Alerus Financial Corporation (ALRS): Business Model Canvas

Tauchen Sie ein in den strategischen Plan der Alerus Financial Corporation (ALRS), einem dynamischen Finanzinstitut, das traditionelles Bankwissen nahtlos mit modernster digitaler Innovation verbindet. Durch die sorgfältige Ausarbeitung eines Geschäftsmodells, das personalisierte Finanzlösungen, lokale, beziehungsorientierte Dienstleistungen und umfassende Vermögensverwaltung in den Vordergrund stellt, hat sich Alerus als vielseitiges Finanzunternehmen positioniert, das vielfältige Kundensegmente bedient, von kleinen Unternehmen bis hin zu vermögenden Privatpersonen. Diese Untersuchung des Business Model Canvas deckt die komplizierten Mechanismen auf, die den Erfolg des Unternehmens vorantreiben, und bietet einen Insider-Einblick in die Art und Weise, wie ein regionaler Finanzdienstleister komplexe Finanzlandschaften in maßgeschneiderte, zugängliche Bankerlebnisse umwandelt.

Alerus Financial Corporation (ALRS) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Banktechnologie

Alerus Financial Corporation arbeitet mit bestimmten Technologieanbietern zusammen, um die Möglichkeiten des digitalen Bankings zu verbessern:

Technologiepartner	Service bereitgestellt	Umsetzungsjahr
Fiserv, Inc.	Kernbankenplattform	2022
Jack Henry & Mitarbeiter	Digitale Banking-Lösungen	2021

Lokale und regionale Unternehmensnetzwerke

Zu den strategischen regionalen Geschäftskooperationen gehören:

• Handelskammer von North Dakota
• Minnesota-Geschäftspartnerschaft
• Grand Forks Regional Economic Development Corporation

Investment- und Vermögensverwaltungsunternehmen

Partnerfirma	Art der Zusammenarbeit	Verwaltetes Vermögen
LPL Finanzen	Anlageberatungsdienstleistungen	243 Millionen US-Dollar (2023)
Raymond James	Vermögensverwaltungsplattform	187 Millionen US-Dollar (2023)

Mitarbeiter des Versicherungsdienstes

Details zur Versicherungspartnerschaft:

• Blaues Kreuz, blaues Schild von North Dakota
• Bundesweite Versicherung
• Gegenseitigkeit von Omaha

Fintech-Lösungspartner

Fintech-Unternehmen	Technologielösung	Implementierungsdatum
Kariert	Kontobestätigung	2022
Streifen	Zahlungsabwicklung	2023

Alerus Financial Corporation (ALRS) – Geschäftsmodell: Hauptaktivitäten

Vermögensverwaltungsdienstleistungen

Verwaltetes Gesamtvermögen: 5,8 Milliarden US-Dollar, Stand 4. Quartal 2023

Servicekategorie	Jahresumsatz	Kundensegmente
Persönliche Vermögensverwaltung	37,2 Millionen US-Dollar	Vermögende Privatpersonen
Ruhestandsplanung	22,5 Millionen US-Dollar	Firmen- und Privatkunden

Privat- und Geschäftsbanking

Gesamtkreditportfolio: 2,1 Milliarden US-Dollar im Jahr 2023

• Kommerzielles Kreditvolumen: 1,3 Milliarden US-Dollar
• Persönliche Bankkonten: 87.456
• Digital-Banking-Nutzer: 62 % des Kundenstamms

Verwaltung von Mitarbeitervorsorgeplänen

Gesamtzahl der verwalteten Personalvorsorgepläne: 1.248 (Stand 2023).

Plantyp	Anzahl der Pläne	Gesamtes verwaltetes Vermögen
401(k)-Pläne	876	1,9 Milliarden US-Dollar
Leistungsorientierte Pläne	372	650 Millionen Dollar

Anlageberatungsdienste

Gesamtvermögen der Anlageberatung: 4,3 Milliarden US-Dollar im Jahr 2023

• Institutionelle Beratungskunden: 215
• Durchschnittliche Portfoliogröße: 20,5 Millionen US-Dollar
• Diversifizierung der Anlagestrategie über 12 verschiedene Sektoren

