AMES NATIONAL CORP

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[Mark One]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐
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 of Incorporation)	(I. R. S. Employer Identification Number)

323 Sixth Street

Ames , Iowa 50010

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, Including Area Code: ( 515 ) 232-6251

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock	ATLO	The NASDAQ Capital Market

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2025, there were 8,892,167 shares of common stock, par value $2, outstanding.

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AMES NATIONAL CORPORATION

INDEX

PART I.	FINANCIAL INFORMATION	Page
Item 1.	Consolidated Financial Statements (Unaudited)	3
	Consolidated Balance Sheets at September 30, 2025 and December 31, 2024	3
	Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024	4
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	5
	Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024	6
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	7
	Notes to Consolidated Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49
Item 4.	Controls and Procedures	49
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	49
Item 1.A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 3.	Defaults Upon Senior Securities	50
Item 4.	Mine Safety Disclosures	50
Item 5.	Other Information	50
Item 6.	Exhibits	51
	Signatures	52

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AMES NATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	September 30, — 2025	2024
	(unaudited)	(audited)
ASSETS
Cash and due from banks	$ 22,706	$	19,525
Interest-bearing deposits in financial institutions and federal funds sold	85,455		81,702
Total cash and cash equivalents	108,161		101,227
Interest-bearing time deposits	5,678		6,166
Securities available-for-sale	650,660		648,513
Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock, at cost	2,891		3,883
Loans receivable, net	1,275,794		1,303,917
Loans held for sale	888		342
Bank premises and equipment, net	21,008		21,567
Accrued income receivable	15,001		13,864
Bank-owned life insurance	3,279		3,214
Deferred income taxes, net	8,606		14,056
Intangible assets, net	861		1,092
Goodwill	12,424		12,424
Other assets	2,748		2,915
Total assets	$ 2,107,999	$	2,133,180
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Noninterest-bearing checking	$ 310,155	$	358,386
Interest-bearing checking	658,686		619,951
Savings and money market	526,935		540,491
Time, $250 and over	92,330		84,996
Other time	244,713		242,858
Total deposits	1,832,819		1,846,682
Securities sold under agreements to repurchase	40,623		52,412
Other borrowings	23,502		46,952
Dividends payable	-		1,790
Accrued interest payable	2,485		3,208
Accrued expenses and other liabilities	7,978		7,430
Total liabilities	1,907,407		1,958,474
STOCKHOLDERS' EQUITY
Common stock, $ 2 par value, authorized 18,000,000 shares; issued and outstanding 8,892,167 and 8,949,110 shares as of September 30, 2025 and December 31, 2024, respectively	17,784		17,898
Additional paid-in capital	12,798		13,635
Retained earnings	191,235		182,236
Accumulated other comprehensive (loss)	( 21,225	)	( 39,063	)
Total stockholders' equity	200,592		174,706
Total liabilities and stockholders' equity	$ 2,107,999	$	2,133,180

See Notes to Consolidated Financial Statements.

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AMES NATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

(in thousands, except per share data)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Interest and dividend income:
Loans, including fees	$ 17,409	$ 16,751	$ 50,750	$ 48,793
Securities:
Taxable	3,344	2,985	9,300	9,104
Tax-exempt	411	481	1,314	1,524
Other interest and dividend income	689	495	3,092	1,937
Total interest and dividend income	21,853	20,712	64,456	61,358
Interest expense:
Deposits	7,173	8,278	21,979	24,037
Other borrowed funds	631	1,357	2,047	4,466
Total interest expense	7,804	9,635	24,026	28,503
Net interest income	14,049	11,077	40,430	32,855
Credit loss expense	627	371	1,697	722
Net interest income after credit loss expense	13,422	10,706	38,733	32,133
Noninterest income:
Wealth management income	1,374	1,242	4,336	3,913
Service fees	402	399	1,150	1,062
Securities (losses)	-	-	-	( 165	)
Gain on sale of loans held for sale	170	112	395	361
Merchant and card fees	342	426	1,082	1,211
Other noninterest income	246	234	759	827
Total noninterest income	2,534	2,413	7,722	7,209
Noninterest expense:
Salaries and employee benefits	6,374	6,291	19,226	18,965
Data processing	1,497	1,475	4,305	4,478
Occupancy expenses, net	754	745	2,254	2,238
FDIC insurance assessments	253	281	788	878
Professional fees	412	867	1,437	2,190
Business development	335	318	1,018	983
Intangible asset amortization	77	86	231	259
New market tax credit projects amortization	192	174	575	523
Other operating expenses, net	347	268	1,033	925
Total noninterest expense	10,241	10,505	30,867	31,439
Income before income taxes	5,715	2,614	15,588	7,903
Provision for income taxes	1,156	397	3,075	1,198
Net income	$ 4,559	$ 2,217	$ 12,513	$ 6,705
Basic and diluted earnings per share	$ 0.51	$ 0.25	$ 1.41	$ 0.75
Dividends declared per share	$ 0.20	$ 0.20	$ 0.40	$ 0.74

See Notes to Consolidated Financial Statements.

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AMES NATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

(in thousands)

	Three Months Ended
	September 30,			September 30,
	2025	2024		2025		2024
Net income	$ 4,559	$	2,217	$	12,513	$	6,705
Unrealized gains on securities before tax:
Unrealized holding gains arising during the period	6,436		20,896		23,457		22,873
Plus: reclassification adjustment for losses realized in net income	-		-		-		165
Other comprehensive income, before tax	6,436		20,896		23,457		23,038
Tax (expense) related to other comprehensive income	( 1,531	)	( 4,974	)	( 5,582	)	( 5,483	)
Other income tax effects from tax reform	( 13	)	( 4	)	( 37	)	( 16	)
Other comprehensive income, net of tax	4,892		15,918		17,838		17,539
Comprehensive income	$ 9,451	$	18,135	$	30,351	$	24,244

See Notes to Consolidated Financial Statements.

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AMES NATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS ’ EQUITY (unaudited)

(in thousands, except share and per share data)


								Other
Three Months Ended September 30, 2025 and 2024								Comprehensive			Total
Common Stock				Additional Paid-in		Retained		Income (Loss),			Stockholders'
Shares		Amount		Capital		Earnings		Net of Taxes			Equity
Balance, June 30, 2024	8,992,167	$	17,984	$	14,253	$	180,082	$	( 45,266	)	$ 167,053
Net income	-		-		-		2,217		-		2,217
Other income tax effects from tax reform	-		-		-		4		-		4
Other comprehensive income	-		-		-		-		15,918		15,918
Cash dividends declared, $ 0.20 per share	-		-		-		( 1,798	)	-		( 1,798	)
Balance, September 30, 2024	8,992,167	$	17,984	$	14,253	$	180,505	$	( 29,348	)	$ 183,394
Balance, June 30, 2025	8,898,689	$	17,797	$	12,907	$	188,442	$	( 26,117	)	$ 193,029
Net income	-		-		-		4,559		-		4,559
Other income tax effects from tax reform	-		-		-		13		-		13
Other comprehensive income	-		-		-		-		4,892		4,892
Repurchase and retirement of stock	( 6,522	)	( 13	)	( 109	)	-		-		( 122	)
Cash dividends declared, $ 0.20 per share	-		-		-		( 1,779	)	-		( 1,779	)
Balance, September 30, 2025	8,892,167	$	17,784	$	12,798	$	191,235	$	( 21,225	)	$ 200,592


								Other
Nine Months Ended September 30, 2025 and 2024								Comprehensive			Total
Common Stock				Additional Paid-in		Retained		Income (Loss),			Stockholders'
Shares		Amount		Capital		Earnings		Net of Taxes			Equity
Balance, December 31, 2023	8,992,167	$	17,984	$	14,253	$	180,438	$	( 46,887	)	$ 165,788
Net income	-		-		-		6,705		-		6,705
Other income tax effects from tax reform	-		-		-		16		-		16
Other comprehensive income	-		-		-		-		17,539		17,539
Cash dividends declared, $ 0.74 per share	-		-		-		( 6,654	)	-		( 6,654	)
Balance, September 30, 2024	8,992,167	$	17,984	$	14,253	$	180,505	$	( 29,348	)	$ 183,394
Balance, December 31, 2024	8,949,110	$	17,898	$	13,635	$	182,236	$	( 39,063	)	$ 174,706
Net income	-		-		-		12,513		-		12,513
Other income tax effects from tax reform	-		-		-		37		-		37
Other comprehensive income	-		-		-		-		17,838		17,838
Repurchase and retirement of stock	( 56,943	)	( 114	)	( 837	)	-		-		( 951	)
Cash dividends declared, $ 0.40 per share	-		-		-		( 3,551	)	-		( 3,551	)
Balance, September 30, 2025	8,892,167	$	17,784	$	12,798	$	191,235	$	( 21,225	)	$ 200,592

See Notes to Consolidated Financial Statements.

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AMES NATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands)

Nine Months Ended September 30, 2025 and 2024

	2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 12,513	$	6,705
Adjustments to reconcile net income to net cash provided by operating activities:
Credit loss expense for loans	1,704		792
Credit loss benefit for off-balance sheet credit exposures	( 7	)	( 70	)
Amortization of securities available-for-sale and loans, net	149		703
Amortization of intangible assets	231		259
Depreciation	970		997
Provision for deferred income taxes	( 133	)	( 125	)
Securities losses, net	-		165
Increase in cash value of bank-owned life insurance	( 65	)	( 62	)
Gain on sales of loans held for sale	( 395	)	( 361	)
Proceeds from loans held for sale	18,957		17,471
Originations of loans held for sale	( 19,108	)	( 17,324	)
Amortization of investment in New Markets Tax Credit projects	575		523
Gain on other real estate owned, net	-		( 11	)
Change in assets and liabilities:
(Increase) in accrued income receivable	( 1,137	)	( 2,308	)
(Increase) decrease in other assets	( 204	)	1,384
(Decrease) in accrued interest payable	( 723	)	( 1,665	)
Increase in accrued expenses and other liabilities	555		1,286
Net cash provided by operating activities	13,882		8,359
CASH FLOWS FROM INVESTING ACTIVITIES
Change in interest-bearing time deposits	488		2,737
Purchase of securities available-for-sale	( 84,572	)	( 11,629	)
Proceeds from sale of securities available-for-sale	-		2,049
Proceeds from maturities and calls of securities available-for-sale	105,638		79,426
Purchase of FHLB stock	( 4,397	)	( 8,867	)
Proceeds from the redemption of FHLB and FRB stock	5,389		6,767
Net (increase) decrease in loans	26,222		( 18,706	)
Net proceeds from the sale of other real estate owned	89		82
Purchase of premises and equipment	( 411	)	( 231	)
Net cash provided by investing activities	48,446		51,628
CASH FLOWS FROM FINANCING ACTIVITIES
(Decrease) in deposits	( 13,863	)	( 10,110	)
(Decrease) in securities sold under agreements to repurchase	( 11,789	)	( 11,238	)
Payments on other borrowings	( 20,250	)	( 144,987	)
Proceeds from other borrowings	2,800		129,000
Net (payments on) FHLB short-term borrowings	( 6,000	)	( 11,500	)
Dividends paid	( 5,341	)	( 7,284	)
Stock repurchases	( 951	)	-
Net cash used in financing activities	( 55,394	)	( 56,119	)
Net increase in cash and cash equivalents	6,934		3,868
CASH AND CASH EQUIVALENTS
Beginning	101,227		55,101
Ending	$ 108,161	$	58,969

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AMES NATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (unaudited)

(in thousands)

Nine Months Ended September 30, 2025 and 2024

	2025	2024
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for:
Interest	$ 24,749	$ 30,168
Income taxes	3,066	246
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES
Transfer of loans receivable to other real estate owned	$ 293	$ 71
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES
Dividends declared, not paid	$ -	$ 1,798

See Notes to Consolidated Financial Statements.

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AMES NATIONAL CORPORATION AND SUBSIDIARIES

Notes to Consolidated Financial Statements (unaudited)

Significant Accounting Policies

The accompanying unaudited consolidated financial statements have been prepared by Ames National Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the company believes that the disclosures made are adequate to make the information not misleading. It is suggested that these interim financial statements be read in conjunction with the year-end audited financial statements contained in the Company's Annual Report on Form 10 -K for the year ended December 31, 2024 (the “Annual Report”). The consolidated balance sheet of the Company as of December 31, 2024 has been derived from the audited consolidated balance sheet of the Company as of that date. In the opinion of management, the accompanying consolidated financial statements of the Company contain all adjustments necessary to fairly present the financial results for the interim periods reported. Those adjustments consist only of normal recurring adjustments. The results of operations for the interim periods are not necessarily indicative of results which may be expected for an entire year. The consolidated 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.

Subsequent Events: The Company has evaluated subsequent events through the filing date of this Quarterly Report on Form 10 -Q with the SEC.

Goodwill: Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill resulting from acquisitions is not amortized but is tested for impairment annually or whenever events change, and circumstances indicate that it is more likely than not that an impairment loss has occurred. Goodwill is tested for impairment with an estimation of the fair value of a reporting unit.

The fair value of a reporting unit is the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. As none of the Company’s reporting units are publicly traded, individual reporting unit fair value determinations cannot be directly correlated to the Company’s stock price. Significant judgment is applied when goodwill is assessed for impairment. This judgment includes developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables, incorporating general economic and market conditions and selecting an appropriate control premium. The Company completed a quantitative assessment of goodwill as of October 1, 2024 which indicated that goodwill was not impaired. Subsequently, the Company determined there were no adverse changes in criteria and key considerations to the previous assessment. Accordingly, the Company concluded there is no impairment of goodwill as of September 30, 2025 .

