SUMMARY
ANNUAL REPORT

2023

AMES NATIONAL CORPORATION AT A GLANCE
Background

Affiliate Bank Structure

Ames National Corporation (the “Company”) is an Iowa-based
bank holding company which was organized on January 21,
1975, under the laws of the State of Iowa to serve as a bankholding company.

Each affiliate bank operates independently with its own
board of directors and executive leadership. Decisions
are made locally, which means customers receive quick
responses and services are customized to meet the uniqueneeds of each community.

The Company has six wholly owned affiliate banks including:• Boone Bank & Trust Co., headquartered in Boone, Iowa,• First National Bank, headquartered in Ames, Iowa,• Iowa State Savings Bank, headquartered in Creston, Iowa,• Reliance State Bank, headquartered in Story City, Iowa,• State Bank & Trust Co., headquartered in Nevada, Iowa, and• United Bank & Trust Co. headquartered in Marshalltown,
Iowa.
Since 2012, the Company has completed four bankacquisitions and continues to be involved in the bankmergers and acquisitions market.

The affiliate banks’ lending activities consist primarily of shortand medium-term commercial, agricultural, and residential
real estate loans, agricultural and business operating loans,lines of credit, home improvement loans and the originationof mortgage loans for sale into the secondary market. Affiliate
banks also offer a variety of checking, savings, money market,
and time deposits accounts, cash management services,
wealth management and trust services and merchant credit
card processing. Convenient access to funds and accountinformation is also available through online banking, video
banking, mobile banking, online bill pay, mobile wallet,
online statements, and debit cards.

Ames National Corporation’s Services
The Company provides various services to the affiliate banks, which include: management assistance, payroll,internal auditing, human resources, credit oversight and support, compliance management, marketing
assistance, technology support, and employee training and development. ANC employees seek to incorporate
efficiencies across the affiliate banks’ operational functions so the affiliate bank management teams can focus
on what they do best... banking and taking care of customers’ financial needs.

NOTABLE COMMUNITY GIVINGThe Garner community is building a new
Baseball/Softball Complex whose mission
is to provide an enhanced sports complex
that builds the capacity of young athletes
and opens up opportunities for thecommunity to gather and prosper.

22023 Annual Report | Ames National Corporation

The complex is a $2.4 million dollar projectwith the city of Garner providing about$1.7 million. Reliance State Bank in Garner
financed the project and pledged to donate$27,000 allocated for 4 scoreboards.
The project is expected to be completed by
May 1, 2024.

MISSION STATEMENT
Customer Focused, Locally Empowered, andTeam Member Driven.

CORE VALUES
Ames National Corporation’s foundation is built on these values which guide our actions.

E XC E L L E N C E • I N T E G R I T Y • L E A D E R S H I P
S TA B I L I T Y • T R U S T • C O M M U N I T Y

STRATEGIC DIRECTION

Ames National Corporation | 2023 Annual Report3

LETTER TO SHAREHOLDERS
Ames National Corporation (the “Company”) and our affiliate
banks faced a challenging year in 2023 due to net interest
margin compression and deposit competition. Despite thesechallenges, asset quality, stockholders’ equity, liquidity, andloan growth remained favorable despite significant economic
headwinds, higher interest rates and an inverted yield curve.

Financial Results
For the year ended December 31, 2023, net income for theCompany totaled $10.8 million or $1.20 per share, compared
to $19.3 million, or $2.14 per share for the preceding year of2022. Higher interest rates were the primary contributor to
the lower earnings as interest expense on deposits and otherborrowings rose more quickly in 2023 than interest income
on loans and investments. Loan interest income was upnearly $11 million in 2023 compared to that of 2022; however,interest expense increased over $21 million during that same
period. The severity of the decrease in earnings comparedto some banks in our peer group is attributable to theCompany’s higher concentration of fixed rate, longer duration
real estate loans. Typically, real estate loans at our affiliate
banks mature or reprice in five years. In contrast, several of
our large depositors are indexed to short-term treasury rates
that reprice more quickly and negatively impact profitability
in a rising interest rate environment. We expect profitability
to improve as loans and investments reprice to higher market
interest rates.
Net loans as of December 31, 2023, increased 4% to $1.28
billion, as compared to $1.23 billion for year-end 2022.
Deposits totaled $1.81 billion as of December 31, 2023,
a decrease of 5%, compared to the $1.9 billion recordedat year-end 2022. The Company’s stockholders’ equity
represented 7.7% of total assets as of December 31, 2023,
with all six affiliate banks considered well-capitalized as
defined by federal capital regulations. Stockholders’ equity asof December 31, 2023, increased $16.7 million from year end
2022 primarily as the result of lower unrealized losses on the
Company’s investment portfolio.
On November 8, 2023, the Company declared a quarterly cash
dividend on common stock, payable on February 15, 2024, tostockholders of record as February 1, 2024, of $0.27 per share.
The Company is forecasting earnings for the year ending
December 31, 2024, in the range of $1.45 to $1.55 per share.
As of December 31, 2023, the Company had 8,992,167 sharesissued and outstanding.
42023 Annual Report | Ames National Corporation

