atlo20150623_11k.htm Table Of Contents

 



 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

FOR ANNUAL REPORTS OF EMPLOYEE STOCK

PURCHASE, SAVINGS AND SIMILAR PLANS

PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

(Mark One)

 

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2014

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______________ to _______________

 

Commission File Number: 0-32637

 

A. Full title of the Plan and the address of the Plan, if different from that of the issuer named below:

 

Ames National Corporation 401(k) Profit Sharing Plan

 

B. Name of the issuer of the securities held pursuant to the Plan and the address of its principal executive office:

 

Ames National Corporation

405 Fifth Street

Ames, Iowa 50010 

 



 

 
 

Table Of Contents
 

 

REQUIRED INFORMATION

 

 

1.

Financial statements and schedule of the Ames National Corporation 401(k) Profit Sharing Plan prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974 are attached hereto.

 

 

2.

A written consent of Independent Registered Public Accounting Firm is attached hereto as Exhibit 23 and is incorporated herein by this reference.

 

 

 

 

SIGNATURES

 

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Date: June 26, 2015

 

 

 

AMES NATIONAL CORPORATION 401(k) PROFIT SHARING PLAN

 

By: First National Bank, Ames, Iowa, Trustee

 
 

By: /s/ Pamela K. Fleener

Name:  Pamela K. Fleener

Title:    Vice President and Senior Wealth Management Advisor

 

 
 

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EXHIBIT INDEX

 

 

 

Exhibit           

Number 

Exhibit
   

23

Consent of Independent Registered Accounting Firm

 

 
 

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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

Ames, Iowa

 

FINANCIAL STATEMENTS

AND SUPPLEMENTARY SCHEDULES

December 31, 2014 and 2013

 

 
 

Table Of Contents
 

 

TABLE OF CONTENTS

 

 

Page
   

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

1

   

FINANCIAL STATEMENTS

 
   

Statements of Net Assets Available for Benefits

2

Statements of Changes in Net Assets Available for Benefits

3

   

Notes to Financial Statements

4

   

SUPPLEMENTARY SCHEDULES

13

   

Schedule of Delinquent Participant Contributions

14
   

Schedule of Assets (Held at End of Year)

15

 

 
 

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Report of Independent Registered Public Accounting Firm

 

The Plan Administrator

Ames National Corporation 401(k) Profit Sharing Plan

Ames, Iowa

 

We have audited the accompanying statements of net assets available for benefits of Ames National Corporation 401(k) Profit Sharing Plan (the Plan) as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Ames National Corporation 401(k) Profit Sharing Plan as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

 

The supplementary schedule of assets (held at end of year) and schedule of delinquent participant contributions (supplemental information) has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

  

/s/ CliftonLarsonAllen, LLP

 

West Des Moines, Iowa

June 26, 2015

 

 
1

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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2014 and 2013

 

   

2014

   

2013

 
                 
                 

CASH

  $ 314,101     $ 320,911  
                 

PARTICIPANT-DIRECTED INVESTMENTS, AT FAIR VALUE

    26,864,915       24,221,915  
                 

RECEIVABLES

               

Contributions receivable from employer

    45       43  

Contributions receivable from employee

    77       114  

Notes receivable from participants

    158,137       184,777  
                 

TOTAL ASSETS

    27,337,275       24,727,760  
                 

LIABILITIES

               

Accounts payable

    -       148  
                 

NET ASSETS AVAILABLE FOR BENEFITS

  $ 27,337,275     $ 24,727,612  

 

The accompanying notes are an integral part of the financial statements.


