Alerus Financial Corporation Reports First Quarter 2026 Net Income of $23.0 Million
Rhea-AI Summary
Alerus Financial (Nasdaq: ALRS) reported Q1 2026 net income of $23.0 million ($0.89 diluted), versus a Q4 2025 net loss of $33.1 million and Q1 2025 net income of $13.3 million. Return on average assets was 1.79% and return on average tangible common equity exceeded 21%. Deposits totaled $4.3 billion, noninterest income represented 40.7% of revenue, nonperforming assets fell 22.1%, and the company repurchased $6.0 million of common stock.
Positive
- Net income of $23.0 million in Q1 2026
- Noninterest income ~40.72% of total revenue
- Total deposits $4.3 billion (+3.7% vs 12/31/25)
- Nonperforming assets down 22.1% to $54.0 million
Negative
- Efficiency ratio of 63.39%
- Retirement and benefit services AUA down $2.7 billion (5.9%)
News Market Reaction – ALRS
In the Apr 30 session, ALRS gained 4.62%, reflecting a moderate positive market reaction. Argus tracked a trough of -2.2% from its starting point during tracking.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jan 28 | Q4 2025 earnings | Negative | +2.4% | Large Q4 net loss from one-time securities sale and repositioning. |
| Jul 28 | Q2 2025 earnings | Positive | +6.2% | Strong Q2 net income growth, higher NIM and rising noninterest income. |
| Jan 28 | Q4 2024 earnings | Positive | +3.8% | Earnings with major HMN acquisition, strong revenue mix and loan growth. |
| Oct 29 | Q3 2024 earnings | Negative | -13.8% | Lower net income and higher nonperforming assets despite growth and AUM gains. |
| Jul 24 | Q2 2024 earnings | Neutral | +0.3% | Mixed quarter with improved margins and revenue but declining net income. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have produced mixed but mostly positive one-day reactions, with an average move of about -0.24%, suggesting generally modest price responses despite large swings in profitability.
Over the last several earnings cycles, Alerus has moved from modest profitability in 2024 to stronger results in 2025, aided by acquisitions and balance sheet repositioning. Q4 2025 featured a net loss of $33.1M driven by a one-time $68.4M securities loss, yet shares rose 2.35%. Earlier, strong Q2 2025 earnings with $20.3M net income saw a 6.22% gain. Today’s Q1 2026 report with net income of $23.0M extends this profitability trajectory after the 2025 restructuring.
Key Terms
net interest margin financial
efficiency ratio financial
loan to deposit ratio financial
nonperforming assets financial
tangible common equity to tangible assets ratio financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
MINNEAPOLIS, April 29, 2026 (GLOBE NEWSWIRE) -- Alerus Financial Corporation (Nasdaq: ALRS), or the Company, reported net income of
CEO Comments
President and Chief Executive Officer Katie O'Neill Lorenson said, “We are pleased with the strong start to 2026, as our first quarter results reflect continued execution of our long-term strategy and the tangible benefits of the transformation we have undertaken over the past several years. Net income for the quarter was
“Our performance underscores the resilience and sustainability of our earnings profile. Core relationship-based commercial and industrial lending continued to grow at a double-digit rate year-over-year, while intentional runoff reflected proactive risk and capital management. Our diversified fee-based businesses again provided stability, with noninterest income representing over
“Most importantly, these results are a testament to the exceptional team we have built at Alerus and the constant execution of our strategy of our value creation strategy. Together, our discipline, collaboration, and commitment to doing the right thing for our clients and communities continues to translate into consistent performance, strengthening returns, and a balanced business model we believe is well positioned to deliver sustained, long-term returns for our shareholders.”
First Quarter Highlights
- Earnings per diluted common share of
$0.89 . Adjusted earnings per diluted common share(1) of$0.89 , compared to adjusted earnings per diluted common share(1) of$0.85 in the fourth quarter of 2025. - Return on average total assets of
1.79% . Adjusted return on average total assets(1) of1.79% , compared to1.62% in the fourth quarter of 2025. - Return on average tangible common equity of
21.85% . Adjusted return on average tangible common equity(1) of21.96% , compared to21.05% in the fourth quarter of 2025. - Noninterest income was
$30.8 million , which represented40.72% of total revenue. - Net interest margin (on a tax-equivalent basis)(1) was
3.77% , an increase compared to3.69% in the fourth quarter of 2025. - Total deposits were
$4.3 billion as of March 31, 2026, an increase of$155.9 million , or3.7% , from December 31, 2025. Core commercial transactional deposits were$1.8 billion as of March 31, 2026, an increase of$143.2 million , or8.6% , from December 31, 2025. Synergistic deposits were$742.7 million as of March 31, 2026, an increase of$16.8 million , or2.3% , from December 31, 2025. Health Savings Account balances drove most of the increase, up$14.5 million , or7.1% , from December 31, 2025. - The loan to deposit ratio was
92.8% as of March 31, 2026, compared to96.6% as of December 31, 2025. - Efficiency ratio(1) of
63.39% . Adjusted efficiency ratio of63.20% compared to adjusted efficiency ratio of63.55% in the fourth quarter of 2025. - Pre-provision net revenue(1) was
$25.4 million . Adjusted pre-provision net revenue(1) was$25.5 , an increase of0.9% from$25.3 million in the fourth quarter of 2025. - Nonperforming assets were
$54.0 million as of March 31, 2026, a decrease of$15.4 million , or22.1% , from$69.4 million as of December 31, 2025. - Repurchased
$6.0 million of the Company's outstanding common stock at an average per share price of$23.90 , reducing common shares outstanding by 250,000 shares at quarter end. - Tangible book value per common share(1) was
$18.15 as of March 31, 2026, an increase of3.4% from$17.55 as of December 31, 2025. - Tangible common equity to tangible assets ratio(1) was
8.85% as of March 31, 2026, an increase from8.72% as of December 31, 2025.
