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News Release |
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2005 |
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$38 |
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#843789 |
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NEWS RELEASE
FOR IMMEDIATE RELEASE CONTACT: DANIEL L. KRIEGER,
CHAIRMAN & PRESIDENT
OR
JOHN P. NELSON
VICE PRESIDENT
(515) 232-6251
APRIL 15, 2005
AMES NATIONAL CORPORATION
ANNOUNCES FIRST QUARTER 2005 FINANCIAL RESULTS
AND FORECASTED EARNINGS FOR 2005
The Company had net income of $3,014,000, or $0.96 per share for the three
months ended March 31, 2005, compared to net income of $2,965,000, or $0.95 per
share, for the three months ended March 31, 2004, an increase of 2%. The
Company's return on average assets was 1.45% and 1.56% respectively, for the
three-month periods ending March 31, 2005 and 2004. The Company's return on
average equity was 10.90% for the three months ended March 31, 2005 compared to
10.91% for the same period a year ago. Total assets increased from $799 million
for the quarter ended March 31, 2004 to $863 million for the quarter ended March
31, 2005, an increase of 8%.
Net interest income increased marginally for the first quarter of 2005 compared
to the same period in 2004. Non-interest expense was 4% higher in the first
quarter of 2005 primarily as the result of higher expenses associated with
auditing costs as well as employee salaries and benefits. The efficiency ratio
for the three months ended March 31, 2005 and 2004 was 48.38% and 48.02%,
respectively. Higher quarterly earnings were posted primarily as the result of
an increase in non-interest income which included higher securities gains in the
Company's investment portfolio for first quarter 2005 compared to the same
period a year ago.
Deposits increased 5% to a record $691 million from March 31, 2004 with the
majority of the growth in interest-bearing checking and large certificates of
deposit. State Bank & Trust Co., Nevada, and United Bank & Trust, Marshalltown,
accounted for most of the increase in this area. United Bank has grown to over
$82 million in deposits since it began operations in June of 2002.
Loans increased 18% to $425 million, a $65 million increase since March 31, 2004
with the growth realized in all loan categories. United Bank & Trust,
Marshalltown, and First National Bank, Ames, both increased their loan
portfolios over 20% in the past year. Net charge-offs totaled $13,000 for the
most recent quarter end compared to $20,000 for the three month period ended
March 31, 2004. The allowance for loan losses as of March 31, 2005 and 2004
totaled $6,516,000 and $6,090,000, respectively.
Capital decreased 3% to $108 million from one year ago because of a decline in
the market value of the Company and Banks' investment portfolios. Capital
relating to net unrealized gains on securities available for sale as of March
31, 2005 and 2004 totaled three and eleven million, respectively. Capital at the
end of March 2005 represented 12% of total assets.
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