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Alerus Financial Corporation reported a strong rebound in profitability for the first quarter of 2026. Net income was $23.0 million, or $0.89 per diluted share, compared with a net loss of $33.1 million, or $(1.27) per diluted share, in the fourth quarter of 2025 and net income of $13.3 million, or $0.52 per diluted share, a year earlier.
Return on average assets reached 1.79%, while return on average tangible common equity was 21.85%. Noninterest income was $30.8 million and represented about 41% of total revenue, and the net interest margin improved to 3.77%. Deposits grew to $4.3 billion and the loan-to-deposit ratio declined to 92.8%, while nonperforming assets fell to $54.0 million. The company repurchased $6.0 million of stock and increased tangible book value per share to $18.15.
Alerus Financial Corporation is asking stockholders to vote at a fully virtual annual meeting on May 14, 2026 at 1:30 p.m. Central Time. Stockholders of record on March 16, 2026 may participate and vote online using a passcode and unique control number.
Investors will elect nine directors, approve on an advisory basis the compensation of named executive officers, and ratify RSM US LLP as independent auditor for the fiscal year ending December 31, 2026. The board is majority independent, with an independent chair separate from the CEO, and all four key committees are composed entirely of independent directors.
The proxy details executive pay design for five named executives, combining base salary, annual cash bonuses, and equity-based long-term incentives linked to non-GAAP performance metrics. For 2025, company performance produced a 141% payout under the short‑term incentive plan and a 112% payout on the 2023–2025 long‑term performance cycle. In a 2025 advisory vote, 90.75% of votes supported prior executive pay, and the company highlights practices such as stock ownership guidelines, a clawback policy, and restrictions on hedging.
Alerus Financial Corporation amended its existing subordinated debt with the Bank of North Dakota. The company’s $50.0 million Subordinated Note, originally due March 30, 2031, now matures on March 30, 2036 under a Modification Agreement signed March 30, 2026.
The modified note bears a fixed annual interest rate of 6.75% until March 30, 2031. From March 30, 2031 to maturity or earlier redemption, the rate resets and is fixed at the five year advance rate set by the Federal Home Loan Bank of Des Moines on that date plus 3.00%. The note is redeemable, in whole or in part, on or after March 30, 2031 and upon certain specified events.
The Vanguard Group filed an amended Schedule 13G disclosing its position in Alerus Financial Corp. The amendment states beneficial ownership of 0 shares, representing 0%, after an internal realignment described as occurring on January 12, 2026.
The filing is signed by Ashley Grim on 03/26/2026 and explains certain Vanguard subsidiaries will report holdings separately in reliance on SEC Release No. 34-39538.
Alerus Financial Corporation files its annual report describing a diversified financial services business built around banking, retirement and benefit services, and wealth management. As of December 31, 2025, it reports $5.2 billion of total assets, $4.0 billion of loans, $4.2 billion of deposits and $564.9 million of stockholders’ equity.
The company administers $44.9 billion of retirement and benefit assets and $4.9 billion of wealth assets, supported by its “One Alerus” and “My Alerus” integrated advice-and-technology model. In October 2024, it acquired HMN Financial, Inc., adding $867.5 million in loans and $957.6 million in deposits in a stock-for-stock transaction valued at $123.6 million.
Alerus Financial Corp executive Forrest Wilson received an equity award in the form of restricted stock units. On February 26, he was granted 6,602 restricted stock units that each convert into one share of common stock. After this grant, he directly holds 6,602 restricted stock units.
The award combines time-based and performance-based components. It includes 2,641 units that vest on February 26, 2029, if he remains eligible, and 3,961 units that vest based on cumulative EPS and ROE performance once the compensation committee certifies results by March 15, 2029. The performance portion can pay out between 0% and 150% of the target units depending on goal achievement.
Alerus Financial Corp CEO Katie A. Lorenson reported equity compensation activity and related share movements. On February 26, 2026, she exercised 9,363 restricted stock units, converting them into the same number of common shares at no cash exercise price. She also received a new award of 19,022 restricted stock units, which include time-based and performance-based vesting components.
Following these transactions, her direct common stock holdings were 58,531 shares, with 19,022 restricted stock units outstanding, and an additional 6,640.4572 shares held indirectly through the Alerus Financial Corporation Employee Stock Ownership Program. A separate disposition of 2,866 common shares at $25.45 per share was made solely to cover tax liabilities upon vesting, rather than an open-market sale. Footnotes explain that performance-based units granted in 2023 vested at 112% of target after the Compensation Committee certified total net income results.
Alerus Financial Corp EVP and COO Karin M. Taylor reported equity award activity involving restricted stock units and common stock. On February 26, 2026, 3,574 restricted stock units were exercised into 3,574 shares of common stock at a stated price of $0.00 per share, reflecting a conversion of prior awards.
On the same date, 1,094 common shares at $25.45 per share were withheld to cover tax liabilities upon vesting, rather than sold in an open-market transaction. Taylor also received a new grant of 6,876 restricted stock units, which convert into common stock on a one-for-one basis, bringing her directly held common stock to 28,590 shares and maintaining 6,876 restricted stock units outstanding.
Footnotes explain that earlier performance-based restricted stock units granted in 2023 vested after the compensation committee certified results at 112% of target, and that certain time-based and performance-based restricted stock units now outstanding may vest through 2029 based on time and future performance certifications. Taylor also has indirect ownership of 2,212.5242 common shares through the Alerus Financial Corporation Employee Stock Ownership Program.
Alerus Financial Corp EVP & Chief Financial Officer Alan Villalon reported equity compensation activity involving restricted stock units and common shares. On February 26, 2026, he exercised 3,217 restricted stock units, which converted into 3,217 shares of common stock at a price of $0.00 per share, leaving him with 15,719 directly held common shares.
He also received a new direct grant of 7,246 restricted stock units. Footnotes explain that these include 2,898 time-based units and 4,348 performance-based units. The time-based units vest on February 26, 2029, while the performance-based units vest upon Compensation Committee certification of relative cumulative EPS and ROE goals, with payout ranging from 0% to 150% of target if certified no later than March 15, 2029.
A prior grant of 2,872 performance-based restricted stock units from February 21, 2023 vested after the Compensation Committee certified total net income goals at a 112% payout. In addition, Villalon has an indirect interest in 775.3659 common shares through the Alerus Financial Corporation Employee Stock Ownership Program, reflecting ESOP allocations since his last ownership report.