Alerus Financial
Alerus Financial reported total assets of $5.3 bn at Q2 2026, down 0.7% on a year earlier, the 279th largest of 497 banks in our US coverage. The CET1 capital ratio at Alerus Financial was 10.92%, and the uninsured share of Alerus Financial was 35.07%. Source: FDIC Call Reports.
Key takeaways
- On noncurrent loans to total loans, Alerus Financial climbed from 431st to 87th among 500 US banks between and (1 = lowest; FDIC Call Reports).
- Since , Alerus Financial has taken over 2 institutions; the latest was Home Federal Savings Bank on (FDIC Call Reports).
- Alerus Financial reports one of the lowest common equity tier 1 (CET1) ratio readings among banks of $1 bn to $10 bn: 10.92% at , where the median of the 287 banks is 13.22% (FDIC Call Reports).
What sets Alerus Financial apart
How large is Alerus Financial?
The balance sheet of Alerus Financial at : assets $5.3 bn, deposits $4.2 bn, net loans $4.0 bn (loans equal to 94.66% of deposits). Securities make up 14.7% of total assets at Alerus Financial. Since , when Alerus Financial held $2.0 bn, its assets grew 158.3%. In the year to , deposits at Alerus Financial fell 3.2% while its total assets fell 0.7%. At , Alerus Financial employed 886 full-time equivalent staff across 27 offices, about $6.0 mn of assets per employee and $157.0 mn of deposits per office.
How much funding at Alerus Financial is uninsured?
At Alerus Financial, uninsured deposits (above the FDIC limit) made up 35.07% of domestic deposits at (+3.05 pp on a year earlier); Alerus Financial ranks 250th of 500 on this measure. In dollars, Alerus Financial estimated $1.5 bn of uninsured deposits.
Key facts, Q2 2026
| Metric | Value | Change from a year earlier | US rank |
|---|---|---|---|
| Total deposits | $4.2 bn | -3.2% | 276th of 499 |
| Net loans and leases | $4.0 bn | -1.0% | 259th of 500 |
| Loan-to-deposit ratio | 94.66% | +2.12 pp | 120th of 500 |
| Tier 1 leverage ratio | 9.26% | -0.08 pp | 400th of 500 |
| Total risk-based capital ratio | 12.11% | +0.07 pp | 407th of 448 |
| Net interest margin | 3.89% | +0.39 pp | 172nd of 500 |
| Return on assets (ROA) | 1.78% | +0.41 pp | 82nd of 500 |
| Efficiency ratio | 61.42% | -1.52 pp | 349th of 500 (1 = lowest) |
| Unrealized gain/loss on held-to-maturity securities | Loss of $27.4 mn | Narrowed by $4.9 mn | |
| Unrealized gain/loss on available-for-sale securities | Loss of $7.5 mn | Narrowed by $72.1 mn | |
| Noncurrent loans to total loans | 0.26% | -0.89 pp | 87th of 500 (1 = lowest) |
| Net charge-offs to average loans | 0.47% | +0.26 pp | 436th of 500 (1 = lowest) |
US rank of Alerus Financial: 1 = highest unless marked 1 = lowest.
Balance sheet
Alerus Financial: assets, deposits and loans
- Total assets $5.3bn
- Deposits $4.2bn
- Net loans $4.0bn
Capital and securities
The CET1 ratio of Alerus Financial stood at 10.92% in , +0.14 pp year on year. Low and high at Alerus Financial since : 10.18% () to 13.87% (). Equity capital of Alerus Financial at : $580.4 mn, or 11.0% of total assets. Alerus Financial also reported a total capital ratio of 12.11% for , and a tier 1 leverage ratio of 9.26%.
On held-to-maturity securities, Alerus Financial carried an unrealized loss of $27.4 mn at , equal to 4.7% of equity capital. The loss narrowed by $4.9 mn over the year. Its deepest point: $55.2 mn in . The available-for-sale portfolio of Alerus Financial showed an unrealized loss of $7.5 mn at ; the loss narrowed by $72.1 mn over the year.
Alerus Financial: capital ratios
- Total capital 12%
- CET1 11%
- Tier 1 leverage 9.3%
Alerus Financial: unrealized securities gains and losses
- Available for sale -$8mn
- Held to maturity -$27mn
Profitability and loan quality
For the year to , Alerus Financial earned a return on equity of 16.35%; return on assets: 1.78%. Net interest margin at Alerus Financial: 3.89%, +0.39 pp in a year. Alerus Financial net income: $46.7 mn, up 29.2% year on year. The efficiency ratio of Alerus Financial was 61.42%: about 61 cents cost per revenue dollar, against 51 cents at the median peer.