Hypothekendarlehen und Immobiliendienstleistungen

Gesamtvolumen der Hypothekenvergabe: 425 Millionen US-Dollar im Jahr 2023

Hypothekentyp	Lautstärke	Durchschnittliche Kredithöhe
Wohnhypotheken	312 Millionen Dollar	$287,000
Gewerbeimmobilien	113 Millionen Dollar	1,2 Millionen US-Dollar

Alerus Financial Corporation (ALRS) – Geschäftsmodell: Schlüsselressourcen

Finanzielle Expertise professioneller Mitarbeiter

Im vierten Quartal 2023 beschäftigte die Alerus Financial Corporation 497 Vollzeitkräfte. Die Personalaufteilung des Unternehmens umfasst:

Personalkategorie	Anzahl der Mitarbeiter
Finanzberater	87
Bankprofis	213
Technologiepersonal	76
Administrative Unterstützung	121

Fortschrittliche digitale Banking-Plattformen

Investitionen in die Technologieinfrastruktur für digitale Plattformen im Jahr 2023:

• Gesamtinvestition in die Technologie: 6,3 Millionen US-Dollar
• Budget für die Entwicklung einer digitalen Banking-Plattform: 2,1 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 1,4 Millionen US-Dollar

Starke regionale Marktpräsenz

Geografische Marktabdeckung ab 2024:

Staat	Anzahl der Filialen	Gesamteinlagen
North Dakota	22	1,2 Milliarden US-Dollar
Minnesota	15	875 Millionen Dollar
Arizona	7	412 Millionen Dollar

Robuste Technologieinfrastruktur

Zuteilung der Technologieressourcen für 2024:

• Cloud-Computing-Infrastruktur: 1,8 Millionen US-Dollar
• Wartung des Rechenzentrums: 1,2 Millionen US-Dollar
• Softwarelizenzierung und Updates: 950.000 US-Dollar

Vielfältiges Finanzdienstleistungsportfolio

Umsatzaufteilung nach Dienstleistungssegmenten im Jahr 2023:

Servicesegment	Gesamtumsatz	Prozentsatz des Gesamtumsatzes
Bankdienstleistungen	87,4 Millionen US-Dollar	42%
Vermögensverwaltung	62,6 Millionen US-Dollar	30%
Hypothekendienstleistungen	38,2 Millionen US-Dollar	18%
Treuhand- und Investmentdienstleistungen	20,1 Millionen US-Dollar	10%

Alerus Financial Corporation (ALRS) – Geschäftsmodell: Wertversprechen

Personalisierte Finanzlösungen

Ab dem vierten Quartal 2023 bietet Alerus Financial Corporation personalisierte Finanzlösungen mit einem Gesamtkreditportfolio von 1,87 Milliarden US-Dollar an. Die Bank bietet maßgeschneiderte Bankprodukte in mehreren Segmenten an.

Produktkategorie	Gesamtwert	Kundensegmente
Persönliches Banking	612 Millionen Dollar	Einzelne Verbraucher
Geschäftsbanking	1,258 Milliarden US-Dollar	Kleine bis mittlere Unternehmen

Umfassende Vermögensverwaltung

Alerus verwaltet im Dezember 2023 ein Vermögensverwaltungsvermögen in Höhe von 3,4 Milliarden US-Dollar.

• Ruhestandsplanungsdienste
• Anlageportfoliomanagement
• Beratung zur Nachlassplanung
• Verwaltung des Rentenkontos

Lokales, beziehungsorientiertes Banking

Wir sind in drei Bundesstaaten tätig: North Dakota, Minnesota und Arizona, mit 26 physischen Bankstandorten.

Staat	Anzahl der Filialen	Marktdurchdringung
North Dakota	15	62%
Minnesota	8	38%
Arizona	3	12%

Integrierte Finanzplanungsdienste

Gesamtzahl der Finanzberatungskunden: 8.750 (Stand 2023), mit einem durchschnittlichen Kontowert von 475.000 US-Dollar.

• Umfassende finanzielle Bewertung
• Steuerstrategieplanung
• Alterseinkommensstrategien
• Risikomanagement-Beratung

Flexible digitale und traditionelle Bankoptionen

Die digitale Banking-Plattform bedient 45.000 aktive Online-Banking-Nutzer mit einem digitalen Transaktionsvolumen von 1,2 Milliarden US-Dollar im Jahr 2023.

