Alerus Q3 net income $5.2M ($0.26) down 44% YoY; closes HMN Financial acquisition

ALERUS FINANCIAL CORP

2024-Q3 EPS reported $0.89

Net income $5.2M, $0.26 diluted EPS, vs $9.2M ($0.45) in Q3 2023 and $6.2M ($0.31) in Q2 2024.
Completed acquisition of HMN Financial on Oct 9, expanding into Rochester, MN; now $5.5B assets, $3.8B loans, $4.3B deposits.
Noninterest income $28.4M (55.7% of revenue), up 3.6% QoQ; AUA/AUM $45.6B, up 4.8% from Q2.
Tangible book value $16.50, up 6.7% from year-end; CET1 ratio 11.12%.
Net charge-offs 0.04% vs 0.36% in Q2; nonaccrual loans increased from two large relationships.

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