Alerus Financial Corporation (ALRS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el plan estratégico de Alerus Financial Corporation (ALRS), una institución financiera dinámica que combina sin problemas la sabiduría bancaria tradicional con innovación digital de vanguardia. Al elaborar meticulosamente un modelo de negocio que prioriza soluciones financieras personalizadas, servicios locales basados ​​en relaciones y gestión integral de patrimonio, Alerus se ha posicionado como una potencia financiera versátil que atiende a diversos segmentos de clientes desde pequeñas empresas hasta personas de alto nivel de la red. Esta exploración de lienzos de modelo de negocio revela los intrincados mecanismos que impulsan el éxito de la compañía, ofreciendo una visión interna de cómo un proveedor de servicios financieros regionales transforma paisajes financieros complejos en experiencias bancarias adaptadas y accesibles.

Alerus Financial Corporation (ALRS) - Modelo de negocios: asociaciones clave

Proveedores de tecnología bancaria

Alerus Financial Corporation se asocia con proveedores de tecnología específicos para mejorar las capacidades de banca digital:

Socio tecnológico	Servicio proporcionado	Año de implementación
Fiserv, Inc.	Plataforma bancaria central	2022
Jack Henry & Asociado	Soluciones de banca digital	2021

Redes comerciales locales y regionales

Las colaboraciones comerciales regionales estratégicas incluyen:

• Cámara de Comercio de Dakota del Norte
• Asociación comercial de Minnesota
• Grand Forks Regional Economic Development Corporation

Empresas de gestión de inversiones y patrimonio

Empresa asociada	Tipo de colaboración	Activos bajo administración
LPL Financial	Servicios de asesoramiento de inversiones	$ 243 millones (2023)
Raymond James	Plataforma de gestión de patrimonio	$ 187 millones (2023)

Colaboradores de servicios de seguro

Detalles de la asociación de seguro:

• Blue Cross Blue Shield de Dakota del Norte
• Seguro nacional
• Mutual de Omaha

Partners de la solución fintech

Empresa fintech	Solución tecnológica	Fecha de implementación
Tartán	Verificación de cuenta	2022
Raya	Procesamiento de pagos	2023

Alerus Financial Corporation (ALRS) - Modelo de negocio: actividades clave

Servicios de gestión de patrimonio

Activos totales bajo administración: $ 5.8 mil millones a partir del cuarto trimestre 2023

Categoría de servicio	Ingresos anuales	Segmentos de cliente
Gestión de patrimonio personal	$ 37.2 millones	Individuos de alto patrimonio
Planificación de jubilación	$ 22.5 millones	Clientes corporativos e individuales

Banca personal y comercial

Cartera de préstamos totales: $ 2.1 mil millones en 2023

• Volumen de préstamos comerciales: $ 1.3 mil millones
• Cuentas bancarias personales: 87,456
• Usuarios de banca digital: 62% de la base de clientes

Administración del Plan de Beneficios de los Empleados

Planes de beneficios de empleados totales administrados: 1.248 a partir de 2023

Tipo de plan	Número de planes	Activos totales administrados
Planes 401 (k)	876	$ 1.9 mil millones
Planes de beneficios definidos	372	$ 650 millones

Servicios de asesoramiento de inversiones

Activos de asesoramiento de inversiones totales: $ 4.3 mil millones en 2023

• Clientes de asesoramiento institucional: 215
• Tamaño promedio de la cartera: $ 20.5 millones
• Diversificación de la estrategia de inversión en 12 sectores diferentes

Préstamos hipotecarios y servicios inmobiliarios

Volumen total de origen de la hipoteca: $ 425 millones en 2023

Tipo de hipoteca	Volumen	Tamaño promedio del préstamo
Hipotecas residenciales	$ 312 millones	$287,000
Inmobiliario comercial	$ 113 millones	$ 1.2 millones

Alerus Financial Corporation (ALRS) - Modelo de negocio: recursos clave

Experiencia financiera del personal profesional

A partir del cuarto trimestre de 2023, Alerus Financial Corporation empleó a 497 miembros del personal equivalente a tiempo completo. El desglose de la fuerza laboral de la compañía incluye:

