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Sep 30, 2023
Alerus Q3 2023 Earnings Report
Alerus Financial Corporation reported net income for Q3 2023.
Key Takeaways
Alerus Financial Corporation reported a net income of $9.2 million for the third quarter of 2023, with earnings per diluted common share of $0.45. The company focused on strategic initiatives, maintaining strong deposit retention and a loan to deposit ratio of 90%.
Total deposits were stable at $2.9 billion, maintaining noninterest-bearing deposits at 25% of total deposits.
Noninterest income was 58.21% of total revenue, driven by a gain from the sale of the ESOP trustee business.
Yield on interest earning assets increased 11 basis points to 4.66%.
The company repurchased $1.2 million of outstanding stock, reducing common shares outstanding by 68,428.
Alerus
Alerus
Alerus Revenue by Segment
Revenue by Segment
Retirement Services Revenue
CapyFin.comWealth Management Revenue
CapyFin.comMortgage Banking Revenue
CapyFin.comDeposit Service Charges Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
No specific forward guidance was provided in the earnings report.