ALERUS FINANCIAL CORP

For the period ended Mar 31, 2026. Filed May 1, 2026.

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.

Mar 31, 2026 · Filed May 1, 2026

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)

	Three months ended
	March 31,
(dollars in thousands)	2026	2025
Operating Activities
Net income	$22,971	$13,315
Adjustments to reconcile net income to net cash provided (used) by operating activities
Deferred income taxes	2,983	4,334
Provision for (recovery of) credit losses	(4,883)	863
Depreciation and amortization	3,283	3,839
Amortization and accretion of premiums/discounts on investment securities	26	185
Amortization of operating lease right-of-use assets	2,496	(21)
Share‑based compensation expense	751	599
Purchase accounting accretion, net	(3,019)	(5,074)
Originations of loans held for sale	(94,434)	(64,866)
Proceeds on loans held for sale	96,373	70,108
Realized loss (gain) on mortgage loans sold	(2,359)	(1,645)
Servicing rights capitalized upon sale of mortgage loans	(11)	(54)
(Increase) in value of bank-owned life insurance	(168)	(221)
Realized loss (gain) on sale of premises and equipment	21	—
Realized loss (gain) on derivative instruments	(261)	(289)
Realized loss (gain) on sale of foreclosed assets	23	19
Change in fair value of mortgage servicing rights	(221)	621
Net change in:
Accrued interest receivable	1,273	(430)
Other assets	5,074	(4,900)
Accrued expenses and other liabilities	(2,105)	(8,668)
Net cash provided (used) by operating activities	27,813	7,715
Investing Activities
Proceeds from sales of trading investment securities	926	3,377
Purchases of trading investment securities	(1,011)	(3,145)
Proceeds from sales or calls of investment securities available-for-sale	—	10,000
Proceeds from maturities of investment securities available-for-sale	15,890	24,563
Purchases of investment securities available-for-sale	(27,370)	—
Proceeds from calls of investment securities held-to-maturity	340	146
Proceeds from maturities and paydowns of investment securities held-to-maturity	6,490	6,562
Net (increase) decrease in loans	9,271	(88,793)
Purchases of FHLB stock	(146,149)	(72,762)
Sales of FHLB stock	141,837	73,548
Purchases of BOLI	—	(138)
Purchases of premises and equipment	(2,027)	(2,054)
Proceeds from sales of foreclosed assets	159	—
Net cash provided (used) by investing activities	(1,644)	(48,696)
Financing Activities
Net increase (decrease) in deposits	155,879	106,881
Net increase (decrease) in short-term borrowings with maturities of three months or less	(108,800)	(38,960)
Cash dividends paid on common stock	(5,078)	(5,073)
Repurchase of common stock	(6,536)	(127)
Net cash provided (used) by financing activities	35,465	62,721
Net change in cash and cash equivalents	61,634	21,740
Cash and cash equivalents at beginning of period	67,192	61,239
Cash and cash equivalents at end of period	$128,826	$82,979

	Three months ended
	March 31,
	2026	2025
Supplemental Cash Flow Disclosures
Interest paid	$23,704	$29,227
Income taxes paid	(47)	1
Cash dividends declared, not paid	5,346	5,078
Supplemental Disclosures of Noncash Investing and Financing Activities
Loan collateral transferred to foreclosed assets	—	(511)
Right-of-use assets obtained in exchange for new operating lease liabilities, net	4,739	22

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.