|
|
|
|
Document Preview News Release |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
News Release |
|||
|
Entities: |
||||
|
Date: |
2005 |
|||
|
Size: |
Preview shows 3KB of 15KB total |
|||
|
Price: |
$35 |
|||
|
ID: |
#843777 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
NEWS RELEASE
FOR IMMEDIATE RELEASE CONTACT: DANIEL L. KRIEGER,
CHAIRMAN & PRESIDENT
(515) 232-6251
JULY 15, 2005
AMES NATIONAL CORPORATION
ANNOUNCES SECOND QUARTER AND FIRST SIX MONTHS
2005 EARNINGS
Net income for second quarter 2005 was $2,968,000, which on a three-for-one
split adjusted basis was $0.32 per share, a 4% increase over the $2,862,000, or
$0.30 per share earned during the same period in 2004. Security gains, lower
provision expense and lower tax expense were the largest contributors to the
higher level of quarterly earnings that offset a 4% decline in net interest
income. The Company's annualized return on average assets was 1.42% and 1.45%
with an annualized return on average equity of 10.89% and 10.76%, for the three
month periods ending June 30, 2005 and 2004, respectively. The efficiency ratio
for the quarter ending June 30, 2005 and June 30, 2004 was 48.61% and 46.49%,
respectively. The net interest margin for the most recent quarter was 3.53%,
compared to 3.99% for the same period in 2004. Average assets for the second
quarter 2005 of $836 million were 6% higher than the $788 million posted a year
ago.
For the six month period ending June 30, 2005, the Company earned net
income of $5,982,000, which on a three-for-one split adjusted basis was $0.64
per share, a 3% increase over net income of $5,827,000, or $0.62 per share
earned a year ago. As with the quarterly earnings results, security gains, lower
provision expense and lower tax expense were the largest contributors to the
higher level of earnings for the six month period. Net interest income declined
2% for the six-months ended June 30, 2005 compared to the same period one year
ago.
Deposits increased 3% to $654 million as of June 30, 2005, with time
certificates of deposits over $100,000 accounting for most of the increase over
June 30, 2004.
Loans reached a record $431 million, increasing 12% over June 30, 2004.
Commercial and multi-family mortgage loans were the largest contributors to the
increase. The reserve for loan losses totaled $6,629,000 as of June 30, 2005,
with net recoveries of $38,000 recorded for the quarter ending June 30, 2005.
This compares to a reserve for loan loss balance of $6,278,000 as of June 30,
2004, and net charged-off loans of $22,000 for the quarter ending June 30, 2004.
Total capital of $112 million was 7% higher than the $104 million in June
30, 2004. As of June 30, 2005, there was $6.8 million in unrealized gains in
securities, net of deferred tax liability, compared to $4.3 million in
unrealized gains on June 30, 2004.
On June 16, 2005, the Company issued a press release announcing that the
shareholders of the Company had approved an amendment to the Restated Articles
increasing the Company's authorized common stock from 6 million to 18 million
|
End of Preview |
Home Intelligence Services Subscriptions News About Us