Alerus director buys 1,000 shares at $32.45

ALERUS FINANCIAL CORP (ALRS) director Jeffrey Bolton reported a purchase of 1,000 shares of Common Stock on September 1, 2026, in an open-market or private transaction at $32.45 per share.

Rhea-AI Filing Summary

ALERUS FINANCIAL CORP (ALRS) director Jeffrey Bolton reported a purchase of 1,000 shares of Common Stock on September 1, 2026, in an open-market or private transaction at $32.45 per share. After this trade, he directly owns 15,163 shares, including 1,772 shares of restricted stock and 4,567 shares held jointly with his spouse. The newly purchased 1,000 shares are also held jointly with his spouse, and no Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Net Buyer: 1,000 shares

Net Buy 1 txn

Insider Bolton Jeffrey

Role Director

Bought 1,000 shs ($32K)

Type	Security	Shares	Price	Value
Purchase	Common Stock F1, F2, F3	1,000	$32.45	$32K

Holdings After Transaction: Common Stock — 15,163 shares (Direct)

Footnotes (3)

1. F1. Includes 1,000 shares held jointly with Mr. Bolton's spouse.
2. F2. Includes 1,772 shares of restricted stock.
3. F3. Includes 4,567 shares held jointly with Mr. Bolton's spouse.

Key Figures

Shares purchased: 1,000 shares Purchase price per share: $32.45 per share Total shares owned after transaction: 15,163 shares +3 more

6 metrics

Shares purchased 1,000 shares Common Stock purchased on September 1, 2026

Purchase price per share $32.45 per share Open market or private transaction on September 1, 2026

Total shares owned after transaction 15,163 shares Direct holdings following the reported purchase

Restricted stock included in holdings 1,772 shares Restricted stock included in post-transaction total

Shares held jointly with spouse after transaction 4,567 shares Joint holdings with spouse included in post-transaction total

Newly purchased joint shares 1,000 shares Shares from this transaction held jointly with spouse

Key Terms

restricted stock, held jointly, Purchase in open market or private transaction

3 terms

restricted stock financial

"Includes 1,772 shares of restricted stock."

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

held jointly financial

"Includes 1,000 shares held jointly with Mr. Bolton's spouse."

Purchase in open market or private transaction financial

"transaction described as Purchase in open market or private transaction"

FAQ

What ALRS transaction did director Jeffrey Bolton report on this Form 4?

Jeffrey Bolton reported a purchase of 1,000 shares of ALERUS FINANCIAL CORP Common Stock on September 1, 2026. The transaction was a purchase in an open market or private transaction at a price of $32.45 per share.

How many ALRS shares does Jeffrey Bolton own after this transaction?

After the reported transaction, Jeffrey Bolton directly owns 15,163 ALRS shares. This total includes 1,772 shares of restricted stock and 4,567 shares held jointly with his spouse as disclosed in the footnotes.

At what price did Jeffrey Bolton buy ALRS shares on September 1, 2026?

Jeffrey Bolton bought ALERUS FINANCIAL CORP (ALRS) Common Stock at $32.45 per share on September 1, 2026. The filing describes the transaction as a purchase in an open market or private transaction.

Were the newly purchased ALRS shares held jointly with Jeffrey Bolton’s spouse?

Yes. A footnote states that the 1,000 shares involved in the reported transaction are held jointly with Mr. Bolton’s spouse, meaning both spouses have an interest in those shares.

Does the Form 4 for ALRS indicate trading under a Rule 10b5-1 plan?

No. The Form 4 indicates that no Rule 10b5-1 trading plan is affirmed for the reported transaction, meaning it is not identified as being executed under a pre-arranged Rule 10b5-1 plan.

How many restricted ALRS shares does Jeffrey Bolton hold?

Jeffrey Bolton’s post-transaction holdings include 1,772 shares of restricted stock of ALERUS FINANCIAL CORP. These restricted shares form part of his total 15,163-share direct holding following the reported purchase.

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Available on EDGAR 09/02/2026 - 09:38 AM Accepted by SEC EDGAR 09/02/2026 - 09:37 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bolton Jeffrey

(Last) (First) (Middle)

401 DEMERS AVENUE

(Street)

GRAND FORKS NORTH DAKOTA 58201

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ALERUS FINANCIAL CORP [ ALRS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/01/2026		P		1,000(1)	A	$32.45	15,163(2)(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 1,000 shares held jointly with Mr. Bolton's spouse.

2. Includes 1,772 shares of restricted stock.

3. Includes 4,567 shares held jointly with Mr. Bolton's spouse.

	/s/ Nicholas Brenckman, by power of attorney	09/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)