SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [Mark One] [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2002 [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number 0-32637 AMES NATIONAL CORPORATION ------------------------------------------------------ (Exact Name of Registrant as Specified in Its Charter) IOWA 42-1039071 - -------------------------------------------------------------------------------- (State or Other Jurisdiction of (I. R. S. Employer Incorporation or Organization) Identification Number) 405 FIFTH STREET AMES, IOWA 50010 ---------------------------------------- (Address of Principal Executive Offices) Registrant's Telephone Number, Including Area Code: (515) 232-6251 Not Applicable ---------------------------------------------------- (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. COMMON STOCK, $5.00 PAR VALUE 3,125,229 - -------------------------------------------------------------------------------- (Class) (Shares Outstanding at April 30, 2002) 1
AMES NATIONAL CORPORATION INDEX Page Part I. Financial Information Item 1. Consolidated Financial Statements (Unaudited) Consolidated Statements of Financial Condition at March 31, 2002 (Unaudited) and December 31, 2001 3 Consolidated Statements of Income for the three months ended March 31, 2002 and 2001 (Unaudited) 4 Consolidated Statements of Cash Flows for the three months ended March 31, 2002 and 2001 (Unaudited) 5 Notes to Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6 - 10 Item 3. Quantitative and Qualitative Disclosures About Market Risk 10 Part II. Other Information Items 1 through 6 11 Signatures 12 2
PART 1. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements (Unaudited) AMES NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets <TABLE> (unaudited) March 31, December 31, Assets 2002 2001 ------------------------------ <S> <C> <C> Cash and due from banks .................................................. $ 40,864,403 $ 42,459,156 Federal funds sold ....................................................... 60,960,000 29,350,000 Interest bearing deposits in financial institutions ...................... 600,000 250,000 Securities available-for-sale ............................................ 225,187,867 213,778,175 Loans receivable, net .................................................... 304,510,264 323,043,166 Bank premises and equipment, net ......................................... 7,483,997 7,183,655 Accrued income receivable ................................................ 5,836,053 5,977,353 Other assets ............................................................. 324,837 238,477 ------------------------------ Total assets ................................................. $ 645,767,421 $ 622,279,982 ============================== Liabilities and Stockholders' Equity Deposits: Demand ............................................................... $ 51,991,931 $ 62,796,265 NOW accounts ......................................................... 131,319,934 108,509,319 Savings and money market ............................................. 145,667,064 138,342,052 Time, $100,000 and over .............................................. 49,064,946 47,716,458 Other time ........................................................... 152,358,206 154,145,161 ------------------------------ Total deposits ............................................... 530,402,081 511,509,255 FHLB advances ............................................................ -- 1,000,000 Federal funds purchased and securities sold under agreements to repurchase 13,830,133 10,596,174 Dividends payable ........................................................ 1,312,596 1,312,596 Deferred taxes ........................................................... 1,224,826 1,188,670 Accrued interest and other liabilities ................................... 3,685,309 3,051,289 ------------------------------ Total liabilities ............................................ 550,454,945 528,657,984 ------------------------------ Stockholders' Equity: Common stock, $5 par value; authorized 6,000,000 shares; issued 3,153,230 shares at March 31, 2002 and December 31, 2001 .... 15,766,150 15,766,150 Treasury stock, at cost; 28,001 shares at March 31, 2002 and December 31, 2001 .............................. (1,530,805) (1,530,805) Surplus .............................................................. 25,393,028 25,393,028 Retained earnings .................................................... 51,025,345 49,397,011 Accumulated other comprehensive income - net unrealized gain on securities available-for-sale ................................... 4,658,758 4,596,614 ------------------------------ Total stockholders' equity ................................... 95,312,476 93,621,998 ------------------------------ $ 645,767,421 $ 622,279,982 ============================== </TABLE> 3