Strategic Planning
The Company’s Board of Directors and senior management
met this past summer to reassess the Company’s strategic
mission, vision, and initiatives. Our Board and management
team are excited about the new strategic plan and how its
execution is expected to improve shareholders’ returns,
engage team members, and improve the organization’s
ability to better serve our customers and our communities.
The Company’s strategic priorities are aligned around
growth and performance; efficiency; talent and culture; data
management; and digital capabilities. Our mission statementof “Customer Focused, Locally Empowered, and Team
Member Driven” is what sets our affiliate banks apart from thecompetition. We want to leverage this mission advantage toattain our vision “to be one of the best performing community
banking organizations in the Midwest”.

Executive Management Changes
On November 8, 2023, John Pierschbacher announced his
intent to retire effective July 5, 2024. Mr. Pierschbacher was
appointed as Chief Financial Officer in 2018 after having
served as Controller since 2008. He has served on the
Company’s Board since 2018 and has been nominated by
the Board to serve another three-year term. He also currently
serves as Chairman of the Board of Boone Bank & Trust Co.
and Reliance State Bank. Mr. Pierschbacher brings a significant
level of banking, accounting and corporate governanceexperience to the board.
Justin Clausen, who currently serves as Chief Accounting
Officer of the Company, will assume the Chief Financial
Officer role upon Mr. Pierschbacher’s retirement. Mr. Clausen
has been with the Company since March 2020, serving as
Chief Accounting Officer since May 2023 and previously as
Controller. Mr. Clausen is a certified public accountant andhas over 14 years of combined experience with financial andpublic accounting firms. Mr. Pierschbacher and Mr. Clausen
have been working closely together to ensure a smoothtransition upon Mr. Pierschbacher’s retirement.
Mike Wilson was promoted to Executive Vice President
and Chief Lending Officer in November of 2023 and will
coordinate lending activities across our six affiliate banks. Mr.
Wilson has been employed by the Company since September
2022. Prior to coming to Ames National, he served as the ChiefLending Officer of Bankers Trust Company (2017-2022), heldseveral ag and commercial lending leadership positions for
Metropolitan Life Insurance Company (2007-2017) and began
his banking career with Norwest/Wells Fargo in agriculturaland commercial lending (1991-2007).

We are grateful to our Board members for lending theirexpertise to further our mission and for providing us withvaluable insight into the communities we serve.

Company Boards of Directors

The recession, that many predicted for 2023, did not occur.
The Federal Reserve did not increase the Federal Funds
interest rate in the fourth quarter of 2023, which was thefirst calendar quarter without an increase since the fourth
quarter of 2021. The Gross Domestic Product (GDP) for the
fourth quarter of 2023, came in at a respectable 3.3% driven
by increased consumer spending and exports. The latest
Consumer Price Index All Urban Consumer (CPI) was up 3.4%
during 2023, a considerable improvement over the 6.5% and7.0% CPI results from year end 2022 and 2021, respectively.
We are hopeful the slowdown in inflation will provide ourbanks’ some respite from the rising interest rates we faced in
2022 and 2023.

We want to thank our Board members who will be retiring
this April for their dedicated service to our organization. Steve
Forth and James Larson, II, will be retiring from the Company’s
Board of Directors after having served in that role for 17 and24 years, respectively. Mr. Forth serves on the Company’s
Nominating and Personnel Committees and brings valuable
agricultural insights to the board as a large farm owner andoperator. Mr. Larson serves as Chair of the Company’s Audit
Committee and is a member of the Company’s Personnel
Committee. Mr. Larson brings the insight of a business ownerand operator with a strong accounting background, and astrategic mindset to the Company’s board.
Everett Miles and Scot Trost have been nominated to stand forelection for the Company’s Board of Directors. Mr. Miles has
served on First National Bank’s Board of Directors since 2022
and currently serves as Vice President – Enterprise Strategy,
Innovation, and Capital Markets at the Principal Financial
Group®. Mr. Trost has served on Iowa State Savings Bank’s
Board of Directors since 2019 and owns and operates a large
farm operation in southwest Iowa.

