.515.2
    P/FCF14.120.1
    P/E12.922.6

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Affiliate Banks62182025Link
    Number of Communities Served1111062025Link
    Number of Banking Offices1811062025Link
    Market Share Ranking in Iowa by Total Deposits6th largest Iowa-based commercial bank holding company12312024Link
    Full-Time Equivalent Employees25912312024Link
    Assets Under Management$401.8 million12312021Link
    Employee Volunteer Hoursapproximately 16,300 hours12312024Link
    Charitable and Community Contributionsover $244 thousand12312024Link

    Price Chart

    Recent
    10/16/2026Earnings ReleaseRev: $27 Mil (A) vs. $19 Mil (E)
    EPS: 0.80 (A) vs. $0.68 (E)
    Upcoming
    1/22/2027Earnings ReleaseRev: $20 Mil (E)
    EPS: $0.70 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/22/2026

    Ames National (ATLO) stock has gained about 15% since 6/30/2026 because of the following key factors:

    1. Ames National Corporation reported a significant outperformance in its fiscal Q3 2026 earnings. The company's net income for the fiscal quarter ended September 30, 2026, rose to $7.0 million, or $0.80 per share, from $4.6 million, or $0.51 per share, in the prior-year quarter. This earnings per share (EPS) of $0.80 notably exceeded the consensus analyst estimate of $0.68 by approximately 17.7%.

    2. The company experienced robust growth in net interest income and a substantial expansion of its net interest margin during fiscal Q3 2026. Net interest income climbed 20.7% to $17.0 million compared to fiscal Q3 2025. This was driven by higher investment yields and balances, as well as reduced funding costs. Consequently, the net interest margin (on a tax-equivalent basis) improved significantly to 3.38% for fiscal Q3 2026, up from 2.83% in the same period last year and 3.18% in fiscal Q2 2026.

    Show more
    Updated on 10/22/2026

    Ames National (ATLO) stock has gained about 15% since 6/30/2026 because of the following key factors:

    1. Ames National Corporation reported a significant outperformance in its fiscal Q3 2026 earnings. The company's net income for the fiscal quarter ended September 30, 2026, rose to $7.0 million, or $0.80 per share, from $4.6 million, or $0.51 per share, in the prior-year quarter. This earnings per share (EPS) of $0.80 notably exceeded the consensus analyst estimate of $0.68 by approximately 17.7%.

    2. The company experienced robust growth in net interest income and a substantial expansion of its net interest margin during fiscal Q3 2026. Net interest income climbed 20.7% to $17.0 million compared to fiscal Q3 2025. This was driven by higher investment yields and balances, as well as reduced funding costs. Consequently, the net interest margin (on a tax-equivalent basis) improved significantly to 3.38% for fiscal Q3 2026, up from 2.83% in the same period last year and 3.18% in fiscal Q2 2026.

    3. Ames National demonstrated enhanced operational efficiency, contributing to its profitability. The efficiency ratio, which measures non-interest expense against revenue, showed a notable improvement, falling to 54.97% in fiscal Q3 2026 from 61.76% in the prior-year quarter. This indicates more effective cost management within the company.

    4. A positive shift in analyst sentiment and an improving earnings outlook supported the stock's trend. By October 22, 2026, Ames National was upgraded to a Zacks Rank #1 (Strong Buy), reflecting an improving earnings outlook. Over the 90 days leading up to this date, the Zacks Consensus Estimate for ATLO's full-year earnings moved 4.1% higher.

    Show less
    Holding a concentrated position? Know your true downside before the momentum shifts.
    Protect Your Wealth →

    Stock Movement Drivers

    Fundamental Drivers

    The 14.0% change in ATLO stock from 6/30/2026 to 10/30/2026 was primarily driven by a 7.0% change in the company's P/E Multiple.
    (LTM values as of)630202610302026Change
    Stock Price ($)29.3833.5114.0%
    Change Contribution By: 
    Total Revenues ($ Mil)70734.3%
    Net Income Margin (%)31.0%31.6%2.2%
    P/E Multiple12.112.97.0%
    Shares Outstanding (Mil)990.0%
    Cumulative Contribution14.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/30/2026
    ReturnCorrelation
    ATLO14.0% 
    Market (SPY)1.2%6.0%
    Sector (XLF)5.4%28.9%