AMES NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Statements of Income <TABLE> Three Months Ended (unaudited) March 31, 2002 2001 ----------------------- <S> <C> <C> Interest and dividend income: Loans ................................................... $5,865,172 $7,268,782 Securities .............................................. 2,699,085 3,097,922 Federal funds sold ...................................... 200,784 92,424 Dividends ............................................... 330,803 230,351 ----------------------- 9,095,844 10,689,478 ----------------------- Interest expense: Deposits ................................................ 2,987,959 5,129,377 Other borrowed funds .................................... 74,135 397,162 ----------------------- 3,062,094 5,526,539 ------------------------ Net interest income ............................... 6,033,750 5,162,939 Provision for loan losses ................................... 104,219 77,678 ----------------------- Net interest income after provision for loan losses 5,929,531 5,085,261 ----------------------- Noninterest income: Trust department income ................................. 250,730 230,748 Service fees ............................................ 357,675 353,315 Securities gains, net ................................... 188,733 486,525 Other ................................................... 325,999 324,925 ----------------------- Total noninterest income .......................... 1,123,137 1,395,513 ----------------------- Noninterest expense: Salaries and employee benefits .......................... 1,782,335 1,693,114 Occupancy expenses ...................................... 203,362 213,601 Data processing ......................................... 404,411 439,657 Other operating expenses ................................ 542,148 522,382 ----------------------- Total noninterest expense ......................... 2,932,256 2,868,754 ----------------------- Income before income taxes ........................ 4,120,412 3,612,020 Income tax expense .......................................... 1,179,482 1,031,962 ----------------------- Net income ........................................ $2,940,930 $2,580,058 ======================= Basic and diluted earnings per share ........................ $ 0.94 $ 0.83 ======================= Declared dividends per share ................................ $ 0.42 $ 0.40 ======================= Comprehensive Income ........................................ $3,003,074 $4,703,475 ======================= </TABLE> 4
AMES NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows <TABLE> Three Months Ended March 31, ---------------------------- (unaudited) 2002 2001 ---------------------------- <S> <C> <C> Cash flows from operating activities: Net income ...................................................................... $ 2,940,930 $ 2,580,058 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses ..................................................... 104,219 77,678 Amortization and accretion, net ............................................... 914 (11,720) Depreciation .................................................................. 225,330 176,316 Provision for deferred taxes .................................................. -- (111,000) (Gain) Loss on sale of securities available-for-sale .......................... (188,733) (486,525) (Increase) decrease in accrued income receivable .............................. 141,300 420,116 Decrease (increase) in other assets ........................................... (86,360) 695,019 (Decrease) increase in accrued interest and other liabilities ................. 634,020 1,020,869 ---------------------------- Net cash provided by operating activities ............................... 3,771,620 4,360,811 ---------------------------- Cash flow from investing activities: Purchase of securities available-for-sale ....................................... (25,974,500) (9,800,493) Proceeds from sale of securities available-for-sale ............................. 6,853,042 7,932,315 Proceeds from maturities of securities available-for-sale ....................... 7,997,885 13,769,595 Net decrease (increase) in interest bearing deposits in financial institutions .. (350,000) 98,174 Net decrease (increase) in federal funds sold ................................... (31,610,000) (30,785,000) Net decrease (increase) in loans ................................................ 18,428,683 (1,327,195) Purchase of bank premises and equipment ......................................... (525,672) (294,807) ---------------------------- Net cash used in investing activities ................................... (25,180,562) (20,407,411) ---------------------------- Cash flows from financing activities: Increase in deposits ............................................................ 