ALERUS FINANCIAL CORP

Listed Company

ALRSCIK 0000903419NasdaqAcceleratedNational Commercial BanksDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$17.44M

Total Assets

$5.23B

Equity

$564.93M

Shares Out

25.40M

Op. Cash Flow

$67.53M

Business

ALERUS FINANCIAL CORP is a diversified financial services company that provides banking, retirement and benefit services, and wealth management through its bank subsidiary. It offers traditional banking products (deposit accounts, commercial and consumer loans, mortgages, treasury management), retirement and benefit plan administration (recordkeeping, advisory, ESOP, HSA/FSA administration) and wealth services (financial planning, investment management, trust and custody). The company operates through three primary business segments: banking, retirement and benefit services, and wealth. Its services are delivered across regional banking markets and a national retirement market via branch offices, a unified digital portal and relationship-oriented advisors.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	254	184	137	90	78
Taxable	21	20	24	23	13
Exempt from federal income taxes	640,000	679,000	740,000	848,000	925,000
Other	5	18	3	2	598,000
Total interest income	280	222	165	116	93
Deposits	93	89	53	9	4
Short-term borrowings	12	23	21	4	—
Long-term debt	3	3	3	2	2
Total interest expense	107	115	77	16	—
Net interest income	172	107	88	100	87
Provision for credit losses	556,000	18	2	0	−4
Net interest income after provision for credit losses	172	89	86	100	91
Net gains (losses) on investment securities	−68	0	−25	0	—
Gain on sale of non-mortgage loans	2	0	0	—	—
Other	9	12	8	5	5
Total noninterest income	52	115	80	111	147
Compensation	97	87	76	81	93
Employee taxes and benefits	27	23	20	22	22
Occupancy and equipment expense	12	8	7	8	—
Business services, software and technology expense	25	22	21	19	20
Intangible amortization expense	11	7	5	5	4
Professional fees and assessments	11	20	7	8	6
Marketing and business development	4	3	3	3	3
Supplies and postage	2	2	2	2	2
Travel	1	1	1	1	442,000
Mortgage and lending expenses	3	2	2	2	4
Other	8	6	5	7	4
Total noninterest expense	201	181	150	159	169
Income before income taxes	23	23	16	52	69
Income Tax Expense (Benefit)	5	5	4	12	16
Net income	17	18	12	40	53
Basic earnings per common share (in dollars per share)	0.69	0.84	0.59	2.12	3.02
Diluted earnings per common share (in dollars per share)	0.68	0.83	0.58	2.1	2.97
Dividends declared per common share (in dollars per share)	0.83	0.79	0.75	0.7	0.63
Average common shares outstanding (in shares)	25	21	20	19	17
Diluted average common shares outstanding (in shares)	26	21	20	19	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	67	61	130	58	242
Trading	2	3	0	—	—
Available-for-sale, at fair value (amortized cost of $516,737 and $686,556, respectively)	514	588	487	717	—
Held-to-maturity, at amortized cost (fair value of $228,009 and $236,986, respectively, with an allowance for credit losses on investments of $123 and $131, respectively)	254	276	300	322	—
Loans	4,048	3,993	2,760	2,444	—
Allowance for credit losses on loans	−62	−60	−36	−31	−32
Net loans	3,986	3,933	2,724	2,413	—
Land, premises and equipment, net	43	40	18	—	—
Operating lease right-of-use assets	29	13	5	5	4
Interest Receivable	22	20	16	13	9
Bank-owned life insurance	39	36	33	34	33
Goodwill	86	86	47	47	32
Other intangible assets, net	33	44	17	22	20
Servicing rights	6	8	2	3	2
Deferred income taxes, net	23	53	35	42	12
Other Assets	103	85	83	76	43
Total assets	5,230	5,262	3,908	3,780	3,393
Noninterest-bearing	808	903	728	861	939
Interest-bearing	3,384	3,475	2,368	2,054	1,982
Total deposits	4,192	4,378	3,096	2,915	2,921
Short-term borrowings	309	239	314	378	—
Long-term debt	59	59	59	59	59
Operating lease liabilities	36	19	6	6	4
Accrued Liabilities and Other Liabilities	69	71	64	64	50
Total liabilities	4,665	4,766	3,539	3,423	3,033
Commitments and contingencies (Note 15)	—	—	—	—	—
Preferred stock, $1 par value, 2,000,000 shares authorized: 0 issued and outstanding	0	0	0	—	—
Common stock, $1 par value, 60,000,000 and 30,000,000 shares authorized: 25,406,278 and 25,344,803 issued and outstanding	25	25	20	20	17
Additional paid-in capital	272	270	150	155	93
Retained earnings	270	274	273	280	254
Accumulated other comprehensive income (loss)	−2	−73	−74	−99	−4
Total stockholders equity	565	495	369	357	359
Total liabilities and stockholders equity	5,230	5,262	3,908	3,780	3,393

