{"product_id":"atlo-vrio-analysis","title":"Ames National Corporation (ATLO): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlocking the secrets to Ames National Corporation (ATLO)'s enduring success starts here: this VRIO analysis rigorously dissects its core resources against the critical tests of Value, Rarity, Inimitability, and Organization. Discover immediately whether the company possesses a truly sustainable competitive advantage or if its strengths are merely fleeting - read on below to see the definitive verdict.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eAmes National Corporation (ATLO) - VRIO Analysis: 1. Iowa-Centric Branch Network \u0026amp; Local Market Knowledge\n\u003c\/h2\u003e\n\n\u003cp\u003eYou’re looking at the core engine of Ames National Corporation, and honestly, it’s a classic community bank advantage that’s tough to beat. This localized footprint is what lets them dig deep into central Iowa lending, which is key to their performance, like seeing net income jump to \u003cstrong\u003e$4.6 million\u003c\/strong\u003e in Q3 2025. That deep connection is their moat.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue: Deep Localized Lending Support\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe value here is direct: this network supports their lending book, which stood at \u003cstrong\u003e$1.28 billion\u003c\/strong\u003e as of September 30, 2025. This isn't just a number; it represents relationships built over time in specific counties like Boone and Story. Their six affiliate banks - including First National Bank in Ames and Boone Bank \u0026amp; Trust Co. in Boone - are structured to meet the specific needs of local farmers and small businesses. This localized focus helps drive their net interest margin, which improved to \u003cstrong\u003e2.67%\u003c\/strong\u003e for the nine months ending September 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity: A Specific Footprint of 18 Offices\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eIt’s rare because it’s specific. Ames National Corporation operates \u003cstrong\u003e18\u003c\/strong\u003e branch locations across 11 communities, all anchored by six distinct affiliate banks. A national player might have a regional hub, but they won't have the same density or the established names in places like Nevada or Story City. This physical and historical presence across their core counties - Boone, Marshall, Polk, and Story among others - is not something a competitor can just buy off the shelf.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eInimitability: The Time and Trust Factor\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eImitability is high because this advantage is path-dependent. You can't rush decades of community trust or the institutional knowledge held by local staff. Replicating the established relationships that feed their \u003cstrong\u003e$1.28 billion\u003c\/strong\u003e loan portfolio takes significant time and capital, plus a level of local integration that is defintely hard to fake. The very structure, which includes banks like Iowa State Savings Bank in Creston, is a product of long-term affiliation strategy.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization: Locally Empowered Structure\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe organization supports this by adhering to a mission that is \"Locally Empowered.\" This isn't just a slogan; it implies that decision-making authority for lending and customer service is pushed down to the local bank level, allowing for quicker, more relevant responses than a centralized model would permit. This structure is what allows them to maintain strong capital ratios, with all six affiliates considered well-capitalized as of June 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003eHere’s the quick math on the VRIO assessment for this core resource:\u003c\/p\u003e\n\u003ctable border=\"1\"\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eVRIO Dimension\u003c\/td\u003e\n    \u003ctd\u003eAssessment\u003c\/td\u003e\n    \u003ctd\u003eKey Supporting Data (2025 Fiscal Context)\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eValue\u003c\/td\u003e\n    \u003ctd\u003eYes\u003c\/td\u003e\n    \u003ctd\u003eSupports \u003cstrong\u003e$1.28 billion\u003c\/strong\u003e Net Loans (as of 9\/30\/2025)\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eRarity\u003c\/td\u003e\n    \u003ctd\u003eYes\u003c\/td\u003e\n    \u003ctd\u003e\n\u003cstrong\u003e18\u003c\/strong\u003e offices across 6 affiliate banks in specific central Iowa communities\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eInimitability\u003c\/td\u003e\n    \u003ctd\u003eHigh\u003c\/td\u003e\n    \u003ctd\u003eRequires decades of embedded community trust and local relationship building\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eOrganization\u003c\/td\u003e\n    \u003ctd\u003eHigh\u003c\/td\u003e\n    \u003ctd\u003eMission is \"Locally Empowered\"; all affiliates well-capitalized\u003c\/td\u003e\n  \u003c\/tr\u003e\n  \u003ctr\u003e\n    \u003ctd\u003eCompetitive Advantage\u003c\/td\u003e\n    \u003ctd\u003eSustained\u003c\/td\u003e\n    \u003ctd\u003eThe bedrock of their regional franchise value\u003c\/td\u003e\n  \u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eWhat this estimate hides is the specific performance of each affiliate, but the aggregate numbers show the system works. If onboarding takes 14+ days, churn risk rises, even with this strong base.