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    Alerus Financial (ALRS)

    Market Price (8/7/2026): $33.58 | Market Cap: $842.2 MilSector: Financials | Industry: Regional Banks

    Alerus Financial (ALRS)

    Market Price (8/7/2026): $33.58
    Market Cap: $842.2 Mil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, Dividend Yield is 2.5%, FCF Yield is 11%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38%

    Low stock price volatility
    Vol 12M is 24%

    Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology.

    Trading close to highs
    Dist 52W High is -1.6%, Dist 3Y High is -1.6%

    Expensive valuation multiples
    P/EPrice/Earnings or Price/(Net Income) is 30x

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%

    Key risks
    ALRS key risks include [1] significant exposure to interest rate volatility impacting its financial condition, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, Dividend Yield is 2.5%, FCF Yield is 11%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38%
    3 Low stock price volatility
    Vol 12M is 24%
    4 Megatrend and thematic drivers
    Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology.
    5 Trading close to highs
    Dist 52W High is -1.6%, Dist 3Y High is -1.6%
    6 Expensive valuation multiples
    P/EPrice/Earnings or Price/(Net Income) is 30x
    7 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%
    8 Key risks
    ALRS key risks include [1] significant exposure to interest rate volatility impacting its financial condition, Show more.

    ALRS in ETFs

    Weight = ALRS's share of each fund

    ITOT0.00%
    IWM0.03%
    IWN0.05%
    VTWO0.02%
    AVUV0.02%
    DFAS0.02%
    SCHA0.02%
    DFAC0.00%
    +3 more covered ETFs

    Valuation & Metrics

    FYE: 12/31ALRS [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$233.7 Mil—
    FY 2026 Sales$310.3 Mil—
    FY 2027 Sales$318.6 Mil—
    FY 2026 Sales Growth32.8%—
    FY 2027 Sales Growth2.7%13.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$27.7 Mil—
    FY 2026 Net Income (Non-GAAP)$77.3 Mil—
    FY 2027 Net Income (Non-GAAP)$71.0 Mil—
    FY 2027 Net Income Growth-8.1%19.0%
    FY 2026 EPS (Non-GAAP)$3.02—
    FY 2027 EPS (Non-GAAP)$2.81—
    FY 2027 EPS Growth-7.0%—
    VALUATION
    FY 2026 P/S2.71.7
    FY 2027 P/S2.6—
    FY 2026 P/E10.98.1
    FY 2027 P/E11.9—

    [1] ALRS forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    ALRSS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)0.2
    Rev Chg Q8.4%9.3%
    Rev Chg LTM-12.8%7.9%
    Rev Chg 3Y Avg9.8%5.8%
    PROFITABILITYFAIR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM40.9%21.8%
    Net Inc Mgn11.9%13.0%
    VALUATIONHIGH
    P/S3.63.3
    P/CFO8.815.7
    P/FCF9.420.3
    P/E30.424.1

    AI Analysis | Feedback

    MetricValueDateSource
    Retirement and Benefit Services Assets under Administration/Management44.0 billion9302025Link
    Wealth Management Assets under Administration/Management4.8 billion9302025Link
    Number of Full-Service Banking Offices2810302025Link
    Synergistic Deposits1.0 billion3312025Link
    Mortgage Origination Volume431 million7292020Link
    Number of new banking clients from PPP loans3707292020Link
    Net retention rate since Home Federal acquisitionover 97%10312025Link
    Percentage of commercial deposits with a treasury management relationshipOver 70%10312025Link

    Price Chart

    Upcoming
    10/29/2026Earnings ReleaseRev: $76 Mil (E)
    EPS: $0.67 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 8/1/2026

    Alerus Financial (ALRS) stock has gained about 25% since 4/30/2026 because of the following key factors:

    1. Alerus Financial (ALRS) reported strong financial results for fiscal Q2 2026 (ended June 2026), significantly exceeding analyst expectations for both earnings and revenue. The company posted adjusted earnings per share of $0.80, a 6.67% beat over the consensus estimate of $0.75. Furthermore, revenue reached $80.65 million, surpassing forecasts of $76.73 million by 5.11%. This marks the fourth consecutive quarter the company has surpassed both EPS and revenue estimates.

    2. The company demonstrated a dramatic improvement in credit quality during fiscal Q2 2026, which positively impacted investor sentiment and reduced earnings volatility. Nonperforming assets declined by 68.3% to $17.1 million as of June 30, 2026, down from $54.0 million as of March 31, 2026. This improvement was largely driven by the favorable resolution of the largest non-performing loan. Nonperforming assets to total assets also significantly decreased to 0.32% in fiscal Q2 2026 from 1.02% in fiscal Q1 2026.