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	6	−4	893,000	913,000	3
Depreciation and amortization	15	10	9	8	—
Amortization and accretion of premiums/discounts on investment securities	771,000	1	2	3	—
Amortization of operating lease right-of-use assets	2	5	−15,000	−229,000	—
Stock-based compensation cost	3	2	2	2	3
Purchase accounting accretion, net	−27	−7	−2	—	—
Originations of loans held for sale	−430	−305	−297	−605	−1,592
Proceeds on loans held for sale	435	310	302	653	1,716
Realized loss (gain) on mortgage loans sold	−9	−9	−7	—	—
Servicing rights capitalized upon sale of mortgage loans	−165,000	−224,000	0	0	—
(Increase) in value of bank-owned life insurance	−1	−862,000	−877,000	−835,000	—
Realized loss (gain) on sale of premises and equipment	530,000	−4	−50,000	33,000	—
Realized loss (gain) on derivative instruments	−394,000	−126,000	365,000	2	—
Realized loss (gain) on sale of foreclosed assets	74,000	−1,000	−17,000	71,000	—
Realized loss (gain) on sale of investment securities	68	0	25	0	—
Realized loss (gain) on BOLI mortality	0	0	−1	0	—
Change in fair value of mortgage servicing rights	2	−197,000	0	0	—
Realized loss (gain) on servicing rights	0	0	−3,000	−702,000	−638,000
Realized loss (gain) on sale of ESOP trustee line of business	0	0	−3	0	—
Accrued interest receivable	−2	−1	−3	−3	1
Other assets	−11	1	−6	5	−7
Accrued expenses and other liabilities	−1	−11	−8	9	6
Net cash provided (used) by operating activities	68	22	27	103	150
Proceeds from sales of trading investment securities	6	9	0	—	—
Purchases of trading investment securities	−5	−12	0	—	—
Proceeds from sales or calls of investment securities available-for-sale	396	130	172	—	—
Proceeds from maturities of investment securities available-for-sale	83	55	67	106	126
Purchases of investment securities available-for-sale	−378	−98	0	−96	−572
Proceeds from calls of investment securities held-to-maturity	381,000	613,000	242,000	963,000	—
Proceeds from maturities and paydowns of investment securities held-to-maturity	20	22	21	27	13
Proceeds from sale of non-mortgage loans held for sale	62	0	0	—	—
Net (increase) decrease in loans	−96	−434	−313	−416	221
Purchases of FHLB stock	−146	−49	−110	—	—
Sales of FHLB stock	142	52	113	—	—
Net cash received (paid) for business combinations	0	9	0	102	—
Purchases of BOLI	−2	−2	0	—	—
Proceeds from BOLI mortality claim	0	0	3	0	—
Purchases of premises and equipment	−9	−12	−3	−2	−2
Proceeds from sales of foreclosed assets	2	105,000	210,000	937,000	629,000
Net cash provided (used) by investing activities	77	−323	−50	−293	−418
Net increase (decrease) in deposits	−186	325	180	−359	—
Net increase (decrease) in short-term borrowings with maturities of three months or less	70	−77	−64	378	—
Cash dividends paid on common stock	−21	−15	−15	−13	−11
Repurchase of common stock	−737,000	−276,000	−7	−738,000	−712,000
Net cash provided (used) by financing activities	−138	232	95	6	337
Net change in cash and cash equivalents	6	−69	72	−184	69
Interest paid	110	110	73	15	5
Income taxes paid	3	400,000	11	13	13
Cash dividends declared, not paid	5	5	4	4	—
Loan collateral transferred to foreclosed assets	−3	−73,000	−195,000	−153,000	—
Premises and equipment transferred to other assets	0	2	0	—	—
Right-of-use assets obtained in exchange for new operating lease liabilities, net	18	9	2	4	267,000
Change in fair value hedges presented within residential real estate loans and other assets	0	0	−98,000	0	—
Loans transferred to non-mortgage loans held for sale	62	0	0	—	—
Noncash assets acquired	0	1,022	0	298	—
Liabilities assumed	0	−979	0	−354	—
Issuance of common stock for the acquisition	0	−123,602	0	−64,019	—
Net noncash acquired	0	−81	0	−121	—

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