Alerus Financial (ALRS)
Market Price (6/7/2026): $28.94 | Market Cap: $734.5 MilSector: Financials | Industry: Regional Banks
Alerus Financial (ALRS)
Market Price (6/7/2026): $28.94Market Cap: $734.5 MilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 2.8%, FCF Yield is 11% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -42% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35% Low stock price volatilityVol 12M is 26% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 27x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.1% Key risksALRS key risks include [1] significant exposure to interest rate volatility impacting its financial condition, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 2.8%, FCF Yield is 11% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -42% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 27x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.1% |
| Key risksALRS key risks include [1] significant exposure to interest rate volatility impacting its financial condition, Show more. |
Qualitative Assessment
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Updated on 6/1/2026
Alerus Financial (ALRS) stock has gained about 20% since 2/28/2026 because of the following key factors:
1. Strong First Quarter 2026 Earnings Beat.
Alerus Financial reported robust first-quarter 2026 earnings on April 29, 2026, significantly surpassing analyst expectations. The company announced an Earnings Per Share (EPS) of $0.89, beating the consensus estimate of $0.58 by $0.31, representing a 50.85% surprise. Revenue also exceeded forecasts, coming in at $75.78 million against an estimated $73.78 million. Net income for the quarter surged to $23.0 million, a substantial increase from $13.3 million in the first quarter of 2025.
2. Increased Quarterly Cash Dividend.
On May 21, 2026, Alerus Financial's board of directors declared a regular quarterly cash dividend of $0.22 per common share. This represents a 4.76% increase over the dividend paid a year ago, signaling the company's confidence in its financial performance and commitment to returning value to shareholders. The dividend is payable on July 10, 2026.
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Alerus Financial (ALRS) stock has gained about 20% since 2/28/2026 because of the following key factors:
1. Strong First Quarter 2026 Earnings Beat.
Alerus Financial reported robust first-quarter 2026 earnings on April 29, 2026, significantly surpassing analyst expectations. The company announced an Earnings Per Share (EPS) of $0.89, beating the consensus estimate of $0.58 by $0.31, representing a 50.85% surprise. Revenue also exceeded forecasts, coming in at $75.78 million against an estimated $73.78 million. Net income for the quarter surged to $23.0 million, a substantial increase from $13.3 million in the first quarter of 2025.
2. Increased Quarterly Cash Dividend.
On May 21, 2026, Alerus Financial's board of directors declared a regular quarterly cash dividend of $0.22 per common share. This represents a 4.76% increase over the dividend paid a year ago, signaling the company's confidence in its financial performance and commitment to returning value to shareholders. The dividend is payable on July 10, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 22.5% change in ALRS stock from 2/28/2026 to 6/7/2026 was primarily driven by a 127.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6072026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.63 | 28.94 | 22.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 289 | 228 | -21.3% |
| Net Income Margin (%) | 17.4% | 11.9% | -31.7% |
| P/E Multiple | 11.9 | 27.1 | 127.8% |
| Shares Outstanding (Mil) | 25 | 25 | 0.1% |
| Cumulative Contribution | 22.5% |
Market Drivers
2/28/2026 to 6/7/2026| Return | Correlation | |
|---|---|---|
| ALRS | 22.5% | |
| Market (SPY) | 7.8% | 34.2% |
| Sector (XLF) | 2.2% | 45.5% |
Fundamental Drivers
The 36.8% change in ALRS stock from 11/30/2025 to 6/7/2026 was primarily driven by a 154.5% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6072026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.15 | 28.94 | 36.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 289 | 228 | -21.3% |
| Net Income Margin (%) | 17.4% | 11.9% | -31.7% |
| P/E Multiple | 10.7 | 27.1 | 154.5% |
| Shares Outstanding (Mil) | 25 | 25 | 0.1% |
| Cumulative Contribution | 36.8% |
Market Drivers
11/30/2025 to 6/7/2026| Return | Correlation | |
|---|---|---|
| ALRS | 36.9% | |
| Market (SPY) | 8.5% | 31.5% |
| Sector (XLF) | -1.1% | 51.6% |
Fundamental Drivers
The 42.9% change in ALRS stock from 5/31/2025 to 6/7/2026 was primarily driven by a 30.2% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6072026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.25 | 28.94 | 42.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 245 | 228 | -7.1% |
| Net Income Margin (%) | 10.1% | 11.9% | 18.3% |
| P/E Multiple | 20.8 | 27.1 | 30.2% |
| Shares Outstanding (Mil) | 25 | 25 | -0.1% |
| Cumulative Contribution | 42.9% |
Market Drivers
5/31/2025 to 6/7/2026| Return | Correlation | |
|---|---|---|
| ALRS | 43.0% | |
| Market (SPY) | 26.6% | 38.4% |
| Sector (XLF) | 4.2% | 55.0% |
Fundamental Drivers