    Show more
    Updated on 8/1/2026

    Alerus Financial (ALRS) stock has gained about 25% since 4/30/2026 because of the following key factors:

    1. Alerus Financial (ALRS) reported strong financial results for fiscal Q2 2026 (ended June 2026), significantly exceeding analyst expectations for both earnings and revenue. The company posted adjusted earnings per share of $0.80, a 6.67% beat over the consensus estimate of $0.75. Furthermore, revenue reached $80.65 million, surpassing forecasts of $76.73 million by 5.11%. This marks the fourth consecutive quarter the company has surpassed both EPS and revenue estimates.

    2. The company demonstrated a dramatic improvement in credit quality during fiscal Q2 2026, which positively impacted investor sentiment and reduced earnings volatility. Nonperforming assets declined by 68.3% to $17.1 million as of June 30, 2026, down from $54.0 million as of March 31, 2026. This improvement was largely driven by the favorable resolution of the largest non-performing loan. Nonperforming assets to total assets also significantly decreased to 0.32% in fiscal Q2 2026 from 1.02% in fiscal Q1 2026.

    3. Alerus experienced net interest margin expansion and robust growth in diversified fee income during fiscal Q2 2026. The tax-equivalent net interest margin expanded by 20 basis points from fiscal Q1 2026 to 3.97%. Net interest income rose 6.2% sequentially to $47.7 million, partially attributed to a one-time $1.6 million interest income recovery and $3.8 million in purchase accounting accretion. The company's diversified business model, with noninterest income contributing over 40% of total revenue, also provided stability and growth.

    4. Strategic capital management and increased shareholder returns further bolstered the stock's performance. Alerus maintained strong capital levels, with its Common Equity Tier 1 capital ratio improving to 10.81% in fiscal Q2 2026 from 10.60% in the prior quarter. During the quarter, the company repurchased $6.8 million of its common stock at an average price of $27.10 per share, reducing outstanding shares by 250,000. Additionally, Alerus increased its quarterly dividend by 4.76% to $0.22 per share.

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    Stock Movement Drivers

    Fundamental Drivers

    The 25.6% change in ALRS stock from 4/30/2026 to 8/6/2026 was primarily driven by a 50.0% change in the company's Net Income Margin (%).
    (LTM values as of)43020268062026Change
    Stock Price ($)26.7533.5925.6%
    Change Contribution By: 
    Total Revenues ($ Mil)2212345.9%
    Net Income Margin (%)7.9%11.9%50.0%
    P/E Multiple39.030.4-21.9%
    Shares Outstanding (Mil)25251.3%
    Cumulative Contribution25.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 8/6/2026
    ReturnCorrelation
    ALRS25.6% 
    Market (SPY)6.9%18.3%
    Sector (XLF)10.9%48.9%

    Fundamental Drivers

    The 38.6% change in ALRS stock from 1/31/2026 to 8/6/2026 was primarily driven by a 149.2% change in the company's P/E Multiple.
    (LTM values as of)13120268062026Change
    Stock Price ($)24.2333.5938.6%
    Change Contribution By: 
    Total Revenues ($ Mil)289234-19.2%
    Net Income Margin (%)17.4%11.9%-32.0%
    P/E Multiple12.230.4149.2%
    Shares Outstanding (Mil)25251.3%
    Cumulative Contribution38.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 8/6/2026
    ReturnCorrelation
    ALRS38.6% 
    Market (SPY)11.4%27.6%
    Sector (XLF)8.7%50.6%

    Fundamental Drivers

    The 64.5% change in ALRS stock from 7/31/2025 to 8/6/2026 was primarily driven by a 44.8% change in the company's P/E Multiple.
    (LTM values as of)73120258062026Change
    Stock Price ($)20.4233.5964.5%
    Change Contribution By: 
    Total Revenues ($ Mil)245234-4.6%
    Net Income Margin (%)10.1%11.9%17.7%
    P/E Multiple21.030.444.8%
    Shares Outstanding (Mil)25251.1%
    Cumulative Contribution64.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 8/6/2026
    ReturnCorrelation
    ALRS64.5% 
    Market (SPY)22.6%33.6%
    Sector (XLF)11.7%55.2%

    Fundamental Drivers

    The 90.1% change in ALRS stock from 7/31/2023 to 8/6/2026 was primarily driven by a 226.6% change in the company's P/E Multiple.
    (LTM values as of)73120238062026Change
    Stock Price ($)17.6733.5990.1%
    Change Contribution By: 
    Total Revenues ($ Mil)20723413.1%
    Net Income Margin (%)18.4%11.9%-35.5%
    P/E Multiple9.330.4226.6%
    Shares Outstanding (Mil)2025-20.1%
    Cumulative Contribution90.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 8/6/2026
    ReturnCorrelation
    ALRS90.1% 
    Market (SPY)73.8%40.4%
    Sector (XLF)71.0%53.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    ALRS Return9%-18%-0%-11%22%52%48%
    Peers Return29%-3%-6%26%0%21%78%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    ALRS Win Rate50%33%42%50%67%88% 
    Peers Win Rate70%48%47%55%50%68% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    ALRS Max Drawdown-25%-28%-42%-24%-26%-11% 
    Peers Max Drawdown-20%-25%-39%-14%-26%-17% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: UMBF, ONB, ASB, CBSH, GBCI.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 8/6/2026 (YTD)