New and Pending Accounting Pronouncements:

In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting (Topic 280 ): Improvements to Reportable Segment Disclosures. This ASU expands segment disclosure requirements for public entities to include disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. The updated guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within the fiscal years beginning after December 15, 2024, and did not have a material impact on the consolidated financial statements. See Note 13 for the new interim segment disclosures.

In December 2023, the FASB issued ASU No. 2023 - 09, Income Taxes (Topic 740 ): Improvements to Income Tax Disclosures. The ASU is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation table and income taxes paid to be disaggregated by jurisdiction. It also includes certain amendments to improve the effectiveness of income tax disclosures. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the ASU on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024 - 03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220 - 40 ): Disaggregation of Income Statement Expenses. The amendments in this ASU require public companies to disclose, in the notes to the financial statements, specified information about certain costs and expenses at each interim and annual reporting period. Additionally, in January 2025, the FASB issued ASU No. 2025 - 01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220 - 40 ): Clarifying the Effective Date. This ASU amends the effective date of ASU No. 2024 - 03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU No. 2024 - 03 is permitted. The Company is currently evaluating the impact of the ASU on the Company's consolidated financial statements.

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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 September 30, 2025 and 2024 was 8,894,152 and 8,992,167 , respectively. The weighted average outstanding shares for the nine months ended September 30, 2025 and 2024 was 8,903,933 and 8,992,167 , respectively. The Company had no potentially dilutive securities outstanding during the periods presented.

Off-Balance Sheet Arrangements

The Company is party to financial instruments with off-balance sheet risk in the normal course of business. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheet. No material changes in the Company’s off-balance sheet arrangements have occurred since December 31, 2024 .

Fair Value Measurements

Assets and liabilities carried at fair value are required to be classified and disclosed according to the process for determining fair value. There are three levels of determining fair value.

Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets.

Level 2: Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatility, prepayment speeds, credit risk); or inputs derived principally from or can be corroborated by observable market data by correlation or other means.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

The following is a description of valuation methodologies used for assets and liabilities recorded at fair value on a recurring basis.

Securities available-for-sale : Level 1 securities include U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets. U.S. government agencies, mortgage-backed securities, state and political subdivisions, and most corporate bonds are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things.

Derivative financial instruments and loans receivable : The Company’s derivative financial instruments and loans receivable consist of interest rate swaps on loans accounted for as fair value hedges. The Company’s derivative financial instruments also include back-to-back loan swaps to assist customers in managing their interest rate risk while executing offsetting interest rate swaps with dealer counterparties. The Company's derivative positions and related loans are classified within Level 2 of the fair value hierarchy and are valued using models generally accepted in the financial services industry and that use actively quoted or observable market input values from external market data providers and/or non-binding broker-dealer quotations. The fair value of the derivatives and loans are determined using discounted cash flow models. These models’ key assumptions include the contractual terms of the respective contract along with significant observable inputs, including interest rates, yield curves, nonperformance risk and volatility.

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The following table presents the balances of assets measured at fair value on a recurring basis by level as of September 30, 2025 and December 31, 2024 (in thousands) :

Description	Total	Level 1	Level 2	Level 3
2025
Assets
Securities available-for-sale
U.S. government treasuries	$ 152,869	$ 152,869	$ -	$ -
U.S. government agencies	89,933	-	89,933	-
U.S. government mortgage-backed securities	110,482	-	110,482	-
State and political subdivisions	236,285	-	236,285	-
Corporate bonds	61,091	-	61,091	-
Loans receivable	7,950	-	7,950	-
Derivative financial instruments	815	-	815	-
Liabilities
Derivative financial instruments	$ 409	$ -	$ 409	$ -
2024
Assets
Securities available-for-sale
U.S. government treasuries	$ 167,715	$ 167,715	$ -	$ -
U.S. government agencies	83,433	-	83,433	-
U.S. government mortgage-backed securities	91,050	-	91,050	-
State and political subdivisions	245,562	-	245,562	-
Corporate bonds	60,753	-	60,753	-
Loans receivable	7,923	-	7,923	-
Derivative financial instruments	996	-	996	-
Liabilities
Derivative financial instruments	$ 248	$ -	$ 248	$ -

Certain assets are measured at fair value on a nonrecurring basis; that is, they are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment or a change in previously recognized impairment). The following table presents the assets carried on the balance sheet (after specific reserves) by caption and by level within the valuation hierarchy as of September 30, 2025 and December 31, 2024 (in thousands) :

Description	Total	Level 1	Level 2	Level 3
2025
Collateral dependent loans	$ 2,530	$ -	$ -	$ 2,530
Other real estate owned	204	-	-	204
Total	$ 2,734	$ -	$ -	$ 2,734
2024
Collateral dependent loans	$ 385	$ -	$ -	$ 385

As of September 30, 2025 , individually analyzed collateral dependent loans with a carrying value of $ 3.9 million were reduced by a specific reserve of $ 1.4 million, resulting in a reporting fair value of $ 2.5 million. As of December 31, 2024 , individually analyzed collateral dependent loans with a carrying value of $ 475 thousand were reduced by a specific reserve of $ 90 thousand resulting in a reporting fair value of $ 385 thousand.

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The significant inputs used in the fair value measurements for Level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2025 and December 31, 2024 are as follows (in thousands) :

	2025 — Estimated	Valuation	Unobservable
	Fair Value	Techniques	Inputs	Range
Collateral dependent loans	$ 2,530	Fair value of collateral	Valuation adjustments	0% - 25%
Other real estate owned	$ 204	Fair value of collateral	Valuation adjustments	6 % - 8 %

	2024 — Estimated	Valuation	Unobservable
	Fair Value	Techniques	Inputs	Range
Collateral dependent loans	$ 385	Fair value of collateral	Valuation adjustments	0% - 25%

Evaluations of the underlying assets are completed for each collateral dependent loan with a specific reserve. The types of collateral vary widely and could include accounts receivables, inventory, a variety of equipment and real estate. Collateral evaluations are reviewed and discounted as appropriate based on knowledge of the specific type of collateral and could include cost approach, sales comparison approach, or income approach. In the case of real estate, an independent appraisal may be obtained. Types of discounts considered included aging of receivables, condition of the collateral, potential market for the collateral and estimated disposal costs. These discounts will vary from loan to loan.

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GAAP requires disclosure of the fair value of financial assets and financial liabilities, including those that are not measured and reported at fair value on a recurring basis or nonrecurring basis. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following table includes the carrying amounts and estimated fair values of the Company’s financial assets and liabilities as of September 30, 2025 and December 31, 2024 (in thousands):

	Fair Value	2025	Estimated	2024	Estimated
	Hierarchy	Carrying	Fair	Carrying	Fair
	Level	Amount	Value	Amount	Value
Financial assets:
Cash and cash equivalents	Level 1	$ 108,161	$ 108,161	$ 101,227	$ 101,227
Interest-bearing time deposits	Level 1	5,678	5,627	6,166	5,938
Securities available-for-sale	See previous table	650,660	650,660	648,513	648,513
FHLB and FRB stock	Level 2	2,891	2,891	3,883	3,883
Loans receivable, net	Level 3	1,275,794	1,242,375	1,303,917	1,261,703
Loans held for sale	Level 2	888	888	342	342
Accrued income receivable	Level 1	15,001	15,001	13,864	13,864
Derivative financial instruments	Level 2	815	815	996	996
Financial liabilities:
Deposits	Level 2	$ 1,832,819	$ 1,833,160	$ 1,846,682	$ 1,848,472
Securities sold under agreements to repurchase	Level 1	40,623	40,623	52,412	52,412
Other borrowings	Level 2	23,502	23,351	46,952	46,543
Accrued interest payable	Level 1	2,485	2,485	3,208	3,208
Derivative financial instruments	Level 2	409	409	248	248

The methodologies used to determine fair value as of September 30, 2025 did not change from the methodologies described in the December 31, 2024 Annual Financial Statements.

Commitments to extend credit and standby letters of credit : The fair values of commitments to extend credit and standby letters of credit are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and credit worthiness of the counterparties. The carrying value and fair value of the commitments to extend credit and standby letters of credit are not considered significant.

Limitations : Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

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Debt Securities

The amortized cost of securities available-for-sale and their approximate fair values as of September 30, 2025 and December 31, 2024 are summarized below (in thousands):

2025:	Amortized	Gross — Unrealized	Gross — Unrealized		Estimated
	Cost	Gains	Losses		Fair Value
U.S. government treasuries	$ 156,916	$ 363	$ ( 4,410	)	$ 152,869
U.S. government agencies	92,688	117	( 2,872	)	89,933
U.S. government mortgage-backed securities	118,927	191	( 8,636	)	110,482
State and political subdivisions	247,081	258	( 11,054	)	236,285
Corporate bonds	63,606	114	( 2,629	)	61,091
	$ 679,218	$ 1,043	$ ( 29,601	)	$ 650,660

2024:	Amortized	Gross — Unrealized	Gross — Unrealized		Estimated
	Cost	Gains	Losses		Fair Value
U.S. government treasuries	$ 176,483	$ 8	$ ( 8,776	)	$ 167,715
U.S. government agencies	88,625	2	( 5,194	)	83,433
U.S. government mortgage-backed securities	103,964	6	( 12,920	)	91,050
State and political subdivisions	266,118	35	( 20,591	)	245,562
Corporate bonds	65,338	7	( 4,592	)	60,753
	$ 700,528	$ 58	$ ( 52,073	)	$ 648,513

The amortized cost and fair value of debt securities available-for-sale as of September 30, 2025 , are shown below by expected maturity. Expected maturity will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties ( in thousands ).

	Amortized	Estimated
	Cost	Fair Value
Due in one year or less	$ 92,716	$ 91,586
Due after one year through five years	370,875	357,222
Due after five years through ten years	94,597	89,267
Due after ten years	2,103	2,103
	$ 560,291	$ 540,178
U.S. government mortgage-backed securities	118,927	110,482
Total	$ 679,218	$ 650,660

The Company's investment portfolio had an expected duration of 3.0 years as of September 30, 2025 .

Securities with a carrying value of $ 296.2 million and $ 292.8 million at September 30, 2025 and December 31, 2024 , respectively, were pledged on public deposits, securities sold under agreements to repurchase, other borrowings and for other purposes as required or permitted by law.

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The proceeds and losses on securities available-for-sale for the three and nine months ended September 30, 2025 and 2024 are summarized below ( in thousands ):

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Proceeds from sales of securities available-for-sale	$ -	$ -	$ -	$ 2,049
Gross realized gains on securities available-for-sale	-	-	-	-
Gross realized losses on securities available-for-sale	-	-	-	( 165	)

Gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024 are summarized as follows (in thousands) :

	Less than 12 Months — Estimated	Unrealized	No. of		12 Months or More — Estimated	Unrealized	No. of		Total — Estimated	Unrealized
2025:	Fair Value	Losses	Securities		Fair Value	Losses	Securities		Fair Value	Losses
Securities available-for-sale:
U.S. government treasuries	$ -	$ -		-	$ 117,197	$ ( 4,410	)	68	$ 117,197	$ ( 4,410	)
U.S. government agencies	13,331	( 90	)	8	65,022	( 2,782	)	56	78,353	( 2,872	)
U.S. government mortgage-backed securities	10,919	( 59	)	9	79,653	( 8,577	)	147	90,572	( 8,636	)
State and political subdivisions	2,274	( 117	)	6	204,049	( 10,937	)	389	206,323	( 11,054	)
Corporate bonds	1,500	( 7	)	2	52,036	( 2,622	)	63	53,536	( 2,629	)
	$ 28,024	$ ( 273	)	25	$ 517,957	$ ( 29,328	)	723	$ 545,981	$ ( 29,601	)

	Less than 12 Months — Estimated	Unrealized	No. of		12 Months or More — Estimated	Unrealized	No. of		Total — Estimated	Unrealized
2024:	Fair Value	Losses	Securities		Fair Value	Losses	Securities		Fair Value	Losses
Securities available-for-sale:
U.S. government treasuries	$ 5,466	$ ( 43	)	2	$ 159,321	$ ( 8,733	)	94	$ 164,787	$ ( 8,776	)
U.S. government agencies	3,953	( 34	)	2	77,166	( 5,160	)	70	81,119	( 5,194	)
U.S. government mortgage-backed securities	3,740	( 64	)	5	86,870	( 12,856	)	154	90,610	( 12,920	)
State and political subdivisions	13,944	( 253	)	25	226,201	( 20,338	)	440	240,145	( 20,591	)
Corporate bonds	3,153	( 27	)	4	56,604	( 4,565	)	74	59,757	( 4,592	)
	$ 30,256	$ ( 421	)	38	$ 606,162	$ ( 51,652	)	832	$ 636,418	$ ( 52,073	)

Gross unrealized losses on debt securities totaled $ 29.6 million as of September 30, 2025 . In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, state or political subdivision, or corporations. Management then determines whether downgrades by bond rating agencies have occurred, and reviews industry analysts’ reports. The Company’s procedures for evaluating investments in states, municipalities and political subdivisions include but are not limited to reviewing the offering statement and the most current available financial information, comparing yields to yields of bonds of similar credit quality, confirming capacity to repay, assessing operating and financial performance, evaluating the stability of tax revenues, considering debt profiles and local demographics, and for revenue bonds, assessing the source and strength of revenue structures for municipal authorities. These procedures, as applicable, are utilized for all municipal purchases and are utilized in whole or in part for monitoring the portfolio of municipal holdings. The Company does not utilize third party credit rating agencies as a primary component of determining if the municipal issuer has an adequate capacity to meet the financial commitments under the security for the projected life of the investment, and, therefore, does not compare internal assessments to those of the credit rating agencies. Credit rating downgrades are utilized as an additional indicator of credit weakness and as a reference point for historical default rates. As of September 30, 2025 and December 31, 2024 , the Company determined that no individual securities in an unrealized loss position represented credit losses that would require an allowance for credit losses. The Company concluded that the unrealized losses were primarily attributable to increases in market interest rates since these securities were purchased and other market conditions. Furthermore, the Company does not have the intent to sell any of these AFS debt securities and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. Accrued interest receivable on AFS debt securities totaled $ 3.6 million and $ 2.9 million as of September 30, 2025 and December 31, 2024 , respectively, and is excluded from the estimate of credit losses.

