Operational discipline is evidenced by an efficiency ratio of 43.5% in 2026Q1, while capital returns remain supported by quarterly dividends of approximately $1.8 million to $2.4 million.
| 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 from Operations | 22.58M | 21.34M | 14.3M | 19.21M | 21.23M | 30.47M | 29.71M | 20.18M | 20.71M | 18.85M | 21.42M | 22.62M | 19.51M | 23.53M | 22.01M | 21.27M | 16.82M | 11.4M | 12.72M | 10.76M | 11.06M | 9.47M | 13.17M | 14.83M | 11.22M | 12.25M | 8.21M |
| Operating CF Growth % | 34.88% | 49.23% | -25.55% | -9.53% | -30.32% | 2.55% | 47.24% | -2.54% | 9.86% | -12.01% | -5.33% | 15.96% | -17.08% | 6.88% | 3.47% | 26.46% | 47.56% | -10.39% | 18.19% | -2.64% | 16.72% | -28.08% | -11.19% | 32.15% | -8.42% | 49.21% | - |
| Net Income | 21.54M | 19.03M | 10.22M | 10.82M | 19.29M | 23.91M | 18.85M | 17.19M | 17.01M | 13.7M | 15.73M | 15.01M | 15.25M | 13.95M | 14.18M | 13.92M | 12.97M | 9.01M | 6.35M | 11.01M | 10.94M | 11.61M | 12.39M | 11.62M | 11.34M | 10.55M | 9.12M |
| Depreciation & Amortization | 254K | 264K | 1.69M | 1.75M | 2M | 2.03M | 2.27M | 1.84M | 1.56M | 1.5M | 1.58M | 1.57M | 1.21M | 1.07M | 984.57K | 741.66K | 748.01K | 1.75M | 1.1M | 842.33K | 1.1M | 1.39M | 1.63M | 1.59M | 1.05M | 583.98K | 731.37K |
| Deferred Taxes | -25K | -50K | 755K | 1.53M | 1.99M | 1.37M | -448K | 549.31K | -69.9K | 858.4K | 174.4K | 1.94M | 32.45K | -420.05K | -182.33K | 569.95K | 439.77K | 50.15K | -3.71M | 130.98K | 107.2K | -226.17K | -53.45K | -284.75K | -200.01K | -130K | -137K |
| Other Non-Cash Items | 401K | 2.47M | 1.29M | 2.23M | 1.03M | 3.16M | 7.53M | -30.12K | 2.01M | 4.04M | 3.32M | 4.31M | 3.46M | 6.56M | 6.36M | 4.73M | 2.86M | 4.17M | 9.62M | -1.56M | -1.32M | -464.5K | 780K | -749.87K | -201.49K | -300K | -359.24K |
| Working Capital Changes | 408K | -368K | 345K | 2.87M | -3.08M | -5K | 1.51M | 621.35K | 185.18K | -1.25M | 608.36K | -206.57K | -441.3K | 2.36M | 671.12K | 1.31M | -192.34K | -3.57M | -632.09K | 342.11K | 217.5K | -2.84M | -1.58M | 2.64M | -765.37K | 1.55M | -1.14M |
| Cash from Investing | 6.41M | 44.21M | 71.98M | 19.06M | -127.38M | -268.57M | -184.26M | -78.96M | 8.64M | -16.9M | -43.47M | -34.38M | 16.18M | -47.92M | -76.96M | -65.27M | -54.31M | -63.25M | -6.65M | -17.58M | -15.75M | 14.56M | -103.65M | -96.48M | -41.24M | 11.77M | -5.51M |
| Purchase of Investments | -177.18M | -119.13M | -15.34M | -6.42M | -141.31M | -375.4M | -238.62M | -86.92M | -25.98M | -64.2M | -78.12M | -100.81M | -65.94M | -164.7M | -223.96M | -197.29M | -208.37M | -252.09M | -140.74M | -88.96M | -81.82M | -59.05M | -163.35M | -194.14M | -89.49M | -76.46M | -63.05M |
| Sale/Maturity of Investments | 142.08M | 142.5M | 112.36M | 75.99M | 96.13M | 120.63M | 135.16M | 106.73M | 72.33M | 79.75M | 90.44M | 100.98M | 117.21M | 150.52M | 140.24M | 164.36M | 155.22M | 151.93M | 156.08M | 106.82M | 52.81M | 102.25M | 120.86M | 130.29M | 61.49M | 70.67M | 57.63M |