Digitaler Service	Benutzerakzeptanz	Transaktionsvolumen
Mobiles Banking	32.000 Benutzer	780 Millionen Dollar
Online-Banking	45.000 Benutzer	1,2 Milliarden US-Dollar
Digitale Zahlungen	22.000 Benutzer	420 Millionen Dollar

Alerus Financial Corporation (ALRS) – Geschäftsmodell: Kundenbeziehungen

Engagierte Personal Banking-Vertreter

Alerus Financial bietet personalisierte Bankvertreter in seinen drei Hauptmärkten:

Markt	Anzahl der dedizierten Vertreter
North Dakota	42
Minnesota	38
Arizona	25

Maßgeschneiderte Finanzberatung

Alerus bietet spezialisierte Finanzberatungsdienstleistungen für die folgenden Kundensegmente an:

• Wealth-Management-Kunden: 7.523
• Ruhestandsplanungsdienste: 4.812
• Unternehmensbankberatung: 1.245

Online- und Mobile-Banking-Unterstützung

Digitale Plattform	Aktive Benutzer	Jährliche Transaktionen
Mobile-Banking-App	52,367	1,243,890
Online-Banking-Portal	68,214	2,156,743

Regelmäßige Finanzberichte von Kunden

Häufigkeit der Finanzbewertungen von Kunden:

• Vierteljährliche Bewertungen: 35 % der vermögenden Kunden
• Halbjährliche Bewertungen: 45 % der Geschäftsbankkunden
• Jahresberichte: 20 % der Standardbankkunden

Community-orientierte Engagement-Strategien

Engagement-Typ	Jährliche Investition	Gemeinschaftsveranstaltungen
Lokale Sponsorings	$327,500	42
Finanzielle Bildungsprogramme	$189,000	26

Alerus Financial Corporation (ALRS) – Geschäftsmodell: Kanäle

Online-Banking-Plattform

Ab 2024 bietet Alerus Financial eine umfassende Online-Banking-Plattform mit folgenden Merkmalen:

Plattformmetrik	Spezifische Daten
Aktive Online-Banking-Benutzer	42.587 Benutzer
Jährliches digitales Transaktionsvolumen	3,2 Millionen Transaktionen
Sicherheitsfunktionen der Plattform	256-Bit-Verschlüsselung

Mobile-Banking-Anwendung

Die Mobile-Banking-App von Alerus Financial bietet:

• Kontoüberwachung in Echtzeit
• Mobile Scheckeinzahlung
• Rechnungszahlungsdienste
• Peer-to-Peer-Übertragungsfunktionen

Mobile-App-Statistik	Wert
Monatlich aktive mobile App-Benutzer	28.345 Benutzer
App Store-Bewertung	4.6/5

Physische Zweigstellen

Alerus Financial unterhält physische Präsenz in mehreren Bundesstaaten:

Standorttyp	Nummer
Gesamtzahl der Filialstandorte	36 Filialen
Staaten mit Zweigen	Minnesota, North Dakota
Durchschnittliches Filialpersonal	7-9 Mitarbeiter pro Standort

Telefonbanking-Dienste

Kennzahlen zum Telefonbanking-Kanal:

Telefonbanking-Metrik	Datenpunkt
Monatliches Anrufvolumen	12.450 Kundeninteraktionen
Durchschnittliche Wartezeit	3,2 Minuten
Kundendienstmitarbeiter	45 engagierte Mitarbeiter

Digitale Kommunikationstools

Zu den digitalen Kommunikationskanälen gehören:

• E-Mail-Support
• Sichere Messaging-Plattform
• Kundenservice über soziale Medien
• Live-Chat-Funktionalität

Digitale Kommunikationsmetrik	Wert
Monatliche E-Mail-Interaktionen	8.675 Kundenkommunikationen
Durchschnittliche Reaktionszeit	2,7 Stunden

Alerus Financial Corporation (ALRS) – Geschäftsmodell: Kundensegmente

Kleine bis mittlere Unternehmen

Im vierten Quartal 2023 betreut Alerus Financial rund 2.500 kleine und mittlere Geschäftskunden in North Dakota, Minnesota und Arizona.

