Alerus Financial Corp (OQ:ALRS)
Business Focus: Banks
| Sector: Financials | Industry: Banks |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 401 Demers Ave GRAND FORKS ND 58201-4574 |
| Tel: | 1-952-4173733 |
| Website: | https://www.alerus.com |
| IR: | See website |
| Key People | ||
| Katie A. Lorenson President, Chief Executive Officer, Director | Alan A. Villalon Chief Financial Officer, Executive Vice President | Karin M. Taylor Executive Vice President and Chief Risk and Operating Officer |
| Jon N. Hendry Executive Vice President, Chief Technology Officer | Jim R. Collins Executive Vice President, Chief Banking and Revenue Officer | Missy S. Keney Executive Vice President, Chief Engagement Officer | Forrest R. Wilson Executive Vice President and Chief Retirement Services Officer |
| Business Overview |
| Alerus Financial Corporation is a diversified financial services company. Through its subsidiary, Alerus Financial, National Association (the Bank), the Company provides financial solutions to businesses and consumers. The Company's segments include Banking, Retirement and Benefit Services, Wealth Management, and Mortgage. The Banking segment offers a complete line of loan, deposit, cash management, and treasury services. The Retirement and Benefit Services segment provides various services, including recordkeeping and administration services to qualified retirement plans; ESOP trustee, recordkeeping, and administration; and investment fiduciary services to retirement plans, among others. The Wealth Management segment provides advisory and planning services, investment management, and trust and fiduciary services. The Mortgage segment offers first and second mortgage loans through a centralized mortgage unit in Minneapolis, Minnesota, as well as through the banking office locations. |
| Financial Overview |
| For the three months ended 31 March 2024, Alerus Financial Corp interest income increased 30% to $49M. Net interest income after loan loss provision decreased 4% to $22.2M. Net income applicable to common stockholders decreased 21% to $6.4M. Net interest income after loan loss provision reflects Banking segment decrease of 6% to $22.9M, Net Interest Margin - Total - % decrease of 15% to 2.3%, Net Interest Spread - Total - % decrease of 28% to 1.49%. |
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