ALERUS FINANCIAL CORP (ALRS) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — ALRS

Balance Sheet

(in billions USD)

Metric	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	0.13	0.09	0.08	0.08	0.07	0.44	0.55	0.06	0.07	0.15	0.05	0.04	0.13	0.16	0.32	0.19
Total Assets	5.29	5.33	5.32	5.34	4.08	4.36	4.34	3.87	3.83	3.89	3.69	3.30	3.34	3.18	3.16	3.15
Total Deposits	4.35	4.41	4.34	4.49	3.32	3.30	3.28	2.87	2.85	3.03	2.96	2.62	2.89	2.71	2.71	2.72
Long-term Debt	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06
Total Liabilities	4.71	4.78	4.79	4.83	3.70	3.99	3.97	3.52	3.48	3.53	3.35	2.99	3.01	2.82	2.81	2.82
Retained Earnings	0.29	0.31	0.30	0.28	0.28	0.28	0.28	0.29	0.29	0.28	0.27	0.27	0.26	0.24	0.23	0.22
Total Stockholder Equity	0.57	0.55	0.53	0.51	0.39	0.37	0.37	0.35	0.36	0.36	0.34	0.31	0.33	0.35	0.34	0.33

Income Statement

(in millions USD) (except per-share rows)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Interest & Dividend Income	66.98	70.39	70.64	70.42	68.18	67.31	52.21	53.02	49.04	44.70	42.04	40.34	37.81	35.81	32.28	24.43	23.06	24.21	22.55	22.58
Interest Expense	--	--	--	--	--	--	--	29.02	26.82	23.14	21.64	18.11	14.15	8.85	3.96	1.65	1.39	1.42	1.42	1.44
Net Interest Income	44.91	45.17	43.14	43.03	41.16	38.28	22.54	24.00	22.22	21.55	20.40	22.23	23.66	26.96	28.32	22.78	21.67	22.79	21.13	21.14
Provision for Credit Losses	(4.88)	(0.31)	0.00	0.00	0.86	11.99	1.66	4.49	--	1.51	0.55	0.00	0.55	--	--	--	--	(1.50)	(2.00)	--
Non-interest Income	30.85	(36.95)	29.43	31.76	27.63	33.87	28.36	27.37	25.32	0.79	28.41	25.78	25.25	25.52	27.01	29.23	29.47	33.72	36.04	36.75
Non-interest Expense	50.39	51.88	50.54	48.44	50.37	60.46	42.45	38.75	39.02	38.66	37.26	36.37	37.87	37.95	42.77	39.98	38.07	41.28	42.04	42.55
Pretax Income	30.25	(43.35)	22.03	26.36	17.56	(0.29)	6.80	8.13	8.52	(17.82)	11.54	11.64	10.49	14.53	12.56	12.02	13.07	16.73	17.13	15.34
Tax Provision	7.28	(10.30)	5.10	6.10	4.25	(0.22)	1.59	1.92	2.09	(3.06)	2.38	2.54	2.31	3.62	2.94	2.73	2.89	4.03	4.06	3.64
Net Income	22.97	(33.05)	16.92	20.25	13.32	(0.07)	5.21	6.21	6.43	(14.75)	9.16	9.10	8.19	10.91	9.62	9.29	10.18	12.71	13.07	11.69
Basic EPS	0.90	(1.28)	0.66	0.79	0.52	(0.05)	0.26	0.31	0.32	(0.73)	0.46	0.45	0.41	0.53	0.48	0.53	0.58	0.73	0.75	0.67
Diluted EPS	0.89	(1.27)	0.65	0.78	0.52	(0.06)	0.26	0.31	0.32	(0.72)	0.45	0.45	0.40	0.54	0.47	0.52	0.57	0.71	0.74	0.66

Cash Flow Statement

(in millions USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Operating Cash Flow	27.81	16.34	32.78	10.69	7.72	9.52	18.94	(11.49)	11.99	(1.62)	18.60	11.56	0.45	48.23	47.14	(27.25)	34.85	31.38	33.42	29.48
Capital Expenditures	2.03	1.05	2.47	3.13	2.05	5.04	2.77	3.69	0.88	1.44	0.64	0.17	0.92	0.71	0.61	0.34	0.13	0.86	0.42	0.15
Free Cash Flow*	25.79	15.29	30.32	7.56	5.66	4.48	16.17	(15.17)	11.11	(3.06)	17.96	11.39	(0.48)	47.52	46.53	(27.59)	34.72	30.52	33.00	29.33
Investing Cash Flow	(1.64)	75.96	23.45	25.84	(48.70)	(99.92)	(101.74)	(105.98)	(22.39)	50.30	(57.01)	(25.30)	(20.08)	(118.40)	(26.39)	(35.24)	(112.59)	(152.96)	(188.63)	105.02
Financing Cash Flow	35.47	(117.15)	(45.09)	(38.61)	62.72	85.66	(289.36)	9.84	426.28	16.49	37.66	(65.97)	106.58	74.25	(3.62)	(33.30)	(31.73)	204.44	(0.76)	(9.29)

* Derived from reported values

Dividends Per Share

(USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Dividends Per Share	0.21	0.21	0.21	0.21	0.20	0.20	0.20	0.20	0.19	0.19	0.19	0.19	0.18	0.18	0.18	0.18	0.16	0.16	0.16	0.16