________________
(1) Represents a non-GAAP financial measure. See “Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures.”
| Selected Financial Data (unaudited) | ||||||||||||
| As of and for the | ||||||||||||
| Three months ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| (dollars and shares in thousands, except per share data) | 2026 | 2025 | 2025 | |||||||||
| Performance Ratios | ||||||||||||
| Return on average total assets | 1.79 | % | (2.50 | )% | 1.02 | % | ||||||
| Adjusted return on average total assets (1) | 1.79 | % | 1.62 | % | 1.10 | % | ||||||
| Return on average common equity | 16.44 | % | (23.75 | )% | 10.82 | % | ||||||
| Return on average tangible common equity (1) | 21.85 | % | (28.15 | )% | 16.50 | % | ||||||
| Adjusted return on average tangible common equity (1) | 21.96 | % | 21.05 | % | 17.61 | % | ||||||
| Noninterest (loss) income as a % of revenue | 40.72 | % | (449.23 | )% | 40.17 | % | ||||||
| Adjusted noninterest (loss) income as a % of revenue (1) | 40.73 | % | 41.39 | % | 40.17 | % | ||||||
| Net interest margin (on a tax-equivalent basis)(1) | 3.77 | % | 3.69 | % | 3.41 | % | ||||||
| Efficiency ratio (1) | 63.39 | % | 557.48 | % | 68.76 | % | ||||||
| Adjusted efficiency ratio (1) | 63.20 | % | 63.55 | % | 66.86 | % | ||||||
| Net charge-offs (recoveries) to average loans (1) | 0.71 | % | (0.03 | )% | 0.04 | % | ||||||
| Dividend payout ratio | 23.60 | % | (16.54 | )% | 38.46 | % | ||||||
| Per Common Share | ||||||||||||
| Earnings (loss) per common share - basic | $ | 0.90 | $ | (1.28 | ) | $ | 0.52 | |||||
| Earnings (loss) per common share - diluted | $ | 0.89 | $ | (1.27 | ) | $ | 0.52 | |||||
| Adjusted earnings per common share - diluted (1) | $ | 0.89 | $ | 0.85 | $ | 0.56 | ||||||
| Dividends declared per common share | $ | 0.21 | $ | 0.21 | $ | 0.20 | ||||||
| Book value per common share | $ | 22.79 | $ | 22.24 | $ | 20.27 | ||||||
| Tangible book value per common share (1) | $ | 18.15 | $ | 17.55 | $ | 15.27 | ||||||
| Average common shares outstanding - basic | 25,380 | 25,398 | 25,359 | |||||||||
| Average common shares outstanding - diluted | 25,679 | 25,710 | 25,653 | |||||||||
| Other Data | ||||||||||||
| Retirement and benefit services assets under administration/management | $ | 42,273,839 | $ | 44,925,311 | $ | 39,925,596 | ||||||
| Wealth advisory services assets under administration/management | $ | 4,792,609 | $ | 4,850,600 | $ | 4,500,852 | ||||||
| Mortgage originations | $ | 94,434 | $ | 136,780 | $ | 70,593 | ||||||
________________
(1) Represents a non-GAAP financial measure. See “Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures.”
Results of Operations
Net Interest Income
Net interest income for the first quarter of 2026 was
Net interest income increased
Net interest margin (on a tax-equivalent basis)(1) was
Noninterest (Loss) Income
Noninterest income for the first quarter of 2026 was
Noninterest income for the first quarter of 2026 increased by
________________
(1) Represents a non-GAAP financial measure. See “Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures.”
Noninterest Expense
Noninterest expense for the first quarter of 2026 was
Noninterest expense for the first quarter of 2026 increased
Financial Condition
Total assets were
Loans Held for Investment
Total loans held for investment were
The following table presents the composition of our loans held for investment portfolio as of the dates indicated:
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
| Commercial | ||||||||||||||||||||
| Commercial and business lending | ||||||||||||||||||||
| Commercial and industrial | $ | 747,447 | $ | 736,833 | $ | 702,135 | $ | 675,892 | $ | 658,446 | ||||||||||
| Commercial real estate − Owner occupied | 444,276 | 427,260 | 435,320 | 440,170 | 424,880 | |||||||||||||||
| Total commercial and business lending | 1,191,723 | 1,164,093 | 1,137,455 | 1,116,062 | 1,083,326 | |||||||||||||||
| Investor commercial real estate | ||||||||||||||||||||
| Construction, land and development | 146,897 | 246,238 | 349,768 | 352,749 | 360,024 | |||||||||||||||
| Multifamily | 392,097 | 383,505 | 374,761 | 333,307 | 353,060 | |||||||||||||||
| Non-owner occupied | 976,339 | 875,862 | 865,785 | 887,643 | 951,559 | |||||||||||||||
| Total investor commercial real estate | 1,515,333 | 1,505,605 | 1,590,314 | 1,573,699 | 1,664,643 | |||||||||||||||
| Agricultural | ||||||||||||||||||||
| Land | 54,028 | 64,799 | 65,900 | 66,395 | 68,894 | |||||||||||||||
| Production | 50,983 | 62,500 | 63,051 | 67,931 | 64,240 | |||||||||||||||
| Total agricultural | 105,011 | 127,299 | 128,951 | 134,326 | 133,134 | |||||||||||||||
| Total commercial | 2,812,067 | 2,796,997 | 2,856,720 | 2,824,087 | 2,881,103 | |||||||||||||||
| Consumer | ||||||||||||||||||||
| Residential real estate | ||||||||||||||||||||
