Press release
Alerus Financial Corporation Reports Third Quarter 2019 Net Income of $7.1 Million
GRAND FORKS, N.D.--(BUSINESS WIRE)-- Alerus Financial Corporation (Nasdaq: ALRS) reported net income of $7.1 million for the third quarter of 2019, or $0.48
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 $7.1 million for the third quarter of 2019, or $0.48 per diluted common share, compared to $8.3 million of net income, or $0.59 per diluted common share, for the second quarter of 2019.\n\n\nCEO Comments\n\n\nChairman, President, and Chief Executive Officer Randy Newman said, “Financial results were as expected for the third quarter of 2019. Year-to-date net income for the first nine months of 2019 was up $2.1 million, or 10.4%, compared to 2018 despite a challenging interest rate environment; further exhibiting the value of our diversified business model. The Company accomplished two significant milestones this past quarter, both of which are key in positioning the Company for long-term success. First, we completed our initial public offering (IPO) and began trading on Nasdaq in mid-September. The initial public offering was one of the most important decisions the Company has ever made. The IPO raised $62.8 million, increasing our capital, strengthening our balance sheet and giving us a strong foundation to execute our strategic plan.\n\n\nIn September, we also introduced a new digital experience designed to guide clients in improving their finances. This reimagined digital experience, called MY ALERUS, brings together all consumer products within our Company to create a dashboard for our clients’ whole financial life. MY ALERUS helps clients dig deeper into their finances through a series of financial fitness workouts to help clients calculate their financial wellness score and see how they’re doing with respect to their finances, robust account aggregation technology to link in outside financial accounts, and a seamless yet quick way to open deposit accounts online. Alerus has been strategically building this digital solution as part of our multi-year, organic growth strategic plan called One Alerus. We believe the new technology paired with our skilled advisor team will not only bring new value to our clients, but also add long-term value for our stockholders.”\n\n\nQuarterly Highlights\n\n\n\nReturn on average assets of 1.29%\n\n\nReturn on tangible common equity of 17.01% (1)\n\n\nNoninterest income as a percentage of total revenue was 61.29%\n\n\nMortgage banking noninterest income increased $1.1 million or 15.6% over...