Affiliate Bank Board of Directors

Economic Outlook

In Summary
While 2023 was a challenging year, we were pleased to see
our net interest margin show improvement in the fourth
quarter of 2023 as compared to the third quarter of 2023.
Earnings are expected to improve as the year progresses asloans and investments continue to reprice. We thank all of
our stakeholders for supporting our Company and we lookforward to seeing you at the annual meeting on April 24,
2024.

Mr. Larson and Lisa Eslinger will be leaving First National
Bank’s Board of Directors after having served 30 and 13 years,
respectively. We are grateful Ms. Eslinger will remain on the
Company’s Board of Directors.
Elaine Tekippe will be leaving Reliance State Bank’s Board of
Directors after having served 24 years. Ms. Tekippe brought
the insight of a small business owner and active Story City
community member to the Board.
Clinton Jenkins joined Boone Bank & Trust’s Board of Directors
in early 2024. Jenkins has 20 years of experience with Fareway
Stores, Inc. and currently serves as Vice President of Wholesale
Purchasing.

Patrick G. HaganJohn P. Nelson

Chairman of the Board

President & CEO

Mr. Wilson has also been nominated to serve as Chairman of
the Board for Reliance State Bank and State Bank & Trust Co.

Ames National Corporation | 2023 Annual Report5FINANCIAL HIGHLIGHTS
As of and for the year ended December 31, 2023

Net Income$10.8 Million

Assets$2.2 Billion

Dividends Declared
Per Share

Return on
Average Assets
0.51%

Return on
Average Equity
7.05%

ATLO Closing
Price

Per Common ShareYear Ended

2023

Cash Dividends Declared $1.08
Dividend Payout*

90%

Dividend Yield**

5.06%

Loan Quality
Years Ended

2023

Allowance

1.30% 1.26%

2022

Net Charge-Offs 0.02% 0.00%** Based upon latest quarterly dividend of $0.27 and year-end ATLO closing price2023 Annual Report | Ames National Corporation$21.34Market Price Per Share(as % of gross loans)* Cash dividends declared divided by net income

6

$1.08

Years Ended

2023

2022

Closing$21.34 $23.61

High$25.00 $25.55

Low$15.01 $20.16

PERFORMANCE RECORD

$220

$30

$3.00

$210

$27

$2.70

$200

$24

$2.40

$190

$21

$2.10

$180

$18

$1.80

$170

$15

$1.50

$160

$12

$1.20

$9

$0.90

Earnings Per Share$1,300$2,000$1,800$1,200$1,000$1,700$1,500$900$1,600$1,400

$800
$600
$500

$800

$200

$900

$700

$100

Total Assets

Millions of Dollars

Total Deposits

Millions of Dollars

2021$1,000

2022

$300

2023

$900

2021

$1,1002022$400$1,278$1,100$1,878$1,200$700$1,0002023$1,200$2,137$1,300$2,135$1,400$1,898$1,100$1,600$1,812$1,700$2,155$1,900$1,8002021$1,144$1,9002021$2,1002022$1,400$1,226

Millions of Dollars$2,000$1,300$149

Capital

Dollars$2,200$1,500

2022

2023

2021

$110
2022

2021

2022

Earnings

Millions of Dollars

$166

$120

2023

$0.30

$130

$0.00
2023

$0

$150
$140

$1.20

$3

$0.60

2023

$6

$2.62

$3.30

$2.14

$33

$23.9

$230

$19.3

$3.60

$10.8

$35

$208

THREE-YEAR FINANCIAL HIGHLIGHTS

Total Loans

Millions of Dollars

Ames National Corporation | 2023 Annual Report

7

AFFILIATE BANKSAFFILIATE BANKS
Contact: (515) 432-6200
BooneBankIowa.com
Charter: State
Organized: 1883
Offices: Two locations in
Boone, Iowa
Employees: 18
Capital: $9.7 Million
Assets: $149 Million
2023 Net Income: $740 Thousand

Contact: (515) 232-5561
FNB247.com
Charter: National
Organized: 1903
Offices: Eight locations inAmes, Ankeny, Osceola, andWest Des Moines, Iowa
Employees: 120
Capital: $84.8 Million
Assets: $1.14 Billion
2023 Net Income: $5.5 Million

