Press release
Alerus Financial Corporation Reports Second Quarter 2021 Net Income of $11.7 Million
GRAND FORKS, N.D.--(BUSINESS WIRE)-- Alerus Financial Corporation (Nasdaq: ALRS) reported net income of $11.7 million for the second quarter of 2021, or
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 $11.7 million for the second quarter of 2021, or $0.66 per diluted common share, compared to net income of $15.2 million, or $0.86 per diluted common share, for the first quarter of 2021, and net income of $11.5 million, or $0.65 per diluted common share, for the second quarter of 2020.\n\nCEO Comments\n\nChairman, President, and Chief Executive Officer Randy Newman said, “Alerus continues to deliver top tier financial performance, driven by our long-term strategies and focus on offering valued advice to clients, resulting in extraordinary revenue diversification and growth opportunities. Alerus continues to establish itself as a premier provider of holistic solutions to our consumer and business clients. Our client base of more than 540,000 consumer clients and 18,300 business clients is a significant differentiator in our ability to continue to grow and provide superior returns to our shareholders.\n\nOur diversified business is rooted by our long-standing culture, focused on advice and working in the best interests of our clients, a foundation which has been built over decades of meeting our clients on their financial journey and guiding them to their path for financial success. This relationship focused model is a key differentiator both in working with clients and attracting talented professionals to our organization.\n\nDuring the quarter we strengthened our U.S. Small Business Administration, or SBA, lending capabilities with the addition of an experienced SBA team. Led by industry veteran John Kimball, who most recently served as SBA lending manager at a large, regional community bank, the five-person team collectively has more than 100 years of business banking and small business lending experience at community and regional banks. These team members are aligned with our culture of providing expertise and value to our business clients so they can continue to grow and expand.”\n\nQuarterly Highlights\n\n\nReturn on average total assets of 1.50%, compared to 2.02% for the first quarter of 2021\n\n\nReturn on average tangible common equity(1) of 17.36%, compared to 23.03% for the first quarter of 2021\n\n\nNet interest margin (tax-equivalent)(1) was 2.88%, compared to 3.12% for the first quarter of 2021\n\n\nAllowance f...