---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-016724"
form_type: "8-K"
ticker: "ALRS"
cik: "0000903419"
company_name: "ALERUS FINANCIAL CORP"
filed_at: "2023-10-25T23:59:59+00:00"
generated_at: "2026-06-09T12:51:42.466507+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Alerus Q3 net income $9.2M ($0.45 EPS); deposits stable at $2.9B, noninterest income up 10.2%

## Summary
- Q3 net income $9.2M ($0.45 diluted EPS) vs $9.1M ($0.45) in Q2 and $9.6M ($0.47) in Q3 2022.
- Total deposits stable at $2.9B; noninterest-bearing deposits 25%; loan-to-deposit 90.7% with no brokered deposits.
- Noninterest income rose 10.2% QoQ including $2.8M gain from sale of ESOP trustee business; core retirement revenue up 3.3%.
- Allowance for credit losses 1.39% (up from 1.27% Dec 2022); net recoveries of 0.09% of average loans.
- Repurchased $1.2M stock at avg $17.98; CET1 ratio 13.01%.

## SEC filing metadata
- accession: 0001558370-23-016724
- form_type: 8-K
- ticker: ALRS
- cik: 0000903419
- company_name: ALERUS FINANCIAL CORP
- filed_at: 2023-10-25T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/903419/000155837023016724/0001558370-23-016724-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/903419/000155837023016724/alrs-20231025x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-016724
- JSON: https://secwatch.observer/filing/0001558370-23-016724.json
- Plain text: https://secwatch.observer/filing/0001558370-23-016724.txt

## Key facts
- Earnings Releases
  ALERUS FINANCIAL CORP reported the three and nine months ended September 30, 2023 results: net income $9.2 million, EPS $0.45 per diluted common share.
  - Period: the three and nine months ended September 30, 2023
  - Net income: $9.2 million
  - EPS: $0.45 per diluted common share
  - Result: reported results
  source text: Alerus Financial Corporation (Nasdaq: ALRS), or the Company, reported net income of $9.2 million for the third quarter of 2023, or $0.45 per diluted common share, compared to net income of $9.1 million, or $0.45 per diluted common share, for the second quarter of 2023, and net income of $9.6 million, or $0.47 per diluted common share, for the third quarter of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/903419/000155837023016724/0001558370-23-016724-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.