[Form 4] Alerus Financial Corporation Insider Trading Activity

Rhea-AI Filing Summary

Alerus Financial Corp. (ALRS) Form 4: EVP & CFO Alan Villalon reported an open-market purchase of company stock.

• Date of transaction: 07/31/2025
• Shares acquired: 2,350 common shares
• Purchase price: $21.21 per share
• Direct ownership after trade: 10,587 shares
• Indirect ownership: 672.8807 shares held via the Alerus Financial Corporation Employee Stock Ownership Plan (ESOP), reflecting allocations since the prior report
• Derivative securities: None reported

The filing, signed 08/04/2025, shows the CFO increasing his personal stake, which can signal confidence in ALRS’s prospects. No sales or other dispositions were disclosed.

Positive

• CFO insider purchase: 2,350 shares acquired at $21.21, increasing direct ownership to 10,587 shares.
• No dispositions or derivatives: Filing shows only buying activity, reinforcing a confidence signal.

Negative

• None.

Insights

Financial Analyst

TL;DR: CFO bought 2,350 ALRS shares, lifting direct stake to 10,587—insider buying is typically viewed as a positive signal.

Open-market insider purchases often indicate management’s conviction that shares are undervalued or future prospects are strong. The $21.21 purchase price represents real cash commitment and adds roughly $50k to the CFO’s exposure. The absence of any simultaneous sales or hedging derivatives strengthens the bullish optics. While the dollar amount is modest relative to ALRS’s market cap, investors may interpret the action as incremental confirmation of management confidence.

Corporate Governance Expert

TL;DR: Transaction is straightforward, complies with Section 16 reporting; no governance red flags detected.

The Form 4 supplies timely disclosure, includes Rule 10b5-1 checkbox (left unchecked), and specifies that the ESOP allocations are routine. No derivative grants or complex structures were used, reducing opacity for shareholders. From a governance standpoint, insider buying—especially by a C-suite officer—aligns interests with shareholders and is generally welcomed unless followed by rapid sales or equity grants, none of which are indicated here.

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^*

Villalon Alan

(Last) (First) (Middle)

401 DEMERS AVENUE

(Street)

GRAND FORKS ND 58201

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

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

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

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

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	07/31/2025		P		2,350	A	$21.21	10,587	D
Common Stock								672.8807(1)	I	By the Alerus Financial Corporation Employee Stock Ownership Plan

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. Reflects ESOP allocations that have occurred since the date of the reporting person's last ownership report.

	/s/ Nicholas Brenckman, by power of attorney	08/04/2025
	** 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.

FAQ

How many ALRS shares did CFO Alan Villalon buy?

He acquired 2,350 common shares on 07/31/2025 at $21.21 each.

What is the CFO's total ALRS shareholding after this Form 4?

Directly 10,587 shares; indirectly 672.8807 ESOP shares.

Were any derivative securities involved in this ALRS insider trade?

No. No derivative acquisitions or disposals were reported.

When was the Form 4 for ALRS filed and signed?

It was signed on 08/04/2025 and filed the same day.

Does the filing reference a Rule 10b5-1 trading plan?

The Rule 10b5-1 checkbox is present but not checked, indicating no plan governed this trade.