    Fundamental Drivers

    The 20.7% change in ATLO stock from 3/31/2026 to 10/30/2026 was primarily driven by a 11.2% change in the company's Net Income Margin (%).
    (LTM values as of)331202610302026Change
    Stock Price ($)27.7733.5120.7%
    Change Contribution By: 
    Total Revenues ($ Mil)67738.6%
    Net Income Margin (%)28.5%31.6%11.2%
    P/E Multiple12.912.9-0.2%
    Shares Outstanding (Mil)990.1%
    Cumulative Contribution20.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/30/2026
    ReturnCorrelation
    ATLO20.7% 
    Market (SPY)16.5%-0.1%
    Sector (XLF)14.9%31.9%

    Fundamental Drivers

    The 71.4% change in ATLO stock from 9/30/2025 to 10/30/2026 was primarily driven by a 38.3% change in the company's Net Income Margin (%).
    (LTM values as of)930202510302026Change
    Stock Price ($)19.5533.5171.4%
    Change Contribution By: 
    Total Revenues ($ Mil)607321.3%
    Net Income Margin (%)22.9%31.6%38.3%
    P/E Multiple12.712.91.7%
    Shares Outstanding (Mil)990.5%
    Cumulative Contribution71.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/30/2026
    ReturnCorrelation
    ATLO71.4% 
    Market (SPY)14.4%15.7%
    Sector (XLF)6.2%40.5%

    Fundamental Drivers

    The 130.6% change in ATLO stock from 9/30/2023 to 10/30/2026 was primarily driven by a 55.4% change in the company's P/E Multiple.
    (LTM values as of)930202310302026Change
    Stock Price ($)14.5333.51130.6%
    Change Contribution By: 
    Total Revenues ($ Mil)597323.5%
    Net Income Margin (%)26.7%31.6%18.4%
    P/E Multiple8.312.955.4%
    Shares Outstanding (Mil)991.5%
    Cumulative Contribution130.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/30/2026
    ReturnCorrelation
    ATLO130.6% 
    Market (SPY)82.9%29.4%
    Sector (XLF)77.8%43.1%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    ATLO Return6%1%-4%-19%46%50%81%
    Peers Return38%8%20%9%-4%20%124%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    ATLO Win Rate33%58%50%42%83%90% 
    Peers Win Rate62%62%50%48%48%53% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    ATLO Max Drawdown-15%-11%-37%-25%-12%-7% 
    Peers Max Drawdown-22%-28%-44%-23%-27%-17% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: CWBC, NEWT, CLBK, GCBC, MBBC.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/30/2026 (YTD)

    How Low Can It Go

    EventATLOS&P 500
    2025 US Tariff Shock
      % Loss-11.3%-18.8%
      % Gain to Breakeven12.7%23.1%
      Time to Breakeven84 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-23.7%-9.5%
      % Gain to Breakeven31.0%10.5%
      Time to Breakeven41 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-26.2%-6.7%
      % Gain to Breakeven35.5%7.1%
      Time to Breakeven862 days31 days
    2020 COVID-19 Crash
      % Loss-33.2%-33.7%
      % Gain to Breakeven49.7%50.9%
      Time to Breakeven274 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-10.2%-19.2%
      % Gain to Breakeven11.4%23.8%
      Time to Breakeven60 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-22.3%-17.9%
      % Gain to Breakeven28.6%21.8%
      Time to Breakeven22 days123 days

    Compare to CWBC, NEWT, CLBK, GCBC, MBBC

    In The Past

    Ames National's stock fell -11.3% during the 2025 US Tariff Shock. Such a loss loss requires a 12.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventATLOS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-23.7%-9.5%
      % Gain to Breakeven31.0%10.5%
      Time to Breakeven41 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-26.2%-6.7%
      % Gain to Breakeven35.5%7.1%
      Time to Breakeven862 days31 days
    2020 COVID-19 Crash
      % Loss-33.2%-33.7%
      % Gain to Breakeven49.7%50.9%
      Time to Breakeven274 days140 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-22.3%-17.9%
      % Gain to Breakeven28.6%21.8%
      Time to Breakeven22 days123 days

    Compare to CWBC, NEWT, CLBK, GCBC, MBBC

    In The Past

    Ames National's stock fell -11.3% during the 2025 US Tariff Shock. Such a loss loss requires a 12.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Ames National (ATLO)

    Ames National Corporation (ATLO) is a multi-bank holding company that provides a comprehensive suite of banking products and services. Primarily operating in central, north-central, and south-central Iowa, the company serves its local communities through its network of banks. Its core business revolves around traditional banking functions, catering to the financial needs of individuals, businesses, and non-profit organizations within its service areas.

