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Mar 31, 2020
Alerus Q1 2020 Earnings Report
Alerus Financial Corporation reported a net income of $5.4 million for Q1 2020.
Key Takeaways
Alerus Financial Corporation reported a net income of $5.4 million for the first quarter of 2020, with diluted earnings per share of $0.30. The company's performance was influenced by the economic conditions related to COVID-19, leading to an increased allowance for loan losses. However, deposit growth remained strong and noninterest income contributed significantly to revenue.
Net income for Q1 2020 was $5.4 million, or $0.30 per diluted common share.
Noninterest income accounted for approximately 60% of total revenue.
Allowance for loan losses increased due to the uncertain economic impact of COVID-19.
Total deposits increased by $150.2 million, reflecting strong deposit growth.
Revenue by Segment
Forward Guidance
Alerus Financial Corporation did not provide specific forward guidance in the provided earnings report. The report highlights the company's focus on serving clients and ensuring employee well-being during the COVID-19 pandemic, while maintaining a strong capital position and adapting its business model to the changing environment.
Positive Outlook
- Alerus is focused on serving clients during unprecedented times.
- Alerus is helping clients access critical funding with the new Paycheck Protection Program.
- Alerus is answering questions regarding retirement plans and the numerous changes following the passing of the CARES Act.
- Alerus is supporting clients facing financial hardship with loan modifications.
- Alerus has robust capital levels from its recent initial public offering.
Challenges Ahead
- Significant uncertainty lies ahead due to COVID-19.
- Alerus increased its allowance for loan losses due to the uncertain economic impact and duration of COVID-19.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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