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)
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x
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2011
OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _______________ to _______________
Commission File Number: 0-32637
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A.
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Full title of the Plan and the address of the Plan, if different from that of the issuer named below:
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Ames National Corporation 401(k) Profit Sharing Plan
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B.
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Name of the issuer of the securities held pursuant to the Plan and the address of its principal executive office:
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Ames National Corporation
405 Fifth Street
Ames, Iowa 50010
REQUIRED INFORMATION
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1.
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Financial statements and schedules 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.
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2.
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A written consent of Independent Registered Public Accounting Firm is attached hereto as Exhibit 23 and is incorporated herein by this reference.
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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 27, 2012 | ||
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AMES NATIONAL CORPORATION 401(k)
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||
| PROFIT SHARING PLAN | ||
| By: |
First National Bank, Ames, Iowa, Trustee
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| By: |
/s/ Steven J. McLaughlin
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| Name: | Steven J. McLaughlin | |
| Title: | Vice President and Senior Trust Officer | |
EXHIBIT INDEX
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Exhibit
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Number
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Exhibit
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Consent of Independent Registered Accounting Firm
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AMES NATIONAL CORPORATION
401(k) PROFIT SHARING PLAN
Ames, Iowa
FINANCIAL STATEMENTS
December 31, 2011 and 2010
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Page
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| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
1
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| FINANCIAL STATEMENTS | ||
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2
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3
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4
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| SUPPLEMENTAL SCHEDULE |
12
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13
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The Plan Administrator
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Ames National Corporation 401(k) Profit Sharing Plan
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Ames, Iowa
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We have audited the accompanying statements of net assets available for benefits of Ames National Corporation 401(k) Profit sharing Plan as of December 31, 2011 and 2010, and the related statements 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, 2011 and 2010, 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.
Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedule is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is presented fairly, in all material respects, in relation to the basic financial statements taken as a whole.
 |
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West Des Moines, Iowa
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June 27, 2012
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AMES NATIONAL CORPORATION
401(k) PROFIT SHARING PLAN
December 31, 2011 and 2010
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2011
|
2010
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|||||||
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CASH
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$ | 275,928 | $ | 265,380 | ||||
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PARTICIPANT-DIRECTED INVESTMENTS
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21,757,157 | 23,975,284 | ||||||
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RECEIVABLES
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||||||||
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Accrued interest and dividends
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15,260 | 23,815 | ||||||
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Contributions receivable from employer
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- | 223 | ||||||
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Notes receivable from participants
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121,909 | 117,341 | ||||||
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NET ASSETS AVAILABLE FOR BENEFITS
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$ | 22,170,254 | $ | 24,382,043 | ||||
AMES NATIONAL CORPORATION
401(k) PROFIT SHARING PLAN
Years Ended December 31, 2011 and 2010
|
2011
|
2010
|
|||||||
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ADDITIONS TO NET ASSETS ATTRIBUTED TO:
|
||||||||
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Investment income (loss):
|
||||||||
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Interest
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$ | 65,723 | $ | 94,062 | ||||
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Dividends
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541,932 | 501,941 | ||||||
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Net appreciation (depreciation) in fair value of investments
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(769,736 | ) | 1,801,549 | |||||
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Total investment income (loss)
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(162,081 | ) | 2,397,552 | |||||
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Interest income from notes receivable from participants
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5,244 | 6,297 | ||||||
|
Contributions:
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||||||||
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Employer
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507,468 | 487,681 | ||||||
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Participants
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717,579 | 698,042 | ||||||
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Total contributions
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1,225,047 | 1,185,723 | ||||||
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Total additions
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1,068,210 | 3,589,572 | ||||||
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DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
|
||||||||
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Benefits paid to participants
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3,276,453 | 305,327 | ||||||
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Operating expenses
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3,546 | 1,173 | ||||||
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Total deductions
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3,279,999 | 306,500 | ||||||
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NET INCREASE (DECREASE)
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(2,211,789 | ) | 3,283,072 | |||||
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NET ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR
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24,382,043 | 21,098,971 | ||||||
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NET ASSETS AVAILABLE FOR BENEFITS, END OF YEAR
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$ | 22,170,254 | $ | 24,382,043 | ||||
The accompanying notes are an integral part of the financial statements
AMES NATIONAL CORPORATION
401 (k) PROFIT SHARING PLAN
December 31, 2011 and 2010
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; Randall-Story 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 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. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
Contributions
Participants may contribute up to 100% of their annual compensation as defined by the Plan subject to the Internal Revenue Service limitations for 2011 and 2010. In 2010, the Plan was restated and provided a matching contribution up to 3% of the participant’s 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. 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. Forfeited balances of terminated participants’ nonvested balances are used to reduce future contributions from the Companies.