    The company offers a wide range of deposit products, including checking, savings, money market accounts, and certificates of deposit. On the lending side, Ames National provides various loan types such as short-term and medium-term commercial and agricultural real estate loans, residential mortgages, equipment and vehicle loans, home improvement loans, personal loans, and lines of credit for both agricultural and business operations. It also originates mortgage loans for sale into the secondary market.

    Beyond standard deposits and loans, Ames National delivers additional financial services designed to support its diverse customer base. These include cash management solutions, merchant credit card processing, safe deposit boxes, wire transfers, and direct deposit services. Furthermore, the company offers wealth management, farm management, investment, and custodial services. Customers also benefit from modern banking conveniences like online, mobile, and private banking services, as well as automated and video teller machine access.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Ames National (ATLO):

    • Ames National is like a regional U.S. Bank, but focused specifically on communities in central Iowa.
    • Ames National is like the local Chase Bank or Wells Fargo, but independently run and focused on specific Iowa communities.

    AI Analysis | Feedback

    ```html
    • Banking Deposits: The company offers various deposit accounts, including checking, savings, money market, and certificates of deposit.
    • Lending Services: It provides a comprehensive range of loans such as commercial, agricultural, residential, equipment, vehicle, home improvement, and personal loans, alongside lines of credit.
    • Mortgage Origination: Ames National originates mortgage loans specifically for sale into the secondary market.
    • Cash Management & Teller Services: Services include cash management, merchant credit card processing, wire transfers, direct deposits, and access to automated teller machines and safe deposit boxes.
    • Wealth & Asset Management: The company offers wealth management, farm management, investment, and custodial services for individuals, businesses, and non-profit organizations.
    • Digital Banking: Customers have access to online, mobile, and private banking services for convenient account management.
    ```

    AI Analysis | Feedback

    Major Customers of Ames National (ATLO)

    Ames National Corporation, as a multi-bank holding company, provides banking products and services to a diverse customer base primarily within its operating counties in Iowa. It does not have "major customers" in the traditional sense of a few large corporate buyers that would be individually named. Instead, its customer base consists of various categories served by its banking and financial services offerings:

    • Individuals: The company serves individual customers by offering a wide range of personal banking services. This includes checking and savings accounts, time deposits (like money market accounts and certificates of deposit), residential real estate loans, equipment, vehicle, and home improvement loans, personal loans and lines of credit, and wealth management services.
    • Businesses: Ames National provides financial solutions to commercial and agricultural businesses. This includes short-term and medium-term commercial and agricultural real estate loans, equipment loans, business operating loans and lines of credit, cash management, and merchant credit card processing services.
    • Non-profit Organizations: The company also extends its services, such as farm management, investment, and custodial services, to non-profit organizations within its service areas.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    John P. Nelson, President & Chief Executive Officer

    Mr. Nelson assumed the role of President and Chief Executive Officer of Ames National Corporation in June 2018. Prior to this, he served as the company's Chief Financial Officer and Secretary starting in 1999. He joined Ames National Corporation in 1993, following his employment as a Commissioned Bank Examiner for the Federal Deposit Insurance Corporation (FDIC). Mr. Nelson currently serves as Chairman of the Board for Boone Bank & Trust Co., First National Bank, and United Bank & Trust Co., and is a member of the board of directors of Iowa State Savings Bank.

    Justin C. Clausen, Chief Financial Officer & Secretary

    Mr. Clausen was appointed Chief Financial Officer and Secretary of Ames National Corporation effective July 5, 2024. He joined the company in March 2020, serving as Chief Accounting Officer since May 2023 and previously as Controller. Mr. Clausen is a certified public accountant with over 15 years of combined experience in the financial services industry and public accounting. His prior roles include Senior Accounting Analyst at Principal Financial Group and earlier finance positions at First National Bank of Omaha and a public accounting firm.

    Michael A. Wilson, Executive Vice President & Chief Lending Officer

    Mr. Wilson joined Ames National Corporation in 2022 and was appointed Executive Vice President and Chief Lending Officer in 2023, after having served as Executive Vice President of Innovation & Corporate Services. He possesses extensive financial institution experience, having previously served as the chief lending officer of a central Iowa bank, managed a commercial agribusiness team for a national insurer, and began his banking career as a commercial lender in the Des Moines Market. Mr. Wilson also serves as Chairman of the Board of State Bank & Trust Co. and Reliance State Bank.

