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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) 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.
Alerus Financial Corporation (NASDAQ: ALRS) has declared a quarterly cash dividend of $0.16 per share, an increase of 6.7% from last year. The dividend is set to be paid on January 14, 2022, to shareholders of record by December 24, 2021. The company provides diverse financial services through its subsidiary, Alerus Financial, N.A., operating in banking, retirement services, wealth management, and mortgage sectors across various locations including Grand Forks and Fargo, ND.
Alerus Financial Corporation (Nasdaq: ALRS) reported a net income of $13.1 million for Q3 2021, up from $11.7 million in Q2 2021 but down from $17.7 million in Q3 2020. The company achieved a return on tangible common equity of 18.13% and a net interest margin of 2.78%. Total revenue reached $57.2 million, with significant contributions from retirement and wealth management sectors. However, mortgage originations fell 23.8% to $415.8 million. Total assets increased to $3.2 billion, while deposits rose by 5.5% to $2.71 billion since December 2020.
Alerus Financial Corporation (NASDAQ: ALRS) has announced the appointment of three new members to its board of directors: Janet O. Estep, Jill E. Schurtz, and Mary E. Zimmer. Ms. Estep brings significant experience in digital technology and electronic payments, while Ms. Schurtz, CEO of the St. Paul Teachers’ Retirement Fund Association, manages a $1.3 billion investment fund. Ms. Zimmer, with over 35 years in financial services, previously led Wells Fargo Advisors' Northern Region. The company's leadership emphasizes the diverse expertise these new directors will add to the long-term growth strategy.
Alerus Financial Corporation (NASDAQ: ALRS) will release its third quarter 2021 financial results on October 27, 2021. A conference call is scheduled for October 28, 2021, at 9:00 a.m. Central Time to discuss these results. Participants can access the call by dialing 1-412-317-6060. A recording and transcript will be available on the company's investor relations website.
The company operates in four segments: banking, retirement and benefit services, wealth management, and mortgage, providing client-focused financial solutions.
Alerus Financial Corporation (NASDAQ: ALRS) has appointed Katie A. Lorenson as the new President and CEO, effective January 1, 2022. Lorenson, currently the Executive Vice President and CFO, will also join the Board of Directors. She has been instrumental in the company’s growth and strategic direction since joining in 2017. Her predecessor, Randy L. Newman, will transition to Executive Chairman, ensuring a smooth leadership change. The Board expresses confidence in Lorenson's ability to guide the company forward, continuing its trajectory of success and innovation.
Alerus Financial Corporation (Nasdaq: ALRS) reported a net income of $11.7 million for Q2 2021, reflecting a 23% decline from Q1 2021's $15.2 million. Earnings per diluted share were $0.66, compared to $0.86 in Q1. Notable metrics include a 1.50% return on average total assets, down from 2.02% in Q1, and a net interest margin of 2.88%, which also decreased. Noninterest income fell by 10.1% sequentially due to a drop in mortgage banking revenue. Total loans decreased by 7.3% since December 2020, while deposits rose by 5.4%.
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