\u003c\/p\u003e\n\u003cul\u003e\n  \u003cli\u003eSupports \u003cstrong\u003e$2.1 billion\u003c\/strong\u003e in total assets as of September 30, 2025.\u003c\/li\u003e\n  \u003cli\u003eAffiliates serve key markets: Ames, Boone, Creston, Nevada, Story City.\u003c\/li\u003e\n  \u003cli\u003eMission emphasizes local decision-making.\u003c\/li\u003e\n  \u003cli\u003eMaintains strong capital position across the group.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eAmes National Corporation (ATLO) - VRIO Analysis: 2. Conservative Capital \u0026amp; Liquidity Position\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a significant buffer against unexpected credit events; CET1 ratio was \u003cstrong\u003e13.9%\u003c\/strong\u003e as of June 2025, well above the \u003cstrong\u003e8.5%\u003c\/strong\u003e minimum regulatory requirement. The CET1 ratio was reported at \u003cstrong\u003e13.56%\u003c\/strong\u003e as of September 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. While many regional banks are well-capitalized, this level is strong, especially with a low Loan-to-Deposit ratio of about \u003cstrong\u003e72%\u003c\/strong\u003e at year-end 2024.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate. Competitors can raise capital, but this position reflects consistent fiscal discipline.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. Management has clearly prioritized a defensive balance sheet structure.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. Strong capital is great, but it doesn't directly drive superior revenue unless deployed aggressively.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAs of June 30, 2025\u003c\/th\u003e\n\u003cth\u003eAs of December 31, 2024\u003c\/th\u003e\n\u003cth\u003eAs of September 30, 2025\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCET1 Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e13.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A (Equity\/Asset: \u003cstrong\u003e8.2%\u003c\/strong\u003e)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e13.56%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Stockholders' Equity (in thousands)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$193,029\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$174,700\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$200,600\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits (in thousands)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,819,205\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1,850,000\u003c\/strong\u003e (approx)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1,830,000\u003c\/strong\u003e (approx)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoans Receivable, Net (in thousands)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,279,644\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1,300,000\u003c\/strong\u003e (approx)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1,280,000\u003c\/strong\u003e (approx)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoan-to-Deposit Ratio\u003c\/td\u003e\n\u003ctd\u003eApprox. \u003cstrong\u003e70.3%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eApprox. \u003cstrong\u003e72%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eApprox. \u003cstrong\u003e69.9%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe commitment to a conservative balance sheet is further evidenced by the reduction in wholesale funding sources and the composition of liabilities.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eOther borrowings decreased to \u003cstrong\u003e$30.7 million\u003c\/strong\u003e as of June 30, 2025, from \u003cstrong\u003e$85.9 million\u003c\/strong\u003e as of June 30, 2024.\u003c\/li\u003e\n\u003cli\u003eOther borrowings further decreased to \u003cstrong\u003e$23.5 million\u003c\/strong\u003e as of September 30, 2025, compared to \u003cstrong\u003e$83.1 million\u003c\/strong\u003e as of September 30, 2024.\u003c\/li\u003e\n\u003cli\u003eAs of June 30, 2025, approximately \u003cstrong\u003e14%\u003c\/strong\u003e of deposits were tied to external indexes.\u003c\/li\u003e\n\u003cli\u003eThe allowance for credit losses was \u003cstrong\u003e1.39%\u003c\/strong\u003e of loans as of September 30, 2025, up from \u003cstrong\u003e1.29%\u003c\/strong\u003e of loans as of December 31, 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eAmes National Corporation (ATLO) - VRIO Analysis: 3. Diversified Loan Portfolio (Ag\/Commercial\/Residential Mix)\n\u003c\/h2\u003e\n\u003cp\u003eThe loan portfolio as of \u003cstrong\u003eDecember 31, 2024\u003c\/strong\u003e, consisted of gross loans totaling approximately \u003cstrong\u003e$1.32 billion\u003c\/strong\u003e, which represented \u003cstrong\u003e61.9%\u003c\/strong\u003e of total assets. The portfolio is composed of real estate, commercial, agricultural, and consumer loans.