ALERUS FINANCIAL CORP

For the period ended Jun 30, 2024. Filed Aug 8, 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.

Jun 30, 2024 · Filed Aug 8, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Income

Consolidated Statements of Income (Unaudited)


· · Three months ended · · Six months ended
· · June 30, · · June 30,
(dollars and shares in thousands, except per share data)	2024		2023		2024		2023
Interest Income
Loans, including fees		$41,663		$33,267		$80,958		$64,200
Investment securities
Taxable		4,845		6,125		9,413		12,076
Exempt from federal income taxes		170		186		343		376
Other		6,344		762		11,346		1,497
Total interest income		53,022		40,340		102,060		78,149
Interest Expense
Deposits		21,284		12,678		41,436		21,782
Short-term borrowings		7,053		4,763		13,042		9,156
Long-term debt		684		665		1,362		1,319
Total interest expense		29,021		18,106		55,840		32,257
Net interest income		24,001		22,234		46,220		45,892
Provision for credit losses		4,489		—		4,489		550
Net interest income after provision for credit losses		19,512		22,234		41,731		45,342
Noninterest Income
Retirement and benefit services		16,078		15,890		31,733		31,372
Wealth management		6,360		5,449		12,477		10,644
Mortgage banking		2,554		2,905		4,224		4,622
Service charges on deposit accounts		456		311		845		612
Other		1,923		1,223		3,415		3,781
Total noninterest income		27,371		25,778		52,694		51,031
Noninterest Expense
Compensation		20,265		18,847		39,597		38,005
Employee taxes and benefits		5,134		4,724		11,322		10,577
Occupancy and equipment expense		1,815		1,837		3,722		3,736
Business services, software and technology expense		4,599		5,269		9,944		10,593
Intangible amortization expense		1,324		1,324		2,648		2,648
Professional fees and assessments		2,373		1,530		4,366		2,682
Marketing and business development		651		665		1,436		1,389
Supplies and postage		370		406		898		866
Travel		332		306		624		554
Mortgage and lending expenses		467		215		908		712
Other		1,422		1,250		2,306		2,480
Total noninterest expense		38,752		36,373		77,771		74,242
Income before income taxes		8,131		11,639		16,654		22,131
Income tax expense		1,923		2,535		4,014		4,841
Net income		$6,208		$9,104		$12,640		$17,290
Per Common Share Data
Basic earnings per common share		$0.31		$0.45		$0.64		$0.86

Diluted earnings per common share		$0.31		$0.45		$0.63		$0.85
Dividends declared per common share		$0.20		$0.19		$0.39		$0.37
Average common shares outstanding		19,777		20,033		19,758		20,030
Diluted average common shares outstanding		20,050		20,241		20,018		20,243

ContentsView on SEC.gov

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