Contact: (641) 782-1000
ISSBbank.com
Charter: State
Organized: 1883
Offices: Three locations in
Creston and Lenox, Iowa
Employees: 36
Capital: $23.4 Million
Assets: $255 Million
2023 Net Income: $2.0 Million

82023 Annual Report | Ames National Corporation

Contact: (515) 733-4396
RSBiowa.com
Charter: State
Organized: 1928
Offices: Two locations in
Story City and Garner, Iowa
Employees: 34
Capital: $23.8 Million
Assets: $313 Million
2023 Net Income: $1.7 Million

Contact: (641) 753-5900
BankUBT.com
Charter: State
Organized: 2002
Offices: Two locations inMarshalltown, Iowa
Employees: 18
Capital: $9.9 Million
Assets: $119 Million
2023 Net Income: $993 Thousand

Contact: (515) 382-2191
BankSBT.com
Charter: State
Organized: 1939
Offices: One location in
Nevada, Iowa
Employees: 23
Capital: $15.2 Million
Assets: $202 Million
2023 Net Income: $1.4 Million

Ames National Corporation | 2023 Annual Report

9

CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data)
Unaudited
December 31, 2023

December 31, 2022

ASSETSCash and due from banks$

Interest-bearing deposits in financial institutions and federal funds soldTotal cash and cash equivalents

24,105$

20,81930,996

7,065

55,101

27,884

Interest-bearing time deposits

8,904

14,669Securities available-for-sale736,389

786,438

Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost
Loans receivable, net
Loans held for sale

3,086

4,613

1,277,812

1,226,011

124

154

Bank premises and equipment, net

22,54918,895

Accrued income receivable

12,953

11,275Bank-owned life insurance

3,131

3,054

Deferred income taxes, net

16,496

22,130

Other intangible assets, net

1,429

1,931

Goodwill

12,424

12,424

Other assets

5,083

5,448

Total assets$

2,155,481$

2,134,926

370,942$

391,576

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits
Noninterest-bearing checking$

Interest-bearing checking

611,891

617,379

Savings and money market

552,275

675,031

Time, $250 and over

67,73342,886

Other time

208,990

171,085

1,811,831

1,897,957

Securities sold under agreements to repurchase

53,99440,676

Other borrowings

110,588

39,120

Dividends payable

2,428

2,428

Accrued interest payable

4,710

666

Accrued expenses and other liabilities

6,142

4,981

1,989,693

1,985,828

17,984

17,984

Total deposits

Total liabilities

STOCKHOLDERS’ EQUITY
Common stock, $2 par value, authorized 18,000,000 shares; issued and outstanding
8,992,167 shares as of December 31, 2023 and 2022.
Additional paid-in capital

14,253

14,253Retained earnings

180,438

179,931

Accumulated other comprehensive (loss)(46,887)(63,070)

Total stockholders’ equity

165,788

149,098

Total liabilities and stockholders’ equity

102023 Annual Report | Ames National Corporation$

2,155,481$

2,134,926

CONSOLIDATED STATEMENTS OF INCOME(in thousands, except share and per share data)
UnauditedYears Ended December 31
2023

2022

INTEREST AND DIVIDEND INCOME
Loans, including fees$

56,810$45,956

Securities
Taxable12,674

12,101Tax-exempt

2,292

2,595

Other interest and dividend income

2,525

901

74,301

61,553

Deposits

24,471

7,316

Other borrowed funds

5,205

993

Total interest expense

29,676

8,309

Net interest income

44,62553,244Credit loss expense (benefit)

789

(874)

43,836

54,118

Wealth management income

4,649

4,938

Service fees

1,349

1,351

Total interest and dividend income

INTEREST EXPENSE

Net interest income after credit loss expense (benefit)

