← ALERUS FINANCIAL CORP
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | $15.0m | $25.9m | $29.5m | $44.7m | $52.7m | $40.0m | $11.7m | $17.8m | $17.4m | |
| Depreciation and amortization | $9.9m | $8.7m | $8.8m | $8.9m | $8.9m | $8.5m | $8.5m | $9.8m | $15.3m | |
| Amortization and accretion of premiums/discounts on investment securities | $2.1m | $1.6m | $1.1m | $1.8m | $3.7m | $3.4m | $2.0m | $1.5m | $771k | |
| Amortization of operating lease right-of-use assets | — | — | — | ($25k) | ($58k) | ($229k) | ($15k) | $5.0m | $2.0m | |
| Deferred income taxes | $9.7m | ($20k) | $337k | ($4.4m) | $2.8m | $913k | $893k | ($4.0m) | $5.9m | |
| Realized loss (gain) on sale of premises and equipment | — | — | — | — | — | $33k | $50k | ($3.9m) | $530k | |
| Right-of-use assets obtained in exchange for new operating lease liabilities, net | — | — | — | $1.6m | $267k | $4.3m | $1.9m | $9.4m | $18.3m | |
| Provision for credit losses | — | — | — | — | ($3.5m) | $0 | $2.1m | $18.1m | $556k | |
| Stock-based compensation cost | $938k | $1.8m | $1.8m | $1.9m | $3.1m | $1.9m | $1.6m | $1.6m | $2.7m | |
| Purchase accounting accretion, net | — | — | — | — | — | — | ($2.0m) | ($7.2m) | ($26.6m) | |
| Originations of loans held for sale | — | — | — | — | ($1.6b) | ($604.8m) | ($296.8m) | ($305.0m) | ($429.8m) | |
| Proceeds on loans held for sale | — | — | — | — | $1.7b | $653.3m | $302.3m | $309.9m | $435.4m | |
| Realized loss (gain) on mortgage loans sold | — | — | — | — | — | — | ($7.3m) | ($9.0m) | ($9.0m) | |
| Realized loss (gain) on non-mortgage loans sold | — | — | — | — | — | — | $0 | $0 | ($2.1m) | |
| Servicing rights capitalized upon sale of mortgage loans | — | — | — | — | — | $0 | $0 | ($224k) | ($165k) | |
| (Increase) in value of bank-owned life insurance | — | — | — | — | ($793k) | ($835k) | ($877k) | ($862k) | ($1.1m) | |
| Realized loss (gain) on derivative instruments | — | $1k | ($2.1m) | $1.9m | $8.5m | $2.0m | $365k | ($126k) | ($394k) | |
| Realized loss (gain) on sale of foreclosed assets | $38k | ($114k) | ($122k) | ($28k) | ($275k) | $71k | ($17k) | ($1k) | $74k | |
| Realized loss (gain) on BOLI mortality | — | — | — | — | — | $0 | ($1.2m) | $0 | $0 | |
| Change in fair value of mortgage servicing rights | — | — | — | — | — | $0 | $0 | ($197k) | $1.7m | |
| Realized loss (gain) on servicing rights | ($743k) | ($577k) | ($209k) | $936k | ($638k) | ($702k) | ($3k) | $0 | $0 | |
| Realized loss (gain) on sale of ESOP trustee line of business | — | — | — | — | — | $0 | ($2.8m) | $0 | $0 | |
| Accrued interest receivable | ($898k) | ($828k) | $12k | ($2.1m) | $1.1m | ($3.2m) | ($2.8m) | ($1.3m) | ($1.7m) | |
| Other assets | ($1.7m) | $4.5m | $2.5m | ($2.7m) | ($8.0m) | $5.4m | ($5.5m) | $1.3m | ($11.3m) | |
| Accrued expenses and other liabilities | ($6.6m) | $832k | $2.3m | ($5.5m) | $5.9m | $9.0m | ($7.7m) | ($11.5m) | ($1.2m) | |
| Proceeds from sale of non-mortgage loans held for sale | — | — | — | — | — | — | $0 | $0 | $62.5m | |
| Net (increase) decrease in loans | ($210.3m) | ($163.2m) | ($21.9m) | ($259.1m) | $221.0m | ($416.1m) | ($314.7m) | ($441.7m) | ($96.4m) | |
| Purchases of FHLB stock | — | — | — | — | — | — | ($110.1m) | ($49.3m) | ($146.1m) | |
| Sales of FHLB stock | — | — | — | — | — | — | $112.9m | $52.3m | $141.8m | |
| Net cash received (paid) for business combinations | — | — | — | ($9.3m) | — | $101.5m | $0 | $8.6m | $0 | |
| Purchases of BOLI | — | — | — | — | — | $0 | $0 | ($1.9m) | ($2.2m) | |
| Proceeds from BOLI mortality claim | — | — | — | — | — | $0 | $2.8m | $0 | $0 | |
| Purchases of premises and equipment | ($2.9m) | ($3.8m) | ($2.9m) | ($3.8m) | ($1.7m) | ($1.8m) | ($3.2m) | ($12.4m) | ($8.7m) | |
