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Alerus Financial Corporation (ALRS+0.94%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $5.3 billion, an increase from $3.9 billion the previous year, driven by a $1.2 billion increase in loans and a $101.3 million increase in available-for-sale investment securities.
Net income for 2024 was $17.8 million, up from $11.7 million in 2023, with diluted earnings per share rising to $0.83 from $0.58. The increase in net income was primarily due to higher net interest income and noninterest income.
Net interest income increased by $19.2 million, reaching $107.0 million, as a result of higher interest income on loans and lower interest rates on deposits.
Noninterest income rose by $34.7 million to $114.9 million, primarily due to the absence of a $24.6 million loss on investment securities recorded in 2023 and a $4.3 million increase in wealth revenue.
Noninterest expense increased by $30.5 million to $180.7 million, driven by higher compensation expenses and professional fees, including acquisition-related expenses.
The provision for credit losses was $18.1 million, up from $2.1 million in 2023, primarily due to a $7.3 million provision related to the acquisition of HMN Financial, Inc.
The company's loan portfolio grew to $4.0 billion, with notable increases in commercial real estate and residential real estate loans.
Alerus Financial Corporation's retirement and benefit services segment reported assets under administration/management of $40.7 billion, an increase from $36.7 billion in 2023, driven by market gains.
The wealth segment's assets under administration/management reached $4.6 billion, up from $4.0 billion, supported by market improvements and client inflows.
The filing also details various risks, including interest rate fluctuations, credit risk, and regulatory changes, which could impact the company's financial condition and results of operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alerus Financial Corporation annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.