Alerus Finl Corp Stock Price, News & Analysis

Alerus Financial Corporation (Nasdaq: ALRS) reported a net income of $9.3 million for Q2 2022, down from $10.2 million in Q1 2022 and $11.7 million in Q2 2021. Earnings per diluted share were $0.52, impacted by merger expenses from acquiring Metro Phoenix Bank. Despite challenging markets, Alerus achieved 7.5% loan growth, lifting net interest income by 5.1% to $22.8 million. The common equity tier 1 ratio stands at 14.19%. Noninterest income decreased 20.5% year-over-year, primarily due to lower mortgage banking revenue.

Alerus Financial Corporation (NASDAQ: ALRS) announced leadership changes as part of its management succession plan. Chief Shared Services Officer Ann McConn will retire on January 6, 2023, transitioning responsibilities to Missy Keney, who will become Chief Engagement Officer, and Jon Hendry, who will take on the role of Chief Technology Officer. Keney, with 17 years at Alerus, will focus on engagement strategies, while Hendry, a 38-year veteran, will lead technology initiatives. CEO Katie Lorenson emphasized the strong leadership within the company as they aim for continued financial performance.

Alerus Financial Corporation (ALRS) has successfully completed its acquisition of MPB BHC, Inc. (MPHX), marking the largest bank acquisition in its history. This all-stock transaction enhances Alerus' presence in Arizona, positioning it as the fifth largest community bank in the Phoenix metropolitan area with approximately $516 million in total deposits. MPB BHC, with $453 million in total assets, specializes in serving small to medium-sized businesses. The acquisition aligns with Alerus' long-term growth strategy across its business segments.

Alerus Financial Corporation (NASDAQ: ALRS) will release its second quarter 2022 financial results on July 27, 2022. Subsequently, a conference call will be held on July 28, 2022, at 11:00 a.m. Central Time, allowing analysts and investors to participate in a Q&A session. Interested parties can access the call by dialing 1-844-200-6205 with access code 874956. A recording and transcript of the call will be available for review on the company's investor relations page.

Alerus Financial Corporation (Nasdaq: ALRS) has announced that Jim Collins will join as Executive Vice President and Chief Banking and Revenue Officer, effective May 31, 2022. With nearly 30 years of experience in financial services, Collins previously led corporate banking for Old National Bank and has a strong background in commercial banking. His role will focus on revenue-related activities, driving strategies for growth and client solutions. Alerus aims to enhance its leadership team and support its growth plans with Collins' expertise.

Alerus Financial Corporation (NASDAQ: ALRS) announced the appointment of Dan Coughlin as Chairman of the Board, effective May 10, 2022. He succeeds Randy Newman, who served as Executive Chairman and will remain a director. The leadership transition supports current CEO Katie Lorenson, emphasizing continuity and a shared vision for the company's future. Mr. Coughlin brings over 40 years of experience in financial services, including strategic planning and mergers. Alerus operates in banking, retirement services, wealth management, and mortgage sectors, focusing on delivering comprehensive financial solutions.

Alerus Financial Corporation (NASDAQ: ALRS) announced a $0.18 quarterly cash dividend per share, marking a 12.5% increase from last year. The dividend is payable on July 8, 2022, to shareholders of record by June 17, 2022. This increase reflects the company's commitment to delivering shareholder value. For more financial details, Alerus provides comprehensive information on its investor relations website.

Alerus Financial Corporation (Nasdaq: ALRS) reported a net income of $10.2 million for Q1 2022, down from $12.7 million the previous quarter and $15.2 million a year prior, reflecting a drop in earnings per diluted share to $0.57. Mortgage originations plunged 47.7% to $186.8 million due to inventory shortages, while noninterest income declined 12.6%. Effective expense management led to a 7.8% reduction in noninterest expenses. However, total assets decreased 1.7% to $3.3 billion. The company's capital ratios showed some decline, raising concerns about future financial health.

Alerus Financial Corporation (NASDAQ: ALRS) will release its first quarter 2022 financial results on April 27, 2022. Following this, a conference call will take place on April 28, 2022, at 10:00 a.m. Eastern Time, where analysts and investors can engage in a Q&A session. Interested participants can access the call by dialing 1-844-200-6205 with the access code 164479. A recording and transcript will be available afterwards at the company’s investor relations website.