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Note 17 - Ames National Corporation (Parent Company Only) Financial Statements

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 17. Ames National Corporation (Parent Company Only) Financial Statements

Information relative to the Parent Company’s balance sheets as of December 31, 2021 and 2020, and statements of income and cash flows for each of the years in the two-year period ended December 31, 2021, is as follows (in thousands):

CONDENSED BALANCE SHEETS

December 31, 2021 and 2020

		2021				2020
ASSETS
Cash and due from banks		$	99			$	32
Interest-bearing deposits in banks			1,890				2,556
Total cash and cash equivalents			1,989				2,588
Investment in bank subsidiaries			204,638				202,535
Loans receivable, net			1,727				1,842
Premises and equipment, net			2,474				2,844
Accrued income receivable			2				6
Other assets			58				171
Total assets		$	210,888			$	209,986
LIABILITIES
Dividends payable		$	2,364			$	-
Accrued expenses and other liabilities			746				499
Total liabilities			3,110				499
STOCKHOLDERS' EQUITY
Common stock			18,184				18,245
Additional paid-in capital			16,353				17,002
Retained earnings			170,377				158,217
Accumulated other comprehensive income			2,864				16,023
Total stockholders' equity			207,778				209,487
Total liabilities and stockholders' equity		$	210,888			$	209,986

CONDENSED STATEMENTS OF INCOME

Years Ended December 31, 2021 and 2020

		2021				2020
Operating income:
Equity in net income of bank subsidiaries		$	24,918			$	19,413
Interest income			79				101
Rental income			432				432
Other income			2,252				2,187
			27,681				22,133
Provision (credit) for loan losses			(5	)			-
Operating income after provision (credit) for loan losses			27,686				22,133
Operating expenses			3,593				3,496
Income before income taxes			24,093				18,637
Income tax (benefit)			180				(213	)
Net income		$	23,913			$	18,850

CONDENSED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2021 and 2020
		2021				2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income		$	23,913			$	18,850
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			98				97
Credit for loan losses			(5	)			-
Provision (credit) for deferred income taxes			342				(60	)
Equity in net income of bank subsidiaries			(24,918	)			(19,413	)
Dividends received from bank subsidiaries			9,656				9,599
Decrease in accrued income receivable			4				-
(Increase) decrease in other assets			285				(4	)
Increase (decrease) in accrued expense and other liabilities			23				(48	)
Net cash provided by operating activities			9,398				9,021
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease in loans			120				107
Investments in bank subsidiary			-				(310	)
Purchase of premises and equipment			(18	)			(292	)
Net cash provided by (used in) investing activities			102				(495	)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid			(9,389	)			(9,072	)
Stock repurchases			(710	)			(1,992	)
Net cash (used in) financing activities			(10,099	)			(11,064	)
Net increase (decrease) in cash and cash equivalents			(599	)			(2,538	)
CASH AND CASH EQUIVALENTS
Beginning			2,588				5,126
Ending		$	1,989			$	2,588
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash receipts for income taxes		$	178			$	173

X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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X

- References

No definition available.

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