Ames National Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 24, 2015 at 03:03 am IST
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Ames National Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total interest income of $10,778,012 compared to $9,905,433 a year ago. Net interest income after provision for loan losses was $9,387,371 compared to $8,035,868 a year ago. Income before income taxes was $4,162,172 compared to $4,510,841 a year ago. Net income was $3,138,707 compared to $3,376,947 a year ago. Basic and diluted earnings per share were $0.34 compared to $0.36 a year ago. Net interest income was $9,686,491 compared to $8,656,296 a year ago. Return on average assets was 0.96% for the quarter ended December 31, 2014, compared to 1.09% for the same period in 2013. Return on average equity was 8.07% for the quarter ended December 31, 2014, compared to the 9.45% in 2013. The lower earnings were a result of impairment write downs on other real estate owned, offset in part by increases in net interest income and securities gains.
For the full year, the company reported total interest income of $40,964,351 compared to $38,433,813 a year ago. Net interest income after provision for loan losses was $35,988,110 compared to $32,572,660 a year ago. Income before income taxes was $20,866,726 compared to $18,611,566 a year ago. Net income was $15,251,207 compared to $13,953,644 a year ago. Basic and diluted earnings per share were $1.64 compared to $1.50 a year ago. Net interest income was $36,417,250 compared to $33,359,050 a year ago. Return on average assets was 1.21% for the year ended December 31, 2014, compared to 1.14% for the same period in 2013. Return on average equity was 10.09% for the year ended December 31, 2014, compared to the 9.76% in 2013. Net income increased primarily due to increases in net interest income gain on the sale of bank premises and equipment and wealth management income, offset in part by increases in salaries and benefits and other real estate owned expenses.
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.