 
2

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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Years Ended December 31, 2014 and 2013

 

   

2014

   

2013

 

ADDITIONS TO NET ASSETS ATTRIBUTED TO:

               

Investment income:

               

Net appreciation in fair value of investments

  $ 1,461,888     $ 3,144,476  

Dividends

    784,563       622,624  

Interest

    146       13,134  
                 

Total investment income

    2,246,597       3,780,234  
                 

Interest income from notes receivable from participants

    5,159       5,281  
                 

Contributions:

               

Employer

    630,843       573,275  

Participants

    830,452       765,469  

Rollovers

    102,338       18,723  
                 

Total contributions

    1,563,633       1,357,467  
                 

Total additions

    3,815,389       5,142,982  
                 

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:

               

Benefits paid to participants

    1,203,846       2,380,193  

Operating expenses

    1,880       6,456  
                 

Total deductions

    1,205,726       2,386,649  
                 

NET INCREASE

    2,609,663       2,756,333  
                 

NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR

    24,727,612       21,971,279  
                 

NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR

  $ 27,337,275     $ 24,727,612  

 

The accompanying notes are an integral part of the financial statements.

 

 
3

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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2014 and 2013

 

NOTE 1 - DESCRIPTION OF PLAN

 

The Ames National Corporation 401(k) Profit Sharing Plan (the Plan) is sponsored by Ames National Corporation and its subsidiaries: First National Bank, Ames, Iowa (the Plan trustee); Boone Bank & Trust Co., Boone, Iowa; Reliance State Bank, Story City, Iowa; State Bank & Trust Co., Nevada, Iowa; and United Bank & Trust NA, Marshalltown, Iowa (collectively, the Companies). The following description of the Plan provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

 

General and eligibility

 

The Plan is a defined contribution plan covering employees of the Companies who have completed six months of employment with a minimum of 500 hours of service and are age 21 or older. Employees are eligible to begin making salary deferral contributions to the Plan on January 1, or July 1, following their eligibility date and will also be eligible for the employer matching contribution at that time. To be entitled to employer nondiscretionary contributions, a participant must generally complete 1,000 hours of service during the Plan year and must be employed by the Companies on the last day of the Plan year. In addition, the Plan was amended in 2014 to provide for a Roth deferral and give predecessor employer service credit to the employees of a bank purchased by First National Bank, Ames, Iowa in 2014. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).

 

Contributions

 

Participants may contribute up to 100% of their annual compensation as defined by the Plan subject to the Internal Revenue Service limitations for 2014 and 2013. The Plan provides a matching contribution up to 3% of the participants’ compensation and a nondiscretionary contribution of 3% of the participants’ compensation. Participants may also contribute amounts representing distributions from other qualified defined benefit or contribution plans. Additionally, each participant age 50 or older may elect to make catch up contributions subject to certain limitation as of the Internal Revenue Service. All Plan investments were participant-directed into investment options offered by the Plan.

 

Participant accounts

 

Each participant’s account is credited with (a) the participant’s contribution, (b) the Companies’ matching contribution, (c) an allocation of the Companies’ nondiscretionary contribution and (d) Plan earnings. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

 
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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2014 and 2013

 

NOTE 1 - DESCRIPTION OF PLAN (CONTINUED)

 

Vesting

 

Participants are immediately vested in their voluntary contributions and the Companies’ matching contributions and earnings thereon. Vesting in the Companies’ nondiscretionary contributions and earnings thereon is based on years of continuous service established after reaching 1,000 hours of credited service in a year. A participant is 100% vested in the Companies’ nondiscretionary contributions after three years of credited service with no vesting prior to that time.

 

Payment of benefits

 

On termination of service due to death, disability, retirement or any other reason, a participant or their beneficiaries may elect to receive an amount equal to the value of the participant’s vested interest in his or her account in a lump sum amount. Benefits related to the nondiscretionary contribution are immediately vested on termination of service due to death, disability and normal retirement. Benefits related to the nondiscretionary contribution for other reasons are generally paid only if the participant is employed on the last day of the Plan year and has 1,000 hours of service.

 

Notes receivable from participants

 

Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Notes receivable from participants at December 31, 2014, mature through 2024 and the interest rates (as determined by the Plan Administrator) are 2.75%. Principal and interest are paid ratably through monthly payroll deductions, generally, over five years. However, repayment of notes receivable from participants for the purchase of a primary residence may exceed five years, but no longer than ten years. The notes receivable from participants are secured by the balance in the participants’ account.

