Profile: Ames National Corp (ATLO.OQ)
24 Jun 2019
Ames National Corporation, incorporated on January 15, 1975, is a bank holding company. The Company operates through banking segment. The Company owns five banking subsidiaries consisting of two national banks and three state-chartered banks. All of the Company's operations are conducted in the State of Iowa and primarily within the central and north central Iowa counties of Boone, Hancock, Marshall, Polk and Story where the Company's banking subsidiaries are located. The Banks offer a range of deposit services, including checking accounts, savings accounts and time deposits of various types, ranging from money market accounts to longer-term certificates of deposit. The Banks also offer retirement accounts, such as individual retirement accounts (IRAs). The Banks provide financial products, such as Internet banking and trust services for customers and communities. The Banks offer all basic types of credit to their local communities and surrounding rural areas, including commercial, agricultural and consumer loans.
The Company's lending activities consist primarily of short-term and medium-term commercial and agricultural real estate loans, residential real estate loans, agricultural and business operating loans and lines of credit, equipment loans, vehicle loans, personal loans and lines of credit, home improvement loans and origination of mortgage loans for sale into the secondary market. The Banks also offers a range of demand, savings and time deposits, cash management services, merchant credit card processing, safe deposit boxes, wire transfers, direct deposit of payroll and social security checks and automated/video teller machine access. Four of the five Banks also offer trust services. The Company provides various services to the Banks, which include management assistance, internal auditing services, human resources services and administration, compliance management, marketing assistance and coordination, loan review and support with respect to computer systems and related procedures. As of December 31, 2016, the Company's total loans were $762.78 million.
The Company classifies all securities as available-for-sale. Its investments available-for-sale include the United States Government securities, the United States Government agency, state and local government obligations, corporate debt securities, overnight federal funds and other equity securities. The Company's equity securities portfolio consists of required stocks, such as the Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, and also includes a publically traded common stock. As of December 31, 2016, the Company's total investment securities were $513.5 million.
Sources of Funds
The Company's primary source of funds is customer deposits. The Bank offers a range of interest-bearing accounts. Its deposits include noninterest bearing demand deposits, interest bearing demand deposits, money market deposits, savings deposits and time certificates. As of December 31, 2016, the Company's total deposits were $1.109 billion.
First National Bank (First National) is a nationally-chartered, commercial bank. First National provides full-service banking to businesses and residents within the Ames community through its three Ames offices and the Greater Des Moines area through its four offices located in Ankeny, West Des Moines and Johnston. It provides a range of products and services designed to meet the needs of the markets it serves. State Bank & Trust Co. (State Bank) is an Iowa, state-chartered, Federal Deposit Insurance Corporation (FDIC) insured commercial bank. State Bank provides full-service banking to businesses and residents within the Nevada area from its Nevada location. Boone Bank & Trust Co. (Boone Bank) is an Iowa, state-chartered, FDIC insured commercial bank. Boone Bank provides full service banking to businesses and residents within the Boone community and surrounding area. It is actively engaged in agricultural, consumer and commercial lending, including real estate, operating and equipment loans. Reliance State Bank (Reliance Bank) is an Iowa, state-chartered, FDIC insured commercial bank. Reliance Bank provides full banking services to businesses and residents within the Story City and Garner communities and surrounding areas. Reliance Bank also provides the traditional lending services offered by community banks.
The Company competes with Great Western Bank, U.S. Bank National Association and Wells Fargo Bank.
Ames National Corp
PO Box 846
AMES IA 50010