Alerus Financial Corp. Files Q2 2024 10-Q Report

TL;DR

Alerus Financial Corp. dropped its Q2 2024 10-Q. Check financials.

AI Summary

Alerus Financial Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its operations as a national commercial bank. Key financial data and disclosures relevant to investors and regulators are presented in this report.

Why It Matters

This 10-Q filing provides crucial insights into Alerus Financial Corp.'s financial health and operational performance for the second quarter of 2024, impacting investor decisions and regulatory oversight.

Risk Assessment

Risk Level: medium — As a financial institution, Alerus Financial Corp. is subject to various market, credit, and regulatory risks inherent in the banking sector.

Key Numbers

• 20240630 — Report Date (End of the reporting period for this 10-Q)
• 20240808 — Filing Date (Date the 10-Q was officially submitted to the SEC)

Key Players & Entities

• ALERUS FINANCIAL CORP (company) — Filer
• 0001558370-24-011623 (other) — Accession Number
• 20240630 (date) — Period of Report
• 20240808 (date) — Filing Date
• NATIONAL COMMERCIAL BANKS (industry) — Standard Industrial Classification
• GRAND FORKS (location) — Business Address City
• DE (location) — State of Incorporation

FAQ

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-20240630x10q.htm (10-Q) — 9725KB
• alrs-20240630xex31d1.htm (EX-31.1) — 14KB
• alrs-20240630xex31d2.htm (EX-31.2) — 14KB
• alrs-20240630xex32d1.htm (EX-32.1) — 7KB
• alrs-20240630xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-011623.txt ( ) — 37092KB
• alrs-20240630.xsd (EX-101.SCH) — 89KB
• alrs-20240630_cal.xml (EX-101.CAL) — 144KB
• alrs-20240630_def.xml (EX-101.DEF) — 444KB
• alrs-20240630_lab.xml (EX-101.LAB) — 867KB
• alrs-20240630_pre.xml (EX-101.PRE) — 707KB
• alrs-20240630x10q_htm.xml (XML) — 11418KB

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 49 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 80 Item 4.

Controls and Procedures

Controls and Procedures 82 Part 2 : OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 82 Item 1A.

Risk Factors

Risk Factors 82 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84 Item 3. Defaults Upon Senior Securities 85 Item 4. Mine Safety Disclosures 85 Item 5. Other Information 85 Item 6. Exhibits 86

Signatures

Signatures 88 Table of Contents PART 1. FINANCIAL INFORMATION

- Consolidated Financial Statements

Item 1 - Consolidated Financial Statements Alerus Financial Corporation and Subsidiaries Consolidated Balance Sheets June 30, December 31, (dollars in thousands, except share and per share data) 2024 2023 Assets (Unaudited) Cash and cash equivalents $ 438,141 $ 129,893 Investment securities Trading 2,868 — Available-for-sale, at fair value (amortized cost of $ 561,960 and $ 584,754 , respectively) 459,345 486,736 Held-to-maturity, at amortized cost (fair value of $ 243,689 and $ 258,617 , respectively, with an allowance for credit losses on investments of $ 151 and $ 213 , respectively) 286,532 299,515 Loans held for sale 38,158 11,497 Loans 2,915,792 2,759,583 Allowance for credit losses on loans ( 38,332 ) ( 35,843 ) Net loans 2,877,460 2,723,740 Land, premises and equipment, net 17,328 17,940 Operating lease right-of-use assets 4,871 5,436 Accrued interest receivable 16,877 15,700 Bank-owned life insurance 35,508 33,236 Goodwill 46,783 46,783 Other intangible assets, net 14,510 17,158 Servicing rights 1,963 2,052 Deferred income taxes, net 35,732 34,595 Other assets 82,547 83,432 Total assets $ 4,358,623 $ 3,907,713 Liabilities and Stockholders' Equity Liabilities Deposits Noninterest-bearing $ 701,428 $ 728,082 Interest-bearing 2,597,147 2,367,529 Total deposits 3,298,575 3,095,611 Short-term borrowings 555,000 314,170 Long-term debt 59,013 58,956 Operating lease liabilities 5,197 5,751 Accrued expenses and other liabilities 67,612 64,098 Total liabilities 3,985,397 3,538,586 Commitments and contingencies (Note 13) 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: 19,777,796 and 19,734,077 issued and outstanding 19,778 19,734 Additional paid-in capital 150,857 150,343 Re

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 June 30, 2024 and December 31, 2023, the consolidated statements of income for the three and six months ended June 30, 2024 and 2023, consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2024 and 2023, the consolidated statements of changes in stockholders' equity for the three and six months ended June 30, 2024 and 2023, and the consolidated statements of cash flows for the six months ended June 30, 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 Alerus Financial, National Association, or 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 s

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View this 10-Q filing on SEC EDGAR