Press release
Alerus Financial Corporation Reports Fourth Quarter 2022 Net Income of $10.9 Million
MINNEAPOLIS--(BUSINESS WIRE)-- Alerus Financial Corporation (Nasdaq: ALRS) reported net income of $10.9 million for the fourth quarter of 2022, or $0.53 per
About this update from Alerus Financial Corporation
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nAlerus Financial Corporation (Nasdaq: ALRS) reported net income of $10.9 million for the fourth quarter of 2022, or $0.53 per diluted common share, compared to net income of $9.6 million, or $0.47 per diluted common share, for the third quarter of 2022, and net income of $12.7 million, or $0.72 per diluted common share, for the fourth quarter of 2021.\n\nCEO Comments\n\nPresident and Chief Executive Officer Katie Lorenson said, “2022 was a year of transitions and milestones for our Company. We completed our largest acquisition with Metro Phoenix Bank, which was transformational to our growth in the Arizona market. We added new leadership and had continued momentum in talent acquisitions with successful lift outs and additions of commercial bankers, treasury management professionals, and wealth and retirement advisors. We remain focused on client acquisition and deepening of relationships with existing clients through our diversified business model. We continue to right size our infrastructure and manage expenses, despite facing inflationary pressures. During the year, we returned over 33% of our earnings to our shareholders by increasing our dividend 11%. We remain focused on creating long-term value for our clients, and in return, our shareholders. I want to thank our employees for all their continued hard work in developing the strong foundation from which we will continue to grow from in 2023 and beyond.”\n\nQuarterly Highlights\n\n\nReturn on average total assets of 1.17%, compared to 1.02% for the third quarter of 2022\n\n\nReturn on average common equity of 12.37%, compared to 10.25% for the third quarter of 2022\n\n\nReturn on average tangible common equity(1) of 16.63%, compared to 13.89% for the third quarter of 2022\n\n\nNet interest margin (tax-equivalent) was 3.09%, compared to 3.21% for the third quarter of 2022\n\n\nNoninterest expense was $37.9 million, a $4.8 million, or 11.3%, decrease compared to $42.8 million for the third quarter of 2022\n\n\nEfficiency ratio(1) of 69.6%, compared to 74.8% for the third quarter of 2022\n\n\nAllowance for loan losses to total loans was 1.27% compared to 1.80% as of December 31, 2021. Excluding the acquisition of Metro Phoenix Bank the allowance for loan losses to total loans was 1.43% as of December 31, 2022\n\n\nNoninterest income for the thir...