ALRSMEDIUM SIGNALFINANCIAL10-K

ALRS demonstrated solid financial expansion with net interest income growing 26% while maintaining strong deposit growth and balance sheet stability.

The company's core banking operations are performing well, with meaningful growth in net interest income suggesting effective asset deployment and potentially improving interest rate spreads. The 35% increase in dividend payments to $20.8M reflects management confidence in earnings sustainability and commitment to returning capital to shareholders.

Comparing 2026-03-04 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

ALRS showed robust operational performance with net interest income expanding 26% to $279.6M, while stockholders equity grew modestly to $564.9M. The company returned more capital to shareholders through higher dividend payments of $20.8M, while reducing capital expenditures to $8.7M. The financial profile suggests a well-managed regional bank with growing profitability and disciplined capital allocation.

FINANCIAL STATEMENT CHANGES
Dividends Paid
Cash Flow
+34.8%
$15.4M→$20.8M

Dividend payments increased 34.8% — management confidence in sustained cash generation.

Capital Expenditure
Cash Flow
-29.7%
$12.4M→$8.7M

Capex reduced 29.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Interest Income
P&L
+26.2%
$221.6M→$279.6M

Net interest income grew 26.2% — benefiting from rate environment or loan book expansion.

Stockholders Equity
Balance Sheet
+14%
$495.4M→$564.9M

Equity base grew 14% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-04
PRIOR — 2025-03-14
ADDED
The difference in the credit loss expense reported herein compared to the consolidated statements of income is associated with the credit loss expense of ($3.6) million related to off-balance sheet credit exposure, ($8) thousand related to investment securities held-to-maturity, and $78 thousand related to non-mortgage loans transferred to held for sale.
State taxes in Minnesota and North Dakota comprised the majority (greater than 50%) of the tax effect of the tax effect in this category.
At December 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $296.9 million.
As of December 31, 2025, the Company had $5.2 billion of total assets, $4.0 billion of total loans, $4.2 billion of total deposits, $564.9 million of stockholders equity, $44.9 billion of assets under administration/management in the Company s retirement and benefit services segment, and $4.9 billion of assets under administration/management in the Company s wealth segment.
The Company targets businesses with sales between $1.0 million and $100.0 million.
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REMOVED
These amounts include the amortized cost basis of residential real estate loans that were used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedged period.
At December 31, 2023, the amortized cost basis of the residential real estate loans used in these hedging relationships was $687.5 million.
At December 31, 2023, the amortized cost of the closed portfolios used in these hedging relationships was $323.4 million.
Represents changes related to directors that were added to the Board during the year.
The difference in the credit loss expense reported herein compared to the consolidated statements of income is associated with the credit loss expense of $44 thousand related to off-balance sheet credit exposure and $46 thousand related to HTM investment securities.
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