Alerus Financial Corporation (ALRS) 10-Year Financial Performance & Capital Metrics

ALRS • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutAlerus Financial Corporation, through its subsidiary, Alerus Financial, National Association, provides various financial services to businesses and consumers. The company operates in four segments: Banking, Retirement and Benefit Services, Wealth Management, and Mortgage. It offers various deposit products, including demand deposits, interest-bearing transaction accounts, money market accounts, time and savings deposits, checking accounts, and certificates of deposit; and treasury management products, including electronic receivables management, remote deposit capture, cash vault services, merchant services, and other cash management services. The company also provides commercial loans, business term loans, lines of credit, and commercial real estate loans, as well as construction and land development loans; consumer lending products, including residential first mortgage loans; installment loans and lines of credit; and second mortgage loans. In addition, it offers retirement plan administration and investment advisory services, employee stock ownership plan, fiduciary services, payroll, health savings accounts, and other benefit 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 and credit cards, online banking, mobile banking/wallet, payment, private banking, payroll accounts, flex spending accounts, administration, and government health insurance program services. It offers banking services through fourteen offices in North Dakota, Minnesota, and Arizona; and retirement and benefit plans in 50 states through offices located in Michigan, Minnesota, and Colorado. 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.Show more

Net Interest Income $107M +21.9%
Total Revenue $330M +35.9%
Net Income $18M +51.7%
Return on Equity 4.1% +27.4%
Net Interest Margin 2.03% -9.5%
Efficiency Ratio 52.84% -13.3%
ROA 0.39% +27.2%
Equity / Assets 9.42% -0.3%
Book Value per Share 23.24 +26.8%
Tangible BV/Share 16.79 +11.6%
Debt/Equity 0.64 -37.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 52.8% efficiency ratio
✓Healthy dividend yield of 3.0%
✓Diversified revenue: 32.9% from non-interest income
✓Trading near 52-week high
✓Trading at only 1.0x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.14%

