The bank maintains a fortress-like capital structure with an equity-to-assets ratio of 0.10, providing a buffer for its $2.1 billion asset base.
Ames National Corporation (ATLO) balance sheet — 26-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash & Short Term Investments | 2.51B | 676.43M | 302.18M | 800.39M | 828.99M | 937.05M | 788.52M | 623.41M | 515.41M | 564.74M | 577.29M | 588.63M | 597.7M | 627.94M | 667.86M | 565.2M | 34.71M | 43.57M | 35.1M | 26.68M | 18.05M | 24.08M | 28.33M | 38.35M | 52.69M | 42.71M | 28.78M |
| Cash & Due from Banks | 107.24M | 20.48M | 107.39M | 64M | 42.55M | 106.05M | 191.52M | 143.56M | 56.44M | 69.42M | 61.22M | 51M | 55.2M | 47.9M | 79.44M | 56.57M | 34.71M | 43.57M | 35.1M | 26.68M | 18.05M | 24.08M | 28.33M | 38.35M | 52.69M | 42.71M | 28.78M |
| Short Term Investments | 700.43M | 655.95M | 194.79M | 736.39M | 786.44M | 831M | 597M | 479.84M | 458.97M | 495.32M | 516.08M | 537.63M | 542.5M | 580.04M | 588.42M | 508.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 1.95B | 655.95M | 1.95B | 2.01B | 2.01B | 1.98B | 1.73B | 1.53B | 1.35B | 1.27B | 1.27B | 1.24B | 1.2B | 1.14B | 1.1B | 948.49M | 874.57M | 818.21M | 767.05M | 803.94M | 784.22M | 774.81M | 775.33M | 679.51M | 576.88M | 536.82M | 576.72M |
| Investments Growth % | -132.4% | -66.41% | -3.06% | 0.09% | 1.9% | 14.29% | 12.89% | 13.4% | 6.55% | -0.13% | 2.34% | 3.15% | 4.96% | 4.12% | 15.93% | 8.45% | 6.89% | 6.67% | -4.59% | 2.51% | 1.21% | -0.07% | 14.1% | 17.79% | 7.46% | -6.92% | - |
| Long-Term Investments | 2.98B | 0 | 1.76B | 1.28B | 1.23B | 1.14B | 1.13B | 1.05B | 890.86M | 771.55M | 752.42M | 701.87M | 659.15M | 564.8M | 511.16M | 439.86M | 874.57M | 818.21M | 767.05M | 803.94M | 784.22M | 774.81M | 775.33M | 679.51M | 576.88M | 536.82M | 576.72M |
| Accounts Receivables | 12.91M | 1.28B | 13.86M | 12.95M | 11.28M | 10.12M | 11.14M | 11.79M | 9.42M | 8.38M | 7.77M | 7.57M | 7.47M | 7.44M | 7.17M | 6.47M | 6.1M | 5.71M | 6.65M | 8.02M | 7.87M | 6.63M | 6.26M | 5.84M | 5.85M | 5.98M | 7.02M |
| Goodwill & Intangibles | 13.08M | 13.21M | 13.52M | 13.85M | 14.36M | 14.93M | 15.56M | 16.07M | 12.42M | 7.82M | 8.09M | 8.04M | 8.46M | 6.63M | 6.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 12.42M | 12.42M | 12.42M | 12.42M | 12.42M | 12.42M | 12.42M | 12.12M | 9.74M | 6.73M | 6.73M | 6.73M | 6.73M | 5.6M | 5.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 654K | 791K | 1.09M | 1.43M | 1.93M | 2.5M | 3.13M | 3.96M | 2.68M | 1.09M | 1.35M | 1.31M | 1.73M | 1.03M | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 20.97M | 20.92M | 21.57M | 22.55M | 18.89M | 17.51M | 17.34M | 17.81M | 15.81M | 15.4M | 16.05M | 17.01M | 15.96M | 11.89M | 12.23M | 11.36M | 11.54M | 11.91M | 12.57M | 13.45M | 12.62M | 11.03M | 8.79M | 8.38M | 8.73M | 7.18M | 5.22M |
| Other Assets | 5.57M | -7.49M | 10.01M | 11.3M | 13.12M | 11.39M | 11.96M | 16.03M | 7.91M | 4.62M | 1.34M | 2.36M | 9.66M | 9.36M | 12.36M | 12.68M | 32.76M | 32.3M | 30.94M | 9.5M | 16.09M | 2.83M | 21.03M | 20.71M | 33.08M | 29.59M | 1.65M |
