ALERUS FINANCIAL CORP

For the period ended Sep 30, 2024. Filed Oct 31, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Oct 31, 2024

ALRS$34.78+1.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended
	September 30,
(dollars in thousands)	2024	2023
Operating Activities
Net income	$17,846	$26,451
Adjustments to reconcile net income to net cash provided (used) by operating activities
Deferred income taxes	(1,888)	857
Provision for credit losses	6,150	550
Depreciation and amortization	6,456	6,378
Amortization and accretion of premiums/discounts on investment securities	1,301	1,652
Amortization of operating lease right-of-use assets	60	(372)
Share‑based compensation expense	1,202	1,192
Originations on loans held for sale	(233,656)	(239,004)
Proceeds on loans held for sale	238,113	238,028
(Increase) in value of bank-owned life insurance	(622)	(653)
Realized loss (gain) on sale of premises and equipment	(476)	—
Realized loss (gain) on derivative instruments	421	(322)
Realized loss (gain) on loans sold	(6,545)	(5,922)
Realized loss (gain) on sale of foreclosed assets	(1)	(27)
Realized loss (gain) on BOLI mortality	—	(1,196)
Realized loss (gain) on servicing rights	(149)	(28)
Net change in:
Accrued interest receivable	(769)	(2,692)
Other assets	127	(3,967)
Accrued expenses and other liabilities	(8,129)	3,879
Net cash provided (used) by operating activities	19,441	24,804
Investing Activities
Proceeds from sales of trading investment securities	8,684	—
Purchases of trading investment securities	(11,220)	—
Proceeds from maturities of investment securities available-for-sale	35,011	52,624
Proceeds from calls of investment securities held-to-maturity	611	242
Proceeds from maturities and paydowns of investment securities held-to-maturity	16,180	17,188
Net (increase) decrease in loans	(275,760)	(162,322)
Net (increase) decrease in FHLB stock	2,809	(5,953)
Purchases of BOLI	(1,935)	—
Proceeds from BOLI mortality claim	—	2,828
Proceeds from sale of premises and equipment	2,799	—
Purchases of premises and equipment	(7,331)	(1,474)
Proceeds from sales of foreclosed assets	37	51
Net cash provided (used) by investing activities	(230,115)	(96,816)
Financing Activities
Net increase (decrease) in deposits	227,939	(43,300)
Net increase (decrease) in short-term borrowings	(69,470)	137,390
Cash dividends paid on common stock	(11,481)	(11,040)
Repurchase of common stock	(232)	(4,556)
Net cash provided (used) by financing activities	146,756	78,494
Net change in cash and cash equivalents	(63,918)	6,482
Cash and cash equivalents at beginning of period	129,893	58,242
Cash and cash equivalents at end of period	$65,975	$64,724

	Nine Months Ended
	September 30,
	2024	2023
Supplemental Cash Flow Disclosures
Interest paid	$84,700	$50,969
Income taxes paid	260	6,637
Cash dividends declared, not paid	3,963	3,838
Supplemental Disclosures of Noncash Investing and Financing Activities
Loan collateral transferred to foreclosed assets	(5)	3
Premises and equipment transferred to other assets	2,086	—
Right-of-use assets obtained in exchange for new operating lease liabilities, net	5,244	1,938
Change in fair value hedges presented within residential real estate loans and other assets	98	716

Alerus Financial Corporation and Subsidiaries

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.