Note 30 - Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 30 Parent Company Only Financial Statements

The condensed financial statements of Alerus Financial Corporation (parent company only) are presented below. These statements should be read in conjunction with the Notes to the Consolidated Financial Statements

Alerus Financial Corporation

Parent Company Condensed Balance Sheets

	December 31,		December 31,
(dollars in thousands)	2024		2023
Assets
Cash and cash equivalents	$	49,024	$	70,853
Trading investment securities		2,915		—
Investment in subsidiaries		501,385		354,303
Company-owned life insurance		1,830		—
Deferred income taxes, net		2,546		757
Other assets		13,913		9,968
Total assets	$	571,613	$	435,881
Liabilities and Stockholders’ Equity
Long‑term debt	$	59,069	$	58,956
Accrued expenses and other liabilities		17,134		7,798
Total liabilities		76,203		66,754
Stockholders’ equity		495,410		369,127
Total stockholders’ equity		495,410		369,127
Total liabilities and stockholders’ equity	$	571,613	$	435,881

Alerus Financial Corporation

Parent Company Condensed Statements of Income

	Year ended December 31,
(dollars in thousands)	2024			2023			2022
Income
Net dividends from subsidiaries	$	5,825		$	21,000		$	18,500
Other income		297			24			16
Total operating income		6,122			21,024			18,516
Expenses		16,471			6,043			6,583
Income before equity in undistributed income		(10,349	)		14,981			11,933
Equity in undistributed income of subsidiaries		23,191			(4,826	)		26,424
Income before income taxes		12,842			10,155			38,357
Income tax benefit		4,938			1,541			1,648
Net income	$	17,780		$	11,696		$	40,005

Alerus Financial Corporation

Parent Company Condensed Statements of Cash Flows

	Year ended December 31,
(dollars in thousands)	2024			2023			2022
Operating activities
Net income	$	17,780		$	11,696		$	40,005
Adjustments to reconcile net income to net cash provided by operating activities
Deferred income taxes		(1,789	)		147			96
Equity in undistributed income of subsidiaries		(23,191	)		4,826			(26,424	)
Depreciation and amortization		113			113			87
Stock‑based compensation cost		1,650			1,628			1,904
(Increase) decrease in company-owned life insurance		105			—			—
Net change in:
Accrued interest receivable		—			—			(1	)
Other assets		(4,123	)		50			(192	)
Accrued expenses and other liabilities		(591	)		(10,164	)		516
Net cash provided by operating activities		(10,046	)		8,296			15,991
Investing activities
Proceeds from sales of trading investment securities		9,020			—			—
Purchases of trading investment securities		(11,757	)		—			—
Purchases of company-owned life insurance		(1,935	)		—			—
Net cash (paid) for business combinations		8,610			—			(189	)
Net cash provided by investing activities		3,938			—			(189	)
Financing activities
Cash dividends paid on common stock		(15,445	)		(14,822	)		(12,800	)
Repurchase of common stock		(276	)		(6,638	)		(738	)
Net cash provided by financing activities		(15,721	)		(21,460	)		(13,538	)
Net change in cash and cash equivalents		(21,829	)		(13,164	)		2,264
Cash and cash equivalents at beginning of year		70,853			84,017			81,753
Cash and cash equivalents at end of year	$	49,024		$	70,853		$	84,017