Geschäftssegment	Anzahl der Kunden	Durchschnittliche Höhe eines Unternehmenskredits
Einzelhandelsunternehmen	1,200	$375,000
Professionelle Dienstleistungen	850	$485,000
Herstellung	450	$625,000

Privatkunden im Privatkundengeschäft

Alerus Financial betreut in seinen operativen Regionen 87.500 private Privatkunden.

• Durchschnittlicher Kontostand auf dem persönlichen Girokonto: 12.750 $
• Gesamtzahl der persönlichen Einlagenkonten: 62.300
• Digital-Banking-Nutzer: 53.400 (61 % des gesamten Kundenstamms)

Vermögende Privatpersonen

Die Bank unterhält 1.250 vermögende Kundenbeziehungen mit einem verwalteten Gesamtvermögen von 425 Millionen US-Dollar.

Vermögensklasse	Anzahl der Kunden	Durchschnittlicher Portfoliowert
1 Mio. $ – 5 Mio. $	875	2,3 Millionen US-Dollar
5 bis 10 Millionen US-Dollar	250	6,5 Mio. $
10 Mio. USD+	125	15,2 Millionen US-Dollar

Sponsoren von Mitarbeitervorsorgeplänen

Alerus Financial verwaltet Altersvorsorgepläne für 1.850 Unternehmensplansponsoren.

• Gesamtvermögen der Altersvorsorge: 3,2 Milliarden US-Dollar
• Durchschnittliche Plangröße: 1,73 Millionen US-Dollar
• Anzahl Einzelteilnehmer: 62.500

Lokale und regionale Firmenkunden

Das Unternehmen betreut 425 Firmenkunden in seinen regionalen Märkten.

Unternehmenssegment	Anzahl der Kunden	Durchschnittliche Kreditfazilität
Regionale Unternehmen	275	5,6 Millionen US-Dollar
Lokale Unternehmen	150	2,3 Millionen US-Dollar

Alerus Financial Corporation (ALRS) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Ausgaben für Technologieinfrastruktur für Alerus Financial Corporation im Jahr 2023: 4,2 Millionen US-Dollar

Kategorie „Technologiekosten“.	Jährliche Ausgaben
Wartung von IT-Systemen	1,8 Millionen US-Dollar
Cybersicherheitsinfrastruktur	1,3 Millionen US-Dollar
Softwarelizenzierung	$685,000
Netzwerkinfrastruktur	$415,000

Vergütung und Schulung des Personals

Gesamtvergütung des Personals für 2023: 52,6 Millionen US-Dollar

• Durchschnittliches Mitarbeitergehalt: 68.500 $
• Zuteilung von Leistungen an Arbeitnehmer: 22 % der Gesamtvergütung
• Jährliches Schulungs- und Entwicklungsbudget: 1,4 Millionen US-Dollar

Betriebsausgaben der Zweigstelle

Gesamtbetriebskosten der Filiale im Jahr 2023: 12,3 Millionen US-Dollar

Kategorie „Betriebliche Ausgaben“.	Jährliche Kosten
Miete und Nebenkosten	5,6 Millionen US-Dollar
Filialwartung	2,9 Millionen US-Dollar
Ausrüstung und Zubehör	1,8 Millionen US-Dollar
Filialsicherheit	2 Millionen Dollar

Compliance- und Regulierungskosten

Jährliche Compliance-Ausgaben: 3,7 Millionen US-Dollar

• Rechts- und Regulierungsberatung: 1,2 Millionen US-Dollar
• Compliance-Software und -Systeme: 850.000 US-Dollar
• Prüfungs- und Berichterstattungskosten: 1,65 Millionen US-Dollar

Aufwendungen für Marketing und Kundenakquise

Gesamtmarketingbudget für 2023: 6,5 Millionen US-Dollar

Kategorie der Marketingausgaben	Jährliche Zuteilung
Digitales Marketing	2,3 Millionen US-Dollar
Traditionelle Werbung	1,7 Millionen US-Dollar
Kampagnen zur Kundengewinnung	1,5 Millionen Dollar
Marketingtechnologie	1 Million Dollar

Alerus Financial Corporation (ALRS) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Darlehen

Für das Geschäftsjahr 2023 meldete die Alerus Financial Corporation einen Gesamtzinsertrag von 138,9 Millionen US-Dollar. Die Darlehenszinserträge setzen sich wie folgt zusammen:

