Alerus Financial Corporation (ALRS)

Alerus Financial Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	161.28	136.92	89.91	78.13	86.43	85.83
Interest Income on Investments	37.68	27.97	25.67	14.52	9.68	7.47
Total Interest Income	198.97	164.88	115.58	92.66	96.1	93.3
Interest Paid on Deposits	80.89	53.39	9.17	3.66	8.84	13.33
Interest Paid on Borrowings	27.76	23.66	6.68	1.9	3.41	5.42
Total Interest Expense	108.65	77.04	15.85	5.56	12.26	18.75
Net Interest Income	90.31	87.84	99.73	87.1	83.85	74.55
Net Interest Income Growth (YoY)	-3.15%	-11.92%	14.50%	3.88%	12.47%	-0.89%
Trust Income	25.1	21.86	20.87	21.05	17.45	15.5
Mortgage Banking Activities	8.08	8.41	16.92	48.5	61.64	25.81
Gain (Loss) on Sale of Assets	-	-	-	-	-0.71	2.09
Gain (Loss) on Sale of Investments	-24.64	-24.64	-	0.13	2.74	0.36
Other Non-Interest Income	71.64	73.33	72	76.31	66.84	68.67
Total Non-Interest Income	81.85	80.23	111.22	147.39	149.37	114.19
Non-Interest Income Growth (YoY)	-22.02%	-27.87%	-24.54%	-1.33%	30.80%	11.14%
Revenues Before Loan Losses	172.16	168.07	210.95	234.49	233.22	188.75
Provision for Loan Losses	7.66	2.06	-	-3.5	10.9	7.31
Revenue	164.5	166.01	210.95	237.99	222.32	181.43
Revenue Growth (YoY)	-16.77%	-21.30%	-11.36%	7.05%	22.53%	7.13%
Salaries and Employee Benefits	76.63	73.06	76.82	88.28	87.28	70.43
Occupancy Expenses	4.6	4.24	4.69	5.32	10.06	7.02
Amortization of Goodwill & Intangibles	5.3	5.3	4.75	4.38	3.96	4.08
Selling, General & Administrative	41.69	40.28	38.98	40.7	31.56	35.38
Other Non-Interest Expense	28.36	27.29	31.03	30.23	30.94	25.62
Total Non-Interest Expense	156.57	150.16	156.27	168.91	163.8	142.54
EBT Excluding Unusual Items	7.93	15.85	54.68	69.08	58.52	38.9
Pretax Income	5.63	15.85	52.18	69.08	58.52	38.9
Income Tax Expense	2.54	4.16	12.18	16.4	13.84	9.36
Net Income	3.09	11.7	40.01	52.68	44.68	29.54
Preferred Dividends & Other Adjustments	-0.09	-0.01	0.42	0.8	0.77	0.65
Net Income to Common	3.18	11.7	39.59	51.88	43.91	28.89
Net Income Growth	-91.73%	-70.76%	-24.06%	17.92%	51.24%	14.20%
Basic Shares Outstanding	20	20	19	17	17	15
Diluted Shares Outstanding	20	20	19	17	17	15
Shares Change (YoY)	-0.89%	6.67%	7.99%	0.28%	15.54%	7.32%
EPS (Basic)	0.16	0.59	2.12	3.02	2.57	1.96
EPS (Diluted)	0.16	0.58	2.10	2.97	2.52	1.91
EPS Growth	-91.25%	-72.38%	-29.29%	17.86%	31.94%	3.80%
Dividend Per Share	0.780	0.750	0.700	0.630	0.600	0.570
Dividend Growth	5.41%	7.14%	11.11%	5.00%	5.26%	7.55%
Effective Tax Rate	45.11%	26.23%	23.34%	23.74%	23.66%	24.05%

Source: S&P Capital IQ. Banks template. Financial Sources.