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NEWS RELEASE FOR IMMEDIATE RELEASE OCTOBER 15 , 2021 Ames National Corporation EXHIBIT 99.1 CONTACT : JOHN P. NELSON CEO AND PRESIDENT ( 515 ) 232-6251 AMES NATIONAL CORPORATION ANNOUNCES EARNINGS FOR THE THIRD QUARTER OF 2021 Ames , Iowa - Ames National Corporation ( Nasdaq : ATLO ; the " Company " ) today reported net income for the third quarter of 2021 of $ 6.7 million , or $ 0.74 per share , compared to $ 5.7 million , or $ 0.62 per share , earned in the third quarter of 2020. The increase in earnings is primarily the result of a reduction in interest expense due to declines in market interest rates and a decrease in provision for loan losses due to less economic uncertainty than in 2020 . For the nine months ended September 30 , 2021 , net income for the Company totaled $ 18.6 million or $ 2.04 per share , compared to $ 13.7 million or $ 1.49 per share earned in the same period of 2020. The increase in earnings is primarily the result of a decrease in provision for loan losses due to a higher level of provision in 2020 as a result of uncertainties associated with the economic slow - down created by the COVID - 19 pandemic and a reduction in interest expense due to declines in market interest rates . INCOME STATEMENT HIGHLIGHTS : Three Months Ended September 30 , Nine Months Ended September 30 , 2021 2020 2021 2020 Net income ( in thousands ) $ 6,714 $ Earnings per share - basic and diluted $ 0.74 $ 5,672 $ 0.62 $ 18,616 $ 13,654 2.04 $ 1.49 Return on average assets 1.29 % 1.21 % 1.20 % 0.99 % Return on average equity 12.60 % 11.18 % 11.85 % 9.27 % Efficiency ratio Net interest margin 51.35 % 54.80 % 54.30 % 56.30 % 2.97 % 3.21 % 2.89 % 3.16 %