Kreditkategorie	Zinserträge (Mio. USD)
Gewerbliche Kredite	62.4
Hypothekendarlehen für Wohnimmobilien	45.3
Verbraucherkredite	31.2

Gebühren für Bankdienstleistungen

Die Gebühren für Bankdienstleistungen beliefen sich im Jahr 2023 auf insgesamt 24,7 Millionen US-Dollar, mit folgender Gebührenstruktur:

• Kontoführungsgebühren: 8,6 Millionen US-Dollar
• Transaktionsgebühren: 7,2 Millionen US-Dollar
• Überziehungsgebühren: 5,3 Millionen US-Dollar
• Andere Bankdienstleistungen: 3,6 Millionen US-Dollar

Vermögensverwaltungskommissionen

Der Vermögensverwaltungsumsatz für 2023 erreichte 42,5 Millionen US-Dollar, aufgeteilt in:

Vermögensverwaltungsdienst	Provisionseinnahmen (Mio. USD)
Vermögensverwaltung	22.1
Finanzplanung	12.3
Ruhestandsplanung	8.1

Erträge aus der Anlageberatung

Die Einnahmen aus der Anlageberatung beliefen sich im Jahr 2023 auf 18,6 Millionen US-Dollar, mit folgender Verteilung:

• Institutionelle Beratungsdienste: 10,2 Millionen US-Dollar
• Individuelle Anlageberatung: 6,4 Millionen US-Dollar
• Alternative Anlageberatung: 2,0 Millionen US-Dollar

Transaktionsgebühren für Hypothekendarlehen

Die Transaktionsgebühren für Hypothekendarlehen beliefen sich im Jahr 2023 auf insgesamt 15,3 Millionen US-Dollar und waren wie folgt strukturiert:

Art der Hypothekentransaktion	Gebühreneinnahmen (Mio. USD)
Vergabe von Wohnhypotheken	9.7
Refinanzierungsgebühren	4.2
Andere Hypothekendienstleistungen	1.4

Alerus Financial Corporation (ALRS) - Canvas Business Model: Value Propositions

You're looking at what Alerus Financial Corporation actually offers its clients and the market, which is really about stability through structure. The core value is built around its Diversified Commercial Wealth Bank model, which is designed for economic resilience. This isn't just a simple bank; it's a structure meant to weather different economic cycles by balancing lending with significant fee-based services.

One of the most compelling value points is the revenue mix. Alerus Financial Corporation consistently delivers a high proportion of revenue from fees, which is less sensitive to interest rate swings than pure lending income. For the third quarter of 2025, fee income hit $29.4 million. That figure represented 40.6% of total revenues for the quarter. This level of noninterest income is explicitly positioned as being over double the banking industry average, which was cited around 19% in the second quarter of 2025. That's a defintely strong differentiator.

The firm emphasizes its integrated One Alerus approach, which drives deeper, more comprehensive client relationships. This isn't just a buzzword; you see it in the numbers related to commercial clients. For instance, over 70% of their commercial deposits now come with a treasury management relationship attached. This shows they are successfully cross-selling services beyond basic deposits, locking in the client across multiple product lines.

A significant part of that integrated offering is the provision of full fiduciary wealth management and advising for clients. While transactional revenues like brokerage commissions can fluctuate, the underlying asset base shows growth. End of quarter assets under management in the Wealth Management business increased by 4.3% on a linked-quarter basis in Q3 2025, primarily due to market performance. This indicates clients are entrusting Alerus Financial Corporation with more assets to manage and advise upon.

Finally, the balance sheet structure itself is a value proposition, signaling safety and capacity for growth. They maintain a strong balance sheet, evidenced by a disciplined approach to funding. As of September 30, 2025, the loan-to-deposit ratio stood at 93.0%. This ratio, based on total loans of $4.1 billion and total deposits of $4.4 billion at that date, shows they are utilizing their deposit base effectively for lending without becoming overly reliant on wholesale funding.

Here's a quick look at the key Q3 2025 financial metrics supporting these value propositions:

Metric	Value (Q3 2025)	Significance to Value Proposition
Fee Income	$29.4 million	Drives revenue diversification and stability
Fee Income % of Total Revenue	40.6%	Highlights reliance on non-interest income streams
Loan-to-Deposit Ratio	93.0%	Indicates balanced balance sheet management
Net Interest Margin	3.50%	Shows core lending profitability
Total Loans	$4.1 billion	Scale of the commercial and consumer lending book

The combination of a high-fee component, deep client relationships, and a well-managed balance sheet forms the bedrock of what Alerus Financial Corporation offers.

