ALERUS FINANCIAL CORP (ALRS) released a profit for its second quarter that Increased from the same period last year and beat the Street estimates.
The company's earnings came in at $20.25 million, or $0.78 per share. This compares with $6.21 million, or $0.31 per share, last year.
Excluding items, ALERUS FINANCIAL CORP reported adjusted earnings of $18.64 million or $0.72 per share for the period.
Analysts on average had expected the company to earn $0.55 per share. Analysts' estimates typically exclude special items.
Interest income increased to $70.424 million from $53.022 million a year ago, primarily driven by earning assets acquired in the HMN Financial, Inc. (HMNF) transaction, strong organic loan growth at higher yields, and purchase accounting accretion.
Non-interest income increased to $31.763 million from last year's $27.371 million. Gain on sale of non-mortgage loans increased due to a $2.1 million gain on the sale of a PCD hospitality loan during the second quarter of 2025.
Total deposits were $4.337 billion as of June 30, 2025, compared with $4.378 billion as of December 31, 2024.
Total loans held for investment were $4.044 billion as of June 30, 2025, higher than $3.992 billion as of December 31, 2024.
ALERUS FINANCIAL CORP earnings at a glance (GAAP) :
-Earnings: $20.25 Mln. vs. $6.21 Mln. last year.-EPS: $0.78 vs. $0.31 last year.-Revenue: $70.42 Mln vs. $53.02 Mln last year.
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