Press release
Alerus Financial Corporation Reports First Quarter 2022 Net Income of $10.2 Million
GRAND FORKS, N.D.--(BUSINESS WIRE)-- Alerus Financial Corporation (Nasdaq: ALRS) reported net income of $10.2 million for the first quarter of 2022, or $0.57
About this update from Alerus Financial Corporation
[{"type":"text","content":" GRAND FORKS, N.D.--(BUSINESS WIRE)--\nAlerus Financial Corporation (Nasdaq: ALRS) reported net income of $10.2 million for the first quarter of 2022, or $0.57 per diluted common share, compared to net income of $12.7 million, or $0.72 per diluted common share, for the fourth quarter of 2021, and net income of $15.2 million, or $0.86 per diluted common share, for the first quarter of 2021.\n\nCEO Comments\n\nPresident and Chief Executive Officer Katie Lorenson said, “Alerus entered the new year with upward momentum and finished the quarter strong, producing net income of $10.2 million and return on average tangible common equity of 14.72%. We had strong production in our business and consumer segments, focused on serving our clients holistically with our diverse product offerings. Mortgage application volume remained steady, however, the lack of housing inventory put pressure on origination volume. Credit quality remains pristine with another quarter of net recoveries and continued low levels of non-performing loans. Our company continues to achieve sound expense management, despite the pressure on wages and continued investment in talent. We successfully attracted a five-person commercial real estate team, specializing in financing local, regional and national development and commercial construction projects. We believe this team will further enhance our expertise in the commercial banking space and our growing brand and presence in the Twin Cities. We believe our ability to execute talent lift-outs, acquisitions and continued, strong organic performance will create continued value for our shareholders.”\n\nQuarterly Highlights\n\n\nReturn on average total assets of 1.26%, compared to 1.50% for the fourth quarter of 2021\n\n\nReturn on average common equity of 11.78%, compared to 14.12% for the fourth quarter of 2021\n\n\nReturn on average tangible common equity(1) of 14.72%, compared to 17.36% for the fourth quarter of 2021\n\n\nNet interest margin (tax-equivalent) was 2.83%, compared to 2.84% for the fourth quarter of 2021\n\n\nAllowance for loan losses to total loans was 1.74%, compared to 1.80% as of December 31, 2021\n\n\nEfficiency ratio(1) of 72.25%, compared to 71.06% for the fourth quarter of 2021\n\n\nNoninterest income for the first quarter of 2022 was 57.62% of total revenue, compared to 59.67% for the fourth quarte...