Welcome to our dedicated page for Alerus Financial Corporation news (Ticker: ALRS), a resource for investors and traders seeking the latest updates and insights on Alerus Financial Corporation stock.
Alerus Financial Corporation (NASDAQ: ALRS) is a seasoned financial services institution with a rich history dating back to 1879. With its corporate headquarters in Grand Forks, North Dakota, and an additional footprint in the Minneapolis-St. Paul metropolitan area, Alerus serves a diverse clientele through its four main business segments: Banking, Retirement & Benefit Services, Wealth Management, and Mortgage. The company operates banking offices across Minnesota, North Dakota, and Arizona, and has retirement services hubs in Minnesota, Michigan, and New Hampshire.
Alerus offers a wide array of services including traditional banking products such as checking and savings accounts, loans and advances, online and mobile banking solutions, as well as private and business banking services. Their mortgage segment provides various home loan options tailored to meet the needs of new and existing homeowners.
The Retirement & Benefit Services division of Alerus is a nationwide provider of comprehensive retirement planning solutions. It administers thousands of employer-sponsored retirement plans and serves approximately 474,000 plan participants. Additionally, the Wealth Management division offers bespoke financial and estate planning, trust services, and fiduciary management, ensuring that clients are well-prepared for their financial futures.
Recently, Alerus has announced several key initiatives, including a quarterly cash dividend increase of 5.56% to $0.19 per common share, and the authorization of a new stock repurchase program, effective February 18, 2024. In addition, Alerus completed a strategic sale of $172.3 million of available-for-sale securities to reinvest in higher-yielding loans and pay down borrowings.
Alerus continues to expand its service offerings, recently establishing an equipment finance team based in Phoenix, Arizona, to cater to commercial clients' specialized lending needs. This team is led by industry veterans with extensive experience in equipment financing, further enhancing Alerus' ability to meet diverse client requirements.
With a focus on providing personalized, technology-driven financial solutions, Alerus remains committed to delivering exceptional value and fostering long-term relationships with its clients.
Alerus Financial Corporation (NASDAQ: ALRS) announced the appointment of Dan Coughlin as Chairman of the Board, effective May 10, 2022. He succeeds Randy Newman, who served as Executive Chairman and will remain a director. The leadership transition supports current CEO Katie Lorenson, emphasizing continuity and a shared vision for the company's future. Mr. Coughlin brings over 40 years of experience in financial services, including strategic planning and mergers. Alerus operates in banking, retirement services, wealth management, and mortgage sectors, focusing on delivering comprehensive financial solutions.
Alerus Financial Corporation (NASDAQ: ALRS) announced a $0.18 quarterly cash dividend per share, marking a 12.5% increase from last year. The dividend is payable on July 8, 2022, to shareholders of record by June 17, 2022. This increase reflects the company's commitment to delivering shareholder value. For more financial details, Alerus provides comprehensive information on its investor relations website.
Alerus Financial Corporation (Nasdaq: ALRS) reported a net income of $10.2 million for Q1 2022, down from $12.7 million the previous quarter and $15.2 million a year prior, reflecting a drop in earnings per diluted share to $0.57. Mortgage originations plunged 47.7% to $186.8 million due to inventory shortages, while noninterest income declined 12.6%. Effective expense management led to a 7.8% reduction in noninterest expenses. However, total assets decreased 1.7% to $3.3 billion. The company's capital ratios showed some decline, raising concerns about future financial health.
Alerus Financial Corporation (NASDAQ: ALRS) will release its first quarter 2022 financial results on April 27, 2022. Following this, a conference call will take place on April 28, 2022, at 10:00 a.m. Eastern Time, where analysts and investors can engage in a Q&A session. Interested participants can access the call by dialing 1-844-200-6205 with the access code 164479. A recording and transcript will be available afterwards at the company’s investor relations website.
Alerus Financial Corporation (NASDAQ: ALRS) has appointed Alan Villalon as Chief Financial Officer and Executive Vice President, succeeding Katie Lorenson. Villalon brings over 25 years of financial services expertise, previously serving at U.S. Bank in investor relations. Jerrod Hanson has been promoted to Chief Accounting Officer, overseeing corporate accounting functions. President Lorenson expressed confidence in the new leadership team, highlighting Villalon's analytical skills and Hanson's extensive accounting experience as pivotal for the company's growth.
Alerus Financial Corporation (Nasdaq: ALRS) reported fourth-quarter net income of $12.7 million, or $0.72 per diluted share, down from $13.1 million in Q3 2021. For full-year 2021, net income reached $52.7 million, a 17.9% increase compared to 2020. Key metrics included a return on average total assets of 1.50% and a net interest margin of 2.84%. Alerus also announced the acquisition of Metro Phoenix Bank, marking its twenty-fifth acquisition since 2000. Total deposits rose by 13.6% year-over-year, while noninterest income decreased 12.9% amid a decline in mortgage banking revenues.
Alerus Financial Corporation (NASDAQ: ALRS) has declared a quarterly cash dividend of $0.16 per common share, marking a 6.7% increase from the previous year. This dividend will be payable on April 8, 2022, to shareholders recorded by the close of business on March 18, 2022. Alerus provides diverse financial services, including banking and wealth management, and aims to cater to the unique needs of its clients.
Alerus Financial Corporation (NASDAQ: ALRS) will release its fourth quarter and full-year 2021 financial results on January 26, 2022. Following the release, a conference call is scheduled for January 27, 2022, at 9:00 a.m. Central Time. During this call, analysts and investors can engage in a Q&A session to discuss the financial outcomes. Interested participants can access the call via telephone at 1-844-200-6205 with access code 631504. A recording and transcript will be available at their investor relations website.
MPB BHC, INC. (OTCPink:MPHX) announced a merger agreement with Alerus Financial Corporation (NASDAQ:ALRS) on December 8, 2021. The acquisition enhances Alerus' presence in Arizona and marks its twenty-fifth acquisition since 2000. MPB, with approximately $411 million in assets, will be merged into Alerus, creating a combined total of about $439 million in loans and $483 million in deposits in Arizona. MPHX shareholders will receive 0.74 Alerus shares per MPHX share, valuing the deal at $85.3 million. Alerus expects the merger to be accretive to earnings in the first year.
Alerus Financial Corporation (NASDAQ: ALRS) has signed a definitive agreement to acquire MPB BHC, Inc. (OTCPK: MPHX), the parent company of Metro Phoenix Bank, for approximately $85.3 million. This merger, Alerus' 25th acquisition since 2000, aims to enhance its presence in Arizona, potentially placing it as the fifth largest community bank by deposit market share in the Phoenix area. Alerus expects the transaction to be accretive to earnings per share in the first year, while MPHX shareholders will receive 0.74 Alerus shares for each MPHX share owned.
FAQ
What is the current stock price of Alerus Financial Corporation (ALRS)?
What is the market cap of Alerus Financial Corporation (ALRS)?
What services does Alerus Financial Corporation offer?
Where are Alerus Financial Corporation's offices located?
What recent financial initiatives has Alerus announced?
What are Alerus' main business segments?
How does Alerus support retirement planning?
Who leads the new equipment finance team at Alerus?
What recent strategic sale did Alerus complete?
What is the focus of Alerus' wealth management services?
How many retirement plan participants does Alerus serve?
What is the significance of Alerus' new stock repurchase program?
