Welcome to our dedicated page for Alerus Finl news (Ticker: ALRS), a resource for investors and traders seeking the latest updates and insights on Alerus Finl stock.
Alerus Financial Corp (ALRS) delivers comprehensive financial services through banking, wealth management, and retirement solutions since 1879. This news hub provides investors and stakeholders with essential resource for tracking corporate developments.
Access real-time updates on earnings reports, strategic partnerships, and regulatory filings. Our curated collection features press releases about product innovations, leadership appointments, and market expansion initiatives across ALRS' core service areas.
Key content includes quarterly financial disclosures, merger & acquisition activity, and service enhancements in:
• Commercial & personal banking
• Retirement plan administration
• Wealth management strategies
• Mortgage lending trends
Bookmark this page for streamlined access to verified ALRS information. Combine historical context with current developments to better understand this regional financial leader's market position.
Alerus Financial (Nasdaq: ALRS) and HMN Financial, Inc. (Nasdaq: HMNF) have received all necessary regulatory approvals and stockholder approval to proceed with their merger. The acquisition is expected to close in early Q4 2024, subject to customary conditions. Key points:
- All-stock transaction unanimously approved by both companies' boards
- Stockholders approved the merger on September 12, 2024
- Post-merger, Alerus will have ~$5.5B in total assets, $3.7B in loans, $4.3B in deposits, and $43.1B in assets under administration/management
- Alerus will expand its footprint with 14 new branches across Minnesota, Iowa, and Wisconsin
- Total branch count will increase to 29 locations throughout the Midwest and Arizona
Alerus Financial (NASDAQ: ALRS) has announced a regular quarterly cash dividend of $0.20 per common share, representing a 5.26% increase compared to the previous year. The dividend will be payable on October 11, 2024, to stockholders of record as of close of business on September 13, 2024. This decision was made by the company's board of directors on August 20, 2024. Alerus provides access to current and historic dividend information, quarterly financial statements, investor presentations, and earnings call transcripts through its investor relations website at investors.alerus.com.
Alerus Financial (Nasdaq: ALRS) announced a net income of $6.2 million for Q2 2024, or $0.31 per diluted share. This compares to $6.4 million, or $0.32 per share, in Q1 2024, and $9.1 million, or $0.45 per share, in Q2 2023.
CEO Katie Lorenson highlighted a 48% improvement in pre-provision net revenue, driven by a 8% sequential increase in overall revenues, improvement in net interest margin, and prudent expense management.
Key metrics include:
- Total deposits of $3.3 billion, up 6.6% since Dec 31, 2023
- Total loans of $2.9 billion, up 5.7% since Dec 31, 2023
- Net interest margin of 2.39%, up from 2.30% in Q1 2024
- Noninterest income of $27.4 million, up 8.1% from Q1 2024
- Allowance for credit losses stable at 1.31%
- Common equity tier 1 capital ratio at 11.67%
Despite these improvements, net income has declined compared to both the previous quarter and year, and there was an increase in nonperforming assets driven by a significant commercial real estate loan moving to nonaccrual status.
Alerus Financial (Nasdaq: ALRS) will release its second quarter financial results on Wednesday, July 24, 2024. A conference call to discuss these results will take place the following day, Thursday, July 25, at 11:00 a.m. Central Time.
Analysts and institutional investors can participate in the call's Q&A session. Pre-registration for the call is encouraged. The conference call can be accessed via a dedicated URL and phone number, with a recording and transcript to be made available afterward on the company's investor relations website.
Alerus Financial (Nasdaq: ALRS) has announced the expansion of its specialty lending capabilities by adding an experienced team focused on providing equipment financing to its commercial banking clients. Brian Scott, with over 25 years of experience, joins as managing director and will oversee the team's activities. Daniel Littlefield, with over 20 years of experience, will serve as a senior credit officer, specializing in underwriting and portfolio management. Michael Ryan, also with over 20 years of experience, joins as the operations manager, responsible for developing processes and overseeing operations. Alerus' President and CEO, Katie Lorenson, emphasized that the new team will help expand the bank's business and commercial banking segment, offering opportunities to deepen relationships with existing clients and attract new ones. The team will be based in Phoenix and support Alerus' commercial bankers across its geographic footprint.
Alerus Financial (NASDAQ: ALRS) has announced a regular quarterly cash dividend of $0.20 per common share. This marks a 5.26% increase over the dividend paid in the previous year. The dividend will be payable on July 15, 2024, to shareholders of record as of June 14, 2024. This decision highlights the company's commitment to returning value to its shareholders. For more information, including historical dividend data and financial performance, investors can visit the Alerus investor relations website.
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