UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
11-K
(Mark
One)
|
x
|
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF
1934
|
For
the
fiscal year ended December 31, 2006
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
REQUIRED
INFORMATION
|
|
1.
|
Financial
statements and schedules of the Ames National Corporation 401(k)
Profit
Sharing Plan are included
herein.
|
|
|
2.
|
A
written consent of Independent Auditors is attached hereto as Exhibit
23
and is incorporated herein by this
reference.
|
AMES
NATIONAL CORPORATION
401(k)
PROFIT SHARING PLAN
Ames,
Iowa
FINANCIAL
STATEMENTS
December
31, 2006
|
TABLE
OF CONTENTS
|
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Page
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1
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2
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3
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4
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5
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9
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10
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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 statement of net assets available for benefits
of Ames
National Corporation 401(k) Profit sharing Plan as of December 31, 2006,
and the
related statement of changes in net assets available for benefits for
the year
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 audit.
We
conducted our audit 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 audit provides
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, 2006, and the
changes
in net assets available for benefits for the year then ended in conformity
with
United States generally accepted accounting principles.
Our
audit
was made 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 audit 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.
West
Des
Moines, Iowa
October
3, 2007
AMES
NATIONAL
CORPORATION
401(k)
PROFIT SHARING PLAN
STATEMENT
OF NET ASSETS AVAILABLE FOR BENEFITS
December
31, 2006
|
INVESTMENTS
|
||||
|
Certificates
of deposit
|
$ |
95,057
|
||
|
U.S.
government and government agency securities
|
2,053,755
|
|||
|
Corporate
bonds
|
1,963,302
|
|||
|
Preferred
stocks
|
556,200
|
|||
|
Common
stocks
|
11,320,436
|
|||
|
Mutual
funds
|
2,284,189
|
|||
|
Participant
loans
|
91,416
|
|||
|
Interest-bearing
cash
|
501,113
|
|||
|
Total
investments
|
18,865,468
|
|||
|
CASH
|
456,086
|
|||
|
RECEIVABLES
|
||||
|
Accrued
interest and dividends
|
71,035
|
|||
|
Contributions
receivable from employer
|
50,387
|
|||
|
NET
ASSETS
AVAILABLE
FOR BENEFITS
|
$ |
19,442,976
|
||
These
financial statements should be read only in connection with
the
accompanying
summary of significant accounting policies
and
notes
to financial statements.
2
AMES
NATIONAL CORPORATION
401
(k) PROFIT SHARING PLAN
STATEMENT
OF CHANGES IN NET ASSETS AVAILABLEFOR
BENEFITS
Year
ended December 31, 2006
|
ADDITIONS
TO NET ASSETS ATTRIBUTED TO:
|
||||
|
Investment
income:
|
||||
|
Interest
and dividends
|
$ |
722,090
|
||
|
Net
appreciation in fair value of investments
|
520,685
|
|||
|
Total
investment income
|
1,242,775
|
|||
|
Contributions:
|
||||
|
Employer
|
579,254
|
|||
|
Participant
|
577,665
|
|||
|
Total
contributions
|
1,156,919
|
|||
|
Total
additions
|
2,399,694
|
|||
|
DEDUCTIONS
FROM NET ASSETS ATTRIBUTED TO:
|
||||
|
Benefits
paid to participants
|
1,501,072
|
|||
|
Operating
expenses
|
338
|
|||
|
Total
deductions
|
1,501,410
|
|||
|
NET
INCREASE
|
898,284
|
|||
|
NET
ASSETS AVAILABLE FOR BENEFITS, BEGINNING OF YEAR
|
18,544,692
|
|||
|
NET
ASSETS AVAILABLE FOR BENEFITS, END OF YEAR
|
$ |
19,442,976
|
||
These
financial statements should be read only in connection with
the
accompanying
summary of significant accounting policies
and
notes
to financial statements.
3
AMES
NATIONAL
CORPORATION
401(k)
PROFIT SHARING PLAN
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
December
31, 2006
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, Boone, Iowa; Randall-Story State Bank,
Story City, Iowa; State Bank & Trust, Nevada, Iowa; and United Bank &
Trust, Marshalltown, Iowa (collectively, the Companies). 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 and present the net assets available for plan benefits and
changes in
those assets in accordance with generally accepted accounting
principles.