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Loans Receivable and Credit Disclosures

The composition of loans receivable as of September 30, 2025 and December 31, 2024 is as follows ( in thousands ):

Real estate - construction	2025 — $ 57,966	$	59,281
Real estate - 1 to 4 family residential	315,827		309,704
Real estate - multi-family	209,099		200,209
Real estate - commercial	315,952		350,493
Real estate - agricultural	158,075		159,880
Commercial	94,777		90,023
Agricultural	126,051		134,157
Consumer and other	15,821		17,066
	1,293,568		1,320,813
Unallocated portfolio layer basis adjustments 1	176		162
Less allowance for credit losses	( 17,950	)	( 17,058	)
Loans receivable, net	$ 1,275,794	$	1,303,917

1 This amount represents portfolio layer method basis adjustments related to loans hedged in a closed portfolio. Under the portfolio layer method basis adjustments are not allocated to individual loans, however, the amounts impact the net loan balance. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See Note 10 (“Derivative Financial Instruments”) for additional information.

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost net of the allowance for credit losses (ACL) and other basis adjustments. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on the unpaid principal balance. In the event that collection of principal becomes uncertain, the Company has policies in place to reverse accrued interest in a timely manner. Accrued interest receivable on loans held for investment totaled $ 11.4 million and $ 10.9 million as of September 30, 2025 and December 31, 2024 , respectively, and is excluded from the estimate of credit losses. Nonrefundable loan fees and origination costs are deferred and recognized as a yield adjustment over the life of the related loan.

The policy for charging off loans is consistent throughout all loan categories. A loan is charged off based on criteria that includes but is not limited to: delinquency status, financial condition of the entire customer credit line and underlying collateral coverage, economic or external conditions that might impact full repayment of the loan, legal issues, overdrafts, and the customer’s willingness to work with the Company.

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Allowance for Credit Losses for Loans . The allowance for credit losses is an estimate of expected losses inherent within the Company's existing loans held for investment portfolio. Expected credit loss inherent in non-cancelable off-balance-sheet (“OBS”) credit exposures is accounted for as a separate liability on the consolidated balance sheet. The Company's allowance for credit losses for OBS credit exposures was $ 937 thousand and $ 943 thousand as of September 30, 2025 and December 31, 2024 , respectively. The allowance for credit losses for loans held for investment, as reported in our consolidated balance sheet, is adjusted by a credit loss expense, which is reported in earnings, and reduced by the charge-off of loan amounts, net of recoveries.

The credit loss estimation process involves procedures to appropriately consider the unique characteristics of loan portfolio segments which consist of construction real estate, 1 to 4 family residential real estate, multi-family real estate, commercial real estate, agricultural real estate, commercial, agricultural and consumer and other lending. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. The key components in this estimation process include the following:

● An initial forecast period of one year for all portfolio segments and OBS credit exposures. This period reflects management's expectation of losses based on forward-looking economic scenarios over that time.

● A historical loss forecast period covering the remaining contractual life, adjusted for prepayments, by portfolio segment based on the change in key historical economic variables.

● A reversion period of 1 year connecting the initial loss forecast to the historical loss forecast based on economic conditions at the measurement date.

The Company primarily utilizes loss rate based undiscounted cash flow (UDCF) methods to estimate credit losses by portfolio segment. The UDCF methods obtain estimated life-time credit losses using the conceptual components described above.

Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods.

Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in our process for estimation of expected credit losses. The following provides the credit quality indicators and risk elements that are most relevant and most carefully considered and monitored for each loan portfolio segment.

Construction loans are underwritten utilizing independent appraisals, sensitivity analysis of absorption, vacancy and lease rates and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of costs and value associated with the completed project. These estimates may prove to be inaccurate primarily due to unforeseen circumstances beyond the control of the borrower or lender. Construction loans often involve the disbursement of funds with repayment substantially dependent on the success of the ultimate project. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, general economic conditions and the availability of long-term financing. The Company may require guarantees on these loans. The Company’s construction loans are secured primarily by properties located in its primary market area. National unemployment rate and national real gross domestic product (GDP) are key economic forecasts used in estimating expected credit losses for this segment.

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The Company originates 1 - 4 family real estate loans utilizing credit reports to supplement the underwriting process. The Company’s underwriting standards for 1 - 4 family loans are generally in accordance with FHLMC and FNMA manual underwriting guidelines. Properties securing 1 - 4 family real estate loans are appraised by either staff appraisers or fee appraisers, both of which are independent of the loan origination function and have been approved by the Board of Directors. The loan-to-value ratios normally do not exceed 90% without credit enhancements such as mortgage insurance. The Company will lend up to 100% of the lesser of the appraised value or purchase price for conventional 1 - 4 family real estate loans, provided private mortgage insurance is obtained. The Company’s 1 - 4 family real estate loans are secured primarily by properties located in its primary market area. The national unemployment rate is a key economic forecast used in estimating expected credit losses for this segment.

Multi-family, commercial and agricultural real estate loans are subject to underwriting standards and processes similar to commercial and agricultural operating loans, in addition to those unique to real estate loans. These loans are viewed primarily as cash flow loans and, secondarily, as loans secured by real estate. Multi-family, commercial and agricultural real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Loan-to-value generally does not exceed 80% of the cost or value of the assets. Loans are typically subject to interest rate adjustments between five and seven years from origination. Fully amortized monthly repayment terms normally do not exceed twenty-five years. Projections and cash flows that show ability to service debt within the amortization period are required. Property and casualty insurance is required to protect the Banks’ collateral interests. Appraisals on properties securing these loans are generally performed by fee appraisers approved by the Board of Directors. Because payments on multi-family, commercial and agricultural real estate loans are often dependent on the successful operation or management of the properties, repayment of such loans may be subject to adverse conditions in the real estate market or the economy. Management monitors and evaluates commercial and agricultural real estate loans based on collateral and risk rating criteria. The Company may require guarantees on these loans. The Company’s multi-family, commercial and agricultural real estate loans are secured primarily by properties located in its primary market areas. The national unemployment rate is a key economic forecast used in estimate credit losses for the multi-family and commercial real estate segments. The national unemployment rate and national real GDP are key economic forecasts used in estimating expected credit losses for the agricultural real estate segment.

Commercial and agricultural operating loans are underwritten based on the Company’s examination of current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. This underwriting includes the evaluation of cash flows of the borrower, underlying collateral, if applicable, and the borrower’s ability to manage its business activities. The cash flows of borrowers and the collateral securing these loans may fluctuate in value after the initial evaluation. A first priority lien on the general assets of the business normally secures these types of loans. Loan-to-value limits vary and are dependent upon the nature and type of the underlying collateral and the financial strength of the borrower. Crop and hail insurance is required for most agricultural borrowers. Loans are generally guaranteed by the principal(s). The Company’s commercial and agricultural operating lending is primarily in its primary market area. The national unemployment rate is a key economic forecast used in estimating expected credit losses for the commercial operating segment. The national unemployment rate and national real GDP are key economic forecasts used in estimating expected credit losses for the agricultural operating segment.

Consumer and other loans utilize credit reports to supplement the underwriting process. The underwriting standards include a determination of the applicant’s payment history on other debts and an assessment of their ability to meet existing obligations and payments on the proposed loan. To monitor and manage loan risk, policies and procedures are developed and modified, as needed by management. This activity, coupled with smaller loan amounts that are spread across many individual borrowers, minimizes risk. Additionally, market conditions are reviewed by management on a regular basis. The national unemployment rate is a key economic forecast used in estimating expected credit losses for this segment.

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Activity in the allowance for credit losses, on a disaggregated basis, for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands) :

	Three Months Ended September 30, 2025
		1-4 Family
	Construction	Residential	Multi-family	Commercial	Agricultural					Consumer
	Real Estate	Real Estate	Real Estate	Real Estate	Real Estate	Commercial		Agricultural		and Other		Total
Balance, June 30, 2025	$ 481	$ 3,880	$ 2,221	$ 4,508	$ 1,573	$	1,888	$	1,991	$	429	$	16,971
Credit loss expense (benefit) 1	11	226	45	747	( 10	)	( 147	)	( 182	)	( 55	)	635
Recoveries of loans charged-off	-	-	-	-	-		351		-		-		351
Loans charged-off	-	-	-	-	-		( 7	)	-		-		( 7	)
Balance, September 30, 2025	$ 492	$ 4,106	$ 2,266	$ 5,255	$ 1,563	$	2,085	$	1,809	$	374	$	17,950

( 1 ) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss benefit of $ 8 thousand related to off-balance sheet credit exposures.

	Nine Months Ended September 30, 2025
		1-4 Family
	Construction	Residential		Multi-family		Commercial	Agricultural					Consumer
	Real Estate	Real Estate		Real Estate		Real Estate	Real Estate	Commercial		Agricultural		and Other	Total
Balance, December 31, 2024	$ 482	$	3,890	$	2,188	$ 4,932	$ 1,584	$	1,759	$	1,805	$ 418	$	17,058
Credit loss expense (benefit) 1	53		218		78	323	( 21	)	1,093		4	( 44	)	1,704
Recoveries of loans charged-off	1		-		-	-	-		354		-	1		356
Loans charged-off	( 44	)	( 2	)	-	-	-		( 1,121	)	-	( 1	)	( 1,168	)
Balance, September 30, 2025	$ 492	$	4,106	$	2,266	$ 5,255	$ 1,563	$	2,085	$	1,809	$ 374	$	17,950

( 1 ) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss benefit of $ 7 thousand related to off-balance sheet credit exposures.

	Three Months Ended September 30, 2024
		1-4 Family
	Construction	Residential	Multi-family	Commercial		Agricultural					Consumer
	Real Estate	Real Estate	Real Estate	Real Estate		Real Estate		Commercial	Agricultural		and Other	Total
Balance, June 30, 2024	$ 413	$ 3,349	$ 2,584	$	5,530	$	1,226	$ 1,912	$	1,710	$ 479	$	17,203
Credit loss expense (benefit) 1	151	400	( 373	)	( 521	)	333	413		5	( 39	)	369
Recoveries of loans charged-off	-	1	-		-		-	2		-	-		3
Loans charged-off	-	-	-		-		-	( 4	)	-	( 9	)	( 13	)
Balance, September 30, 2024	$ 564	$ 3,750	$ 2,211	$	5,009	$	1,559	$ 2,323	$	1,715	$ 431	$	17,562

( 1 ) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $ 2 thousand related to off-balance sheet credit exposures.

	Nine Months Ended September 30, 2024
		1-4 Family
	Construction	Residential	Multi-family	Commercial		Agricultural					Consumer
	Real Estate	Real Estate	Real Estate	Real Estate		Real Estate		Commercial	Agricultural		and Other	Total
Balance, December 31, 2023	$ 408	$ 3,333	$ 2,542	$	5,236	$	1,238	$ 1,955	$	1,607	$ 457	$	16,776
Credit loss expense (benefit) 1	156	414	( 331	)	( 227	)	321	371		108	( 20	)	792
Recoveries of loans charged-off	-	3	-		-		-	4		-	3		10
Loans charged-off	-	-	-		-		-	( 7	)	-	( 9	)	( 16	)
Balance, September 30, 2024	$ 564	$ 3,750	$ 2,211	$	5,009	$	1,559	$ 2,323	$	1,715	$ 431	$	17,562

( 1 ) The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss benefit of $ 70 thousand related to off-balance sheet credit exposures.

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Collateral Dependent Loans. The following table presents the amortized cost basis of collateral dependent loans, by the primary collateral type, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans (in thousands) :

September 30, 2025	Primary Type of Collateral — Real Estate	Equipment	Other	Total	ACL Allocation
Real estate - construction	$ -	$ -	$ -	$ -	$ -
Real estate - 1 to 4 family residential	1,267	-	-	1,267	197
Real estate - multi-family	900	-	-	900	-
Real estate - commercial	13,555	-	-	13,555	870
Real estate - agricultural	538	-	-	538	-
Commercial	413	403	642	1,458	318
Agricultural	1,314	-	296	1,610	-
Consumer and other	-	-	-	-	-
	$ 17,987	$ 403	$ 938	$ 19,328	$ 1,385

December 31, 2024	Primary Type of Collateral — Real Estate	Equipment	Other	Total	ACL Allocation
Real estate - construction	$ 62	$ -	$ -	$ 62	$ -
Real estate - 1 to 4 family residential	696	-	-	696	40
Real estate - multi-family	947	-	-	947	-
Real estate - commercial	10,785	-	-	10,785	-
Real estate - agricultural	420	-	-	420	-
Commercial	460	398	405	1,263	50
Agricultural	213	-	357	570	-
Consumer and other	-	-	3	3	-
	$ 13,583	$ 398	$ 765	$ 14,746	$ 90

Nonaccrual Loans . The accrual of interest income on loans is discontinued when, in the opinion of management, there is reasonable doubt as to the borrower's ability to meet payments of interest or principal when they become due, which is generally when a loan is 90 days or more past due unless the loan is well secured and in the process of collection. When a loan is placed on nonaccrual status, all previously accrued and unpaid interest is reversed against interest income. Loans are returned to an accrual status when all of the principal and interest amounts contractually due are brought current and repayment of the remaining contractual principal and interest is expected. A loan may also return to accrual status if additional collateral is received from the borrower and, in the opinion of management, the financial position of the borrower indicates that there is no longer any reasonable doubt as to the collection of the amount contractually due. Payment received on nonaccrual loans are applied first to principal. Once principal is recovered, any remaining payments received are applied to interest income.

