Form 8-K

8-K — AMES NATIONAL CORP

Accession: 0001437749-26-023763

Filed: 2026-07-17

Period: 2026-07-17

CIK: 0001132651

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — atlo20260519_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_965112.htm)

GRAPHIC (anc01.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: atlo20260519_8k.htm · Sequence: 1

atlo20260519_8k.htm

false

0001132651

2026-07-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

July 17, 2026

Date of Report (Date of Earliest Event Reported)

AMES NATIONAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Iowa

0-32637

42-1039071

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission File Number)

(I.R.S. Employer

Identification No.)

323 Sixth Street

Ames, Iowa 50010

(Address of Principal Executive Offices) (Zip Code)

(515) 232-6251

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, $2.00 par value

ATLO

NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On July 17, 2026, Ames National Corporation issued a News Release announcing financial results for the three and six months ended June 30, 2026. A copy of the News Release is furnished as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

Exhibit No.

Description

99.1

News Release dated July 17, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

AMES NATIONAL CORPORATION

Date: July 17, 2026

By:

/s/ John P. Nelson

John P. Nelson, Chief Executive Officer and President

Principal Executive Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_965112.htm · Sequence: 2

ex_965112.htm

EXHIBIT 99.1

NEWS RELEASE

CONTACT:

JOHN P. NELSON

FOR IMMEDIATE RELEASE

CEO AND PRESIDENT

(515) 232-6251

July 17, 2026

AMES NATIONAL CORPORATION

ANNOUNCES EARNINGS FOR THE second QUARTER OF 2026

Ames, Iowa – Ames National Corporation (Nasdaq: ATLO; the “Company”) today reported net income for the second quarter of 2026 of $5.9 million, or $0.67 per share, compared to $4.5 million, or $0.51 per share, earned in the second quarter of 2025. For the six months ended June 30, 2026, net income for the Company totaled $11.9 million, or $1.34 per share, compared to $8.0 million, or $0.89 per share earned in the same period of 2025. The increase in earnings is primarily due to an increase in net interest income. Net interest income increased due to higher yields and average balances on investments, combined with a lower cost of funds driven by declining market rates and reduced borrowings.

INCOME STATEMENT HIGHLIGHTS (unaudited)

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Net income (in thousands)

5,931

4,511

11,891

7,954

Earnings per share - basic and diluted

0.67

0.51

1.34

0.89

Return on average assets

1.11

0.85

1.12

0.75

Return on average equity

11.24

9.67

11.28

8.72

Efficiency ratio

58.52

64.34

59.09

65.34

Net interest margin

3.18

2.65

3.10

2.59

COMPANY STOCK HIGHLIGHTS (unaudited)

As of or for the

three months ended

June 30,

Company Stock (ATLO)

2026

Closing price

$29.61

Price range

$27.38 - 32.16

Book value per common share

$24.06

Cash dividend declared

$0.24

Dividend yield

3.24%

BALANCE SHEET HIGHLIGHTS (unaudited)

June 30,

(Dollars in thousands)

2026

2025

Assets

2,122,898

2,092,844

Loans receivable, net

1,250,996

1,279,644

Deposits

1,852,567

1,819,205

Stockholders' equity

213,093

193,029

Capital ratio

10.04

9.22

Second Quarter 2026 Results:

Second quarter 2026 loan interest income was $664 thousand higher than second quarter 2025 and was primarily due to improved yield on the loan portfolio. Interest income from investment securities increased by $1.4 million during this same period due to higher average balances and maturities reinvested at higher rates. Interest-bearing deposits with banks and federal funds sold interest income decreased by $303 thousand during this same period due to lower average balances. Deposit interest expense decreased $906 thousand during this same period due primarily to decreases in market rates. Other borrowed funds interest expense decreased $217 thousand during the same period due primarily to reduced borrowings. Second quarter 2026 net interest income totaled $16.4 million, an increase of $2.9 million, or 21.7%, compared to the same quarter a year ago. These factors were the primary contributors to the Company’s net interest margin, on a tax-equivalent basis (a non-GAAP measure), improving to 3.18% for the quarter ended June 30, 2026 as compared to 2.65% for the quarter ended June 30, 2025 and 3.01% for the quarter ended March 31, 2026.