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Spreading risk across commercial, residential, and agriculture loans reduces concentration risk. The loan portfolio includes real estate loans secured by commercial, agricultural, and multifamily properties, as well as single-family residences. The net loans as of \u003cstrong\u003eDecember 31, 2024\u003c\/strong\u003e, were \u003cstrong\u003e$1.30 billion\u003c\/strong\u003e, an increase of \u003cstrong\u003e2.0%\u003c\/strong\u003e from year-end 2023.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Low. This mix is common for Iowa-focused banks.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Low. Competitors can easily shift their lending focus.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The structure supports specialized underwriting for these distinct segments.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e None. It's a necessary feature, not a unique advantage.\u003c\/p\u003e\n\u003cp\u003eThe following table provides segment dollar amounts for context, based on the most granular data available from prior periods, as the precise 2024 mix percentages were not publicly itemized in the retrieved data:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoan Segment Category\u003c\/td\u003e\n\u003ctd\u003eReported Amount\u003c\/td\u003e\n\u003ctd\u003eDate of Data\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Net Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.30 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCommercial Loan Portfolio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$412.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ4 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAgricultural Loan Portfolio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$214.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ4 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Mortgage Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$178.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe Banks' lending activities primarily consist of:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eShort and medium-term commercial and agricultural real estate loans.\u003c\/li\u003e\n\u003cli\u003eResidential real estate loans and mortgage loans for sale into the secondary market.\u003c\/li\u003e\n\u003cli\u003eAgricultural and business operating loans and lines of credit.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eAmes National Corporation (ATLO) - VRIO Analysis: 4. Improved Net Interest Margin (NIM) Performance\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: NIM expanded to \u003cstrong\u003e2.83%\u003c\/strong\u003e in Q3 2025, up from \u003cstrong\u003e2.21%\u003c\/strong\u003e a year prior, directly boosting profitability. Net Interest Income (NII) rose \u003cstrong\u003e26.8%\u003c\/strong\u003e YoY to \u003cstrong\u003e$14.0 million\u003c\/strong\u003e in Q3 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Moderate. While many banks saw margin expansion in 2025, Ames National's \u003cstrong\u003e26.8%\u003c\/strong\u003e year-over-year NII growth in Q3 2025 was strong compared to peers.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Temporary. Highly dependent on the prevailing interest rate environment and asset repricing speed.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: High. Management successfully repriced assets faster than funding costs rose.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Temporary. This advantage will likely erode as market rates normalize or decline.\u003c\/p\u003e\n\n\u003cp\u003eThe improvement in NIM was a function of both asset yield expansion and funding cost management, as detailed below:\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ3 2025 Value\u003c\/th\u003e\n\u003cth\u003eQ3 2024 Value\u003c\/th\u003e\n\u003cth\u003eChange (YoY)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (NIM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.83%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.21%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eExpansion\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Income (NII)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$14.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$11.0 million (Implied)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+26.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$2.2 million\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+109.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEarnings Per Share (EPS)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.51\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$0.25\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+104.0%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe sequential NIM movement was from \u003cstrong\u003e2.65%\u003c\/strong\u003e in Q2 2025 to \u003cstrong\u003e2.83%\u003c\/strong\u003e in Q3 2025.\u003c\/p\u003e\n\n\u003cp\u003eThe organizational success in managing funding costs is evidenced by specific expense reductions:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eDeposit interest expense decreased \u003cstrong\u003e$1.1 million\u003c\/strong\u003e year-over-year due primarily to decreases in market rates.\u003c\/li\u003e\n\u003cli\u003eOther borrowed funds interest expense decreased \u003cstrong\u003e$726 thousand\u003c\/strong\u003e year-over-year on reduced borrowings.