Alerus Financial Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Alerus Financial Corp. has submitted its Q1 2024 10-Q filing, detailing financial positions and commitments as of March 31, 2024.</b>

AI Summary

ALERUS FINANCIAL CORP (ALRS) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Alerus Financial Corp. filed its quarterly report (10-Q) on May 2, 2024, for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024, with comparisons to previous periods. Key financial statement items such as Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed as of March 31, 2024, and prior dates. Information regarding commitments, including Standby Letters of Credit and Commitments to Extend Credit, is provided for March 31, 2024, and December 31, 2023. The report references various accounting standards and valuation techniques, including Discounted Cash Flow.

Why It Matters

For investors and stakeholders tracking ALERUS FINANCIAL CORP, this filing contains several important signals. This filing provides investors and analysts with the latest financial performance and position of Alerus Financial Corp., crucial for assessing its stability and growth prospects. The detailed breakdown of equity, liabilities, and commitments offers insights into the company's financial health and risk exposure.

Risk Assessment

Risk Level: low — ALERUS FINANCIAL CORP shows low risk based on this filing. The filing is a standard 10-Q report, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk from this specific document.

Analyst Insight

Review the detailed financial statements and commitment disclosures in the 10-Q to understand Alerus Financial Corp.'s current financial standing and operational risks.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• 19776786 — Value (us-gaap:AccruedLiabilitiesAndOtherLiabilities)
• 19734077 — Value (us-gaap:OtherAssets)
• 2024-03-31 — Date (us-gaap:StandbyLettersOfCreditMember)
• 2023-12-31 — Date (us-gaap:StandbyLettersOfCreditMember)
• 2024-01-01 — Start Date (us-gaap:CommonStockMember)
• 2024-03-31 — End Date (us-gaap:CommonStockMember)

Key Players & Entities

• ALERUS FINANCIAL CORP (company) — FILER
• ALRS (company) — tk
• 2024-05-02T00:00:00.000Z (date) — dt
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• GRAND FORKS (location) — CITY
• ND (location) — STATE
• DE (location) — STATE OF INCORPORATION
• 001-39036 (other) — SEC FILE NUMBER

FAQ

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure of financial information between annual reports. (This filing provides the most recent financial performance and position of Alerus Financial Corp.)

Standby Letters of Credit

A financial instrument issued by a bank on behalf of its customer, guaranteeing payment to a third party if the customer fails to meet its obligations. (Indicates potential financial commitments and contingent liabilities for Alerus Financial Corp.)

Key Financial Figures

• $1.00 — ch registered Common Stock, par value $1.00 per share ALRS The Nasdaq Stock Mar
• $1.235 billion — he fiscal year in which the Company has $1.235 billion or more in annual revenues; (3) the dat
• $1.0 billion — issued publicly or privately, more than $1.0 billion in non-convertible debt securities. Man

Filing Documents

• alrs-20240331x10q.htm (10-Q) — 6229KB
• alrs-20240331xex31d1.htm (EX-31.1) — 14KB
• alrs-20240331xex31d2.htm (EX-31.2) — 14KB
• alrs-20240331xex32d1.htm (EX-32.1) — 7KB
• alrs-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-006547.txt (&nbsp;) — 25901KB
• alrs-20240331.xsd (EX-101.SCH) — 86KB
• alrs-20240331_cal.xml (EX-101.CAL) — 138KB
• alrs-20240331_def.xml (EX-101.DEF) — 404KB
• alrs-20240331_lab.xml (EX-101.LAB) — 821KB
• alrs-20240331_pre.xml (EX-101.PRE) — 654KB
• alrs-20240331x10q_htm.xml (XML) — 7434KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 67 Item 4.

Controls and Procedures

Controls and Procedures 69 Part 2 : OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 69 Item 1A.

Risk Factors

Risk Factors 69 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69 Item 3. Defaults Upon Senior Securities 70 Item 4. Mine Safety Disclosures 70 Item 5. Other Information 70 Item 6. Exhibits 71

Signatures

Signatures 72 Table of Contents PART 1. FINANCIAL INFORMATION

- Consolidated Financial Statements

Item 1 - Consolidated Financial Statements Alerus Financial Corporation and Subsidiaries Consolidated Balance Sheets March 31, December 31, (dollars in thousands, except share and per share data) 2024 2023 Assets (Unaudited) (Unaudited) Cash and cash equivalents $ 545,772 $ 129,893 Investment securities Trading 4,553 — Available-for-sale, at fair value (amortized cost of $ 573,733 and $ 584,754 , respectively) 472,272 486,736 Held-to-maturity, at amortized cost (fair value of $ 249,807 and $ 258,617 , respectively, with an allowance for credit losses on investments of $ 207 and $ 213 , respectively) 291,932 299,515 Loans held for sale 10,625 11,497 Loans 2,799,475 2,759,583 Allowance for credit losses on loans ( 36,584 ) ( 35,843 ) Net loans 2,762,891 2,723,740 Land, premises and equipment, net 18,162 17,940 Operating lease right-of-use assets 5,112 5,436 Accrued interest receivable 16,149 15,700 Bank-owned life insurance 33,396 33,236 Goodwill 46,783 46,783 Other intangible assets, net 15,834 17,158 Servicing rights 1,983 2,052 Deferred income taxes, net 34,796 34,595 Other assets 77,833 83,432 Total assets $ 4,338,093 $ 3,907,713 Liabilities and Stockholders' Equity Liabilities Deposits Noninterest-bearing $ 692,500 $ 728,082 Interest-bearing 2,592,469 2,367,529 Total deposits 3,284,969 3,095,611 Short-term borrowings 555,000 314,170 Long-term debt 58,985 58,956 Operating lease liabilities 5,420 5,751 Accrued expenses and other liabilities 62,084 64,098 Total liabilities 3,966,458 3,538,586 Commitments and contingencies (Note 11) Stockholders' equity Preferred stock, $ 1 par value, 2,000,000 shares authorized: 0 issued and outstanding — — Common stock, $ 1 par value, 30,000,000 shares authorized: 19,776,786 and 19,734,077 issued and outstanding 19,777 19,734 Additional paid-in capital 150,740

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) NOTE 1 Basis of Presentation The accompanying unaudited consolidated interim financial statements and notes thereto of the Company have been prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by accounting principles generally accepted in the United States of America, or GAAP, for complete presentation of financial statements. In the opinion of management, the consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the consolidated balance sheets of Alerus Financial Corporation, or the Company, as of March 31, 2024 and December 31, 2023, the consolidated statements of income for the three months ended March 31, 2024 and 2023, consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and 2023, the consolidated statements of changes in stockholders' equity for the three months ended March 31, 2024 and 2023, and the consolidated statements of cash flows for the three months ended March 31, 2024 and 2023. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company's principal operating subsidiary is the Bank. Certain items previously reported have been reclassified to conform to the current period's reporting format. Such reclassifications did not affect net income or stockholders' equity. The results of operations for the interim periods are not necessarily indicative of the results for the full year or any other period. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. These interim unaudited financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto as of and for the year ended

View Full Filing

View this 10-Q filing on SEC EDGAR