    Scott T. Bauer, President, First National Bank

    Mr. Bauer is the Chief Executive Officer and President of First National Bank, headquartered in Ames, Iowa, and a member of its Board of Directors. A financial services veteran with extensive experience in various banking leadership roles, he joined First National Bank in 1986. Mr. Bauer is a graduate of Iowa State University and the Graduate School of Banking, University of Colorado.

    Patrick G. Hagan, Chairman of the Board

    Mr. Hagan has served as a Director of Ames National Corporation since 2017 and was elected as Chairman of the Board in 2022. He retired in 2019 after serving as the Senior Vice President and Treasurer of Fareway Stores, Inc., a privately owned company. Before joining Fareway, he was an Executive Vice President and Director of Citizens National Bank in Boone, Iowa, for five years. Mr. Hagan served on Boone Bank & Trust Co.'s Board of Directors from 2015-2023.

    AI Analysis | Feedback

    The key risks to Ames National Corporation (ATLO) primarily stem from its regional focus and the inherent sensitivities of the banking industry.

    1. Interest Rate Risk and Net Interest Margin Fluctuations: As a multi-bank holding company, Ames National Corporation's profitability is significantly influenced by the spread between interest earned on its assets and interest paid on its liabilities. Fluctuations in interest rates can quickly narrow these spreads, directly impacting net interest income. Management has identified interest rate changes as a significant challenge and actively works to manage the interest rate spread.
    2. Geographic Concentration and Agricultural Sector Exposure: Ames National Corporation's entire business operations are concentrated within various counties in Iowa. This regional concentration exposes the company to economic conditions specific to Iowa. A substantial portion of its loan portfolio, roughly 22%, is exposed to the agricultural sector. This makes the company particularly vulnerable to factors like commodity price fluctuations, international trade policies, and adverse weather conditions that affect farmers and agricultural businesses. Challenges in the agricultural sector have historically impacted the quality of ATLO's loan portfolio, leading to increases in classified assets.
    3. Credit Risk within Loan Portfolio: While Iowa banks generally maintain good loan quality, Ames National Corporation faces inherent credit risk from its lending activities. The company's classified assets, which are loans deemed to have elevated risk, have shown increases in recent periods. Given its significant exposure to agriculture and real estate, a downturn in these specific sectors within its operating regions could lead to increased loan defaults and negatively impact its financial performance.

    AI Analysis | Feedback

    The rise of digital-first financial service providers, including neobanks and specialized fintech companies, directly challenges traditional banking models by offering often lower-cost, highly convenient, and digitally native banking products and services, potentially siphoning off deposits, loan customers, and fee-based service revenue from established multi-bank holding companies like Ames National.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Ames National Corporation (ATLO) anticipates several key drivers for future revenue growth over the next two to three years:

    1. Net Interest Margin Expansion: The company expects an anticipated improvement in its net interest margin (NIM) in 2026. This is projected as lower-yielding investments and loans are expected to reprice at higher rates, while the cost of funds is expected to decrease due to lower market rates. This expansion of the spread between interest earned on assets and interest paid on liabilities is a primary contributor to increased net interest income.
    2. Growth in Wealth Management Services: Ames National Corporation has seen an increase in noninterest income, driven primarily by growth in wealth management income. This growth is attributed to an increase in assets under management and higher estate and trust fees. Further building the wealth management business is a stated near-term focus for the company.
    3. Organic Loan Growth: The company has identified organic loan growth as a near-term focus. While net loans experienced a slight decrease in 2025, the strategic emphasis on expanding its loan portfolio signals an expectation for increased interest income from new lending activities in its central Iowa markets.

    AI Analysis | Feedback

    Ames National (symbol: ATLO) has made the following capital allocation decisions over the last 3-5 years:

    Share Repurchases

    • In 2025, Ames National Corporation purchased 91,890 shares, estimated to be approximately $1.70 million based on the average stock price of $18.51 in 2025.
    • In 2024, the company purchased 43,057 shares, estimated to be approximately $0.76 million based on the average stock price of $17.68 in 2024.
    • As of Q4 2025, there were 165,053 shares remaining under a stock repurchase program authorized on August 13, 2025, to repurchase up to 200,000 shares, which expires on November 17, 2026.

    Share Issuance

    • No significant share issuances have been identified in the last 3-5 years. The number of outstanding shares has generally decreased due to repurchases.

    Inbound Investments

    • No large strategic investments by third-parties, such as a strategic partner or a private equity firm, in Ames National Corporation were reported within the last 3-5 years.