| First lien | 851,551 | 874,737 | 894,402 | 901,738 | 907,534 | |||||||||||||||
| Construction | 32,872 | 33,703 | 34,124 | 35,754 | 38,553 | |||||||||||||||
| HELOC | 262,131 | 260,883 | 234,681 | 200,624 | 175,600 | |||||||||||||||
| Junior lien | 35,783 | 36,844 | 40,434 | 41,450 | 43,740 | |||||||||||||||
| Total residential real estate | 1,182,337 | 1,206,167 | 1,203,641 | 1,179,566 | 1,165,427 | |||||||||||||||
| Other consumer | 40,340 | 44,858 | 41,715 | 41,003 | 38,955 | |||||||||||||||
| Total consumer | 1,222,677 | 1,251,025 | 1,245,356 | 1,220,569 | 1,204,382 | |||||||||||||||
| Total loans | $ | 4,034,744 | $ | 4,048,022 | $ | 4,102,076 | $ | 4,044,656 | $ | 4,085,485 | ||||||||||
Deposits
Total deposits were
The following table presents the composition of the Company’s deposit portfolio as of the dates indicated:
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
| Noninterest-bearing demand | $ | 857,625 | $ | 807,896 | $ | 776,791 | $ | 790,300 | $ | 889,270 | ||||||||||
| Interest-bearing | ||||||||||||||||||||
| Interest-bearing demand | 1,449,156 | 1,296,315 | 1,256,687 | 1,214,597 | 1,283,031 | |||||||||||||||
| Savings accounts | 178,347 | 173,759 | 174,113 | 175,586 | 177,341 | |||||||||||||||
| Money market savings | 1,291,794 | 1,337,491 | 1,460,006 | 1,358,516 | 1,472,127 | |||||||||||||||
| Time deposits | 570,960 | 576,542 | 745,056 | 798,469 | 663,522 | |||||||||||||||
| Total interest-bearing | 3,490,257 | 3,384,107 | 3,635,862 | 3,547,168 | 3,596,021 | |||||||||||||||
| Total deposits | $ | 4,347,882 | $ | 4,192,003 | $ | 4,412,653 | $ | 4,337,468 | $ | 4,485,291 | ||||||||||
Asset Quality
Total nonperforming assets were
The following table presents selected asset quality data as of and for the periods indicated:
| As of and for the three months ended | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| (dollars in thousands) | 2026 | 2025 | 2025 | 2025 | 2025 | |||||||||||||||
| Nonaccrual loans | $ | 53,881 | $ | 69,065 | $ | 59,644 | $ | 51,276 | $ | 50,517 | ||||||||||
| Accruing loans 90+ days past due | — | — | — | 202 | — | |||||||||||||||
| Total nonperforming loans | 53,881 | 69,065 | 59,644 | 51,478 | 50,517 | |||||||||||||||
| OREO and repossessed assets | 126 | 308 | 467 | 751 | 493 | |||||||||||||||
| Total nonperforming assets | $ | 54,007 | $ | 69,373 | $ | 60,111 | $ | 52,229 | $ | 51,010 | ||||||||||
| Criticized loans | 132,459 | 149,162 | 191,331 | 212,592 | 230,369 | |||||||||||||||
| Net charge-offs (recoveries) | 7,027 | (311 | ) | (1,715 | ) | 3,767 | 407 | |||||||||||||
| Net charge-offs (recoveries) to average loans (1) | 0.71 | % | (0.03 | )% | (0.17 | )% | 0.37 | % | 0.04 | % | ||||||||||
| Nonperforming loans to total loans | 1.34 | % | 1.71 | % | 1.45 | % | 1.27 | % | 1.24 | % | ||||||||||
| Nonperforming assets to total assets | 1.02 | % | 1.33 | % | 1.13 | % | 0.98 | % | 0.96 | % | ||||||||||
| Criticized loans to total loans | 3.28 | % | 3.68 | % | 4.66 | % | 5.26 | % | 5.64 | % | ||||||||||
| Allowance for credit losses on loans to total loans | 1.25 | % | 1.53 | % | 1.51 | % | 1.47 | % | 1.52 | % | ||||||||||
| Allowance for credit losses on loans to nonperforming loans | 93.73 | % | 89.65 | % | 104.16 | % | 115.15 | % | 122.59 | % | ||||||||||
For the first quarter of 2026, the Company had net charge-offs of
The Company recorded a provision release of
The unearned fair value adjustments on acquired loan portfolios were
Capital
Total stockholders’ equity was
During the first quarter of 2026, the Company repurchased approximately
The following table presents our capital ratios as of the dates indicated:
| March 31, | December 31, | March 31, | ||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Capital Ratios(1) | ||||||||||||
| Alerus Financial Corporation Consolidated | ||||||||||||
| Common equity tier 1 capital to risk weighted assets | 10.60 | % | 10.28 | % | 10.10 | % | ||||||
| Tier 1 capital to risk weighted assets | 10.81 | % | 10.48 | % | 10.31 | % | ||||||
| Total capital to risk weighted assets | 13.17 | % | 12.87 | % | 12.67 | % | ||||||
| Tier 1 capital to average assets | 9.30 | % | 8.86 | % | 8.86 | % | ||||||
| Tangible common equity / tangible assets (2) | 8.85 | % | 8.72 | % | 7.43 | % | ||||||
| Alerus Financial, N.A. | ||||||||||||
| Common equity tier 1 capital to risk weighted assets | 10.75 | % | 10.41 | % | 10.36 | % | ||||||
| Tier 1 capital to risk weighted assets | 10.75 | % | 10.41 | % | 10.36 | % | ||||||
| Total capital to risk weighted assets | 12.00 | % | 11.66 | % | 11.61 | % | ||||||
| Tier 1 capital to average assets | 9.11 | % | 8.62 | % | 9.06 | % | ||||||
________________
(1) Capital ratios for the current quarter are to be considered preliminary until the Call Report for Alerus Financial, N.A. is filed.
