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Alerus Financial Corporation reported a net income of $10.2 million for Q1 2022, with a return on average tangible common equity of 14.72%. The company experienced strong production in business and consumer segments, but mortgage origination volume was pressured by a lack of housing inventory. Credit quality remained strong with net recoveries and low non-performing loans.
Net income for Q1 2022 was $10.2 million, or $0.57 per diluted common share.
Return on average total assets was 1.26%.
Net interest margin (tax-equivalent) was 2.83%.
Mortgage originations totaled $186.8 million, a 47.7% decrease from the previous quarter.