Alerus Financial Corporation (ALRS) - Canvas Business Model: Customer Relationships

Relationship-driven commercial and private banking service.

Alerus Financial Corporation continues to execute its One Alerus strategy, focusing on growing the franchise through full relationships that span commercial banking, treasury management, private banking, and wealth management. Growth in the banking segment was primarily driven by continued expansion to full commercial relationships. As of the third quarter of 2025, over 70% of Alerus Financial Corporation's commercial deposits now have a treasury management relationship with the firm. Commercial loans made up over 70% of total loans as of the first quarter of 2025. The loan-to-deposit ratio remained stable at 93% in the third quarter of 2025. The firm is focused on deepening client relationships and expanding in growth markets. Since the close of the Home Federal acquisition, the net retention rate has remained strong, close to 97% as of the second quarter of 2025 and over 97% as of the third quarter of 2025.

The depth of the relationship focus is evident in the integration of services:

• The firm is targeting a full C&I relationship Return on Equity (ROE) over 12% in banking.
• Average deposit account size has grown over 20% since the end of 2019 due to focused efforts to grow in the commercial space.

The synergistic deposit growth derived from retirement relationships provides exceptionally stable funding with no related branch or client service costs.

Metric	Value as of Late 2025	Period End Date
Total Deposits	$4.4 billion	September 30, 2025
Synergistic Deposits	$1.0 billion	March 31, 2025
Synergistic Deposit Growth (QoQ)	7.5%	March 31, 2025
HSA Deposits	Over $202 million	September 30, 2025

Dedicated financial advisors for wealth management clients are supported by platform enhancements aimed at better service delivery. Alerus Financial Corporation is investing in talent and technology to deepen client relationships, with a long-term goal of doubling the number of wealth advisers. Wealth revenue showed strong year-over-year growth, increasing 15.8% in the second quarter of 2025 compared to the second quarter of 2024. This growth was primarily driven by a 10.6% increase in assets under administration/management during that same period. As of September 30, 2025, total wealth management assets under administration/management stood at $4.8 billion.

The firm's overall retirement and benefit services segment also reflects deep client relationships, with assets under administration/management reaching $44.0 billion at September 30, 2025. The growth in HSA deposits, which carry a low cost of funds around 10 basis points, is a direct result of deepening these retirement relationships. The firm's fee income remains resilient, at over 40% of total revenues as of the third quarter of 2025, which is more than double the banking industry average.

High-touch, proactive outreach is implied through the focus on full relationships and client retention, especially given the context of market dynamics. The firm's focus on relationship-driven commercial banking and its integrated model helps maintain client loyalty, as shown by the strong net retention rate post-acquisition.

• Wealth Management AUM increased 4.3% sequentially in Q3 2025 due to market performance.
• Retirement and benefit services AUM increased 3.7% sequentially in Q3 2025.
• The firm's adjusted efficiency ratio improved to 62.4% in the second quarter of 2025.

The firm is committed to delivering a better experience for both clients and financial advisors, evidenced by the transition to a new wealth management platform during the second quarter of 2025.

Alerus Financial Corporation (ALRS) - Canvas Business Model: Channels

Alerus Financial Corporation uses a multi-channel approach to reach its diverse client base, blending a physical footprint with a national digital and service-based reach. The company emphasizes providing a primary point of contact tailored to the client's delivery channel preference.

The physical presence for banking and commercial wealth services is concentrated across a network of 29 banking and commercial wealth offices. This network spans five key states, including North Dakota (ND), Minnesota (MN), Arizona (AZ), Iowa (IA), and Wisconsin (WI). A significant recent development was the opening of a new 25,000 square foot, two-story office in Fargo, North Dakota, in 2025, designed to house approximately 90 client-facing and support employees.

For the Retirement and Benefit services segment, Alerus Financial Corporation utilizes a national sales force structure, serving advisors, brokers, employers, and plan participants across all 50 states. This national reach positions Alerus as the 25th largest retirement business in the country.

