ALERUS FINANCIAL CORP
For the period ended Mar 31, 2024. Filed May 2, 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.
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 Income
Consolidated Statements of Income (Unaudited)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three months ended | ||||||
| · · March 31, | ||||||
| (dollars and shares in thousands, except per share data) | 2024 | 2023 | ||||
| Interest Income | | | | | | |
| Loans, including fees | | $39,294 | | $30,933 | ||
| Investment securities | | | ||||
| Taxable | | 4,568 | | 5,951 | ||
| Exempt from federal income taxes | | 174 | | 190 | ||
| Other | | 5,002 | | 735 | ||
| Total interest income | | | 49,038 | | 37,809 | |
| Interest Expense | | | ||||
| Deposits | | 20,152 | | 9,104 | ||
| Short-term borrowings | | 5,989 | | 4,393 | ||
| Long-term debt | | 678 | | 654 | ||
| Total interest expense | | 26,819 | | 14,151 | ||
| Net interest income | | 22,219 | | 23,658 | ||
| Provision for credit losses | | — | | 550 | ||
| Net interest income after provision for credit losses | | 22,219 | | 23,108 | ||
| Noninterest Income | | | ||||
| Retirement and benefit services | | 15,655 | | 15,482 | ||
| Wealth management | | 6,118 | | 5,194 | ||
| Mortgage banking | | 1,670 | | 1,717 | ||
| Service charges on deposit accounts | | 389 | | 301 | ||
| Other | | 1,491 | | 2,559 | ||
| Total noninterest income | | 25,323 | | 25,253 | ||
| Noninterest Expense | | | ||||
| Compensation | | 19,332 | | 19,158 | ||
| Employee taxes and benefits | | 6,188 | | 5,853 | ||
| Occupancy and equipment expense | | 1,906 | | 1,899 | ||
| Business services, software and technology expense | | 5,345 | | 5,324 | ||
| Intangible amortization expense | | 1,324 | | 1,324 | ||
| Professional fees and assessments | | 1,993 | | 1,152 | ||
| Marketing and business development | | 685 | | 686 | ||
| Supplies and postage | | 528 | | 460 | ||
| Travel | | 292 | | 248 | ||
| Mortgage and lending expenses | | 441 | | 497 | ||
| Other | | 985 | | 1,268 | ||
| Total noninterest expense | | 39,019 | | 37,869 | ||
| Income before income taxes | | 8,523 | | 10,492 | ||
| Income tax expense | | 2,091 | | 2,306 | ||
| Net income | | $6,432 | | $8,186 | ||
| Per Common Share Data | | | | | | |
| Basic earnings per common share | | $0.32 | | $0.41 | ||
| | | | | | | |
| Diluted earnings per common share | | $0.32 | | $0.40 | ||
| Dividends declared per common share | | $0.19 | | $0.18 | ||
| Average common shares outstanding | | 19,739 | | 20,028 | ||
| Diluted average common shares outstanding | | 19,986 | | 20,246 | ||
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