5Y10.06%

3Y11.9%

TTM-

Profit (Net Income) CAGR

10Y-1.56%

5Y-9.69%

3Y-30.42%

TTM1543.58%

EPS CAGR

10Y-5.62%

5Y-15.35%

3Y-34.62%

TTM1115.38%

ROCE

10Y Avg11.04%

5Y Avg10.47%

3Y Avg6.62%

Latest4.06%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	52.87M	62.94M	67.67M	75.22M	74.55M	83.85M	87.1M	99.73M	87.84M	107.05M
NII Growth %	0.04%	0.19%	0.08%	0.11%	-0.01%	0.12%	0.04%	0.15%	-0.12%	0.22%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	56.33M	69.94M	75.64M	87.7M	93.3M	96.1M	92.66M	115.58M	164.88M	221.58M
Interest Expense	3.46M	7M	7.97M	12.48M	18.75M	12.26M	5.56M	15.85M	77.04M	114.53M
Loan Loss Provision	4.2M	3.06M	3.28M	8.61M	7.31M	10.9M	-3.5M	0	2.06M	18.14M
Non-Interest Income+	83.86M	102.65M	100.81M	100.6M	111.34M	143.66M	143.14M	109.01M	78.28M	108.83M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	140.19M	172.59M	176.45M	188.3M	204.64M	239.77M	235.79M	224.58M	243.16M	330.41M
Revenue Growth %	0.11%	0.23%	0.02%	0.07%	0.09%	0.17%	-0.02%	-0.05%	0.08%	0.36%
Non-Interest Expense	108.74M	141.35M	132.69M	134.17M	139.68M	158.09M	164.66M	156.55M	148.21M	174.57M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	23.79M	21.18M	32.52M	33.04M	38.9M	58.52M	69.08M	52.18M	15.85M	23.16M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.2%	-0.11%	0.54%	0.02%	0.18%	0.5%	0.18%	-0.24%	-0.7%	0.46%
Pretax Income+	23.79M	21.18M	32.52M	33.04M	38.9M	58.52M	69.08M	52.18M	15.85M	23.16M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	6.68M	7.14M	17.48M	7.17M	9.36M	13.84M	16.4M	12.18M	4.16M	5.38M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	17.11M	14.04M	15M	25.87M	29.54M	44.67M	52.68M	40.01M	11.7M	17.74M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.18%	-0.18%	0.07%	0.72%	0.14%	0.51%	0.18%	-0.24%	-0.71%	0.52%
Net Income (Continuing)	17.11M	14.04M	15M	25.87M	29.54M	44.67M	52.68M	40.01M	11.7M	17.78M
EPS (Diluted)+	1.21	1.00	1.07	1.84	1.91	2.52	2.97	2.10	0.58	0.83
EPS Growth %	-0.18%	-0.17%	0.07%	0.72%	0.04%	0.32%	0.18%	-0.29%	-0.72%	0.43%
EPS (Basic)	1.26	1.04	1.10	1.88	1.96	2.57	3.02	2.12	0.59	0.84
Diluted Shares Outstanding	13.95M	14M	14.01M	14.06M	15.09M	17.44M	17.49M	18.88M	20.14M	21.32M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	266.16M	207.37M	122M	40.65M	144.01M	172.96M	242.31M	58.24M	129.89M	61.24M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.35B	1.66B	1.85B	1.98B	2.06B	2.67B	2.98B	3.47B	3.53B	4.82B
Investments Growth %	0.02%	0.23%	0.11%	0.07%	0.04%	0.3%	0.12%	0.16%	0.02%	0.37%
Long-Term Investments	1.16B	1.39B	1.58B	1.73B	1.75B	2.08B	2.13B	2.75B	3.04B	4.23B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	3.68M	27.33M	27.33M	27.33M	27.33M	30.2M	31.49M	47.09M	46.78M	85.63M
Intangible Assets	21.75M	37.51M	31.8M	27.1M	22.24M	27.91M	22.13M	25.1M	19.21M	51.8M
PP&E (Net)	22.42M	24.26M	21.23M	21.74M	28.97M	27.21M	22.1M	22.71M	23.38M	53.22M
Other Assets	40.45M	43.43M	42.76M	45.65M	41.46M	43.83M	43.41M	61.4M	60.36M	70.21M
Total Current Assets	479.74M	511.68M	422.07M	317.74M	480.35M	793.86M	1.13B	830.39M	679.68M	713.35M
Total Non-Current Assets	1.27B	1.54B	1.71B	1.86B	1.88B	2.22B	2.26B	2.95B	3.23B	4.55B
Total Assets+	1.74B	2.05B	2.14B	2.18B	2.36B	3.01B	3.39B	3.78B	3.91B	5.26B
Asset Growth %	0.17%	0.18%	0.04%	0.02%	0.08%	0.28%	0.13%	0.11%	0.03%	0.35%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0%	0%
Accounts Payable	711K	0	0	0	0	0	0	0	0	0
Total Debt+	70.74M	59.54M	88.82M	152.28M	67.63M	66.6M	63.21M	442.82M	378.88M	317.02M
Net Debt	-195.41M	-147.82M	-33.18M	111.63M	-76.37M	-106.37M	-179.1M	384.58M	248.98M	255.78M
Long-Term Debt	69.38M	57.6M	57.78M	57.95M	58.13M	58.3M	58.73M	58.84M	58.96M	59.07M
Short-Term Debt	0	729K	30M	93.46M	0	0	0	378.08M	314.17M	238.96M
Other Liabilities	-711K	0	0	24.2M	0	0	0	0	64.1M	70.83M
Total Current Liabilities	1.49B	1.82B	1.9B	1.9B	2B	2.62B	2.97B	3.36B	3.41B	4.62B