A credit loss expense of $208 thousand was recognized in the second quarter of 2026 as compared to $108 thousand in the second quarter of 2025. Net loan charge-offs for the quarter ended June 30, 2026 totaled $255 thousand compared to net loan charge-offs of $1.1 million for the quarter ended June 30, 2025. The credit loss expense in 2026 and 2025 was primarily due to charge-offs in the commercial loan portfolio.

Noninterest income for the second quarter of 2026 totaled $2.7 million as compared to $2.6 million in the second quarter of 2025, an increase of 2.3%.

Noninterest expense for the second quarter of 2026 totaled $11.2 million compared to $10.4 million recorded in the second quarter of 2025, an increase of 7.8%. The increase reflects higher professional fees, salaries and benefits. The increase in professional fees was primarily due to $300 thousand of consultant fees for certain contract negotiations in the second quarter of 2026. The consultant fees are expected to continue throughout 2026 as negotiations are in process. The increase in salaries and benefits was driven by anticipated bonus payouts as Company performance thresholds are met, in addition to normal increases in salaries and benefits. The efficiency ratio was 58.52% for the second quarter of 2026 as compared to 64.34% in the second quarter of 2025. The efficiency ratio continues to improve as net interest margin increases.

Income tax expense for the second quarter of 2026 totaled $1.8 million compared to $1.1 million recorded in the second quarter of 2025. The effective tax rate was 23% and 20% for the quarters ended June 30, 2026 and 2025, respectively. The increase in income tax expense and effective tax rate was primarily due to higher net income and lower New Markets Tax Credits. The final year of tax credits was 2025 for a majority of the New Markets Tax Credit projects.

Six Months 2026 Results:

For the six months ended June 30, 2026 loan interest income was $806 thousand higher than the first six months of 2025 and was primarily due to improved yield on the loan portfolio. Interest income from investment securities increased $2.6 million during this same period due to higher average balances and maturities reinvested at higher rates. Interest-bearing deposits with banks and federal funds sold interest income decreased by $485 thousand during this same period due to lower average balances. Deposit interest expense decreased $2.0 million during this same period due primarily to a decrease in market rates. Other borrowed funds interest expense decreased $551 thousand during the same period due primarily to reduced borrowings. The net interest income for the six months ended June 30, 2026 totaled $31.8 million, an increase of $5.4 million, or 20.6%, compared to the same period a year ago. These factors were the primary contributors to the Company’s net interest margin improving to 3.10% for the six months ended June 30, 2026 as compared to 2.59% for the six months ended June 30, 2025.

A credit loss benefit of ($139) thousand was recognized in the six months ended June 30, 2026 as compared to a credit loss expense of $1.1 million in the six months ended June 30, 2025. Net loan charge-offs for the six months ended June 30, 2026 totaled $223 thousand compared to net loan charge-offs of $1.2 million for the six months ended June 30, 2025. The credit loss benefit in 2026 was primarily due to a decline in loan balances. The credit loss expense in 2025 was primarily due to charge-offs in the commercial loan portfolio.

Noninterest income for the six months ended June 30, 2026 totaled $5.5 million as compared to $5.2 million in the six months ended June 30, 2025, an increase of 5.8%. The increase is primarily due to an increase in wealth management income due to growth in assets under management and an increase in estate and trust fees.

Noninterest expense for the six months ended June 30, 2026 totaled $22.0 million compared to $20.6 million recorded in the six months ended June 30, 2025, an increase of 6.9%. The increase reflects higher professional fees, salaries and benefits. The increase in professional fees was primarily due to $600 thousand of consultant fees for certain contract negotiations in the six months ended June 30, 2026. The consultant fees are expected to continue throughout 2026 as negotiations are in process. The increase in salaries and benefits was driven by anticipated bonus payouts as Company performance thresholds are met, in addition to normal increases in salaries and benefits. The efficiency ratio was 59.09% for the six months ended June 30, 2026 as compared to 65.34% in the six months ended June 30, 2025. The efficiency ratio continues to improve as net interest margin increases.