Vesting
Participants are immediately vested in their voluntary contributions and the employer 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 and discretionary contributions after three years of credited service with no vesting prior to that time.
AMES NATIONAL CORPORATION
401 (k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2011 and 2010
NOTE 1 - DESCRIPTION OF PLAN (CONTINUED)
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 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, 2011, mature through 2020 and the interest rates (as determined by the Plan Administrator) range from 2.75% to 7.75%. 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 participant’s account.
Forfeited accounts
The forfeitures are used to reduce future employer contributions from the Companies. During the years ended December 31, 2011 and 2010, forfeitures from nonvested account balances reduced employer contributions by approximately $21,000 and $5,000, respectively. Forfeitures for nonvested account balances as of December 31, 2011 and 2010 were approximately $22,000 and $20,000, respectively.
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 State 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.
AMES NATIONAL CORPORATION
401 (k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2011 and 2010
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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. Payments of notes receivable from participants are applied to the specific accounts comprising the balance. Delinquent and unpaid notes receivable are reclassified as a distribution against the participant’s vested balance.
Payment of benefits
Benefits are recorded when paid.
Recent accounting pronouncements
In May, 2011, the Financial Accounting Standards Board (FASB) issued amended guidance which eliminates terminology difference between GAAP and International Financial Reporting Standards (IFRS) on the measurement of fair value and the related fair value disclosures. While largely consistent with existing fair value measurement principles and disclosures, the changes were made as part of the continuing efforts to converge GAAP and IFRS. The adoption of this guidance is effective for annual periods beginning after December 15, 2011, and is not expected to have a significant impact on the Company’s financial statements.
NOTE 3 – FINANCIAL INSTRUMENT RISK
The Plan maintains all its cash in a non-interest bearing deposit account at First National Bank, Ames, Iowa. As of December 31, 2011 and 2010, the balance in the Plan’s non-interest bearing transaction deposit account is fully insured by the FDIC.
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.
AMES NATIONAL CORPORATION
401 (k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2011 and 2010
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:
|
2011
|
2010
|
|||||||
|
ANC Balanced Fund
|
$ | 8,687,813 | $ | 9,650,753 | ||||
|
Ames National Corporation, Common Stock
|
2,352,168 | 2,891,613 | ||||||
|
Oppenheimer Develop Markets
|
1,176,922 | 1,469,537 | ||||||
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Vanguard Target Retire 2025
|
1,164,881 | * | ||||||
|
Vanguard Small-Cap Index
|
1,148,565 | * | ||||||
* Balance less than 5% of 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 (depreciated) in fair value for the years ended December 31, 2011 and 2010 as follows:
|
2011
|
2010
|
|||||||
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Mutual Funds
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$ | (665,589 | ) | $ | 1,131,564 | |||
|
ANC Balanced Fund
|
246,585 | 595,290 | ||||||
|
Common Stock Fund
|
(350,732 | ) | 74,695 | |||||
|
Net appreciation (depreciation) in fair value of investments
|
$ | (769,736 | ) | $ | 1,801,549 | |||
NOTE 6 - TRANSACTIONS WITH PARTIES-IN-INTEREST
At December 31, 2011 and 2010, the Plan held 120,624 and 133,440 shares of Ames National Corporation, a party-in-interest, common stock with a fair value of $2,352,168 and $2,891,613, respectively. At December 31, 2011 and 2010, the Plan also held cash totaling $275,928 and $265,380 at First National Bank, Ames, Iowa.