(2) Represents a non-GAAP financial measure. See “Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures.”
Conference Call
The Company will host a conference call at 11:00 a.m. Central Time on Thursday, April 30, 2026, to discuss its financial results. Attendees are encouraged to register ahead of time for the call at investors.alerus.com. A recording of the call and transcript will be available on the Company’s investor relations website at investors.alerus.com following the call.
About Alerus Financial Corporation
Alerus Financial Corporation (Nasdaq: ALRS) is a commercial wealth advisory services bank and national retirement and benefit services provider with corporate offices in Grand Forks, North Dakota, and the Minneapolis-St. Paul, Minnesota metropolitan area. Through its subsidiary, Alerus Financial, National Association (the “Bank”), Alerus provides diversified and comprehensive financial solutions to business and consumer clients, including banking, wealth advisory services, and retirement and benefit plans and services. Alerus provides clients with a primary point of contact to help fully understand their unique needs and delivery channel preferences. Clients are provided with competitive products, valuable insight, and sound advice supported by digital solutions designed to meet their needs.
Alerus operates 26 banking and commercial wealth offices, with locations in Grand Forks and Fargo, North Dakota; the Minneapolis-St. Paul, Minnesota metropolitan area; Rochester, Minnesota; Southern Minnesota; Marshalltown, Iowa; Pewaukee, Wisconsin; and Phoenix and Scottsdale, Arizona. The Alerus Retirement and Benefit business serves advisors, brokers, employers, and plan participants across the United States.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized by U.S. Generally Accepted Accounting Principles, or GAAP. These non-GAAP financial measures include the ratio of tangible common equity to tangible assets, tangible book value per common share, return on average tangible common equity, efficiency ratio, pre-provision net revenue, adjusted noninterest (loss) income, adjusted noninterest expense, adjusted pre-provision net revenue, adjusted efficiency ratio, adjusted net income, adjusted return on average total assets, adjusted return on average tangible common equity, net interest margin (on a tax-equivalent basis), adjusted earnings per common share - diluted, and adjusted net charge-offs to average loans. Management uses these non-GAAP financial measures in its analysis of its performance, and believes financial analysts and investors frequently use these measures, and other similar measures, to evaluate capital adequacy and financial performance. Reconciliations of non-GAAP disclosures used in this press release to the comparable GAAP measures are provided in the accompanying tables. Management, banking regulators, many financial analysts and other investors use these measures in conjunction with more traditional bank capital ratios to compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, which typically stem from the use of the purchase accounting method of accounting for mergers and acquisitions.
These non-GAAP financial measures should not be considered in isolation or as a substitute for total stockholders’ equity, total assets, book value per share, return on average assets, return on average equity, or any other measure calculated in accordance with GAAP. Moreover, the manner in which the Company calculates these non-GAAP financial measures may differ from that of other companies reporting measures with similar names.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of Alerus Financial Corporation. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature. Examples of forward-looking statements include, among others, statements the Company makes regarding our projected growth, anticipated future financial performance, financial condition, credit quality, management’s long-term performance goals, and the future plans and prospects of Alerus Financial Corporation.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent known and unknown uncertainties, risks, changes in circumstances, and other factors that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the following: the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and future monetary policies of the Federal Reserve and executive orders in response thereto); interest rate risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from actions taken by the federal government, including the threat or implementation of tariffs, immigration enforcement, executive orders, and changes in foreign policy; disruptions to the global supply chain, including as a result of domestic or foreign policies; our ability to successfully manage credit risk, including in the commercial real estate portfolio, and maintain an adequate level of allowance for credit losses; business and economic conditions generally and in the financial services industry, nationally and within our market areas, including the level and impact of inflation rates and possible recession; our ability to raise additional capital to implement our business plan; credit risks and risks from concentrations (including by type of borrower, geographic area, collateral, and industry) within