AMES NATIONAL Business Summary

Ames National Corporation (ATLO) operates as a multi-bank holding company generating revenue primarily through net interest income derived from a diversified portfolio of commercial, agricultural, and residential real estate loans. The company’s business model is centered on a decentralized community banking strategy, executed through its six distinct affiliate banks: First National Bank (Ames), Boone Bank & Trust Co., Iowa State Savings Bank, State Bank & Trust Co., Reliance State Bank, and United Bank & Trust Co. Beyond traditional interest-bearing activities, the corporation maintains a robust noninterest income stream via its wealth management and trust departments, which provide estate planning and investment advisory services. As the sixth-largest Iowa-based commercial bank holding company by deposits, ATLO competes directly with regional peers such as West Bancorporation (WTBA), MidWestOne Financial Group (MOFG), and Bank First Corporation (BFC), positioning itself as a locally empowered alternative to national lenders by emphasizing community-specific decision-making. Ames National was established in 1975 to serve as the holding company for First National Bank, which has operated in Ames since 1903. The current leadership team is headed by President and CEO John P. Nelson, who has been with the organization since 1999 and previously served as CFO for nearly two decades. Justin C. Clausen serves as the Chief Financial Officer and Secretary, having assumed the role in July 2024 following his tenure as Chief Accounting Officer and a prior background at Principal Financial Group. The executive suite also includes Michael A. Wilson, who was appointed Executive Vice President and Chief Lending Officer in late 2023, bringing extensive experience from Bankers Trust and Wells Fargo. The company is governed by a board chaired by Patrick G. Hagan, with notable directors including former CFO John L. Pierschbacher and Michelle R. Cassabaum, ensuring deep institutional knowledge and regional expertise.