Financial Performance - For the three months ended March 31, 2024, the return on average total assets was 0.63%, a decrease from 1.51% in the previous quarter[202]. - The return on average common equity was 7.04%, down from 16.75% in the previous quarter[202]. - Earnings per common share (basic) for the quarter was $0.32, compared to a loss of $0.74 in the previous quarter[202]. - Net income for the three months ended March 31, 2024, was $6,432 thousand, a recovery from a net loss of $14,754 thousand in the previous quarter[205]. - Net income for Q1 2024 was $6.4 million, a decrease of $1.8 million or 21.4% compared to $8.2 million in Q1 2023[211]. Income and Revenue - Noninterest income as a percentage of revenue increased to 53.26% from 51.63% in the previous quarter[202]. - Noninterest income rose to $25,323 thousand for the same period, compared to $25,253 thousand in the previous quarter, indicating a growth of 0.3%[205]. - Total interest income for the three months ended March 31, 2024, was $11.352 million, a decrease of $1.316 million compared to $12.668 million for the same period in 2023[221]. - Total noninterest income for the three months ended March 31, 2024, was $25.323 million, reflecting a slight increase of $70 thousand or 0.3% compared to $25.253 million in the same period of 2023[225]. Loans and Assets - Total loans increased to $2,768,514 thousand as of March 31, 2024, up from $2,653,622 thousand in the previous quarter, representing a growth of 4.3%[205]. - Total assets reached $4,338,093 thousand as of March 31, 2024, up from $3,907,713 thousand in the previous quarter, marking an increase of 11.0%[205]. - Total loans as of March 31, 2024, amounted to $2.768 billion, with a net interest income of $39.368 million[219]. - The total commercial loans as of March 31, 2024, were $1.861 billion, with a net interest income of $28.602 million[219]. Interest and Margins - The net interest margin (taxable-equivalent basis) decreased to 2.30% from 2.37% in the previous quarter[202]. - Net interest income for the three months ended March 31, 2024, was $22,219 thousand, compared to $21,552 thousand in the previous quarter, reflecting an increase of 3.1%[205]. - Net interest margin (tax-equivalent) for Q1 2024 was 2.30%, compared to 2.70% in Q1 2023[215]. - Adjusted net interest margin (tax-equivalent) for Q1 2024 was 2.44%, a decrease of 26 basis points from 2.70% in Q1 2023[215]. Deposits and Funding - Total deposits increased to $3,284,969 thousand as of March 31, 2024, compared to $3,095,611 thousand in the previous quarter, a rise of 6.1%[205]. - Interest-bearing deposits rose by $224.9 million, while noninterest-bearing deposits decreased by $35.6 million, leading to a shift in the deposit composition[272]. - The Company reported total uninsured deposits of approximately $1.2 billion as of March 31, 2024[276]. Credit Losses and Risk Management - The provision for credit losses was $1,507 thousand for the three months ended March 31, 2024, compared to $550 thousand in the previous quarter, indicating a significant increase[205]. - The allowance for credit losses (ACL) increased to $36,584 thousand as of March 31, 2024, from $35,102 thousand as of March 31, 2023, reflecting a growth of 4.2%[265]. - The net charge-offs for the three months ended March 31, 2024, were $58 thousand, a decrease of 65.9% compared to $170 thousand for the same period in 2023[267]. - The company’s strategy for credit risk management includes centralized credit policies and ongoing risk monitoring to maintain asset quality[255]. Equity and Capital - Stockholders' equity rose to $371,635 thousand as of March 31, 2024, up from $369,127 thousand in the previous quarter, reflecting a growth of 0.4%[208]. - Common equity tier 1 capital to risk-weighted assets increased to 11.86% as of March 31, 2024, up from 11.82% as of December 31, 2023[283]. - The Company maintained all regulatory capital ratios above the well-capitalized standards as of March 31, 2024[282]. Economic and Interest Rate Sensitivity - The company anticipates recovery in net interest income and margin as interest-earning assets remix at higher rates[216]. - As of March 31, 2024, a +400 basis points shift in interest rates is estimated to decrease net interest income by 10.9%[300]. - The economic value of equity is projected to decline by 8.5% with a +400 basis points increase in interest rates as of March 31, 2024[302]. - Management employs economic value of equity sensitivity analysis to assess the impact of interest rate changes on long-term cash flows and capital[301]. Operational and Compliance Risks - Operational risk management focuses on strengthening internal controls and enterprise risk management to mitigate potential losses[303]. - Compliance risk includes potential regulatory sanctions and reputational impacts due to non-compliance with banking regulations[304]. - Strategic risk management initiatives aim to enhance understanding and reporting of various risks associated with new products and business opportunities[305].

