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
Sector
Industry (SIC)
Former names
FIRST NATIONAL CORP NORTH DAKOTA
SEC CIK
Corporate docs
IRS number
450375407
ALRS stock data
Press releases
Alerus Financial Corporation Reports Second Quarter 2022 Net Income of $9.3 Million
27 Jul 22
Alerus Financial Corporation Announces Executive Leadership Changes
20 Jul 22
Alerus Completes Acquisition of Metro Phoenix Bank
1 Jul 22
Alerus Financial Corporation to Announce Second Quarter 2022 Financial Results on Wednesday, July 27
29 Jun 22
Alerus Financial Corporation Names Jim Collins Chief Banking and Revenue Officer
31 May 22
Investment data
Securities sold
Number of investors
Calendar
4 Aug 22
9 Aug 22
31 Dec 22
Financial summary
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 37.04M | 37.04M | 37.04M | 37.04M | 37.04M | 37.04M |
Cash burn (monthly) | 31.93M | 23.2M | (no burn) | (no burn) | 9.08M | (no burn) |
Cash used (since last report) | 42.79M | 31.09M | n/a | n/a | 12.17M | n/a |
Cash remaining | -5.75M | 5.95M | n/a | n/a | 24.87M | n/a |
Runway (months of cash) | -0.2 | 0.3 | n/a | n/a | 2.7 | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
16 Jun 22 | Katie A Lorenson | Common Stock | Buy | Acquire P | No | No | 22.98 | 1,000 | 22.98K | 29,009 |
31 May 22 | Jim Collins | Common Stock | Grant | Acquire A | No | No | 0 | 15,504 | 0 | 15,504 |
31 May 22 | Jim Collins | RSU Common Stock | Grant | Acquire A | No | No | 0 | 3,755 | 0 | 3,755 |
17 May 22 | Ann McConn | Common Stock | Gift | Dispose G | No | No | 0 | 2,000 | 0 | 52,164 |
2 May 22 | Katie A Lorenson | Common Stock | Buy | Acquire P | No | No | 25.1 | 994 | 24.95K | 28,009 |
Institutional ownership, Q1 2022
48.1% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 75 |
Opened positions | 9 |
Closed positions | 5 |
Increased positions | 19 |
Reduced positions | 26 |
13F shares | Current |
---|---|
Total value | 3.98B |
Total shares | 8.32M |
Total puts | 0 |
Total calls | 30.9K |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
Alerus Financial Na | 2.41M | $66.7M |
Alerus Financial Corp Employee Stock Ownership Plan | 1.21M | $35.37M |
BLK Blackrock | 1.03M | $28.44M |
Vanguard | 643.92K | $17.8M |
GS Goldman Sachs | 303.89K | $8.4M |
Geode Capital Management | 289.8K | $8.01M |
STT State Street | 286.91K | $7.98M |
Endeavour Capital Advisors | 263.62K | $7.29M |
Banc Funds | 208K | $5.75M |
NTRS Northern Trust | 158.31K | $4.38M |
Financial report summary
?Risks
- COVID-19 Pandemic-Related Risks
- The COVID-19 pandemic, including the spread of the new variants, has disrupted the U.S. economy and negatively affected the banking industry. The pandemic 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.
- 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.
Management Discussion
- Net income for the year ended December 31, 2021, was $52.7 million, an increase of $8.0 million, or 17.9%, compared to $44.7 million for the year ended December 31, 2020. Diluted earnings per common share were $2.97 in 2021, compared to $2.52 in 2020. Return on average total assets was 1.66% in 2021, compared to 1.61% for 2020. The increase in net income was primarily due to a decrease of $14.4 million in provision for loan losses expense and an increase of $3.3 million in net interest income, partially offset by a decrease of $2.0 million in noninterest income and a
- $5.1 million increase in noninterest expense. The decrease in provision for loan losses expense was primarily driven by a $3.5 million reversal of provision expense as well as $826 thousand in net recoveries, a result of improvements in credit quality indicators. Net interest income increased primarily due to a $5.2 million decrease in interest expense paid on deposits and a $5.2 million increase in interest income from investment securities, partially offset by an $8.3 million decrease on interest income from loans. Noninterest income decreased as a result of a $13.1 million decrease in mortgage banking revenue. Noninterest expense increased primarily due to increases of $4.2 million in compensation expense and $2.0 million increase in employee taxes and benefits expense.
- Net interest income totaled $87.1 million in 2021, an increase of $3.3 million, or 3.9%, from 2020. Net interest margin decreased 32 basis points to 2.90%, in 2021, from the 3.22% reported in 2020. The decrease in net interest margin was primarily a result of a 60 basis point decrease in the average yield on interest earning assets which was partially offset by a corresponding decrease of 43 basis points in the average rate paid on interest-bearing liabilities. These decreases were largely driven by a shift in balance sheet mix as the average balance of interest-bearing deposits with banks increased $60.3 million and the average balance on investment securities increased $439.1 million while the average balance on loans held for investment decreased $86.9 million and the average balance on loans held for sale decreased $13.2 million.