Digital channels are integral, supported by platforms that deliver competitive products and advice. The company completed a significant digital banking upgrade for personal clients in July 2025, rolling out a new online and mobile banking platform. The scale of the digital platform is evidenced by HSA deposits reaching over $202 million as of the third quarter of 2025.

Here is a breakdown of the channel distribution as of late 2025:

Channel Type	Geographic Scope / Detail	Key Metric / Count
Banking & Commercial Wealth Offices	Five States (ND, MN, AZ, IA, WI)	29 offices
New Physical Office Opened in 2025	Fargo, ND (Urban Plains Development)	25,000 square foot building
New Fargo Office Staffing	Client-facing and support employees	Approximately 90 employees
Retirement & Benefit Services Sales Force	National coverage	Serves all 50 states
Digital Banking Platform (Personal)	Online and Mobile Banking	New platform launch completed by July 14, 2025
Digital Platform Scale (HSA)	Health Savings Account Deposits	Over $202 million as of Q3 2025

The service delivery model is designed to be comprehensive, integrating physical and digital touchpoints:

• Client interaction prioritizes the preferred delivery channel.
• Wealth Management revenue was 13% higher than a year ago in Q1 2025.
• The company plans to double its wealth advisors over the next several years.
• Retirement business revenue increased sequentially by 2.9% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Alerus Financial Corporation (ALRS) - Canvas Business Model: Customer Segments

You're looking at the core groups Alerus Financial Corporation serves to drive its uniquely diversified revenue, which relies heavily on fee income from its non-banking segments. Here's the quick math on the scale of these customer bases as of late 2025, based on third quarter figures.

Alerus Financial Corporation serves four primary customer segments, which is key to its business model that generates fee income at a rate over 40% of total revenues, more than double the banking industry average as of the third quarter of 2025.

Customer Segment	Key Financial Metric (Latest Available 2025 Data)	Value/Amount
Mid-market C&I Businesses	Total Loans (Includes C&I portion)	$4.1 billion (Total Loans as of Q3 2025)
Business Banking & Owner-Occupied CRE	Commercial Deposit Relationship Depth	Over 70% of commercial deposits have a treasury management relationship
Private Banking & High-Net-Worth Individuals	Assets Under Administration/Management (Wealth Advisory)	$4.8 billion (Q3 2025)
National Retirement Plan Sponsors	Assets Under Administration (AUA)	$42.45 billion (AUA as of Q2 2025)

Mid-market Commercial and Industrial (C&I) businesses.

This group is a primary driver of the loan portfolio. Total loans for Alerus Financial Corporation stood at $4.1 billion as of September 30, 2025. The loan growth in the third quarter was specifically led by multifamily real estate, C&I, and residential real estate. Management continues to focus on deepening full relationships within the middle market space.

Business Banking clients and owner-occupied Commercial Real Estate (CRE).

The focus here is on capturing the entire client relationship. Loan growth in the third quarter of 2025 included advances in owner-occupied CRE. A key indicator of deep engagement is deposit behavior; as of the third quarter of 2025, over 70% of Alerus Financial Corporation's commercial deposits were linked to a treasury management relationship. Total deposits were $4.4 billion at the end of Q3 2025.

Private Banking clients and high-net-worth individuals.

This segment is served through the Wealth Advisory Services division. Assets under administration/management for this group reached $4.8 billion in the third quarter of 2025. Revenues from Wealth Management were $6.6 million for the third quarter of 2025. Assets under management saw an increase of 4.3% sequentially.

National Retirement Plan Sponsors and their participants.

Alerus Financial Corporation is recognized as the 25th largest provider nationally in the retirement business. Assets under administration for the retirement and benefit services grew to $42.45 billion as of the second quarter of 2025. Revenue from this business was $16.5 million in the third quarter of 2025, marking a 2.9% sequential rise. This segment provides a stable and reliable source of fee income that is not capital-intensive.

• Focus remains on organically growing revenues by deepening client relationships.
• The company is actively looking to expand in retirement and HSA businesses via potential acquisitions.
• HSA deposits specifically rose to over $202 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Alerus Financial Corporation (ALRS) - Canvas Business Model: Cost Structure

You're looking closely at where Alerus Financial Corporation is spending its money to deliver its value proposition. The cost structure is heavily influenced by its banking operations, the national retirement plan platform, and the integration following the HMNF deal.

