ATLO · CIK 1132651
What Ames National Corporation told the SEC could break it.
Ames National's disclosures center on how tightly its fortunes are tied to one place and one industry. All of its operations sit in Iowa, concentrated in eight central counties, so its results track a single regional economy — one that leans heavily on the state's agricultural sector and its exposure to commodity prices, weather, and government programs. That makes trade policy a direct channel into credit risk: shifting U.S. tariffs and retaliatory measures from partners like China could hurt its farm and business customers, indirectly raising the bank's loan losses.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Operations concentrated in central Iowa countieshigh
All operations are in Iowa, concentrated in eight central/north-central/south-central counties, exposing the company to a single regional economy.
“All of the Company's operations are conducted in the State of Iowa and primarily within the central, north-central and south-central Iowa counties of Boone, Clarke, Hancock, Marshall, Polk, Story, Taylor and Union where the Company's banking subsidiaries are located.”
SEC filing →As of 2026
Commodity & input dependence
- Iowa agricultural sector / commodity pricesmedium
The local economy that underpins the loan portfolio depends on Iowa's agricultural sector, which is heavily exposed to commodity prices, weather, government programs, and trade policies.
“the health of Iowa's agricultural sector that is heavily dependent on commodity prices, weather conditions, government programs and trade policies.”
Regulatory & policy
- U.S. trade policy / tariffs affecting agricultural customersmedium
Changing U.S. tariffs and retaliatory tariffs from trading partners including China could materially hurt the company's farm and business customers, indirectly raising credit losses.
“There continues to be significant uncertainty about the future relationship between the United States and its foreign trading partners, including with respect to trade policies, treaties, trade agreements, government regulations, sanctions, tariffs, and application thereof.”
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