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The following table presents the amortized cost basis of loans on nonaccrual status and loans on nonaccrual status with no allowance for credit losses recorded by loan segment (in thousands) :

	Total Nonaccrual — September 30, 2025	December 31, 2024	Nonaccrual with no ACL — September 30, 2025	December 31, 2024
Real estate - construction	$ -	$ 62	$ -	$ 62
Real estate - 1 to 4 family residential	1,267	696	478	626
Real estate - multi-family	900	947	900	947
Real estate - commercial	13,538	10,768	11,071	10,768
Real estate - agricultural	538	420	538	420
Commercial	1,484	1,298	898	893
Agricultural	1,610	570	1,610	570
Consumer and other	5	11	-	3
	$ 19,342	$ 14,772	$ 15,495	$ 14,289

The interest income recognized on nonaccrual loans for the three months ended September 30, 2025 and 2024 was approximately $ 54 thousand and $ 8 thousand, respectively. The interest income recognized on nonaccrual loans for the nine months ended September 30, 2025 and 2024 was approximately $ 56 thousand and $ 46 thousand, respectively.

The interest foregone on nonaccrual loans for the three months ended September 30, 2025 and 2024 was approximately $ 449 thousand and $ 354 thousand, respectively. The interest foregone on nonaccrual loans for the nine months ended September 30, 2025 and 2024 was approximately $ 1.4 million and $ 810 thousand, respectively.

Loan Modifications to Borrowers Experiencing Financial Difficulty . Loan modifications may include interest rate reductions or below market interest rates, extension of payments terms beyond the original maturity date, principal forgiveness, restructuring amortization schedules and other actions intended to minimize potential losses.

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a loss rate model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, a change to the allowance for credit losses is generally not recorded upon modification.

The Company made no loan modifications to borrowers experiencing financial difficulty for the nine months ended September 30, 2025 and 2024 .

Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged-off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The Company had no net charge-offs for the three and nine months ended September 30, 2025 and 2024 related to loan modifications to borrowers experiencing financial difficulties.

There were no loan modifications that had a payment default and were modified in the twelve months before default as of September 30, 2025 . A loan is considered to be in payment default once it is 60 days contractually past due under the modified terms.

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Aging Analysis . An aging analysis of the recorded investments in loans, on a disaggregated basis, as of September 30, 2025 and December 31, 2024 , is as follows (in thousands) :

2025	30 - 89	90 Days — or Greater	Total			90 Days — or Greater
	Past Due	Past Due	Past Due	Current	Total	Accruing
Real estate - construction	$ 1,346	$ -	$ 1,346	$ 56,620	$ 57,966	$ -
Real estate - 1 to 4 family residential	3,309	148	3,457	312,370	315,827	148
Real estate - multi-family	-	-	-	209,099	209,099	-
Real estate - commercial	619	2,620	3,239	312,713	315,952	-
Real estate - agricultural	25	-	25	158,050	158,075	-
Commercial	499	476	975	93,802	94,777	26
Agricultural	132	1,091	1,223	124,828	126,051	-
Consumer and other	1	-	1	15,820	15,821	-
	$ 5,931	$ 4,335	$ 10,266	$ 1,283,302	$ 1,293,568	$ 174

2024	30 - 89	90 Days — or Greater	Total			90 Days — or Greater
	Past Due	Past Due	Past Due	Current	Total	Accruing
Real estate - construction	$ -	$ 63	$ 63	$ 59,218	$ 59,281	$ -
Real estate - 1 to 4 family residential	1,744	204	1,948	307,756	309,704	23
Real estate - multi-family	-	-	-	200,209	200,209	-
Real estate - commercial	332	2,501	2,833	347,660	350,493	-
Real estate - agricultural	651	660	1,311	158,569	159,880	660
Commercial	288	356	644	89,379	90,023	-
Agricultural	68	53	121	134,036	134,157	53
Consumer and other	5	-	5	17,061	17,066	-
	$ 3,088	$ 3,837	$ 6,925	$ 1,313,888	$ 1,320,813	$ 736

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Credit Quality Indicators . As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk ratings of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans and (v) the general economic conditions in our market areas.

The Company utilizes a risk rating matrix to assign risk ratings to each of its loans. Loans are rated on a scale of 1 to 7. A description of the general characteristics of the risk ratings is as follows:

Ratings 1, 2 and 3 - These ratings include “Pass” loans of average to excellent credit quality borrowers. These borrowers generally have significant capital strength, moderate leverage and stable earnings and growth commensurate to their relative risk rating. These ratings are reviewed at least annually. These ratings also include performing loans of less than $100,000.

Rating 4** - This rating includes loans on management’s “watch list” and is intended to be utilized for pass rated borrowers where credit quality has begun to show signs of financial weakness that now requires management’s heightened attention. This rating is reviewed at least quarterly.

Rating 5** - This rating is for “Special Mention” loans in accordance with regulatory guidelines. This rating is intended to be temporary and includes loans to borrowers whose credit quality has clearly deteriorated and are at risk of further decline unless active measures are taken to correct the situation. This rating is reviewed at least quarterly.

Rating 6 - This rating includes “Substandard” loans in accordance with regulatory guidelines, for which the accrual of interest has not been stopped. Under regulatory guideline definitions, a “Substandard” loan has defined weaknesses which make payment default or principal exposure likely, but not yet certain. Such loans are apt to be dependent upon collateral liquidation, a secondary source of repayment or an event outside of the normal course of business. This rating is reviewed at least quarterly.

Rating 7 - This rating includes “Substandard-Impaired” loans in accordance with regulatory guidelines, for which the accrual of interest has generally been stopped. This rating includes loans: (i) where interest is more than 90 days past due, (ii) not fully secured, (iii) where a specific valuation allowance may be necessary, or (iv) where the borrower is unable to make contractual principal and interest payments. This rating is reviewed at least quarterly.

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The following tables show the risk category of loans by loan segment and year of origination as of September 30, 2025 and December 31, 2024 (in thousands) :

September 30, 2025	Amortized Cost Basis of Term Loans by Year of Origination — 2025	2024	2023	2022	2021	Prior	Revolving	Total
Real estate - construction
Pass	$ 30,478	$ 9,581	$ 15,791	$ -	$ 205	$ 17	$ 1,894	$ 57,966
Watch	-	-	-	-	-	-	-	-
Special Mention	-	-	-	-	-	-	-	-
Substandard	-	-	-	-	-	-	-	-
Substandard-Impaired	-	-	-	-	-	-	-	-
Total	$ 30,478	$ 9,581	$ 15,791	$ -	$ 205	$ 17	$ 1,894	$ 57,966
Current-period gross charge-offs	$ -	$ 44	$ -	$ -	$ -	$ -	$ -	$ 44
Real estate - 1-4 family residential
Pass	$ 42,869	$ 37,821	$ 39,962	$ 63,018	$ 46,328	$ 45,908	$ 23,089	$ 298,995
Watch	262	882	1,413	88	8,829	1,230	317	13,021
Special Mention	199	-	94	-	730	-	-	1,023
Substandard	-	65	421	-	1,009	29	-	1,524
Substandard-Impaired	360	81	74	642	-	107	-	1,264
Total	$ 43,690	$ 38,849	$ 41,964	$ 63,748	$ 56,896	$ 47,274	$ 23,406	$ 315,827
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ 2	$ -	$ 2
Real estate - multi-family
Pass	$ 36,902	$ 12,078	$ 6,711	$ 45,758	$ 27,148	$ 39,437	$ 6,235	$ 174,269
Watch	849	6,984	1,062	-	14,448	2,124	-	25,467
Special Mention	-	-	-	-	-	-	-	-
Substandard	-	-	8,462	-	-	-	-	8,462
Substandard-Impaired	901	-	-	-	-	-	-	901
Total	$ 38,652	$ 19,062	$ 16,235	$ 45,758	$ 41,596	$ 41,561	$ 6,235	$ 209,099
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Real estate - commercial
Pass	$ 36,166	$ 25,597	$ 21,496	$ 59,582	$ 42,909	$ 60,598	$ 1,747	$ 248,095
Watch	3,746	4,737	830	18,758	5,477	4,087	152	37,787
Special Mention	-	-	-	-	-	-	-	-
Substandard	-	-	-	-	15,549	982	-	16,531
Substandard-Impaired	2,484	784	7,180	2,563	-	471	57	13,539
Total	$ 42,396	$ 31,118	$ 29,506	$ 80,903	$ 63,935	$ 66,138	$ 1,956	$ 315,952
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Real estate - agricultural
Pass	$ 19,894	$ 15,601	$ 16,404	$ 24,895	$ 26,410	$ 35,355	$ 2,821	$ 141,380
Watch	6,812	1,848	1,019	1,101	263	3,515	-	14,558
Special Mention	-	-	-	-	-	-	-	-
Substandard	450	-	1,257	-	62	91	-	1,860
Substandard-Impaired	142	-	-	-	135	-	-	277
Total	$ 27,298	$ 17,449	$ 18,680	$ 25,996	$ 26,870	$ 38,961	$ 2,821	$ 158,075
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -

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September 30, 2025	Amortized Cost Basis of Term Loans by Year of Origination — 2025	2024	2023	2022	2021	Prior	Revolving	Total
Commercial
Pass	$ 13,016	$ 6,486	$ 6,674	$ 7,903	$ 4,581	$ 3,619	$ 37,741	$ 80,020
Watch	799	737	7,226	632	983	166	2,729	13,272
Special Mention	-	-	-	-	-	-	-	-
Substandard	-	-	-	-	-	-	-	-
Substandard-Impaired	153	370	26	-	-	427	509	1,485
Total	$ 13,968	$ 7,593	$ 13,926	$ 8,535	$ 5,564	$ 4,212	$ 40,979	$ 94,777
Current-period gross charge-offs	$ 1,104	$ -	$ -	$ -	$ -	$ 17	$ -	$ 1,121
Agricultural
Pass	$ 12,572	$ 5,857	$ 3,179	$ 3,922	$ 2,192	$ 1,378	$ 72,534	$ 101,634
Watch	5,363	932	650	287	261	186	14,054	21,733
Special Mention	-	-	-	-	-	-	-	-
Substandard	951	-	-	28	-	20	340	1,339
Substandard-Impaired	-	600	30	-	209	15	491	1,345
Total	$ 18,886	$ 7,389	$ 3,859	$ 4,237	$ 2,662	$ 1,599	$ 87,419	$ 126,051
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Consumer and other
Pass	$ 4,594	$ 2,156	$ 3,307	$ 1,735	$ 1,581	$ 1,911	$ 508	$ 15,792
Watch	11	-	-	-	-	-	-	11
Special Mention	-	-	-	-	-	-	-	-
Substandard	7	-	3	-	-	-	-	10
Substandard-Impaired	-	2	2	-	-	4	-	8
Total	$ 4,612	$ 2,158	$ 3,312	$ 1,735	$ 1,581	$ 1,915	$ 508	$ 15,821
Current-period gross charge-offs	$ -	$ 1	$ -	$ -	$ -	$ -	$ -	$ 1
Total loans
Pass	$ 196,491	$ 115,177	$ 113,524	$ 206,813	$ 151,354	$ 188,223	$ 146,569	$ 1,118,151
Watch	17,842	16,120	12,200	20,866	30,261	11,308	17,252	125,849
Special Mention	199	-	94	-	730	-	-	1,023
Substandard	1,408	65	10,143	28	16,620	1,122	340	29,726
Substandard-Impaired	4,040	1,837	7,312	3,205	344	1,024	1,057	18,819
Total	$ 219,980	$ 133,199	$ 143,273	$ 230,912	$ 199,309	$ 201,677	$ 165,218	$ 1,293,568
Current-period gross charge-offs	$ 1,104	$ 45	$ -	$ -	$ -	$ 19	$ -	$ 1,168