The Plan sold or distributed 34,261 shares for $574,496 during the year ended December 31, 2011. The Plan purchased 21,445 shares for $385,783 during the year ended December 31, 2011. The Plan did not purchase or sell any shares of Ames National Corporation common stock during the year ended December 31, 2010. The Plan trustee is the Trust Department of First National Bank, Ames, Iowa. All assets are held through trust agreement by the trustee, who is also a party-in-interest.
AMES NATIONAL CORPORATION
401 (k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2011 and 2010
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.
|
|
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.
|
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, 2011 and 2010.
Mutual funds: Valued at the net asset value (NAV) of shares held by the Plan at year end.
Separately managed trust account (ANC Balanced Fund): Valued at NAV based on the fair value of the underlying investments of the Fund. The investments are Level 1 and Level 2 assets consisting of common and preferred stocks, equity and bond funds, government agency and corporate bonds and a money market account. No amount greater than $50,000 can be withdrawn from the Fund, without a 90 day notice. The Fund investment strategy is to seek total return through long-term growth of capital and current income. This Fund’s asset allocation strategy seeks to provide moderate market appreciation along with a consistent income potential provided by fixed maturity investments and dividend income. The Fund had no unfunded commitments.
AMES NATIONAL CORPORATION
401 (k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2011 and 2010
NOTE 7 – FAIR VALUE MEASUREMENTS (CONTINUED)
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.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while Plan management believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following table presents the balances of assets measured at fair value by level as of December 31:
|
2011
|
||||||||||||||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Mutual funds:
|
||||||||||||||||
|
Mutual fund-other funds
|
$ | 3,750,743 | $ | - | $ | - | $ | 3,750,743 | ||||||||
|
Mutual funds-indexed funds
|
3,654,603 | - | - | 3,654,603 | ||||||||||||
|
Mutual funds-money market fund
|
394,163 | - | - | 394,163 | ||||||||||||
|
Mutual funds-target maturity funds
|
2,883,451 | - | - | 2,883,451 | ||||||||||||
|
Total mutual funds
|
10,682,960 | - | - | 10,682,960 | ||||||||||||
|
Separately managed trust account :
|
||||||||||||||||
|
ANC Balanced Fund
|
- | 8,687,813 | - | 8,687,813 | ||||||||||||
|
Total separately managed trust account
|
- | 8,687,813 | - | 8,687,813 | ||||||||||||
|
Common stock fund:
|
||||||||||||||||
|
Ames National Corporation, common stock
|
2,352,168 | - | - | 2,352,168 | ||||||||||||
|
Money market account
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- | 34,216 | - | 34,216 | ||||||||||||
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Total common stock fund
|
2,352,168 | 34,216 | - | 2,386,384 | ||||||||||||
|
Total assets at fair value
|
$ | 13,035,128 | $ | 8,722,029 | $ | - | $ | 21,757,157 | ||||||||
AMES NATIONAL CORPORATION
401 (k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2011 and 2010
NOTE 7 – FAIR VALUE MEASUREMENTS (CONTINUED)
|
2010
|
||||||||||||||||
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Description
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Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets:
|
||||||||||||||||
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Mutual funds:
|
||||||||||||||||
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Mutual fund-other funds
|
$ | 3,998,616 | $ | - | $ | - | $ | 3,998,616 | ||||||||
|
Mutual funds-indexed funds
|
3,909,225 | - | - | 3,909,225 | ||||||||||||
|
Mutual funds-money market fund
|
478,870 | - | - | 478,870 | ||||||||||||
|
Mutual funds-target maturity funds
|
2,816,354 | - | - | 2,816,354 | ||||||||||||
|
Total mutual funds
|
11,203,065 | - | - | 11,203,065 | ||||||||||||
|
Separately managed trust account :
|
||||||||||||||||
|
ANC Balanced Fund
|
- | 9,650,753 | - | 9,650,753 | ||||||||||||
|
Total separately managed trust account
|
- | 9,650,753 | - | 9,650,753 | ||||||||||||
|
Common stock fund:
|
||||||||||||||||
|
Ames National Corporation, common stock
|
2,891,613 | - | - | 2,891,613 | ||||||||||||
|
Money market account
|
- | 229,853 | - | 229,853 | ||||||||||||
|
Total common stock fund
|
2,891,613 | 229,853 | - | 3,121,466 | ||||||||||||
|
Total assets at fair value
|
$ | 14,094,678 | $ | 9,880,606 | $ | - | $ | 23,975,284 | ||||||||
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, 2008. 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. Subsequent to this issuance of the determination letter, the Plan was amended. The Plan Administrator believes that the Plan is being operated in compliance with applicable requirements of the IRC and, therefore, the Plan, as amended, is qualified and the related trust is tax exempt.