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eOperational efficiency metrics also reflected the positive impact of higher NIM:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNoninterest expense for Q3 2025 totaled \u003cstrong\u003e$10.2 million\u003c\/strong\u003e, a decrease of \u003cstrong\u003e2.5%\u003c\/strong\u003e from \u003cstrong\u003e$10.5 million\u003c\/strong\u003e in Q3 2024.\u003c\/li\u003e\n\u003cli\u003eThe efficiency ratio improved to \u003cstrong\u003e61.76%\u003c\/strong\u003e in Q3 2025 from \u003cstrong\u003e77.87%\u003c\/strong\u003e in Q3 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eFor the nine months ended September 30, 2025, the NIM was \u003cstrong\u003e2.67%\u003c\/strong\u003e compared to \u003cstrong\u003e2.16%\u003c\/strong\u003e for the same period in 2024, with NII increasing \u003cstrong\u003e23.1%\u003c\/strong\u003e to \u003cstrong\u003e$40.4 million\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eAmes National Corporation (ATLO) - VRIO Analysis: 5. Locally Empowered Customer Relationship Model\n\u003c\/h2\u003e\n\n\u003ch3\u003eValue: Fosters long-term, sticky relationships with small and medium-sized businesses, which often leads to exclusive banking relationships.\u003c\/h3\u003e\n\u003cp\u003eThe model supports a stable funding base, evidenced by total deposits being relatively stable between \u003cstrong\u003e$1.8-1.9 billion\u003c\/strong\u003e over the past three years, indicating customer trust maintained during the 2023 regional bank turmoil. The focus on local business is quantified by the origination and servicing of \u003cstrong\u003e2,152 PPP loans\u003c\/strong\u003e totaling over \u003cstrong\u003e$123.3 million\u003c\/strong\u003e to support local businesses in 2021. The loan book as of December 31, 2024, was \u003cstrong\u003e$1.30 billion\u003c\/strong\u003e, with approximately \u003cstrong\u003e53%\u003c\/strong\u003e related to commercial purposes.\u003c\/p\u003e\n\n\u003ch3\u003eRarity: Moderate. While many banks say this, Ames National's structure seems to embed it via its affiliate banks.\u003c\/h3\u003e\n\u003cp\u003eThe structure involves a multi-bank holding company with \u003cstrong\u003esix\u003c\/strong\u003e wholly owned affiliate banks operating in \u003cstrong\u003e11\u003c\/strong\u003e communities from \u003cstrong\u003e18\u003c\/strong\u003e banking offices. The Corporation's mission explicitly includes being \u003cstrong\u003e'Locally Empowered'\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003ch3\u003eImitability: High. It relies on culture and decentralized authority, which is difficult for larger, centralized banks to copy.\u003c\/h3\u003e\n\u003cp\u003eDecisions are made locally within each affiliate bank, which has its own board of directors and executive leadership, allowing for quick responses and customized services. The Corporation's culture is described as \u003cstrong\u003e'Customer Focused, Locally Empowered, and Team Member Driven.'\u003c\/strong\u003e The organization has between \u003cstrong\u003e201-500 Employees\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003ch3\u003eOrganization: High. This is central to their stated mission and vision.\u003c\/h3\u003e\n\u003cp\u003eThe vision is stated as: \u003cstrong\u003e'To be one of the best performing community banking organizations in the Midwest.'\u003c\/strong\u003e The organizational structure supports this by having the corporate entity provide support services (e.g., technology, compliance, marketing) so affiliate management can focus on customer banking. The Corporation reported total assets of over \u003cstrong\u003e$2.1 billion\u003c\/strong\u003e as of December 31, 2024, and is the \u003cstrong\u003e6th\u003c\/strong\u003e largest Iowa-based commercial bank holding company based on total deposits.\u003c\/p\u003e\n\n\u003cp\u003eKey Financial and Operational Metrics Supporting Local Model:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAmount\/Value\u003c\/th\u003e\n\u003cth\u003eDate\/Period\u003c\/th\u003e\n\u003cth\u003eSource Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e$2.1 billion\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003ctd\u003eHolding company scale\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.85 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003ctd\u003eStable funding base\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Loans\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.30 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003ctd\u003eLoan book size\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoan-to-Deposits (LtD) Ratio\u003c\/td\u003e\n\u003ctd\u003eAbout \u003cstrong\u003e72%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eEnd of 2024\u003c\/td\u003e\n\u003ctd\u003eConservative lending posture\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAffiliate Banks\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e6\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eRecent Filings\u003c\/td\u003e\n\u003ctd\u003eDecentralized structure\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003ch3\u003eCompetitive Advantage: Sustained. Culture-based advantages are the hardest for rivals to overcome.