The 95.0% change in ALRS stock from 5/31/2023 to 6/7/2026 was primarily driven by a 246.6% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6072026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.84 | 28.94 | 95.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 207 | 228 | 10.1% |
| Net Income Margin (%) | 18.4% | 11.9% | -35.2% |
| P/E Multiple | 7.8 | 27.1 | 246.6% |
| Shares Outstanding (Mil) | 20 | 25 | -21.1% |
| Cumulative Contribution | 95.0% |
Market Drivers
5/31/2023 to 6/7/2026| Return | Correlation | |
|---|---|---|
| ALRS | 95.1% | |
| Market (SPY) | 83.4% | 40.2% |
| Sector (XLF) | 72.8% | 53.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ALRS Return | 9% | -18% | -0% | -11% | 22% | 29% | 25% |
| Peers Return | 29% | -3% | -6% | 26% | 0% | 8% | 59% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| ALRS Win Rate | 50% | 33% | 42% | 50% | 67% | 83% | |
| Peers Win Rate | 70% | 48% | 47% | 55% | 50% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
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 6/5/2026 (YTD)
How Low Can It Go
| Event | ALRS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.5% | -18.8% |
| % Gain to Breakeven | 30.8% | 23.1% |
| Time to Breakeven | 25 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.9% | -6.7% |
| % Gain to Breakeven | 46.8% | 7.1% |
| Time to Breakeven | 81 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.5% | -24.5% |
| % Gain to Breakeven | 34.2% | 32.4% |
| Time to Breakeven | 1211 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.2% | -33.7% |
| % Gain to Breakeven | 41.2% | 50.9% |
| Time to Breakeven | 133 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.2% | -17.9% |
| % Gain to Breakeven | 27.0% | 21.8% |
| Time to Breakeven | 157 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 1043 days | 1085 days |
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.
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| Event | ALRS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.5% | -18.8% |
| % Gain to Breakeven | 30.8% | 23.1% |
| Time to Breakeven | 25 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.9% | -6.7% |
| % Gain to Breakeven | 46.8% | 7.1% |
| Time to Breakeven | 81 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -25.5% | -24.5% |
| % Gain to Breakeven | 34.2% | 32.4% |
| Time to Breakeven | 1211 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.2% | -33.7% |
| % Gain to Breakeven | 41.2% | 50.9% |
| Time to Breakeven | 133 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.2% | -17.9% |
| % Gain to Breakeven | 27.0% | 21.8% |
| Time to Breakeven | 157 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 1043 days | 1085 days |
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, through its subsidiary, Alerus Financial, National Association, provides various financial services to businesses and consumers. The company operates in four segments: Banking, Retirement and Benefit Services, Wealth Management, and Mortgage. It offers various deposit products, including demand deposits, interest-bearing transaction accounts, money market accounts, time and savings deposits, checking accounts, and certificates of deposit; and treasury management products, including electronic receivables management, remote deposit capture, cash vault services, merchant services, and other cash management services. The company also provides commercial loans, business term loans, lines of credit, and commercial real estate loans, as well as construction and land development loans; consumer lending products, including residential first mortgage loans; installment loans and lines of credit; and second mortgage loans. In addition, it offers retirement plan administration and investment advisory services, employee stock ownership plan, fiduciary services, payroll, health savings accounts, and other benefit services, as well as individual retirement accounts; and financial planning, investment management, personal and corporate trust, estate administration, and custody services. Further, the company provides debit and credit cards, online banking, mobile banking/wallet, payment, private banking, payroll accounts, flex spending accounts, administration, and government health insurance program services. It offers banking services through fourteen offices in North Dakota, Minnesota, and Arizona; and retirement and benefit plans in 50 states through offices located in Michigan, Minnesota, and Colorado. The company was formerly known as First National Bank North Dakota and changed its name to Alerus Financial Corporation in 2000. Alerus Financial Corporation was founded in 1879 and is headquartered in Grand Forks, North Dakota.
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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.
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- 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.
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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.
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```htmlKatie 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.
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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.
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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.