Income tax expense for the six months ended June 30, 2026 totaled $3.5 million compared to $1.9 million recorded in the six months ended June 30, 2025. The effective tax rate was 23% and 19% for the six months ended June 30, 2026 and 2025, respectively. The lower than expected tax rate in 2026 and 2025 was primarily due to tax-exempt interest income and New Markets Tax Credits. The increase in income tax expense and effective tax rate was primarily due to higher net income and lower New Markets Tax Credits. The final year of tax credits was 2025 for a majority of the New Markets Tax Credit projects.

Balance Sheet Review:

As of June 30, 2026, total assets were $2.1 billion, an increase of $30.1 million, as compared to June 30, 2025. The increase in assets was primarily due to an increase in securities available-for-sale and interest-bearing deposits in financial institutions, partially offset by a decrease in loans receivable.

Securities available-for-sale as of June 30, 2026 increased to $695 million from $645 million as of June 30, 2025. The increase in securities available-for-sale is primarily due to purchases in excess of maturities and lower unrealized losses in the investment portfolio. The Company's investment portfolio had an expected duration of 3.2 years as of June 30, 2026. There are approximately $102 million of investments maturing within one year at an average yield of approximately 1.8%.

Net loans as of June 30, 2026 decreased to $1.25 billion as compared to $1.28 billion as of June 30, 2025, a decrease of 2.2%. The decrease was primarily due to payoffs in the commercial real estate portfolio and partially offset by an increase in the 1 to 4 family residential real estate portfolio. Substandard loans were $50.7 million and $23.5 million as of June 30, 2026 and 2025, respectively. Substandard-impaired loans were $19.1 million and $18.4 million as of June 30, 2026 and 2025, respectively. The increase in substandard loans is primarily due to one large relationship secured by 1-4 family residential properties and weakening in the multi-family portfolio as some loans are experiencing a decline in occupancy rates. The increase in substandard-impaired loans is primarily due to one agricultural operating loan relationship. Loans past due 30 days or more totaled $22.5 million as of June 30, 2026, compared to $11.8 million as of June 30, 2025. The increase is primarily related to one commercial real estate loan relationship that is being restructured and one agricultural operating loan relationship classified as substandard-impaired. There are approximately $361 million of loans maturing within one year at an average yield of approximately 5.5%.

The allowance for credit losses on June 30, 2026 totaled $17.3 million or 1.36% of loans, compared to $17.0 million, or 1.31% of loans, as of June 30, 2025. The increase in the allowance for credit losses is primarily due to an increase in specific reserves.

Deposits totaled $1.85 billion as of June 30, 2026, an increase of 1.8%, compared to $1.82 billion recorded as of June 30, 2025. The increase in deposits is primarily due to higher balances in retail and commercial checking accounts and partially offset by a decrease in time deposits. Securities sold under agreements to repurchase decreased to $30.9 million as of June 30, 2026, compared to $40.1 million as of June 30, 2025. Securities sold under agreements to repurchase and deposit balances fluctuate as customers’ liquidity needs vary and could be impacted by prevailing market interest rates, competition, and economic conditions. Approximately 14% of deposits are tied to external indexes as of June 30, 2026. Deposit interest expense related to these deposits can be more volatile than other deposit products in a changing interest rate environment.

Other borrowings decreased to $16.5 million as of June 30, 2026 compared to $30.7 million as of June 30, 2025. The Company has continued to reduce borrowings as investments have matured and cash is redeployed.

The Company’s stockholders’ equity represented 10.0% of total assets as of June 30, 2026 with all of the Company’s six affiliate banks considered well-capitalized as defined by federal capital regulations. Total stockholders’ equity was $213.1 million as of June 30, 2026, compared to $193.0 million as of June 30, 2025. The increase in stockholders’ equity of $20.1 million was primarily the result of a decrease in unrealized losses on the investment portfolio and retention of net income in excess of dividends.

Share Repurchase Program

For the period April 1, 2026 through June 30, 2026, under the repurchase program that was announced in August 2025, which allowed for the repurchase of 200,000 shares of common stock, the Company did not repurchase any shares. There were 165,053 shares available to be repurchased under that repurchase program as of June 30, 2026.