\u003c\/h3\u003e\n\u003cp\u003eThe advantage is rooted in the decentralized operational model and stated core values, which are difficult to replicate for larger, centralized competitors. The company's commitment to community is also shown through financial education, monetary contributions, and employee volunteerism.\u003c\/p\u003e\n\u003cp\u003eOperational Focus Areas Related to Customer Relationships:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eDevelop a customer experience that supports relationship growth and customer acquisition.\u003c\/li\u003e\n\u003cli\u003eAffiliate banks' lending activities consist primarily of short and medium-term commercial, agricultural, and residential real estate loans.\u003c\/li\u003e\n\u003cli\u003eNet Income for the year ended December 31, 2024, totaled \u003cstrong\u003e$10.2 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eForecasted Earnings Per Share (EPS) for the year ending December 31, 2025, in the range of \u003cstrong\u003e$1.72 to $1.82\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eAmes National Corporation (ATLO) - VRIO Analysis: 6. Holding Company Structure for Affiliate Support\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue: Centralized leadership, counsel, and support functions allow smaller affiliate banks to operate efficiently without duplicating overhead.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe structure supports six wholly owned affiliate banks operating across 11 communities from 18 banking offices. The corporation's efficiency is reflected in the 61.76% efficiency ratio reported for the third quarter of 2025. Stockholders' equity represented 9.5% of total assets as of September 30, 2025, with all affiliate banks considered well-capitalized by federal regulations. The total assets for the corporation were $2.1 billion as of December 31, 2024.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eAffiliate Bank\u003c\/th\u003e\n\u003cth\u003eHeadquarters Location\u003c\/th\u003e\n\u003cth\u003eCharter Type (Implied\/Known)\u003c\/th\u003e\n\u003cth\u003e2023 Assets (Approximate)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFirst National Bank\u003c\/td\u003e\n\u003ctd\u003eAmes, Iowa\u003c\/td\u003e\n\u003ctd\u003eNational\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.14 Billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBoone Bank \u0026amp; Trust Co.\u003c\/td\u003e\n\u003ctd\u003eBoone, Iowa\u003c\/td\u003e\n\u003ctd\u003eState\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$149 Million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eIowa State Savings Bank\u003c\/td\u003e\n\u003ctd\u003eCreston, Iowa\u003c\/td\u003e\n\u003ctd\u003eState\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$255 Million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReliance State Bank\u003c\/td\u003e\n\u003ctd\u003eStory City, Iowa\u003c\/td\u003e\n\u003ctd\u003eState (Implied)\u003c\/td\u003e\n\u003ctd\u003eData Not Explicitly Separated\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eState Bank \u0026amp; Trust Co.\u003c\/td\u003e\n\u003ctd\u003eNevada, Iowa\u003c\/td\u003e\n\u003ctd\u003eState (Implied)\u003c\/td\u003e\n\u003ctd\u003eData Not Explicitly Separated\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUnited Bank \u0026amp; Trust Co.\u003c\/td\u003e\n\u003ctd\u003eMarshalltown, Iowa\u003c\/td\u003e\n\u003ctd\u003eData Not Explicitly Separated\u003c\/td\u003e\n\u003ctd\u003eData Not Explicitly Separated\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity: Moderate. Many regional banks use this structure, but the specific configuration of six Iowa banks is unique.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe corporation is the 6th largest Iowa-based commercial bank holding company based on total deposits. The structure comprises six distinct affiliate banks.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability: Moderate. Competitors could acquire similar banks, but integrating them under this specific support model takes time.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe structure involves six wholly owned entities. The corporation has completed four bank acquisitions since 2012.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization: High. This structure is the very definition of how the firm is organized.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe structure is defined by six wholly owned affiliate banks.\u003c\/li\u003e\n\u003cli\u003eThe organization operates across 11 communities.\u003c\/li\u003e\n\u003cli\u003eThe firm utilizes 18 banking offices.\u003c\/li\u003e\n\u003cli\u003eThe structure is designed to drive efficiency improvements via a shared services model across affiliates.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Temporary. It's an efficient structure, but not a barrier to entry on its own.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe efficiency ratio for Q3 2025 was 61.76%. For the year ended December 31, 2024, net income was $10.2 million or $1.14 per share, on 8,949,110 shares of common stock issued and outstanding as of December 31, 2024. Stockholders' equity was $200.6 million as of September 30, 2025.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eAmes National Corporation (ATLO) - VRIO Analysis: 7. Growing Wealth Management Fee Income Stream\n\u003c\/h2\u003e\n\u003cp\u003eThe wealth management segment contributes to the noninterest income stream, offering a revenue source less sensitive to interest rate fluctuations.