Ames National Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2018; Provides Earnings Guidance for the Year Ending December 31, 2019; Reports Net Loan Charge Offs for the Fourth Quarter Ended December 31, 2018
January 18, 2019 at 04:45 pm
Share
Ames National Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2018. For the quarter, the company reported total interest income of $13,473,355 against $11,627,095 a year ago. Net interest income was $11,140,484 against $10,112,929 a year ago. Income before income taxes was $5,279,028 against $5,609,438 a year ago. Net income was $4,201,028 against $2,686,324 a year ago. Basic and diluted earnings per share were $0.45 against $0.29 a year ago.
For the full year, the company reported total interest income of $49,726,963 against $45,794,435 a year ago. Net interest income was $42,123,767 against $40,213,356 a year ago. Income before income taxes was $21,419,978 against $21,281,990 a year ago. Net income was $17,013,878 against $13,697,189 a year ago. Basic and diluted earnings per share were $1.83 against $1.47 a year ago.
For the year ending December 31, 2019, the company expects earnings in the range of $1.82 to $1.87 per share compared to $1.83 per share earned for the year ended December 31, 2018.
For the fourth quarter, the company reported net loan charge offs totaled $51,000 for the quarter ended December 31, 2018 compared to net loan charge offs of $116,000 for the quarter ended December 31, 2017.
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 Fourth Quarter and Year Ended December 31, 2018; Provides Earnings Guidance for the Year Ending December 31, 2019; Reports Net Loan Charge Offs for the Fourth Quarter Ended December 31, 2018