ALERUS FINANCIAL CORP ALRS
Alerus Financial Corporation (the "Company") is a diversified financial services company headquartered in Grand Forks, North Dakota. Through the Company's subsidiary, Alerus Financial, National Association (the "Bank"), the Company provides innovative and comprehensive financial solutions to businesses and consumers through three distinct business segments—banking, retirement and benefit services, and wealth. In prior periods, the Company had a fourth operating segment, mortgage. As of January 1, 2024, the mortgage division was fully integrated into the banking division to reflect the way the Company currently manages and views the business. These solutions are delivered through a relationship oriented primary point of contact along with responsive and client friendly technology.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $279.6M | $221.6M | $164.9M | $115.6M | $92.7M | $96.1M | $93.3M | $87.7M | $75.6M | — |
| Interest expense | $172.5M | $107.0M | $87.8M | $99.7M | $5.6M | $12.3M | $18.7M | $12.5M | $8.0M | — |
| Pre-tax income | $22.6M | $23.2M | $15.9M | $52.2M | $69.1M | $58.5M | $38.9M | $33.0M | $32.5M | — |
| Income tax | $5.2M | $5.4M | $4.2M | $12.2M | $16.4M | $13.8M | $9.4M | $7.2M | $17.5M | — |
| Net income | $17.4M | $17.8M | $11.7M | $40.0M | $52.7M | $44.7M | $29.5M | $25.9M | $15.0M | — |
| EPS, basic | 0.69 | 0.84 | 0.59 | 2.12 | 3.02 | 2.57 | 1.96 | 1.88 | 1.10 | — |
| EPS, diluted | 0.68 | 0.83 | 0.58 | 2.10 | 2.97 | 2.52 | 1.91 | 1.84 | 1.07 | — |
| Shares, diluted (wtd. avg.) | $25.7M | $21.3M | $20.1M | $18.9M | $17.5M | $17.4M | $15.1M | $14.1M | $14.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $67.2M | $61.2M | $129.9M | $58.2M | $242.3M | $173.0M | $144.0M | $40.7M | $122.0M | $207.4M |
| Property, plant and equipment | $43.3M | $39.8M | $17.9M | — | — | $20.3M | $20.6M | $21.7M | — | — |
| Goodwill | $85.6M | $85.6M | $46.8M | $47.1M | $31.5M | $30.2M | $27.3M | $27.3M | — | — |
| Other intangibles | $33.4M | $43.9M | $17.2M | $22.5M | $20.2M | $25.9M | $18.4M | $22.5M | — | — |
| Total assets | $5.23B | $5.26B | $3.91B | $3.78B | $3.39B | $3.01B | $2.36B | $2.18B | $2.14B | — |
| Short-term debt | $308.8M | $239.0M | $314.2M | $378.1M | — | — | — | $93.5M | — | — |
| Long-term debt | $59.2M | $59.1M | $59.0M | $58.8M | $58.9M | $58.7M | $58.8M | $58.8M | — | — |
| Total liabilities | $4.67B | $4.77B | $3.54B | $3.42B | $3.03B | $2.68B | $2.07B | $1.98B | — | — |
| Retained earnings | $270.1M | $273.7M | $272.7M | $280.4M | $253.6M | $212.2M | $178.1M | $159.0M | — | — |
| Total equity | $564.9M | $495.4M | $369.1M | $356.9M | $359.4M | $330.2M | $285.7M | $162.5M | $148.1M | $139.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $67.5M | $21.7M | $26.8M | $103.0M | $149.8M | -$22.3M | $19.2M | $53.6M | $47.9M | — |
| Depreciation and amortisation | $15.3M | $9.8M | $8.5M | $8.5M | $3.6M | $3.9M | $3.6M | $3.2M | $3.2M | — |
| Stock-based compensation | $2.7M | $1.6M | $1.6M | $1.9M | $3.1M | $1.9M | $1.8M | $1.8M | $938.0K | — |
| Capital expenditure | $8.7M | $12.4M | $3.1M | $1.8M | $1.7M | $3.8M | $2.9M | $3.8M | $2.9M | — |
| Investing cash flow | $76.5M | -$322.8M | -$49.9M | -$292.6M | -$417.7M | -$538.4M | -$65.6M | -$154.7M | -$205.1M | — |
| Financing cash flow | -$138.1M | $232.4M | $94.8M | $5.6M | $337.2M | $589.6M | $149.7M | $19.8M | $71.8M | — |
| Dividends paid | $20.8M | $15.4M | $14.8M | $12.8M | $10.8M | $10.4M | $8.9M | $7.5M | $6.7M | — |
| Buybacks | $737.0K | $276.0K | $6.6M | $738.0K | $712.0K | $482.0K | $1.9M | $356.0K | $294.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-006820.
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