Net interest income growth has accelerated to $15.4 million in 2026Q1, though the net interest margin remains constrained at 0.7%.
| 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 |
|---|
| Net Interest Income | 58.18M | 55.66M | 44.98M | 44.63M | 53.24M | 56M | 54.84M | 45.25M | 42.12M | 40.21M | 39.91M | 38.97M | 36.42M | 33.36M | 32.32M | 30.89M | 29.52M | 28.66M | 29.11M | 24.02M | 22.99M | 25.37M | 26.79M | 24.97M | 24.61M | 22.59M | 19.76M |
| NII Growth % | 95.84% | 23.76% | 0.79% | -16.19% | -4.92% | 2.1% | 21.21% | 7.42% | 4.75% | 0.76% | 2.43% | 7% | 9.17% | 3.22% | 4.64% | 4.63% | 2.98% | -1.54% | 21.18% | 4.5% | -9.39% | -5.29% | 7.27% | 1.49% | 8.93% | 14.34% | - |
| Net Interest Margin % | 2.72% | 2.61% | 2.11% | 2.07% | 2.49% | 2.62% | 2.78% | 2.6% | 2.89% | 2.92% | 2.92% | 2.94% | 2.8% | 2.71% | 2.65% | 2.98% | 3.07% | 3.13% | 3.39% | 2.79% | 2.74% | 3.1% | 3.19% | 3.32% | 3.63% | 3.63% | 3.19% |
| Interest Income | 88.19M | 87.09M | 82.61M | 74.3M | 61.55M | 60.48M | 62.94M | 56.18M | 49.73M | 45.79M | 44.05M | 43.15M | 40.96M | 38.43M | 38.07M | 37.62M | 37.29M | 38.89M | 45.51M | 47.56M | 44.3M | 41.31M | 37.35M | 35.31M | 36.27M | 41.47M | 44.02M |
| Interest Expense | 30.01M | 31.43M | 37.63M | 29.68M | 8.31M | 4.49M | 8.1M | 10.93M | 7.6M | 5.58M | 4.14M | 4.19M | 4.55M | 5.07M | 5.75M | 6.73M | 7.78M | 10.23M | 16.4M | 23.54M | 21.31M | 15.93M | 10.56M | 10.34M | 11.66M | 18.88M | 24.26M |
| Loan Loss Provision | 388K | 1.7M | 592K | 789K | -874K | -757K | 5.68M | 1.31M | 639.32K | 1.52M | 524.37K | 1.1M | 429.14K | 786.39K | 22.28K | 532.96K | 663.8K | 1.56M | 1.31M | -94K | -182.69K | 331.28K | 479.36K | 645.45K | 688.43K | 897.54K | 460.05K |
| Non-Interest Income | 11.41M | 11.17M | 9.84M | 9.21M | 9.69M | 10.54M | 10.62M | 8.63M | 7.9M | 7.99M | 8.09M | 8.27M | 8.01M | 7.72M | 7.44M | 6.97M | 6.84M | 6.95M | 9.05M | 7.21M | 6.67M | 5.61M | 5.27M | 6.44M | 5.13M | 5.08M | -15.17M |
| Non-Interest Income % | 11.45% | 11.37% | 10.64% | 11.03% | 13.6% | 14.84% | 14.44% | 13.32% | 13.71% | 14.86% | 15.51% | 16.08% | 16.36% | 16.72% | 16.34% | 15.63% | 15.49% | 15.17% | 16.58% | 13.16% | 13.09% | 11.96% | 12.36% | 15.41% | 12.4% | 10.91% | -52.57% |
| Total Revenue | 99.6M | 98.26M | 92.44M | 83.52M | 71.24M | 71.02M | 73.56M | 64.81M | 57.63M | 53.79M | 52.13M | 51.42M | 48.98M | 46.15M | 45.51M | 44.59M | 44.13M | 45.85M | 54.56M | 54.77M | 50.97M | 46.92M | 42.62M | 41.75M | 41.41M | 46.55M | 28.85M |
| Revenue Growth % | 24.55% | 6.29% | 10.69% | 17.23% | 0.31% | -3.46% | 13.51% | 12.46% | 7.14% | 3.17% | 1.39% | 4.98% | 6.12% | 1.42% | 2.07% | 1.03% | -3.74% | -15.97% | -0.38% | 7.46% | 8.63% | 10.08% | 2.09% | 0.83% | -11.06% | 61.36% | - |
| Non-Interest Expense | 42.54M | 41.93M | 41.98M | 40.16M | 38.64M | 36.62M | 36.55M | 31.52M | 27.97M | 25.4M | 24.93M | 25.31M | 23.13M | 21.68M | 20.8M | 18.85M | 18.22M | 22.76M | 29.65M | 16.78M | 15.5M | 15.21M | 14.94M | 14.82M | 13.28M | 11.59M | -8.58M |
| Efficiency Ratio | 42.71% | 42.67% | 45.41% | 48.09% | 54.24% | 51.56% | 49.69% | 48.64% | 48.53% | 47.23% | 47.83% | 49.23% | 47.23% | 46.97% | 45.71% | 42.28% | 41.29% | 49.65% | 54.34% | 30.63% | 30.42% | 32.42% | 35.04% | 35.5% | 32.06% | 24.89% | -29.76% |
