NASDAQ: ALRS
ALERUS FINANCIAL CORPCIK 0000903419 · SIC 6021 · National Commercial Banks
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Alerus Financial declares $0.22 quarterly dividend, payable July 10
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Alerus Financial sells three nonperforming loans, removes problem assets from balance sheet
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Alerus Financial elects nine directors; Newman receives lowest support at 76.3%
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net income $23.0M. Alerus Q1 profit surges 73% on margin expansion; credit reserves drop despite charge-offs
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Alerus Financial reports Q1 2026 earnings, posts investor presentation
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Latest financial statements
From 10-Q filed Aug 3, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income (Unaudited)
(dollars and shares in thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Interest Income | ||||
| Loans, including fees | 62,214 | 63,853 | 120,835 | 125,348 |
| Investment securities | ||||
| Taxable | 7,258 | 5,310 | 14,363 | 11,017 |
| Exempt from federal income taxes | 155 | 160 | 312 | 320 |
| Other | 999 | 1,101 | 2,093 | 1,920 |
| Total interest income | 70,626 | 70,424 | 137,603 | 138,605 |
| Interest Expense | ||||
| Deposits | 18,938 | 22,758 | 38,012 | 46,293 |
| Short-term borrowings | 2,935 | 3,982 | 5,292 | 6,821 |
| Long-term debt | 1,041 | 652 | 1,676 | 1,302 |
| Total interest expense | 22,914 | 27,392 | 44,980 | 54,416 |
| Net interest income | 47,712 | 43,032 | 92,623 | 84,189 |
| Provision for (recovery of) credit losses | 495 | — | (4,388) | 863 |
| Net interest income after provision for (recovery of) credit losses | 47,217 | 43,032 | 97,011 | 83,326 |
| Noninterest Income | ||||
| Retirement and benefit services | 17,347 | 16,024 | 34,754 | 32,130 |
| Wealth advisory services | 7,705 | 7,363 | 14,942 | 14,267 |
| Mortgage banking | 3,195 | 3,651 | 6,730 | 5,177 |
| Service charges on deposit accounts | 1,106 | 680 | 2,039 | 1,330 |
| Gain on sale of non-mortgage loans | — | 2,115 | — | 2,115 |
| Other | 3,592 | 1,930 | 5,327 | 4,376 |
| Total noninterest income | 32,945 | 31,763 | 63,792 | 59,395 |
| Noninterest Expense | ||||
| Compensation | 26,155 | 24,343 | 50,242 | 47,304 |
| Employee taxes and benefits | 6,755 | 6,633 | 13,395 | 14,396 |
| Occupancy and equipment expense | 3,493 | 2,559 | 6,919 | 5,466 |
| Business services, software and technology expense | 5,440 | 5,868 | 11,279 | 11,620 |
| Intangible amortization expense | 1,974 | 2,710 | 3,949 | 5,419 |
| Professional fees and assessments | 3,781 | 2,339 | 7,581 | 5,335 |
| Marketing and business development | 869 | 787 | 1,730 | 1,752 |
| Supplies and postage | 540 | 490 | 1,146 | 1,121 |
| Travel | 357 | 347 | 718 | 634 |
| Mortgage and lending expenses | 614 | 940 | 1,323 | 1,476 |
| Other | 2,905 | 1,422 | 4,992 | 4,282 |
| Total noninterest expense | 52,883 | 48,438 | 103,274 | 98,805 |
| Income before income taxes | 27,279 | 26,357 | 57,529 | 43,916 |
| Income tax expense | 6,414 | 6,104 | 13,693 | 10,349 |
| Net income | 20,865 | 20,253 | 43,836 | 33,567 |
| Per Common Share Data | ||||
| Basic earnings per common share | 0.82 | 0.79 | 1.72 | 1.31 |
| Diluted earnings per common share | 0.81 | 0.78 | 1.70 | 1.30 |
| Dividends declared per common share | 0.22 | 0.21 | 0.43 | 0.41 |
| Average common shares outstanding | 25,081 | 25,368 | 25,230 | 25,363 |
| Diluted average common shares outstanding | 25,395 | 25,714 | 25,537 | 25,683 |
Consolidated Balance Sheets (Unaudited)
(dollars in thousands, except share and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 109,012 | 67,192 |
| Investment securities | ||
| Trading | 501 | 1,758 |
| Available-for-sale, at fair value (amortized cost of $541,715 and $516,737, respectively) | 534,191 | 514,095 |
| Held-to-maturity, at amortized cost (fair value of $215,234 and $228,009, respectively, with an allowance for credit losses on investments of $115 and $123, respectively) | 242,516 | 254,448 |
| Loans held for sale | 26,713 | 21,934 |
| Loans | 4,034,244 | 4,048,022 |
| Allowance for credit losses on loans | (48,361) | (61,915) |
| Net loans | 3,985,883 | 3,986,107 |
| Land, premises and equipment, net | 43,941 | 43,253 |
| Operating lease right-of-use assets | 32,105 | 28,761 |
| Accrued interest receivable | 20,213 | 21,742 |
| Bank-owned life insurance | 41,894 | 39,307 |
| Goodwill | 85,634 | 85,634 |
| Other intangible assets, net | 29,422 | 33,371 |