our loan portfolio; the concentration of large loans to certain borrowers (including commercial real estate loans); the level of nonperforming assets on our balance sheet; our ability to implement organic and acquisition growth strategies; the commencement, cost, and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject, including with respect to pending actions relating to the Company’s previous employee stock ownership program fiduciary services commenced by government and private parties; the impact of economic or market conditions on our fee-based services; our ability to continue to grow our retirement and benefit services business; our ability to continue to originate a sufficient volume of residential mortgages; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; potential losses incurred in connection with mortgage loan repurchases; the composition of our executive management team and our ability to attract and retain key personnel; rapid and expensive technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; increased competition in the financial services industry, including from non-banks such as credit unions, Fintech companies and digital asset service providers; our ability to successfully manage liquidity risk, including our need to access higher cost sources of funds such as fed funds purchased and short-term borrowings; the concentration of large deposits from certain clients, including those who have balances above current Federal Deposit Insurance Corporation insurance limits; the effectiveness of our risk management framework; potential impairment to the goodwill the Company recorded in connection with our past acquisitions, including the acquisitions of Metro Phoenix Bank and HMNF; the extensive regulatory framework that applies to us; the ability of the Bank to pay dividends to us and our ability to pay dividends to our stockholders; new or revised accounting standards, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission (the “SEC”) or the Public Company Accounting Oversight Board; fluctuations in the values of the securities held in our securities portfolio, including as a result of changes in interest rates; governmental monetary, trade and fiscal policies; risks related to climate change and the negative impact it may have on our customers and their businesses; severe weather and natural disasters, and widespread disease or pandemics; acts of war, military conflicts, or terrorism, including the wars in Iran and Ukraine, ongoing conflicts in the Middle East, and other international military conflicts, or other adverse external events and changes in foreign relations; the impact of the current partial shutdown of the federal government and possible future shutdowns; any material weaknesses in our internal control over financial reporting; our success at managing and responding to the risks involved in the foregoing items; and any other risks described in the “Risk Factors” sections of the reports filed by Alerus Financial Corporation with the SEC.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
| Alerus Financial Corporation and Subsidiaries Consolidated Balance Sheets (dollars in thousands, except share and per share data) | ||||||||
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | (Unaudited) | |||||||
| Cash and cash equivalents | $ | 128,826 | $ | 67,192 | ||||
| Investment securities | ||||||||
| Trading, at fair value | 1,758 | 1,758 | ||||||
| Available-for-sale, at fair value | 522,101 | 514,095 | ||||||
| Held-to-maturity, at amortized cost (with an allowance for credit losses on investments of | 247,437 | 254,448 | ||||||
| Loans held for sale | 22,345 | 21,934 | ||||||
| Loans held for investment | 4,034,744 | 4,048,022 | ||||||
| Allowance for credit losses on loans | (50,505 | ) | (61,915 | ) | ||||
| Net loans | 3,984,239 | 3,986,107 | ||||||
| Land, premises and equipment, net | 43,978 | 43,253 | ||||||
| Operating lease right-of-use assets | 32,573 | 28,761 | ||||||
| Accrued interest receivable | 20,469 | 21,742 | ||||||
| Bank-owned life insurance | 39,475 | 39,307 | ||||||
| Goodwill | 85,634 | 85,634 | ||||||
| Other intangible assets | 31,397 | 33,371 | ||||||
| Servicing rights | 6,615 | 6,383 | ||||||
| Deferred income taxes, net | 20,863 | 23,080 | ||||||
| Other assets | 100,261 | 103,019 | ||||||
| Total assets | $ | 5,287,971 | $ | 5,230,084 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Deposits | ||||||||
| Noninterest-bearing | $ | 857,625 | $ | 807,896 | ||||
| Interest-bearing | 3,490,257 | 3,384,107 | ||||||
| Total deposits | 4,347,882 | 4,192,003 | ||||||
| Short-term borrowings | 200,000 | 308,800 | ||||||
| Long-term debt | 59,211 | 59,182 | ||||||
| Operating lease liabilities | 42,590 | 36,282 | ||||||
| Accrued expenses and other liabilities | 63,595 | 68,883 | ||||||
| Total liabilities | 4,713,278 | 4,665,150 | ||||||
| Stockholders’ equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 25,214 | 25,406 | ||||||
| Additional paid-in capital | 266,016 | 271,609 | ||||||
| Retained earnings | 287,700 | 270,075 | ||||||
| Accumulated other comprehensive loss | (4,237 | ) | (2,156 | ) | ||||
| Total stockholders’ equity | 574,693 | 564,934 | ||||||
| Total liabilities and stockholders’ equity | $ | 5,287,971 | $ | 5,230,084 | ||||
