Ames National Corporation (ATLO) Cash Flow Statement

Net income has roughly tripled from the 2024 lows, and with dividends running near $2.1M per quarter, the retained portion appears to be building capital steadily. The reported figures suggest organic capital generation is meaningful, though the cash flow statement itself offers limited direct insight into regulatory capital ratios, which warrant review in the balance sheet and capital disclosures.

Between 2024Q2 and 2025Q3, purchases consistently exceeded sales as the bank reinvested maturing cash, but the most recent quarters show zero reported investment activity in 2026Q2 and 2026Q3, which appears to be a data gap rather than a confirmed pause and should not be treated as evidence of strategy change. Investors should monitor whether securities deployment resumes given that the portfolio is a large share of the balance sheet.

Quarterly dividends have been fairly stable, with a step-down from $2.4M in 2024 to about $1.8M to $2.1M more recently, which may reflect a payout adjustment or share count change. Buybacks have been modest and irregular, suggesting capital return is dominated by dividends rather than repurchases. Based on reported figures, the dividend appears covered by quarterly net income, though this coverage should be checked against the bank's capital retention guidelines.

Provision swings between releases and builds in the 2024 to 2026 period indicate that reserve adequacy is being adjusted as credit conditions change rather than reflecting a stable trend. The absence of a sustained build in recent quarters is consistent with the benign credit picture noted in the income statement analysis. Investors should monitor whether the reserve position keeps pace if loan growth accelerates.