Categoría de personal	Número de empleados
Asesores financieros	87
Profesionales bancarios	213
Personal de tecnología	76
Apoyo administrativo	121

Plataformas de banca digital avanzadas

Inversión en infraestructura tecnológica para plataformas digitales en 2023:

• Inversión tecnológica total: $ 6.3 millones
• Presupuesto de desarrollo de la plataforma de banca digital: $ 2.1 millones
• Infraestructura de ciberseguridad: $ 1.4 millones

Fuerte presencia en el mercado regional

Cobertura del mercado geográfico a partir de 2024:

Estado	Número de ramas	Depósitos totales
Dakota del Norte	22	$ 1.2 mil millones
Minnesota	15	$ 875 millones
Arizona	7	$ 412 millones

Infraestructura tecnológica robusta

Asignación de recursos tecnológicos para 2024:

• Infraestructura de computación en la nube: $ 1.8 millones
• Mantenimiento del centro de datos: $ 1.2 millones
• Licencias de software y actualizaciones: $ 950,000

Cartera de servicios financieros diversos

Desglose de ingresos por segmento de servicio en 2023:

Segmento de servicio	Ingresos totales	Porcentaje de ingresos totales
Servicios bancarios	$ 87.4 millones	42%
Gestión de patrimonio	$ 62.6 millones	30%
Servicios hipotecarios	$ 38.2 millones	18%
Servicios de confianza e inversión	$ 20.1 millones	10%

Alerus Financial Corporation (ALRS) - Modelo de negocio: propuestas de valor

Soluciones financieras personalizadas

A partir del cuarto trimestre de 2023, Alerus Financial Corporation ofrece soluciones financieras personalizadas con una cartera de préstamos totales de $ 1.87 mil millones. El banco proporciona productos bancarios personalizados en múltiples segmentos.

Categoría de productos	Valor total	Segmentos de clientes
Banca personal	$ 612 millones	Consumidores individuales
Banca de negocios	$ 1.258 mil millones	Empresas pequeñas a medianas

Gestión de patrimonio integral

Alerus administra $ 3.4 mil millones en activos de gestión de patrimonio a diciembre de 2023.

• Servicios de planificación de jubilación
• Gestión de la cartera de inversiones
• Consulta de planificación patrimonial
• Administración de cuentas de jubilación

Banca local impulsada por la relación

Operando en 3 estados: Dakota del Norte, Minnesota y Arizona, con 26 lugares de banca física.

Estado	Número de ramas	Penetración del mercado
Dakota del Norte	15	62%
Minnesota	8	38%
Arizona	3	12%

Servicios integrados de planificación financiera

CLIENTES AVISORES FINANCIEROS TOTAL: 8,750 a partir de 2023, con un valor de cuenta promedio de $ 475,000.

• Evaluación financiera integral
• Planificación de estrategia fiscal
• Estrategias de ingresos de jubilación
• Consultoría de gestión de riesgos

Opciones bancarias digitales y tradicionales flexibles

La plataforma de banca digital atiende a 45,000 usuarios activos de banca en línea con $ 1.2 mil millones en volumen de transacciones digitales para 2023.

Servicio digital	Adopción de usuarios	Volumen de transacción
Banca móvil	32,000 usuarios	$ 780 millones
Banca en línea	45,000 usuarios	$ 1.2 mil millones
Pagos digitales	22,000 usuarios	$ 420 millones

Alerus Financial Corporation (ALRS) - Modelo de negocios: relaciones con los clientes

Representantes de banca personal dedicados

Alerus Financial proporciona representantes bancarios personalizados en sus tres mercados primarios:

Mercado	Número de representantes dedicados
Dakota del Norte	42
Minnesota	38
Arizona	25

Consultoría financiera personalizada

Alerus ofrece servicios especializados de consultoría financiera con los siguientes segmentos de clientes:

