Increase in lending boosts profits for Ames National Corp.
Bank holding company Ames National Corp. reported that loans increased $36 million in the quarter ended June 30 compared with the second quarter of 2015, helping to boost profits to $4 million, or 44 cents per share, up from nearly $3.4 million, or 36 cents per share, a year ago. Bank-owned properties declined $3.5 million compared with last year. Assets increased $6.7 million to $1.3 billion. Return on average assets was 1.23 percent and return on average equity was 9.8 percent, both increases from last year. For the six months ended June 30, return on average assets was 1.19 percent this year compared with 1.05 percent for the year-ago period. Return on average equity was 9.55 percent for the second quarter, compared with nearly 8.9 percent a year ago. Ames National is the parent of First National Bank, Ames; Boone Bank & Trust Co., Boone; State Bank & Trust Co., Nevada; Reliance State Bank, Story City; and United Bank & Trust, Marshalltown.