NASDAQ : ALRS
Alerus Financial Corporation — Financial statements
Financials · Banks - Regional · United States
Last price 33.17 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 820.77M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 246.77M | 253.70M | 183.56M | 136.92M | 89.91M | 78.13M |
| Interest Income on Investments | 31.41M | 25.94M | 38.02M | 27.96M | 25.67M | 14.52M |
| Total Interest Income | 278.18M | 279.64M | 221.58M | 164.88M | 115.58M | 92.66M |
| Interest Paid on Deposits | 79.55M | 92.64M | 89.24M | 53.39M | 9.17M | 3.66M |
| Interest Paid on Borrowings | 14.11M | 14.50M | 25.29M | 23.66M | 6.68M | 1.90M |
| Total Interest Expense | 93.66M | 107.14M | 114.53M | 77.04M | 15.85M | 5.56M |
| Net Interest Income | 184.52M | 172.50M | 107.05M | 87.84M | 99.73M | 87.10M |
| Trust Income | 30.38M | 28.27M | 26.17M | 21.86M | 20.87M | 21.05M |
| Mortgage Banking Activities | 13.26M | 11.86M | 10.07M | 8.41M | 16.92M | 48.50M |
| Gain (Loss) on Sale of Investments | -68.40M | -68.40M | -24.64M | 125.00K | ||
| Other Non-Interest Income | 81.96M | 75.31M | 76.71M | 73.33M | 72.00M | 76.31M |
| Total Non-Interest Income | 61.19M | 51.88M | 114.93M | 80.23M | 111.22M | 147.39M |
| Revenues Before Loan Losses | 245.71M | 224.38M | 221.97M | 168.07M | 210.95M | 234.49M |
| Provision for Loan Losses | -2.50M | 556.00K | 18.14M | 2.06M | -3.50M | |
| Revenue | 248.21M | 223.82M | 203.83M | 166.01M | 210.95M | 237.99M |
| Salaries and Employee Benefits | 96.31M | 92.26M | 83.21M | 73.06M | 76.82M | 88.28M |
| Occupancy Expenses | 10.49M | 8.36M | 4.41M | 4.24M | 4.69M | 5.32M |
| Amortization of Goodwill & Intangibles | 8.30M | 10.51M | 6.78M | 5.30M | 4.75M | 4.38M |
| Selling, General & Administrative | 54.71M | 52.19M | 45.52M | 40.28M | 39.04M | 40.70M |
| Other Non-Interest Expense | 39.07M | 37.77M | 30.77M | 27.29M | 30.93M | 30.23M |
| Total Non-Interest Expense | 208.88M | 201.09M | 170.69M | 150.16M | 156.23M | 168.91M |
| EBT Excluding Unusual Items | 39.33M | 22.73M | 33.14M | 15.85M | 54.72M | 69.08M |
| Pretax Income | 39.18M | 22.59M | 23.16M | 15.85M | 52.18M | 69.08M |
| Income Tax Expense | 9.20M | 5.15M | 5.38M | 4.16M | 12.18M | 16.40M |
| Net Income | 29.98M | 17.44M | 17.78M | 11.70M | 40.01M | 52.68M |
| Preferred Dividends & Other Adjustments | 165.00K | 38.00K | 37.00K | 5.00K | 416.00K | 802.00K |
| Net Income to Common | 29.82M | 17.40M | 17.74M | 11.69M | 39.59M | 51.88M |
| Basic Shares Outstanding | 25.18M | 25.38M | 21.05M | 19.92M | 18.64M | 17.19M |
| Diluted Shares Outstanding | 25.48M | 25.70M | 21.32M | 20.14M | 18.88M | 17.49M |
| EPS (Basic) | 1.18 | 0.69 | 0.84 | 0.59 | 2.12 | 3.02 |
| EPS (Diluted) | 1.17 | 0.68 | 0.83 | 0.58 | 2.10 | 2.97 |
| Dividend Per Share | 0.86 | 0.83 | 0.79 | 0.75 | 0.70 | 0.63 |
| Effective Tax Rate | 23.48% | 22.81% | 23.23% | 26.23% | 23.34% | 23.74% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 65.76M | 35.39M | 35.74M | 28.89M | 30.24M | 17.91M |
| Investment Securities | 232.99M | 162.21M | 217.44M | 195.80M | 221.53M | 208.04M |
| Trading Asset Securities | 818.00K | 18.29M | 13.16M | 8.94M | 6.33M | 3.38M |
| Mortgage-Backed Securities | 549.58M | 619.40M | 661.00M | 606.97M | 835.35M | 1.01B |
| Total Investments | 783.39M | 799.90M | 891.60M | 811.72M | 1.06B | 1.22B |
| Gross Loans | 4.18B | 4.09B | 4.06B | 2.76B | 2.44B | 1.76B |
| Allowance for Loan Losses | -51.45M | -61.91M | -59.93M | -35.84M | -31.15M | -31.57M |
