Alerus Financial Corporation reported a net income of $6.4 million for the first quarter of 2024, translating to $0.32 per diluted common share. This marks a significant turnaround from a net loss of $14.8 million, or ($0.73) per share, in the previous quarter. Year-over-year, the company experienced a slight decrease from a net income of $8.2 million, or $0.40 per share, in Q1 2023. (investors.alerus.com)
President and CEO Katie Lorenson highlighted the company’s strong performance, noting robust deposit growth exceeding 6% and an adjusted net interest margin increase of 7 basis points. The loan-to-deposit ratio improved to 85.2%, down from 89.1% at the end of 2023. Additionally, fee income accounted for 53.3% of total revenues, with growth across all diversified business lines. The adjusted efficiency ratio slightly decreased, reflecting prudent expense management amid inflationary pressures. Lorenson emphasized the company’s commitment to maintaining a strong balance sheet, ending the quarter with an allowance for credit losses to total loans ratio of 1.31% and a CET1 capital ratio of 11.86%. (investors.alerus.com)
Alerus’s total assets under administration/management reached $42.7 billion, a 5.0% increase from the previous quarter. The company also reported a tangible book value per common share of $15.63, marking a 7.8% growth over the prior year. (investors.alerus.com)
These results underscore Alerus Financial Corporation’s resilience and strategic initiatives in navigating the financial landscape.
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