| Alerus Financial Corporation and Subsidiaries Consolidated Statements of Income (dollars and shares in thousands, except per share data) | ||||||||||||
| Three months ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Interest Income | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Loans, including fees | $ | 58,621 | $ | 64,477 | $ | 61,495 | ||||||
| Investment securities | ||||||||||||
| Taxable | 7,104 | 4,592 | 5,707 | |||||||||
| Exempt from federal income taxes | 158 | 160 | 160 | |||||||||
| Other | 1,094 | 1,158 | 819 | |||||||||
| Total interest income | 66,977 | 70,387 | 68,181 | |||||||||
| Interest Expense | ||||||||||||
| Deposits | 19,074 | 21,998 | 23,535 | |||||||||
| Short-term borrowings | 2,357 | 2,570 | 2,839 | |||||||||
| Long-term debt | 634 | 645 | 650 | |||||||||
| Total interest expense | 22,065 | 25,213 | 27,024 | |||||||||
| Net interest income | 44,912 | 45,174 | 41,157 | |||||||||
| Provision for (recovery of) credit losses | (4,883 | ) | (308 | ) | 863 | |||||||
| Net interest income after provision for (recovery of) credit losses | 49,795 | 45,482 | 40,294 | |||||||||
| Noninterest Income (Loss) | ||||||||||||
| Retirement and benefit services | 17,406 | 17,260 | 16,106 | |||||||||
| Wealth advisory services | 7,237 | 7,438 | 6,905 | |||||||||
| Mortgage banking | 3,535 | 3,203 | 1,527 | |||||||||
| Service charges on deposit accounts | 933 | 734 | 651 | |||||||||
| Net losses on investment securities | — | (68,403 | ) | — | ||||||||
| Other | 1,736 | 2,819 | 2,443 | |||||||||
| Total noninterest income (loss) | 30,847 | (36,949 | ) | 27,632 | ||||||||
| Noninterest Expense | ||||||||||||
| Compensation | 24,087 | 25,169 | 22,961 | |||||||||
| Employee taxes and benefits | 6,640 | 6,325 | 7,762 | |||||||||
| Occupancy and equipment expense | 3,427 | 3,658 | 2,907 | |||||||||
| Business services, software and technology expense | 5,839 | 6,794 | 5,752 | |||||||||
| Intangible amortization expense | 1,974 | 2,382 | 2,710 | |||||||||
| Professional fees and assessments | 3,800 | 3,089 | 2,996 | |||||||||
| Marketing and business development | 861 | 1,016 | 965 | |||||||||
| Supplies and postage | 607 | 764 | 630 | |||||||||
| Travel | 361 | 409 | 287 | |||||||||
| Mortgage and lending expenses | 710 | 626 | 536 | |||||||||
| Other | 2,086 | 1,649 | 2,859 | |||||||||
| Total noninterest expense | 50,392 | 51,881 | 50,365 | |||||||||
| Income (loss) before income tax expense (benefit) | 30,250 | (43,348 | ) | 17,561 | ||||||||
| Income tax expense (benefit) | 7,279 | (10,298 | ) | 4,246 | ||||||||
| Net income (loss) | $ | 22,971 | $ | (33,050 | ) | $ | 13,315 | |||||
| Per Common Share Data | ||||||||||||
| Earnings (loss) per common share | $ | 0.90 | $ | (1.28 | ) | $ | 0.52 | |||||
| Diluted earnings (loss) per common share | $ | 0.89 | $ | (1.27 | ) | $ | 0.52 | |||||
| Dividends declared per common share | $ | 0.21 | $ | 0.21 | $ | 0.20 | ||||||
| Average common shares outstanding | 25,380 | 25,398 | 25,359 | |||||||||
| Diluted average common shares outstanding | 25,679 | 25,710 | 25,653 | |||||||||
| Alerus Financial Corporation and Subsidiaries Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures (unaudited) (dollars and shares in thousands, except per share data) | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Tangible Common Equity to Tangible Assets | ||||||||||||
| Total common stockholders’ equity | $ | 574,693 | $ | 564,934 | $ | 514,232 | ||||||
| Less: Goodwill | 85,634 | 85,634 | 85,634 | |||||||||
| Less: Other intangible assets | 31,397 | 33,371 | 41,172 | |||||||||
| Tangible common equity (a) | 457,662 | 445,929 | 387,426 | |||||||||
| Total assets | 5,287,971 | 5,230,084 | 5,339,620 | |||||||||
| Less: Goodwill | 85,634 | 85,634 | 85,634 | |||||||||
| Less: Other intangible assets | 31,397 | 33,371 | 41,172 | |||||||||
| Tangible assets (b) | 5,170,940 | 5,111,079 | 5,212,814 | |||||||||
| Tangible common equity to tangible assets (a)/(b) | 8.85 | % | 8.72 | % | 7.43 | % | ||||||
| Tangible Book Value Per Common Share | ||||||||||||
| Tangible common equity (a) | 457,662 | 445,929 | 387,426 | |||||||||
| Total common shares issued and outstanding (c) | 25,214 | 25,406 | 25,366 | |||||||||
| Tangible book value per common share (a)/(c) | $ | 18.15 | $ | 17.55 | $ | 15.27 | ||||||
| Three months ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Return on Average Tangible Common Equity | ||||||||||||
| Net income (loss) | $ | 22,971 | $ | (33,050 | ) | $ | 13,315 | |||||
| Add: Intangible amortization expense (net of tax) (1) | 1,559 | 1,882 | 2,141 | |||||||||
| Net income (loss), excluding intangible amortization (d) | 24,530 | (31,168 | ) | 15,456 | ||||||||
| Average total equity | 566,563 | 552,106 | 499,224 | |||||||||
| Less: Average goodwill | 85,634 | 85,634 | 85,634 | |||||||||
| Less: Average other intangible assets (net of tax) (1) | 25,664 | 27,270 | 33,718 | |||||||||
| Average tangible common equity (e) | 455,265 | 439,202 | 379,872 | |||||||||
| Return on average tangible common equity (d)/(e) | 21.85 | % | (28.15 | )% | 16.50 | % | ||||||
| Efficiency Ratio | ||||||||||||
| Noninterest expense | $ | 50,392 | $ | 51,881 | $ | 50,365 | ||||||
| Less: Intangible amortization expense | 1,974 | 2,382 | 2,710 | |||||||||
