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Refer to “NOTE 25 Derivative Instruments” for further details. Derivative assets are included in other assets on the Company’s consolidated balance sheet. Reclassified into taxable and/or exempt from federal income taxes interest income on investment securities on the consolidated statements of income. Refer to “NOTE 5 Investment Securities” for further details. The difference in the credit loss expense reported herein compared to the consolidated statements of income is associated with the credit loss expense of ($31) thousand related to off-balance sheet credit exposure and ($76) thousand related to HTM investment securities. Excludes assets held for sale. All of the tax benefits recognized were included in income tax expense. The Company manages its net exposure on its customer loan swaps by obtaining collateral as part of the normal loan policy and underwriting practices. The Company does not post collateral to its customers as part of its contract. The amortization expense for low income housing tax credits were included in income tax expense. All amounts net of tax. Derivative liabilities are included in accrued expenses and other liabilities on the Company’s consolidated balance sheet. “Minimum to be Well Capitalized Under Prompt Corrective Action” is not formally defined under applicable banking regulations for bank holding companies. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-39036

ALERUS FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	45-0375407
(State or other jurisdiction of incorporation or	(I.R.S. Employer Identification No.)
organization)

401 Demers Avenue
Grand Forks, ND	58201
(Address of principal executive offices)	(Zip Code)

(701) 795‑3200

(Registrant’s telephone number, including area code)

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

Title of each class		Trading symbol		Name of each exchange on which registered
Common Stock, par value $1.00 per share		ALRS		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer ☐

Accelerated filer ☒

Non-accelerated filer ☐

Smaller reporting company ☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock outstanding at April 28, 2026 was 25,128,646.

Table of Contents

Alerus Financial Corporation and Subsidiaries

Table of Contents

		Page
Part I:	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	1
	Consolidated Balance Sheets	1
	Consolidated Statements of Income	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Changes in Stockholders’ Equity	4
	Consolidated Statements of Cash Flows	5
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	60
Item 4.	Controls and Procedures	61

Part II:	OTHER INFORMATION
Item 1.	Legal Proceedings	62
Item 1A.	Risk Factors	62
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	62
Item 3.	Defaults Upon Senior Securities	62
Item 4.	Mine Safety Disclosures	62
Item 5.	Other Information	62
Item 6.	Exhibits	63

Signatures		64

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1 - Consolidated Financial Statements

Alerus Financial Corporation and Subsidiaries

Consolidated Balance Sheets (Unaudited)

	*March 31,*			*December 31,*
(dollars in thousands, except share and per share data)	*2026*			*2025*
Assets
Cash and cash equivalents	$	128,826		$	67,192
Investment securities
Trading		1,758			1,758
Available-for-sale, at fair value (amortized cost of $528,357 and $516,737, respectively)		522,101			514,095
Held-to-maturity, at amortized cost (fair value of $220,425 and $228,009, respectively, with an allowance for credit losses on investments of $118 and $123, respectively)		247,437			254,448
Loans held for sale		22,345			21,934
Loans		4,034,744			4,048,022
Allowance for credit losses on loans		(50,505	)		(61,915	)
Net loans		3,984,239			3,986,107
Land, premises and equipment, net		43,978			43,253
Operating lease right-of-use assets		32,573			28,761
Accrued interest receivable		20,469			21,742
Bank-owned life insurance		39,475			39,307
Goodwill		85,634			85,634
Other intangible assets, net		31,397			33,371
Servicing rights		6,615			6,383
Deferred income taxes, net		20,863			23,080
Other assets		100,261			103,019
Total assets	$	5,287,971		$	5,230,084
Liabilities and Stockholders’ Equity
Liabilities
Deposits
Noninterest-bearing	$	857,625		$	807,896
Interest-bearing		3,490,257			3,384,107
Total deposits		4,347,882			4,192,003
Short-term borrowings		200,000			308,800
Long-term debt		59,211			59,182
Operating lease liabilities		42,590			36,282
Accrued expenses and other liabilities		63,595			68,883
Total liabilities		4,713,278			4,665,150
Commitments and contingencies (Note 12)
Stockholders’ equity
Preferred stock, $1 par value, 2,000,000 shares authorized: 0 issued and outstanding		—			—
Common stock, $1 par value, 60,000,000 and 60,000,000 shares authorized: 25,214,146 and 25,406,278 issued and outstanding		25,214			25,406
Additional paid-in capital		266,016			271,609
Retained earnings		287,700			270,075
Accumulated other comprehensive income (loss)		(4,237	)		(2,156	)
Total stockholders’ equity		574,693			564,934
Total liabilities and stockholders’ equity	$	5,287,971		$	5,230,084

See accompanying notes to consolidated financial statements (unaudited)

Table of Contents

Alerus Financial Corporation and Subsidiaries

Consolidated Statements of Income (Unaudited)