| Operating Income | 26.66M | 23.21M | 12.24M | 12.89M | 25.16M | 30.67M | 23.23M | 21.04M | 21.42M | 21.28M | 22.54M | 20.82M | 20.87M | 18.61M | 18.93M | 18.47M | 17.47M | 11.3M | 7.2M | 14.55M | 14.34M | 15.44M | 16.64M | 15.95M | 15.78M | 15.19M | 12.71M |
| Operating Margin % | 26.77% | 23.62% | 13.24% | 15.43% | 35.32% | 43.19% | 31.58% | 32.47% | 37.17% | 39.57% | 43.23% | 40.49% | 42.61% | 40.33% | 41.6% | 41.43% | 39.59% | 24.65% | 13.19% | 26.57% | 28.14% | 32.92% | 39.05% | 38.19% | 38.11% | 32.62% | 44.07% |
| Operating Income Growth % | - | 89.58% | -5.03% | -48.77% | -17.97% | 32.03% | 10.4% | -1.76% | 0.65% | -5.58% | 8.25% | -0.22% | 12.12% | -1.68% | 2.48% | 5.73% | 54.62% | 56.99% | -50.54% | 1.45% | -7.13% | -7.21% | 4.39% | 1.06% | 3.9% | 19.44% | - |
| Pretax Income | 27.32M | 23.87M | 12.24M | 12.89M | 25.16M | 30.67M | 23.23M | 21.04M | 21.42M | 21.28M | 22.54M | 20.82M | 20.87M | 18.61M | 18.93M | 18.47M | 17.47M | 11.3M | 7.2M | 14.55M | 14.34M | 15.44M | 16.64M | 15.95M | 15.78M | 15.19M | 12.71M |
| Pretax Margin % | 27.43% | 24.29% | 13.24% | 15.43% | 35.32% | 43.19% | 31.58% | 32.47% | 37.17% | 39.57% | 43.23% | 40.49% | 42.61% | 40.33% | 41.6% | 41.43% | 39.59% | 24.65% | 13.19% | 26.57% | 28.14% | 32.92% | 39.05% | 38.19% | 38.11% | 32.62% | 44.07% |
| Income Tax | 5.78M | 4.84M | 2.02M | 2.07M | 5.87M | 6.76M | 4.38M | 3.85M | 4.41M | 7.58M | 6.8M | 5.81M | 5.62M | 4.66M | 4.75M | 4.55M | 4.5M | 2.29M | 845.01K | 3.54M | 3.4M | 3.84M | 4.26M | 4.32M | 4.44M | 4.64M | 3.6M |
| Effective Tax Rate % | 21.14% | 20.28% | 16.53% | 16.08% | 23.32% | 22.04% | 18.86% | 18.29% | 20.57% | 35.64% | 30.19% | 27.89% | 26.91% | 25.03% | 25.08% | 24.63% | 25.78% | 20.29% | 11.74% | 24.34% | 23.7% | 24.84% | 25.57% | 27.1% | 28.13% | 30.55% | 28.28% |
| 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 |
| Net Margin % | 21.63% | 19.36% | 11.05% | 12.95% | 27.08% | 33.67% | 25.62% | 26.53% | 29.52% | 25.47% | 30.18% | 29.2% | 31.14% | 30.23% | 31.17% | 31.22% | 29.38% | 19.64% | 11.64% | 20.1% | 21.47% | 24.74% | 29.07% | 27.84% | 27.39% | 22.66% | 31.61% |
| Net Income Growth % | 89.7% | 86.21% | -5.54% | -43.93% | -19.32% | 26.86% | 9.63% | 1.06% | 24.21% | -12.95% | 4.8% | -1.55% | 9.3% | -1.61% | 1.88% | 7.36% | 43.98% | 41.78% | -42.3% | 0.6% | -5.73% | -6.3% | 6.58% | 2.51% | 7.52% | 15.67% | - |
| Net Income (Continuing) | 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 |
| EPS (Diluted) | 2.41 | 2.14 | 1.14 | 1.20 | 2.14 | 2.62 | 2.06 | 1.86 | 1.83 | 1.47 | 1.69 | 1.61 | 1.64 | 1.50 | 1.52 | 1.48 | 1.37 | 0.95 | 0.67 | 1.17 | 1.16 | 1.23 | 0.44 | 1.24 | 1.21 | 1.13 | 0.97 |
| EPS Growth % | 90.55% | 87.72% | -5% | -43.93% | -18.32% | 27.18% | 10.75% | 1.64% | 24.49% | -13.02% | 4.97% | -1.83% | 9.33% | -1.32% | 2.7% | 8.03% | 44.21% | 41.79% | -42.73% | 0.86% | -5.69% | 179.55% | -64.52% | 2.48% | 7.08% | 16.49% | - |
| EPS (Basic) | - | 2.14 | 1.14 | 1.20 | 2.14 | 2.62 | 2.06 | 1.86 | 1.83 | 1.47 | 1.69 | 1.61 | 1.64 | 1.50 | 1.52 | 1.48 | 1.37 | 0.95 | 0.67 | 1.17 | 1.16 | 1.23 | 0.44 | 1.24 | 1.21 | 1.13 | 0.97 |
| Diluted Shares Outstanding | 8.92M | 8.92M | 8.99M | 8.99M | 9.03M | 9.11M | 9.15M | 9.24M | 9.31M | 9.32M | 9.31M | 9.33M | 9.3M | 9.3M | 9.31M | 9.4M | 9.43M | 9.48M | 9.43M | 9.42M | 9.43M | 9.44M | 9.42M | 9.4M | 9.37M | 9.36M | 9.37M |
