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    Alerus Financial Corp (ALRS)

    Financials

    Updated May 6, 2025, 1:51 PM UTC
    Income Statement - MetricQ3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Interest Income - Loans, including fees (USD, thousands)37,731.00136,91839,29441,664.0042,593.0060,009.00183,56061,495
    Interest Income - Investment securities - Taxable (USD, thousands)6,040.0024,2624,5684,845.004,595.005,737.0019,7455,707
    Interest Income - Investment securities - Exempt from federal income taxes (USD, thousands)182.00740174169.00169.00167.00679160
    Interest Income - Other (USD, thousands)742.002,9635,0026,344.004,854.001,395.0017,595819
    Total Interest Income (USD, thousands)44,695.00164,88349,03853,022.0052,211.0067,308.00221,57968,181
    Interest Expense - Deposits (USD, thousands)17,169.0053,38720,15221,284.0022,285.0025,522.0089,24323,535
    Interest Expense - Short-term borrowings (USD, thousands)5,292.0020,9765,9897,053.006,706.002,836.0022,5842,839
    Interest Expense - Long-term debt (USD, thousands)682.002,681678684.00679.00666.002,707650
    Total Interest Expense (USD, thousands)23,143.0077,04426,81929,021.0029,670.0029,024.00114,53427,024
    Net Interest Income (USD, thousands)21,552.0087,83922,21924,001.0022,541.0038,284.00107,04541,157
    Provision for Credit Losses (USD, thousands)1,507.002,057--1,661.0011,991.0018,141863
    Net Interest Income after Provision for Credit Losses (USD, thousands)20,045.0085,78222,21919,512.0020,880.0026,293.0088,90440,294
    Noninterest Income - Retirement and benefit services (USD, thousands)15,317.0065,29415,65516,078.0016,143.0016,489.0064,36516,106
    Noninterest Income - Wealth management (USD, thousands)5,940.0021,8556,1186,359.006,684.007,010.0026,1716,905
    Noninterest Income - Mortgage banking (USD, thousands)1,279.008,4111,6702,554.002,572.003,277.0010,0731,527
    Noninterest Income - Service charges on deposit accounts (USD, thousands)340.001,280389456.00488.00643.001,976651
    Noninterest Income - Other (USD, thousands)2,557.008,0321,4911,924.002,476.006,454.0012,3452,443
    Total Noninterest Income (USD, thousands)790.0080,22925,32327,371.0028,363.0033,873.00114,93027,632
    Noninterest Expense - Compensation (USD, thousands)19,214.0076,29019,33220,265.0021,058.0026,656.0087,31122,961
    Noninterest Expense - Employee taxes and benefits (USD, thousands)4,579.0020,0516,1885,134.005,400.006,245.0022,9677,762
    Noninterest Expense - Occupancy and equipment expense (USD, thousands)1,858.007,4771,9061,816.002,081.001,963.007,7662,907
    Noninterest Expense - Business services, software and technology expense (USD, thousands)5,686.0021,0535,3454,599.004,879.006,935.0021,7585,752
    Noninterest Expense - Intangible amortization expense (USD, thousands)1,324.005,2961,3241,324.001,324.002,804.006,7762,710
    Noninterest Expense - Professional fees and assessments (USD, thousands)2,346.006,7431,9932,373.004,267.0010,964.0019,5972,996
    Noninterest Expense - Marketing and business development (USD, thousands)1,001.003,027685751.00764.001,049.003,249965
    Noninterest Expense - Supplies and postage (USD, thousands)521.001,796528370.00423.00725.002,046630
    Noninterest Expense - Travel (USD, thousands)313.001,189292332.00330.00449.001,403287
    Noninterest Expense - Mortgage and lending expenses (USD, thousands)501.001,902441467.00684.00570.002,162536
    Noninterest Expense - Other (USD, thousands)1,311.005,3339851,321.001,237.002,097.005,6402,859
    Total Noninterest Expense (USD, thousands)38,654.00150,15739,01938,752.0042,447.0060,457.00180,67550,365
    Income before Income Taxes (USD, thousands)(17,819.00)15,8548,5238,131.006,796.00(291.00)23,15917,561
    Income Tax Expense (USD, thousands)(3,064.00)4,1582,0911,923.001,590.00(225.00)5,3794,246
    Net Income (USD, thousands)(14,755.00)11,6966,4326,208.005,206.00(66.00)17,78013,315
    Balance Sheet - MetricQ3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Cash and cash equivalents (USD, thousands)129,893129,893545,772438,14165,97561,23961,23982,979
    Investment securities, Trading (USD, thousands)--4,5532,8682,7083,3093,3093,047
    Investment securities, Available-for-sale, at fair value (USD, thousands)486,736486,736472,272459,345466,003588,053588,053567,728