 

Forfeited accounts

 

The forfeitures are used to reduce future contributions from the Companies. During the years ended December 31, 2014 and 2013, forfeitures from nonvested account balances reduced Companies’ contributions each year by approximately $1,000 and $5,000, respectively. At December 31, 2014 and 2013, forfeited nonvested account balances totaled approximately $6,000 and $1,000, respectively. These accounts will be used to reduce future contributions from the Companies.

 

 
5

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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2014 and 2013

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The Plan year ends on December 31. Significant accounting policies followed by the Plan are presented below.

 

Basis of presentation

 

The accompanying financial statements have been prepared on the accrual basis of accounting.

 

Use of estimates in preparing financial statements

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

 

Cash

 

Cash is recorded at cost, which approximates fair value, and is pending allocation to participant accounts.

 

Investments

 

Investments are reported at fair value. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. See Note 7 for discussion of fair value measurements.

 

Purchases and sales of investment securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in fair value of investments includes realized gains and losses on investments sold as well as unrealized gains and losses on investments held during the year.

 

Notes receivable from participants

 

Notes receivable from participants are stated at the amount of unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on an accrual basis. Payments of notes receivable from participants are applied to the specific accounts comprising the balance. No allowance for credit losses has been recorded as of December 31, 2014 and 2013. Delinquent and unpaid notes receivable are reclassified as a distribution against the participant’s vested balance.

 

Payment of benefits

 

Benefits are recorded when paid.

 

 
6

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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2014 and 2013

 

NOTE 3 FINANCIAL INSTRUMENT RISK

 

The Plan maintains all its cash in a deposit account at the Plan trustee, which at times, may exceed federally insured limits. Management believes the Plan is not exposed to any significant credit risk on its cash.

 

NOTE 4 - ADMINISTRATIVE EXPENSES

 

Certain administrative functions are performed by officers or employees of the Companies. No such officer or employee receives compensation from the Plan. Certain other administrative expenses are paid directly by the Companies. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are included in administrative expenses. Investment related expenses are included in net appreciation of fair value of investments.

 

NOTE 5 - INVESTMENTS

 

The following table presents the Plan investments that represent 5% or more of the Plan’s net assets as of December 31:

 

    2014     2013  
                 

Vanguard Balanced Index Institutional Fund

  $ 9,381,427     $ 8,550,931  

Ames National Corporation, Common Stock

    2,205,082       1,933,914  

Vanguard Mid-Cap Index

    1,819,922       1,553,741  

Vanguard Small-Cap Index

    1,509,212       1,514,868  

Vanguard 500 Index

    1,486,442       *  

Vanguard Target Retire 2025

    1,435,145       *  

 

* Balance less than 5% of the Plan's net assets

   

 

The Plan’s investments, including gains and losses on investments bought and sold as well as held during the year, appreciated in fair value for the years ended December 31, 2014 and 2013 as follows:

 

   

2014

   

2013

 
                 

Mutual Funds

  $ 1,146,149     $ 2,432,404  

Separately Managed Trust Account

    -       680,471  

Common Stock Fund

    315,739       31,601  
                 

Net appreciation in fair value of investments

  $ 1,461,888     $ 3,144,476  

 

 
7

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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2014 and 2013

 

NOTE 6 - TRANSACTIONS WITH PARTIES-IN-INTEREST

 

At December 31, 2014 and 2013, the Plan held 85,007 and 86,374 shares of Ames National Corporation, a party-in-interest, common stock with a fair value of $2,205,082 and $1,933,914, respectively. At December 31, 2014 and 2013, the Plan also held cash totaling $314,101 and $320,911 at the Plan trustee.

 

The Plan sold or distributed 3,710 shares for $96,165 during the year ended December 31, 2014. The Plan purchased 2,343 shares for $51,594 during the year ended December 31, 2014. The Plan sold or distributed 13,784 shares for $289,086 during the year ended December 31, 2013. The Plan purchased 2,241 shares for $46,960 during the year ended December 31, 2013. All assets are held through trust agreement by the Plan trustee, who is also a party-in-interest.

