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Ames National forecasts lower earnings in 2017

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Ames National forecasts lower earnings in 2017

Ames National Corp. disclosed a lower earnings forecast for 2017 -- in the range of $1.63 per share to $1.69 per share -- due to projected increases in market interest rates that would lead to deposit interest expense increasing faster than interest income on earning assets in 2017.

The Ames, Iowa-based company reported 2016 net income of $15.7 million, or $1.69 per share, compared to $15.0 million, or $1.61 per share, for 2015.

For the fourth quarter of 2016, net income was $4.0 million, or 43 cents per share. This compares to the year-ago period's $3.9 million, or 42 cents per share.