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ALRS Alerus Financial

Alerus Financial Corporation is a diversified financial services company headquartered in Grand Forks, ND. Through its subsidiary, Alerus Financial, N.A., Alerus provides innovative and comprehensive financial solutions to businesses and consumers through four distinct business segments-banking, retirement and benefit services, wealth management, and mortgage. These solutions are delivered through a relationship-oriented primary point of contact along with responsive and client-friendly technology. Alerus Financial banking and wealth management offices are located in Grand Forks and Fargo, ND, the Minneapolis-St. Paul, MN metropolitan area and Scottsdale and Mesa, AZ. Alerus Retirement and Benefits plan administration offices are located in St. Paul, MN, East Lansing, MI, and Littleton, CO.

Company profile

Ticker
ALRS
Exchange
Website
CEO
Randy L. Newman
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
FIRST NATIONAL CORP NORTH DAKOTA
SEC CIK
IRS number
450375407

ALRS stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

6 May 21
2 Aug 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 190.22M 190.22M 190.22M 190.22M 190.22M 190.22M
Cash burn (monthly) (positive/no burn) 689.33K (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 2.82M n/a n/a n/a n/a
Cash remaining n/a 187.39M n/a n/a n/a n/a
Runway (months of cash) n/a 271.8 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 May 21 Coughlin Daniel E Common Stock Grant Aquire A No No 0 1,215 0 38,459
12 May 21 Vetter Galen G Common Stock Grant Aquire A No No 0 1,215 0 39,412
12 May 21 Bohn Karen Common Stock Grant Aquire A No No 0 1,215 0 46,004
12 May 21 Lemke Kevin D Common Stock Grant Aquire A No No 0 1,215 0 80,631
12 May 21 Mathews Michael S Common Stock Grant Aquire A No No 0 1,215 0 6,385

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

43.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 61 59 +3.4%
Opened positions 3 8 -62.5%
Closed positions 1 3 -66.7%
Increased positions 18 20 -10.0%
Reduced positions 25 16 +56.3%
13F shares
Current Prev Q Change
Total value 4.44B 3.49B +27.3%
Total shares 7.53M 7.46M +0.9%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Alerus Financial Na 1.92M $57.26M -5.4%
Alerus Financial Corp Employee Stock Ownership Plan 1.17M $32.04M 0.0%
BLK Blackrock 936.63K $27.89M +13.5%
Vanguard 663.79K $19.77M +52.8%
GS Goldman Sachs 335.03K $9.98M -2.3%
Endeavour Capital Advisors 296.73K $8.84M -19.2%
STT State Street 256.89K $7.69M -6.0%
Geode Capital Management 252.18K $7.51M +35.4%
Banc Funds 208K $6.19M 0.0%
Brown Advisory 202.54K $6.03M +0.8%
Largest transactions
Shares Bought/sold Change
Vanguard 663.79K +229.5K +52.8%
BLK Blackrock 936.63K +111.61K +13.5%
Alerus Financial Na 1.92M -110.42K -5.4%
Endeavour Capital Advisors 296.73K -70.38K -19.2%
Geode Capital Management 252.18K +65.96K +35.4%
M3F 86.73K -59.96K -40.9%
John W. Rosenthal Capital Management 80.69K -39.31K -32.8%
NTRS Northern Trust 176.03K -38.1K -17.8%
MS Morgan Stanley 24.22K -25.37K -51.2%
Dimensional Fund Advisors 63.68K +17.96K +39.3%

Financial report summary

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Risks
  • COVID-19 Pandemic-Related Risks
  • The outbreak of the Coronavirus Disease 2019, or COVID-19, has led to an economic recession and had other severe effects on the U.S. economy and has disrupted our operations. The ongoing COVID-19 pandemic has also adversely impacted certain industries in which our clients operate and impaired their ability to fulfill their financial obligations to us. The ultimate impact of the COVID-19 pandemic on our business remains uncertain but may have a material and adverse effect on our business, financial condition, results of operations and growth prospects.
  • The U.S. government and banking regulators, including the Federal Reserve, have taken a number of unprecedented actions in response to the COVID-19 pandemic, which could ultimately have a material adverse effect on our business and results of operations.
  • COVID-19 has disrupted banking and other financial activities in the areas in which we operate and could potentially create widespread business continuity issues for us.
  • As a participating lender in the PPP, we are subject to additional risks of litigation from our clients or other parties regarding our processing of loans for the PPP and risks that the SBA may not fund some or all PPP loan guarantees.
Management Discussion
  • Net income for the year ended December 31, 2020 was $44.7 million, an increase of $15.1 million, or 51.2%, compared to $29.5 million for the year ended December 31, 2019. Diluted earnings per common share were $2.52 in 2020, compared to $1.91 for 2019. Return on average total assets was 1.61% in 2020, compared to 1.34% for 2019. The
  • increase in net income was primarily due to an increase of $35.2 million in noninterest income and an increase of $9.3 million in net interest income. The increase in noninterest income was primarily driven by an increase in mortgage banking revenue and the increase in net interest income was primarily due to a $6.5 million decrease in interest expense along with a $2.4 million increase in interest income from investment securities. These improvements were partially offset by a $21.3 million, or 14.9%, increase in noninterest expense driven by a $15.2 million increase in compensation expense, $2.7 million in business services, software and technology expense, and $2.2 million in mortgage and lending expenses. The increases in compensation and mortgage and lending expenses were directly correlated to the increase in mortgage banking revenue as mortgage originations totaled $1.8 billion for the year. The provision for loan losses increased $3.6 million in 2020 compared to 2019, as concerns regarding an economic slowdown related to COVID-19 increased qualitative factors.
  • Net interest income totaled $83.8 million in 2020, an increase of $9.3 million, or 12.5%, from 2019. Net interest margin decreased 43 basis points to 3.22%, in 2020, from the 3.65% reported in 2019. The decrease in net interest margin was primarily a result of an 87 basis point decrease in the average yield on interest earning assets which was partially offset by a corresponding decrease of 60 basis points in the average rate paid on interest-bearing liabilities. These decreases were largely driven by a historically low interest rate environment as the Federal Open Market Committee decreased the target fed funds rate 150 basis points in reaction to the economic impact related to COVID-19. Also contributing to the decrease in net interest margin was a shift in balance sheet mix with a higher percentage of average balances in lower yielding deposits with banks and investment securities. The increase in these balances was due to an influx of liquidity from PPP loans, government stimulus and market uncertainty.
Content analysis
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