USE
OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS
The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that
affect the reported amounts of assets and liabilities, the disclosure
of
contingent assets and liabilities at the date of the financial statements
and
reported amounts of additions to and deductions from net assets during
the
reporting period. Actual results could differ from those
estimates.
INVESTMENTS
The
Plan's investments are stated at fair value. The fair value of the
interest-bearing cash and certificates of deposit are determined to be
equal to
cost. The fair value of the Plan's investments in U.S. government and
government
agency securities, corporate bonds and preferred and common stocks are
based on
quoted market prices. Shares of mutual funds are valued at the net asset
value
of shares held by the Plan at year-end. The fair value of participant
loans has
been determined to be equal to the unpaid principal balance.
Purchases
and sales of investment securities are recorded on a trade-date basis.
Interest
is recorded on the accrual basis. Dividends are recorded on the ex-dividend
date.
PAYMENT
OF BENEFITS
Benefits
are recorded when paid.
This
information is an integral part of the accompanying financial
statements.
4
AMES
NATIONAL CORPORATION
401(k)
PROFIT SHARING PLAN
NOTES
TO FINANCIAL STATEMENTS
December
31, 2006
NOTE
1 - DESCRIPTION OF PLAN
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 service and are age 21 or older. Employees are
eligible
to make salary deferral contributions to the Plan on the first day of
the Plan
year following their eligibility date. To be entitled to employer 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).
Contributions
Participants
may contribute up to 100% of their annual compensation as defined by
the Plan
subject to limits of $15,000 and $14,000 in 2006 and 2005, respectively.
The
Companies provide a matching contribution up to 2% of the participant's
compensation, a nondiscretionary contribution of 5% of the participants'
compensation and may also make additional discretionary contributions
based on
profits. The discretionary contributions are determined by the Boards
of
Directors on an annual basis. Participants may also contribute amounts
representing distributions from other qualified defined benefit or contribution
plans. In 2005, all Plan investments were directed by the Plan trustee.
In 2006,
the Plan investments for deferral and matching contributions are
participant-directed, and the Companies' nondiscretionary and discretionary
contributions are invested by the Plan trustee (not participant directed).
For
2007, all Plan investments will be participant-directed.
Participant
accounts
Each
participant's account is credited with that participant's contribution,
the
Companies' matching contribution and an allocation of (a) the Companies'
discretionary contribution and (b) 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'
discretionary and nondiscretionary contributions and earnings thereon
is based
on years of continuous service. A participant is 100% vested in discretionary
contributions after five years of credited service with no vesting prior
to that
time.
5
AMES
NATIONAL CORPORATION
401
(k) PROFIT SHARING PLAN
NOTES
TO FINANCIAL STATEMENTS
December
31, 2006
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.
Loans
to 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. Loan transactions are
treated as
a transfer to (from) the investment fund from (to) the participant loan
fund.
Loans outstanding at December 31, 2006 mature through 2016 and the interest
rates (as determined by the plan administrator) range from 4.5% to 7.5%.
Principal and interest are paid ratably through monthly payroll deductions,
generally, over five years. However, repayment of loans for the purchase
of a
primary residence may exceed five years. The loans are secured by the
balance in
the participant's account.
Forfeited
accounts
The
forfeitures are used to reduce contributions from the Companies. Forfeitures
for
non-vested account balances for the year ended December 31, 2006, were
approximately $13,300.
NOTE
2 - FINANCIAL INSTRUMENT RISK
The
Plan
maintains cash in bank deposit accounts, which, at times may exceed federally
insured limits. The Plan sponsor believes the Plan is not exposed to
any
significant credit risk on its cash accounts.
NOTE
3 - 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.
