Alerus Financial Corporation Reports Fourth Quarter 2024 Net Income of $3.2 Million

MINNEAPOLIS--(BUSINESS WIRE)--Alerus Financial Corporation (Nasdaq: ALRS), or the Company, reported net income of $3.2 million for the fourth quarter of 2024, or $0.13 per diluted common share, compared to net income of $5.2 million, or $0.26 per diluted common share, for the third quarter of 2024, and net loss of $14.8 million, or ($0.73) per diluted common share, for the fourth quarter of 2023. CEO Comments President and Chief Executive Officer Katie Lorenson said, “We are pleased to end 2024 with a solid quarter on across-the-board improvements to our performance metrics. The fourth quarter of 2024 was highlighted by the closing and conversion of HMN Financial, Inc. (“HMNF”), the largest acquisition in our Company history, and we welcome HMNF’s employees to the Alerus team. The combination of HMNF and meaningful organic growth in our underlying core business, drove an increase in earnings per share by a robust 41.9% versus the prior quarter. Notably, the net interest margin expanded 97 basis points, while our adjusted efficiency ratio improved significantly with a decrease to 69.0% from 77.7% in the third quarter. For the full year 2024, we achieved market share gains and strong client base growth across all our business lines with our noninterest income, which represents nearly half of our total revenues. Noninterest income grew 19.4% quarter-over-quarter. We enter 2025 with positive momentum and plan to continue making long term investments to support and grow our diversified revenue streams while continuing to prudently manage our expenses. While our capital ratios declined in the fourth quarter due to the HMNF acquisition, we remain above all well-capitalized thresholds and expect to build capital in 2025. We bolstered our reserves with the allowance for credit losses on loans to total loans moving up to 1.50%, while we continue to proactively identify and manage credit normalization. Looking ahead, we remain committed to driving sustainable growth and delivering value to our shareholders. Our strategic focus on organic growth, diversification, valuable fee income, and maintaining strong asset quality will continue to guide our efforts in 2025 and beyond. I want to thank all our team members - both the new team from HMNF and the long tenured legacy team - for your hard work, dedication and invaluable contributions supporting our company, our clients and our communities in 2024. Together, we will continue to build on our successes and return Alerus to top tier financial results.” Fourth Quarter Highlights Adjusted earnings per common share (non-GAAP) of $0.44 in the fourth quarter of 2024, an increase of 41.9% from $0.31 in the third quarter of 2024. Completed the acquisition of HMN Financial, Inc. and its subsidiary, Home Federal Savings Bank (together, “HMNF”) in the fourth quarter of 2024, the 26th and largest acquisition in the Company’s history. Total loans were $4.0 billion as of December 31, 2024, an increase of $1.0 billion, or 31.7%, from September 30, 2024. Total deposits were $4.4 billion as of December 31, 2024, an increase of $1.1 billion, or 31.7%, from September 30, 2024. Non-interest bearing deposits were $903.5 million as of December 31, 2024, an increase of $245.9 million, or 37.4%, from September 30, 2024. The loan to deposit ratio remained stable at 91.2% as of both December 31, 2024 and September 30, 2024. Net interest income was $38.3 million in the fourth quarter of 2024, an increase of 69.8% from $22.5 million in the third quarter of 2024. Net interest margin was 3.20% in the fourth quarter of 2024, an increase of 97 basis points from 2.23% in the third quarter of 2024. Noninterest income was $33.9 million in the fourth quarter of 2024, which represented 46.9% of total revenues, an increase of 19.4% from $28.4 million in the third quarter of 2024. Adjusted pre-provision net revenue was $18.2 million in the fourth quarter of 2024, an increase of 88.6% from $9.7 million in the third quarter of 2024. Adjusted efficiency ratio (non-GAAP) was 69.0% in the fourth quarter of 2024, improved from 77.7% in the third quarter of 2024. Allowance for credit losses on loans to total loans was 1.50% as of December 31, 2024, an increase of 21 basis points from 1.29% as of September 30, 2024. Adjusted return on average tangible common equity (non-GAAP) was 14.7% in the fourth quarter of 2024, an increase from 9.0% in the third quarter of 2024. Book value per common share was $19.68 as of December 31, 2024, a 0.8% increase from $19.53 as of September 30, 2024. Full Year 2024 Highlights Adjusted earnings per common share (non-GAAP) of $1.44 for the year ended December 31, 2024, a decrease of 0.7% from $1.45 for the year ended December 31, 2023. Total loans were $4.0 billion as of December 31, 2024, an increase of $1.2 billion, or 44.7%, from December 31, 2023. Total deposits were $4.4 billion as of December 31, 2024, an increase of $1.3 billion, or 41.4%, from December 31, 2023. Non-interest bearing deposits were $903.5 million as of December 31, 2024, an increase of $175.4 million, or 24.1%, from December 31, 2023. Net interest income was $107.0 million for the year ended December 31, 2024, an increase of 21.9% from $87.8 million for the year ended December 31, 2023. Net interest margin was 2.56% for the year ended December 31, 2024, an increase of 10 basis points from 2.46% for the year ended December 31, 2023. Noninterest income was $114.9 million for the year ended December 31, 2024, which represented 51.8% of total revenues, an increase of 43.3% from $80.2 million for the year ended December 31, 2023. Total assets under administration/management at December 31, 2024 were $45.3 billion, an 11.3% increase from December 31, 2023. Adjusted pre-provision net revenue was $50.2 for the year ended December 31, 2024, an increase of 24.3% from $40.4 million for the year ended December 31, 2023. Adjusted efficiency