Ames National Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2011; Provides Earnings Guidance for the Year Ending December 31, 2012
April 13, 2012 at 04:12 pm
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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.
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 Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2011; Provides Earnings Guidance for the Year Ending December 31, 2012