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December 31, 2024	Amortized Cost Basis of Term Loans by Year of Origination — 2024	2023	2022	2021	2020	Prior	Revolving	Total
Real estate - construction
Pass	$ 37,743	$ 16,689	$ 1,640	$ 228	$ 11	$ 161	$ 1,991	$ 58,463
Watch	756	-	-	-	-	-	-	756
Special Mention	-	-	-	-	-	-	-	-
Substandard	-	-	-	-	-	-	-	-
Substandard-Impaired	62	-	-	-	-	-	-	62
Total	$ 38,561	$ 16,689	$ 1,640	$ 228	$ 11	$ 161	$ 1,991	$ 59,281
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Real estate - 1-4 family residential
Pass	$ 46,850	$ 44,736	$ 66,864	$ 52,746	$ 41,574	$ 18,767	$ 21,325	$ 292,862
Watch	1,233	1,212	91	9,535	1,003	303	95	13,472
Special Mention	-	-	639	-	289	-	-	928
Substandard	-	424	-	1,230	-	90	-	1,744
Substandard-Impaired	568	-	-	70	-	60	-	698
Total	$ 48,651	$ 46,372	$ 67,594	$ 63,581	$ 42,866	$ 19,220	$ 21,420	$ 309,704
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Real estate - multi-family
Pass	$ 15,316	$ 20,441	$ 49,932	$ 31,822	$ 36,556	$ 10,771	$ 5,735	$ 170,573
Watch	6,517	-	-	19,971	-	-	-	26,488
Special Mention	-	-	-	-	-	-	-	-
Substandard	-	-	-	-	2,200	-	-	2,200
Substandard-Impaired	948	-	-	-	-	-	-	948
Total	$ 22,781	$ 20,441	$ 49,932	$ 51,793	$ 38,756	$ 10,771	$ 5,735	$ 200,209
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Real estate - commercial
Pass	$ 37,014	$ 30,228	$ 71,779	$ 51,164	$ 53,722	$ 26,685	$ 3,995	$ 274,587
Watch	4,749	5,429	14,982	5,484	6,005	548	241	37,438
Special Mention	-	-	-	-	2,893	-	-	2,893
Substandard	828	2,637	-	15,978	4,355	1,009	-	24,807
Substandard-Impaired	513	7,753	2,502	-	-	-	-	10,768
Total	$ 43,104	$ 46,047	$ 89,263	$ 72,626	$ 66,975	$ 28,242	$ 4,236	$ 350,493
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Real estate - agricultural
Pass	$ 20,951	$ 17,331	$ 28,074	$ 29,180	$ 21,796	$ 22,366	$ 2,562	$ 142,260
Watch	1,994	5,259	373	1,541	2,813	3,477	-	15,457
Special Mention	-	-	-	-	-	-	-	-
Substandard	-	1,275	-	746	-	-	-	2,021
Substandard-Impaired	-	-	-	142	-	-	-	142
Total	$ 22,945	$ 23,865	$ 28,447	$ 31,609	$ 24,609	$ 25,843	$ 2,562	$ 159,880
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -

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December 31, 2024	Amortized Cost Basis of Term Loans by Year of Origination — 2024	2023	2022	2021	2020	Prior	Revolving	Total
Commercial
Pass	$ 14,729	$ 10,589	$ 10,677	$ 7,405	$ 1,475	$ 3,298	$ 28,192	$ 76,365
Watch	726	6,926	215	-	244	136	2,138	10,385
Special Mention	-	-	-	-	-	-	-	-
Substandard	1,150	-	24	-	-	-	800	1,974
Substandard-Impaired	782	45	-	1	-	65	406	1,299
Total	$ 17,387	$ 17,560	$ 10,916	$ 7,406	$ 1,719	$ 3,499	$ 31,536	$ 90,023
Current-period gross charge-offs	$ 465	$ -	$ -	$ -	$ -	$ 9	$ -	$ 474
Agricultural
Pass	$ 14,463	$ 5,547	$ 5,057	$ 3,499	$ 1,429	$ 503	$ 85,222	$ 115,720
Watch	1,822	563	356	261	8	186	12,249	15,445
Special Mention	-	-	-	-	-	-	-	-
Substandard	1,159	-	-	72	380	-	1,113	2,724
Substandard-Impaired	-	54	-	214	-	-	-	268
Total	$ 17,444	$ 6,164	$ 5,413	$ 4,046	$ 1,817	$ 689	$ 98,584	$ 134,157
Current-period gross charge-offs	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Consumer and other
Pass	$ 5,845	$ 4,451	$ 2,435	$ 1,931	$ 1,608	$ 758	$ 11	$ 17,039
Watch	15	-	-	-	-	-	-	15
Special Mention	-	-	-	-	-	-	-	-
Substandard	-	-	-	-	-	-	-	-
Substandard-Impaired	1	-	3	-	8	-	-	12
Total	$ 5,861	$ 4,451	$ 2,438	$ 1,931	$ 1,616	$ 758	$ 11	$ 17,066
Current-period gross charge-offs	$ 9	$ -	$ -	$ -	$ -	$ -	$ -	$ 9
Total loans
Pass	$ 192,911	$ 150,012	$ 236,458	$ 177,975	$ 158,171	$ 83,309	$ 149,033	$ 1,147,869
Watch	17,812	19,389	16,017	36,792	10,073	4,650	14,723	119,456
Special Mention	-	-	639	-	3,182	-	-	3,821
Substandard	3,137	4,336	24	18,026	6,935	1,099	1,913	35,470
Substandard-Impaired	2,874	7,852	2,505	427	8	125	406	14,197
Total	$ 216,734	$ 181,589	$ 255,643	$ 233,220	$ 178,369	$ 89,183	$ 166,075	$ 1,320,813
Current-period gross charge-offs	$ 474	$ -	$ -	$ -	$ -	$ 9	$ -	$ 483

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Intangible assets

The following sets forth the carrying amounts and accumulated amortization of the intangible assets at September 30, 2025 and December 31, 2024 (in thousands) :

	2025 — Gross	Accumulated	2024 — Gross	Accumulated
	Amount	Amortization	Amount	Amortization
Core deposit intangible asset	$ 6,411	$ 5,550	$ 6,411	$ 5,319

The weighted average remaining life of the intangible assets is approximately 2.1 years as of September 30, 2025 and December 31, 2024 .

The following sets forth the activity related to the intangible assets for the three and nine months ended September 30, 2025 and 2024 (in thousands) :

	Three Months Ended
	September 30,			September 30,
	2025	2024		2025		2024
Beginning intangible assets, net	$ 938	$	1,256	$	1,092	$	1,429
Amortization	( 77	)	( 86	)	( 231	)	( 259	)
Ending intangible assets, net	$ 861	$	1,170	$	861	$	1,170

Estimated remaining amortization expense on intangible assets for the years ending December 31 is as follows (in thousands) :

2025	$
2026	269
2027	240
2028	190
2029	93
Total	$ 861

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Pledged Collateral Related to Securities Sold Under Repurchase Agreements

The repurchase agreements mature daily and the following sets forth the pledged collateral at estimated fair value related to securities sold under repurchase agreements as of September 30, 2025 and December 31, 2024 (in thousands) :

	2025	2024
Securities sold under agreements to repurchase:
U.S. government treasuries	$ 20,905	$ 20,396
U.S. government agencies	39,232	43,852
U.S. government mortgage-backed securities	8,453	7,188
Total pledged collateral	$ 68,590	$ 71,436

In the event the repurchase agreements exceed the estimated fair value of the pledged securities available-for-sale, the Company has unpledged securities available-for-sale that may be pledged on the repurchase agreements.

Borrowings

On April 25, 2024, the Company entered into a promissory note and line of credit agreement with an unaffiliated bank, providing for a two -year five million dollar line of credit facility. The Company has secured its obligations under the Credit Agreement by pledging to the Lender all outstanding shares of common stock of its subsidiary bank, Reliance State Bank. This note was paid in full in September 2025 and there is no outstanding balance as of September 30, 2025. The Company had $ 1 million of outstanding borrowings on the line of credit as of December 31, 2024 . The Company did not comply with one covenant as of September 30, 2025 and December 31, 2024 requiring the modified Texas Ratio not exceed 20 % at the end of each calendar quarter. The modified Texas Ratio is defined as substandard, substandard-impaired loans and other real estate owned, divided by the sum of Tier 1 capital plus the Allowance for Credit Losses – Loans. The modified Texas Ratio was 21.3 % as of September 30, 2025 and 22.7 % as of December 31, 2024. The lender waived the noncompliance.

FHLB advances are collateralized by FHLB stock, certain 1 - 4 family residential real estate loans, multifamily real estate loans, commercial real estate loans and agricultural real estate loans. The Banks had available borrowing capacity with the FHLB of Des Moines, Iowa of $ 271.2 million and $ 245.3 million at September 30, 2025 and December 31, 2024 , respectively. As of September 30, 2025 , the Company had $ 21.5 million of FHLB advances with a weighted average interest rate of 4.03 %. As of December 31, 2024 , the Company had $ 43.5 million of FHLB advances with a weighted average interest rate of 4.42 %.

On June 6, 2022, the Company borrowed $ 4.0 million on a credit agreement with a commercial bank. The borrowings were used for general corporate purposes. Interest under the note is payable quarterly over four years. Required quarterly principal payments of $ 150 thousand began in September 2022, with the remaining balance due June 2026. The interest rate is fixed at 3.35 % and the outstanding balance was $ 2.1 million and $ 2.5 million as of September 30, 2025 and December 31, 2024 , respectively. The note is secured by property in West Des Moines, Iowa.

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Derivative Financial Instruments

Fair Value Hedges

The Company uses interest rate swaps to convert certain long term fixed rate loans to floating rates to hedge interest rate risk exposure. The Company uses hedge accounting in accordance with ASC 815, with the unrealized gains and losses, representing the change in fair value of the derivative and the change in fair value of the risk being hedged on the related loan, being recorded in the consolidated statements of income. The ineffective portions of the unrealized gains or losses, if any, are recorded in interest income and interest expense in the consolidated statements of income.

During 2023, the Company executed an interest rate swap designated as a fair value hedge with an original notional amount of $ 25.0 million to convert certain long-term fixed rate 1 - 4 family loans to floating rates to hedge interest rate risk exposure using the portfolio layer method.

The portfolio layer method allows the Company to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults and other factors that would affect the timing and amount of cash flow. The fair value portfolio level basis adjustment on the hedged loans has not been attributed to the individual loans on the consolidated balance sheet.

The table below identifies the notional amount, fair value and balance sheet category of the Company's interest rate swaps at September 30, 2025 , and December 31, 2024 (in thousands) :

	Notional Amount	Fair Value		Balance Sheet Category
September 30, 2025
Interest rate swaps	$ 8,221	$ 581		Other assets
Interest rate swaps	25,000	( 175	)	Other liabilities
December 31, 2024
Interest rate swaps	$ 8,531	$ 909		Other assets
Interest rate swaps	25,000	( 161	)	Other liabilities

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The table below identifies the carrying amount of the hedged assets and cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets that are designated as a fair value hedge accounting relationship at September 30, 2025 , and December 31, 2024 (in thousands) :

	Location in the consolidated	Carrying Amount of	Cumulative Amount of Fair Value — Hedging Adjustment Included in
	balance sheet	the Hedged Assets	Carrying Amount of Hedged Assets
September 30, 2025
Interest rate swaps	Loans receivable, net	$ 49,062	$ ( 405	)
December 31, 2024
Interest rate swaps	Loans receivable, net	$ 52,567	$ ( 748	)

Back-to-Back Loan Swaps

The Company has interest rate swap loan relationships with customers to assist them in managing their interest rate risk. Upon entering into these loan swaps, the Company enters into offsetting positions with counterparties in order to minimize interest rate risk. These back-to-back loan swaps qualify as free standing financial derivatives with the fair values reported in other assets and other liabilities on the consolidated balance sheets. Any gains and losses on these back-to-back swaps are recorded in noninterest income on the consolidated statements of income, and for the three and nine months ended September 30, 2025 , and September 30, 2024 , no gain or loss was recognized. The table below identifies the balance sheet category and fair values of the derivative instruments designated as loan swaps at September 30, 2025 , and December 31, 2024 (in thousands) :

	Notional Amount	Fair Value		Balance Sheet Category	Weighted Average — Receive Rate	Weighted Average — Pay Rate
September 30, 2025
Customer interest rate swaps	$ 8,811	$ 234		Other assets	6.19 %	5.98 %
Customer interest rate swaps	8,811	( 234	)	Other liabilities	5.98 %	6.19 %
December 31, 2024
Customer interest rate swaps	$ 12,258	$ 87		Other assets	6.48 %	5.81 %
Customer interest rate swaps	12,258	( 87	)	Other liabilities	5.81 %	6.48 %

The Company was required to pledge $ 1.1 million and $ 1.3 million of securities as collateral for these derivative financial instruments at September 30, 2025 , and December 31, 2024 , respectively. The Company's counterparties were not required to pledge collateral at September 30, 2025 and December 31, 2024 .

Income Taxes

The tax effects of temporary differences related to income taxes are included in deferred income taxes. The change in deferred income taxes since December 31, 2024 is due primarily to the decrease in unrealized losses on investment securities.

Regulatory Matters

The Company and the Banks are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements (as shown in the following table) can result in certain mandatory and possibly additional discretionary actions by regulators, which, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Banks must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company's and the Banks' capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Management believed the Company and the Banks met all capital adequacy requirements to which they were subject as of September 30, 2025 .