ratio (non-GAAP) was 73.4% for the year ended December 31, 2024, improved from 75.5% for the year ended December 31, 2023. Allowance for credit losses on loans to total loans was 1.50% as of December 31, 2024, an increase of 20 basis points from 1.30% as of December 31, 2023. Book value per common share was $19.68 as of December 31, 2024, a 5.2% increase from $18.71 as of December 31, 2023. Dividends paid per common share totaled $0.79 for the year ended December 31, 2024, an increase of 5.3% from $0.75 for the year ended December 31, 2023. Selected Financial Data (unaudited) As of and for the Three months ended Year ended December 31, September 30, December 31, December 31, December 31, (dollars and shares in thousands, except per share data) 2024 2024 2023 2024 2023 Performance Ratios Return on average total assets 0.24 % 0.48 % (1.51 )% 0.47 % 0.31 % Adjusted return on average total assets(1) 0.83 % 0.57 % 0.52 % 0.68 % 0.77 % Return on average common equity 2.68 % 5.52 % (16.75 )% 5.30 % 3.26 % Return on average tangible common equity(1) 6.01 % 7.83 % (18.85 )% 8.16 % 5.37 % Adjusted return on average tangible common equity(1) 14.65 % 9.04 % 8.38 % 11.15 % 11.30 % Noninterest income as a % of revenue 46.94 % 55.72 % 3.54 % 51.78 % 47.74 % Net interest margin (tax-equivalent) 3.20 % 2.23 % 2.37 % 2.56 % 2.46 % Adjusted net interest margin (tax-equivalent)(1) 2.81 % 2.35 % 2.31 % 2.53 % 2.42 % Efficiency ratio(1) 73.36 % 80.29 % 165.40 % 75.93 % 85.85 % Adjusted efficiency ratio(1) 68.97 % 77.71 % 78.18 % 73.44 % 75.50 % Net charge-offs/(recoveries) to average loans 0.13 % 0.04 % (0.04 )% 0.13 % (0.04 )% Dividend payout ratio 153.85 % 76.92 % (26.03 )% 80.61 % 129.31 % Per Common Share Earnings per common share - basic $ 0.13 $ 0.26 $ (0.73 ) $ 1.00 $ 0.59 Earnings per common share - diluted $ 0.13 $ 0.26 $ (0.73 ) $ 0.98 $ 0.58 Adjusted earnings per common share - diluted (1) $ 0.44 $ 0.31 $ 0.26 $ 1.44 $ 1.45 Dividends declared per common share $ 0.20 $ 0.20 $ 0.19 $ 0.79 $ 0.75 Book value per common share $ 19.68 $ 19.53 $ 18.71 Tangible book value per common share (1) $ 14.49 $ 16.50 $ 15.46 Average common shares outstanding - basic 24,857 19,788 19,761 21,047 19,922 Average common shares outstanding - diluted 25,144 20,075 19,996 21,321 20,143 Other Data Retirement and benefit services assets under administration/management $ 40,728,699 $ 41,249,280 $ 36,682,425 Wealth management assets under administration/management $ 4,579,189 $ 4,397,505 $ 4,018,846 Mortgage originations $ 88,576 $ 82,388 $ 65,488 $ 334,318 $ 364,114 ____________________ (1) Represents a non-GAAP financial measure. See “Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures.” Results of Operations Net Interest Income Net interest income for the fourth quarter of 2024 was $38.3 million, a $15.7 million, or 69.8%, increase from the third quarter of 2024. The increase was primarily due to increased interest income on higher earning assets acquired in the HMNF transaction, organic loan growth, and lower average rates paid on deposit balances. Net interest income increased $16.7 million, or 77.6%, from $21.6 million for the fourth quarter of 2023. Interest income increased $22.6 million, or 50.6%, from the fourth quarter of 2023, primarily driven by higher earning assets acquired in the HMNF transaction, strong organic loan growth at higher yields, and purchase accounting accretion. The increase in interest income was partially offset by a $5.9 million, or 25.4%, increase in interest expense, driven by an increase in interest-bearing deposits from the acquisition of HMNF and organic deposit growth. Net interest margin (on a tax-equivalent basis) was 3.20% for the fourth quarter of 2024, a 97 basis point increase from 2.23% for the third quarter of 2024, and an 83 basis point increase from 2.37% for the fourth quarter of 2023. The increase in net interest margin (on a tax-equivalent basis) was mainly attributable to purchase accounting accretion, lower rates paid on deposits in the fourth quarter, the unwinding of the Bank Term Funding Program (“BTFP”) arbitrage trade late in the third quarter of 2024, and organic loan and deposit growth. Noninterest Income Noninterest income for the fourth quarter of 2024 was $33.9 million, a $5.5 million increase from the third quarter of 2024. The quarter over quarter increase was primarily driven by improvement across all fee-based businesses. Mortgage banking revenue increased $1.1 million, from $2.6 million in the third quarter of 2024, primarily driven by higher mortgage originations and higher margins on sold mortgages. Wealth revenue increased $0.3 million during the fourth quarter of 2024, a 4.9% increase from the third quarter of 2024, primarily driven by the acquisition of HMNF. Retirement and benefit services revenue increased $0.3 million in the fourth quarter of 2024, a 2.1% increase from the third quarter of 2024, primarily driven by nonmarket-based fees. Combined assets under administration/management in wealth and retirement and benefit services decreased 0.7% from September 30, 2024. The slight decrease in combined assets under administration/management was primarily due to stable equity and bond markets. Additionally, other noninterest income increased $3.6 million during the fourth quarter of 2024, a 144.9% increase from the third quarter of 2024, primarily due to a gain on the sale of fixed assets related to the sale of a Fargo, North Dakota office and increased swap fee income generated from commercial loan originations. Noninterest income for the fourth quarter of 2024 increased by $33.1 million from the fourth quarter of 2023. The year over year increase was primarily driven by the strategic balance sheet repositioning transaction completed in the fourth quarter of 2023, which resulted in a $24.6 million loss on the sale of investment securities. Year over year, the fee-based businesses each showed improvement. Mortgage banking revenue increased $2.4 million, from $1.3 million