The core non-interest expenses for Alerus Financial Corporation are running right around the guidance you mentioned. For the third quarter of 2025, total noninterest expense was reported at $50.5 million. This figure was an increase of $2.1 million, or 4.3%, from the second quarter of 2025.

The drivers for that quarterly expense increase included several key areas:

• Compensation expense.
• Software and technology expense.
• Intangible amortization expense.
• Business services.
• Occupancy and equipment expense.

Regarding technology expenses for new platform conversions and upgrades, the search results confirm that 'software and technology expense' was a primary driver in the increase of noninterest expense for the third quarter of 2025 compared to the third quarter of 2024. Specific dollar amounts for this line item alone weren't broken out in the immediate summaries, so we look at the overall efficiency to gauge cost control.

For personnel expenses for specialized talent acquisition and retention, the discussion around the Q3 2025 results noted that compensation expense was a factor in the year-over-year increase in noninterest expense. Furthermore, analysts inquired about talent acquisition in disrupted markets during the Q&A session, suggesting this is an active cost area.

Acquisition-related costs, including intangible amortization from the HMNF deal, are a visible component. The increase in noninterest expense for Q3 2025 over Q3 2024 was partly driven by intangible amortization expense. Looking at the impact from the acquisition accounting, Alerus Financial Corporation expects around 40 basis points of purchase account accretion for the full year 2025.

Operational effectiveness is measured by the efficiency ratio, which shows how well Alerus Financial Corporation is managing these costs relative to its revenue. The company has a stated goal for the full fiscal year 2025:

The adjusted efficiency ratio target is below 68% for fiscal year 2025. The actual performance demonstrates they are tracking well against this target, especially after the HMNF integration:

Period Ended	Adjusted Efficiency Ratio (non-GAAP)
Q2 2025	62.4%
Q1 2025	66.9%

The Q2 2025 result of 62.4% was an improvement of 8.4 percentage points year-over-year. To be fair, the Q1 2025 ratio was 66.9%, which was an improvement from 69.0% in the fourth quarter of 2024. Finance: draft 13-week cash view by Friday.

Alerus Financial Corporation (ALRS) - Canvas Business Model: Revenue Streams

The revenue streams for Alerus Financial Corporation as of late 2025 are built upon a diversified model balancing traditional lending with fee-based services, providing resilience across economic cycles.

The primary sources of revenue are clearly segmented between Net Interest Income and Noninterest Income (Fee Income). For the third quarter of 2025, the total revenue was reported at approximately $72.5 million.

Revenue Component	Q3 2025 Amount (Millions USD)	Notes/Context
Net Interest Income (NII)	$43.1	Reached a record level in the company history in Q3 2025.
Fee Income (Non-interest income)	$29.4	Accounted for over 40% of total revenues.
Total Revenue (Reported)	$72.5	Reported revenue figure for Q3 2025.

The Fee Income component is heavily supported by the capital-light Retirement and Wealth Management businesses, which is a key differentiator for Alerus Financial Corporation.

Here's a closer look at the fee-based revenue drivers as of September 30, 2025:

• Retirement and Benefit Services Assets Under Administration/Management (AUM): $44.0 billion.
• Wealth Management Assets Under Administration/Management (AUM): $4.8 billion.

Breaking down the noninterest income contribution from these specialized areas in Q3 2025:

• Retirement and Benefit Services noninterest income: $16.2 million.
• Wealth Advisory Services asset management fees: $5.6 million.
• Wealth Management revenue on a linked-quarter basis: $6.6 million.
• Total revenue from the Retirement business (including asset-based and recordkeeping fees): $16.5 million over the prior quarter.

The remaining portion of the Fee Income, which includes Mortgage banking and equipment finance revenues alongside service charges on deposit accounts and interchange income, is derived from the commercial wealth bank activities. The total Noninterest Income for the quarter was $29.430 million.

You can see the relationship between the core banking and fee income streams in the table below:

Revenue Source Type	Q3 2025 Amount (Thousands USD)	Percentage of Total Revenue (Approx.)
Net Interest Income	$43,136	57.4%
Noninterest Income (Total Fees)	$29,430	40.6%
Total Revenue	$72,566	100%

Finance: draft 13-week cash view by Friday.