	*Three months ended*
	*March 31,*
(dollars and shares in thousands, except per share data)	*2026*			*2025*
Interest Income
Loans, including fees	$	58,621		$	61,495
Investment securities
Taxable		7,104			5,707
Exempt from federal income taxes		158			160
Other		1,094			819
Total interest income		66,977			68,181
Interest Expense
Deposits		19,074			23,535
Short-term borrowings		2,357			2,839
Long-term debt		634			650
Total interest expense		22,065			27,024
Net interest income		44,912			41,157
Provision for (recovery of) credit losses		(4,883	)		863
Net interest income after provision for (recovery of) credit losses		49,795			40,294
Noninterest Income
Retirement and benefit services		17,406			16,106
Wealth advisory services		7,237			6,905
Mortgage banking		3,535			1,527
Service charges on deposit accounts		933			651
Other		1,736			2,443
Total noninterest income		30,847			27,632
Noninterest Expense
Compensation		24,087			22,961
Employee taxes and benefits		6,640			7,762
Occupancy and equipment expense		3,427			2,907
Business services, software and technology expense		5,839			5,752
Intangible amortization expense		1,974			2,710
Professional fees and assessments		3,800			2,996
Marketing and business development		861			965
Supplies and postage		607			630
Travel		361			287
Mortgage and lending expenses		710			536
Other		2,086			2,859
Total noninterest expense		50,392			50,365
Income before income taxes		30,250			17,561
Income tax expense		7,279			4,246
Net income	$	22,971		$	13,315
Per Common Share Data
Basic earnings per common share	$	0.90		$	0.52

Diluted earnings per common share	$	0.89		$	0.52
Dividends declared per common share	$	0.21		$	0.20
Average common shares outstanding		25,380			25,359
Diluted average common shares outstanding		25,679			25,653

See accompanying notes to consolidated financial statements (unaudited)

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Alerus Financial Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Unaudited)

	*Three months ended*
	*March 31,*
(dollars in thousands)	*2026*			*2025*
Net Income	$	22,971		$	13,315
Other Comprehensive Income (Loss), Net of Tax
Net change in unrealized gains (losses) on debt securities		(3,634	)		14,174
Net change in unrealized gain (losses) on cash flow hedging derivatives		787			(441	)
Net change in unrealized gain (losses) on other derivatives		—			(232	)
Total other comprehensive income (loss), before tax		(2,847	)		13,501
Income tax expense (benefit) related to items of other comprehensive income (loss)		(766	)		3,389
Other comprehensive income (loss), net of tax		(2,081	)		10,112
Total comprehensive income	$	20,890		$	23,427

See accompanying notes to consolidated financial statements (unaudited)

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Alerus Financial Corporation and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

	*Three months ended*
										*Accumulated*
				*Additional*						*Other*
	*Common*			*Paid-in*			*Retained*			*Comprehensive*
(dollars and shares in thousands)	*Stock*			*Capital*			*Earnings*			*Income (Loss)*			*Total*
Balance as of December 31, 2024		25,345		$	269,708		$	273,723		$	(73,366	)	$	495,410
Net income		—			—			13,315			—			13,315
Other comprehensive income (loss)		—			—			—			10,112			10,112
Common stock repurchased		(6	)		(121	)		—			—			(127	)
Common stock dividends		—			—			(5,077	)		—			(5,077	)
Share‑based compensation expense		—			599			—			—			599
Vesting of restricted stock		27			(27	)		—			—			—
Balance as of March 31, 2025		25,366		$	270,159		$	281,961		$	(63,254	)	$	514,232

Balance as of December 31, 2025		25,406		$	271,609		$	270,075		$	(2,156	)	$	564,934
Net income		—			—			22,971			—			22,971
Other comprehensive income (loss)		—			—			—			(2,081	)		(2,081	)
Common stock repurchased		(258	)		(6,278	)		—			—			(6,536	)
Common stock dividends		—			—			(5,346	)		—			(5,346	)
Share‑based compensation expense		—			751			—			—			751
Vesting of restricted stock		66			(66	)		—			—			—
Balance as of March 31, 2026		25,214		$	266,016		$	287,700		$	(4,237	)	$	574,693

See accompanying notes to consolidated financial statements (unaudited)

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Alerus Financial Corporation and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

