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.
As of December 31, 2025, core deposits totaled $4.0 billion or 95.5% of the Company s total deposits.
As of December 31, 2025, these synergistic deposits totaled $1.0 billion.
As of December 31, 2025, the Company had $203.4 million of HSA deposits which are included in the synergistic deposit total.
In addition to offices located in the Company s banking markets, the retirement and benefit services business administers plans in all 50 states through an office located in Colorado.
The Grand Forks MSA had total deposits of $12.7 billion as of June 30, 2025, and ranks as the 116th largest MSA in the United States in total deposits, based on FDIC data.
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.
Derivative assets are included in other assets on the Company s consolidated balance sheet.
At September 30, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $313.0 million.
or state tax laws, regulations and governmental policies concerning our general business, including changes in interpretation or prioritization and changes in response to prior bank failures; talent and labor shortages and employee turnover; the Company s success at managing the risks involved with the foregoing items; and any other risks described in the Risk Factors section of this report and in other reports filed by Alerus Financial Corporation with the Securities and Exchange Commission.
As of December 31, 2024, the Company had $5.3 billion of total assets, $4.0 billion of total loans, $4.4 billion of total deposits, $495.4 million of stockholders equity, $40.7 billion of assets under administration/management in the Company s retirement and benefit services segment, and $4.6 billion of assets under administration/management in the Company s wealth segment.
The remainder of revenue consists of net interest income, which derives from offering the Company s traditional banking products and services.