18,892,826 27,390,882 Increase (decrease) in FHLB advances, federal funds purchased and securities sold under agreements to repurchase ............................ 2,233,959 (12,996,833) Dividends paid .................................................................. (1,312,596) (1,248,917) ---------------------------- Net cash provided by financing activities ............................... 19,814,189 13,145,132 Net decrease in cash and cash equivalents ............................... (1,594,753) (2,901,468) ---------------------------- Cash and cash equivalents at beginning of quarter .................................. 42,459,156 28,775,032 ---------------------------- Cash and cash equivalents at end of quarter ........................................ $ 40,864,403 $ 25,873,564 ============================ Supplemental disclosures of cash flow information: Cash paid for interest .......................................................... $ 2,428,074 $ 4,505,670 Cash paid for taxes ............................................................. 35,940 21,458 ============================ </TABLE> 5
AMES NATIONAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited) 1. Significant Accounting Policies The consolidated financial statements for the three month periods ended March 31, 2002 and 2001 are unaudited. In the opinion of the management of Ames National Corporation (the "Company"), these financial statements reflect all adjustments, consisting only of normal recurring accruals, necessary to present fairly these consolidated financial statements. The results of operations for the interim periods are not necessarily indicative of results which may be expected for an entire year. Certain information and footnote disclosure normally included in complete financial statements prepared in accordance with generally accepted accounting principles have been omitted in accordance with the requirements for interim financial statements. The interim financial statements and notes thereto should be read in conjunction with the year-end audited financial statements contained in the Company's 10-K. The consolidated condensed financial statements include the accounts of the Company and its wholly-owned banking subsidiaries (the "Banks"). All significant intercompany balances and transactions have been eliminated in consolidation. 2. Dividends On May 8, 2002, the Company declared a cash dividend on its common stock, payable on July 1, 2002 to stockholders of record as of June 17, 2002, equal to $0.44 per share. Also on May 8, 2002, the Company declared an additional cash dividend on its common stock, payable August 15, 2002 to stockholders of record as of August 1, 2002, equal to $0.44 per share. 3. Earnings Per Share Earnings per share amounts were calculated using the weighted average shares outstanding during the periods presented. The weighted average outstanding shares for the three months ended March 31, 2002 and 2001 were 3,125,229 and 3,122,293, respectively. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements about the Company, its business and its prospects. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include use of the words "believe", "expect", "anticipate", "intend", "plan", "estimate" or words of similar meaning, or future or conditional verbs such as "will", "would", "should", "could" or "may". Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the Company's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Such risks and uncertainties with respect to the Company include those related to the economic environment, particularly in the areas in which the Company and the Banks operate, competitive products and pricing, fiscal and monetary 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 and the availability of and costs associated with sources of liquidity. General The Company earned net income of $2,941,000, or $0.94 per share for the three months ended March 31, 2002, compared to net income of $2,580,000, or $0.83 per share, for the three months ended March 31, 2001, an increase of 14%. The Company's return on average assets was 1.91% and 1.69%, respectively, for the three month periods ending March 31, 2002 and 2001. The improvement in net income can be primarily attributed to lower interest expense partially offset by lower interest income and security gains. The lower interest expense for the quarter is attributable to declining interest rates on deposits and other borrowed funds in addition to a lower volume of borrowed funds. The decrease in interest expense was partially offset by lower interest income on loans as loan rates and volume declined for the quarter ended March 31, 2002 versus the first quarter of 2001. 6
