Alerus Financial Corporation Reports Second Quarter 2026 Net Income of $20.9 Million

About this update from Alerus Financial Corporation

[{"type":"image","size":{"original":{"url":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw=="}},"alt":"Alerus Financial Corporation"},{"type":"text","tagName":"p","content":" MINNEAPOLIS, July 29, 2026 (GLOBE NEWSWIRE) -- Alerus Financial Corporation (Nasdaq: ALRS), or the Company, reported net income of $20.9 million for the second quarter of 2026, or $0.81 per diluted common share, compared to net income of $23.0 million, or $0.89 per diluted common share, for the first quarter of 2026, and net income of $20.3 million, or $0.78 per diluted common share, for the second quarter of 2025.  "},{"type":"text","tagName":"p","content":" CEO Comments  "},{"type":"text","tagName":"p","content":" President and Chief Executive Officer Katie O'Neill Lorenson said, \"Our second quarter results demonstrate the continued strength of Alerus' diversified business model and the strategic investments and transformation efforts we have made over the past several years. Earnings per diluted common share of $0.81 and return on average tangible common equity(1) of 19.33% reflect disciplined execution across the franchise, including expanding net interest margin, growing fee-based revenue, and continued improvement in credit quality. "},{"type":"text","tagName":"p","content":" \"The strength of our business model is evident in our ability to generate balanced growth across multiple revenue streams. Noninterest income again represented more than 40% of total revenue, while our banking franchise continued to benefit from disciplined balance sheet management and prudent risk oversight. These results reflect the resilience of our earnings profile and the advantages of a strategy designed to create long-term value. "},{"type":"text","tagName":"p","content":" \"Most importantly, these results are a testament to the talented team we have built at Alerus and their unwavering focus on serving our clients, communities, and one another. Their consistent execution, collaboration, and focus on doing the right thing continue to translate our strategy into results. As we look ahead, we remain focused on executing our long-term growth strategy, investing in our people and capabilities, and building on the momentum that positions Alerus to deliver sustainable value for our shareholders.\"  "},{"type":"text","tagName":"p","content":" Second Quarter Highlights  "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Earnings per diluted common share of $0.81. "}]},{"val":[{"type":"text","tagName":"p","content":" Return on average total assets of 1.60%. "}]},{"val":[{"type":"text","tagName":"p","content":" Return on average tangible common equity(1) of 19.33%. "}]},{"val":[{"type":"text","tagName":"p","content":" Noninterest income was $32.9 million in the second quarter of 2026, an increase of 6.8% from the first quarter of 2026. Noninterest income represented 40.85% of total revenue in the second quarter of 2026. "}]},{"val":[{"type":"text","tagName":"p","content":" Net interest margin (on a tax-equivalent basis)(1) was 3.97%, an increase of 20 basis points compared to 3.77% in the first quarter of 2026. "}]},{"val":[{"type":"text","tagName":"p","content":" Net interest income was $47.7 million in the second quarter of 2026, an increase of 6.2% compared to $44.9 million in the first quarter of 2026, and an increase of 10.9% compared to $43.0 million in the second quarter of 2025. "}]},{"val":[{"type":"text","tagName":"p","content":" Total assets under administration/management exceeded $50.4 billion, a 7.0% increase from the first quarter of 2026. "}]},{"val":[{"type":"text","tagName":"p","content":" Nonperforming assets were $17.1 million as of June 30, 2026, a decrease of $36.9 million, or 68.3%, from $54.0 million as of March 31, 2026. Nonperforming assets to total assets declined to 0.32% in the second quarter of 2026 compared to 1.02% the first quarter of 2026.  "}]},{"val":[{"type":"text","tagName":"p","content":" Repurchased $6.8 million of the Company's outstanding common stock at an average per share price of $27.10, reducing common shares outstanding by 250,000 shares at quarter-end.  "}]},{"val":[{"type":"text","tagName":"p","content":" In the first six months of 2026, the Company returned $23.6 million to shareholders in the form of dividends and share repurchases. "}]},{"val":[{"type":"text","tagName":"p","content":" Increased quarterly dividend by 4.76% over the first quarter of 2026 to $0.22 per share, continuing the Company's decades-long history of increasing its dividend.  "}]},{"val":[{"type":"text","tagName":"p","content":" Tangible book value per common share(1) was $18.73 as of June 30, 2026, an increase of 16.26% from $16.11 as of June 30, 2025.  "}]},{"val":[{"type":"text","tagName":"p","content":" Tangible common equity to tangible assets ratio(1) was 9.05% as of June 30, 2026, an increase from 7.87% as of June 30, 2025. "}]}]},{"type":"text","tagName":"p","content":" ______________ (1)    Represents a non-GAAP financial measure. 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Interest expense increased $0.8 million, or 3.8%, from the first quarter of 2026, as average rates paid on borrowings increased following a refinancing of subordinated debt in the first quarter and higher average short-term borrowing balances.  "},{"type":"text","tagName":"p","content":" Net interest income increased $4.7 million, or 10.9%, from $43.0 million for the second quarter of 2025. Interest income increased $0.2 million, or 0.3%, from the second quarter of 2025, primarily driven by higher interest income on investment securities following the strategic balance sheet repositioning in the fourth quarter of 2025, partially offset by less purchase accounting accretion. Interest expense decreased $4.5 million, or 16.3%, from the second quarter of 2025, as average rates paid on deposits and borrowings declined primarily driven by Federal Reserve rate cuts in the second half of 2025.  "},{"type":"text","tagName":"p","content":" Net interest margin (on a tax-equivalent basis)(1) was 3.97% for the second quarter of 2026, a 20 basis point increase from 3.77% for the first quarter of 2026, and a 46 basis point increase from 3.51% for the second quarter of 2025. The quarter over quarter increase was mainly attributable to a one-time $1.6 million interest income recovery on a nonaccrual loan resolution, higher purchase accounting accretion, and higher loan yields, partially offset by the impact of the first quarter subordinated debt refinancing and higher borrowing balances. 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This increase was driven by an increase in other noninterest income and wealth advisory services revenue, partially offset by a decrease in mortgage banking revenue. Other noninterest income increased $1.9 million, or 106.9%, from the first quarter of 2026, primarily driven by a gain on the sale of a property in the Rochester, Minnesota market, increased swap fee income, and mutual fund investment gains related to the underlying assets of the deferred compensation plans. Wealth advisory services revenue increased $0.5 million, or 6.5%, from the first quarter of 2026, primarily driven by an increase in both asset-based fees tied to equity markets and transaction-based fees. Mortgage banking revenue decreased $0.3 million, or 9.6%, from the first quarter of 2026, primarily driven by lower gain on sale margins from product mix and increased competition.  "},{"type":"text","tagName":"p","content":" Noninterest income for the second quarter of 2026 increased by $1.2 million, or 3.7%, from the second quarter of 2025. This increase was driven by an increase in other noninterest income, retirement and benefit services revenue, and service charges on deposit accounts, partially offset by a decrease in the gain on sale of non-mortgage loans. Other noninterest income increased $1.7 million, or 86.1%, compared to the second quarter of 2025, primarily driven by a gain on the sale of a property in the Rochester, Minnesota market, increased swap fee income, and mutual fund investment gains related to the underlying assets of the deferred compensation plans. Retirement and benefit services revenue increased $1.3 million, or 8.3%, compared to the second quarter of 2025, primarily driven by recurring annual income. Service charges on deposit accounts increased $0.4 million, or 62.6%, compared to the second quarter of 2025, primarily due to a reclassification of fees from other noninterest income to service charges on deposit accounts revenue in the first quarter of 2026. Gain on sale of non-mortgage loans decreased $2.1 million, or 100.0%, compared to the second quarter of 2025, due to a $2.1 million gain on the sale of a PCD hospitality loan during the second quarter of 2025.  "},{"type":"text","tagName":"p","content":" ______________ (1)    Represents a non-GAAP financial measure. 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Other noninterest expense increased $0.8 million, or 39.3%, from the first quarter of 2026, due to an increase in other real estate owned balances and related holding costs, as well as increased corporate insurance costs. Business services, software, and technology expense decreased $0.4 million, or 6.8%, from the first quarter of 2026, primarily due to a decrease in core processing expenses, as well as a decrease in IT hardware expenses.  "},{"type":"text","tagName":"p","content":" Noninterest expense for the second quarter of 2026 increased $4.4 million, or 9.2%, from $48.4 million in the second quarter of 2025, primarily due to increases in compensation expense, professional fees and assessments, and other noninterest expense. Compensation expense increased $1.8 million, or 7.4%, from the second quarter of 2025, primarily due to annual merit increases, as well as increases in deferred compensation plan liabilities driven by mutual fund investment gains related to the underlying assets of the plans. Other noninterest expense increased $1.5 million, or 104.3%, from the second quarter of 2025, due to an increase in other real estate owned balances and related holding costs, as well as increased corporate insurance costs. Professional fees and assessments increased $1.4 million, or 61.7%, from the second quarter of 2025, primarily due to the reclassification of consulting services and other third-party vendor expenses from business services, software, and technology expense to professional fees and assessments, as well as an increase in legal fees.  "},{"type":"text","tagName":"p","content":" Financial Condition "},{"type":"text","tagName":"p","content":" Total assets were $5.3 billion as of June 30, 2026, an increase of $58.6 million, or 1.1%, from December 31, 2025. The increase was primarily due to a $41.8 million increase in cash and cash equivalents, a $20.1 million increase in available-for-sale investment securities, a $8.5 million increase in other assets, and a $4.8 million increase in loans held for sale, partially offset by a decrease of $13.8 million in loans held for investment.  "},{"type":"text","tagName":"p","content":" Loans Held for Investment "},{"type":"text","tagName":"p","content":" Total loans held for investment were $4.0 billion as of June 30, 2026, a decrease of $13.8 million, or 0.3%, from December 31, 2025. 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