Ames National Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Loan Charge Offs for the Fourth Quarter Ended December 31, 2015
January 22, 2016 at 04:33 pm
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Ames National Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company announced total interest income of $10,902,752 compared to $10,778,012 for the same period a year ago. Net interest income was $9,892,182 compared to $9,686,491 for the same period a year ago. Net interest income after provision for loan losses was $9,829,609 compared to $9,387,371 for the same period a year ago. Income before income taxes was $5,474,815 compared to $4,162,172 for the same period a year ago. Net income was $3,915,061 compared to $3,138,707 for the same period a year ago. Basic and diluted earnings per share were $0.42 compared to $0.34 for the same period a year ago. The higher earnings are the result of decreases in other real estate owned expenses, increased loan interest income primarily driven by higher loan volume from new loan originations and decreased provision for loan losses, offset in part by a decrease in securities gains. Net interest income increased due primarily to growth in the real estate loan portfolio. Return on average assets was 1.18% compared to 0.96% for the same period in 2014. Return on average equity was 9.69% compared to the 8.07% in 2014.
For the full year, the company announced total interest income of $43,150,345 compared to $40,964,351 for the same period a year ago. Net interest income was $38,965,206 compared to $36,417,250 for the same period a year ago. Net interest income after provision for loan losses was $37,866,023 compared to $35,988,110 for the same period a year ago. Income before income taxes was $20,821,195 compared to $20,866,726 for the same period a year ago. Net income was $15,014,651 compared to $15,251,207 for the same period a year ago. Basic and diluted earnings per share were $1.61 compared to $1.64 for the same period a year ago. The lower earnings were primarily related to higher provision for loan losses, increased noninterest expense associated with the acquisition, and a one-time gain on the sale of premises and equipment in 2014, offset in part by an increase in net interest income and lower other real estate owned costs. Return on average assets was 1.13% compared to 1.21% for the same period in 2014. Return on average equity was 9.44% compared to the 10.09% in 2014.
For the fourth quarter ended December 31, 2015, the company announced net loan charge offs of $1,000 compared to net loan recoveries of $9,000 for the quarter ended December 31, 2014.
Ames National Corp is a bank holding company for its banking subsidiaries, First National Bank, Ames, Iowa (FNB); State Bank & Trust Co., Nevada, Iowa (SBT); Boone Bank & Trust Co., Boone, Iowa (BBT); Reliance State Bank, Story City, Iowa (RSB); United Bank & Trust Co., Marshalltown, Iowa (UBT), and Iowa State Savings Bank, Creston, Iowa (ISSB). The Bankâs 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. It provides a variety of checking, savings and time deposits, cash management services, merchant credit card processing, safe deposit boxes, wire transfers, direct deposit, and automated/video teller machine access and automatic drafts (ACH) for various accounts.
Ames National Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Loan Charge Offs for the Fourth Quarter Ended December 31, 2015