in the fourth quarter of 2023, primarily driven by higher mortgage originations and higher margins on sold mortgages. Retirement and benefit services revenue increased $1.2 million, or 7.6%, from $15.3 million in the fourth quarter of 2023, primarily driven by an increase in assets under administration/management of 11.0% during that same period. Wealth revenue increased $1.1 million, or 18.0%, in the fourth quarter of 2024, primarily driven by an increase in assets under administration/management of 13.9% during that same period. Other noninterest income increased $3.5 million, or 137.0%, in the fourth quarter of 2024 compared to the fourth quarter of 2023, primarily due to a gain on the sale of fixed assets related to the sale of a Fargo, North Dakota office and increased swap fee income generated from commercial loan originations. Noninterest Expense Noninterest expense for the fourth quarter of 2024 was $56.0 million, a $13.6 million, or 32.0%, increase from the third quarter of 2024. The quarter over quarter increase was primarily driven by the acquisition of HMNF and related expenses. Compensation expense increased $5.6 million, or 26.6%, from the third quarter of 2024, primarily driven by acquisition-related compensation expenses, experienced talent acquisitions, and increased labor costs. Professional fees and assessments increased $2.3 million, or 53.0%, from the third quarter of 2024, primarily driven by increased acquisition-related expenses of $1.6 million. Business services, software and technology expense increased $2.1 million, or 42.1%, from the third quarter of 2024, primarily driven by increased core processing fees and equipment purchases in connection with the HMNF acquisition. Intangible amortization expense was $2.8 million, a $1.5 million increase from the third quarter of 2024, primarily driven by amortization expense related to the $33.5 million core deposit intangible recorded in connection with the HMNF acquisition. Noninterest expense for the fourth quarter of 2024 increased $17.4 million, or 44.9%, from $38.7 million in the fourth quarter of 2023. The increase was primarily driven by the acquisition of HMNF and related expenses. Compensation expense increased $7.4 million, or 38.7%, in the fourth quarter of 2024, primarily due to acquisition-related compensation expenses and increased labor costs. Professional fees and assessments increased primarily due to increased acquisition-related expenses of $3.3 million in connection with the acquisition of HMNF and an increase in Federal Deposit Insurance Corporation (“FDIC”) assessments. Employee taxes and benefits expense increased $1.7 million, or 36.4%, primarily due to increased expense related to the employee stock ownership program (“ESOP”) and costs related to group insurance. Business services, software and technology expense increased $1.2 million, or 22.0%, in the fourth quarter of 2024, primarily driven by increased core processing fees and equipment purchases in connection with the HMNF acquisition. Intangible amortization expense increased $1.5 million in the fourth quarter of 2024, primarily driven by amortization expense related to the $33.5 million core deposit intangible recorded in connection with the HMNF acquisition. Financial Condition Total assets were $5.3 billion as of December 31, 2024, an increase of $1.4 billion, or 34.7%, from December 31, 2023. The increase was primarily due to a $1.2 billion increase in loans, a $101.3 million increase in available-for-sale investment securities, a $40.8 million increase in goodwill, and a $26.7 million increase in other intangible assets, partially offset by a decrease of $68.7 million in cash and cash equivalents and a decrease of $23.9 million in held-to-maturity investment securities. The increase in goodwill and other intangible assets was related to the acquisition of HMNF. Loans Total loans were $4.0 billion as of December 31, 2024, an increase of $1.2 billion, or 44.7%, from December 31, 2023. The increase was primarily driven by a $938.0 million increase in commercial loans and a $294.9 million increase in consumer loans. The following table presents the composition of our loan portfolio as of the dates indicated: December 31, September 30, June 30, March 31, December 31, (dollars in thousands) 2024 2024 2024 2024 2023 Commercial Commercial and industrial $ 666,727 $ 606,245 $ 591,779 $ 575,259 $ 562,180 Commercial real estate Construction, land and development 294,677 173,629 161,751 125,966 124,034 Multifamily 363,123 275,377 242,041 260,609 245,103 Non-owner occupied 967,025 686,071 647,776 565,979 569,354 Owner occupied 371,418 296,366 283,356 285,211 271,623 Total commercial real estate 1,996,243 1,431,443 1,334,924 1,237,765 1,210,114 Agricultural Land 61,299 45,821 41,410 41,149 40,832 Production 63,008 39,436 40,549 36,436 36,141 Total agricultural 124,307 85,257 81,959 77,585 76,973 Total commercial 2,787,277 2,122,945 2,008,662 1,890,609 1,849,267 Consumer Residential real estate First lien 921,019 690,451 686,286 703,726 697,900 Construction 33,547 11,808 22,573 18,425 28,979 HELOC 162,509 134,301 126,211 120,501 118,315 Junior lien 44,060 36,445 36,323 36,381 35,819 Total residential real estate 1,161,135 873,005 871,393 879,033 881,013 Other consumer 44,122 36,393 35,737 29,833 29,303 Total consumer 1,205,257 909,398 907,130 908,866 910,316 Total loans $ 3,992,534 $ 3,032,343 $ 2,915,792 $ 2,799,475 $ 2,759,583 Deposits Total deposits were $4.4 billion as of December 31, 2024, an increase of $1.3 billion, or 41.4%, from December 31, 2023. Interest-bearing deposits increased $1.1 billion and noninterest-bearing deposits increased $175.4 million, from December 31, 2023. The increase in total deposits was due primarily to the recent acquisition of HMNF, expanded and new commercial deposit relationships, and synergistic deposit growth. Synergistic deposits were $973.6 million as of December 31, 2024, an increase of $122.0 million, or 14.3%, from December 