Alerus reports Q2 2024 net income $6.2M ($0.31 EPS); dividend raised 5.26% to $0.20

ALERUS FINANCIAL CORP

2024-Q2 EPS reported $0.63

Net income $6.2M ($0.31 diluted EPS) vs $6.4M ($0.32) in Q1 and $9.1M ($0.45) year ago.
Net interest margin (tax-equiv) expanded to 2.39% from 2.30% QoQ; adjusted NIM up 13 bps to 2.57%.
Total deposits +6.6% to $3.3B, loans +5.7% to $2.9B from year-end; brokered deposits remain $0.
Noninterest income 53.3% of revenues, total revenues +8% sequentially; expenses -0.7% QoQ.
Quarterly dividend increased 5.26% to $0.20/share; CET1 11.67%, ACL 1.31% of loans.

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