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what it is
Ames National owns five community banks in central Iowa and makes money from loans, deposits, and fees.
how it gets paid
Last year Ames National made $87M in revenue. Commercial and agricultural lending was the main engine at $47.5M, or 55% of sales.
why it's growing
Revenue grew 5.4% last year. Revenue rose 195% vs. prior year. EPS rose 176% vs. prior year.
what just happened
Revenue hit $64M and EPS reached $1.41.
At a glance
B+ balance sheet — decent shape, but not bulletproof
60/100 earnings predictability — reasonably predictable
13.0x trailing p/e — the market's not buying it — or you found a deal
3.6% dividend yield — cash in your pocket every quarter
$2.14 fy2025 eps est
xvary composite: 63/100 — average
What they do
Ames National owns five community banks in central Iowa and makes money from loans, deposits, and fees.
Five bank subsidiaries sit in central Iowa. That makes your checking account, loans, and payments hard to move. Leaving means moving money, loans, and payroll across five relationships. It runs $2.13B of assets with 268 employees, so it is small enough to feel local and big enough to collect fees.
How they make money
$87M
annual revenue · their business grew +5.4% last year
Commercial and agricultural lending
$47.5M
Deposit and cash management
$13.0M
Mortgage origination and sale
$8.7M
Merchant card processing
$6.9M
Other fee income
$10.9M
The products that matter
business and property lending
Commercial & real estate loans
$65M · net interest income
This is the core earnings engine, and its profitability showed up in a 3.00% net interest margin after sitting at 2.53% a year earlier.
core spread income
consumer deposits and loans
Retail banking
$2.2B assets
The deposit base across a $2.2B asset bank funds the loan book, and that funding cost is the quiet part in every margin story.
funding base
trust and investment services
Wealth management
$22M · non-interest income pool
This fee stream helps, but with non-interest income at $22M versus $65M of net interest income, it is support act more than headliner.
fee support
Key numbers
$2.13B
assets
That is the balance sheet size behind the bank. Bigger assets mean more loans, more deposits, and more things that can go wrong.
13.0x
trailing p/e
You are paying 13.0 times earnings. That is neither cheap nor wild for a small bank with a 3.6% yield.
3.6%
dividend yield
This is the cash return you get while waiting. For a bank this size, that payout is the main reason to care.
$47M
long-term debt
Debt is low versus $2.13B of assets. That gives the bank room, but not immunity.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 90 / 100
- long-term debt $47M (17% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ATLO right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $64M and EPS reached $1.41.
Revenue rose 195% vs. prior year. EPS rose 176% vs. prior year. The filing gives you hard growth, but not a gross margin number.
$64.0M
revenue
$1.41
eps
n/a
n/a
the number that mattered
Revenue at $64M mattered because it was up 195% vs. prior year.
source: company earnings report, 2026
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What could go wrong
the #1 risk is net interest margin slipping back toward 2.53%.
med
Rate cuts hit the spread
The recent earnings surge came with net interest margin at 3.00% versus 2.53% a year earlier. If that spread gives back the gain, the 85% profit jump stops looking durable.
The current bull case is built on pricing power in deposits and loans. If that fades, the low multiple is less bargain and more warning label.
med
Local credit stays local
You own a six-bank franchise in central Iowa with loan exposure tied to commercial real estate, property values, and agricultural conditions. Geographic focus helps relationships. It does not help diversification.
A soft local economy would pressure both sides of the ledger at once — slower loan demand and higher credit costs.
med
Small-cap banks trade thin
At a $236M market cap, ATLO does not have deep sponsorship or endless liquidity. A quarter that disappoints can move the stock harder than the fundamentals changed.
You get the upside of being underfollowed. You also get the downside of a stock that can gap on light volume.
Most of the recent improvement traces back to one metric: a 3.00% net interest margin. If that slips and fee income does not pick up the slack, the thesis loses its center.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Watch whether net interest margin stays near 3.00% or starts sliding back toward 2.53%. That is the whole story.
metric
Net interest income vs. fee income
$65M of net interest income versus $22M of non-interest income tells you how concentrated earnings are. You want that gap to stop widening for the wrong reason.
risk
Iowa credit conditions
Commercial real estate and local business health matter more here than any national bank headline. Small footprints make local stress show up fast.
trend
2026 EPS landing zone
The stock is framed off $2.70–$2.80 in EPS. If results drift back toward the $2.14 FY2025 estimate, the cheapness argument weakens fast.
Analyst rankings
earnings predictability
60 / 100
in human-speak, the numbers are stable enough to model but not stable enough to sleep on.
risk rank
3
That sits around the middle of the pack. Safer than many small caps, but not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for ATLO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$28
current price
n/a
target midpoint · n/a from current
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