Alerus Q4 adjusted EPS $0.44, up 42% QoQ; NIM expands 97bps to 3.20%

ALERUS FINANCIAL CORP

2024-FY EPS reported $0.83

Net income $3.2M ($0.13 diluted GAAP EPS) vs Q3 $5.2M ($0.26); adjusted EPS $0.44 vs $0.31.
Completed HMNF acquisition; total loans $4.0B (+31.7% QoQ), deposits $4.4B (+31.7%).
Net interest margin 3.20% vs 2.23% prior quarter; noninterest income $33.9M (+19.4% QoQ).
Adjusted efficiency ratio improved to 69.0% from 77.7% in Q3; full-year dividends $0.79 (+5.3%).

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