Alerus sells $172.3M securities, records $24.7M pre-tax loss to reposition balance sheet

ALERUS FINANCIAL CORP

Sold $172.3M of available-for-sale securities; pre-tax net loss of $24.7M.
Proceeds to fund loan growth and pay down borrowings.
Weighted-average yield on securities sold was 2.66%; earn-back period 3.7 years vs remaining life 6.1 years.
Restructuring has no impact on tangible capital, improves net interest margin, positions for higher 2024 earnings.
Company notes quarterly dividend and share repurchase authorization of up to 1M shares.

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