31, 2023. The following table presents the composition of the Company’s deposit portfolio as of the dates indicated: December 31, September 30, June 30, March 31, December 31, (dollars in thousands) 2024 2024 2024 2024 2023 Noninterest-bearing demand $ 903,466 $ 657,547 $ 701,428 $ 692,500 $ 728,082 Interest-bearing Interest-bearing demand 1,220,173 1,034,694 1,003,585 938,751 840,711 Savings accounts 165,882 75,675 79,747 82,727 82,485 Money market savings 1,381,924 1,067,187 1,022,470 1,114,262 1,032,771 Time deposits 706,965 488,447 491,345 456,729 411,562 Total interest-bearing 3,474,944 2,666,003 2,597,147 2,592,469 2,367,529 Total deposits $ 4,378,410 $ 3,323,550 $ 3,298,575 $ 3,284,969 $ 3,095,611 Asset Quality Total nonperforming assets were $62.9 million as of December 31, 2024, an increase of $54.1 million from December 31, 2023. $25.0 million of the increase was due to one construction, land and development loan moving to nonaccrual status in the second quarter of 2024. During the third and fourth quarters of 2024, management elected to make protective advances totaling $5.4 million in order for construction to continue on the project. Management is actively working with the borrower on strategies to complete construction, preserve value, and support repayment of the loan. One large residential real estate relationship and one CRE non-owner occupied loan moving to nonaccrual status during the third quarter of 2024 also contributed $13.6 million to the increase. A further $1.5 million of the increase in the fourth quarter of 2024 was driven by loans acquired from HMNF. Nonperforming assets included one loan over 90 days past due and still on accrual. This loan was renewed subsequent to year end. As of December 31, 2024, the allowance for credit losses on loans was $59.9 million, or 1.50% of total loans, compared to $35.8 million, or 1.30% of total loans, as of December 31, 2023. The following table presents selected asset quality data as of and for the periods indicated: As of and for the three months ended December 31, September 30, June 30, March 31, December 31, (dollars in thousands) 2024 2024 2024 2024 2023 Nonaccrual loans $ 54,433 $ 48,026 $ 27,618 $ 7,345 $ 8,596 Accruing loans 90+ days past due 8,453 — — — 139 Total nonperforming loans 62,886 48,026 27,618 7,345 8,735 OREO and repossessed assets — — — 3 32 Total nonperforming assets $ 62,886 $ 48,026 $ 27,618 $ 7,348 $ 8,767 Net charge-offs/(recoveries) 1,258 316 2,522 58 (238 ) Net charge-offs/(recoveries) to average loans 0.13 % 0.04 % 0.36 % 0.01 % (0.04 )% Nonperforming loans to total loans 1.58 % 1.58 % 0.95 % 0.26 % 0.32 % Nonperforming assets to total assets 1.19 % 1.18 % 0.63 % 0.17 % 0.22 % Allowance for credit losses on loans to total loans 1.50 % 1.29 % 1.31 % 1.31 % 1.30 % Allowance for credit losses on loans to nonperforming loans 95 % 82 % 139 % 498 % 410 % For the fourth quarter of 2024, the Company had net charge-offs of $1.3 million, compared to net charge-offs of $0.3 million for the third quarter of 2024 and net recoveries of $0.2 million for the fourth quarter of 2023. The quarter-over-quarter increase in net charge-offs was driven by a $0.6 million charge-off of one residential real estate loan and a $0.4 million charge-off of one commercial and industrial loan in the fourth quarter of 2024. The Company recorded a provision for credit losses of $12.0 million for the fourth quarter of 2024, compared to a provision for credit losses of $1.7 million for the third quarter of 2024 and a provision for credit losses of $1.5 million for the fourth quarter of 2023. The provision for credit losses for the fourth quarter of 2024 was primarily driven by a $7.8 million day one provision for credit losses and unfunded commitment reserve related to the acquisition of HMNF, as well as loan growth and an increase in nonaccrual loans. The unearned fair value adjustments on acquired loan portfolios were $70.6 million and $5.2 million as of December 31, 2024 and 2023, respectively. Capital Total stockholders’ equity was $498.7 million as of December 31, 2024, an increase of $129.6 million from December 31, 2023. This change was primarily driven by the issuance of stock in connection with to the acquisition of HMNF. Tangible book value per common share (non-GAAP) decreased to $14.49 as of December 31, 2024, from $15.46 as of December 31, 2023. Tangible common equity to tangible assets (non-GAAP) decreased to 7.15% as of December 31, 2024, from 7.94% as of December 31, 2023. Common equity tier 1 capital to risk weighted assets decreased to 9.98% as of December 31, 2024, from 11.82% as of December 31, 2023. The following table presents our capital ratios as of the dates indicated: December 31, September 30, December 31, 2024 2024 2023 Capital Ratios(1) Alerus Financial Corporation Consolidated Common equity tier 1 capital to risk weighted assets 9.98 % 11.12 % 11.82 % Tier 1 capital to risk weighted assets 10.18 % 11.38 % 12.10 % Total capital to risk weighted assets 12.55 % 14.04 % 14.76 % Tier 1 capital to average assets 8.68 % 9.30 % 10.57 % Tangible common equity / tangible assets (2) 7.15 % 8.11 % 7.94 % Alerus Financial, N.A. Common equity tier 1 capital to risk weighted assets 10.19 % 10.73 % 11.40 % Tier 1 capital to risk weighted assets 10.19 % 10.73 % 11.40 % Total capital to risk weighted assets 11.44 % 11.98 % 12.51 % Tier 1 capital to average assets 8.66 % 8.90 % 9.92 % ____________________ (1) Capital ratios for the current quarter are to be considered preliminary until the Call Report for Alerus Financial, N.A. is filed. (2) Represents a non-GAAP financial measure. See “Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures.” Conference Call The Company will host a conference call at 11:00 a.m. Central Time on Wednesday, January 29, 2024, to discuss its financial results. Attendees are encouraged to register ahead of time for the call at investors.alerus.com. The call can also be accessed via telephone at +1 (833) 