• Clientes de gestión de patrimonio: 7.523
• Servicios de planificación de jubilación: 4.812
• Consultoría de banca de negocios: 1,245

Soporte bancario en línea y móvil

Plataforma digital	Usuarios activos	Transacciones anuales
Aplicación de banca móvil	52,367	1,243,890
Portal bancario en línea	68,214	2,156,743

Revisiones financieras regulares del cliente

Frecuencia de revisiones financieras del cliente:

• Revisiones trimestrales: 35% de los clientes de alto nivel de red
• Revisiones semestuales: 45% de los clientes de banca comercial
• Revisiones anuales: 20% de los clientes bancarios estándar

Estrategias de participación centradas en la comunidad

Tipo de compromiso	Inversión anual	Eventos comunitarios
Patrocinios locales	$327,500	42
Programas de educación financiera	$189,000	26

Alerus Financial Corporation (ALRS) - Modelo de negocios: canales

Plataforma bancaria en línea

A partir de 2024, Alerus Financial ofrece una plataforma de banca en línea integral con las siguientes características:

Métrica de plataforma	Datos específicos
Usuarios bancarios en línea activos	42,587 usuarios
Volumen anual de transacción digital	3.2 millones de transacciones
Características de seguridad de la plataforma	Cifrado de 256 bits

Aplicación de banca móvil

La aplicación de banca móvil de Alerus Financial proporciona:

• Monitoreo de cuentas en tiempo real
• Depósito de cheque móvil
• Servicios de pago de facturas
• Capacidades de transferencia entre pares

Estadística de aplicaciones móviles	Valor
Usuarios mensuales de aplicaciones móviles activas	28,345 usuarios
Calificación de la tienda de aplicaciones	4.6/5

Ubicaciones de ramas físicas

Alerus Financial mantiene la presencia física en múltiples estados:

Tipo de ubicación	Número
Ubicaciones de sucursales totales	36 ramas
Estados con ramas	Minnesota, Dakota del Norte
Personal de sucursal promedio	7-9 empleados por ubicación

Servicios de banca telefónica

Métricas de canales de banca telefónica:

Métrica de banca telefónica	Punto de datos
Volumen mensual de llamadas	12,450 interacciones con los clientes
Tiempo de espera promedio	3.2 minutos
Representantes de servicio al cliente	45 personal dedicado

Herramientas de comunicación digital

Los canales de comunicación digital incluyen:

• Soporte por correo electrónico
• Plataforma de mensajería segura
• Servicio al cliente de las redes sociales
• Funcionalidad de chat en vivo

Métrica de comunicación digital	Valor
Interacciones mensuales por correo electrónico	8,675 comunicaciones con el cliente
Tiempo de respuesta promedio	2.7 horas

Alerus Financial Corporation (ALRS) - Modelo de negocios: segmentos de clientes

Empresas pequeñas a medianas

A partir del cuarto trimestre de 2023, Alerus Financial atiende a aproximadamente 2,500 clientes comerciales pequeños a medianos en Dakota del Norte, Minnesota y Arizona.

Segmento de negocios	Número de clientes	Tamaño promedio del préstamo comercial
Negocios minoristas	1,200	$375,000
Servicios profesionales	850	$485,000
Fabricación	450	$625,000

Clientes de banca minorista individual

Alerus Financial atiende a 87,500 clientes de banca minorista individual en sus regiones operativas.

• Saldo promedio de la cuenta corriente personal: $ 12,750
• Cuentas totales de depósito personal: 62,300
• Usuarios de banca digital: 53,400 (61% de la base total de clientes)

Individuos de alto nivel de red

El banco mantiene 1,250 relaciones con los clientes de alto patrimonio neto con activos totales bajo la administración de $ 425 millones.

Riqueza	Número de clientes	Valor de cartera promedio
$ 1M - $ 5M	875	$ 2.3M
$ 5M - $ 10M	250	$ 6.5M
$ 10M+	125	$ 15.2m

Patrocinadores del plan de beneficios de los empleados

Alerus Financial administra planes de jubilación para 1.850 patrocinadores del plan corporativo.

