Ames National Q3 profit jumps as wider interest margin lifts income
ATLO•Ames National reported Q3 net income of $7.05 million and EPS of $0.80, while net interest margin rose to 3.38% from 2.83% a year earlier. Net interest income was $17 million.
1. Quarterly results
Ames National’s Q3 net income and EPS rose year over year, driven by higher net interest income. Improved yields and higher average balances on investment securities contributed to the increase, while lower market rates reduced deposit costs and lower borrowings reduced funding expenses.
2. Other income
Noninterest income increased, mainly from wealth management fees and storm-related insurance proceeds. The company said estate and trust fees from concluded estates and growth in assets under management lifted wealth management income.
