Alerus Finl Corp - ALRS STOCK NEWS

Alerus Financial Corporation (Nasdaq: ALRS) reported a net income of $11.7 million for Q2 2021, reflecting a 23% decline from Q1 2021's $15.2 million. Earnings per diluted share were $0.66, compared to $0.86 in Q1. Notable metrics include a 1.50% return on average total assets, down from 2.02% in Q1, and a net interest margin of 2.88%, which also decreased. Noninterest income fell by 10.1% sequentially due to a drop in mortgage banking revenue. Total loans decreased by 7.3% since December 2020, while deposits rose by 5.4%.

Alerus Financial Corporation (NASDAQ: ALRS) declared a quarterly cash dividend of $0.16 per common share, marking a 6.7% increase from the previous year. This dividend will be payable on October 8, 2021, to shareholders recorded by the close of business on September 17, 2021. Alerus, headquartered in Grand Forks, ND, provides diversified financial services through segments including banking, retirement and benefit services, wealth management, and mortgage.

Alerus Financial Corporation (NASDAQ: ALRS) will release its second quarter 2021 financial results after the market closes on July 28, 2021. Following this, a conference call is scheduled for 9:00 a.m. CT on July 29, 2021, where analysts and investors can discuss the results in a Q&A session. The call will be accessible via telephone at 1-866-652-5200. A recording and transcript will be available post-call on investors.alerus.com.

Alerus Financial Corporation (NASDAQ: ALRS) has enhanced its U.S. Small Business Administration (SBA) lending capabilities by adding a five-member expert SBA team, led by John Kimball, formerly of MidWestOne Bank. This team, with over 100 years of collective experience, will help to better serve small business clients recovering from the pandemic and those lacking the history for traditional loans. The SBA team will operate in Arizona, Minnesota, North Dakota, and the Twin Cities, aligning with Alerus's mission to enhance clients' financial potential.

Alerus Financial Corporation (NASDAQ: ALRS) has announced a quarterly cash dividend of $0.16 per common share, marking a 6.7% increase from the previous year. The dividend will be paid on July 9, 2021, to shareholders recorded by June 18, 2021. This increase reflects the company's commitment to returning value to its shareholders and demonstrates confidence in its financial position. Alerus operates through four distinct segments, providing services from banking to wealth management.

Alerus Financial Corporation (Nasdaq: ALRS) reported a net income of $15.2 million for Q1 2021, equating to $0.86 per diluted share, a significant increase from $10.2 million in Q4 2020 and $5.4 million in Q1 2020. Key highlights include a return on average total assets of 2.02% and a return on average tangible common equity of 23.03%. The bank's mortgage originations reached $518 million, while retirement revenue grew over 8%. Deposits increased by 5.7% to $145.6 million.

Alerus Financial Corporation (NASDAQ: ALRS) will release its first quarter 2021 financial results on April 28, 2021. A conference call is scheduled for April 29, 2021, at 10:00 a.m. Eastern Time, where management will discuss the results and answer questions from analysts and investors. The call can be accessed at 1-888-317-6016. A recording and transcript will be available post-call at investors.alerus.com. Alerus, based in Grand Forks, ND, offers diverse financial services including banking, retirement, wealth management, and mortgage.

Alerus Financial Corporation (NASDAQ: ALRS) has completed a private placement of a $50 million Subordinated Note due 2031 with The Bank of North Dakota. The Note features a fixed interest rate of 3.50% until March 30, 2026, after which it will transition to the 5-year FHLB advance rate plus 2.00%, maintaining a minimum annual rate of 3.50%. This issuance qualifies as Tier 2 capital under regulatory guidelines and replaces the previously redeemed 5.75% Fixed-to-Floating Rate Subordinated Notes due 2025. The strategic partnership with BND is expected to enhance Alerus's financial standing.