Total Non-Current Liabilities	70.03M	58.81M	58.82M	83.02M	67.63M	66.6M	63.21M	64.75M	128.81M	148.89M
Total Liabilities	1.56B	1.88B	1.96B	1.98B	2.07B	2.68B	3.03B	3.42B	3.54B	4.77B
Total Equity+	182.82M	168.78M	180.57M	196.95M	285.73M	330.16M	359.4M	356.87M	369.13M	495.41M
Equity Growth %	0.07%	-0.08%	0.07%	0.09%	0.45%	0.16%	0.09%	-0.01%	0.03%	0.34%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.1%	0.08%	0.09%	0.14%	0.12%	0.15%	0.15%	0.11%	0.03%	0.04%
Book Value per Share	13.11	12.06	12.89	14.01	18.93	18.93	20.55	18.90	18.33	23.24
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	13.43M	13.53M	13.7M	13.78M	17.05M	17.13M	17.21M	19.99M	19.73M	25.34M
Additional Paid-in Capital	42.62M	23.88M	26.04M	27.74M	88.65M	90.24M	92.88M	155.09M	150.34M	269.71M
Retained Earnings	125.7M	133.31M	141.96M	159.04M	178.09M	212.16M	253.57M	280.43M	272.7M	273.72M
Accumulated OCI	1.05M	-1.94M	-1.13M	-3.6M	1.94M	10.64M	-4.25M	-98.64M	-73.66M	-73.37M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	20K	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	24.36M	33.99M	47.89M	53.55M	19.25M	-22.25M	149.83M	102.97M	28.98M	28.96M
Operating CF Growth %	0.14%	0.4%	0.41%	0.12%	-0.64%	-2.16%	7.73%	-0.31%	-0.72%	-0%
Net Income	17.11M	14.04M	15M	25.87M	29.54M	44.67M	52.68M	40.01M	11.7M	17.78M
Depreciation & Amortization	8.73M	11.38M	9.86M	8.73M	8.77M	8.93M	8.81M	8.24M	8.51M	14.88M
Deferred Taxes	581K	-3.04M	9.74M	-20K	337K	-4.43M	2.79M	913K	893K	-3.98M
Other Non-Cash Items	3.38M	3.68M	4.43M	119K	-16.13M	-44.4M	82.78M	40.88M	25.17M	10.18M
Working Capital Changes	-6.47M	6.47M	7.92M	17.01M	-5.02M	-28.94M	-319K	11.02M	-16.23M	-11.55M
Cash from Investing+	-32.21M	-59.41M	-205.09M	-154.71M	-65.59M	-538.39M	-417.66M	-292.62M	-51.99M	-330.03M
Purchase of Investments	-27.49M	-82.49M	-38.23M	-29.56M	-123.23M	-414.72M	-789.96M	-95.6M	0	-110.11M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-4.31M	-45.44M	0	0	10.38M	-9.28M	0	101.51M	0	8.61M
Other Investing	-36.6M	-32.51M	-206.49M	-165.25M	-19.88M	-255.9M	220.92M	-430.77M	-308.79M	-433.15M
Cash from Financing+	229.09M	-33.37M	71.83M	19.81M	149.7M	589.6M	337.18M	5.59M	94.76M	232.42M
Dividends Paid	-6.06M	-6.19M	-6.73M	-7.46M	-8.91M	-10.39M	-10.75M	-12.8M	-14.82M	-15.45M
Share Repurchases	-27K	-357K	-294K	-356K	-1.95M	-482K	-712K	-738K	-6.64M	-276K
Stock Issued	0	0	0	0	62.8M	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	-1000K	-210K	80K	1000K	-1000K	-1000K
Other Financing	195.85M	25.02M	49.75M	-35.67M	191.44M	600.68M	348.56M	-358.75M	180.13M	324.95M
Net Change in Cash+	220.63M	-58.79M	-85.37M	-81.35M	103.36M	28.96M	69.35M	-184.07M	71.65M	-68.65M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	45.53M	266.16M	207.37M	122M	40.65M	144.01M	172.96M	242.31M	58.24M	129.89M
Cash at End	266.16M	207.37M	122M	40.65M	144.01M	172.96M	242.31M	58.24M	129.89M	61.24M
Interest Paid	3.38M	7.26M	8.03M	12.31M	18.43M	12.64M	4.54M	15.1M	72.64M	110.02M
Income Taxes Paid	10.16M	1.61M	13.07M	5.35M	7.22M	13.58M	13.12M	12.53M	10.84M	448K
Free Cash Flow+	20.45M	32.3M	44.94M	49.8M	16.35M	-26.06M	148.13M	101.18M	25.71M	16.59M
FCF Growth %	0.06%	0.58%	0.39%	0.11%	-0.67%	-2.59%	6.68%	-0.32%	-0.75%	-0.35%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.67%	7.98%	8.59%	13.7%	12.24%	14.51%	15.28%	11.17%	3.22%	4.1%
Return on Assets (ROA)	1.06%	0.74%	0.72%	1.2%	1.3%	1.66%	1.64%	1.12%	0.3%	0.39%
Net Interest Margin	3.03%	3.07%	3.17%	3.45%	3.16%	2.78%	2.57%	2.64%	2.25%	2.03%
Efficiency Ratio	77.57%	81.9%	75.2%	71.26%	68.26%	65.94%	69.83%	69.71%	60.95%	52.84%
Equity / Assets	10.48%	8.23%	8.45%	9.04%	12.12%	10.96%	10.59%	9.44%	9.45%	9.42%
Book Value / Share	13.11	12.06	12.89	14.01	18.93	18.93	20.55	18.9	18.33	23.24
NII Growth	3.51%	19.05%	7.52%	11.16%	-0.89%	12.47%	3.88%	14.5%	-11.92%	21.87%
Dividend Payout	34.25%	43.91%	44.86%	28.83%	30.16%	23.25%	20.41%	32%	126.73%	87.05%

