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Alerus Financial (ALRS)

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

ALRS stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 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
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

Beta Read what these cash burn values mean

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
48.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 75 71 +5.6%
Opened positions 9 13 -30.8%
Closed positions 5 1 +400.0%
Increased positions 19 24 -20.8%
Reduced positions 26 14 +85.7%
13F shares Current Prev Q Change
Total value 3.98B 4.27B -6.8%
Total shares 8.32M 8.08M +3.1%
Total puts 0 0
Total calls 30.9K 0 NEW
Total put/call ratio
Largest owners Shares Value Change
Alerus Financial Na 2.41M $66.7M +1.2%
Alerus Financial Corp Employee Stock Ownership Plan 1.21M $35.37M 0.0%
BLK Blackrock 1.03M $28.44M -0.5%
Vanguard 643.92K $17.8M -1.7%
GS Goldman Sachs 303.89K $8.4M +0.1%
Geode Capital Management 289.8K $8.01M +2.7%
STT State Street 286.91K $7.98M +3.9%
Endeavour Capital Advisors 263.62K $7.29M -0.7%
Banc Funds 208K $5.75M 0.0%
NTRS Northern Trust 158.31K $4.38M -3.4%
Largest transactions Shares Bought/sold Change
Elizabeth Park Capital Advisors 116.51K +116.51K NEW
Mairs & Power 141.3K +83.2K +143.2%
Alerus Financial Na 2.41M +29.48K +1.2%
Prelude Capital Management 24.96K +24.96K NEW
MS Morgan Stanley 44.45K +20.58K +86.2%
Millennium Management 14.69K -18.98K -56.4%
Dimensional Fund Advisors 103.43K +16.9K +19.5%
Renaissance Technologies 32.2K +16.2K +101.3%
BCS Barclays 20.76K -15.85K -43.3%
Two Sigma Investments 21.17K -15.8K -42.7%

Financial report summary

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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

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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