| Other Adjustments to Gross Loans | -43.70M | -70.60M | -881.00K | |||
| Net Loans | 4.13B | 3.99B | 3.93B | 2.72B | 2.41B | 1.73B |
| Property, Plant & Equipment | 71.06M | 72.01M | 53.22M | 23.38M | 22.71M | 22.10M |
| Goodwill | 85.63M | 85.63M | 85.63M | 46.78M | 47.09M | 31.49M |
| Other Intangible Assets | 27.45M | 33.37M | 43.88M | 17.16M | 22.45M | 20.25M |
| Loans Held for Sale | 19.83M | 21.93M | 16.52M | 11.50M | 9.49M | 46.49M |
| Accrued Interest Receivable | 21.01M | 21.74M | 20.07M | 15.70M | 12.87M | 8.54M |
| Other Receivables | 27.94M | 21.45M | 25.07M | 17.54M | 15.83M | |
| Restricted Cash | 31.80M | 25.50M | 101.00M | 28.00M | 224.40M | |
| Other Current Assets | 7.66M | 7.74M | 5.77M | 6.77M | 5.33M | |
| Long-Term Deferred Tax Assets | 25.06M | 23.08M | 52.88M | 34.59M | 42.37M | 11.61M |
| Other Real Estate Owned & Foreclosed | 9.45M | 308.00K | 32.00K | 30.00K | 885.00K | |
| Other Long-Term Assets | 161.15M | 65.23M | 61.17M | 45.82M | 44.66M | 40.60M |
| Total Assets | 5.40B | 5.23B | 5.26B | 3.91B | 3.78B | 3.39B |
| Accrued Expenses | 103.18M | 58.20M | 62.13M | 52.72M | 57.05M | 48.00M |
| Interest Bearing Deposits | 3.49B | 3.19B | 3.23B | 2.25B | 2.00B | 1.89B |
| Institutional Deposits | 190.50M | 248.10M | 121.80M | 51.10M | 91.50M | |
| Non-Interest Bearing Deposits | 813.49M | 807.90M | 903.47M | 728.08M | 860.99M | 938.84M |
| Total Deposits | 4.30B | 4.19B | 4.38B | 3.10B | 2.92B | 2.92B |
| Short-Term Borrowings | 318.40M | 319.48M | 247.56M | 323.35M | 384.38M | 1.37M |
| Current Portion of Leases | 3.37M | 203.00K | ||||
| Long-Term Debt | 59.27M | 50.00M | 50.00M | 50.00M | 50.00M | 50.00M |
| Long-Term Leases | 42.23M | 32.91M | 18.99M | 5.75M | 5.90M | 4.28M |
| Trust Preferred Securities | 9.18M | 9.07M | 8.96M | 8.84M | 8.73M | |
| Other Long-Term Liabilities | 100.00K | 2.20M | 1.10M | 159.00K | ||
| Total Liabilities | 4.83B | 4.67B | 4.77B | 3.54B | 3.42B | 3.03B |
| Common Stock | 24.74M | 25.41M | 25.34M | 19.73M | 19.99M | 17.21M |
| Additional Paid-In Capital | 252.75M | 271.61M | 269.71M | 150.34M | 155.09M | 92.88M |
| Retained Earnings | 316.83M | 270.07M | 273.72M | 272.70M | 280.43M | 253.57M |
| Comprehensive Income & Other | -17.47M | -2.16M | -73.37M | -73.66M | -98.64M | -4.25M |
| Total Common Equity | 576.85M | 564.93M | 495.41M | 369.13M | 356.87M | 359.40M |
| Shareholders' Equity | 576.85M | 564.93M | 495.41M | 369.13M | 356.87M | 359.40M |
| Total Liabilities & Equity | 5.40B | 5.23B | 5.26B | 3.91B | 3.78B | 3.39B |
| Total Debt | 419.90M | 414.95M | 325.62M | 388.06M | 449.13M | 64.58M |
| Net Cash (Debt) | -353.32M | -361.26M | -276.72M | -350.22M | -412.55M | -43.28M |
| Net Cash Per Share | -13.86 | -14.06 | -12.98 | -17.39 | -21.85 | -2.48 |
| Filing Date Shares Outstanding | 24.74M | 25.40M | 25.36M | 19.74M | 20.06M | 17.26M |
| Total Common Shares Outstanding | 24.74M | 25.41M | 25.34M | 19.73M | 19.99M | 17.21M |
| Book Value Per Share | 23.31 | 22.24 | 19.55 | 18.71 | 17.85 | 20.88 |
| Tangible Book Value | 463.77M | 445.93M | 365.89M | 305.19M | 287.33M | 307.66M |
| Tangible Book Value Per Share | 18.74 | 17.55 | 14.44 | 15.46 | 14.37 | 17.87 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 17.44M | 17.78M | 11.70M | 40.01M | 52.68M | |
| Depreciation & Amortization | 17.29M | 14.88M | 8.53M | 8.47M | 8.87M | |
| Gain (Loss) on Sale of Assets | 604.00K | -3.94M | -2.85M | -598.00K | -913.00K | |
| Gain (Loss) on Sale of Investments | 68.78M | 1.37M | 27.05M | 5.39M | 12.08M | |