	*Three months ended*
	*March 31,*
(dollars in thousands)	*2026*			*2025*
Operating Activities
Net income	$	22,971		$	13,315
Adjustments to reconcile net income to net cash provided (used) by operating activities
Deferred income taxes		2,983			4,334
Provision for (recovery of) credit losses		(4,883	)		863
Depreciation and amortization		3,283			3,839
Amortization and accretion of premiums/discounts on investment securities		26			185
Amortization of operating lease right-of-use assets		2,496			(21	)
Share‑based compensation expense		751			599
Purchase accounting accretion, net		(3,019	)		(5,074	)
Originations of loans held for sale		(94,434	)		(64,866	)
Proceeds on loans held for sale		96,373			70,108
Realized loss (gain) on mortgage loans sold		(2,359	)		(1,645	)
Servicing rights capitalized upon sale of mortgage loans		(11	)		(54	)
(Increase) in value of bank-owned life insurance		(168	)		(221	)
Realized loss (gain) on sale of premises and equipment		21			—
Realized loss (gain) on derivative instruments		(261	)		(289	)
Realized loss (gain) on sale of foreclosed assets		23			19
Change in fair value of mortgage servicing rights		(221	)		621
Net change in:
Accrued interest receivable		1,273			(430	)
Other assets		5,074			(4,900	)
Accrued expenses and other liabilities		(2,105	)		(8,668	)
Net cash provided (used) by operating activities		27,813			7,715
Investing Activities
Proceeds from sales of trading investment securities		926			3,377
Purchases of trading investment securities		(1,011	)		(3,145	)
Proceeds from sales or calls of investment securities available-for-sale		—			10,000
Proceeds from maturities of investment securities available-for-sale		15,890			24,563
Purchases of investment securities available-for-sale		(27,370	)		—
Proceeds from calls of investment securities held-to-maturity		340			146
Proceeds from maturities and paydowns of investment securities held-to-maturity		6,490			6,562
Net (increase) decrease in loans		9,271			(88,793	)
Purchases of FHLB stock		(146,149	)		(72,762	)
Sales of FHLB stock		141,837			73,548
Purchases of BOLI		—			(138	)
Purchases of premises and equipment		(2,027	)		(2,054	)
Proceeds from sales of foreclosed assets		159			—
Net cash provided (used) by investing activities		(1,644	)		(48,696	)
Financing Activities
Net increase (decrease) in deposits		155,879			106,881
Net increase (decrease) in short-term borrowings with maturities of three months or less		(108,800	)		(38,960	)
Cash dividends paid on common stock		(5,078	)		(5,073	)
Repurchase of common stock		(6,536	)		(127	)
Net cash provided (used) by financing activities		35,465			62,721
Net change in cash and cash equivalents		61,634			21,740
Cash and cash equivalents at beginning of period		67,192			61,239
Cash and cash equivalents at end of period	$	128,826		$	82,979

See accompanying notes to consolidated financial statements (unaudited)

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	*Three months ended*
	*March 31,*
	*2026*			*2025*
Supplemental Cash Flow Disclosures
Interest paid	$	23,704		$	29,227
Income taxes paid		(47	)		1
Cash dividends declared, not paid		5,346			5,078
Supplemental Disclosures of Noncash Investing and Financing Activities
Loan collateral transferred to foreclosed assets		—			(511	)
Right-of-use assets obtained in exchange for new operating lease liabilities, net		4,739			22

See accompanying notes to consolidated financial statements (unaudited)

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Alerus Financial Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 1 Basis of Presentation

The accompanying unaudited consolidated interim financial statements and notes thereto of the Company have been prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for complete presentation of financial statements. In the opinion of management, the consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the consolidated balance sheets of Alerus Financial Corporation (“the Company”) as of March 31, 2026 and December 31, 2025, the consolidated statements of income for the three months ended March 31, 2026 and 2025, the consolidated statements of comprehensive income (loss) for the three months ended March 31, 2026 and 2025, the consolidated statements of changes in stockholders’ equity for the three months ended March 31, 2026 and 2025, and the consolidated statements of cash flows for the three months ended March 31, 2026 and 2025.

The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company’s principal operating subsidiary is Alerus Financial, National Association (the “Bank”). Certain items previously reported have been reclassified to conform to the current period’s reporting format. Such reclassifications did not affect net income or stockholders’ equity. The results of operations for the interim periods are not necessarily indicative of the results for the full year or any other period. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. These interim unaudited financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 4, 2026.

NOTE 2 Recent Accounting Pronouncements

The following Financial Accounting Standards Board (“FASB”) Accounting Standards Updates (“ASUs”) are divided into pronouncements which have been adopted by the Company since January 1, 2026, and those which are not yet effective and have been evaluated or are currently being evaluated by management as of March 31, 2026.

Adopted Pronouncements

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”). ASU 2025-09 amends existing hedge accounting guidance to improve the alignment of financial reporting with the economics of an entity's risk management activities. ASU 202-09 is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those annual reporting periods. Early adoption is permitted. The amendments in this update apply to any entity that elects to apply hedge accounting in accordance with Topic 815 and generally are to be adopted on a prospective basis, with an election available to apply the guidance to existing hedging relationships as of the adoption date. The Company adopted ASU 2025-09 on January 1, 2026 on a prospective basis. The adoption did not have a material impact on the Company's consolidated financial statements.

Pronouncements Not Yet Effective

There are no ASUs that are not yet effective to the Company since January 1, 2026.

NOTE 3 Investment Securities

Trading securities are reported on the Company’s consolidated balance sheet at fair value. The fair value of the Company’s trading securities was $1.8 million as of both March 31, 2026 and December 31, 2025. Changes in the fair value of trading securities are recorded in other noninterest income on the Company’s consolidated statements of income.

The following tables present amortized cost, gross unrealized gains and losses, allowance for credit losses (“ACL”) and fair value of available-for-sale (“AFS”) investment securities and the amortized cost, gross unrealized gains and losses and fair value of held-to-maturity (“HTM”) securities as of March 31, 2026 and December 31, 2025:

	*March 31, 2026*
	*Amortized*		*Unrealized*		*Unrealized*			*Allowance for*		*Fair*
(dollars in thousands)	*Cost*		*Gains*		*Losses*			*Credit Losses*		*Value*
Available-for-sale
U.S. Treasury and agencies	$	4,140	$	2	$	(1	)	$	—	$	4,141
Mortgage backed securities
Residential agency		484,220		251		(3,844	)		—		480,627
Asset backed securities		14		—		—			—		14
Corporate bonds		39,983		1		(2,665	)		—		37,319
Total available-for-sale investment securities		528,357		254		(6,510	)		—		522,101
Held-to-maturity
Obligations of state and political agencies		107,666		—		(6,672	)		69		100,994
Mortgage backed securities
Residential agency		139,889		—		(20,458	)		49		119,431
Total held-to-maturity investment securities		247,555		—		(27,130	)		118		220,425
Total investment securities	$	775,912	$	254	$	(33,640	)	$	118	$	742,526