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The Company and the Banks’ capital amounts and ratios as of September 30, 2025 and December 31, 2024 are as follows ( dollars in thousands ):

					To Be Well
					Capitalized Under
			For Capital		Prompt Corrective
	Actual		Adequacy Purposes		Action Provisions
	Amount	Ratio	Amount	Ratio	Amount	Ratio
As of September 30, 2025
Total capital (to risk-weighted assets):
Consolidated	$ 228,752	15.4 %	$ 156,433	10.50 %	N/A	N/A
Boone Bank & Trust	16,647	13.5	12,917	10.50	12,302	10.0 %
First National Bank	115,343	15.2	79,781	10.50	75,982	10.0
Iowa State Savings Bank	27,713	16.6	17,483	10.50	16,650	10.0
Reliance State Bank	29,536	13.1	23,619	10.50	22,495	10.0
State Bank & Trust	22,860	16.9	14,205	10.50	13,529	10.0
United Bank & Trust	13,386	17.2	8,162	10.50	7,773	10.0
Tier 1 capital (to risk-weighted assets):
Consolidated	$ 210,129	14.1 %	$ 126,636	8.50 %	N/A	N/A
Boone Bank & Trust	15,560	12.6	10,457	8.50	9,842	8.0 %
First National Bank	105,844	13.9	64,585	8.50	60,786	8.0
Iowa State Savings Bank	25,629	15.4	14,153	8.50	13,320	8.0
Reliance State Bank	26,720	11.9	19,120	8.50	17,996	8.0
State Bank & Trust	21,182	15.7	11,499	8.50	10,823	8.0
United Bank & Trust	12,414	16.0	6,607	8.50	6,219	8.0
Tier 1 capital (to average-assets):
Consolidated	$ 210,129	10.1 %	$ 83,528	4.00 %	N/A	N/A
Boone Bank & Trust	15,560	9.5	6,549	4.00	8,187	5.0 %
First National Bank	105,844	10.0	42,171	4.00	52,713	5.0
Iowa State Savings Bank	25,629	9.2	11,181	4.00	13,976	5.0
Reliance State Bank	26,720	9.2	11,619	4.00	14,524	5.0
State Bank & Trust	21,182	10.9	7,773	4.00	9,717	5.0
United Bank & Trust	12,414	10.2	4,891	4.00	6,114	5.0
Common equity tier 1 capital (to risk-weighted assets):
Consolidated	$ 210,129	14.1 %	$ 104,288	7.00 %	N/A	N/A
Boone Bank & Trust	15,560	12.6	8,612	7.00	7,996	6.5 %
First National Bank	105,844	13.9	53,187	7.00	49,388	6.5
Iowa State Savings Bank	25,629	15.4	11,655	7.00	10,823	6.5
Reliance State Bank	26,720	11.9	15,746	7.00	14,621	6.5
State Bank & Trust	21,182	15.7	9,470	7.00	8,794	6.5
United Bank & Trust	12,414	16.0	5,441	7.00	5,053	6.5

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					To Be Well
					Capitalized Under
			For Capital		Prompt Corrective
	Actual		Adequacy Purposes		Action Provisions
	Amount	Ratio	Amount	Ratio	Amount	Ratio
As of December 31, 2024
Total capital (to risk-weighted assets):
Consolidated	$ 219,750	14.3 %	$ 161,155	10.50 %	N/A	N/A
Boone Bank & Trust	16,446	13.5	12,809	10.50	12,199	10.0 %
First National Bank	112,663	14.6	81,211	10.50	77,344	10.0
Iowa State Savings Bank	27,161	15.1	18,866	10.50	17,967	10.0
Reliance State Bank	29,222	12.2	25,232	10.50	24,030	10.0
State Bank & Trust	22,435	16.0	14,719	10.50	14,018	10.0
United Bank & Trust	13,205	16.4	8,479	10.50	8,075	10.0
Tier 1 capital (to risk-weighted assets):
Consolidated	$ 201,749	13.1 %	$ 130,459	8.50 %	N/A	N/A
Boone Bank & Trust	15,404	12.6	10,369	8.50	9,759	8.0 %
First National Bank	103,707	13.4	65,742	8.50	61,875	8.0
Iowa State Savings Bank	24,915	13.9	15,272	8.50	14,374	8.0
Reliance State Bank	26,237	10.9	20,426	8.50	19,224	8.0
State Bank & Trust	20,734	14.8	11,915	8.50	11,214	8.0
United Bank & Trust	12,198	15.1	6,864	8.50	6,460	8.0
Tier 1 capital (to average-assets):
Consolidated	$ 201,749	9.2 %	$ 87,421	4.00 %	N/A	N/A
Boone Bank & Trust	15,404	9.1	6,743	4.00	8,429	5.0 %
First National Bank	103,707	9.3	44,595	4.00	55,744	5.0
Iowa State Savings Bank	24,915	9.5	10,541	4.00	13,176	5.0
Reliance State Bank	26,237	8.6	12,160	4.00	15,200	5.0
State Bank & Trust	20,734	10.2	8,096	4.00	10,120	5.0
United Bank & Trust	12,198	9.6	5,084	4.00	6,356	5.0
Common equity tier 1 capital (to risk-weighted assets):
Consolidated	$ 201,749	13.1 %	$ 107,436	7.00 %	N/A	N/A
Boone Bank & Trust	15,404	12.6	8,540	7.00	7,930	6.5 %
First National Bank	103,707	13.4	54,141	7.00	50,274	6.5
Iowa State Savings Bank	24,915	13.9	12,577	7.00	11,679	6.5
Reliance State Bank	26,237	10.9	16,821	7.00	15,620	6.5
State Bank & Trust	20,734	14.8	9,812	7.00	9,112	6.5
United Bank & Trust	12,198	15.1	5,653	7.00	5,249	6.5

The Company and the Banks are subject to the rules of the Basel III regulatory capital framework and related Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules included the implementation of a 2.5 percent capital conservation buffer that is added to the minimum requirements for capital adequacy purposes for all capital ratios except tier 1 capital to average assets. A banking organization with a capital conservation buffer of less than the required amount is subject to limitations on capital distributions, including dividend payments, and certain discretionary bonus payments to executive officers. At September 30, 2025 , the capital ratios for the Company and the Banks were sufficient to meet the conservation buffer.

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Segment Information

The Company adopted ASU 2023 - 07, Segment Reporting (Topic 280 ): Improvements to Reportable Segment Disclosures on January 1, 2024. The Company has determined that its bank operating model is structured whereby all banking locations serve a similar base of customers utilizing a company-wide offering of similar products and services managed through similar processes and technology platforms that are collectively reviewed by the Company’s Chief Executive Officer, who has been designated as the chief operating decision maker (“CODM”). The CODM regularly assesses performance of the aggregated single banking segment in determining how to allocate resources.

The banking segment generates revenues through personal, business, agricultural and commercial lending, management of the investment securities portfolio, deposit account services and wealth management services.

Accounting policies for the banking segment are the same as those described in Note 1, Nature of Business and Significant Accounting Policies, in the Company’s Annual Report on Form 10 -K for the year ended December 31, 2024. The CODM assesses performance of the banking segment and decides how to allocate resources based on net income as reported in the Company’s consolidated statements of income. All categories of interest expense, credit loss expense, and noninterest expense as disclosed in the Company’s consolidated statements of income are considered significant to the banking segment. For the nine months ended September 30, 2025 and 2024 , respectively, there were no adjustments or reconciling items between the banking segment net income and consolidated net income as presented in the consolidated statements of income.

The measure of segment assets is based on total assets as reported on the consolidated balance sheets. For the nine months ended September 30, 2025 , and the year ended December 31, 2024 , respectively, there were no adjustments or reconciling items between the banking segment total assets and total assets as presented on the consolidated balance sheets.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Ames National Corporation (the “Company”) is a bank holding company established in 1975 that owns and operates six bank subsidiaries in central, north-central and south-central Iowa (the “Banks”). The following discussion is provided for the consolidated operations of the Company and its Banks, First National Bank, Ames, Iowa (First National), State Bank & Trust Co. (State Bank), Boone Bank & Trust Co. (Boone Bank), Reliance State Bank (Reliance Bank), United Bank & Trust Co. (United Bank) and Iowa State Savings Bank (Iowa State Bank). The purpose of this discussion is to focus on significant factors affecting the Company's financial condition and results of operations.

The Company does not engage in any material business activities apart from its ownership of the Banks. Products and services offered by the Banks are for commercial and consumer purposes including loans, deposits and wealth management services. Wealth management services includes financial planning and managing trust, agencies, estates and investment brokerage accounts. The Company employs twenty-seven individuals to assist the Banks with its financial reporting, human resources, audit, compliance, marketing, technology systems, training, real estate valuation services and the coordination of management activities, in addition to 231 full-time equivalent individuals employed by the Banks.

The Company’s primary competitive strategy is to utilize seasoned and competent Bank management and local decision making authority to provide customers with faster response times and more flexibility in the products and services offered. This strategy is viewed as providing an opportunity to increase revenues through creating a competitive advantage over other financial institutions. The Company also strives to remain operationally efficient to provide better profitability while enabling the Company to offer more competitive loan and deposit rates.

The principal sources of Company revenues and cash flow are: (i) interest and fees earned on loans made by the Company and Banks; (ii) interest on fixed income investments held by the Banks; (iii) fees on wealth management services provided by those Banks exercising trust powers; (iv) service fees on deposit accounts maintained at the Banks; (v) gain on sale of loans; and (vi) merchant and card fees. The Company’s principal expenses are: (i) interest expense on deposit accounts and other borrowings; (ii) credit loss expense; (iii) salaries and employee benefits; (iv) data processing costs associated with maintaining the Banks’ loan and deposit functions; (v) occupancy expenses for maintaining the Banks’ facilities; and (vi) professional fees. The largest component contributing to the Company’s net income is net interest income, which is the difference between interest earned on earning assets (primarily loans and investments) and interest paid on interest-bearing liabilities (primarily deposits and other borrowings). One of management’s principal functions is to manage the spread between interest earned on earning assets and interest paid on interest bearing liabilities in an effort to maximize net interest income while maintaining an appropriate level of interest rate risk.

The Company had net income of $4.6 million, or $0.51 per share, for the three months ended September 30, 2025, compared to net income of $2.2 million, or $0.25 per share, for the three months ended September 30, 2024. For the nine months ended September 30, 2025, net income for the Company totaled $12.5 million, or $1.41 per share, compared to $6.7 million, or $0.75 per share earned in the nine months ended September 30, 2024. The increase in earnings is primarily due to an increase in net interest income. Net interest income increased due to higher yields on loans and investments, combined with a lower cost of funds driven by declining market rates and reduced borrowings.

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The following management discussion and analysis will provide a review of important items relating to:

● Challenges, Risks and Uncertainties

● Critical Accounting Policies

● Non-GAAP Financial Measures

● Income Statement Review

● Balance Sheet Review

● Asset Quality Review and Credit Risk Management

● Liquidity and Capital Resources

● Forward-Looking Statements and Business Risks

Challenges, Risks and Uncertainties

Management has identified certain events or circumstances that may negatively impact the Company’s financial condition and results of operations in the future and is attempting to position the Company to best respond to those challenges. These challenges are addressed in the Company’s most recent Annual Report on Form 10-K filed on March 12, 2025.

Critical Accounting Policies

The discussion and analysis of the Company's financial condition and results of operations are based upon the Company's consolidated financial statements that have been prepared in accordance with GAAP. The preparation of the Company's financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses. These estimates are based upon historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The estimates and judgments that management believes involve the most complex and subjective estimates and judgments and have the most effect on the Company's reported financial position and results of operations are described as critical accounting policies in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 12, 2025. There have been no significant changes in the critical accounting policies or the assumptions and judgments utilized in applying these policies since December 31, 2024.

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Non-GAAP Financial Measures

This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis. Management believes these non-GAAP financial measures are widely used in the financial institutions industry and provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on an FTE basis to GAAP (dollars in thousands).

	Three Months Ended September 30, — 2025	2024	Nine Months Ended September 30, — 2025	2024
Reconciliation of net interest income and annualized net interest margin on an FTE basis to GAAP:
Net interest income (GAAP)	$ 14,049	$ 11,077	$ 40,430	$ 32,855
Tax-equivalent adjustment (1)	109	128	349	405
Net interest income on an FTE basis (non-GAAP)	14,158	11,205	40,779	33,260
Average interest-earning assets	$ 2,001,002	$ 2,030,102	$ 2,036,289	$ 2,052,438
Net interest margin on an FTE basis (non-GAAP)	2.83 %	2.21 %	2.67 %	2.16 %

(1) Computed on a tax-equivalent basis using an incremental federal income tax rate of 21 percent, adjusted to reflect the effect of the tax-exempt interest income associated with owning tax-exempt securities and loans.

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Income Statement Review for the Three Months ended September 30, 2025 and 2024

The following highlights a comparative discussion of the major components of net income and their impact for the three months ended September 30, 2025 and 2024:

AVERAGE BALANCES AND INTEREST RATES

The following two tables are used to calculate the Company’s non-GAAP net interest margin on an FTE basis. The first table includes the Company’s average assets and the related income to determine the average yield on earning assets. The second table includes the average liabilities and related expense to determine the average rate paid on interest-bearing liabilities. The net interest margin is equal to interest income less interest expense divided by average earning assets. Refer to the net interest income discussion following the tables for additional detail.

AVERAGE BALANCE SHEETS AND INTEREST RATES
	Three Months Ended September 30,
	2025			2024
	Average	Revenue/	Yield/	Average	Revenue/	Yield/
	balance	expense	rate	balance	expense	rate
ASSETS
(dollars in thousands)
Interest-earning assets
Loans (1)
Commercial	$ 95,115	$ 1,533	6.45 %	$ 89,633	$ 1,425	6.36 %
Agricultural	125,778	2,218	7.05 %	122,642	2,356	7.68 %
Real estate	1,054,016	13,430	5.10 %	1,073,945	12,750	4.75 %
Consumer and other	16,769	228	5.44 %	17,064	220	5.16 %
Total loans (including fees)	1,291,678	17,409	5.39 %	1,303,284	16,751	5.14 %
Investment securities
Taxable	568,730	3,344	2.35 %	596,141	2,985	2.00 %
Tax-exempt (2)	75,281	520	2.77 %	91,221	609	2.67 %
Total investment securities	644,011	3,864	2.40 %	687,362	3,594	2.09 %
Interest-bearing deposits with banks and federal funds sold	65,313	689	4.22 %	39,456	495	5.02 %
Total interest-earning assets	2,001,002	$ 21,962	4.39 %	2,030,102	$ 20,840	4.11 %
Noninterest-earning assets	65,634			72,650
TOTAL ASSETS	$ 2,066,636			$ 2,102,752

(1) Average loan balances include nonaccrual loans, if any. Interest income collected on nonaccrual loans has been included.

