Press release
Alerus Financial Corporation Reports First Quarter 2024 Net Income of $6.4 Million
MINNEAPOLIS--(BUSINESS WIRE)-- Alerus Financial Corporation (Nasdaq: ALRS), or the Company, reported net income of $6.4 million for the first quarter of
About this update from Alerus Financial Corporation
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nAlerus Financial Corporation (Nasdaq: ALRS), or the Company, reported net income of $6.4 million for the first quarter of 2024, or $0.32 per diluted common share, compared to a net loss of $14.8 million, or ($0.73) per diluted common share, for the fourth quarter of 2023, and net income of $8.2 million, or $0.40 per diluted common share, for the first quarter of 2023.\n\n\nCEO Comments\n\n\nPresident and Chief Executive Officer Katie Lorenson said, “Our momentum continues into 2024 as we started the year with strong production and client acquisition in our commercial wealth bank and national retirement businesses. Deposit growth and inflows were robust at over 6%, adjusted net interest margin expanded another 7 basis points and our loan to deposit ratio trended down to 85.2%. We leveraged the Bank Term Funding Program as a strategic arbitrage which was additive to net interest income during the quarter and helped drive over 3% sequential growth. The company’s fee income, which accounted for 53.3% of total revenues, increased across each diversified business line. Our adjusted efficiency ratio decreased slightly, despite the inflationary headwinds, as we continue to manage expenses prudently. Maintaining our fortress balance sheet remained a priority and we ended the quarter with an allowance for credit losses to total loans of 1.31%, a CET1 capital ratio of 11.86%, and growth in tangible book value per common share of 7.8% over the prior year. We continue to make progress in returning the company to top tier performance and remain focused on the long-term success of the company. I would like to thank our team members for all they do to create value for our clients, our communities, and our shareholders.”\n\n\nFirst Quarter Highlights\n\n\n\nTotal deposits were $3.3 billion as of March 31, 2024, an increase of $189.4 million, or 6.1%, from December 31, 2023\n\n\n\nTotal loans were $2.8 billion as of March 31, 2024, an increase of $39.9 million, or 1.4%, from December 31, 2023\n\n\n\nThe loan to deposit ratio as of December 31, 2024 was 85.2%, compared to 89.1% as of December 31, 2023; brokered deposits remained at $0\n\n\n\nNet interest margin (on a tax equivalent basis) was 2.30% in the first quarter of 2024, compared to 2.37% in the fourth quarter of 2023. Adjusted net interest margin (on a tax-...