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	*December 31, 2025*
	*Amortized*		*Unrealized*		*Unrealized*			*Allowance for*		*Fair*
(dollars in thousands)	*Cost*		*Gains*		*Losses*			*Credit Losses*		*Value*
Available-for-sale
U.S. Treasury and agencies	$	406	$	—	$	(1	)		—	$	405
Mortgage backed securities
Residential agency		476,334		988		(576	)		—		476,746
Asset backed securities		15		—		—			—		15
Corporate bonds		39,982		—		(3,053	)		—		36,929
Total available-for-sale investment securities		516,737		988		(3,630	)		—		514,095
Held-to-maturity
Obligations of state and political agencies		111,866		1		(6,462	)		72		105,405
Mortgage backed securities
Residential agency		142,705		—		(20,101	)		51		122,604
Total held-to-maturity investment securities		254,571		1		(26,563	)		123		228,009
Total investment securities	$	771,308	$	989	$	(30,193	)	$	123	$	742,104

The adequacy of the ACL on investment securities is assessed at the end of each quarter. The Company does not believe that the AFS debt securities that were in an unrealized loss position as of March 31, 2026 represented a credit loss impairment. As of both March 31, 2026 and December 31, 2025, the gross unrealized loss positions were primarily related to mortgage-backed securities issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. Additionally, there were corporate bonds in gross unrealized loss positions as of both March 31, 2026 and December 31, 2025; however, all such bonds had an investment grade rating as of both March 31, 2026 and December 31, 2025. Total gross unrealized losses were attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. It is not likely that the Company will be required to sell the investment securities before recovery of their amortized cost basis, which may be at maturity.

The ACL on HTM debt securities is estimated using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Using a probability of default and loss given default analysis, the ACL on HTM debt securities was $118 thousand and $123 thousand as of March 31, 2026 and December 31, 2025, respectively. The change in the ACL on HTM debt securities was due to a change in the provision for credit losses, with no charge-offs or recoveries for the three months ended March 31, 2026.

Accrued interest receivable on AFS investment securities and HTM investment securities is recorded in accrued interest receivable and is excluded from the estimate of credit losses. As of March 31, 2026, the accrued interest receivable on AFS investment securities and HTM investment securities totaled $2.1 million and $0.8 million, respectively. As of December 31, 2025, the accrued interest receivable on AFS investment securities and HTM investment securities totaled $1.9 million and $1.2 million, respectively.

The Company had no sales of AFS investment securities for the three months ended March 31, 2026 and 2025. The Company had no calls of AFS investment securities for the three months ended March 31, 2026, and had calls of AFS investment securities with proceeds of $10.0 million for the three months ended March 31, 2025.

The Company had no sales of HTM investment securities for the three months ended March 31, 2026 and 2025.

The following tables present investment securities with gross unrealized losses, for which an ACL was not recorded at March 31, 2026 and December 31, 2025, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position:

			*March 31, 2026*
			*Less than 12 Months*					*Over 12 Months*					*Total*
	*Number of*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*
(dollars in thousands)	*Holdings*		*Losses*			*Value*		*Losses*			*Value*		*Losses*			*Value*
Available-for-sale
U.S. Treasury and agencies		2	$	—		$	—	$	(1	)	$	358	$	(1	)	$	358
Mortgage backed securities
Residential agency		50		(3,820	)		444,994		(24	)		1,672		(3,844	)		446,666
Asset backed securities		2		—			—		—			2		—			2
Corporate bonds		7		—			—		(2,665	)		36,836		(2,665	)		36,836
Total available-for-sale investment securities		61	$	(3,820	)	$	444,994	$	(2,690	)	$	38,868	$	(6,510	)	$	483,862

			*December 31, 2025*
			*Less than 12 Months*					*Over 12 Months*					*Total*
	*Number of*		*Unrealized*			*Fair*		*Unrealized*			*Fair*		*Unrealized*			*Fair*
(dollars in thousands)	*Holdings*		*Losses*			*Value*		*Losses*			*Value*		*Losses*			*Value*
Available-for-sale
U.S. Treasury and agencies		2	$	(1	)	$	198	$	—		$	199	$	(1	)	$	397
Mortgage backed securities
Residential agency		39		(541	)		317,084		(35	)		4,908		(576	)		321,992
Asset backed securities		1		—			—		—			1		—			1
Corporate bonds		8		(4	)		478		(3,049	)		36,452		(3,053	)		36,930
Total available-for-sale investment securities		50	$	(546	)	$	317,760	$	(3,084	)	$	41,560	$	(3,630	)	$	359,320

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As of March 31, 2026 and December 31, 2025, none of the Company’s HTM debt securities were past due or on nonaccrual status. The Company did not recognize any interest income on nonaccrual HTM debt securities during the three months ended March 31, 2026 and 2025.

