Alerus Financial Corporation (ALRS) Financial Statements (2024 and earlier)

Company Profile

Business Address 401 DEMERS AVE
GRAND FORKS, ND 58201
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 6021 - National Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments58,242242,311172,962146,814
Cash and cash equivalents58,242242,311172,962144,006
Short-term investments    2,808
Financing receivable, accrued interest, after allowance for credit loss   
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss   
Total current assets:58,242242,311172,962146,814
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization  87202318
Operating lease, right-of-use asset5,4193,7276,9188,343
Property, plant and equipment   20,28920,629
Intangible assets, net (including goodwill)69,54251,74056,12045,720
Goodwill47,08731,49030,20127,329
Intangible assets, net (excluding goodwill)22,45520,25025,91918,391
Deferred income tax assets42,36911,6149,4097,891
Total noncurrent assets:117,33067,16892,93882,901
Other undisclosed assets3,604,0653,083,2122,747,8712,127,163
TOTAL ASSETS:3,779,6373,392,6913,013,7712,356,878
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt378,080   
Total current liabilities:378,080   
Noncurrent Liabilities
Other undisclosed liabilities3,044,6853,033,2882,683,6082,071,150
Total liabilities:3,422,7653,033,2882,683,6082,071,150
Equity
Equity, attributable to parent356,872359,403330,163285,728
Common stock19,99217,21317,12517,050
Additional paid in capital155,09592,87890,23788,650
Accumulated other comprehensive income (loss)(98,641)(4,255)10,6381,936
Retained earnings280,426253,567212,163178,092
Total equity:356,872359,403330,163285,728
TOTAL LIABILITIES AND EQUITY:3,779,6373,392,6913,013,7712,356,878

Income Statement (P&L) ($ in thousands)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
Revenues114,01592,18497,90992,561
Gain (loss) on disposition of assets for financial service operations 1252,737357
Net investment income114,01592,05995,17292,204
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
  (10,900)(7,312)
Gross profit:114,01592,18487,00985,249
Operating expenses(15,243)(12,277)(10,361)(11,682)
Other operating income, net
(Noninterest Income, Other Operating Income)
4,8634,6045,1776,947
Operating income:103,63584,51181,82580,514
Nonoperating income
(Bank Owned Life Insurance Income)
835793797803
Interest and debt expense(15,848)(5,558)(12,256)(18,749)
Income from continuing operations before equity method investments, income taxes:88,62279,74670,36662,568
Other undisclosed loss from continuing operations before income taxes(36,440)(10,669)(11,848)(23,672)
Income from continuing operations before income taxes:52,18269,07758,51838,896
Income tax expense(12,177)(16,396)(13,843)(9,356)
Income from continuing operations:40,00552,68144,67529,540
Income before gain (loss) on sale of properties:52,68144,67529,540
Net income attributable to parent:40,00552,68144,67529,540
Undistributed earnings (loss) allocated to participating securities, basic(416)(802)(770)(647)
Net income available to common stockholders, diluted:39,58951,87943,90528,893

Comprehensive Income ($ in thousands)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
Net income:40,00552,68144,67529,540
Other comprehensive loss    
Comprehensive income:40,00552,68144,67529,540
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(94,386)(14,893)8,7025,537
Comprehensive income (loss), net of tax, attributable to parent:(54,381)37,78853,37735,077

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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