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Noninterest income, significantly boosted by wealth management activities, demonstrated strong growth in recent periods, providing a less rate-sensitive revenue source.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNoninterest income for the first quarter of 2025 totaled \u003cstrong\u003e$2.55 million\u003c\/strong\u003e, marking a \u003cstrong\u003e17.0%\u003c\/strong\u003e increase compared to $2.18 million in Q1 2024.\u003c\/li\u003e\n\u003cli\u003eFor the six months ended June 30, 2025, noninterest income reached \u003cstrong\u003e$5.2 million\u003c\/strong\u003e, an increase of \u003cstrong\u003e8.2%\u003c\/strong\u003e year-over-year.\u003c\/li\u003e\n\u003cli\u003eFor the nine months ended September 30, 2025, noninterest income totaled \u003cstrong\u003e$7.7 million\u003c\/strong\u003e, an increase of \u003cstrong\u003e7.1%\u003c\/strong\u003e compared to the same period in 2024 ($7.2 million).\u003c\/li\u003e\n\u003cli\u003eThe efficiency ratio improved to \u003cstrong\u003e66.38%\u003c\/strong\u003e for Q1 2025 from \u003cstrong\u003e77.92%\u003c\/strong\u003e in Q1 2024, partially aided by the noninterest income performance.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eReporting Period\u003c\/th\u003e\n\u003cth\u003eNoninterest Income (USD)\u003c\/th\u003e\n\u003cth\u003eYear-over-Year Growth\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.55 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17.0%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSix Months Ended June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$5.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e8.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNine Months Ended Sept 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$7.7 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e7.1%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Low. While most banks maintain a wealth management division, Ames National Corporation's growth in this area is notable as it is expanding from a smaller base relative to some larger regional competitors.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Low. Competitors possess the capability to hire additional wealth advisors or pursue acquisitions of existing wealth management firms to replicate this revenue stream.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The financial reporting explicitly highlights the contribution of wealth management income to the noninterest income growth, indicating clear internal investment and promotion of this business line.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe increase in noninterest income for the nine months ended September 30, 2025, is explicitly attributed to an increase in wealth management income due to growth in assets under management and new account relationships.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e None. The focus on growing wealth management fee income is viewed as a standard, necessary diversification effort within the banking sector rather than a unique, sustainable advantage.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eAmes National Corporation (ATLO) - VRIO Analysis: 8. Improved Operating Efficiency (Cost Control)\n\u003c\/h2\u003e\n\u003ch3\u003eValue\u003c\/h3\u003e\n\u003cp\u003eEfficiency ratio improved to \u003cstrong\u003e64%\u003c\/strong\u003e in H1 2025, a significant drop from \u003cstrong\u003e77.4%\u003c\/strong\u003e in 2024, meaning more revenue drops to the bottom line. This improvement in the cost-to-income (C\/I) ratio to \u003cstrong\u003e64%\u003c\/strong\u003e in H1 2025 is now at an acceptable level compared to other regional banks. For context, the efficiency ratio was \u003cstrong\u003e77.4%\u003c\/strong\u003e in 2024, a relatively poor level compared to peers usually between \u003cstrong\u003e60-65%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eH1 2025\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003ctd\u003eQ1 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eEfficiency Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e64%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e77.4%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e66.38%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e77.92%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003ch3\u003eRarity\u003c\/h3\u003e\n\u003cp\u003eModerate. Improving efficiency by over \u003cstrong\u003e13.4 percentage points\u003c\/strong\u003e (from \u003cstrong\u003e77.4%\u003c\/strong\u003e to \u003cstrong\u003e64%\u003c\/strong\u003e) in a year is a notable achievement. The Q1 2025 efficiency ratio of \u003cstrong\u003e66.38%\u003c\/strong\u003e represented a significant improvement from the Q1 2024 ratio of \u003cstrong\u003e77.92%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ch3\u003eImitability\u003c\/h3\u003e\n\u003cp\u003eModerate. Competitors can cut costs, but this improvement followed specific 2024 consultant fees. The improvement was driven by factors that can be imitated, such as margin expansion and noninterest expense management. Noninterest expense for Q1 2025 was \u003cstrong\u003e$10.26 million\u003c\/strong\u003e compared to \u003cstrong\u003e$10.19 million\u003c\/strong\u003e in Q1 2024, an increase of only \u003cstrong\u003e0.7%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003ch3\u003eOrganization\u003c\/h3\u003e\n\u003cp\u003eHigh. Management successfully executed cost-reduction initiatives, evidenced by the financial results. The organization benefited from strategic expense management actions.