The following table presents the carrying value and fair value of HTM investment securities and the amortized cost and fair value of AFS investment securities as of March 31, 2026, by contractual maturity:

	Held-to-maturity				Available-for-sale
	Carrying		Fair		Amortized		Fair
(dollars in thousands)	Value		Value		Cost		Value
Due within one year or less	$	12,821	$	12,701	$	—	$	—
Due after one year through five years		55,571		52,675		168		167
Due after five years through ten years		34,048		30,970		41,731		39,068
Due after 10 years		5,226		4,648		2,238		2,239
		107,666		100,994		44,137		41,474
Mortgage-backed securities
Residential agency		139,889		119,431		484,220		480,627
Total investment securities	$	247,555	$	220,425	$	528,357	$	522,101

Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

Investment securities with a total carrying value of $306.1 million and $115.1 million were pledged as of March 31, 2026 and December 31, 2025, respectively, to secure public deposits and for other purposes required or permitted by law.

As of March 31, 2026 and December 31, 2025, the carrying value of the Company’s Federal Reserve stock and Federal Home Loan Bank of Des Moines (“FHLB”) stock was as follows:

	*March 31,*		*December 31,*
(dollars in thousands)	*2026*		*2025*
Federal Reserve	$	8,631	$	8,631
FHLB		13,053		17,968

These securities can only be redeemed or sold at their par value and only to the respective issuing institution or to another member institution. The Company records these non-marketable equity securities as a component of other assets and periodically evaluates these securities for impairment. Management considers these non-marketable equity securities to be long-term investments. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value.

Visa Class B Restricted Shares

In 2008, the Company received Visa Class B restricted shares as part of Visa’s initial public offering. These shares are transferable only under limited circumstances until they can be converted into the publicly traded Class A common shares. This conversion will not occur until the settlement of certain litigation which will be indemnified by Visa members, including the Company. Visa funded an escrow account from its initial public offering to settle these litigation claims. Should this escrow account be insufficient to cover these litigation claims, Visa is entitled to fund additional amounts to the escrow account by reducing each member bank’s Class B conversion ratio to unrestricted Class A shares. As of March 31, 2026, the conversion ratio was 1.5475. Based on the existing transfer restriction and the uncertainty of the outcome of the Visa litigation mentioned above, the 6,924 Class B shares (10,715 Class A equivalents) that the Company owned as of March 31, 2026 and December 31, 2025, were carried at a zero cost basis.

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NOTE 4 Loans and Allowance for Credit Losses

The following table presents total loans outstanding, by portfolio segment, as of March 31, 2026 and December 31, 2025:

	*March 31,*		*December 31,*
(dollars in thousands)	*2026*		*2025*
Commercial
Commercial and business lending
Commercial and industrial	$	747,447	$	736,833
Commercial real estate − Owner occupied		444,276		427,260
Total commercial and business lending		1,191,723		1,164,093
Investor commercial real estate
Construction, land and development		146,897		246,238
Multifamily		392,097		383,505
Non-owner occupied		976,339		875,862
Total investor commercial real estate		1,515,333		1,505,605
Agricultural
Land		54,028		64,799
Production		50,983		62,500
Total agricultural		105,011		127,299
Total commercial		2,812,067		2,796,997
Consumer
Residential real estate
First lien		851,551		874,737
Construction		32,872		33,703
HELOC		262,131		260,883
Junior lien		35,783		36,844
Total residential real estate		1,182,337		1,206,167
Other consumer		40,340		44,858
Total consumer		1,222,677		1,251,025
Total loans	$	4,034,744	$	4,048,022

Total loans included net deferred loan fees and costs of $3.4 million and $0.1 million at March 31, 2026 and December 31, 2025, respectively. Unearned discounts associated with bank acquisitions totaled $40.7 million and $43.7 million as of March 31, 2026 and December 31, 2025, respectively.

Accrued interest receivable on loans is recorded within accrued interest receivable, and totaled $16.8 million at March 31, 2026 and $18.1 million at December 31, 2025.

The Company manages its loan portfolio proactively to effectively identify problem credits and assess trends early, implement effective work-out strategies, and take charge-offs as promptly as practical. In addition, the Company continuously reassesses its underwriting standards in response to credit risk posed by changes in economic conditions. The Company monitors and manages credit risk through the following governance structure:

●

The Credit Risk team, Collection and Special Assets team and the Credit Governance Committee, which is an internal management committee comprised of various executives and senior managers across business lines, including Accounting and Finance, Credit Underwriting, Collections and Special Assets, Risk, and Commercial and Retail Banking, oversee the Company’s systems and procedures to monitor the credit quality of its loan portfolio, conduct a loan review program, and maintain the integrity of the loan rating system.

●

The Loan Committee is responsible for reviewing and approving all credit requests that exceed individual limits that have not been countersigned by an individual with sufficient assigned authority. This committee has full authority to commit the Bank to any request that fits within its assigned approval authority.

●

The adequacy of the ACL is overseen by the ACL Governance Committee, which is an internal management committee comprised of various Company executives and senior managers across business lines, including Accounting and Finance, Credit Underwriting, Collections and Special Assets, Risk, and Commercial and Retail Banking. The ACL Governance Committee supports the oversight efforts of the Bank’s Board of Directors.