(2) Tax-exempt income has been adjusted to a tax-equivalent basis using an incremental tax rate of 21%.

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AVERAGE BALANCE SHEETS AND INTEREST RATES
	Three Months Ended September 30,
	2025			2024
	Average	Revenue/	Yield/	Average	Revenue/	Yield/
	balance	expense	rate	balance	expense	rate
LIABILITIES AND STOCKHOLDERS' EQUITY
(dollars in thousands)
Interest-bearing liabilities
Deposits
Interest-bearing checking, savings accounts and money markets	$ 1,140,317	$ 4,031	1.41 %	$ 1,146,461	$ 4,982	1.74 %
Time deposits	336,692	3,142	3.73 %	312,034	3,296	4.23 %
Total deposits	1,477,009	7,173	1.94 %	1,458,495	8,278	2.27 %
Other borrowed funds	71,223	631	3.54 %	120,234	1,357	4.51 %
Total interest-bearing liabilities	1,548,232	7,804	2.02 %	1,578,729	9,635	2.44 %
Noninterest-bearing liabilities
Noninterest-bearing checking	310,424			337,604
Other liabilities	12,217			13,244
Stockholders' equity	195,763			173,175
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,066,636			$ 2,102,752
Net interest income (FTE)(3)		$ 14,158			$ 11,205
Net interest spread (FTE)			2.37 %			1.67 %
Net interest margin (FTE)(3)			2.83 %			2.21 %

(3) Net interest income (FTE) is a non-GAAP financial measure. For further information, refer to the Non-GAAP Financial Measures section of this report.

Net Interest Income

For the three months ended September 30, 2025 and 2024, the Company's net interest margin adjusted for tax exempt income was 2.83% and 2.21%, respectively. Net interest income, prior to the adjustment for tax-exempt income, for the three months ended September 30, 2025 totaled $14.0 million compared to $11.1 million for the three months ended September 30, 2024.

For the three months ended September 30, 2025, interest income increased $1.1 million, or 5.5%, when compared to the same period in 2024. The increase is primarily due to improved yield on the loan and investment portfolios.

Interest expense decreased $1.8 million, or 19.0%, for the three months ended September 30, 2025 when compared to the same period in 2024. The lower interest expense for the period is primarily due to reduced borrowings and a decrease in market rates.

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Credit Loss Expense

A credit loss expense of $627 thousand was recognized for the three months ended September 30, 2025 as compared to $371 thousand for the three months ended September 30, 2024. Net loan recoveries for the three months ended September 30, 2025 totaled $344 thousand compared to net loan charge-offs totaled $10 thousand for the three months ended September 30, 2024. The credit loss expense in 2025 was primarily due to an increase in specific reserves in the commercial real estate and operating loan portfolios. The recovery in the third quarter 2025 was on a commercial loan relationship that was charged off in the second quarter of 2025.

Noninterest Income and Expense

Noninterest income for the three months ended September 30, 2025 totaled $2.5 million compared to $2.4 million for the three months ended September 30, 2024, an increase of 5.0%. The increase is primarily due to an increase in wealth management income due to growth in assets under management and new account relationships.

Noninterest expense for the three months ended September 30, 2025 totaled $10.2 million compared to $10.5 million recorded for the three months ended September 30, 2024, a decrease of 2.5%. The decrease in noninterest expense is primarily due to $449 thousand of consultant fees for certain contract negations completed in 2024. The efficiency ratio was 61.76% for the third quarter of 2025 as compared to 77.87% in the third quarter of 2024. The efficiency ratio continues to improve as net interest margin increases and noninterest expense is lower than the prior year.

Income Taxes

Income tax expense for the three months ended September 30, 2025 totaled $1.2 million compared to $397 thousand recorded for the three months ended September 30, 2024. The effective tax rate was 20% and 15% for the three months ended September 30, 2025 and 2024. The lower than expected tax rate in 2025 and 2024 was due primarily to tax-exempt interest income and New Markets Tax Credits.

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Income Statement Review for the Nine Months ended September 30, 2025 and 2024

The following highlights a comparative discussion of the major components of net income and their impact for the nine months ended September 30, 2025 and 2024:

AVERAGE BALANCES AND INTEREST RATES

AVERAGE BALANCE SHEETS AND INTEREST RATES
	Nine Months Ended September 30,
	2025			2024
	Average	Revenue/	Yield/	Average	Revenue/	Yield/
	balance	expense	rate	balance	expense	rate
ASSETS
(dollars in thousands)
Interest-earning assets
Loans (1)
Commercial	$ 93,219	$ 4,313	6.17 %	$ 88,236	$ 4,132	6.24 %
Agricultural	125,211	6,423	6.84 %	118,875	6,734	7.55 %
Real estate	1,062,195	39,345	4.94 %	1,069,681	37,302	4.65 %
Consumer and other	16,648	669	5.36 %	16,676	625	5.00 %
Total loans (including fees)	1,297,273	50,750	5.22 %	1,293,468	48,793	5.03 %
Investment securities
Taxable	563,881	9,300	2.20 %	611,032	9,104	1.99 %
Tax-exempt (2)	80,938	1,663	2.74 %	96,314	1,929	2.67 %
Total investment securities	644,819	10,963	2.27 %	707,346	11,033	2.08 %
Interest-bearing deposits with banks and federal funds sold	94,197	3,092	4.38 %	51,624	1,937	5.00 %
Total interest-earning assets	2,036,289	$ 64,805	4.24 %	2,052,438	$ 61,763	4.01 %
Noninterest-earning assets	66,456			74,608
TOTAL ASSETS	$ 2,102,745			$ 2,127,046

(1) Average loan balances include nonaccrual loans, if any. Interest income collected on nonaccrual loans has been included.

(2) Tax-exempt income has been adjusted to a tax-equivalent basis using an incremental tax rate of 21%.

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AVERAGE BALANCE SHEETS AND INTEREST RATES
	Nine Months Ended September 30,
	2025			2024
	Average	Revenue/	Yield/	Average	Revenue/	Yield/
	balance	expense	rate	balance	expense	rate
LIABILITIES AND STOCKHOLDERS' EQUITY
(dollars in thousands)
Interest-bearing liabilities
Deposits
Interest-bearing checking, savings accounts and money markets	$ 1,169,128	$ 12,430	1.42 %	$ 1,169,167	$ 14,768	1.68 %
Time deposits	333,458	9,549	3.82 %	302,650	9,269	4.08 %
Total deposits	1,502,586	21,979	1.95 %	1,471,817	24,037	2.18 %
Other borrowed funds	76,513	2,047	3.57 %	135,331	4,466	4.40 %
Total interest-bearing liabilities	1,579,099	24,026	2.03 %	1,607,148	28,503	2.36 %
Noninterest-bearing liabilities
Noninterest-bearing checking	323,622			340,466
Other liabilities	13,037			12,919
Stockholders' equity	186,987			166,513
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,102,745			$ 2,127,046
Net interest income (FTE)(3)		$ 40,779			$ 33,260
Net interest spread (FTE)			2.21 %			1.65 %
Net interest margin (FTE)(3)			2.67 %			2.16 %

(3) Net interest income (FTE) is a non-GAAP financial measure. For further information, refer to the Non-GAAP Financial Measures section of this report.

Net Interest Income

For the nine months ended September 30, 2025 and 2024, the Company's net interest margin adjusted for tax exempt income was 2.67% and 2.16%, respectively. Net interest income, prior to the adjustment for tax-exempt income, for the nine months ended September 30, 2025 totaled $40.4 million compared to $32.9 million for the nine months ended September 30, 2024.

For the nine months ended September 30, 2025, interest income increased $3.1 million, or 5.0%, when compared to the same period in 2024. The increase is primarily due to improved yield in the loan portfolio and higher average balances in interest-bearing deposits with banks and federal funds sold.

Interest expense decreased $4.5 million, or 15.7%, for the nine months ended September 30, 2025 when compared to the same period in 2024. The lower interest expense for the period is primarily due to reduced borrowings and a decrease in market rates.

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Credit Loss Expense

A credit loss expense of $1.7 million was recognized for the nine months ended September 30, 2025 as compared to $722 thousand for the nine months ended September 30, 2024. Net loan charge-offs for the nine months ended September 30, 2025 totaled $812 thousand compared to net loan charge-offs of $6 thousand for the nine months ended September 30, 2024. The credit loss expense in 2025 was primarily due to an increase in specific reserves in the commercial real estate and operating loan portfolios. The charge-offs in 2025 were primarily related to one commercial loan relationship.

Noninterest Income and Expense

Noninterest income for the nine months ended September 30, 2025 totaled $7.7 million compared to $7.2 million for the nine months ended September 30, 2024, an increase of 7.1%. The increase in noninterest income is primarily due to an increase in wealth management income due to growth in assets under management and new account relationships.

Noninterest expense for the nine months ended September 30, 2025 totaled $30.9 million compared to $31.4 million recorded for the nine months ended September 30, 2024, a decrease of 1.8%. The decrease in noninterest expense is primarily due to $799 thousand of consultant fees for certain contract negotiations completed in 2024. The efficiency ratio was 64.10% for the nine months ended September 30, 2025, as compared to 78.47% for the nine months ended September 30, 2024. The efficiency ratio continues to improve as net interest margin increases and noninterest expense is lower than the prior year.

Income Taxes

Income tax expense for the nine months ended September 30, 2025 totaled $3.1 million compared to $1.2 million recorded for the nine months ended September 30, 2024. The effective tax rate was 20% and 15% for the nine months ended September 30, 2025 and 2024. The lower than expected tax rate in 2025 and 2024 was due primarily to tax-exempt interest income and New Markets Tax Credits.

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Balance Sheet Review

As of September 30, 2025, total assets were $2.1 billion, a $25.2 million decrease compared to December 31, 2024. This decrease in assets is primarily due to a decrease in the loan portfolio.

Investment Portfolio

The investment portfolio totaled $650.7 million as of September 30, 2025, an increase of $2.2 million from the December 31, 2024 balance of $648.5 million. The increase in securities available-for-sale is primarily due to lower unrealized losses in the investment portfolio and partially offset by maturities in excess of purchases.

On a quarterly basis, the investment portfolio is reviewed for credit losses. As of September 30, 2025, gross unrealized losses of $29.6 million, are due to the interest rate environment and are not considered credit-related. Certain bonds in the investment portfolio may incur credit losses and could negatively affect the Company’s net income. As a result of the Company’s favorable liquidity position, the Company does not have the intent to sell securities with an unrealized loss at the present time. In addition, management believes it is more likely than not that the Company will hold these securities until recovery of their fair value to cost basis and expects full principal and interest to be collected. Therefore, the Company does not have an allowance for credit losses on these investments as of September 30, 2025.

Loan Portfolio

The loan portfolio, net of the allowance for credit losses, totaled $1.28 billion and $1.30 billion as of September 30, 2025 and December 31, 2024, respectively. The decrease is primarily due to payoffs in the commercial real estate loan portfolio.

Deposits

Deposits totaled $1.83 billion and $1.85 billion as of September 30, 2025 and December 31, 2024, respectively. The decrease is primarily due to a decrease in noninterest-bearing checking accounts and partially offset by increases in public funds and time deposits as customers seek higher interest rates. Securities sold under agreements to repurchase decreased to $40.6 million as of September 30, 2025 compared to $52.4 million as of December 31, 2024. Securities sold under agreements to repurchase and deposit balances fluctuate as customers’ liquidity needs vary and could be impacted by prevailing market interest rates, competition, and economic conditions. Approximately 16% of deposits are tied to external indexes as of September 30, 2025. Deposit interest expense related to these deposits can be more volatile than other deposit products in a changing interest rate environment.

Other Borrowings

Other borrowings decreased to $23.5 million as of September 30, 2025 compared to $47.0 million as of December 31, 2024. The Company has continued to reduce borrowings as debt has matured.

Off-Balance Sheet Arrangements

The Company is party to financial instruments with off-balance-sheet risk in the normal course of business. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. No material changes in the Company’s off-balance sheet arrangements have occurred since December 31, 2024.

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Asset Quality Review and Credit Risk Management

The Company’s credit risk is historically centered in the loan portfolio, which totaled $1.28 billion and $1.30 billion as of September 30, 2025 and December 31, 2024, respectively. Net loans comprise 61% of total assets as of September 30, 2025. The objective in managing loan portfolio risk is to reduce the risk of loss resulting from a customer’s failure to perform according to the terms of an agreement and to quantify and manage credit risk on a portfolio basis. The Company’s level of problem loans (consisting of nonaccrual loans and loans past due 90 days or more) as a percentage of total loans was 1.51% at September 30, 2025, as compared to 1.17% at December 31, 2024. The Company’s level of problem loans as a percentage of total loans at September 30, 2025 of 1.51% is higher as compared to the Iowa State Average peer group of FDIC insured institutions as of June 30, 2025, of 0.66%, most recent available.

Substandard-Impaired loans totaled $18.8 million as of September 30, 2025 and have increased $4.6 million as compared to the substandard-impaired loans of $14.2 million as of December 31, 2024. The increase is primarily due to weakening in the commercial real estate and agricultural loan portfolios. Some commercial real estate loans are experiencing a decline in occupancy rates and collateral valuation, while the agricultural portfolio was primarily impacted by one agricultural loan relationship.