    Outbound Investments

    • No information regarding strategic investments made by Ames National Corporation in other companies was found for the last 3-5 years.

    Capital Expenditures

    • Ames National Corporation's capital expenditures were approximately $1.9 million in 2021, $2.9 million in 2022, $4.9 million in 2023, $3.0 million in 2024, and $2.7 million in 2025.
    • Expected capital expenditures for 2026 are approximately $3.0 million.
    • The primary focus of these capital expenditures is generally on maintaining and upgrading the company's banking infrastructure, including property, equipment, and technology for its banking operations.

    Peer Outperformance in Regional Banks

    ATLO has outperformed 65% of its 260 Regional Banks peers over 5Y. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that ATLO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    94%
    of 282 industry peers · 66.3% return
    3Y
    72%
    of 272 industry peers · 122.6% return
    5Y
    65%
    of 260 industry peers · 68.6% return
    No Regional Banks peer with a comparable growth profile has beaten ATLO by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is ATLO's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 35.1%68.9%123.0% SPNT 175% · RGA 148% · RNR 148%
    Investment Banking & Brokerage 13 -5.3%94.9%91.9% IBKR 346% · SNEX 158% · GS 144%
    Diversified Banks 12 30.4%154.4%91.6% CM 143% · RY 132% · JPM 125%
    Life & Health Insurance 20 16.2%53.5%82.5% JXN 532% · UNM 314% · MFC 190%
    Multi-line Insurance 9 8.1%68.3%64.8% GNW 114% · L 102% · AIZ 97%
    Property & Casualty Insurance 42 19.1%73.0%64.1% PGR 172% · TRV 171% · ACGL 167%
    Multi-Sector Holdings 3 8.3%57.8%55.1% BRK-B 89% · VOYA 55% · JEF 32%
    Regional Banks ← 261 32.6%98.8%53.2% CBC 254% · FCNCA 194% · NIC 148%
    Financial Exchanges & Data 15 18.5%44.0%27.9% CBOE 172% · VIRT 158% · CME 70%
    Insurance Brokers 15 3.7%11.4%19.5% LIFE 405% · ARX 89% · AJG 73%
    Asset Management & Custody Banks 85 -7.9%23.8%6.7% WT 249% · VCTR 241% · AAMI 200%
    Consumer Finance 30 7.9%70.4%4.2% ENVA 437% · FCFS 118% · AXP 95%
    Diversified Financial Services 4 -2.0%21.7%3.9% FRHC 180% · EQH 83%
    Commercial & Residential Mortgage Finance 14 -51.6%25.3%-1.7% FNMA 449% · FMCC 399% · ACT 157%
    Specialized Finance 3 2.8%37.8%-21.1% HASI -21% · CACC -22%
    Transaction & Payment Processing Services 17 12.5%11.3%-28.8% V 103% · MA 96% · CPAY 62%
    Mortgage REITs 34 -18.7%-5.2%-35.9% RITM 36% · DX 19% · AGNC 10%
    Diversified Capital Markets 20 -53.1%5.4%-63.3% LPLA 77% · TW 40% · RIOT -53%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    GDYNGrid Dynamics1.154.5%48.0%
    REPLReplimune1.753.7%81.2%
    SGRYSurgery Partners3.047.4%50.2%
    ADTADT7.542.9%25.2%
    TDOCTeladoc Health1.534.2%21.6%
    GKOSGlaukos14.032.8%110.4%
    ULCCFrontier1.530.6%36.9%
    AXGNAxogen2.629.7%50.8%
    HRIHerc5.529.4%13.4%
    PRMEPrime Medicine0.828.6%36.0%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    ARIApollo Commercial Real Estate Finance0.3-63.7%-75.9%
    BCAXBicara Therapeutics0.6-46.5%-45.8%
    IOVAIovance Biotherapeutics3.8-39.8%210.6%
    ATECAlphatec1.1-36.6%-66.5%
    RDDTReddit17.6-36.4%-60.1%
    BXBLBOXABL5.9-34.3%-79.9%
    COURCoursera0.8-31.7%-52.9%
    ORICORIC Pharmaceuticals1.0-29.8%13.0%
    AVBPArriVent BioPharma0.7-29.2%-26.1%
    CMPRCimpress1.4-29.1%-14.4%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    BRZEBraze5.178.4%33.4%
    SGRYSurgery Partners3.075.4%50.2%
    LQDALiquidia4.061.0%30.6%
    GDYNGrid Dynamics1.159.4%48.0%
    ADTADT7.558.3%25.2%
    PRMEPrime Medicine0.857.9%36.0%
    MAXMediaAlpha0.852.4%13.9%
    FIGSFIGS3.551.3%87.6%
    TDOCTeladoc Health1.550.1%21.6%
    DGICBDonegal-48.2%45.1%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    ARIApollo Commercial Real Estate Finance0.3-62.9%-75.9%
    GLASGlass House Brands0.2-59.0%-75.4%
    NUAINew Era Energy & Digital0.3-57.1%-6.7%
    BRUNBoost Run0.4-55.2%-66.0%
    SHAZSharonAI0.4-54.5%-75.5%
    CIFRCipher Digital3.0-52.8%-50.6%
    AVTXAvalo Therapeutics0.3-52.0%-60.5%
    BCAXBicara Therapeutics0.6-49.8%-45.8%
    AVBPArriVent BioPharma0.7-48.6%-26.1%
    BLZEBackblaze0.5-46.5%62.9%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    ATLOCWBCNEWTCLBKGCBCMBBCMedian
    NameAmes Nat.Communit.NewtekOneColumbia.Greene C.Marathon. 
    Mkt Price33.5425.8110.7511.0435.76-25.81
    Mkt Cap0.30.70.31.10.6-0.6
    Rev LTM7316127727793-161
    Op Inc LTM-------
    FCF LTM2148-7406942-42
    FCF 3Y Avg1731-3733631-31
    CFO LTM2254-7397842-42
    CFO 3Y Avg1937-3734532-32

