Alerus Financial amends Q4/FY2024 earnings to correct goodwill accounting from HMNF acquisition

ALERUS FINANCIAL CORP

Correction stems from accrued contract termination expenses wrongly included in goodwill under ASC 805-20-25-2.
Q4 2024 net income revised from $3.2M to -$0.07M; FY2024 net income from $21.1M to $17.8M.
Goodwill as of Dec 31, 2024 reduced by ~$1.9M to $85.6M; retained earnings lowered by $3.3M.
Adjusted net income (non-GAAP) unchanged at $30.98M for FY2024; no material impact.
Company identified error while preparing Form 10-K; corrected in this 8-K/A.

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