| Net Investment Activity | -35.1M | 23.38M | 97.02M | 69.57M | -45.19M | -254.76M | -103.46M | 19.8M | 46.35M | 15.55M | 12.32M | 172.86K | 51.26M | -14.18M | -83.72M | -32.93M | -53.16M | -100.16M | 15.33M | 17.86M | -29.01M | 43.2M | -42.49M | -63.85M | -28M | -5.79M | -5.42M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -310K | -19.14M | -13.44M | 0 | 0 | 0 | 16.43M | 0 | 44.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 41.72M | 21.48M | -24.74M | -45.61M | -79.34M | -11.93M | -79.25M | -78.84M | -23.66M | -31.95M | -55.52M | -32.35M | -49.92M | -33.3M | -36.67M | -31.79M | -786.23K | 37.11M | -21.76M | -33.52M | 15.82M | -25.49M | -59.8M | -31.95M | -10.7M | 20.17M | 524.37K |
| Cash from Financing | -74.23M | -40.02M | -40.15M | -11.05M | 44.91M | 154.13M | 205.83M | 63.01M | -25.35M | -5.03M | 27.52M | 12.03M | -36.23M | 13.86M | 66.92M | 51.35M | 34.16M | 45.95M | -7.42M | 16.35M | 3.11M | -24.7M | 77.25M | 61.94M | 39.25M | -10.34M | -68.22K |
| Dividends Paid | -7.46M | -7.11M | -9.08M | -9.71M | -9.68M | -9.39M | -9.07M | -8.78M | -10.8M | -8.1M | -7.73M | -7.26M | -6.52M | -5.87M | -5.4M | -4.7M | -4.06M | -5.47M | -10.47M | -10.09M | -9.7M | -8.6M | -7.49M | -7.08M | -6.76M | -5.12M | -4.87M |
| Share Repurchases | -1.13M | -1.68M | -704K | 0 | -2.3M | -710K | -1.99M | -1.81M | -452.22K | 0 | 0 | 0 | 0 | 0 | 0 | -2.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.27M |
| Net Stock Activity | -1.13M | -1.68M | -704K | 0 | -2.3M | -710K | -1.99M | -1.81M | -452.22K | 0 | 0 | 0 | 0 | 0 | 0 | -2.02M | 0 | 0 | 69.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.27M |
| Debt Issuance (Net) | -2M | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -70.51K | -568.3K | -1000K | 1000K | -1000K | 1000K | 1000K | 676.9K | -1000K | 1000K | -127.17K | 1000K | -1000K | 1000K |
| Other Financing | -71.57M | 7.99M | 33.27M | -72.81M | 20.76M | 161.67M | 218.9M | 83.21M | -2.2M | 4.07M | 39.3M | 25.22M | -32.64M | 19.8M | 72.89M | 61.68M | 36.07M | 59.35M | -16.85M | 9.76M | 12.01M | 10.17M | 38.63M | 68.93M | 39.11M | 18.08M | 0 |
| Net Change in Cash | -45.24M | 25.53M | 46.13M | 27.22M | -61.24M | -83.97M | 51.28M | 4.23M | 3.99M | -3.08M | 5.47M | 275.54K | -539.77K | -10.54M | 11.98M | 7.35M | -3.32M | -5.9M | -1.35M | 9.53M | -1.58M | -666.95K | -13.22M | -19.71M | 9.23M | 13.68M | 2.63M |
| Exchange Rate Effect | 8.6M | 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 |
| Cash at Beginning | 126.75M | 101.23M | 55.1M | 27.88M | 89.13M | 173.1M | 121.82M | 30.38M | 26.4M | 29.48M | 24.01M | 23.73M | 24.27M | 34.81M | 22.83M | 15.48M | 18.8M | 24.7M | 26.04M | 16.51M | 18.09M | 18.76M | 31.98M | 51.69M | 42.46M | 28.78M | 26.14M |
| Cash at End | 118.15M | 126.75M | 101.23M | 55.1M | 27.88M | 89.13M | 173.1M | 34.62M | 30.38M | 26.4M | 29.48M | 24.01M | 23.73M | 24.27M | 34.81M | 22.83M | 15.48M | 18.8M | 24.7M | 26.04M | 16.51M | 18.09M | 18.76M | 31.98M | 51.69M | 42.46M | 28.78M |
| Interest Paid | 30.35M | 32.08M | 39.13M | 25.63M | 8.56M | 5.06M | 8.8M | 10.55M | 7.39M | 5.51M | 4.17M | 4.46M | 4.77M | 4.77M | 6.04M | 6.8M | 8M | 10.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 4.47M | 4.51M | 626K | 1.81M | 4.97M | 6.3M | 5.5M | 3.96M | 4.63M | 6.89M | 5.82M | 4.29M | 5.69M | 5.69M | 4.96M | 3.99M | 3.88M | 1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 22.37M | 20.7M | 14M | 14.31M | 18.37M | 28.6M | 28.46M | 19.4M | 20.07M | 18.22M | 20.74M | 20.43M | 17.92M | 23.08M | 21.15M | 20.72M | 16.46M | 11.2M | 12.5M | 8.85M | 8.5M | 6.32M | 11.8M | 14.15M | 8.68M | 9.64M | 7.59M |