    How Low Can It Go

    EventALRSS&P 500
    2025 US Tariff Shock
      % Loss-23.5%-18.8%
      % Gain to Breakeven30.8%23.1%
      Time to Breakeven25 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-31.9%-6.7%
      % Gain to Breakeven46.8%7.1%
      Time to Breakeven81 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-25.5%-24.5%
      % Gain to Breakeven34.2%32.4%
      Time to Breakeven1211 days427 days
    2020 COVID-19 Crash
      % Loss-29.2%-33.7%
      % Gain to Breakeven41.2%50.9%
      Time to Breakeven133 days140 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-21.2%-17.9%
      % Gain to Breakeven27.0%21.8%
      Time to Breakeven157 days123 days
    2008-2009 Global Financial Crisis
      % Loss-37.9%-53.4%
      % Gain to Breakeven61.1%114.4%
      Time to Breakeven1043 days1085 days

    Compare to UMBF, ONB, ASB, CBSH, GBCI

    In The Past

    Alerus Financial's stock fell -23.5% during the 2025 US Tariff Shock. Such a loss loss requires a 30.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventALRSS&P 500
    2025 US Tariff Shock
      % Loss-23.5%-18.8%
      % Gain to Breakeven30.8%23.1%
      Time to Breakeven25 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-31.9%-6.7%
      % Gain to Breakeven46.8%7.1%
      Time to Breakeven81 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-25.5%-24.5%
      % Gain to Breakeven34.2%32.4%
      Time to Breakeven1211 days427 days
    2020 COVID-19 Crash
      % Loss-29.2%-33.7%
      % Gain to Breakeven41.2%50.9%
      Time to Breakeven133 days140 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-21.2%-17.9%
      % Gain to Breakeven27.0%21.8%
      Time to Breakeven157 days123 days
    2008-2009 Global Financial Crisis
      % Loss-37.9%-53.4%
      % Gain to Breakeven61.1%114.4%
      Time to Breakeven1043 days1085 days

    Compare to UMBF, ONB, ASB, CBSH, GBCI

    In The Past

    Alerus Financial's stock fell -23.5% during the 2025 US Tariff Shock. Such a loss loss requires a 30.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Alerus Financial (ALRS)

    Alerus Financial Corporation (ALRS) is a diversified financial services company primarily serving businesses and consumers. Founded in 1879, it offers a broad range of solutions across four main segments: Banking, Retirement and Benefit Services, Wealth Management, and Mortgage. This structure allows Alerus to provide integrated financial guidance and products to its clientele.

    In its Banking segment, Alerus offers comprehensive deposit products like checking, savings, and CDs, alongside treasury management services for businesses and various lending options including commercial real estate, business term loans, and consumer mortgages. The Retirement and Benefit Services segment provides retirement plan administration, investment advisory, payroll, and health savings accounts, while Wealth Management focuses on financial planning, investment management, and trust services.

    Alerus primarily serves individuals and companies, with its banking operations concentrated in North Dakota, Minnesota, and Arizona through its fourteen offices. Its Retirement and Benefit plans, however, have a much broader reach, serving clients in all 50 states from offices located in Michigan, Minnesota, and Colorado. This blend of local banking presence and nationwide benefit services positions Alerus to cater to diverse financial needs.

    AI Analysis | Feedback

    Here are a few analogies to describe Alerus Financial:

    • A regional bank like U.S. Bank or PNC, but with a broader suite of wealth management and retirement services.
    • Think of it as a regionally focused Charles Schwab or Fidelity, but with a more extensive traditional banking and lending operation.

    AI Analysis | Feedback

    • Deposit Accounts: Offers various deposit products, including demand deposits, interest-bearing transaction accounts, money market accounts, and certificates of deposit.
    • Commercial Lending: Provides commercial loans, business term loans, lines of credit, and commercial real estate and construction loans.
    • Consumer Lending: Offers installment loans, lines of credit, and second mortgage loans to individual consumers.
    • Mortgage Lending: Specializes in providing residential first mortgage loans.
    • Treasury Management Services: Delivers services such as electronic receivables management, remote deposit capture, and cash vault services for businesses.
    • Retirement & Benefit Plan Administration: Provides retirement plan administration, investment advisory, employee stock ownership plans (ESOP), payroll, and health savings account services.
    • Wealth Management Services: Offers financial planning, investment management, personal and corporate trust, estate administration, and custody services.
    • Digital Banking & Card Services: Provides online banking, mobile banking, debit and credit cards, and various payment services.