    Growth & Margins

    ATLOCWBCNEWTCLBKGCBCMBBCMedian
    NameAmes Nat.Communit.NewtekOneColumbia.Greene C.Marathon. 
    Rev Chg LTM21.3%21.1%7.8%38.7%22.9%-21.3%
    Rev Chg 3Y Avg8.1%23.1%26.8%3.4%9.1%-9.1%
    Rev Chg Q18.5%36.9%7.0%15.5%22.0%-18.5%
    QoQ Delta Rev Chg LTM4.3%8.7%1.7%3.7%5.1%-4.3%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM30.3%33.5%-267.4%28.3%45.7%-30.3%
    CFO/Rev 3Y Avg30.2%27.6%-138.6%18.4%40.4%-27.6%
    FCF/Rev LTM28.9%29.7%-267.5%24.8%44.9%-28.9%
    FCF/Rev 3Y Avg27.9%22.4%-138.7%14.5%39.1%-22.4%

    Valuation

    ATLOCWBCNEWTCLBKGCBCMBBCMedian
    NameAmes Nat.Communit.NewtekOneColumbia.Greene C.Marathon. 
    Mkt Cap0.30.70.31.10.6-0.6
    P/S4.14.31.14.06.6-4.1
    P/Op Inc-------
    P/EBIT-------
    P/E12.919.34.719.214.8-14.8
    P/CFO13.512.9-0.414.314.4-13.5
    Total Yield10.4%6.6%31.3%5.2%7.4%-7.4%
    Dividend Yield2.6%1.5%10.0%0.0%0.7%-1.5%
    FCF Yield 3Y Avg8.5%6.1%-103.1%-6.3%-6.2%
    D/E0.10.41.81.10.3-0.4
    Net D/E-1.6-0.50.6-0.7-0.6--0.6