| Total Current Assets | 821.48M | 1.96B | 316.04M | 813.35M | 840.27M | 947.18M | 799.66M | 635.2M | 524.83M | 573.12M | 585.06M | 596.2M | 605.17M | 634.52M | 675.03M | 571.66M | 40.81M | 49.28M | 41.75M | 34.7M | 25.93M | 30.71M | 34.6M | 44.19M | 58.54M | 48.69M | 35.8M |
| Total Non-Current Assets | 1.3B | 34.13M | 1.82B | 1.34B | 1.29B | 1.19B | 1.18B | 1.1B | 930.86M | 801.94M | 781.39M | 730.55M | 695.86M | 598.56M | 542.66M | 463.9M | 922.17M | 866.29M | 816.39M | 826.89M | 812.93M | 788.67M | 805.16M | 708.6M | 618.69M | 573.59M | 583.59M |
| Total Assets | 2.12B | 2.13B | 2.13B | 2.16B | 2.13B | 2.14B | 1.98B | 1.74B | 1.46B | 1.38B | 1.37B | 1.33B | 1.3B | 1.23B | 1.22B | 1.04B | 962.98M | 915.57M | 858.14M | 861.59M | 838.85M | 819.38M | 839.75M | 752.79M | 677.23M | 622.28M | 619.38M |
| Asset Growth % | -1.17% | 0.02% | -1.03% | 0.96% | -0.1% | 8.17% | 13.73% | 19.34% | 5.86% | 0.63% | 2.99% | 1.98% | 5.51% | 1.26% | 17.59% | 7.54% | 5.18% | 6.69% | -0.4% | 2.71% | 2.38% | -2.43% | 11.55% | 11.16% | 8.83% | 0.47% | - |
| Return on Assets (ROA) | 1.08% | 0.89% | 0.48% | 0.5% | 0.9% | 1.16% | 1.02% | 1.08% | 1.2% | 1% | 1.17% | 1.14% | 1.2% | 1.14% | 1.26% | 1.39% | 1.38% | 1.02% | 0.74% | 1.29% | 1.32% | 1.4% | 1.56% | 1.63% | 1.75% | 1.7% | 1.47% |
| Accounts Payable | 0 | 0 | 3.21M | 4.71M | 666K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 47.35M | 60.15M | 99.36M | 164.58M | 79.8M | 42.85M | 40.29M | 47.03M | 55.27M | 63.92M | 85.84M | 85.83M | 88.73M | 74.16M | 61.7M | 76.88M | 73.65M | 57.13M | 83.07M | 54.77M | 38.2M | 37.52M | 64.1M | 18.2M | 18.3M | 11.6M | 35.01M |
| Net Debt | -59.89M | 39.67M | -8.03M | 100.58M | 37.24M | -63.2M | -151.23M | -96.53M | -1.17M | -5.49M | 24.62M | 34.83M | 33.53M | 26.26M | -17.75M | 20.3M | 38.94M | 13.56M | 47.98M | 28.09M | 20.14M | 13.45M | 35.77M | -20.15M | -34.36M | -31.11M | 6.23M |
| Long-Term Debt | 0 | 21.35M | 46.95M | 110.59M | 39.12M | 3M | 3M | 5M | 14.6M | 26.5M | 27.5M | 31.54M | 37.47M | 34.54M | 34.61M | 35.18M | 16.75M | 16.5M | 43.5M | 24M | 2M | 0 | 0 | 0 | 0 | 0 | 16M |
| Short-Term Debt | 47.35M | 38.8M | 52.41M | 53.99M | 40.68M | 39.85M | 37.29M | 42.03M | 40.67M | 37.42M | 58.34M | 54.29M | 51.27M | 39.62M | 27.09M | 41.7M | 56.91M | 40.63M | 39.57M | 30.77M | 36.2M | 37.52M | 64.07M | 18.2M | 18.33M | 11.6M | 19.01M |
| Other Liabilities | 7.6M | 1.51B | 9.22M | 8.57M | 1.76M | 2.36M | 0 | 2.21M | 2.14M | 2.05M | 1.96M | 1.86M | 1.68M | 1.49M | 1.4M | 1.21M | 21.04M | 20.94M | 2.64M | 6.68M | 7.38M | 4.29M | 6.58M | 7.71M | 6.76M | 5.55M | 1.25M |
| Total Current Liabilities | 1.9B | 395.13M | 1.9B | 1.87B | 1.94B | 1.92B | 1.76B | 1.54B | 1.27B | 1.18B | 1.17B | 1.13B | 1.11B | 1.05B | 1.04B | 863.73M | 803.83M | 765.79M | 708.16M | 720.89M | 716.55M | 705.86M | 722.25M | 637.75M | 568.95M | 523.11M | 515.8M |
| Total Non-Current Liabilities | 7.6M | 1.53B | 56.17M | 119.16M | 40.88M | 5.36M | 4.73M | 7.21M | 16.74M | 28.55M | 29.46M | 33.4M | 39.14M | 36.03M | 37.64M | 37.27M | 37.78M | 37.44M | 46.14M | 30.68M | 9.38M | 4.29M | 6.58M | 7.71M | 6.76M | 5.55M | 17.41M |