At , noncurrent loans were 0.26% of total loans at Alerus Financial; net charge-offs: 0.47% of average loans. Gross loans and leases at Alerus Financial: $4.1 bn, down 1.3% in a year.
Alerus Financial: profitability
- Return on equity 16%
- Net interest margin 3.9%
- Return on assets 1.8%
Peer group of Alerus Financial
The peer group of Alerus Financial is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 2 share the charter type of Alerus Financial (national bank), 6 sit in the same size group ($1 bn to $10 bn) and 0 have head offices in North Dakota. Against them, Alerus Financial shows CET1 ratio 10.92% against a peer median of 12.68%, return on equity 16.35% against a peer median of 15.88% and uninsured deposit share 35.07% against a peer median of 27.44%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| InterBank | State member bank | OK | $5.3 bn | not reported | 27.32% | 41.01% | |
| Southern Bank and Trust Company | State nonmember bank | NC | $5.3 bn | 12.68% | 17.13% | 47.66% | |
| Leader Bank | National bank | MA | $5.3 bn | 19.80% | 7.84% | 31.82% | |
| Alerus Financial | National bank | ND | $5.3 bn | 10.92% | 16.35% | 35.07% | |
| Northeast Bank | State nonmember bank | ME | $5.2 bn | 13.46% | 22.56% | 4.05% | |
| Southern Bank | State member bank | MO | $5.2 bn | 12.12% | 14.63% | 18.89% | |
| Barrington Bank & Trust Company | National bank | IL | $5.2 bn | 10.91% | 12.04% | 23.07% | |
. FDIC Call Reports.
Last eight quarters
Two years at Alerus Financial, to : assets +29.6%, deposits +25.0%, equity +56.4%. Staff 757 to 886; offices 15 to 27.
| Metric | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $4.1 bn | $5.3 bn | $5.3 bn | $5.3 bn | $5.3 bn | $5.2 bn | $5.3 bn | $5.3 bn |
| Total deposits | $3.4 bn | $4.4 bn | $4.5 bn | $4.4 bn | $4.5 bn | $4.2 bn | $4.4 bn | $4.2 bn |
| Bank equity capital | $371.2 mn | $501.1 mn | $519.1 mn | $537.8 mn | $551.3 mn | $561.5 mn | $573.2 mn | $580.4 mn |
| CET1 ratio | 10.73% | 10.18% | 10.36% | 10.78% | 11.00% | 10.41% | 10.75% | 10.92% |
| Return on equity (ROE) | 8.52% | 7.53% | 11.34% | 13.93% | 13.69% | 4.16% | 16.77% | 16.35% |
| Uninsured share of domestic deposits | 35.87% | 34.16% | 33.91% | 32.02% | 33.07% | 32.59% | 31.89% | 35.07% |
| Full-time equivalent employees | 757 | 884 | 864 | 869 | 866 | 845 | 859 | 886 |
| Number of offices | 15 | 30 | 28 | 28 | 27 | 26 | 26 | 27 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Alerus Financial, oldest first; figures before and after each event are not like for like.
- . Absorbed Beacon Bank (FDIC certificate 10581).
- . Absorbed Metro Phoenix Bank (FDIC certificate 58402).
- . Absorbed Home Federal Savings Bank (FDIC certificate 29042).
Large one-quarter moves at Alerus Financial
- Total assets at Alerus Financial changed by +29.0% in the quarter to 2024-12-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Home Federal Savings Bank.
Questions and identifiers
What were the total assets of Alerus Financial?
Alerus Financial reported $5.3 bn at in its Call Report. That makes Alerus Financial the 279th largest of 497 banks in our US coverage.
Is Alerus Financial the same as its holding company?
No. This page covers Alerus Financial, FDIC certificate 3931; ALERUS FINANCIAL CORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Alerus Financial profitable?
Alerus Financial reported net income of $46.7 mn for the year to ; annualized return on equity: 16.35%. So yes: Alerus Financial made a profit over these months.
When is data for Alerus Financial next updated?
Figures from Alerus Financial for are due after .
Where can I check the figures for Alerus Financial?
In the FDIC BankFind Suite record for certificate 3931, and in the Call Reports of Alerus Financial (RSSD ID 933256) at the FFIEC Central Data Repository.