●

The Bank’s Board of Directors has approval authority and responsibility for all matters regarding loan policy, reviews all loans approved or declined by the Loan Committee, approves lending authority and monitors asset quality and concentration levels.

●

The ACL Governance Committee and Bank Board of Directors has approval authority and oversight responsibility for the ACL adequacy and methodology.

Loans with a carrying value of $2.4 billion as of March 31, 2026 and $2.6 billion as of December 31, 2025, were pledged to secure public deposits, and for other purposes required or permitted by law.

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ACL on Loans

The following tables present, by loan portfolio segment, a summary of the changes in the ACL on loans for the three months ended March 31, 2026 and 2025:

	*Three months ended March 31, 2026*
Beginning	*Provision for (Recovery*		*Loan*			*Loan*			*Ending*
(dollars in thousands)	*Balance*		of) Credit Losses⁽¹⁾			*Charge-offs*			*Recoveries*		*Balance*
Commercial
Commercial and business lending
Commercial and industrial	$	16,216	$	1,791		$	(6,565	)	$	186	$	11,628
Commercial real estate − Owner occupied		3,097		496			—			11		3,604
Total commercial and business lending		19,313		2,287			(6,565	)		197		15,232
Investor commercial real estate
Construction, land and development		13,210		(6,469	)		—			—		6,741
Multifamily		4,380		(125	)		(556	)		—		3,699
Non-owner occupied		11,006		(77	)		—			—		10,929
Total investor commercial real estate		28,596		(6,671	)		(556	)		—		21,369
Agricultural
Land		959		(107	)		—			—		852
Production		623		(299	)		—			194		518
Total agricultural		1,582		(406	)		—			194		1,370
Total commercial		49,491		(4,790	)		(7,121	)		391		37,971
Consumer
Residential real estate
First lien		9,358		(236	)		—			—		9,122
Construction		274		23			—			—		297
HELOC		1,787		343			—			—		2,130
Junior lien		395		224			(212	)		—		407
Total residential real estate		11,814		354			(212	)		—		11,956
Other consumer		610		52			(113	)		29		578
Total consumer		12,424		406			(325	)		29		12,534
Total	$	61,915	$	(4,384	)	$	(7,446	)	$	420	$	50,505

(1)	The difference in the credit loss expense reported herein compared to the consolidated statements of income is associated with the credit loss expense of $0.5 million related to off-balance sheet credit exposure and $5.0 thousand related to HTM investment securities.

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	*Three months ended March 31, 2025*
	*Beginning*		*Provision for (Recovery*			*Loan*			*Loan*		*Ending*
(dollars in thousands)	*Balance*		of) Credit Losses⁽¹⁾			*Charge-offs*			*Recoveries*		*Balance*
Commercial
Commercial and business lending
Commercial and industrial	$	8,170	$	(311	)	$	(169	)	$	270	$	7,960
Commercial real estate − Owner occupied		3,226		275			—			11		3,512
Total commercial and business lending		11,396		(36	)		(169	)		281		11,472
Investor commercial real estate
Construction, land and development		16,277		2,092			—			—		18,369
Multifamily		4,716		33			—			—		4,749
Non-owner occupied		16,513		(171	)		—			—		16,342
Total investor commercial real estate		37,506		1,954			—			—		39,460
Agricultural
Land		597		6			—			—		603
Production		631		270			—			12		913
Total agricultural		1,228		276			—			12		1,516
Total commercial		50,130		2,194			(169	)		293		52,448
Consumer
Residential real estate
First lien		6,921		175			(54	)		—		7,042
Construction		357		110			—			—		467
HELOC		1,339		91			(250	)		—		1,180
Junior lien		742		(3	)		(300	)		—		439
Total residential real estate		9,359		373			(604	)		—		9,128
Other consumer		440		(160	)		(39	)		112		353
Total consumer		9,799		213			(643	)		112		9,481
Total	$	59,929	$	2,407		$	(812	)	$	405	$	61,929

(1)	The difference in the credit loss expense reported herein compared to the consolidated statements of income is associated with the credit loss expense of ($1.5) million related to off-balance sheet credit exposure and ($2.0) thousand related to HTM investment securities.

The ACL on loans at March 31, 2026 was $50.5 million, a decrease of $11.4 million, or 18.4%, from December 31, 2025. The decrease was primarily due to a decrease in nonperforming loans.

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Credit Concentrations

The Company focuses on maintaining a well-balanced and diversified loan portfolio. Despite such efforts, it is recognized that credit concentrations may occasionally emerge as a result of economic conditions, changes in local demand, natural loan growth and runoff. To identify credit concentrations effectively, all commercial and industrial and owner occupied real estate loans are assigned Standard Industrial Classification codes, North American Industry Classification System codes and state and county codes. Property type coding is used for investment real estate. There were no industry concentrations exceeding 10% of the Company’s total loan portfolio as of March 31, 2026.

Credit Quality Indicators

The Company’s consumer loan portfolio is primarily comprised of secured loans that are evaluated at origination on a centralized basis against standardized underwriting criteria. The Company generally does not risk rate consumer loans unless a default event such as bankruptcy or extended nonperformance takes place. Credit quality for the consumer loan portfolio is measured by delinquency rates, nonaccrual amounts and actual losses incurred. These loans are rated as either performing or nonperforming.

