Press release
Alerus Financial Corporation Reports Fourth Quarter 2019 Net Income of $7.7 Million
GRAND FORKS, N.D.--(BUSINESS WIRE)-- Alerus Financial Corporation (Nasdaq: ALRS) reported net income of $7.7 million for the fourth quarter of 2019, or $0.43
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 $7.7 million for the fourth quarter of 2019, or $0.43 per diluted common share, compared to $7.1 million of net income, or $0.48 per diluted common share, for the third quarter of 2019.\n\n\nCEO Comments\n\n\nChairman, President, and Chief Executive Officer Randy Newman said, “2019 was one of the most significant and successful years in our company’s history. Most notably, 2019 will be remembered for the achievement of several long-term strategic initiatives, including: raising $62.8 million in capital through our initial public offering and becoming Nasdaq listed; launching “MY ALERUS”, a holistic digital experience designed to help improve clients’ financial lives; and the reorganization of our client facing staff around a holistic, advisor-focused business model. Our team has proven it not only has the ability to adapt and perform in an ever-changing environment, as evidenced by our record net income of $29.5 million in 2019, a 14.2% increase over 2018. Strong year-end financial performance, coupled with improving credit quality and increased capital ratios, gives us tremendous momentum moving forward. We continue to plan for long-term results and are pleased with our accomplishments over the past year. As proud as we are of our financial results, we are even more proud of the non-financial results. We believe we have a very strong foundation to continue progress with our One Alerus growth strategy in serving clients holistically and working in their best interest.”\n\n\nQuarterly Highlights\n\n\n\nReturn on average assets of 1.33%\n\n\nReturn on tangible common equity(1) of 13.78%\n\n\nNoninterest income as a percentage of total revenue was 61.56%\n\n\nRetirement and benefit services noninterest income increased $2.4 million, or 15.4%, compared to the third quarter of 2019\n\n\nMortgage banking noninterest income decreased $2.1 million, or 25.4%, compared to the third quarter of 2019\n\n\nMortgage originations totaled $261.3 million, a 16.7% decrease from the third quarter of 2019\n\n\nNet interest margin (tax-equivalent)(1) was 3.45%, compared to 3.69% for the third quarter of 2019\n\n\nAvailable-for-sale investment securities increased $31.6 million, or 11.3%, from the third quarter of 2019\n\n\nLoans held for sale dec...