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet interest income (NII) for Q1 2025 totaled \u003cstrong\u003e$12.9 million\u003c\/strong\u003e, an increase of \u003cstrong\u003e18.4%\u003c\/strong\u003e (or \u003cstrong\u003e$2.0 million\u003c\/strong\u003e) compared to Q1 2024.\u003c\/li\u003e\n\u003cli\u003eOther borrowed funds interest expense decreased by \u003cstrong\u003e$832 thousand\u003c\/strong\u003e in Q1 YoY due to reduced borrowings.\u003c\/li\u003e\n\u003cli\u003eDeposit interest expense decreased by \u003cstrong\u003e$170 thousand\u003c\/strong\u003e in Q1 YoY due primarily to a decrease in market rates.\u003c\/li\u003e\n\u003cli\u003eThe Company reduced other borrowings to \u003cstrong\u003e$23.5 million\u003c\/strong\u003e as of September 30, 2025, compared to \u003cstrong\u003e$83.1 million\u003c\/strong\u003e as of September 30, 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eCompetitive Advantage\u003c\/h3\u003e\n\u003cp\u003eTemporary. Sustaining this low level depends on continued expense discipline against wage inflation. Operating expenses were up by \u003cstrong\u003e4.5%\u003c\/strong\u003e from the previous year in 2024 due to higher employee costs as the inflationary environment has made some pressure on wage growth.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eAmes National Corporation (ATLO) - VRIO Analysis: 9. Strong Shareholder Return Commitment (Dividend)\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The \u003cstrong\u003e4.87%\u003c\/strong\u003e dividend yield (as of Dec 31, 2024) attracts income-focused investors, providing a stable investor base. The current TTM dividend payout as of November 26, 2025, is \u003cstrong\u003e$0.80\u003c\/strong\u003e per share, representing a yield of \u003cstrong\u003e3.66%\u003c\/strong\u003e as of November 26, 2025. This current yield is \u003cstrong\u003e33%\u003c\/strong\u003e higher than the Financial Services sector average of \u003cstrong\u003e2.76%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Low. Many regional banks pay dividends, but Ames National has a history of cuts that tempers this appeal. The annualized DPS marks a \u003cstrong\u003edecrease of 21%\u003c\/strong\u003e since one year ago, with a reported dividend growth of \u003cstrong\u003e-20.79%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Low. Competitors can match the dividend payout. The company has paid dividends since 2000.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Moderate. They maintain the dividend, but past volatility suggests caution. The company currently pays out \u003cstrong\u003e44.44%\u003c\/strong\u003e of its earnings and \u003cstrong\u003e52.83%\u003c\/strong\u003e of its cash flow as dividends.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e None. It's an expected feature for a publicly traded bank.\u003c\/p\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eContext\/Date\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnual Dividend Per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.80\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTTM as of November 26, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQuarterly Dividend Amount\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.20\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eMost recent declared amount\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend Yield (TTM)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.64%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend Yield (5-Year Average)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e4.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eHistorically\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePayout Ratio (Earnings)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e44.55%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend Growth (1 Year)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e-20.79%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eRecent Dividend Schedule Details:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCash Amount Per Share: \u003cstrong\u003e$0.20\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eEx\/EFF Date: \u003cstrong\u003e12\/01\/2025\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eRecord Date: \u003cstrong\u003e12\/01\/2025\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003ePayment Date: \u003cstrong\u003e12\/15\/2025\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003ePrevious Ex-Dividend Date: \u003cstrong\u003e08\/29\/2025\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516117278869,"sku":"atlo-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/atlo-vrio-analysis.png?v=1740145887","url":"https:\/\/dcf-model.com\/fr\/products\/atlo-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}