The Company assigns a risk rating to all commercial loans, except pools of homogeneous loans, and performs detailed internal and external reviews of risk rated loans over a certain threshold to identify credit risks and to assess the overall collectability of the portfolio. These risk ratings are also subject to examination by the Company’s regulators. During the internal reviews, management monitors and analyzes the financial condition of borrowers and guarantors, trends in the industries in which the borrowers operate and the estimated fair values of collateral securing the loans. These credit quality indicators are used to assign a risk rating to each individual loan.

The Company’s ratings are aligned to pass and criticized categories. The criticized category includes special mention, substandard, and doubtful risk ratings. The risk ratings are defined as follows:

●

Pass: A pass loan is a credit with no existing or known potential weaknesses deserving of management’s close attention.

●

Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the loan or in the Company’s credit position at some future date. Special mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification.

●

Substandard: Loans classified as substandard are not adequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified have a well‑defined weakness, or weaknesses that jeopardize the repayment of the debt. Well-defined weaknesses include a borrower’s lack of marketability, inadequate cash flow or collateral support, failure to complete construction on time, or the failure to fulfill expectations. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

●

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

●

Loss: Loans classified as loss are considered uncollectible and charged off immediately.

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The following tables set forth the amortized cost basis of loans by credit quality indicator and vintage based on the most recent analysis performed, as of March 31, 2026 and December 31, 2025:

													*Revolving*
(dollars in thousands)	*Term Loans Amortized Cost Basis by Origination Year*												*Loans Amortized*
As of March 31, 2026	*2026 YTD*		*2025*		*2024*		*2023*		*2022*		*Prior*		*Cost Basis*		*Total*
Commercial and industrial
Pass	$	59,104	$	234,415	$	117,060	$	61,187	$	36,186	$	65,155	$	142,226	$	715,333
Special mention		—		310		691		21		150		102		—		1,274
Substandard		—		673		27		3,619		2,886		7,744		11,414		26,363
Doubtful		—		610		3,413		454		—		—		—		4,477
Subtotal	$	59,104	$	236,008	$	121,191	$	65,281	$	39,222	$	73,001	$	153,640	$	747,447
Gross charge-offs	$	—	$	632	$	4,346	$	1,188	$	242	$	157	$	—	$	6,565
CRE − Owner occupied
Pass	$	22,981	$	40,688	$	91,420	$	51,908	$	60,745	$	161,837	$	960	$	430,539
Special mention		—		—		448		—		—		1,634		555		2,637
Substandard		—		—		—		1,399		2,827		6,874		—		11,100
Doubtful		—		—		—		—		—		—		—		—
Subtotal	$	22,981	$	40,688	$	91,868	$	53,307	$	63,572	$	170,345	$	1,515	$	444,276
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CRE − Construction, land and development
Pass	$	—	$	33,405	$	51,929	$	19,352	$	1,221	$	1,441	$	5,997	$	113,345
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		11,144		—		22,408		—		—		33,552
Doubtful		—		—		—		—		—		—		—		—
Subtotal	$	—	$	33,405	$	63,073	$	19,352	$	23,629	$	1,441	$	5,997	$	146,897
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CRE − Multifamily
Pass	$	6,197	$	6,309	$	48,959	$	116,644	$	106,559	$	84,459	$	—	$	369,127
Special mention		—		—		—		—		—		835		—		835
Substandard		—		—		—		—		—		12,434		—		12,434
Doubtful		—		—		5,751		3,950		—		—		—		9,701
Subtotal	$	6,197	$	6,309	$	54,710	$	120,594	$	106,559	$	97,728	$	—	$	392,097
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	556	$	—	$	556
CRE − Non-owner occupied
Pass	$	34,324	$	104,950	$	269,189	$	131,934	$	176,285	$	248,255	$	1,838	$	966,775
Special mention		—		—		—		—		—		1,027		—		1,027
Substandard		—		—		300		4,494		—		3,743		—		8,537
Doubtful		—		—		—		—		—		—		—		—
Subtotal	$	34,324	$	104,950	$	269,489	$	136,428	$	176,285	$	253,025	$	1,838	$	976,339
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Agricultural − Land
Pass	$	609	$	3,326	$	7,766	$	6,500	$	15,301	$	15,476	$	29	$	49,007
Special mention		—		2,985		—		—		—		—		—		2,985
Substandard		—		469		—		—		448		1,119		—		2,036
Doubtful		—		—		—		—		—		—		—		—
Subtotal	$	609	$	6,780	$	7,766	$	6,500	$	15,749	$	16,595	$	29	$	54,028
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Agricultural − Production
Pass	$	2,175	$	2,958	$	5,037	$	4,153	$	2,838	$	980	$	26,666	$	44,807
Special mention		—		475		498		135		—		—		1,800		2,908
Substandard		—		—		19		601		—		316		2,332		3,268
Doubtful		—		—		—		—		—		—		—		—
Subtotal	$	2,175	$	3,433	$	5,554	$	4,889	$	2,838	$	1,296	$	30,798	$	50,983
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential real estate − First lien
Performing	$	5,622	$	51,214	$	35,183	$	115,617	$	205,336	$	436,444	$	146	$	849,562
Nonperforming		—		—		—		—		—		1,989		—		1,989
Subtotal	$	5,622	$	51,214	$	35,183	$	115,617	$	205,336	$	438,433	$	146	$	851,551
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential real estate − Construction
Performing	$	1,685	$	18,107	$	7,916	$	—	$	—	$	484	$	—	$	28,192
Nonperforming		—		—		—		—		4,680		—		—		4,680
Subtotal	$	1,685	$	18,107	$	7,916	$	—	$	4,680	$	484	$	—	$	32,872
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential real estate − HELOC
Performing	$	258	$	740	$	2,000	$	4,065	$	4,622	$	7,028	$	243,260	$	261,973
Nonperforming		—		—		—		25		50		83		—		158
Subtotal	$	258	$	740	$	2,000	$	4,090	$	4,672	$	7,111	$	243,260	$	262,131
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential real estate − Junior lien
Performing	$	1,492	$	4,391	$	4,570	$	8,279	$	6,304	$	8,514	$	50	$	33,600
Nonperforming		—		—		1,775		—		—		408		—		2,183
Subtotal	$	1,492	$	4,391	$	6,345	$	8,279	$	6,304	$	8,922	$	50	$	35,783
Gross charge-offs for the year ended	$	—	$	—	$	—	$	—	$	—	$	212	$	—	$	212
Other consumer
Performing	$	626	$	4,915	$	2,025	$	2,194	$	2,702	$	3,300	$	24,263	$	40,025
Nonperforming		—		—		296		—		—		19		—		315
Subtotal	$	626	$	4,915	$	2,321	$	2,194	$	2,702	$	3,319	$	24,263	$	40,340
Gross charge-offs	$	—	$	—	$	2	$	100	$	11	$	—	$	—	$	113
Total loans	$	135,073	$	510,940	$	667,416	$	536,531	$	651,548	$	1,071,700	$	461,536	$	4,034,744
Gross charge-offs	$	—	$	632	$	4,348	$	1,288	$	253	$	925	$	—	$	7,446