AVERAGE BALANCE SHEET AND INTEREST RATES The following table sets forth certain information relating to the Company's average balance sheets and reflects the average yield on assets and average cost of liabilities for the three month periods ended March 31, 2002 and March 31, 2001, respectively. ASSETS (Dollars in Thousands) <TABLE> AVERAGE BANALANCE SHEET AND INTEREST RATES Three Months Ended March 31, --------------------------------------------------------------- 2002 2001 ------------------------------ ------------------------------ Average Revenue/ Yield/ Average Revenue/ Yield/ Balance Expense Rate Balance Expense Rate --------------------------------------------------------------- <S> <C> <C> <C> <C> <C> <C> Interest-earning assets Loans Commercial ........................... $ 44,101 $ 802 7.27% $ 52,824 $ 1,182 8.95% Agricultural ......................... 24,604 469 7.62% 29,274 674 9.21% Real estate .......................... 227,645 4,246 7.46% 243,258 4,913 8.08% Installment and other ................ 20,058 348 6.94% 25,261 499 7.90% ------------------------------------------------------------ Total loans (including fees) ... $316,408 $ 5,865 7.41% $350,617 $ 7,268 8.29% Investment securities Taxable .............................. $136,209 $ 2,083 6.12% $155,912 $ 2,491 6.39% Tax-exempt ........................... 75,104 1,432 7.63% 66,110 1,266 7.66% --------------------------------------------------------------- Total investment securities .... $211,313 $ 3,515 6.65% $222,022 $ 3,757 6.77% Interest bearing deposits with banks ... $ 402 $ 2 1.99% $ 251 $ 3 4.78% Federal funds sold ..................... 49,442 201 1.63% 7,420 92 4.96% --------------------------------------------------------------- Total interest-earning assets .. $577,565 $ 9,583 6.64% $580,310 $ 11,120 7.66% Noninterest-earning assets Cash and due from banks .............. $ 24,029 $ 19,472 Premises and equipment, net .......... 7,386 5,211 Other, less allowance for loan losses 8,539 7,089 -------- -------- Total noninterest-earning assets $ 39,954 $ 31,772 -------- -------- TOTAL ASSETS ........................... $617,519 $612,082 ======== ======== <FN> 1 Average loan balances include nonaccrual loans, if any. Interest income on nonaccrual loans has been included. 2 Tax-exempt income has been adjusted to a tax-equivalent basis using an incremental rate of 34%. </FN> </TABLE> 7
LIABILITIES AND STOCKHOLDERS' EQUITY (Dollars in Thousands) <TABLE> AVERAGE BALANCE SHEET AND INTEREST RATES Three Months Ended March 31, ---------------------------------------------------------------- 2002 2001 ------------------------------ ------------------------------- Average Revenue/ Yield/ Average Revenue/ Yield/ Balance Expense Rate Balance Expense Rate ---------------------------------------------------------------- <S> <C> <C> <C> <C> <C> <C> Interest-bearing liabilities Deposits Savings, NOW accounts, and money markets ..... $249,852 $ 831 1.33% $216,747 $ 1,780 3.28% Time deposits < $100,000 ..................... 153,197 1,682 4.39% 159,123 2,327 5.85% Time deposits > $100,000 ..................... 46,394 475 4.10% 64,871 1,022 6.30% ---------------------------------------------------------------- Total deposits ........................... $449,443 $ 2,988 2.66% $440,741 $ 5,129 4.65% Other borrowed funds ............................. 14,580 74 2.03% 28,843 398 5.52% ---------------------------------------------------------------- Total Interest-bearing liabilities ....... $464,023 $ 3,062 2.64% $469,584 $ 5,527 4.71% -------- -------- Noninterest-bearing liabilities Demand deposits ................................ $ 52,687 $ 48,695 Other liabilities .............................. 4,829 5,804 -------- -------- Stockholders' equity ..................... $ 95,980 $ 87,999 -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $617,519 $612,082 ======== ======== Net interest income ...................... $ 6,521 4.52% $ 5,593 3.86% ======== ======== Spread Analysis Interest income/average assets ................. 9,583 6.21% $ 11,120 7.27% Interest expense/average assets ................ 3,062 1.98% 5,527 3.81% Net interest income/average assets ............. 