ALERUS FINANCIAL CORP
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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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$34.45+1.9%Stored close · as of Nov 9, 2026
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Part 1: FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Consolidated Balance Sheets
PART** 1. FINANCIAL INFORMATION
Item 1 - Consolidated Financial Statements
Alerus Financial Corporation and Subsidiaries
Consolidated Balance Sheets (Unaudited)
| September 30, | December 31, | |
|---|---|---|
| (dollars in thousands, except share and per share data) | 2024 | 2023 |
| Assets | ||
| Cash and cash equivalents | $65,975 | $129,893 |
| Investment securities | ||
| Trading | 2,708 | — |
| Available-for-sale, at fair value (amortized cost of $549,122 and $584,754, respectively) | 466,003 | 486,736 |
| Held-to-maturity, at amortized cost (fair value of $249,862 and $258,617, respectively, with an allowance for credit losses on investments of $137 and $213, respectively) | 281,913 | 299,515 |
| Loans held for sale | 13,487 | 11,497 |
| Loans | 3,032,343 | 2,759,583 |
| Allowance for credit losses on loans | (39,142) | (35,843) |
| Net loans | 2,993,201 | 2,723,740 |
| Land, premises and equipment, net | 18,790 | 17,940 |
| Operating lease right-of-use assets | 9,268 | 5,436 |
| Accrued interest receivable | 16,469 | 15,700 |
| Bank-owned life insurance | 35,793 | 33,236 |
| Goodwill | 46,783 | 46,783 |
| Other intangible assets, net | 13,186 | 17,158 |
| Servicing rights | 1,874 | 2,052 |
| Deferred income taxes, net | 33,054 | 34,595 |
| Other assets | 86,136 | 83,432 |
| Total assets | $4,084,640 | $3,907,713 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities | ||
| Deposits | ||
| Noninterest-bearing | $657,547 | $728,082 |
| Interest-bearing | 2,666,003 | 2,367,529 |
| Total deposits | 3,323,550 | 3,095,611 |
| Short-term borrowings | 244,700 | 314,170 |
| Long-term debt | 59,041 | 58,956 |
| Operating lease liabilities | 9,643 | 5,751 |
| Accrued expenses and other liabilities | 61,220 | 64,098 |
| Total liabilities | 3,698,154 | 3,538,586 |
| Commitments and contingencies (Note 13) | ||
| Stockholders’ equity | ||
| Preferred stock, $1 par value, 2,000,000 shares authorized: 0 issued and outstanding | — | — |
| Common stock, $1 par value, 30,000,000 shares authorized: 19,790,005 and 19,734,077 issued and outstanding | 19,790 | 19,734 |
| Additional paid-in capital | 151,257 | 150,343 |
| Retained earnings | 278,863 | 272,705 |
| Accumulated other comprehensive income (loss) | (63,424) | (73,655) |
| Total stockholders’ equity | 386,486 | 369,127 |
| Total liabilities and stockholders’ equity | $4,084,640 | $3,907,713 |
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