Cash Dividend Announcement

On May 13, 2026, the Company declared a quarterly cash dividend on common stock, payable on June 15, 2026 to stockholders of record as of June 1, 2026, equal to $0.24 per share.

About Ames National Corporation

Ames National Corporation affiliate Iowa banks are First National Bank, Ames; Boone Bank & Trust Co., Boone; State Bank & Trust Co., Nevada; Reliance State Bank, Story City; United Bank & Trust Co., Marshalltown; and Iowa State Savings Bank, Creston, Iowa.

The Private Securities Litigation Reform Act of 1995 provides the Company with the opportunity to make cautionary statements regarding forward-looking statements contained in this News Release, including forward-looking statements concerning the Company’s future performance and asset quality. Forward-looking statements contained in this News Release are not historical facts and are based on management’s current beliefs, assumptions, predictions and expectations of future events, including the Company’s future performance, taking into account all information currently available to management. These beliefs, assumptions, predictions and expectations are subject to numerous risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to management and many of which are beyond management’s control. If a change occurs, the Company’s business, financial condition, liquidity, results of operations, asset quality, plans and objectives may vary materially from those expressed in the forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on such forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “forecasts”, “continuing,” “ongoing,” “expects,” “views,” “intends” and similar words or phrases. The risks and uncertainties that may affect the Company’s future performance and asset quality include, but are not limited to, the following: national, regional and local economic conditions and the impact they may have on the Company and its customers; competitive products and pricing available in the marketplace; changes in credit and other risks posed by the Company’s loan and investment portfolios, including declines in commercial or residential real estate values or changes in the allowance for credit losses as dictated by new market conditions or regulatory requirements; changes in local, national and international economic conditions, including rising inflation rates; fiscal and monetary policies of the U.S. government; the imposition of tariffs and retaliatory tariffs; changes in governmental regulations affecting financial institutions (including regulatory fees and capital requirements); changes in prevailing interest rates; credit risk management and asset/liability management; the financial and securities markets; the availability of and cost associated with sources of liquidity; and other risks and uncertainties inherent in the Company’s business, including those discussed under the headings “Forward-Looking Statements and Business Risks” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2025. Any forward-looking statements are qualified in their entirety by the foregoing risks and uncertainties and speak only as of the date on which such statements are made. The Company undertakes no obligation to revise or update such forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

AMES NATIONAL CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

(in thousands, except share and per share data)

June 30,

ASSETS

2026

2025

Cash and due from banks

18,939

24,148

Interest-bearing deposits in financial institutions and federal funds sold

88,305

71,063

Total cash and cash equivalents

107,244

95,211

Interest-bearing time deposits

5,182

6,918

Securities available-for-sale

695,251

644,702

Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost

2,652

3,166

Loans receivable, net

1,250,996

1,279,644

Loans held for sale

892

341

Bank premises and equipment, net

20,967

21,239

Accrued income receivable

12,912

12,166

Other real estate owned

125

Bank-owned life insurance

3,349

3,256

Deferred income taxes, net

8,157

9,949

Intangible assets, net

654

938

Goodwill

12,424

Other assets

2,218

2,765

Total assets

2,122,898

2,092,844

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Deposits

Noninterest-bearing checking

364,651

309,379

Interest-bearing checking

629,244

629,728

Savings and money market

535,726

547,277

Time, $250 and over

79,768

88,692

Other time

243,178

244,129

Total deposits

1,852,567

1,819,205

Securities sold under agreements to repurchase

30,898

40,061

Other borrowings

16,452

30,652

Accrued interest payable

2,289

2,472

Accrued expenses and other liabilities

7,599

7,425

Total liabilities

1,909,805

1,899,815

STOCKHOLDERS' EQUITY

Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding 8,857,220 and 8,898,689 shares as of June 30, 2026 and 2025, respectively

17,714

17,797

Additional paid-in capital

12,135

12,907

Retained earnings

203,667

188,442

Accumulated other comprehensive (loss)

(20,423

)

(26,117

)

Total stockholders' equity

213,093

193,029

Total liabilities and stockholders' equity

2,122,898

2,092,844

AMES NATIONAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income (unaudited)