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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.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Alerus Financial Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 38.04 |
| Mkt Cap | 6.9 |
| Rev LTM | 1,677 |
| Op Inc LTM | - |
| FCF LTM | 672 |
| FCF 3Y Avg | 574 |
| CFO LTM | 716 |
| CFO 3Y Avg | 617 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 35.8% |
| Rev Chg 3Y Avg | 8.3% |
| Rev Chg Q | 25.1% |
| QoQ Delta Rev Chg LTM | 5.5% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 38.9% |
| CFO/Rev 3Y Avg | 39.7% |
| FCF/Rev LTM | 36.2% |
| FCF/Rev 3Y Avg | 36.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.9 |
| P/S | 3.6 |
| P/Op Inc | - |
| P/EBIT | - |
| P/E | 12.8 |
| P/CFO | 9.0 |
| Total Yield | 8.8% |
| Dividend Yield | 2.3% |
| FCF Yield 3Y Avg | 9.3% |
| D/E | 0.2 |
| Net D/E | -0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.0% |
| 3M Rtn | 10.1% |
| 6M Rtn | 10.9% |
| 12M Rtn | 18.7% |
| 3Y Rtn | 79.7% |
| 1M Excs Rtn | -2.7% |
| 3M Excs Rtn | 0.6% |
| 6M Excs Rtn | 3.3% |
| 12M Excs Rtn | -2.0% |
| 3Y Excs Rtn | 26.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Banking | 131 | 84 | 106 | 93 | 95 |
| Retirement and benefit services | 64 | 65 | 67 | 72 | 61 |
| Wealth | 26 | 22 | 21 | 21 | 17 |
| Corporate Administration | 1 | -3 | -2 | -2 | -4 |
| Mortgage | 19 | 50 | 64 | ||
| Total | 222 | 168 | 211 | 234 | 233 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Banking | 5,182 | 3,834 | 3,698 | 3,255 | 2,828 |
| Corporate Administration | 42 | 35 | 27 | 13 | 10 |
| Retirement and benefit services | 32 | 34 | 41 | 45 | 48 |
| Wealth | 5 | 5 | 4 | 4 | 3 |
| Mortgage | 11 | 76 | 125 | ||
| Total | 5,262 | 3,908 | 3,780 | 3,393 | 3,014 |
Price Behavior
Price Behavior
| Market Price | $28.95 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $26.34 | $23.49 |
| DMA Trend | up | up |
| Distance from DMA | 9.9% | 23.3% |
| 3M | 1YR | |
| Volatility | 21.4% | 26.2% |
| Downside Capture | 27.87 | 59.59 |
| Upside Capture | 92.21 | 84.87 |
| Correlation (SPY) | 37.7% | 40.2% |
ALRS Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.73 | 0.74 | 0.55 | 0.65 | 0.86 | 0.86 |
| Up Beta | 1.09 | 0.61 | 0.09 | 0.55 | 1.09 | 0.76 |
| Down Beta | 0.73 | 0.57 | 0.72 | 0.95 | 1.04 | 0.97 |
| Up Capture | 83% | 105% | 94% | 86% | 75% | 72% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 23 | 35 | 67 | 125 | 383 |
| Down Capture | 26% | 43% | 41% | 27% | 66% | 94% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 18 | 28 | 57 | 121 | 359 |
[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 | |
|---|---|---|---|---|
| ALRS | 43.7% | 26.1% | 1.35 | - |
| Sector ETF (XLF) | 4.6% | 14.6% | 0.09 | 55.0% |
| Equity (SPY) | 25.3% | 12.1% | 1.57 | 38.3% |
| Gold (GLD) | 27.6% | 26.9% | 0.88 | -0.3% |
| Commodities (DBC) | 36.9% | 19.0% | 1.52 | -13.2% |
| Real Estate (VNQ) | 12.5% | 13.3% | 0.63 | 35.6% |
| Bitcoin (BTCUSD) | -42.0% | 42.5% | -1.16 | 26.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALRS | |
|---|---|---|---|---|
| ALRS | 0.9% | 33.0% | 0.08 | - |
| Sector ETF (XLF) | 8.5% | 18.6% | 0.34 | 51.5% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 42.3% |
| Gold (GLD) | 17.3% | 18.1% | 0.78 | 1.9% |
| Commodities (DBC) | 9.5% | 19.4% | 0.38 | 9.6% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | 42.4% |
| Bitcoin (BTCUSD) | 11.3% | 54.6% | 0.40 | 17.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ALRS | |
|---|---|---|---|---|
| ALRS | 5.8% | 35.0% | 0.32 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 48.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 41.5% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 3.6% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 15.7% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 40.7% |
| Bitcoin (BTCUSD) | 63.3% | 66.9% | 1.03 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 4.6% | 4.8% | 11.0% |
| 1/28/2026 | 2.4% | 9.4% | 0.2% |
| 10/30/2025 | -0.4% | -0.8% | 2.3% |
| 7/28/2025 | 6.2% | -5.9% | 2.3% |
| 4/28/2025 | 13.3% | 18.1% | 18.1% |
| 1/28/2025 | 3.8% | 7.6% | 0.4% |
| 10/29/2024 | -13.9% | -11.7% | -7.6% |
| 7/24/2024 | 0.3% | 2.3% | -1.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 13 | 17 |
| # Negative | 7 | 11 | 7 |
| Median Positive | 3.8% | 4.8% | 5.8% |
| Median Negative | -1.6% | -2.5% | -4.9% |
| Max Positive | 13.3% | 18.1% | 18.1% |
| Max Negative | -13.9% | -11.7% | -11.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 03/04/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/13/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
Insider Activity
Updated 5/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bolton, Jeffrey | Direct | Buy | 5292026 | 28.71 | 1,000 | 28,715 | 406,691 | Form | |
| 2 | Villalon, Alan | EVP & Chief Financial Officer | Direct | Buy | 8042025 | 21.21 | 2,350 | 49,844 | 224,550 | Form |
| 3 | Wilson, Forrest | EVP & Chief Ret. Svcs. Officer | Direct | Buy | 5052025 | 19.93 | 5,000 | 99,650 | 283,086 | Form |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/7/2026