Regional bank engaged in mortgage and consumer lending, investment securities management, and deposit/borrowing activities (includes loans held for sale, FHLB transactions, BOLI, and securitization-related items).

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Alerus Financial Corporation is a diversified financial services company that provides banking, retirement, and wealth management solutions across multiple states, focusing on technology-driven customer experience.

# Summary of Alerus Financial Corporation

## Company Overview
Alerus Financial Corporation, headquartered in Grand Forks, North Dakota, is a diversified financial services company that offers a comprehensive range of financial solutions to businesses and consumers. The company operates through three primary business segments: **Banking**, **Retirement and Benefit Services**, and **Wealth Management**. Alerus has undergone significant growth through both organic means and strategic acquisitions, evolving from a traditional community bank into a technology-oriented financial services provider.

### Key Financial Metrics (As of December 31, 2024)
- **Total Assets**: $5.3 billion
- **Total Loans**: $4.0 billion
- **Total Deposits**: $4.4 billion
- **Stockholders’ Equity**: $495.4 million
- **Total Revenue**: $221.9 million (comprising Net Interest Income and Noninterest Income)
- **Net Income**: $17.8 million
- **Number of Employees**: 892

## Business Segments

### 1. Banking
Alerus provides a wide array of banking services through its offices across North Dakota, Minnesota, Arizona, Wisconsin, and Iowa. It offers:
- **Loans**: Commercial & Industrial (C&I) loans, Commercial Real Estate (CRE) loans (including multifamily, owner-occupied, non-owner-occupied, and construction loans), residential mortgages, and consumer loans.
- **Deposits**: Core and interest-bearing deposits, money market accounts, and various savings accounts.
- **Treasury Management**: Cash management, remote deposit capture, and merchant services.

### 2. Retirement and Benefit Services
This segment is a significant revenue generator, contributing approximately 51.8% of total revenues. It includes:
- **Retirement Plan Administration**: Management of various employee retirement plans.
- **Investment Advisory Services**: Providing professional investment guidance.
- **Employee Stock Ownership Plans (ESOPs)**: Administration and management services for ESOPs.
- **Health Savings Accounts (HSAs)**: Offering and managing HSAs and Flexible Spending Accounts (FSAs).

### 3. Wealth Management
Alerus also offers wealth management services, which include:
- **Investment Management**: Strategic wealth advisory and fund management.
- **Fiduciary Services**: Personal trust services, estate administration, and investment management services tailored to individual and corporate clients.

## Customer Base
- **Number of Customers**: Alerus serves over **13,000 clients** across its financial services offerings.

## Employee Breakdown
- **Total Employees**: 892
  - **Full-Time**: 846
  - **Part-Time**: 46
  - **Employee Demographics**:
    - **Gender**: 580 females, 312 males.
    - **Ethnicity**: 739 white and 153 identifying as Asian, African American, Hispanic, or other.

## Strategic Focus
Alerus aims to enhance its client experience through technology integration and a client-first philosophy, exemplified through its **"One Alerus"** initiative which harmonizes all product and service offerings under a unified approach.

## Recent Growth and Acquisitions
The company has expanded its footprint and service capabilities through:
- Acquisition of Metro Phoenix Bank in 2022.
- Acquisition of HMN Financial, Inc. (Home Federal Savings Bank) in late 2024, significantly enhancing its loan and deposit portfolio.

## Revenue Composition (2024)
- **Net Interest Income**: $107.0 million
- **Noninterest Income**: $114.9 million
- **Total Revenue**: $221.9 million

### Conclusion
Alerus Financial Corporation continues to position itself as a competitive player in the financial services industry through diversified offerings, strategic acquisitions, and a focus on technology-driven solutions. Its growth and adaptability are essential to maintaining its market position and meeting the diverse needs of its clients.

ALERUS FINANCIAL CORP

10-K / March 4, 2026

10-K / March 14, 2025

10-K / March 4, 2026