| Provision for Credit Losses | 556.00K | 18.14M | 2.06M | -3.50M | ||
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 5.63M | 4.89M | 5.42M | 48.54M | 123.94M | |
| Accrued Interest Receivable | -1.67M | -1.34M | -2.83M | -3.24M | 1.12M | |
| Change in Other Net Operating Assets | -12.54M | -10.20M | -13.40M | 14.26M | -1.44M | |
| Other Operating Activities | -20.22M | -12.48M | -3.16M | -151.00K | 1.94M | |
| Operating Cash Flow | 67.53M | 21.75M | 26.82M | 102.97M | 149.83M | |
| Capital Expenditures | -8.70M | -12.37M | -3.07M | -1.79M | -1.71M | |
| Cash Acquisitions | 8.61M | 101.51M | ||||
| Investment in Securities | 123.29M | 106.87M | 259.97M | 38.42M | -636.87M | |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -33.90M | -434.47M | -312.65M | -416.15M | 221.01M | |
| Other Investing Activities | -4.14M | 8.54M | 5.83M | -14.62M | -87.00K | |
| Investing Cash Flow | 76.55M | -322.82M | -49.92M | -292.62M | -417.66M | |
| Short-Term Debt Issued | 69.84M | 378.08M | ||||
| Long-Term Debt Issued | 50.00M | |||||
| Total Debt Issued | 69.84M | 378.08M | 50.00M | |||
| Short-Term Debt Repaid | -76.81M | -63.91M | ||||
| Long-Term Debt Repaid | -203.00K | -49.92M | ||||
| Total Debt Repaid | -76.81M | -63.91M | -203.00K | -49.92M | ||
| Net Debt Issued (Repaid) | 69.84M | -76.81M | -63.91M | 377.88M | 80.00K | |
| Repurchase of Common Stock | -737.00K | -276.00K | -6.64M | -738.00K | -712.00K | |
| Common Dividends Paid | -20.82M | -15.45M | -14.82M | -12.80M | -10.75M | |
| Total Dividends Paid | -20.82M | -15.45M | -14.82M | -12.80M | -10.75M | |
| Net Increase (Decrease) in Deposit Accounts | -186.41M | 324.95M | 180.13M | -358.75M | 348.56M | |
| Financing Cash Flow | -138.13M | 232.42M | 94.76M | 5.59M | 337.18M | |
| Net Cash Flow | 5.95M | -68.65M | 71.65M | -184.07M | 69.35M | |
| Free Cash Flow | 58.83M | 9.38M | 23.75M | 101.18M | 148.13M | |
| Free Cash Flow Margin | 26.28% | 4.60% | 14.30% | 47.96% | 62.24% | |
| Free Cash Flow Per Share | 2.29 | 0.44 | 1.18 | 5.36 | 8.47 | |
| Cash Interest Paid | 110.36M | 110.02M | 72.64M | 15.10M | 4.54M | |
| Cash Income Tax Paid | 2.64M | 448.00K | 10.84M | 12.53M | 13.12M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 820.77M | 571.95M | 487.51M | 442.78M | 466.70M | 503.85M |
| Last Close Price | 33.17 | 22.01 | 18.08 | 20.24 | 20.27 | 24.70 |
| PE Ratio | 28.29 | 32.87 | 27.48 | 37.87 | 11.79 | 9.71 |
| PS Ratio | 3.31 | 2.56 | 2.39 | 2.67 | 2.21 | 2.12 |
| PB Ratio | 1.42 | 1.01 | 0.98 | 1.20 | 1.31 | 1.40 |
| P/FCF Ratio | 9.19 | 9.72 | 51.99 | 18.65 | 4.61 | 3.40 |
| P/OCF Ratio | 8.59 | 8.47 | 22.42 | 16.51 | 4.53 | 3.36 |
| Debt / Equity Ratio | 0.73 | 0.73 | 0.66 | 1.05 | 1.26 | 0.18 |
| Debt / FCF Ratio | 7.05 | 34.73 | 16.34 | 4.44 | 0.44 | |
| Net Debt / Equity Ratio | 0.61 | 0.64 | 0.56 | 0.95 | 1.16 | 0.12 |
| Net Debt / FCF Ratio | 6.14 | 29.51 | 14.75 | 4.08 | 0.29 | |
| Return on Equity (ROE) | 5.32% | 3.29% | 4.11% | 3.22% | 11.17% | 15.28% |
| Return on Assets (ROA) | 0.56% | 0.33% | 0.39% | 0.30% | 1.12% | 1.65% |
| Earnings Yield | 3.53% | 3.05% | 3.65% | 2.64% | 8.57% | 10.46% |
| FCF Yield | 10.88% | 10.29% | 1.92% | 5.36% | 21.68% | 29.40% |
| Dividend Yield | 2.65% | 3.69% | 4.11% | 3.34% | 3.00% | 2.15% |
| Payout Ratio | 75.05% | 119.41% | 86.87% | 126.73% | 32.00% | 20.41% |
| Buyback Yield / Dilution | 0.31% | -20.52% | -5.85% | -6.67% | -7.99% | -0.27% |
| Total Shareholder Return | 2.96% | -16.84% | -1.74% | -3.32% | -5.00% | 1.88% |