| Noninterest expense excluding intangible amortization (f) | 48,418 | 49,499 | 47,655 | |||||||||
| Net interest income (v) | 44,912 | 45,174 | 41,157 | |||||||||
| Noninterest income (loss) | 30,847 | (36,949 | ) | 27,632 | ||||||||
| Tax equivalent adjustment for loans and securities | 619 | 654 | 520 | |||||||||
| Total tax-equivalent revenue (g) | 76,378 | 8,879 | 69,309 | |||||||||
| Efficiency ratio (f)/(g) | 63.39 | % | 557.48 | % | 68.76 | % | ||||||
| Pre-Provision Net Revenue | ||||||||||||
| Net interest income (v) | $ | 44,912 | $ | 45,174 | $ | 41,157 | ||||||
| Add: Noninterest income (loss) | 30,847 | (36,949 | ) | 27,632 | ||||||||
| Less: Noninterest expense | 50,392 | 51,881 | 50,365 | |||||||||
| Pre-provision net revenue (loss) | $ | 25,367 | $ | (43,656 | ) | $ | 18,424 | |||||
| Adjusted Noninterest Income | ||||||||||||
| Noninterest income (loss) | $ | 30,847 | $ | (36,949 | ) | $ | 27,632 | |||||
| Less: Adjusted noninterest (loss) income items | ||||||||||||
| Net gains (losses) on investment securities | — | (68,403 | ) | — | ||||||||
| Net gain (loss) on sale/disposal of premises and equipment | (21 | ) | (445 | ) | — | |||||||
| Total adjusted noninterest income (loss) items (h) | (21 | ) | (68,848 | ) | — | |||||||
| Adjusted noninterest income (i) | $ | 30,868 | $ | 31,899 | $ | 27,632 | ||||||
| Adjusted Noninterest (Loss) Income as a Percentage of Revenue | ||||||||||||
| Adjusted noninterest income (i) | $ | 30,868 | $ | 31,899 | $ | 27,632 | ||||||
| Net interest income (v) | 44,912 | 45,174 | 41,157 | |||||||||
| Adjusted revenue (w) | $ | 75,780 | $ | 77,073 | $ | 68,789 | ||||||
| Adjusted noninterest (loss) income as a percentage of revenue (i)/(w) | 40.73 | % | 41.39 | % | 40.17 | % | ||||||
| Adjusted Noninterest Expense | ||||||||||||
| Noninterest expense | $ | 50,392 | $ | 51,881 | $ | 50,365 | ||||||
| Less: Adjusted noninterest expense items | ||||||||||||
| HMNF merger- and acquisition-related expenses | (34 | ) | (112 | ) | 286 | |||||||
| Severance and signing bonus expense | 167 | 212 | 1,027 | |||||||||
| Total adjusted noninterest expense items (j) | 133 | 100 | 1,313 | |||||||||
| Adjusted noninterest expense (k) | $ | 50,259 | $ | 51,781 | $ | 49,052 | ||||||
________________
(1) Items calculated after-tax utilizing a marginal income tax rate of
| Alerus Financial Corporation and Subsidiaries Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures (unaudited) (dollars and shares in thousands, except per share data) | ||||||||||||
| Three months ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Adjusted Pre-Provision Net Revenue | ||||||||||||
| Net interest income (v) | $ | 44,912 | $ | 45,174 | $ | 41,157 | ||||||
| Add: Adjusted noninterest income (i) | 30,868 | 31,899 | 27,632 | |||||||||
| Less: Adjusted noninterest expense (k) | 50,259 | 51,781 | 49,052 | |||||||||
| Adjusted pre-provision net revenue | $ | 25,521 | $ | 25,292 | $ | 19,737 | ||||||
| Adjusted Efficiency Ratio | ||||||||||||
| Adjusted noninterest expense (k) | $ | 50,259 | $ | 51,781 | $ | 49,052 | ||||||
| Less: Intangible amortization expense | 1,974 | 2,382 | 2,710 | |||||||||
| Adjusted noninterest expense for efficiency ratio (l) | 48,285 | 49,399 | 46,342 | |||||||||
| Tax-equivalent revenue | ||||||||||||
| Net interest income (v) | 44,912 | 45,174 | 41,157 | |||||||||
| Add: Adjusted noninterest income (i) | 30,868 | 31,899 | 27,632 | |||||||||
| Add: Tax equivalent adjustment for loans and securities (1) | 619 | 654 | 520 | |||||||||
| Total tax-equivalent revenue (m) | 76,399 | 77,727 | 69,309 | |||||||||
| Adjusted efficiency ratio (l)/(m) | 63.20 | % | 63.55 | % | 66.86 | % | ||||||
| Adjusted Net Income | ||||||||||||
| Net (loss) income | $ | 22,971 | $ | (33,050 | ) | $ | 13,315 | |||||
| Less: Adjusted noninterest (loss) income items (net of tax) (1) (h) | (17 | ) | (54,390 | ) | — | |||||||
| Add: Adjusted noninterest expense items (net of tax) (1) (j) | 105 | 79 | 1,037 | |||||||||
| Adjusted net income (n) | $ | 23,093 | $ | 21,419 | $ | 14,352 | ||||||
| Adjusted Return on Average Total Assets | ||||||||||||
| Average total assets (o) | $ | 5,218,515 | $ | 5,252,046 | $ | 5,272,319 | ||||||
| Adjusted return on average total assets (n)/(o) | 1.79 | % | 1.62 | % | 1.10 | % | ||||||
| Adjusted Return on Average Tangible Common Equity | ||||||||||||
| Adjusted net income (n) | $ | 23,093 | $ | 21,419 | $ | 14,352 | ||||||
| Add: Intangible amortization expense (net of tax) (1) | 1,559 | 1,882 | 2,141 | |||||||||
| Adjusted net income, excluding intangible amortization (p) | 24,652 | 23,301 | 16,493 | |||||||||
| Average total equity | 566,563 | 552,106 | 499,224 | |||||||||
| Less: Average goodwill | 85,634 | 85,634 | 85,634 | |||||||||
| Less: Average other intangible assets (net of tax) | 25,664 | 27,270 | 33,718 | |||||||||
| Average tangible common equity (q) | 455,265 | 439,202 | 379,872 | |||||||||
| Adjusted return on average tangible common equity (p)/(q) | 21.96 | % | 21.05 | % | 17.61 | % | ||||||
| Adjusted Earnings Per Common Share - Diluted | ||||||||||||
| Adjusted net income (n) | $ | 23,093 | $ | 21,419 | $ | 14,352 | ||||||
| Less: Dividends and undistributed earnings allocated to participating securities | 207 | (462 | ) | 99 | ||||||||