470-1428, using access code 092113. A recording of the call and transcript will be available on the Company’s investor relations website at investors.alerus.com following the call. About Alerus Financial Corporation Alerus Financial Corporation (Nasdaq: ALRS) is a commercial wealth bank and national retirement services provider with corporate offices in Grand Forks, North Dakota, and the Minneapolis-St. Paul, Minnesota metropolitan area. Through its subsidiary, Alerus Financial, National Association, Alerus provides diversified and comprehensive financial solutions to business and consumer clients, including banking, wealth services, and retirement and benefit plans and services. Alerus provides clients with a primary point of contact to help fully understand their unique needs and delivery channel preferences. Clients are provided with competitive products, valuable insight, and sound advice supported by digital solutions designed to meet their needs. Alerus operates 29 banking and commercial wealth offices, with locations in Grand Forks and Fargo, North Dakota; the Minneapolis-St. Paul, Minnesota metropolitan area; Rochester, Minnesota; Southern Minnesota area; Marshalltown, Iowa; Pewaukee, Wisconsin; and Phoenix and Scottsdale, Arizona. Alerus also operates a commercial wealth office in La Crosse, Wisconsin. The Alerus Retirement and Benefit business serves advisors, brokers, employers, and plan participants across the United States. Non-GAAP Financial Measures Some of the financial measures included in this press release are not measures of financial performance recognized by U.S. Generally Accepted Accounting Principles, or GAAP. These non-GAAP financial measures include the ratio of tangible common equity to tangible assets, tangible book value per common share, return on average tangible common equity, efficiency ratio, pre-provision net revenue, adjusted noninterest income, adjusted noninterest expense, adjusted pre-provision net revenue, adjusted efficiency ratio, adjusted net income, adjusted return on average assets, adjusted return on average tangible common equity, net interest margin (tax-equivalent), adjusted net interest margin (tax-equivalent), and adjusted earnings per common share - diluted. Management uses these non-GAAP financial measures in its analysis of its performance, and believes financial analysts and investors frequently use these measures, and other similar measures, to evaluate capital adequacy and financial performance. Reconciliations of non-GAAP disclosures used in this press release to the comparable GAAP measures are provided in the accompanying tables. Management, banking regulators, many financial analysts and other investors use these measures in conjunction with more traditional bank capital ratios to compare the capital adequacy of banking organizations with significant amounts of goodwill or other intangible assets, which typically stem from the use of the purchase accounting method of accounting for mergers and acquisitions. These non-GAAP financial measures should not be considered in isolation or as a substitute for total stockholders’ equity, total assets, book value per share, return on average assets, return on average equity, or any other measure calculated in accordance with GAAP. Moreover, the manner in which the Company calculates these non-GAAP financial measures may differ from that of other companies reporting measures with similar names. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of Alerus Financial Corporation. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature. Examples of forward-looking statements include, among others, statements the Company makes regarding our projected growth, anticipated future financial performance, financial condition, credit quality, management’s long-term performance goals, and the future plans and prospects of Alerus Financial Corporation. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the following: interest rate risk, including the effects of changes in interest rates; effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations, and tax regulations; our ability to successfully manage credit risk, including in the CRE portfolio, and maintain an adequate level of allowance for credit losses; business and economic conditions generally and in the financial services industry, nationally and within our market areas, including the level and impact of inflation rates and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; our ability to raise additional capital to implement our business plan; the overall health of the local and national real estate market; credit risks and risks from concentrations (by type of borrower, geographic area, collateral, and industry) within our loan portfolio; the concentration of large loans to certain borrowers (including CRE loans); the level of nonperforming assets on our balance sheet; our ability to implement our organic and acquisition growth strategies, including the integration of HMNF which the Company acquired in the fourth quarter of 2024; the commencement, cost, and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject, including with respect to pending actions relating to the Company’s previous ESOP fiduciary services commenced by government or private parties; the impact of economic or market conditions on our fee-based services; our ability to continue to grow our retirement and benefit services business; our ability to continue to originate a sufficient volume of residential mortgages; the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; interruptions involving our information technology and telecommunications systems or third-party servicers; potential losses incurred in connection with mortgage loan repurchases; the composition of our executive management team and our ability to attract and retain key personnel; rapid and expensive technological change in the financial services industry; increased competition in the financial services industry, including