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Sep 30, 2020
Alerus Q3 2020 Earnings Report
Reported a net income of $17.7 million for the third quarter of 2020.
Key Takeaways
Alerus Financial Corporation reported a record quarterly net income of $17.7 million for Q3 2020, driven by the company's diversified business model and focus on client service through advisors and technology. Mortgage originations reached record levels, and relationships expanded across business lines. The company's balance sheet remains strong with a diversified loan portfolio and robust loan loss reserves.
Record quarterly net income of $17.7 million.
Return on average assets of 2.42%, compared to 1.68% for the second quarter of 2020
Mortgage originations totaled $511.6 million, an 18.5% increase from the second quarter of 2020
Allowance for loan losses to total loans, excluding PPP loans, was 1.83%, compared to 1.62% as of June 30, 2020
Revenue by Segment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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