| Servicing rights | 7,022 | 6,383 |
| Deferred income taxes, net | 18,114 | 23,080 |
| Other assets | 111,557 | 103,019 |
| Total assets | 5,288,718 | 5,230,084 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities | ||
| Deposits | ||
| Noninterest-bearing | 759,640 | 807,896 |
| Interest-bearing | 3,432,257 | 3,384,107 |
| Total deposits | 4,191,897 | 4,192,003 |
| Short-term borrowings | 345,000 | 308,800 |
| Long-term debt | 59,239 | 59,182 |
| Operating lease liabilities | 42,752 | 36,282 |
| Accrued expenses and other liabilities | 66,687 | 68,883 |
| Total liabilities | 4,705,575 | 4,665,150 |
| Commitments and contingencies (Note 12) | ||
| Stockholders’ equity | ||
| Preferred stock, $1 par value, 2,000,000 shares authorized: 0 issued and outstanding | — | — |
| Common stock, $1 par value, 60,000,000 and 60,000,000 shares authorized: 24,985,815 and 25,406,278 issued and outstanding | 24,986 | 25,406 |
| Additional paid-in capital | 260,066 | 271,609 |
| Retained earnings | 303,070 | 270,075 |
| Accumulated other comprehensive income (loss) | (4,979) | (2,156) |
| Total stockholders’ equity | 583,143 | 564,934 |
| Total liabilities and stockholders’ equity | 5,288,718 | 5,230,084 |
Consolidated Statements of Cash Flows (Unaudited)
(dollars in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating Activities | ||
| Net income | 43,836 | 33,567 |
| Adjustments to reconcile net income to net cash provided (used) by operating activities | ||
| Deferred income taxes | 5,992 | 6,894 |
| Provision for (recovery of) credit losses | (4,388) | 863 |
| Depreciation and amortization | 6,662 | 7,663 |
| Amortization and accretion of premiums/discounts on investment securities | 55 | 377 |
| Amortization of operating lease right-of-use assets | 3,126 | (72) |
| Share‑based compensation expense | 1,679 | 1,247 |
| Purchase accounting accretion, net | (6,858) | (17,438) |
| Originations of loans held for sale | (198,047) | (113,267) |
| Proceeds on loans held for sale | 197,936 | 115,851 |
| Realized loss (gain) on mortgage loans sold | (4,596) | (4,405) |
| Servicing rights capitalized upon sale of mortgage loans | (56) | (101) |
| (Increase) in value of bank-owned life insurance | (514) | (370) |
| Realized loss (gain) on sale of premises and equipment | (632) | 84 |
| Realized loss (gain) on derivative instruments | (40) | (484) |
| Realized loss (gain) on sale of foreclosed assets | (15) | 21 |
| Change in fair value of mortgage servicing rights | (583) | 835 |
| Net change in: | ||
| Accrued interest receivable | 1,529 | (809) |
| Other assets | (1,323) | (2,247) |
| Accrued expenses and other liabilities | 2,654 | (9,800) |
| Net cash provided (used) by operating activities | 46,417 | 18,409 |
| Investing Activities | ||
| Proceeds from sales of trading investment securities | 3,199 | 5,450 |
| Purchases of trading investment securities | (1,806) | (3,729) |
| Proceeds from sales or calls of investment securities available-for-sale | 3,000 | 19,000 |
| Proceeds from maturities of investment securities available-for-sale | 34,838 | 46,759 |
| Purchases of investment securities available-for-sale | (62,548) | — |
| Proceeds from calls of investment securities held-to-maturity | 340 | 146 |
| Proceeds from maturities and paydowns of investment securities held-to-maturity | 11,244 | 11,262 |
| Proceeds from sale of non-mortgage loans held for sale | — | 12,331 |
| Net (increase) decrease in loans | 1,397 | (102,662) |
| Purchases of FHLB stock | (64,685) | (108,715) |
| Sales of FHLB stock | 63,049 | 104,211 |
| Purchases of BOLI | (2,073) | (2,210) |
| Purchases of premises and equipment | (2,713) | (5,185) |
| Proceeds from sales of foreclosed assets | 390 | 484 |
| Net cash provided (used) by investing activities | (16,368) | (22,858) |
| Financing Activities | ||
| Net increase (decrease) in deposits | (106) | (40,942) |
| Net increase (decrease) in short-term borrowings with maturities of three months or less | 36,200 | 75,640 |
| Cash dividends paid on common stock | (10,681) | (10,408) |
| Repurchase of common stock | (13,642) | (176) |
| Net cash provided (used) by financing activities | 11,771 | 24,114 |
| Net change in cash and cash equivalents | 41,820 | 19,665 |
| Cash and cash equivalents at beginning of period | 67,192 | 61,239 |
| Cash and cash equivalents at end of period | 109,012 | 80,904 |
Amounts as printed on the EDGAR/iXBRL face — (dollars and shares in thousands, except per share data); (dollars in thousands, except share and per share data); (dollars in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