6
AMES
NATIONAL CORPORATION
401(k)
PROFIT SHARING PLAN
NOTES
TO FINANCIAL STATEMENTS
December
31, 2006
NOTE
4 - INVESTMENTS
The
following table presents the Plan investments that represent 5% or more
of the
Plan's net assets:
|
Common
stock:
|
||||
|
Ames
National Corporation
|
$ |
3,124,055
|
||
During
2006, the Plan's investments (including investments bought, sold and
held during
the year) appreciated in value by $520,685. Interest and dividends realized
on
the Plan investments for the year ended 2006 was $722,090.
NOTE
5 - NON-PARTICIPANT
DIRECTEDINVESTMENTS
As
of and
for the year ended December 31, 2006, information about the net assets
and the
significant components of the changes in net assets relating to the
non-participant directed investments is as follows:
|
Net
assets:
|
||||
|
Common
stocks
|
$ |
8,196,381
|
||
|
Preferred
stocks
|
556,200
|
|||
|
Corporate
bonds
|
1,963,302
|
|||
|
U.S.
government and government agency securities
|
2,053,755
|
|||
|
Mutual
funds
|
643,336
|
|||
|
Certificates
of deposit
|
95,057
|
|||
|
Interest-bearing
cash
|
501,113
|
|||
|
Total
|
$ |
14,009,144
|
||
|
Changes
in net assets:
|
||||
|
Contributions
|
$ |
971,300
|
||
|
Investment
income
|
1,004,890
|
|||
|
Benefits
paid to
participants
|
(1,439,651 | ) | ||
|
Transfers
to participant directed investments
|
(4,248,977 | ) | ||
|
Total
|
$ | (3,712,438 | ) | |
7
AMES
NATIONAL CORPORATION
401(k)
PROFIT SHARING PLAN
NOTES
TO FINANCIAL STATEMENTS
December
31, 2006
NOTE
6 - TRANSACTIONS WITH PARTIES-IN-INTEREST
At
December 31, 2006, the Plan held 148,839 shares of Ames National Corporation,
a
party-in-interest, common stock with a fair value of $3,124,055. At December
31,
2006, the Plan also held cash totaling $456,086 with First National Bank,
Ames,
Iowa.
NOTE
7 - 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.
NOTE
8 - TAX STATUS
The
Plan
obtained its latest determination letter dated August 24, 2004, in which
the
Internal Revenue Service stated that the 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 been amended since receiving
the aforementioned determination letter. However, the Plan Administrator
believes that the Plan is currently designed and being operated in compliance
with applicable requirements of the IRC.
NOTE
9 - 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 statement of net assets available
for
benefits.
This
information is an integral part of the accompanying financial
statements.
8
SUPPLEMENTAL
INFORMATION
9
AMES
NATIONAL CORPORATION
401(k)
PROFIT SHARING PLAN
SCHEDULE
H, LINE 4i, SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December
31, 2006
|
Description
|
Interest
Rate
|
Due
Date
|
Number
of Shares or Principal Amount
|
Cost
|
Fair
Value
|
||||||||||||
|
Assets
held at First National Bank, Ames, Iowa*
|
|||||||||||||||||
|
Certificates
of deposit:
|
|||||||||||||||||
|
Washington
Mutual
|
5.40 | % |
6/29/2007
|
95,000
|
$ |
95,000
|
$ |
95,057
|
|||||||||
|
U.S.
