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News Release |
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2005 |
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$33 |
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#843800 |
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NEWS RELEASE
FOR IMMEDIATE RELEASE Contact: DANIEL L. KRIEGER,
CHAIRMAN & PRESIDENT
OR
JOHN P. NELSON
VICE PRESIDENT & CFO
(515) 232-6251
January 21, 2005
AMES NATIONAL CORPORATION
ANNOUNCES
2004 AND FOURTH QUARTER EARNINGS
At the end of 2004, record numbers were posted for net income, total
assets, loans, and capital. Net income for the year ended December 31, 2004
increased 6.6% to $12,390,000 or $3.95 per share compared to 2003 results of
$11,625,000 or $3.71 per share. Net interest income for the year was up
$1,815,000 or 7.3% as the result of an increase in average loans and securities
of $67,410,000, offset by a slight decline in the net interest margin in 2004 of
3.97% compared to the 4.02% margin posted in 2003.
Return on average assets for 2004 and 2003 was 1.56% and 1.60%,
respectively. Return on equity for the same periods equaled 11.47% and 11.16%,
respectively. The efficiency ratio for the year ending December 31, 2004 was
46.59% compare to 47.18% for the previous year. The improvement in the
efficiency ratio in 2004 resulted from higher net interest income and
non-interest expense nearly equal to last year. Non interest income was down
significantly in 2004 compared to 2003 as fees from the sale of secondary market
residential loans declined from the record pace of 2003 and a lower level of
security gains were realized by the Company.
Net income for the quarter ended December 31, 2004 was $3,191,000, 11.4%
higher than the $2,864,000 earned in the fourth quarter last year. Earnings per
share were $1.02 for the quarter compared to $.91 for the same period in 2003.
The increase in quarterly earnings can be attributed to 7.8% higher net interest
income and the fact that non-interest expense was nearly the same as a year ago.
Fourth quarter return on average assets was 1.53% compared to 1.52% in
fourth quarter 2003. Return on average equity was 11.56% for the three months
ended December 31, 2004 compared to the 10.83% posted a year ago. The efficiency
ratio for fourth quarter was 46.41%, an improvement over the 49.66% last year.
Deposits increased to $658,176,000 on December 31, 2004, a 6.2% increase
over the $619,549,000 at year end 2003. The increase was primarily in interest
bearing checking deposits which grew 25% this past year. United Bank & Trust,
Marshalltown and First National Bank, Ames accounted for most of the deposit
growth in 2004.
Loans rose 15.6% to $411,639,000, a $56,105,000 increase over year end 2003
with commercial operating and commercial real estate loans accounting for most
of the loan portfolio growth. The allowance for loan losses as of December 31,
2004 totaled $6,476,000 compared to $6,051,000 for December 31, 2003. Net
charge-offs for the year ended December 31, 2004 were $55,000 compared to
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