 

NOTE 7 – FAIR VALUE MEASUREMENTS

 

GAAP establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described as follows:

 

 

  

Level 1:

Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. 

  

  

Level 2:

Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatility, prepayment speeds, credit risk); or, inputs derived principally from or can be corroborated by observable market data by correlation or other means.

 

If the asset or liability has a specified term, the level 2 input must be observable for substantially the full term of the asset or liability. 

 

 

  

Level 3:

Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation.


 
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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2014 and 2013

 

NOTE 7 – FAIR VALUE MEASUREMENTS (CONTINUED)

 

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

 

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2014 and 2013.

 

Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

 

Common stocks: Valued at the closing price reported on the active market on which the individual securities are traded.

 

Money market account: Valued at cost, which approximates fair value.

 

 
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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2014 and 2013

 

NOTE 7 – FAIR VALUE MEASUREMENTS (CONTINUED)

 

The following table presents the balances of assets measured at fair value by level as of December 31:

 

2014

                               

Description

 

Level 1

   

Level 2

   

Level 3

   

Total

 
                                 

Assets:

                               

Mutual funds:

                               

Indexed funds

  $ 14,845,442     $ -     $ -     $ 14,845,442  

Target maturity funds

    4,329,208       -       -       4,329,208  

Other funds

    4,961,033       -       -       4,961,033  

Money market fund

    473,726       -       -       473,726  

Total mutual funds

    24,609,409       -       -       24,609,409  
                                 

Common stock fund:

                               

Ames National Corporation, common stock

    2,205,082       -       -       2,205,082  

Money market account

    -       50,424       -       50,424  

Total common stock fund

    2,205,082       50,424       -       2,255,506  
                                 

Total investments at fair value

  $ 26,814,491     $ 50,424     $ -     $ 26,864,915  

 

2013

                               

Description

 

Level 1

   

Level 2

   

Level 3

   

Total

 
                                 

Assets:

                               

Mutual funds:

                               

Indexed funds

  $ 13,476,962     $ -     $ -     $ 13,476,962  

Target maturity funds

    3,787,245       -       -       3,787,245  

Other funds

    4,613,116       -       -       4,613,116  

Money market fund

    361,720       -       -       361,720  

Total mutual funds

    22,239,043       -       -       22,239,043  
                                 

Common stock fund:

                               

Ames National Corporation, common stock

    1,933,914       -       -       1,933,914  

Money market account

    -       48,958       -       48,958  

Total common stock fund

    1,933,914       48,958       -       1,982,872  
                                 

Total investments at fair value

  $ 24,172,957     $ 48,958     $ -     $ 24,221,915  

 

 
10

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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2014 and 2013

 

NOTE 8 - PLAN TERMINATION

 

Although they have not expressed any intent to do so, the Companies have the right to terminate the Plan at any time subject to the provisions of ERISA. Upon termination, all participants will become 100% vested in their accounts.

 

NOTE 9 - TAX STATUS

 

The determination letter received for the Plan prototype document was dated March 31, 2014. In this letter, the Internal Revenue Service stated that the prototype plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code (IRC) and, therefore, not subject to tax. The Plan has not applied for its own determination letter. The prototype plan has been amended since receiving the determination letter. However, the Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax exempt.

 

GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Plan management believes the Plan is no longer subject to income tax examinations for the years prior to 2011.

 

The Department of Labor initiated a review of the Plan in 2013. The review of the Plan has not been completed as of December 31, 2014.

 

NOTE 10 - RISKS AND UNCERTAINTIES

 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

 

NOTE 11 NON-EXEMPT TRANSACTIONS

 

The Company failed to remit employee 401(k) deferral contributions for certain payroll periods within the timeframe prescribed by the Department of Labor. This is deemed a prohibited transaction in accordance with ERISA and the Internal Revenue Code. The Company has corrected the prohibited transaction by depositing the lost earnings, filing the required Form 5330 with the Internal Revenue Service and paying the appropriate excise tax.

