Alerus Financial Corporation
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $224.4M | $222.0M | $168.1M | $211.0M | $234.5M | $233.2M | $188.7M | $178.0M |
| Net Interest Income | $172.5M | $107.0M | $87.8M | $99.7M | $87.1M | $83.8M | $74.6M | $75.2M |
| Retirement and Benefit Services | $65.9M | $64.4M | $65.3M | $67.1M | $71.7M | $61.0M | $63.8M | $63.3M |
| Wealth Management | $28.3M | $26.2M | $21.9M | $20.9M | $21.1M | $17.5M | $15.5M | $14.9M |
| Mortgage Banking | $11.9M | $10.1M | $8.4M | $16.9M | $48.5M | $61.6M | $25.8M | $17.6M |
| Service Charges on Deposit Accounts | $2.8M | $2.0M | $1.3M | $1.4M | $1.4M | $1.4M | $1.8M | $1.8M |
| Net Gains (Losses) on Investment Securities | $-68.4M | $0 | $-24.6M | $0 | $125.0K | $2.7M | $357.0K | $85.0K |
| Interchange Fees | $3.4M | $2.3M | $2.2M | $2.2M | $2.2M | $2.1M | $2.0M | $2.0M |
| Bank-Owned Life Insurance Income | $1.1M | $862.0K | $876.0K | $835.0K | $793.0K | $797.0K | $803.0K | $804.0K |
| Miscellaneous Transaction Fees | $1.9M | $1.4M | $1.5M | $1.4M | $1.2M | $1.2M | $1.2M | $1.1M |
| Gain (Loss) on Sale of Premises and Equipment | $530.0K | $-3.9M | $-50.0K | $0 | $0 | $0 | $0 | $0 |
| Client Swap Fees | $1.4M | $2.1M | $1.4M | $0 | $0 | $0 | $0 | $0 |
| Gain on Sale of Non-Mortgage Loans | $2.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Noninterest Income | $1.2M | $9.6M | $2.1M | $353.0K | $413.0K | $994.0K | $2.9M | $1.1M |
| Cost of Revenue | — | — | — | — | — | — | — | — |
| Gross Profit | — | — | — | — | — | — | — | — |
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | — | — | — | — | — | — | — | — |
| Operating Income | $22.6M | $23.2M | $92.9M | $68.0M | $74.6M | $70.8M | $57.6M | $45.5M |
| Operating Margin | 10.1% | 10.4% | 55.3% | 32.2% | 31.8% | 30.3% | 30.5% | 25.6% |
| Interest Expense | — | — | $77.0M | $15.8M | $5.6M | $12.3M | $18.7M | $12.5M |
| Pretax Income | $22.6M | $23.2M | $15.9M | $52.2M | $69.1M | $58.5M | $38.9M | $33.0M |
| Income Tax Expense | $5.2M | $5.4M | $4.2M | $12.2M | $16.4M | $13.8M | $9.4M | $7.2M |
| Net Income | $17.4M | $17.8M | $11.7M | $40.0M | $52.7M | $44.7M | $29.5M | $25.9M |
| Net Margin | 7.8% | 8.0% | 7.0% | 19.0% | 22.5% | 19.2% | 15.7% | 14.5% |
| EPS (Basic) | $0.69 | $0.84 | $0.59 | $2.12 | $3.02 | $2.57 | $1.96 | $1.88 |
| EPS (Diluted) | $0.68 | $0.83 | $0.58 | $2.10 | $2.97 | $2.52 | $1.91 | $1.84 |
| Shares Outstanding (Basic) | 25.4M | 21.0M | 19.9M | 18.6M | 17.2M | 17.1M | 14.7M | 13.8M |
| Shares Outstanding (Diluted) | 25.7M | 21.3M | 20.1M | 18.9M | 17.5M | 17.4M | 15.1M | 14.1M |
| Dividends Per Share | $0.83 | $0.79 | $0.75 | $0.70 | $0.63 | $0.60 | $0.57 | $0.53 |