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) has announced a quarterly cash dividend of $0.16 per common share, marking a 6.7% increase from the previous year. The dividend will be paid on July 9, 2021, to shareholders recorded by June 18, 2021. This increase reflects the company's commitment to returning value to its shareholders and demonstrates confidence in its financial position. Alerus operates through four distinct segments, providing services from banking to wealth management.
Alerus Financial Corporation (Nasdaq: ALRS) reported a net income of $15.2 million for Q1 2021, equating to $0.86 per diluted share, a significant increase from $10.2 million in Q4 2020 and $5.4 million in Q1 2020. Key highlights include a return on average total assets of 2.02% and a return on average tangible common equity of 23.03%. The bank's mortgage originations reached $518 million, while retirement revenue grew over 8%. Deposits increased by 5.7% to $145.6 million.
Alerus Financial Corporation (NASDAQ: ALRS) will release its first quarter 2021 financial results on April 28, 2021. A conference call is scheduled for April 29, 2021, at 10:00 a.m. Eastern Time, where management will discuss the results and answer questions from analysts and investors. The call can be accessed at 1-888-317-6016. A recording and transcript will be available post-call at investors.alerus.com. Alerus, based in Grand Forks, ND, offers diverse financial services including banking, retirement, wealth management, and mortgage.
Alerus Financial Corporation (NASDAQ: ALRS) has completed a private placement of a $50 million Subordinated Note due 2031 with The Bank of North Dakota. The Note features a fixed interest rate of 3.50% until March 30, 2026, after which it will transition to the 5-year FHLB advance rate plus 2.00%, maintaining a minimum annual rate of 3.50%. This issuance qualifies as Tier 2 capital under regulatory guidelines and replaces the previously redeemed 5.75% Fixed-to-Floating Rate Subordinated Notes due 2025. The strategic partnership with BND is expected to enhance Alerus's financial standing.
Alerus Financial Corporation (NASDAQ: ALRS) declared a quarterly cash dividend of $0.15 per share, payable on April 9, 2021. The record date is set for March 19, 2021. Additionally, the Board approved a stock repurchase program allowing the buyback of up to 770,000 shares until February 18, 2024, aimed at enhancing shareholder value. CEO Randy Newman stated that this program is designed to manage capital effectively. Market conditions will dictate repurchase timing, and there are no guarantees of share buybacks.
Alerus Financial Corporation (Nasdaq: ALRS) reported a fourth-quarter net income of $10.2 million, or $0.57 per diluted share, down from $17.7 million in the previous quarter. Despite this decline, annual net income rose 51.2%, totaling $44.7 million for 2020. Key figures include a net interest margin of 3.23%, a 30.5% increase in deposits year-over-year, and a 15% rise in loans since 2019. The company closed its acquisition of Retirement Planning Services, boosting its market presence in the Rocky Mountain region.
Alerus Financial Corporation (NASDAQ: ALRS) will release its fourth quarter and full-year 2020 financial results after market close on January 27, 2021. A conference call to discuss the results is scheduled for January 28, 2021, at 10:00 a.m. Eastern Time. Investors can participate in a question-and-answer session during the call. A recording will be available on their investors homepage post-call. Alerus operates through four segments: banking, retirement and benefit services, wealth management, and mortgage.
Alerus Financial Corporation (NASDAQ: ALRS) has successfully completed its acquisition of Retirement Planning Services, Inc. (RPS), a provider of retirement and health benefits administration. This acquisition enhances Alerus' services for over 1,000 plans and 48,000 participants while expanding its geographic footprint into the Rocky Mountain region. With this eleventh acquisition since 2003, Alerus now manages approximately $31.5 billion in assets. The deal is expected to be immediately accretive, adding an estimated $0.08 to GAAP earnings per share in 2021 and $0.13 in 2022.
Alerus Financial Corporation (NASDAQ: ALRS) has announced its acquisition of Retirement Planning Services, Inc. (RPS), enhancing its retirement and health benefits services. RPS manages over 1,000 plans and 48,000 participants, expanding Alerus' footprint in the Rocky Mountain region. This marks Alerus' eleventh acquisition since 2003 and is expected to boost its assets under administration to approximately $31.5 billion. The all-cash deal is projected to be accretive to Alerus’ GAAP earnings, contributing an estimated $0.08 in 2021 and $0.13 in 2022.
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