Alerus Financial reports quarterly income of $4.9 million
GRAND FORKS, N.D -- Alerus Financial Corp. reported a rise in net income for the third quarter of 2017.
The company, headquartered in Grand Forks, North Dakota, reported a net income of $4.9 million compared to $2.6 million reported for the third quarter of 2016.
The total net income for the first three quarters ending Sept. 30 was $14.5 million, $6.1 million more than the same period in 2016.
“Alerus’ 2017 financial results are showing solid improvements in net income and earnings per share, for the quarter and year-to-date, over 2016, as a result of integrating the 2016 acquisitions and a focus on improving earnings,” Chairman, President and CEO Randy Newman said in a press release. “The Alerus business model is unique to the industry, with noninterest income providing 60 percent of revenue through our retirement and health benefits, wealth management, and mortgage business lines, complimented by net interest income, representing 40 percent of revenue."
Alerus saw growth in loans, assets under administration, and assets under management while seeing a decrease in nonperforming assets.
“We have continued to provide a strong return to our shareholders, while reinvesting in the company,” Newman said in the press release.