Alerus Financial Corporation (NASDAQ:ALRS) Q1 2024 Results Conference Call April 25, 2024 12:00 PM ET Company Participants Katie Lorenson - President and CEO Al Villalon - Chief Financial Officer Karin Taylor - Chief Risk Management Officer Jim Collins - Chief Banking and Revenue Officer Conference Call Participants Brendan Nosal - Hovde Group Jeff Rulis - D.A Davidson David Feaster - Raymond James Nathan Race - Piper Sandler Damon DelMonte - KBW Operator Good afternoon, and welcome to the Alerus Financial ...

1Q 2024 INVESTOR PRESENTATION NASDAQ: ALRS Forward-LookingStatements DISCLAIMERS Thispresentationcontains“forward-lookingstatements”withinthemeaningofthesafeharborprovisionsoftheU.S.PrivateSecuritiesLitigationReformActof1995.Forward-lookingstatements include,withoutlimitation,statementsconcerningplans,estimates,calculations,forecastsandprojectionswithrespecttotheanticipatedfutureperformanceofAlerusFinancialCorporation.These statementsareoften,butnotalways,identifiedbywordssuchas“may”,“might”,“should”,“could ...

Core Insights - Alerus reported revenue of $47.54 million for Q1 2024, a year-over-year decline of 2.8%, with EPS of $0.32 compared to $0.40 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate by 0.30%, while the EPS surprised by 3.23% [1] Financial Performance Metrics - Net charge-offs/(recoveries) to average loans was 0%, better than the estimated 0.1% [2] - Efficiency ratio stood at 78.9%, compared to the estimated 79.6% [2] - Net interest margin (tax-equivalent) was 2.4%, slightly below the estimated 2.5% [2] - Average balance of total interest-earning assets was $3.92 billion, exceeding the estimated $3.74 billion [2] - Tax-equivalent net interest income was $22.12 million, lower than the estimated $22.63 million [2] - Total noninterest income reached $25.32 million, surpassing the estimated $24.95 million [2] - Net interest income was $22.22 million, compared to the estimated $22.42 million [2] Stock Performance - Alerus shares returned -0.7% over the past month, while the Zacks S&P 500 composite declined by -3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

分组1 - Alerus reported quarterly earnings of $0.32 per share, exceeding the Zacks Consensus Estimate of $0.31 per share, but down from $0.40 per share a year ago, indicating an earnings surprise of 3.23% [1] - The company generated revenues of $47.54 million for the quarter, surpassing the Zacks Consensus Estimate by 0.30%, but down from $48.91 million year-over-year [1] - Over the last four quarters, Alerus has exceeded consensus EPS estimates three times and has topped consensus revenue estimates three times as well [1] 分组2 - Alerus shares have declined approximately 6.3% year-to-date, while the S&P 500 has gained 6.3% [2] - The future performance of Alerus stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [2] - The current consensus EPS estimate for the upcoming quarter is $0.40 on revenues of $49.9 million, and for the current fiscal year, it is $1.53 on revenues of $200.5 million [4] 分组3 - The Zacks Industry Rank for Financial - Miscellaneous Services is in the top 38% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [4] - Another company in the same industry, NerdWallet, Inc. (NRDS), is expected to report results for the quarter ended March 2024 on April 25, with a consensus EPS estimate of break-even and revenues expected to decline by 7.2% year-over-year [5]

Exhibit 99.1 Alan A. Villalon, Chief Financial Officer 952.417.3733 (Office) FOR RELEASE (04.24.2024) (1) Represents a non-GAAP financial measure. See "Non-GAAP to GAAP Reconciliations and Calculation of Non-GAAP Financial Measures." Results of Operations Net Interest Income ALERUS FINANCIAL CORPORATION REPORTS FIRST QUARTER 2024 NET INCOME OF $6.4 MILLION MINNEAPOLIS, MN (April 24, 2024) – Alerus Financial Corporation (Nasdaq: ALRS), or the Company, reported net income of $6.4 million for the first quarter ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39036 ALERUS FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 45-0375407 (State or other juri ...