Revenue by Segment

	2020	2021	2022	2023	2024
Retirement and Benefit Services	-	71.71M	67.14M	65.29M	64.36M
Retirement and Benefit Services Growth	-	-	-6.38%	-2.74%	-1.42%
Wealth Management	17.45M	21.05M	20.87M	21.86M	26.17M
Wealth Management Growth	-	20.63%	-0.86%	4.72%	19.75%
Interchange Fees	2.14M	2.18M	2.25M	2.22M	2.29M
Interchange Fees Growth	-	1.87%	3.03%	-1.07%	3.11%
Deposit Account	1.41M	1.4M	1.43M	1.28M	1.98M
Deposit Account Growth	-	-0.99%	2.80%	-10.74%	54.37%
Other Noninterest	994K	413K	353K	3.5M	1.75M
Other Noninterest Growth	-	-58.45%	-14.53%	891.50%	-50.00%
Transactional Fees	1.25M	1.22M	1.43M	1.43M	1.37M
Transactional Fees Growth	-	-2.25%	17.32%	0.28%	-4.68%
Retirement And Benefit Services	60.96M	-	-	-	-
Retirement And Benefit Services Growth	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Alerus Financial Corporation (ALRS) has a price-to-earnings (P/E) ratio of 29.1x. This suggests investors expect higher future growth.

Growth & Financials

Alerus Financial Corporation (ALRS) grew revenue by 35.9% over the past year. This is strong growth.

Yes, Alerus Financial Corporation (ALRS) is profitable, generating $50.4M in net income for fiscal year 2024 (5.4% net margin).

Dividend & Returns

Yes, Alerus Financial Corporation (ALRS) pays a dividend with a yield of 3.00%. This makes it attractive for income-focused investors.

Alerus Financial Corporation (ALRS) has a return on equity (ROE) of 4.1%. This is below average, suggesting room for improvement.

Industry Metrics

Alerus Financial Corporation (ALRS) has a net interest margin (NIM) of 2.0%. NIM has been under pressure due to interest rate environment.

Alerus Financial Corporation (ALRS) has an efficiency ratio of 52.8%. This is excellent, indicating strong cost control.

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