[SCHEDULE 13G] AMES NATIONAL CORP Passive Investment Disclosure (>5%)
Fourthstone reports 7.71% stake in Ames National
Ames National Corporation ownership disclosure: Fourthstone and related reporting persons report beneficial ownership of 683,250 shares of common stock, equal to 7.71% of the class based on 8,857,220 shares outstanding as of February 27, 2026.
Ames National Corporation ownership disclosure: Fourthstone and related reporting persons report beneficial ownership of 683,250 shares of common stock, equal to 7.71% of the class based on 8,857,220 shares outstanding as of February 27, 2026. The filing states these shares were acquired in the ordinary course as an investment adviser and are not held to influence control.
Positive
None.
Negative
None.
Insights
Passive 13G filing showing material passive stake.
The Schedule 13G lists Fourthstone LLC and affiliated entities as beneficial owners of 683,250 shares (7.71%) of Ames National, based on the issuer's stated 8,857,220 shares outstanding as of February 27, 2026. The filing asserts the position was acquired in the ordinary course of business and not to influence control.
Because the filing uses passive‑owner language, this is a disclosure of a substantial passive holding rather than an active control attempt. Subsequent filings would reveal any change to passive status or additional acquisitions.
Position size and voting/dispositive splits are disclosed.
The cover pages show shared voting and dispositive power figures for multiple Fourthstone entities (for example, 534,294 shares held by Fourthstone Master Opportunity Fund Ltd.). The filing ties percentages to the issuer's 10‑K share count, providing a clear ownership basis.
Watch for any amendments that convert this passive disclosure into an active Schedule 13D or Form 4s that would change the ownership or voting description.
Key Figures
Fourthstone shares owned:683,250 sharesOwnership percentage:7.71%Shares outstanding used:8,857,220 shares+4 more
7 metrics
Fourthstone shares owned683,250 sharesBeneficial ownership reported for Fourthstone LLC
Ownership percentage7.71%Percent of class based on shares outstanding as of <date>February 27, 2026</date>
Shares outstanding used8,857,220 sharesIssuer's 10‑K cited as of <date>February 27, 2026</date>
Fourthstone Master Opportunity Fund holdings534,294 sharesHeld by Fourthstone Master Opportunity Fund Ltd
Fourthstone GP LLC holdings148,956 sharesHeld by Fourthstone GP LLC
Fourthstone QP Opportunity Fund holdings147,215 sharesHeld by Fourthstone QP Opportunity Fund
Fourthstone Small‑Cap Financials Fund holdings1,741 sharesHeld by Fourthstone Small‑Cap Financials Fund
Key Terms
Schedule 13G, beneficially owned, shared dispositive power, percent of class
4 terms
Schedule 13Gregulatory
"This is being filed by Fourthstone LLC... (Schedule 13G passive ownership disclosure)"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
beneficially ownedfinancial
"Amount beneficially owned: Fourthstone LLC acquired the Issuer's shares in the ordinary course of business"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"Shared Dispositive Power 683,250.00 shown on cover pages"
percent of classfinancial
"The percentages reported in Row 11... are based on 8,857,220 shares of Common Stock"
Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.
FAQ
What stake does Fourthstone report in Ames National (ATLO)?
Fourthstone reports beneficial ownership of 683,250 shares, representing 7.71% of Ames National's common stock based on 8,857,220 shares outstanding as of February 27, 2026.
Are Fourthstone's holdings described as passive or active?
The filing states the shares were acquired in the ordinary course as an investment adviser and are not held to influence control, indicating a passive Schedule 13G disclosure rather than an active Schedule 13D.
Which Fourthstone entities are named as holders in the filing?
Named reporting persons include Fourthstone LLC, Fourthstone Master Opportunity Fund Ltd, Fourthstone GP LLC, Fourthstone QP Opportunity Fund, Fourthstone Small‑Cap Financials Fund, and L. Phillip Stone, IV.
What voting or dispositive powers are reported?
The cover entries show shared voting and dispositive power for the listed entities (for example, Shared Voting Power 683,250 for Fourthstone LLC); detailed row values are provided on each cover page.
On what basis is the ownership percentage calculated?