| Adjusted net income available to common stockholders (r) | 22,886 | 21,881 | 14,253 | |||||||||
| Weighted-average common shares outstanding for diluted earnings per share (s) | 25,679 | 25,710 | 25,653 | |||||||||
| Adjusted earnings per common share - diluted (r)/(s) | $ | 0.89 | $ | 0.85 | $ | 0.56 | ||||||
| Net Charge-Offs (Recoveries) to Average Loans | ||||||||||||
| Net charge-offs (recoveries) (t) | $ | 7,027 | $ | (311 | ) | $ | 407 | |||||
| Average total loans (u) | $ | 4,029,719 | $ | 4,049,082 | $ | 4,022,863 | ||||||
| Net charge-offs (recoveries) to average loans (t)/(u) | 0.71 | % | (0.03 | )% | 0.04 | % | ||||||
| Net Interest Margin (on a Tax-Equivalent Basis) | ||||||||||||
| Net interest income (v) | $ | 44,912 | $ | 45,174 | $ | 41,157 | ||||||
| Add: Tax equivalent adjustment for loans and securities | 619 | 654 | 520 | |||||||||
| Net interest income (on a tax-equivalent basis) (1) (w) | $ | 45,531 | $ | 45,828 | $ | 41,677 | ||||||
| Average interest earning assets (x) | $ | 4,901,399 | $ | 4,926,530 | $ | 4,949,729 | ||||||
| Net interest margin (on a tax-equivalent basis) (1) (w)/(x) | 3.77 | % | 3.69 | % | 3.41 | % | ||||||
________________
(1) Items calculated after-tax utilizing a marginal income tax rate of
| Alerus Financial Corporation and Subsidiaries Analysis of Average Balances, Yields, and Rates (unaudited) (dollars in thousands) | ||||||||||||||||||||||||
| Three months ended | ||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||
| Average | Average | Average | ||||||||||||||||||||||
| Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||||||||
| Balance | Rate | Balance | Rate | Balance | Rate | |||||||||||||||||||
| Interest Earning Assets | ||||||||||||||||||||||||
| Interest-bearing deposits with banks | $ | 60,675 | 4.26 | % | $ | 57,008 | 4.68 | % | $ | 33,425 | 4.74 | % | ||||||||||||
| Investment securities (1) | 771,885 | 3.84 | 775,091 | 2.45 | 859,696 | 2.79 | ||||||||||||||||||
| Loans held for sale | 15,617 | 4.70 | 21,715 | 4.81 | 11,348 | 5.32 | ||||||||||||||||||
| Loans | ||||||||||||||||||||||||
| Commercial and industrial | 723,803 | 7.10 | 699,982 | 7.35 | 657,838 | 7.31 | ||||||||||||||||||
| CRE − Owner occupied | 430,332 | 6.14 | 429,087 | 6.18 | 379,948 | 6.19 | ||||||||||||||||||
| CRE − Construction, land and development | 211,754 | 5.17 | 322,068 | 9.20 | 342,718 | 5.84 | ||||||||||||||||||
| CRE − Multifamily | 393,412 | 5.80 | 371,925 | 6.15 | 364,247 | 6.34 | ||||||||||||||||||
| CRE − Non-owner occupied (2) | 914,642 | 5.97 | 846,558 | 6.16 | 960,152 | 6.66 | ||||||||||||||||||
| Agricultural − Land | 59,787 | 6.00 | 65,995 | 6.42 | 67,228 | 5.85 | ||||||||||||||||||
| Agricultural − Production | 58,833 | 6.98 | 63,408 | 6.78 | 60,933 | 7.28 | ||||||||||||||||||
| RRE − First lien | 865,077 | 4.93 | 884,293 | 4.81 | 899,835 | 4.78 | ||||||||||||||||||
| RRE − Construction | 32,906 | 6.29 | 34,858 | 6.74 | 36,913 | 8.40 | ||||||||||||||||||
| RRE − HELOC | 261,586 | 6.03 | 249,844 | 6.38 | 168,599 | 7.12 | ||||||||||||||||||
| RRE − Junior lien | 36,306 | 6.42 | 38,167 | 6.47 | 44,096 | 6.24 | ||||||||||||||||||
| Other consumer | 41,281 | 6.31 | 42,897 | 6.53 | 40,356 | 7.02 | ||||||||||||||||||
| Total loans (1) | 4,029,719 | 5.94 | 4,049,082 | 6.35 | 4,022,863 | 6.23 | ||||||||||||||||||
| Federal Reserve/FHLB stock | 23,503 | 7.87 | 23,634 | 8.16 | 22,397 | 7.77 | ||||||||||||||||||
| Total interest earning assets | 4,901,399 | 5.59 | 4,926,530 | 5.72 | 4,949,729 | 5.63 | ||||||||||||||||||
| Noninterest earning assets | 317,116 | 325,516 | 322,590 | |||||||||||||||||||||
| Total assets | $ | 5,218,515 | $ | 5,252,046 | $ | 5,272,319 | ||||||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 1,367,270 | 1.64 | % | $ | 1,305,972 | 1.72 | % | $ | 1,247,725 | 1.81 | % | ||||||||||||
| Money market and savings deposits | 1,503,798 | 2.37 | 1,592,569 | 2.72 | 1,590,616 | 2.89 | ||||||||||||||||||
| Time deposits | 569,065 | 3.40 | 600,966 | 3.57 | 688,569 | 3.91 | ||||||||||||||||||
| Fed funds purchased | 35,628 | 4.01 | 35,617 | 4.20 | 49,834 | 4.69 | ||||||||||||||||||
| FHLB short-term advances | 204,444 | 3.98 | 207,065 | 4.20 | 200,000 | 4.59 | ||||||||||||||||||
| Long-term debt | 59,195 | 4.34 | 59,169 | 4.32 | 59,084 | 4.46 | ||||||||||||||||||
| Total interest-bearing liabilities | 3,739,400 | 2.39 | 3,801,358 | 2.63 | 3,835,828 | 2.86 | ||||||||||||||||||
| Noninterest-Bearing Liabilities and Stockholders' Equity | ||||||||||||||||||||||||
| Noninterest-bearing deposits | 798,579 | 797,521 | 849,687 | |||||||||||||||||||||
| Other noninterest-bearing liabilities | 113,973 | 101,061 | 87,580 | |||||||||||||||||||||
| Stockholders’ equity | 566,563 | 552,106 | 499,224 | |||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 5,218,515 | $ | 5,252,046 | $ | 5,272,319 | ||||||||||||||||||
| Net interest rate spread | 3.20 | % | 3.09 | % | 2.77 | % | ||||||||||||||||||
| Net interest margin (on a tax-equivalent basis) (1) | 3.77 | % | 3.69 | % | 3.41 | % | ||||||||||||||||||
________________
(1) Taxable-equivalent adjustment was calculated utilizing a marginal income tax rate of
(2) Average balances and average yield/rate includes non-mortgage loans sold and held for sale for the three months ended December 31, 2025.
Alan A. Villalon, Chief Financial Officer
952.417.3733 (Office)
