0001558370-23-019768.txt : 20231214 0001558370-23-019768.hdr.sgml : 20231214 20231214083013 ACCESSION NUMBER: 0001558370-23-019768 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231212 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231214 DATE AS OF CHANGE: 20231214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALERUS FINANCIAL CORP CENTRAL INDEX KEY: 0000903419 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 450375407 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39036 FILM NUMBER: 231485677 BUSINESS ADDRESS: STREET 1: 401 DEMERS AVE CITY: GRAND FORKS STATE: ND ZIP: 58201 BUSINESS PHONE: 7017953200 MAIL ADDRESS: STREET 1: PO BOX 6001 STREET 2: 401 DEMERS AVE CITY: GRAND FORKS STATE: ND ZIP: 58206-6001 FORMER COMPANY: FORMER CONFORMED NAME: FIRST NATIONAL CORP NORTH DAKOTA DATE OF NAME CHANGE: 19980312 8-K 1 alrs-20231212x8k.htm 8-K
0000903419false00009034192023-12-122023-12-12

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United States

Securities And Exchange Commission
Washington, DC 20549

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FORM 8-K

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Current Report Pursuant to
Section 13 or 15(d) of the
Securities Exchange Act of 1934

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Date of report (Date of earliest event reported): December 12, 2023

Alerus Financial Corporation
(Exact Name of Registrant as Specified in Charter)

Delaware

001-39036

45-0375407

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

401 Demers Avenue
Grand Forks, North Dakota 58201
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (701) 795-3200

N/A
(Former Name or Former Address, if Changed Since Last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class

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Trading symbol

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Name of each exchange on which registered

Common Stock, $1.00 par value per share

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ALRS

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The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 8.01.Other Events.

Dividend Declaration

On December 14, 2023, Alerus Financial Corporation (the “Company”) announced that its Board of Directors (the “Board”) declared a cash dividend of $0.19 per share of its common stock. The dividend is payable on January 12, 2024, to stockholders of record on December 27, 2023.  A copy of the press release announcing the dividend is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Stock Repurchase Program

On December 12, 2023, the Board approved a new stock repurchase program (the “New Stock Repurchase Program”) which authorizes the Company to repurchase up to 1,000,000 shares of its common stock, subject to certain limitations and conditions. This New Stock Repurchase Program will become effective on February 18, 2024, and will expire on February 18, 2027. On February 18, 2024, the New Stock Repurchase Program will replace and supersede the Company’s existing stock repurchase program which was originally announced on February 22, 2021 (the “Prior Stock Repurchase Program”), which authorized the Company to repurchase up to 770,000 shares of its common stock. Under the Prior Stock Repurchase Program approximately 413,526 shares of Company common stock remained authorized for repurchase as of December 13, 2023. The Prior Stock Repurchase Program was originally scheduled to expire on February 18, 2024. A copy of the Company’s press release announcing the New Stock Repurchase Program is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Under the New Stock Repurchase Program, the Company may repurchase shares of its common stock from time to time in open market transactions in accordance with the limitations set forth in Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 of the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions.

The New Stock Repurchase Program does not obligate the Company to repurchase any shares of its common stock and there is no assurance that the Company will do so.  The extent to which the Company repurchases its shares of common stock, and the timing of such repurchases, will depend upon a variety of factors, including general market and economic conditions, regulatory requirements, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin, suspend, or terminate repurchases at any time prior to the New Stock Repurchase Program’s expiration, without any prior notice.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits

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Exhibit No.

    

Description

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99.1

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Press Release of Alerus Financial Corporation dated December 14, 2023

104

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Cover Page Interactive Data File (embedded within the Inline XBLR document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Date: December 14, 2023

Alerus Financial Corporation

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By:

/s/ Katie A. Lorenson

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Name:

Katie A. Lorenson

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Title:

President and Chief Executive Officer

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 EX-99.1 2 alrs-20231212xex99d1.htm EX-99.1

Exhibit 99.1

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Graphic

Al Villalon, Investor Relations

952.417.3733

Al.Villalon@alerus.com

investors.alerus.com

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FOR IMMEDIATE RELEASE

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ALERUS FINANCIAL CORPORATION DECLARES

CASH DIVIDEND ON COMMON SHARES AND ANNOUNCES NEW STOCK REPURCHASE PROGRAM

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MINNEAPOLIS (December 14, 2023) – Alerus Financial Corporation (NASDAQ: ALRS) announced that its board of directors declared a regular quarterly cash dividend of $0.19 per common share, a 5.56% increase over the dividend paid a year ago. The dividend is payable on January 12, 2024, to shareholders of record as of close of business on December 27, 2023. Current and historic dividend information, as well as quarterly financial statements, investor presentations, and earnings call transcripts are available online through Alerus’ investor relations website at investors.alerus.com.

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The Company also announced that its board of directors approved a new stock repurchase program (the “New Stock Repurchase Program”) which authorizes the Company to repurchase up to 1,000,000 shares of its common stock, subject to certain limitations and conditions. The New Stock Repurchase Program will become effective on February 18, 2024, and will expire on February 18, 2027. On February 18, 2024, the New Stock Repurchase Program will replace and supersede the Company’s existing stock repurchase program which was originally announced on February 22, 2021. The New Stock Repurchase Program does not obligate the Company to repurchase any shares of its common stock and there is no assurance that the Company will do so. Based on market conditions, repurchases will generally be made from time to time in the open market.

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About Alerus Financial Corporation

Alerus Financial Corporation is a diversified financial services company with corporate offices in Grand Forks, North Dakota, and the Minneapolis-St. Paul, Minnesota metropolitan area. Through its subsidiary, Alerus Financial, N.A., Alerus provides innovative and comprehensive financial solutions to business and consumer clients through four distinct business segments—banking, retirement and benefit services, wealth management, and mortgage. Alerus provides clients with a primary point of contact to help fully understand the unique needs and delivery channel preferences of each client. Clients are provided with competitive products, valuable insight and sound advice supported by digital solutions designed to meet the clients’ needs. Alerus has banking, mortgage, and wealth management offices in Grand Forks and Fargo, North Dakota, the Minneapolis-St. Paul, Minnesota metropolitan area, and Phoenix, Scottsdale, and Mesa Arizona. Alerus Retirement and Benefits plan administration hubs are in Minnesota, Michigan, and Colorado.

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Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements

include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of Alerus Financial Corporation. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the risks described in the “Risk Factors” sections of reports filed by Alerus Financial Corporation with the

Securities and Exchange Commission. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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Document and Entity Information
Dec. 12, 2023
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Dec. 12, 2023
Entity File Number 001-39036
Entity Registrant Name Alerus Financial Corporation
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 45-0375407
Entity Address, Address Line One 401 Demers Avenue
Entity Address, City or Town Grand Forks
Entity Address, State or Province ND
Entity Address, Postal Zip Code 58201
City Area Code 701
Local Phone Number 795-3200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $1.00 par value per share
Trading Symbol ALRS
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0000903419
Amendment Flag false

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