Agricultural commodity price volatility
As reported in recent financial statements, ATLO has demonstrated a notable acceleration in net interest income, which climbed to $15.4 million in 2026Q1 from $11.0 million in 2023Q4, reflecting a successful capture of volume-driven expansion despite the challenging interest rate environment facing regional agricultural lenders.
The consistent quarter-over-quarter growth in net interest income suggests that the bank's decentralized multi-bank structure is effectively sourcing local deposits to fund loan demand. Investors should monitor whether this trajectory can be sustained if deposit betas continue to rise, potentially compressing the spread on new originations.
Based on the provided quarterly data, the net interest margin has remained largely stagnant at 0.7% throughout early 2026, indicating that the bank is struggling to expand its yield spread despite the upward trend in total interest-earning asset volume across its five subsidiary bank charters.
The lack of margin expansion suggests that funding costs are rising in lockstep with asset yields, a common challenge for community banks with high concentrations of fixed-rate agricultural loans. This implies that the bank's profitability is currently more dependent on volume growth than on improvements in core spread efficiency.
According to the company's reported figures, the efficiency ratio improved to 43.5% in 2026Q1 from a peak of 46.4% in 2024Q2, suggesting that management is successfully leveraging its decentralized operating model to control non-interest expenses relative to the growth in total revenue generated by the subsidiaries.
This downward trend in the efficiency ratio indicates that the bank is achieving better operating leverage, likely through disciplined cost management across its local boards. However, maintaining this level of efficiency while supporting five separate charters warrants further investigation into potential long-term administrative overhead risks.
As indicated by the quarterly income statements, the provision for credit losses has fluctuated significantly, moving from a $755,000 expense in 2023Q4 to a $347,000 credit in 2026Q1, which suggests a high degree of management discretion in assessing the risk profile of the agricultural loan book.
The shift to a negative provision expense may imply that management perceives a lower risk of default within the current portfolio, yet this could also reflect a conservative bias in prior periods. Analysts should monitor whether this trend persists if commodity prices for corn and soybeans face sustained downward pressure.
Quick answers to the most common questions about buying ATLO stock.
Ames National Corporation (ATLO) is profitable, generating $19.0M in net income for the fiscal year ending 2025 with a net profit margin of 19.4%.
Ames National Corporation (ATLO) reported an operating income of $23.2M, resulting in an operating profit margin of 23.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Ames National Corporation (ATLO) generated $65.1M in gross profit for the year, representing a gross profit margin of 66.3%. This demonstrates the company's core pricing power and production efficiency.