from non-banks such as credit unions, Fintech companies and digital asset service providers; our ability to successfully manage liquidity risk, including our need to access higher cost sources of funds such as fed funds purchased and short-term borrowings; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; the effectiveness of our risk management framework; potential impairment to the goodwill the Company recorded in connection with our past acquisitions, including the acquisitions of Metro Phoenix Bank and HMNF; the extensive regulatory framework that applies to us; the impact of recent and future legislative and regulatory changes, including in response to prior bank failures; new or revised accounting standards, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission (the “SEC”) or the Public Company Accounting Oversight Board; fluctuations in the values of the securities held in our securities portfolio, including as a result of changes in interest rates; governmental monetary, trade and fiscal policies; risks related to climate change and the negative impact it may have on our customers and their businesses; severe weather and natural disasters, and widespread disease or pandemics; acts of war or terrorism, including ongoing conflicts in the Middle East and Russian invasion of Ukraine, or other adverse external events; any material weaknesses in our internal control over financial reporting; changes to U.S. or state tax laws, regulations and governmental policies concerning our general business, including changes in interpretation or prioritization and changes in response to prior bank failures; talent and labor shortages and employee turnover; our success at managing the risks involved in the foregoing items; and any other risks described in the “Risk Factors” sections of the reports filed by Alerus Financial Corporation with the SEC. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Alerus Financial Corporation and Subsidiaries Consolidated Balance Sheets (dollars in thousands, except share and per share data) December 31, December 31, 2024 2023 Assets (Unaudited) Cash and cash equivalents $ 61,239 $ 129,893 Investment securities Trading, at fair value 3,309 — Available-for-sale, at fair value 588,053 486,736 Held-to-maturity, at amortized cost (with an allowance for credit losses on investments of $131 and $213, respectively) 275,585 299,515 Loans held for sale 16,518 11,497 Loans 3,992,534 2,759,583 Allowance for credit losses on loans (59,929 ) (35,843 ) Net loans 3,932,605 2,723,740 Land, premises and equipment, net 39,780 17,940 Operating lease right-of-use assets 13,438 5,436 Accrued interest receivable 20,075 15,700 Bank-owned life insurance 36,033 33,236 Goodwill 87,564 46,783 Other intangible assets 43,882 17,158 Servicing rights 7,918 2,052 Deferred income taxes, net 48,766 34,595 Other assets 90,543 83,432 Total assets $ 5,265,308 $ 3,907,713 Liabilities and Stockholders’ Equity Deposits Noninterest-bearing $ 903,466 $ 728,082 Interest-bearing 3,474,944 2,367,529 Total deposits 4,378,410 3,095,611 Short-term borrowings 238,960 314,170 Long-term debt 59,069 58,956 Operating lease liabilities 18,991 5,751 Accrued expenses and other liabilities 71,179 64,098 Total liabilities 4,766,609 3,538,586 Stockholders’ equity Preferred stock, $1 par value, 2,000,000 shares authorized: 0 issued and outstanding — — Common stock, $1 par value, 30,000,000 shares authorized: 25,344,803 and 19,734,077 issued and outstanding 25,345 19,734 Additional paid-in capital 269,708 150,343 Retained earnings 277,012 272,705 Accumulated other comprehensive loss (73,366 ) (73,655 ) Total stockholders’ equity 498,699 369,127 Total liabilities and stockholders’ equity $ 5,265,308 $ 3,907,713 Alerus Financial Corporation and Subsidiaries Consolidated Statements of Income (dollars and shares in thousands, except per share data) Three months ended Year ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Interest Income (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Loans, including fees $ 60,009 $ 42,593 $ 37,731 $ 183,560 $ 136,918 Investment securities Taxable 5,737 4,596 6,040 19,745 24,262 Exempt from federal income taxes 166 169 182 679 740 Other 1,395 4,854 742 17,595 2,963 Total interest income 67,307 52,212 44,695 221,579 164,883 Interest Expense Deposits 25,521 22,285 17,169 89,243 53,387 Short-term borrowings 2,837 6,706 5,292 22,584 20,976 Long-term debt 665 679 682 2,707 2,681 Total interest expense 29,023 29,670 23,143 114,534 77,044 Net interest income 38,284 22,542 21,552 107,045 87,839 Provision for credit losses 11,992 1,661 1,507 18,141 2,057 Net interest income after provision for credit losses 26,292 20,881 20,045 88,904 85,782 Noninterest Income Retirement and benefit services 16,488 16,144 15,317 64,365 65,294 Wealth management 7,010 6,684 5,940 26,171 21,855 Mortgage banking 3,673 2,573 1,279 10,469 8,411 Service charges on deposit accounts 644 488 341 1,976 1,280 Net gains (losses) on investment securities — — (24,643 ) — (24,643 ) Other 6,059 2,474 2,557 11,950 8,032 Total noninterest income 33,874 28,363 791 114,931 80,229 Noninterest Expense Compensation 26,657 21,058 19,214 87,311 76,290 Employee taxes and benefits 6,245 5,400 4,578 22,967 20,051 Occupancy and equipment expense 1,963 2,082 1,858 7,766 7,477 Business services, software and technology expense 6,935 4,879 5,686 21,758 21,053 Intangible amortization expense 2,804 1,324 1,324 6,776 5,296 Professional fees and assessments 6,530 4,267 2,345 15,162 6,743 Marketing and business development 1,050 764 1,002 3,249 3,027 Supplies and postage 726 422 521 2,046 1,796 Travel 449 330 313 1,403 1,189 Mortgage and lending expenses 571 684 501 2,162 1,902 Other 2,093 1,237 1,312 5,641 5,333 Total noninterest expense 56,023 42,447 38,654 176,241 150,157 Income before income tax expense 4,143 6,797 (17,818 ) 27,594 15,854 Income tax expense 921 1,590 (3,064 ) 6,525 4,158 Net income $ 3,222 $ 5,207 $ (14,754 ) $ 21,069 $ 11,696 