secwatch.observer — SEC 8-K summary
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Issuer:     ALERUS FINANCIAL CORP (ALRS)
CIK:        0000903419
Form:       8-K
Filed at:   2024-10-29T23:59:59+00:00
Accession:  0001437749-24-032486
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/903419/000143774924032486/0001437749-24-032486-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/903419/000143774924032486/alrs20240918_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-032486

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