| Proceeds from sales of foreclosed assets | $1.4m | $896k | $1.1m | $429k | $629k | $937k | $210k | $105k | $2.4m | |
| Net increase (decrease) in deposits | $49.8m | ($35.7m) | $191.4m | $600.7m | $348.6m | ($358.8m) | $180.1m | $324.9m | ($186.4m) | |
| Net increase (decrease) in short-term borrowings with maturities of three months or less | $29.3m | $63.5m | ($93.5m) | — | — | $378.1m | ($63.9m) | ($76.8m) | $69.8m | |
| Loan collateral transferred to foreclosed assets | $433k | $748k | $828k | $456k | $1.2m | $153k | ($195k) | ($73k) | ($2.8m) | |
| Premises and equipment transferred to other assets | — | — | — | — | — | — | $0 | $2.1m | $0 | |
| Change in fair value hedges presented within residential real estate loans and other assets | — | — | — | — | — | $0 | ($166k) | $98k | $0 | |
| Loans transferred to non-mortgage loans held for sale | — | — | — | — | — | — | $0 | $0 | $62.5m | |
| Noncash assets acquired | — | — | — | $14.6m | — | $297.7m | $0 | $1.0b | $0 | |
| Liabilities assumed | — | — | — | ($5.3m) | — | ($354.4m) | $0 | ($979.1m) | $0 | |
| Net noncash acquired | — | — | — | $9.3m | — | ($120.6m) | $0 | ($81.0m) | $0 | |
| Net cash provided (used) by operating activities | $47.9m | $53.6m | $19.2m | ($22.3m) | $149.1m | $103.0m | $29.0m | $29.0m | $67.5m | |
| Purchases of trading investment securities | — | — | — | — | — | $0 | $0 | ($11.8m) | ($4.6m) | |
| Purchases of investment securities available-for-sale | ($38.2m) | ($29.6m) | ($123.2m) | ($414.7m) | ($571.6m) | ($95.6m) | $0 | ($98.3m) | ($377.6m) | |
| Realized loss (gain) on sale of investment securities | — | ($129k) | ($357k) | ($2.7m) | ($125k) | $0 | $24.6m | $0 | $68.4m | |
| Proceeds from sales of trading investment securities | — | — | — | — | — | $0 | $0 | $9.0m | $6.2m | |
| Proceeds from sales or calls of investment securities available-for-sale | — | $6.5m | $32.6m | $75.6m | $13.2m | $0 | $171.8m | $130.4m | $396.4m | |
| Proceeds from maturities of investment securities available-for-sale | $42.3m | $35.1m | $37.1m | $69.7m | $125.6m | $105.6m | $67.3m | $54.7m | $82.6m | |
| Proceeds from calls of investment securities held-to-maturity | — | — | — | — | $1.8m | $963k | $242k | $613k | $381k | |
| Proceeds from maturities and paydowns of investment securities held-to-maturity | — | — | — | — | $12.5m | $27.4m | $20.6m | $22.2m | $19.8m | |
| Net cash provided (used) by investing activities | ($205.1m) | ($154.7m) | ($65.6m) | ($538.4m) | ($416.9m) | ($292.6m) | ($52.1m) | ($330.0m) | $76.5m | |
| Issuance of common stock for the acquisition | — | — | — | — | — | ($64k) | $0 | ($124k) | $0 | |
| Repurchase of common stock | ($294k) | ($356k) | ($1.9m) | ($482k) | ($712k) | ($738k) | ($6.6m) | ($276k) | ($737k) | |
| Cash dividends paid on common stock | ($6.7m) | ($7.5m) | ($8.9m) | ($10.4m) | ($10.8m) | ($12.8m) | ($14.8m) | ($15.4m) | ($20.8m) | |
| Cash dividends declared, not paid | — | — | — | — | $2.8m | $3.6m | $3.8m | $5.1m | $5.3m | |
| Net cash provided (used) by financing activities | $71.8m | $19.8m | $149.7m | $589.6m | $337.2m | $5.6m | $94.8m | $232.4m | ($138.1m) | |
| Net change in cash and cash equivalents | ($85.4m) | ($81.3m) | $103.4m | $29.0m | $69.3m | ($184.1m) | $71.7m | ($68.7m) | $6.0m | |
| Cash and cash equivalents at beginning of year | — | — | — | — | $242.3m | $58.2m | $129.9m | $61.2m | $67.2m | |
| Interest paid | $8.0m | $12.3m | $18.4m | $12.6m | $4.5m | $15.1m | $72.6m | $110.0m | $110.4m | |
| Income taxes paid | $13.1m | $5.3m | $7.2m | $13.6m | $13.1m | $12.5m | $10.8m | $448k | $2.6m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.