    Returns

    ATLOCWBCNEWTCLBKGCBCMBBCMedian
    NameAmes Nat.Communit.NewtekOneColumbia.Greene C.Marathon. 
    1M Rtn6.9%-0.9%-3.4%-0.2%6.7%--0.2%
    3M Rtn10.5%3.6%-26.3%2.6%7.2%-3.6%
    6M Rtn17.9%9.6%-15.5%0.1%49.2%-9.6%
    12M Rtn66.5%24.0%12.1%0.1%65.8%-24.0%
    3Y Rtn122.8%75.9%-6.4%0.1%57.3%-57.3%
    1M Excs Rtn4.7%-2.7%-5.4%-2.1%4.5%--2.1%
    3M Excs Rtn7.4%-0.1%-28.6%2.3%3.0%-2.3%
    6M Excs Rtn10.8%2.5%-22.6%-7.0%42.1%-2.5%
    12M Excs Rtn54.7%12.5%-3.9%-12.3%54.2%-12.5%
    3Y Excs Rtn59.5%-4.5%-92.4%-84.9%-20.4%--20.4%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/7/20265/8/20263/12/202611/7/20258/8/20255/9/20253/12/202511/8/20248/9/20245/8/20243/8/202411/7/2023
    Key Financials Quarterly            
    Total Revenue191819171615151313131313
    Net Income667553422223
    EPS0.670.670.730.510.510.390.390.250.240.260.240.33
    Key Financials TTM            
    Total Revenue TTM737067636057555353535456
    Net Income TTM23221916141110910101113
    Growth Rates Quarterly            
    Total Revenue Growth18.5%17.8%26.7%22.9%19.4%18.2%11.3%3.4%-0.9%-6.0%-13.2%-18.2%
    Net Income Growth31.5%73.1%85.4%105.6%106.5%49.4%64.2%-24.2%-14.6%-27.9%-51.5%-47.2%
    Margins Quarterly            
    Net Income Margin31.1%32.7%34.9%27.5%28.0%22.3%23.8%16.4%16.2%17.6%16.1%22.4%
    Cash & Debt            
    Total Cash505502493316747809463754761842800837
    Total Debt16182124313647838690111106
    Net Debt / (Cash)-489-484-472-292-716-773-416-671-675-752-690-731
    Cash Flows Quarterly            
    FCF from Operations387347634162
    Cash Flows TTM            
    FCF from Operations TTM222321202020141514141919
    Returns to Shareholders Quarterly            
    Dividends222222222222
    Share Repurchases-0-010011-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Banking6755546367
    Total6755546367


    Price Behavior

    Price Behavior
    Market Price$33.51 
    Market Cap ($ Bil)0.3 
    First Trading Date02/15/2000 
    Distance from 52W High-1.6% 
       50 Days200 Days
    DMA Price$32.17$29.14
    DMA Trendupup
    Distance from DMA4.2%15.0%
     3M1YR
    Volatility18.8%19.9%
    Downside Capture-31.46-3.50
    Upside Capture33.6559.58
    Correlation (S&P 500)2.2%14.2%
    ATLO Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.630.280.180.010.270.55
    Up Beta-0.501.040.24-0.020.290.68
    Down Beta1.270.120.09-0.510.220.39
    Up Capture71%16%30%24%43%32%
    Bmk +ve Days6162766132424
    Stock +ve Days11253866131379
    Down Capture62%-15%-5%4%-1%71%
    Bmk -ve Days16263760120328
    Stock -ve Days11172656110354

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ATLO
    ATLO67.3%19.9%2.46-
    Sector ETF (XLF)9.8%14.4%0.4138.1%
    Equity (SPY)10.9%12.8%0.5213.9%
    Gold (GLD)-2.0%28.6%-0.08-0.7%
    Commodities (DBC)48.2%20.6%1.79-25.1%
    Real Estate (VNQ)10.2%13.7%0.4534.9%
    Bitcoin (BTCUSD)-30.3%43.5%-0.71-1.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ATLO
    ATLO12.2%24.0%0.44-
    Sector ETF (XLF)8.6%18.3%0.3338.7%
    Equity (SPY)12.2%17.1%0.5326.4%
    Gold (GLD)16.2%19.0%0.682.8%
    Commodities (DBC)9.2%19.5%0.353.4%
    Real Estate (VNQ)0.9%18.9%-0.0631.5%
    Bitcoin (BTCUSD)4.8%51.6%0.2811.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ATLO
    ATLO6.5%30.2%0.26-
    Sector ETF (XLF)13.2%22.1%0.5453.2%
    Equity (SPY)15.2%17.9%0.7243.3%
    Gold (GLD)11.4%16.5%0.56-1.3%
    Commodities (DBC)8.2%18.1%0.3714.4%
    Real Estate (VNQ)5.3%20.7%0.2143.8%
    Bitcoin (BTCUSD)61.7%66.2%1.0113.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity0.3 Mil
    Short Interest: % Change Since 93020265.4%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest14.6 days
    Basic Shares Quantity8.9 Mil
    Short % of Basic Shares3.0%