• Activos del plan de jubilación total: $ 3.2 mil millones
• Tamaño promedio del plan: $ 1.73 millones
• Número de participantes individuales: 62,500

Clientes corporativos locales y regionales

La corporación atiende a 425 clientes de banca corporativa en sus mercados regionales.

Segmento corporativo	Número de clientes	Facilidad de crédito promedio
Corporaciones regionales	275	$ 5.6 millones
Empresas locales	150	$ 2.3 millones

Alerus Financial Corporation (ALRS) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Gastos anuales de infraestructura tecnológica para Alerus Financial Corporation en 2023: $ 4.2 millones

Categoría de costos tecnológicos	Gasto anual
Mantenimiento de sistemas de TI	$ 1.8 millones
Infraestructura de ciberseguridad	$ 1.3 millones
Licencia de software	$685,000
Infraestructura de red	$415,000

Compensación y capacitación del personal

Compensación total del personal por 2023: $ 52.6 millones

• Salario promedio de empleados: $ 68,500
• Asignación de beneficios para empleados: 22% de la compensación total
• Presupuesto anual de capacitación y desarrollo: $ 1.4 millones

Gastos operativos de rama

Costos operativos totales de la sucursal en 2023: $ 12.3 millones

Categoría de gastos operativos	Costo anual
Alquiler y servicios públicos	$ 5.6 millones
Mantenimiento de ramas	$ 2.9 millones
Equipos y suministros	$ 1.8 millones
Seguridad de la rama	$ 2 millones

Cumplimiento y costos regulatorios

Gasto anual de cumplimiento: $ 3.7 millones

• Consultoría legal y regulatoria: $ 1.2 millones
• Software y sistemas de cumplimiento: $ 850,000
• Gastos de auditoría e informes: $ 1.65 millones

Gastos de marketing y adquisición de clientes

Presupuesto total de marketing para 2023: $ 6.5 millones

Categoría de gastos de marketing	Asignación anual
Marketing digital	$ 2.3 millones
Publicidad tradicional	$ 1.7 millones
Campañas de adquisición de clientes	$ 1.5 millones
Tecnología de marketing	$ 1 millón

Alerus Financial Corporation (ALRS) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de préstamos

Para el año fiscal 2023, Alerus Financial Corporation reportó ingresos por intereses totales de $ 138.9 millones. El desglose de los ingresos por intereses del préstamo es el siguiente:

Categoría de préstamo	Ingresos de intereses ($ M)
Préstamos comerciales	62.4
Préstamos hipotecarios residenciales	45.3
Préstamos al consumo	31.2

Tarifas de servicio bancario

Las tarifas de servicio bancario para 2023 totalizaron $ 24.7 millones, con la siguiente estructura de tarifas:

• Tarifas de mantenimiento de la cuenta: $ 8.6 millones
• Tarifas de transacción: $ 7.2 millones
• Tarifas de sobregiro: $ 5.3 millones
• Otros servicios bancarios: $ 3.6 millones

Comisiones de gestión de patrimonio

Los ingresos de gestión de patrimonio para 2023 alcanzaron $ 42.5 millones, segmentados como:

Servicio de gestión de patrimonio	Ingresos de la Comisión ($ M)
Gestión de activos	22.1
Planificación financiera	12.3
Planificación de jubilación	8.1

Ingresos de ingresos

Los ingresos por asesoramiento de inversiones para 2023 fueron de $ 18.6 millones, con la siguiente distribución:

• Servicios de asesoramiento institucional: $ 10.2 millones
• Aviso de inversión individual: $ 6.4 millones
• Aviso de inversión alternativa: $ 2.0 millones

Tarifas de transacción de préstamos hipotecarios

Las tarifas de transacción de préstamos hipotecarios para 2023 totalizaron $ 15.3 millones, estructurados de la siguiente manera:

Tipo de transacción hipotecaria	Ingresos de tarifas ($ M)
Originación de la hipoteca residencial	9.7
Tarifas de refinanciación	4.2
Otros servicios hipotecarios	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.