ALERUS FINANCIAL CORP
For the period ended Mar 31, 2024. Filed May 2, 2024.
View on SEC.govAbout 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, 2024 · Filed May 2, 2024
ALRS$34.78+1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Unaudited)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three months ended | ||||||
| · · March 31, | ||||||
| (dollars in thousands) · 2024 · 2023 | ||||||
| Operating Activities · · | ||||||
| Net income | | $6,432 | | $8,186 | ||
| Adjustments to reconcile net income to net cash provided (used) by operating activities | | | ||||
| Deferred income taxes | | — | | 1,459 | ||
| Provision for credit losses | | — | | 550 | ||
| Depreciation and amortization | | 2,100 | | 2,130 | ||
| Amortization and accretion of premiums/discounts on investment securities | | 424 | | 527 | ||
| Amortization of operating lease right-of-use assets | | | (8) | | | (43) |
| Share‑based compensation expense | | 593 | | 159 | ||
| Originations on loans held for sale | | | (53,129) | | | (56,347) |
| Proceeds on loans held for sale | | | 55,362 | | | 50,381 |
| (Increase) in value of bank-owned life insurance | | (160) | | (224) | ||
| Realized loss (gain) on derivative instruments | | (678) | | (253) | ||
| Realized loss (gain) on loans sold | | (1,438) | | (1,344) | ||
| Realized loss (gain) on sale of foreclosed assets | | — | | 8 | ||
| Realized loss (gain) on BOLI mortality | | | — | | | (1,196) |
| Realized loss (gain) on servicing rights | | (20) | | 38 | ||
| Net change in: | | | | | ||
| Accrued interest receivable | | (449) | | (114) | ||
| Other assets | | (1,071) | | 2,052 | ||
| Accrued expenses and other liabilities | | 4,031 | | (8,352) | ||
| Net cash provided (used) by operating activities | | 11,989 | | (2,383) | ||
| Investing Activities | | | ||||
| Proceeds from sales of trading investment securities | | | 5,502 | | | — |
| Purchases of trading investment securities | | | (10,008) | | | — |
| Proceeds from maturities of investment securities available-for-sale | | 10,818 | | 16,139 | ||
| Proceeds from calls of investment securities held-to-maturity | | | 251 | | | 126 |
| Proceeds from maturities and paydowns of investment securities held-to-maturity | | | 7,043 | | | 7,578 |
| Net (increase) decrease in loans | | (40,223) | | (42,801) | ||
| Net (increase) decrease in FHLB stock | | | 5,075 | | (225) | |
| Proceeds from BOLI mortality claim | | | — | | | 2,828 |
| Purchases of premises and equipment | | (881) | | (923) | ||
| Proceeds from sales of foreclosed assets | | 34 | | 22 | ||
| Net cash provided (used) by investing activities | | (22,389) | | (17,256) | ||
| Financing Activities | | | ||||
| Net increase (decrease) in deposits | | 189,358 | | 116,494 | ||
| Net increase (decrease) in short-term borrowings | | 240,830 | | (5,935) | ||
| Repayments of long-term debt | | 1 | | — | ||
| Cash dividends paid on common stock | | (3,757) | | (3,620) | ||
| Repurchase of common stock | | (153) | | (361) | ||
| Net cash provided (used) by financing activities | | 426,279 | | 106,578 | ||
| Net change in cash and cash equivalents | | 415,879 | | 86,939 | ||
| Cash and cash equivalents at beginning of period | | 129,893 | | 58,242 | ||
| Cash and cash equivalents at end of period | | $545,772 | | $145,181 | ||
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three months ended | ||||||
| · · March 31, | ||||||
| · 2024 · 2023 | ||||||
| Supplemental Cash Flow Disclosures · · | ||||||
| Interest paid | | $22,339 | | $15,167 | ||
| Income taxes paid | | 1 | | — | ||
| Cash dividends declared, not paid | | | 3,763 | | | 3,620 |
| Supplemental Disclosures of Noncash Investing and Financing Activities | | | ||||
| Loan collateral transferred to foreclosed assets | | (5) | | — | ||
| Right-of-use assets obtained in exchange for new operating lease liabilities, net | | | 108 | | | 257 |
| Change in fair value hedges presented within residential real estate loans and other assets | | | 268 | | | — |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.