6,521 4.23% 5,593 3.86% <FN> 1 Tax-exempt income has been adjusted to a tax-equivalent basis using an incremental rate of 34%. </FN> </TABLE> Net Interest Income For the three months ended March 31, 2002, the Company's net interest margin adjusted for tax exempt income was 4.52% compared to 3.86% for the three months ended March 31, 2001. Net interest income, prior to the adjustment for tax-exempt income, for the quarter ended March 31, 2002 and March 31, 2001 totaled $6,034,000 and $5,163,000, respectively. This 16.9% increase resulted primarily from declining interest rates on deposits and other borrowed funds in addition to a lower volume of borrowed funds. For the three months ended March 31, 2002, interest income decreased $1,594,000 or 14.9% when compared to the same period in 2001. This decrease was attributable to lower average loan rates of 7.4% as of the quarter ended March 31, 2002 versus 8.3% for the quarter ended March 31, 2001. Additionally, lower loan volume has contributed to lower loan income as loan demand has slowed and the refinancing of the Banks' loans with competing financial institutions has increased. Interest expense decreased $2,464,000 or 44.6% for the quarter ended March 31, 2002 when compared to the same period in 2001. The lower interest expense for the quarter is attributable to declining interest rates paid on deposits and other borrowed funds as well as a lower volume of borrowed funds. 8
Provision for Loan Losses The Company's provision for loan and lease losses for the three months ended March 31, 2002 was $104,000 compared to $78,000 during the same period last year. Provision expense for quarters ended March 31, 2002 and 2001 were utilized to increase specific reserves for impaired loans. Noninterest Income and Expense Noninterest income decreased $272,000, or 19.5% during the quarter ended March 31, 2002 compared to the same period in 2001. The decrease can be attributed to securities gains in the Company's equity portfolio of $189,000 in 2002 compared to $487,000 in first quarter 2001. Noninterest expense increased $64,000 or 2.2% for the first quarter of 2002 compared to the same period in 2001. The increase in noninterest expense is attributable to an increase of $89,000 or a 5.3% in salaries and benefits. Income Taxes The provision for income taxes for March 31, 2002 and March 31, 2001 was $1,179,000 and $1,032,000, respectively. This amount represents an effective tax rate of 28.6% for both quarters. The Company's marginal federal tax rate is currently 35%. The difference between the Company's effective and marginal tax rate is primarily related to investments made in tax exempt securities. Financial Condition Assets For the quarter ended March 31, 2002, total assets were $645,767,000, a $23,487,000 increase compared to December 31, 2001 totals. This higher level of assets is attributable to significant volume of federal funds sold resulting from temporary large public fund deposit balances associated with the collection of property taxes. Average assets for the first quarter ended March 31, 2002 totaled $617,519,000 versus $612,082,000 for the first quarter ended March 31, 2001. Investment Portfolio The increase in the volume of investment securities to $225,188,000 on March 31, 2002 from $213,778,000 on December 31, 2001 resulted from the purchase of U.S. government agencies and corporate bonds. Loan Portfolio Net loans as of March 31, 2002 totaled $304,510,000, a decrease of $18,533,000 from outstanding balances as of December 31, 2001. The decreased level of loans relates to lower loan demand and significant market competition for loans. Impaired loans totaled $2,890,000 as of March 31, 2002 compared to $3,489,000 as of December 31, 2001. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impaired loans include loans accounted for on a non-accrual basis, accruing loans which are contractually past due 90 days or more as to principal or interest payments, and any restructured loans. As of March 31, 2002, non-accrual loans totaled $2,557,000, loans past due 90 days still accruing totaled $333,000 and there were no restructured loans outstanding. Other real estate owned as of March 31, 2002 and December 31, 2001 totaled $123,000 and $159,000, respectively. Net charge offs were $76,000 for the three months ended March 31, 2002 as compared to $63,000 in net charge offs for the three months ended March 31, 2001. Losses related primarily to consumer loans in the first quarter of 2002 and commercial loans for first quarter of 2001. The resulting allowance for loan losses as a percentage of outstanding loans as of March 31, 2002 and December 31, 2001 was 1.77% and 1.66%, respectively. The allowance for loan losses is management's best estimate of probable losses inherent in the loan portfolio as of the balance sheet date. Factors considered in establishing an appropriate allowance include: an assessment of the financial condition of the borrower, a realistic determination of value and adequacy of underlying collateral, the condition of the local economy and the condition of the specific industry of the borrower, an analysis of the levels and trends of loan categories and a review of delinquent and classified loans. 9