(in thousands, except per share data)

Three Months Ended

Six Months Ended

June 30,

2026

2025

2026

2025

Interest and dividend income:

Loans, including fees

17,331

16,667

34,147

33,341

Securities:

Taxable

4,588

3,116

8,597

5,956

Tax-exempt

410

450

832

903

Other interest and dividend income

949

1,252

1,918

2,403

Total interest and dividend income

23,278

21,485

45,494

42,603

Interest expense:

Deposits

6,481

7,387

12,816

14,806

Other borrowed funds

415

632

865

1,416

Total interest expense

6,896

8,019

13,681

16,222

Net interest income

16,382

13,466

31,813

26,381

Credit loss expense (benefit)

208

108

(139

)

1,070

Net interest income after credit loss expense (benefit)

16,174

13,358

31,952

25,311

Noninterest income:

Wealth management income

1,587

1,518

3,183

2,962

Service fees

371

378

749

748

Securities gains (losses), net

)

Gain on sale of loans held for sale

155

150

295

225

Merchant and card fees

354

392

672

740

Other noninterest income

235

203

594

513

Total noninterest income

2,702

2,641

5,487

5,188

Noninterest expense:

Salaries and employee benefits

7,011

6,479

13,788

12,852

Data processing

1,522

1,456

3,014

2,808

Occupancy expenses, net

723

728

1,517

1,500

FDIC insurance assessments

246

275

486

535

Professional fees

910

540

1,680

1,025

Business development

293

311

636

683

Intangible asset amortization

137

154

New market tax credit projects amortization

191

383

Other operating expenses, net

378

306

749

686

Total noninterest expense

11,168

10,363

22,041

20,626

Income before income taxes

7,708

5,636

15,398

9,873

Provision for income taxes

1,777

1,125

3,507

1,919

Net income

5,931

4,511

11,891

7,954

Basic and diluted earnings per share

0.67

0.51

1.34

0.89

Dividends declared per share

0.24

0.48

0.20

Average number of shares outstanding - basic and diluted

8,857,220

8,900,515

8,857,220

8,908,904

ASSET QUALITY (unaudited)

As of

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in thousands)

2026

2025

Loan risk rating by category (end of period):

Pass

1,097,903

1,095,929

1,119,323

1,118,151

1,111,559

Watch

100,499

130,849

120,614

125,849

130,071

Special Mention

1,005

1,014

1,023

12,976

Substandard

50,743

34,814

42,203

29,726

23,460

Substandard - Impaired

19,132

19,574

14,620

18,819

18,355

Total Loans

1,268,277

1,282,171

1,297,774

1,293,568

1,296,421

Unallocated portfolio layer basis adjustments

145

176

194

Less allowance for credit losses

(17,307

)

(17,419

)

(17,697

)

(17,950

)

(16,971

)

Loans receivable, net

1,250,996

1,264,827

1,280,222

1,275,794

1,279,644

Nonperforming assets:

Non-accrual loans

19,606

20,087

15,133

19,342

18,885

Accruing loans past due 90 days or more

328

174

133

Other real estate owned

212

204

125

Total nonperforming assets

19,641

20,334

15,665

19,720

19,143

Three months ended

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in thousands)

2026

2025

Allowance for credit losses - loans:

Beginning balance

17,419

17,697

17,950

16,971

18,004

Credit loss expense (benefit)

143

(310

)

(708

)

635

Recoveries of loans charged-off

818

351

Loans charged-off

(284

)

(363

)

(1,111

)

Ending balance

17,307

17,419

17,697

17,950

16,971

Allowance for credit losses - unfunded commitments:

Beginning balance

947

984

937

944

911

Credit loss expense (benefit)

(37

)

Ending balance

1,012

947

984

937

944

AVERAGE BALANCES AND INTEREST RATES (unaudited)

The following two tables are used to calculate the Company’s non-GAAP net interest margin on a fully taxable equivalent (FTE) basis. The first table includes the Company’s average assets and the related income to determine the average yield on earning assets. The second table includes the average liabilities and related expense to determine the average rate paid on interest-bearing liabilities. The net interest margin is equal to interest income less interest expense divided by average earning assets.