    AI Analysis | Feedback

    Alerus Financial (ALRS) Major Customers

    Alerus Financial provides a diverse range of financial services to both businesses and consumers. Based on the services described, its major customers can be categorized as follows:
    • Businesses (Small to Medium-sized): These customers utilize Alerus for commercial loans (including real estate, term loans, and lines of credit), treasury management products (such as electronic receivables, remote deposit capture, and cash vault services), payroll services, and comprehensive employee retirement and benefit plan administration (including ESOPs, fiduciary services, and health savings accounts).
    • General Consumers/Individuals: This category includes individuals seeking personal banking services like demand deposits, interest-bearing accounts, checking, savings, and certificates of deposit. It also encompasses those seeking consumer lending products such as residential first mortgage loans, installment loans, and second mortgage loans, as well as debit and credit cards and mobile banking services.
    • Wealth Management & Trust Clients (High-Net-Worth Individuals and Corporate Entities): This segment comprises individuals and families requiring financial planning, investment management, personal and corporate trust services, estate administration, and custody services. These clients often utilize Alerus's private banking offerings.

    AI Analysis | Feedback

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    Katie Lorenson, President and Chief Executive Officer

    Katie Lorenson was appointed President and CEO of Alerus Financial in January 2022. She joined Alerus in December 2017 as Executive Vice President and Chief Financial Officer, where she spearheaded the company's initial public offering in 2019. Prior to her time at Alerus, Ms. Lorenson served as Chief Financial Officer for MidWestOne Financial Group, Inc. She also previously held the CFO position for Central Bancshares, Inc., which was acquired by MidWestOne Financial Group, Inc. in 2015. Earlier in her career, she worked as a manager on the financial institutions team for RSM (formerly McGladrey & Pullen).

    Al Villalon, Executive Vice President and Chief Financial Officer

    Al Villalon was named Chief Financial Officer and Executive Vice President of Alerus Financial in January 2022, succeeding Katie Lorenson in the role. He brings over 25 years of experience in financial services to the company. Before joining Alerus, Mr. Villalon served as Deputy Director of Investor Relations and Senior Vice President at U.S. Bank. He also spent a significant portion of his career in equity analyst research, including roles as a Senior Research Analyst at Thrivent Asset Management and Nuveen Asset Management/First American Funds Advisors.

    Karin Taylor, Executive Vice President and Chief Risk Officer

    Karin Taylor serves as the Executive Vice President and Chief Risk Officer at Alerus Financial.

    Jim Collins, Executive Vice President and Chief Banking & Revenue Officer

    Jim Collins holds the position of Executive Vice President and Chief Banking & Revenue Officer at Alerus Financial.

    Forrest R. Wilson, Executive Vice President and Chief Retirement Services Officer

    Forrest R. Wilson is the Executive Vice President and Chief Retirement Services Officer for Alerus Financial.

    ```

    AI Analysis | Feedback

    The key risks to Alerus Financial's business are:

    Credit Risk and Asset Quality

    Alerus Financial faces significant credit risk, evidenced by an increasing concern over its asset quality. The company experienced a substantial rise in non-performing assets, which were reported at $48.0 million as of September 30, 2024, a more than 450% increase from the previous quarter. This highlights the continuous challenge of unpredictable default risks among borrowers, which necessitates stringent underwriting and diligent monitoring practices to prevent financial repercussions. Deterioration in the credit quality of loan portfolios, particularly in commercial real estate and residential markets, or a decline in the value of collateral securing these loans, could lead to increased credit losses and a decrease in asset values.

    Sensitivity to Economic Conditions and Interest Rate Fluctuations

    As a financial services company, Alerus Financial is highly susceptible to shifts in broader economic activity, including changes in interest rates, inflation, and unemployment. A potential economic downturn or recession could adversely affect the company's banking operations and lead to outflows of assets under management from its wealth management division. Global financial market turbulence or a severe contraction in global and domestic economies could also negatively impact Alerus Financial Corporation's revenues and the valuation of its assets and liabilities.

    Merger Integration Challenges

    Alerus Financial Corporation faces potential risks related to the integration of HMN Financial following its merger, which concluded on October 9, 2024. The realization of anticipated benefits, such as enhanced revenues, expanded market reach, and operational efficiencies, depends heavily on the successful combination of the two companies. Difficulties in merging operations without disrupting existing customer relationships or losing clients could impede the achievement of these benefits, potentially leading to increased costs, reduced revenues, and an adverse impact on the company's financial health and stock performance.