    Investment securities, Held-to-maturity, at amortized cost (USD, thousands)299,515299,515291,932286,532281,913275,585275,585268,631
    Loans held for sale (USD, thousands)11,49711,49710,62538,15813,48716,51816,51812,905
    Loans (USD, thousands)2,759,5832,759,5832,799,4752,915,7923,032,3433,992,5343,992,5344,085,483
    Allowance for credit losses on loans (USD, thousands)(35,843)(35,843)(36,584)(38,332)(39,142)(59,929)(59,929)(61,929)
    Net loans (USD, thousands)2,723,7402,723,7402,762,8912,877,4602,993,2013,932,6053,932,6054,023,554
    Land, premises and equipment, net (USD, thousands)17,94017,94018,16217,32818,79039,78039,78040,733
    Operating lease right-of-use assets (USD, thousands)5,4365,4365,1124,8719,26813,43813,43812,983
    Accrued interest receivable (USD, thousands)15,70015,70016,14916,87716,46920,07520,07520,505
    Bank-owned life insurance (USD, thousands)33,23633,23633,39635,50835,79336,03336,03336,392
    Goodwill (USD, thousands)46,78346,78346,78346,78346,78385,63485,63485,634
    Other intangible assets, net (USD, thousands)17,15817,15815,83414,51013,18643,88243,88241,172
    Servicing rights (USD, thousands)2,0522,0521,9831,9631,8747,9187,9187,351
    Deferred income taxes, net (USD, thousands)34,59534,59534,79635,73233,05452,88552,88545,162
    Other assets (USD, thousands)83,43283,43277,83382,54786,13684,71984,71990,844
    Total assets (USD, thousands)3,907,7133,907,7134,338,0934,358,6234,084,6405,261,6735,261,6735,339,620
    Deposits, Noninterest-bearing (USD, thousands)728,082728,082692,500701,428657,547903,466903,466889,270
    Deposits, Interest-bearing (USD, thousands)2,367,5292,367,5292,592,4692,597,1472,666,0033,474,9443,474,9443,596,021
    Total deposits (USD, thousands)3,095,6113,095,6113,284,9693,298,5753,323,5504,378,4104,378,4104,485,291
    Short-term borrowings (USD, thousands)314,170314,170555,000555,000244,700238,960238,960200,000
    Long-term debt (USD, thousands)58,95658,95658,98559,01359,04159,06959,06959,098
    Operating lease liabilities (USD, thousands)5,7515,7515,4205,1979,64318,99118,99118,515
    Accrued expenses and other liabilities (USD, thousands)64,09864,09862,08467,61261,22070,83370,83362,484
    Total liabilities (USD, thousands)3,538,5863,538,5863,966,4583,985,3973,698,1544,766,2634,766,2634,825,388
    Preferred stock (USD, thousands)00------
    Common stock (USD, thousands)19,73419,73419,77719,77819,79025,34525,34525,366
    Additional paid-in capital (USD, thousands)150,343150,343150,740150,857151,257269,708269,708270,159
    Retained earnings (USD, thousands)272,705272,705275,374277,620278,863273,723273,723281,961
    Accumulated other comprehensive income (loss) (USD, thousands)(73,655)(73,655)(74,256)(75,029)(63,424)(73,366)(73,366)(63,254)
    Total stockholders’ equity (USD, thousands)369,127369,127371,635373,226386,486495,410495,410514,232
    Total liabilities and stockholders’ equity (USD, thousands)3,907,7133,907,7134,338,0934,358,6234,084,6405,261,6735,261,6735,339,620
    Cash Flow - MetricQ3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Net income (dollars in thousands)(14,755.00)11,6966,4326,208.005,206.00(66.00)17,78013,315
    Provision for credit losses (dollars in thousands)1,507.002,057--1,661.0011,991.0018,141863
    Depreciation and amortization (dollars in thousands)2,147.008,5252,1002,171.002,185.003,386.009,8423,839
    Amortization and accretion of premiums/discounts on investment securities (dollars in thousands)395.002,047424429.00448.00198.001,499185
    Amortization of operating lease right-of-use assets (dollars in thousands)(1,771.00)(15)(8)19.0049.004,978.005,038(21)
    Share-based compensation expense (dollars in thousands)436.001,628593121.00488.00448.001,650599
    Originations on loans held for sale (dollars in thousands)(57,827.00)(296,831)(53,129)(101,610.00)(78,917.00)(71,363.00)(305,019)(64,866)
    Proceeds on loans held for sale (dollars in thousands)64,224.00302,25255,36276,170.00106,581.0071,792.00309,90570,108
    Realized loss (gain) on loans sold (dollars in thousands)(1,401.00)(7,323)(1,438)(2,059.00)(3,048.00)(2,450.00)(8,995)(1,645)
    Servicing rights capitalized upon sale of mortgage loans (dollars in thousands)------(224)(54)
    (Increase) in value of bank-owned life insurance (dollars in thousands)(224.00)(877)(160)(177.00)(285.00)(240.00)(862)(221)