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.
AMES NATIONAL CORPORATION
401 (k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2011 and 2010
NOTE 11 – SUBSEQUENT EVENTS
Management evaluated subsequent events through the date the financial statements were issued. Events or transactions occurring after December 31, 2011, but prior to when the financial statements were issued, that provided additional evidence about conditions that existed at December 31, 2011 have been recognized in the financial statements for the year ended December 31, 2011. Events or transactions that provided evidence about conditions that did not exist at December 31, 2011 but arose before the financial statements were issued, have not been recognized in the financial statements for the year ended December 31, 2011.
This information is an integral part of the accompanying financial statements.
AMES NATIONAL CORPORATION
401 (k) PROFIT SHARING PLAN
Plan #002 EIN # 42-103907
December 31, 2011
|
(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 R5
|
Mutual fund
|
** | $ | 389,088 | ||||||
|
American Funds Capital Income Builder R5
|
Mutual fund
|
** | 286,383 | |||||||
|
American Funds Growth
|
Mutual fund
|
** | 747,965 | |||||||
|
American Funds Income Fund
|
Mutual fund
|
** | 284,115 | |||||||
|
Davis NY Venture A
|
Mutual fund
|
** | 541,049 | |||||||
|
Oppenheimer Develop Markets
|
Mutual fund
|
** | 1,176,922 | |||||||
|
PIMCO Total Return R
|
Mutual fund
|
** | 441,077 | |||||||
|
Vanguard 500 Index
|
Mutual fund
|
** | 533,235 | |||||||
|
Vanguard Bond Index
|
Mutual fund
|
** | 473,443 | |||||||
|
Vanguard Develop Markets Index
|
Mutual fund
|
** | 228,967 | |||||||
|
Vanguard Mid-Cap Index
|
Mutual fund
|
** | 829,316 | |||||||
|
Vanguard Prime Money Market Index
|
Mutual fund
|
** | 394,163 | |||||||
|
Vanguard Small-Cap Index
|
Mutual fund
|
** | 1,148,565 | |||||||
|
Vanguard Target Retire 2005
|
Mutual fund
|
** | 216,864 | |||||||
|
Vanguard Target Retire 2015
|
Mutual fund
|
** | 410,582 | |||||||
|
Vanguard Target Retire 2025
|
Mutual fund
|
** | 1,164,881 | |||||||
|
Vanguard Target Retire 2035
|
Mutual fund
|
** | 425,030 | |||||||
|
Vanguard Target Retire 2045
|
Mutual fund
|
** | 344,307 | |||||||
|
Vanguard Target Retire Income
|
Mutual fund
|
** | 321,787 | |||||||
|
Washington Mutual Investors
|
Mutual fund
|
** | 325,221 | |||||||
|
Total
|
10,682,960 | |||||||||
|
*
|
ANC Balanced Fund
|
Separately managed trust account
|
** | 8,687,813 | ||||||
|
*
|
Ames National Corporation, common stock
|
Common stock fund
|
** | 2,352,168 | ||||||
|
Money market account
|
Common stock fund
|
** | 34,216 | |||||||
|
Total
|
2,386,384 | |||||||||
|
*
|
Notes receivable from participants
|
Interest rates ranging from 2.75% to 7.75% and maturity dates from March 2012 through March 2020.
|
121,909 | |||||||
|
Total
|
$ | 21,879,066 | ||||||||
|
*
|
Indicates a party-in-interest to the Plan
|
|
**
|
Cost information is not required for participant-directed investments, and, therefore, is not included
|
13