Ames National net income rose in the fourth quarter
Bank holding company Ames National Corp. reported fourth-quarter profits of $3.9 million, or 42 cent per share, compared with $3.1 million, or 34 cents per share, a year ago, according to a release. Loans increased 6.5 percent to $701 million over the year, primarily in the construction real estate and commercial operating portfolios. Deposits increased 2 percent to nearly $1.1 billion as of the end of the quarter on Dec. 31. Total assets were $1.3 billion, a gain of nearly $26 million. Return on average assets increased to 1.18 percent for the quarter and 1.13 percent for the year. Ames National’s largest subsidiary, First National Bank, bought West Des Moines-based First Bank in August 2014. The holding company’s other affiliates are Boone Bank & Trust Co., Boone; State Bank & Trust Co., Nevada; Reliance State Bank, Story City; and United Bank & Trust NA, Marshalltown.