Ames National Corporation

Ames National Corporation is an Iowa-based bank holding company that owns six community banks and conducts all operations through those banking subsidiaries. The company focuses on local relationships and primarily serves small- to medium-sized businesses and agricultural customers across central, north-central, and south-central Iowa.

What the company does

• Owns and operates six banking subsidiaries (100% ownership):
  • First National Bank, Ames, Iowa
  • State Bank & Trust Co., Nevada, Iowa
  • Boone Bank & Trust Co., Boone, Iowa
  • Reliance State Bank, Story City, Iowa (with a Garner, Iowa office)
  • United Bank & Trust Co., Marshalltown, Iowa
  • Iowa State Savings Bank, Creston, Iowa (with an additional Lenox, Iowa office)
• Provides full-service commercial, agricultural, and consumer banking, including deposits, lending, wealth management (trust) services where offered, and related banking activities.
• Wealth management assets under management: $510.4 million as of December 31, 2025 (compared with $456.3 million as of December 31, 2024).
• Generates revenue primarily from net interest income and fees. Other revenue sources include wealth management fees, service charges on deposits, merchant/card fees, gains on sales of loans, and securities gains or losses.
• Offers online and mobile banking, checking and savings accounts, time deposits, cash management, wire transfers, ACH, ATM access, and trust and wealth management offerings at select banks.

Banking subsidiaries (locations and focus)

• First National Bank, Ames, Iowa
  • National-chartered; FDIC insured
  • Offices: three in Ames; three in the Des Moines metro (Ankeny and West Des Moines); two in Osceola
  • As of 12/31/2025: capital $104.5 million; 114 full-time equivalent employees; net income 2025 approx. $10.0 million; 2024 approx. $5.2 million; total assets approx. $1.109 billion (2025) and $1.107 billion (2024)
• State Bank & Trust Co., Nevada, Iowa
  • Iowa state-chartered; FDIC insured
  • Office in Nevada
  • As of 12/31/2025: capital $19.4 million; 20 FTE; net income 2025 approx. $2.4 million; 2024 approx. $0.933 million; total assets approx. $196.4 million (2025) and $198.6 million (2024)
• Boone Bank & Trust Co., Boone, Iowa
  • Iowa state-chartered; FDIC insured
  • Offices: main in Boone; full-service in Boone
  • As of 12/31/2025: capital $13.1 million; 18 FTE; net income 2025 approx. $1.1 million; 2024 approx. $0.616 million; total assets approx. $160.4 million (2025) and $156.7 million (2024)
• Reliance State Bank, Story City, Iowa
  • Iowa state-chartered; FDIC insured
  • Offices: Story City (main) and Garner
  • As of 12/31/2025: capital $28.1 million; 31 FTE; net income 2025 approx. $2.5 million; 2024 approx. $1.9 million; total assets approx. $284.9 million (2025) and $307.5 million (2024)
• United Bank & Trust Co., Marshalltown, Iowa
  • Iowa state-chartered; FDIC insured
  • Offices: main in Marshalltown; full-service office in Marshalltown
  • As of 12/31/2025: capital $11.9 million; 16 FTE; net income 2025 approx. $1.5 million; 2024 approx. $1.1 million; total assets approx. $122.9 million (2025) and $130.3 million (2024)
• Iowa State Savings Bank, Creston, Iowa
  • Iowa state-chartered; FDIC insured
  • Offices: Creston (main) and Lenox
  • As of 12/31/2025: capital $27.2 million; 34 FTE; net income 2025 approx. $2.9 million; 2024 approx. $2.0 million; total assets approx. $282.7 million (2025) and $270.3 million (2024)

Financial profile highlights (as of or for the year ended December 31, 2025)

• Consolidated scale:
  • Total assets (sum of 2025 assets for all six banks): approximately $2.1563 billion
  • Assets under management (wealth management): $510.4 million
• Net income:
  • Bank-level 2025 net income totals: approx. $20.4 million (sum of 2025 results for all six banks)
  • Bank-level 2024 net income totals: approx. $11.749 million
• Capital (selected bank-level figures as of 12/31/2025):
  • First National Bank: $104.5 million
  • State Bank & Trust Co.: $19.4 million
  • Boone Bank & Trust Co.: $13.1 million
  • Reliance State Bank: $28.1 million
  • United Bank & Trust Co.: $11.9 million
  • Iowa State Savings Bank: $27.2 million
• Employment:
  • Company-wide: approximately 260 employees (as of 12/31/2025)
  • Officers: 122
  • Full-time vs part-time: ~95% full-time; ~5% part-time
  • Gender and diversity: about 62% female, 38% male; about 5% ethnically diverse
• Largest income driver: net interest income (the spread between earnings on loans and investments and interest on deposits and borrowings)
• Customer-facing services:
  • Deposits and lending across commercial, agricultural, and consumer products
  • Wealth management/trust services available at First National, Boone Bank, State Bank, United Bank, and Iowa State Bank (not at Reliance State Bank)
  • Deposits insured by the FDIC up to $250,000 per depositor per insured institution

Community and governance

• Charitable contributions in 2025: over $312,000
• Employee volunteer hours in 2025: approximately 11,000 hours
• Board and governance:
  • Largely independent board (9 of 11 independent)
  • Several women directors
  • Director Stock Incentive Plan in place for directors of the banks

Market, regulation, and capitalization

• Market footprint covers Boone, Clarke, Hancock, Marshall, Polk, Story, Taylor, and Union counties in Iowa, with offices in Ames, the Des Moines metro, Osceola, Boone, Nevada, Story City/Garner, Marshalltown, Creston/Lenox.
• Competitive landscape includes other community banks, credit unions, mortgage companies, finance divisions, fintechs, and larger regional and national banks.
• Regulatory oversight:
  • Bank Holding Company regulated by the Federal Reserve
  • First National Bank regulated by the OCC; the other banks regulated by the Iowa Division of Banking and the FDIC
  • All banks were designated "well capitalized" as of December 31, 2025
  • Applies Basel III framework, risk-based capital guidelines, and internal controls; subject to Prompt Corrective Action provisions where applicable