    AI Analysis | Feedback

    Clear emerging threats for Alerus Financial (ALRS) include:

    • The rise of online-only mortgage lenders and digital mortgage platforms that offer streamlined, often faster, and fully digital application and approval processes. This directly threatens Alerus's traditional residential first mortgage loans business by providing a competing model focused on convenience and speed, similar to how Netflix challenged Blockbuster's physical distribution model.
    • The growing adoption of robo-advisors and low-cost digital wealth management platforms. These services provide automated, algorithm-driven investment advisory and financial planning services at significantly lower fees, posing a threat to Alerus's traditional human-advised Wealth Management and Retirement and Benefit Services segments by offering a more accessible and cost-effective alternative for many consumers and businesses.

    AI Analysis | Feedback

    Alerus Financial (ALRS) operates in several key financial services segments, each with significant addressable markets within the United States.

    Banking

    • Commercial Banking: The U.S. commercial banking market size is estimated at USD 226.44 billion in 2024, with projections to reach USD 269.28 billion by 2029. Other estimates place the market at USD 732.5 billion in 2025, forecasted to reach USD 915.45 billion by 2030. This segment includes various commercial loans, lines of credit, and treasury management products.
    • Retail/Consumer Banking: The United States retail banking market was valued at USD 870 billion in 2025 and is estimated to grow to USD 1,112.2 billion by 2031. Another report indicates the U.S. market generated USD 1.28 trillion in 2025. This market encompasses deposit products, consumer lending, and various transactional services.
    • Commercial Real Estate Lending: Total commercial real estate (CRE) mortgage borrowing and lending in the U.S. was estimated at USD 498 billion in 2024.
    • Residential Mortgage Lending: The U.S. home loan market size is estimated at USD 2.42 trillion in 2026 and is projected to grow to USD 3.17 trillion by 2031. Another source indicates the residential mortgage loan market size is estimated at USD 12,500.75 billion in 2024 and projected to reach USD 21,500.40 billion by 2032.

    Retirement and Benefit Services

    • Overall U.S. Retirement Market: The U.S. retirement market assets were estimated at roughly USD 36 trillion as of 2024, with projections to reach USD 52 trillion by 2030. This broad market includes various retirement-related accounts and plans.
    • Payroll Services: The U.S. payroll services market is estimated at USD 8.44 billion in 2025 and is expected to reach USD 11.06 billion by 2030.
    • ESOP Administration: Specific market size for ESOP administration was not found.
    • Health Savings Accounts (HSAs): Specific market size for Health Savings Accounts (HSA) was not found.

    Wealth Management

    • Financial Advisory/Wealth Management (Assets Under Management): The USA Financial Advisory Market, in terms of assets under management value, is expected to grow from USD 90.54 trillion in 2025 to USD 101.74 trillion by 2030. This includes financial planning, investment management, and related advisory services.
    • Financial Planning Services: The U.S. Financial Advisory Services Market size was USD 28.81 billion in 2025 and is expected to reach USD 40.08 billion by 2033.
    • Investment Management/Portfolio Management & Investment Advice: The market size of Portfolio Management & Investment Advice in the U.S. is estimated at USD 603.0 billion in 2025.
    • Trust and Estate Administration Services: The Trusts & Estates market in the U.S. was valued at USD 283.6 billion in 2024 and is projected to be USD 290.1 billion in 2025. The global Trust and Estate Administration Market size is estimated to be valued at USD 20 billion in 2025 and is expected to reach USD 35 billion by 2032.

    AI Analysis | Feedback

    Alerus Financial (ALRS) is expected to drive future revenue growth over the next two to three years through several strategic initiatives and anticipated market conditions:
    • Organic Loan Growth: Alerus Financial anticipates mid-single-digit loan growth for 2026. This growth is expected to be fueled approximately 70% by market disruption and talent acquisition, with the remaining 30% attributed to underlying economic growth. The company has seen recent loan growth driven by multifamily real estate, commercial and industrial (C&I), and residential real estate loans.
    • Expansion in Retirement and Benefit Services: This segment is a significant fee-income generator, with revenue increasing in recent quarters. Growth is primarily driven by asset-based fees and a slight increase in recordkeeping fees, supported by an increase in assets under administration and management. As a national retirement plan provider, Alerus is positioned for continued expansion in this area.
    • Growth in Wealth Management: Alerus expects to see increased revenue from its Wealth Management segment, partly due to a major platform upgrade completed to enhance client and adviser experience. This upgrade is intended to lay the groundwork for future recruiting and client growth, driving an increase in asset-based fees.
    • Stable to Improving Net Interest Margin (NIM): The company projects its Net Interest Margin to range between 3.35% and 3.45% for 2026. This stability and potential improvement are supported by disciplined pricing strategies, healthy new loan spreads, and the expectation that any future reductions in the Fed funds rate could further enhance the net interest margin.
    • Overall Noninterest Income Expansion: Beyond the specific segments, Alerus Financial forecasts mid-single-digit growth in its noninterest income for 2026. This broader category of fee-based services, which includes contributions from retirement and wealth management, exceeded 40% of total revenues and grew 7% year over year in 2025.

