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Alerus Financial Corporation operates as the bank holding company for Alerus Financial, National Association that provides various financial services to businesses and consumers in the United States. The company operates in three segments: Banking, Retirement and Benefit Services, and Wealth. It offers demand deposits, interest-bearing transaction accounts, money market accounts, time and savings deposits, noninterest-bearing deposits, interest-bearing checking accounts, and certificates of deposit; and treasury management products, including electronic receivables management, remote deposit capture, cash vault, merchant, and other cash management services. The company also provides commercial loans, business term loans, and lines of credit; commercial real estate, and commercial and industrial loans; consumer lending products, including residential first mortgage loans; and installment loans, and loans collateralized by cash and marketable securities. In addition, it offers retirement plan, and investment advisory services, employee stock ownership plan, investment fiduciary services, health savings accounts, flex spending accounts, COBRA recordkeeping, and other administration services, as well as individual retirement accounts; and financial planning, investment management, personal and corporate trust, estate administration, and custody services. Further, the company provides debit cards, personal and business loans, credit cards, online and mobile banking/wallet, private banking, deposit and payment solutions, mortgages, administration, and government health insurance program services. The company was formerly known as First National Bank North Dakota and changed its name to Alerus Financial Corporation in 2000. Alerus Financial Corporation was founded in 1879 and is headquartered in Grand Forks, North Dakota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $221M | - | $17M | $59M | 3.1% | -1.4% | -1.9% |
| 2024 | $224M | - | $18M | $9M | 3.6% | 34.6% | 52.0% |
| 2023 | $166M | - | $12M | $24M | 3.2% | -20.4% | -70.8% |
| 2022 | $209M | - | $40M | $101M | 11.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 208.74 | 166.22 | 223.75 | 220.72 |
| Pretax Income | 52.18 | 15.85 | 23.16 | 22.59 |
| Tax Provision | 12.18 | 4.16 | 5.38 | 5.15 |
| Net Income | 40.01 | 11.70 | 17.78 | 17.44 |
| Net Income Common Stockholders | 39.59 | 11.70 | 17.74 | 17.47 |
| Interest Expense | 15.85 | 77.04 | 114.53 | 107.14 |
| Interest Income | 115.58 | 164.88 | 221.58 | 279.64 |
| Selling General And Administration | 84.01 | 79.32 | 90.56 | 101.29 |
| Normalized Income | 39.98 | 11.73 | 20.81 | 17.03 |
| Basic EPS | 2.12 | 0.59 | 1 | 0.69 |
| Diluted EPS | 2.10 | 0.58 | 0.98 | 0.68 |
| Tax Effect Of Unusual Items | 0.01 | -0.01 | -0.92 | 0.12 |
| Tax Rate For Calcs | 0.23 | 0.26 | 0.23 | 0.23 |
| Total Unusual Items | 0.03 | -0.05 | -3.94 | 0.53 |
| Total Unusual Items Excluding Goodwill | 0.03 | -0.05 | -3.94 | 0.53 |
| Net Income From Continuing Operation Net Minority Interest | 40.01 | 11.70 | 17.78 | 17.44 |
| Reconciled Depreciation | 8.24 | 8.51 | 14.88 | 17.29 |
| Net Interest Income | 99.73 | 87.84 | 107.05 | 172.50 |
| Net Income From Continuing And Discontinued Operation | 40.01 | 11.70 | 17.78 | 17.44 |
| Diluted Average Shares | 18.88 | 20.14 | 21.32 | 25.70 |
| Basic Average Shares | 18.64 | 19.92 | 21.05 | 25.38 |
| Diluted NI Availto Com Stockholders | 39.59 | 11.70 | 17.74 | 17.47 |
| Otherunder Preferred Stock Dividend | 0.42 | -0.01 | 0.04 | -0.03 |
| Net Income Including Noncontrolling Interests | 40.01 | 11.70 | 17.78 | 17.44 |
| Net Income Continuous Operations | 40.01 | 11.70 | 17.78 | 17.44 |
| Special Income Charges | 0.03 | -0.05 | -3.94 | 0.53 |
| Other Special Charges | -0.03 | 0.05 | 3.94 | -0.53 |
| Gain On Sale Of Security | 0 | -24.64 | 0 | -68.40 |
| Depreciation Amortization Depletion Income Statement | 4.75 | 5.30 | 6.78 | 10.51 |
| Depreciation And Amortization In Income Statement | 4.75 | 5.30 | 6.78 | 10.51 |
| Amortization | 4.75 | 5.30 | 6.78 | 10.51 |
| Amortization Of Intangibles Income Statement | 4.75 | 5.30 | 6.78 | 10.51 |
| Selling And Marketing Expense | 3.35 | 3.03 | 3.25 | 3.84 |
| General And Administrative Expense | 80.66 | 76.29 | 87.31 | 97.46 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Salaries And Wages | 80.66 | 76.29 | 87.31 | 97.46 |
| Operating Revenue | 208.74 | 166.22 | 223.75 | 220.72 |
| Occupancy And Equipment | 7.61 | 7.48 | 7.77 | 11.97 |
| Professional Expense And Contract Services Expense | 8.37 | 6.74 | 19.60 | 11.10 |
| Other Non Interest Expense | 51.85 | 49.42 | 53.81 | 63.22 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Alerus Financial Corporationthis co. | ALRS | $658M | 37.87↑ premium | 1.16 | 3.1% | - |
| LendingTree, Inc. | TREE | $675M | 4.49 | 2.32 | 52.8% | 11.25 |
| Financial Institutions, Inc. | FISI | $670M | 8.86 | 1.09 | 11.9% | - |
| South Plains Financial, Inc. | SPFI | $663M | 11.37 | 1.34 | 11.8% | - |
| Tiptree Inc. | TIPT |
| $648M |
| - |
| 1.27 |
| 4.6% |
| -19.70 |
| Better Home & Finance Holding Company | BETR | $644M | - | 16.83 | -446.1% | - |
| Community West Bancshares | CWBC | $640M | 10.93 | 1.08 | 9.3% | - |
| Shore Bancshares, Inc. | SHBI | $640M | 10.17 | 1.08 | 10.1% | - |
| GCM Grosvenor Inc. | GCMG | $637M | 25.52 | 24.09 | 35.6% | 7.26 |
| Peer Median | - | 10.55 | 1.31 | 11.0% | 7.26 | |