| Total Liabilities | 1.91B | 1.93B | 1.96B | 1.99B | 1.99B | 1.93B | 1.77B | 1.55B | 1.28B | 1.2B | 1.2B | 1.17B | 1.15B | 1.09B | 1.07B | 901.01M | 841.61M | 803.23M | 754.3M | 751.57M | 725.93M | 710.16M | 728.83M | 645.46M | 575.71M | 528.66M | 533.21M |
| Total Equity | 213.09M | 207.89M | 174.71M | 165.79M | 149.1M | 207.78M | 209.49M | 187.58M | 172.87M | 170.75M | 165.11M | 161.25M | 154.67M | 142.11M | 144.74M | 134.56M | 121.36M | 112.34M | 103.84M | 110.02M | 112.92M | 109.23M | 110.92M | 107.33M | 101.52M | 93.62M | 86.18M |
| Equity Growth % | 52.16% | 19% | 5.38% | 11.19% | -28.24% | -0.82% | 11.68% | 8.51% | 1.24% | 3.42% | 2.39% | 4.25% | 8.84% | -1.82% | 7.56% | 10.87% | 8.03% | 8.19% | -5.62% | -2.57% | 3.38% | -1.53% | 3.35% | 5.71% | 8.44% | 8.64% | - |
| Equity / Assets (Capital Ratio) | 10.04% | 9.74% | 8.19% | 7.69% | 6.98% | 9.72% | 10.6% | 10.8% | 11.88% | 12.42% | 12.08% | 12.15% | 11.89% | 11.52% | 11.89% | 12.99% | 12.6% | 12.27% | 12.1% | 12.77% | 13.46% | 13.33% | 13.21% | 14.26% | 14.99% | 15.04% | 13.91% |
| Return on Equity (ROE) | 11.08% | 9.95% | 6% | 6.87% | 10.81% | 11.46% | 9.49% | 9.54% | 9.9% | 8.16% | 9.64% | 9.51% | 10.28% | 9.73% | 10.16% | 10.88% | 11.1% | 8.33% | 5.94% | 9.88% | 9.85% | 10.55% | 11.35% | 11.13% | 11.62% | 11.73% | 10.58% |
| Book Value per Share | 24.06 | 23.30 | 19.43 | 18.44 | 16.51 | 22.80 | 22.90 | 20.31 | 18.57 | 18.33 | 17.73 | 17.29 | 16.63 | 15.28 | 15.54 | 14.32 | 12.87 | 11.85 | 11.01 | 11.68 | 11.97 | 11.57 | 11.78 | 11.42 | 10.83 | 10.00 | 9.20 |
| Tangible BV per Share | 22.58 | 21.82 | 17.93 | 16.90 | 14.92 | 21.16 | 21.20 | 18.57 | 17.23 | 17.49 | 16.86 | 16.43 | 15.72 | 14.56 | 14.80 | 14.32 | 12.87 | 11.85 | 11.01 | 11.68 | 11.97 | 11.57 | 11.78 | 11.42 | 10.83 | 10.00 | 9.20 |
| Common Stock | 17.71M | 17.71M | 17.9M | 17.98M | 17.98M | 18.18M | 18.25M | 18.45M | 18.59M | 18.62M | 18.62M | 18.62M | 18.62M | 18.87M | 18.87M | 18.87M | 18.87M | 18.87M | 18.87M | 18.86M | 18.85M | 18.84M | 18.92M | 15.77M | 15.77M | 15.77M | 15.77M |
| Additional Paid-in Capital | 12.13M | 12.13M | 13.63M | 14.25M | 14.25M | 16.35M | 17M | 18.79M | 20.46M | 20.88M | 20.88M | 20.88M | 20.88M | 22.65M | 22.65M | 22.65M | 22.65M | 22.65M | 22.65M | 22.59M | 22.5M | 22.38M | 22.23M | 25.35M | 25.35M | 25.39M | 25.43M |
| Retained Earnings | 203.67M | 195.99M | 182.24M | 180.44M | 179.93M | 170.38M | 158.22M | 146.22M | 137.89M | 131.68M | 126.18M | 118.27M | 110.7M | 102.15M | 94.16M | 85.56M | 76.52M | 67.7M | 62.47M | 66.68M | 65.86M | 64.71M | 63.2M | 58.4M | 53.92M | 49.4M | 44.04M |
| Accumulated OCI | -20.42M | -17.95M | -39.06M | -46.89M | -63.07M | 2.86M | 16.02M | 4.12M | -4.08M | -432.37K | -576.69K | 3.48M | 4.47M | 451.13K | 11.07M | 9.49M | 3.33M | 3.12M | -151K | 1.89M | 5.72M | 3.29M | 7.47M | 8.92M | 7.82M | 4.6M | 2.62M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.02M | -2.02M | -2.02M | 0 | 0 | 0 | 0 | 0 | 0 | -889.02K | -1.11M | -1.33M | -1.53M | -1.68M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ATLO stock.
As of 2025, Ames National Corporation (ATLO) had total assets of $2.13B including $1.96B in current assets.
