Ames National is an Iowa-based bank holding company that owns six community banks operating exclusively in central, north-central, and south-central Iowa, serving individuals, small-to-medium businesses, and agricultural operations. The company earns revenue primarily through net interest income — the spread between interest earned on loans and investments and interest paid on deposits — which management identifies as the largest driver of net income. The loan portfolio is split across commercial real estate and multi-family loans (~52%), agricultural loans (~23%), and 1-4 family residential loans (~25%). Agriculture is a meaningful focus given the rural and semi-rural Iowa markets. Fee income is a secondary revenue stream, including wealth management fees, deposit service charges, card fees, and gains on mortgage sales into the secondary market. Each subsidiary bank operates independently under its own local brand and management, a model designed to preserve local relationships. The flagship subsidiary, First National Bank, holds ~$1.1B in assets and has branch offices in the Des Moines metro area and south-central Iowa. The five smaller subsidiaries range from ~$123M to ~$285M in assets. Five of the six banks offer wealth management and trust services, with combined assets under management of $510M. The company funds itself primarily through retail and commercial deposits and emphasizes conservative underwriting, with loan-to-value ratios typically capped at 80% for commercial real estate.