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													*Revolving*
(dollars in thousands)	*Term Loans Amortized Cost Basis by Origination Year*												*Loans Amortized*
As of December 31, 2025	*2025*		*2024*		*2023*		*2022*		*2021*		*Prior*		*Cost Basis*		*Total*
Commercial and industrial
Pass	$	242,893	$	131,308	$	67,934	$	43,513	$	21,143	$	51,586	$	145,133	$	703,510
Special mention		316		10		560		—		—		28		—		914
Substandard		35		26		2,701		2,970		1,072		6,459		7,115		20,378
Doubtful		1,218		8,638		1,763		298		114		—		—		12,031
Subtotal	$	244,462	$	139,982	$	72,958	$	46,781	$	22,329	$	58,073	$	152,248	$	736,833
Gross charge-offs	$	—	$	407	$	152	$	10	$	5	$	342	$	—	$	916
CRE − Owner occupied
Pass	$	42,468	$	86,030	$	55,069	$	61,790	$	39,654	$	126,951	$	1,240	$	413,202
Special mention		—		449		—		—		—		1,465		769		2,683
Substandard		—		—		1,402		2,867		2,342		4,764		—		11,375
Doubtful		—		—		—		—		—		—		—		—
Subtotal	$	42,468	$	86,479	$	56,471	$	64,657	$	41,996	$	133,180	$	2,009	$	427,260
Gross charge-offs	$	—	$	—	$	6	$	—	$	—	$	—	$	—	$	6
CRE − Construction, land and development
Pass	$	26,108	$	148,261	$	18,056	$	9,738	$	650	$	995	$	8,229	$	212,037
Special mention		—		—		—		178		—		—		—		178
Substandard		—		11,178		—		22,685		—		160		—		34,023
Doubtful		—		—		—		—		—		—		—		—
Subtotal	$	26,108	$	159,439	$	18,056	$	32,601	$	650	$	1,155	$	8,229	$	246,238
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CRE − Multifamily
Pass	$	6,338	$	26,236	$	115,983	$	115,403	$	30,191	$	60,813	$	—	$	354,964
Special mention		—		—		—		—		831		—		—		831
Substandard		—		5,751		3,972		—		—		17,987		—		27,710
Doubtful		—		—		—		—		—		—		—		—
Subtotal	$	6,338	$	31,987	$	119,955	$	115,403	$	31,022	$	78,800	$	—	$	383,505
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CRE − Non-owner occupied
Pass	$	102,426	$	196,932	$	134,443	$	169,100	$	86,273	$	168,082	$	1,015	$	858,271
Special mention		—		—		—		—		—		1,040		—		1,040
Substandard		—		—		5,344		7,489		2,729		989		—		16,551
Doubtful		—		—		—		—		—		—		—		—
Subtotal	$	102,426	$	196,932	$	139,787	$	176,589	$	89,002	$	170,111	$	1,015	$	875,862
Gross charge-offs	$	—	$	—	$	—	$	632	$	775	$	1,994	$	—	$	3,401
Agricultural − Land
Pass	$	8,201	$	8,285	$	8,410	$	12,363	$	5,202	$	12,221	$	2,464	$	57,146
Special mention		233		—		—		3,315		—

ALERUS FINANCIAL CORP 10-Q