Alerus Financial Corp (NASDAQ: ALRS) is a diversified financial services company headquartered in Grand Forks, North Dakota, that provides banking, retirement and benefit services, and wealth management to businesses and consumers. Revenue comes from two primary sources: net interest income on loans and deposits, and fee-based noninterest income from retirement plan administration, wealth management, and mortgage origination. The Bank subsidiary, Alerus Financial, National Association, serves small to midsized business borrowers and individual clients across its market areas. The loan portfolio spans commercial and industrial, commercial real estate, agricultural, and residential real estate categories. Noninterest income as a percent of total operating revenue was 41.08% in FY2025, excluding the $68.4 million loss on investment securities from a strategic balance sheet repositioning in Q4 2025. Wealth assets under administration and management grew 5.9% in FY2025. The company operates under a "One Alerus" advisory model, pairing each client with a single point of contact who draws on banking, retirement, and wealth specialists.

Revenue model

Net interest income from loans (commercial, CRE, agricultural, residential) and deposits, combined with fee-based noninterest income from retirement and benefit plan administration, wealth and trust management fees tied to assets under management, mortgage origination gains, and deposit service charges.

Products and services

Checking and savings accounts, personal and business loans, credit cards, online and mobile banking, mortgages, IRAs, 401(k) rollovers, employer-sponsored retirement plans, employee stock ownership plans (ESOPs), health savings accounts (HSAs), flexible spending accounts (FSAs), government health insurance program administration, personal trust, investment advisory, brokerage, and fiduciary services.

Customers and end markets

Small to midsized businesses and individual consumers. Business borrowers are primary loan customers. Retirement and benefit services clients include employers sponsoring 401(k) and ESOP plans. Wealth management clients include personal trust and separately managed account holders.

Value-chain role

Deposit-taking and lending institution that also acts as plan administrator for employer-sponsored retirement and benefit programs and as fiduciary and investment manager for trust and advisory clients. Residential real estate loans are largely originated and sold to third-party investors.

Geographic exposure

Headquartered in Grand Forks, North Dakota. Operates within defined market areas in the United States. Specific state or branch footprint not detailed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-04

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