Content analysis
?Positive | ||
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Legalese | ||
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Readability |
H.S. freshman Avg
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New words:
archival, bearing, BHC, conducting, depreciated, depreciation, education, educational, Jim, merged, merger, Metro, move, MPB, MPHX, OTCPK, outreach, Phoenix, PIR, prevalence, Resource, seasonal, surviving, troubled, Vintage
Removed:
element, expired, fed, Nasdaq, refinance, residence, secondary, sell, symbol, unclear
Financial reports
Current reports
8-K
Results of Operations and Financial Condition
27 Jul 22
8-K
Alerus Financial Corporation Announces Executive Leadership Changes
20 Jul 22
8-K
ALERUS COMPLETES ACQUISITION OF Metro Phoenix Bank
1 Jul 22
8-K
Alerus Financial Corporation Names Jim Collins Chief Banking and Revenue Officer
31 May 22
8-K
Submission of Matters to a Vote of Security Holders
11 May 22
8-K
Alerus Financial Corporation Declares
11 May 22
8-K
Results of Operations and Financial Condition
27 Apr 22
8-K
Alerus Financial Corporation Names New Chief Financial Officer and Chief Accounting Officer
28 Jan 22
8-K
Results of Operations and Financial Condition
26 Jan 22
8-K
Alerus Financial Corporation Declares
19 Jan 22
Registration and prospectus
424B3
Prospectus supplement
6 Apr 22
S-4/A
Registration of securities issued in business combination transactions (amended)
28 Mar 22
S-4
Registration of securities issued in business combination transactions
20 Jan 22
425
Business combination disclosure
9 Dec 21
S-3
Shelf registration
16 Sep 20
S-8
Registration of securities for employees
18 Sep 19
424B4
Prospectus supplement with pricing info
13 Sep 19
8-A12B
Registration of securities on exchange
6 Sep 19
FWP
Free writing prospectus
3 Sep 19
S-1/A
IPO registration (amended)
3 Sep 19
Other
EFFECT
Notice of effectiveness
7 Apr 22
CORRESP
Correspondence with SEC
3 Apr 22
UPLOAD
Letter from SEC
25 Jan 22
EFFECT
Notice of effectiveness
28 Sep 20
CORRESP
Correspondence with SEC
22 Sep 20
UPLOAD
Letter from SEC
21 Sep 20
EFFECT
Notice of effectiveness
13 Sep 19
CERT
Certification of approval for exchange listing
10 Sep 19
CORRESP
Correspondence with SEC
8 Sep 19
CORRESP
Correspondence with SEC
8 Sep 19
Ownership
4
ALERUS FINANCIAL / Katie A Lorenson ownership change
23 Jun 22
4
ALERUS FINANCIAL / Jim Collins ownership change
2 Jun 22
3
ALERUS FINANCIAL / Jim Collins ownership change
2 Jun 22
4
ALERUS FINANCIAL / Ann McConn ownership change
18 May 22
4
ALERUS FINANCIAL / Katie A Lorenson ownership change
3 May 22
4
ALERUS FINANCIAL / Randy L Newman ownership change
25 Feb 22
4
ALERUS FINANCIAL / Ann McConn ownership change
25 Feb 22
4
ALERUS FINANCIAL / Karin M Taylor ownership change
23 Feb 22
4
ALERUS FINANCIAL / Randy L Newman ownership change
23 Feb 22
4
ALERUS FINANCIAL / Katie A Lorenson ownership change
23 Feb 22
Transcripts
2022 Q2
Earnings call transcript
31 Jul 22
2022 Q1
Earnings call transcript
30 Apr 22
2021 Q4
Earnings call transcript
27 Jan 22
2021 Q3
Earnings call transcript
29 Oct 21
2021 Q2
Earnings call transcript
31 Jul 21
2021 Q1
Earnings call transcript
1 May 21
2020 Q4
Earnings call transcript
28 Jan 21
2020 Q2
Earnings call transcript
31 Jul 20
2020 Q1
Earnings call transcript
1 May 20
2019 Q4
Earnings call transcript
29 Jan 20
Reddit threads
Daily Discussion Thread - July 27th, 2022
27 Jul 22
Daily Discussion Thread - July 26th, 2022
26 Jul 22
Daily Discussion Thread - July 25th, 2022
25 Jul 22
Daily Discussion Thread - June 16th, 2022
16 Jun 22
Daily Discussion Thread - June 15th, 2022
15 Jun 22
Daily Discussion Thread - June 14th, 2022
14 Jun 22
Daily Discussion Thread - June 13th, 2022
13 Jun 22
Daily Discussion Thread - April 27th, 2022
27 Apr 22
Daily Discussion Thread - April 26th, 2022
26 Apr 22
Daily Discussion Thread - April 25th, 2022
25 Apr 22