A loan is considered Substandard-Impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payment of principal and interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. The Company applies its normal loan review procedures to identify loans that should be evaluated for impairment.

Loans past due 90 days or more that are still accruing interest are reviewed no less frequently than quarterly to determine if there continues to be a strong reason that the credit should not be placed on nonaccrual. As of September 30, 2025, nonaccrual loans totaled $19.3 million and $174 thousand of loans past due 90 days and still accruing. This compares to nonaccrual loans of $14.8 million and $736 thousand of loans past due 90 days and still accruing as of December 31, 2024. There was $204 thousand other real estate owned as of September 30, 2025 and no other real estate owned as of December 31, 2024.

Loans past due 30 days or more totaled $10.3 million as of September 30, 2025, compared to $6.9 million as of December 31, 2024. The increase is primarily related to the 1-4 family real estate, construction real estate, and agriculture operating loan portfolios, partially offset by a decrease in the agriculture real estate loan portfolio.

The watch and special mention loans classified as agricultural real estate and operating totaled $36.3 million as of September 30, 2025 as compared to $30.9 million as of December 31, 2024. The substandard and substandard-impaired loans in these categories totaled $4.8 million and $5.2 million as of September 30, 2025 and December 31, 2024, respectively. The increase in watch and special mention loans is primarily due to variable yields, weather impacts and commodity prices affecting agricultural loans.

The watch and special mention loans classified as commercial real estate totaled $37.8 million as of September 30, 2025 as compared to $40.3 million as of December 31, 2024. The substandard and substandard-impaired commercial real estate loans totaled $30.1 million and $35.6 million as of September 30, 2025 and December 31, 2024, respectively. The decrease is primarily due to payoffs of substandard and substandard-impaired loans.

The allowance for credit losses as a percentage of outstanding loans as of September 30, 2025 was 1.39%, as compared to 1.29% at December 31, 2024. The allowance for credit losses totaled $18.0 million and $17.1 million as of September 30, 2025 and December 31, 2024, respectively. The increase in the allowance for credit losses is primarily due to an increase in specific reserves.

Due to recent trends in the banking industry, commercial real estate and multi-family real estate loans are facing heightened risk due to factors such as increased susceptibility to economic pressures caused by elevated interest rates and challenging market conditions. The Company maintains a rigorous approach to risk management through regular loan reviews, stress testing and sensitivity analyses to evaluate the risk level in the loan portfolio. Loan reviews include monitoring past due rates, non-performing trends, concentrations, loan-to-value ratios, and other qualitative factors. The Company's loan policies are robust and are updated as needed to align with strategic objectives and risk management priorities.

Commercial real estate and multi-family real estate represent approximately 41% of the loan portfolio as of September 30, 2025. The following is an additional breakdown of the Company's commercial real estate and multi-family real estate portfolios (in thousands) :

	September 30, 2025 — Total	Percent of Total Loans	December 31, 2024 — Total	Percent of Total Loans
Real estate - multi-family	$ 209,099	16.2 %	$ 200,209	15.2 %
Real estate - commercial
Owner-Occupied All Purposes	165,850	12.8 %	183,530	13.9 %
Non-Owner Occupied Retail or Other	53,053	4.1 %	57,971	4.4 %
Non-Owner Occupied Hotel	36,802	2.7 %	34,813	2.6 %
Non-Owner Occupied Warehouse	31,310	2.4 %	39,567	3.0 %
Non-Owner Occupied Office	28,937	2.2 %	34,612	2.6 %
Total real estate - commercial	315,952	24.4 %	350,493	26.5 %
Total real estate - commercial and multi-family	$ 525,051	40.6 %	$ 550,702	41.7 %

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Liquidity and Capital Resources

Liquidity management is the process by which the Company, through its Banks’ Asset and Liability Committees (ALCO), ensures that adequate liquid funds are available to meet its financial commitments on a timely basis, at a reasonable cost and within acceptable risk tolerances. These commitments include funding credit obligations to borrowers, funding of mortgage originations pending delivery to the secondary market, withdrawals by depositors, maintaining adequate collateral for pledging for public funds, trust deposits and borrowings, paying dividends to shareholders, payment of operating expenses, funding capital expenditures and maintaining deposit reserve requirements.

Liquidity is derived primarily from core deposit growth and retention; principal and interest payments on loans; principal and interest payments, sale, maturity and prepayment of securities available-for-sale; net cash provided from operations; and access to other funding sources. Other funding sources include federal funds purchased lines, FHLB advances and other capital market sources.

As of September 30, 2025, the level of liquidity and capital resources of the Company remain at a satisfactory level. Management believes that the Company’s liquidity sources will be sufficient to support its existing operations for the foreseeable future.

The liquidity and capital resources discussion will cover the following topics:

● Review of the Company’s Current Liquidity Sources

● Review of Statements of Cash Flows

● Company Only Cash Flows

● Review of Commitments for Capital Expenditures, Cash Flow Uncertainties and Known Trends in Liquidity and Cash Flows Needs

● Capital Resources

Review of the Company’s Current Liquidity Sources

Liquid assets of cash on hand, balances due from other banks and interest-bearing deposits in financial institutions as of September 30, 2025 and December 31, 2024 totaled $108.2 million and $101.2 million, respectively, and management believes these sources provide an adequate level of liquidity given current economic conditions.

Other sources of liquidity available to the Banks as of September 30, 2025 include outstanding lines of credit with the FHLB of Des Moines, Iowa of $271.2 million, with $21.5 million of outstanding FHLB advances. Federal funds borrowing capacity at correspondent banks was $97.2 million, with no outstanding federal fund purchase balances as of September 30, 2025. The Company had securities sold under agreements to repurchase totaling $40.6 million as of September 30, 2025.

Total investments as of September 30, 2025 were $650.7 million compared to $648.5 million as of December 31, 2024. These investments provide the Company with liquidity since all of the investments are classified as available-for-sale as of September 30, 2025. The Company has $360.9 million of unpledged securities available-for-sale and interest-bearing deposits as of September 30, 2025. The investment portfolio serves an important role in the overall context of balance sheet management in terms of balancing capital utilization and liquidity. The decision to purchase or sell securities is based upon the current assessment of economic and financial conditions, including the interest rate environment, liquidity and credit considerations. The portfolio’s scheduled maturities and payments represent a significant source of liquidity.

Review of the Consolidated Statements of Cash Flows

Net cash provided by operating activities for the nine months ended September 30, 2025 totaled $13.9 million compared to $8.4 million for the nine months ended September 30, 2024. The increase of $5.5 million in cash provided by operating activities was primarily due to higher net interest income.

Net cash provided by investing activities for the nine months ended September 30, 2025 was $48.4 million compared to $51.6 million for the nine months ended September 30, 2024. The decrease of $3.2 million in cash provided by investing activities was primarily due to purchases of securities available-for-sale, partially offset by a decrease in loans and maturities of securities-available-for-sale.

Net cash (used in) financing activities for the nine months ended September 30, 2025 totaled ($55.4) million compared to ($56.1) million for the nine months ended September 30, 2024. The decrease of $725 thousand in cash used by financing activities was primarily due to a decrease in net payments on other borrowings between periods, partially offset by a larger decrease in deposits. As of September 30, 2025, the Company did not have any external debt financing, off-balance sheet financing arrangements, or derivative instruments linked to its stock.

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Review of Company Only Cash Flows

The Company’s liquidity on an unconsolidated basis is heavily dependent upon dividends paid to the Company by the Banks. The Banks provide adequate liquidity to pay the Company’s expenses and stockholder dividends. Dividends paid by the Banks to the Company amounted to $9.7 million and $7.9 million for the nine months ended September 30, 2025 and 2024, respectively. Various federal and state statutory provisions limit the amounts of dividends banking subsidiaries are permitted to pay to their holding companies without regulatory approval. Federal Reserve policy further limits the circumstances under which bank holding companies may declare dividends. For example, a bank holding company should not continue its existing rate of cash dividends on its common stock unless its net income is sufficient to fully fund each dividend and its prospective rate of earnings retention appears consistent with its capital needs, asset quality and overall financial condition. In addition, the Federal Reserve and the FDIC have issued policy statements, which provide that insured banks and bank holding companies should generally pay dividends only out of current operating earnings. Federal and state banking regulators may also restrict the payment of dividends by order.

The Company, on an unconsolidated basis, has interest-bearing deposits totaling $2.3 million as of September 30, 2025.

Review of Commitments for Capital Expenditures, Cash Flow Uncertainties and Known Trends in Liquidity and Cash Flows Needs

No other material capital expenditures or material changes in the capital resource mix are anticipated at this time. The primary cash flow uncertainty would be a sudden decline in deposits causing the Banks to liquidate securities. Historically, the Banks have maintained an adequate level of short-term marketable investments to fund the temporary declines in deposit balances. There are no known trends in liquidity and cash flow needs as of September 30, 2025 that are of concern to management.

Capital Resources

The Company’s total stockholders’ equity as of September 30, 2025 totaled $200.6 million and was $25.9 million higher than the $174.7 million recorded as of December 31, 2024. The increase in stockholders’ equity was primarily the result of a decrease in unrealized losses on the investment portfolio and the retention of net income in excess of dividends. At September 30, 2025 and December 31, 2024, stockholders’ equity as a percentage of total assets was 9.5% and 8.2%, respectively. The capital levels of the Company currently exceed applicable regulatory guidelines to be considered “well capitalized” as of September 30, 2025. Unrealized losses on the investment portfolio are excluded from regulatory capital.

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Forward-Looking Statements and Business Risks

The Private Securities Litigation Reform Act of 1995 provides the Company with the opportunity to make cautionary statements regarding forward-looking statements contained in this News Release, including forward-looking statements concerning the Company’s future performance and asset quality. Forward-looking statements contained in this News Release are not historical facts and are based on management’s current beliefs, assumptions, predictions and expectations of future events, including the Company’s future performance, taking into account all 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, results of operations, asset quality, plans and objectives may vary materially from those expressed 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 or phrases. 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 and pricing available in the marketplace; changes in credit and other risks posed by the Company’s loan and investment portfolios, including declines in commercial or residential real estate values or changes in the allowance for credit losses as dictated by new market conditions or regulatory requirements; changes in local, national and international economic conditions, including rising inflation rates; fiscal and monetary policies of the U.S. government; the imposition of tariffs and retaliatory tariffs; 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 cost associated with sources of liquidity; and other risks and uncertainties inherent in the Company’s business, including those discussed under the headings “Forward-Looking Statements and Business Risks” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year-ended December 31, 2024. 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 to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable

ITEM 4. Controls and Procedures

As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended). Based on that evaluation, the Company’s management, including the Principal Executive Officer and Principal Financial Officer, concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

There was no change in the Company's internal control over financial reporting that occurred during the Company's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

Not applicable

Item 1.A. Risk Factors

Management does not believe there have been any material changes in the risk factors that were disclosed in the Company's Form 10-K filed with the SEC on March 12, 2025.

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ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

In November, 2024, the Company approved a Stock Repurchase Plan which provided for the repurchase of up to 100,000 shares of the Company’s common stock. As of September 30, 2025, there were no remaining shares to be purchased under the plan.

In August, 2025, the Company approved a Stock Repurchase Plan which provided for the repurchase of up to 200,000 shares of the Company's common stock. As of September 30, 2025, there were 200,000 shares remaining to be purchased under the plan.

The following table provides information with respect to purchases made by or on behalf of the Company or any “affiliated purchases” (as defined in rule 10b-18(a)(3) under the Securities Exchange Act of 1934), of the Company’s common stock during the three months ended September 30, 2025.

			Total — Number	Maximum
			of Shares	Number of
			Purchased as	Shares that
	Total		Part of	May Yet Be
	Number	Average	Publicly	Purchased
	of Shares	Price Paid	Announced	Under
Period	Purchased	Per Share	Plans	The Plan
July 1, 2025 to July 31, 2025 (1)	6,522	$ 18.73	6,522	-
August 1, 2025 to August 31, 2025 (2)	-	$ -	-	200,000
September 1, 2025 to September 30, 2025 (2)	-	$ -	-	200,000
Total	6,522		6,522

(1) The Stock Repurchase Plan adopted in November 2024, authorizing the purchase of 100,000 shares of common stock, was completed in July 2025. There are no remaining shares available for purchase under this plan.

(2) A successor Stock Repurchase Plan was approved and became effective on August 13, 2025 and authorized the purchase of up to 200,000 shares of common stock. This plan is scheduled to expire on November 17, 2026. No purchases have been made under this plan and 200,000 shares remain available for purchase.

ITEM 3. Defaults Upon Senior Securities

Not applicable

ITEM 4. Mine Safety Disclosures

Not applicable

ITEM 5. Other information

Not applicable

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ITEM 6. Exhibits

31.1	Certification of Principal Executive Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
31.2	Certification of Principal Financial Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350.
32.2	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350.
101.INS	Inline XBRL Instance Document - the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document (1)
101.SCH	Inline XBRL Taxonomy Extension Schema Document (1)
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document (1)
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document (1)
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document (1)
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document (1)
104	Cover page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101.1)

(1) These interactive date files shall not be deemed filed for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under those sections.

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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: November 7, 2025	By: /s/ John P. Nelson
	John P. Nelson, Chief Executive Officer and President
	(Principal Executive Officer)
	By: /s/ Justin C. Clausen
	Justin C. Clausen, Chief Financial Officer
	(Principal Financial and Accounting Officer)

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