government and government agency securities:
|
|||||||||||||||||
|
Federal
Home Loan Bank
|
4.13
|
10/19/2007
|
150,000
|
149,218
|
149,028
|
||||||||||||
|
Federal
Home Loan Bank
|
4.19
|
12/28/2007
|
125,000
|
125,000
|
123,819
|
||||||||||||
|
Federal
Home Loan Bank
|
4.51
|
8/25/2008
|
100,000
|
100,000
|
98,804
|
||||||||||||
|
Federal
Home Loan Bank
|
4.02
|
11/24/2008
|
100,000
|
100,000
|
97,960
|
||||||||||||
|
Federal
Home Loan Bank
|
4.61
|
9/30/2009
|
125,000
|
125,000
|
122,902
|
||||||||||||
|
Federal
Home Loan Bank
|
4.25
|
12/29/2009
|
200,000
|
200,000
|
194,892
|
||||||||||||
|
Federal
Home Loan Bank
|
4.61
|
3/29/2030
|
125,000
|
125,000
|
122,483
|
||||||||||||
|
Federal
Home Loan Bank
|
4.50
|
5/12/2010
|
250,000
|
250,000
|
244,378
|
||||||||||||
|
Federal
Home Loan Bank
|
4.79
|
8/26/2010
|
200,000
|
200,000
|
196,536
|
||||||||||||
|
Federal
Home Loan Mortgage
|
5.88
|
3/21/2011
|
100,000
|
97,452
|
102,599
|
||||||||||||
|
Federal
Farm Credit Bank
|
4.77
|
5/25/2011
|
100,000
|
98,937
|
99,252
|
||||||||||||
|
Federal
Home Loan Bank
|
5.75
|
8/15/2011
|
200,000
|
195,042
|
203,800
|
||||||||||||
|
Federal
Home Loan Bank
|
5.00
|
8/5/2013
|
100,000
|
100,000
|
97,258
|
||||||||||||
|
Federal
Home Loan Bank
|
6.00
|
12/27/2013
|
100,000
|
100,003
|
100,161
|
||||||||||||
|
Federal
Home Loan Bank
|
6.20
|
8/15/2016
|
100,000
|
100,000
|
99,883
|
||||||||||||
|
2,065,652
|
2,053,755
|
||||||||||||||||
10
AMES
NATIONAL CORPORATION
401(k)
PROFIT SHARING PLAN
SCHEDULE
OF ASSETS (HELD AT END OF YEAR)
December
31,2006
|
Description
|
|
Interest
Rate
|
Due
Date
|
Number
of Shares or Principal Amount
|
Cost
|
Fair
Value
|
|||||||||||
|
Corporate
bonds:
|
|||||||||||||||||
|
Bank
One Corporation
|
6.00 | % |
2/17/2009
|
100,000
|
99,758
|
101,407
|
|||||||||||
|
Bellsouth
Corporation
|
6.00
|
10/15/2011
|
300,000
|
297,447
|
307,614
|
||||||||||||
|
Cargill,
Inc.
|
6.05
|
10/21/2008
|
50,000
|
48,729
|
50,566
|
||||||||||||
|
Cargill,
Inc.
|
6.28
|
11/10/2008
|
50,000
|
50,110
|
50,784
|
||||||||||||
|
Credit
Suisse Inc.
|
6.13
|
11/15/2011
|
225,000
|
223,861
|
233,840
|
||||||||||||
|
First
Data Corp Note
|
5.63
|
11/1/2011
|
100,000
|
101,584
|
100,348
|
||||||||||||
|
General
Electric Cap Corp
|
5.88
|
2/15/2012
|
100,000
|
97,903
|
102,994
|
||||||||||||
|
Goldman
Sachs Note Ser B
|
6.50
|
2/25/2009
|
120,000
|
121,694
|
123,255
|
||||||||||||
|
JP
Morgan
|
6.00
|
1/15/2009
|
100,000
|
99,436
|
101,568
|
||||||||||||
|
Lincoln
National Life
|
6.50
|
3/15/2008
|
100,000
|
99,630
|
101,380
|
||||||||||||
|
Merrill
Lynch Corp
|
6.00
|
2/17/2009
|
100,000
|
100,000
|
101,709
|
||||||||||||
|
Morgan
Stanley
|
3.63
|
4/1/2008
|
250,000
|
246,553
|
245,200
|
||||||||||||
|
Morgan
Stanley
|
4.00
|
1/15/2010
|
100,000
|
99,097
|
96,577
|
||||||||||||
|
National
Bank Bond
|
6.60
|
5/15/2010
|
100,000
|
105,673
|
104,404
|
||||||||||||
|
Sara
Lee Bond
|
6.15
|
6/19/2008
|
40,000
|
40,000
|
40,345
|
||||||||||||
|
US
Bank Bonds
|
6.50
|
2/1/2008
|
100,000
|
93,715
|
101,311
|
||||||||||||
|
1,925,190
|
1,963,302
|
||||||||||||||||
|
Preferred
stocks:
|
|||||||||||||||||
|
Wells
Fargo Cap IV
|
7.00
|
2,000
|
52,600
|
50,400
|
|||||||||||||
|
AT&T
Inc.