AVERAGE BALANCE SHEETS AND INTEREST RATES

Three Months Ended June 30,

2026

2025

Average

Revenue/

Yield/

Average

Revenue/

Yield/

balance

expense

rate

balance

expense

rate

ASSETS

(dollars in thousands)

Interest-earning assets

Loans (1)

Commercial

87,049

1,351

6.21

94,535

1,410

5.97

Agricultural

121,601

1,920

6.32

126,189

2,075

6.58

Real estate

1,052,554

13,875

5.27

1,052,915

12,951

4.92

Consumer and other

13,488

185

5.49

16,532

231

5.59

Total loans (including fees)

1,274,692

17,331

5.44

1,290,171

16,667

5.17

Investment securities

Taxable

628,930

4,588

2.92

567,859

3,116

2.19

Tax-exempt (2)

70,622

519

2.94

81,427

570

2.80

Total investment securities

699,552

5,107

2.92

649,286

3,686

2.27

Interest-bearing deposits with banks and federal funds sold

97,801

949

3.88

108,889

1,252

4.60

Total interest-earning assets

2,072,045

23,387

4.51

2,048,346

21,605

4.22

Noninterest-earning assets

62,979

64,251

TOTAL ASSETS

2,135,024

2,112,597

(1) Average loan balances include nonaccrual loans, if any. Interest income collected on nonaccrual loans has been included.

(2) Tax-exempt income has been adjusted to a tax-equivalent basis using an incremental tax rate of 21%.

AVERAGE BALANCE SHEETS AND INTEREST RATES

Three Months Ended June 30,

2026

2025

Average

Revenue/

Yield/

Average

Revenue/

Yield/

balance

expense

rate

balance

expense

rate

LIABILITIES AND STOCKHOLDERS' EQUITY

(dollars in thousands)

Interest-bearing liabilities

Deposits

Interest-bearing checking, savings accounts and money markets

1,197,474

3,760

1.26

1,188,237

4,268

1.44

Time deposits

322,127

2,721

3.38

332,652

3,119

3.75

Total deposits

1,519,601

6,481

1.71

1,520,889

7,387

1.94

Other borrowed funds

52,340

415

3.17

70,904

632

3.57

Total interest-bearing liabilities

1,571,941

6,896

1.75

1,591,793

8,019

2.02

Noninterest-bearing liabilities

Noninterest-bearing checking

339,390

321,056

Other liabilities

12,568

13,077

Stockholders' equity

211,125

186,671

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

2,135,024

2,112,597

Net interest income (FTE)(3)

16,491

13,586

Net interest spread (FTE)

2.76

2.20

Net interest margin (FTE)(3)

3.18

2.65

(3) Net interest income (FTE) is a non-GAAP financial measure.

Non-GAAP Financial Measures

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on an FTE basis. Management believes these non-GAAP financial measures are widely used in the financial institutions industry and provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on an FTE basis to GAAP (dollars in thousands).

Three Months Ended June 30,

2026

2025

Reconciliation of net interest income and annualized net interest margin on an FTE basis to GAAP:

Net interest income (GAAP)

16,382

13,466

Tax-equivalent adjustment (1)

109

120

Net interest income on an FTE basis (non-GAAP)

16,491

13,586

Average interest-earning assets

2,072,045

2,048,346

Net interest margin on an FTE basis (non-GAAP)

3.18

2.65

(1) Computed on a tax-equivalent basis using an incremental federal income tax rate of 21 percent, adjusted to reflect the effect of the tax-exempt interest income associated with owning tax-exempt securities and loans.

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Document And Entity Information

Jul. 17, 2026

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Document, Period End Date

Jul. 17, 2026

Entity, Incorporation, State or Country Code

Entity, File Number

0-32637

Entity, Tax Identification Number

42-1039071

Entity, Address, Address Line One

323 Sixth Street

Entity, Address, City or Town

Ames

Entity, Address, State or Province

Entity, Address, Postal Zip Code

50010

City Area Code

515

Local Phone Number

232-6251

Written Communications

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Title of 12(b) Security

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