    Returns Analyses

    Earnings Returns History

    Updated 10/27/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/16/20260.4%4.8% 
    7/17/2026-0.2%1.5%7.6%
    4/24/20260.0%3.1%2.7%
    1/23/20263.9%7.5%13.3%
    10/17/20253.4%6.2%6.6%
    7/18/20251.5%2.3%6.0%
    4/17/20252.0%0.1%6.2%
    1/24/20251.4%3.2%6.2%
    ...
    SUMMARY STATS   
    # Positive141816
    # Negative1178
    Median Positive1.1%2.7%6.2%
    Median Negative-1.5%-2.4%-5.6%
    Max Positive4.1%7.5%27.9%
    Max Negative-5.9%-8.0%-9.9%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    10/16/20260.4%4.8% 
    7/17/2026-0.2%1.5%7.6%
    4/24/20260.0%3.1%2.7%
    1/23/20263.9%7.5%13.3%
    10/17/20253.4%6.2%6.6%
    7/18/20251.5%2.3%6.0%
    4/17/20252.0%0.1%6.2%
    1/24/20251.4%3.2%6.2%
    10/18/2024-4.8%-8.0%-0.9%
    7/19/2024-1.5%3.1%-8.9%
    4/19/20240.9%3.1%11.5%
    1/19/20244.1%6.9%-7.5%
    10/20/2023-1.0%5.4%27.9%
    7/21/20231.6%1.5%-5.6%
    4/21/2023-3.1%-2.4%-9.9%
    1/20/2023-0.5%0.1%3.9%
    10/21/20220.2%-0.2%2.4%
    7/22/2022-0.4%1.4%1.8%
    4/22/2022-2.0%-3.4%-5.6%
    1/21/20220.5%0.2%-2.1%
    10/15/20210.1%0.9%6.4%
    7/16/2021-2.4%-1.6%0.9%
    4/16/20210.0%0.2%3.1%
    1/22/2021-0.9%-7.0%-3.7%
    10/16/2020-5.9%-0.7%7.6%
    SUMMARY STATS   
    # Positive141816
    # Negative1178
    Median Positive1.1%2.7%6.2%
    Median Negative-1.5%-2.4%-5.6%
    Max Positive4.1%7.5%27.9%
    Max Negative-5.9%-8.0%-9.9%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/07/202610-Q
    03/31/202605/08/202610-Q
    12/31/202503/12/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202403/12/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/09/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/08/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/10/202310-K
    09/30/202211/08/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/07/202610-Q
    03/31/202605/08/202610-Q
    12/31/202503/12/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202403/12/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/09/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/08/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/08/202310-Q
    03/31/202305/09/202310-Q
    12/31/202203/10/202310-K
    09/30/202211/08/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/06/202210-Q
    12/31/202103/11/202210-K
    09/30/202111/08/202110-Q
    06/30/202108/05/202110-Q
    03/31/202105/04/202110-Q
    12/31/202003/12/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/06/202010-Q
    12/31/201903/10/202010-K
    09/30/201911/06/201910-Q

    Insider Activity

    Updated 10/16/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Baker, Jeffery C DirectBuy910202631.883009,564123,663Form
    2Cassabaum, Michelle R DirectBuy901202631.541805,677325,114Form
    3Beals, Douglas W DirectBuy821202631.1632510,127102,049Form
    4Schreier, Richard DirectBuy817202631.603169,986247,997Form
    5Cassabaum, Michelle R DirectBuy803202630.201404,228305,866Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Baker, Jeffery C DirectBuy910202631.883009,564123,663Form
    2Cassabaum, Michelle R DirectBuy901202631.541805,677325,114Form
    3Beals, Douglas W DirectBuy821202631.1632510,127102,049Form
    4Schreier, Richard DirectBuy817202631.603169,986247,997Form
    5Cassabaum, Michelle R DirectBuy803202630.201404,228305,866Form
    6Cassabaum, Michelle R DirectBuy529202628.831704,901287,954Form
    7Hagan, Patrick G DirectBuy515202627.692005,538265,824Form
    8Hagan, Patrick G DirectBuy512202627.651002,765259,910Form
    9Cassabaum, Michelle R DirectBuy430202628.08842,359275,689Form
    10Cassabaum, Michelle R DirectBuy227202627.252055,586265,252Form
    11Cassabaum, Michelle R DirectBuy202202626.112807,311240,029Form
    12Trost, Scot A DirectBuy1210202522.882004,57622,878Form
    13Bauer, Scott T DirectBuy1203202521.682043486,907Form
    14Swartz, Kevin L DirectBuy1124202520.802004,160111,904Form
    15Putzier, Jeffrey K DirectBuy1119202521.252004,25081,324Form
    16Beals, Douglas W DirectBuy1117202521.3750010,68563,042Form
    17Cassabaum, Michelle R DirectBuy1103202520.8244916185,569Form
    18Hagan, Patrick G DirectBuy1024202520.853006,255193,905Form

    Industry Resources

    External Quote Links


    Prefer one of these to Trefis? Tell us why.
    Core Cache Last Updated: 10/30/2026