| FCF Growth % | 14.03% | 47.83% | -2.18% | -22.1% | -35.75% | 0.47% | 46.72% | -3.36% | 10.18% | -12.14% | 1.52% | 14% | -22.36% | 9.13% | 2.08% | 25.88% | 47% | -10.44% | 41.29% | 4.15% | 34.5% | -46.5% | -16.55% | 62.94% | -9.97% | 26.98% | - |
Agricultural commodity price volatility
According to reported financial data, ATLO maintains a consistent ability to generate net income, with quarterly earnings reaching $6.0 million in 2026Q1, which provides a stable foundation for capital retention despite the inherent volatility of the bank's decentralized, multi-charter operating model across rural Iowa markets.
The bank's ability to consistently convert earnings into capital is evident in the steady dividend payments and modest share repurchases. This suggests that management prioritizes maintaining high capital ratios to buffer against potential localized economic shocks in the agricultural sector.
Based on the quarterly cash flow statements, ATLO has actively managed its investment securities portfolio, with 2026Q1 showing $70.4 million in purchases against $32.4 million in sales, indicating a strategic shift toward reinvestment that warrants further investigation regarding the duration and yield profile of these assets.
The frequent turnover in the investment portfolio suggests that the bank is utilizing its securities book as a primary liquidity management tool. Investors should monitor whether these reinvestment activities are effectively offsetting the margin compression observed in the core loan portfolio.
As reported in recent filings, ATLO has maintained a disciplined approach to capital returns, with dividend payments remaining relatively stable at approximately $1.8 million to $2.4 million per quarter, while opportunistic share repurchases appear to be utilized as a secondary mechanism for managing excess equity capital.
The consistency of dividend distributions suggests a management philosophy focused on shareholder stability rather than aggressive growth. This approach appears sustainable given the bank's fortress-like balance sheet, though it may limit the potential for rapid expansion in competitive regional markets.
Based on the provided cash flow data, the bank's provision for credit losses has exhibited significant quarterly fluctuations, ranging from a $962,000 build in 2025Q1 to a $347,000 credit in 2026Q1, which suggests management's evolving assessment of credit risk within the agricultural loan book.
These swings in provisioning indicate that the bank is actively adjusting its reserve levels to reflect the sensitivity of its borrowers to commodity price cycles. The shift to a credit in 2026Q1 may imply a temporary improvement in perceived asset quality or a strategic release of reserves.
Quick answers to the most common questions about buying ATLO stock.
Ames National Corporation (ATLO) generated $21.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ames National Corporation (ATLO) generated $20.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ames National Corporation (ATLO) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ames National Corporation (ATLO) returned $7.1M to shareholders via cash dividends and spent $1.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.