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    Share Repurchases

    • Alerus Financial's board of directors authorized a new stock repurchase program on December 14, 2023, allowing for the repurchase of up to 1,000,000 shares of its common stock.
    • This new program became effective on February 18, 2024, and is set to expire on February 18, 2027.
    • The new program superseded an existing stock repurchase program that was initially announced on February 22, 2021.

    Share Issuance

    • In October 2024, Alerus Financial acquired HMN Financial, Inc. (HMNF) in a stock-for-stock transaction valued at $123.6 million, which resulted in adding $867.5 million in loans and $957.6 million in deposits.
    • Following the acquisition of Home Federal, the company had over 25.3 million outstanding shares, aligning with the original deal assumptions.
    • An amendment to the Alerus Financial Corporation Employee Stock Ownership Plan on or about June 9, 2022, included the transfer of Safe Harbor Match Accounts and Safe Harbor Match Dividend Accounts in cash to the Alerus Financial Corporation Safe Harbor 401k Plan.

    Outbound Investments

    • On December 15, 2023, Alerus Financial sold $172.3 million of available-for-sale securities, using the proceeds to reinvest into higher-yielding loans and to reduce borrowings.
    • The company sold $360 million of available-for-sale securities on December 23, 2025, which constituted over 68% of its total AFS securities, and reinvested the cash proceeds into new, higher-yielding investment securities as part of a strategic balance sheet repositioning.
    • Alerus has a history of supplementing its organic growth through acquisitions, having completed 26 acquisitions over its history, with 16 in Banking and 10 in Retirement and Benefits.

    Capital Expenditures

    • Alerus Financial's capital expenditures were reported as $1.8 million in 2022, $3.2 million in 2023, $1.7 million in 2024, and $3.8 million in 2025.
    • The company increased spending on technology and occupancy to support growth.
    • Alerus is committed to continued investment in talent and technology.

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    Peer Comparisons

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    Financials

    ALRSUMBFONBASBCBSHGBCIMedian
    NameAlerus F.UMB Fina.Old Nati.Associat.Commerce.Glacier . 
    Mkt Price33.59145.1326.6731.1659.1348.5041.05
    Mkt Cap0.811.010.25.98.56.37.4
    Rev LTM2342,6952,8231,6031,9001,1631,752
    Op Inc LTM-------
    FCF LTM891,0419406801,213407810
    FCF 3Y Avg42726660556734332608
    CFO LTM961,0899877191,262445853
    CFO 3Y Avg50760697601786374649

    Growth & Margins

    ALRSUMBFONBASBCBSHGBCIMedian
    NameAlerus F.UMB Fina.Old Nati.Associat.Commerce.Glacier . 
    Rev Chg LTM-12.8%41.7%34.1%46.4%10.8%32.5%33.3%
    Rev Chg 3Y Avg9.8%27.5%14.7%9.5%6.4%11.8%10.8%
    Rev Chg Q8.4%14.2%13.2%23.2%14.7%32.2%14.4%
    QoQ Delta Rev Chg LTM2.7%3.5%3.1%5.6%3.6%6.9%3.5%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM40.9%40.4%35.0%44.9%66.4%38.2%40.6%
    CFO/Rev 3Y Avg21.5%37.7%30.5%48.1%44.1%40.1%38.9%
    FCF/Rev LTM38.2%38.6%33.3%42.4%63.9%35.0%38.4%
    FCF/Rev 3Y Avg17.7%36.1%28.8%44.4%41.1%35.3%35.7%

    Valuation

    ALRSUMBFONBASBCBSHGBCIMedian
    NameAlerus F.UMB Fina.Old Nati.Associat.Commerce.Glacier . 
    Mkt Cap0.811.010.25.98.56.37.4
    P/S3.64.13.63.74.55.43.9
    P/Op Inc-------
    P/EBIT-------
    P/E30.411.711.511.614.620.313.2
    P/CFO8.810.110.38.26.814.29.5
    Total Yield5.8%9.9%11.0%11.4%8.7%7.6%9.3%
    Dividend Yield2.5%1.4%2.3%2.8%1.8%2.7%2.4%
    FCF Yield 3Y Avg6.2%9.8%8.6%13.2%8.9%6.2%8.7%
    D/E0.50.00.80.90.00.10.3
    Net D/E-0.2-1.30.6-0.5-0.6-0.7-0.6

