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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.

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• 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.

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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.

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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.

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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.

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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.

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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.