NONINTEREST INCOME

Securities gains, net

3537

Gain on sale of loans held for sale

362

606

Merchant and card fees

1,665

1,817

Other noninterest income

1,155

938

9,215

9,687

Salaries and employee benefits

23,66422,909

Data processing

5,985

6,153

Occupancy expenses, net

2,965

2,945

FDIC insurance assessments

1,095

608

Professional fees

2,081

1,888

Business development

Total noninterest income

NONINTEREST EXPENSE

1,360

1,427

Intangible asset amortization

502

574

New Market Tax Credit projects amortization

767

755

1,743

1,385

Total noninterest expense

40,162

38,644

Income before income taxes

12,88925,161

2,072

5,868

Other operating expenses, net

Provision for income taxes
Net Income$

10,817$

19,293

Basic and diluted earnings per share

$

1.20

$

2.14

Declared dividends per share

$

1.08

$

1.08

Ames National Corporation | 2023 Annual Report

11

IOWA STATE SAVINGS BANK
Combating the Childcare Shortage
ISSB provided financial and volunteer support to a community group formed
with the specific mission of addressing the childcare shortage in their area. As
part of its multiyear commitment
to this project,
the bank donated$50,000 towards the
newly constructedGreater Connections
Childhood
Development Center
that opened inAugust 2023. The
center added 138
childcare openings in Creston and provides quality services with longer hours ofoperation designed to support schedules of working parents and guardians.
The original Iowa State Savings Bank was
located on the corner of Pine and Montgomery
streets from 1883 to 1914.

Iowa State Savings Bank (“ISSB”) celebrated
its 140th anniversary last year. Reaching thismilestone gave the bank an opportunity toreflect on its rich history and ongoing legacy.
ISSB was formed in December of 1883 whena group of Creston community members
pooled their money together to form a newbank. At that time, Creston was a rapidly
growing railroad town, and residents desired
another banking option to compete with thetown’s lone existing bank. The phrase, “Formedby the Community for the Community”, isa core belief that continues to drive ISSB’s
culture.
With the bank’s long-standing history inSouthwest Iowa, decades of experience,and deep understanding of rural Iowa, ISSB
remains a trusted financial partner committed
to helping its customers and communities
succeed. From its two locations in Creston,and its branch office in Lenox, ISSB serves
over 8,000 customers and provides support
to community initiatives in Adams, Adair,
Ringgold, Taylor, and Union Counties.
Following are just a few highlights of ISSB’s
recent customer and community support.
12

Educating Their Communities
2024 marks the third consecutive year ISSB will award local students withscholarship funds from the WD & Shirley Schafer-Ray Educational Trust. ISSB
expects to award over $250,000 to the 2024 recipients. See the accompanying
article on the following page for more information about their scholarships.
Financial literacy and fraud awareness are a focus of ISSB. The bank partners with
Southwestern Community College to provide financial literacy education to all
first-year students. They also teach at local elementary schools, host bank tours
annually, and donate books to elementary students in Creston and Lenox.
Financial fraud continues to spread, and ISSB is committed to raising fraud
awareness. The bank partners with local organizations to offer training sessions
and educate community members through cybersecurity, elder financial abuse,
and fraud campaigns.

Serving the Agricultural Industry
ISSB has deep roots in agriculture and recognizes that it is a vital industry in rural
Iowa. County fairs are an opportunity to celebrate the agricultural industry. ISSB
provides financial support to five local county fairs through annual sponsorships
and bank staff volunteer during many events at fair time. ISSB donated $105,000
through multi-year pledges to help with the construction of three new fairbuildings. Construction projects included the Iowa State Savings Bank Show
Arena at the Union County Fairgrounds and the new Swine Building in Adams
County. The bank began a new pledge in 2023 for the construction of a new Fair
Building in Ringgold County.
Iowa State Savings Bank has been a cornerstone in the community for 140 years.
The bank has adapted to the changing financial industry and evolving customer
needs and will continue this legacy into the future.

2023 Annual Report | Ames National Corporation

A LASTING LEGACY

THE W.D. & SHIRLEY SCHAFER-RAY EDUCATIONAL TRUSTW.D. “Doug” Ray and Shirley SchaferRay were passionate about theircommunity and truly loved the paths
they chose in life. After a lifetime of
hard work, the couple established
the W.D. and Shirley Schafer-Ray
Educational Trust to help students intheir community achieve their own
unique educational goals. Iowa State
Savings Bank is honored to serve as
Trustee and help make a tremendous
impact on local youth.
The W.D. & Shirley Schafer-Ray
Educational Trust Scholarships
began in 2022. During the first two
years, ISSB awarded over $401,400

to 62 local students on behalf of theTrust with individual scholarshipsof up to $12,000. The scholarshipfunds are dedicated to students
from Adair, Adams, Taylor, and Union
Counties in Iowa with a portion of thefunds allocated to those attending
Southwestern Community College.
ISSB expects to award more than$250,000 to the 2024 recipients. The
Trust is designed to be around formany years and will award millions ofdollars throughout its administration.
Iowa State Savings Bank is honored tosupport the Ray’s legacy.

