Alerus(US:ALRS)2021-01-28 15:48COVID-19 Response and Relief Programs - Alerus helped over 1,632 new and existing clients secure approximately $364 million in Paycheck Protection Program (PPP) funding relief[10, 14] - As of December 31, 2020, $836 million of PPP loans were forgiven or repaid[15] - Payment deferrals, maturity extensions, and payment modifications were offered to consumer, residential real estate (serviced and non-serviced), commercial real estate, and commercial & industrial loan groups[12, 13] Financial Performance and Capital Strength - For the year ended December 31, 2020, net income was $44675 thousand, or $252 earnings per common share – diluted[26] - The return on average tangible common equity was 1774% for the year ended December 31, 2020[26] - As of December 31, 2020, core deposits totaled $26 billion, representing 975% of total deposits[29] - Tangible Common Equity/Tangible Assets was 104%[16] - Total liquidity as of December 31, 2020, was approximately $1940909 thousand, including cash and cash equivalents of $172962 thousand and unencumbered securities of $431513 thousand[16] Asset Quality and Loan Portfolio - As of December 31, 2020, Nonperforming Assets (NPAs) / Assets was 017%[17] - Reserves / NPLs was 678% and Reserves / Loans was 173%[19] - The loan portfolio is well-diversified by total commitment, including unfunded commitments[22] - The company's residential real estate portfolio has an average FICO score of 754 for serviced loans and 779 for non-serviced loans[69] Business Segment Revenue Mix - Wealth Management accounted for 8% of revenue[42] - Market Sensitive Revenue accounted for 42%[46]