Earnings Releases·Oct 28, 2026, 4:31 PM ET

Alerus Financial Corporation — Third Quarter 2026 Earnings Summary

Net income declined 8.1% year-over-year to $19.2 million ($0.76 per diluted share) and 8.1% quarter-over-quarter, while net interest income rose 8.3% year-over-year to $46.7 million despite a 2.1% sequential decrease.
Total loans grew 3.7% to $4.2 billion and total deposits increased 2.7% to $4.3 billion, with commercial and business lending expanding 36.5% year-over-year to represent 37.1% of the loan portfolio.
Capital returns totaled $37.2 million in the first nine months of 2026, including $8.2 million in share repurchases during the third quarter, while tangible book value per share rose 10.9% to $18.74.
Management expressed confidence in sustainable value creation and organic growth capacity, noting favorable credit quality despite a $2.2 million provision for credit losses in the quarter.
No specific forward guidance was issued in the summary; the press release included standard forward-looking statements subject to risks including interest rate fluctuations, inflation, and commercial real estate credit exposure.