    Returns

    ALRSUMBFONBASBCBSHGBCIMedian
    NameAlerus F.UMB Fina.Old Nati.Associat.Commerce.Glacier . 
    1M Rtn8.2%-0.6%0.9%1.5%0.5%-6.7%0.7%
    3M Rtn25.7%11.0%11.0%10.4%13.3%0.0%11.0%
    6M Rtn34.2%10.7%5.6%10.5%9.9%-5.7%10.2%
    12M Rtn67.0%33.8%31.9%34.4%5.1%13.5%32.9%
    3Y Rtn85.6%110.4%67.5%85.4%28.4%57.0%76.5%
    1M Excs Rtn7.7%-0.9%0.6%1.5%-0.4%-6.5%0.1%
    3M Excs Rtn20.7%4.0%4.5%4.2%8.5%-6.6%4.3%
    6M Excs Rtn19.0%-0.4%-6.8%-1.8%-2.0%-19.6%-1.9%
    12M Excs Rtn43.4%9.9%8.4%10.5%-18.2%-9.9%9.2%
    3Y Excs Rtn20.3%51.1%5.1%22.0%-39.6%-4.4%12.7%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/3/20265/1/20263/4/202611/5/20258/5/20255/6/20253/14/202510/31/20248/8/20245/2/20243/8/202411/2/2023
    Key Financials Quarterly            
    Total Revenue80757727468765051472248
    Net Income2123-33172013-0566-159
    EPS0.820.90-1.280.660.790.520.130.260.310.32-0.740.46
    Key Financials TTM            
    Total Revenue TTM234228221289268245224170168165166196
    Net Income TTM2827175039251837101237
    Growth Rates Quarterly            
    Total Revenue Growth8.4%10.0%-90.6%42.5%45.1%44.9%245.0%4.4%6.5%-2.7%-57.8%-12.4%
    Net Income Growth3.0%72.5%-49978.8%225.0%226.2%107.0%99.6%-43.2%-31.8%-21.4%-235.3%-4.8%
    Margins Quarterly            
    Net Income Margin26.1%30.6%-467.5%23.7%27.4%19.5%-0.1%10.4%12.2%13.7%-67.4%19.0%
    Cash & Debt            
    Total Cash5896095446236226516495328971,018617705
    Total Debt447302404296277278317269619619379265
    Net Debt / (Cash)-142-308-140-327-345-373-332-263-278-399-238-440
    Cash Flows Quarterly            
    FCF from Operations19281633118220-1212213
    Cash Flows TTM            
    FCF from Operations TTM968868534118222114412773
    Returns to Shareholders Quarterly            
    Dividends655555444444
    Share Repurchases770000000021
    Return on Invested Capital (ROIC) Quarterly            
    ROIC60.3%--85.2%---------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM20.0%-11.2%---------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Banking1331318412593
    Retirement and benefit services6664656772
    Wealth2826222121
    Corporate Administration-31-3-2-2
    Mortgage    50
    Total224222168211234


    Assets by Segment
    $ Mil20252024202320222021
    Banking5,1305,1823,8343,7073,255
    Corporate Administration6442352713
    Retirement and benefit services3032344145
    Wealth65544
    Mortgage    76
    Total5,2305,2623,9083,7803,393


    Price Behavior

    Price Behavior
    Market Price$33.59 
    Market Cap ($ Bil)0.9 
    First Trading Date02/23/2007 
    Distance from 52W High-1.6% 
       50 Days200 Days
    DMA Price$30.92$25.38
    DMA Trendupup
    Distance from DMA8.6%32.4%
     3M1YR
    Volatility19.9%24.2%
    Downside Capture-1.2030.70
    Upside Capture96.6982.12
    Correlation (SPY)18.5%31.9%
    ALRS Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta0.650.140.220.410.640.81
    Up Beta0.37-0.29-0.020.030.760.73
    Down Beta0.07-0.33-0.230.170.620.89
    Up Capture147%102%95%93%75%67%
    Bmk +ve Days11223567138427
    Stock +ve Days12293975129389
    Down Capture41%-6%-1%35%44%92%
    Bmk -ve Days11212859114326
    Stock -ve Days10142451119355

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ALRS
    ALRS66.1%24.1%2.04-
    Sector ETF (XLF)13.2%14.6%0.6354.1%
    Equity (SPY)23.5%12.9%1.3731.6%
    Gold (GLD)25.3%28.3%0.79-0.9%
    Commodities (DBC)32.4%19.8%1.30-18.0%
    Real Estate (VNQ)12.9%13.8%0.6438.9%
    Bitcoin (BTCUSD)-43.6%43.0%-1.2124.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ALRS
    ALRS7.2%32.6%0.26-
    Sector ETF (XLF)11.3%18.4%0.4752.0%
    Equity (SPY)13.2%17.2%0.5942.5%
    Gold (GLD)17.9%18.5%0.781.2%
    Commodities (DBC)8.0%19.6%0.317.0%
    Real Estate (VNQ)2.3%18.9%0.0243.3%
    Bitcoin (BTCUSD)10.0%53.0%0.3819.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ALRS
    ALRS7.4%34.7%0.38-
    Sector ETF (XLF)13.7%22.1%0.5748.3%
    Equity (SPY)15.3%17.9%0.7341.3%
    Gold (GLD)11.8%16.2%0.593.1%
    Commodities (DBC)7.4%18.0%0.3314.7%
    Real Estate (VNQ)4.9%20.7%0.2040.8%
    Bitcoin (BTCUSD)58.3%66.2%0.9816.4%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity1.2 Mil
    Short Interest: % Change Since 63020269.2%
    Average Daily Volume0.2 Mil
    Days-to-Cover Short Interest5.8 days
    Basic Shares Quantity25.1 Mil
    Short % of Basic Shares4.9%