Per Common Share Data Earnings per common share $ 0.13 $ 0.26 $ (0.73 ) $ 1.00 $ 0.59 Diluted earnings per common share $ 0.13 $ 0.26 $ (0.73 ) $ 0.98 $ 0.58 Dividends declared per common share $ 0.20 $ 0.20 $ 0.19 $ 0.79 $ 0.75 Average common shares outstanding 24,857 19,788 19,761 21,047 19,922 Diluted average common shares outstanding 25,144 20,075 19,996 21,321 20,143 Alerus Financial Corporation and Subsidiaries Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures (unaudited) (dollars and shares in thousands, except per share data) December 31, September 30, December 31, 2024 2024 2023 Tangible Common Equity to Tangible Assets Total common stockholders’ equity $ 498,699 $ 386,486 $ 369,127 Less: Goodwill 87,564 46,783 46,783 Less: Other intangible assets 43,882 13,186 17,158 Tangible common equity (a) 367,253 326,517 305,186 Total assets 5,265,308 4,084,640 3,907,713 Less: Goodwill 87,564 46,783 46,783 Less: Other intangible assets 43,882 13,186 17,158 Tangible assets (b) 5,133,862 4,024,671 3,843,772 Tangible common equity to tangible assets (a)/(b) 7.15 % 8.11 % 7.94 % Tangible Book Value Per Common Share Total common stockholders’ equity $ 498,699 $ 386,486 $ 369,127 Less: Goodwill 87,564 46,783 46,783 Less: Other intangible assets 43,882 13,186 17,158 Tangible common equity (c) 367,253 326,517 305,186 Total common shares issued and outstanding (d) 25,345 19,790 19,734 Tangible book value per common share (c)/(d) $ 14.49 $ 16.50 $ 15.46 Three months ended Year ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Return on Average Tangible Common Equity Net income $ 3,222 $ 5,207 $ (14,754 ) $ 21,069 $ 11,696 Add: Intangible amortization expense (net of tax)(1) 2,215 1,046 1,046 5,353 4,184 Net income, excluding intangible amortization (e) 5,437 6,253 (13,708 ) 26,422 15,880 Average total equity 478,128 375,229 349,382 397,747 358,268 Less: Average goodwill 84,414 46,783 46,783 56,242 46,959 Less: Average other intangible assets (net of tax)(1) 34,107 10,933 14,067 17,534 15,624 Average tangible common equity (f) 359,607 317,513 288,532 323,971 295,685 Return on average tangible common equity (e)/(f) 6.01 % 7.83 % (18.85 )% 8.16 % 5.37 % Efficiency Ratio Noninterest expense $ 56,023 $ 42,447 $ 38,654 $ 176,241 $ 150,157 Less: Intangible amortization expense 2,804 1,324 1,324 6,776 5,296 Adjusted noninterest expense (g) 53,219 41,123 37,330 169,465 144,861 Net interest income 38,284 22,542 21,552 107,045 87,839 Noninterest income 33,874 28,363 791 114,931 80,229 Tax-equivalent adjustment 385 314 226 1,202 671 Total tax-equivalent revenue (h) 72,543 51,219 22,569 223,178 168,739 Efficiency ratio (g)/(h) 73.36 % 80.29 % 165.40 % 75.93 % 85.85 % ____________________ (1) Items calculated after-tax utilizing a marginal income tax rate of 21.0%. Alerus Financial Corporation and Subsidiaries Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures (unaudited) (dollars and shares in thousands, except per share data) Three months ended Year ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Pre-Provision Net Revenue Net interest income $ 38,284 $ 22,542 $ 21,552 $ 107,045 $ 87,839 Add: Noninterest income 33,874 28,363 791 114,931 80,229 Less: Noninterest expense 56,023 42,447 38,654 176,241 150,157 Pre-provision net revenue $ 16,135 $ 8,458 $ (16,311 ) $ 45,735 $ 17,911 Adjusted Noninterest Income Noninterest income $ 33,874 $ 28,363 $ 791 $ 114,931 $ 80,229 Less: Adjusted noninterest income items BOLI mortality proceeds (non-taxable) — — — — 1,196 Gain on sale of ESOP trustee business — — — — 2,775 Net gains (losses) on investment securities — — (24,643 ) — (24,643 ) Net gain on sale of premises and equipment 3,459 476 — 3,941 50 Total adjusted noninterest income items (i) 3,459 476 (24,643 ) 3,941 (20,622 ) Adjusted noninterest income (j) $ 30,415 $ 27,887 $ 25,434 $ 110,990 $ 100,851 Adjusted Noninterest Expense Noninterest expense $ 56,023 $ 42,447 $ 38,654 $ 176,241 $ 150,157 Less: Adjusted noninterest expense items HMNF merger- and acquisition-related expenses 3,295 1,661 — 5,546 — Severance and signing bonus expense 2,276 31 422 2,901 1,897 Total adjusted noninterest expense items (k) 5,571 1,692 422 8,447 1,897 Adjusted noninterest expense (l) $ 50,452 $ 40,755 $ 38,232 $ 167,794 $ 148,260 Adjusted Pre-Provision Net Revenue Net interest income $ 38,284 $ 22,542 $ 21,552 $ 107,045 $ 87,839 Add: Adjusted noninterest income (j) 30,415 27,887 25,434 110,990 100,851 Less: Adjusted noninterest expense (l) 50,452 40,755 38,232 167,794 148,260 Adjusted pre-provision net revenue $ 18,247 $ 9,674 $ 8,754 $ 50,241 $ 40,430 Adjusted Efficiency Ratio Adjusted noninterest expense (l) $ 50,452 $ 40,755 $ 38,232 $ 167,794 $ 148,260 Less: Intangible amortization expense 2,804 1,324 1,324 6,776 5,296 Adjusted noninterest expense for efficiency ratio (m) 47,648 39,431 36,908 161,018 142,964 Tax-equivalent revenue Net interest income 38,284 22,542 21,552 107,045 87,839 Add: Adjusted noninterest income (j) 30,415 27,887 25,434 110,990 100,851 Add: Tax-equivalent adjustment 385 314 226 1,202 671 Total tax-equivalent revenue (n) 69,084 50,743 47,212 219,237 189,361 Adjusted efficiency ratio (m)/(n) 68.97 % 77.71 % 78.18 % 73.44 % 75.50 % Adjusted Net Income Net income $ 3,222 $ 5,207 $ (14,754 ) $ 21,069 $ 11,696 Less: Adjusted noninterest income items (net of tax)(1) (i) 2,733 376 (19,468 ) 3,113 (16,040 ) Add: HMNF day one provision for credit losses and unfunded commitments (net of tax)(1) 6,140 — — 6,140 — Add: Adjusted noninterest expense items (net of tax)(1) (k) 4,401 1,337 333 6,673 1,499 Adjusted net income (o) $ 11,030 $ 6,168 $ 5,047 $ 30,769 $ 29,235 Adjusted Return on Average Assets Average total assets (p) $ 5,272,816 $ 4,298,080 $ 3,868,206 $ 4,503,493 $ 3,817,017 Adjusted return on average assets (o)/(p) 0.83 % 0.57 % 0.52 % 0.68 % 0.77 % Adjusted Return on Average Tangible Common Equity Adjusted net income (o) $ 11,030 $ 6,168 $ 5,047 $ 30,769 $ 29,235 Add: Intangible amortization expense (net of tax)(1) 