The percentage figures are calculated using 8,857,220 shares outstanding as of February 27, 2026, a figure cited from the issuer's 10‑K filed March 12, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AMES NATIONAL CORPORATION
(Name of Issuer)
Common Stock, $2.00 par value
(Title of Class of Securities)
031001100
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
031001100
1
Names of Reporting Persons
Fourthstone LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
683,250.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
683,250.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
683,250.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.71 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: See Item 4 for a description of the information reported in rows (6), (8), (9) and (11).
SCHEDULE 13G
CUSIP Number(s):
031001100
1
Names of Reporting Persons
Fourthstone Master Opportunity Fund Ltd
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
534,294.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
534,294.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
534,294.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.03 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: See Item 4 for a description of the information reported in rows (6), (8), (9) and (11).
SCHEDULE 13G
CUSIP Number(s):
031001100
1
Names of Reporting Persons
Fourthstone GP LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
148,956.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
148,956.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
148,956.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.68 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: See Item 4 for a description of the information reported in rows (6), (8), (9) and (11).
SCHEDULE 13G
CUSIP Number(s):
031001100
1
Names of Reporting Persons
Fourthstone QP Opportunity Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
147,215.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
147,215.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
147,215.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.66 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4 for a description of the information reported in rows (6), (8), (9) and (11).
SCHEDULE 13G
CUSIP Number(s):
031001100
1
Names of Reporting Persons
Fourthstone Small-Cap Financials Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,741.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,741.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,741.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.22 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4 for a description of the information reported in rows (6), (8), (9) and (11).
SCHEDULE 13G
CUSIP Number(s):
031001100
1
Names of Reporting Persons
L. Phillip Stone, IV
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
683,250.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
683,250.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
683,250.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.71 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 4 for a description of the information reported in rows (6), (8), (9) and (11).
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
AMES NATIONAL CORPORATION
(b)
Address of issuer's principal executive offices:
405 5th Street, Box 846, Ames, IA, 50010
Item 2.
(a)
Name of person filing:
This Schedule 13G is being filed by Fourthstone LLC, a Delaware Limited Liability Company and Investment Adviser ("Fourthstone"). The persons reporting information on this Schedule 13G include, in addition to Fourthstone, a company incorporated in the Cayman Islands ("Fourthstone Master Opportunity Fund"), a Delaware Limited Partnership ("Fourthstone QP Opportunity"), a Delaware Limited Partnership ("Fourthstone Small-Cap Financials"), a Delaware Limited Liability Company ("Fourthstone GP, " General Partner of Fourthstone QP Opportunity and Fourthstone Small-Cap Financials), and L. Phillip Stone, IV, a citizen of the United States of America, who is the Managing Member of Fourthstone and Fourthstone GP (each, a "Reporting Person" and, together, the "Reporting Persons"). Fourthstone directly holds 683,250 shares of Common Stock on behalf of its advisory clients. Each of the Reporting Persons listed in this filing certify the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the Issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that effect.
(b)
Address or principal business office or, if none, residence:
The principal business address of each of the Reporting Persons is as follows: The registered office of Fourthstone LLC, Fourthstone Master Opportunity Fund Ltd., Fourthstone GP LLC, Fourthstone QP Opportunity Fund LP, Fourthstone Small-Cap Financials Fund LP is 575 Maryville Centre Drive, Suite 110, St. Louis, MO 63141.
(c)
Citizenship:
See response to Item 4 of each of the cover pages.
(d)
Title of class of securities:
Common Stock, $2.00 par value
(e)
CUSIP Number(s):
031001100
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Fourthstone LLC acquired the Issuer's shares in the ordinary course of business as a registered investment adviser and not with the purpose nor with the effect of influencing the control of the Issuer. Fourthstone GP LLC is the general partner of and may be deemed to beneficially own securities owned by Fourthstone QP Opportunity Fund LP and Fourthstone Small-Cap Financials Fund LP. L. Phillip Stone, IV, is the Managing Member of Fourthstone LLC and Fourthstone GP and may be deemed to beneficially own securities owned by Fourthstone. The percentages reported in Row 11 of each cover page are based on 8,857,220 shares of Common Stock (as defined below) of the Issuer (as defined below) outstanding as of February 27, 2026, based on the Issuer's 10-K filed on March 12, 2026.
(b)
Percent of class:
7.71 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See responses to Item 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See responses to Item 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See responses to Item 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See responses to Item 8 on each cover page.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