 

 
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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2014 and 2013

 

NOTE 12 – SUBSEQUENT EVENTS

 

In preparing these financial statements, Plan management has evaluated events and transactions for potential recognition or disclosure through June 26, 2015, the date the financial statement were issued.

 

This information is an integral part of the accompanying financial statements.

 

 
12

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SUPPLEMENTARY SCHEDULES

 

 
13

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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

SCHEDULE H, LINE 4a, SCHEDULE OF DELIQUENT PARTICIPANT CONTRIBUTIONS

Plan #002 EIN # 42-103907

December 31, 2014

 

Participant

Total that Constitute Nonexempt

Total Fully

Contributions

Prohibited Transactions

Corrected

Transferred

     

Under

Late to Plan

     

VFCP and

       

PTE 2002-

Check here if

Contributions

Contributions

Contributions

51

Late to Plan

Not

Corrected

Pending

 

Participant

Corrected

Outside

Correction in

 

Loan

 

VFCP

VFCP

 

Repayments

       

are included:

       
         
         

$

31,129  

$

31,129 

$

$

 

 
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AMES NATIONAL CORPORATION

401(k) PROFIT SHARING PLAN

SCHEDULE H, LINE 4i, SCHEDULE OF ASSETS (HELD AT END OF YEAR)

Plan #002 EIN # 42-103907

December 31, 2014

 

 

(b)

           

(e)

 
 

Identity of issuer, borrower,

(c )

 

(d)

   

Fair

 

(a)

lessor, or similar party

Description of investment

 

Cost

   

Value

 
                     
*

Assets held by First National Bank, Ames, Iowa, as Trustee

                 
                     
 

American Europacific Growth R6

Mutual fund

    **     $ 692,964  
 

American Funds Capital Income Builder R6

Mutual fund

    **       290,904  
 

American Funds Growth Fund of America R6

Mutual fund

    **       1,131,577  
 

American Funds Income Fund R6

Mutual fund

    **       359,237  
 

Davis NY Venture A

Mutual fund

    **       748,000  
 

Oppenheimer Developing Markets

Mutual fund

    **       868,849  
 

PIMCO Total Return P

Mutual fund

    **       74,510  
 

Vanguard 500 Index

Mutual fund

    **       1,486,442  
 

Vanguard Balanced Index Institutional Fund

Mutual fund

    **       9,381,427  
 

Vanguard Bond Index

Mutual fund

    **       271,031  
 

Vanguard Develop Markets Index

Mutual fund

    **       254,155  
 

Vanguard Mid-Cap Index

Mutual fund

    **       1,819,922  
 

Vanguard Prime Money Market Index

Mutual fund

    **       473,726  
 

Vanguard Small-Cap Index

Mutual fund

    **       1,509,212  
 

Vanguard Target Retire 2015

Mutual fund

    **       501,572  
 

Vanguard Target Retire 2025

Mutual fund

    **       1,435,145  
 

Vanguard Target Retire 2035

Mutual fund

    **       1,123,380  
 

Vanguard Target Retire 2045

Mutual fund

    **       656,312  
 

Vanguard Target Retire 2055

Mutual fund

    **       94,245  
 

Vanguard Target Retire Income

Mutual fund

    **       518,554  
 

Vanguard Total Stock Index

Mutual fund

    **       48,744  
 

Washington Mutual Investors R6

Mutual fund

    **       869,501  
 

Total

            24,609,409  
                     
*

Ames National Corporation, common stock

Common stock fund

    **       2,205,082  
 

Schwab money market account

Common stock fund

    **       50,424  
 

Total

            2,255,506  
                     
*

Notes receivable from participants

Interest rates of 2.75% and maturity dates from January 2015 through May 2024.

            158,137  
                   
 

Total

          $ 27,023,052  

 

*

Indicates a party-in-interest to the Plan

     

**

Cost information is not required for participant-directed investments, and, therefore, is not included

 

 

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