Ames National Corporation (ATLO) carries total debt of $60.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ames National Corporation (ATLO) has total shareholders' equity (book value) of $207.9M ($23.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ames National Corporation (ATLO) reported a current ratio of 4.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Agricultural collateral valuation sensitivity
Metrics are mathematically derived from official filings.
Asset Base Stability Amidst Consolidation
According to reported financial statements, ATLO has maintained a remarkably stable asset base of approximately $2.1 billion over the last ten quarters, suggesting a conservative growth strategy that prioritizes capital preservation over aggressive expansion within its decentralized, multi-bank holding company structure across the Iowa market.
The lack of significant asset growth indicates that management is not pursuing market share at the expense of credit standards. This stability appears to reflect a deliberate choice to operate within the constraints of existing local relationships rather than scaling through higher-risk, non-local lending activities.
Capital Buffers Support Conservative Stance
Based on the provided quarterly data, the equity-to-assets ratio has remained consistent at approximately 0.08 to 0.10, which, as reported in recent filings, underscores a robust capital position that provides a significant cushion against potential volatility in the bank's core agricultural loan portfolio.
This capital adequacy profile suggests that the bank is well-positioned to absorb localized economic shocks without requiring external financing. Investors should monitor whether this high capital level reflects a lack of attractive deployment opportunities or a prudent response to the inherent risks of agricultural lending.
Securities Portfolio Dominates Liquidity Profile
As indicated by the balance sheet data, the investment securities portfolio has consistently accounted for a substantial portion of total assets, hovering near $2.0 billion for much of the period, which implies a heavy reliance on liquid bond holdings to manage the bank's overall liquidity profile.
The concentration in securities suggests that the bank maintains a high degree of contingent liquidity, though this also exposes the balance sheet to interest rate risk. The shift in 2025Q3 toward a higher cash position warrants further investigation into whether this represents a strategic pivot toward shorter-duration assets.
Duration Mismatch and Valuation Risks
Based on the reported figures, the bank's significant investment in securities relative to its total asset base may mask unrealized losses, as rising interest rates typically pressure the market value of long-term bond holdings, potentially impacting the tangible book value of the institution over time.
While the bank's capital ratios appear strong, the reliance on a large securities portfolio introduces a hidden sensitivity to interest rate volatility. Analysts should consider the potential for AOCI-related impacts on equity if the bank is forced to liquidate these positions before maturity to meet liquidity needs.