Date: 5/12/2023

Title: AMES NATIONAL CORPORATION DECLARED CASH DIVIDEND

AMES NATIONAL CORPORATION DECLARED CASH DIVIDEND

AMES, IOWA - On May 10, 2023, Ames National Corporation (the "Company") declared a cash dividend of $0.27 per common share. The dividend is payable August 15, 2023, to shareholders of record at the close of business on August 1, 2023.

About Ames National Corporation

Ames National Corporation is listed on the NASDAQ Capital Market under the ticker symbol, ATLO. The Company's affiliate banks include: First National Bank, Ames, Iowa; Boone Bank & Trust Co., Boone, Iowa; State Bank & Trust Co., Nevada, Iowa; Iowa State Savings Bank, Creston, Iowa; Reliance State Bank, Story City, Iowa; and United Bank & Trust Co., Marshalltown, Iowa. Additional information about the Company can be found at: amesnational.com.

For further information contact:

John P. Nelson, President and CEO
(515) 232-6251 or [email protected]