    Realized loss (gain) on derivative instruments (dollars in thousands)(166.00)365(678)(235.00)1,334.00(547.00)(126)(289)
    Realized loss (gain) on sale of foreclosed assets (dollars in thousands)10.00(17)--(2.00)0.00(1)19
    Change in fair value of mortgage servicing rights (dollars in thousands)------(197)621
    Realized loss (gain) on servicing rights (dollars in thousands)25.00(3)(20)(114.00)(15.00)---
    Net change in: Accrued interest receivable (dollars in thousands)(139.00)(2,831)(449)(728.00)408.00(576.00)(1,345)(430)
    Net change in: Other assets (dollars in thousands)(10,312.00)(5,528)(1,071)(264.00)1,462.001,161.001,288(4,900)
    Net change in: Accrued expenses and other liabilities (dollars in thousands)(5,742.00)(7,728)4,0314,768.00(16,928.00)(3,361.00)(11,490)(8,668)
    Net cash provided (used) by operating activities (dollars in thousands)(1,618.00)28,98211,989(11,487.00)18,939.009,519.0028,9607,715
    Proceeds from sales of trading investment securities (dollars in thousands)--5,5021,941.001,241.00336.009,0203,377
    Purchases of trading investment securities (dollars in thousands)--(10,008)(203.00)(1,009.00)(537.00)(11,757)(3,145)
    Proceeds from sales or calls of investment securities available-for-sale (dollars in thousands)-171,75810,81811,566.00--130,41510,000
    Proceeds from maturities of investment securities available-for-sale (dollars in thousands)20,691.0067,34610,81811,566.0012,627.0019,698.0054,70924,563
    Proceeds from calls of investment securities held-to-maturity (dollars in thousands)0.002422510.00360.002.00613146
    Proceeds from maturities and paydowns of investment securities held-to-maturity (dollars in thousands)3,498.0020,6237,0435,166.003,971.006,043.0022,2236,562
    Net (increase) decrease in loans (dollars in thousands)(153,112.00)(314,718)(40,223)(118,714.00)(116,823.00)(165,926.00)(441,686)(88,793)
    Net (increase) decrease in FHLB stock (dollars in thousands)8,749.002,7965,075(123.00)(2,143.00)101.002,910786
    Purchases of BOLI (dollars in thousands)----0.000.00(1,935)(138)
    Purchases of premises and equipment (dollars in thousands)(1,442.00)(3,173)(881)(3,685.00)(2,765.00)(5,039.00)(12,370)(2,054)
    Proceeds from sales of foreclosed assets (dollars in thousands)159.00210342.001.0068.00105-
    Net cash provided (used) by investing activities (dollars in thousands)50,301.00(52,088)(22,389)(105,985.00)(101,741.00)(99,918.00)(330,033)(48,696)
    Net increase (decrease) in deposits (dollars in thousands)223,427.00180,127189,35813,606.0024,975.0097,011.00324,950106,881
    Net increase (decrease) in short-term borrowings (dollars in thousands)(201,300.00)(63,910)240,8300.00(310,300.00)(7,340.00)(76,810)(38,960)
    Cash dividends paid on common stock (dollars in thousands)(3,559.00)(14,822)(3,757)(3,762.00)(3,962.00)(3,964.00)(15,445)(5,073)
    Repurchase of common stock (dollars in thousands)(2,082.00)(6,638)(153)(3.00)(76.00)(44.00)(276)(127)
    Net cash provided (used) by financing activities (dollars in thousands)16,486.0094,757426,2799,841.00(289,364.00)85,663.00232,41962,721
    Net change in cash and cash equivalents (dollars in thousands)65,169.0071,651415,879(107,631.00)(372,166.00)(4,736.00)(68,654)21,740
    Interest paid (dollars in thousands)--22,33925,380.0036,981.0025,316.00110,01629,227
    Income taxes paid (dollars in thousands)--1173.0086.00188.004481
    Deferred income taxes (dollars in thousands)893893-(676)(1,888)(3,983)(3,983)4,334
    Cash dividends declared, not paid (dollars in thousands)--3,7633,9623,9635,0735,0735,078
    Cash and cash equivalents at beginning of period (dollars in thousands)58,24258,242129,893129,893129,893--61,239
    Cash and cash equivalents at end of period (dollars in thousands)129,893129,893545,772438,14165,975--82,979
    KPIs - Metric (Unit, Scale)Q3 2019FY 2019Q1 2020Q2 2020Q3 2020FY 2020Q1 2021Q2 2021Q3 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024Q1 2025
    Retirement and benefit services assets under administration/management (USD)-36,682,42538,488,52339,389,53341,249,280-40,728,699-
    Wealth assets under administration/management (USD)-4,018,8464,242,4084,172,2904,397,505-4,579,189-
    Mortgage originations (USD)-364,11454,101109,25482,388-334,318-
    Number of retirement plans (count)-8300----8600-
    Number of plan participants (count)-474,000----500,200-
    Number of banking offices (count)-14141429-29-