Liabilities Deposits increased by $18,893,000 from December 31, 2001 and are $9,582,000 higher than March 31, 2001 balances. The increase in deposits from year-end is attributable to a large influx of public funds invested on a short-term basis until the funds are withdrawn over the following 30 to 60 day period. The increase in deposits from March 31, 2001 is attributable to new deposit account growth and increased property tax collections. The Company's deposits typically increase significantly at the end of the first and third quarters as local municipalities receive local property tax payments. Other borrowed funds as of March 31, 2002 totaled $13,830,000 and consisted primarily of securities sold under agreements to repurchase. Total other borrowing as of December 31, 2001 totaled $11,596,000. Stockholders Equity Stockholders equity increased to $95,312,000 as of March 31, 2002 as earnings and unrealized gains on securities available for sale continued to augment the company's strong capital base. Liquidity and Capital Resources The objective of liquidity management is to ensure the availability of sufficient cash flows to meet all financial commitments and to capitalize on opportunities for profitable business expansion. The Company's principal source of funds is deposits including demand, money market, savings and certificates of deposits. Other sources include principal repayments on loans, proceeds from the maturity and sale of investment securities, federal fund purchased, repurchase agreements, advances from the Federal Home Loan Bank and funds provided by operations. Net cash from operating activities contributed $3,771,000 and $4,361,000 to liquidity for the three months ended March 31, 2002 and 2001, respectively. Liquid assets including cash on hand, balances due from other banks, federal funds sold and interest-bearing deposits in financial institutions increased to $102,424,000 as of March 31, 2002 compared to the year-end 2001 balance of $72,059,000. The increased liquid assets are attributable to public fund deposits, proceeds from maturing and callable investment securities and declining loan volume. Securities available for sale increased to $225,188,000 as of March 31, 2002 from $213,778,000 as of December 31, 2001 and provide additional liquidity for the Company. To provide additional external liquidity, the Banks have lines of credit with the Federal Home Loan Bank of Des Moines, Iowa of $46,750,000 and federal funds borrowing capacity at correspondent banks of $46,000,000. As of March 31, 2002, the Company had no outstanding borrowings of federal funds purchased or Federal Home Loan Bank advances. Management believes that the Company's liquidity sources will be sufficient to support existing operations for the foreseeable future. The Company's total stockholder's equity increased to $95,312,000 on March 31, 2002, from $93,622,000 on December 31, 2001. March 31, 2002 stockholders' equity was 14.8% of total assets, compared to 15.0% at December 31, 2001. Total equity increased due to the retention of earnings and from appreciation in the Company and Banks' stock and bond portfolios. No material capital expenditures or material changes in the capital resource mix are anticipated at this time. Management believes that, as of March 31, 2002, the Company and its Banks meet the capital requirements to which they are subject. As of that date, all the Company's Banks were "well capitalized" under regulatory prompt corrective action provisions. Item 3. Quantitative and Qualitative Disclosures About Market Risk The Company's market risk is comprised primarily of interest rate risk arising from its core banking activities of lending and deposit taking. Interest rate risk results from the changes in market interest rates which may adversely affect the Company's net interest income. Management continually develops and applies strategies to mitigate this risk. Management does not believe that the Company's primary market risk exposure and how it has been managed to-date in 2002 changed significantly when compared to 2001. 10
PART II. OTHER INFORMATION Item 1. Legal Proceedings Not applicable Item 2. Changes in Securities and Use of Proceeds None Item 3. Defaults Upon Senior Securities Not applicable Item 4. Submission of Matters to a Vote of Security Holders None Item 5. Other Information None Item 6. Exhibits and Reports on Form 8-K (a) Exhibits None (b) Reports on Form 8-K On January 15, 2002, the Company filed a Form 8-K pursuant to Item 5, announcing net earnings for the year ending December 31, 2001. 11
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. AMES NATIONAL CORPORATION DATE: May 9, 2002 By: /s/ Daniel L. Krieger ---------------------------- Daniel L. Krieger, President By: /s/ John P. Nelson ---------------------------- John P. Nelson Principal Financial Officer 12