|
7.00
|
2,000
|
52,785
|
50,380
|
|||||||||||||
|
Citigroup
VII
|
7.13
|
4,000
|
106,280
|
101,440
|
|||||||||||||
|
General
Electric
|
6.63
|
2,000
|
53,200
|
50,420
|
|||||||||||||
|
ING
Group NV
|
6.20
|
4,000
|
92,360
|
101,920
|
|||||||||||||
|
Verizon,
New England
|
7.00
|
4,000
|
108,382
|
101,240
|
|||||||||||||
|
Wells
Fargo Cap Trust V
|
7.00
|
4,000
|
102,590
|
100,400
|
|||||||||||||
|
568,197
|
556,200
|
||||||||||||||||
11
AMES
NATIONAL CORPORATION
401
(k) PROFIT SHARING PLAN
SCHEDULE
OF ASSETS (HELD AT END OF YEAR)
December
31, 2006
(Continued)
|
Description
|
Interest
Rate
|
Due
Date
|
Number
of Shares or Principal Amount
|
Cost
|
Fair
Value
|
|||||||||||
|
Common
stocks:
|
||||||||||||||||
|
Alliant
Energy
|
6,550
|
177,134
|
247,393
|
|||||||||||||
|
Ameren
|
6,500
|
217,341
|
349,245
|
|||||||||||||
|
American
International Group
|
2,000
|
141,180
|
143,320
|
|||||||||||||
|
Ames
National Corporation*
|
148,839
|
239,893
|
3,124,055
|
|||||||||||||
|
Automatic
Data Processing
|
3,000
|
169,224
|
147,750
|
|||||||||||||
|
Chevron
|
2,800
|
114,831
|
205,884
|
|||||||||||||
|
Citigroup
|
1,500
|
66,300
|
83,550
|
|||||||||||||
|
Coca
Cola
|
4,400
|
261,469
|
212,300
|
|||||||||||||
|
ConocoPhillips
|
5,000
|
138,733
|
359,750
|
|||||||||||||
|
Donaldson
|
6,000
|
105,360
|
208,260
|
|||||||||||||
|
DuPont
|
2,538
|
75,577
|
123,626
|
|||||||||||||
|
ExxonMobil
|
12,500
|
49,469
|
957,875
|
|||||||||||||
|
General
Dynamics
|
1,000
|
37,620
|
74,350
|
|||||||||||||
|
General
Electric
|
17,500
|
658,817
|
651,175
|
|||||||||||||
|
Home
Depot
|
7,000
|
169,092
|
281,120
|
|||||||||||||
|
Intel
|
4,800
|
100,224
|
97,200
|
|||||||||||||
|
International
Business Machines
|
1,000
|
110,913
|
97,150
|
|||||||||||||
|
Johnson
& Johnson
|
7,000
|
250,350
|
462,140
|
|||||||||||||
|
JPMorgan
Chase
|
6,415
|
29,104
|
309,844
|
|||||||||||||
|
McDonald's
|
8,000
|
96,590
|
354,640
|
|||||||||||||
|
Merck
|
1,900
|
111,948
|
82,840
|
|||||||||||||
|
Microsoft
|
4,000
|
177,497
|
119,440
|
|||||||||||||
|
Pfizer
|
7,800
|
242,863
|
202,020
|
|||||||||||||
|
Procter
& Gamble
|
7,600
|
316,418
|
488,452
|
|||||||||||||
|
Staples
|
5,700
|
87,375
|
152,190
|
|||||||||||||
|
Stryker
|
1,050
|
50,752
|
57,866
|
|||||||||||||
|
United
Parcel Service
|
1,300
|
97,630
|
97,474
|
|||||||||||||
|
United
Technologies
|
1,800
|
63,192
|
112,536
|
|||||||||||||
|
US
Bancorp
|
3,000
|
89,766
|
108,570
|
|||||||||||||
|
Verizon
|
6,375
|
314,777
|
237,405
|
|||||||||||||
|
Walgreen
|
8,400
|
92,984
|
385,476
|
|||||||||||||
|
Wal-Mart
|
7,000
|
176,606
|
