Press release
Alerus Financial Corporation Reports Third Quarter 2020 Net Income of $17.7 Million
GRAND FORKS, N.D.--(BUSINESS WIRE)-- Alerus Financial Corporation (Nasdaq: ALRS) reported net income of $17.7 million for the third quarter of 2020, or $0.99
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 $17.7 million for the third quarter of 2020, or $0.99 per diluted common share, compared to net income of $11.5 million, or $0.65 per diluted common share, for the second quarter of 2020, and net income of $7.1 million, or $0.48 per diluted common share, for the third quarter of 2019.\n\nCEO Comments\n\nChairman, President, and Chief Executive Officer Randy Newman said, “We are proud to report record quarterly net income of $17.7 million. Despite the uncertain economic environment and ongoing pandemic, our diversified business model demonstrates its value to stockholders as we delivered incredible financial performance throughout 2020. Our “One Alerus” approach to serving clients holistically through advisors and digitally through technology resulted in record levels of mortgage originations and expansions of relationships across our lines of business.\n\nWe believe we continue to be agile in our response to the novel coronavirus, or COVID-19 pandemic, by focusing on the health and well-being of our team members and communities, and helping clients during a difficult economic environment. The strength and stability of our balance sheet uniquely positioned our Company to perform well in challenging economic environments. We have a diversified loan portfolio, strong credit quality metrics, and robust levels of loan loss reserves at 1.83% of total loans, excluding Paycheck Protection Program, or PPP, loans. These balance sheet attributes, supported by a diversified business model which generates high levels of revenue despite the low rate environment is proving to be resilient in challenging and uncertain times. These fundamentals paired with the dedication of our team and technology investments are paving our path forward.” \n\nQuarterly Highlights\n\n\nReturn on average assets of 2.42%, compared to 1.68% for the second quarter of 2020\n\n\nReturn on average tangible common equity(1) of 26.67%, compared to 18.88% for the second quarter of 2020\n\n\nNet interest margin (tax-equivalent)(1) was 3.17%, compared to 3.14% for the second quarter of 2020\n\n\nAllowance for loan losses to total loans, excluding PPP loans, was 1.83%, compared to 1.62% as of June 30, 2020\n\n\nEfficiency ratio(1) of 58.42%, compared to 66.31% for the sec...