Alerus closes $127M acquisition of HMN Financial; pro forma EPS accretive

ALERUS FINANCIAL CORP

Each HMNF share exchanged for 1.25 Alerus shares; total consideration ~$127.0M at $22.90/share.
Preliminary goodwill of $59.0M and core deposit intangible of $29.4M (10-year amortization) recorded.
Pro forma combined net income $28.3M (diluted EPS $1.11) for 9M 2024 vs Alerus standalone $0.89.
Combined assets $5.18B, deposits $4.28B as of Sep 30, 2024 pro forma.
Transaction closed Oct 9, 2024; this amended 8-K provides required financial statements.

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