|
|
|
|
Document Preview News Release |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
News Release |
|||
|
Entities: |
||||
|
Date: |
2004 |
|||
|
Size: |
Preview shows 4KB of 16KB total |
|||
|
Price: |
$41 |
|||
|
ID: |
#843804 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
NEWS RELEASE
FOR IMMEDIATE RELEASE Contact: Daniel L. Krieger,
Chairman & President
or
John p. Nelson,
Vice President
OCtober 15, 2004 (515) 232-6251
AMES NATIONAL CORPORATION
ANNOUNCES
THIRD QUARTER EARNINGS
Ames National Corporation is headquartered in Ames, Iowa with five banks
including twelve banking offices in central Iowa. Affiliate banks are First
National Bank, Ames; Boone Bank & Trust Co., Boone; State Bank & Trust Co.,
Nevada; Randall-Story State Bank, Story City; and United Bank & Trust,
Marshalltown.
Net income for the quarter ended September 30, 2004 was $3,372,000, 4% higher
than the $3,241,000 earned in the third quarter last year. Earnings per share
were $1.08 for the quarter slightly higher than the $1.03 earned in the same
period in 2003. Return on average assets was 1.70% compared to 1.78% in third
quarter 2003. Return on average equity was 12.66% for the three months ended
September 30, 2004 which compares to 12.42% posted a year ago. The efficiency
ratio for third quarter was 45.85% compared to 44.02% for the same period last
year. Net interest margin for the third quarter 2004 was 3.95%, slightly less
than the 4.10% for third quarter 2003. Net loan recoveries totaled $99,000 for
the three months ended September 30, 2004 compared to net loan charge-offs of
$19,000 for the three months ended September 30, 2003. A loan recovery at First
National Bank of $136,000 relating to a problem commercial credit resulted in a
negative provision for loan losses for the third quarter.
The Company recorded higher earnings for third quarter 2004 despite much lower
gains from securities transactions and secondary market loan fees. Contributing
to this quarter's earnings was higher net interest income and the fact that non
interest expense was only slightly higher than third quarter 2003.
For the nine month period ending September 30, 2004, the Company earned net
income of $9,199,000, or $2.94 per share, a 5% increase over net income of
$8,760,000, or $2.80 per share, earned a year ago. A stable net interest margin
and a higher volume of earning assets resulted in an additional $1,315,000 in
net interest income for the first nine months of 2004 compared to the same
period a year ago. For the first nine months of 2004, the improved net interest
income was offset by lower security gains and lower secondary market mortgage
loan fees. Net interest margin for the first three quarters was 4.00% compared
to 4.02% for the same period in 2003. Net loan recoveries totaled $56,000 for
the nine months ended September 30, 2004 compared to net loan charge-offs of
$321,000 for the nine months ended September 30, 2003.
Total assets reached a record $800 million, $62 million higher than the third
quarter of 2003 with significant growth in both loans and investments.
|
End of Preview |
Home Intelligence Services Subscriptions News About Us