Ames National Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2011. For the quarter ended March 31, 2012, net income for the company increased 2.0% and totaled $3,543,000, or $0.38 per share, compared to $3,473,000, or $0.37 per share in 2011. Net income increased primarily due to lower interest expense on deposits, lower FDIC insurance assessments and an increase in merchant and ATM fees, offset in part by an increase in salaries and employee benefits. First quarter net interest income increased $314,000, or 4.2%, compared to the same quarter a year ago primarily due to lower rates on deposits. Return on average assets was 1.33% for the quarter ended March 31, 2012, compared to 1.40% for the same period in 2011. Return on average equity was 10.37% for the quarter ended March 31, 2012, compared to the 11.31% in 2011. Income before income taxes was $4,723,065 against $4,635,830 for the same period a year ago. The company expects earnings for the year ending December 31, 2012 in the range of $1.42 to $1.48 per share compared to $1.48 per share earned for the year ended December 31, 2011.