2,215 1,046 1,046 5,353 4,184 Adjusted net income, excluding intangible amortization (q) 13,245 7,214 6,093 36,122 33,419 Average total equity 478,128 375,229 349,382 397,747 358,268 Less: Average goodwill 84,414 46,783 46,783 56,242 46,959 Less: Average other intangible assets (net of tax) 34,107 10,933 14,067 17,534 15,624 Average tangible common equity (r) 359,607 317,513 288,532 323,971 295,685 Return on average tangible common equity (q)/(r) 14.65 % 9.04 % 8.38 % 11.15 % 11.30 % ____________________ (1) Items calculated after-tax utilizing a marginal income tax rate of 21.0%. Alerus Financial Corporation and Subsidiaries Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures (unaudited) (dollars and shares in thousands, except per share data) Three months ended Year ended December 31, September 30, December 31, December 31, December 31, 2024 2024 2023 2024 2023 Adjusted Net Interest Margin (Tax-Equivalent) Net interest income $ 38,284 $ 22,542 $ 21,552 $ 107,045 $ 87,839 Less: BTFP cash interest income — 4,113 — 12,494 — Add: BTFP interest expense — 3,717 — 11,291 — Less: Purchase accounting net accretion 4,692 152 521 6,121 1,490 Net interest income excluding BTFP impact 33,592 21,994 21,031 99,721 86,349 Add: Tax equivalent adjustment for loans and securities 385 314 226 1,202 671 Adjusted net interest income (s) $ 33,977 $ 22,308 $ 21,257 $ 100,923 $ 87,020 Interest earning assets 4,808,230 4,077,716 3,645,184 4,221,832 3,592,476 Less: Average cash proceeds balance from BTFP — 303,043 — 231,366 — Add: Change in unearned purchase accounting discount 4,692 152 521 6,121 1,490 Adjusted interest earning assets (t) $ 4,812,922 $ 3,774,825 $ 3,645,705 $ 3,996,587 $ 3,593,966 Adjusted net interest margin (tax-equivalent) (s)/(t) 2.81 % 2.35 % 2.31 % 2.53 % 2.42 % Adjusted Earnings Per Common Share - Diluted Adjusted net income (o) $ 11,030 $ 6,168 $ 5,047 $ 30,769 $ 29,235 Less: Dividends and undistributed earnings allocated to participating securities (16 ) 24 (247 ) 79 (5 ) Net income available to common stockholders (u) 11,046 6,144 5,294 30,690 29,240 Weighted-average common shares outstanding for diluted earnings per share (v) 25,144 20,075 19,996 21,321 20,143 Adjusted earnings per common share - diluted (u)/(v) $ 0.44 $ 0.31 $ 0.26 $ 1.44 $ 1.45 ____________________ (1) Items calculated after-tax utilizing a marginal income tax rate of 21.0%. Alerus Financial Corporation and Subsidiaries Analysis of Average Balances, Yields, and Rates (unaudited) (dollars in thousands) Three months ended Year ended December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Average Average Average Average Average Average Yield/ Average Yield/ Average Yield/ Average Yield/ Average Yield/ Balance Rate Balance Rate Balance Rate Balance Rate Balance Rate Interest Earning Assets Interest-bearing deposits with banks $ 74,054 5.35 % $ 326,350 5.47 % $ 33,920 3.23 % $ 299,625 5.39 % $ 35,395 3.40 % Investment securities(1) 883,116 2.68 749,062 2.55 921,555 2.70 791,111 2.60 983,545 2.56 Loans held for sale 15,409 5.60 15,795 3.20 11,421 6.01 14,180 5.90 13,217 5.46 Loans Commercial and industrial 616,356 7.28 593,685 7.26 538,694 6.90 588,269 7.23 527,795 6.63 CRE − Construction, land and development 250,869 6.33 184,611 5.68 117,765 8.12 172,700 6.77 99,315 7.66 CRE − Multifamily 351,804 6.50 242,558 5.62 227,453 5.48 272,125 5.87 185,262 5.25 CRE − Non-owner occupied 1,002,857 6.68 663,539 5.88 519,021 5.67 712,734 6.14 498,884 5.28 CRE − Owner occupied 293,169 6.56 289,963 5.41 266,274 5.18 286,540 5.71 256,690 5.07 Agricultural − Land 59,400 5.73 42,162 4.93 41,064 4.82 45,729 5.10 39,832 4.78 Agricultural − Production 58,999 7.36 40,964 6.84 34,480 6.64 43,361 6.89 30,663 6.48 RRE − First lien 904,414 4.50 689,382 3.98 691,152 3.95 747,874 4.17 673,118 3.80 RRE − Construction 31,722 9.74 16,792 3.86 32,958 4.97 22,832 6.58 33,508 4.98 RRE − HELOC 153,344 7.60 130,705 8.00 118,722 8.37 131,617 8.02 118,653 8.07 RRE − Junior lien 47,041 6.25 36,818 5.74 36,415 6.21 38,982 6.24 35,382 5.83 Other consumer 44,959 7.19 37,768 6.76 29,510 6.33 36,252 6.81 35,971 6.06 Total loans(1) 3,814,934 6.27 2,968,947 5.73 2,653,508 5.64 3,099,015 5.93 2,535,073 5.39 Federal Reserve/FHLB stock 20,717 7.66 17,562 8.25 24,780 7.48 17,901 8.12 25,246 6.98 Total interest earning assets 4,808,230 5.60 4,077,716 5.12 3,645,184 4.89 4,221,832 5.28 3,592,476 4.61 Noninterest earning assets 464,586 220,364 223,022 281,661 224,541 Total assets $ 5,272,816 $ 4,298,080 $ 3,868,206 $ 4,503,493 $ 3,817,017 Interest-Bearing Liabilities Interest-bearing demand deposits $ 1,209,674 1.98 % $ 1,003,595 2.31 % $ 798,634 1.65 % $ 1,010,888 2.12 % $ 768,238 1.29 % Money market and savings deposits 1,520,616 3.15 1,146,896 3.82 1,092,656 3.53 1,250,939 3.60 1,118,815 2.92 Time deposits 698,358 4.24 485,533 4.46 383,715 4.27 518,826 4.39 303,746 3.58 Fed funds purchased and BTFP 22,012 4.93 327,543 4.97 189,568 5.71 249,180 4.95 287,768 5.31 FHLB short-term advances 200,000 5.10 200,000 5.20 200,000 5.09 200,000 5.12 113,973 5.00 Long-term debt 59,055 4.48 59,027 4.58 58,943 4.59 59,013 4.59 58,900 4.55 Total interest-bearing liabilities 3,709,715 3.11 3,222,594 3.66 2,723,516 3.37 3,288,846 3.48 2,651,440 2.91 Noninterest-Bearing Liabilities and Stockholders' Equity Noninterest-bearing deposits 847,153 628,114 719,895 704,463 737,365 Other noninterest-bearing liabilities 237,820 72,143 75,413 112,437 69,944 Stockholders’ equity 478,128 375,229 349,382 397,747 358,268 Total liabilities and stockholders’ equity $ 5,272,816 $ 4,298,080 $ 3,868,206 $ 4,503,493 $ 3,817,017 Net interest rate spread 2.49 % 1.46 % 1.52 % 1.80 % 1.70 % Net interest margin, tax-equivalent (1) 3.20 % 2.23 % 2.37 % 2.56 % 2.46 % ____________________ (1) Taxable-equivalent adjustment was calculated utilizing a marginal income tax rate of 21.0%.

Alerus Financial Corporation Reports Fourth Quarter 2024 Net Income of $3.2 Million

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