MINNEAPOLIS--(BUSINESS WIRE)--Alerus Financial Corporation (NASDAQ: ALRS) announced that its board of directors declared a regular quarterly cash dividend of $0.19 per common share on February 27, 2024, a 5.56% increase over the dividend paid a year ago. The dividend is payable on April 12, 2024, to stockholders of record as of close of business on March 15, 2024. Current and historic dividend information, as well as quarterly financial statements, investor presentations, and earnings call transcripts are a ...

Core Insights - Alerus Financial Corporation announced the appointment of Forrest Wilson as Executive Vice President and Chief Retirement Services Officer, effective February 26, 2024 [1] Group 1: Leadership and Experience - Forrest Wilson has over 25 years of experience in the retirement industry, with expertise in both platform/recordkeeping and investment sectors [2] - His previous role was Senior Vice President of Retirement Plans Sales and Distribution at Ameritas Mutual Holding Company, where he was responsible for business strategy and successful acquisitions [2] - Wilson has held various management and sales leadership positions at firms including Allianz Global Investors, Aspire Financial Services, Empower, and Voya [2] Group 2: Responsibilities and Goals - As Chief Retirement Services Officer, Wilson will lead Alerus' retirement and benefits division, which serves over 8,000 employer-sponsored retirement plans and approximately 474,000 plan participants [3] - He will focus on aligning client-related areas with Alerus' client-centric approach, emphasizing the needs of third-party advisors, plan sponsors, and participants [3] Group 3: Strategic Alignment - Alerus' President and CEO, Katie Lorenson, highlighted Wilson's extensive experience and ability to lead high-performing teams, which aligns with the company's strategic objectives [4] - Wilson's track record includes integrating strategic acquisitions, accelerating organic growth, and improving client experience [4] Group 4: Company Overview - Alerus Financial Corporation is a commercial/wealth bank and national retirement services provider with offices in Grand Forks, North Dakota, and the Minneapolis-St. Paul, Minnesota metropolitan area [5] - The company offers diversified financial solutions, including banking, mortgage, retirement and benefits services, and wealth management [5] - Alerus has been providing retirement services since 1944 and serves a wide range of clients across the United States [6]

Core Insights - Alerus (ALRS) has shown strong year-to-date performance, returning approximately 3.5%, outperforming the Finance sector average of 1.8% [2][3] - The Zacks Rank for Alerus is 1 (Strong Buy), indicating a positive earnings outlook with a 19.5% increase in the consensus estimate for full-year earnings over the past 90 days [2][3] - Alerus is part of the Financial - Miscellaneous Services industry, which has gained an average of 3.2% this year, indicating better performance compared to its industry ranking of 157 [3] Company Performance - Alerus has outperformed the Finance sector, with a year-to-date return of 3.5% compared to the sector's average gain of 1.8% [2] - The stock's earnings outlook has improved significantly, with a 19.5% increase in the consensus earnings estimate over the last three months [2] - T. Rowe Price (TROW) is another Finance stock that has performed well, with a year-to-date increase of 2.1% and a consensus EPS estimate increase of 10.4% [2][3] Industry Context - The Financial - Miscellaneous Services industry, which includes Alerus, has seen an average gain of 3.2% this year, indicating a competitive performance within its sector [3] - In contrast, the Financial - Investment Management industry, to which T. Rowe Price belongs, has performed better with a 6.9% increase this year [3] - Alerus is ranked 8 in the Zacks Sector Rank, which includes 857 companies, reflecting its strong position within the Finance sector [1]