    Returns Analyses

    Earnings Returns History

    Updated 8/7/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/29/20261.9%2.5% 
    4/29/20264.6%4.8%11.0%
    1/28/20262.4%9.4%0.2%
    10/30/2025-0.4%-0.8%2.3%
    7/28/20256.2%-5.9%2.3%
    4/28/202513.3%18.1%18.1%
    1/28/20253.8%7.6%0.4%
    10/29/2024-13.9%-11.7%-7.6%
    ...
    SUMMARY STATS   
    # Positive161316
    # Negative8117
    Median Positive4.0%4.8%5.5%
    Median Negative-1.9%-2.8%-4.9%
    Max Positive13.3%18.1%18.1%
    Max Negative-13.9%-11.7%-11.6%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/29/20261.9%2.5% 
    4/29/20264.6%4.8%11.0%
    1/28/20262.4%9.4%0.2%
    10/30/2025-0.4%-0.8%2.3%
    7/28/20256.2%-5.9%2.3%
    4/28/202513.3%18.1%18.1%
    1/28/20253.8%7.6%0.4%
    10/29/2024-13.9%-11.7%-7.6%
    7/24/20240.3%2.3%-1.9%
    4/24/2024-2.2%-5.8%-8.3%
    1/24/20245.8%4.5%-0.0%
    10/25/20231.7%-0.4%6.6%
    7/26/20230.8%1.7%-4.9%
    4/26/20234.8%-2.8%16.2%
    1/25/2023-11.1%-10.8%-11.6%
    10/26/2022-1.6%-2.5%5.8%
    7/27/20227.2%11.4%12.2%
    4/27/20225.2%5.9%1.6%
    1/26/20222.9%2.8%5.2%
    10/27/20214.1%9.8%-1.4%
    7/28/2021-0.4%-0.6%1.1%
    4/28/2021-0.0%-1.1%12.5%
    1/27/2021-7.5%-3.3%1.9%
    10/28/20201.1%4.4%15.1%
    SUMMARY STATS   
    # Positive161316
    # Negative8117
    Median Positive4.0%4.8%5.5%
    Median Negative-1.9%-2.8%-4.9%
    Max Positive13.3%18.1%18.1%
    Max Negative-13.9%-11.7%-11.6%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/03/202610-Q
    03/31/202605/01/202610-Q
    12/31/202503/04/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/06/202510-Q
    12/31/202403/14/202510-K
    09/30/202410/31/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/02/202410-Q
    12/31/202303/08/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/08/202310-Q
    12/31/202203/13/202310-K
    09/30/202211/03/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/03/202610-Q
    03/31/202605/01/202610-Q
    12/31/202503/04/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/06/202510-Q
    12/31/202403/14/202510-K
    09/30/202410/31/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/02/202410-Q
    12/31/202303/08/202410-K
    09/30/202311/02/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/08/202310-Q
    12/31/202203/13/202310-K
    09/30/202211/03/202210-Q
    06/30/202208/04/202210-Q
    03/31/202205/06/202210-Q
    12/31/202103/11/202210-K
    09/30/202111/04/202110-Q
    06/30/202108/05/202110-Q
    03/31/202105/06/202110-Q
    12/31/202003/12/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/13/202010-Q
    12/31/201903/26/202010-K
    09/30/201911/07/201910-Q

    Insider Activity

    Updated 7/6/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Bolton, Jeffrey DirectBuy529202628.711,00028,715406,691Form
    2Villalon, AlanEVP & Chief Financial OfficerDirectBuy804202521.212,35049,844224,550Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Bolton, Jeffrey DirectBuy529202628.711,00028,715406,691Form
    2Villalon, AlanEVP & Chief Financial OfficerDirectBuy804202521.212,35049,844224,550Form

    Investor Activity (13F)

    Updated Aug 7, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Endeavour Capital Advisors Inc$13.3 Mil3.0%42ADD +8.8%13F
    Stieven Capital Advisors, L.P.$8.0 Mil1.7%35New13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Stieven Capital Advisors, L.P.$8.0 Mil1.7%35New13F
    Endeavour Capital Advisors Inc$13.3 Mil3.0%42ADD +8.8%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Endeavour Capital Advisors Inc$13.3 Mil3.0%42ADD +8.8%13F
    Stieven Capital Advisors, L.P.$8.0 Mil1.7%35New13F

    Alerus Financial — Investor Video Playlist

    Industry Resources

    External Quote Links


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