323,260
|
|||||||||||||
|
Wells
Fargo
|
13,000
|
336,111
|
462,280
|
|||||||||||||
|
5,367,137
|
11,320,436
|
|||||||||||||||
12
AMES
NATIONAL CORPORATION
401(k)
PROFIT SHARING PLAN
SCHEDULE
OF ASSETS (HELD AT END OF YEAR)
December
31, 2006
(Continued)
|
Description
|
Interest
Rate
|
Due
Date
|
Number
of Shares or Principal Amount
|
Cost
|
Fair
Value
|
|||||||||||
|
Mutual
funds:
|
||||||||||||||||
|
Adams
Express
|
10,500
|
112,191
|
145,635
|
|||||||||||||
|
American
Europacific Growth R5
|
2,244
|
98,976
|
104,497
|
|||||||||||||
|
American
Growth Fund of AM R5
|
3,997
|
132,561
|
131,333
|
|||||||||||||
|
Davis
NY Venture A
|
2,583
|
92,366
|
99,510
|
|||||||||||||
|
DNP
Select Income Fund
|
23,000
|
228,848
|
248,860
|
|||||||||||||
|
DWS
Dreman High Return Equity-A
|
2,578
|
123,539
|
132,340
|
|||||||||||||
|
Metlife
Stable Value Fund
|
6,338
|
74,658
|
76,452
|
|||||||||||||
|
MSCI
EAFE Index Fund
|
1,800
|
102,146
|
131,796
|
|||||||||||||
|
Oppenheimer
Develop Markets
|
3,810
|
159,379
|
157,028
|
|||||||||||||
|
Russell
2000 Index Fund
|
1,500
|
101,596
|
117,045
|
|||||||||||||
|
Vangaurd
500 Index
|
709
|
84,806
|
92,626
|
|||||||||||||
|
Vangaurd
Small-Cap Index
|
5,779
|
180,942
|
188,496
|
|||||||||||||
|
Vanguard
Develop Markets Index
|
5,213
|
64,075
|
65,576
|
|||||||||||||
|
Vanguard
Mid-Cap Index
|
5,507
|
103,209
|
108,929
|
|||||||||||||
|
Vanguard
Target Retire 2005
|
53
|
610
|
610
|
|||||||||||||
|
Vanguard
Target Retire 2015
|
1,560
|
18,618
|
19,434
|
|||||||||||||
|
Vanguard
Target Retire 2025
|
14,189
|
181,018
|
185,030
|
|||||||||||||
|
Vanguard
Target Retire 2035
|
3,031
|
40,285
|
42,047
|
|||||||||||||
|
Vanguard
Target Retire 2045
|
5,130
|
70,936
|
73,466
|
|||||||||||||
|
Vanguard
Target Retire Income
|
3,059
|
32,819
|
32,734
|
|||||||||||||
|
Vanguard
Total Bond Market Ind
|
13,088
|
130,044
|
130,745
|
|||||||||||||
|
2,133,621
|
2,284,189
|
|||||||||||||||
|
|
|
|
||||||||||||||
|
Participant
loans*
|
4.5%
to 7.5% |
August
2008 to February
2016 |
91,416
|
91,416
|
||||||||||||
|
Interest-bearing
cash
|
501,113
|
501,113
|
||||||||||||||
| $ |
12,747,326
|
$ |
18,865,468
|
|||||||||||||
*
Indicates a party-in-interest to the Plan
13
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: October
22, 2007
|
AMES
NATIONAL CORPORATION 401(k) PROFIT SHARING
PLAN
|
|
|
By: First
National Bank, Ames, Iowa, Trustee
|
|
|
By: /s/
Steven J. McLaughlin
|
|
|
Name: Steven
J. McLaughlin
|
|
|
Title: Senior
Trust Officer
|
EXHIBIT
INDEX
|
Exhibit
Number
|
Exhibit
|
|
|
Consent
of Independent Registered Accounting
Firm
|