ANC CORPORATE GIVING HIGHLIGHTS
3 Areas of Support

Financial Literacy
Community& Economic
Development

273 Employees Served . . .

10,620volunteer
hours

18
11
Locations

Health & Human
Services279
organizations

Communities

Ames National Corporation | 2023 Annual Report13

BOARD OF DIRECTORS

Jeffery C. Baker
Retired partner from RSM US LLPSteven D. ForthFarm Owner and Operator

John P. Nelson
President & CEO

Betty A. Baudler Horras
President, Baudler Enterprises, Inc.

Patrick G. Hagan
Chairman of the Board
Retired Senior Vice President of
Fareway Stores, Inc.

John L. Pierschbacher
Chief Financial Officer

David W. Benson
Retired attorney from Nyemaster
Goode, P.C.
Michelle R. Cassabaum
Chief Operating & Financial Officer,
21st Century Rehab P.C.

James R. Larson II
President, Larson Development
Corporation

Lisa M. Eslinger
Retired Chief Financial and
Administrative Officer for the Iowa
State University Foundation

14

2023 Annual Report | Ames National Corporation

Kevin L. Swartz
Retired Chief Executive Officer,
Wolfe Clinic PC

SHAREHOLDER INFORMATION
Annual Meeting

Form 10-K and Other Information

The Board of Directors of Ames National Corporation has
established Wednesday, April 24, 2024, at 4:30 p.m. as thedate of its Annual Meeting of Shareholders.

A copy of the Company’s Annual Report to the Securities
and Exchange Commission on Form 10-K will be available
on the Securities and Exchange Commission’s website at
http://www.sec.gov and through a link on the Company’s
website at amesnational.com on or about March 8, 2024.

The meeting will be held at Reiman Gardens,
1407 University Blvd, Ames, Iowa 50011 and shareholders
are encouraged to attend.

External Auditor
FORVIS, LLP
Springfield, MO

CounselNyemaster Goode, P.C.,
Des Moines, IA

Market Makers and Brokers
Ames National Corporation’s common stock is listed on
the NASDAQ Capital Market under the symbol “ATLO.”
To purchase stock, contact a Market Maker or Broker.
 First Point Wealth Management, First National Bank,
405 5th Street, Ames, IA 50010 (515) 715-1942
 D.A. Davidson | (800) 642-5082
 Raymond James Financial Inc. | (800) 248-8863

Stock Transfer AgentContinental Stock Transfer & Trust
1 State Street, 30th Floor
New York, NY 10004(212) 509-4000
continentalstock.com

Additional information is also available by contacting John L.
Pierschbacher, CFO at 515-232-6251 or
info@amesnational.com.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides the Company with theopportunity to make cautionary statements regarding forward-looking statements
contained in this Summary Annual Report, including forward-looking statements
concerning the Company’s future performance and asset quality. Forward-looking
statements contained in this document are not historical facts and are basedon management’s current beliefs, assumptions, predictions and expectations of
future events, including the Company’s future performance, taking into accountall 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, resultsof operations, asset quality, plans and objectives may vary materially from thoseexpressed 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 orphrases. 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 andpricing available in the marketplace; changes in credit and other risks posed by theCompany’s loan and investment portfolios, including declines in commercial orresidential real estate values or changes in the allowance for credit losses as dictatedby new market conditions or regulatory requirements; changes in local, national
and international economic conditions, including rising inflation rates; fiscal andmonetary policies of the U.S. government; 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 costassociated with sources of liquidity; and other risks and uncertainties inherent in
the Company’s business, including those discussed under the headings “ForwardLooking Statements and Business Risks” and “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year-ended December 31, 2022. 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 toreflect events or circumstances after the date on which the statements are made or
to reflect the occurrence of unanticipated events.
This summary annual report is not a solicitation of proxies from holders of common
stock of Ames National Corporation (the “Company”). The Company will provide
shareholders with a proxy statement and related materials in connection with the2024 Annual Meeting of Shareholders. Any solicitation of proxies by or on behalf of
the Company in connection with the 2024 Annual Meeting of Shareholders will be
conducted upon and following the dissemination of the proxy statement and othermaterials in accordance with applicable law.

Ames National Corporation | 2023 Annual Report15

Ames National Corporation
P.O. Box 846 | 405 5th Street
Ames, IA 50010(515) 232-6251 | Fax (515) 598-7871
info@amesnational.com | amesnational.com